Karachi stock market witnessed bullish trend on Tuesday as the benchmark 100 index closed above 9500 points level.Business activities started in positive zone as technical correction was witnessed in the market. Dealers said the banking sector was in the limelight after the central bank said in a statement that banks and other financial institutions can mark 40 percent of the loans and advances they give out as assets, compared with the previous 30 percent. The Karachi Stock Exchange's benchmark 100-share index ended up 1.68 percent, or 157.77 points, at 9,569.06 on turnover of 220 million shares. Jahangir Siddiqui and Co. remained volume leader with share price of Rs 39.06, up Rs 1.06.
The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f
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