Stocks Observer. com

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has facilitated the mutual funds industry by prescribing a comprehensive process for mergers of open end mutual funds vide a Circular dated 23rd June, 2009 (Circular is available on www.secp.gov.pk). The process has been introduced to ensure the fair and transparent procedure of mergers for the protection of investors with an aim to foster growth of a robust financial sector in Pakistan. The requirements for merger of open end mutual funds include approval by the respective board of directors of fund manager, consent by trustee of mutual fund and unit holders’ approval representing at least three fourth in value of the total outstanding units. In order to promote transparency in the merger process, SECP has required fund managers to convene meetings of unit holders after public notice and has also obligated the trustee to participate in such meetings. As part of the merger process, fund managers are required to disclo

KARACHI: Fresh buying at Karachi Stock Exchange (KSE) Thursday raised stock prices as the benchmark KSE-100 Index gained 103 points to close at 7,128. The share market opened downbeat but institutional buying later switched the market into positive mode and the Index succeeded in breaching the 7,100 level. The investors looked particularly interested cement and banking scrip’s. Today’s trade volume stood strong at 14.3 million shares. OGDC was today’s volume leader which advanced by Rs2.25 to close at Rs78.25. KSE-30 Index surged by 123 points to finish the day at 7,573.