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The Karachi stock market closed higher on Tuesday amid celebration by investors due to removal of withholding tax (WHT) on share sale. The Karachi Stock Exchange (KSE) 100-share index gained 10.88 points or 0.14 percent to close at 7,549.37 points as compared to 7,538.49 points of the previous trading session. The KSE 30-share index surged 9.77 points and closed at 8,112.64 points as compared to 8,102.87 points. The KMI 30 index also increased by 98.65 points to close at 11,343.88 points as against 11,245.23 points. Analysts said that expectations of fall in discount rates in the near term led both retail and institutional investors to take long-term positions. The market turnover went up by 54.81 percent and traded 197.67 million shares as compared to previous session’s 127.68 million shares. The overall market capitalisation was up by 0.13 percent to close at Rs 2.226 trillion as compared with Rs 2.223 trillion. Out of total 307 companies, 150 closed in the positive zone, 136 in nega

The Board of Directors of Al Meezan Investments announced distribution of dividends for its open end Meezan Islamic Income Fund (MIIF), Meezan Capital Protected Fund- I (MCPF-I) and Meezan Cash Fund (MCF) for the year ended June 30, 2009. According to the press release, the Board declared a final distribution for MIIF of Rs 1.75 per unit, in addition to interim dividends of Rs 3.02 per unit, making a total payout of Rs 4.77 per unit. For MCF it is Rs 0.15 per unit (0.3 percent on the face value of Rs 50 per unit) and the dividend distribution for MCPF-I is Rs 0.35 per unit (0.7 percent on the opening NAV of Rs 49.80 per unit).

JS Investments Limited, JSIL has announced the financial results for selected Funds under its management for the fiscal year ended June 30, 2009. The Board of Directors in a meeting held on July 07, 2009, reviewed the performance of the Income Funds and Capital Protected Funds under the management of JSIL and approved the final pay outs for the Unit Holders for the fiscal year. As per the results, JS Income Fund had a payout of Rs. 4.50 per unit, which is in addition to the already distributed interim dividends of Rs. 7.55 per unit, and equals to a total payout of 11.9248% of NAV, while JS Aggressive Income Fund had a payout per unit of Rs. 2.00, which is in addition to the interim distribution already paid at Rs. 4.25 per unit, which was a payout on opening NAV of 6.2357%.