Stocks Observer. com

The Karachi stock market continued to remain under selling pressure on Thursday following prevailing uncertainty over legal outcome of the presidential order for raise in petroleum prices as petroleum development levy (PDL) after SC ordered suspension in implementation of carbon surcharge. The Karachi Stock Exchange (KSE) 100-share index lost 46.10 points or 0.62 percent to close at 7,430.01 points as compared to 7,476.11 points of the previous trading session. The KSE 30-share index shed 63.84 points and closed at 7,956.56 as compared to 8,020.40 points. The KMI 30 index also decreased by 36.78 points to close at 11,171.62 points as against 11,208.40 points. “Despite opening on a positive note, the market remained under pressure due to uncertainty regarding the relationship between the judiciary and government on oil pricing,” said analyst at Toplien Sec Mohammad Sohail. “Some pressure in oil stocks was also seen due to declining global oil prices.” The market turnover went up by 22.0

KARACHI: Karachi Stock Exchange (KSE) has asked its members to submit the certificate of net capital balance (for the period ending June 30, 2009) by September 30, 2009 to avoid penalty. According to KSE notice of July 9, 2009, the members are required to submit bi-annually certificates from the prescribed auditors confirming their net capital balance as on June 30 and December 31, by September 30 and March 31 respectively. These certificates are used for the purpose of calculating their respective capital adequacy of each member.