Stocks Observer. com

The default committee of Karachi Stock Exchange (KSE) has asked two out of five suspended members of exchange to pay the defaulted amount by August 12, 2009, otherwise their cards would be sold to pay off their liabilities. The committee met here on Tuesday and took up the case of Capital One Securities and Click Securities. Securities & Exchange Commission of Pakistan (SECP) suspended the membership of five brokerage firms last month for violation of regulations and their default on payments of borrowed money. The other three suspended brokerage companies are Eastern Securities, Prudential Securities and MKA Securities. According to sources in KSE, the total defaulted amount of these companies is estimated to be around Rs 1.5 billion as only two brokerage firms Capital One and Click Securities, whose case was heard today have the liabilities of Rs 630 million. At the time of suspension of their membership, SECP declared that the registration of the above-mentioned brokerage houses

The benchmark KSE-100 Index recorded an increase of 72 points to close at 7,782 on the back of buying in various stocks at Karachi Stock Exchange on Tuesday. The market opened upbeat today but witnessed fluctuations throughout the session. However, the share market managed to gain 72 points to close just below 8,000 level. Investors were seen taking fresh positions on good corporate results and expectations of reduction in the discount rate. The market turnover was registered at 140 million shares yesterday. World Call was today’s star performer in terms of volume which closed at Rs3.92 with an increase of paisas 31. KSE-30 Index advanced by 92 points to peg at 8,383.