The Karachi stock market witnessed a low turnover once again on Thursday with the absence of positive sentiments that drive the activities of share trading, analysts and brokers said.The Karachi Stock Exchange (KSE) 100-share index remained unchanged for the fourth consecutive trading session at 9,184.09 points. The KSE 30 index and KMI 30 index also remained fixed at 9,981.93 points and 10,003.99 points respectively. The turnover dipped 40 percent and traded 0.109 million shares as compared to 0.182 million shares traded in the previous session. The overall market capitalisation remained unchanged at Rs 2.826 trillion. Out of 13 companies, four closed in the positive zone, one in negative while seven remained unchanged. Analysts said that it is expected that the unjustified freezing would be lifted on December 1 and the market bailout fund of Rs 50 billion would attract foreign investors back to the arena, but it is uncertain whether they would opt for buying or selling. Chances are ...

Federal Investigation Agency (FIA) on Wednesday arrested at least three persons for printing and selling out fake share certificates worth millions of rupees in the stock market. According to sources the FIA recovered fake share certificates (both filled and blank) worth over Rs 37 million from the custody of Niaz Ahmed Rind, Shehzad and Rehan from Pakistan Chawk in a raid led by Inspector Gulsher Mugheri.They said a special team of FIA's Crimes Circle at around 4 pm raided an office, "Shah Graphics", and a printing press, "Rehan Prints", and recovered fake share certificates worth Rs 24 million and Rs 13 million which were ready to be issued to Norrie Textile Mills Limited (NTML) and SS Oil Mills Limited (SSOML) respectively. The sources said the FIA team on the directives of Director Crimes Circle Mir Zubair and Deputy Director Khalique-uz-Zaman arrested Rind, a share dealer, and recovered fake share certificates of Rs 13 million from his possession.The law e...

The Karachi stock market remained motionless on Wednesday as falling international markets on global crises and tight monetary policy were the source of continuing foreign disinterest in the local market, analysts said.The Karachi Stock Exchange (KSE) 100-share index remained unchanged for the third consecutive trading session by closing at 9,184.09 points. The KSE 30 index and KMI 30 index also remained at 9,981.93 points and 10,003.99 points respectively. The market turnover gained 4.21 percent and traded 0.182 million shares as compared to 0.19 million shares traded in the previous session. The overall market capitalisation remained unchanged at Rs 2.826 trillion. Out of 13 companies, four closed in the positive zone, four in negative while five remained unchanged. Analysts at Aziz Fida Hussein and Company said while the preparations were underway to register a louder protest as reported by the media against the extended and unjustified freezing, the unconfirmed news was the chance...

The floored Karachi bourse exhibited the worst performance on Tuesday, as it witnessed trade of zero shares in the first 180 minutes of the day session. Therefore, historically low turnover in as many as seven active companies were the other two new records of history at KSE.Moreover, foreign portfolio investors disinvested huge and over $2 million in a single session at local bourses, according to NCCPL data.KSE All-share Index fractionally fall by 0.18 point and ended at 6,639.18 points. Earlier, it moved either side of the fence by 0.20 point during the session.While, all the other three parallel running indices remained stagnant, as KSE 100-share Index at 9,184.09 points; KSE 30-share Index at 9,981.93 points; and KMI 30-share Index at 11,224.18 points, throughout session.Dealers confirmed that investors have traded zero shares till 12noon in the market since the pre-opening of the day session at 9:30am, which is a new record.Therefore, market generated a turnover of mere 19,660 sh...

KAPCO’s topline grew by a massive 120 percent in the first quarter of current fiscal year 2008-09 in year-on-year terms, however, the increase was relatively subtle when compared to 4QFY08 (18 percent Quarter-on-Quarter). KAPCO’s energy increased despite a 19 percent YoY decrease in net output (2,045GWh of electricity generation in 1QFY09). The reasons were, 61 percent YoY increase in fuel bill for 1QFY09, higher index figure resulting from increased US inflation (5.3 percent YoY increase in 1QFY09) and falling rupee value. KAPCO being the only IPP in Pakistan with a power plant that has the ability to self-start in case of a countrywide blackout has 10 gas turbines that power the complex and 5 steam turbines. Eight of the 10 gas turbines can operate on residual fuel oil while all 10 can operate on both HSD and gas, thus giving the plant flexibility of using 3 different fuels to generate electricity, namely natural gas, LSFO and HSD, analyst of power sector said in the report.The incre...

The Karachi stock market managed to close in the green zone on Thursday, but the low activity persisted on account of discount rate hike of 200bps by State Bank to counter inflation and higher government borrowings, analysts said.The Karachi Stock Exchange (KSE) 100-share index gained a modest 0.95 points to close at 9,184.09 points as compared with 9,183.14 points of the previous session. The KSE 30 index shed 22.06 points to close at 9,981.93 points as compared to 10,003.99 points of the previous session. The KMI 30 index also remained unchanged at 11,224.18 points. The market turnover fell 9.58 percent and traded 0.66 million shares as compared to 0.73 million shares traded in the previous session. The overall market capitalization declined 0.07 percent and traded Rs 2.827 trillion as against Rs 2.829 trillion of the previous session. Out of 18 companies, two closed in positive zone, five in negative while 11 remained unchanged. Like previous sessions, futures market continued to r...

One of the cards of two Karachi Stock Exchange (KSE) members, whose brokerage houses defaulted, is auctioned at Rs 55 million on Thursday.According to a director of board of exchange, MMM a commodity, which mainly operates in rice trading secured the card by offering the highest bid among the four bidders.KSE invited the bids from individuals and eligible corporate bodies, financial institutions/banks (local & foreign) couple of days back for sale of cards of Sikandr Ismail Bagsara and Ismail Abdul Shakoor, who defaulted on failure to honour their debt obligations. The bids were invited after the KSE Board endorsed the Nov 6 decision of the National Clearing Company of Pakistan (NCCPL) which had declared Bagasra Securities (Pvt) Limited, and Ismail Abdul Shakoor Securities (Pvt.) Limited, both Corporate members of the KSE, as "defaulter" under regulations.According to the NCCPL, the final loss remaining unsettled by Bagasra stood at Rs 51.4 million as on the close of bus...