Investors went for profit-taking at the Karachi stock market as the previous bullish trends have made the share prices of most of the scrips attractive, analysts said on Monday. They said that despite opening in the green zone at the start of the trading session, the 100-share index failed to maintain its upward momentum. The Karachi Stock Exchange (KSE) 100-share index shed 23.69 points to close at 5,573.48 points as compared to 5,597.44 points traded in the previous session. The KSE 30 index also shed 3.95 points and closed at 5,630.83 points as compared with 5,634.78 points of the previous session. KMI 30 index also shed 132.64 points and closed at 7,268.23 points as against 7,400.87 points of the previous session. The market turnover decreased by 5.27 percent and traded 174.05 million shares as compared to previous session’s 183.74 million shares. The overall market capitalisation fell 0.51 percent to close at Rs 1.755 trillion as against Rs 1.764 trillion traded in the previous se...

By Dilawar Hussain KARACHI, Feb 8: The stakeholders in the stock market who attended a meeting on Saturday to deliberate on the accounting treatment of decline in fair value of “available for sale investments” in quoted companies held the consensus view that the regulator be asked to suspend the implementation of International Accounting Standard (IAS) 39 for one year, several participants of the meeting confirmed on Sunday. The meeting called by the Securities and Exchange Commission of Pakistan (SECP) was held between the Institute of Chartered Accountants of Pakistan (ICAP) and an entire spectrum of stakeholders. Those included about 30 representatives of Pakistan Bankers’ Association; Investment Banks Association; Insurance Companies Association; Leasing Companies Association; the Stock Exchange and two former heads of KSE. Stock broker-turned industrialist Arif Habib, who was among the participants, affirmed that there was no difference of opinion on that account. And chairman of ...

KARACHI: The Karachi stock market continued to witness a bullish trading session on the last day of the trading week Friday as aggressive buying by NIT State Enterprise Fund boosted investors’ confidence and they took fresh positions in oil, banks and insurance scrips. The Karachi Stock Exchange (KSE) 100-share index gained 63.19 points to close at 5,597.44 points as compared to 5,534.25 points traded in the previous session. The KSE 30 index also increased by 140.74 points and closed at 5,634.78 points as compared with 5,494.04 points of the previous session. The KMI 30 index was up by 77.25 points to close at 7,400.87 points as against 7,323.62 points of the previous session. The market turnover decreased by 10.61 percent and traded 183.74 million shares as compared to previous session’s 205.56 million shares. However, the overall market capitalisation increased by 1.03 percent and closed at Rs 1.764 trillion as compared with Rs 1.746 trillion traded in the previous session. Out of 2...

Gul Ahmed Textile Mills announced upgrading its IP Telephony (IPT) voice and security infrastructure besides unifying communications system to raise service standards, improve employee collaboration and enhance operational efficiencies. According to a press release Thursday, Gul Ahmed improves collaboration with Cisco Unified Communications System and it deploys 1,900 Cisco Unified IP Devices. The network is imperative to the functioning of Gul Ahmed, seamlessly connecting toll-free extension dialing between employees across all units, including a single operator to guide all incoming and outgoing call traffic, to and from all units. Deputy Manager IT Infrastructure and Converged Communications Rashid Ghazanfar said it was decided that the upgradation would be done in two phases. Call Manager, 7825 servers will be replaced with the more powerful 7835s, Voice Gateways, 2620s will be replaced by 2821s, and Cisco PIX 500 Firewalls by ASA 5520s in the first phase. The next phase will envis...

By Tanveer Ahmed KARACHI: Contrary to the claims of billions of rupees pledged shares' misuse by brokerage houses, a meagre amount of just Rs 103 million of the small investors is withheld with them, Chairperson National Standing Committee on Finance, Fauzia Wahab said on Wednesday. This is in sharp contrast to National Standing Committee on Finance's directives to Securities and Exchange Commission of Pakistan (SECP) to probe alleged misuse of Rs 100 billion of investors' security deposits with the brokers. Interestingly, Fauzia Wahab also chaired the said meeting last month. She stated this while taking to newsmen during a visit to Karachi Stock Exchange (KSE). When she was asked insistently about the progress in the said case, Fauzia categorically denied about the Rs 100 billion scam. "This amount is only Rs 103 million," she informed. A total of 213 complaints are received in this regard, she replied when her attention was drawn to proceeding of Finance commit...

Bullish trend again witnessed in Karachi Stock Exchange on Tuesday when most of the time bourse hanged in the balance and observed a seesaw where self-assured investors remained busy in share trade frequently and propel the market to land into positive column at the closing time which gained 0.9546 per cent following the buying in leading scrips by government institutions as well as local investors. The Karachi Stock Exchange’s benchmark KSE-100 index gained 50.92 points to close at 5,384.87 points as compared to 5,333.95 points on Monday. Volume remained at 140,966 million shares significantly downward compared to Monday’s 177.966which is far below the average of 250 million shares traded daily last year.

KARACHI: The Karachi stock market faced selling pressure as a majority of investors’ hopes crashed after the State Bank of Pakistan kept the interest rate unchanged in the Monetary Policy announced on Saturday, analysts said on Monday. The Karachi Stock Exchange (KSE) 100-share index declined by 43.47 points to close at 5,333.95 points as compared to 5,377.42 points traded in the previous session. The KSE 30 index also fell 3.10 points and closed at 5,198.91 points as against 5,195.81 points of the previous session. The KMI 30 index shed 95.62 points to close at 7,087.30 points as compared with 7,182.92 points of the previous session. The market turnover decreased by 6.88 percent to 177.66 million shares as compared to 190.79 million shares traded in the previous session. The overall market capitalisation also declined by 0.64 percent to close at Rs 1.689 trillion as compared with Rs 1.700 trillion traded in the previous session. Out of 264 companies, 107 closed in positive zone, 146 i...