* No fresh take-up in CFS Mk-II shall be allowed from today ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to discontinue CFS Mk-II and deliverable futures products in the best interests of the capital markets in Pakistan. This discontinuation measure will be effective from Wednesday (today). CFS Mk-II will be phased-out in three working cycles of 22 business days. Therefore, the complete phase-out will be completed in 66 working days. Starting from April 8, 2009, no fresh take-up in CFS Mk-II shall be allowed. Furthermore, no new contracts will be opened in the deliverable futures market from April 20, 2009. The commission shall coordinate with the stock exchanges to develop effective futures products in line with best international practices. The commission shall also strive to implement alternative financing products to cater for the financing and leveraging needs of market participants. During the recent market turmoil and afterwards, a majority nu...

KARACHI: Bulls continued to dominate the trading session at the Karachi stock market on the last trading day of the week Friday due to support from continuation of intense buying activities on economic fundamentals and US Senate’s confirmation of $4 billion increase in aid to Pakistan. The Karachi Stock Exchange (KSE) 100-share index surged 241.79 points or 3.36 percent to close at 7,432.88 points as compared to 7,191.09 points traded in the previous session. The KSE 30-share index gained 261 points and closed at 8,064.16 points as compared with 7,803.16 points of the previous session. The KMI 30 index also increased by 324.27 points to close at 10,519.84 points as against 10,195.57 points of the previous session. The market turnover increased by 13.47 percent and traded 330.15 million shares as compared to previous session’s 290.94 million shares. The overall market capitalisation went up by 3.28 percent and closed at Rs 2.235 trillion as compared with Rs 2.164 trillion traded in the ...

KARACHI: Positive rally continued unabatedly at the Karachi stock market on Thursday due to support from intense buying activities as Pakistan achieved the International Monetary Fund (IMF) targets for net foreign assets and net domestic assets to get tranche of $847 million. Analysts said that the IMF intimation of economic recovery coupled with rise in international equity markets, foreign interest in the market and exchange rate stability were the reasons for the market’s recovery. The Karachi Stock Exchange (KSE) 100-share index gained 259.19 points or 3.74 percent to close at 7,191.09 points as compared to 6,931.90 points traded in the previous session. The KSE 30-share index surged 337.91 points and closed at 7,803.16 points as compared with 7,465.25 points of the previous session. The KMI 30 index also increased by 433.32 points to close at 10,195.57 points as against 9,762.25 points of the previous session. The market turnover went up by 40.36 percent and traded 290.94 million ...

KARACHI: Aggressive buying at Karachi Stock Exchange on Friday pushed the benchmark KSE-100 Index by 219 points to 6,826. Today’s trade started in the green zone but kept on moving across the fence throughout the day. However, investors were seen taking positions in energy and banking stocks in the second session which took the major Index to the present level. The market turnover was recorded at 220 million shares. Bank Alfalah drew maximum activity which slipped paisas 18 to close at Rs14.92. KSE-30 Index surged by 253 points to finish the day at 7,375.

The Karachi stock market maintained its bullish sentiment on Wednesday, as expectations of cut in discount rates within the next couple of weeks and the meeting of friends of Pakistan on April 17, which is expected to attract foreign funds to stabilise the economy, boosted investors’ confidence. The Karachi Stock Exchange (KSE) 100-share index gained of 57.20 points or 0.86 percent to close at 6,674.82 points as compared to 6,617.00 points traded in the previous session. The KSE 30-share index also increased by 70.59 points and closed at 7,234.40 points as compared with 7,163.81 points of the previous session. The KMI 30 index surged by 27.52 points to close at 9,225.54 points as against 9,198.02 points of the previous session. The market turnover decreased by 12.52 percent and traded 262.88 million shares as compared to 300.53 million shares traded in the previous session. The overall market capitalisation went up by 0.70 percent to close at Rs 2.005 trillion as compared with Rs 1.991...

By Salman Siddiqui KARACHI: The foreign capital flight continues although the Morgan Stanley Capital International Barra (MSCI Barra) announced last month to consider reinstatement of Pakistan on its Emerging Index and the domestic political stability was also gaining momentum. The MSCI Barra is a world-leading provider of equity, fixed-income and hedge fund indices. International investors highly consider its advisory for making investment and divestment in about 23 developed and 27 emerging markets across the world. The foreigners’ actions at the local bourses show that their speed of exit was increasing with the rise in activities in the local capital markets. Last week, when the Karachi bourse made a record buying-rally and registered a four years highest gain of over 10 per cent in a week, the foreigners made a massive outflow of $31.3 million. “This net selling was the highest since seven weeks and equivalent to cumulative net selling of past five weeks,” observed Atif Zafar at J...

The Karachi stock market failed to sustain previous session’s bullish sentiment and closed in the red zone on Friday as investors went for profit-taking on account of political uncertainty over Pakistan People’s Party’s (PPP) decision to form its own government in the Punjab. Analysts said that the index failed to capitalise initial gain of 63 points due to prevalence of uncertainty among investors. The Karachi Stock Exchange (KSE) 100-share index decreased by 100.64 points or 1.56 percent to close at 6,340.36 points as compared to 6,441.00 points traded in the previous session. The KSE 30-share index also shed 148.88 points and closed at 6,831.32 points as compared with 6,980.20 points of the previous session. KMI 30 index lost 184.46 points to close at 8,789.70 points as against 8,974.16 points of the previous session. The market turnover went down by 19.96 percent and traded 221.52 million shares as compared to 276.79 million shares traded in the previous session. The overall market...