KARACHI: The Karachi stock market closed lower on Tuesday as the cut in discount rate of 100 basis points by the central bank, as anticipated by the investors, was insufficient to reduce the borrowing cost at the market. The Karachi Stock Exchange (KSE) 100-share index shed 68.34 points or 0.86 percent to close at 7,834.14 points as compared to 7,902.48 points of the previous session. The KSE 30-share index lost 101.85 points and closed at 8,600.31 points as compared with 8,702.16 points. The KMI 30 index also decreased by 37.43 points to close 10,024.58 points as against 10,987.15 points. Analysts also said that investors preferred to go for profit-taking following less than expected result announcement by Pakistan Oil Fields. The 100-share index, despite opening on a positive note by gaining 97.78 points, failed to sustain its buoyant mood and closed in the negative zone. The turnover increased by 26.67 percent to 320.33 million shares as compared with previous session’s 252.88 milli...

* 100-share index gains 124.87 points or 1.63% * Turnover falls 23.11% to 259.36 million shares KARACHI: The Karachi stock market switched to a positive trading note on Friday as international donors pledged $5.28 billion to stabilise the poverty-stricken country, which triggered investors to go for intense buying activities. The Karachi Stock Exchange (KSE) 100-share index gained 124.87 points or 1.63 percent to close at 7,794.95 points as compared to 7,670.08 points of the previous session. The KSE 30-share index increased by 144.73 points and closed at 8,540.16 points as compared with 8,395.43 points of the previous session. The KMI 30 index also surged 188.71 points to close at 10,795.46 points as against 10,606.75 points of the previous session. Analysts said in their comments that the market received a tremendous push following looming expectations over cut in discount rates due in the monetary policy to be announced on April 20. The market was volatile during the trading session...

KARACHI: The finance ministry issued on Tuesday the notification about appointment of Salman Ali Sheikh as new Chairman of the Security and Exchange Commission of Pakistan here on Tuesday. Earlier, he was serving as Acting Chairman of the SECP. Talking to Geo News, the SECP chairman said that he would speed up his efforts for the improvement of SECP, Stock Exchange and corporate sectors.

(Bloomberg Report) MCB Bank Ltd., Pakistan’s biggest by market value, and Habib Bank Ltd. are competing to buy Royal Bank of Scotland Group Plc’s local operations as the U.K. lender seeks to raise capital following a government takeover. MCB and Habib Bank, the second-largest, plan to apply to the central bank for approval to begin a due diligence review of RBS Pakistan, the lenders said in separate statements to the Karachi Stock Exchange today. The unit has a market value of 21.4 billion rupees ($266 million). The purchase would give the banks an edge in a nation that forecasts an economic revival starting in the next fiscal year. Pakistan’s economy may expand more than 6 percent annually on average over the next five years, Shaukat Tarin, adviser to the prime minister, said last month, as the nation seeks $6 billion in aid from countries including the U.S. and Japan. “Habib Bank would turn into the biggest by assets and deposits, while it is already the biggest by branches,” follow...

* 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 ...