KARACHI: The strike call for May 23 left the business community of Karachi angry as they said that they suffered losses worth billions of rupees with political instability overshadowing economic interests of the country. The sudden law and order situation, witnessed late on Friday in many areas of Karachi, also caused a deeper impact on the residents due to which there was a considerably low turnout in offices and industries on Saturday. Industrialists and businessmen say they are frustrated as this is the third such incident in a month. President of Federation of Pakistan Chambers of Commerce and Industry, Sultan Chawla, said that the government should take notice of the rapidly deteriorating law and order in the city and talk to the people concerned for solving the problem as such a single day closure of business costs the city about Rs1.2 billion in losses at the least. He said that strikes and violence as not the solution as it basically affected the innocent poor class of the soci...

Intense buying activities were witnessed at the Karachi stock market on the last trading day of the week Friday powered by Adviser to PM on Finance Shaukat Tareen’s clarification denying imposition of tax on the bourse. Analysts said that investors built portfolios as proposal for Rs 650 billion Public Sector Development Programme (PSDP) allocation for FY2009-10 forwarded by Annual Plan Coordination Committee (APCC) was taken positive for cement sector and the economy and restored the confidence among investors. The Karachi Stock Exchange (KSE) 100-share index gained 176.42 points or 2.53 percent to close at 7,146.24 points as compared with 6,969.82 points traded in the previous session. The KSE 30-share index increased by 231.87 points and closed at 7,715.97 points as compared to 7,484.10 points. The KMI 30 index also surged 318.22 points to close at 10,335.54 points as against 10,017.32 points. The market turnover went up by 38.59 percent and traded 111.46 million shares as compare...

KARACHI: Karachi stock market remained under bearish sentiments as the benchmark KSE-100 failed to maintain psychological level of 7,000 points on fourth trading day of the week Thursday. The intense selling activities blanketed the trading session and analysts attributed negative closure of the market owing to rumours regarding additional taxation on capital market in the upcoming federal budget. “This affected the investors’ sentiment negatively amid a misquoted comment by State Information Minister on taxation of agriculture, stock market and real estate sectors”. The Karachi Stock Exchange (KSE) 100-share index shed 90.90 points or 1.29 percent as it closed at 6,969.82 points compared to 7,060.72 points in the previous session. The KSE-30 index also shed 108.06 points and closed at 7,484.10 points compared to 7,592.16 points of the previous session. KMI-30 index shed 99.38 points and closed at 10,017.32 points compared to 10,116.70 points of the previous session. The market turnove...

Intense selling activity kept the Karachi stock market under the bearish spell on the second trading day of the week Tuesday besides widening of trade deficit and fall in remittances in April 2009. Analysts have attributed negative closing of the market on account of continuing foreign selling while Swat operation intensity and falling rupee value remained a major concern for retail and institutional investors. The trading day was marked by yet another dismal turnover of 75 million shares manifesting lack of confidence among investors. The Karachi Stock Exchange (KSE) 100-share index shed 105.00 points or 1.46 percent as it closed at 7,067.85 points compared to 7,172.85 points in the previous session. The KSE-30 index also shed 142.18 points and closed at 7,601.17 points compared to 7,743.35 points of the previous session. KMI-30 index shed 156.82 points and closed at 10,092.46 points compared to 10,249.28 points of the previous session. The market turnover went down by 31.94 percent a...

Al Meezan Investments, Pakistan’s largest Shariah compliant asset management company is in process of launching two new open-end funds namely Meezan Cash Fund and Meezan Asset Allocation Fund in order to cater to the needs of the investors. This was announced in a press release issued by the company on signing of the Trust Deed of Meezan Cash Fund and Meezan Asset Allocation Fund. The Trust Deeds of the funds were signed between Al Meezan Investments as the Management Company and The Central Depository Company of Pakistan (CDC) as the Trustee in a ceremony held at the Head Office of Al Meezan Investments. Al Meezan Investment was represented by its CEO, Mr. Mohammad Shoaib, CFA, and CDC was represented by Kamran Kazi, CFO & Company Secretary. Currently, no specialized Islamic income/money market fund is available for investors. Meezan Cash Fund (MCF) will be the first Shariah compliant money market fund in Pakistan which will provide competitive returns to the investors from a Shar...

KARACHI: Numerous stockbrokers, who supported the movement for the removal of ‘badla’ system of share financing, were jubilant when their wish was granted. While many who spearheaded the movement, vow never to let what they believe is a ‘haram’ interest product, to sneak back into the market, there are others, who were earlier swept by the crowd, but are now taking a step back and looking at the results. That is not to say that anyone is floating the idea of revisiting age old mode of share financing prevalent in just the sub-continent, variously named: the badla, the COT or the COT Mk-II. But with each passing day as the volume of business at the market continues to shrink. Currently at 125 million shares and nearly one-half of the average number of share traded daily early last year, the absence of a widely useable leverage product is being badly felt. All of that has put the spotlight on a modified form of the old system — the ‘in-house’ badla. Haji Ghani Haji Usman, an old time bro...

Selling pressure further pulled down prices at Karachi Stock Exchange (KSE) Thursday as 100-Index plunged by 100.18 points to close at 7,142.42, dealers said. The turnover volume was low at 114.060 million shares as prices of 229 sustained losses while 91 recorded gains and 21 remained unchanged. A dealer at a leading brokerage house said that the market was bullish in the morning, but profit taking eroded values. The market started going down on selling pressure with no support from financial institutions and Index closed in the negative zone. The market capitalization was also eroded by about Rs 29 billion to Rs 2.127 trillion. Bosicor Pakistan was the volume leader with a turnover of 15.541 million shares followed by Jahangir Siddiqui Co 9.075 million shares, D G Khan Cement 6.490 million shares, Bank of Punjab 5.009 million shares and POL 4.887 million shares. Pakistan Oilfields closed at 147.52, Lucky Cement 55.16, NBP 72.51, Bank Al-Falah 11.84, Jahangir Siddiqui Co 26.54, Bank o...