The unending selling pressure further eroded values of leading scrips at Karachi Stock Exchange (KSE) Thursday as 100-Index lost 111.80 points to close at 6,878.14, dealers said. The turnover volume was low at 93.595 million shares as prices of only 79 scrips recorded gains while 210 sustained losses and 14 remained unchanged. The market capitalisation eroded by about Rs 32 billion to Rs 2.040 trillion. Jahangir Siddiqui Co was the volume leader with a turnover of 12.081 million shares followed by Pak PTA 5.877 million shares, NBP 4.795 million shares, Dewan Cement 4.615 million shares and D G Khan Cement 4.505 million shares. Siemens Pak recorded the highest gain of Rs 14 to close at 984 followed by Dreamworld which moved up by Rs 11 to 245 while Nestle Pak dipped by Rs 48.58 to 923.17 and Treet Corp went down by Rs 12.25 to 232.75.

KARACHI: A leading global index provider, Dow Jones Indexes and the Federation of Euro-Asian Stock Exchanges (FEAS) have plans to launch the Dow Jones FEAS Indexes, which included Karachi Stock Exchange (KSE). According to KSE here Wednesday, this is the first time that indexes are created to measure the performance of companies across the Euro-Asian region. The three indexes that are being launched on June 5, are a composite, and two regional sub-indexes. The Dow Jones FEAS Indexes are designed to underlie index-linked investment products such as funds and structured products. Dow Jones FEAS Composite Index currently includes component stocks of 10 of the 32 member states of the Federation of Euro-Asian Stock Exchanges. The exchanges included are Abu Dhabi (UAE), Amman (Jordan), Bahrain (Kingdom of Bahrain), Belgrade (Serbia), Bulgaria (Bulgaria), Istanbul (Turkey), Karachi (Pakistan), Macedonia (Republic of Macedonia), Muscat (Oman), and Zagreb (Croatia).

KARACHI: The Karachi stock market closed lower on Tuesday as investors continued to offload their holdings. The market remained bearish despite positive developments such as confirmation by Federal Board of Revenue (FBR) and finance authorities that no new taxes will be imposed on the share business in the upcoming budget and positive developments on Swat operation, which failed to inspire investors. The Karachi Stock Exchange (KSE) 100-share index decreased by 85.23 points or 1.18 percent to close at 7,125.11 points as compared to 7,210.34 points in the previous session. The KSE 30-share index shed 104.41 points and closed at 7,671.92 points compared with 7,776.33 points. The KMI 30 index declined by 71.16 points to close at 10,420.77 points as against 10,491.93 points. Analysts said that the turnover was poor in the market as investors seemed uninspired to take active part in trading activities. The market turnover went down by 26.06 percent and traded 83.51 million shares as compare...

KARACHI: Saudi Pak Commercial Bank Limited started working under the new name of Silk Bank Limited from Monday. Last week, the State Bank of Pakistan issued a notification, authorizing it to provide services in Pakistan under the new name. Presently, SPCB is owned by a consortium led by Shaukat Tarin who is currently working as an advisor to the Prime Minister on Finance. The consortium comprises IFC, Bank Muscat, Nomura International and Sinthos Capital. The share price of SPCB, which accumulated losses of Rs 6.1 billion in 2008, closed at Rs5 on Friday. On September 15, 2001, under the supervision of the State Bank of Pakistan, the institution then known as Prudential Bank was acquired by the management and associates of the Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd (SAPICO).

KARACHI: Stock traders arranged an informal meeting. The participants of meeting urged to introduce new products to replace CSF Mark II Future contract, the sources said. The market participants agreed to form an association of stock traders because of the weaker representation in the board of directors Karachi Stock Exchange, the sources added. On the other side the high ups of Lahore Stock Exchange urged to maintain same prices on ready board in the Three Stock Exchanges at same time while the Lahore Stock Exchange and Islamabad Stock Exchange already implemented the rule of same prices in both bourses on ready board, the sources concluded.

Lifting of election ban on Sharif brothers and sharp cuts in Pakistan Investment Bond (PIB) yields kept the Karachi stock market in the greens during the week, analysts said on Saturday. The market remained buoyant despite Lahore and Peshawar terror attacks, they added. The Karachi Stock Exchange (KSE) 100-share index gained 130.37 points or 2 percent to close at 7,276.61 points as compared to 7,146.24 points of the previous week. Analysts said that the limited fall of local petroleum prices attracted the investors towards oil marketing companies, while gas-line deals with Iran were also taken positively for gas marketing companies. The turnover was recorded at 188.83 million shares as compared with 111.46 million shares of the previous week, reflecting an increase of 69.41 percent during the week. “The market welcomed the Supreme Court’s decision regarding lifting of election ban on Sharif brothers,” said analyst at JS Research Bilal Qamar. “The bullish sentiments in the market were s...

KARACHI: Meezan Bank Limited (MBL) and Asian Development Bank (ADB) recently signed a trade accord in order to facilitate the opening of Letters of Credits. Under the agreement, the Asian Development Bank would indirectly confirm Meezan Bank Letter of Credit. ADB would effectively act as a guarantor for import LC’s established by Pakistaani businessmen, thereby facilitating Pakistani trade transactions. The facility would provide much needed support to Pakistani importers in these challenging times for the global economy. The agreement was signed by M. Saleem Khan, Regional Manager-North and Mustafa Rabbani, Area Manager, Islamabad on behalf of MBL and Rune Stroem, ADB’s Country Director signed on behalf of ADB. Meezan Bank Limited is the largest and fastest growing Islamic Bank of Pakistan with its branch network of 166 branches in 40 cities across Pakistan.