By Nasir Dehlvi Equity market witnessed bearish trend last week. Post budget rally forced investors for making short term strategy and find ways not to remain in the sidelines. However, market participants enjoyed a bullish sentiment on Wednesday when the benchmark KSE 100 index gained 202.97 points. The masters pointed out some positive news regarding US aid of $7.5 billion, a pundit said. The holdings are in the safe houses as previously indicated by this scribe so the market was running in smooth way. There were no sudden changes that could be expected, the pundit added. The budget failed to attract investors, as clarifications from various sources during the week were unable to draw them to the market, an analyst said. Jahangir Siddiqi and Co, DG Khan Cement, Lucky Cement, Arif Habib Securities Ltd and MCB were the volume leaders of the week, cumulatively accounting for 31 percent of the total volumes, the analyst added. The bench mark KSE 100 index shed 16.58 points and closed at...

KARACHI: The benchmark KSE-100 Index at Karachi Stock Exchange (KSE) dipped by 12 points to close at 7,039 on Friday. The stock market began its today’s journey in green territory but later selling in cement and banking scrip’s eroded the early hour gains and the major Index closed in the red zone. The market turnover stood at 90 million shares today. OGDC was today’s star performer in terms of volume which gained paisa’s 60 to close at Rs74.90. KSE-30 Index finished the day 42 points down to 7,450. Invitation for membership: Meanwhile, Karachi Stock Exchange (KSE) has invited bids for the purchase of membership rights of the exchange from eligible individuals, corporate bodies, and financial institutions and banks (both local and foreign). According to KSE here Friday, the bids can be sent to KSE by July 3, 2009. According to sources, KSE has plan to expand its membership to broaden the base of the premier stock exchange of the country.

KARACHI: Pakistan Petroleum Limited (PPL) bagged the Best Corporate Report Award (BCRA) for its Annual Report 2008. The company stood first among five short listed organizations in the fuel and energy sector, scaling up three positions over last year when its report was ranked fourth in the sector. This is the third BCRA that the company has won, the first being in 2005 followed by one in 2007. The results were announced on June 15 at a ceremony organized jointly by the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) that drew a large number of representatives from the accountancy profession, corporate sector and the media. Managing Director and Chief Executive Officer Khalid Rahman received the award from Governor State Bank of Pakistan Syed Salim Raza, who was the chief guest on the occasion. The award affirms PPL’s efforts to adhere to best corporate governance practices and maintain sound and transparent acc...

KARACHI: Bearish sentiments dominated the trading session at the Karachi stock market on the first trading day of the week Monday as no major incentive was announced for the stock market during the unveiling of annual budget. Analysts said tax on exports affected the share prices at the post-budget trading session. The Karachi Stock Exchange (KSE) 100-share index shed 103.22 points or 1.46 percent to close at 6,953.09 points as compared to previous week’s close of 7,056.31 points. The KSE 30-share index decreased by 146.38 points and closed at 7,372.47 points as compared with 7,518.85 points. However, the KMI 30 index gained 79.16 points to close at 10,434.17 points as against 10,513.33 points. Analysts said that the 100-share index failed to maintain the psychological level of 7,000 points after the first trading day of the post-budget session while daily turnover continued to be dismal reflecting lack of confidence among investors. The market turnover went down by 15.51 percent and t...

KARACHI: The suicide attacks in Lahore and Nowshera triggered panic selling in the second session of trading at Karachi Stock Exchange (KSE) Friday as 100-Index lost 35.65 points to close at 7056.31, dealers said. The turnover volume reached 125.791 million shares as prices of 139 scrips recorded gains while 141 sustained losses and 19 remained unchanged. A dealer at a leading brokerage house said that market was bullish in the first session and Index climbed up by 100 points, but the news about suicide bombing triggered panic selling in the second session and market closed in negative zone. The market capitalization was eroded by about Rs 18 billion to Rs 2.082 trillion. Jahangir Siddiqui Co was the volume leader with a turnover of 18.146 million shares followed by D G Khan Cement 15.179 million shares, Nishat Mills 8.269 million shares, Arif Habib Sec 5.566 million shares and Azgard Nine Ltd 5.157 million shares. MCB Bank closed at 148.57, Arif Habib Sec 27.45, Lucky Cement 57.24, Ad...

KARACHI: The Karachi stock market witnessed a bullish trading session on Thursday due to increasing foreign remittances and declining trend in inflationary numbers, which propelled investors to take positions. The Karachi Stock Exchange (KSE) 100-share index gained 44.71 points or 0.63 percent to close at 7,091.96 points as compared to 7,047.25 points of the previous trading session. The KSE 30-share index increased by 75.29 points and closed at 7,564.36 points as compared with 7,489.07 points. The KMI 30 index surged 10.70 points to close at 10,466.04 points as against 10,455.34 points. “It was another dull day ahead of the federal budget,” said analyst at Topline Sec Mohammad Sohail. “Due to slowing down of inflation, interest in banking and cement stocks was observed.” In case there are no direct taxes on share trading, market is likely to post a small rally after budget, he added. The market turnover went down by 19.11 percent and traded 114.03 million shares as compared to previou...

KARACHI: Hectic buying improved values of leading scrips at Karachi Stock Exchange (KSE) Tuesday as 100-Index surged by 194.78 points to close at 7085.78, dealers said. The turnover volume was high at 155.985 million shares as prices of 207 scrip’s recorded gains while 99 sustained losses and 7 remained unchanged. A dealer at a leading brokerage house said that market was opened on a positive note and 100-Index climbed above 7100 on heavy buying. However, some profit taking eroded values, he added. The market capitalization was improved by about Rs 54.2 billion to Rs 2.099 trillion. Jahangir Siddiqui Co was the volume leader with a turnover of 11.220 million shares followed by Pak PTA 10.975 million shares, OGDC 8.171 million shares, Arif Habib Sec 7.937 million shares and NBP 6.854 million shares. Bank Al-Falah closed at 11.50, Arif Habib Sec 27.69, Lucky Cement 58.44, Bank of Bank 11.89, Pak PTA 3.35, Jahangir Siddiqui Co 25.31, OGDC 75.56 and NBP 63.13.Nestle Pak recorded the highes...