ISLAMABAD: Finance Advisor Shaukat Tarin said taxes are mandatory for country’s progress and it is not possible to give tax exemption in every sector. Tarin during a meeting with Karachi Stock Exchange board members said serious efforts are underway to broaden tax net and there is lot of room to increase tax net in services sector. On the other hand, sources told Geo News that budget proposals for next fiscal year and 16 percent federal excise duty on brokers were also came under discussion.

Range-bound activities dominated the trading session at the Karachi stock market on the first trading day of the week Monday, but the market managed to close in the green zone. Analysts said despite strong opening, the market failed to sustain its fast pace during later part of the trading session. The Karachi Stock Exchange (KSE) 100-share index gained a modest 17.53 points or 0.25 percent to close at 7,057.26 points as compared to 7,039.73 points of the previous trading week. The KSE 30share index also gained 31.05 points and closed at 7,479.08 points as compared with 7,448.03 points. However, the KMI 30 index also lost 5.13 points to close at 10,535.55 points as against 10,540.68 points. The day’s trading was marked by yet another low volume. The market turnover increased by 1.49 percent and traded 98.40 million shares as compared to previous session’s 96.95 million shares. The overall market capitalisation gained 0.14 percent to close at Rs 2.091 trillion as compared with Rs 2.088 ...

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...