KARACHI: The removal of anomalies from the budget 2009-10 ahead of corporate result announcement season and June-closing invited notable foreign and local buying on the Karachi bourse this week. The KSE 100-share Index gained 123 points or 1.75 per cent during the week and winded up at 7,163 points on the weekend. The KSE 30-share Index surged by 155 points or over two per cent and ended at 7,603 points this week. Analysts are of the view that the corporate result announcement season attracted investors to buy high dividend paying or speculative stocks available at lucrative levels. Therefore, the local and foreign financial institution in anticipated profit buying and accumulated selective stocks. Foreigners alone injected $17.6 million in net during the week, which according to JS Research is of 14-month high quantum. Foreigners were on their back foot since the introduction of floor-price mechanism at local bourses on Aug 28, 2008 and since then they had divested $315.6 million to d...

Karachi Stock Exchange (KSE) 100-index closed over 7100-point level, as the last trading session on the last day of week ended in positive zone. Today the market began in possible territory and the same trend lasted in both the session. On one point, the benchmark index was witnessed touching 7217-point level; however, the investors preferred selling owing to the last day of the week, which forced the index to close at 7163 up 34 points. The trade volume today was 150 million shares, of them, the most activity was seen in Arif Habib Bank shares, which closed at Rs7.41 up 97 paisa. The experts said the bullish market may cruise its journey into the next week as well.

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has facilitated the mutual funds industry by prescribing a comprehensive process for mergers of open end mutual funds vide a Circular dated 23rd June, 2009 (Circular is available on www.secp.gov.pk). The process has been introduced to ensure the fair and transparent procedure of mergers for the protection of investors with an aim to foster growth of a robust financial sector in Pakistan. The requirements for merger of open end mutual funds include approval by the respective board of directors of fund manager, consent by trustee of mutual fund and unit holders’ approval representing at least three fourth in value of the total outstanding units. In order to promote transparency in the merger process, SECP has required fund managers to convene meetings of unit holders after public notice and has also obligated the trustee to participate in such meetings. As part of the merger process, fund managers are required to disclo...

KARACHI: Fresh buying at Karachi Stock Exchange (KSE) Thursday raised stock prices as the benchmark KSE-100 Index gained 103 points to close at 7,128. The share market opened downbeat but institutional buying later switched the market into positive mode and the Index succeeded in breaching the 7,100 level. The investors looked particularly interested cement and banking scrip’s. Today’s trade volume stood strong at 14.3 million shares. OGDC was today’s volume leader which advanced by Rs2.25 to close at Rs78.25. KSE-30 Index surged by 123 points to finish the day at 7,573.

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange Wednesday managed to stay above 7000 level as it finished 25 points up to 7,025. The stock market was volatile and kept see-sawing during the session. However, buying from government institutions in banking and energy stocks supported the Index which closed in the positive territory. The trade volume was recorded at 100 million. JSE Growth Fund led the volume leaders which gained paisas 11 to close at Rs3.80. KSE-30 Index increased by 16 points to close at 7,450.

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 ...