Shareholders of Orix Investment Bank and Orix Leasing Pakistan gave approval for merger of the two companies by majority votes in their separate meetings held on Monday. The two companies announced in separate statements that they had been evaluating the pros and cons of an amalgamation of the investment bank with and into the leasing company. At an extraordinary general meeting of Orix Investment Bank, 99.36 percent of shareholders agreed to the scheme of amalgamation. Similarly, 99.98 percent of shareholders of Orix Leasing Pakistan agreed to the scheme of amalgamation at their extraordinary general meeting. Votes of a majority in number representing two-thirds in value of the shareholders were required. Orix Investment Bank incurred a loss of Rs 250.197 million during the first nine months of current fiscal year. Orix Leasing had been looking at various options to solve the financial difficulties being faced by its associate Orix Investment Bank Pakistan. On March 31, 2009, its boar...

The Securities and Exchange Commission of Pakistan (SECP) suspended the registration of five brokerage houses following the complaints about defaults on payments of their clients. “The apex regulator took this decision in exercise of its powers under the Broker and Agents Registration Rules, 2001, on charges of non-compliance with the various provisions of the Broker and Agents Registration Rules, 2001 pertaining to investor rights,” SECP announced on Monday. Those came under the hammer included Eastern Capital, Prudential Securities, Cliktrade Limited, MKA Securities and Capita One Securities. These brokers borrowed money from the banks and financial institutions by mortgaging the shares of their clients. However they were unable to pay off because of worse crisis that swept in the end of last month and persisting uncertain conditions, which caused huge losses. SECP said that these brokerage houses would remain suspended, in the public interest and for the protection of investors and ...

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.