The Karachi stock market remained in the bullish zone on the first trading day of the week Monday on support from Adviser to the Prime Minister on Finance, Shaukat Tareen and Securities and Exchange Commission of Pakistan (SECP) officials’ address regarding tax issues during their visit to the Karachi Stock Exchange (KSE). Analysts said that proposal on removal of withholding tax on sale of securities, minimal audit on federal excise duty collection and presumptive tax regime (PTR) adjustment against due tax was taken positively by both retail and institutional investors resulting in renewed confidence. The KSE 100-share index gained 67.21 points or 0.90 percent to close at 7,538.49 points as compared to 7,471.28 points of the previous trading session. The KSE 30-share index increased by 109.58 points and closed at 8,102.87 points as compared with 7,993.29 points. The KMI 30 index also surged 72.20 points to close at 11,245.23 points as against 11,211.16 points. The market turnover wen...

By Nasir Dehlvi KARACHI: Stock market witnessed bullish trend in three days and bears dominated two sessions during the last week. Selective counters focused by the investors as masters drove the bourse according to their strategy. Large brokerage houses and institutions drove buying spree on Wednesday and Thursday following the positive news of cut in interest rate of National Saving Scheme (NSS) and the retail investors also took part in the movement but the week end profit-taking eroded 27 points from KSE 100 index, the pundit said. Inclusion of Pakistan into frontier markets index of Morgan Stanley Capital International (MSCI Barra) on May 29, 2009 restored confidence of offshore investors in the local markets and the positive developments in war against terror also prompted enhancement of moral into the local as well as offshore investors, an analyst said. Pakistan Refinery, PICIC Growth Fund, Lakson Tobacco, Fazal Textiles and Bestway Cement were major gainers while Altern Energ...

The Karachi stock market witnessed a correction phase on the last trading day of the week Friday following preference by the retail investors for profit-taking amid a plunge in the international markets. The Karachi Stock Exchange (KSE) 100-share index shed 27.06 points or 0.36 percent to close at 7,471.28 points as compared to 7,498.34 points of the previous trading session. The KSE 30-share index decreased by 7.24 points and closed at 7,993.29 points as compared with 8,000.53 points. The KMI 30 index also lost 38.13 points to close at 11,173.03 points as against 11,211.16 points. The market turnover fell 7.34 percent and traded 181.54 million shares as compared to previous session’s 195.94 million shares. The overall market capitalisation was down by 0.36 percent to close at Rs 2.205 trillion as compared with Rs 2.213 trillion. Out of total 288 companies, 97 closed in the positive zone, 160 in negative while 31 remained unchanged. “The US data on job losses in June triggered foreign ...

KARACHI: The buying activities during the fourth trading session of the week Thursday kept Karachi stock market in the buoyant mood, traders said. The bullish sentiments dominated the session spurred by expectation of record payouts by oil and fertiliser scrips on year-end result announcements. Analysts said investors celebrated reduction in NSS rates ahead of result announcement session as which is evident from witnessing healthy turnover of 195 million shares. The Karachi Stock Exchange (KSE) 100-share index gained 227.62 points or 3.13 percent to close at 7,498.34 points as compared to 7,270.72 points of the previous trading session. The KSE 30-share index also gained 288.62 points and closed at 8,000.53 points as compared to 7,711.91 points. The KMI 30 index also gained 339.57 points to close at 11,211.16 points as against 10,871.59 points. The market turnover went up by 87.30 percent and traded 195.94 million shares as compared to previous session’s 104.61 million shares. The over...

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...