The Karachi Stock Exchange has asked its members to furnish any claim against Noman Abid Securities (Pvt) Ltd, the incoming member or M/s Noman Abid and Company Ltd the retiring member. In its notice to all members on Thursday, the KSE has intimated that Noman Abid Securities Ltd has submitted corporate membership application on the nomination of Noman Abid and Company Ltd. The proposing corporate member is IGI Finex Securities Ltd and the second is Al Habib Capital Markets Ltd.

The suspension of memberships of five brokerage firms of the Karachi Stock Exchange (KSE) is taking new turns and twists as the name of a nominee director and chief executive officer of one of the suspended brokerage company was put in Exit Control List (ECL), instead of its owner. The name of Zafar Habib, Nominee Director and CEO Clicktrade, one the brokerage firms whose membership was suspended by the apex regulator on June 30, 2009, has been placed in ECL instead of its owner and major shareholder Hanif Peerani. Addressing a press conference at the Karachi Press Club (KPC) on Wednesday, Habib and another director Shehzad accused Haneef Peerani and Chief Financial Officer (CFO) Syed Wajid Ali of misappropriating and embezzling over Rs 200 million of clients’ investments. They disclosed that both Peerani and Ali have shareholding of 94 percent and five percent respectively and entire portfolio of the company’s clients was pledged by these two to fund their personal losses by taking lo...

Mixed activity was witnessed in overbought market as investors preferred booking profits in banks and fertilizer sectors while KSE 100-index shed minimal 4 points to close at 7,716.99 points on Monday. Oil sector, however, remained in limelight as international oil prices shoot near to $70 and oil exploration/production companies were set to increase earnings by 15 percent in fiscal year 2008-09. Moreover, cement sector showed positive performance on record exports and expectations of record result announcements this week. The KSE 100-index opened with green numbers on the board, gaining 28.02 points and narrowly missed the opportunity to close the day in green zone. Index shed nominal 3.94 points to close the day closed at 7,716.99 points on Monday. Trading activity was unhealthy as compared to the last trading session. The ready market volume decreased to 127.459 million shares as compared to last trading session’s 141.204 million shares. Total trading value of the market inched up ...

Bullish sentiments were witnessed at the Karachi stock market on the last trading day of the week Friday on support from intense buying activities as State Bank of Pakistan hinted at discount rate cut in the next monetary policy review on August 15. The Karachi Stock Exchange (KSE) 100-share index increased by 229.17 points or 3.06 percent to close at 7,720.93 points as compared to 7,491.76 points of the previous trading session. The KSE 30-share index closed at 8,195.93 points with a gain of 275.91 points. The KMI 30 index closed at 11,674.75 points with a surge of 353.64 points. Analysts said that the KSE 100-share index made a massive gain despite opening negatively as investors took positions across-the-board on International Monetary Fund’s (IMF) positive remarks on consideration over $4 billion loan for Pakistan’s economic revival. The market turnover went up by 40.92 percent and traded 140.36 million shares as compared to previous session’s 99.60 million shares. The overall mark...

Though it was a bit late to act, government finally has placed the names of five suspended members of Karachi Stock Exchange (KSE) on Exit Control List (ECL). Ministry of Interior placed these suspended members on ECL on the recommendation of Securities & Exchange Commission of Pakistan (SECP), sources told Daily Times on Thursday. However, the action taken by the government with regard to these suspended members was of little use as two of these members have already flown out of the country; one reportedly in Europe and other in Singapore. Though sources in SECP termed the placement of the names of suspended members on ECL to safeguard the interests of investors whose hard-earned money is at risk due to inability of these members to pay-off their liabilities, market participants said that apex regulator acted late and it should have taken this step once the membership of these brokers was suspended on June 30, 2009. SECP took the action after failure of these members to give a spe...

KARACHI: Bull reigned the Karachi stock market during the week on support from buying activities as Securities and Exchange Commission of Pakistan (SECP) approved the re-launching of deliverable futures contract in 18 scrips. The Karachi Stock Exchange (KSE) 100-share index gained 19.39 points or 0.2 percent to close at 7,783.40 points as compared to 7,764.01 points of the previous week. Other major factors that supported the market included approval of dividends for Letter of Comfort (LoC) unit holders of National Investment Trust (NIT), rise in international oil prices and renewed interest of foreign investors. The turnover was recorded at 193.04 million shares as compared with 183.81 million shares of the previous week, reflecting an increase of 5.02 percent. “The SECP’s approval of 18 future securities and monetary policy statement prospects elated investors’ mood at the start of the week,” said analyst at JS Research Mustafa Bilwani. “SBP’s announcement of a delay in the monetary...

The default committee of Karachi Stock Exchange (KSE) has asked two out of five suspended members of exchange to pay the defaulted amount by August 12, 2009, otherwise their cards would be sold to pay off their liabilities. The committee met here on Tuesday and took up the case of Capital One Securities and Click Securities. Securities & Exchange Commission of Pakistan (SECP) suspended the membership of five brokerage firms last month for violation of regulations and their default on payments of borrowed money. The other three suspended brokerage companies are Eastern Securities, Prudential Securities and MKA Securities. According to sources in KSE, the total defaulted amount of these companies is estimated to be around Rs 1.5 billion as only two brokerage firms Capital One and Click Securities, whose case was heard today have the liabilities of Rs 630 million. At the time of suspension of their membership, SECP declared that the registration of the above-mentioned brokerage houses...