Karachi Stock Exchange (KSE) has approved the formal listing and quotation of share of Ghani Gas Ltd (GGL) on the completion of all listing formalities. According to KSE, the trading in the GGL shares will start from January 5, 2010.

Bosicor Pakistan Ltd (BPL) has changed its name to Byco Petroleum Pakistan Ltd from January 1, 2010. According to information reaching KSE, the address of the company has also been changed to Harbour Front, 9th Floor, Dolmen City HC-3, Block 4, Marine Drive, Clifton. It may be noted that Byco Industries Incorporated (BII) has acquired 34.81 percent shares (216.383 million shares of BPL from Bosicor Corporation Ltd (BCL) in return for issuance of shares of BII or control of BPL.

The annual election of directors of Karachi Stock Exchange was held on Tuesday, December 15, 2009, to elect five directors for the next term commencing from January 01, 2010. 12 candidates contested the election for which a total of 172 members of the Exchange casted their votes, whereas, 3 ballot papers were declared invalid. Accordingly, the five candidates who were declared as successful are Mr. Abid Ali Habib, Mr. Muhammad Yasin Lakhani, Mr. Dawood Jan Mohammad, Mr. Mohammad Munir Mohammad Ahmed Khannani and Mr. Abdul Majeed Adam. As per the Articles of Association of the Exchange, four non-member directors would now be nominated by the Securities and Exchange Commission of Pakistan for the next term amongst from whom the next Chairman shall be elected by the Board. The Managing Director, Mr. Adnan Afridi, by virtue of his office, is the tenth director on the KSE Board. The KSE management appreciates the contribution made by the outgoing directors during the year 2009 and welcomes ...

The extension in time allowed by Securities and Exchange Commission of Pakistan (SECP) for filing of annual returns upto Friday December 4, 2009, is also applicable on filing of annual accounts. SECP had already extended the last date for filing of annual returns for further four days, i.e., upto December 4, 2009 on account of the Eid holidays. It is clarified that the extension in time is also applicable on filing of annual accounts. All public listed, public unlisted, associations not for profit, and private companies (having a paid up capital of Rs. 7.5 million or more), which have held their Annual General Meeting on October 31, 2009, are required to file their annual accounts within 30 days, by November 30, 2009. Besides, foreign companies are also required to file annual accounts relating to their business operations in Pakistan as well as global accounts. Annual accounts from companies will be accepted during the extended period without additional payment of fee for late filing...

The BMA Empress Cash Fund (BECF) is being launched next week by BMA Asset Management Company as an open-end money market fund whose IPO will be held from 10 to 11 November 2009. The Fund’s key objective is to maintain high liquidity and minimize risk which makes it the ideal vehicle for savers and deposit holders seeking to enhance income while maintaining the safety of a bank deposit. The BMA Empress Fund will invest only in AA rated banks and government securities which will enable the fund to generate consistent risk adjusted returns for unit holders. The announcement was made by Muddassar M. Malik, Chief Executive of BMA Asset Management, in an exclusive ceremony held at BMA Group Headquarters in Karachi.

Karachi stock market witnessed bullish trend on Monday as the benchmark 100 index surged by 197 points. The business activities started on positive note at the start of a new business week. Investors showed interest in buying as some good financial results were announced by some of the companies keeping the market in positive zone. The KSE-100 index closed at 9348, up 197 points with trade volume of 196.1 million shares. Pak PTA remained volume leader with 53.5 million shares and share price of Rs 6.69, up Rs 0.62.

Karachi stock market witnessed bullish trend on Tuesday as the benchmark 100 index closed above 9500 points level.Business activities started in positive zone as technical correction was witnessed in the market. Dealers said the banking sector was in the limelight after the central bank said in a statement that banks and other financial institutions can mark 40 percent of the loans and advances they give out as assets, compared with the previous 30 percent. The Karachi Stock Exchange's benchmark 100-share index ended up 1.68 percent, or 157.77 points, at 9,569.06 on turnover of 220 million shares. Jahangir Siddiqui and Co. remained volume leader with share price of Rs 39.06, up Rs 1.06.