The Karachi stock market closed in the negative zone as investors fretted over continued implementation of capital gains tax (CGT) on certain investments and offloaded their holdings. The Karachi Stock Exchange (KSE) 100-share index declined 20.79 points or 0.17 percent to close at 12,317.15 points as compared to 12,337.94 points of the previous session. The KSE 30-share index also lost 28.93 points to close at 11,778.40 points as compared with 11,807.33 points. Analysts said other reasons for the downtrend included, fall in global capital markets and declining value of oil in the international market. Investors preferred to stay to the sidelines owing to lack of positive triggers. The market turnover went slightly up by 1.16 percent to 54.80 million shares after opening at 54.17 million shares. The overall market capitalisation fell 0.15 percent to Rs 3.256 trillion as against Rs 3.261 trillion. Losers outnumbered gainers 154 to 97, while 104 stocks were unchanged. "Amid global s...

Federal Board of Revenue has extended the date for payment of taxes/duty for the tax period May, 2011, and filing of Sales Tax / Federal Excise returns, up to 20th June, 2011, for registered persons claiming benefit, in exercise of the powers conferred under section 74 of the Sales Tax Act, 1990 and section 43 of the Federal Excise Act, 2005, under SRO. 283(I)/2011 dated 01.04.2011

ISLAMABAD: Answering criticism in respect of approving trading of futures contract in cotton at the Pakistan Mercantile Exchange Limited (PMEX), the SECP has reiterated that the concerns raised in this regard are unsubstantiated. The SECP granted this approval after the PMEX had undertaken an extensive process of stakeholder consultation, which includes textile mills and cotton traders/brokers. Also, the said approval was granted by the SECP in accordance with its mandate to regulate matters relating to listed securities that include derivative products like futures contracts in commodities, under the 1969 Securities and Exchange Ordinance and the Securities and the 1997 Exchange Commission of Pakistan Act. It needs to be understood that ‘futures contracts’ based on commodities are derivative, trading in which is clearly distinct from ‘spot’ or ‘forward’ trading. The SECP does not regulate spot or forward tradi...

The Board of Directors of Karachi Stock Exchange, in its meeting held on May 31, 2011, focused extensively on resolving difficulties for investors on the one hand and strengthening the Exchange’s risk management aspects to provide confidence to market participants. Besides this, in order to enhance product attractiveness, several initiatives under development were discussed, including Option trading. The Board also emphasized on informational security and level playing field for all investors. In addition, following market related decisions were taken: 1. Approval was accorded to TOR of following Committees: i. Development & Trading Affairs Committee ii. Voluntary Delisting Committee 2. Approval of following regulatory amendments, subject to approval of SECP: i. Regulations Governing Risk Management to allow placing of circuit breakers on 1st Trading Day of unpaid Right Allotment Letter and newly listed securities on Ready Market. ii. Regulations for Short Selling to allow short s...

President Asif Ali Zardari has called upon the private sector of the country to take full advantage of the level playing field provided to it by the present Government through financial and structural reforms. During awards distribution ceremony among the top ranking companies and business entities for the year 2008 & 2009 held at Aiwan-e-Sadr on Monday, the President said that the success of the winning corporations highlights the opportunities Pakistan offers to business and investment. We have a very conducive investment climate, he said. According to prepared text of speech, the President said that Pakistan was lagging behind in the manufacturing sector and its share in the global exports was not what it should be. The private sector needs to play a greater role in enhancing manufacturing capacity to serve regional and global markets, he emphasized. The President said that the stock exchanges also need to extend their outreach throughout the country. This, he said, will increas...

The Privatisation Commission (PC) Board, which met under the chairmanship of Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation here today, constituted two negotiation Committees for the appointment of Financial Advisory Consortia (FAC) and issuer’s Legal Counsel for the Exchangeable Bonds of Oil & Gas Development Company Limited (OGDCL). The PC board was informed that the recommendations of the Pre-Qualification Committee (PQC) constituted by the PC Board, jointly administered by the Privatisation Commission (PC) and the Finance Division including members from SECP, M/o PNR, OGDCL, headed by a PC board member, which has evaluated the RFP package during a presentations session by the interested parties (IPs) and evaluated the Technical and Financial Bids of the interested parties and pre-qualified two parties i.e. Citibank, JP Morgan, Credit Suisse, and BMA 2. Barclays Bank, Standard Chartered Bank, Merrill Lynch/ Bank of America, and KASB, and ranked Citibank, JP Morgan, ...

The International Data Group, world's leading technology media, events and research company, has declared the eServices project of the Securities and Exchange Commission of Pakistan a winner of its Laureate Gold Medal. This annual award programme honours visionary applications of IT in promoting positive social, economic and educational change. It was especially competitive this year because it received over 1,000 nominations. The SECP eServices system is accessible from anywhere in the world via definite login ID with digital signature. It has enormously facilitated the corporate sector, practitioners, consultants and the public at large. Through this system they can apply for various online SECP services and e-filing of statutory returns. It enables promoters and other officers of the companies to interact online using the eServices portal, without visiting the SECP offices. The system offers numerous benefits to the business and corporate sector as it provides the investor tra...