Wednesday, September 02, 2009

KARACHI: The Karachi Stock Exchange Index (KSE) has crossed the level of 8,900 after more then eight months whereas yesterday, foreign investors made buying of $24, million, the highest during last 17 months.

The trading started with increment of 76 points, however, KSE-100 Index soon cross the level of 8,900 with the increment of 200 points. Last time, such activity was witnessed in December 15, 2008 when KSE-100 Index reached at 8817 points level. Most of the buying of shares occurred in the sectors of oil and gas, banking, telecom, cement and transport.

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Saturday, August 22, 2009

KARACHI- Trading Affairs Committee of the Karachi Stock Exchange (KSE) on Friday rejected the margin financing mechanism and demanded the re-launching of modified CFS MK-II leverage product. The committee, in its meeting held on Friday evening, completely refused to accept the current margin financing draft approved by the Securities and Exchange Commission of Pakistan (SECP) and formed a sub committee, comprising of 5 members, to discuss the matter with SECP commissioner Sohail Dayala on Monday (24 August). Naeem Rafi, member Trading affairs committee, while talking to The Nation said that the committee evaluated and discussed the margin financing mechanism approved by the SECP and rejected the product due to the concerns associated with the approved mechanism. We have formed a sub-committee who will discuss the matter with the commissioner of SECP and their meeting is expected on Monday , he added. There were 21 recommendations made to modify the CFS MK-II and we want the same changes in the new modified ready board leverage product. The product will be perfect if these recommendations considered by the authority , Rafi detailed. It is important to note that SECP had approved margin financing draft and market participants were highly anticipating its re-launching but now this matter is looking more complicated as the Trading affair committee of the stock exchange has refused to accept the said approved draft.

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Thursday, August 20, 2009

KARACHI - The Karachi Stock Exchange (KSE) signed an agreement with JS Investments Ltd. (JSIL) allowing JSIL to use the title KSE-30 Index , paving the way for change of name of JSIL s UTP-A30+ Fund to JS KSE-30 Index Fund , subject to regulatory approvals. This agreement was signed in a ceremony held at the KSE premises, which was attended by Adnan Afridi, MD KSE and Najam Ali, CEO JSIL, along with the senior management from both companies. UTP-A30+ Funds (to be renamed as JS KSE-30 Index Fund), is an index tracker fund which is a passively managed, low cost, open-end scheme and was launched in May, 2006 to track the then ABAMCO 30 Index , a private index managed by JSIL and the first of its kind free float-adjusted market capitalisation based Index. In January 2008 the fund adopted KSE-30 Index as the underlying index in view of being widely recognised as a better representative, free float-adjusted market capitalisation index by all stock market participants. KSE 30 index is a regulated index of KSE, the premier stock exchange of the country.

(The Nation)

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Saturday July 11, 2009

KARACHI: The Karachi Stock Exchange (KSE) has amended clauses 20 and 24 of Listing Regulations relating to annual general and annual review meetings, bonus share, default and delisting.

In a notice issued here on Friday, the KSE said that in exercise of the powers conferred under Sub Section (1) of Section 34 of the Securities and Exchange Ordinance, 1969, the Karachi Stock Exchange, with the prior approval of Securities and Exchange Commission of Pakistan has made the following amendments in its Listing Regulations. These amendments have been sent for publication in the Official Gazette of Pakistan.

1. EXISTING CLAUSE 20 SHALL BE SUBSTITUTED TO READ AS UNDER:

VI. Annual General Meetings/Annual Review meetings, etc.

20 (1) A listed company shall hold its annual general meetings and lay before the said meetings its financial statements within four months following the close of financial year.

(i) Each Modaraba shall hold an annual review meeting of its certificate holders and lay before the said meeting its financial statements within four months following the close of its financial year.

Provided that it shall be mandatory for a Company to notify the Exchange of any extension in time of holding the Annual General Meeting by furnishing to the Exchange a copy of the letter of approval from the Securities and Exchange Commission of Pakistan allowing such extension, within 48 hours of receipt of the same.

(2) Failure to hold the annual general meeting/annual review meeting in time or within the extension in time provided by the Securities and Exchange Commission of Pakistan and/or failure to notify the Exchange of any such extension shall make the company liable to penalty at the rate of Rs 5,000 per day for every day of the default. The Exchange may also notify the fact of such default and the name of the defaulting company by notice and also by publication of the same in the Daily Quotations of the Exchange.

(3) The Board may suspended/delist any company which makes a default in complying with the requirements of this regulation and/or fails to pay the penalty payable hereunder or imposed by the Exchange.

2. EXISTING CLAUSE 24 SHALL BE SUBSTITUTED TO READ AS UNDER:

24(1) A listed company shall issue bonus shares certificates within a period of 30 days from the date of reopening of the share transfer register closed for this purpose.

(i) the bonus shares shall be credited into the respective CDS Accounts of shareholders maintained with the CDC or dispatched to the shareholders concerned by registered post unless those entitled to receive the bonus share certificates require otherwise in writing;

(ii) the Exchange shall be immediately intimated as soon as the bonus shares are credited/dispatched to the shareholders;

(iii) A company which makes a default in complying with the requirements of this regulation shall be liable to pay a penalty at the rate of Rs 5,000 per day until the default continues and the Exchange may also take action of suspension of trading or delisting of the company.

Provided that in case of eligible securities deposited into the CDS, in addition to the above procedure as prescribed by the CDC shall also be complied with.

(2) No company which has been suspended or delisted, as the case may be, shall be restored and its shares requited on Exchange until it has paid the full amount of penalty for the days of the default and receives the assent of the Exchange for the restoration. It is further informed that the complete updated Listing Regulations of the Exchange are available on KSE website: http://www.kse.com.pk/KSE Regulations/Listing Regulations.


(BRecorder)

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Thursday July 02, 2009

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange surged by 109 points on the opening day of the new financial year, closing at 7,270.

The share market opened upbeat and the major Index was seen in the green territory throughout the session.

Energy and cement sectors drew particular attention of the investors who took fresh positions in these sectors on reports of slashing of interest rate by the State Bank of Pakistan (SBP) and reduction in profit rates on national savings schemes.

Trade volume was recorded at 100 million shares.

DG Khan Cement was today’s star performer in terms of volume which gained paisas 85 to close at Rs30.50.

KSE-30 Index advanced by 141 points to peg at 7,711

Thursday July 02, 2009

KARACHI: The benchmark KSE-100 Index of Karachi Stock Exchange surged by 109 points on the opening day of the new financial year, closing at 7,270.

The share market opened upbeat and the major Index was seen in the green territory throughout the session.

Energy and cement sectors drew particular attention of the investors who took fresh positions in these sectors on reports of slashing of interest rate by the State Bank of Pakistan (SBP) and reduction in profit rates on national savings schemes.

Trade volume was recorded at 100 million shares.

DG Khan Cement was today’s star performer in terms of volume which gained paisas 85 to close at Rs30.50.

KSE-30 Index advanced by 141 points to peg at 7,711

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Wednesday June 24, 2009

KARACHI: Karachi Stock Exchange witnessed narrowed trading activities today, as the KSE benchmark index could not cross 7100-point level.

The trading began in positive zone and on one occasion, the index was seen touching 7085 points level; but, the selling pressure in energy stocks turned the positive zone into negative, leading the KSE-100 index to close at 7023 down 34 points.

Today, the trading volume was 80 million shares with the most activity in recorded in shares of DG Khan Cement, which closed at Rs29.26 up 63 paisas.

The large funds and investors preferred selling shares as the closing on June 30 nears. Also, KSE-30 index closed at 7466 down 12 points.

The analysts said the market may experience short recovery in the upcoming days.


(Aaj Tv)

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Saturday, June 20, 2009

KARACHI: The bears has dominated the trading at Karachi Stock Exchange (KSE) Friday as 100-Index lost 12.04 points to close at 7047.64, dealers said.

The turnover volume declined to 96.955 million shares as prices of 98 scrips recorded gains while 131 sustained losses and 27 remained unchanged.

Arif Ali, a dealer at a leading brokerage house said that bears in total control of the market in the first session and Index went below 7000 level.

But some buying started in the second session for a short while and improved prices of leading scrips. However, selling pressure mounted again and off set all the gains and Index closed in the negative zone, he added.

The market capitalization was eroded by about Rs 4.6 billion to Rs 2.088 trillion.

OGDC was the volume leader with a turnover of 12.204 million shares followed by Jahangir Siddiqui Co 9.737 million shares, D G Khan Cement 8.818 million shares, Arif Habib Sec 8.024 million shares and MCB Bank 6.287 million shares.

PTCL closed at 16.53, Arif Habib Sec 28.72, Lucky Cement 57.21, Jahangir Siddiqui Co 24.50, MCB Bank 142.06, D G Khan Cement 27.69, OGDC 75.42 and NBP 64.85.

Nestle Pak recorded the highest gain of Rs 46.25 to close at 971.25 followed by Siemens Pak which moved up by Rs 31 to 1050 while Wyeth Pak dipped by Rs 30 to 1260 and Unilever Pak went down by Rs 22.94 to 1927.06.


(APP)

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