Dhoni bats for struggling Gambhir

Under-fire opener Gautam Gambhir earned sound backing from skipper Mahendra Singh Dhoni ahead of the second Test against New Zealand starting on Friday.

The left-handed opener has struggled with the bat of late, aggregating 86 runs from his last 10 Test innings.

Gambhir, 29, missed India’s Test against Australia in Bangalore last month with a knee injury and his replacement Murali Vijay scored a solid 139, putting pressure on his more experienced team-mate to perform.

“Players do go out of form,” Dhoni told reporters at a pre-match press conference on Thursday.

“It happens to everyone in cricket. Gambhir has set the benchmark so high that expectations of him have grown. With Gambhir, it is more about the pressure to perform than the fear of failure.

“The kind of innings he has played in the past shows how good a cricketer he is. He

China rate hike prompts Asia stocks slowdown

Most Asian stocks slipped Wednesday on fears of a slowdown in the Chinese economy after Beijing announced its first interest rate rise in three years.
Traders grew concerned that any easing in the world’s second biggest economy could hurt the exports of other countries looking to China’s growth as the key to recovery from the global downturn. Tokyo tumbled 1.65 percent, or 157.85 points, to 9,381.60 and Hong Kong had slipped 0.65 percent by the break.Sydney was 0.66 percent, or 30.8 points, lower at 4,624.9, with resources firms hit as they rely heavily on Chinese demand.Shanghai was 1.16 percent up in the afternoon and Seoul rose 0.71 percent, adding 13.12 points to end at 1,870.44. The People’s Bank of China announced late Tuesday it would raise the benchmark one-year lending and deposit rates by 25 basis points each, as Beijing tries to contain inflation and soaring property prices. It was the first rate rise since December 2007.

KSE-100 Index inches up by 28 points

KARACHI: The trade activities remained almost flat on Thursday at Karachi Stock Exchange (KSE) as the benchmark KSE-100 Index posted a slight gain of 28 points to finish at 9,762.

Opening with green numbers, the KSE-100 Index remained in the positive zone throughout the session as investors took cautious positions in energy and cement sectors.

The trade volume remained thin at 40 million shares with HUBCO topping the list of volume leaders at Rs36.80, up by paisas 18.

Meanwhile, KSE-30 Index slipped 5 points to close at 9,636.

Bears come to rule KSE

KARACHI: Acute bearish trend is being witnessed at Karachi Stock Exchange (KSE) at the very outset of trade week today, as the benchmark 100-index tumbled below 10,000-point level, Geo News reported Monday.

The market opened into positive territory; but, the rumors in the winds, relating delay in financing system, pushed the investors to sell their shares, pressing the index to shed over 350 points to below 10,000-point level.

According to analysts, the today’s market slump has been spurred by the delay of new financing product and falling far short of GDP growth targets.

It was further said the market’s future is hinged on the foreign investment and if they opted to sell shares in the market, then this negative trail could persist for several coming days.

KSE-100 Index recovers 67 points on fresh buying

KARACHI: Fresh buying at Karachi Stock Exchange (KSE) on Friday contributed 67 points to the benchmark KSE-100 Index which closed at 10,296.

Early buying gave the stock market a positive start and the Index remained in the green territory throughout the session, as investors took particular interest in energy sector.

The trade volume stood at 67.3 million shares with OGDCL topping the list of actives at Rs 151.15, up by Rs2.96.

Meanwhile, KSE-30 Index gained 59 points to peg at 10,244.

Market dealers are expecting that the corporate results that are scheduled to come from next week will be strong and will be helpful in providing support to the local share market.

Bulls add 240 more points to KSE-100 Index

KARACHI: Investors at Karachi Stock Exchange (KSE) ignoring the turning down of KSE recommendations by the government, took fresh positions pushing the benchmark KSE-100 Index up by 240 points to 9,677.

The share market opened 100 points low in reaction to the rejection of KSE’s recommendations but investors found good buying opportunity when the Index lost 119 points. All major and small investors as well as financial institutions went for accumulation, contributing 240 points to the Index at market close.

The market turnover was recorded at 138.4 million shares, 40 percent higher compared to yesterday’s trade.

Lotte Pakistan beat all actives as it took the lead at Rs9.05, up by paisas 9.

According to market analysts the investors are accumulating scrips on expectations of sound financial results of companies.

Bears grow strong, squeeze 299 points off KSE

KARACHI: Bearish trend Thursday reached a new height at Karachi Stock Exchange (KSE) as heavy selling made the benchmark KSE-100 Index take a nosedive down 299 points to close at 9,380.

The imposition of Capital Gains Tax (CGT) is finally taking its toll at the local bourse where investors seemed panicked as they found off loading their holdings a better option in the current scenario.

Even the government’s financial institutions appeared reluctant to accumulate scrips which have become available at low levels.

Bears return to KSE; Index slips 85 points

KARACHI: Bears returned to the local equities market Wednesday causing the benchmark KSE-100 Index down by 85 points to finish the day at 9,678.

The share market opened downbeat and remained tightly in the grips of bears throughout the session as investors opted for trimming their stake due to complications in the procedure of submitting capital gains tax.

The trade volume was recorded at 120 million shares with Lotte Pakistan topping the list actives at Rs9.61, down by Rs1.

Meanwhile KSE-30 Index shed 82 points to peg at 9,665.

Local stocks react positively to Budget measures

KARACHI: The share prices at Karachi Stock Exchange (KSE) saw gains, as investors reacting positively to the measures announced in Budget 2010-11 took fresh positions, pushing the benchmark KSE-100 Index up by 155 points to close at 9,792.

Today’s trade began in the red zone but investment by government institutions and major mutual funds provided support, switching the Index into positive mode.

Trade volume was recorded at 160 million shares, higher by 64 points compared to Friday. Lotte Pakistan topped the list of volume leaders with a gain of Rs1at Rs10.07.

Market analysts are of the view that investors are accumulating stocks in view of the fact that capital gains tax is not applicable prior to June 30.

Economy grows 4.1 percent in 2009/10

ISLAMABAD: The Economic Survey 2009-10 showed that the rate of Gross Domestic Product (GDP) was at 4.1 percent compared to 1.2 percent the previous fiscal year.

The achieved target is still far below the desired level given the population growth rate of two percent and labour force of around three percent, the sources added.

Inflation is undoubtedly less severe as compared to last year”s 22 percent but is still in double digits at 11.5 percent.

Keeping the fiscal deficit low given the security situation, debt repayments and making robust development expenditure to overcome social and infrastructure imbalances and moving towards sustainable and inclusive development, still remains a daunting task.

Despite economic difficulties, the government has made determined efforts to protect the poor and the vulnerable and its overarching objective has been to ensure stabilisation with a human face.

Social protection measures were expanded from around Rs 8 billion two years ago to around Rs 80 billion this year. Direct income support for the poor and needy has been provided mainly through the Benazir Income Support Programme, which in 2009-10 was expanded to cover 5 million families, though actual coverage may be somewhat less, it is still substantive.

Provincial governments have also launched programmes to provide income support, food subsidies and job opportunities for the poor and needy.

Implementation of the 7th National Finance Commission Award and 18th Amendment will require that the federal and provincial governments work in close harmony to ensure that the growth dividend as a result of these changes is fully realised.

The coming year also marks the start of the 10th Five-Year Plan (2010-15), which will provide an overall medium-term policy and development framework to achieve the objective of sustained and pro-poor growth and equitable development.

Main features of the economic performance during the current year are; economic growth in 2009-10 is provisionally estimated at 4.1 percent, higher than the targeted growth of 3.3 percent. This was mainly due to a sharp bouncing lack of large-scale manufacturing (4.4 percent) pushing up industrial growth to 4.9 percent, which triggered robust growth in services of 4.6 percent.

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