Stocks see another dull day, index inches up
KARACHI: Pakistani stocks were again lacklustre on Thursday, and trade remained dull as many investors opted to remain on the sidelines amid uncertainty over new capital gains taxes and the reintroduction of marging buying.
The Karachi Stock Exchange”s (KSE) benchmark 100-share index rose 0.79 percent, or 76.50 points, to end at 9,791.89.
Turnover was 80.52 million shares, compared with 63 million shares traded on Wednesday.
“There is no trigger at all in the market to lure local investors, and though there is still some foreign interest, people are still cautious because of the uncertainties,” said Khalid Iqbal Siddiqui, director at Invest and Finance Securities.
Dealers said investors were waiting for a decision from the Securities and Exchange Commission of Pakistan (SECP) on whether margin buying would be reintroduced to the bourse, which would help increase trade volumes.
The KSE authorities and the regulator met on Tuesday to discuss margin buying and other leveraged products, and decided to form a committee which is required to submit its recommendations within 15 working days, the SECP said.
Investors were also concerned due to the uncertainty over implementation of a capital gains tax from July 1.
In the currency market, the rupee ended at 85.33/38 to the dollar, little changed from the previous day, as dollar demand from importers matched supplies.
In the money market, overnight rates remained lower at 9.5 percent, but dealers said rates could rise on Friday when net outflows of about 37 billion rupees were due from maturing securities.
Mixed trend at KSE ahead of budget
KARACHI: The trading of shares at Karachi Stock Exchange (KSE) witnessed missed activity Friday, as the benchmark KSE-100 Index finished the day with 16 point up to 9,636.
Today’s trade began with green numbers which later turned red as investors opted for profit taking ahead of the announcement of Federal Budget 2010-11 on Saturday. This pushed the Index down to 9,543 points. However, later investment by financial institutions provided support to the Index which closed 16 points up at the current level.
The market turnover was recorded at 90 million shares with Jehangir Siddiqui Company leading the list of actives at Rs12.53, up by paisas 45.
Meanwhile, KSE-30 Index gained 30 points to close at 9,607.
Bears squeeze 195 points from KSE-100 Index
KARACHI: The Karachi Stock Exchange (KSE) began its fresh week downbeat as the benchmark KSE-100 Index plummeted by 195 points to close at 9,326 on Monday.
The Index opened 200 points down today and mostly remained in the negative zone throughout the session. The investors remained shaky amidst fear of imposition of Capital Gains Tax.
Trade volume was thin and stood at 65 million shares – lowest in the past month.
Bears further suppress KSE-100 Index by 184 points
KARACHI: Bearish spell continued at Karachi Stock Exchange (KSE) on Monday, as the benchmark KSE-100 Index further slashed by 184 points to close at 90687.
The Index started downbeat and remained under selling pressure throughout the session, closing at the current level which is the lowest in the past two and a half months.
The market turnover was recorded at 70 million shares with Lotte Pakistan topping the list of volume leaders at Rs9.69, down by paisa 1.
KSE-30 Index plunged by 223 points to finish the day at 9,699.
Stocks continue to slide downward
KARACHI: The Karachi Stock Exchange”s benchmark 100-share index (KSE-100) fell in dull trading on Monday and dealers said investors were likely to be cautious until there is clarity on the fifth tranche from the International Monetary Fund or until the budget is announced.
KSE-100 index ended 0.37 percent, or 38.66 points, lower at 10,389.46.
Volume was 67 million shares, compared with 96.88 million shares traded on Friday.
“Today”s volume at KSE was the lowest in 2010,” said Mohammed Sohail, chief executive at Topline Securities Ltd.
Net foreign portfolio outflow of $710,949 on Friday also prompted selling by local investors, dealers said.
Dealers said investors were cautious as they were waiting for the approval of the fifth tranche from the IMF.
The IMF board will likely meet in mid-May to consider the next tranche of Pakistan”s $11.3 billion loan, a source close to talks between IMF officials and the government said last month.
Share market slips 37 points
KARACHI: Profit taking at the local capital market Wednesday eroded 37 points from the benchmark KSE-100 Index which finished the day at 10,519.
The share market started off today’s trade with green numbers but selling at a later stage turned the digits red and the major Index closed at the current level.
The market turnover was weak, as only 110 million shares exchanged hands.
TRG Pakistan made it to top in terms of volume which gained paisas 9 to close at Rs5.81.
Meanwhile, KSE-30 Index eased 17 points to peg at 10.637.
KSE closes at 10,533.57
KARACHI: The Karachi Stock Exchange”s benchmark 100-share index (KSE-100) ended almost flat on Thursday as investors booked gains on higher levels and dealers said the market”s direction would be determined by foreign inflows.
KSE-100 ended 0.10 percent higher, or 10.56 points, at 10,533.57. The index touched an intraday high of 10,594.39 points.
Volume was 244.15 million shares, compared to 299.5 million shares traded Wednesday.
“The market took a breather today,” said Asad Iqbal, chief investment officer at Faysal Asset Management.
“Future movement will be a function of foreign flows.”
According to official data, foreigners bought shares worth a net $5.87 million on Wednesday, bringing the total to $31.84 million this month.
However dealers said foreign activity was limited compared to previous days, which led to local investors booking profits at higher levels.
Net foreign portfolio inflows stood at $113 million in March — the second highest monthly inflow ever, after inflows of $127 million in September last year.
India Reliance Company Raises 756 Million Dollars
January 11, 2010 by Trend PK
Filed under World News
TrendPK.com India Reliance Company Raises 756 Million Dollars: India’s Reliance Industries on Monday said it raised 756 million dollars in another share issue, its third in four months as it prepares to make overseas acquisitions.
Reliance, the country’s largest private sector firm, said in a statement it had sold 33 million shares at [...]
Lahore Stock Exchange loses 57.82 points
Lahore, Pakistan News : The Lahore Stock market on Tuesday witnessed a bearish trend as the LSE-25 Index lost 57.82 points to close at 2687.62 points against the previous index of 2745.44 points.
The total turnover also witnessed an increasing trend as it remained 6.066 million shares on the day as compared to 6.925 million shares on the previous working day.
Of a total of 90 active scrips traded on the day, 4 moved up the board, 59 remained in the negative column while 27 remained unchanged.
First IBL Modaraba Growth Fund was the top gainer of the day with an increase of Rs 0.58 per share closed at Rs 2.85 per share.
Pakistan State Oil Co Ltd remained the major loser as its share price witnessed a decrease of Rs 12.18 apiece to close at Rs 285.73 per share.
Bank Al-Falah Limited emerged as volume leader of the day with 0.760 million shares, followed by Arif Habib Securities Limited with 0.684 million shares and Pakistan PTA Limited with 0.499 million shares.
Lahore Stock Exchange loses 57.82 points was first posted on November 10, 2009 at 8:38 pm.
