Share prices fall more than 4 percent

Posted on 04.18.05 by StockPK Team @ 2:13 pm    

Share prices suffered yet another massive fall and saw widespread declines across the board where heavyweight scrips were the main losers and the index lost 400 points as bears tightened their stranglehold. The KSE-100 index registered a drop of 401.50 points, or 4.23 percent, to 9097.92 from 9499.42. The volume declined to 154 million shares down from 456 million shares. The market capitalisation decreased to Rs 2.485 trillion from Rs 2.589 trillion.

Tanvir Abid, head of research at Live Securities, said that continuation of the slide in the market could be attributed to the crisis in Balochistan, political uncertainty in Sindh and investors attempting to square their long March futures contracts. Volumes remained abysmally low.

KSE 30 Company Index

Posted on 04.18.05 by StockPK Team @ 2:13 pm    

The KSE is expected to constitute a new 30-company sensitive index comprising free float scrips from May.

After the press conference of Managing Director Moin Fudda here on Wednesday, KSE Deputy General Manager Zafar Abdullah said that the management has almost completed the exercise of constituting a new index for the local bourse.

He said that the new index is likely to start working from May and would be comprised of 30 companies and would reflect the movement of the listed companies. The main criteria of this sensitive 30-company index would be free float of scrips.

No new tax on stock brokers: CBR chief

Posted on 04.18.05 by StockPK Team @ 11:22 am    

Central Board of Revenue (CBR) Chairman Abdullah Yousuf has said no new tax will be levied in any form on stock brokers, nor there is any proposal under consideration in this regard. Talking to a select group of media men after having a detailed meeting with heads and members of Alternate Dispute Resolution Committees (ADRs) at Directorate General of Income Tax Training here Saturday night, he said there was no need to levy another tax on stock brokers as they were already paying withholding tax and capital value tax.

Badla rates fall

Posted on 04.18.05 by StockPK Team @ 11:22 am    

The phasing out of badla market and enough liquidity in the system reduced the carry over rates to 16 percent at KSE on Friday, down by 440 basis points from last Friday. Declining Badla rate reflects genuine buying and excess availability of funds. One reason for this is the gradual phase out of leading stocks from the Badla market. Supply of funds has also improved after low activity in the future market, where some institutions had invested significant amount of money in the ready-future hedging.

Consultation on badla issue concludes

Posted on 04.18.05 by StockPK Team @ 11:22 am    

A five-member Karachi Stock Exchange committee left for Karachi after concluding dialogues here on stringent conditions from Securities and Exchange Commission and prolonging badla trading for few more months. Badla phase-out, which had been given soft schedule, is still in higher preference for Karachi market traders, while the SECP considers it a real source of recent crisis and over-speculation in the market. The SECP officials asked the delegation in two-day talks to limit the powers of brokers in time and value of their exposure if they use badla, to avoid over-speculation.