UAMC renamed as UBL Fund Managers Limited

The United Asset Management Company Limited (UAMC) has been renamed as UBL Fund Managers Limited (UBLFM). The UBLFM is a wholly-owned subsidiary of the United Bank Limited (UBL), which is Pakistan’s second largest private commercial bank.

The UBL was the pioneer in initiating asset management services in the banking sector with the launch of UAMC in 2002 and has thus become a trend-setter.

The UBL Fund Managers Limited has been successfully managing United Money Market Fund (UMF), which is one of the largest open-end money market funds in Pakistan with a size of Rs 3.75 billion.

Rules for CFS implementation notified

The Karachi Stock Exchange (KSE) has released rules and regulation pertaining to ‘continuous funding system’ (CFS) started from Monday on real time basis while the limit has been reduced by nearly Rs 500 million, following consent from the management of the Exchange.

THE NOTIFICATION SAID:

1.ENTERING PREMIUM PERCENTAGES INSTEAD OF PREMIUM RATES: In order to limit the CFS premium rate up to 18 percent, the TWS operators would enter the percentage at the time of seeking funding by the Financee, rather than placing the premium rate in the absolute form.

2. CAPPING OF CFS TO RS 25 BILLION:

Stocks futures decline

The stocks futures open interest at Karachi Stock Exchange fell during last week, and settled at Rs 15.3 billion on Friday, December 16, as selling in some scrips forced the investors to offload their positions.

Futures contract investment fell by Rs 0.75 billion from previous Friday’s (December 9) open interest of Rs 16.04 billion. The decline in open interest was caused by intra-day corrections during the week where equity prices used to rise in the early part of the trading session, only to see a great chunk of those gains wiped off by the end of the trading session.

Stocks futures decline

The stocks futures open interest at Karachi Stock Exchange fell during last week, and settled at Rs 15.3 billion on Friday, December 16, as selling in some scrips forced the investors to offload their positions.

Futures contract investment fell by Rs 0.75 billion from previous Friday’s (December 9) open interest of Rs 16.04 billion. The decline in open interest was caused by intra-day corrections during the week where equity prices used to rise in the early part of the trading session, only to see a great chunk of those gains wiped off by the end of the trading session.

Rules for CFS implementation notified

The Karachi Stock Exchange (KSE) has released rules and regulation pertaining to ‘continuous funding system’ (CFS) started from Monday on real time basis while the limit has been reduced by nearly Rs 500 million, following consent from the management of the Exchange.

THE NOTIFICATION SAID:

1.ENTERING PREMIUM PERCENTAGES INSTEAD OF PREMIUM RATES: In order to limit the CFS premium rate up to 18 percent, the TWS operators would enter the percentage at the time of seeking funding by the Financee, rather than placing the premium rate in the absolute form.

2. CAPPING OF CFS TO RS 25 BILLION:

Rules for CFS implementation notified

The Karachi Stock Exchange (KSE) has released rules and regulation pertaining to ‘continuous funding system’ (CFS) started from Monday on real time basis while the limit has been reduced by nearly Rs 500 million, following consent from the management of the Exchange.

1.ENTERING PREMIUM PERCENTAGES INSTEAD OF PREMIUM RATES: In order to limit the CFS premium rate up to 18 percent, the TWS operators would enter the percentage at the time of seeking funding by the Financee, rather than placing the premium rate in the absolute form.

2. CAPPING OF CFS TO RS 25 BILLION:

Stocks futures decline

The stocks futures open interest at Karachi Stock Exchange fell during last week, and settled at Rs 15.3 billion on Friday, December 16, as selling in some scrips forced the investors to offload their positions.

Futures contract investment fell by Rs 0.75 billion from previous Friday’s (December 9) open interest of Rs 16.04 billion. The decline in open interest was caused by intra-day corrections during the week where equity prices used to rise in the early part of the trading session, only to see a great chunk of those gains wiped off by the end of the trading session.

SECP terrifying brokers into submission

The directive from Securities & Exchange Commission of Pakistan (SECP) to the three stock exchanges to appoint a non-member director as the chairman of the stock exchanges came on Tuesday, as a bolt from the blue. Till late in the evening on Wednesday, it was not clear whether the directive was in place or was subsequently withdrawn on technical grounds. But the episode is a reminder of the crisis of mid-August 2002, when the commission had issued a similar order. After a great deal of hue and cry by the members, the regulator modified its stance and let the chairman of the bourse be a broker.

SECP terrifying brokers into submission

The directive from Securities & Exchange Commission of Pakistan (SECP) to the three stock exchanges to appoint a non-member director as the chairman of the stock exchanges came on Tuesday, as a bolt from the blue. Till late in the evening on Wednesday, it was not clear whether the directive was in place or was subsequently withdrawn on ‘technical grounds’. But the episode is a reminder of the crisis of mid-August 2002, when the commission had issued a similar order. After a great deal of hue and cry by the members, the regulator modified its stance and let the chairman of the bourse be a broker.