September 2006 | Stockpk

Monthly Archives: September 2006

Foreigners hover near fast-growth local banks

Written on September 20, 2006 by StockPK Team in News

Foreign banks are beating a path to Pakistan’s financial sector, attracted by reforms that have laid the platform for rapid growth and rising incomes. Asia-focused Standard Chartered earlier this month completed the $487 million purchase of a 95.37 per cent stake in Union Bank Ltd – the biggest buy yet by a foreign bank in Pakistan. Singapore’s Temasek Holdings, Dutch ABN Amro and HSBC are among other for [...]

KSE big fish vying to arm speculators

Written on September 20, 2006 by StockPK Team in News

The Karachi Stock Exchange (KSE) has recommended to Securities and Exchange Commission of Pakistan to let ‘in-house financing’ (Badla) continue for another 30 days, instead of putting a ban on it from October 2, an official source confirmed to The News here on Tuesday. If the SECP, the apex regulator, accepts the proposal, in-house financing would be available till November 1, 2006. Moreover, the Karachi bourse [...]

HBL gets $509m IFC funding

Written on September 19, 2006 by StockPK Team in News

International Finance Corporation (IFC), a subsidiary of World Bank announced on Monday that it has arranged $509 million long-term funding for Habib Bank Limited. IFC board of directors had already approved a “broader US Dollar 120 million investment package” and this amount is part of that approved amount. The $120 million amount of IFC will be used for equity investment and trade finance facilities. A Press [...]

Callmate removes AF Ferguson as auditors

Written on September 19, 2006 by StockPK Team in News

Callmate Telips Telecom Ltd, a leading payphone company, has removed A F Ferguson and Co as external auditors for professional negligence resulting in huge losses to Callmate and its shareholders. As direct consequence of A F Ferguson's negligent and deliberate breach of its obligations, Callmate's market capitalisation has evaporated by more than 50 percent despite ...

Common Day Trading Pitfalls When Executing Online Trades

Written on September 17, 2006 by StockPK Team in Trading Tips

There are a number of things that can go wrong when you day trade stocks over which you may have little or no control. These form part of the risks associated with day trading of which you should be aware. Here are some of the common pitfalls encountered by many day traders relating to the execution of trades: - Execution of your orders are delayed due to order backlog or technical problems causing you to be fille [...]

PTCL posts Rs20.7bn net profit

Written on September 15, 2006 by StockPK Team in News

The Board of Directors of PTCL reviewed and approved the audited financial statements of the Company for the year ended on June 30, 2006. PTCL earned total revenue of Rs69.085 billion and posted a net profit of Rs20.777 billion. Besides, a final cash dividend for the year was approved at Rs2 per share, which is in addition to the interim dividend already paid at Rs3 per share. The operating cost this year was Rs41. [...]

Governmentt plans foreign share listings

Written on September 15, 2006 by StockPK Team in News

Pakistan is considering four more firms, including three banks, for foreign listings through the issuance of global depository receipts in the current fiscal year ending June 30 2007, a senior government official said on Thursday. The government has already announced plans to list the Oil and Gas Development Co. Ltd. (OGDCL) on the London Stock Exchange by December. Last week private MCB Bank Ltd, the country’s s [...]

CDC asked to deposit stamp duty

Written on September 14, 2006 by StockPK Team in News

Central Depository Company (CDC) was not providing required details of Deposit Transactions to the Board of Revenue, Government of Sindh, so that the amendments in the Stamp Act 1899 to cover electronic transactions be materialised. In a prompt action, Board of Revenue asked CDC to recover the stamp duty and deposit the same under the head of “stamp duties” in the National Bank of Pakistan entitled branches in [...]

SECP amends NBFC rules

Written on September 13, 2006 by StockPK Team in News

The Securities and Exchange Commission of Pakistan (SECP) has notified draft amendments to Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 (NBFC rules). The NBFC rules, first notified in April 2003 under Section 282-B of the Companies Ordinance 1984, are the governing legal framework for companies involved in the business of investment finance services, leasing, housing finance services, ven [...]

SECP takes U-turn on its commitments

Written on September 13, 2006 by StockPK Team in News

This time too, the toothless watchdog – Securities and Exchange Commission of Pakistan (SECP) – accepted the backdoor recommendations made by the managements of three bourses at a meeting held here on September 11, 2006. In other words, the commission declined its own proposal it made on August 30, 2006 to modify Continuous Funding System (CFS). Surprisingly, SECP has raised the number of Continuous Fun [...]

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Monthly Archives: September 2006