ISE rises 18 points

The Islamabad stock market witnessed a firm trading session on Tuesday as the ISE 10-share index was up by 18.12 points to close at 2,429.74 points from its previous level of 2,411.62 points. Of the total 92 participant companies, 64 climbed upward and 28 turned negative.

However, total turnover decreased to 0.017 million shares from 0.113 million shares at the opening of the day, showing a difference of 0.096 million shares. Mari Gas was the top gainer as its share value shot up by Rs 4.90 to close at Rs 102.94 after opening at Rs 98.04. National Refinery was the second major gainer as its share value increased by Rs 4.86 to close at Rs356.96 as against its opening at Rs 352.10.

SECP for development of financial markets, corporate sector

The Securities and Exchange Commission of Pakistan (SECP) recognising the need to develop vibrant markets, sectors and market players as well as to improve its capabilities and processes, has engaged the external stakeholders in a consultative process both at policy level of SECP forum and working level of sector specific committees.

SECP Chairman Mohammad Ali said this during the second meeting of the SECP Financial Markets and Corporate Sector Development Forum held in Lahore with market experts, industrialists and policymakers in attendance.

The agenda for the meeting was to generate ideas and solutions to develop fair, transparent and efficient financial markets and a vibrant corporate sector.

SECP finalises Code of Corporate Governance

>The Securities and Exchange Commission of Pakistan (SECP) held the second roundtable meeting with external stakeholders to finalise the amendments to the Code of Corporate Governance. The roundtable was held in Lahore, on Thursday. The first of such roundtables was held on July 29 in Karachi.

The roundtable was attended by around 60 participants from various sectors representing prominent companies and institutions like Sui Northern Gas Pipelines Limited, Maple Leaf Cement Factory, Fauji Cement Company, Overseas Investors Chamber of Commerce and Industry, Diamond Group of Industries, Fatima Group, Millat Group of Companies, Association of Chartered Certified Accountants, Askari Bank Limited, Al Baraka Bank, Escort Investment Bank, Centre for International Private Enterprise, prominent lawyers, chartered accountants and businessmen.

KSE closes 19 pts up on rise in local power tariff

The Karachi stock market witnessed a firm trading session on Thursday as strong recovery in global stocks and commodity markets and increase in local power tariff boosted investor confidence.

The Karachi Stock Exchange (KSE) 100-share index gained 18.65 points or 0.16 percent to close at 11,348.42 points as compared to 11,329.77 points of the previous session. The KSE 30-share index increased 41.32 points to close at 10, 936.48 points as compared with 10,895.16 points. The KMI 30-share rose 102.96 points to close at 20,539.42 points as against 20,436.46 points. The KSE all-share index closed with a gain of 13.56 points to 7,881.51 points after opening at 7,867.95 points.

Pakistan gold prices ease further

The gold rates in Pakistan eased further on Thursday in major bullion market of the country.

Gold prices in Karachi dropped by Rs 200 per tola and recorded at Rs 60,600 per tola (11.66 grams). The price of 10 grams gold was declined by Rs 172 to Rs 51,942.

On the other hand, silver price was recorded at Rs 1,330 per tola.

In International market, Gold prices bounced back more than 1 percent on Thursday and recorded at $1,832 per ounce, boosted by bargain-hunters after the previous session’s fall of 3 percent, ahead of a speech by U.S President Barack Obama that could allay recession fears.

Pakistan cotton upward drive makes buyers cautious

Buyers preferred to be on sideline to observe latest developments at Pakistan cotton market as prices further pushed up on Thursday.

The Karachi Cotton Association (KCA) official spot rate increased by Rs 300 to Rs 6,800 on Thursday, dealers said.

Strong recovery in global commodities also powered up local prices which made buyers cautious.

In international market, New York cotton increased by 3.29 cents per lb traded at 113.63 cents per lb on Thursday as compared to 110.34 cents per lb on Wednesday.

The rates of seed cotton in Sindh were Rs 2,300 and 2,800, while in Punjab, cotton rates were Rs 2,200 and Rs 3,000, dealers said.

National Foods declares closing period

National Foods Limited (NATF) has declared the “Closed Period” from Thursday, September 8, 2011 to Friday, September 16, 2011, in a notice issued to Karachi Stock Exchange (KSE) on Thursday.

The board of directors of the company will meet on Friday, September 16, 2011 to consider the annual accounts for the year ended June 30, 2011.

NATF, founded in 1970, is Pakistan’s leading multi-category Food Company with over 250 different products in 12 categories.

From: Halal Tamweel

Cotton production target unlikely to achieve: APTMA

Persistent rains in cotton belt areas of Sindh and Punjab have destroyed approx 1.5 million to 2 million bales, said by All Pakistan Textile Mills Association (APTMA)-Chairman-Ijaz Gohar on Tuesday.

While addressing a press conference APTMA chairman said that Pakistan would not be able to export cotton as production target of 16 million cotton bales is unlikely to be achieved,

In current year as cotton production was expected to exceed 15 million bales but heavy rains and standing water in cotton belts have damaged around 1.5 to 2 million bales during current monsoon season which will affect country exports.
However, around 14 million bales of cotton expected which would be sufficient to fulfill demand of local textile sector.

DGKC reports 27 percent decline in net profit

The Board of Directors of DGK Cement (DGKC) met on Wednesday to review the company’s financial and operating performance for the year ended June 30, 2011.

The Net Profit after Tax (NPAT) of the company declined by 27 percent and recorded at Rs 170.96 million as compared to Rs 233.02 million recorded in same period last year, according to the notice issued by company to Karachi Stock Exchange (KSE).

The Earnings per share (EPS) of the company stood at Rs 0.45 as compared to Rs 0.7 recorded in preceding year. Moreover, the company has not announced any payout in form of dividend or bonus shares for shareholders.

Bolan Casting declares closing period

Bolan Casting Limited (BCL) has declared the “Closed Period” from September 8, 2011 to September 14, 2011 in a notice issued to Karachi Stock Exchange (KSE) on Wednesday.

The company’s board of directors meeting will be held on Wednesday, September 14, 2011 to consider the annual accounts of the company for the year ended June 30, 2011.

According to Code of Corporate Governance of the Exchange, no Director, CEO or Executive shall, directly/indirectly, deal in the shares of the company in any manner during the closed period.