KSE body formed to resolve issues with SECP

Posted on 03.01.07 by StockPK Team @ 12:36 pm    

Karachi Stock Exchange members have constituted a committee comprising the members of KSE Board of Directors and some senior brokers at a meeting held here on Wednesday to take up anomalies and pending issues with SECP.

The committee would look into anomalies in the scheduled implementation of revised Client Level Netting (CLN) on March 05 and to resolve other pending issues with SECP like urging KSE members to provide their clients’ transaction data for a period of January-July 2006 by March 09, which the have denied to do so.

KSE seeks brokerage houses data

Posted on 02.28.07 by StockPK Team @ 12:15 pm    

The Karachi Stock Exchange (KSE) has urged its members to submit trading data of their brokerage houses for the period January to July 2006, by March 9, said a notification issued here on Tuesday.

The KSE made the announcement on the directives of the SECP. The KSE also asked its members to provide details of their clients along with trading data.

In response, the KSE members rejected the notification, saying the KSE held all the day-to-day data that it demanded from them.

Results of PSO, PTCL, CTTL announced

Posted on 02.23.07 by StockPK Team @ 12:00 pm    

Despite comparatively lower net income the Pakistan State Oil (PSO) registered at the completion of first half of the current fiscal year ended on December 31, 2006, Board of Management of PSO managed to announce first interim cash dividend at Rs6 per share, on Thursday, translating into a cash payout of Rs1.029 billion to its shareholders.

Failed coup widens gulf between bourse, SECP

Posted on 02.21.07 by StockPK Team @ 1:40 pm    

The issue of the removal of MA Lodhi, Managing Director of Karachi Stock Exchange (KSE) that ended up with his hard victory, has once again raised the question of transparency at the local bourse and sparked the tension between the SECP nominated non-members directors and KSE elected member directors on board.

The allegations that the Securities and Exchange Commission of Pakistan (SECP) nominated directors pinned on MD was that he was not performing his duties efficiently. They explained that the sitting MD earlier failed to manage the Callmate Telips Telecard Limited (CTTL) crisis that took place a couple of months back. It was not for the first time the issue like CTTL emerged at the local bourse, they explained.

Shell declares loss in Q2

Posted on 02.16.07 by StockPK Team @ 1:10 pm    

Shell Pakistan on Thursday posted a net loss of Rs152 million for second quarter of fiscal year 2007 with a translated loss of Rs2.78 per share following a slump in international oil prices. However, the board of the company approved payment of an interim dividend for the year ending June 30, 2007 at Rs8 per share. “This quarter also saw full impact of reduced unit margins as a result of revision in the government’s pricing formula earlier this year,” the company said in a letter to Karachi Stock Exchange. The announcement of loss against a profit of Rs210 million during the same period of previous year coincided with the press conference of Zaivji Ismail, Chairman, Shell Pakistan. “Most important thing for a company is to remain robust,” he said and emphasised that the international oil marketing firm was enjoying very robust operations. Unveiling a plan to spend Rs3 billion on expansion of retail network, he said the company was also focusing on CNG business.

Removal of MD: heated debate in KSE board meeting

Posted on 02.16.07 by StockPK Team @ 12:32 pm    

KSE Board meeting held on Thursday ended in chaos, source told The News. Board of Directors (SECP nominated and KSE elected) failed to reach any consensus regarding the removal of incumbent KSE-MD, M A Lodhi, which was the only agenda of the meeting.

Meeting lasted for six hours commencing at 2:30 pm and culminating at around 08:30 pm. On can measure the intensity of the issue with the time span that meeting consumed, but ended up with zero sum game.

Corporates announce dividends

Posted on 02.15.07 by StockPK Team @ 12:29 pm    

Board of Directors of Hub Power Company on Wednesday, recommended an interim cash dividend of Rs1.25 per share (i.e. 12.50 per cent) for second quarter ending on December 31, 2005.

Board announced the interim dividend after its meeting held at London on Tuesday.

Interim dividend will be paid to shareholders whose names appear in the Register of Members at the close of business on March 14, 2007. The Share Transfer Books will remain closed from March 15, 2007 to March 26, 2007 (both days inclusive).

The Company net profit for the period shrank to Rs526.049 million from Rs628.674 million for the corresponding period of 2005.

Best Cure for Hiccups?

Posted on 02.12.07 by Tanveer Sultan @ 2:49 pm    

“No matter how strong a bull may be, there is a time when it gets tired”, I said in my article “How Much Bull Can you Take”. My sentence reflected the market situation last week. (Behold, for my next trick I shall make Chirac disappear!) I mentioned that the bullish trend would continue and it is going to be a week of correction. It wasn’t exactly a correction of the magnitude I’m still expecting but it was definitely a hiccup that required more than a glass of water to abate. Though on the day market was a bit rough and the index showed fluctuation of about 175 points, Tuesday ended with a positive note. Correction, nevertheless, it was, in principle.

Analysts suggest caution as KSE touches 9-month high

Posted on 02.11.07 by StockPK Team @ 2:24 pm    

The outgoing week (February 06-09) is the seventh in sequence of closing the Karachi bourse on positive note. However, the process of much awaited technical correction was initiated on weekend.

KSE 100-Index moved ahead by another 255.01 points on week-on-week basis and closed above nine-month high record at 11,844.65 points despite of the bearish resistance it faced during week.

To calculate the future movement of the benchmark, it is worth mentioning here that 100-Index breached through 12,000 points on aggressive buying on Friday, but market failed to sustain this level. Corrections reversed the earlier gains after touching 12,047.72 points peak level this week.

Small investors suffer losses due to lack of knowledge

Posted on 02.07.07 by StockPK Team @ 11:59 am    

There must be thousands of women with beautiful faces that have thought of going to Lahore and become an actress some end up as extras some in the notorious bazaar. The same is the case in Karachi, any person with a few thousand rupees to spare thinks of going to the stock market and become a big stock trader over night. Most end up broke.

There are more tales of ‘from riches to rags’ than of ‘from rags to riches’. Small investors coming to the bourse to stake their life earning in the equity bazaar must know that they might lose the whole amount in a wink of eye.