The (Passed) Winds of Change – Part 2

Again, here’s my take on the news. I think the three more important ones, that directly pertain, hence affect, the Karachi stock exchange, are:

1. The release that Prime Minister Shaukat Aziz is to postpone the decision to levy Capital Gain Tax for the next year.
2. The Sindh Government’s decision to discontinue stamp duty on electronic transfer of shares. [This proposal was in the last budget (June 2006). The duty was Rs. 0.01 per share.]
3. The opposition and disfavor of the Public Accounts Committee toward the privatization of Pakistan State Oil (PSO).

Cemex Group to establish cement plant

Prime Minister Shaukat Aziz has said that Pakistan has become an ideal destination for foreign direct investment in the industrial sector.

Due to government’s policies of deregulation, liberalisation, transparency and continuity, prospects of foreign investment have increased substantially, he said, talking to Recardo Castro, Senior Vice President of Cemex Group who called on him at Prime Minister’s House.

The prime minister said Pakistan’s economy is growing on fast track and there is a boom in the construction sector.

He said due to expansion of Karachi Port Trust and construction of Gwadar Port there is huge demand of cement.

KSE announces top 25 companies

The Karachi Stock Exchange has announced names of 25 top companies, which have been selected for best performance award for the year 2005. The date for the award giving ceremony is yet to be announced, depending on the availability of Prime Minister Shaukat Aziz.

These 25 top companies are: Unilever Pakistan Limited; Siemens Pakistan Engineering Co. Limited; Rafhan Maize Products Limited; Shell Pakistan Limited; Clariant Pakistan Limited; Al-Ghazi Tractors Limited; Engro Chemical Pakistan Limited; Fauji Fertilizer Company Limited; Arif Habib Securities Limited; Pakistan State Oil Company Limited; International Industries Limited; Nestle Pakistan Limited; Lakson Tobacco Company Limied; Colgate – Palmolive Pakistan Limited; MCB Bank Limited; Ferozsons Laboratories Limited; Atlas Insurance Limited; Century Paper & Board Mills Limited; Dawood Hercules Chemicals Limited; Pakistan Premier Fund Limited; Oil & Gas Development Company Limited; Clover Pakistan Limited; Crescent Steel & Allied Products Limited and Security Papers Limited.

Assessment of liquidity in stock market: Shaukat summons adviser, SBP governor

Prime Minister Shaukat Aziz has summoned his Adviser on Finance Dr Salman Shah and State Bank Governor Dr Ishrat Husain to assess the placement of liquidity in the stock market for phasing out of COT (badla) with margin financing. At present, Salman and Ishrat are in the US to attend International Monetary Fund and World Bank spring meetings. They are scheduled to return on April 25. Now they would report in Islamabad directly.