7,498

The KSE-100 index shot up to make an intra-day high of 7,505 today. The market broke 7,500 for the first time since the 3rd week of April and the total volume of shares traded rose to 175.4 million. While there could be some weekend selling 2moro, there are enough catalysts to keep the market buoyant in the next few weeks, the monetary policy announcement, the begiining of the result season and the new leverage product coming soon, to name a few.

Market Low ; 7,270.72  High : 7,505.28

Market Close : 7,498.34 – 227.62 points up.

source: karachistockmarket.blogsome.com

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Board Meetings for July 2009

Fauji Fertilzer Bin Qasim (FFBL ) : 22nd

source: karachistockmarket.blogsome.com

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7,270

The Karachi Stock market started the first day of the new fiscal year closing up at 7,270. The market was boosted by the slash in the National Savings Schemes rates.

Market Low : 7,162.18 High : 7,292.66

Market Close : 7,270.72 — 108.54 points up

source: karachistockmarket.blogsome.com

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7,162

Dividends : PTCL : 15% Cash

News : The Karachi Stock Exchange on Tuesday informed its members that the collection of Capital Value Tax (CVT) has been withdrawn only on purchase value of shares of listed companies with effect from July 1st, 2009 on the trade/transactions carried out on and after such date as per amendments made in Income Tax Ordinance, 2001 through the Finance Bill, 2009.However, collection of CVT will remain applicable on purchase of Modaraba certificates or any instruments of redeemable capital listed on the registered stock exchanges in Pakistan….On the other hand, the market participants were still confused regarding the collection of FED on brokerage imposed in the budget 2009-10….the new tax will have to be collected from the beginning of the new fiscal year ie July 1st, however, it is still not announced whether the tax would be collected on exchange level or through brokers… Aaj News

Market Low : 7,156.15  High : 7,246.37

Market Close : 7,163.18 – 43.99 points down

source: karachistockmarket.blogsome.com

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7,206

Dividends : Exide Pakistan : 50% Cash EPS : 21.87

Board Meeting : PTCL - 2moro.

News :  The International Monetary Fund (IMF), which is to quiz Pakistan’s economic managers, led by Advisor to Prime Minister on Finance, Shaukat Tarin, on July 3, 2009, in Istanbul, has sought detailed information on the amount used by the public fund (NIT)-SEF for interventions in the stock market, their impact, stocks holdings by foreigners of shares listed on the Karachi Stock Exchange (KSE), and status of reforms of broker financing (badla)… Aaj News

The Securities and Exchange Commission of Pakistan (SECP) has suspended the registration of five members of Karachi Stock Exchange (KSE) till the claims against them in the light of the investors’ complaints are ascertained and settled in accordance with law…Following the SECP decision, the Karachi Stock Exchange has also suspended the trading rights of the these five members with immediate effect and until further notice to protect the interests of the investors….The names of the KSE members whose trading rights and registration have been suspended are: Eastern Capital Limited; Prudential Securities Limited; ClikTrade Limited; MKA Securities (Private) Limited; and Capital One Equities Limited…Aaj News

Market Low : 7,163.04 High : 7,237.93

Market Close : 7,206.17 – 43.13 points up

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7,163

On Friday, the KSE-100 index made an intra-day high of 7,217 and closed up at 7,163. The last two sessions have seen a significant rise in volume and foreign investment.

News : Massive foreign investment inflows took place in the stock market during the current week, which resulted in the highest level of net buying during the last 14 months…."The rising portfolio investment is not ‘motivated by market fundamentals,’ but is a deliberate move by the local big shots in the stock market to minimise their impairment losses as much as they can by June 30, 2009 when the current financial year closes," remarked a well-known analyst when asked for his comments on the encouraging trends in the stock market regarding portfolio investment….At a time, analysts said, when market fundamentals are not strong, the budget 2009-10 announced during the current month offered nothing to boost the stock market, but the rising interest of offshore investors in the local market is beyond comprehension…. Daily Times

The Karachi Stock Exchange is likely to propose to the SECP that the mark-up rate should be capped in the Margin Financing (MF) system and the financing facilities should be allowed in any other deliverable stocks, it is learnt. In its feedback to the Securities and Exchange Commission of Pakistan on the Consultative Group’s Concept Paper on Margin Financing, KSE is expected to propose that there should be 44 days lock-in-period for restricting financier to release the MF transactions, however, the financee may have the option to release such transactions as and when he requires,…Sources said KSE also favours that brokers as financiers should be allowed to finance other brokers of the same exchange for their respective clients and proprietary accounts and the mark-to-market losses should be managed by a central party or the system provider….The board’s meeting would be held in the first week of July 2009…. Aaj News

Market Low : 7,128.83  High : 7,217.97

Market Close : 7,163.04 – 34.21 points up.

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7,128

Market Low : 7,020.07  High : 7,141.46

Market Close : 7,128.83 – 102.94 points up

source: karachistockmarket.blogsome.com

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7,025

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7,023

News : The senior stock brokers would formulate the mechanism of collecting Federal Excise Duty (FED), which the government proposed to impose on services provided by the stock brokers at the rate of 16 per cent from July 1st. This was the outcome of a meeting that took place between the Karachi Stock Exchange delegation and adviser to finance minister Shaukat Tarin and his team at Islamabad on Tuesday.FED is not a levy like other taxes imposed on share transaction, … KSE brokers would device the mechanism of collecting FED and send it to government, to which the advisor has agreed… The News

Pakistan’s capital market has not witnessed any IPO (initial public offering) in the first six months of 2009 as no company offered shares to public during this period. "This is the worst-ever situation from which Pakistan capital market is passing through. It can be judged from the fact that no company has offered shares to public since January 2009," analysts said.This has happened for the first time in the last decade of Karachi bourse that no IPO hit the market in the first half of the calendar year. "Despite higher lending rates, new companies were not able to raise funds through initial offerings at the local exchanges mainly due to unwarranted closure of the market for three-and-a-half months, continuous selling by foreigner investors and weak economic fundamentals forcing issuers to delay their offerings,… Aaj News

The board of directors of Askari Bank Tuesday authorised the signing of a memorandum of understanding, in terms of which Mybank could merge and amalgamate into Askari Bank…Banks are now required to raise their minimum paid-up capital (free of losses) to Rs 6 billion by December 31, 2009, Rs 7 billion by December 31, 2010, Rs 8 billion by December 31, 2011, Rs 9 billion by December 31, 2012 and Rs 10 billion by December 31, 2013…Askari Bank said it would be applying to the SBP for obtaining approval to commence due diligence of Mybank…Daily Times

Market Low : 6,996.77  High : 7,085.20 

Market Close : 7,023.48 – 33.78 points down.

source: karachistockmarket.blogsome.com

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7057

News : The members of the board of directors of Karachi Stock Exchange (KSE) are scheduled to meet the Advisor to Prime Minister on Finance, Shaukat Tarin, on Tuesday in Islamabad to discuss various issues regarding imposition of federal excise duty (FED) on brokerage and its collection….It is learnt that the KSE board would propose collection of FED at the exchange level rather than through brokers. It is also expected that the board will propose to abolish the condition of provision of details of all investors as it would be very difficult for brokers to provide the details of their investors….Aaj News

Market Low : 7,039.73  High : 7,133.53

Market Close : 7,057.26 – 17.53 points up.

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