Euro, Asia stocks get fillip from Irish bailout

 SYDNEY: The euro, Asian stocks and commodities jumped in a relief rally on Monday after global financial authorities agreed to save debt-swamped Ireland and protect Europe's wider financial stability.

An agreement from the EU and the IMF to lend Ireland cash to, tackle its banking and budget crisis gave investors a reason to buy back some assets sold off earlier this month.

But investors stayed cautious and gains were moderate, in part because they did not want to risk year-to-date profits, with Europe still saddled with fiscal trouble spots such as Portugal and Spain.

The pan-European FTSEurofirst 300 index of top shares opened up over half a percent.

"There are still a lot of issues in Europe," said Alex Boggis, who heads fund manager Aberdeen's business in Hong Kong. Aberdeen manages around $15 billion in Hong Kong and China.

Stock prices at KSE up on fresh buying

 

KARACHI: Stock prices at Karachi Stock Exchange rose to a more than two-month high on Monday, led by the banking sector, as institutions bought shares amid hopes of healthy corporate results in coming weeks, dealers said.

The Karachi Stock Exchange's benchmark 100-share index ended 0.60 percent, or 62.07 points, higher at10,322.55. The KSE-index ended at 10,351.72 points on Aug. 5.

Turnover was 88.84 million shares, compared with 134.7million shares on Friday.

KSE devises mechanism for rectification of erroneous trade

KARACHI: The Karachi Stock Exchange (KSE) has announced to device an automated mechanism to rectify ëan erroneous tradeí with effect from April 15, 2010.

“This system will only allow the trading members to rectify their client-code (i.e. Unique Identification Number or UIN) and/or quantity of the shares. The option to change the price of the scrip will not be available in this mechanism,” reads KSE notice issued on Thursday.

Trade rectification charges shall be applicable on one side (beneficiary UIN) at Rs2.68 per Rs100,000/= worth transaction for ready market and Rs3.75 per Rs100,000/= for all other markets’ rectification trades.

Foreign equity inflow at $113m in March

KARACHI: Including the net foreign purchase of shares in the phenomenal sum of $13.07 million on the last trading day of the month, the Pakistan capital market attracted $113 million during March.
Figures released by the State Bank of Pakistan showed that up until 20th of the month, aggregate foreign holding in the equity markets stood in the sum of $2.1 billion.

KSE recomposes 100-share index

KARACHI: The Karachi Stock Exchange (Guarantee) has recomposed KSE 100-index, effective from April 1, according to the KSE on Wednesday.

11 companies Security Papers Ltd, Pakistan Cables, TRG Pakistan, Murree Brewery Company, PEL, Grays of Cambridge, Shifa International, PACE Pakistan, NetSol Technologies, Pakistan Telephone Cables and Clarient Pakistan have been included in the index.

Foreign inflow of $6.27m in stocks in 2 days

KARACHI: Pakistani capital markets continue to grip foreign investors’ interest, evident from net foreign buying of $6.27 million worth of shares in the last two trading sessions: $4.22 million on Monday and $2.05 million on Wednesday.

Small investors seek SECP help over Rs800bn losses

ISLAMABAD: Tens of thousands of small investors, who lost more than Rs800 billion in stock market crashes over the past five years, have approached the policy board of the Securities and Exchange Commission of Pakistan for compensation and threatened to take the matter to the Supreme Court if the SECP fails to ensure justice to them.
Documents available with Dawn suggest that a group of affected investors have taken up the matter with members of the SECP’s policy board to seek help against their misfortunes perpetrated by market manipulators before they approach the Supreme Court for compensation.

SECP seizes funds of spinning mill

Thursday, January 07, 2010
By our correspondent

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday seized the funds of Ahmed Spinning Mills Ltd (ASML) on depriving its shareholders of their rightful share of Rs213.425 million and authorised an investigation into the matter.

The decision came after the reports that the directors of ASML has sold its investment at a throwaway price to an off-shore shell company and subsequently these investments were sold in a public offer at a price of Rs333 per share, thus depriving shareholders of their rightful share of Rs213.425 million.

UBL Fund announces payout

Thursday, January 07, 2010
KARACHI: UBL Fund Managers has announced an interim payout for the second quarter ended December 31, 2009 for its two funds.

Stocks plunge by 148.9 points amid security concerns

KARACHI: Security concerns in the backdrop of series of bomb blasts and heavy death toll dominated the trading on the stock market on Tuesday as investors were not inclined to make fresh commitments even at the lower levels and just marked time.
 
A series of bomb blasts and suicide attacks in Peshawar and Lahore and fears that Karachi may also be not safe haunted investors and they indulged in alternate bouts of buying and selling without taking fresh positions.

The KSE 100-share index was quoted further lower by 148.96 points or 1.66 per cent eroding about Rs58 billion from the market capital at 8,843.96. Its junior partner also fell by 162.26 points at or 1.72 per cent at 9,277.79.