KSE stages smart recovery

May 18, 2013

RECORDER REPORT

6 Comments

Karachi Stock Exchange (KSE) Friday staged smart recovery and the benchmark 100 index gained 120.43 points to close at 20,537.03 against 20,416.60 points Thursday. The local bourse opened in green zone and closed on positive note. The index touched highest level of 20,620.06 during the intra-day trading.

Commenting on the market performance, Zafar Moti, a senior member KSE and Chairman ZMC Securities told Business Recorder that after a correction, local bourse again witnessed bull-run but volumes could not post big increase. He said that institutional and foreign fund buying continued at the share market and correction is a routine process. It may surface next week but the market may continue its positive trend.

Market capitalisation followed suit and stood at Rs 4.989 trillion, up by Rs 22.31 billion against Rs 4.966 trillion. The trading side also witnessed higher trend. Volume at the ready counter stood at 372.302 million against previous 323.878 million shares. Out of total 381 active scrips, 242 went up, 113 went down and that of 26 remained unchanged. Rafhan Maize XD and Bata (Pak) were the top gainers with share prices increasing by Rs 222.40 and Rs 84.50 to close at Rs 4670.40 and Rs 1825.00, respectively.

Colgate Palmolive and Fazal Cloth Mills were the top losers with share prices decreasing by Rs 100.00 and Rs 5.41 to close at Rs 1900.00 and Rs 102.94, respectively. All the companies available in "Top Ten" chart witnessed growth in their share prices and no company lost its worth. Bank of Punjab (R) succeeded to gain the position of "Volume Leader." With an increase of 25 paisa, it closed at Rs 1.75 on a turnover of 48.871 million shares.

Fauji Cement gained 26 paisa to close at Rs 10.73 on some 31.319 million shares. Lafarge Pak XD went up by 75 paisa to close at Rs 7.08 on 23.18 million shares. Dewan Cement bagged 57 paisa to close at Rs 6.06 on some 18.67 million shares. Maple Leaf Cement also closed on positive note. It gained Re1 to close at Rs 20.35 on some 18.046 million shares. DGK Cement moved up by Rs 1.60 to close at Rs 75.47 on 9.152 million shares.

Nimir Ind Chemicals gained 38 paisa to close at Rs 4.50 on a turnover of 8.854 million shares. Pervez Ahmed gained 31 paisa to close at Rs 3.56 on some 8.541 million shares. Jahangir Siddiqui Company went up by 20 paisa to close at Rs 12.36 on 8.216 million shares. The last one among the Top Ten was Nishat (Chunian) which saw an increase of Rs 1.54 to close at Rs 50.19 on 8.193 million shares.

Comments  

 

#6 Abrar Ahmad Khan 2012-08-10 12:36

Converting all existing presumptive taxes into adjustable withholding taxes at higher rates can increase direct tax revenues along with encouraging documentation.Lower rate of sales tax on sales through registered retailers can also help documentation.Higher rate of sales tax on electricity/gas can also help in increasing revenue/documentation.

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#5 Ahmad Faraz 2012-08-10 10:43

In this internet connected world FBR can establish a department which can check under invoicing through

1- Making bank to send an electronic copy of each T/T ( telegraphic transfer) or Letter of Credit made for an international transaction so FBR must know in advance the payment made by Company XYZ to Chinese exporter( or from other countries)

2- Once advance information about actual amount in hand FBR ( Customs) issue advance notice to importer for payment of import duty based on SIC codes and whatever are the import duties for that particular product

3- Finally once payment is made in Bank importer is allowed to pick his product

4- For advance payment of custom duty a little discount will be an added incentive

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#4 MUHAMMAD FAROOQ KHAT 2012-08-10 10:20

FBR PEOPLES SHOULD COMPLETE THE RETURN FORMS BEFORE JULY 2012. THIS PRACTICE SHOWING THEIR INTEREST. NO ONE CAN ASK THEM BECAUSE THEY ARE REAL RULLING KING
AND THE KINGS ARE EXEMPTED FROM EACH AND
EVERY QUERY

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#3 Rana M. Afzal Khan 2012-08-10 09:37

Karachi Port is the hub of corruption. Big importers of Glass sheets, Industrial Raw Materials have rented the corrupt customs officials and as a result Mis-declaration is common.
This is another feather in the cap of Asif Zardari - MQM Coalation. No customs officer can get posting at Karachi port without nod from these two. is this a big challenge to put few honest officers at karachi port and put ISI or similar intelligence unit to monitor each consignment ? Useless imports like school bags, stationery, toys should be banned. Chairmen FBR past and present, are these honourable people - if we are making such losses.

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#2 Ali sultan 2012-08-10 00:32

Important article

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#1 kks 2012-08-09 19:58

It will be crazy to reduce interest rate at this time by any one in his right mind.

In fact increase interest rate to counter inflation and encourage savings.

In Pakistan fiscal measures such as few percentage point change in interest rate do nothing except discourage savings.

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#0 emmasheehan 2012-08-04 17:23

The market rates may have gone down, or remained the same. For the homeowner to get qualified for lower rates, there are certain prerequisites but I would recommend you search online for 123 Refinance before you decide because they can find the 3% refinance rates.

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#-1 Ali Hassan Kazmi 2012-04-02 11:53

Thumbs up!!! May this business relation bloom in the future...

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#-2 Francisco 2012-04-02 00:25

Is Mexico behind Argentina too, despite presidential hopeful Josefina Vazquez Mota's recent comments on the issue?

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#-3 david 2012-04-01 21:04

Through continued study and thought on this matter TB should be a thing of the past!

David

http://www.whatistbweb.com/

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