LSE index declines by 15.69 points
Equities on Friday extended further gains amid improved trading turnover on the Lahore Stock Exchange, as investors continued making entries in select scrips. However, the LSE-25 index was declined by 15.69 points and was ended at 4291.93 against 4307.62 of Thursday, while transaction volume was increased to 10.986 million shares compared with previous volume of 9.223 million shares.
The market was opened on a positive sign and registered vertical gain soon after resumption of trading. However, sentiments were changed that did not let the market sustain at its day's peak level. Later, market remained range-bound during both the trading session, as investors adopted cautious approach ahead of weekend. PSO, Nishat Mills, Nishat Chunian, Otsuka Pakistan, DG Khan Cement, Lafarge Pakistan Cement, Maple Leaf Cement, Fauji Cement, Dewan Cement, Flying Cement, MCB Bank, Bank of Punjab (R), Bank of Punjab, Adamjee Insurance, Fauji Fertiliser Bin Qasim and Tariq Glass Industries helped market stay in green zone. Whereas Attock Refinery, Crescent Steel and Allied, Askari Bank, National Bank, Soneri Bank, Engro Foods, KESC, Sui Northern, and Southern Electric Power remained under selling pressure.
The gainers were more than the losers. Of 105 active issues, 42 companies showed gains, 17 suffered losses while 46 companies stayed glued to their previous closing. PSO was jumped by Rs 10.4, Nishat Mills gained Rs 2.5, Otsuka Pakistan was appreciated by Rs 2.16 while DG Khan Cement and MCB Bank were up by Rs 2.10 and Rs 1.83, respectively. Attock refinery lost Rs 1.5, Crescent Steel and Allied shed 70-paisa, while Tri Star Power and Askari Bank were down by 59-paisa and 52-paisa, respectively. Bank of Punjab continued to be the market leader whose 3.971 million shares changed hands followed by Lafarge Pakistan Cement with 1.243 million shares.
Comments
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
AND THE KINGS ARE EXEMPTED FROM EACH AND
EVERY QUERY
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.
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.
Thumbs up!!! May this business relation bloom in the future...David
http://www.whatistbweb.com/
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