Thursday, December 9, 2010

SECP fines Fairtrade Capital Securities and Salman Majeed Securities

ISLAMABAD, December 9: As part of its enforcement and regulatory function, the Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) took enforcement actions against two brokerage firms.

Fairtrade Capital Securities (Pvt) Limited, member, Karachi Stock Exchange, has been fined Rs50,000 for non-compliance with the prescribed procedure for execution of inter-exchange trades. Salman Majeed Securities (Pvt) Limited, member, Lahore Stock Exchange, has been fined Rs25,000 for non-provision of information to the SECP. The orders are available on the SECP website.

In addition, 4 rules were amended for the facilitation of various stakeholders in the month of November. The Securities Market Division also resolved 7 complaints lodged by investors.

Thursday, August 13, 2009

OGDC discovers gas

Oil and Gas Development Company (OGDC) has discovered natural gas from its Reti exploratory well No 1-A (Guddu Block), located in Ghotki district.
According to the communiqué to KSE here Wednesday, the Guddu joint venture is comprised of OGDCL, IPRTOC and Government Holdings (Pvt) Ltd, having 70%, 25% and 5% working interest respectively.
Reti Well was drilled down to its target depth of 770 meters based on electric logs, geological and drilling data.
The production testing was started on August 1, 2009 to evaluate the potential of Pirkoh Limestone of middle Eocene age.
Three zones in Pirkoh limestone have been selected for testing. Zone-I proved to be tight and water bearing, while Zone-II has produced 2.82 mmcfd of gas wellhead flowing pressure of 498 Psi.

Tuesday, August 4, 2009

Karachi stocks witness mixed trend, index closes 4 points down

The Karachi stock market witnessed a mixed trading session and closed in the red zone on the first trading day of the week Monday as investors booked profits in bank and fertilizer stocks.
The Karachi Stock Exchange (KSE) 100-share index lost 3.94 points or 0.05 percent to close at 7,716.99 points as compared to previous session’s 7,720.93 points. The KSE 30-share index closed at 8,174.74 points with a loss of 21.19 points. The KMI 30 index closed at 11,659.40 points with a loss of 15.35 points.
Analysts said on the other hand oil sector remained in the limelight in the wake of rising international oil prices close to $70 a barrel and the expectations of 15 percent increase in the earnings of oil exploration and production companies in the fiscal year 2008-09.
The market turnover went down by 9.19 percent and traded 127.45 million shares as compared to previous session’s 140.36 million shares. The overall market capitalisation also fell by 0.04 percent to close at Rs 2.777 trillion as compared with Rs 2.278 trillion. Out of total 395 companies, 163 closed in the positive zone, 215 in negative, while 17 remained unchanged.
“The market faced massive offloading by locals mainly on technical grounds,” said analyst at Aziz Fida Husein and Co Husnein Asghar Ali. “Activity in low priced stocks did allow the turnover to keep ticking.” Major beneficiaries of the upcoming events, textile and monetary policy did invite cautious accumulation, he said adding that banking sector except for exception generally stayed under pressure while stock swapping kept oil and gas exploration stocks neutral. Despite the fact that the sector stocks gain from the declining trend in local currency, the development has certainly increased sense of nervousness in the economy over all, thus disallowing the investors to take advantage of the development, he said.
Steps taken by the government for reducing fuel price locally is likely to have a chain reaction although with a low magnitude. The development will certainly force the relatively sticky inflationary numbers to head downwards giving decent space to the authorities to reduce local interest rate to the tune of the economy’s requirement. Introduction of ready board leverage, decent cut in local interest rate, official notification of withdrawal of withholding tax on sale of shares, lucrative textile policy will stay triggers for the market in coming sessions.
“Despite negative closure of the market cement sector showed positive performance on record exports and expectations of better result announcements this week,” said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100 Index opened in green zone with a gain of 28.02 points and at the end of the day closed at 7,716.99 points with a loss of 3.94 points.
Jah Siddi and Co was the volume leader in the share market with 9.42 million shares as it closed at Rs 25.02 after opening at Rs 24.69 making a financial gain of 33 paisas. Fauji Cement traded 9.22 million shares as it closed at Rs 8.46 from its opening at Rs 8.42 gaining six paisas. Pak Oilfields traded 8.52 million shares as it closed at Rs 167.15 as against its opening at Rs 164.12 gaining Rs 3.03. OGDC traded 8.19 million shares as it closed at Rs 87.38 as compared to its opening at Rs 86.94 shedding 44 paisas.