Karachi Stock Market Down

The KSE-100 Index ended the week at 21,005 points, down by 3.19%WoW, a second consecutive weekly decline after shedding 3.74% last week. Average daily volumes during the week also slipped to 207mn shares, a decline of 35.6%WoW. Major news flows included, i) the government finalized its Energy Policy to ease the energy crisis, ii) the ECC approved settlement of the PkR503bn circular debt in two installments following an MoU with IPPs, iii) the government decided to increase CNG prices by over 80% and withhold a power tariff increase of PkR2.61/unit, iv) IMF expressed displeasure over the recent 50bps cut in DR, and v) the NA passed the Finance Bill 2013 amidst a boycott by the opposition. Top gainers in the AKD Universe during the week included PSMC (+6.3%WoW), PTC (+5.5%WoW), LUCK (+4.5%WoW), FATIMA (+1.7%WoW) and HBL (+1.3%WoW). Losers this week were MCB (-13.7%WoW), ENGRO (-8.2%WoW), DAWH (-6.7%WoW), AICL (-6.2%WoW) and NML (-5.9%WoW). Volumes during the week were led by FCCL (89.37mn shares), PTC (82.75mn shares), MLCF (52mn shares), JSCL (47.26mn shares) and BOP (43.96mn shares).

Corporate governance rules for NGOs discussed

Karachi, June 28:  The Securities and Exchange Commission of Pakistan Executive Director Nazir Ahmed Shaheen has expressed the desire to develop a regulatory regime that will support corporate NGOs in enhancing their credibility and public trust and ensure transparency, accountability and good governance.

He was speaking at a roundtable conference on the draft Licensing and Corporate Governance Regulations for Associations Not-for-Profit. The conference was organised by the SECP in collaboration with the Institute of Chartered Accountants of Pakistan (ICAP).

The Commission issued draft Associations Not-for-Profit (Licencing and Corporate Governance) Regulations, 2013 on April 9, 2013 to elicit public opinion and the conference was part of the in-depth interaction of the SECP with the stakeholders. Held at ICAP house Karachi, the round table drew a good turnout, including representatives of corporate NGOs, accountants, lawyers and consultants.

Mr Ahmad Saeed President, Institute of Chartered Accountants of Pakistan (ICAP), thanked all participants for their interest and feedback. He reiterated the ICAP’s commitment to continue its valuable contribution as already extended from time to time in the development of better corporate regulatory environment in the country.

 The next round table conference will be held in Islamabad.

Tickers:

1.      Corporate governance rules for NGOs discussed: SECP

2. Regulatory regime will enhance transparency, accountability and good governance. Nazir Ahmad Shaheen, the SECP Executive Director

 

BANK HOLIDAY July, 1st 2013

BANK HOLIDAY

The State Bank of Pakistan and all offices of SBP Banking Services Corporation, inclusive of Public Debt Offices, will remain closed for public dealing on Monday the 1^st July, 2013 which has been declared as Bank Holiday.

All Banks/ DFIs shall, therefore, remain closed for public dealing on the above mentioned date.  However, all officers/staff of SBP, SBPBSC, Banks/ DFIs will attend the office as usual.