Market
Oil prices deregulation approval pushes KSE up
KARACHI: The Karachi share market’s main index went up on Monday as institutions and foreign funds took interest in oil and gas scrips following approval of oil deregulation policy by Economic Co-ordination Committee (ECC) of the cabinet, dealers said.
“Approval of oil deregulation policy by ECC boosted interest in stocks of refineries and oil marketing companies (OMCs),” said Ahsan Mehanti, a director at Arif Habib Investments. “Positive ac-tivity continued on institutional interest and renewed foreign buy-ing in oil and gas and banking†sector scrips.”
The KSE 100-share index gained 52.55 points, or 0.5 percent, to close at 10,484.39. The KSE 30-share index lost 10.06 points, or 0.10 percent, to end at 10,084.74. Shares of 405 companies were traded, out of which 209 advanced, 170 declined, while 26 re-mained unchanged.
KSE all set to oust non-broker chairman
KARACHI: Members of the Karachi Stock Exchange (KSE) plan to oust the non-broker chairman of Pakistanís largest bourse Zubyr Soomro by passing a no-confidence motion against him in a general body meeting scheduled on November 4, sources said on Wednesday.
Soomro, who took charge as chairman KSE in January 2010, an-gered members of the stock market when he sent a letter of dis-sent to the Finance Ministry about the proposed leverage product, margin trading system, terming it risky, which further delayed the launch of the product.
Foreigners invest $34.586 million in equities
KARACHI: Foreign investors' interest continued at the equity mar-ket during 16 sessions of the current month with a net inflow of $34.586 million.
The amount of inflows was higher than last month's cumulative inflow of $22.352 million. The National Clearing Company of Pakistan Limited (NCCPL) data shows that an inflow of $2.8 million was witnessed during the week ending on October 22, 2010.
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