7,023
June 23, 2009News : The senior stock brokers would formulate the mechanism of collecting Federal Excise Duty (FED), which the government proposed to impose on services provided by the stock brokers at the rate of 16 per cent from July 1st. This was the outcome of a meeting that took place between the Karachi Stock Exchange delegation and adviser to finance minister Shaukat Tarin and his team at Islamabad on Tuesday.FED is not a levy like other taxes imposed on share transaction, … KSE brokers would device the mechanism of collecting FED and send it to government, to which the advisor has agreed… The News
Pakistan’s capital market has not witnessed any IPO (initial public offering) in the first six months of 2009 as no company offered shares to public during this period. "This is the worst-ever situation from which Pakistan capital market is passing through. It can be judged from the fact that no company has offered shares to public since January 2009," analysts said.This has happened for the first time in the last decade of Karachi bourse that no IPO hit the market in the first half of the calendar year. "Despite higher lending rates, new companies were not able to raise funds through initial offerings at the local exchanges mainly due to unwarranted closure of the market for three-and-a-half months, continuous selling by foreigner investors and weak economic fundamentals forcing issuers to delay their offerings,… Aaj News
The board of directors of Askari Bank Tuesday authorised the signing of a memorandum of understanding, in terms of which Mybank could merge and amalgamate into Askari Bank…Banks are now required to raise their minimum paid-up capital (free of losses) to Rs 6 billion by December 31, 2009, Rs 7 billion by December 31, 2010, Rs 8 billion by December 31, 2011, Rs 9 billion by December 31, 2012 and Rs 10 billion by December 31, 2013…Askari Bank said it would be applying to the SBP for obtaining approval to commence due diligence of Mybank…Daily Times
Market Low : 6,996.77 High : 7,085.20
Market Close : 7,023.48 – 33.78 points down.
