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Category: Stock & Commodity

  • SECP warns against investing in fraudulent schemes

    SECP warns against investing in fraudulent schemes

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday warned the general public against investing in any fraudulent investment schemes, which promise hefty profits and unrealistic incentives.

    The SECP has been constantly clarifying that mere registration of a company, does not authorize it to solicit deposits from the general public or offer investment schemes.

    It has been observed recently that a company namely “Econex Sales and Marketing (Private) Limited” is offering various packages to attract the public to its unlawful business activities of multi-level marketing (MLM) and referral marketing.

    The said company is using its registration status with SECP to win public confidence, deceptively implying that such activities are being undertaken through SECP’s regulated platform.

    As clearly provided in the explanation of section 301 of the Companies Act, 2017, raising unauthorized deposits from the general public, indulging in referral marketing, MLM, Pyramid, and Ponzi Schemes are unlawful activities in terms of explanation of section 301 of the Companies Act, 2017.

    The SECP, in accordance with the provisions of the Companies Act, has initiated necessary legal action against M/s Econex Sales and Marketing (Private) Limited.

    In view of the foregoing, the general public is hereby expressly advised in their own interest to be careful, not to invest their hard-earned money or indulge in illegal schemes launched by this company, actively being propagated through social media accounts and pages.

    The same caution may be exercised in the case of any other company involved in any illegal deposit-taking, unauthorized investment, or MLM schemes.

    Probe in Hascol financials underway: SECP
  • Saigols of KTML disclose availing amnesty scheme

    Saigols of KTML disclose availing amnesty scheme

    KARACHI: Kohinoor Textile Mills Limited (KTML) on Thursday shared information disclosing that its senior management has avail an amnesty scheme of undeclared foreign assets.

    A communication sent to Pakistan Stock Exchange (PSX) stated that the following shareholders of KTML informed that they had made to the Federal Board of Revenue (FBR) declarations of assets acquired/held outside Pakistan in July 2018 under the Foreign Assets (Declaration and Repatriation) Act, 2018 and intimated about their beneficial ownership of KTML.

    Following is shareholding detail prior to the declaration by virtue of the Declaration Act:

    01. Taufique Sayeed Saigol, Chief Executive Officer/Director, shareholding in KTML is 43,425,059, the percentage of paid up capital is 14.51 per cent.

    02. Mrs. Shehla Tariq Saigol, substantial shareholder, shareholding in KTML is 30,377,143, the percentage of paid-up capital is 10.51 per cent.

    Further, the above shareholders of KTML are indirectly ultimate beneficial owners in the proportion of 50 per cent each in the following two foreign companies which are also substantial shareholders of KTML as under:

    01. Mercury Management Inc., BVI (MMI), substantial shareholder, shareholding in KTML is 73,390,890, percentage of paid-up capital is 24.52 per cent.

    02. Hutton Properties Limited, BVI (HPL), substantial shareholder, shareholding in KTML is 49,639,992, percentage of paid-up capital is 16.59 per cent.

    Accordingly, it is notified that, pursuant to the Declarations made under the Declaration Act, their aggregate shareholding in KTML is as under:

    The shareholding of Taufique Sayeed Saigol, Chief Executive Officer / Director in KTML after including assets declared under amnesty scheme increased to 106,940,503 or percentage of share capital in KTML increased to 35.06 per cent.

    Similarly, the shareholding of Mrs. Shehla Tariq saigol, a substantial shareholder in KTML after including assets declared under the amnesty scheme increased to 91,892,587 or percentage of share capita in KTML increased to 30.70 per cent.

    The communication sent to the PSX, the company said: “In accordance with the highest legal ethical standards and acting out of abundant caution in a wholly precautionary way, the above-named shareholders have declared their proportionate shares of indirect shareholding ownership held in KTML through MMI and HPL managed by Saim Family Trust, a Settler Reserved Discretionary Trust.”

    Assets held and controlled by this Discretionary Trust would only be available to the beneficiaries at the discretion of the trustees, whenever distributed, it added.

    “It is clearly stated that such assets are not yet distributed by the Trustees.”

    FTO declares Car Amnesty Scheme illegal
  • KSE-100 index plunges by 510 points on profit-booking

    KSE-100 index plunges by 510 points on profit-booking

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 510 points on Thursday. The index fell owing to profit booking during the day.

    The index closed at 46,903 points as against the previous day’s closing of 47,413 points, showing a decline of 510 points.

    Analysts at Arif Habib Limited said that the market saw a draw-down of 539 points during the session, which came in the backdrop of depreciating rupee, rising costs of commodities (particularly coal for Cement) and redemption calls at mutual funds end.

    The cement sector saw significant selling pressure followed by Banks and Technology stocks due to cost pressures and limited flexibility to pass on the costs.

    Weak investor sentiment as evident from longer than anticipated consolidation of the KSE-100 benchmark made even the depreciating rupee a negative factor for Technology, Textile, and E&P stocks, which would otherwise benefit.

    Among scrips, GGL topped the volumes with 57.9 million shares, followed by WTL (53.3 million) and ANL (42.1 million).

    Sectors contributing to the performance include Banks (-138 points), Cement (-125 points), Fertilizer (-43 points), E&P (-38 points) and Technology (-32 points).

    Volumes increased from 536.6 million shares to 544.4 million shares (+1 percent DoD). The average traded value also increased by 12 percent to reach US$ 96.2 million as against US$ 8.1 million.

    Stocks that contributed significantly to the volumes include GGL, WTL, ANL, SERFR, and TELE, which formed 41 percent of total volumes.

    Stocks that contributed positively to the index include NRL (+8 points), PSX (+7 points), ATRL (+7 points), BYCO (+6 points), and MARI (+4 points). Stocks that contributed negatively include UBL (-41 points), HBL (-40 points), LUCK (-36 points), MCB (-30 points) and CHCC (-25 points).

  • ITMinds, InfraZamin sign pact for back-office services

    ITMinds, InfraZamin sign pact for back-office services

    KARACHI: InfraZamin Pakistan Limited (InfraZamin) and ITMinds Limited (ITMinds), a wholly-owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services to InfraZamin.

    The agreement was signed by Ms. Maheen Rahman CEO-InfraZamin, and Iqleem-uz-Zaman Khan CEO-ITMinds in the presence of Badiuddin Akber Director-ITMinds and CEO-CDCPL, Waqas Ashraf CFO- ITMinds, Khusro Iqbal Mumtaz Chief Risk Officer-InfraZamin and other management team members from both sides.

    InfraZamin is licensed to act as an investment finance company and is an initiative by the Private Infrastructure Development Group (PIDG), including PIDG group companies InfraCo Asia Investments (InfraCo Asia) and GuarantCo Limited (GuarantCo), in partnership with non-profit Karandaaz Pakistan (Karandaaz) to establish a for-profit, credit enhancement facility for raising infrastructure-related debt in Pakistan.

    Commenting on the occasion, Ms. Maheen Rahman CEO InfraZamin, said that we look forward to working with IT Minds under this arrangement which will enable the InfraZamin team to focus on our core business function of credit guarantees.

    Also commenting on the occasion, Badiuddin Akber, Director ITMinds & CEO-CDCPL, said that considering this is an era of specialization, we have commissioned  ITMinds with an aim to enable asset management companies, investment finance companies, and other organizations to outsource their back-office functions to a competent and reliable BPO partner, thus relieving them to focus on their core businesses for their commercial success while achieving efficiency, scalability & transparency of processes.

  • Stock market ends flat in range-bound trading

    Stock market ends flat in range-bound trading

    KARACHI: The stock market ended flat on Wednesday in range-bound trading activities observed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,413 points as against the previous day’s closing of 47,420 points, showing a decline of 6 points.

    Analysts at Arif Habib Limited said that the first day of the month saw range-bound activity with sideboard scrips performing better than blue chips.

    The index swayed +209 points and -65 points. Volumes and price-performance were witnessed in TPLP, TELE, WTL, and HUMNL out of which TPLP and TELE hit upper circuits and maintained that level till closing.

    Banks, Cement, Fertilizer, Power and Refinery sectors ended the session in red, whereas Technology sector led the Index. Among scrips, WTL topped the volumes with 162.2 million shares, followed by TELE (45.1 million) and GGL (31.5 million).

    Sectors contributing to the performance include Banks (-33 points), Cement (-14 points), Autos (-12 points), Technology (+40 points), Engineering (+13 points), and Fertilizer (+12 points).

    Volumes increased substantially from 378.8 million shares to 536.6 million shares (+41 percent DoD). The average traded value also increased by 2 percent to reach US$ 86.1 million as against US$ 84 million.

    Stocks that contributed significantly to the volumes include WTL, TELE, GGL, HUMNL, and TREET, which formed 52 percent of total volumes.

    Stocks that contributed positively to the index include TRG (+29 points), LUCK (+12 points), FABL (+10 points), EPCL (+9 points), and ENGRO (+8 points). Stocks that contributed negatively include HBL (-18 points), MCB (-15 points), MEBL (-14 points), INDU (-11 points) and PSEL (-9 points).

    Stocks inch up in range bound trading
  • Stocks inch up in range bound trading

    Stocks inch up in range bound trading

    KARACHI: The stock market gained 54 points on Tuesday in a range bound trading observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,420 points from the previous day’s closing of 47,366 points.

    Analysts at Topline Securities said that a range-bound session was observed at the exchange today with the KSE 100 Index printing an intra-day high of 47,596 and an intra-day low of 47,349 points.

    Major positive contributors in today’s session were namely SYS, MARI, LUCK, PAEL & PPL who cumulatively added 117 points to the benchmark index while POL, MEBL, BAHL, PSMC & PIOC dragged the KSE 100 index lower by 71 points.

    On the results front, PSMC announced a disappointing 2QCY21 EPS of Rs5.09 after which the stock succumbed to selling pressure.

    KOHC also announced its FY21 EPS of 17.41 as compared to a FY20 LPS (2.21).

    Volumes continued to remain depressed with the total traded volume and value clocking in at 377.19 million shares and Rs13.97 billion, respectively.

    The volume leader for today was TELE with 41.59 million shares traded during the session.

    KSE-100 index gains 229 points in mixed trading
  • KSE-100 index gains 229 points in mixed trading

    KSE-100 index gains 229 points in mixed trading

    KARACHI: The benchmark KSE-100 index increased by 229 points on Monday in mixed trading activities.

    The KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,365 points as against last Friday’s closing of 47,136 points, showing an increase of 229 points.

    Analysts at Arif Habib Limited said that market performed well after closing the rollover week.

    The ascent in international crude oil prices, due to hurricane IDA, helped propel Oil and Gas chain, particularly E&P stocks.

    Power sector saw HUBCO coming to the fore on the back of declaration of healthy dividends.

    Besides, cement, fertilizer, steel and technology stocks contributed positively to the Index. Banks, Autos and Textile sector saw continued profit booking.

    Volumes remained virtually the same at 382.6 million shares against 382.3 million shares the other day. Average traded value declined by 8 per cent to reach US$ 74.3 million as against US$ 80.1 million.

    Stocks that contributed significantly to the volumes include BYCO, GGL, WTL, YOUW and TELE, which formed 38 per cent of total volumes.

    Stocks that contributed positively to the index include HUBC (+75 points), ENGRO (+31 points), OGDC (+26 points), PPL (+22 points) and TRG (+17 points). Stocks that contributed negatively include MEBL (-49 points), HBL (-38 points), MCB (-14 points), MARI (-11 points) and UBL (-10 points).

    Stock market ends down by 227 points
  • Stock market ends down by 227 points

    Stock market ends down by 227 points

    KARACHI: The stock market remained under pressure on Friday and closed with a decline of 227 points.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,137 points as against 47,363 points.

    Analysts at Topline Securities said that the market largely remained under pressure during the trading session.

    Major contributions to the index came from Meezan Bank Limited (MEBL), Systems Limited (SYS) and Lucky Cement (LUCK), as they cumulatively contributed to 100 points.

    On the other hand Engro Corporation Limited (ENGRO), Habib Bank Limited (HBL), International Industries (INIL), Service Industries Limited (SRVI) and Oil and Gas Development Company (OGDC), as they weighed down on the index by 110 points.

    Traded volume and value for the day stood at 382 million shares and Rs.13.3 billion.

    World Call Telecom Limited (WTL) was today`s volume leader with around 31.6 million shares.

    Indus Motors Company Limited (INDU) posted its 4QFY21 result announcement in which its posted earnings per share of Rs56.1 along with a final cash dividend of Rs.36.5/share.

    Bank of Punjab (BOP) in the banking space posted 2Q2021 EPS of Rs1.4. Abbott Laboratories (Pakistan) Limited (ABOT) for its  2Q2021 posted EPS of Rs.18.79 along with an Interim cash dividend of Rs.20/share.

    Stocks end down by 273 points in range bound trading
  • Stocks end down by 273 points in range bound trading

    Stocks end down by 273 points in range bound trading

    KARACHI: The Pakistan stocks ended down by 273 points on Thursday as a range bound trading activity was observed during the day.

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  • KSE-100 index sheds 193 points on selling pressure

    KSE-100 index sheds 193 points on selling pressure

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 193 points on Wednesday on selling pressure witnessed during the day.

    The index closed at 47,636 points as against previous day’s closing of 47,829 points, showing a decline of 193 points.

    Analysts at Arif Habib Limited said that the market saw continued selling pressure which was partly due to ongoing roll-over activity and partly the profit booking in cement, fertilizer, technology and Oil & Gas chain.

    O&GMCs sector faced selling pressure in PSO, which persisted since yesterday when the company disclosed its financial results to the dismay of investors.

    Activity remained lackluster and the index lost a total of 211 points after recording a gain of 88 points. The index closed -193 points.

    Among engineering sector stocks, ISL declared a hefty dividend besides significant earnings, with the stock contributing to high traded value and an uptick. Among scrips, WTL topped the volumes with 38 million shares, followed by ANL (33.3 million) and GGL (22 million).

    Sectors contributing to the performance include Cement (-67 points), Misc (-35 points), Technology (-26 points), O&GMCs (-23 points) and E&P (-17 points).

    Volumes slightly declined from 394.9 million shares to 384.6 million shares (-3 per cent DoD). Average traded value also declined by 16 per cent to reach US$ 69.2 million as against US$ 82.2 million.

    Stocks that contributed significantly to the volumes include WTL, ANL, GGL, FNEL and KOSM, which formed 32 per cent of total volumes.

    Stocks that contributed positively to the index include MCB (+11 points), ISL (+7 points), FFC (+7 points), MTL (+5 points) and BAFL (+5 points). Stocks that contributed negatively include PSEL (-35 points), LUCK (-21 points), TRG (-15 points), DGKC (-15 points) and MLCF (-13 points).

    Stocks decline by 284 points on profit-taking