Pakistan's KSE cautious ahead of trade policy
Tuesday, 28 July 2009
KARACHI, 27 (Xinhua): Investors remained cautious ahead of the trade policy 2009-2010 announcement that held stocks at Karachi Stock Exchange (KSE) under pressures on first trading session of Monday as the main index was showing limited gains.
After a positive start, the market witnessed pressure mainly on the back of cautious approach by investors who showed reservations over the 3-year Trade Policy 2009-2010, which is to be announced later in the day, and after hitting intra-day highest level of 7827.66, the main index lost psychological barrier of 7,800 level.
Analysts told Xinhua that Engro Chemicals is due to announce its corporate financial results today, which can lift trading activities during second session.
At 0616 GMT, the key index was trading at 7,794.61 levels after gaining 11.21 points, KSE 30-Index swelled by 9.88 points to reach at 8,374.36 points, whereas KSE All Share Index increased by 11.28 points and was trading at 5,566.82 levels here.
The market volumes were also showing depressing trend as turnover of 51,966,716 shares registered till filing of this report.290 scrips have shown activity so far on active issues' chart, out of which, prices of 167 stocks surged, 98 declined, while value of 25 equities remained unchanged.
TRG Pakistan was leading the way on volumes leaders table with turnover of 9,225,654 shares, followed by Maple Leaf Cement and Pakistan Reinsurance with 4,384,883 and 3,460,392 shares respectively.
ISLAMABAD: Pakistan's competitive ranking has dropped to 101 in 2009 from 84 in 2006 on the world Economic Forum's Global Competitiveness Index.
The country's competitiveness ranking dropped by nine points in a year. Prime Minister's Adviser on Finance Shaukat Tarin launched the "State of Pakistan's Competitiveness Report 2009? in the US at a cost of Rs15 million.
The report was officially launched at events organised in New York and Washington with Tarin as chief guest. It may be mentioned that no such event was held in Pakistan to share the report with the country's legislators or the business community.
According to sources, the Competitive Support Fund (CSF), a joint initiative of the finance ministry and the United States Agency for International Development (USAID), gave around Rs six million to the person who prepared the report, which was printed at a cost of Rs two million.
The CSF was set up in 2006 to reposition the national economy on a more competitive footing, but since its inception, the Dawn reports.
According to an official of the finance ministry, the event appeared to be a joke. There was nothing to celebrate in the report that the CSF spent millions of rupees on launching it, he said.
According to the report, Pakistan's ranking with respect to institutions dropped 14 places from 81 to 95, infrastructure from 72 to 85 and macro-economic stability from 101 to 116.
The rankings with respect to health and primary education dropped from 115 to 116, higher education and training 116 to 123, goods market efficiency 82 to 100, labour market efficiency 113 to 121, financial market sophistication 65 to 71 and technological readiness 89 to 100. The ranking in business sophistication dropped from 69 to 82.
The only factor remaining unchanged was market size where Pakistan retained its 29th rank.
Minister of State for Finance Hina Rabbani Khar, who is chairperson of the CSF, expressed ignorance about the launching of the report and conceded that Pakistan's ranking had dropped across the board.
After a positive start, the market witnessed pressure mainly on the back of cautious approach by investors who showed reservations over the 3-year Trade Policy 2009-2010, which is to be announced later in the day, and after hitting intra-day highest level of 7827.66, the main index lost psychological barrier of 7,800 level.
Analysts told Xinhua that Engro Chemicals is due to announce its corporate financial results today, which can lift trading activities during second session.
At 0616 GMT, the key index was trading at 7,794.61 levels after gaining 11.21 points, KSE 30-Index swelled by 9.88 points to reach at 8,374.36 points, whereas KSE All Share Index increased by 11.28 points and was trading at 5,566.82 levels here.
The market volumes were also showing depressing trend as turnover of 51,966,716 shares registered till filing of this report.290 scrips have shown activity so far on active issues' chart, out of which, prices of 167 stocks surged, 98 declined, while value of 25 equities remained unchanged.
TRG Pakistan was leading the way on volumes leaders table with turnover of 9,225,654 shares, followed by Maple Leaf Cement and Pakistan Reinsurance with 4,384,883 and 3,460,392 shares respectively.
ISLAMABAD: Pakistan's competitive ranking has dropped to 101 in 2009 from 84 in 2006 on the world Economic Forum's Global Competitiveness Index.
The country's competitiveness ranking dropped by nine points in a year. Prime Minister's Adviser on Finance Shaukat Tarin launched the "State of Pakistan's Competitiveness Report 2009? in the US at a cost of Rs15 million.
The report was officially launched at events organised in New York and Washington with Tarin as chief guest. It may be mentioned that no such event was held in Pakistan to share the report with the country's legislators or the business community.
According to sources, the Competitive Support Fund (CSF), a joint initiative of the finance ministry and the United States Agency for International Development (USAID), gave around Rs six million to the person who prepared the report, which was printed at a cost of Rs two million.
The CSF was set up in 2006 to reposition the national economy on a more competitive footing, but since its inception, the Dawn reports.
According to an official of the finance ministry, the event appeared to be a joke. There was nothing to celebrate in the report that the CSF spent millions of rupees on launching it, he said.
According to the report, Pakistan's ranking with respect to institutions dropped 14 places from 81 to 95, infrastructure from 72 to 85 and macro-economic stability from 101 to 116.
The rankings with respect to health and primary education dropped from 115 to 116, higher education and training 116 to 123, goods market efficiency 82 to 100, labour market efficiency 113 to 121, financial market sophistication 65 to 71 and technological readiness 89 to 100. The ranking in business sophistication dropped from 69 to 82.
The only factor remaining unchanged was market size where Pakistan retained its 29th rank.
Minister of State for Finance Hina Rabbani Khar, who is chairperson of the CSF, expressed ignorance about the launching of the report and conceded that Pakistan's ranking had dropped across the board.