DOCSLIB.ORG

06-Capital Markets

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
06-Capital Markets CHAPTER 06 Capital Markets Capital markets are a broad category of markets banks and institutions in Europe and Asia held facilitating the buying and selling of financial trillions of dollars of these securities. instruments. In particular, there are two categories of financial instruments in which markets are The capital market structure in Pakistan consists involved. These are equity securities, which are of an apex regulator of the markets, the Securities often known as stocks, and debt securities, which and Exchange Commission Pakistan (SECP), are often known as bonds. Capital markets involve Pakistan Stock Exchange (emerged as a result of the issuing of stocks and bonds for medium-term merging three stock exchanges during current and long-term durations, generally terms of one year), Mercantile Exchanges, Central Depository year or more. Company (CDC) and a Clearing and Settlement Company. The structure further includes Other than the distinction between equity and intermediaries or market participants such as debt, capital markets are also generally divided brokers which handle the transaction of shares in into two categories of markets, the first of which the capital markets on behalf of investors. being primary markets. In primary markets, stocks and bonds are issued directly from companies to Capital markets in Pakistan play a crucial role in investors, businesses and other institutions, often mobilizing domestic resources and channeling through underwriting. Primary markets allow them efficiently to productive uses, thus raising companies to raise capital without or before national productivity. The level of capital market holding an initial public offering so as to make as development is an important determinant of level much direct profit as possible. of savings, efficiency of investment and ultimately rate of economic growth. Capital markets are overseen by the financial regulators all over the world and in case of The capital markets in Pakistan have witnessed Pakistan, Securities Exchange Commission of several developments during the period; including Pakistan (SECP). Though capital markets are promulgation of the new Securities Act, 2015, generally concentrated in financial centers around demutualization of exchanges and integration of the world, most of the trades occurring within three local stock exchanges into a single unified capital markets take place through computerized national stock exchange, the Pakistan Stock electronic trading systems. Some of these are Exchange (PSX). The Securities Act 2015 has accessible by the public and others are more replaced the Securities and Exchange Ordinance, tightly regulated. 1969. The new law incorporates global benchmarks such as International Organization of Capital markets are increasingly interconnected in Securities Commissions (IOSCO) principles of a globalized economy. Ripples in one corner of securities’ regulation and investor protection, and the world can cause major waves elsewhere. The provides for implementation of advanced reforms drawback of this interconnection is best illustrated for preventing market abuses and manipulation by the global credit crisis of 2007-09, which was practices. The new law also contains provisions triggered by the collapse in U.S. mortgage-backed for promoting public confidence in the market, securities. The effects of this meltdown were including full disclosure at the time of the initial globally transmitted by capital markets since offering, continuous disclosure requirements and an inclusive compliance regime, among others. Pakistan Economic Survey 2015-16 Also, the Futures Market Act, 2016 for the futures companies, enhance systems and operations market has been approved by the parliament and towards global best practices. is awaiting presidential assent. The law contains dedicated provisions for derivatives markets and Merger of stock markets is not a new phenomenon is designed to protect public interest through a in the world as many developing countries like system of effective self-regulation of futures India, Philippines, Turkey and Thailand have markets, clearing systems, market participants and already done it. Malaysia, Singapore, USA, UK, market professionals under oversight of the SECP. Germany, Australia, Hong Kong and many other developed countries also run their equity markets PSX as a single national stock exchange on the same lines. Pakistan has entered a new era of equity trading In the later stage the unified Pakistan Stock after merger of all the three stock exchanges into Exchange would be offered to a “strategic Pakistan Stock Exchange (PSX), a vital step investor” that must be a stock exchange, a towards demutualization of the shares market in depository company, a derivative exchange or a the country. During current financial year, as a clearing house meeting a certain criteria approved second phase of the Stock Exchanges by Securities and Exchange Commission of Demutualization and Integration Act 2012, the Pakistan (SECP). three stock exchanges of the country i.e Karachi Stock Exchange (KSE), Islamabad Stock Besides this, integration process was not a new Exchange (ISL) and Lahore Stock Exchange concept as many relatively developed economies (LSE) formally merged into single stock exchange like Hong Kong, Singapore and Malaysia has one on January 11, 2016 to become the Pakistan Stock capital market and India has also merged its 23 Exchange (PSX). The integration is expected to stock exchanges into single stock exchange. It is help reduce market fragmentation and create a expected that it will prove beneficial for our strong case for attracting strategic partnerships country and could pave the way for more foreign necessary for providing technological expertise investment in the financial sector. and assistance. Predictions and basic idea is that with this action, Pakistan would be honored as a Performance of Stock Exchange rising capital market. The year FY2016 witnessed a significant and an The owners of the three stock exchanges held overall steady rise in the stock market indices with several meetings and the Securities and Exchange historic and unprecedented levels being reached. Commission of Pakistan (SECP) facilitated the The PSX (formerly KSE)-100 share index which process throughout. Finally, a Memorandum of began the year at 34,398.86 points reached Understanding (MoU) was signed between the 36,266.23 points by close of trading on May 11, Demutualization Committee of KSE, ISE and 2016, i.e., an increase of about 5.4 percent since LSE to integrate the operations of LSE and ISE the inception of the year. Market capitalization into KSE and rename KSE as Pakistan Stock stood at Rs.7,435.68 billion against Rs.7,421.03 Exchange Limited (PSX). Subsequently, the billion as of June 30, 2015 reflecting no SECP approved the integration which was also considerable change. Foreign investment in the approved by Competition Commission of Pakistan stock market exhibited net inflow of $38.54 (CCP). million during the year, which reflects a decrease of 85 percent over last year. Some of the more Its basic purpose is to enhance operating important developments that have contributed to efficiency of Pakistan’s Capital Market, provide this relatively exceptional performance of the investors, listed companies and trading right Pakistani stock market are: stable political entitlement certificate (TREC) holders with a environment, investment projects backed by single, deep liquidity pool and fully integrated CPEC; stable exchange rate against the dollar; national trading platform, raise profile of Pakistan improving security and law enforcement situation; Capital Market internationally, encourage cross renewed foreign interest in stocks; increased listing and global capital raising by Pakistani confidence shown by the multilateral donor 98 Capital Markets agencies such as the IMF, World Bank and Asian banking sector stocks as both those sectors make Development Bank’s allocation for energy sector up a significant component of the index. Those development; etc. blue chip heavyweights came under selling pressure mainly due to sale by foreign portfolio The market witnessed lackluster activity during investors as part of their global equity sell-off in first three quarters of the current fiscal year but all the emerging and frontier markets. Other sectors the gains in index has been witnessed since start have not seen much selling pressure. For example of last quarter where the PSX index is breaking cement sector has held up well along with the auto previous records. sector due to their strong fundamentals. But since the sectors that are doing fine have relatively The first nine months of current financial year, small weightage in the index and are not able to 2015-16 (Jul-Mar) could be termed as a turbulent neutralize the bigger fall. Roughly, cements have period for the stock market in Pakistan. The PSX around 12 percent weightage; automobile 3 – 100 Index demonstrated an overall average percent and pharmaceuticals just 2 percent in the performance during this period from July 2015 – index. According to a rough estimate, among the March 2016. The index touched its highest point 30-odd sectors listed on the PSX, only around at 36,228.88 on August 6, 2015 whereas, its eight accounted for 80 percent of market activity. lowest point was at 30,276.25 on February 23, Those included banks, oil and gas exploration, 2016 which suggests that the index suffered fertilizers, cements, textiles, automobiles, food decline
Load more

Recommended publications
  • SECRETARIAT Pakistan Stock Brokers Association PRESS
    PRESS RELEASE July 15, 2021 “FILING OF CONSTITUTIONAL PETITION IN THE HIGH COURT OF SINDH BY THE PAKISTAN STOCK BROKERS ASSOCIATION AGAINST FUTURES ELIGIBILITY CRITERIA NOTIFIED BY THE PAKISTAN STOCK EXCHANGE” (Thursday, July 15, 2021, Karachi): Pakistan Stock Brokers Association (PSBA) filed a Constitutional Petition (CP) in the High Court of Sindh against the Futures Eligibility Criteria, for Selection of Securities Eligible for Trading in Deliverable Futures Contract (DFC) and Cash Settled Futures Contract (CSF) Market, as notified by the Pakistan Stock Exchange (PSX), with prior approval of the Securities and Exchange Commission of Pakistan (SECP). The first hearing of the said CP was held today at the Sindh High Court. The Honorable Court has very kindly granted interim order to make the concerned notice inoperative to the extent that it discriminates against entities which have obtained stay order from the Court. Among other grounds, it was pleaded before the Honorable Court that the Respondents have acted in violation of the Constitution of the Islamic Republic of Pakistan, 1973, as they have no right to restrict any specific securities eligible for trading in the deliverable futures contract and cash settled futures contract markets, under the guise that such entities have invoked their constitutional right of protection by assailing any illegal action in a court of law. The PSBA will remain dedicated to the betterment of the economy, promotion of the stock brokerage industry, and protection of the rights of its members. ----------------------------------------------------------xxxxxxxxxxxx---------------------------------------------------------- SECRETARIAT Pakistan Stock Brokers Association .
    [Show full text]
  • Stock Market in Pakistan: an Overview
    Munich Personal RePEc Archive Stock Market in Pakistan: An Overview Iqbal, Javed Monash University July 2008 Online at https://mpra.ub.uni-muenchen.de/11868/ MPRA Paper No. 11868, posted 04 Dec 2008 06:14 UTC Stock Market in Pakistan: An Overview Stock Market in Pakistan: An Overview By Javed Iqbal Department of Econometrics and Business Statistics, Monash University Australia and Department of Statistics, University of Karachi, Pakistan Postal Address: Department of Statistics, Karachi University, Karachi 75270, Pakistan Email: [email protected] 1 Stock Market in Pakistan: An Overview Stock Market in Pakistan: An Overview ABSTRACT This paper reviews the main features of the Stock market in Pakistan focussing on post- liberalization period. The aspects of the market investigated include liberalization of the market, integration the market with the world markets, trading and settlement mechanism, and corporate governance issues. Finally salient features of the market are compared to a selected set of emerging and developed markets. Pakistan’s stock market is smaller in size but is significantly more active than the markets of this size. In recent years the market has provided very high returns to investors. In 2002 the market was declared as the best performing stock market globally. 2 Stock Market in Pakistan: An Overview Stock Market in Pakistan: An Overview 1. NTRODUCTION The Karachi Stock Excahnge (KSE) is Pakistan’s first and one of the oldest stock exchanges in emerging markets. KSE was established in 18 September 1947 just two months after Pakistan became an independent state. The other exchanges in Pakistan, the Lahore Stock Exchange (LSE) and the Islamabad Stock Exchange (ISE), were estbalished in 1974 and 1997 respectively.
    [Show full text]
  • PAKISTAN STOCK EXCHANGE LIMITED List of Office(S)/Branch Office(S)
    PAKISTAN STOCK EXCHANGE LIMITED List of Office(s)/Branch office(s) TREC # Name of TRE Corporate Office/ Address Manager Certificate Holder Branch Office 001 Altaf Adam Securities (Private) Limited Corporate Office Suit No. 803, 8th Floor, Altaf Adam Stock Exchange Building, Stock Exchange Road OA- 001 Karachi 021-32440242, 32440243 021-32427768 003 Muhammad Hussain Ismail Securities (Private) Limited Corporate Office Room No. 113, 3rd Floor Ashraf Muhammad Stock Exchange Building, Stock Exchange Road, Hussain OA- 003 Karachi. 021-32417326, 32421005 006 Sherman Securities (Pvt.) Ltd. Corporate Office 501-502, 5th Floor, Muhammed Samin Continental Trade Centre, Block-VIII, Clifton OA- 006 Karachi 021-35302914, 35302936 021-5363554 Branch Office Room No.124, 3rd Floor, Muhammad Arsalan Stock Exchange Building, Stock Exchange Road BOA- 006/01 Karachi 021-2426002 021-2417472 007 Amanah Investments Limited Corporate Office Room No. 123, 3rd Floor, Abdul Wahab Omar Stock Exchange Building, Stock Exchange Road, OA- 007 Karachi 021-3246876, 32468767-8 021-32468769 Branch Office AH House 196-A, Block-2 Muhammad Irfan PECHS, Shah Abdul Latif Road, BOA- 007/01 Karachi 021-32468768-69 008 Optimus Capital Management (Pvt.) Ltd. Corporate Office Plot No. 13-C, Stadium Lane-2, DHA, Phase-V, Muhammad Ovais Stadium, Commercial Area-5, Khadda Market Ahsan OA- 008 Karachi 021-35296888 021-35296957 Thursday, January 28, 2021 Page 1 of 53 TREC # Name of TRE Corporate Office/ Address Manager Certificate Holder Branch Office 010 Sakarwala Capital Securities (Pvt.) Ltd. Corporate Office Room No. 114, 3rd Floor, Ghulam Mujtaba Stock Exchange Building, Stock Exchange Road, Sakarwala OA- 010 Karachi 021-32411998, 32419732, 32428302 021-32428303 Branch Office Room No.
    [Show full text]
  • Analyzing the Stock Markets Role As a Source of Capital Formation in Pakistan
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Kanasro, Hakim Ali; Junejo, Mumtaz Ali; Junejo, Mansoor Ahmed Article Analyzing the stock markets role as a source of capital formation in Pakistan Pakistan Journal of Commerce and Social Sciences (PJCSS) Provided in Cooperation with: Johar Education Society, Pakistan (JESPK) Suggested Citation: Kanasro, Hakim Ali; Junejo, Mumtaz Ali; Junejo, Mansoor Ahmed (2011) : Analyzing the stock markets role as a source of capital formation in Pakistan, Pakistan Journal of Commerce and Social Sciences (PJCSS), ISSN 2309-8619, Johar Education Society, Pakistan (JESPK), Lahore, Vol. 5, Iss. 2, pp. 273-282 This Version is available at: http://hdl.handle.net/10419/188030 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
    [Show full text]
  • Distribution, Power and Networks in Financial Markets of Pakistan
    SMALL CLUB A Small Club: Distribution, Power and Networks in Financial Markets of Pakistan No. 2021:3 PIDE Working Papers Nadeem Ul Haque Amin Hussain PIDE Working Papers No. 2021:3 A Small Club: Distribution, Power and Networks in Financial Markets of Pakistan Nadeem Ul Haque Vice-Chancellor, Pakistan Institute of Development Economics, Islamabad. and Amin Husain Doktorand, Uppsala University. PAKISTAN INSTITUTE OF DEVELOPMENT ECONOMICS ISLAMABAD 2021 Editorial Committee Idrees Khawaja Saman Nazir Shahid Mehmood Disclaimer: Copyrights to this PIDE Working Paper remain with the author(s). The author(s) may publish the paper, in part or whole, in any journal of their choice. Pakistan Institute of Development Economics Islamabad, Pakistan E-mail: [email protected] Website: http://www.pide.org.pk Fax: +92-51-9248065 Designed, composed, and finished at the Publications Division, PIDE. CONTENTS Page Abstract v 1. The Stock Market That Does Not Grow! 1 2. Corporate Governance Matters 2 3. Networks and Subnetworks 6 3.1. Shareholders Networks 6 3.2. Network of Families: Mahbubul Haq Redux 7 4. Corporate Governance: What Board Memberships Tell Us! 8 4.1. Independent Directors 10 4.2. The Opportunity to be a Director: A Small Club 11 5. Network Analysis of Board Members 12 5.1. A Small Club 12 6. Who Matters in Pakistani Corporations? 13 7. Conclusion 16 References 17 List of Tables Table 1. Shareholding Proportions in KSE 100 (Market Cap) 5 Table 2. Professional Experience of Directors 11 Table 3. Number of Directors in Each Category 11 Table 4. Characteristics of 20 Directors with Highest Betweenness Centrality 15 List of Figures Figure 1.
    [Show full text]
  • The Effect of Uncertainty on Stock Returns and Risk-Returns (Volatility) Relationship Across Military and Democratic Regimes in Pakistan
    Marketing and Branding Research 7(2020) 24-46 Marketing and Branding Research WWW.CIKD.CA The Effect of Uncertainty on Stock Returns and Risk-returns (Volatility) Relationship Across Military and Democratic Regimes in Pakistan Zareen Zafar1*, Danish Ahmed Siddiqui2 1, 2Karachi University Business School, University of Karachi, Pakistan ABSTRACT Keywords: This research includes empirical results in making a consistent understanding of investor Pakistan Stock Market, Stock sagacity, investment returns, and behavioral stock market performance in the behavioral Returns, Risk Returns, finance trend theoretical context. The data were collected using a long range of Returns data Military Regieme, Pakistan's stock market Since June 1994 to December 2018 on the two economic segments Democratic Regieme, known as the Military Period (1999-2008 and 2009-2018). Quantile Regression (QR) and Ordinary Least Square, Ordinary Least Square (OLS) carried out on future returns and risk-returns (volatility) where Quantile Regression, the independent variables Consumer Price Index (CPI), Gross Domestic Product (GDP), Uncertainty index Money Market Rate (MMR), Discount Rate (DR) and Pakistan's Uncertainty Index were taken at annual data base. The findings indicated that DR and past returns significantly impact future Received returns. Other factors such as GDP, inflations, MMR and conditions of instability, however, 14 October 2020 had no major impact on returns. With regard to the military process, all variables such as past Received in revised form returns, GDP, discount and cash market levels, as well as volatility, had a major return impact. 26 October 2020 Whereas in the process of democracy, no macroeconomic factor affected those returns. With regard to volatility, CPI appeared to be the only factor that positively impacted the volatility Accepted of share prices, as well as each of the two phases while all other factors had no significant 26 October 2020 effect overall.
    [Show full text]
  • Shareholders Without CNIC.PDF
    Gharibwal Cement Limited DETAIL OF WITHOUT CNIC SHAREHOLDERS S.No. Folio Name Address Current Net Dividend shareholding (Net of Zakat and Balance tax) 1 1 HAJI AMIR UMAR C/O.HAJI KHUDA BUX AMIR UMAR COTTON MERCHANT,3RD FLOOR COTTON EXCHANGE BLDG, MCLEOD ROAD, P.O.BOX.NO.4124 586 KARACHI 578 2 3 MR.MAHBOOB AHMAD MOTI MANSION, MCLEOD ROAD, LAHORE. 11 11 3 11 MRS.FAUZIA MUGHIS 25-TIPU SULTAN ROAD MULTAN CANTT 1,287 1,271 4 19 MALIK MOHAMMAD TARIQ C/O.MALIK KHUDA BUX SECRETARY AGRICULTURE (WEST PAKISTAN), LAHORE. 110 108 5 20 MR. NABI AHMED CHAUDHRI, C/O, MODERN MOTORS LTD, VOLKSWAGEN HOUSE, P.O.BOX NO.8505, BEAUMONT ROAD, KARACHI.4. 2,193 2,166 6 24 BEGUM INAYAT NASIR AHMED 134 C MODEL TOWN LAHORE 67 66 7 26 MRS. AMTUR RAUF AHMED, 14/11 STREET 20, KHAYABAN-E-TAUHEED, PHASE V,DEFENCE, KARACHI. 474 468 8 27 MRS.AMTUL QAYYUM AHMED 134-C MODEL TOWN LAHORE 26 25 9 31 MR.ANEES AHMED C/O.DR.GHULAM RASUL CHEEMA BHAWANA BAZAR, FAISALABAD 649 642 10 36 MST.RAFIA KHANUM C/O.MIAN MAQSOOD A.SHEIKH M/S.MAQBOOL CO.LTD ILAMA IQBAL ROAD, LAHORE. 1,789 1,767 11 37 MST.ABIDA BEGUM C/O HAJI KHUDA BUX AMIR UMAR 3RD FLOOR. COTTON EXCHANGE BUILDING, 1.1.CHUNDRIGAR ROAD, KARACHI. 2,572 2,540 12 39 MST.SAKINA BEGUM F-105 BLOCK-F ALLAMA RASHID TURABI ROAD NORTH NAZIMABAD KARACHI 2,657 2,625 13 42 MST.RAZIA BEGUM C/O M/S SADIQ SIDDIQUE CO., 32-COTTON EXCHANGE BLDG., I.I.CHUNDRIGAR ROAD KARACHI.
    [Show full text]
  • Pakistan Stock Market Reaction to Covid-19
    PAKISTAN STOCK MARKET REACTION TO COVID-19 HAMID HUSSAIN1 The COVID-19 outbreak could go down as a significant illustration of an overlooked danger in history. Much of the concern of corporate decision-makers and policymakers has centered on mainstream market risk outlets and the urgent climate change problem. Major personal life disturbances are happening, for example curfew-like situations in Pakistan and in other countries. Besides the acute disasters of death and illness, there is pervasive apprehension (leading, for instance, to mass purchase of daily goods). The potential economic influence of COVID-19 remains somewhat unpredictable, as it is not clear regarding the propagation of the epidemic, its extent and mortality rate, the policy responses and human behavior. Economists anticipate the COVID-19 to reduce global economic development by about 0.15 percentage points in 2020, translated into about $135 billion in postponed or unproduced products and services. This year's effects would be guided by three things: first, how quickly the virus travels and how long it lasts; secondly, how much concern affects travel, consumer buying, production, and trade; and finally what steps policymakers take to avoid the spread of the virus and improve productivity. In this case, the equity market provides a beneficial opportunity to examine, which companies find creditors to be especially impacted by the direct and indirect consequences of the virus outbreak and which companies may not be impaired. In this way, the equity exchange offers a constantly monitored and welcomed overview of what the markets think may eventually be the economic effect of the epidemic.
    [Show full text]
  • Investment in Pakistan.Pdf
    KPMG Taseer Hadi & Co. Chartered Accountants Investment in Pakistan © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Pakistan Foreword Investment in Pakistan is a publication prepared by KPMG Pakistan to provide information on a number of subjects relevant for investment planning or doing business in Pakistan. The guide includes an overview of the economy and a summary of performance of identified sectors which could be of interest for investors and provides a summary of the rules, regulations and tax laws applicable in Pakistan. Although covering many relevant areas, it should not be considered as exhaustive since it has not been designed to provide complex and detailed information required for decision- making in relation to investments. This publication incorporates the regulations effective as of 31 October 2019. For our latest publications please browse our web site; www.kpmg.com.pk © 2020 KPMG Taseer Hadi & Co., a Partnership firm registered in Pakistan and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”),
    [Show full text]
  • PAKISTAN STOCK EXCHANGE LIMITED List of Office(S)/Branch Office(S)
    PAKISTAN STOCK EXCHANGE LIMITED List of Office(s)/Branch office(s) TREC # Name of TRE Corporate Office/ Address Manager Certificate Holder Branch Office 001 Altaf Adam Securities (Private) Limited Corporate Office Suit No. 803, 8th Floor, Altaf Adam Stock Exchange Building, Stock Exchange Road OA- 001 Karachi 021-32440242, 32440243 021-32427768 003 Muhammad Hussain Ismail Securities (Private) Limited Corporate Office Room No. 113, 3rd Floor Ashraf Muhammad Stock Exchange Building, Stock Exchange Road, Hussain OA- 003 Karachi. 021-32417326, 32421005 006 Sherman Securities (Pvt.) Ltd. Corporate Office 501-502, 5th Floor, Muhammed Samin Continental Trade Centre, Block-VIII, Clifton OA- 006 Karachi 021-35302914, 35302936 021-5363554 Branch Office Room No.124, 3rd Floor, Muhammad Arsalan Stock Exchange Building, Stock Exchange Road BOA- 006/01 Karachi 021-2426002 021-2417472 007 Amanah Investments Limited Corporate Office Room No. 123, 3rd Floor, Abdul Wahab Omar Stock Exchange Building, Stock Exchange Road, OA- 007 Karachi 021-3246876, 32468767-8 021-32468769 Branch Office AH House 196-A, Block-2 Muhammad Irfan PECHS, Shah Abdul Latif Road, BOA- 007/01 Karachi 021-32468768-69 008 Optimus Capital Management (Pvt.) Ltd. Corporate Office Plot No. 13-C, Stadium Lane-2, DHA, Phase-V, Muhammad Ovais Ahsan Stadium, Commercial Area-5, Khadda Market OA- 008 Karachi 021-35296888 021-35296957 Thursday, April 1, 2021 Page 1 of 53 TREC # Name of TRE Corporate Office/ Address Manager Certificate Holder Branch Office 010 Sakarwala Capital Securities (Pvt.) Ltd. Corporate Office Room No. 114, 3rd Floor, Room No. 605-606, 6th Floor, Ghulam Mujtaba Stock Exchange Building, Stock Exchange Road, Sakarwala OA- 010 Karachi 021-32411998, 32419732, 32428302 021-32428303 Branch Office Room No.
    [Show full text]
  • Formerly: Karachi Stock Exchange Limited) Stock Exchange Building, Stock Exchange Road, Karachi-74000, Phones: 111-001-122
    PAKISTAN STOCK EXCHANGE LIMITED (Formerly: Karachi Stock Exchange Limited) Stock Exchange Building, Stock Exchange Road, Karachi-74000, Phones: 111-001-122 CRITERIA FOR SELECTION OF TOP 25 COMPANIES FOR THE YEAR 2016 1) Prerequisites for Selection of Top Companies: a) A minimum distribution of 30% (including at least 15% cash dividend) for the year; b) The Shares of the company are traded 50% of the total trading days during the year c) The company should not be in the Defaulters’ Segment of the Exchange or trading in its shares has not been suspended on account of violation of Listing of Companies & Securities Regulations of the Exchange during the year. 2) The Companies that Qualify above Prerequisites will be selected on the Basis of Highest Marks Obtained as per the following Criteria: a) Capital Efficiency: (i) Shareholders Return on Equity (on the basis of before tax profit) 15% (ii) Ratio of Capital Expenditure to Total Assets 3% (iii) Change in Market Value Added (MVA of a year in the difference 2.5% between Market Value minus Book Value for that year.) b) Dividend Distribution (including Bonus) (i) Total Distribution out of Current Year’s Profit only. (In case 10% dividend/bonus is paid out of prior year’s earnings/reserves, than the dividend/bonus shall be adjusted proportionately) (ii) Payout Ratio (DPS / EPS) 10% c) Growth in Operating Revenue 6% Change in EBITDA Margin (Operating margin) in absolute terms 6% d) Free-Float of Shares 10% Free-Float of shares as a percentage of total shares outstanding e) Turnover of Shares
    [Show full text]
  • A Case of Non-Financial Firms Listed at Pakistan Stock Exchange Textile Sector
    P a g e | i INTRODUCTION Iqra Journal of Business & Management is a peer reviewed journal initiated by the Business Administration Department, Iqra National University, Peshawar, Pakistan in year 2017. The aim of the journal is to publish latest research related to the field of management, business administration, marketing, finance, entrepreneurship and so on. The main contributors of the journal are academics, researchers, practitioners, consultants, and undergraduate and postgraduate students. The journal has a diverse advisory board consist of experts from developed countries as well as well-known universities at national level. The journal provides a platform for sharing diverse research work in the field and aims to reduce the gap between the industry and academia. The journal is abstracted and indexed in high ranking abstracting and indexing agencies. The journal does not charge any fee to authors and is freely available to the readers through its web site. AIMS AND SCOPE The Iqra Journal of Business & Management provides an excellent outlet for research and scholarship on management-related themes and topics. The journal contributions comes from all over the country as well as from abroad, and include empirical and methodological articles across the full range of business and management disciplines including; • General management • General administration • Accounting and finance • Human Resource Management • Marketing and supply chain management • Strategic Management • Operations Management • Entrepreneurship • Corporate Social Responsibility • Public Sector Management • Organizational Behavior • Business Ethics • Research methods Iqra Journal of Business & Management (IJBM) Volume2, Issue 1, 2018 P a g e | ii CHIEF EDITOR MESSAGE Pakistan is going through a transitional period having long lasting impact on its economy, politics, culture, and social structure of the society.
    [Show full text]