Karachi Stocks hits four-year low as foreign funds exit emerging markets

The continued distress-sale of shares by the foreign portfolio investors and irresolution of debt issue at Karachi bourse between brokers and banks pushed market down to new low of four-year on Wednesday.

With another notable plunge of 121.80 points or 2.32 per cent in this session, the KSE 100-share Index depreciated to 5,136.48 points. The day closing level is the lowest one after September 28, 2004 closing of 5,128.13 points.

The parallel running junior 30-Index slashed 152.04 points or 3.08 per cent and concluded at 4,782.97 points.

Hasnain Asghar Ali at Aziz Fidahusein observed that although private and government sector funds did stay prominent buyers in various main board stocks many even succeeding in trading above lower locks, foreign downpour strengthened further as it joined hand with selling by local participants thus never allowing the buyers to resist the high tides, and the KSE benchmark was yet again pushed to deep-red. Analysts said that foreigners were offloading their holding for one reason or the other. They withdrew another over $8 million in this session only.

“Perhaps, overseas investors know what are the true vales of each stocks and they would indulge into buying from those pre-supposed levels or they are reshuffling their portfolios in accordance with the new stocks market orders,” commented a leading analyst.

He maintained that in the newly emerging era - post economic recession period or recovery phase - some tier two stocks would occupy the place of leading stocks in top of the actives list and vice-versa. This phenomenon is, at present, in the making and become visible when every thing would have been settled, he added.

The unresolved issue debt, which brokers owe to banks, is not allowing bulls to show their muscles. Otherwise, bulls are ready to overcome the crisis and waiting for the green signal, other analysts said. With the massive correction in international oil prices and decline in demand of other commodities as well at world level, the oil and food inflations have started easing down in the country. Amid the trade and current account deficits have also started reducing in the last couple of months. These are the good signals for the local economy and would encourage equity investors to stage come back once the local issue of debt at bourses are resolved, they added.

Ahsan Mehanti at Shahzad Chamdia Securities said besides massive foreign selling and debt issue, the rupee depreciation and turmoil in the international equity markets also discouraged investors to remain on the sidelines.

This session, therefore, witnessed sharp decline in many of the stocks prices and recorded low turnover too.

The day turnover dropped down to 90.769 million shares as compared to 143 million shares changed hands yesterday - showing a decline of over 34 per cent on day-to-day basis. Activities in future market remained shunned.

Another outflow of Rs38 billion from the overall market capitalisation shrank it to Rs1,639 billion.

Out of total 270 actives, 198 stocks declined, 60 advanced, while the value of 12 stocks remained unchanged.

Oil and Gas Development Company remained the volume leader with 9.340 million shares closed at Rs44.29 with a loss of Rs2.17, followed by National Bank with 6.612 million shares closed at Rs51.94 with a loss of Rs2.73, Pakistan Telecommunication Company with 6.119 million shares closed at Rs12.96 with a loss of 58 paisa, Zeal Pak with 4.192 million shares closed at 47 paisa with a loss of one paisa and Hub Power with 4.036 million shares closed at Rs14.77 with a loss of 41 paisa.

Lets Save Mini Pakistan

By Aeyaz Hassan

Dear all, let’s stand above ethnic, cast, linguistic, provincial, class, and religion belonging. To analyze some thing and to find out reality one must keep aside any type of bias.

There can not be a single Pakistani who will disagree with the reality that karachi is financial capital and economical and industrial hub of Pakistan and is truly called MINI PAKISTAN.

Taliban are not a fiction and there atrocities and brutality on the name of religion is not a horror story. Taliban have there routes in karachi as there are almost 2000 unregistered and registered Madarsa in karachi of which many are having links with those regions where taliban are right now in power and are killing innocent people,burning schools and fighting with our own Army to take over.

Karachites have witnessed that after almost a decade of violence,blood shed worst law and order situation there city was in relative calm and is progressing in all manners from last eight years.

Those who were on road on 27th of december 2007, a black day in history of Pakistan when we have lost a great leader, exactly know that who were the people who have killed, burned, looted, harassed, kidnapped women, raped and taken away cash from banks and ATM’s before torching them. Those were the people who have nothing to do with PPP but at the time of grief,pain and sorrow they were working on there own agenda under the cover of so called public reaction.

People of karachi will never forget that those people and those were the same who are really supporting Taliban in karachi.Unfortunately a religious political party which was against the formation of Pakistan is also the mastermind behind Talibanization of Karachi.

People of Karachi must stand together hand in hand and shoulder to shoulder to save MINI PAKISTAN from Talibanizaation because they are not only threat to Pakistan but also defacing Islam.

Seminar on Adoption of Anti Bribery Principles in the Private Sector.

A seminar was held at Hotel Marriott on 15th January, 2009 on ‘Adoption of Anti Bribery Principles in the Private Sector’. This seminar was organized by Transparency International Pakistan and BASF Pakistan(Pvt) Ltd. The Chief Guest of the seminar was Engr. Elahi Bakhsh Soomro, Ex speaker of the National Assembly.

Mr Syed Adil Gilani welcomed the guests at the start of the seminar. He explained the aims and objectives of Transparency International – Pakistan and gave an overview of its activities. He discussed the Bribe Payers Index and the Corruption Perception Index of Transparency International. He pointed out the corruption in the Private Sector in the International Arena and the role played by the auditing firms.

He was followed by Mr Qazi Sajid Ali, MD BASF Pakistan (Pvt) Ltd. He talked about the MOU signed by their company with TI-Pakistan. He informed after the company had decided to follow anti bribery principles in their practices, they had to undergo great difficulties in their business. However they persevered and now they find it was much easier to follow these principles. BASF requires all its employees to follow high levels of integrity both during their business and personal dealings.

The next speaker was Mr H.N. Akhtar, ex Secretary GOP. He shared his experiences with the participants. He was of the opinion that the term anti corruption should be added to the topic. He advised that auditors should not issue false certificates. He suggested that these principles should also apply to the Public sector. He also informed about the corruption in the donor agencies.

Mr Zubair Tufail, Vice President FPCCI. He said that discretionary powers of government officials. He said that corruption is affecting all aspects of life. It is evident in different forms like favoritism, misuse of power, jobs not provided on merit. He recommended the curtailment of discretionary powers of the government officials, simplification of laws and speedy decision making.
Engr M.A. Jabbar spoke on the speech of the previous president when he came to power. He said that the exact speech could be used today with only an addition of nine years as nothing seemed to have changed in their rule. He said that each successive government gives lip service to eradicating corruption but after they leave there has been no change. He recommend that an independent judicial system, independent and responsible media, transparent oversight bodies, independent anti corruption agencies, well trained law enforcement, an effective civil society were necessary for the curbing of corruption.

Mr Abbas Akberali, CEO Amreli Steel spoke at length about various modes and methods of corruption in vogue. His recommendation included indexation of wages and salary, rationalization of custom duties, curtailment of discretionary powers and accountability.

In the end Engr Elahi Bakhsh Soomro, Ex speaker National Assembly summed up the discussions. He appreciated the relevance of the topic and commended both Transparency International Pakistan and BASF Pakistan (Pvt) Ltd for taking the initiative to discuss such an important issue. While he considered it essential for the top leadership to be clean in order to serve as role models for the public at large, he however was of the view that even under the present circumstances a lot can be done by the organizers.

A sub committee was formed under the leadership of Qazi Sajid Ali of BASF with members MA Jabbar, Mr Abbas Akberali and Mr Zubair Tufail to prepare strategies and recommendations enhancing the adoption of anti bribery principles in the private sector.

Security arrangements for Pak-Sri Lanka match

Provincial Police Officer (PPO) Sindh Sultan Salahuddin Babar Khattak directed the Karachi police to finalise security arrangements for the Pakistan-Sri Lanka Cricket match to be played on Tuesday at the National Stadium Karachi.

He instructed foolproof security for the Pakistani and Sri Lankan teams. Both teams would be provided security when they leave their hotels, and they are bound to inform the Karachi police about their movements, Khattak said.

On the directives of the Home Department, about 3,000 personnel of Karachi police would be posted in and around the National Stadium during the match. Rangers, police commandos and plain-clothed policemen would also be deployed there.

A police contingent headed by a DSP is deployed to provide security to the Sri Lankan team. The Karachi police have also set up a control room at the National Stadium while alternative routes for traffic have been announced.

Mustafa Kamal to meet political leaders for removal of wall chalking

Nazim Karachi Syed Mustafa Kamal has decided to hold meetings with leaders of political parties for removal of wall chalking and posters by political parties and appeal them to ask their workers to remove chalking and posters from walls, bridges and under-passes so that the city looked clean to visitors.
He stated this while addressing a meeting on the night of Saturday-Sunday. In the meeting steps were considered for cleaning of chalking and posters and to check them in future.
Nazim said that on the occasion that if we are civilized nation then we have to give a proof of this as well while our religion also teaches us the lesson of cleanliness.
He pointed out that all the walls of Karachi are full with commercial ads of hakims, fake healers and similar other elements which has given a bad look to the city.
Mustafa Kamal said that under section 144 all First Class Magistrates of City Government have been authorized to arrest all those people and send them to jail while decision has been taken to seal the business of such organizations.
He directed all the Magistrates to take stringent measures in this respect and take action without discrimination.
He said all citizens will have to cooperate with the city government in this regard and only then Karachi would join the world’s beautiful cities. He pointed out that city government is showing no lacking in this regard and it has planted 1.80 lac trees throughout the city for environmental improvement and increasing the population.
He said that wide and beautiful roads, flyovers, underpasses and beautiful bus stops have been constructed and if culture of wall chalking is done away with, it will add to the city’s beauty and visitors coming from outside Karachi will see Karachi very beautiful.
He said by meeting leaders of political parties he will make them personal appeal to direct their workers in the city’s greater interest to removal chalking and posters voluntarily and avoid the same in future.

Justice Iftikhar accorded warm welcome in Karachi

Deposed Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry arrived in Karachi on Saturday. Upon arrival at the Karachi airport, the deposed chief Justice was accorded a warm welcome by lawyers and workers of various political parties.

Security was beefed up in and around the airport building and the government has provided him with a bulletproof vehicle. The caravan of Justice Iftikhar will reach Karachi Bar where he will administer the oath taking of newly elected members of the Bar. The deposed CJ will also address a dinner reception being given in his honour by the Karachi Bar.

Justice Iftikhar is accompanied by former president of Supreme Court Bar Association (SCBA) Chaudhry Aitzaz Ahsan and other lawyers.

Plenty of table tennis events planned in Karachi

By Syed Khalid Mahmood

Besides being the financial capital of the country, Karachi is also the hub of sporting activities in Pakistan. Table tennis has been one of the most popular games in the metropolis but its controlling bodies in the past lacked the visionary approach to raise its standard.
The game also suffered enormously due to the politicking in the bodies whose premier objective was to prolong their stay in office by hook or crook. The Pakistan Table Tennis Federation (PTTF), for a number of years, remained chiefly responsible for the decline all over the country and Karachi was no exception.
The game of table tennis, however, has come alive in Karachi for the past couple of years with the induction of a few committed individuals who have been trying desperately to make things happen. It’s a very pleasant change and the results are coming.
The leadership of the Karachi Table Tennis Association (KTTA) is in the capable hands of Dr Farhan Essa and Javed Chhotani, both of whom have already made a difference by putting things in the right direction.
The KTTA held a media briefing at the National Sports Training and Coaching Centre (NSTCC) on January 14 in which they announced their plans to organize Inter-Schools, Inter-Firms and Inter-Towns Championships besides a couple of more events during the first quarter of the year.
Dr Farhan Essa, Chairman KTTA, revealed that a coaching camp for the students will be starting as early as on January 15 in order to let them prepare for the upcoming tournaments.
“The Inter-Schools tournament will be starting on February 1 and it will be followed by the Inter-Towns event due to commence on February 15. The Inter-Firms tournament will be getting underway in the last week of February,” Dr Farhan Essa revealed.
“We have planned to organize the 2nd Dr Essa Mohammad Ranking Tournament and the Inter-District Tournament during the month of March,” he added.
“Moving further we have the Amroha Ranking Championships and the Islamia Open Championships whose dates will be finalized later. We will be holding a few other events too before getting ready to host the National Championship late this year,” Dr Farhan Essa said.

The KTTA Chairman acknowledged the support of the sports departments of the provincial and city governments, hoping to get maximum cooperation from them to accomplish their mission of improving the standard of table tennis in the metropolis.
The President of the Sindh Olympic Association (SOA) and the Sindh Minister for Sports, Dr Mohammad Ali Shah, who was also present on the occasion, lauded the efforts of the KTTA while announcing a grant of Rupees half a million.
“The initiatives of the KTTA are heartening and they deserve the support of the government as well as the private sector. We are confident that our grant will help them in organizing their tournaments. I am particularly looking forward to the Inter-Towns event that is a new concept,” Dr Shah observed.
Dr Shah, one of the leading orthopedic surgeons of the country, noted that table tennis was one sport that was particularly refreshing for the eyes.
The PTTF President S M Sibtain, also commended Dr Farhan Essan and his team at the KTTA for their proactive approach and he hoped that the other associations in the country will derive inspiration from them.