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Plea against framing of rules not maintainable, SECP and PSX tell SHC - Pakistan


This file photo shows the Sindh High Court. Wikimedia Commons/File
KARACHI: The Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) on Tuesday informed the Sindh High Court that a petition filed against framing of regulations was not maintainable as they were not liable to invite public comments about criteria.
They further contended that all regulations of PSX were statutory in nature and were framed under Securities Act, 2015 and amended from time to time and binding on the petitioner and all listed companies.
The Pakistan Stock Brokers Association through its lawyer had moved the SHC against the PSX and the SECP and challenged a portion [4(i)] of futures eligibility criteria for selection of securities eligible for trading, which said the securities of companies not complying with following conditions to be ineligible: “No investigation/inquiry has been concluded against the company with adverse findings of mismanagement o ....

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Stocks end draggy week on decent note


Stocks end draggy week on decent note
July 17, 2021
Stocks on Friday closed a stagnant week on a decent note, with investors mostly betting on better earnings down the road, traders said.
The benchmark KSE-100 Shares Index at Pakistan Stock Exchange (PSX) finally managed a decent gain of 206.07 points or 0.43 percent to close the day at 47,834.33 points, hitting day high and low of 47,892.20 points and 47,628.26 points respectively.
Ahsan Mehanti, analyst at Arif Habib Corp, said stocks closed bullish led by selected scrips across the board amid speculations ahead of major earning announcements due next week.
He said mid-session pressure remained on falling global crude oil prices and foreign outflows. ....

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Court issues notices to SECP, PSX over rules - Newspaper


The Sindh High Court on Thursday issued notices to the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan on a petition regarding framing of regulations. Photo courtesy Wikimedia Commons/File
KARACHI: The Sindh High Court (SHC) on Thursday issued notices to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) on a petition regarding framing of regulations.
The two-judge bench headed by Justice Mohammad Shafi Siddiqui also ruled that a small portion of criteria for selection of securities eligible for trading in deliverable futures contract and cash settled futures contract markets would remain inoperative till the next hearing. ....

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Stocks sluggish as investors stick to sidelines


Stocks sluggish as investors stick to sidelines
July 16, 2021
Stocks on Thursday started with a sideways drift but later made some gains that were capped by late profit-booking ahead of eid holidays, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index could only manage to gain 136.79 points or 0.29 percent to close at 47,628.26 points, while it tested a day high of 47,736.13 points and a low of 47,388.55 points.
Zafar Moti, former director PSX, said the market kept going up and down during the session.
“The market remained directionless ahead of last working day of the week (Friday).”
Moti said there were concerns over Taliban issue as it was not good news for Pakistan. “Petrol prices are increasing. There is a liquidity crunch while real picture of the stocks will become clear after Eid,” Moti added. ....

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