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24542 replies to this topic
#2
Posted 17 June 2006 - 02:08 PM
40 LSE brokers served notice for short selling
SECP also issues notice to brokers at Karachi Stock Exchange
The Securities and Exchange Commission of Pakistan (SECP) has issued notice to 40 stockbrokers at the Lahore Stock Exchange (LSE) for involvement in short selling in recent weeks.
Sources in the LSE told Daily Times that a team of SECP officials had started investigations into the alleged short sellers. The SECP is authorised to cancel trading licences, impose a penalty and imprison a person for three years for short selling.
Short selling is when a broker sells shares without actually owning them and later buys them from the market when the prices come down to the selling level.
The sources said that big names are involved in short selling and it is a common practice. One brokerage house is reported to have short sold 150,000 shares of Pakistan Petroleum Ltd.
The SECP has also issued notice to this particular brokerage house. The sources said that the brokerage house was asking for deliveries from various other brokerage houses in order to show that it did not sell the shares without having actual delivery.
The SECP has also issued notices to brokers in the Karachi Stock Exchange for alleged short selling.
Hamid Imtiazi, managing director of the LSE, told reporters on Friday that notices were issued to over 20 stockbrokers for their involvement in short selling. He said the issuance of such notices was “normal practice” and investigations were underway.
Market sources are expecting action against the chronic short sellers. According to these sources, SECP Chairman Raziur Rehman Khan is determined to take action against them because of recent strong criticism of irregular activities in the stock exchange.
Khan told reporters on Thursday that the SECP was revamping its risk management system for the stock exchanges following the recent fall at the country’s bourses. He said officials were investigating whether short-selling was responsible for the crash.
He said that the SECP would ensure that good governance practices are followed at the stock markets so that the market is free of manipulation.
SECP also issues notice to brokers at Karachi Stock Exchange
The Securities and Exchange Commission of Pakistan (SECP) has issued notice to 40 stockbrokers at the Lahore Stock Exchange (LSE) for involvement in short selling in recent weeks.
Sources in the LSE told Daily Times that a team of SECP officials had started investigations into the alleged short sellers. The SECP is authorised to cancel trading licences, impose a penalty and imprison a person for three years for short selling.
Short selling is when a broker sells shares without actually owning them and later buys them from the market when the prices come down to the selling level.
The sources said that big names are involved in short selling and it is a common practice. One brokerage house is reported to have short sold 150,000 shares of Pakistan Petroleum Ltd.
The SECP has also issued notice to this particular brokerage house. The sources said that the brokerage house was asking for deliveries from various other brokerage houses in order to show that it did not sell the shares without having actual delivery.
The SECP has also issued notices to brokers in the Karachi Stock Exchange for alleged short selling.
Hamid Imtiazi, managing director of the LSE, told reporters on Friday that notices were issued to over 20 stockbrokers for their involvement in short selling. He said the issuance of such notices was “normal practice” and investigations were underway.
Market sources are expecting action against the chronic short sellers. According to these sources, SECP Chairman Raziur Rehman Khan is determined to take action against them because of recent strong criticism of irregular activities in the stock exchange.
Khan told reporters on Thursday that the SECP was revamping its risk management system for the stock exchanges following the recent fall at the country’s bourses. He said officials were investigating whether short-selling was responsible for the crash.
He said that the SECP would ensure that good governance practices are followed at the stock markets so that the market is free of manipulation.
#3
Posted 17 June 2006 - 02:48 PM
IPO of State Life may be launched soon
The Privati-zation Commission is expected
to propose to the Cabinet Committee on Privatization
to launch Initial Public Offering of the State Life
Insurance Corporation and Secondary Public Offering of
United Bank and Kot Addu Power Company (KAPCO) through
stock exchanges to small investors.
The Privatization Commission Board (PC Board), which
met here on Friday with Zahid Hamid, Minister for
Privatization & Investment in the chair, reviewed the
progress of transactions relating to the Initial
Public Offering (IPO) and the Secondary Public
Offering of the shares of the said entities. The Board
was informed that the government's highly successful
"Privatization for the People" programme had helped in
broadening, deepening and strengthening the capital
market and in significantly increasing its
capitalization. The number of stockholders had
increased to more than a million and huge financial
benefit had been passed on to ordinary small investors
as a result of appreciation in share prices.
The minister said on the occasion that the government
is fully committed to implementation of its approved
privatization programme with utmost transparency,
through a fair, open and competitive process with a
view to ensuring maximum sale proceeds for the assets.
He said that privatization, deregulation and
liberalization were part of the dynamic and highly
successful economic reforms which had been initiated
by Finance Minister and Prime Minister Shaukat Aziz
under the guidance of President General Pervez
Musharraf and which were being widely appreciated at
home and abroad.
During the period October 1999 to May 2006, a huge
amount of Rs 337 billion had been realized from only
58 transactions. Moreover as a result of the
improvement in investment climate, Foreign Direct
Investment had increased tenfold in five years, from
$322 million in 2000-01 to well over $3 billion in
2005-06, the highest level in our history.
The PC Board members, senior officials of the
ministries concerned and the transaction managers
attended the meeting.
The sale of government of Pakistan shareholding in
POL, ARL and DG Khan Cement through stock exchange
fetched Rs 5.862 billion. The sale of 5% ordinary
shares of Oil & Gas Development Company (OGDCL)
through capital market generated Rs 6.851 billion.
The sale of 10% shares of Sui Southern Gas Company for
Rs1.734 billion through capital market, sale of 5.8%
shares of PIA for Rs 1.1 billion through capital
market, sale of 15% shares of Pakistan Petroleum
Limited (PPL) through capital market for Rs 5.5
billion, sale of 20% shares of Kot Addu Power Company
through capital Market for Rs 4.604 billion and sale
of 4.22% shares of UBL through capital market for Rs
1.040 billion.
The initial public offerings were put on hold due to
the stock market crisis of March 2005 and now the SECP
is examining the possibility to offer shares of some
more government entities to small investors.
The Privati-zation Commission is expected
to propose to the Cabinet Committee on Privatization
to launch Initial Public Offering of the State Life
Insurance Corporation and Secondary Public Offering of
United Bank and Kot Addu Power Company (KAPCO) through
stock exchanges to small investors.
The Privatization Commission Board (PC Board), which
met here on Friday with Zahid Hamid, Minister for
Privatization & Investment in the chair, reviewed the
progress of transactions relating to the Initial
Public Offering (IPO) and the Secondary Public
Offering of the shares of the said entities. The Board
was informed that the government's highly successful
"Privatization for the People" programme had helped in
broadening, deepening and strengthening the capital
market and in significantly increasing its
capitalization. The number of stockholders had
increased to more than a million and huge financial
benefit had been passed on to ordinary small investors
as a result of appreciation in share prices.
The minister said on the occasion that the government
is fully committed to implementation of its approved
privatization programme with utmost transparency,
through a fair, open and competitive process with a
view to ensuring maximum sale proceeds for the assets.
He said that privatization, deregulation and
liberalization were part of the dynamic and highly
successful economic reforms which had been initiated
by Finance Minister and Prime Minister Shaukat Aziz
under the guidance of President General Pervez
Musharraf and which were being widely appreciated at
home and abroad.
During the period October 1999 to May 2006, a huge
amount of Rs 337 billion had been realized from only
58 transactions. Moreover as a result of the
improvement in investment climate, Foreign Direct
Investment had increased tenfold in five years, from
$322 million in 2000-01 to well over $3 billion in
2005-06, the highest level in our history.
The PC Board members, senior officials of the
ministries concerned and the transaction managers
attended the meeting.
The sale of government of Pakistan shareholding in
POL, ARL and DG Khan Cement through stock exchange
fetched Rs 5.862 billion. The sale of 5% ordinary
shares of Oil & Gas Development Company (OGDCL)
through capital market generated Rs 6.851 billion.
The sale of 10% shares of Sui Southern Gas Company for
Rs1.734 billion through capital market, sale of 5.8%
shares of PIA for Rs 1.1 billion through capital
market, sale of 15% shares of Pakistan Petroleum
Limited (PPL) through capital market for Rs 5.5
billion, sale of 20% shares of Kot Addu Power Company
through capital Market for Rs 4.604 billion and sale
of 4.22% shares of UBL through capital market for Rs
1.040 billion.
The initial public offerings were put on hold due to
the stock market crisis of March 2005 and now the SECP
is examining the possibility to offer shares of some
more government entities to small investors.
#4
Posted 17 June 2006 - 05:45 PM
Dear Daba Bhai, It is a good mistak, plz ask administrator to do the
same mistake for "SHARE YOUR DHEYAN". I think every after 25 pages
you should start the new. I hope every one like this suggesion.
Dear RSD
This mistake was recoverable as the administrator has full backup everyday.
But after this mistake there were more than 50 posts on the forum so we, TM Team
decided not to "UNDO" the mistaken action as our 50 posters would be dishearted.
The Administrator is going to USA, Europe & Pakistan this July-August he will also
visit the Website company to get more facilities, so after his trip we would have
unlimited space and more options.
Thanks for your comments and sorry for inconvenience.
Daba Khan
same mistake for "SHARE YOUR DHEYAN". I think every after 25 pages
you should start the new. I hope every one like this suggesion.
Dear RSD
This mistake was recoverable as the administrator has full backup everyday.
But after this mistake there were more than 50 posts on the forum so we, TM Team
decided not to "UNDO" the mistaken action as our 50 posters would be dishearted.
The Administrator is going to USA, Europe & Pakistan this July-August he will also
visit the Website company to get more facilities, so after his trip we would have
unlimited space and more options.
Thanks for your comments and sorry for inconvenience.
Daba Khan
#5
Posted 18 June 2006 - 11:46 AM
Chief economist out of favour for ‘poor math’
The country’s chief economist has reportedly been removed from his post after he differed with the government on poverty reduction and GDP growth rate figures. However, the government has outrightly denied any such development.
Official sources told The News that Pervaiz Tahir, chief economist in the Planning Commission, was removed and posted as managing director of the National Energy Conservation Centre (ENERCON) on May 30, after he reportedly told the deputy chairman Planning Commission that he disagreed with the poverty reduction figures.
Secretary Planning Division Akram Malik, however, when approached said: “This is absolutely untrue”. He said the poverty figures of 10 per cent reduction during the period 2001-05 had been calculated by the UNDP, World Bank and Asian Development Bank experts following the internationally recognised methodology.
He said although Pervaiz Tahir was the country’s chief economist, he was not an expert on calculating the poverty figures. About the GDP growth rate figures, Malik said the chief economist was not in the country when the government calculated and finalised the GDP growth rate figures of 6.6 per cent.
When contacted Pervaiz Tahir said he would not comment on the reasons for his removal. However, when asked if he had not agreed on the official figures on poverty reduction and GDP growth rate, he said: “I will only say that my views on these matters are known to all in the Planning Commission.”
Sources in the Planning Commission said a committee headed by the secretary P&D and comprising the chief economist and representatives of donors as members worked on the poverty reduction figures. However, the chief economist did not attend the committee meetings and had reportedly conveyed to the deputy chairman that the poverty reduction figures being finalised were simply “impossible”.
According to a source, Pervaiz Tahir was a frustrated soul and he also did not attend the meeting of the Annual Plan Coordination Committee (APCC) in the third week of May reportedly because the committee meeting agenda did not include the Economy Paper, which was otherwise considered mandatory.
It is said that on the basis of the Economy Paper, the APCC finalises basic economic parameters and the Public Sector Development Programme (PSDP) and then recommend the same to the National Economic Council (NEC). The APCC, it is said, was also not provided the Statistics Division’s statistics about the GDP growth rate.
The chief economist had also been missing from the NEC meeting held a few days before the presentation of the budget. According to a source, the chief economist, out of his frustration, had left the country for a World Bank meeting abroad days before the NEC meeting. The source said that Pervaiz Tahir’s disagreement with the Planning Commission boss was the consequence of his transfer, while a senior P&D official, on condition of anonymity, said the chief economist was transferred for going on a foreign tour when the budget was being finalised.
A chief economist, it is agreed, is never transferred. Either he retires or resigns, a source said.
The country’s chief economist has reportedly been removed from his post after he differed with the government on poverty reduction and GDP growth rate figures. However, the government has outrightly denied any such development.
Official sources told The News that Pervaiz Tahir, chief economist in the Planning Commission, was removed and posted as managing director of the National Energy Conservation Centre (ENERCON) on May 30, after he reportedly told the deputy chairman Planning Commission that he disagreed with the poverty reduction figures.
Secretary Planning Division Akram Malik, however, when approached said: “This is absolutely untrue”. He said the poverty figures of 10 per cent reduction during the period 2001-05 had been calculated by the UNDP, World Bank and Asian Development Bank experts following the internationally recognised methodology.
He said although Pervaiz Tahir was the country’s chief economist, he was not an expert on calculating the poverty figures. About the GDP growth rate figures, Malik said the chief economist was not in the country when the government calculated and finalised the GDP growth rate figures of 6.6 per cent.
When contacted Pervaiz Tahir said he would not comment on the reasons for his removal. However, when asked if he had not agreed on the official figures on poverty reduction and GDP growth rate, he said: “I will only say that my views on these matters are known to all in the Planning Commission.”
Sources in the Planning Commission said a committee headed by the secretary P&D and comprising the chief economist and representatives of donors as members worked on the poverty reduction figures. However, the chief economist did not attend the committee meetings and had reportedly conveyed to the deputy chairman that the poverty reduction figures being finalised were simply “impossible”.
According to a source, Pervaiz Tahir was a frustrated soul and he also did not attend the meeting of the Annual Plan Coordination Committee (APCC) in the third week of May reportedly because the committee meeting agenda did not include the Economy Paper, which was otherwise considered mandatory.
It is said that on the basis of the Economy Paper, the APCC finalises basic economic parameters and the Public Sector Development Programme (PSDP) and then recommend the same to the National Economic Council (NEC). The APCC, it is said, was also not provided the Statistics Division’s statistics about the GDP growth rate.
The chief economist had also been missing from the NEC meeting held a few days before the presentation of the budget. According to a source, the chief economist, out of his frustration, had left the country for a World Bank meeting abroad days before the NEC meeting. The source said that Pervaiz Tahir’s disagreement with the Planning Commission boss was the consequence of his transfer, while a senior P&D official, on condition of anonymity, said the chief economist was transferred for going on a foreign tour when the budget was being finalised.
A chief economist, it is agreed, is never transferred. Either he retires or resigns, a source said.
#6
Posted 19 June 2006 - 03:23 PM
Sale of Bank of Khayber shares
PESHAWAR: Prior to Bank of Khayber shares’ public
sale though the stock markets, 24 percent of the Bank
shares would be offered for sale to the international
Islamic banks.
NWFP Finance Minister, Sirajul Huque, while presenting
the Budget-2006-07 in the provincial assembly, told
that the State Bank of Pakistan has already been
approached for seeking permission to commence Islamic
banking in the eight more branches of the Bank of
Khayber, while 24 percent strategic shares’ sale on
merit to the international Islamic banks for raising
the equity has been decided. Public sale of shares
through the stock exchange would be offered in the
second phase.
Sirajul Huque directed the provincial departments to
deposit their funds in the Islamic banks.
=================================================
PAFL payment: PC Board accepts request of Azgard-9 for time extension
ARIF RANA (BR)
ISLAMABAD (June 19 2006): The Privatisation Commission Board has accepted Azgard-9's request for extension in Pak American Fertiliser Limited (PAFL) payment deadline till July 15, and referred the case to the Cabinet Committee on Privatisation (CCoP) for endorsement.
Sources said that the PC Board, which met here on June 16, took the request for extension in PAFL and accepted it. The Board was of the view that Azgard-9 was serious to pay the remaining bid money within extended period and instead re-biding it will be wise to accept the request.
The sources added Azgard-9 has revised its request with a specific offer to pay the commission the interest at the banks mark-up rate for extended period if it was given extra time for the payment.
Azgard-9 had defaulted on payment for PAFL on June 4. Later on, it approached the PC for extension in the payment schedule till July 15.
Earlier on June 13, the Board had discussed PAFL case and deferred it for the next meeting. The Board members had come with different views on the case.
PC Board wanted to know from the Azgard-led consortium as if it has made any arrangement with any bank to raise money for upfront payment of 75 percent of bid money amounting to roughly Rs 12 billion.
In the last meeting, majority of the members favoured for grant of more time to Azgard-9 and later referred the case to CCoP for endorsement.
The sources said the question of PAFL payment in installments does not arise as it was neither demanded nor discussed at any level.
They said that while giving a go ahead for issuing Letter of Acceptance (LoA) to Azgard-9, the CCoP had given direction to PC Board that in the case of default it should be approached for further guidance and the same line of action will be followed. The sources said the CCoP direction has put a bar on PC to offer PAFL case to third party.
PESHAWAR: Prior to Bank of Khayber shares’ public
sale though the stock markets, 24 percent of the Bank
shares would be offered for sale to the international
Islamic banks.
NWFP Finance Minister, Sirajul Huque, while presenting
the Budget-2006-07 in the provincial assembly, told
that the State Bank of Pakistan has already been
approached for seeking permission to commence Islamic
banking in the eight more branches of the Bank of
Khayber, while 24 percent strategic shares’ sale on
merit to the international Islamic banks for raising
the equity has been decided. Public sale of shares
through the stock exchange would be offered in the
second phase.
Sirajul Huque directed the provincial departments to
deposit their funds in the Islamic banks.
=================================================
PAFL payment: PC Board accepts request of Azgard-9 for time extension
ARIF RANA (BR)
ISLAMABAD (June 19 2006): The Privatisation Commission Board has accepted Azgard-9's request for extension in Pak American Fertiliser Limited (PAFL) payment deadline till July 15, and referred the case to the Cabinet Committee on Privatisation (CCoP) for endorsement.
Sources said that the PC Board, which met here on June 16, took the request for extension in PAFL and accepted it. The Board was of the view that Azgard-9 was serious to pay the remaining bid money within extended period and instead re-biding it will be wise to accept the request.
The sources added Azgard-9 has revised its request with a specific offer to pay the commission the interest at the banks mark-up rate for extended period if it was given extra time for the payment.
Azgard-9 had defaulted on payment for PAFL on June 4. Later on, it approached the PC for extension in the payment schedule till July 15.
Earlier on June 13, the Board had discussed PAFL case and deferred it for the next meeting. The Board members had come with different views on the case.
PC Board wanted to know from the Azgard-led consortium as if it has made any arrangement with any bank to raise money for upfront payment of 75 percent of bid money amounting to roughly Rs 12 billion.
In the last meeting, majority of the members favoured for grant of more time to Azgard-9 and later referred the case to CCoP for endorsement.
The sources said the question of PAFL payment in installments does not arise as it was neither demanded nor discussed at any level.
They said that while giving a go ahead for issuing Letter of Acceptance (LoA) to Azgard-9, the CCoP had given direction to PC Board that in the case of default it should be approached for further guidance and the same line of action will be followed. The sources said the CCoP direction has put a bar on PC to offer PAFL case to third party.
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