Karachi Stock Exchange Ahead Of Upcoming Budget 2011-12

KARACHI: Bullish activity witnessed on Wednesday at Karachi Stock Exchange ahead of upcoming federal budget 2011-12 announcement this week. The Karachi Stock Exchange’s 100-share index managed to close at 12,264.06 points, up 140.91 points or 1.16 per cent on market turnover of 118.31 million shares.
The KSE market capitalisation amounted to Rs3, 256.91 billion or $37.91 billion while trading value was recorded at Rs4.75 billion or $55.31 million respectively. The KSE-30 index ended higher 11,890.10 points with the gains of 127.34 points or 1.08 per cent.
Development Assistance: The KSE future volume recorded at 3.47 million shares and it value was at Rs461.05 million shares with 7.48 per cent spread rate. Pre-budget rally was lead by oil sector scrips after US Brent crude crossed $116 a barrel and expectation loom over positive federal budget announcements for oil refineries, cement and fertilizer sectors. UK commitment for 1.4b pounds for Pakistan development assistance was taken positive despite concerns for rising fiscal deficit, said a market analyst. Deregulation of fuel prices was indeed taken positive by the market participants, thus allowing the entire E&P sector to display strength, duly backed by turnover, reduction in local fuel prices, a positive for inflation along with popular rumour echoing in the arena regarding likely reduction in cash margin requirement, likely to be replaced with shares, in leverage markets, including deliverable future and MTS seemingly geared up the resident participants, for renewed activity.
Although turnover and value of traded, shares stayed on higher side, the momentum yet again failed to match the expectations, thereby indicating high participation by the active participants, while sideliners stayed glued to the visitors gallery, most probably waiting for materialisation of high expectations from the federal budget

Source: marketwatch.pk

Karachi Stock Exchange Director Hails Budget

KARACHI: Director Karachi Stock Exchange (KSE) Zafar Moti Friday lauded the budget 2011-2012 and said it would have a positive impact on the country’s stock market. He said the government has agreed to the proposal of stock market to exempt individual and small investors from capital gain tax (CGT). He said this decision would encourage investors and help in boosting the trading volume in the capital market. These volumes have dropped to historically low levels in the last one and a half year, he added. He said the Finance Minister did not make specific announcement regarding CGT, but it was agreed with KSE that individual and small investors would continue to pay 0.02 percent withholding tax as a final tax liability. This will be announced in the Finance Bill 2011-12, he added. Commenting on the withdrawal of special duties and Federal Excise Duty on large number of items, Moti said it would boost local production of these items in the country and discourage their smuggling. Managing Director KSE Nadeem Naqvi said national budget 2011-12 would activity in the stock market and encourage initial public offerings (IPOs). Naqvi said KSE has roposed to exempt retail and small investors from capital gain tax as he tax payers do no want any interaction with tax collectors. He said simplification of tax collection would increase revenue for the country and boost the confidence of taxpayers. He said the government wanted to trigger growth in the economy and the cut in duties would have an impact on local production of goods and stock market would have so many IPOs.

Source: dailytimes.com.pk

Budget 2011-12 Updates

The federal government is presenting the budget for the fiscal year 2011-12 in the national assembly.
Finance minister Hafeez Shaikh is presenting the budget.
Earlier the finance minister had revealed that the economy had only grown by 2.4% against a target of 4.5% in the outgoing financial year.
6:55pm
Federal excise duty on soft drinks has been reduced to 6%.
More than 71,000 people have been issued tax notices, the government is expected to collect Rs 3 billion during the first stage.
The finance minister ended the speech with the following couplet:
Tundi-e-baad-e-mukhalif se na ghabraa aey dost
Ye to urti hay tujhe ooncha uraane ke liye
6:50pm
GST has been reduced from 17% to 16%.
All special excise duties have been abolished.
The government will bring 2.3 million people into the tax net.
The government has recommended that more than 390 regulatory duties be withdrawn.
6:43pm
The budget outlay for fiscal year 2011-12 is Rs 2.5 trillion.
Fiscal deficit will be 4% of the GDP.
Revenue collection is expected to be more than 9% of the GDP.
6:40pm
We will use Utility Stores to bring relief to the people.
PSDP will focus on completing existing programs and working on new program.
Rs 50billion has been allocated for transport sector
We have set aside Rs 28 billion for Gilgit-Baltistan, Azad Jamm & Kashmir.
The federal government has set aside Rs 40 billion for health and education, despite it these being provincial subjects.
Pension has been increased by 15%-20%.
6:30pm
Sheikh says he is hopeful the new fiscal year will lessen difficulties the country is facing.
The manufacturing sector has started picking up again.
We are facing challenges and we will have to deal with them.
Forex reserves are more than $17 billion.
We will try to maintain growth at 7% for a steady period.
Inflation will be brought down to single digits.
6:25pm
The speech is barely audible over the shouting of the opposition, who have shifted from chanting slogans to random shouting.
“We are with those who are giving their lives to the country,” says the finance minister.
6:20pm
Sheikh congratulates the Prime Minister and opposition leader amid slogans from the opposition.
“Pakistan today is one where democracy has flourished,” says Sheikh.
Members of the opposition continue to shout slogans against.
“Jhoot bolna band keroo”
“Load shedding band keroo”
6:15pm
The finance minister has started the budget presentation.
Opposition members are chanting slogans against the government.
“Amreeki ghulami naa manzoor”
6:10pm
Sources say Rs40 billion has been allocated for the National Highway Authority.
A raise of 15% has been approved for the salaries of government employees, sources have said.
6:00pm
The federal cabinet has approved the budget.
Opposition leader Chaudhry Nisar has rejected the budget stating
GST will likely be lowered from 17% to 16%.
Special excise duties are likely to be abolished.

Source: karachicity.org

Sites Of Interest In Karachi

General

Mazar-e-Quaid (Mausoleum of the founder of Pakistan- Muhammad Ali Jinnah)
Koocha-e-Saqafat (National Arts Council)
Mohatta Palace Museum
Masjid e Tooba
I.I. Chundrigar Road (Karachi's "Wall street")
Aga Khan Hospital (for its modernist Islamic architecture)
Teen Talwar (Three Swords) Monument

Beaches and Waterfront

Clifton Sea View seafront
Hawkesbay Beach(breeding ground for endangered turtles)
Paradise Point (a rock promontory in the sea with a natural arch)
Sandspit Beach
French Beach
Russian Beach
Fishing and Crabbing on Keamari and Manora
Creek Club Karachi (offers boating in the creek areas)
Clifton Pavilion and the Jehangir Kothari Parade
Clifton Beach Park
Port Fountain Jet (600ft high pressure water fountain)
Defence Golf Club
Park Towers Shopping Mall
Zamzama Commercial Area (famous for its designer outlets and cafes)
World Wildlife Centre
Abdullah Shah Ghazi Mazar (mausoleum of Karachi's Sufi saint)
Ibn-e-Qasim Park 

Museums

Mazar-e-Quaid Museum
Mohatta Palace Museum
Pakistan Air Force Museum
Pakistan Maritime Museum
National Museum of Pakistan
Karachi Expo Centre

Colonial Buildings

Mereweather Tower
Frere Hall
Governor's House
St. Patrick's Cathedral
St. Joseph's Convent
St. Anthony's Church
Trinity Church
Sindh High Court
Former Victoria Museum (later used by the Supreme Court)
Sindh Club
Karachi Metropolitan Corporation Building
Hindu Gymkhana (now National Academy of Performing Arts NAPA)
Empress Market
D.J. College

Islands

Clifton Oyster Rocks
Manora Island
Bundle Island
Bhit Shah
Shah Bandar
Churna Island (Naval gunnery site, as well as Pakistan's only coral reefs)

Amusement Parks
 

PIA Planetariam
Aladin Park
Sindbad
Hill Park
Safari Park
Karachi Zoo (AKA Gandhi garden)
Taleemi Baagh
Cosy Water Park
Samzu Park
Fun Land
Play Land
Fiesta Park
Dream World Resort
Dolphin Park
Askari Park

Food
 

Boat Basin
Bahadurabad
Burnes Road
Hyderabad Colony 

Karachi coastal area:

Karachi coastal area is nearly 60 km in length; main and important places are the following:

Port Qasim Area
Ibrahim Hyderi/ Korangi Beach
Marine Drive Area, DHA
Clifton Beach
Manora Island
Boating Basin
Chinna Creek
Sandspit
Hawks Bay
French Beach
Cape Monze

Education:

Karachi has the highest literacy rates in Pakistan and highest number of universities and other educational institutions. Some prominent institutions are as follows:


NED University of Engineering and Technology
Aga Khan University
Baqai Medical University,
University of Karachi
Institute of Business Administration (IBA)
FAST - National University of Computer and Emerging Sciences
Indus Valley Institute of Art and Architecture
Bahria University
Textile Institute of Pakistan
Mohammad Ali Jinnah University
Dow University of Health Science
Sir Syed University of Engineering and Technology
Shaheed Zulifiqar Ali Bhutto Institute of Science and Technology (SZABIST
Hamdard University
H.E.J Research Institute of Chemistry,
Applied Economics Research Centre (AERC)
Institute of Business and Management (IBM)
Jinnah University for Women
Dawood College of Engineering and Technology
[PAF-KIET] Pakistan Air Force-Karachi Institute of Economics and Technology

Source: findpk.com