Market opens positive on global cues

The Sensex opened positive on global cues and continued to trade higher. Realty, oil & gas, capital goods and IT stocks moved up marginally, whereas healthcare declined.

BSE Midcap and Smallcap index rose 1.11% and 1.21% respectively.

Asian stocks rose as commodity prices jumped amid optimism the US recession may ease after the economy shrank less than expected in the first quarter. Japanese benchmark index Nikkei gained 65.18 points, or 0.67%, to trade at 9,861.10. Hong Kong`s Hang Seng index rose 216.77 points, or 1.16%, to trade at 18,488.96 and China`s Shanghai Composite declined 7.29 points, or 0.25%, to trade at 2,917.76. (10.05 a.m, IST).

European stocks declined led by banks, as the Federal Reserve disappointed investors by refraining from increasing bond purchases. UK`s benchmark index FTSE 100 fell 27.41 points, or 0.64%, to settle at 4,252.57. French benchmark index CAC 40 declined 21.66 points, or 0.68%, to end 3,163.10 and Germany`s benchmark index DAX lost 35.45 points, or 0.73%, to close at 4,800.56.

Indian stock market begun the day on a positive note after a fall of 0.53% on the previous working day. The 30-share index, BSE Sensex opened with a gain of 27.95 points, at 14,373.57 on Friday.

In the previous day session, the Sensex ended with a loss of 77.11 points, or 0.53%, while the NSE Nifty declined by 51.10 points, or 1.19%. The 30-share index, Sensex after losing 51.10 yesterday, opened on a flat note on Friday. It begun the day at 14,373.57 up 27.95 points from the previous day`s close

Currently, the 30-share index Sensex is trading up 164.19 points, or 1.14%, at 14,509.81, after touching a high of 14,515.55 and a low of 14,373.57. Meanwhile the broad based Nifty is trading higher by 47.80 points, or 1.13%, at 4,289.65, after hitting a high of 4,296.35 and a low of 4,243.95. (10.00 a.m.)

Overall market breadth is positive. Out of the total 939 stocks traded at BSE, 778 advanced, 140 declined while 21 remained unchanged.

Major gainers in the 30-share index were ICICI Bank (2.43%), DLF (2.31%), Wipro (2.26%), Sterlite Industries (India) (2.18%), Larsen & Toubro (2.13%), and NTPC (2.11%).

On the other hand, Sun Pharmaceutical Industries (15.75%), Housing Development Finance Corporation (0.98%), Ranbaxy Laboratories (0.92%), Tata Steel (0.79%), Mahindra & Mahindra (0.37%), and Hindustan Unilever (0.10%) were the major losers in the Sensex.

KSE amends rules for OTC market

KARACHI: Karachi Stock Exchange (KSE) has introduced amendments in its regulations governing “over the counter (OTC)” market.

KSE made the amendments with the prior approval of Securities & Exchange Commission of Pakistan (SECP) under the sub-section (1) of Section 34 of the Securities & Exchange Ordinance 1969.

The amendments are as follows

i) the securities listed should be traded through KATS under T+2 settlement system or any other counter subject to the clearing and settlement procedures.

ii) The chairman of a listed company shall ensure that minutes of the meeting of the board of directors are appropriately recorded. The minutes of the meeting shall be circulated to directors and officers entitled to attend board meetings within 14 days of the date of the meeting.

iii) All listed companies shall ensure that second quarterly financial settlements are subjected to a limited scope review by the statutory auditors in such a manner and according to such terms and conditions as may be determined by Institute of Chartered Accountants of Pakistan and approved by SECP.

iv) All listed companies shall in the form and manner specified by the commission ensure that annual audited financial statements are sent to every member of the company at least twenty-one days before the annual general meeting is to held to consider the same.

v) No listed company shall circulate its financial statements unless the CEO present the financial statements, duly endorsed under his respective signatures for consideration and approval of the board of directors and board after consideration and approval, authorize the signing of financial statements for the issuance and circulation. staff report

Oil higher in Asian trade, trading above 50 dollars

SINGAPORE ( 2009-04-09 09:15:57 ) :Oil prices were higher in Asian trade Thursday, pushed up by a smaller-than-expected rise in US crude reserves, analysts said.

New York's main contract, light sweet crude for May delivery gained 70 cents to 50.08 dollars.

Brent North Sea crude for May delivery advanced 59 cents to 52.18 dollars.

Prices received a mild boost from the latest US energy report released Wednesday, which showed the country's crude stocks increased by a smaller margin than the industry had forecast, analysts said.

The weekly Department of Energy report showed crude reserves rose by 1.6 million barrels in the week ending April 3, lower than the gain of 1.9 million barrels that analysts polled by Dow Jones Newswires had predicted.

"The increase in US crude oil inventories was less than some had feared," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney.

Oil prices are down significantly from record peaks of above 147 dollars reached in July last year, pulled down by worries about the global crisis, but Algeria's energy minister had an upbeat outlook.

"The global economy is starting to pick up, especially in the United States," Algeria's energy minister Chakib Khelil told AFP on Wednesday.

"A barrel could hover around 70 dollars between the end of 2009 and early 2010 and then rise to 80 dollars," he said.