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Don’t pay any attention to ETPB’s decision in false, baseless reference: KCCI

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KARACHI: Karachi Chamber of Commerce & Industry (KCC&I) has informed the tenants that the decision in a false and bogus case about the ownership of KCC&I’s Building given against it by Chairman Evacuee Property Trust Board (ETPB) was not final.

President KCCI&I Muffasar Malik held that ETPB could not compel for compliance of the Chairman’s decision until and unless specific directions are passed to KCC&I by the competent court of law.

He pointed out that KCC&I had  challenged the maintainability of Evacuee Reference before Hon’ble High Court of Sindh at Karachi through Constitution Petition No.D-2464/2017 and the Hon’ble High Court directed for disposal of Evacuee Reference in accordance with law, therefore, the unjust decision by the Chairman shall be brought before Hon’ble High Court of Sindh through CP No.D-2464/2017.

Malik categorically stated that a false and baseless Reference was filed by ETPB before its Chairman in connivance with the illegal occupants of KCC&I Building, who are members of PML (N) and the Chairman’s decision is outcome of the favor extended by a member of PML (N) to other member of PML (N).

The KCCI president said that in addition to CP No.2464/2017, KCC&I will defend its right by filing appeal against the ETPB Chairman’s decision before the next appropriate forum and will utilize all available means to get the unjust and biased decision of ETPB Chairman struck down even if we have to go to the Hon’ble Supreme Court of Pakistan for seeking justice.

He mentioned that since the initial stage of the Evacuee Reference, KCC&I was anticipating unjust decision therefore KCC&I Office Bearers continued issuing press statements from time to time in order to highlight the biased approach and misuse of powers by Chairman ETPB against KCC&I and in favor of members of PML (N).

President KCCI explicitly said that the tenants should not pay any attention to ETPB’s biased decision in the said false and baseless reference.

The building belongs to KCCI members & the members of Managing Committee & Office Bearers, elected representatives of Businessmen Group/ Business & Industrial Community, are custodians of this property and will fight for it till the last resort which may take years: President KCCI Muffasar Malik.

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Attenuation of political noise lets bulls enter the bourse on week’s last trading day!

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KARACHI: Court’s verdicts apropos Hudaibiya Paper Mills and Imran Khan lessened the political noise today encouraging bulls shoo the bears off the bourse.

Benchmark KSE-100 Index closed at 38,646 with an augmentation of 1.10% (422 points). Rs. Rs. 9.1b worth of 140m shares changed hands today. Value of the shares of 208 companies augmented, 100 plummeted while 30 remained stagnant.

Banking, Communication and Power Generation Sectors led the trade with trading of 22.5m, 21.0m and 12.2m shares respectively.

Today’s top five traders of stocks were: TRG Pak Ltd., 17.9m shares (+1.16pc); Pak Elektron, 11.3m shares (+3.18pc); Engro CorpXD, 7.2m shares (+3.98pc); K-Electric Ltd., 7.2m shares (+0.82pc); JS Bank Ltd., 4.16m shares (+6.54pc).

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PSX: Bears color the bourse red emboldened by the political noise!

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KARACHI: Emboldened by the political noise bears kept on growling all over the bourse on week’s 4th trading day.

KSE-100 Index closed at 38,224 plummeting 1.54%  shedding 596 points.  Rs. 4.1b worth of 93m shares changed hands today. Value of the shares of 261 companies plunged, 59 augmented and 19 remained stagnant.

Technology, Communication, Power Generation and Cement Sectors led the trade today with 14m, 10.6m and 9.5m shares respectively.

Today’s top five traders of shares were: TRG Pak Ltd., 10.3m shares (-5.00pc); K-Electric Ltd., 8.3m shares (-4.39pc); Pak Elektron, 6.4m shares traded (-4.99pc);Dewan Cement, 3.7m shares (-6.53pc); Dewan Motors, 3.6m shares (-3.72pc).

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PSX: Bulls, emboldened by the depreciation of rupee, shoo the bears off on week’s third trading day!

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KARACHI: KSE-100 Index augmented to close at 38,820 gaining 295 points on week’s third trading day (Wednesday 13th of December) due to downgrading of Pak Rupee that had emboldened the foreign investors.

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