| KSE loses 474 points during week
KARACHI: SECP-KSE weeklong dispute over the change of trading rules at the local bourse, Commissions demand to brokers to provide January-July 2006 client data and psychological impact of one of the biggest one-day declines in Chineses Shangai Composite Index witnessed in the last 10 years this week all together invited technical selling all across the board although stocks were standing at lucrative price during the outgoing week (February 26 to March 02).
KSE 100-index registered a deeper plunge of 474.49 points on week-on-week basis and closed at 11,133.35 points, while free-float market capitalisation based 30-index posed comparatively a deeper correction of 702.28 points to 14,010.48 points on weekly basis.
Buyers absence at dips gave an straightaway message to the policy makers sitting at the two apex regulator bodies ie SECP and KSE that they were keen to have consistency in the bourses rules rather than they had to cope up with the sudden changes proposed by SECP very frequently, an analyst said.
Asia's Emerging Markets Advance on Growth Outlook; Japan Drops
March 7 (Bloomberg) -- Shares in Asia's emerging markets rose for a second day after U.S. Treasury Secretary Henry Paulson said global economic growth is ``solid.'' Canon Inc. paced a drop in the Nikkei 225 Stock Average after a gain in the yen raised concern the value of Japanese exports will decline. China, Malaysia and the Philippines posted the region's biggest gains after JPMorgan Chase & Co. raised estimates for key stock indexes. BHP Billiton led Australia's S&P/ASX 200 Index higher after the government reported that the economy grew twice as fast as economists forecast in the fourth quarter. ``Anyone who was scared of investing in stocks because of global growth fears may find themselves reassessing that view,'' said Tom Murphy, who manages about $1 billion in Asian assets at Deutsche Bank AG in Sydney.
New York Indicts Former Brazilian Mayor
A New York grand jury has indicted a former Brazilian mayor for allegedly stealing millions intended to build a highway in his South American country. Manhattan District Attorney Robert Morgenthau says Paulo Maluf's use of a bank in New York gave his office the jurisdiction it needed to press charges against the former mayor of San Paulo, The New York Post reports. The indictment accuses Maluf of stealing $11.6 million but prosecutors believe the actual theft was probably in the neighborhood of $140 million. .
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