FEAS Yearbook FEAS Yearbook 2008 | Page 33

FEDERATION OF EURO-ASIAN STOCK EXCHANGES
SEMI ANNUAL REPORT OCTOBER 2008
KARACHI STOCK EXCHANGE
OFFICIAL 6 MONTH STATISTICS
US$ millions
Total Volume
Average Daily Volume
# Shares millions
Total Volume
Average Daily Volume
Stocks
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 10,837.26
12,014.99
13,791.66
15,735.13
9,909.69
6,655.01
68,943.75 471.19
632.37
689.58
715.23
471.89
316.91
549.53 6,474.01
5,893.57
6,132.72
7,600.50
5,032.06
3,881.69
35,014.55 281.48
310.19
306.64
345.48
239.62
184.84
278.04
Bonds
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
Other
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
TOTAL 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00 0.00
0.00
0.00
0.00
0.00
0.00
0.00
Market Capitalization (US$ millions)
Index
Jan-08
68,650.06
14,017.01
Feb-08
74,009.59
14,934.30
Mar-08
73,742.57
15,125.29
Apr-08
71,856.92
15,122.47
May-08
56,333.87
12,130.51
Jun-08
55,350.99
12,289.03
PRACTICES & PROCEDURES
Trading
Days
Hours
Monday-Friday
Monday - Thursday: 09:45 - 14:15
Friday: 09:30-12:00 / 14:30 - 16:00
Market segmentation
4 market segments
System
Automated, depository link, data dissemination,
reporting facilities, WAN
Mechanisms
Bid offer matching
Market-maker/Specialists No
Instruments
Ordinary shares, Modaraba Certificates, Preference
Shares, TFCs, Government Bonds / Securities
Currency
Local
Real time information
Best bid/ask, last price, last volume, total volume,
listed company announcement
Clearing & Settlement
Central Depository
Period
Registered
Settlement
Clearing
DVP
Clearing Institution
Risk Sharing
Margin/Lending
Custodians
Yes
T+1, T+2 and Future Contracts
Yes
Book entry and Physical
Netting
Yes, full DVP
Yes, wholly owned, National Clearing & Settlement
Systemoperating since Dec 2001.
Yes
Yes/No
Institutional investors, brokerage houses, banks,
exchange members, associate members of the
Clearing House
Taxes
Cash Dividends
Interest Income
Capital Gains
10%
10%
Exempted until 2008
Structure & Regulations
Legal
Company limited by Guarantee,
without share capital
Regulation
Self
Securities market
Securities & Exchange Ordinance
regulations
1969 and Rules framed thereunder
Companies ordinance 1984
Trading rules
Each trading segment has its own
trading rules
Surveillance
Yes
Corporate actions
Centralized
Trading halts regulations Yes
Investor protection
Yes
Foreign Participation
Foreign investors
Investment limitations
Repatriation
Alllowed, No restrictions
No limitations on the extent of foreign
ownership stake in life insurance
companies. However, as per WTO,
SBP permission required in case of
transfering 5% or more shares of
bank or financial institution. There is
no limit for holding shares for trading
purposes.
N/A
PAGE 33