Mutual Fund industry sells $6.017 mln worth of shares | HALALTAMWEEL.COM

KARACHI: According to National Clearing Company of Pakistan (NCCPL) data, Pakistan’s Mutual Fund industry was the net sellers of $6.017 million or Rs 541.577 million worth of shares during the week ended on May 18, 2012. Mutual funds were the net sellers of $7.621 million or Rs 685.960 million worth of shares during the week ended on May 11, 2012.

Trading activities of Mutual Funds from May 14, 2012 till May 18, 2012 showed that they were gross sellers of Rs 2,338.850 million worth of shares while gross buyers of Rs 1,797.273 million worth of shares. Hence, they ended as net sellers in the market.

KSE witnesses net foreign outflows of $6.017 mln | HALALTAMWEEL.COM

KARACHI: Foreign Investors' Portfolio Investment (FIPI) data reported by National Clearing Company of Pakistan Limited (NCCPL) revealed that net outflow of $6.017 million or Rs 541.577 million was witnessed from Karachi Stock Exchange (KSE) during the week ended on May 18, 2012 as compared to that net inflow of $3.326 million or Rs 299.388 million reported last week.

Islamic banks advised to distribute profit on Islamic principles | HALALTAMWEEL.COM

KARACHI: Speakers at the 1st Islamic Finance Expo and Conference have asked Islamic banks to distribute the profit among shareholders and depositors alike and on the basis of Islamic principle of justice.


 They said that depositors hand over their savings to Islamic banks and it is their duty to also give a fair return to depositors on their savings

Oil falls $1 on US stockbuild, Greece; WTI hits 5-mth low | HALALTAMWEEL.COM

SINGAPORE: Oil fell more than $1 on Wednesday, with the U.S. benchmark dropping to a five-month low, as a larger-than-expected rise in crude stocks in the United States and fears of Greece's exit from the euro zone muddied the outlook for demand growth.

Gold witnesses lowest price of 2012 | HALALTAMWEEL.COM

ISLAMABAD: Gold price dropped to a multi-months low on Tuesday in the local markets owing to its lowered rates in the international market.


 "Gold price in the international markets has witnessed the lowest price in 2012 of around US $1556 per ounce which affected the prices in local markets as well", President Karachi Saraf Jewellers Association, Haroon Rashid Chand told APP by phone on Tuesday.

Cotton prices firm | HALALTAMWEEL.COM

KARACHI: Pakistan cotton prices remained unchanged along with slightly improvement in volumes during trading session on Tuesday.


The demand of commodity is still very low on local and foreign markets, which led to sluggish business activity.



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Islamic financial system can contain unemployment and boost economy | HALALTAMWEEL.COM

KARACHI: The fast-growing Islamic finance industry (IFI) holds the potential to contain unemployment and boost economy if an efficient and effective monitoring mechanism is in place.

Dr. Ali Hasan Hamdani, an economist associated with a local private sector university in a statement received here on Tuesday said IFI industry needed creativity and guidance to ensure Shariah compatibility and integrity of the products offered in the country.

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