KSE 100 Index showing signs of improvement for the last three session gained over 824 points to close in green at 42558 levels here on Thursday. The market volume also showed some improvement with a trade of 232 million shares.
K Electric was on top in terms of volume with a trade of 29.66 million shares to its credit. The other two volume leaders were including Engro Polymer and Dost Steel with trade volume of 18.98 million an 14.15 million shares respectively.
The Central Depository Company (CDC) has made it mandatory for account holders to provide International Bank Account Numbers (IBAN) as part of the registration details for existing and new accounts in the Central Depository System (CDS).
As per Section 242 of the Companies Act, 2017, all listed companies are required to pay cash dividend directly into the bank accounts of their shareholders electronically. For companies to comply with this requirement and to make this process efficient it has become pertinent that International Bank Account Number (IBAN) of investing public are available to facilitate payment of cash dividends in electronic mode.
This amendment will facilitate the electronic payment of cash dividends directly into the bank account of shareholders, making the process more transparent, efficient, and in line with international best practices. CDC has advised the investors to provide the IBAN number of Title Holder of the (CDS) account to CDC and for physical securities to their respective Registrars latest by October 31, 2017.
Meanwhile international oil prices rose slightly in the previous session after EIA reported a draw of 5.7 million barrels in U.S. crude oil inventories, compared with the expectations for a decrease of 4.7 million barrels. Also, analysts expected markets to tighten further as OPEC is anticipated to extend a supply curb. However, U.S. output slumped by 11% from the previous week to 8.4 million bpd, lowest since June 2014 as production disrupted by tropical storm Nate.