2011
MANAGERIAL FINANCE
FINAL PROJECT
Submitted by:
Leader
11338
11315
11353
11321
11316
Submitted to:
Program:
Sir Salman Masood
M.com – A (2)
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DEDICATION
ALL PRAISES FOR ALMIGHTY GOD ,THE
CREATOR OF THE WORLDS AND THE
HEAVENS.....WE DEDICATE THIS FEEBLE
WORK TO OUR BELOVED PARENTS ,LIVING
LEGENDS OF EXCELLENCE FOR OUR LIVES
WITHOUT
THEIR
KNOWLEDGE
AND
WISDOM AND GUIDANCE,WE WOULD NOT
HAVE ACHIEVED THE GOAL WE HAVE
STRIVED FOR….AND TO ALL THOSE WHO
PRAY FOR US…
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Acknowledgement
Project in any field of study is the kind of
achievement for which every student is looking for
and thinking upon throughout his academic
session that what it should be & how should it be
completed. It is definitely a keen desire of every
student to full fill his requirement. It needs
through study untiring efforts, hard work with full
devotion towards the cause and last but not the
least proper guidance and corporation from seniors
and instructors.
We extend our gratitude to “Sir Salman Masood”
whose guidance throughout the project and
broadened vision by his ample experience and
served as a lighthouse in this incredible venture for
completion of the project.
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Table of Contents
1. Stock Exchange ..................................................................................................................... 6
2. Role of Stock Exchange ....................................................................................................... 6
3. LSE (Guarantee) Ltd ............................................................................................................. 7
4. Management of LSE (Guarantee) Ltd ............................................................................... 8-9
5. Terms used in Stock Exchange ..................................................................................... 10-12
6. Types of market .................................................................................................................. 13
7. Stock market charts ............................................................................................................. 13
7.1 The Volume Bar ............................................................................................................ 14
7.2 The Low and High Value Indicator .............................................................................. 14
7.3 The Open and Close Marker. ....................................................................................... 14
8. Stock Analysis .................................................................................................................... 14
8.1 Fundamental Analysis of Stocks .................................................................................. 14
8.2 Technical Analysis of Stocks in the Stock Market ...................................................... 14
8.3 Index Method ............................................................................................................... 15
8.4 Comparative Analysis of Stocks .................................................................................. 15
8.5 Stock Analysis Software .............................................................................................. 15
8.6 Online Stock Analysis .................................................................................................. 15
9. Capitalization of Lahore stock exchange Guarantee Ltd .................................................... 16
9.1 Advisory $ Arbitration Committee .............................................................................. 16
9.2 Arbitration Committee ................................................................................................. 16
9.3 Defaulters Committee ................................................................................................... 16
9.4 Audit Committee .......................................................................................................... 17
9.5 Human Resources Committee....................................................................................... 17
9.6 Investment Committee ................................................................................................. 17
10. Working of Lahore Stock Exchange Guarantee Ltd ........................................................... 18
10.1 Shares .......................................................................................................................... 18
10.1.1 Selling of shares .......................................................................................... 18
10.1.2 Why do companies issue shares? ................................................................. 18
10.2 Various ways of becoming a shareholder .................................................................. 18
10.2.1 Initial Public Offering (IPO) ........................................................................ 18
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10.2.2 Right Issues ................................................................................................. 18
10.2.3 Trade Market ............................................................................................... 18
10.2.4 What happens once you are a Shareholder? ............................................... 18
10.3
Important Consideration for Investors .................................................................... 19
10.3.1 Why do investors buy shares? ..................................................................... 19
10.3.2 Risks and rewards ........................................................................................ 19
10.3.3 How to invest? ............................................................................................ 19
10.3.3.1 How much money can you afford to invest? ............................... 19
10.3.3.2 How Do You Want to Invest? ...................................................... 19
10.3.3.3 Finding Share Price ....................................................................... 20
10.3.3.4 Finding the Company.................................................................... 20
10.3.3.5 Consider the Company's Size ....................................................... 20
10.3.3.6 Consider the Company's History .................................................. 20
10.3.3.7 Consider the Company's Product or Service................................. 20
10.3.3.8 Consider the Company's Earnings ................................................ 20
10.3.4 How to Increase Earnings per Share ............................................................ 21
10.3.4.1 Invest for the Long Term .............................................................. 21
10.3.4.2 Invest Wisely ................................................................................ 21
10.3.4.3 At Least Consider Compounding Your Investment...................... 21
10.3.4.4 Invest Regularly ............................................................................ 21
10.3.4.5 Advice or Own Decisions for share dealing ................................. 21
10.3.5 Registration process of new investor ........................................................... 21
10.3.6 How to trade? .............................................................................................. 22
10.3.6.1 How to Find the Right Stock Market to Do Trade With............... 23
10.3.6.2 Trading and Settlement System ............................................... 23-24
10.3.7 How price of stock determined ............................................................... 25-26
10.3.8 Listing at the LSE ........................................................................................ 26
10.3.9 Process of transaction .................................................................................. 27
10. Lahore stock exchange Guarantee Ltd in 2011................................................................... 28
11. Future Outlooks of Lahore stock exchange Guarantee Ltd ................................................ 28
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1. STOCK EXCHANGE
A stock exchange is an institute which provides stock brokers and traders an opportunity to trade
stocks and other securities. The main purpose of stock market is to enable the buyers and sellers
to exchange securities. It is simply a market that is designed for the sale and purchase of securities
of corporations and municipalities. At first, stock exchanges were completely open. Anyone who
wished to buy or sell could do so at a stock exchange. However, to make stock exchange more
effective, membership became limited to those in clubs and other associations. Today,
professionals who have a seat at the exchange are the people who trade at the exchange.
Stock markets affect the entire economy and encourage investment. In the United States, larger
cities including Boston, New York, Philadelphia, Denver, Chicago, Los Angeles, and San
Francisco all have stock exchanges. Major cities across the world also have exchanges of their
own. Not all stocks are listed on exchanges. Some are sold on the so-called over-the-counter
market, which means that they are sold and bought directly by brokers. This method of buying
became especially important during the early 1980s (E estockwise).
2. Role of Stock exchange




The stock exchange admits companies for trading at their securities.
It provides a market for raising capital by companies.
It provides a market place for shares of listed public companies to be bought and sold by
bringing companies together at one place.
The exchange’s role is to monitor the market to ensure that it is working efficiently, fairly
and transparently.
However in Pakistan three Stock Exchanges are working;



Karachi Stock Exchange (Guarantee) Ltd.
Lahore Stock Exchange (Guarantee) Ltd.
Islamabad Stock Exchange (Guarantee) Ltd.
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3. LAHORE STOCK EXCHANGE (GUARANTEE) LTD

The Lahore Stock Exchange was incorporated as a company Limited by Guarantee under
the Companies Act 1913 on 5th October, 1970 and is the second largest stock exchange in
the country with a market share of around 12-16% in terms of daily traded volumes. In the
first General meeting of the Board of Directors held on the same day, it was decided that
the Exchange will commence its working by December 1970. It was the third Exchange in
the country after Karachi and Dacca. The 1st Registered office of Lahore Stock Exchange
(G) Limited was located at 17-Bank Square, Lahore.

Activities of Lahore Stock Exchange (LSE) have increased significantly in all operational
areas since its beginning. Over the years, LSE has successfully met various challenges and
has now emerged and positioned to aggressively compete with its fellow Exchanges,
contributing towards the growth of Capital Markets in Pakistan (Lahore Stock Exchange).
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4. Management of Lahore stock exchange Guarantee Ltd
NAME
1. Mr. Aftab Ahmad Khan
2. Mr. Aftab Ahmad Ch.
3. Mr. Farid Malik, CFA
4. Rana Naveed Ahmed
5. Mr. Khurram Zafar
6. Mr. Ammar-ul-Haq
7. Mr. Jahanzeb Mirza
8. Engr. Mazhar Rafiq
9. Mirza Ejaz Ullah Baig
10. Mr. Naeem Anwar
11. Ms. Bushra Naz Malik
12. Mr. Muhammad Masud Akhtar
13. Mr. Mumtaz Hussain Syed
DESIGNATION
Chairman
Managing Director / CEO
Chief Strategy Officer / Chief Operating
Officer (General Manager)
Chief Regulatory Officer / Acting Secretary
Chief Information Officer
Elected Director
Elected Director
Elected Director
Elected Director
Elected Director
Nominee Director
Nominee Director
Nominee Director
Mr. Aftab Ahmad Khan, Chairman:
Mr. Aftab Ahmad Khan is a Fellow Member of the Institute of Chartered Accountants of
Pakistan. He has diversified professional experience of over 40 years. Presently he is on the Board
of a Commercial Bank, Textile, Paper, Energy and Hotel/Tourism sectors of various companies.
As a Group Director (Finance & Accounts) he looks after financial and strategic planning and
investment appraisal for the Group. He also served in public Sector Organizations including
Punjab Industrial Development Board dealing with Ghee, Sugar and Rice Milling etc. He also
practiced in Chartered Accountants Firms at various positions.
Mr. Aftab Ahmad Ch., Managing Director / CEO:
Mr. Aftab Ahmad Ch has been the Managing Director/CEO of the Lahore Stock Exchange (G)
Limited since October 2010. During the earlier capital market assignment, Mr. Aftab served as
the Managing Director/Chief Executive Officer of Islamabad Stock Exchange, Pakistan. Mr.
Aftab has also been involved with the Board level work related to the system designing &
implementation of the domestic nationwide structure for the Securities Clearing and Settlement
Company, as well as for the regulatory and product development related work at the Board level
for the operations of the only commodity exchange in Pakistan. In the recent past, Mr. Aftab has
also served on the Board of Directors of other capital market institutions in Pakistan such as M/s
JCR-VIS-a leading independent corporate credit rating agency in Pakistan, and the Institute of
Capital Markets. Mr. Aftab holds an MBA degree from Nicholls State University, Thibodaux
(LA), USA, and has also attended Executive Management Program at the Stanford University,
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USA. He has also attended many other securities market related programs both at home and
abroad.
Mr. Farid Malik, CFA:
Mr. Farid Malik heads the Strategy and Operations functions of the Exchange. He has over 15
years of work experience and has worked on a number of infrastructure developments (IPPs),
project finance, and corporate finance, regulatory, administrative and operational assignments
both in Pakistan and abroad. Mr. Malik has a rich background of the securities/ capital market
industry having previously worked at LSE and the Securities and Exchange Commission of
Pakistan. Mr. Malik is a graduate of the London School of Economics and a Chartered Financial
Analyst (CFA) Charter-holder since 2001. He has also attended a number of international and
local management courses, seminars and workshops. Additionally he also currently serves on the
Board of the Privatization Commission and as an addition Faculty Member at Suleman Dawood
School of Business - LUMS. He is representing LSE on the Board of Directors of Pakistan Credit
Rating Agency Limited.
Rana Naveed Ahmed, CRO
Rana Naveed Ahmed joined LSE in 1992 as Assistant Secretary. He started his work as Secretary
of the various Board Committees in addition to handling Investors' complaints. He has been the
ISO Coordinator and prepared the Quality Manual and relevant documents/procedures for ISO
9001 certification of LSE. He was promoted as Manager Company Affairs in 2006 and dealt with
the new listings and enforcement & compliance of Listing Regulations. In the year 2011, he was
appointed as CRO / Acting Secretary. He holds Master Degree in Commerce from Hailey College
of Commerce, University of the Punjab. He has worked as a member of project team of the study
project on "Strengthening Stock Exchange Listing Regulations in Member Countries", undertaken
by South Asian Federation of Exchanges (SAFE) and has visited the Stock Exchange of Mauritius
in 2003. He has also attended various courses/conferences on HR management, Corporate
Governance and Corporate Affairs. Before joining LSE, he worked for 2 years in Daily Jang as
Accounts Assistant.
Mr. Khurram Zafar, CIO
Mr. Khurram Zafar heads the Technology Services Division entrusted with maintaining LSE's
position in the national capital markets landscape as a technology innovator. Prior to joining LSE,
Mr. Zafar worked for Beacon house National University as a visiting faculty member and giving
the spirit of entrepreneurship in BNU's graduating BSc Honors students. Before his period in the
field of academia, Mr. Zafar was Co-Founder and Chief Technology Officer at Insight
Technologies, Inc and Epiance, Inc - both Silicon Valley based software product companies with
operations in Pakistan and India respectively (Lahore Stock Exchange).
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5. TERMS USED IN STOCK EXCHANGE
1. “Agent” means, a securities firm is classified as an agent when it acts on behalf of its
clients as buyer or seller of a security.
2. “Bid” means, the highest price a buyer is willing to pay for a stock. When combined with
the ask price information, it forms the basis of a stock quote.
3. “Board” means, “Board of Directors of the Lahore Stock Exchange (Guarantee)
Limited”.
4. “Broker” means, “Any member of the Exchange engaged in the business of executing a
transaction in securities for the account of others and for his own account and is
registered with the Commission under the Brokers and Agents Registration Rules, 2001.”
OR A Stock exchange has been an association of individual members called member
brokers these brokers are formed to regulate and facilitate the trade of securities.
5. “Capital Growth” means, the way in which shares differ from deposit accounts. The
principal amount of money you put in a bank or any fixed income savings scheme always
stays the same e.g. if you start with Rs. 100000 /- you will always have Rs. 100000/(other than any interest earned) changes in value according to the performance of the
company. With good management, the value of your investment in shares of a company
can grow over time so that your shares are worth more than you paid for them.
6. “Capital stock” means, all shares representing ownership of a company, including
preferred and common shares.
7. “CDS” means, Electronic book-entry transfer of securities i.e. CDS has been set up to
eliminate physical transfer of securities. This new book-entry system is in line with the
international practice and has replaced the manual system of physical handling and
settlement of shares at stock exchanges. Within the CDS, transfer of shares from one
client to another takes place electronically. The CDS is managed by the Central
Depository Company of Pakistan Ltd, which has been sponsored by the stock exchanges
and leading local and financial institutions. Presently, 97 % of settlements are routed
through CDS. Investor Account Services have been introduced in order to facilitate
individual investors to maintain their account directly with the CDC.
8. “Clearing Company” means, “the National Clearing Company of Pakistan Limited”
9. “Clearing House” means the Clearing House of the Exchange.
10. “Closing Price” of a security in this market means the price as prescribed under
Regulations Governing Risk Management of Lahore Stock Exchange (Guarantee)
Limited, as amended from time to time.
11. “Commission” means, “Securities and Exchange Commission of Pakistan”.
12. “Common stock” means, Common stock is the most basic kind of stock that a company
can produce. Owning common stock from a company means that the stockowner owns a
piece of the company. This ownership can be executed through his voting rights: one
share, one vote. Proprietors of common stock can choose the members of the board and
even decide determined policies. Besides the voting rights, there are occasions in which
common stock owners have preventative rights. These rights permit common stock
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owners the possibility of owning the same percentage of the company in case the
organizations produce new stock. So, any common stock owner can buy, if he chooses to
do so, an additional percentage of stock in order to maintain his level of ownership of the
corporation. Finally, common stock owners can receive dividends for their shares. If the
board of directors approves common stock dividends, a determined amount of money is
distributed among the thousands of people who have bought common stock.
13. “Preferred Stock” means has additional benefits.
Convertible Preferred Stock. In this kind of stock, the stock owner has the option of
converting his preferred stock into common stock at a determined price.
Perpetual Preferred Stock, where the owner of the stock hasn't a set date for receiving
their invested capital. The dividends on this type of preferred stock simply accumulate
over each other until the board of directors makes a decision.
Distribution of Preferred Stock
 Maybe the most important one is that the dividends obtained by a company are
distributed, first, among owners of preferred stock. But, there is an additional plus.
 In case the company goes through a process of insolvency or bankruptcy, the first
stockowners who are going to receive a payment for their shares are the ones who
own preferred stock.
Difference between Common Stock and Preferred Stock
 Dividends paid by preferred stock are much bigger than the ones paid by common
stock.
 Preferred stock owners receive pre-defined payments, while common stock owners
depend on the decision of the board of directors.
 As a consequence, preferred stock owners can use their shares as a fixed-income
security.
14. “Contract Multiplier” means, “the number of underlying shares in the contract,
Currently fixed at 500. The contract multiplier is subject to change when adjustments are
made with respect to corporate actions.”
15. “Contract” means, “Standardized Cash-Settled Stock Futures Contract”.
16. “CSF Market” or “Market” means, “the market where Cash Settled Futures Contracts
are traded.”
17. “Daily Settlement Price” means the Closing Price in the Cash-Settled Futures Contract
Market.
18. “Dividend Stocks” means, Dividend stocks are those stocks that pay a yearly dividend or
cash amount in addition to having an inherent buying and selling value. Having high
dividend stocks means that you make money each year that a company profits.
19. “Exchange” means, “The Lahore Stock Exchange (Guarantee) Limited”.
20. “Final Settlement Price of a scrip” means, “The average bid/ask quote of the scrip in
the Ready Market which would be calculated as a ratio of A/B where “A” equals the sum
of market bid and ask prices taking the best bid and best ask price of the scrip during each
one minute interval for last two hour trading on the last trading day of the Contract or
where no trading takes place on that day, the immediate preceding trading day. “B” equals
the total number of bid and asks prices sampled i.e. 240. The final settlement price thus
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arrived at shall be rounded to the nearest paisa per unit or other such amount per unit
determined by the Exchange”.
21. “Free-Float” means, “the number of shares readily available for sale as determined by
the Free-Float methodology recommended by the Board from time to time and approved
by the Commission.”
22. “Index” means, Stock exchange index shows “Trade of shares” of top companies.KSE
100 INDEX shows the trade of shares of top 100 companies in market. LSE 25 index
shows the top 25 companies’ shares.
23. “Stock Index” means, Stock index uses a set of stocks that are representative of the
whole market, or a specified sector to measure the change in overall behavior of the
markets or sector over a period of time.
24. “Listing” means, Listing means formal admission of a security to the trading platform of
a stock exchange, invariably evidenced by a listing agreement between the issuer of the
security and the stock exchange.
25. “Member” means “Member of the Exchange.
26. “Open interest in a Scrip” means, “the total number of Contracts, of a Broker and his
clients, of a scrip that have not been offset and closed at any point in time by an opposite
transaction. For calculation of open interest only one side of the Contracts is counted.”
27. “Open Position in a Scrip” means, “the sum of long and short positions of a Broker and
his clients at any point in time in a Contract for that scrip”
28. “Share” means, the smallest recognized fraction of ownership in a publicly held business.
Each such fraction of ownership is represented in the form of a certificate known as a
share certificate. The breaking up of total ownership of a business into small fragments,
each fragment represented by a share certificate, enables them to be easily bought and
sold.
29. “Stock Ticker” means, The stock ticker, or the stock market ticker, as it is widely known,
shows the current prices of stocks, shares, bonds, and mutual funds in a multimedia or
dynamic format. Stock tickers are used in many financial institutions, where traders use
the financial information they see to make investment decisions. Tickers also used on
news programs and many investment programs to show investors how stocks and shares
are doing. Online, a number of web sites use tickers so that online audiences can see how
their shares and stocks are doing. Basically, stock market updates are available in ticker
format wherever there are investors and interested parties watching. There are even
television stations that offer nothing but a running feed of market prices! You can use a
ticker to get the latest stock market quotes. This can help you with stock trading and can
help simplify stock picks for you. To use an example, let's say that you are interested in
buying shares in a national company. You decide that you want to buy them as cheaply as
possible so that you can invest in as many shares as possible. By watching a ticker on the
news or online, you can see the exact moment when the stock prices begin to fall and can
use that moment to buy your stock. This allows you to buy at the most advantageous time.
Conversely, if you want to sell stocks or sharers, you can simply wait until you notice
prices begin to float upwards before selling. A ticker quite simply can help you make the
right financial investment decisions and can help you buy stocks inexpensively and sell
them for as big a profit as possible (Lahore Stock Exchange).
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6. Types of Market
1. Bear market.
2. Bull market.
Bear market: Bear market is one where prices are falling.
Bull market: Bull market is one where prices are rising.
These terms gives a general impression of how the market is doing. The stock market is affected
by many economic factors. High employment levels, strong economy, and stable social and
economic conditions generally build investor confidence and encourage investors to put their
money in the stock market. Often, this can boost bull markets. Also, new technologies and
companies that encourage investors to put their money in stocks can create bull markets. For
example, in the 1990s, the dot com craze encouraged many investors to put their money in stocks
that they felt would keep increasing. In some cases, a bullish market is simply self-perpetuating.
Since the market is doing well, it only encourages investors to invest more money or to start
investing. On the other hand, discouraging economic or social political changes in a society can
push the market down. Sudden instability or unemployment or even fears of unemployment
caused by wars and other problems -- can start to make investors more traditional and therefore
lead to bear markets. Of course, again this becomes a self-perpetuating trend. As the economy
slows down, companies begin downsizing. Increased unemployment makes people far less willing
to put money on the stock market. Sometimes, a fear caused by terrible predictions about the
market can also create bearish conditions.
7. Stock market charts
Stock charts are helpful tools needed by every stock market investors. These charts aim to help
stock market players in their investments by showing them the graphical trends of a certain stock,
mutual fund, or index they would like to put their money on. Free stock charts are also available
on internet. Predicting the trends of the highly unstable stock market is always a challenge to
experts. In fact, there are a lot of tools developed to accurately forecast the future of stocks. Stock
charts are simply one of the many tools that are devised and are being continuously improved on
to give all investors a good estimate of what a particular day in the stock market holds for them.
The stock market is a very huge market. Its players come from the different places of the world.
In this way not just one currency is used in dealing. The usual stock market charts created are the
OHLC charts. OHLC means Open, High, Low, Close chart. These charts are further classified
into two - the plain vanilla and the candlestick chart. These charts contain basic information such
as the time frame, which could be in months, days, hours, or even minutes, the high and low
values of the period, the opening and closing price, and the volume story of the stock. You can get
both regular and 3D stock charts over the Internet. Some of them are offered for free, while others
can be availed of for a minimal fee. They may come in different variations, but basically, they all
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follow the same idea. Reading these charts seems hard, but once you understand what each figure
represents, everything else comes easy. One can read stock charts simply by following steps:
7.1 The Volume Bar. Usually, there are two vertical lines in stock index charts. One will
appear at the bottom and the other will be located a few notches above it. Most of the
time, there is a line at the lowermost part of the chart that corresponds to the one
above. The lower bar signifies the volume of the stocks at a given point.
7.2 The Low and High Value Indicator. The vertical bar on top of the volume bar
indicates the low and high values. The top part of this short bar signifies the high value
and the bottom part of the bar is the low value. Several bars maybe scattered across the
chart so just look at what figure the bar corresponds to in order to determine the right
numerical figure.
7.3 The Open and Close Marker. On some stock trading charts, the bars appear short
and fat with a thin line inside it. The thin line is usually called wick, because the figure
now looks like a candle, judging from its form. The thin line or the wick signifies the
low and high values, as explained above. Now the fat line, which also looks like a
short bar covering the thin line, indicates the open and close values. To differentiate
the open from the close, the bar is shaded. If the bar is colored, then that means that
the open is the value indicated by the top of the bar and the close is the bottom value.
If on the other hand, the bar is hollow, it means that the close is higher than the open.
There are different types of charts you will encounter in the stock market world. But these are the
basics. Some charts are presented in a more understandable form like a bar graph or a line graph.
But once you know what the figure signifies, interpreting the data becomes easier.
Just keep in mind that these stock market charts can only serve as guides in your investment
activities. They are by no means an accurate indicator of what the future of stock market is going
to be.
8. Stock Analysis
Regular stock market analysis can ensure that you make the most of your money and minimize
your risks. While some investors use fundamental analysis while others use stock market
technical analysis or stock technical analysis to evaluate their stocks. And for this we will see
some techniques and use of software.
Techniques used In Analyzing Stocks: Stock analysis is complex and there are several
techniques are used by investors and financial experts.
8.1 Fundamental Analysis of Stocks: In this type of analysis, investors analyze stocks by
investigating the financial statement of companies releasing stocks. There are many types of
fundamental analysis, including the CANSLIM fundamental method, which analyzes stocks by
looking at companies that offer heavy buying demand and good earnings growth. However in
CANSLIM “C” represents Current quarterly earnings per share, “A” represents Annual earning,
“N” represents New things, “S” represents Shares outstanding, “L” represents Leader, “I”
represents institutional sponsorship, “M” represents General market.
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8.2 Technical Analysis of Stocks in the Stock Market: In this type of analysis, investors study
price action on the stock market by the use of quantitative techniques and charts. The purpose of
this type of analysis is to forecast overall price trends. A company's financial statements are less
important in this type of analysis. Investors using technical analysis often use the advance-decline
line, a tool that determines the difference between the number of stocks dropping in price and the
number of stocks rising in price. Investors can create a net advance by subtracting total number of
dropping prices from total number of advancing prices. Over time, the total creates the advancedecline line. This line often parallels the movements of the Dow Jones index (is one of the largest
business and financial news companies in the world. The firm was founded in 1896 by Charles
Dow, Edward T. Jones and Charles Bergstresser) But financial experts have noted that when there
is a discrepancy between the Dow Jones and the advance-decline line (When this index is plotted
on a chart, it is known as the "advance/decline line"), that is a good indication of a changing
direction in the market.
8.3 Index Method: In this type of analysis, investors value their portfolios by trying to create
diverse investment strategies. The investment portfolio is weighted by market capitalization. In
this type of analysis, investors try to find ways to minimize taxes, maximize the general trend of
the stock market, and makes diverse investments. Analysis aims to find the most diverse portfolio
strategy possible.
8.4 Comparative Analysis of Stocks: In this method of analysis, investors compare different
stocks, trying to figure out which stocks are yielding more profit and which stocks are most likely
to offer profit in the future. The advantage of this type of analysis is that investors will figure out
which of their stocks are truly performing and which are not. This could make it easier when
deciding which stocks to buy and which to sell. However, comparative analysis that does not take
into consideration overall market conditions can go wrong, as it can give a vague view of the
stock market portfolio in the context of the market.
8.5 Stock Analysis Software: Software such as Churr™ Software's Portfolio Analysis Review
and TIPs (Trend Identification Parameters) offers customers -- even the beginner investor -- a way
to do stock analysis from their own home without extensive research. These programs often
promise to run several types of stock market analysis to determine both long-term and short-term
stock investment options. In many cases, these programs are excellent ways to begin analysis, as
they make information about stocks readily accessible even to those who know little about stock
market.
8.6 Online Stock Analysis: Online investment analysis tools, such as Tradetrek.com, offer
analysis tools. These tools allow investors to input stock information and get detailed information
about short-term and long-term forecasts, as well as advice about possible investment
opportunities. Online analysis is quick, inexpensive, and simple. It helps even the beginner
investor understand their stock market portfolio and can result in better investments. Stock
analysis does not have to be complicated. Online computer stock market analysis helps to do the
necessary research and thereby help stock decisions in a simple and logical manner. If you've
always been confused about how to select stocks, stock options, and other securities, you may
simply not be doing enough analysis of your portfolio and overall market trends. Analysis on the
market, companies you've invested in, and your stocks can help you determine whether you need
to buy, sell, or hold (Lahore Stock Exchange).
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9. Capitalization of Lahore stock exchange Guarantee Ltd
There are approximately 853 listed companies in Lahore stock exchange Guarantee Ltd
Committees and their members
9.1 Advisory $ Arbitration Committee
(Under General Regulation N0. 24)
Members:
1. Rana Naveed Ahmed-CRO-Convener
2. Mr. Ahmed Naeem, Nominee Director, Reliance Capital (Pvt.) Ltd.
3. Mr. Javaid Iqbal, Nominee Director, Javaid Iqbal Securities (Pvt.) Ltd-Convener.
4. Mr. Afzal Rahat, Nominee Director, Rahat Securities Ltd.
5. Mr. Asif Baig Mirza, Nominee Director, ABM Securities (Pvt.) Ltd.
6. Dr. Moatsim Billah, Nominee Director, Techno Fundamental Securities (Pvt.) Ltd.
7. Mr. Naeem Anwar, Nominee Director, Maan Securities (Pvt.) Ltd.
8. Syed Hassan Abid Zaidi, Nominee Director, Escorts Capital Ltd.
9. Mr. Waseem Ahmed, Nominee Director, Fairway Securities (Pvt.) Ltd.
10. Mr. Mujahid Nadeem –Deputy General Manager.
11. Mr. Nadeem Asghar – Manager Member Relations.
12. Mr. Salman Ali Bukhari – Assistant Manager.
13. Mr. Barkat Ali Anjum – Assistant Manager, Media Relations
9.2 Arbitration Committee
(Under Article 134)
Members:
1.
2.
3.
4.
5.
Mian Tajammal Hussain.
Mr. Habib ullah Sheikh, Nominee Director, Habib ullah Sheikh (Pvt.) Ltd.
Khawaja Imtiaz Ahmed, Nominee Director, INA Securities (Pvt.) Ltd.
Syed Asim Zafar, Nominee Director, Zafar Securities (Pvt.) Ltd.
Dr. Yasir Mahmood, Nominee Director, Yasir Mahmood Securities (Pvt) Ltd.
9.3 Defaulters Committee
(Under Article 104)
Members:
1.
2.
3.
4.
5.
6.
7.
Mr. Javed Iqbal, Nominee Director, Javed Iqbal Securities (Pvt.) Ltd. – Convener.
Mr. Afzal Rahat, Nominee Director, Rahat Securities Ltd.
Mr. Asif Baig Mirza, Nominee Director, ABM Securities (Pvt.) Ltd.
Mr. Habib Ullah Sheikh, Nominee Director, Habib Ullah Sheikh (Pvt.) Ltd.
Khawaja Imtiaz Ahmed, Nominee Director, INA Securities (Pvt.) Ltd.
Mr. Omar Khalil Malik Nominee Director, Networth Securities Ltd.
Mirza Ejaz Ullah Baig Nominee Director, Capital Vision Securities (Pvt.) Ltd.
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9.4 Audit Committee
Members:
Ms. Bushra Naz Malik – Convener.
Mr. Ammar-ul-Haq, Nominee Director, Al-Haq Securities (Pvt.) Ltd.
Mirza Ejaz Ullah Baig Nominee Director, Capital Vision Securities (Pvt.) Ltd.
Mr. Mumtaz Hussain Syed.
Mr. Omar Khalil Malik, Nominee Director, Networth Securities Ltd.
1.
2.
3.
4.
5.
9.5 Human Resources Committee
Members:
Mr. Mumtaz Hussain Syed – Convener.
Mr. Ammar-ul-Haq, Nominee Director, Al-Haq Securities (Pvt.) Ltd.
Ms. Bushra Naz Malik.
Mr. Jahanzeb Mirza, Nominee Director, S.D. Mirza Securities (Pvt.) Ltd.
Engr. Mazhar Rafiq, Nominee Director, M.R. Securities (SMC-Pvt.) Ltd.
1.
2.
3.
4.
5.
9.6 Investment Committee
Members:
1.
2.
3.
4.
Engr. Mazhar Rafiq – Convener.
Mr. Aftab Ahmed Ch., MD.
Mr. Ammar-ul-Haq, Nominee Director, Al-Haq Securities (Pvt.) Ltd.
Mr. Mumtaz Hussain Syed (Lahore Stock Exchange)
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10. Working of Lahore stock exchange Guarantee Ltd
10.1 Shares:
Once the shares are brought and transferred in your name will be entered in the company’s share
register, which will entitle all the benefits of share ownership including the rights to receive
dividends, to vote at the company’s general meetings to receive the company’s reports. An
investor can own shares in an electronic book-entry form at the central depository company
(CDC).
10.1.1 Selling of shares: If you decide to sell your shares you will need to deliver
share certificate to the broker in time for the transaction to be completed.
10.1.2 Why do companies issue shares? Companies issue shares to raise money from
investors. That money is used for the development and growth of businesses of
companies. A company can issue different types of shares such as ordinary shares,
preference shares, shares without voting rights or any other shares as are permissible
under the Law. These gives shareholders a stake in the company’s equity as well as
share in its profits, in the form of dividends, and a voting right at general meetings of
shareholders.
10.2 Various ways of becoming a shareholder:
10.2.1 Initial Public Offering (IPO): When companies offer shares to the general public
for the first time it is known as a flotation or an Initial Public Offering (IPO). These shares
can be bought directly from the company without paying stockholder’s commission. You
might see an advertisement in a newspaper from a company issuing shares or your
stockbroker might tell you about a company making an IPO. Simply fill in the share
subscription form and deposit the form along with subscription cheque in a branch of the
designated banks.
10.2.2 Right Issues: Right shares are issued when companies need to raise additional
capital to finance their new expansion projects or to meet working capital needs, etc. In
case of rights issues, the existing investors have the right to subscribe to these new shares
in proportion to their respective shareholdings.
10.2.3 Trade Market: The most common way of buying/selling in stock market is
through trading in the secondary Market. Through a stockbroker you can buy shares from
existing investors who wish to sell them and vice versa.
10.2.4 What happens once you are a Shareholder? There are several types of
shareholders: some are long term investors who simply put away their investments for
years while others trade frequently and keep a close eye on how their shares are
performing. You can check your shares’ performance in various ways. A daily indicator of
share price movements is available in many newspapers and also on website of the
relevant stock exchange. You may access this information directly or through your stock
19 | P a g e
broker/advisor. Informative articles about many companies are regularly published in
newspapers and investment magazines. Your stockbroker may also provide valuable
information. Some publish newsletters for their clients, reflecting their views on the
performance of selected companies. Annual reports of companies also contain useful
information. Some companies have shareholder relations departments, which can help
with factual information.
10.3 Important Consideration for Investors
10.3.1 Why do investors buy shares? Studies have shown that over a twenty-year span,
investment in shares has provided greater returns than most other forms of savings. Shares
can provide you with a regular stream of income through dividends as well as the potential
for your investments to grow in value. If the prices of shares go up, you can sell them for
more than you paid. This is called capital gain.
10.3.2 Risks and rewards: Buying shares can offer advantages over saving in deposit
accounts: your investment may increase in value besides paying you dividends. You share
the rewards when the company does well and the price of the shares goes up. But if the
company performs badly, the share price may go down and the value of your investment
will be reduced. Other factors, such as the performance of the stock market as a whole and
the general economic climate, may also affect the price of your shares. Investment in
shares is therefore investment in ‘risk capital’. The shareholder can be rewarded for taking
this risk and the potential return on your money can be higher than that on other
investments. You can reduce your risks with careful planning.
10.3.3 How to invest? If an investor wants to purchase the shares of a particular company,
he has to open an account with the brokers. In LSE it is required by the brokers that to
register with them you have to submit a minimum deposit of Rs 50000 with the brokers
which will be your capital and you will be able to buy shares from that money which you
have deposited with your brokers. Client can also purchase share on debt from their
brokers but there are certain conditions required by the SECP.
10.3.3.1 How much money can you afford to invest? Investment in shares does
not result in instant yields. Do not invest any money which you may need
immediately, since the price of shares can go up and down, it is advisable to keep
some money in a deposit account to meet your financial obligations, in the near
future. In this way you will not be forced to sell shares even at low price, if cash is
needed urgently.
10.3.3.2 How Do You Want to Invest?
There are various ways of participating in the stock market:
You can invest directly by purchasing shares through a broker. You may buy
shares in one company or you may spread your risk by investing in a number of
different companies to give you a ‘portfolio’ or collection of shares. You can
invest indirectly and through collective investment schemes such as open-ended
unit trusts and closed-ended mutual funds. This would reduce your risk further.
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10.3.3.3 Finding Share Price: The first thing you will want to do in researching
stocks is to look at stock prices and companies. You can easily find stock quotes in
your newspaper or on the stock tickers available on the news and on online
financial websites such as CNNMoney.com and Yahoo! Finance. The prices you
see per share can tell you how many shares you can buy with your budget. It is not
enough to just find a share to buy, however you will also want to find out as about
a company before you actually buy shares from the company. This is because
when you buy shares in a company, you buy part ownership of the company. The
company's reputation, business practices, and reliability can dramatically affect
your investment portfolio and your profits. Luckily, there are a few ways that you
can determine whether a company is worth investing in.
10.3.3.4 Finding the Company: Find out about the company by reading news
items about the company and by reading the company profile online. Also visit the
company's web site to read about the company.
10.3.3.5 Consider the Company's Size: A larger company may be more stable,
especially today, when larger companies tend to overcome smaller companies
easily. A large company such as IBM or Corel, for example, can buy computer
start-ups. If you want to invest in the long term, a smaller amount of shares from
larger companies may make sense. If you want a fast turn-around and faster profits
and are willing to take some risk, a smaller company may be right for you.
10.3.3.6 Consider the Company's History: How long a company has been in
business is a reflection of its overall stability. Consider that the majority of new
businesses close within a year and consider that companies with a long history
have withstood market depressions in the past also experience dealing with
problems and so may overcome them in the future as well. A company with a
history as a publicly owned company has also been satisfying investors long
enough to stay in business. A company's history of profits, popularity, and market
consistency is not a sure indicator of future success, but it is generally a good
guide.
10.3.3.7 Consider the Company's Product or Service: A company that offers a
good or unique product or service is likely to create demand which might result in
decent profits. When considering a company's product or service, be sure to
consider market position as well. Is the company a leader in the industry? In
general, companies offering quality products that lead the market are promise great
profits.
10.3.3.8 Consider the Company's Earnings: A company should enjoy consistent
growth in terms of earnings. These earnings should not only offer you good
dividends, but should also be enough to reinvest in the company for future growth.
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10.3.4 How to Increase Earnings per Share:
Once you have some shares in a company, you will of course want to make as great a profit as
possible from the investment. In general, there are not many things that you can do to increase
share price after all, share prices are determined largely by exchange and by market demand.
There are ways that you can increase your earnings on each share that you have.
Increasing your earnings on each share
Some of them are as follows:
10.3.4.1 Invest for the Long Term: If you buy shares only to sell them as soon as their
price increases, you stand to lose money on long-term increases in price. Most investors
suggest that you plan to keep your shares for a long time to let them accrue value.
10.3.4.2 Invest Wisely: If you choose shares haphazardly, you are unlikely to profit
them. Never buy in a panic or in a rush. Instead, consider all your purchases carefully well
in advance.
10.3.4.3 At Least Consider Compounding Your Investment: If you want to get
wealthy from shares, you need to compound your investment. This means that when you
get your dividends; reinvest them in more shares rather than spending. Over time,
reinvesting has been proven to dramatically increase profits.
10.3.4.4 Invest Regularly: You will make a lot more money by regularly investing just
$1000 than investing $10 000 once or twice in your life. The more you invest, the more
you stand to profit.
10.3.4.5 Advice or Own Decisions for share dealing: Investors can choose to make
their own share dealing decisions or take advice from a professional. Buying and selling
shares and tracking their performance can be time consuming but it is rewarding for those
who have the time to manage their own investments. Some investors deal with
stockbrokers directly while others prefer to use the services of professional managers who
have
discretionary
powers
to
manage
the
investment
portfolio.
10.3.5 Registration process of new investor:
1. Investor’s broker asks for minimum deposit or investment money and then sends the
documents to Nadra.
2. Nadra verifies your details (National Identity) tells whether you are a Pakistani National or
non Residential Pakistani.
3. A letter will be sent to the investor’s Bank for confirmations. After approval the
application will be sent to the CDC.
4. CDC (Central depository Company of Pakistan) after getting approval from CDC investor
can invest in the stock exchange.
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Investor Protection: You should always ensure that the stockbroker you choose is licensed by
the Securities and Exchange Commission of Pakistan (SEC) to trade. Prefer stock brokerage firms
with good track record. As a smart investor, you should know your rights and responsibilities and
should beware of the rules that govern your investments as well as the legal recourse available, in
case things go wrong. You can report abuse to the SEC, whose mission is to ensure the
development of a fair, efficient, and transparent securities and futures market. Although its main
function is regulatory in nature, the SEC has the ultimate responsibility to protect the investor
through market supervision and ensuring that its laws and regulations are complied with. Stock
exchanges are the frontline regulators; they must play a proactive role. Send all your complaints
in writing to the respective stock exchanges with full details, including the complainant’s name,
address and telephone number etc. In case you do not get a response to your complaint, please
contact the “Complaint Cell” in the SEC.
10.3.6 How to trade?
Investor
Broker
Stock
Exchange
Example:
ABC is an investor he wants to purchase 100 shares of company “Pace” he will ask his brokers to
purchase the shares. If the shares are under loss his brokers will warm him to not to invest in the
company “Pace” but the ultimate decision power is with the investor. If ABC wants to sell his
shares once again his broker will sell his shares in the stock market on his behalf.
Following are the ways by which investor can trade shares:




At best
Limit order
Stop order
Fill and Kill Order
At best:
At best orders are used by the vast majority of private investors in at the best option you direct
your broker to trade for you and instruct him to buy or sell shares for you.
Limit order:
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If you place a limit order you are asking your broker to buy or sell the stock at the price you
specified.
For example, have noticed that shares in XYZ have fallen to Rs 35 in the past few days and you
think they are worth buying at Rs 35. You could, therefore, ask your broker to buy the company’s
share if they fall below this level.
Stop order:
Stop order enables you to buy and sell shares in a specified range once a price you determine has
been reached and is a type of limit order.
For example, you want to sell your shares once the price has dropped below a predetermined level
you can place a contingent stop sell order.
Fill and Kill Order:
If you want to buy and sell the shares at the specified price you can place a fill or kill order. Your
order will either be “filled” if your broker gets a price matching your requirements or “Killed” if
the price cannot be matched at first attempt.
10.3.6.1 How to Find the Right Stock Market to Do Trade With
If you are just starting to invest your money, one of the best investments you can make is
quality expert advice. A full-service investment advisor can not only help you realize your
investment goals, but they can also help you actually invest your money. A good
investment professional can also help you avoid investment mistakes. In general, you will
want to select a market that has the stocks you want. If you want to invest in the
technology sector, you will want to select a market that offers a good selection of these
company stocks, for example. You will also want to select a market that offers you the
size of companies you want.
10.3.6.2 Trading and Settlement System:
LSE has introduced an electronic trading system to provide a fair, transparent, efficient
and cost effective market mechanism to facilitate the investors. The electronic system is
available with the brokers and this system can also be provided to the big investor in
Pakistan LSE is the first to introduce IT trading system, in which software “ULTRA” is
used.
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Offer Price Bid
Name
of No of shares
Company
Lotee
5000
Pakistan PTA
Price
shares
9.65
of No of shares
5000
Price
share
9.64
The trading system comprises of four distinct segments, which are:

T+3 Settlement systems;
per Lasy Rate
9.65
25 | P a g e



Provisionally listed Counter;
Spot transactions ; and
Future Contracts
T+3 Settlement systems:
In T+3 Settlement systems, purchase and sale of securities is done and the balance usually settled
among the parties on the third of the trade.
Provisionally listed Counter:
The shares of companies, which make a minimum public offer of 100 million, are traded on this
segment the shared of these companies are listed through CDC and placed on the T+3 counter.
Spot/ T+1 transaction:
Spot transaction means a delivery upon payment. Normally in spot transactions the trade is settled
within 24 hrs.
Future Contracts:
In future contracts purchase and sale of a financial asset is occur at some future dare at a fixed
price today.
10.3.7 How price of stock determined?
At the most fundamental level, supply and demand factor in the market determines stock price.
Some other factors of stock exchange also determine the stock price such as bull and bear.
Investing in a stock market instruments:
Following are the instruments that are being traded in stock exchange:



Buying funds.
Buying bonds.
Buying other investments.
Buying funds:
Buyers can also buy different types of fund and certificates. In order to purchase funds investor
has to buy directly through an independent financial adviser (IFA) or through a fund mutual fund
company or distributor. This IFA will help the investor to select and buy the right funds. IFA will
give personal recommendations after the research and will charge a fee for his advice or services.
Buying bonds:
You can buy Govt issued bonds, known as ‘PIBs’ simply through the commercial banks or a
stockbroker. Corporate bonds can only be brought through a stockbroker.
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Buying other investments:
An investor can also buy other stock market-related investments such as Exchange trade funds
(ETFs) or derivate products and all these investments are to be made through a stockbroker. The
costs of trading should be similar to what you pay for trading ordinary shares.
10.3.8 Listing at the LSE:
Following are the requirements for a company to list itself into LSE. All these requirements are
provided to us by LSE in there “Listing guide”.












For the purpose of listing at the exchange and to establish the public interest, the company
will be required either to issue new shares to the general public through publication of
“Prospectus”, thereby increasing its paid up capital, or to offer certain portion of existing
shareholding of an existing majority shareholder (willing to sell the same) to the general
public through publications of “Offer for sale of shares” document.
Minimum paid up capital requirement for listing of a company at LSE is Rs 200 million
after IPO.
The minimum public offer should be Rs 100 million of 25% of the paid up capital
whichever is higher in case of issue of Prospectus and whichever is less in case of issue of
offer of sale of shares document.
The company will also be required to arrange the appointment of followings:
o Advisor/Arranger/Consultant to the issue.
o Underwrites (if required under the companies issue of capital rules, 1996).
o Independent Registrar/ Computer Balloter
o Bankers to the issue
o Legal Advisor (if desirable)
o Auditor.
The Company will require joining Central Depository Company of Pakistan Ltd.
The Company will require filing a formal listing application as per format available at
website of the Exchange along with draft Prospectus/ offer for sale of shares document for
clearance.
The Company will be required to pay listing fees and furnish certified copies of document
as required under the listing regulations of LSE.
The Company will be required to meet the relevant requirements of the companies (Issue
of capital) Rules, 1996.
SECP’s clearance of publication of the prospectus/ Offer for sale document will be
required.
At least 500 applicants from general public school participate in the subscription.
After subscription, the company will be required to meet all the requirements for listing at
the Exchange under the listing Regulations.
The Company will be required to comply with the listing Regulations of LSE ongoing
basis after its formal listing (Scribd).
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10.3.9 Process of transaction:
The buying and selling of stocks at the exchange is done on an area which is called the floor. All
over the floor are positions which are called posts. Each post has the names of the stocks traded at
that specific post. If a broker wants to buy shares of a specific company they will go to the section
of the post that has that stock. If the broker sees at the price of the stock is not quite what the
broker is authorized to pay, a professional called the specialist may receive an order. The
specialist will often act as a go-between between the seller and buyer. What the specialist does is
to enter the information from the broker into a book. If the stock reaches the required price, the
specialist will sell or buy the stock according to the orders given to them by the broker. The
transaction is then reported to the investor. If a broker approaches a post and sees that the price of
the stock is what they are authorized to pay, the broker can complete the transaction themselves.
As soon as a transaction occurs, the broker makes a memorandum and reports it to the brokerage
office by telephone instantly. At the post, an exchange employee jots down on a special card the
details of the transaction including the stock symbol, the number of shares, and the price of the
stocks. The employee then puts the card into an optical reader. The reader puts this information
into a computer and transmits the information of the buy or sell of the stock to the market. This
means that information about the transaction is added to the stock market and the transaction is
counted on the many stock market tickers and information display devices that investors rely on
all over the world (estockwise).
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11. Lahore stock exchange Guarantee Ltd in 2011








LSE introduced Marginal Trading System (MTS) in line with international leverage
products.
Lahore Stock Exchange (G) Limited (LSE) launched the Securities Borrowing and
Lending Platform (SLB) developed for National Clearing Company of Pakistan Limited,
the SLB provides a prior arrangement of borrowing securities to cover the short sale under
the Ready Market scrips.
Member Relations Department (MRD) was setup to facilitate member related issues.
LSE also took the initiative to setup an independent Media and Public Relations
Department to enhance relations with public and media personnel.
Trainings and courses have been planned and carried out for the Capacity Building of
Members.
To bring transparency and timely settlement, all trades executed at Ultra Trade Platform
shall be settled through Automation of Securities Settlement Mechanism whereby
securities shall be moved in and moved out from perspective CDC Sub-Account
maintained with the CDC participant of the Brokerage House.
In 2009 SECP formed a committee to review the existing system of Debt Market. In light
of recommendations of Review Committee on BATS, the exchanges were directed to
enhance the existing interface of Bonds Automated Trading System, Removal of Circuit
Breaker, restriction of trade listed TFC, Disclosed Trading, Trade-to-Trade settlement,
closing price mechanism etc.
LSE has successfully completed its 40 years and looks promisingly ahead into the future
striving for continuous improvement and finer milestones.
12. Future Outlooks of Lahore stock exchange Guarantee Ltd





The prime objective of the Exchange for the upcoming years shall be a 100%
growth/value creation in the balance sheet size of the Exchange with a minimum of 20%
increase in the EVA (Economic Value Added) on year on year basis.
LSE Board has already allocated some budget for the establishment of a nationwide
association of stock brokers.
The Exchange would initiate and successfully complete the process of corporatization in
the near term (during one year). The process of full demutualization may be completed
during the medium term (1- 3 years) due to tough global economic conditions.
LSE is further determining to create a name for better investor's protection standards; to
exercise effective supervision over the listed sector and the market participants, to
continuously deliver value to its owners and stakeholders.
The future strategic activities of the Exchange would be divided into three broad
categories namely; the "Business Growth Strategy;" the 'Market Support Initiatives' and
the 'Branding/Servicing Strategy (Lahore Stock Exchange).
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REFERENECES
(n.d.). Retrieved October 18, 2011, from E estockwise: http://www.estockwise.com/legal/privacypolicy.htm
(n.d.). Retrieved October 18, 2011, from Lahore Stock Exchange: www.lahorestock.com
(n.d.). Retrieved October 18, 2011, from Lahore Stock Exchange:
http://www.lahorestock.com/#/LSE/Committees.aspx
(n.d.). Retrieved October 18, 2011, from Scribd: http://www.scribd.com/doc/46869797/StockExchange-Working-in-Pakistan?secret_password=qh6jb5ss60ag44icdna
(n.d.). Retrieved October 18, 2011, from estockwise: http://www.estockwise.com/legal/privacypolicy.htm
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