Reaching new heights
By M. Bilal Aftab
It was all gains at the stock market during May 2003. Despite a few technical corrections during the month, the overall mood at the Karachi Stock Exchange (KSE) remained highly bullish in anticipation of improved corporate earnings across the board. 

A compromised version of tax-package
By Kaleem Omar
US President Bush introduced a tax bill holding a compromised version of tax-cut plan - a $350 billion package. He stated that the package is "good for American workers, good for American families." 

IN FOCUS
Dates industry
In almost all cultures and religions of the world, dates have special importance. For instance, in Muslims' holy book Quran, the fruit and its palm have been referred to more than 20 times. Even in other religions, dates are important on religious occasions like Christmas and Devali. 

Attractive features of the Islamic approach
The Islamic financial movement happens to be one of the unique features of twentieth century Islam. The fact that its rise coincided with the Muslim countries' coming out of colonial rule speaks volumes about its place in the Muslim psyche. It is much an expression of their distinct identity as any other symbol of independence, but there is a distinction no other symbol shares with it: It is meant for all. 

REFLECTION
Islamic economy guided by moral values
Research conducted by Muhammad Asif
An Islamic economy is a market economy guided by moral values. Economic activities are based on principles of cooperation and responsibility. Cooperation means that an economic exchange shall be beneficial to both parties involved. 

RATING ROUNDUP
Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
Adamjee Insurance Company Ltd.
Insurer Financial Strength (IFS) Rating AA-
ON RATING WATCH

SPOTLIGHT
WTO and Pakistani industry
By Yusuf H. Shirazi
By the end of 2003, Paksitan will be stipulqted to follow the WTO mandate. When applied, the bulk of Pakistani industry will be affected in one way or another. In response to the inevitable arrival of the WTO era, the government is promising industry protection to the business community.

SPECIAL REPORT
Leasing and home financing buyers beware
By Fuzail Zubaid Ahmad
A few days back, a friend came to my office on cab. I asked him where was his own car, he said that was stolen after he had paid off 24 out of 36 installments to a bank that he had leased the car from. 

Downsizing in banks and its remedial solution
By Mehmood-Ul-Hassan Khan
Downsizing is taking place in the public sector, private sector, non-profit businesses, health-care, education and government in the whole world. Business realities are making themselves felt throughout the corporate world. Decreasing margins, global competition and customer expectations are forcing the domestic banks and companies to look for ways to increase productivity. 

STOCK MARKET CONFIDENCE
NEWS - CresBank STOCK EXCHANGE CONFIDENCE BAROMETER
Standing at low
During December 2001, level of investors' confidence in the stock market remained low as compared to that prevailed during the preceding month. The News-CresBank Confidence Barometer for December was measured at 38 per cent on an aggregate basis. Despite dropping down from 47 per cent of November, the barometer managed to maintain the same category of 'very low to low'. A week-to-week analysis reveals that the barometer managed to go as high as 44 per cent, in the middle of the month. and dipped as low as 33 per cent toward the month-end, hardly float above the 'very low' category.

The Stock Market Confidence Barometer developed by Vital Information Services Pvt. Ltd. is a unique instrument that expresses in percentage the level of investors' confidence prevailing at the Karachi Stock Exchange taking into account each and every share transaction. The model electronically tracks the number of shares traded (adjusted for free float) at the KSE along with their respective prices, to find out the exact movement of investors' money. The investors place their funds world wide in other than safe-haven stocks when they are confident of the prevailing economic and political situation. On the other hand, when they are not so confident of the economic and political developments, they transfer their funds from those comparatively risky items to the safe-havens. This phenomenon is the foundation stone of this Confidence Barometer.
-- M. Bilal Aftab

CORP CORNER