HIGH AND LOW

The next colunms following "Buy"and "Sell" are entitled "high," meaning
high ffer (buy), and "low," meaningask (sell). The highis the highest the bid
rate has reached since 5:00 p.m. EST the previous days.

OPEN A DEMO TRADING ACCOUNT

You can obtain a demo trading account online at the PremiereTrade Web
Site. After you register, you will receive a user name password by E-mail.
Go to www.premieretradefx.com, and then Follow the tutorials.
After you have accessed your new dem account, follow the tutorials
for step-by-step instructions on how to begin placing practice orders.

ACCESS THE PREMIERETRADE WEBSITE

The premiereTrade Web Site is a very helpful resource. There you will find
special announcements, daily analyses, file or program downloads, online
lessons and tutorials, scheduled classes, and other useful information. to
access this area, go to the PremiereTrade Web Site at www.premiertrade.com

GETTING STARTED WITH A TRADING STATION

Access the PremiereTrade Web Site
Install and Run the Dealing Software
Open a Demo Trading Account
Dealing Rates Window
Open Positions Window
Multiple-Accounts Window
Order Window
Placing a Market Order
Placing a Stop/Limit on Open Position
Change Price on a Stop/Limit (Open Position)
Delete a Stop/Limit on Open position
Close an Open position
Placing an Entry Order
Change an Entry Order
Canceling an Entry Order
Reports
Customizing the Trading Screen
Trading Station Options

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WHAT ARE THE MEASURES OF MARKET PERFORMANCE

There are four indicators of market performance:

a) Market Capitalization

b) Value Turnover

c) Traded Volume

d) Composite Index

WHAT INFLUENCES MARKET MOVEMENTS

General investors' sentiment indicates the direction of the market movement. However, the over-all market sentiment is influenced by a number of factors - economic, political, fiscal, etc.

HOW DO OTHER ECONOMIC INDICATORS AFFECT THE MARKET

Interest rates, foreign exchange, inflation, growth rates - these are some other economic indicators, which affect the performance of the Stock Market. Favourable growth and inflation rates, as well as stabilized interest rates and foreign exchange, are good news for the stock market. They usually give a boost to the market performance as these indicate sound economic status. Soaring interest rates, on the other hand, usually push investors from the stock market to some interest-bearing investments, as they offer better returns than stock investing.

BOOK BULIDING PROCESS FOR NEW COMPANIES

Book Building is the process of price discovery and pricing a new share issue. The process by which an underwriter attempts to determine, at what price to offer an IPO based on demand from institutional investors for its efficient price discovery based on actual supply and demand by informed investors

THE INITIAL OFFERING OF STOCKS (IPO):

The initial offering of stocks and bonds to investors is by definition done in the primary market (IPO) and subsequent trading is done in the secondary market. Initial Public Offering (IPO) is the initial sale by a company of shares of its stock to the public in the financial market

WHAT ARE SHARES

Shares, as the name says, are shares in a limited company. Each shareholder is a partial-owner of the company in which they have bought shares and investors can buy and sell their shares on the stock exchanges. Companies on incorporation issue shares, (also called equities) and later perhaps when they are building up a business. The original shareholders might still own them, or they may have sold them to someone else through the stock market. If the company makes a profit, the shareholders normally have some of it passed to them in the form of dividends. The amount paid in dividends varies year by year, depending on how profitable the company has been and how much money the directors and the company management want to keep in reserve for future expansion.There are different ways in which you can participate in the stock market:

1. Directly: by buying and selling shares;

2. Indirectly: through a collective vehicle, in which shares are grouped together, such as a mutual fund or Exchange Traded Fu

WHAT IS STOCK EXCHANGE

A stock exchange, 

share market or bourse is an organization which provides "trading" facilities for stock brokers and traders, 

to trade shares of the listed companies and other financial instruments such as Term Finance Certificates and Derivatives.

 Stock exchanges also provide facilities for the issue (listing),

 redemption (delisting) of securities and other capital events including the payment of income and dividends.

 Karachi Stock Exchange (KSE) is a modern 

market where trading takes place with electronic trading system called Karachi Automated Trading System (KATS),

 which gives the Exchange advantages of speed and minimum cost of transactions. Trades on an exchange are by members only

HOW ARE SETTLEMENT AND CLEARING DONE

Clearing and settlement of all stock exchange transactions are provided by National Clearing Company (NCCPL),

 which acts as go between for KSE and Central Depository Company (CDC) which is the share depository company.

 Shares move between share-accounts held by the different participant-brokers of the Central Depository Company (CDC).

Stock market transactions are settled on the second day after the trade. Transfers are based on trades done at KSE.

 Shares are transferred on settlement date (T+2) to the buyer, and the buyer pays the seller through

 the clearing banks within the same settlement period. 

This means that transactions done on Monday must be settled by Wednesday.

 Settlements of accounts are done in the clearing house through National Clearing & Settlement System (NCSS),

 which is a fully automated electronic settlement system. 

Visit NCCPL website for further details regarding clearing and settlement

WHAT IS THE CENTRAL DEPOSITORY COMPANY (CDC)/CENTRAL DEPOSITORY SYSTEM (CDS)

The CDC is a company that operates an electronic share register called

 the Central Depositary System (CDS). 

The CDS eliminates the need for physical movement of share certificates. 

CDC electronically manages book entry system for custody and transfer of securities.

 CDS was introduced to replace the manual system of physical handling and settlement of shares

 at the stock exchange and is managed by the Central Depository Company (CDC), 

which is incorporated under the Central Depositories Act 1997. 

Investors can open their accounts directly with CDC called Investor

 Accounts or open sub accounts with a brokerage firm. It has also solved 

investor problems related to stock handling on the settlement date, 

registration of shares, and exercise of corporate action benefits.

 Visit CDC website for further details regarding shares safe keeping.

HOW CAN I BUY AND SELL SHARES

You can buy shares when a company first comes to market - 

that is at flotation or privatization; or you can buy them through 

the stock market once they are in circulation and being traded.

Companies which are about to issue shares often advertise in a daily newspaper.

 If you decide to buy these shares, you can seek more information from 

the company's website or you can fill up the application form at the affiliated bank or ask 

the company for a prospectus. Fill out the application form and submit it with your pay order, 

at the bank. There is nothing more to pay. Alternatively, you can go to a stockbroker who will buy them for you.

Most share dealings take place in what is called the secondary market. This is where existing shareholders sell

 and new investors buy.Today, buying shares is easy. You can buy and sell shares by making contact with 

a stockbroker, bank or investment adviser, either in person or over the internet or telephone.

WHAT IS THE MINIMUM AMOUNT OF INITIAL INVESTMENT

Some brokers may require a minimum initial investment to open 

an account depending on their requirement or may charge or waive 

other fees depending on the amount you initially invest.If you are 

just getting started with a small investment, look for an investment 

firm that would not penalize you based on the size of your investment.

The minimum amount of money needed to invest in the stock market depends

 on the minimum number of shares to be traded for the stock. The minimum 

shares will be determined by the prevailing market price of a particular 

stock, as each stock, the minimum number of shares to be traded is fixed, 

called the market-lot, which depends on the price range of the stock.The market

 lot is calculated biannually by NCCPL, keeping the lot size to 500-shares for 

scrip which are priced less than Rs. 50 and lot size of 100-shares for scrip priced above Rs. 50

WHAT ARE THE RISKS OF INVESTING IN STOCKS

While it is true, that stock investment is the most volatile of all securities, investors might well recall the fact that uncertainty, is a permanent feature of any investing perspective. This means that risk is always a part of any investment. A better attitude would be to limit and manage your risk. A maximum level of gain or loss should be set, and calculated decisions should be made when this level is reached.

WHY SHOULD I INVEST IN SHARES

Almost everyone worldwide has an interest in shares, whether they realize it or not. Millions of people around the world own shares directly. However, many millions more have an indirect stake in the stock market through pension schemes, life insurance policies, NIT units, and other mutual funds. All of these, invest in shares traded on the stock market.Today, increasing number of people own shares around the world, while many more invest in pension schemes, have an insurance policy, National Saving Schemes (NSS) or another form of collective savings invested in shares traded in stock markets.However, investing in shares is different from saving in a bank or National Saving Scheme. There is more risk - but there is the opportunity for better reward over the longer term. With deposit accounts, you earn interest on your capital. When you take your cash back, you get back exactly the same amount that you first deposited (plus the interest it has earned). With shares, you may receive dividends but when you sell those shares, you might get back more than you bought them for, which is your reward for taking a risk.Nevertheless, because shares can go up as well as down in value, it is important to understand that taking a risk means you might get back lesser than you had invested initially. You can minimize your risk by investing in different shares or a collective fund. There is, however, the possibility of greater rewards. Funds invested in equities in the long term (five or more years) have outperformed regular saving accounts.You should remember that saving through the stock market should be seen as a long-term investment. Historically, money invested in shares over the long term (ten or more years) has almost always outperformed regular saving accounts.Before investing in stocks and shares, you should understand your own financial position and what you hope to achieve with your investments. Your regular financial obligations should be protected and preparation should be made for unexpected expenses

WHAT ARE STOCK MARKET INDICES? HOW DO THEY WORK

KSE INDEX:The Karachi Stock Exchange KSE-100 Index is the bench mark for our market, it comprises of the top companies from each of the 34 sectors on the KSE, in terms of market capitalization. The rest of the companies are picked on market capitalization ranking, without any consideration for the sector to make a sample of 100 common stocks with base value of 1,000 in late 1991. There are two other indices; KSE-30 Index, which is based on free float capitalization of top 30 companies and KSE all shares Index which is based on full market capitalization of all listed companies at the Exchange.An index, a composite figure, becomes a benchmark index when you choose it as the standard against which to measure your own portfolio's performance over time. Many investors like to keep track of how companies are performing in general. When a company's share price moves up or down, it shows, whether it is perceived to be lucrative by the investors.Movements in share prices are measured by various indices. These provide a benchmark against which you can compare the performance of your shareholdings.The most quoted index is the KSE-100. It comprises of the 100 largest companies on the Stock Exchange and is updated minute by minute during trading hours. The index reflecting all the companies on the Stock Exchange is the KSE-All Share Index and the KSE-30 Index comprises of top 30 companies.Various investment companies have made their own indices to keep track of the performance of their portfolios. There are three major types of indices calculated to help private investors track the performance of their investment portfolios:

1) The Income Portfolio represents the performance of a portfolio designed to provide a regular flow of income.

2) The Growth Portfolio is for the investor seeking capital growth in his or her portfolio.

3) The Balanced Portfolio represents a balanced portfolio providing both capital and income.

The indices are made up of three broad types of asset: Pakistani equities, foreign equities, bonds and PIBs.