. .

The payout ratio of modarabas is reasonably higher than any other sector listed at the Karachi Stock Exchange but most of the certificates are still traded below their par value. Despite a long standing they have not taken their toll. Regulatory environment has not been conducive for the operations and growth of the sector. Most of modarabas are involved in leasing which does not provide any market niche or comparative advantage. It is an appropriate time to highlight the potential and problems faced by modarabas to enable them to play a role in revival of Pakistan economy.


Pakistan's trade deficit has been improved by 49 per cent in the first half of the current financial year. The improvement in trade gap was however the result of reduction in imports that may have an adverse effect on overall growth of the economy in the remaining half of the year. The reduction in oil imports estimated at around one billion dollar is the major contributor in reduction of trade gap.

Car and motor-cycle snatchings and thefts are costing the people of Karachi billion of rupees of losses every year. Despite the heavy presence of police and paramilitary Rangers at every nook and corner of the city 24,013 cars and 29,715 motorcycles were snatched or stolen in the city during January 1997 and January this year. Only half of the cars and quarter of the motorcycles were recovered while the rest still remain untraced. PAGE looks at the financial costs of the menace.

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