10,919
August 20, 2008
The market opened up and made a high of 11,061 and closed lower at 10,919 after some profit taking set in. Volumes were relatively higher with 147.1 million shares traded. The KSE-100 index has now risen over a 1000 points in the last 3 days and could well correct 2moro.
It appears that Nawaz, like a spoilt child, has thrown a hissy fit & walked out of the coalition meeting threatening to quit the coalition unless his demand that the old CJ be restored. As he (NS) is such an arsehole, we would certainly be better off without him. That fact that opinion polls show that he is the most popular person in the country does not say a lot for us as a nation ! Foreign papers were quick to pick up on the fact that the coalition’s talks amounted to nothing as Nawaz is adamant that the judges issue is resolved on his terms. Perhaps they should remind their readers that this is a man who had the Supreme Court stormed by his thugs while PM several years ago, therefore all his sanctimonious bullshit about the judiciary seems absurdly hypocritical.
News : After the Real Estate Investment Trusts (REITs), the Securities and Exchange Commission of Pakistan (SECP) is offering another development in this regard with the introduction of Private Equity and Venture Capital Funds (PE&VCF)…To foster the growth of these investment vehicles in Pakistan, significant incentives have already been provided by the government on the fiscal side in the Finance Act 2008. These include tax-free status for the fund up to 2014 and reduced capital gains tax rate of 10 percent as against 35 percent on sale of assets and shares of a private company to a PE&VC Fund….The PE&VCF will be an unlisted closed-end unit-trust fund open only to high net worth individuals and institutions. The fund will provide equity for seed/start-up capital, expansion, buyout as well as turn around although primarily to private companies, however, it can venture into privatisation deals as well. The management company or the FMC will be an NBFC licensed by the Commission to undertake the PE&VC Fund Management Services with a paid-up capital requirement of Rs 30 million. The promoters, directors and key executives of the FMC will have to comply with the fit and proper criteria made part of these regulations by the Commission. The minimum fund size has been fixed at Rs 250 million. The minimum number of investors has been fixed at five with a minimum subscription amount of Rs 10 million per investor that can only be raised through private placement. The fund is not allowed to list and has a maximum fixed life of fifteen years…. Daily Times
Market Low : 10,719.62 High : 11,061.45
Market Close : 10,919.06 — 199.43 points up.
