9,813 - Coalition Govt. splits
August 25, 2008
The Karachi Stock market fell further today , making a low of 9,741 and closed down at 9,813. Arsehole Nawaz has announced today that he would part ways with the coalition and that his party will sit in the opposition. All he has done in the last 5 months has been confrontational and is holding the system hostage for the sake of one CJ. If Nawaz was an honourable man , one could understand his efforts, but we all know that his plea is pharisaic as seen from his behaviour with the judicial system in the past. What effect the split will have on the market 2moro remains to be seen, probably negative initially, as there is no other good news at the moment.
Rumours are rife that the Govt. will sell Qadirpur, one the countries largest gas fields. The Privatization Commission is due to release some information on the matter soon.
Board Meetings for August 2008 : updated.
Dividends : NBP : EPS : 8.79 (6 months)
Arif Habib Bank Ltd : 11.11% Bonus EPS : 0.473
Mybank Ltd : 25% Rights EPS : 1.02
Agriautos Ind. : 20% cash + 20% Bonus : EPS : 11.55
News : The Privatization Commission Board is scheduled to meet on Tuesday to approve the PPP-led government’s aggressive privatization programme for the current fiscal year 2008-09…The significance of the meeting is that the government would announce privatisation status of important public sector enterprises (big-ticket items) such as the Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL), and the National Investment Trust Limited (NITL)….Qadirpur gas field’s privatisation is also on the cards that would help generate much needed foreign exchange of $3.5 billion for the government…. Daily Times
Market Low : 9,741.04 High : 10,068.37
Market Close : 9,813.66 – 180.49 points down
