9,430
August 26, 2008
The KSE-100 index sunk even lower today with the market making a low of 9,384 and closing down at 9,430. It is the lowest close of the year (so far ) and the market is down nearly 1500 points (13.6%) since last Tuesday ! Investor confidence has been further shattered by the news of the coalition split and despite the market looking oversold, one could see 8700 soon. Talks currently are being held with the Saudis re: the $5-6 billion oil facilty against deferred payments. Its approval could give the market a much needed boost. Meanwhile Pakistan is now the 2nd worst performing market in Asia.
News : The Privatization Commission Board, which met here on Tuesday with Finance and Privatization Minister Naveed Qamar in the chair, decided that financial advisor for Oil & Gas Development Company (OGDC) would be directed to work out all options for privatisation of OGDC, including sale of shares, strategic sale with management control or assets sale including Qadirpur gas field on fast track basis, taking into account the observance of all steps strictly in accordance with the legal provisions….The Privatisation Commission has already finalised the schedule for privatisation of public sector entities during September-October 2008, which include Global Depository Receipts (GDR) of Kot Adu Power Company (Kapco) for its listing in the international capital market in October 2008, concluding the privatisation process of SME Bank in September 2008 and to hold bidding for the privatisation of 90 percent shares of Hazara Phosphate Fertilisers Limited (HPFL) with management control, Heavy Electrical Complex (HEC) and National Power Construction Company (NPCC) during September 2008….Aaj News
Market Low : 9,384.27 High : 9,892.37
Market Close : 9,430.29 – 383.37 points down
