6,953
June 15, 2009In the first session after the Budget for 2009-10, the KSE-100 index got bashed and closed down by a hundred points.
News : Habib Bank Ltd., Pakistan’s second-biggest by assets, withdrew from bidding for shares of RBS Pakistan. “Habib Bank conducted the due diligence,” it said in a statement to the stock exchange today. “After careful consideration, Habib Bank decided not to participate in the bidding.” It didn’t give a reason. MCB Bank Ltd., the biggest by market value, JS Bank Ltd., a Pakistani lender, and Orascom International Investment Holdings are competing for the business. RBS Pakistan formerly belonged to ABN Amro Holding N.V….Source : Bloomberg
Doubts over the ‘timing and nature’ of the external financing that Pakistan is banking on to cover its fiscal deficit need to be removed before any review of its lowly soverign credit rating can take place, an analyst for Moody’s Investor Services said on Monday…."We recognise the improvement in terms of sovereign ratings but we need more reassurance of the timing and nature of the external financing," said Aninda Mitra, Moody’s sovereign analyst for Pakistan… Aaj News
The Karachi Electric Supply Company (KESC) will issue 4.081 billion right shares at Rs 3.5 per share to generate Rs 14.286 billion to partly finance equity component of new generation projects and capital requirements….The right shares will be offered to ordinary share holders at the rate 31 percent of their existing shareholding in the company...Aaj News
Market Low : 6,937.76 High : 7,100.19
Market Close : 6,953.09 – 103.22 points down
