9,349
September 30, 2009
Italy’s ENI is expanding in Pakistan with a new onshore gas concession and is in longer-term talks to bring gas from the Caspian Sea region to Pakistan, India and China, its CEO said on Wednesday.…Scaroni said ENI, which through its acquisition of Lasmo in 2000 is Pakistan’s first gas company, had just won the exploration block onshore of Sukhpur with local company PPL and Royal Dutch Shell… Aaj News
The handing over of Royal Bank of Scotland, Pakistan (RBS) to MCB Limited headed by Mian Mohammad Mansha has virtually hit snags because of the wrath of the incumbent regime, which is incensed over the non-cooperation by MCB Bank to resolve the issue of circular debt in energy sector…“The State Bank of Pakistan also showed its anxiety that the banks should not be run by the industrialists as it will not help ensure the level playing field for all business tycoons to have access to the credit lines.” The Central Bank has also expressed the concern that MCB bank is not being run under the corporate governance model, rather it is being run as a family entity….The official said that the Zardari regime had taken the refusal by MCB Limited very seriously and was all set to cut Mansha Group to size…“Mr Mansha will now face the music as the government will withdraw its deposits valuing Rs 13 billion in the MCB and will never give any business to the said bank.”…. Pak Observer
Market Low : 9,322.73 High : 9,589.63
Market Close : 9,349.67 — 125.81 points down
No rate cut was announced in the Monetary Policy announcement today and the discount rate remains at 13%.
Friday saw the KSE-100 index break 9k and close marginally above . The result season is prcatically over with DGKC, POL & JSCL yet to announce their results.The market is quite overbought now esp. OGDC. There should be some correction coming next week.
The KSE-100 index made an intra-day high of 8,938 and closed up at 8,769. The market was extremely volatile with wild swings in certain stocks, (e.g. Rs.10 in OGDC) A lot of foreign money has been pumped into the market in the last two sessions and volumes have risen above the 200 million mark in the last two days. While the upward momentum could well continue past the current target of 8,700, some correction could set in soon.
