What Happens When Beasts Roam the Earthen Markets

Needless to say, a stock market is a very interesting playground; things change quite quickly and decisively. A few days ago we saw a bearish trend in the market and now the trend has changed to bullish. These were the levels and prices where everyone was selling and leaving the market; now, everyone’s back on the wagon again, everyone wants to buy and make money.

Last week the bullish trend continued. The Index crossed 11,000 points once again. There was an overall increase in 464 points in KSE-100 index. Though it was the last week of January trading, buying was strong in that it did not affect the pursuant bullish trend. On Wednesday and Thursday, the Index increased by 150 and 175 points respectively.

PSO sell-off attracts keen interest

The Privatisation Commission (PC) has received keen interest from several parties in response to the recent re-advertisement for the proposed sale of 51 per cent shares in Pakistan State Oil (PSO) with management control, the PC said on Wednesday.

Parties and groups submitting Statement of Qualifications (SOQs) and/or reaffirming their continuing interest in PSO include Abraaj Capital, UAE, Abu Dhabi Group, UAE, Al-Ghurair Investment, UAE, consortium of Aljomaih Group Saudi Arabia and Noor Financial Investment, Kuwait and National Industries Group, Bakri International Energy Systems and Dabbagh Group Holding, Saudi Arabia, Goldman Sachs (Asia) Finance, Vitol SA (Switzerland) and MCB Bank, Fauji Foundation, Attock Group of Companies and Kohinoor Group led by Kohinoor Textiles from Pakistan. In addition, some parties indicated their interest but did not submit SOQ, including the PSO employee group.

MCB Bank GDR gets listed on London Stock Exchange

MCB Bank’s GDR was formally listed at the London Stock Exchange on Tuesday.

MCB Bank is the first company of Pakistan to get listed on one of the oldest stock exchanges of the world.

Last week, MCB successfully issued 8,622,100 Global Depository Receipts (GDRs) worth $151 million to international institutional investors.

The GDR issue attracted over $700 million from over 50 investors globally.

A press note issued by the bank on Wednesday said the formal market opening for MCB Bank’s GDRs was held at the London Stock Exchange.

JP Morgan to re-open equity brokerage in Pakistan

JP Morgan is planning to re-open its equity business in Pakistan, the first foreign brokerage to return since they abandoned the South Asian nation in the early 2000s, sources familiar with the development said.

The No.3 US bank shut its Pakistan equity broking arm five years ago as part of a consolidation plan. “JPMorgan will be opening an equity platform in Pakistan along with equity and economic research,” said a market source with knowledge of the development.

MCB Bank GDR raises $150 million

MCB Bank officially announced on Wednesday that it has successfully raised $150 million (Rs9 billion) through the issuance of 8.622 million shares in the form of Global Depository Receipts (GDR), to be listed on London Stock Exchange.

Each GDR represents four underlying equity shares, priced at $17.40 (Rs264 per equity share).

This landmark transaction represents the first GDR offering for a Pakistani issuer in over 10 years. Following the offering, MCB will be the first Pakistani company to be listed on the LSE for trading on the Professional Securities Market.