Regional markets to stay on growth track

The region’s stock markets are likely to continue last week’s rally this week, buoyed by robust global oil prices, better than expected US employment data for January and positive news flows from Europe which indicate the Eurozone sovereign debt crisis is manageable, analysts say.

“Investors are back in the market. In Saudi Arabia, the prevailing high oil prices and talk about the government allowing foreigners to buy and sell shares on its market are acting as catalysts, while in the UAE, the bank results, which were positive in the fourth quarter are the catalyst,” Samer Darwiche, Associate at Dubai-based Gulfmena Investments Ltd, told Gulf News by telephone.

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.

CDC out to lure investors from UAE

The Central Depository Company (CDC) of Pakistan Limited will host road shows to promote investment in the Pakistani capital markets at Abu Dhabi and Dubai on September 18 and 20 respectively.

These road shows intend to offer new avenues of investment in one of the region’s best performing stock markets. The events are being held with the support of the Pakistan Business Council of Abu Dhabi.

These events aim at informing and updating potential investors on the economic climate of Pakistan, the various investment options available in the Pakistani stock market and the functions of CDC as an infrastructure service provider to facilitate investment in the capital market. The forum would also address any queries and concerns of the business community of the UAE.