KARACHI: Pakistani capital markets continue to grip foreign investors’ interest, evident from net foreign buying of $6.27 million worth of shares in the last two trading sessions: $4.22 million on Monday and $2.05 million on Wednesday.
There still lingers suspicion, in some minds, of a possible local component in all of the foreign investment posted on the National Clearing Company Limited (NCCPL) website. But said one investor, “why spoil the fun, let the good times roll.”The Karachi Stock Exchange saw a burst of bullish activity on Wednesday, with the 100-index share leaving the 10,000 mark far behind to finish at 10,146 points — representing a huge gain of 183 points (1.84 per cent).
Mohammad Sohail, CEO at Topline Securities, pointed to two factors for an unending spell of foreign investment in equity: Firstly, he said, money was finding its way into the Pakistani capital markets in line with its flow in other emerging and frontier markets.
“Moreover, investors -- both local and foreign -- are keenly awaiting the outcome of strategic dialogue between Pakistan and US, holding high hopes that a positive conclusion may result in economic assistance to the country.”
Fatima Fertilizer starts production
The company announced that it had commenced production: “We are pleased to announce that urea production and its bagging and shipping has been started at plant of the company situated at Sadiqabad,” a notice at the KSE stated.
Fatima Fertilizer, one of the largest fertilizer production company in the country with name plate capacity of 1.58 million tons per annum (tpa) has the capacity to produce Urea (500 thousand tons per annum), CAN (420 thousand tpa), NP (360 thousand tpa) and NPK (300 thousand tpa).
Analysts commented that at the moment Pakistan ranks amongst the top fertiliser consumers in the world with an off-take of approximately 8 million tons noted during 2008-09.
It amounted to almost 5 per cent of the total world consumption (reported in the IFA Annual Conference 2009).
Amtex Limited IPO
Amtex Limited, the largest textile house in the category of value-added home textiles is on offer of shares for public subscription on March 24-25, a company press release stated.
It said that 70 per cent (42.70 million shares) were already subscribed, out of its total initial public offering of 61 million shares, through book building process. That offer to institutions, equity funds and High net worth individuals was stated to have received good response.
The IPO to general public of 18.3 million shares was being made at a price of Rs13 per share determined through book building m
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