Special Pakistan stock purchase session delayed
October 25th, 2008 | by admin |ISLAMABAD, Oct 25 (Reuters) – Authorities have postponed aspecial session of the Karachi Stock Exchange due to take placeon Saturday, an official said.
An official of the Security and Exchange Commission ofPakistan told Reuters on Friday they will hold a specialsession on Saturday to enable a 20 billion rupee ($246 million)government fund to buy stocks 12.5 percent lower than currentprices.
However, he later said the session was put off because ofsome differences between the brokers and exchange officials.
The official said the KSE members will meet at 0500 GMT onSaturday to further discuss on the matter.
The fund will invest in nine state-owned companies: Oil andGas Development Co Ltd (OGDC.KA: Quote, Profile, Research, Stock Buzz), Pakistan Petroleum Ltd(PPL.KA: Quote, Profile, Research, Stock Buzz), National Bank of Pakistan (NBPK.KA: Quote, Profile, Research, Stock Buzz), Pakistan StateOil (PSO.KA: Quote, Profile, Research, Stock Buzz), Sui Southern Gas Co Ltd (SUIS.KA: Quote, Profile, Research, Stock Buzz), Sui NorthenGas Co Ltd (SUIN.KA: Quote, Profile, Research, Stock Buzz), Kot Addu Power Co Ltd (KAPCO.KA: Quote, Profile, Research, Stock Buzz),Pakistan Telecommunication Co Ltd (PTCA.KA: Quote, Profile, Research, Stock Buzz) and Habib Bank LtdHBL.K.
The KSE authorities earlier decided that they will lift afloor on the index from Monday that they imposed in August toprevent the market from falling further. (Reporting by Aftab Borka; Editing by Ben Tan)