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The Supreme Court on Monday granted permission to the federal government to sell off 10 percent shares of Oil and Gas Development Company Limited (OGDCL) of its 85 percent holding in the company on a condition that privatisation proceeds would not be spent from Federal Consolidated Fund (FCF) till court's final decision on the federation's appeal against Peshawar High Court's (PHC) verdict through which the high court had issued an interim order to freeze the process.

Federal Minister for Finance Ishaq Dar on Monday expressed the hope that the country's foreign exchange reserves would improve after securing two tranches from the International Monetary Fund (IMF), sale of Sukuk and completion of OGDCL transaction. "We are expecting two tranches from the IMF in December and hoping to complete the Oil and Gas Development Company Limited (OGDCL) transaction and sale of Sukuk bond very soon, which would help boost our reserves and improve the position of balance of payment (BoP)," the minister added.
The government will offer 311 million OGDCL shares (7.5 percent of its holding) to the international and domestic institutional investors most probably by next month with a view to mobilising a minimum of $770 million. "We are going to finalise the book building date with the Financial Advisor for OGDCL shares transaction in the beginning of November 2014," said Privatisation Commission Chairman Muhammad Zubair, acknowledging that the completion of the transaction would pave the way for the release of a tranche by the International Monetary Fund (IMF).
In order to encourage Islamic banking, State Bank of Pakistan (SBP) Monday eased Minimum paid-up Capital Requirement (MCR) for setting up new Islamic banking subsidiary. As per the SBP announcement, a new Islamic banking subsidiary can be established with initial paid-up capital of Rs 6 billion, instead of Rs 10 billion previously.
In a major breakthrough, the Competition Commission of Pakistan (CCP) has issued show cause notices to Pakistan Automotive Manufacturers Authorised Dealers Association (PAMADA) and its 44 members for prima facie cartelization, collusion, price fixation and collective decision making. In this regard, the CCP has issued show cause notices to the PAMADA and its 44 members here on Monday - a major action against cartels in Pakistan.
Shares of IBM plummeted Monday after earnings collapsed on a $4.7 billion charge and weak sales raised questions about the technology giant's efforts to remake itself. Third-quarter earnings sank from $4.0 billion a year ago period to just $18 million, mainly due to a charge for offloading its money-losing microchip business to GlobalFoundries, a deal also announced Monday.
The Karachi share market remained volatile Monday on political uncertainty in Sindh after MQM - a coalition partner with PPP quit the provincial government. The benchmark KSE-100 index lost 172 points to close at 29,711 points compared to 29,883 points in the previous session. During the intraday trading, the index fluctuated in red and green zones, touching intraday high of 29,925 and lowest level of 29,672 points.
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IndexClosingChg%
ArrowDJIA 16,399.67 0.12
ArrowNasdaq 4,316.07 1.35
ArrowS&P 1,904.01 0.91
ArrowFTSE 6,267.07 0.68
ArrowDAX 8,717.76 1.50
ArrowCAC-40 3,991.24 1.04
ArrowNikkei 15,111.23 3.98
ArrowH.Seng 23,070.26 0.20
ArrowSensex 26,429.85 1.23





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 20, 2014
Reserves $13.436 bln