COVER

365 DAYS

Oct 13 - 19, 2003  
ISSUE # 41  

October 10 marks the first year of the general elections, hailed as the ultimate step towards the restoration of democracy after the Nawaz Sharif government was toppled in a bloodless coup three years previously. With the election of Mir Zafaraullah Khan Jamali as the leader of the house by the minimum possible majority of just one vote 172 against the minimum 171 required six weeks later the country was back on the road of democracy.

 

 

 

NEW LISTINGS
Besides the listing of OGDCL and additional float of NBP shares, the government had lined up the IPOs of Sui Southern Gas Company (SSGC) and Pakistan International Airlines (PIA) by December this year. Once these transactions are materialized, the government would announce the schedule of the next quarter for the IPOs of Pakistan State Oil (PSO), Habib Bank Ltd (HBL), National Investment Trust (NIT) and two power companies including Faisalabad Electric Supply Company and Jamshoro Power Generation. Tremendous market capitalization is expected with the arrival of these strong companies in the bourse club and likely to enhance the market size to the tune of $20 billion from existing level of $17-18 billion.

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SUGAR INDUSTRY
The sugar mills located in Sindh have expressed their inability to commence sugarcane crushing before December unless the government comes up with a clear cut sugar export policy. It is understood that provincial government is putting pressure on the mills to commence crushing at the earliest. However, two factors have compelled the millers to take this decision, higher inventory level and bumper sugarcane crop. The country is expecting to achieve production of above 3.8 million tonnes during the forthcoming season.