MG Morning Breeze: Updates to Skim before Market

Mettis Global’s November 12 morning roundup covered a mix of market, economic and company updates. OGDC reported a gas and condensate find in Khairpur, with test flows of 12.8 million standard cubic feet of gas and 175 barrels of condensate per day. PSYL plans to buy two plastic-closure manufacturing systems under an agreement with SACMI Imola Italy, while THCCL and Fauji Foundation signed an agreement on the proposed restructuring of Pakistan Services.

The roundup also said VIS removed KAPCO’s rating watch and set a stable outlook, while keeping its ratings at A+/A1. A board-approved, interest-free subordinated fund of up to Rs1bn is due to go to SINDM, and SHFA approved the voluntary winding-up of a subsidiary. Wider updates included a Rs3 per litre petrol cut and a Rs7 diesel reduction, a 251.44-point fall in the KSE-100, and the rupee closing at Rs276.62 per dollar.