KARACHI: The Board of Directors of AKD Capital Limited has called off the issuance of right shares at premium of Rs34 as underwriters backed out from the deal.According to AKD Capital statement sent to KSE here on Wednesday the board did not find the shares issue in company's favour under the current economic downturn.AKD Capital said that all the underwriters have terminated their agreements and backed out from their commitment due to the unstable economic situation. -APP
I have received some other responses also. A number of friends have mentioned OGDC like you have. The reason given is its activity in GDR and its fundamental value and good Payouts and also good future prospects.
NBP is also recommended. And yes, it is a good share... but recommendation is with a Caution... With this Government in place, there will be a lot of interference in the independent professional working of NBP and many loans are and will be given to favourites... Same thing with all other State run organizations.
Some other friends have recommended some other banks also including UBL, HBL, MCB and NIB
Some friends have also recommended short term trading for profits in MARI, FFC, ENGRO, PTC, PPL, POL and yes OGDC... Try to stay liquid... Take your profits and Run.
FFC, HUBC and KAPCO have been recommended even at this present time for Long term investment with your own money ---- money that you will not need for about 5 years.
Most of the friends have however called for caution as this present rally is described as Mandee ki rally and in response to NIT Fund Buying and may fizzle out.
The game is for very short term trading for Profits...
For long term it is only for those people who have extra Cash to invest very long time... and yes for them shares like OGDC are great.
One Share that was recommended and was and perhaps still is KTML...
As mentioned most of the friends including Cdeeky Bhai and Inayat Bhai are recommending very short term trading only for now. There are some others who are Cautious but at the same time willing to risk a little and take advantage of this NIT Fund generated Rally... Ahsan Bhai and Zia Bhai are calling for some selected buying.
In USA many shares have already gone up in the last few weeks from their bottom rates by as much as 25% to 40% but the FEAR is still there as the Economic factors are all still VERY WEAK. Unemployment figures are very disturbing and President Elect Obama is again and again saying... "American Economy is bad and getting Worse" This may be a political statement perhaps to convince Congress to support him in allocating more Funds but it seem to be TRUE.
As for KSE, in the words of our Saleem Cdeeky Bhai, "Pakistan's Economy depends on the Economies of some other countries." He is right.