Scrip-wise, Pakistan State Oil was up 3.68pc, SNGP
4.31pc, Searle Company 5pc, Bank Al Habib 1.16pc and Engro Corporation 0.71pc while Fauji Fertiliser, down 3.50pc, Pakistan Tobacco 3.51pc, Pakistan Petroleum 1.23pc, Pakistan Oilfields 1.54pc and National Bank 4.03pc dragged the index down.
officials always make false promises that they will solve the issue but they never do,' he said.
OGRA determined a price hike of up to 186 per cent for the poorest categories of commercial and domestic users whereas rates for other sectors were increased between 27-31 per cent for SSGP and SNGP
Shoaib Bukhari told the meeting SNGP
was being initiated with support of the UK Government's Department for International Development (DFID) and its purpose was to support provincial and district government to improve public services that meet the needs of the citizens, especially the poor including women and girls.
Earlier, DHFL had filed a petition in the Lahore High Court (LHC) against SNGP
where DHFL had appealed that the supply of gas to be made in accordance with the Gas Allocation and Management Policy 2005.
The Saih Nihayda field in central Oman has been producing gas since the SNGP
plant was commissioned in early 2005 by Al Hassan in a joint venture company with a major international contractor.
As a result, SNGP
relied on increased borrowing to meet working capital requirements.
State owned stocks like SNGP
, SSGC, Pakistan State Oil, Pakistan Telecommunication ComApaAny, and National Bank of Pakistan closed green as investors anticipated buying by the proposed stock market support fund.
While, BOP, PAEL, SSGC, SNGP
, and PACE remained volume leaders, with cumulative trading volume of 40m shares.
According to reliable sources it has been decided to change the current MD (SNGP
) Rashid Loon after receiving complaints against him while Federal Minister for Petroleum Naveed Qamar had also hinted about the changing of SNGPs
MD during a question hour in the assembly.
The idea is similar as the one from 2009 whereby the fund will be acquiring stocks which are substantially owned by the Gov't (SOEs or State Owned Enterprises) such as PSO, OGDC, PPL, NBP, SSGC, SNGP
, KAPCO and PTC.
Last week the two gas companies - Sui Southern Gas Company (SSGP) and Sui Northern Gas Pipelines (SNGP
) - had requested the government to implement gas price hike determined by the regulator to bridge their deficits and improve cash flows.