PTCL & Telecard decreased face value in shares market

ISLAMABAD ( ABRAR MUSTAFA )

Stock values of telecom companies listed on Karachi Stock Exchange have drifted lower after the news of withdrawal of International Clearing House surfaced early morning today. Both Telecard and PTCL topped the stock market for volume of trading with record decrement in face values of shares.

14 million shares of Telecard were traded during first 3 hours of trading today, while its face value decreased 11 percent to reach Rs. 4.31 per share, down from Rs. 4.90 when market had opened in the morning. Some 9.5 million shares of PTCL were traded since morning with its share price reaching Rs. 28.02 per share, down from Rs. 29.07 per share in the morning.

Market expert have view that PTCL and other LDI operators will try to form an independent cartel to fix international incoming calling rates however CCP and PTA may stop them. They have 40 days to abolish ICH.

Since Telenor has exited ICH and it is still proactively against ICH any chance for formation new cartels is very low. Zong also against ICH because of PTCL behavior against china company

Comments are closed, but trackbacks and pingbacks are open.