It appears to me the stock has fallen well below its IPO price in no small part because of worries over Pakistan defaulting and what it means for Zameen, the most developed and best performing of FDV’s collection of portal assets in emerging markets.
So it isn’t surprising that the stock moved up from 32 to 37c in a single day on news that Pakistan and IMF appear to finally be getting closer to reaching a deal. If it goes through I suspect there will likely be stabilisation in the market of its most valuable asset, and that strikes me as a rather bullish development in the short to medium term given such a long and continuous sell off this year.
There are some in the market who have publicly said they value Zameen at close to zero due to the uncertainty, so if it returns to pumping out strong revenue and earnings growth market participants will be forced to re-assess… with that said, do your own research and think for yourself. Link below to the news article that might have moved the market today.
https://www.bloomberg.com/news/articles/2023-06-27/imf-says-pakistan-taking-decisive-steps-toward-meeting-program-ljenfq5z
(20min delay)