Pakistan Economy

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xResearch

Active Member
Apr 9, 2017
1,537
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#91
21 November 2017

Economy News

PM sees economy touching 6pc growth rate next year Economy | Positive
Prime Minister Shahid Khaqan Abbasi has predicted that the economy which has already hit a nine-year high 5.28 per cent growth rate during the current financial year is most likely to touch 6pc next year citing “vision of the leadership” and timely completion of development projects. Click here for more

July-October C/A deficit widens to over $5 billion Economy | Negative
The country''s current account deficit crossed $5 billion mark in the first four months of this fiscal year (FY18), mainly due to rising goods'' imports/exports disparity. Economists said slow growth in home remittances inflows and rising goods trade deficit, followed by higher imports, are responsible for massive surge in current account deficit during the initial months of this fiscal year. During the period under review, growth in home remittances has weakened as its inflows posted only 2 percent growth to stand at $6.4 billion. Click here for more

Stock of circular debt 20 percent higher Economy| Negative
Power sector''s circular debt has reached Rs 750 billion of which Rs 421 billion falls squarely in the government''s definition of circular debt whereas Rs 327 billion is parked in the books of Power Holding (Private) Limited (PHPL). The stock of circular debt is 20 percent higher than the maximum stock of Rs 350 billion agreed with the International Monetary Fund (IMF).Click here for more

Assembly, distribution of vehicles Groupe Renault, Al-Futtaim sign agreements. Autos| Neutral
Groupe Renault and Al-Futtaim on Monday announced that they have signed definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan. "Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10 percent annual growth rate. Click here for more

Amreli Steels plans electrical transmission ASTL| Positive
Amreli Steels, Pakistan’s leading manufacturer of reinforcement bars, planned a joint venture with a Chinese company to produce and sell electrical transmission equipment in the country seeing a raft of new power projects on their way to meet growing energy demand. Click here for more

Punjab bans companies flouting fertilizer policy. Fertilizer| Neutral
The Punjab government on Monday imposed a ban on fertiliser distribution companies found violating the government policy subsidising supply of diammonium phosphate (DAP) via vouchers to farmers. Click here for more

Inclusion of auto sector in FTAs: PAAPAM opposes government’s proposal Autos| Neutral
The Pakistan Association of Automotive Parts & Accessories Manufacturers has expressed serious concerns on the government's proposal to include the auto sector in Free Trade Agreements (FTAs) with Turkey, Thailand & other countries. It said the Auto Development Policy (ADP), issued by ECC on 21st March, 2016, is the sole authentic document that governs the future policy for the auto sector. Including auto sector in any FTA would discredit the Government and scare away massive investments in the pipeline. Firstly, for localized parts, offering concessionary customs duties in the FTAs is incomprehensible, as it would shut down the entire Auto Parts Industry. Click here for more

Under Khadim-e-Punjab Package 5.2 million farmers to get subsidized DAP Fertilizer| Positive
The Punjab government is extending subsidy on the purchase of DAP fertilizer in the province under Khadam-e-Punjab Kissan Package. As many as 5.2 million farmers in Punjab will be covered under this subsidy scheme. Spokesman for the provincial agriculture department said here on Monday, the government to ensure 100 percent transparency will use the voucher system which will be packed in the bag of DAP. Click here for more

Textile exports up 8pc in 4 months Textile| Positive
Textile exports rose eight percent to $4.39 billion in the first four months of the current fiscal 2017/18 as the industry’s value-added sector continued to post recovery in export earnings during the period, official data revealed on Monday. Click here for more

Political News

PML-N, opposition set to spar in National Assembly today over poll law
With the Pakistan Peoples Party poised to table a bill in the National Assembly looking to undo a clause in the Elections Act 2017 that made it possible for the ousted prime minister to resume his position as head of the Pakistan Muslim League-Nawaz (PML-N), Click here for more

International News

Short Bets On Oil Spike Ahead Of OPEC Meeting
Short bets on Brent crude jumped by the most since June last week, signaling the return of uncertainty that OPEC will agree to extend the oil production cut deal it sealed a year ago.. Click here for more
 

xResearch

Active Member
Apr 9, 2017
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#92
AHL Research
23 November 2017


CPI & Monetary Policy
CPI to settle at 4.11% YoY in Nov’17 / Status Quo expected at MPS


Nov’17 Inflation to settle at 4.11%

Taking cue from the three weeks data of SPI published by the Pakistan Bureau of Statistics (PBS), we expect Nov’17 CPI-based inflation to settle at 4.11% YoY compared to 3.80% YoY in Oct’17 and 3.81% YoY in Nov’16, respectively. This will take 5MFY18 average inflation to 3.62% vis-à-vis 3.93% in SPLY.

Inflation to Record an Uptick of 0.51% MoM

Monthly inflation is projected at 0.51% for Nov’17 in contrast to average monthly inflation of 0.30% in 4MFY18. Key culprit for incline in CPI reading is expected to be transport (up by 3.95% MoM), given increase in prices of petroleum products which is directly linked with international oil prices. In Nov’17TD, International oil prices have risen by 4% MoM and if a similar trajectory is witnessed in upcoming months, we may have to revisit our CPI estimates. This may pose another challenge on the balance of payments front.

Transport and Food Kicking the Inflation Higher

Under transport index, Motor Fuel price registered a growth of 3.4% MoM while the transport service price went up by 6.5% MoM. This is attributable to increase in ex-refinery prices. Whereas the average price of Eggs is expected to grow by 25.35% MoM tagged with a 3.01% MoM growth in bakery and confectionary. On the other hand, prices of vegetables like Onions, Potatoes and Tomatoes may record a meager growth of 3%, 3% and 2%, respectively. Meanwhile, support to the food index in said period stems from decline in prices of Garlic, Pulse mash, Pulse Moong and Sugar. Pertinently, on account of smooth supply, we estimate the food inflation to ease off going forward.

cpi-ahl-23112017.jpg

CPI and MPS Outlook

We expect inflation to average under 4% in 1HFY18, however we may see a gradual rise in 2HFY18 taking our FY18 inflation estimate to range between 4.3%-4.5% against Govt. target of 6%. Inflation will start picking up after 1HFY18 in light of rising international oil prices which may compel SBP to tighten the monetary policy in 4QFY18, but chances remain slim. Hence, we maintain our stance on the upcoming Monetary Policy Statement (MPS) expected tomorrow (24th Nov’17), with no change in key interest rate (Policy Rate to be maintained at 5.75%). Any abrupt change in weather conditions, exchange rate parity and oil prices pose an upside risk to our inflation estimates.
 

xResearch

Active Member
Apr 9, 2017
1,537
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#93
23 November 2017

Economy News


Government hopes GDP to surpass 6 percent target in FY18 Economy | Neutral

Government on Wednesday said the growth target of six percent set for the current fiscal year will be achieved and it “may even be surpassed.” “GDP growth target for 2017/18 and beyond is above 6 percent per annum,” the finance ministry said in a statement. Click here for more

Monetary policy meeting on Friday: Central bank seen holding interest rate steady to support growth Economy | Neutral

tate Bank of Pakistan (SBP) is likely to keep the benchmark interest rate unchanged in a monetary policy meeting scheduled on Friday as the economy requires a continual credit support to foster growth, analysts said on Wednesday. Click here for more

East Bay Expressway: PM performs groundbreaking. Economy| Neutral

Prime Minister Shahid Khaqan Abbasi performed the groundbreaking of the Rs 17 billion, East Bay Expressway and directed that the series of development projects for Gwadar be completed on time to ensure that the port emerges on the world map as a major trade hub. Click here for more

WAPDA tariff hiked by 28%. Economy|Neutral

The National Electric Power Regulatory Authority (Nepra) has increased the bulk tariff of Wapda by Rs1.16 per unit to Rs5.27. The 28 per cent increase from the current rate of Rs4.11 would generate about Rs122 billion to pay Khyber-Pakhtunkhwa (K-P), Punjab, AJK, and the Indus River System Authority (Irsa) during 2017-18.Click here for more

Tracking device to be fitted in all motorbikes Electric and Cables| Neutral

All newly manufactured motor cycles as well as those already in use across Karachi will necessarily be installed with tracking device by early next year. Click here for more

Sugar mills fear Rs189bln default on payment as ‘govt indecisive’ on exports. Sugar| Neutral

Sugar mills are feared to default on paying a huge Rs189 billion to the growers as government’s indecisiveness to allow sweetener’s exports on desirable rebates created liquidity crunch in the industry, a top official said on Wednesday. Click here for more

HCAR’s profit jumps 46.8 percent in April-September HCAR |Neutral

Karachi: Honda Atlas Cars Pakistan Limited (HCAR) posted a 46.8 percent growth in profit to Rs3.7 billion in the six-month period ended September 30, translating into earnings per share (EPS) of Rs25.94, a bourse filing said on Wednesday. Click here for more

CCI meeting: Sindh to take up gas suspension issue of PSM Economy| Neutral

The government of Sindh is to take up the issue of gas suspension to Pakistan Steel Mills (PSM) to the Council of Common Interests (CCI) scheduled to be held on November 24, 2017(tomorrow) under the chairmanship of Prime Minister, Shahid Khaqan Abbasi. Click here for more

Govt may ban import of furnace oil. Refineries| Negative

mid grim supply challenges following topped up storages, the government is likely to impose an immediate ban on import of furnace oil and ask some of the oil-based power plants to lift some stocks for easing pressure on refineries.This comes at a time the country’s largest refinery – Byco Refinery – was compelled to closed down its major refining plant of 120,000 tonnes capacity and all other refineries running at sub-optimum capacity and six shipload of furnace oil belonging to the largest oil supplier – Pakistan State Oil (PSO) – lined up for arrival at Karachi.Click here for more

Fiscal deficit may soar to 8.5 percent. Economy| Negative

The fiscal deficit in the current fiscal year may reach the level the PML-N inherited in 2013 - 8.5 percent - unless a mini budget is unveiled to meet the growing revenue shortfall coupled with a rising expenditure bill compared to what was budgeted. Click here for more

Listed companies required to improve transparency SECP| Neutral

The Securities and Exchange Commission of Pakistan (SECP) has notified the Listed Companies (Code of Corporate Governance) Regulations 2017, replacing the Code of Corporate Governance 2012. Click here for more

Political News

PM relieves Dar as finance minister

Prime Minister Shahid Khaqan Abbasi has relieved Ishaq Dar of his responsibilities as the finance minister, said a notification issued here Wednesday night.This decision was taken after Ishaq Dar had written a letter to the prime minister, stating that he should be relieved of his duties as the finance minister besides granting a three-month leave without pay. Click here for more

International News

U.S. oil prices near two-year high on pipeline shutdown, falling inventories

U.S. oil prices remained near two-year highs on Thursday as the shutdown of the Keystone pipeline and a drawdown in fuel inventories pointed to a tightening market, despite rising output.Click here for more
 

xResearch

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Apr 9, 2017
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#94
AHL Research
24 November 2017


Trade Deficit Inched up to 36% in Oct’17

Pakistan Bureau of Statistics (PBS) released data for the month of Oct’17; trade deficit during the month clocked-in at USD 3.04bn, up by 36% YoY and similarly up by 9% MoM. Exports for the month of Oct’17 settled at USD 1.89bn (up by 8% YoY and 13% MoM) while imports jumped up significantly by 24% YoY and 10% MoM to USD 4.93bn due to infrastructure development and ongoing CPEC projects driving the demand of cars, buses & trucks as well as petroleum products. Refer to the adjacent graph to check the growing gap between imports and exports.

During 4MFY18, trade deficit jumped by 31% YoY to USD 12.1bn vis-à-vis USD 9.2bn amid a massive growth in imports (22% YoY; USD 19.16bn). Major import drivers were Food Group (up by 20% YoY), Transport Group (+37% YoY), Petroleum Group (up by 39% YoY) and Metal Group (increasing by 41% YoY), respectively. While exports rose by 10% YoY to USD 7.06bn during 4MFY18 given Rice exports registered a growth of 17% YoY, exports of ready-made garments grew by 15% YoY and addition of sugar exports as it was not allowed last year. Pertinently, we expect sugar exports to corroborate total exports going forward on account of bumper inventory available in Pakistan.

export-import-ahl-24112017.jpg

4MFY18: Exports up by 10% YoY

Dissection of the latest released numbers by PBS for the month of Oct’17 indicates growth in exports by 8% YoY to USD 1.89bn compared to USD 1.75bn in SPLY. This was led by Fertilizer (+100% YoY), Other Chemicals (+88% YoY) and Textile Group (+7% YoY) as cotton arrival in Pakistan improved by 17% YoY to 8.1mn bales. Mimicking the same trend, other segments depicting jump in exports were: spices (+15% YoY), Knitwear (+14% YoY), Ready-made Garments (+12% YoY), Raw Cotton (+12% YoY), Leather and Gloves (+14% YoY) and Electric Fans (+15% YoY).

During 4MFY18, Exports witnessed a progress of 10% YoY to USD 7.06bn as compared to USD 6.4bn in SPLY; key reasons for improvement include i) rice exports recording a jump of 17%, ii) Readymade garments exports going up by 15% YoY to USD 804mn (one of the highest contributor of exports), iii) Fertilizer exports witnessing growth to USD 41mn, and iv) Molasses exports escalating by 10.1x times owed to huge arrival of sugarcane and higher production of sugar in Pakistan.

exports-ahl-24112017.jpg
 

xResearch

Active Member
Apr 9, 2017
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#95
24 November 2017

Economy News


Foreign reserves decline by $137m Economy | Negative
The total liquid foreign reserves held by the country stood at $19,710.7 million on November 17. The weekly break-up of the foreign reserves position released on Thursday showed that foreign reserves held by the State Bank of Pakistan stood at $13,541.1 million and net foreign reserves held by commercial banks are $6,169.6 million. During the week ending 17th November, SBP’s reserves decreased by around $137 million to $13,541 million due to external debt and other official payments.. Click here for more

SECP okays Shariah-compliant trading counter at PSX PSX | Neutral
The Shariah Advisory Board (SAB) of the Securities and Exchange Commission of Pakistan (SECP) has reviewed the proposal of Shariah-compliant trading counter submitted by Pakistan Stock Exchange. Click here for more

Multi-Year Tariff of KE: Nepra to hear reconsideration request on December 5 KEL| Neutral
The National Electric Power Regulatory Authority (Nepra) has fixed December 5, 2017 to hear reconsideration request filed by Government of Pakistan for Multi-Year Tariff (MYT) of K-Electric determined by Nepra for period effective from July 2016 to June 2023. Click here for more

PM urged to order implementation of exports package Textile|Positve
Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has urged Prime Minister Shahid Khaqan Abbasi to issue directives for early release of funds and implementation of the Prime Minister Export Package announced by the government. .Click here for more

New law to attract private investment in power distribution sector. Power| Neutral
Government is mulling changes in energy laws to lure private investment in supplying of electricity to consumers, power ministerExisting public sector electric supply companies must improve its service delivery or they will face tough competition from the private sector companies. Click here for more

Massive fuel crisis staring in the face. Refinery, OMCS| Negative
Pakistan is going to face massive fuel crisis within the next three days as the country’ refineries, including Byco and Parco and oil marketing companies, have intimated the government about halting their operations for production of POL products as their storages are completely topped up with furnace oil, rather they are now brimming. Click here for more

PSX enjoys a sound footing: SECP chief PSX |Neutral
The Chairman of Securities and Exchange Commission of Pakistan (SECP) Zafar Abdullah Thursday said that Pakistan Stock Exchange (PSX) enjoys a sound footing and in case of a growth in the market it will be a success both for the stakeholders and the SECP. Click here for more

Foreigners may be allowed to trade in PSX scrips PSX| Neutral
Pakistan Stock Exchange’s recommendation for allowing foreigners to trade in PSX stocks is under consideration and a decision would soon be conveyed to the exchange, Securities and Exchange Commission of Pakistan (SECP) acting chairman Zafar Abdullah said on Thursday. Click here for more

Shell shows renewed interest in LNG sector. SHEL| Positive
Anglo Dutch Shell, the world’s biggest liquefied natural gas (LNG) trader, is still keen to invest in the LNG sector of Pakistan, which has a growing appetite for oil-substitute to curtail power shortfall, after losing two opportunities of supplying gas to the country. .Click here for more

Provinces for awarding oil, gas blocks to PHCs sans competitive bidding. Economy| Neutral
The provinces have demanded the federal government to award oil and gas exploration blocks to the Provincial Holding Companies (PHCs) without competitive bidding. The government of Khyber Pakhtunkhwa has proposed to the federal government that a one time relaxation may be allowed for award of one new exploration block to each of the 4 PHCs in their respective provinces and one block to GHPL in any part of the country without competitive bidding,. Click here for more

Power consumers fleeced of Rs277 billion. Power| Neutral
As much as Rs277 billion has been fleeced from the electricity consumers as net hydel profit on just two hydropower stations – Tarbela and Ghazi Barotha hydropower projects – and the said huge amount is used for subsidising the expensive power plants. Click here for more

Political News

Hussain Nawaz’s case: UK accepts NAB’s request for legal assistance
The UK Home Office has accepted the National Accountability Bureau (NAB)'s request for legal assistance in the case of Hussain Nawaz Sharif, it is learnt. The documents available with The News show that the UK authorities have already forwarded Hussain’s case to its National Crime Agency for execution of the mutual legal assistance as requested by Pakistan.. Click here for more

Pakistan searches for new finance minister after Dar relieved of duties
Pakistan on Thursday began searching for a new finance minister a day after Ishaq Dar was relieved of his portfolio amid mounting headwinds for the economy.The departure of Dar, widely credited with navigating Pakistan out of a 2013 balance of payments crisis, comes as the country is seeking to raise in excess of $1 billion on debt markets through a sukuk and a Eurobond in coming months. Click here for more

International News

U.S. oil prices hit fresh two-year highs on Keystone pipeline outage
U.S. crude oil hit fresh two-year highs on Friday, as the shutdown of a major crude pipeline from Canada to the United States tightened North American markets. Click here for more
 

xResearch

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Apr 9, 2017
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#96
27 November 2017

Economy News


All clearances for K-Electric sale received: privatisation minister KEL | Positive
All concerned government departments have given their clearance for the sale of Abraaj Group’s 66.4% stake in K-Electric to Shanghai Electric Power, and the deal would conclude “very soon Click here for more

Industries will not face gas load-shedding for many years: SNGPL Economy | Neutral
Gas supply to industries has remained uninterrupted since February 2016 following import of liquefied natural gas (LNG) and the situation will continue to be the same this year too, declared Hanif Ramey, General Manager Distribution of Sui Northern Gas Pipelines Limited Click here for more

Shell’s executive visits Pakistan to look at opportunities in LNG sector SHEL | Neutral
Executive Vice President for Shell Energy, Steve Hill has visited Pakistan to meet key stakeholders and look at LNG opportunities in the country. Click here for more

New carmakers extend footprint in Pakistan Autos| Neutral
FRENCH carmaker Renault announced last week that it is entering the Pakistani market. The company said it had signed definitive agreements with Al-Futtaim, a Dubai-based firm, for “exclusive assembly at a new state-of-the-art plant in Karachi and distribution of Renault vehicles in Pakistan”. Click here for more

Pakistan diversifies LNG imports with first cargo from Nigeria LNG | Positive
Pakistan succeeded in diversifying its gas import sources as first liquefied natural gas (LNG) vessel, carrying 70,000 tons, arrived from Nigeria on Friday at the Floating Storage and Regasification Unit at Port Qasim. Click here for more

Car production surges by over 31 percent in Q1 Autos| Positive
The production of jeeps and cars surged by 31.37 percent during the first quarter of the current fiscal year against the output of the corresponding period of last year. As many as 57,642 jeeps and cars were manufactured during July-September (2017-18) against the output of 43,878 units during July-September (2016-17), according to the data of PBS. Click here for more

SBP keeps interest rate unchanged Economy| Neutral
The State Bank of Pakistan (SBP) decided on Friday to keep the interest rate unchanged at 5.75 per cent, according to a press release. Click here for more

IMC shrugs off competition from new entrants INDU| Neutral
Indus Motor Company Limited (IMC), an automaker known for its high-end Toyota brand, ruled out an impact of new entrants in the auto industry on its market share Click here for more

Textile sector’s profit down 23pc in July-October Textile| Negative
Textile sector, the country’s key exports’ revenue spinner, posted a 23 percent decline in profit to Rs3.5 billion in the first four months of the current fiscal year as the sector’s finance cost rose 24 percent and other income fell six percent. Click here for more

Political News

Law minister Zahid Hamid resigns as govt reaches agreement with agitating parties
Federal Law Minister Zahid Hamid has tendered his resignation in the aftermath of Saturday’s botched operation against protesters at Faizabad interchange and successful negotiations with the protesters Click here for more

Faizabad crackdown: We can't use force against our own people, says COAS
A top-level security huddle on Sunday decided that troops would not be directly engaged to launch an operation against the sit-in of a religious group that has crippled life in parts of the twin cities and ‘peace would be given another chance’. Click here for more

International News

Lower Supply from Nigeria, Algeria, Iraq Dipped October OPEC Output by 80,000bpd
Due mainly to lower supply from Nigeria, Algeria and Iraq, the OPEC crude output in the month of October dropped by 80,000 barrel per day, the Oil Market Report for November has revealed. Click here for more
 

xResearch

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Apr 9, 2017
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#97
30 November 2017

Economy News

Bond auction raises $2.5bn Economy | Positive

Bids worth over $8 billion were received for the two bonds that the government floated in New York on Wednesday: a five-year sukuk and a 10-year eurobond. The government raised $1bn through the sukuk at 5.625 per cent and $1.5bn via the euro bond at 6.875pc.. Click here for more

Ogra proposes increase in petrol, diesel prices by December OMCs | Positive

The Oil and Gas Regulatory Authority (Ogra) worked out on Wednesday an increase of Rs1.48 and Rs1.20 per litre in the prices of petrol and high-speed diesel (HSD) Click here for more

‘Cement exporters find opportunity in Indian ban on petcoke’ Cements | Positive

Pakistan’s struggling exporters may ramp up cement exports to India as the neighbouring country is likely to extend the ban on petroleum coke, a key input for cement production, nationwide Click here for more

Debt repayment clocks in at Rs445.4 billion in July-Sept Economy| Neutral

Pakistan’s debt repayment amounted to Rs445.370 billion in the first three months (July-September) of the current fiscal 2017/18 – an amount nearly double than the aggregate development and defence spending Click here for more

Govt to resume privatisation of PIA, PSM PIAA | Neutral

The government on Wednesday reiterated to restart privatisation of Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM), as accumulated debt and losses of these two entities had swelled to the unprecedented level despite
extending bailout packages. Click here for more

Century paper board mills signs PKR 13bn agreement with Korean firm CEPB | Positive

CEPB has signed agreement worth PKR 13bn with South Korea’s Paso Daewoo Corporation with an eye on future expansion. Click here for more

Pakistan seeks Japan investment in $4b power distribution market Economy| Neutral

Federal Minister for Power Division Sardar Awais Ahmad Khan Leghari has invited Japanese companies and investors to explore and invest in the $4-billion power distribution market in Pakistan by focusing on modern technological solutions in service delivery to the consumers. Click here for more

PM opens over 1,300 MW Port Qasim coal-fired power project Economy| Positive

Prime Minister Shahid Khaqan Abbasi has said that the general elections will be held in August 2018 and added the future lies in democracy and there was no other way. He was speaking at the inauguration of unit-I of 1,320MW Port Qasim coal-fired power project here on Wednesday. Click here for more

Political News

Police tell Supreme Court what went wrong with Faizabad operation

A day ahead of the sit-in hearing, Islamabad police conceded before the Supreme Court that the security personnel who had launched a botched operation against the protesters at Faizabad interchange were fatigued due to prolonged deployment during the 20-day-long siege. Click here for more
International News

Oil markets on tenterhooks ahead of OPEC meeting in Vienna

Oil markets opened cautiously on Thursday ahead of the outcome of an OPEC meeting in Vienna later in the day, with members set to debate the path for an extension of the group’s supply-cut agreement. Click here for more
 

xResearch

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Apr 9, 2017
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#98
06 December 2017

Economy News

Govt, EETPL reach agreement on 230mmcfd LNG supply ENGRO | Neutral to Positive

The government and Engro Elengy Terminal Pakistan Ltd (EETPL) have reached an agreement for the supply of about 230 million cubic feet per day (mmcfd) of additional liquefied natural gas (LNG) at a re-gasification tolling rate of 17 cents per million British thermal unit (mmBtu).. Click here for more

State Bank wakes up to ATM skimming incidents Economy | Positive

The State Bank of Pakistan (SBP) expressed concerns on Tuesday over the skimming of debit cards that caused a total loss of Rs10.2 million to 559 customers recently. Click here for more

Sindh sets sugarcane price at Rs182 Sugar| Positive

The Sindh Agriculture Department notified on Tuesday the sugarcane price of Rs182 per 40 kilograms for 2017-18. The Sindh government will also give a subsidy of Rs9.30 per kg on sugar exports, according to a cabinet decision taken on Monday in Karachi. Click here for more

Inflation in Pakistan at 4pc Economy | Neutral

The consumer price index (CPI) went up four per cent year-on-year in November on the back of a slight increase in the prices of perishable and non-perishable products. Click here for more

LNG tender: commodity traders submit lowest bids LNG | Positive

Commodity traders B B Energy, Gunvor and Trafigura have submitted the most competitive offer in a tender to supply Pakistan with four liquefied natural gas (LNG) cargoes in February, traders said. B B Energy supplied the lowest bid for a February 6-7 delivery, Gunvor the lowest bid for the February 16-17 slot and Trafigura for the last two slots on February 21-22 and 26-27 Click here for more

Unviable tariff to affect K-E’s ability to raise financing for projects KEL | Positive

Two banks Tuesday informed the National Electric Power Regulatory Authority (Nepra) that the determined tariff for K-Electric will adversely affect the company’s ability to fund ongoing and future projects. Click here for more

Orix Leasing to divest stake in Oman-based firm Orix | Positive

Orix Leasing Pakistan planned to divest its stake in an Oman-based Oman Orix Leasing Company for estimated capital gains of Rs400 million Click here for more

Pak Suzuki Motor Company hosted a launch event to introduce 4 new products PSMC | Positive

The event was held in Pearl Continental, Islamabad present at the event were, Managing Director Pak Suzuki Motor Company Limited – Masufmi Harano, Senior Advisory Director – Hirofumi Nagao, Executive Officer Marketing and After Sales – Azam Mirza. Click here for more

To the relief of refineries, oil-fired power plants resume production PSO | Refineries | Positive

Eight oil-fired power plants of cumulative capacity of more than 4,000 megawatts, which were earlier shut down because of expensive fuel, have resumed production to save the dying petroleum refineries. Click here for more

Political News

Model Town tragedy: much-awaited report fixes no responsibility

The Punjab government Tuesday made the report of the Model Town incident public, after a three-member bench of the Lahore High Court (LHC) ordered the Punjab government to release Model Town inquiry report within 30 days. Click here for more

IHC dismisses Sharifs’ plea for clubbing of references

IHC on Monday dismissed former PM’s petition requesting the court to club three references filed against him by the NAB under directions of the Supreme Court. Click here for more

International News

EU blacklists 17 tax havens

European Union ministers adopted on Tuesday a blacklist of 17 non-EU tax havens including Panama, South Korea and the United Arab Emirates after a year of tough negotiations. The Paradise Papers leak last month gave a new impetus to the plan, making public some of the intricate ways the world''s rich evade tax using offshore havens. Click here for more

Oil rises in anticipation of another U.S. crude drawdown

Oil rose on Tuesday, supported by strong demand, expectations of a drop in U.S. crude inventories and an OPEC-led deal to extend oil output cuts. Click here for more
 

xResearch

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Apr 9, 2017
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#99
07 December 2017

Economy News

Moody’s assigns B3 rating to Euro bond, sukuk on growth prospects Economy | Neutral

US credit rating agency Moody’s Investors Service on Wednesday assigned B3 rating to dollar-denominated senior unsecured notes and sukuk issued by the government last month to raise $2.5 billion, saying continued reforms would help tap robust growth potential. Click here for more

Ogra determined to roll out market-based tariff regime SSGC | SNGP | Neutral

Oil and Gas Regulatory Authority (Ogra) is determined to introduce market-based tariff regime for gas utilities. New tariff regime was formulated on the demand of stakeholders, especially SSGC and SNGPL and the authority would deliver a regime in line with the international standards. Click here for more

Cement despatches increase 13.91pc in July-Nov Cements| Neutral

Pakistan’s cement industry despatched 2.261 million tons in the first five months of fiscal year 2018, which is 13.91 percent higher than SPLY Click here for more

Islamic banks post 44.26pc rise in Q3 gross earnings Islamic Banks | Positive

The Islamic banking industry posted a 44.26 percent increase in third quarter gross profit, the central bank’s data showed on Wednesday, mostly on the back of higher financing to various sectors of the economy. Click here for more

Oil sales dip 7 percent to 1.91mln tons in November OMCs | Neutral

Oil sales dipped 7% year-on-year to 1.91mn tons due mainly to lower sales of furnace oil Click here for more

Major fault in new LNG terminal disrupts gas supplies LNG | Neutral

Pakistan’s second liquefied natural gas (LNG) re-gasification terminal at Port Qasim inaugurated by Prime Minister Shahid Khaqan Abbasi a fortnight ago suffered a serious technical fault at an underground pipeline, resulting in a failure to inject re-gasified LNG into the system. The second LNG terminal has been developed by a consortium led by Pakistan Gas Port Ltd (PGPL). The LNG shipment from the second terminal was expected to be fed to three mega LNG-based power projects in Punjab – Bhikki, Balloki and Haveli Bahadur Shah – of 1,200-megawatt each. Click here for more

PSO suspends imports on LNG push PSO | Negative

Pakistan State Oil (PSO) has suspended imports of fuel oil after an abrupt drop in domestic demand as the country turns to liquefied natural gas (LNG) to fuel its power sector Click here for more

IMF team briefed on CPEC, govt's priorities Economy | Neutral

A delegation of International Monetary Fund (IMF) called on Secretary Planning Commission Shoaib Ahmed Siddiqui here on Wednesday and discussed economic situation of the country. During the meeting, Shoaib Siddiqui briefed the delegation on progress of CPEC and the economic priorities of the government. Click here for more

SBP launches Asaan Remittance Account Reserves | Currency | Positive

In line with its efforts to enhance outreach of basic financial services to unbanked or underserved segment of the population, State Bank of Pakistan (SBP) in collaboration with Pakistan Remittance Initiative (PRI) has launched “Asaan Remittance Account” to be opened by banks with simplified procedures. Click here for more

Political News

Pakistan rejects US demand for joint operation on its soil

Pakistan has flatly rejected the US demand for joint operations against militants on the former’s soil in the latest round of “inconclusive” talks between the two countries held this week Click here for more

Details of Nawaz’s foreign currency accounts unveiled

A prosecution witness on Wednesday provided details of foreign currency accounts of former Prime Minister Nawaz Sharif and his sons to Accountability Court hearing corruption references against the Sharif family. Click here for more

International News

Oil edges up after drop in U.S. crude inventories, but soaring output weighs

Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market. Click here for more

Trump Calls Jerusalem Plan Step Toward Peace, but It Puts Mideast on Edge

Palestinians burned photos of President Trump in Gaza, and the walls of the Old City were illuminated with the American and Israeli flags on Wednesday, as Mr. Trump made good on his campaign pledge to recognize Jerusalem as Israel’s capital. Click here for more
 

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Economy News

Pakistan's exchange rate facing risks, UN body warns Currency | Neutral

The government’s policy of keeping the exchange rate stable by intervening in the foreign exchange market may become unsustainable if the US dollar appreciates against most major currencies in global markets Click here for more

Foreign exchange reserves soar to $21 billion Reserves | Positive

The foreign exchange reserves have jumped to $21 billion after the country received $2.5bn it raised through auction of bond on the international market. Click here for more

Govt to tap $30 billion expats’ savings pool Reserves| Positive

The government has decided to launch ‘Overseas Pakistanis Savings Certificates’ to tap the pool of $30 billion held by Pakistanis living abroad. Click here for more

LNG supplies to resume today after major disruption, PGPC claims LNG | Positive

The country’s second liquefied natural gas (LNG) import terminal, established by Pakistan GasPort Consortium Ltd (PGPC) at Port Qasim, shall resume gas supplies to the national system by the Friday evening Click here for more

Govt likely to allow private sector to supply RLNG LNG |

Government is mulling to authorise private sector to directly supply RLNG to consumers as multiple suppliers can increase gas supplies nationwide. Click here for more

UAE expects to be taken off EU’s tax blacklist Economy | Neutral

The United Arab Emirates expects to be taken off the European Union´s tax-haven blacklist after it meets criteria for transparency set by the EU. Click here for more

GSP Plus scheme: UK promises to extend support Textile | Positive

The United Kingdom has reportedly promised to extend support to Pakistan in the European Union (EU) at the time of second biennial review of the GSP Plus scheme due in January 2018. Click here for more

Import of cotton: government all set to withdraw ST, customs duty Textile | Positive

The government is all set to withdraw sales tax and customs duty on import of cotton, as was done last year, to encourage value addition, reduce cost of doing business and bridge the gap between production and consumption Click here for more

Energy ministry looks to reduce tariff for power production at Sugar Mills Sugars | Neutral

The Ministry of energy is trying to block a move of the power sector to allow the influential sugar millers a higher tariff on bagasse based power generation that will earn them billions of the rupees over the years. Click here for more

SNGPL clarification SNGP | Neutral
MD SNGPL Thursday clarified that only initial consultations have been carried by OGRA on New Tariff Regime and TPA Rules on November 30 and December 4, 2017 in Peshawar and Lahore respectively. Click here for more

Political News

NA unanimously assails US move on Jerusalem

The National Assembly on Thursday unanimously passed a resolution that “strongly condemned” the US decision of shifting its embassy in Israel from Tel Aviv to Jerusalem, termed it an “attack” on Muslim Ummah, and asked Washington to immediately reverse the decision. Click here for more

PPP joins hands with PAT to forge bloc against PML-N

The push for an anti-Pakistan Muslim League-Nawaz (PML-N) platform appears to have started snowballing as the leaders of Pakistan Peoples Party (PPP) and the Pakistan Awami Tehreek (PAT) demanded with one voice here on Thursday the resignation of Punjab Chief Minister Shahbaz Sharif’s government in light of the Model Town case. Click here for more

International News

Oil prices dip on stronger dollar

Oil prices dipped on Friday as the U.S. dollar strengthened, although OPEC-led supply cuts are seen supporting markets going into next year. Click here for more