Daily Call
May 26, 2008
Fertilizer Statistics 4mths’08
Media Highlights
Urea off take increased 70.1% to 1,793k tons in 4mths’08 as compared to
Oil Price: The Nymex future for
1,054k tons in 4mths’07 on account its usage as a partial substitute for
crude oil stood at US$132.65 per
DAP because of skyrocketing DAP prices. The DAP off take depicted a
massive 65.2% decline to 79k tons in 4mths’08 as against 226k tons in
barrel at 9:10am Pakistan time.
(Bloomberg Energy Prices)
4mths’07.
Govt assures revision in decision
? Urea off-take increased 106.6% to 390k tons in Apr’08 as compared to
on LC margin: The government
189k tons in Apr’07. The DAP off-take declined 87.2% to 6k tons in Apr’08
over 45k tons in Apr’07 as the subsidy could not play a significant role for
the balance use of fertilizer owing to significant price hike in the international market.
assured revision in the decision on
LC margin imposed on imports of
raw materials as well as no change
in sales tax and income tax rate in
the budget 2008-09. (Daily Times)
Urea and DAP Offtake
000 tons
4mths'08
Urea
DAP
1,793
79
April'08
Urea
DAP
390
6
4mths'07
1,054
226
April'07
189
45
Chg (%)
EAC advised to continue capital
70.1%
-65.2%
gains exemptions: The stock bro-
Chg (%)
106.6%
-87.2%
kers have advised the Economic
Advisory Committee (EAC) of the
need to continue capital gains ex-
Invest & Finance Securities Limited
Research
emptions on shares and removal of
DAP and Urea Prices
the cap imposed by the monitory
Local DAP prices increased 63.3% to Rs2779/ bag in Apr’08 as compared
authority on exposure of banks to the
to Rs1702/bag in Jan’08 while it increased 90.2% in international market
capital market. (BR)
from US$610/ton (US Gulf) in Jan’08 to US$1160/ton in Apr’08. The price
EU investment falls to US$414.7m
of Sona Urea in local market increased 3.71% to Rs615/bag in Apr’08 as
in 10mths’08: EU countries' invest-
against Rs593/bag in Jan’08 owing to higher demand from farmers on the
ment in Pakistan has declined by
back higher DAP prices prevailed.
78% in 10mths’08 mainly due to the
Outlook for Kharif Season
poor law and order situation. (BR)
Urea offtake during Kharif 2008 is expected at 2.74m tons as against the
Rupee gains 3% percent, over-
actual urea offtake of 2.53m tons in Kharif 2007 while DAP offtake is ex-
night call money at 25%, 10-year
pected to decline by 15.5% in Kharif 2008 to 0.49m tons as against 0.58m
PIB yield at 13%: Reacting to the
tons in Kharif 2007.
measures taken by the SBP to tame
mounting inflation, six-month KIBOR
jumped 190 basis point to 13.25%.
Overnight
call
money
borrowing
climbed in the interbank market to
trade between 20% to 25% and 10year PIB was offered at 13%.
1
Continued …
Market Statistics
KSE Statistics
Market Capt.
23-May-08
US$57.79b
KSE-100 Index
Rs 4004.25b
9.9%
12 m
13,011.7 Amount (Rs b)
Last Closing
13,627.0 Volume (m)
(615.3) Average Rate
17.84%
Chg %
-4.52% CFS MK-II Rate
Top 5 CFS Stocks (last day)
15.59%
-4.8%
12 mths Chg %
4.1% NBP
5.6b, 17.7%
POL
5.1b, 17.3%
15,676.3 AHSL
4.2b, 18.3%
12 mths Low
11,141.9 PPL
3.3b, 17.5%
Total
2.4b, 17.5%
Futures
154.8 Open Int. (Rs b)
22.85
27.8 Open Int. Last day (Rs.b)
23.75
182.5 Total Open Int. (m sh)
171.87
Future Spread
19.91%
YTD Average
240.7 Top Gainers
Top Losers
12 mths Average
262.4
-
NICL (- 15.2%)
-
DSFL (- 14.8%)
12 mths High
524.6
-
OIBL (- 14.1%)
12 mths Low
59.1
-
TRG (- 13.6%)
Global Markets
Index
DOW JONES
NIKKIE-225
DAX
FTSE-100
CAC-40
SSEC
SMSI
SENSEX
KS11
IPC
AORD
BVSP
RTS
OXMS
Hang Seng
Strait Times
KLSE
MERVAL
CCSI
YTD Flow
(52.11)
FY'07 Flow
978.23
6 months Kibor
13.80%
10.17%
Top Inflows
USA
14.00%
Amount (b), Rate
12 mths High
Futures
13.74% 9.82%
12 months Kibor
YTD Chg %
Trading Volume
3 months Kibor
381.62
13,985.1 ENGRO
SCRA Position (m US$)
C u rre n t May'07
44.47
Chg
Ready
Interest
Rates
Continuous Funding System
Current Closing
12 mths Average
Other Domestic Market Indicators
10.51%
3 years PIB
401.96
Kuwait
43.13
Luxembourg
23.37
11.95% 9.63%
Camyan Island
12.35% 9.73%
Top Outflows
6.10
5 years PIB
10 years PIB
UK
(344.75)
Australia
(66.98)
Exchange Rates
Important Board Meetings
May'07 C h g % Al-Noor Sugar
26-May-08
Current
12.75%
10.05%
US Dollar
68.44
60.72
12.71%
Euro
107.61
82.47
30.48%
Yen
0.66
0.51
29.41%
Yuan
10.00
7.93
26.10%
Thal Ind. Corp.
26-May-08
Current
Last 12 mths
Chg
Chg
Commodities
Origin
New York
Tokyo
Frankfurt
London
Paris
Shanghai
Madrid
Mumbai
Current
4,395.0
14,012.2
6,944.1
6,087.3
4,933.8
3,473.1
1,459.2
16,649.6
Last 12 mths
Chg
Chg
-1.6%
-4.5%
0.2%
-20.9%
-1.8%
-10.2%
-1.5%
-8.0%
-1.9%
-19.4%
-0.4%
-16.8%
-2.9%
-13.0%
-1.5%
15.9%
Seoul
Mexico
Sydney
São Paulo
Moscow
Stockholm
Hong Kong
Singapore
Kuala Lumpur
Buenos Aires
Cairo
1,459.2
31,068.7
5,866.2
71,452.0
2,435.2
322.2
24,714.1
3,122.2
1,274.8
2,235.3
3,539.3
-1.8%
-0.6%
-0.9%
-1.2%
0.1%
-1.9%
-1.3%
-1.2%
-0.2%
-0.6%
0.7%
-11.4%
0.6%
-7.9%
37.9%
34.1%
-22.9%
18.8%
-12.3%
-5.9%
1.8%
34.2%
Inde x
Origin
Gold
London
Silver
London
Copper
London
Oil
OPEC Basket
Natural Gas
Nymex
Coal
South Africa
Wheat
India
Sugar
India
Cotton
Karachi
Urea
Black Sea
922.25
1,810.00
8,350.00
127.59
11.86
108.58
1,112.85
1,448.10
3,600.00
643.00
-0.6%
1.6%
0.0%
2.5%
1.9%
-4.4%
0.0%
0.0%
3.6%
2.9%
39.9%
39.7%
15.7%
91.9%
61.3%
110.8%
20.2%
13.5%
35.8%
118.0%
Invest & Finance Securities Limited
12th Floor, Corporate Towers, Technocity Building,
Hasrat Mohani Road, Off. I.I. Chundrigar Road. Karachi.
Tel: 9221- 2276932-35
Fax: 9221- 2276969
website: www.investfinance.com.pk
2
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believe to be reliable but we do not guarantee that it is accurate and complete. Invest & Finance Securities Ltd. will not be responsible for the consequence of reliance upon any opinion or statement herein or for any omission.