Daily Call
Qatar Group annulled US$225m cement
plant project: Qatar Group of Company
Urea off take increased 59.6% to 583k tons in Jan’08 as compared to
up cement plant near Dhabeji due to delay
365k tons in Jan’07 owing to heavy rains during Jan’08 that increase
department concerned. (BR)
Islamic banking: The Bank of Punjab
(BoP) has applied to the State Bank of
Pakistan (SBP) for the issuance of a license to launch Islamic banking from the
platform of BoP. (BR)
Mergers and Acquisitions: Universal
Leasing has announced its merger with AlZamin
Leasing
Corporation
the application of urea on wheat crop. However, DAP off take declined
29.4% to 39k tons in Jan’08 as against 55k tons in Jan’07 on account
BoP seeks SBP license for launching
Research
Fertilizer Statistics Jan’08
has annulled US$225m project for setting
in legal documentation process by the
Limited
(formerly Crescent Leasing Corporation
Limited) and was approved by the Securities and Exchange Commission of Pakistan (SECP) with effect from Feb 25.
The swap ratio has been agreed at 1:2.44.
Moreover, Bank Muscat SOAG, IFC, No-
Invest & Finance Securities Limited
February 27, 2008
mura European Investment Limited and Mr
Shaukat Tarin have entered into share
purchase agreements to acquire 85.10%
of higher DAP prices in local as well as in international market.
Urea and DAP Offtake
000 tons
Jan'08
Urea
DAP
583
39
Chg (%)
Jan'07
365
55
59.6%
-29.4%
? Urea off-take increased 12.2% to 2.09m tons in first four months of
Rabi season 2007-2008 from 1.87m tons in same period last year. On
the other hand, DAP off take declined 36.0% to 0.65m tons in first four
months of Rabi season 2007-2008 over 1.03m tons in corresponding
period last year.
Urea and DAP offtake in Rabi Season
Urea
2007
2008
Chg %
DAP
2007
2008
Chg %
October
173
225
30.3%
October
381
202
-46.8%
November
493
574
16.5%
November
397
327
-17.6%
December
839
715
-14.8%
December
197
91
-54.1%
January
365
583
59.6%
January
55
39
-29.4%
000 tons
Total
1,870
2,097
12.2%
Total
1,030
659
-36.0%
of the paid-up capital of the ‘target company at an offer price of Rs29.30/share.
(Dawn)
DAP and Urea Prices– Constantly increasing
Prices of Urea and DAP increasing constantly in international market
Sale of Roosevelt Hotel opposed: The
owing to high demand and lack of gas supply to the manufacturer. Lo-
privatization of PIA’s Roosevelt Hotel in
cal DAP prices increased 22.7% in Jan’08 to Rs1702/bag over Dec’07
New York has been opposed by Pakistan
while it increased significantly at 95.4% from Rs871/bag in Dec’06. The
People’s Party which wants the caretakers
to leave the issue for the new government.
(Dawn)
price of the Sona Urea in local market increased 4.2% to Rs593/bag in
Jan’08 as against Rs569/bag in Dec’07 while it increased 11.9% from
Rs530/bag in Dec’06 owing higher demand from farmers on the back
D.G. Khan Cement HY’08 Results: D.G.
Khan Cement declared profit after tax at
Rs329.6m (EPS: Rs1.30) in HY’08 as
compared to Rs854.5m (EPS: Rs3.04) in
HY’07, a decline of 61.4%. (KSE Notice)
of favorable weather condition for application on wheat coupled with
the higher DAP prices prevailed.
Outlook for Rabi Season
We expect the urea off take would further augment in remaining
months of Rabi season owing to application on wheat coupled with
lower closing balance of urea in Jan’08 at meager 25k ton. On the
other hand, DAP closing balance was quite satisfactorily at the end of
1
Continued …
Jan’08 and stood at 303k tons. Urea off-take during Rabi season is estimated at 2.71m tons as against
the total availability of 3.04m tons while DAP off-take is estimated at 0.75 tons in Rabi season as
against the total availability of 0.99m tons.
Asad Abdul Razzaq
asad.r@investfinance.com.pk
Tel: 9221-2276968
2
Market Statistics
KSE Statistics
Market Capt.
US$74.46b
KSE-100 Index
26-Feb-08
Rs 4633.06b
12 m
15,056.1 Amount (Rs b)
Last Closing
14,947.5 Volume (m)
54.6
606.4
108.6 Average Rate
0.7%
11.3%
12 mths Chg %
28.8% NBP
8.1b, 11.1%
PPL
5.2b, 11.1%
15,056.1 AHSL
4.3b, 11.1%
12 mths Low
10,899.7 BOP
3.9b, 11.3%
Futures
66.5
Total
3.5b, 11.2%
Futures
265.7
332.2
Open Int. (Rs b)
11.9
Last Day Open Int. (Rs b)
10.6
Open Int. (m sh.)
78.6
YTD Average
241.4
Top Gainers
12 mths Average
258.4
SNL
Top Losers
(+ 6.0%) BIPL (- 1.9%)
ENGRO (+ 5.0%) TRG (- 1.5%)
12 mths High
524.6
DSL
(+ 5.0%) AHL (- 0.9%)
12 mths Low
59.1
NML
(+ 5.0%)
NIB (- 0.7%)
Global Markets
Index
Origin
DOW JONES New York
NIKKIE-225
Tokyo
DAX
Frankfurt
FTSE-100
London
CAC-40
Paris
SSEC
Shanghai
SMSI
Madrid
SENSEX
Mumbai
KS11
Seoul
IPC
Mexico
AORD
Sydney
BVSP
São Paulo
RTS
Moscow
OXMS
Stockholm
Hang Seng
Hong Kong
Strait Times
Singapore
KLSE
Kuala Lumpur
MERVAL
Buenos Aires
CCSI
Cairo
10.49%
90.62
978.23
Top Inflows
USA
10.71%
Amount (b), Rate
12 mths High
Ready
YTD Flow
10.13% 10.25% FY'07 Flow
6 months Kibor
12 months Kibor
10.2%
Trading Volume
Feb'07
3 months Kibor
10.26%
YTD Chg %
13,203.6 POL
SCRA Position (m US$)
Current
Top 5 CFS Stocks (last day)
12 mths Average
Interest
Rates
Continuous Funding System
Current Closing
Chg
Chg %
49.0%
Other Domestic Market Indicators
10.91%
3 years PIB
419.33
Kuwait
44.84
Luxembourg
15.71
10.15% 9.75%
Camyan Island
10.55% 9.85%
Top Outflows
6.10
5 years PIB
10 years PIB
11.15%
10.03%
Exchange Rates
Feb'07
Current
Chg %
US Dollar
62.53
2.91%
UK
(237.42)
B.V Island
49.87
Important Board Meetings
OGDC
27-Feb-08
Atlas Honda
60.76
27-Feb-08
PTCL
27-Feb-08
The Bank of Punjab
28-Feb-08
Euro
92.85
79.65
16.57% Sui Southern Gas
Yen
0.58
0.51
Pak Suzuki Motor Co. 28-Feb-08
13.33% National Bank
29-Feb-08
Yuan
8.78
7.85
11.85%
28-Feb-08
Allied Bank Ltd.
29-Feb-08
Commodities
Current
4,321.8
13,824.7
6,986.0
6,087.4
4,973.0
4,973.1
1,455.0
17,806.2
1,709.1
30,288.1
5,745.8
65,183.0
2,096.3
318.6
23,714.8
3,077.8
1,375.4
2,151.4
3,659.8
Last 12 mths
Chg
Chg
1.0%
-0.6%
-0.6%
-24.1%
1.5%
-0.6%
1.5%
-5.4%
1.1%
-13.7%
13.8%
63.6%
2.0%
-11.8%
0.9%
30.5%
0.0%
16.3%
0.9%
7.8%
0.8%
-4.6%
0.3%
41.1%
0.8%
6.4%
1.9%
-19.7%
1.9%
15.6%
0.4%
-7.0%
0.3%
8.1%
1.4%
-3.0%
1.2%
44.6%
Index
Origin
Gold
London
Silver
London
Copper
London
Oil
OPEC Basket
Natural Gas
Nymex
Coal
South Africa
Wheat
India
Sugar
Belgaum
Cotton
Karachi
Urea
Black Sea
Current
934.00
1,812.00
8,270.00
93.63
9.20
114.59
1,108.40
1,372.35
3,175.00
329.00
Last 12 mths
Chg
Chg
-1.4%
0.3%
0.3%
1.1%
0.2%
-2.8%
0.2%
0.0%
0.0%
0.3%
36.5%
24.3%
32.3%
64.4%
42.0%
122.4%
-5.5%
-9.9%
25.7%
8.9%
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
3
Disclaimer: This report is for information purposes only and we are not soliciting any action based upon it. The material is based on information we
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.