Aba Ali Habib Research
Friday June 20, 2014
Economy
Reserves increase to US$13.571bn
According to the State Bank of Pakistan (SBP).The country’s liquid foreign reserves
increased to US$13.571bn on for the week ending June 13, from US$13.456bn the
previous week. (Dawn)
KSE-100
29157.98 28674.37 -483.61
Large-scale industry expands 2.6% YoY in Apr-14
KSE-30
20059.73 19717.18 -342.55
According to Pakistan Bureau of Statistics (PBS) , Large-scale manufacturing (LSM)
posted a growth of 2.69% in April 2014 from a year ago. Major contribution towards
positive growth in LSM performance in April 2014 was from textile 1.11%; food and
beverages 8.26%; paper and board 22.1%; fertilisers 9.93%; iron and steel products
20.56%; leather products 4.55%; chemicals 1.85% and rubber products 20.97%.(Dawn)
KSE all Share
21587.48 21238.72 -348.76
Market Statistics
O pen
KMI-30
Close
Change
46915.7 46071.05 -844.65
Source: KSE, Aba Ali Habib Research
July-May current account balance posts US$2.5bn deficit
Following high imports and slow foreign inflows, the country's current account balance
posted a US$2.5bn deficit during the first 11 months of the current fiscal year 2013-14.
Although, current account has been posting some deficit, but the overall balance has
registered a US$3.336 bn surplus during this fiscal year supported by Eurobond payment
and inflows from Saudi Arabia. (BR)
FIPI
Export refinance limits extended for two months
Banks
The State Bank of Pakistan (SBP) on Thursday announced an extension in export
refinance scheme limits, sanctioned in favour of banks, for two months to facilitate
exporters. The SBP also decided to continue the existing limit of Long Term Financing
Facility (LTFF) until fresh limits for FY15 are notified. Limits, under Export Finance
Scheme (EFS)/Islamic Export Refinance Scheme (IERS) sanctioned in favour of banks
for FY14, are due to expire on June 19, 2014. (BR)
Companies
USD(mn)
Buy
Se ll
14.68
14.53
0.15
9.22
4.49
4.73
Mutual Funds
NBFC
Others
Ne t
4.91
4.22
0.69
32.82
33.14
-0.32
0.81
1.52
-0.71
0.88
0.51
0.37
Source: KSE, Aba Ali Habib Research
Power
Hubco plans US$900mn coal-run power projects
The Hub Power Company Limited (Hubco) would develop coal-based projects of up to
660MW at a cost of US$800-900 mn. The board of directors of Hubco in its meeting on
June 19 also approved equity investment of US$20mn in Sindh Engro Coal Mining
Company (SECMC). Hubco wanted to convert its existing residual furnace oil (RFO)
based 1,292MW power plant to coal but in the absence of clear-cut policy guidelines on
coal conversion, the board decided to keep the conversion on hold and gave go-ahead for
a new coal-based power plan (Dawn)
IPPs invoke sovereign guarantee notices
Without undertaking an audit, Independent Power Producers (IPPs) have reportedly
invoked sovereign guarantee notices less than a year after the government cleared
PKR480bn due to the power sector on 29 June 2013, well. This is a pressure tactic
employed by the IPPs to compel the government to release PKR300bn. (BR)
Chemicals
Top Symbols
Volumes C.Price Change
Lafarge Pak.
16,710
14.83
0.4
Fauji Cement
14,095
19.56
-0.63
P.T .C.L.
13,278
26.62
-1.4
B.O.Punjab
8,932
8.67
-0.19
K-Electric Ltd.
8,820
8.19
-0.18
Byco Petroleum
8,587
11.82
-0.62
T RG Pakistan Ltd.
8,336
14.49
-0.19
United Bank
6,876
166.06
-4.37
5,408
29.53
-0.59
Maple Leaf Cement
Source: KSE, Aba Ali Habib Research
CCP moves to end discrimination in urea market
The Competition Commission of Pakistan (CCP) has issued a policy note to the
government, recommending equal levy of Gas Infrastructure Development Cess (GIDC)
for all fertiliser plants to create a level-playing field in the urea market. (DAWN)
Utility
frequently tripping feeders, PMT faults expose lofty claims of K-Electric
The frequent feeders tripping, PMT faults and falling of wires have exposed the KElectric's claim of investing heavily on improvement of infrastructure and transmission
and distribution system of the utility. feeders' tripping, PMT faults and wire falling have
become routine matter during the sultry weather in the city, as the power utility has
failed to install effective system to save feeders from tripping when there is overloading,
overheating and frequency variation (BR)
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