Pakistan Daily Economic Update - 23 April

Transcription

1. Apr . 23, 2016 KCCI - eBulletin Mauritius government plans to hold 'Pakistan Week' in August President of Mauritius, Dr Ameenah Gurib Fakim has said that her government plans to organise "Pakistan Week" in Mauritius from August 14 to 21, on the occasion of Pakistan National Day. While exchanging views at a meeting with a delegation of KCCI, she invited KCCI members to participate in the Pakistan Week which will also provide an opportunity to sign a MoU with KCCI. Speaking on the occasion, Chairman Businessmen Group and former president KCCI Siraj Kassam Teli said that KCCI’s Research & Development Cell has been conducting extensive research by effectively monitoring the trade trends in more than 200 countries around the world including Mauritius, which are updated on regular basis. The special reports on the impact of PTAs and FTAs with friendly countries and other trade-related data is regularly being maintained and updated by KCCI's R&D Cell which can also be used for identifying hurdles and the possibility of enhancing trade. BR-Fri. Pakistan fails to capitalise on oil price dip: ADB The Asian Development Bank says that Pakistan’s economy has failed to achieve its growth potential in spite of benefiting from lower prices of oil which accounts for almost a third of its imports. In its annual report, the bank pointed out that the failure was due to weak performance in exports caused by structural issues such as a lack of diversification and supporting infrastructure in the manufacturing sector. The ADB has approved $ 1Bn for projects in Pakistan to improve transport and trade. Dawn. Economic Indicators Date / Period Unit Value USD-Interbank List of Indicators 22-Apr PKR 104.77 0.02% USD-Open MKT 22-Apr PKR 104.77 -0.51% KSE-100 index FIPI 22-Apr 22-Apr Pts. $ Mn 33,740 -1.62 0.50% NM** Crude (JU'16) 22-Apr $/bbl 43.28 -0.23% Gold (MY'16) 22-Apr $/oz 1,246.6 -0.21% Gold (10g) Local 22-Apr PKR 42,085 -1.38% Silver (MY'16) 22-Apr $/oz 17.18 1.09% Cotton(KHI)-40 kg 22-Apr PKR 6,039 2.46% Kibor-6M 22-Apr % 6.37% 0.00% 15-Apr $ Bn 20.78 -0.26% Jul-Mar 16 $ Bn 14.16 4.14% Jul-Mar 16 $ Bn 15.61 -12.92% Jul-Mar 16 $ Bn 32.52 -4.22% Jul-Mar 16 $ Bn -16.91 -5.50% Jul-Mar 16 Jul-Mar 16 $ Mn % -1,606 2.64 18.52% Banking spread shrinks in Jan-Mar quarter Forex Reserves The weighted average banking spread stood at 5.16% in 9MFY16, after shrinking by 0.11% over the preceding quarter. According to the SBP, loan re-pricing dragged the average lending rate down by 0.25% from the preceding quarter to 8.56% although the Remittances benchmark interest rate remained stable in 9MFY16. Tribune. Exports* OMCs, dealers: Finance ministry, PC support increase in margins Imports* Ogra has recommended to not allow any further increase in margins to oil marketing companies (OMCs) and dealers. The Ministry Trade Balance* of Finance and Planning Commission (PC) have both supported the increase in margins in line with inflation. However, according Current Account to the Ogra that such an increase will only add to the already healthy profits of oil barons and will burden the consumers. Tribune. Avg. CPI-FY16* Change Daily WoW YoY Apr-16 Discount Rate % 6.00 Petrol imports set to hit record high this month Petrol imports are likely to touch a record high in Apr’16, crossing 400,000 tons, as consumers are switching to petrol because of Sources: KCCI Research, PMEX (At 4 00PM), NCCPL, KSE, SBP, PBS* WoW= week on week; YoY=Year on Year lower prices. Thus far the highest import of 382,000 tons of oil was recorded in Jul’15. Higher sales of cars, motorcycles and ** Not Meaningful Major Currencies rickshaws, and rising imports of generators have also pushed up demand for petrol. Oil Companies Advisory Council (OCAC) CEO said that in Mar’16 petrol sales rose to a record 553,253 tons (of which 142,000 tons were produced by local refineries), breaking 175 the previous high of 511,185 tons registered in Oct’15. Dawn. 165 CPEC western route wins tentative nod The govt. has conditionally approved the 285KM long western route of the CPEC after Khyber-Pakhtunkhwa objected over its alignment and claimed that it is in violation of the agreement reached at an all party’s conference (APC). It recommended that the govt. give priority to the western route which passes through some of the country’s hinterlands and can help address poverty in these areas. The govt. initially preferred the eastern route and allocated more than 90% of CPEC funding for its early completion. Tribune. 155 Foundation stone laying of CASA-1000 on May 11 The foundation stone laying ceremony of the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) will be held on May 11, 2016. The project will help Pakistan getting 1000MW electricity from Kyrgyz Republic and Tajikistan from 1 May to Sept 30. According to the Ministry of Water and Power, the price of electricity will be 9.48 cents/Kwh which includes all charges. The Nation. 95 CPPA seeks PKR 2.78/unit reduction in power tariff The Central Power Purchase Agency (CPPA) has requested the NEPRA to reduce PKR 2.78 per unit for March under monthly fuel adjustment mechanism. The CPPA submitted to the regulator that some 6.48Bn units were sold in March costing PKR 34.96Bn. Owing to reduction in furnace oil prices, the average cost of electricity remained PKR 5.53 per unit against the estimated cost of PKR 8.9 per unit. Tribune. Commerce ministry, FBR ‘hurdle’ in diesel export to Tajikistan Tajikistan has approached the stated-owned oil company Pakistan State Oil for the supply of diesel. Ministry of Commerce suggested PSO that it will need to get export license if it want to supply petroleum products to Tajikistan. Besides, the ministry of petroleum and natural resources had asked FBR to provide guidelines for the imposition of taxes and duties on the export of diesel. But, despite the passage of two months, the ministry is still waiting to hear from Federal Board of Revenue on the issue. The Nation. Pak-Iran trade to touch new heights: envoy Iranian Ambassador in Pakistan Mehdi Honardoost has expressed optimism and confidence that Pak-Iran trade would touch new heights commensurate with their respective potential. Honardoost said that Iran is ready to fulfil the growing energy needs of Pakistan and Iranian businessmen are keen to enhance business with their Pakistani counterparts therefore, they should come forward and start joint ventures with their Iranian counterparts. The News. Corporate results: DG Khan Cement announces PKR 2.29Bn profit, up 16% DG Khan Cement has announced a net profit of PKR 2.29Bn (EPS: PKR 5.25) in 3QFY16, up 16% compared to PKR 1.98Bn (EPS: PKR 4.52) in 3QFY15. Whereas, the company’s revenues showed a handsome increase of 22% year-on-year in 3QFY16 due to rise in cement sales and consistently lower input costs of coal and electricity. Tribune. 145 135 EUR, 22-Apr-16, 118.1 125 115 105 USD, 22-Apr-16, 104.8 85 75 Apr-15 Jul-15 USD GBP Oct-15 Jan-16 EUR Apr-16 Source: KCCI Research ; Oanda.com Quote of the Day “When you compete with a person, you only have to be as good as or better than the person to win. If you compete with yourself, there is no limitation to how good you can be.” Chu Chin-Ning Chart of the Day Index of Large Scale Manufacturing and its Growth Trajectory 160 14% 12% 150 10% 140 8% 130 6% 4% 120 2% 110 0% 100 -2% Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Ecnec approves motorway from Burhan-Hakla on M-1 to DI Khan The Executive Committee of the National Economic Council (ECNEC) has approved six development projects worth billions of rupees. Finance Minister Ishaq Dar has considered and approved proposal submitted by Ministry of Ports & Shipping regarding provision of coal conveying system from Pakistan International Bulk Terminal (PIBT) to railway network at Port Qasim at revised cost of PKR 13.33Bn. ECNEC also considered a proposal submitted by Ministry of Communication regarding construction of Motorway from Burhan/Hakla on M-1 to D.I.Khan at the rationalized cost of PKR 124.20Bn. The Nation. GBP, 22-Apr-16, 150.6 LSM Index Y-o-Y Growth (RHS) Source: KCCI Research, PBS July-March: Indus Motor’s earnings accelerate 38% Disclaimer Indus Motor Company has announced a net profit of PKR 8.84Bn (EPS: PKR 112.6) in 9MFY16, up 38% compared to PKR 6.42Bn (EPS: PKR 81.7) in 9MFY15. The company also announced a third interim cash dividend of PKR 20 per share. Tribune. This report has been prepared by KCCI Research & Development Cell. The information contained herein have been compiled or arrived at based upon After steep losses, PRL reports PKR 860Mn profit information obtained from sources believed to be reliable and in good faith. Pakistan Refinery Limited (PRL) has managed to recover from steep losses with the return of relative stability in international Such information has not been independently verified. icon represents the sole viewpoint of the KCCI R&D Cell, and is crude oil prices, as it reported a net profit of PKR 860.45Mn (EPS: PKR 2.83) for 9MFY16 against a loss of PKR 2.48Bn (LPS: PKR stated to enrich the readers' understanding of the news item. The 11.38) in 9MFY15. Tribune.