Pakistan Daily Economy Update - 30 November

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1. Nov . 30, 2016 KCCI - eBulletin Sale of 40% stake: PSX set to open bids on Dec. 5, 2016 PSX is scheduled to open bids on Dec. 5, 2016 where initially 17 bids have been submitted by foreign and local strategic investors and financial institutions. Foreign strategic investors include a consortium of NASDAQ, two UK-based funds and China based consortium of Shanghai and Shenzhen stock exchanges with a Chinese fund. Among the local financial institutions, MCB Bank, Allied Bank, Pak-Kuwait Investment Company, Pak-Oman Investment Company and others have submitted their bids. BR. FBR not to further extend returns filing deadline FBR is not ready to extend the deadline of tax returns filing for the tax year 2016 this time around as it gave extensions multiple times during the past two years. The current deadline of 30th Nov’16 was extended from 31st Aug’16 for salaried persons and 30th Sep’16 for business individuals, association of persons and people falling under the final tax regime. Tribune. Ogra recommends up to 9.4% hike in POL prices OGRA, under its monthly price adjustment, has recommended up to 9.4% increase in the prices of petroleum products for Dec.’16. After the increase, petrol price will go up to PKR 68.28 from the current PKR 64.27 and the prices of the HSD will go up to PKR 77.94 from the current PKR 72.52. The Nation. K-Electric increases power tariff by PKR 0.48/unit NEPRA has approved the plea of K-Electric for increasing power tariff by PKR 0.48/unit. K-Electric was of the view that over 1.51Bn power units were sold during Oct.’16. Its cost of production surpassed the set limit by PKR 723.20Mn. The Nation. 100-day city cleanliness campaign begins tomorrow Mayor of Karachi Mr. Akhtar has said that despite having limited resources and authority, the KMC would begin a 100-day campaign to clean the city starting from next week. The city mayor said repairing and carpeting of roads would be commenced along with routine works performed by DMCs. Dawn. Security Fund move finds no favor with provinces Provinces are not expected to agree to the federal government's proposal to allocate from the federal divisible pool an additional 3% to the Centre for meeting security expenses. In this regard, NFC members of Sindh and Balochistan have asserted that there has been no such proposal of 3% formally presented for discussion in the meeting and media reports in this regard are factually incorrect. BR. Murad wants long-delayed NFC award announced forthwith C.M Sindh Mr. Shah has urged the federal government to finalize and announce the 9th NFC Award without any further delay, arguing that “it has nothing to do with the population census”. He said that the 9th NFC Award had already become overdue but the federal government was further delaying it on the grounds that the population census should be held first. Dawn. Murad wants KCR included in CPEC projects Sindh C.M has decided to take up the issue of Karachi Circular Railway with P.M Nawaz to make it part of the CPEC. He stressed that traffic issues in the city and solution to these problems lies in the KCR and Rapid Bus Transport apart from effective traffic management, widening of roads and the construction of underpasses and flyovers. Earlier while briefing the chief minister on the KCR project, Transport Secretary said the length of the project was 43.12 kilometers with 23.86km elevated, 3.7km tunnel and 15.56km surface. The designated speed of KCR trains would be 100km an hour. The KCR, which would have 24 stations across the city, would benefit 0.58Mn commuters daily. Dawn. Online system for Certificate of Origin functional TDAP has informed that, sophisticated online system for the issuance of Certificate of Origin (COO) under the Electronic Data Exchange (EDE) for exports to China has started functioning. The EDE will allow exporters to apply for certificates of origin online through their WeBOC (Web-Based One Customs) User ID. This would enable customs to timely grant concessions under preferential trade only to the eligible goods and replace the existing model which is not only ineffective and costly but often takes months before a COO get verified. Dawn. Value Change Daily PKR 104.84 0.00% USD-Open MKT 29-Nov PKR 107.75 0.23% KSE-100 index FIPI 29-Nov 29-Nov Pts. $ Mn 42,811 -14.40 -0.58% NM** Crude (JA'17) 29-Nov $/bbl 45.34 -3.22% Gold (JA'16) 29-Nov $/oz 1,190 -0.29% Gold (10g) Local 29-Nov PKR 42,942 5.32% Silver (JA'16) 29-Nov $/oz 16.65 0.14% Cotton(KHI)-40 kg 29-Nov PKR 6,843 -0.78% Kibor-6M 29-Nov % 6.11% 0.01% Forex Reserves 18-Nov $ Bn 23.87 -0.93% Remittances Jul-Oct 16 $ Bn 6.26 -3.82% Exports* Jul-Oct 16 $ Bn 6.43 -6.60% Imports* Jul-Oct 16 $ Bn 15.75 8.01% Trade Balance* Jul-Oct 16 $ Bn -9.32 -21.07% Current Account Avg. CPI-FY17* Jul-Oct 16 Jul-Oct 16 $ Mn % -1,762 3.95 -63.45% WoW YoY Nov-16 Discount Rate % 5.75 Sources: KCCI Research, PMEX , NCCPL, KSE, SBP, PBS* ** Not Meaningful WoW= week on week; YoY=Year on Year Major Currencies 175 165 155 145 GBP, 29-Nov-16, 130.4 135 125 115 EUR, 29-Nov-16, 111.2 USD, 29-Nov-16, 104.8 105 95 85 75 Nov-15 Feb-16 USD May-16 GBP Aug-16 Source: KCCI Research ; Oanda.com EUR Quote of the Day "When you are happy you can forgive a great deal." Princess Diana Chart of the Day Oil Import Payment of Pakistan Vs International Oil Prices 20,000 100 70 60 50 3,091 4,000 80 8,360 6,000 90 12,344 5,956 8,000 14,066 10,000 14,774 12,000 10,463 10,496 14,000 12,317 16,000 14,368 18,000 7,346 Railways likely to surpass revenue target by Jun’17 Pakistan Railways (PR) is likely to surpass the revenue targets by Jun’17, as it is expected to earn PKR 40Bn against the set amount of PKR 36Bn. Minister for Railways has said the revenues of Pakistan Railways had increased to PKR 32Bn till June this year from PKR 18Bn in 2013. The News. Unit 29-Nov 2,264 Asian Bank approves $ 86Mn loan for KP The Asian Development Bank (ADB) has approved $ 86.41Mn loan to co-finance a project to improve irrigation system and water management in Khyber Pakhtunkhwa. The provincial government will contribute $ 10.2Mn for the project, estimated to cost $ 96.60Mn. The project will extend irrigation systems to boost agriculture production and improve water management in the Swabi and Nowshehra districts. The estimated completion date is in Dec 2022. The News. List of Indicators 3,550 Development projects: CDWP green-lights Gwadar water purification plant The Central Development Working Party (CDWP) has cleared the scheme to enable the implementation agency to arrange finances for the Reverse Osmosis Sea Water Plant. Initial cost of the project has been estimated at PKR 5.1Bn. Overall, the CDWP approved 7 projects worth PKR 36Bn, including 4 projects costing PKR 30Bn that have been referred to the Executive Committee of National Economic Council (Ecnec) for final approval. Tribune. Date / Period USD-Interbank 10,032 Kishanganga, Ratle projects: Pakistan agrees to mediation Pakistan has agreed on the dispute resolution for 330MW Kishanganga and 850MW Ratle hydroelectric projects through "mediation" instead of Court of Arbitration (CoA). However there is an impression in Islamabad that the World Bank did not deal with the case impartially and sided with India as it not only accepted Pakistan's request for establishment of CoA but at the same time entertained India's proposal on appointment of neutral expert thus accepting two applications of one case. BR. Economic Indicators 2,000 40 30 Oil Import Payments (USD Mn) Note: Avg oil prices are adjusted on FY basis. Avg Oil Price US$/bbl (RHS) Source: KCCI Research, SBP,EIA Disclaimer This report has been prepared by KCCI Research & Development Cell. The information contained herein have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith. Such information has not been independently verified. icon represents the sole viewpoint of the KCCI R&D Cell, and is stated to enrich the readers' understanding of the news item. The R&D Dept. bears no responsibility for its correctness or accuracy. Contact: res@kcci.com.pk