Pakistan Daily Economy Update - 5 December

Transcription

1. Dec . 4-5, 2016 KCCI - eBulletin 2-Dec PKR 107.55 -0.09% KSE-100 index FIPI 2-Dec 2-Dec Pts. $ Mn 43,271 -0.73 0.85% NM** Crude (JA'17) 2-Dec $/bbl 51.63 1.61% Gold (JA'16) 2-Dec $/oz 1,175 0.22% Gold (10g) Local 2-Dec PKR 42,514 -0.80% Silver (JA'16) 2-Dec $/oz 16.70 0.99% Cotton(KHI)-40 kg 2-Dec PKR 6,897 0.00% Kibor-6M 2-Dec % 6.12% 0.00% 25-Nov $ Bn 23.60 -1.11% 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-Nov 16 $ Mn % -1,762 3.92 -63.45% 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, 2-Dec-16, 132.0 135 125 115 EUR, 2-Dec-16, 111.5 USD, 2-Dec-16, 105.0 105 95 85 75 Dec-15 Mar-16 USD PPIB extends deadline for power plant bids The Private Power and Infrastructure Board (PPIB) has extended the deadline for the submission of bids for the launch of 1,200MW power plant based on imported re-gasified liquefied natural gas (RLNG) for 15 days. It was decided that the earlier deadline of 5TH Dec’16, set by the PPIB for receiving of bids for the 1,200MW power plant will be extended till 20TH Dec’16. The decision was taken for the facilitating of investors, as the govt. want to face no hurdles or delays during the processing of the projects. The Nation - Mon. Sep-16 Dec-16 Source: KCCI Research ; Oanda.com EUR “There are two ways to extend a business. Take inventory of what you’re good at and extend out from your skills. Or determine what your customers need and work backward, even if it requires learning new skills.” Jeff Bezos Chart of the Day 8246.86 4022.94 8284.22 3943.14 4000 3891.52 5000 3588.46 6000 3922.44 8196.72 7386.71 7309.37 7000 7266.71 8000 8261.24 Credit Position of Govt. & Non-Govt. Sectors 771.93 762.75 1000 753.83 2000 740.55 3000 629.31 Tomato rates up 100% as import from India suspended The rates of tomatoes have skyrocketed to over PKR 100 per kg from PKR 40-50, after the suspension of trade with India through Wagha border, the prices have jumped to as high as PKR 100 per kg which will go further up as the local supply from Punjab cities will not start before April/May next year. The Nation – Mon. Jun-16 GBP Quote of the Day 9000 Rice output likely to fall 6% in Punjab during 2016/17 Rice output in Punjab is likely to fall nearly 6% to 3.3Mn tons during the current crop year of FY17 as the sowing area in the province touched decade-low levels. In the last crop season, rice output was recorded at 3.5Mn tons in the province, accounting for more than half of the country’s total outputs. The News – Sun. Change Daily WoW Forex Reserves 3638.99 SECP issues notices to 26 public listed firms SECP had issued showcause notices to 26 public listed companies failing to comply with the commission directive on maintenance of updated websites. Since July 2016, around 26 show-cause notices (and 11 orders) have been issued to defaulting companies. The SECP stressed on all the public listed companies to maintain fully functional as well as updated websites. The News– Sun. 0.01% USD-Open MKT 636.91 SBP's inflation monitor: Mianwali declared as most expensive city in country Mianwali has been declared the most expensive city of the country as highest CPI inflation of 10.5% Y-oY was recorded was registered there in Oct’16. According to the SBP’s inflation monitor, CPI inflation in Karachi and Lahore was 3% and 2.4 % during the month. BR-Sun. 104.84 7309.89 FBR blames govt. for PKR 117Bn revenue shortfall Finance Minister Ishaq Dar did not agree on a downward revision in the annual collection target. Against the target of PKR 1.20Tn, the authorities collected PKR 1.08Tn. This has created a gap of PKR 117Bn, equivalent to 0.4% of GDP, creating problems for the finance ministry in managing its fiscal operations without resorting to more borrowings. FBR blamed the govt. tax policies for a whopping shortfall in revenue collection. Tribune- Sun. Value PKR 3615.43 Foreign investors sell shares worth $ 33.56Mn Foreign investors are continuously selling shares and withdrawing their investment from local equity market despite expectations of attractive returns at the Pakistani bourse, the best performing market in Asia. During the outgoing week, foreign investors sold shares worth $ 33.562Mn as compared to $36.976Mn withdrawn during last week. It was the fourth consecutive week of foreign selling taking FYTD with net foreign selling of $ 203.80Mn. Foreign investors withdrew over $117.046Mn from Pakistan's equity market during Nov'16. BR-Sun. Unit 2-Dec 652.77 FBR advised to revisit sales tax zero-rating for textile exporters Tax managers have advised the FBR to revisit the sales tax zero-rating facility for the 5 exporting sectors, including the key textile, as the scheme is stymieing the revenue collection. Zero-rating, reintroduced in the budget FY17, and brought the revenue collection from textile sector, which accounts for more than half of total exports, almost to standstill, according to the Large Taxpayers Unit (LTU). The News - Sun. List of Indicators 3592.86 Dar directs FBR to meet revenue targets Finance Minister Senator Ishaq Dar has chaired a meeting to review the revenue collection targets and other matters related to FBR. Dar appreciated the efforts of FBR in increasing tax collections by 60% over the last 3 years. He urged the FBR team to redouble their efforts to meet this year’s revenue targets. The Nation – Mon. Date / Period USD-Interbank 637.88 Shanghai Electric agrees to share business plan with GoP Shanghai Electric Power (SEP), the new intended buyer of 66.4% shares of Karachi Electric (KE) has agreed to share its top secret business plan with the government of Pakistan directly instead of through Abraaj Group of Dubai. A meeting has been convened on 6th Dec’16 (Tuesday) in the Ministry of Water and Power on the request of Shanghai Electric, which would table its ten years investment and business plan. The authorities hope that the company would immediately invest $1.7Bn to upgrade the utility’s distribution and transmission system. BR-Mon. Economic Indicators 0 Jul'15 Aug'15 Sept'15 Oct'15 Jul'16 Credit to Govt. Sector Credit to PSEs Value in PKR Bn Aug'16 Sep'16 Oct'16 Credit to Private Sector Source: KCCI Research, SBP 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. 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