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LATEST ARTICLES
OPEC daily basket price declines
Oct 15, 2019: The Organization of the Petroleum Exporting Countries (OPEC) daily basket price declined to stand at 59.95 U.S. dollars a barrel on Monday, compared with 60.97 dollars the previous Friday, according to OPEC Secretariat calculations.
Also known as the OPEC reference basket of crude (ORB), the OPEC basket is a weighted average of oil prices from different OPEC members around the world.
Currently it averages the oil prices from 14 countries, namely Algeria, Angola, the Republic of the Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.
XINHUA/APP
Closing Bell: Another lackluster trading day
October 15, 2019 (MNL): Previous working day’s losses on trading floors carried on today’s session as the benchmark KSE-100 Index lost 102 points and ended at 34,083 level amid lack of positive triggers resulted in selling pressure for investors.
The Index traded in a range of 330.07 points or 0.97 percent of previous close, showing an intraday high of 34,259.07 and a low of 33,929.00.
Of the 89 traded companies in the KSE100 Index 46 closed up 40 closed down, while 3 remained unchanged. Total volume traded for the index was 99.81 million shares.
Sector wise, the index was let down by Oil & Gas Exploration Companies with 59 points, Power Generation & Distribution with 45 points, Fertilizer with 18 points, Oil & Gas Marketing Companies with 12 points and Pharmaceuticals with 6 points.
The most points taken off the index was by HUBC which stripped the index of 41 points followed by POL with 23 points, OGDC with 21 points, SNGP with 14 points and ENGRO with 11 points.
Sectors propping up the index were Chemical with 7 points, Textile Composite with 6 points, Transport with 5 points, Commercial Banks with 4 points and Cement with 4 points.
The most points added to the index was by HBL which contributed 9 points followed by FCCL with 9 points, FABL with 8 points, COLG with 6 points and MCB with 6 points.
All Share Volume increased by 18.47 Million to 156.40 Million Shares. Market Cap decreased by Rs.15.04 Billion.
Total companies traded were 368 compared to 371 from the previous session. Of the scrips traded 185 closed up, 158 closed down while 25 remained unchanged.
Total trades increased by 2,066 to 55,623.
Value Traded increased by 0.50 Billion to Rs.5.30 Billion
| Company | Volume |
|---|---|
| Worldcall Telecom | 18,275,500 |
| Fauji Cement Company | 14,256,500 |
| Lotte Chemical Pakistan | 8,671,500 |
| Engro Polymer & Chemicals | 7,300,000 |
| Unity Foods | 5,322,500 |
| Attock Refinery | 5,267,000 |
| TRG Pakistan | 5,233,000 |
| Dost Steels | 5,227,000 |
| Hascol Petroleum | 4,832,500 |
| K-Electric | 4,753,500 |
| Sector | Volume |
|---|---|
| Cement | 27,481,800 |
| Technology & Communication | 26,669,000 |
| Chemical | 17,978,020 |
| Engineering | 14,918,000 |
| Commercial Banks | 12,533,900 |
| Oil & Gas Marketing Companies | 8,353,000 |
| Refinery | 7,691,500 |
| Power Generation & Distribution | 6,453,000 |
| Vanaspati & Allied Industries | 5,327,700 |
| Transport | 4,608,000 |
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Money Supply expands by 9% YoY in August
October 15, 2019 (MLN): The total money supply in the economy during August 2019 stood at Rs 21.28 trillion, marking a negligible growth of 0.24% as in last month it was Rs 21.23 trillion, shows provisional statistics of Monetary Aggregates for the month, released by the State Bank of Pakistan.
On yearly basis, the money supply displayed a growth of 9% YoY as it recorded Rs 19.45 trillion in August 2018.
Having broken down the overall money supply in broad categories, the central bank’s data shows that a total of Rs.5.29 trillion were circulated as notes while Rs.9.15 trillion accounts for transferable deposits which comprise all deposits that are exchangeable on demand at par without penalty/restriction.
The amount circulated as notes during the month has decreased by 2% MoM, whereas on yearly basis it increased by over Rs 685.6 billion or 15%.
Apart from this, other deposits constituted Rs.2.98 trillion in August 2019, up by 15%, YoY. Other deposits represent all claims other than transferable deposits in national or foreign currency that are represented by evidence of deposits. In contrast, coins circulated reduced by 1.3% during the year to Rs 8.5 billion.
Rs.261.38 billion worth of deposits were held with post offices while National Saving Schemes held Rs.3.59 trillion, up by 5% YoY.
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Work underway on Saudi Arabia’s $14.5 billion energy projects in Pakistan
October 15, 2019: Work has started on $14.5 billion worth of Saudi Arabia’s energy and petroleum projects in Pakistan, Omar Ayub Khan, Federal Minister for Power and Petroleum said on Tuesday.
The initiatives are part of an effort to boost the production and use of oil and renewable power and overcome power shortages in the South Asian nation.
“In the power sector, Saudis are helping us install 500 megawatts renewable energy projects worth $4.5 billion in Baluchistan and a $10 billion mega oil refinery in Gwadar, which are part of the $20 billion investment announced during Saudi Crown Prince Muhammad bin Salman’s visit to Pakistan earlier this year,” the minister said in an interview with Arab News.
“Studies have been carried out by Saudi company Aqua Power, Pakistani National Transmission & Despatch Company (NTDC) and other leading companies to look into hybrid or solar projects. This will be a total $4.5 billion investment,” the federal minister said.
During a visit to Pakistan in February this year by Saudi Crown Prince Mohammed bin Salman, the two countries signed short-, mid- and long-term investment agreements worth over $20 billion, including for energy and petroleum projects.
Short-term projects signed in February include two Regasified Liquefied Natural Gas plants for $4 billion, a $2 billion investment by Saudi power producing company ACWA Power in Pakistan’s renewable energy sector and a $1 billion Saudi Fund for Pakistan.
Mid-term projects include $1 billion each for petrochemical and food and agricultural projects. The long-term investments are $10 billion for the construction of the multi-billion-dollar Saudi Aramco oil refinery in Gwadar and $2 billion for the minerals sector, the report said.
The total investment comes to $21 billion, according to government figures released after the crown prince’s visit.
Khan said the power projects in the pipeline also included a solar plant of 200-megawatt at the Habibullah coastal power station in Baluchistan and a 100-megawatt plant each in three other districts of the province.
He said the process of hiring technical experts for the Gwadar oil refinery project had started and would be completed in the next three months: “The refinery would have a 250,000 to 300,000 barrels per day capacity that would help Pakistan cut its annual crude oil import bill by nearly $3 billion,” the minister said.
He said this was the first phase of Saudi investment in Pakistan “and as soon as they will start achieving targets, another phase of investment would start.”
The minister said that Saudi investment would help Pakistan achieve its target of shifting 30 percent of its energy needs to the renewable energy sector by 2030.
“Alternative Energy Development Board cleared the draft renewable energy policy last week, in which we are taking renewable energy from the current 1,500 megawatts to approximately ,8000 megawatts by the end of 2025, and then to 20,000 megawatts by 2030,” Khan said.
Saudi Arabia and Pakistan, in collaboration with Baluchistan’s provincial government, were also working to explore minerals in the province in a bid to promote indigenous exploration and production activities in both the oil and gas sectors, Khan said.
“We would be auctioning approximately 40 blocks in the exploration and production sphere in Pakistan. In this process, we welcome Saudi companies to participate in upstream exploration activities,” Khan said. “Aramco is already working in the downstream exploration activities in Pakistan and we would welcome more Saudi companies to come in Pakistan for investment, whether it is upstream, middle stream or downstream.”
He also welcomed Saudi participation in the China Pakistan Economic Corridor of energy and infrastructure projects, the flagship of Beijing’s ambitious Belt and Road Initiative.
“It is a good opportunity for Saudis as well as other Middle Eastern companies to invest in Pakistan as it is next door to a big market like China,” the minister said.
APP
Pak-Qatar Takaful Insurance intends to expand investment in Pakistan: CEO
October 15, 2019: Chief Executive of the International Islamic Bank and Chairman of Pak-Qatar Takaful Insurance Sheikh Ali bin Abdullah Thani Al Thani on Tuesday called on Prime Minister Imran Khan and shared his future business and investment plans in Pakistan.
Sheikh Ali bin Abdullah informed the prime minister that he intended to invest in hospitality industry and the planning was in an advanced stage, PM office media wing in a press release said.
He said his group, Pak-Qatar Takaful, had over 70 branches in Pakistan and was now interested in investing in real estate, housing and hospitality sectors.
Sheikh Ali greatly appreciated prime minister’s efforts of promoting peace and security in the region and wished well for his visit to Saudi Arabia aimed in this direction.
The prime minister reaffirmed the importance Pakistan attached to its strong fraternal ties with Qatar and close cooperation between the two countries.
He expressed satisfaction over the positive trajectory of the relationship between Pakistan and Qatar, especially after the visit of Amir of Qatar to Pakistan in June.
APP
ATRL earns net profit worth Rs.66 million
October 15, 2019 (MLN): Attock Refinery Limited (ATRL) has announced its financial earnings for the quarter ended on September 2019, wherein the company remarkably turned its losses into profits which stood at Rs. 66 million.
The company’s gross profit decreased by 61% due drop in sales by 18.62%. Moreover, the cost of sales deteriorated with the same proportionate of 19% YoY.
The net profits of the company increased due to the increase in other-income by 36.98% along with the drop in administrative expenses by 4.50%.
In addition, finance cost dropped by a substantial amount of Rs.1 billion, marking a decline of 52.5% from Rs.7.4 billion in corresponding period of last year.
Other than this, ATRL’s basic and diluted earnings per share have been reported at Rs.3.15 per share.
Consolidated profit and loss account for the quarter ended September 30th 2019 ('000 Rupees)
| |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Gross sales | 48,868,644 | 57,911,542 | -15.62% |
Taxes, duties, levies and price differential | (12,673,026) | (13,433,842) | -5.66% |
Net sales | 36,195,618 | 44,477,700 | -18.62% |
Cost of sales | (36,429,788) | (45,079,834) | -19.19% |
Gross profit/(loss) | (234,170) | (602,134) | -61.11% |
Administrative expenses | (188,730) | (197,621) | -4.50% |
Distribution cost | (13,049) | (12,080) | 8.02% |
Other charges | (8,242) | (283) | 2812.37% |
Other income | 864,650 | 631,211 | 36.98% |
Operating profit/(loss) | 420,459 | (180,907) |
|
Finance cost | (353,541) | (744,276) | -52.50% |
Profit/(loss) before taxation from refinery operations | 66,918 | (925,183) |
|
Taxation | (50,488) | 207,097 |
|
Profit/(loss) after taxation from refinery operations | 16,430 | (718,086) |
|
Share in Profit of Associated companies | 319,451 | 508,759 | -37.21% |
Profit/(loss) for the period | 335,881 | (209,327) |
|
Earnings (loss) per share - basic and diluted (rupees): |
|
|
|
Refinery operations | 0.15 | (6.74) |
|
Non-refinery operations | 3.00 | 4.77 | -37.11% |
| 3.15 | (1.97) |
|
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Earning Review: POL realizes 9% increase in profitability
October 15, 2019 (MLN): Pakistan Oilfields Limited (POL) has realized around 9% increase in its net profits to Rs 3.9 billion for the quarter ended September 2019 against Rs 3.5 billion earned in same period last year. The earning per share of the company locked in at Rs 13.68.
The earnings are in line with the market expectations as 3 out of 5 of the brokerage houses projected an increase in POL’s profitability.
The upsurge in net earnings of the company mainly came on the back of decline in operating costs and amortization cost by 18.7% and 33.6% respectively. Moreover, noteworthy currency depreciation against USD and lower explorations expenses owing to no dry well cost incurred, lessened the impact of lower production during the quarter.
The company witnessed a scanty decline of 3%YoY in its net sales, as notable currency depreciation alleviated the impact of lesser activity during the period.
Moreover, POL also observed a considerable decline in finance cost by around 65% due to absence of exchange losses.
Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Sales | 11,298,634 | 11,792,857 | -4.19% |
Sales tax | (863,796) | (993,027) | -13.01% |
Net Sales | 10,434,838 | 10,799,830 | -3.38% |
Operating costs | (2,431,930) | (2,992,862) | -18.74% |
Excise duty and development surcharge | (73,590) | (77,669) | -5.25% |
Royalty | (1,118,059) | (1,084,385) | 3.11% |
Amortization of development and decommissioning costs | (513,456) | (773,721) | -33.64% |
|
|
|
|
Gross Profit | 6,297,803 | 5,871,193 | 7.27% |
Exploration cost | (375,831) | (731,265) | -48.61% |
Administrative expenses | (60,407) | (62,388) | -3.18% |
Finance cost | (138,743) | (401,744) | -65.46% |
Other charges | (400,582) | (372,547) | 7.53% |
|
|
|
|
Other income | 399,495 | 694,768 | -42.50% |
Share in (loss)/profits of associated companies - net of impairment loss | (82,631) | (156,896) | -47.33% |
Profit before taxation | 5,639,104 | 4,841,121 | 16.48% |
Provision for taxation | (1,755,531) | (1,269,974) | 38.23% |
Profit after taxation | 3,883,573 | 3,571,147 | 8.75% |
Earnings per share - basic and diluted (Rupees) | 13.68 | 12.57 | 8.83% |
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Gold price dips Rs100, traded at Rs 87,000 per tola
October 15, 2019: The price of 24 karat gold decreased by Rs. 100 and traded at Rs. 87,000 per tola as compared to the last closing at Rs. 87,100, Karachi Sarafa Association reported on Tuesday.
The price of 10 gram gold also witnessed a decrease of Rs. 86 and traded at Rs. 74,588 against Rs. 74,674 the last trading day.
The price of silver remained stable at Rs. 1,040 per tola while the prices of 10 gram silver also witnessed no change and traded at Rs. 891.63.
In international market, the price of per ounce gold decreased by $2 and traded at $1,494 as compared to the last closing at $1,496.
APP
OICCI members spend Rs 5.5 billion on CSR activities in 2018-19
October 15, 2019: The Overseas Investors Chamber of Commerce and Industry (OICCI) member companies spent Rs 5.5 billion during 2018-19 and directly benefited 5.8 million people across Pakistan as part of its CSR activities.
As per 2018-19 Corporate Social Responsibility (CSR) Report, which highlights the key social and community related activities of foreign investors operating in the country, member companies continued their efforts for community welfare and collective good the employees.
There has been growing realization among the businesses that fulfilling social responsibility means doing good business. Hence, there has been a widespread engagement of the leading corporates in adopting various forms of social activities depending upon the need of the society in their area of operations.
The landscape of CSR initiatives and activities is improving rapidly as the corporate sector in the country has been widely adopting the CSR and Sustainability practices and making them permanent feature of the businesses. The social areas such as education, human capital development, healthcare, nutrition, environment and infrastructure development are the main focus of the businesses to reach out to the underprivileged sections of the population.
About 200 leading foreign investors as part of OICCI platform are among other members who besides doing good business, are investing over PKR 300 billion annually in expanding their footprint, contributing a lion’s share of the tax revenue of the country, are also rated as the trendsetter and among the prominent social developers of Pakistan through their CSR and sustainable initiatives.
As a result of untiring CSR activities of 82 OICCI members only during 2018-19, over PKR 5.5 billion were invested on CSR and reached out to around 58 million direct beneficiaries throughout Pakistan.
OICCI members and their employees spent around 1.2 million man-hours and partnered with 160 social and development sector organizations in fulfilling their unique CSR program. The geographic distribution of the CSR activities has been 32% in Sindh, 27% in Punjab, 15% in Khyber Pakhtunkhwa, 10% in Balochistan, 8% in Azad Kashmir, and 4% each in FATA and Gilgit-Baltistan.
In terms of specific social sector, Human Capital Development and Health and Nutrition remained key focus areas. Human Capital Development initiatives attracted the attention of 90% of the members helping to meet the growing need for improving the human development in the country. Many of our members have funded new school facilities and made contributions towards vocational training programs for skills development of the youth.
Moreover, 86% of the members actively supported health and nutrition related initiatives through donations to reputable hospitals, medical care camps and health awareness campaigns. Infrastructure Development was also one of the growing areas of interest for 65% of the members who assisted communities in the vicinity of their respective major operating facilities.
PKR strengthens by 2 paisa against greenback
October 15, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 156.06
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 3 paisa per USD showing an intraday high bid of 156.07 and an intraday Low offer of 156.05.
Within the Open Market, PKR was traded at 155.50/156.50 per USD.
Alternatively, the currency lost 58 paisa to the Pound Sterling as the day's closing quote stood at PKR 196.82 per GBP, while the previous session closed at PKR 196.23 per GBP.
On the other hand, PKR's value strengthened by 19 paisa against EUR which closed at PKR 172.03 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 13.10/13.25 percent, whereas the 1 week rate was 13.25/13.35 percent.
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