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Talks with IMF moving forward positively: Finance Division
Rebutting the claim that talks with IMF have stalled, the Finance Division issued a statement saying the negotiations are moving forward.
Weekly Market Roundup
October 17, 2021 (MLN): Following four weeks of negative close, the benchmark KSE-100 index closed this week in green as it gained 344 points (0.77%) over last Friday to settle at 44,821 points.
During the early part of the week, investors resorted to panic selling mainly on the decision on waiving off the 10-Year tax holiday on refineries along with the hike in electricity prices by Rs1.68/unit. Furthermore, lack of clarity on the continuation of the IMF package as well as delay in the process to appoint a new Director-General of the ISI (DG ISI) also caused the KSE100 index to mark an intra-week low of 43,042 index level.
However, with Finance Minister assuring that the government would soon address concerns of the global lender and resume the IMF’s EFF, as well as PM’s statement allaying any rumours of a military-political divide, and the likelihood of civil-military leadership reaching consensus over the appointment of new ISI chief, the KSE-100 index posted two swift back-to-back bull runs, a report by Arif Habib Limited highlighted.
From a sector-specific lens, Commercial Banks emerged as the outperformers during the week amid the increased likelihood of further rate hikes in the upcoming MPS, adding 393 points to the index during the week, followed by Oil & Gas Exploration Companies (136 pts), Cement (98 pts), Fertilizer (90 pts) and Pharmaceuticals (28 pts).
The positive contribution from Cement is attributable likely hike in Cement prices of PKR25-PKR30/bag in the midst of historical high international coal prices.
The sectors that contributed negatively included Technology & Communication (-342 pts), Food & Personal Care Products (-50 pts), Automobile Assembler (-29 pts), and Tobacco (-27 pts).
Scrip-wise major gainers were HBL (153 pts), PPL (87 pts), UBL (67 pts), LUCK (59 pts) and OGDC (42 pts) Whereas major laggards were TRG (-260 pts), SYS (-70 pts) and PAKT (-27 pts).
Meanwhile, the KSE All Share Market Cap increased by a Rs8.66billion or 0.11% over the week, being recorded at Rs7.79trillion as compared to a Market Cap of Rs7.78tr recorded last week.
Flow-wise, foreign investors remained net sellers during the week with an outflow of $13.3mn against an outflow of $3.7mn last week. The major selling was done by Foreign Corporates amounting to a net $35.38mn. Sector-wise, major selling was witnessed in Fertilizer Sectors ($12.1mn), Commercial Banks ($7.8mn) and Cement ($3.11mn)
On the local side, major buying was reported by Insurance Companies ($12.2mn) followed by Mutual Funds ($3.4mn), and Other Organizations ($2.53mn). Other significant transactions included $3.35mn and $3.27mn worth of stocks sold by local Companies and Individuals respectively.
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Weekly News Roundup
October 17, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.
- The government on Saturday decided to increase the price of petroleum products by up to Rs10.95 per litre owing to the strong surge in global energy prices.
- Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices appealed to the Government to subsidize the impact of international oil prices.
- Lucky Cement Limited has notified recently that the company is up to increase the price of cement by Rs30 per bag.
- Mian Nasser Hyatt, President FPCCI has urged Pakistani & Iranian governments to come up with a payment mechanism based on barter trade.
- Meanwhile, the government has allowed NEPRA to increase the electricity tariff by Rs1.39 per unit from the next month.
- Finance Minister Shaukat Tarin encouraged U.S. corporate sector representatives to invest in Pakistan.
- On Friday, Federal Minister for Industries and Production said that a comprehensive steel policy would be rolled out soon.
- Chairman Sindh Revenue Board (SRB) said that SRB has been making cautious efforts all the time to ensure that the business community do not faces a situation in which they receive notices from FBR.
- Fauji Fertilizer Company (FFC) Limited has been awarded as “Largest Tax Payer from Manufacturing Sector” in First Taxpayer Recognition Awards.
- On the same day, President Dr. Arif Alvi stressed the need for promoting technical education and information technology so as to fulfil the requirements of industrial sector.
- Towards digitization of payments and receipts in the corporate sector, SBP has now made it mandatory for its regulated entities (REs) to provide digital means of payments to their corporate clients.
- Pakistan Water and Power Development Authority (WAPDA) has been constructing 10 projects in water and hydropower sectors under ‘Decade of Dams’ to be completed in a phased manner from 2023 to 2029.
- The government had decided to impose a complete ban on energy projects based on imported coal in the future.
- The Prime Minister said both RUDA and CBD are flagship real estate projects of the Government to promote smart, self-sustaining, clean and green housing and business activities in the country.
- Foreign Minister Shah Mahmood Qureshi Thursday said that Pakistan's shift of focus from geopolitics to geo-economics, improved security environment, and enhanced ranking of Pakistan in the Ease of Doing Business index, offered attractive opportunities for German investors.
- During the week, the Special Technology Zones Authority (STZA) signed three Memorandum of Understanding (MoUs) with international companies to attract foreign direct investment.
- According to industry sources, in order to absorb the impact of Rupee depreciation and rise in international coal prices, Cement manufacturers are expected to increase cement prices by Rs25 to Rs30 per bag of 50kg.
- Petroleum Division signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) for two Blocks on Wednesday.
- All Pakistan Textile Mills Association (APTMA) leadership and representatives of the US Cotton have resolved to enhance mutual cooperation in cotton and textile trade and investment opportunities.
- The Securities and Exchange Commission of Pakistan (SECP) under the Second Cohort of Regulatory Sandbox granted approval to various innovative solutions including parametric insurance, real estate asset tokenization, unified digital distribution of mutual fund application, digital identity/AML/KYC (AI-based) and centralized KYC.
- On Tuesday, the International Monetary Fund (IMF) projected Pakistan’s real Gross Domestic Product (GDP) to grow by 4.0% in the current fiscal year (2021-22).
- Oil and Gas Regulatory Authority (OGRA) notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month with a slight upward adjustment.
- Pakistan’s IT sector has made measurable and quantifiable progress. The number of IT companies have increased to 4641 as of June 30, 2021.
- National Electric Power Regulatory Authority (NEPRA) disposed of 9,984 complaints of consumers received against power distribution companies (DISCOs) during last fiscal year 2020-21.
- The first National Logistics Cell (NLC) truck reached Turkey through Iran under the Transports Internationaux Routiers (TIR) convention.
- Pakistan and Saudi Arabia on Monday agreed to further strengthen economic and business ties between the two brotherly countries.
- The Economic Coordination Committee (ECC) approved a summary for the provision of the maximum quantity of gas to the Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited (FFBQL).
- To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
- In continuation of its efforts to promote financial inclusion through digitalization, increase investor base and micro-savings, the Securities and Exchange Commission of Pakistan has specified a swift and simplified onboarding framework for customers of AMCs and PFM.
- Small and Medium Enterprise Development Authority (SMEDA) invited applications for small business grants for “Early Stage Start-Ups”.
Announcements:
- Interloop Limited announced a profit for 1QFY22 at Rs2.69 billion depicting a whopping year-on-year increase of 95%.
- Habib Bank Limited (HBL) posted its consolidated profit after tax (PAT) of Rs26.99 billion for 9MCY21, registering a nominal increase of 6% YoY.
- Lotte Chemical Pakistan Limited (LOTCHEM) reported 3.7x YoY jump in net profit to Rs3.23billion in the nine months ended on September 30, 2021.
- Meezan Bank Limited (MEBL) witnessed an up of 8.17% in its net profit, standing at Rs19.97 billion which translated into an EPS of Rs12.14 during 9MCY21.
- Engro Fertilizers Limited reported a 30% YoY increase in profit to Rs14.9bn during 9MCY21.
- Sazgar Engineering Works Limited (SAZEW) informed that the company sold 1,172 units of three-wheelers during the month of September 2021, i.e., down by 5.64% MoM.
- The Board of Directors of Summit Bank Limited approved the increase in the Authorized Capital of the Bank from Rs28 billion to Rs 90 billion.
- The Board of Sui Southern Gas Company Limited (SSGC) authorized to explore the possibility of the restructuring of the Meter Manufacturing Plant (MMP) owned and operated the company.
- The holding company of National Foods Limited, ATC Holdings made an equity investment of around Rs128 million by way of acquiring ordinary shares of National Foods Limited.
Copyright Mettis Link News
Weekly News Roundup
October 17, 2021 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.
- The government on Saturday decided to increase the price of petroleum products by up to Rs10.95 per litre owing to the strong surge in global energy prices.
- Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices appealed to the Government to subsidize the impact of international oil prices.
- Lucky Cement Limited has notified recently that the company is up to increase the price of cement by Rs30 per bag.
- Mian Nasser Hyatt, President FPCCI has urged Pakistani & Iranian governments to come up with a payment mechanism based on barter trade.
- Meanwhile, the government has allowed NEPRA to increase the electricity tariff by Rs1.39 per unit from the next month.
- Finance Minister Shaukat Tarin encouraged U.S. corporate sector representatives to invest in Pakistan.
- On Friday, Federal Minister for Industries and Production said that a comprehensive steel policy would be rolled out soon.
- Chairman Sindh Revenue Board (SRB) said that SRB has been making cautious efforts all the time to ensure that the business community do not faces a situation in which they receive notices from FBR.
- Fauji Fertilizer Company (FFC) Limited has been awarded as “Largest Tax Payer from Manufacturing Sector” in First Taxpayer Recognition Awards.
- On the same day, President Dr. Arif Alvi stressed the need for promoting technical education and information technology so as to fulfil the requirements of industrial sector.
- Towards digitization of payments and receipts in the corporate sector, SBP has now made it mandatory for its regulated entities (REs) to provide digital means of payments to their corporate clients.
- Pakistan Water and Power Development Authority (WAPDA) has been constructing 10 projects in water and hydropower sectors under ‘Decade of Dams’ to be completed in a phased manner from 2023 to 2029.
- The government had decided to impose a complete ban on energy projects based on imported coal in the future.
- The Prime Minister said both RUDA and CBD are flagship real estate projects of the Government to promote smart, self-sustaining, clean and green housing and business activities in the country.
- Foreign Minister Shah Mahmood Qureshi Thursday said that Pakistan's shift of focus from geopolitics to geo-economics, improved security environment, and enhanced ranking of Pakistan in the Ease of Doing Business index, offered attractive opportunities for German investors.
- During the week, the Special Technology Zones Authority (STZA) signed three Memorandum of Understanding (MoUs) with international companies to attract foreign direct investment.
- According to industry sources, in order to absorb the impact of Rupee depreciation and rise in international coal prices, Cement manufacturers are expected to increase cement prices by Rs25 to Rs30 per bag of 50kg.
- Petroleum Division signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) for two Blocks on Wednesday.
- All Pakistan Textile Mills Association (APTMA) leadership and representatives of the US Cotton have resolved to enhance mutual cooperation in cotton and textile trade and investment opportunities.
- The Securities and Exchange Commission of Pakistan (SECP) under the Second Cohort of Regulatory Sandbox granted approval to various innovative solutions including parametric insurance, real estate asset tokenization, unified digital distribution of mutual fund application, digital identity/AML/KYC (AI-based) and centralized KYC.
- On Tuesday, the International Monetary Fund (IMF) projected Pakistan’s real Gross Domestic Product (GDP) to grow by 4.0% in the current fiscal year (2021-22).
- Oil and Gas Regulatory Authority (OGRA) notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month with a slight upward adjustment.
- Pakistan’s IT sector has made measurable and quantifiable progress. The number of IT companies have increased to 4641 as of June 30, 2021.
- National Electric Power Regulatory Authority (NEPRA) disposed of 9,984 complaints of consumers received against power distribution companies (DISCOs) during last fiscal year 2020-21.
- The first National Logistics Cell (NLC) truck reached Turkey through Iran under the Transports Internationaux Routiers (TIR) convention.
- Pakistan and Saudi Arabia on Monday agreed to further strengthen economic and business ties between the two brotherly countries.
- The Economic Coordination Committee (ECC) approved a summary for the provision of the maximum quantity of gas to the Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited (FFBQL).
- To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
- In continuation of its efforts to promote financial inclusion through digitalization, increase investor base and micro-savings, the Securities and Exchange Commission of Pakistan has specified a swift and simplified onboarding framework for customers of AMCs and PFM.
- Small and Medium Enterprise Development Authority (SMEDA) invited applications for small business grants for “Early Stage Start-Ups”.
Announcements:
- Interloop Limited announced a profit for 1QFY22 at Rs2.69 billion depicting a whopping year-on-year increase of 95%.
- Habib Bank Limited (HBL) posted its consolidated profit after tax (PAT) of Rs26.99 billion for 9MCY21, registering a nominal increase of 6% YoY.
- Lotte Chemical Pakistan Limited (LOTCHEM) reported 3.7x YoY jump in net profit to Rs3.23billion in the nine months ended on September 30, 2021.
- Meezan Bank Limited (MEBL) witnessed an up of 8.17% in its net profit, standing at Rs19.97 billion which translated into an EPS of Rs12.14 during 9MCY21.
- Engro Fertilizers Limited reported a 30% YoY increase in profit to Rs14.9bn during 9MCY21.
- Sazgar Engineering Works Limited (SAZEW) informed that the company sold 1,172 units of three-wheelers during the month of September 2021, i.e., down by 5.64% MoM.
- The Board of Directors of Summit Bank Limited approved the increase in the Authorized Capital of the Bank from Rs28 billion to Rs 90 billion.
- The Board of Sui Southern Gas Company Limited (SSGC) authorized to explore the possibility of the restructuring of the Meter Manufacturing Plant (MMP) owned and operated the company.
- The holding company of National Foods Limited, ATC Holdings made an equity investment of around Rs128 million by way of acquiring ordinary shares of National Foods Limited.
Copyright Mettis Link News
Lucky Cement to increase cement prices by Rs30 per bag
October 17, 2021: Lucky Cement Limited (PSX: LUCK), Pakistan’s leading cement manufacturer and exporter has notified recently that the company is up to increase the price of cement by Rs30 per bag.
The increasing trend of coal prices internationally combined with escalating dollar rates, fuel, electricity charges, and transportation costs have resulted in increasing the production cost of cement by a considerable margin.
Accordingly, the management at Lucky Cement Limited is prompted to increase the price for all institutional customers by increasing Rs600 per ton (Rs30 per bag) on offered price.
The new prices will be effective from Monday, October 18, 2021, as per notification issued by the company.
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Iran offers barter trade, border markets to boost trade
October 17, 2021: Mian Nasser Hyatt, President FPCCI, has urged Pakistani & Iranian governments to come up with a payment mechanism based on barter trade.
He added that the two countries should focus on enormous potential and supply gaps for both countries that can be bridged through bilateral trade. He also emphasized that we should do it in a manner that does not violate sanctions.
FPCCI Chief also expressed his interest to understand the mechanism that how Iran & Iraq have achieved an annual bilateral trade volume of $18bn annually. This is substantial and phenomenal, he added.
Mian Nasser Hyatt Maggo has engaged high-ranking delegates from Iran’s business community, trade officials, and ambassadorial staff at a detailed interactive and consultative session at Federation House. He maintained that current level of merely $1bn of bilateral trade is grossly insufficient and the two brotherly countries can achieve a $5bn mark within a short span; if the right sectors are targeted and conducive policies are formulated for trade facilitation.
The Iranian delegation was headed by Mr. Ahmed Amirabadi Farahani, Chairman Iran-Pakistan Friendship group. The Iranian delegation put forwards two proposals to enhance bilateral trade swiftly: (i) The two countries should start barter trade on a mass-scale; incorporating as many sectors as possible (ii) Iran & Pakistan should collectively set up multiple large marketplaces in their respective border areas. They also suggested that FPCCI should prepare a list of Pakistani products that have unfair duties and tariffs imposed by Iran on Pakistani exporters; so that, they can take up the matter with the relevant authorities in Iran.
Mr. Najam Ul Hassan Jawa, Chairman FPCCI’s Pak-Iran Business Council, said that Pakistan & Iran can both contribute towards their economic growth by benefitting from enormous regional & border trade potential. Pakistan & Iran enjoy the convenience of availability of all four modes of logistics & shipments modes, i.e. Road, Train, Sea, and Air Cargo, he added.
Mian Nasser Hyatt Maggo has urged Mr. Abdul Razzak Dawood, Advisor, to PM on Commerce & Investment, to take FPCCI’s concerns & recommendations into account before commencing his upcoming official visit to Iran. He also extended his full support, as President FPCCI, to Mr. Abdul Razzak Dawood to facilitate and potentiate the government’s efforts to enhance bilateral trade with Iran.
Press Release
Chairman BMG dismayed over hike in petroleum prices
October 17, 2021: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing sheer dismay over exorbitant hike in petroleum prices by Rs10.49 per liter appealed to the Government to subsidize the impact of international oil prices.
The increase in petroleum prices would not only affect the overall economic performance but would also intensify the hardships for businesses and the masses who were already overburdened because of inflation and their budgeting would be further disturbed due to a hike in petroleum prices and also the electricity tariff.
“The current government has always desired that the cost of doing business is reduced but all these steps are in contrast to the policy of the government as the nation nowadays suffers badly due to frequent hikes in petroleum prices, electricity & gas tariffs, and other utilities in addition to fluctuating exchange rates and higher duties on imports”, Chairman BMG added in a statement issued here on Saturday.
He further pointed out that it was a matter of grave concern that the winter season has not yet arrived in Karachi but gas supply to CNG stations has been suspended for 10 consecutive days which was really worrisome.
He said, “We are well aware that the international oil prices were on the higher side but the impact must not be passed on to the public as done in the past. The petrol and diesel prices in Pakistan peaked at Rs87 and Rs65 per liter during the historically highest ever international crude price of $147.27 per barrel in July 2008 and now when it was around US$85, the petroleum prices have been raised to a whopping Rs137.79 per liter which was beyond our understanding.”
Referring to a severe devaluation of the Pakistani rupee against the dollar, Zubair Motiwala said that the rupee was seen devaluating by approximately 12.4 percent against US Dollar from Rs152.30 on May 17, 2021, to around Rs171.20 as of October 16, 2021. “Severe devaluation of rupee has raised the cost of doing business and fostered the inflation, therefore, it is really crucial to review the current strategies being pursued by the economic managers.”
“The government needs to understand that the share of exports in GDP stood at 8 percent while the rest of 92 percent was local trade and imports hence the devaluation is hurting and has reached to a level where it has become unbearable”, he added.
He stressed that the emerging situation has to be efficiently addressed and handled very carefully otherwise, the rising petroleum prices and excessive devaluation will continue to increase the cost of doing business, which would terribly affect the industrial performance, raise unemployment and open the floodgates of inflation, particularly for the middle and lower segments of the society, besides making the poor poorer due to unbearable inflation. “The inflation monster needs to be effectively controlled.”
He further opined that the increase in electricity tariff was probably due to ‘Take or Pay Agreements’ with the Independent Power Producers (IPPs) so the brunt of the policy should not be put on the people of Pakistan.
He also underscored that the import substitution industries, SMEs, Small Traders, and Shopkeepers who were the backbone of the economy cannot bear such shocks. The federal and provincial governments must help them out by providing loans at zero percent interest rate for their survival otherwise they will become bankrupt.
He hoped that the Federal Government would realize the gravity of the situation and accordingly take steps to stop the further devaluation of rupee against dollar and also look into the possibility of subsidizing petroleum prices as done in the past.
Meanwhile, President KCCI Muhammad Idrees, while appreciating the Sindh Government’s decision to lift the restriction imposed on carrying out businesses on Sunday which was earmarked as Safe Day, stated that the business community was very happy to see that Chairman Businessmen Group Zubair Motiwala fulfilled his commitment to small traders/ shopkeepers within 24 hours by successfully convincing the Sindh government to allow business activities on Sunday.
“KCCI warmly welcomes Sindh Government’s notification in which businesses have been allowed to operate on Sunday which would certainly help in minimizing the grievances being suffered by shopkeepers who underwent severe losses due to COVID-19 pandemic and subsequent lockdowns”, he added.
He said that by promptly and affirmatively responding to Chairman BMG’s request, Chief Minister Sindh has proved that the Sindh government was undoubtedly a peoples’ friendly government which despite so many challenges, tries its best to somehow provide relief to the public whenever possible.
Press Release
POL prices surged by up to Rs10.95/litre
October 17, 2021 (MLN): The government on Saturday decided to increase the price of petroleum products by up to Rs10.95 per litre owing to the strong surge in global energy prices.
According to a notice issued by Finance Division, the oil prices in the international market had risen around $85 a barrel which was the highest since October 2018.
Importantly, entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy inputs and supply bottlenecks.
In the current scenario, the government had absorbed the pressure of increasing international rates and provided maximum relief to consumers by keeping the petroleum levy and sales tax to a minimum, the notification added.
"Therefore, prices worked out by Oil & Gas Regulatory Authority (OGRA) have been approved," the ministry said.
The prices of petrol and high-speed diesel (HSD) have moved up by Rs10.49 and Rs12.44 per liter, respectively. While the prices of Kerosene Oil and Light Diesel Oil enhanced by Rs10.95 and Rs8.84 per litre.
The new prices of Petrol, HSD, Kerosine oil, and Light diesel now stand Rs 137.79, Rs134.48, Rs110.26, and Rs108.35 per litre respectively.
The new prices are effective from October 16, 2021, for the next fifteen days.
Taking to its official Twitter handle, Muzzammil Aslam, Spokesperson to the Finance Minister said, “The petroleum prices increased by 8.24% vs 13.5% in the international market in last fortnight.”
The government is still compromising its due shares in taxes and levy. Total PL incorporated at Rs5.62 per litre while Sales tax calculated as 6.84%, he added.
Undoubtedly, the rising petroleum prices are affecting both; the government and the people. However, the government is trying its best to give relief to the people by reducing food prices.
He also highlighted that the flour prices have been reduced from Rs75 to Rs55 per kg within a week. In addition, the Federal Board of Revenue (FBR) has been directed to reduce the tax on edible oil.
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Weekly Economic Roundup
October 17, 2021 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends.
- The overall output of LSMI increased by 7.26% for July-August FY22 compared to the same period last year.
- The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched up by 0.2% during the week ended Oct 14, 2021, while the SPI increased by 12.66% compared to the corresponding week from last year.
- The non-government sector has borrowed another net sum of Rs.122.74 billion during the week ended October 01, 2021, which brings the cumulative net borrowing for the ongoing fiscal year FY2022 to Rs.190.5 billion. The net borrowing as of the prior week was recorded at Rs.67.76 billion.
- The government of Pakistan has retired a net sum of Rs.31.57 billion during the week ended October 01, 2021, which brings its total net retirement for the ongoing fiscal year FY2022 to Rs.3.69 billion. As of prior week, the government had borrowed a net sum of Rs.27.88 billion.
- Pakistan's FX reserves decreased by US$30.5 million or 0.12% on a weekly basis to stand at US$25,969.4 million on 08-October-2021.
- To absorb the impact of Rupee depreciation and rise in international coal prices, Cement manufacturers are expected to increase cement prices by Rs25 to Rs30 per bag of 50kg, industry sources said.
- The International Monetary Fund (IMF) Tuesday projected Pakistan’s real Gross Domestic Product (GDP) to grow by 4.0% in the current fiscal year (2021-22).
- Oil and Gas Regulatory Authority (OGRA) Tuesday notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month with a slight upward adjustment.
- The number of passenger cars sold in the country witnessed an upsurge of whopping 81% YoY to 57,539 units during 1QFY22 on the back of the announcement of duty and tax relief in the federal budget fiscal accompanied with reduction in car prices.
- The first National Logistics Cell (NLC) truck transporting commodities from Pakistan reached Turkey through Iran on October 7, 2021 under the Transports Internationaux Routiers (TIR) convention.
- Sazgar Engineering Works Limited (SAZEW) sold 1,172 units of three-wheelers during the month of September 2021, i.e., down by 5.64% when compared to sales of 1,242 units recorded in the previous month.
- The Economic Coordination Committee (ECC) of the Cabinet approved a summary for the provision of the maximum quantity of gas to Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited (FFBQL) to help stabilize urea prices.
- To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) has eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
- The total deposits held by Commercial Banks have inched up by 3.23% MoM to reach Rs19.83 trillion in the month of September 2021, compared to Rs19.21tr recorded in August 2021.
- The total money supply circulating within the economy during the second month of FY22 has been recorded at around Rs27.47trillion, according to provisional accounts on Monetary Aggregates for the month, maintained by the State Bank of Pakistan.
- Textile exports reached the highest mark of US$1.503 billion in the month of September 2021, depicting a yearly growth of 26% while 3% on a sequential basis, as per All Pakistan Textile Mills Association (APTMA).
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LSM grows by 12.74% in Aug
October 15, 2021 (MLN): The overall output of LSMI increased by 7.26% for July-August FY22 compared to the same period last year.
According to data released by the Pakistan Bureau of Statistics (PBS), the LSMI output increased by 12.74% for August 2021 compared to August 2020 and 2.09%
if compared to July 2021.
Meanwhile, the major sectors that showed growth during July-Aug FY22 compared to Jul-Aug FY21 included Textile (1.43 percent), Food, Beverages & Tobacco (6.74 percent), Pharmaceuticals (18.67 percent), Chemicals (6.36 percent), Automobiles (55.33 percent), Iron and steel products (14.34 percent), Coke & Petroleum Products (2.35 percent), Non- Metallic Mineral Products (3.72 percent), Leather Products (20.21 percent), Engineering products (6 percent), Paper & Board (10.37 percent) and Wood products (15.81 percent).
On the other hand, the LSM industries that witnessed negative growth, included Fertilizers which declined by 0.87 percent, while Electronics sector plunged by 1.23 percent and Rubber Products dipped by 30.81 percent.
It is pertinent to mention here that the provisional QIM for Aug’21 with the base year 2005-06 has been developed on the basis of the latest production data received from sources including the Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS).
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