Govt to announce package for underprivileged people very soon:...

November 15, 2018: Finance Minister Asad Umar has said that the government will announce a package for underprivileged persons in the next few days.        

He said that discussions are underway with International Monetary Fund for a loan facility, and expressed hope it would be the last program of Pakistan with the IMF.

He further said that the government is making efforts to expand tax net and bolster exports and remittances.

Pick-up sales grow due to addition of Ghandhara Nissan...

November 15, 2018 (MLN):  Automotive Industry in Pakistan has sold a total of 781 units of jeeps in the month of October 2018, compared to sales of 1,428 units in the previous year, a 45% decline in sales compared to last year.

According to the data released by the Pakistan Automotive Manufacturers Association (PAMA), majority of these sales came from sale of Honda BR-V jeeps, with a total of 523 such jeeps sold in October as compared to 1,091 units sold a year earlier.

On the contrary, sales of Pick-ups were recorded at 2,812 units in that month, compared to sales of 2,513 units in the parallel month last year, demonstrating a 12% increase in sales.

The bulk of those sales attributed to Suzuki Ravi of which a total of 2,194 units were sold in October, as against 1,945 units sold in same period last year

Moreover, the growth in pick-up sales during the month was also due to addition of new player in the market, i.e. Ghandhara Nissan (GHNL), which sold 85 units of JAC X-200 pick-ups. This is the first time GHNL notified sales numbers of JAC pick-ups in PAMA sales figures.

However, Toyota Hilux sold 533 units of pick-ups in October as compared to 568 units sold last year, declining by 6%.

Copyright Mettis Link News

OMO Result: SBP Mops up Rs.50 Billion for 1...

SBP Conducted an OMO (Repo) on Thursday in which it mopped up Rs.50 Billion from the market for 1 Day.

Summary of OMO Result

    Amount* Rate Bids
Tenor Type Offered Accepted High - Low Accepted Offered Accepted
1D Repo (Mop-up) 68.500 50.000 8.45% - 8.40 % 8.40 % 3 2
Total Amount offered at 8.40% was Rs. 58,500.00 Mio out of which SBP accepted Rs. 50,000.00 Mio on pro rata basis.
OMO Settlement: Same Day (Nov 15, 2018)
*Amount in Billions

JCR-VIS Reaffirms Entity Ratings of Artistic Milliners Pvt Ltd

 November 15, 2018 (MLN):  JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed entity ratings of ‘AA-/A-1’ (Double A Minus/A-One) to Artistic Milliners (Private) Limited (AML). Outlook on the assigned ratings is ‘Stable’.

According to the rating agency, the long Term Rating of ‘AA-’ reflects high credit quality, strong protection factors, and moderate risk but may vary slightly because of economic conditions. Short Term Rating of ‘A-1’ indicates high certainty of timely payment, excellent liquidity factors supported by good fundamental protection factors and minor risk factors.

AML is undergoing/completed expansions in spinning, fabric and garment divisions due to growing demand of denim products. Assigned ratings incorporate extensive experience of sponsors and strong franchise enjoyed by AML in the denim sector.

Assigned ratings take into account moderate business risk profile of the denim industry supported by stable and growing demand for denim products. However, local and international expansion by major players is expected to keep pricing power and hence margins slightly under pressure.

Given the favorable policies & incentives of the government on enhancing exports and imposition of duties on Chinese exports to USA, there is significant opportunity for denim exporters to enhance exports. In this regard, AML is well positioned to tap this opportunity given the ongoing and completed expansion in all three segments.

Going forward, the company plans to diversify in the renewable energy segment. In this regard, the group has signed LOI for investment in Solar and Hydel power project.

Copyright Mettis Link News

JCR-VIS Reaffirms Ratings of Sitara Chemical Industries Ltd

 November 15, 2018 (MLN): JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Sitara Chemical Industries Limited (SCIL) at ‘A+/A-1’ (Single A Plus/A-One). Outlook on the assigned ratings is ‘Positive’.

According to the press release by JCR, the medium to long-term rating of ‘A+’ denotes good credit quality coupled with adequate protection factors. Moreover, risk factors may vary with possible changes in the economy. The short-term rating of ‘A-1’ denotes high certainty of timely payment, liquidity factors are excellent and supported by good fundamental protection factors.

The ratings assigned to SCIL take into account its leading position in the Chlor-alkali sector with the highest market share. The ratings incorporate moderate business risk profile; the company has been able to maintain positive momentum in revenues and largely sustain margins in a highly competitive operating environment.

The ratings draw additional comfort from low financial risk appetite emanating from its low leveraged capital structure and adequate debt service coverage. The company’s strong sponsor profile remains a key rating factor.

Further, conversation of investment property into an earning asset and additional liquidity generation from its sale therein is considered a positive rating factor.

Going forward, rising international coal prices, increase in natural gas tariff and cost of imported RLNG along with adverse exchange rate parity are key challenges to be managed for maintaining profitability.

Copyright Mettis Link News

Pakistani companies showcase products at China hi-tech fair in...

November 15, 2018: At least six Information Technology (IT) companies from Pakistan set up a stall at the Belt and Road pavilion in China’s largest hi-tech fair opened in Shenzhen in South China’s Guangdong province.

The event has drawn more than 3,000 exhibitors from over 30 countries and it will continue for five days with the theme “New Development Concept for High-Quality Growth” at the Shenzhen Convention and Exhibition Center.

Covering a total area of 120,000 square meters, 12 exhibition zones feature hi-tech products in environmental protection, biological sciences, new energy, new materials, military and civil integration, and sensor technology.

Professional exhibitions cover fields of IT, energy conservation, environmental protection, new energy, green building, new materials, smart medical health, aerospace science and technology, photo-electricity, smart city, advanced manufacturing, military and civilian integration, sensor technology and IT applications.

More than 1,000 new products and technologies make debut including the proton therapy demonstration device created by the Shanghai Institute of Applied Physics, and the world’s first self-driving solution with laser radar.

The Belt and Road pavilion has drawn exhibitors from 27 countries, the most since the pavilion was set up in 2015.

Fair organizers have arranged paired meetings between overseas purchasers and domestic hi-tech companies, and investigation tours for international exhibitors.

(APP)

Ghandhara Nissan Ltd launches Renault Trucks in Pakistan

November 15, 2018 (MLN): Renault Trucks, in partnership with Ghandhara Nissan Ltd (GNL) has introduced the full range of Renault Trucks to the Pakistan market.

Renault Trucks and GNL signed co-operation agreement in early 2018 to represent Renault Trucks in Pakistan, the company said in a filing to Pakistan Stock Exchange.

GNL will be responsible for the import, distribution and after-sales service of the three new ranges, as well as the CKD assembly at its manufacturing site situated at Port Qasim, Karachi by the end of 2019.

Currently all the vehicles are being imported in Built-up condition from Lyon, France. The new Renault Trucks range was unveiled to over 500 guests, including corporate & individual customers, bankers, vendors, government officials, media persons and representatives from Renault Trucks.

Speaking at the launch, Olivier De Saint Meleuc, Senior Vice President of Renault Trucks International, said: “I am personally proud to witness this milestone for Renault Trucks in Pakistan with our partner GNL. Pakistan is an important market for Renault Trucks. Pakistan is rapidly developing with many large infrastructure projects especially under the China Pakistan Economic Corridor (CPEC); that require robust & reliable trucks to cater demanding operations.

Renault Trucks offer fuel efficiency, engine performance and safety along with lower maintenance and operational costs, ultimately providing profitability to the customers. With a new range launched in 2013, the company has deployed significant resources to ensure these vehicles deliver maximum reliability.

The company is taking yet another lead by bringing European Trucks. Subsequent CKD Operation of Renault Trucks from end 2019 will create new job opportunities and offer the highest standard transport solution for the benefit of customers.

Muazzam Pervaiz Khan, Sr. Executive Director Marketing & Sales of GNL said that with this huge opportunity available in the market for Robust, Fuel-Efficient & reliable trucks introducing Renault Trucks was need of the hour.

The demanding specs in terms of safety by all the major oil marketing companies can be 100% complied by Renault Trucks.

Copyright Mettis Link News

Asian markets mixed but traders on edge, pound holds...

Hong Kong, November 15: Asian investors moved nervously on Thursday as they struggled in the face of multiple headwinds, while oil prices resumed their drop and the pound struggled to hold its gains.

Fears about the China-US trade war, rising Federal Reserve interest rates, tensions within the European Union and slowing growth in most economies have helped drive stocks south for the past few months.

And this week it has been the turn of the crude market to drive the sell-off, dragging energy firms as it dropped like a stone on slowing demand and high output, while US sanctions on major producer Iran were not as severe as expected.

While OPEC and its kingpin Saudi Arabia have said they will tighten the taps to put an end to the recent sell-off -- both main contracts have fallen around a fifth from their early October highs -- the US has pushed up production.

Calls from Donald Trump for lower prices, a stronger US dollar against emerging market units and soft Chinese growth have also been factors in depressing the market.

And despite a brief rise in oil prices Wednesday, observers do not expect a rebound any time soon.

"The toxic elixir of weakening global demand and oversupply suggests upticks (in oil prices) will run into substantial selling as numerous bearish factors are weighing on sentiment," said Stephen Innes, head of Asia-Pacific trade at OANDA.

Energy firms were mixed Thursday as traders took a breather from the heavy selling of the past few days, with Hong Kong-listed CNOOC up 1.5 percent but Inpex down 0.3 percent in Tokyo.

On broader markets, Hong Kong edged up 0.5 percent, Shanghai was 0.8 percent higher, while Seoul and Taipei each added 0.2 percent.

However, Tokyo ended the morning down 0.3 percent, Sydney eased 0.4 percent and Singapore was off 0.1 percent.

(APP)

SBP to Conduct 1 Day OMO

The State Bank of Pakistan announced that it will conduct a 1 day OMO (Repo) to Mop-up funds from the market. Result is expected at 11:00 PST

 

FDI declines by 46% in July – Oct 2018

Foreign Direct Investment in Pakistan declined by 46% in July – Oct 2018 compared to the same period last year.

According to SBP Data, FDI during the period stood at $ 601 Million compared to $1,119 Million during the same period last year.

 Foreign outflow from local capital market in July to October 2018 period amounted to $269 million.

Total Foreign investment in the country dropped by 67% to $331 million from $1,031 million during the corresponding period from last year.

4,296FansLike
309FollowersFollow
140SubscribersSubscribe