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Cement despatches plunge by 19.4% YoY in July’21

August 3, 2021 (MLN): Despite ongoing PSDP projects and government’s policies to boost construction sector including Naya Pakistan Housing Scheme, the demand for cement has dented by 19.4% YoY in July 2021.

Total Cement despatches in July 2021 were stood at 3.899 million tons against 4.838 million tons the same month of last fiscal year.

This reduction in cement demand is primarily attributable to the Monsoon rains and the pause in construction activities due to Eid-ul-Azha.

Local sales in July 2021 have dropped to 3.45 million tons against 3.95 million tons despatched in July 2020, depicting a decline of 12.66% YoY.

Subsequently, the cement exports recorded a significant decrease of 49% YoY to 452,776 tons in July 2021 compared to 885,255 tons exported in July 2020.

Region-wise data unveiled that domestic cement despatches in the North during June 2021 shrank by 15.81 percent to 2.9 million tons from 3.43 million tons in July 2020. However, the Exports from the North region notably increased by 10.42 percent to 135,618 tons in July 2021 from 122,823 tons in July 2020.

In the South region, domestic cement despatches moved up by 7 percent to 554,442 tons during July 2021 from 517,850 tons in July 2020. Exports from the South, however, witnessed a substantial reduction by 58.4 percent to 317,159 tons in July 2021 from 762,432 tons in July 2020.

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PSX Closing Bell: Painkiller

August 3, 2021 (MLN): Following on from the strong upward trend seen yesterday, the domestic equity market maintained this momentum on Tuesday, thanks to positive economic data.

Investors’ sentiments remained buoyant today on an account of the approval by the IMF Board of governors for the USD650billion SDR allocation to boost global liquidity after which Pakistan central bank’s reserves are likely to increase by USD2.8bn by end of August.

Moreover, according to the market closing note by Topline Securities, investors also cheered an improvement in July’s trade deficit by USD590mn MoM that sustained the bull momentum throughout the day.

The KSE-100 Index closed the trading session at 47,758.32, up by 305.07 points or 0.64 percent. It hit an intraday high of 47,807.41.

Of the 96 traded companies in the KSE100 Index, 70 closed up 24 closed down, while 2 remained unchanged. The total volume traded for the index was 143.34 million shares.

Sectors propping up the index were Cement with 63 points, Technology & Communication with 63 points, Commercial Banks with 55 points, Oil & Gas Marketing Companies with 42 points and Refinery with 26 points.

The most points added to the index was by TRG which contributed 51 points followed by HBL with 24 points, MEBL with 21 points, MLCF with 19 points and POL with 17 points.

Sector-wise, the index was let down by Tobacco with 8 points, Fertilizer with 5 points, Miscellaneous with 4 points, Chemical with 3 points and Power Generation & Distribution with 2 points.

The most points taken off the index was by ENGRO which stripped the index of 10 points followed by OGDC with 10 points, HMB with 9 points, PAKT with 8 points and HUBC with 8 points.

All Share Volume increased by 190.87 Million to 443.21 Million Shares. Market Cap increased by Rs.48.27 Billion.

Total companies traded were 482 compared to 486 from the previous session. Of the scrips traded 335 closed up, 120 closed down while 27 remained unchanged.

Total trades increased by 55,007 to 155,960.

Value Traded increased by 6.94 Billion to Rs.16.20 Billion

Top Ten by Volume

Company

Volume

Worldcall Telecom

36,354,000

Telecard

29,471,500

Byco Petroleum Pakistan

29,391,500

TPL Corp

22,176,500

Citi Pharma Ltd.

16,016,000

Treet Corporation

15,529,500

Ghani Global Glass

13,403,000

Unity Foods

11,572,700

Flying Cement Company

11,072,500

Pace (Pakistan)

8,944,500

 

Top Sector by Volume

Sector

Volume

Technology & Communication

117,674,149

Food & Personal Care Products

42,467,980

Refinery

38,590,221

Cement

24,887,066

Miscellaneous

24,518,400

Chemical

21,310,470

Glass & Ceramics

21,237,300

Oil & Gas Marketing Companies

18,539,445

Pharmaceuticals

17,011,889

Engineering

15,800,552

 

 

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PKR trades 22 paisa lower against USD

August 03, 2021 (MLN): Enduring the losing momentum, Pakistani rupee (PKR) slid by 22 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 163.89 per USD.

The local unit was closed at PKR 163.67 per USD in yesterday’s session.

The continuous depreciation in home currency is owing to the market dynamics despite SBP’s intervention to curb disorderly conditions. Moreover, the expansionary monetary and fiscal policies have stimulated the demand in the economy, as Ali Khizar, Economist said.

While explaining his point of view, he stated that lower car prices and subdued interest resulted in record sales of automobile during the month of July’21 which has further deteriorated the exchange rate.

Meanwhile, the flow of remittances has slowed down after Eid festivities which would create unrest while offsetting import bills, he added.

The rupee witnessed a mild activity in intraday trade as it was traded in a range of 1.00 rupees per USD showing an intraday high bid of 164.50 and an intraday Low offer of 163.60.

Within the Open Market, PKR was traded at 164/164.70 per USD.

According to data gathered by Mettis Global, the local unit has depreciated by 3.87% or PKR 6.34 in the fiscal year-to-date against USD. Similarly, the rupee has weakened by 2.48% or PKR 4.05 in CY21 with the month-to-date (MTD) position showing a decline of 0.89%.

Meanwhile, the currency lost 9 paisa to the Pound Sterling as the day's closing quote stood at PKR 227.98 per GBP, while the previous session closed at PKR 227.89 per GBP.

Similarly, PKR's value weakened by 16 paisa against EUR which closed at PKR 194.73 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.155 billion for 3 days at 7.15 percent.

The overnight repo rate towards close of the session was 7.20/7.40 percent, whereas the 1 week rate was 7.10/7.15 percent.

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OGRA withdraws notice after PSO refutes costliest purchase of...

August 3, 2021 (MLN): The Oil and Gas Regulatory Authority (OGRA) on Tuesday has withdrawn a notification of August 2, 2021, that showed the country’s leading energy company Pakistan State Oil (PSO) has made the costliest purchase of liquefied natural gas (LNG) cargo at $20.055.

Earlier today, PSO clarified that the company has not awarded any cargo at a given price. The bid received against the required delivery of August 29 & 30, 2021 was high, resulting in a price that was not acceptable to PSO and the tender was scrapped on July 27, 2021. PSO has retendered for the same delivery period on July 29, 2021.

Shortly afterward, OGRA withdrew the notification from a day earlier stating: "As per routine monthly practice, estimated prices of RLNG are computed based on available data at the time of computation.

“Since the Prices are for the month in advance, many pricing components are calculated for determination of Prices on a Provisional basis based on available data at that time, which is later actualized by OGRA based on actual costs incurred,” it added.

However, the authority said that PSO informed it had scraped the cargo with offered price of 27.87% of the Brent, RLNG price notified on 2nd August is no more valid and August RLNG price notification is being withdrawn.

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Petroleum sales up by 17% YoY in July’21; PSO...

August 3, 2021 (MLN): The Oil and Marketing Companies (OMCs) continued to post notable growth as in the month of July’21, OMCs witnessed a surge of 17% YoY to clock in at 1.94 MTs, compared to 1.65 MTs in July’20.

This increment in the sales volume is mainly owing to the accelerated economic activities i.e, record surge in automobile sales, substantial growth in LSM which stimulated domestic and international demand, and notable uptick in tourism activities that fueled the demand of petroleum and lubricants during the review period.

Not to forget, the strict surveillance at borders to control the smuggling of dumped POL products has also supported to enlarge the volumes, a report by Arif Habib Limited noted.

To note, during the same month last year, the performance of energy industry of Pakistan remained mediocre owing to the crippling impact of strict lockdown amid Covid-19 pandemic.  

Contrary to the previous month’s meagre growth, the Oil and Marketing Companies (OMCs) registered a modest uptick in total sales volume of the industry by 4% MoM compared to 1.86 MTs in June’21.

In the month of July alone, the sale of Furnace Oil (FO) reached to 0.37 MTs, depicting an upsurge of 17% MoM due to the supply shortage faced by LNG and increased demand from power sector.

According to a report by Topline Securities, dry docking and maintenance of ENGRO LNG terminal created shortage of LNG during the last days of June’21.  

The YoY growth in sales of OMCs is driven by FO and MOGAS demand which recorded a growth of 57% and 14% YoY to 0.37 MTs and 0.81 MTs respectively. Likewise, the demand for High-Speed Diesel (HSD) has also moved up by 7% YoY to 0.72 MTs in July’21.

However, on the sequential basis, the demand for HSD was dented by 4%, compared to the sales volume of 0.75 MTs in June’21.

Company wise, Pakistan State Oil (PSO) led the charts by reporting the colossal growth of 25% YoY in July, 21. FO remained the dominant contributor to the total sales of the company by 130% to 0.26 MTs. MOGAS also contributed by witnessing an uptick of 18% YoY sales.

In addition, the sales volume of SHEL moved up by 17% YoY in July’21 to clocked in at 0.14 MTs.

On the contrary, the other listed companies of the industry underperformed during the review period. For instance, Attock Petroleum Limited (APL) observed sales growth of 4% YoY while, the sales of HASCOL Petroleum dropped by 46% YoY owing to the low sales volume of MOGAS and HSD.

Going forward, PSO successfully grasp the biggest market share in the month of July’21, managed to expand its market by 3.54% YoY to 52% YoY from 48.5% YoY in the corresponding period last year.

Moreover, HASCOL, APL and SHEL’s market share dropped by 2.8%, 1.7% and 0.1% YoY to 2.5%, 8.3% and 7.4%, respectively.

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