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SSGC halts gas supply to General businesses except Zero...

December 11, 2018 (MLN): Sui Southern Gas Company Limited has been facing acute shortage of gas and low pressure in the system due to continuous short supply of gas from different gas fields, which is affecting the adequate supply to domestic and commercial sectors.

To overcome this problem, gas to Captive Power of all General Industries, excluding the Zero rated and Rice export industries, will remain shut with immediate effect till further notice.

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Car sales shrink due to economic slowdown and rupee...

December 11, 2018 (MLN): In November 2018, 15,334 units of passenger cars were sold, show the latest figures released by Pakistan Automotive Manufacturers Association (PAMA).

Compared to prior month, the sales have dropped by 28%. One of the main reason for this could be the high base last month, when some of the manufacturers had forewarned that a potential price increase of up to Rs.75, 000 was in line for December and January. Due to this, the buyers indulged in pre-booking of cars, causing automobile sales to soar during the month.

On the other hand, in a year on year scenario the sales figure has dropped by 11% due to hiked up interest rates that made car financing expensive, soared car prices due to rupee devaluation and ban on purchase for non-filers.

However, cumulative sales for the July-November period have shown an increase of 624 units over corresponding period of last year, from a sale of 87,273 units to that of 87,897 units this year.

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Stock markets remain in a state of hubbub as...

December 11, 2018 (MLN): The KSE 100 index lost nearly 447 points by the end of today’s trading session, and concluded at 38,851 points owing to continuous downfall in foreign exchange reserves.

The sectors that scraped away most of the points from the index included Commercial Banks, and Oil & Gas Exploration companies.

Among the index heavy weights, the scrips of HBL (-2.19%), HUBC (-2.21%), PPL (-1.42%) and ENGRO (-1.38%) faced most of the losses as market went down by 1.14%.

However, the scrips of FFC (+0.89%), LUCK (+0.36%), THALL (+1.04%) and ASTL (+2.73%) topped the net gainers chart, following the verdict by Supreme Court to lift the ban on high-rise buildings.

Throughout the day, the index moved between an intraday high of 39,338 points and an intraday low of 38,801 points, recording a range of 537 points, Around 84 million shares traded today for the scrips listed on the benchmark index with their total value recorded at Rs 4.7 billion.

Likewise, the KSE All share lost around 241 points by the day end and closed in at 28,551 points.

An intraday high of 28,822 points and an intraday low of 28,509 points was recorded by the day end for the all share index with a range of 313 points.

Over 124 million shares of the scrips listed within the broader KSE All Share Index were traded today, with their value recorded at Rs 5.8 billion.

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Balance of trade in Nov improves by 5% MoM:...

December 11, 2018 (MLN): Balance of Trade in November 2018 improved by 5.3% over previous month, whereas year-on-year improvement has been marked at a margin of 0.25%.

Trade deficit during the month has come down to $2.78 billion, down from $2.94 billion in October and $2.79 billion in November 2017.

Studying the official data on trade of Pakistan released by Pakistan Bureau of Statistics (PBS), it is evident that compared to prior month, trade in general witnessed decline that is, both imports and exports dropped. However, since imports were reduced by a comparatively greater margin, the overall deficit has shrunk.

Meanwhile, based on year-on-year comparison, it can be seen that the value of good exported from Pakistan has dropped by 6.4% whereas imports declined by 2.8% only.

The cumulative deficit in trade during the July-November period of current fiscal year, has been reported at $14.5 billion compared to $14.8 billion recorded for the corresponding period of last year.

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National Refinery appoints Mr Nouman Usmani as CFO

December 11, 2018 (MLN): National Refinery Limited (NRL) has appointed Mr. Nouman Ahmed Usmani as Chief Financial Officer (CFO) of the company, with effect from December 13, 2018.

An official notification issued by NRL to the Pakistan Stock Exchange (PSX) reveals that the decision comes about as the date of cessation of employment contract with Mr. Anwar Shaikh, ex-CFO, draws closer.

Mr. Nouman Ahmed Usmani previously served as the Company Secretary of the company.

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