Market summary – RSL Securities Limited

Karachi, December 18, 2013 (PPI-OT): Daily News Summary

Trading Corporation of Pakistan (TCP) has allocated quota of ships to its nominated shipping agents for the import of 500,000 tonnes of urea.

According to RSL Securities Limited, the TCP would import 250,000 tonnes of urea from Karachi Port and rest of the quantity would be brought in via Gwadar Port. The allocation of ships has been given through ballot in which five out of 15 shipping agents were selected.

The country’s foreign direct investment (FDI) surged by only 4.7 percent to $330.7 million in the first five months (July-November) of the fiscal year 2013-14 as compared to $315.8 million received in the same period of last fiscal year, said State Bank of Pakistan’s (SBP) data on Tuesday.

Asian Development Bank (ADB) has approved a loan of $167.2 million for eight distribution companies in Pakistan to improve the power distribution system to help provide reliable, regular electricity to businesses and domestic consumers. The investment is part of an ADB $810 million Power Distribution Enhancement Investment Programme approved in 2008. The multi-tranche financing facility (MFF) targets investment in priority areas to reduce power losses and increase the reliability of the power distribution system.

The CNG may not be available at all to motorists in Punjab and may remain in short supply in other provinces, but its prices have been reduced all over the country. According to a notification issued by the Oil and Gas Regulatory Authority on Tuesday, the reduction in prices became necessary after the Supreme Court declared a nine per cent additional general sales tax on compressed natural gas as illegal.

The rupee Tuesday ended higher at 106.78/106.84 against the dollar, compared to Monday´s close of 107.13/107.18, Geo News reported. Analysts say, on the face of it, Finance Minister, Ishaq Dar’s ominous presage has struck the US dollar, which after soaring above 107 rupees could now be seen caught up in a downward spiral.

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