Morning Briefing for December 30, 2013 – MR Securities

Karachi, December 30, 2013 (PPI-OT): UAE launches projects worth $1.2 million in Pakistan

The President’s initiative aims to support the people of Pakistan, contribute for developing its provinces and cities, and provide them with modern developmental facilities.

According to MR Securities, in implementation of the directives of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, the administration of the UAE Project to Assist Pakistan (UAE PAP) has announced the launch of new projects to provide pure drinking water in Pakistan at a cost of $1.2 million, Khaleej Times reported on Sunday.

Youth loan scheme: Prime Minister reviews progress
Prime Minister Nawaz Sharif on Saturday said the youth of Pakistan are showing great interest in the business loan scheme as is evident from millions of downloads of pre-feasibilities studies and forms available on SMEDA website. He said this while chairing a meeting to review the Prime Minister’s Youth Business Loan Scheme at National Bank of Pakistan’s Headquarter in Karachi.

Exuberant ST rate to lead tractor industry to complete chaos: PCJCCI
The levy of un-warranted, unrealistic and anti-mechanisation exuberant rate of sales tax will only lead the tractor industry of Pakistan to complete havoc. Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) President Shah Faisal Afridi stated this in a statement here on Saturday. He said this industry is producing 95 percent tractor parts locally, generating employment opportunities besides contributing significantly to the national exchequer in the shape of taxes.

Hilly areas Need for construction of mini-dams stressed
President of Pakistan Professionals Forum Engr Syed Imtiaz Hussain Shah has stressed the need for construction of maximum number of water reservoirs, mini-dams in hilly areas like Dera Ghazi Khan and Mianwali, Rajanpur districts. Talking to media men, here on Sunday he said that Pakistan can generate electricity as sufficient electricity is required by the Southern Punjab by taming the hill torrents and constructing mini-dams within two years.

PSM blames governments for its slew of woes
The management of Pakistan Steel Mills (PSM) has accused successive governments of treating the national entity’s financial crisis with apathy due to which its liabilities touched Rs 106 billion on September 30, 2013, sources close to acting Chief Executive Officer (CEO) told Business Recorder.

Using local cotton can save $500 million foreign exchange: PCGA chief
Spinners and textile millers and value-added industry required more than 2 million cotton bales to meet the demand of European Union after granting the GSP plus status and hoped that cotton rate would further go up in a couple of weeks. Ginners are ready to meet the demand of local industry as had unsold stock of 19,71,849 bales and there was no need of import of cotton from abroad.

Government urged to form National Fuel Consumption Policy
The federal government should formulate the National Fuel Consumption Policy in consultation with the stakeholders in the public and private sectors and implement it in the right earnest through appropriate measures. This will help checking the increasing consumption of petroleum products and bring it under control to reduce the oil import bill to the maximum extent possible.

Gas supply to Fuji Fertiliser suspended
SSGCL has suspended 45 million cubic feet per day (mmcfd) gas supply to FFC, owing to low pressure, so as to cope with the domestic sector demand. A senior official of SSGC told Business Recorder here on Saturday that gas supply to FFC plant was suspended due to huge gas shortage on SSGC system, adding the fertiliser plants would go on annual maintenance in January, so it would not hurt urea production.

Future spreads down by 333 basis points
The future spreads decreased by 333 basis points during the last week to 3.58 percent while trading activities on the futures counter witnessed positive trend as average daily volumes remained up by 79.3 percent to 48.04 million shares. Similarly, the average daily trading value ended higher, up by 41.3 percent, closed at Rs3, 210 million.

THE RUPEE: modest fall
The rupee failed to come out of the weak spell against the dollar on the currency market on Saturday, dealers said. The rupee shed 20-paisa in terms of the dollar for buying and selling at Rs 105.20 and Rs 105.40 respectively. It, however, gained 70-paisa versus the euro for buying and selling at Rs 144.50 and Rs 144.75 respectively.

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