Karachi, December 16, 2013 (PPI-OT): KSE recap: Leading business sectors outperform prior to year-end
According to MR Securities,
With only 12 trading sessions left before the end of 2013, the Karachi Stock Exchange (KSE) 100-Index has already posted a gain of 53.1%.
Government all set to increase gas tariff by up to 124 percent
The government is all set to increase gas tariff for all the gas consumers, excluding domestic sector, ranging from 14 to 124 per cent. Gas utilities – Sui-Northern Gas Pipelines Limited (SNGPL) and Sui- Southern Gas Company Limited (SSGCL) – have submitted the petitions with Oil and Gas Regulatory Authority (Ogra), which is expected to approve the increase in gas tariff in line with Petroleum Ministry’s directions, which will be effective from January 1, 2014 to June 30, 2014.
New industrial, auto policies: government urged to take stakeholders on board
Alliance of lower Punjab recognised chambers and trade association have called for granting their representation to lower Punjab in Prime Minister’s advisory Council to legislation on constant power tariff for six months and the withdrawal General Sales Tax on Tractor Industry from 10 per cent to 17.5 per cent from January 1, 2014.
51 sugar mills refuse to accept TCP offer
Some 51 mills have refused to accept Trading Corporation of Pakistan’s (TCP) price matching offer for supply of sugar. As sugar mills have not accepted price matching offer, TCP can procure 10,000 tons of sugar as against a targeted quantity of 50,000 tons under the first sugar procurement tender.
GDP growth improves to 5.1 percent: Prime Minister
Prime Minister Nawaz Sharif has said that the economic position of Pakistan has improved as compared to last year. Last year the GDP growth for July-September was 2.9 percent, while this year it is 5.1 percent. MR Securities wants to take GDP rate to 7 percent in next four years, he added.
‘Cash in’: Finance minister warns exchange rate about to ‘fall’
Finance Minister Ishaq Dar on Saturday warned that those banking on dollars should “cash them in”, with the exchange rate expected to drop soon, Express News reported.
Government releases Rs 143.027 billion PSDP funds till now
Ministry of Planning, Development and Reforms has so far released Rs 143.027 billion under its Public Sector Development Programme (PSDP) for various projects against the total allocations of Rs 540 billion for the fiscal year 2013-14.
SPI inflation soars by 12.55 percent
The weekly Sensitive Price Indicator (SPI) inflation surged by 12.55 percent during the week ended on December 12, 2013, reflecting an increase in prices of some essential commodities. The provisional data, released by Pakistan Bureau of Statistics, shows that the SPI for the week under review was recorded at 211.15 points against 187.61 over the same period last year.
Discrepancy in trade deficit figures
Trade deficit figures released by Pakistan Bureau of Statistics (PBS) compared to the data available on the State Bank of Pakistan (SBP) website are lower by $394 million. This discrepancy may have facilitated the economic team for taking credit for narrowing the trade deficit.
OMCs, dealers: Increase oil margins, consultant recommends
Margins of oil marketing companies (OMCs) and dealers on sale of petroleum products are expected to be increased, making the commodity more expensive for consumers as a consultant hired to undertake a study has proposed an increase in margins in the wake of inflationary impact.
On verge of failure: Textile City leaking cash and resources
Time management is undoubtedly the most important aspect of any successful project because a very common cause of soaring project budgets is the inability to follow set timelines. Aircraft lease: ECC refuses bidder’s demand for sovereign guarantee The Economic Coordination Committee (ECC) has turned down a bidder’s demand to provide sovereign guarantee worth millions of dollars to provide five aircraft on lease, saying that it was against bid requirements. The ECC also refused to cave to a demand for tax exemptions.
Government supports secondary debt market
Finance Minister Mohammad Ishaq Dar has said that the government is keen to develop the secondary debt market with particular focus on the retail segment. Trading of government securities at the stock exchanges of Pakistan will encourage participation of small and private investors, and the increase in depth of the secondary debt market will also contribute in the development of the secondary corporate debt market, he said.
Agriculture aim: Pakistan likely to miss cotton production target
Cotton Commissioner Dr Khalid Abdullah said that the recent floods, water shortage and low market price were the major reasons behind the low production of cotton, adding that Pakistan was likely to miss its production target for year 2013-14.
Cement sellers irked by ‘artificial’ supply shortage’
Cement retailers have complained that companies in Karachi are creating an artificial supply shortage that will result in a significant increase in prices in the coming weeks.