Market summary – RSL Securities Limited

Karachi, January 03, 2014 (PPI-OT): Daily News Summary

The government of Pakistan has committed to the International Monetary Fund (IMF) that it will privatise 26 percent of PIA’s shares to strategic investors by end of December 2014. For this purpose, the government also decided to hire a financial adviser by end of March 2014 to prepare a comprehensive rstructuring plan and seek potential strategic private sector participant in the company.

According to Finance Secretary Waqar Masood made these revelations to the Senate’s Standing Committee RSL Securities Limited, on Finance, Revenue, Economic Affairs, Statistics, Planning and Development and Privatisation.

Although shortage of urea in sowing seasons has become a perennial feature, the availability situation has worsened, with imports becoming costlier and frequent theft of the imported commodity while in transit. Currently, urea prices in the international market are fluctuating and the prices have shot up to $350 per tonne from$290 in August. Like Pakistan, India and Bangladesh are also facing severe shortages of urea and have plans to import the commodity in bulk to meet their domestic needs. India intends to buy about two million tonnes of urea.

Pak Suzuki Motor Company Limited (PSMCL) on Wednesday jacked up prices by Rs10,000 to Rs20,000 on different models. The new price of Suzuki Mehran VX and VXR is Rs620,000 and Rs678,000. Ravi, Bolan, Cargo van, Cultus, Swift DLX and Swift DX now cost Rs647,000, Rs700,000, Rs676,000, Rs1.044 million, Rs1.302 million and Rs1.221 million.

Pakistan s year-on-year inflation in December rose to 9.2 percent, the Pakistan Bureau of Statistics said on Tuesday. On a month-on-month basis, the consumer price index fell 1.3 percent from November. The average inflation rate in July-December was 8.89 percent.