Pakistan Economy - News & Updates

[hazi]

Asia, Africa emerge as new trade partners

KARACHI: The results of the 3-day Expo Pakistan--2010 has changed country’s trade profile by receiving higher business orders from Asian, South American and African buyers.

For the last 60 years, country’s traditional trade partners had been US and Europe but business deals recorded by the Trade Development Authority of Pakistan during the Expo have completely changed the demography of country’s trade.

TDAP chief executive Mohibullah Shah talking to Dawn on Monday said that at the conclusion of the mega fair deals worth $80 million were recorded, while others are under way. Some joint ventures and investment avenues are also being explored by the foreign visitors.

Giving some details about the outcome of the expo the TDAP chief said that it was amazing to know that the larger volume of business orders up to 40 per cent were placed by the Asian buyers, followed by Africans at 26 per cent. Export orders placed by the South American buyers stood at around 16 per cent and from US between 5 to 8 per cent.

Mr Shah hoped that since large number of export orders are still in the pipeline the total volume could reach to $130 million compared to $45 million orders recorded in last expo.

The global recession, he said, has shifted markets and with increasing purchasing power Asia has become major market for Pakistani products with countries from the Gulf, the Middle East, China, Iran, Turkey, and South Korea in the lead. Against this Europe has become number two and US the third for Pakistani exports.

There is also a visual shift in demand because engineering goods, surgical instruments, hospital equipment and handicraft are in greater demand from these countries. Egypt and East African countries are showing keen interest in motorcycles, CNG rickshaws and electric fans.

Many foreign delegates have expressed keen interest to invest in sectors like water treatment plants, low-cost housing, wind and solar energy and electric power generation.

However, he said the most fascinating development of the Expo Pakistan was the demand for 10,000 English teachers and 300 professors from Romania. This shows that in service sector Pakistan can also play a major role in many countries.

 

[hazi]

http://www.tehrantimes.com/index_View.asp?code=215151D8 plan common brand car
Tehran Times Economic Desk

TEHRAN -- The developing eight countries (D8) agreed to jointly produce a car under a common brand name, the D8 automotive specialized working group chairman said here on Monday.

The Moj news agency quoted Mohammadreza Roshani-Moqaddam as saying that the D8 member states currently produce around 5 percent of cars in the world.

Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan, and Turkey are the D8 member states which took part in the 5th meeting of working groups on industrial cooperation in Tehran from February 28 to March 1.

“The D8 would be a suitable market for the car,"" the official said adding, the produced car could even be exported to other countries.

“Since Iran, Turkey, and Malaysia are the only member countries that have car manufacturing factories, the common brand car will be designed by these three,” he explained.

According to him, economic justification studies will be completed in 6 months and the plan will be followed up in the next D8 meeting in Istanbul.

Following the “Conference on Cooperation for Development”, on October 22, 1996, and after a series of preparatory meetings, the establishment of D8 was announced officially by the Summit of Heads of State in Istanbul, on June 15, 1997.

The objectives of D8 are to improve developing countries' positions in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living

 

[Hang em High]

http://www.tehrantimes.com/index_View.asp?code=215151D8 plan common brand car
Tehran Times Economic Desk

TEHRAN -- The developing eight countries (D8) agreed to jointly produce a car under a common brand name, the D8 automotive specialized working group chairman said here on Monday.

The Moj news agency quoted Mohammadreza Roshani-Moqaddam as saying that the D8 member states currently produce around 5 percent of cars in the world.

Iran, Bangladesh, Egypt, Indonesia, Malaysia, Nigeria, Pakistan, and Turkey are the D8 member states which took part in the 5th meeting of working groups on industrial cooperation in Tehran from February 28 to March 1.

“The D8 would be a suitable market for the car,"" the official said adding, the produced car could even be exported to other countries.

“Since Iran, Turkey, and Malaysia are the only member countries that have car manufacturing factories, the common brand car will be designed by these three,” he explained.

According to him, economic justification studies will be completed in 6 months and the plan will be followed up in the next D8 meeting in Istanbul.

Following the “Conference on Cooperation for Development”, on October 22, 1996, and after a series of preparatory meetings, the establishment of D8 was announced officially by the Summit of Heads of State in Istanbul, on June 15, 1997.

The objectives of D8 are to improve developing countries' positions in the world economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at the international level, and provide better standards of living

That's good news but i don't like industrial projects running under a bureaucracy. I am not shouting 'Long Live Adam Smith' but look at all the projects run under bureaucracy, they are all plagued by in-efficiency. All businesses need some kind of leverage in-terms of creativity and risk taking. Normally hierarchical organizations don;t allow that kind of leverage. In any formal officer-subordinate relationship everything must be put in black and white. That's good if you want to save yourself for some inquiry or something like that... but paper [or computer screen for that matter] doesn't allow for the transfer of complete idea. Secondly, in hierarchical structures there are many procedures and approvals and proving everything to people who know nothing about what you have to say, which not only frustrating but also also increase the lag time for the idea to reach market. [lag time = time an idea take from the brain of the originator to the market or consumer]. D8 will be better off establishing an independent organization and leaving it alone for some time [lets say 5-8]. [No offense intended] but haven't we seen what happened to Pakistan Steel Mill, Pakistan Locomoto and LCA Tejas, when bureaucrats try to be business men.

 

[ajpirzada]

we need big Plants now..... like 1000MW each....... Nuclear plants are more preferred

these 100-200MW plants do make a difference but not much in long term considering the high demands we will be facing in 2020. Our electricity demands will increase by 200% at least by that time and it may worsen the condition if appropriate steps not taken today

nuclear plants are always the best option but the problem with them is the initial cost of capital which tends to be significantly high for a country like pakistan.

 

[ajpirzada]

‘Govt to appoint adviser to PM on finance instead of finance minister’

ISLAMABAD: The government will appoint an adviser to the prime minister on finance instead of a full-fledged finance minister, State Finance Minister Hina Rabbani Khar said on Tuesday. Talking to reporters at the Parliament House, she said the appointment would be notified within the next two days. “It is likely that Prime Minister Yousaf Raza Gilani will keep the finance minister’s portfolio, while the Finance Ministry will be overseen by his adviser who is expected to be chosen from the private sector,” she said. According to sources, Nasim Baig, the head of a private bank, tops the list of the possible options for the position. The other prominent person among those being considered for the adviser’s post is Dr Hafiz Pasha, the Economic Advisory Council chairman. staff report

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

Forex reserves grow to $14.803bn
Staff Report

KARACHI: Pakistan’s foreign exchange reserves have increased to $14.803 billion in the week ended February 27, 2010 as compared to $14.37 billion in the previous week, the State Bank of Pakistan said on Thursday.

The overall reserves have witnessed an increase of $43 million during the week. Reserves held by the SBP stood at $10.96 billion, up from $10.52 billion a week earlier, showing an increase of $44 million. However, reserves held by commercial banks after declining by $1 million stand at $3.83 billion as compared to $3.84 billion previous week. Foreign reserves hit a record high of $16.5 billion in October 2007, but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill. An International Monetary Fund emergency loan package of $7.6 billion agreed in November 2008 helped avert a balance of payments crisis and shore up reserves.

The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on December 28, 2009.

Daily Times - Leading News Resource of Pakistan

 

[Omar1984]

3 million tonnes surplus wheat stock this season ​

* Country has enough stock to meet the current season’s requirements

By Ijaz Kakakhel

ISLAMABAD: The country has 5.061 million tonnes wheat stock on March 1 while last year in the same month it was 1.157 million tonnes, showing that the country has enough wheat to meet the current season requirements, official data seen by Daily Times has revealed.

It said the country will have 3 million tonnes surplus wheat stock this season. Out of total 5.061 million wheat stock on March 1, PASSCO has 1.015 million tonnes, Punjab 3.458 million tonnes, Sindh 0.323 million tonnes, NWFP 0.182 million tonnes and Balochistan has 0.083 million tonnes. While last year on the same date, PASSCO had 0.007 million tonnes, Punjab 0.870 million tonnes, Sindh 0.058 million tonnes, NWFP 0.160 million tonnes and Balochistan had 0.061 million tonnes, the data revealed.

Officials in the Ministry for Food and Agriculture said that the country was much comfortable keeping in view the stock position and expected new crop. They also claimed about 3 million tonnes wheat stock would be carried forward for next season and expressed hope that there would be no shortage of the commodity.

Total wheat production remained 24.3 million tonnes last year with government procurement of 9.233 million tonnes. Punjab procured 5.783 million tonnes, Sindh 1.216 million tonnes, NWFP 0.090 million tonnes, and PASSCO procured 2.144 million tonnes.

The government has made allocation and lifting plan for wheat in 2009-10 from PASSCO to provinces and departments. According to the data, PASSCO has released 1.085 million tonnes wheat out of total scheduled releases of 1.762 million tonnes and 0.677 million tonnes still lift unreleased.

According to the scheduled PASSCO has allocated 0.450 million tonnes for NWFP for the whole year 2009-10 and till March 1 0.333 million tonnes has lifted and 0.117 million balance is lift.

Total allocation for Balochistan is 0.150 million tonnes and all the quantity remained in tact. For AJ&K, the PASSCO allocated 0.350 million tonnes and till March 1, it has lifted 0.276 million tonnes and 0.073 million tonnes balance remained. Total allocation for Gilgit Baltistan, the PASSCO allocated 0.150 million tonnes fur the current year and till March 1, it has lifted 0.136 million tonnes and 0.013 million tonnes balance lift. Total allocation from PASSCO to Pak Army for the year 2009-10 is 0.200 million tonnes and up to March 1, it has lifted 0.163 million tonnes while 0.036 million balance is remained un-lifted. For Pak Navy, total allocation from PASSCO is 0.016 million tonnes in which it has lifted 0.001 million tonnes and 0.014 million tonnes balance remained un-lifted. The government allocated 0.015 million tonnes wheat for Pak Air Force from PASSCO in which it has lifted 0.002 million tonnes till March1 and about 0.008 million tonnes. For Utility Stores Corporation of Pakistan, PASSCO has allocated 0.202 million tonnes and nothing has been lifted till March 1 2010.

For World Food Programme, PASSCO has allocated 0.194 million tonnes wheat in which it has lifted 0.173 million tonnes till March 1 and 0.021 million tonnes balance has to be lifted in the remaining days. For SAARC Food Bank, PASSCO has allocated 0.040 million tonnes wheat for 2009-10 but nothing has been lifted till March 1 and the whole quantity was kept in stock of the PASSCO.

Province wise average price of 20-kg flour was observed in Punjab (17 cities) at Rs 579 per 20-kg bag, Sindh (7 cities) Rs 627 per bag, NWFP (6 cities) 598 per bag, Balochistan (4 cities) Rs 624 per bag, AJ&K Rs 670 per bag, and its national average (35 cities) is Rs 607 per bag.

 

[Omar1984]

Construction sector: Pak, Sri Lanka to work jointly ​

KARACHI: The builders and developers of Pakistan and Sri Lanka with joint efforts and sharing each other’s expertise can play a pivotal role in promoting the construction of both the countries, Sri Lanka Consul General VS Sidath Kumar said. There has been a considerable increase in the trade between the two countries, he said this while expressing his views at a meeting held ABAD House Friday.

He recommended ABAD members to actively participate in the International Exhibition to be held in Sri Lanka from September 10 to September 12 this year. staff report

 

[Omar1984]

Industrial areas to be given 80% of tax recovery for infrastructure uplift ​

KARACHI: The Sindh Ministry of Commerce and Industry has decided to spend 80 percent of the tax recovery from any industrial area in the same area to improve its infrastructure.

Sindh Minister for Commerce and Industry M A Rauf Siddiqui at launching of the flagship magazine 'Voice of Industry', highlighting the activities of SITE Association of Industry, assured industrialists that the government would provide them all faculties to keep their units operative with peace of mind.

He said the provincial government has provided Rs 250 million each for infrastructure development of four industrial zones of the city including Federal B Area, Korangi, North Karachi and Landhi, while the federal government had also assured to provide matched grant, which has not been disbursed so far.

Commenting on the foreign investment the minister said Saudi Arabia had purchased valuable land here for cultivation and to launch agro-based projects in Nawabshah.

The water pipeline project at Nooriabad Industrial Area would be completed in next three months and construction of a bridge would facilitate all major roads inside SITE Area besides repairing 14 roads in the heart of SITE Karachi are underway, he informed.

Referring to the industrial units established on sewerage drains, he said these units were established in the tenure of the previous governments, and added that removing these units has become almost impossible.

He said he would use some modern techniques to open the gutter lines and natural nullahs so that the flow of dirty water and effluent does not stop and continue to drop into the Lyari River and sea.

He also assured industrialists he would not tolerate harassment of industrialists by inspectors of various departments. Industrialists are carrying out production activities in a very difficult time.

He expressed hope that President Asif Ali Zardari would soon direct the concerned authorities to disburse the allocation amount of Rs 250 million each for four industrial zones in the city.

SITE Association of Industry Patron-in-Chief Siraj Kassam Teli ensured the bottlenecks in the infrastructure improvement projects are removed in the national interest and specially for Sindh province otherwise we would be no where. Adviser to Sindh Chief Minister Zubair Motiwala said concrete measures were being taken to reduce cost of doing business. staff report

 

[Omar1984]

Rise in forex reserves takes KSE into the green zone ​

KARACHI: Bulls continued to dominate the Karachi stock market on the last trading day of the week Friday on support of rise in foreign exchange reserves to $14.8 billion and agreements on access of Pakistan’s quality goods to European markets, which helped boost investor confidence.

The Karachi Stock Exchange (KSE) 100-share index gained 114.76 pts or 1.21 percent to close at 9,626.29 points as compared to the previous session’s 9,511.53 points. The KSE 30-share index closed at 10,101.48 points with a rise of 132.70 points. The KMI 30 closed at 14,411.42 points with an increase of 199.26 points.

Analysts said the market opened in the green zone and it remained in the buoyant mood throughout the trading session in the wake of continued foreign investment in the market

The market turnover went down by 2.24 percent and traded 157.22 million shares as compared with the previous session’s 160.83 million shares. The overall market capitalisation was up by 1.17 percent and traded Rs 2.753 trillion as against Rs 2.721 trillion of the previous session. Out of a total of 378 companies, 250 closed in the positive zone, 107 in negative and 21 remained unchanged.

“The market continued Thursday’s bullish trend due to speculation that a default in payments of a corporate group was resolved, which strengthened the investor confidence,” said TopLine Sec analsyst Farhan Seth. “Moreover, handsome buying by foreigners during this week further boosted investor confidence. NBP and Lotte Pakistan led the volumes due to better corporate results.” “Bullish activity was witnessed on renewed foreign interest in oil and gas and banking sectors,” said Shahzad Chamdia Sec senior analyst Ahsan Mehanti. “Other major factors were investors taking positions in oversold blue chips scrips and higher international oil prices.

“Confidence building measures being taken by the government like those which include meeting of interior minister with the business community and expected address of the PM to the nation, infused hopes regarding announcement that will help stabilise the political situation,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “Renewed buying interest was witnessed in blue chips and second-tier stocks, mainly in the stocks, which have witnessed massive price erosion in the previous sessions.”

While the low priced, Lotte Pakistan currently trading with topping of payout invited huge turnover, by both jobbers as well as investors allowing the stock to lead the volume. The KSE 100-share index opened in the green zone with a gain of 6.17 points and at the end of the day closed at 9,626.29 points with a gain of 114.76 points. Lotte Pakistan was the volume leader with 19.78 million shares as it closed at Rs 10.11 after opening at Rs 9.85, gaining 26 paisas. staff report

 

[Omar1984]

KSE rises 115 points as foreigners inject $10m ​

KARACHI: The continued massive foreign buying worth $10 million in this single session helped the Karachi bourse restoring above 9,600 points level on Friday. Under the lead of exploration stocks, the energy sector attracted big part of the day fresh investment on trading floor.

The KSE 100-share Index increased gained 114.76 points or 1.21 per cent and closed at 9,626.29 points. Its junior partner the 30-Index surged by another 132.70 points or 1.33 per cent and concluded at 10,101.48 points.

With the day $10.05 million aggregated buying by foreign portfolio investors, the investment by the foreigners for the week has surged to $27.5 million. This would be worth mentioning here that foreigners remained net buyers in all the five trading sessions of the week, according to NCCPL.

The local companies, individual investors and banks/DDFIs appeared as panic sellers during the session and sold shares worth $4.05 million, $3.34 million and $2.51 million, respectively.

The two notable exploration stocks i.e. Oil & Gas Development Company (OGDC) and Pak Petroleum Limited (PPL) contributed 17 points and 12 points, respectively, on the key benchmark 100-Index.

The other gainers included their points on the said benchmark in single digits. More important to note was the point that blue chips did not only managed to close in green territory, but they also ranked up among the day top volume generators.

The day turnover lowered to 157.22 million shares against 160.83 million shares changed hands yesterday. Turnover in future market, however, surged to 7.13 million shares from 4.58 million shares traded a day earlier.

The overall market capitalisation soared by Rs32 billion to stand at Rs2,753 billion.

Analysts Ahsan Mehanti said that bullish activity was witnessed on renewed foreign interest in oil, gas and banking sectors. Investors took positions in oversold blue chips scrips.

Rise in foreign exchange reserves to $14.8 billion, agreements on Pakistan quality goods access to European markets, higher international oil prices and SBP allowing due diligence to Faysal Bank for RBS acquisition played a catalyst role in positive activity on KSE, he added.

Analyst Farhan Seth said that local bourse continued bullish trend due to speculation related to a default in payments of a corporate group resolved which strengthened the investors’ confidence. Moreover, handsome buying by foreigners during this week further drove the sentiments of the local investors. National Bank and Lotte Pakistan led the volumes due to their better than expected corporate results announcement.

Analyst Hasnain Asghar Ali said that confidence building measures being taken by the government including meeting of interior minister with the business community and scheduled address of the prime minister on Friday evening to the nation infused hopes that PM would announce something related to stabilize political issues besides addressing various issues giving birth to uncertainties.

What added spice was the consistent inflow by the off-shore participants (although it is not a dependable indicator, it did inspired the locals) the developments came in as a sentiment equalizer.

Renewed buying interest was witnessed in front line and side board stocks, mainly in those stocks, which had witnessed massive price erosion in previous sessions. While the low priced i.e. Lotte Pakistan currently trading with topping of payout invited huge turnover, thus allowing the stock to lead the volume.

Out of total 378 active stocks, 250 stocks advanced, 107 stocks declined, while the value of remaining 21 stocks closed unchanged.

Highest volumes were witnessed in Lotte Pakistan at 19.78 million closing at Rs10.11 with a gain of 26 paisa, followed by National Bank at 18.29 million closing at Rs92.99 with a gain of 44 paisa, JS Company at 8.50 million closing at Rs23.20 with a gain of Rs1.10, AH Securities at 8.07 million closing at Rs45 with a gain of Rs1.71, and Azgard Nine at 6.24 million closing at Rs17.87 with a gain of Re1.

 

[Omar1984]

PSO, KPT plan oil pipeline connecting Keamari with PQ ​

KARACHI: Pakistan State Oil (PSO) and Karachi Port Trust (KPT) on Monday signed a Memorandum of Understanding (MoU) to jointly undertake a study to connect Keamari with Port Qasim through a white oil pipeline.

The study would lead to a joint venture pipeline project between the two organizations, which would result in a more effective and efficient mechanism of meeting the energy demands of the nation.

The MoU was signed by Irfan K Qureshi, MD PSO and Nasreen Haque, Chairperson KPT at a ceremony held at the PSO House. Speaking on the occasion, Irfan Qureshi congratulated the teams of the PSO and the KPT on this initiative and described the project as of great strategic importance in terms of enhancing operational efficiency at the ports.

“It is expected to facilitate smooth handling of fuel oil for power segment and also result in a more secure and flexible mechanism for POL operations”, he said. The present POL handling capacity of Keamari Port is about 24 million MT where as the Fotco Jetty at Prot Qasim has a designed capacity of 9 Million MT.

It is expected that efficiency and flexibility will increase manifold if these two ports were connected to each other through an integrated pipeline system. On successful completion of the study both organizations intend to develop a joint venture partnership for operation of the new proposed system.

 

[Omar1984]

‘Gomal Dam needs timely funding for completion’ ​

ISLAMABAD: Chairman Water and Power Development Authority (WAPDA), Shakeel Durrani said if Public Sector Development Programme (PSDP) would release the required amount of Rs 3 billion in the next three months then Gomal Zam Dam could be completed at the end of December 2010.

Replying to a question asked by former senator, Raza Muhammad Raza on 30th April 2008 he informed the Functional Committee on Government Assurance (FCGA) here on Monday that PC-1 cost of Gomal Zam Dam was Rs 12.829 billion, but due to inadequacy and delay in funding by the government, its revised cost stood at Rs 21 billion with the increase of 38.90 percent. He said due to security risk, more than 1100 security personnel including army personnel had deputed for the security of foreign contractors working on the site and major part of the fund was being spent on the security of foreign contractors. Shakeel clarified before the committee that another reason to increase in revised cost is continuous increase in petroleum and fuel prices.

“54 percent work on Gomal Zam Dam has completed, while after completion of this project more than 0.163 million acres land would be irrigated and this project has the capacity of generating 17.4 megawatt hydro power energy” he added.

Shakeel revealed that after releasing adequate fund by the government, WAPDA would likely release water in Karachi Canal at the end of December 2010, which would be helpful to irrigate 0.102 million acres in phase one for prosperity in agriculture sector.

“Similarly, due to inadequate and delay in funds by the government, PC-1 cost of Greater Thal Canal was Rs 6.482 billion and its revised cost stood at Rs 10.144 billion with the increase of 36.10 percent, whereas, after completion of the project, total 1.739 million acres land could be irrigated and 0.355 million acres land would be irrigated in phase-1 after completing this project he added”.

Chairman Wapda informed the committee that Wapda has completed the two projects successfully in Balochistan province namely Mirani Dam with cost of Rs 5.811 billion and Sabkzai Dam with revised cost of Rs 1.961 billion as compared to PC-1 cost of Rs 1.576 billion showing the loss of Rs 0.403 billion.

Committee member, senator Talha Mehmood expressed concerns over horrible revised increase in different hydropower projects under consideration of WAPDA, particularly Gomal Zam Dam project cost.

Talha regretted to Wapda Chairman that due to delay in completion of the ongoing Hydro Power projects and water reservoirs, the country is facing water shortage and load shedding, which is causing general public a great deal of trouble. “If Wapda wouldn’t take these issues as serious concern, particularly the increase in utility bills and load shedding, the public would be forced to come out on the streets that would further aggravate the situation and might put the concerned authorities in a tight spot.

He suggested the committee chairman, Senator Moula Buksh Chandio to write a letter to Planning Commission for releasing the amount of Rs 3 billion for completion of Gomal Zam Dam project in Dec 2010 as assured by Water and Power Development Authority (WAPDA). Moreover, Senator Safdar Ali Abbasi said due to the current financial crises in the country, it wouldn’t be possible for the government to make a substantial outlay of Rs 3 billion. However, the committee assured Wapda Chairman to fully support for the release of required amount of Rs 3 billion for completion of Gomal Zam Dam at the end of the year 2010.

 

[Omar1984]

Foreign interest keeps Karachi stocks bullish, index up 114 pts ​

KARACHI: Bullish sentiments dominated the trading activity at the Karachi stock market on the first trading day of the week Monday due to unabated foreign interest in banks, oil and gas and fertilizer sectors on strong valuations.

The Karachi Stock Exchange (KSE) 100-share index increased by 113.90 points or 1.18 percent to close at 9,740.19 points as compared to the previous session’s 9,626.29 points. The KSE 30-share index closed at 10,210.88 points with a gain of 109.40 points. The KMI 30 closed at 14,554.47 points with a rise of 143.05 points.

Analysts said the market maintained a positive trend despite a suicide bomb attack in Lahore. The market opened in the green zone and this trend remained prevalent throughout the trading session making substantial gains in the process in the wake of boost in investor confidence spurred by higher oil prices in the international market.

The market turnover went down by 10.87 percent and traded 174.31 million shares as compared with the previous session’s 157.22 million shares. The overall market capitalisation was up by 1.12 percent and traded Rs 2.784 trillion as against Rs 2.753 trillion of the previous session. Out of 404 active companies, 223 closed in the positive zone, 170 in negative and 11 remained unchanged.

“The market opened in the green zone as the last week’s foreign buying of $27 million reserved investor confidence despite bomb blast in Lahore,” said TopLine Sec analyst Farhan Seth. “Lotte Pakistan topped the volume list along with Fatima Fertilizer posting robust activity on its debut in ready counter.”

“Positive sentiment continued on higher international oil prices and rising global capital markets despite bomb blast in Lahore and renewed security concerns in the country,” said Shahzad Chamdia Sec senior analyst Ahsan Mehanti.

Expensive and high priced stocks continued to witness profit-taking mainly by those who have been accumulators in the recent adjustment restricting the market from unprecedented rise.

The KSE 100-share index opened in the green zone with a gain of 10.94 points and at the end of the day closed at 9,740.19 points with a rise of 113.90 points.

Lotte Pakistan was the volume leader with 27.21 million shares as it closed at Rs 11.11 after opening at Rs 10.11, gaining Re 1. staff report

 

[Omar1984]

Iran-German consortium willing to build dam ​

ISLAMABAD: An Iran-German consortium, Fraz Aab and Centy Company Tuesday expressed its interest investing in construction of dams in Balochistan, especially the Jhal Magsi Dam for which the company has visited the site and made necessary survey for its construction.

A seven-member investors’ delegation from Iran’s Fraz Aab and Germany’s Centy Company headed by Dr Hossein Pouya consultant met here with Minister of State for Industries and Production, Dr Ayat Ullah Durrani and informed the minister that apart from Jhal Magsi Dam, they were ready for huge investment in other mega projects of power and energy generation as well as installation of other heavy industries in Balochistan and other parts of the country with public private partnership.

The Fraz Aab and Centy is an Iran-German joint venture company, which showed their willingness for investment in construction of Jhal Magsi Dam and also other proposed dams in Balochistan.

The delegation informed Dr Ayat Ullah Durrani that they also had a meeting with high officials of WAPDA prior to this meeting and they have also welcomed and appreciated the delegation’s plans for construction of dams. So their meeting with WAPDA proved very useful and productive.

The Minister of State Dr Ayatullah Durrani welcomed the investors’ delegation and appreciated their plans for such a major investment of foreign exchange in the industrial sector of Pakistan particularly in Balochistan.

The Minister said that there are huge opportunities for foreign investors in Balochistan since Gwadar Port has become operational.