Pakistan's Economy - News and Updates

[ejaz007]

Forex reserves hit all-time high of $18.25bn

KARACHI: Pakistan’s foreign exchange reserves reached an all-time high of $18.25 billion in the week ending on July 2, following inflows of more than $400 million that included loans from multilateral donors, a central bank official said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) rose to $14.79 billion from $14.02 billion a week ago, and those held by commercial banks edged to $3.46 billion, up from $3.45 billion, said SBP chief spokesman Wasimuddin.

“During the week we received inflows of $411 million, which pushed the reserves to an all-time high level,” he said. “These inflows included a loan of $191.9 million from the World Bank, and another loan of $196.8 million from the Asian Development Bank.”

Pakistan’s foreign exchange reserves totalled to $17.47 billion in the previous week, after reaching a pervious high of $17.95 billion during the week ending on March 26.

Higher export proceeds and a record inflow of remittances have helped Pakistan’s forex reserves grow steadily.

Remittances from overseas Pakistanis topped $10 billion for the first time during the fiscal year 2010-11, hitting $10.1 billion in the first 11 months, an increase of 25.20 percent compared with the same period last year, according to data from the SBP.

Foreign exchange reserves were boosted in January by more than $633 million when the United States provided funds for military and logistical support for Pakistan’s campaign against a Taliban insurgency.

In May 2010, Pakistan received $1.13 billion in the fifth tranche of an $11 billion International Monetary Fund (IMF) bailout programme.

The two sides are due to meet this month to discuss the possible release of the sixth tranche. reuters

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

JSIL, AAML announce payouts

KARACHI: JS Investments Limited (JSIL) and Atlas Asset Management Limited (AAML) approved the final distribution of bonus for the financial year ended on June 30, 2011 for their respective funds. JSIL’s announcement for the payout in open-end funds includes the final payouts of Rs 1.08 billion and interim dividend payouts announced during the year of Rs 185.7 million.

This payout is in addition to the interim distribution of Rs 273.6 million announced earlier this year in closed-end funds managed by JS Investments. The JSIL board of directors announced the final distribution to the unit holders of selected funds. The final distribution of Rs 4.50 was announced for JS Cash Fund, taking the total distribution for FY 2011 to Rs 11.00 per unit. A distribution of Rs 11.60 per unit was announced for JS Aggressive Income Fund, while a stock dividend of Rs 35.00 was announced for JS Large Cap Fund.

A distribution of Rs 42.10 per unit was announced for JS Islamic Fund, an open-end mutual fund.

The distribution announced for JS Fund, the only open-end fund of funds in Pakistan, is Rs 16.00 per unit while a distribution of Rs 4.50 per unit was announced for Unit Trust of Pakistan. In the capital protected funds category, a stock dividend of Rs 6.40 per unit has been announced for JS Principal Secure Fund I while a stock dividend of Rs 10.25 per unit has been announced for JS Principal Secure Fund II.

The bonus units will be allocated on the ex-distribution NAV on June 30, 2011. Unit holders, whose names appear in the register of unit holders on June 30, 2011, will be entitled to the above distribution. Unit holders who have opted for cash payout will receive cash payment accordingly. staff report

Daily Times - Leading News Resource of Pakistan

 

[Asian.Century]

Samsung brings thrilling Road-Show to Karachi & Lahore

News Comments (0)
PRESS RELEASE

Lahore - Samsung Electronics, a market leader and award-winning innovator in consumer electronics, semiconductors and telecommunications, is arranging a ‘Samsung Universe Road Show’ in Karachi and Lahore with the aim of enhancing its "brand image" and boosting product awareness amongst consumer electronic enthusiasts.

The Samsung Universe Road show will be held in Karachi at Park Towers, Clifton from the July 8-10, 2011 and at Dolmen Mall, Tariq Road Karachi from July 15-17, 2011 while in Lahore the show will be conducted at Hyper Star from july 22-24, 2011.

Samsung brings thrilling Road-Show to Karachi & Lahore | Pakistan Today | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia

 

[SpArK]

http://www.brecorder.com/pakistan/business-a-economy/21683-pakistan-to-focus-on-regional-and-bilateral-trade-with-india-ikhtiar.html

 

[muse]

If Pakistan genuinely seek to engage India with regard to regional trade, then serious consideration must be given to developing Afghanistan, in particular southern Afghanistan. To those who wonder why Afghanistan's agricultural sector is in ruins, we suggest they look at what sustained this sector in the past - this sector was sustained by a system of credit - - and this system survives to date, however, the only crop creditors are willing to support is opium - why? Well we can get into that a little later, but lets get to how Pakistan and India can help develop southern Afghanistan - what can replace opium?

COTTON -- one of the efficiencies opium offers, is employment to a largely rural, internally displaced population - Cotton can offer a similar efficiency, both India and Pakistan's textile industries need support, and the production from southern Afghanistan can offer relief to both, even as it sustain the economy of southern Afghanistan, offering employment and hope.

 

[Omar1984]

Pakistan to get GSP Plus access in EU by 2014: Gilani


KARACHI: Prime Minister Yusuf Raza Gilani said on Wednesday that by 2014, Pakistan is expecting to qualify and benefit from the European Union’s import preferential treatment under the GSP Plus regime allowing duty free access for all export products.

He was speaking at the inauguration of 6th Expo Pakistan 2011 at Governor House. Sindh Governor Dr Ishratul Ebad Khan, Chief Minister Syed Qaim Ali Shah, Commerce Minister Makhdoom Amin Fahim, Minster for Overseas Pakistanis Dr Farooq Sattar, Port and Shipping Minister Babar Khan Ghori President FPCCI were also present on the occasion.

He said that the government has made concerted efforts to acquire better market access for Pakistani products to the world markets. “In this regard, the President and I have been emphasizing Pakistan needs “Trade Not Aid”.

He pointed out that the European Unions’s offer at the WTO to Pakistan for duty free access to goods from 75 tariff lines is just one example of such endeavours of the present government.

Referring to efforts for market access, he said: “Pakistan has already entered into preferential and free trade agreements with China, Malaysia, Sri Lanka, Iran, and Mauritius. I would strongly urge our exporters to take full advantage of the market access opportunities of the bilateral agreements”.

Talking of negotiations with India, he said the government was also making concerted efforts to enhance regional trade with neighbours. Recently held trade talks between India and Pakistan are going in a positive direction, he noted.



Pakistan to get GSP Plus access in EU by 2014: Gilani | Business | DAWN.COM

 

[Omar1984]

Corporate results: Pakistan Oilfields profits beat expectation

Net sales of the third largest oil and gas explorer rose by 36% to Rs7.89 billion driven by surge in oil prices coupled with growth in oil production.

KARACHI: Pakistan Oilfields’ net profit rose 55% to Rs3.45 billion during July to September 2011 primarily on account of surge in net sales.

The result was 20% more than analyst expectation as they, on average, expected it to stand around Rs2.9 billion.

Net sales of the third largest oil and gas explorer rose by 36% to Rs7.89 billion driven by surge in oil prices coupled with growth in oil production, said Topline Securities analyst Nauman Khan.

The company’s oil production inched up 7% to 4,750 barrels per day during the period under review on the back of increased flows from Tal block’s Manzalai and Domail-1. However, gas production remained stable at 87 million cubic feet per day.

Oil prices rose by 46% to average $108 per barrel in the first quarter of fiscal 2012 on a yearly basis.

Stable exploration cost and 58% rise in company’s other income on bank placements also supported growth in net profit, said.

Exploration costs surprisingly dropped 30% to Rs74 million against market expectation as analysts expected the oil and gas explorer to book dry well costs of Chak Naurang South-1.

The company managed to keep a lid on operating costs as they stayed in the same range at Rs1.35 billion according to a notice sent to the Karachi Stock Exchange.

Production enhancement from Makori of Tal block and better Arab light prices are expected to improve fiscal 2012 earnings, said Khan.

Moreover, positive flows from Domail-2 will remain a key trigger for the scrip in the near-term.

Published in The Express Tribune, October 20th, 2011



Corporate results: Pakistan Oilfields profits beat expectation – The Express Tribune

 

[great]

Pakistan to get GSP Plus access in EU by 2014: Gilani


KARACHI: Prime Minister Yusuf Raza Gilani said on Wednesday that by 2014, Pakistan is expecting to qualify and benefit from the European Union’s import preferential treatment under the GSP Plus regime allowing duty free access for all export products.

He was speaking at the inauguration of 6th Expo Pakistan 2011 at Governor House. Sindh Governor Dr Ishratul Ebad Khan, Chief Minister Syed Qaim Ali Shah, Commerce Minister Makhdoom Amin Fahim, Minster for Overseas Pakistanis Dr Farooq Sattar, Port and Shipping Minister Babar Khan Ghori President FPCCI were also present on the occasion.

He said that the government has made concerted efforts to acquire better market access for Pakistani products to the world markets. “In this regard, the President and I have been emphasizing Pakistan needs “Trade Not Aid”.

He pointed out that the European Unions’s offer at the WTO to Pakistan for duty free access to goods from 75 tariff lines is just one example of such endeavours of the present government.

Referring to efforts for market access, he said: “Pakistan has already entered into preferential and free trade agreements with China, Malaysia, Sri Lanka, Iran, and Mauritius. I would strongly urge our exporters to take full advantage of the market access opportunities of the bilateral agreements”.

Talking of negotiations with India, he said the government was also making concerted efforts to enhance regional trade with neighbours. Recently held trade talks between India and Pakistan are going in a positive direction, he noted.



Pakistan to get GSP Plus access in EU by 2014: Gilani | Business | DAWN.COM

Well they only give GSP plus status to least developed countries. So Gilani is planning to further ruin the economy to gain that status. Good for Pakistan.

 

[Omar1984]

Forex reserves rise to $17.20bn

KARACHI: Pakistan’s foreign exchange reserves rose to $17.20 billion in the week ending Oct. 14 from $17.17 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan (SBP) were flat at $13.46 billion, while those held by commercial banks rose to $3.74 billion, from $3.71 billion in the previous week, according to the State Bank of Pakistan.

Foreign exchange reserves hit a record $18.31 billion in the week ending July 30 but have eased due to debt repayments.

The reserves were boosted in June by inflows of $411 million, including a $191.9 million loan from the World Bank, and a loan of $196.8 million from the Asian Development Bank.

Higher export proceeds and a record inflow of remittances have helped Pakistan’s forex reserves grow steadily.

According to official data, remittances rose 25 percent to $3.3 billion in the first three months of 2010/11 fiscal year (July-June), compared with $2.65 billion in the same period last year.

However remittances fell to $890 million in September, compared with $922 million received in September last year.



Forex reserves rise to $17.20bn

 

[regular]

Okay great job..reserves increasing day after day....

 

[Omar1984]

Expo Pakistan fetches $ 517 mln orders: Puri

KARACHI, Oct. 22 (APP): Export orders worth $ 517 million have been finalised for various products at the 6th Pakistan Expo 2011, which was opened on Friday at Karachi Expo Centre. This was stated by the chief executive of Trade Development Authority of Pakistan (TDAP) Tariq Puri while addressing a press conference at the venue of exhibition here on Saturday. He said that around 1,650 business meetings were held between the buyers and the Pakistani exhibitors and manufacturers, while 1,093 foreign buyers visited at different products stalls.

He pointed out that as much as 15 memorandums of understanding (MoUs) have been signed during the mega event.

Puri said that a Hong Kong based company M/s Ormita has signed an MoU with a Pakistani food company M/s Alpha Dairies worth $ 120 million for the first year with a provision to go up to $ 300 million.

He told newsmen that a Polish company is finalizing partnership deal with Pakistani company in IT Software with tentative business of $ 1 billion.

Another Polish company is interested in partnership with a Pakistani company for setting up a flood rehabilitation centre in DHA with an initial investment of $ 122 million, he added.

He said that Prime Minister Syed Yusaf Raza Gilani had presided the formal inaugural ceremony held in Governor House on October 19 while Commerce Minister opened the show on October 20.

He said Expo Pakistan was organized in five halls whereas the hall number 6 has been allocated for running fashion shows by leading fashion designers of Pakistan on all the four days.

Puri pointed out that overall 295 exhibitors, who are the leading exporters of Pakistan have setup their stalls in Expo Pakistan.

Replying to a question, he said that 582 plus foreign buyers delegates are on the visit to Expo 2011.

He said TDAP had provided services of interpreters in Chinese, Japanese, French, Spanish, Arabic, German and Russian to foreign buyers.

Responding to a question, Puri met with 22 foreign countries delegations in last three days. The included China, Japan, UK, USA, France, Brazil, Greece, Argentina, Madagascar, Belgium, South Africa, South Korea, Poland, Malaysia, Nigeria, New Zealand, Panama, India, Hong Kong, and Columbia.

Some of the delegations were headed by their ministers or high trade officials. Chinese delegation was headed by vice chairman China Counsel for Promotion of Trade. Malaysia delegation was headed by Haji Abdul Maalik, Penang State Minister. Madagascar delegation was headed by Minister for Trade.

He said TDAP had set up a dedicated B2B Secretariat in the level 2 of Expo Centre where separate hall was allocated for back-to-back meetings by Karachi Chamber of Commerce and Industry, whose President Mian Abrar Ahmed was available and he met with delegates. A separate hall was provided to FPCCI.



Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - Expo Pakistan fetches $ 517 mln orders: Puri

 

[53fd]

Pakistani stocks gain sharply; rupee firms:

KARACHI: Pakistani stocks gained sharply on Monday, led by the fertiliser sector after a rise in domestic urea prices, dealers said.

The KSE benchmark 100-share index ended 2.66 per cent, or 307.21 points, higher at 11,868.88. Volume jumped to 101.13 million shares compared with 81.08 million shares traded on Friday.

“A surprise increase in urea prices over the weekend triggered a major rally in fertiliser stocks, as investors believed that their earnings will increase substantially going forward,” said Samar Iqbal, a dealer at Topline Securities.

“In line with fertiliser stocks, oil and banking stocks also improved, thereby pushing the index higher.”

Stocks at Fauji Fertiliser bin Qasim rose 4.11 per cent to 62.36 rupees, while Engro Corp jumped 5 per cent to 118.23 rupees.

Dealers said healthy corporate results over the past few days had also helped the index post gains.

In the currency market, the rupee firmed to 86.48/53 to the dollar from 86.62/66 on Friday, amid soft dollar demand from importers.

“There was not much of a demand for the dollar today, so we saw the rupee gaining value,” said a dealer at a local bank.

Dealers said healthy remittances from Pakistanis living abroad were also supporting the rupee, but cautioned a widening current account deficit means that the local currency could experience downward pressure in days ahead.

Pakistan’s current account deficit surged to a provisional $908 million in September, compared with a deficit of $201 million in the previous month.

The deficit for the July-September quarter was a provisional $1.209 billion, compared with $597 million in the same period last year, according to data from the State Bank of Pakistan.

In the money market, overnight rates ended higher at around 11.75 per cent, little changed from Friday’s close, and dealers said the market was now eyeing Wednesday’s fortnightly treasury bills auction.

Pakistani stocks gain sharply; rupee firms | Business | DAWN.COM

 

[unicorn]

Zardari seeks UAE assistance in free trade agreement with GCC

Zardari seeks UAE assistance in free trade agreement with GCC

Zardari seeks UAE assistance in free trade agreement with GCC | Pakistan Today | Latest news, Breaking news, Pakistan News, World news, business, sport and multimedia

UAE FM had come here specifically to talk about Shamsi base, but his excellency President Zardari have other plans.....

 

[fatman17]

POL discovers oil, gas in TAL Block

Published: December 21, 2011

KARACHI (APP) – Pakistan Oilfields Ltd (POL) has discovered hydrocarbons in TAL Block in its development well Manzalai-9, which is being drilled and completed in Khyber Pakhtunkhwa Province of Pakistan.
According to POL sources here on Tuesday, the well has tested 580 barrel per day of oil and 23.3 mmcf gas per day during at 32/64” fixed choke size at flowing wellhead pressure of 4000 psi in during drill stem test (DST) at Lockhart and Lumshiwal formations.
Samanasuk formation has tested 716 barrel per day of oil and 6.72 mmcf gas per day during at 32/64” fixed choke size at flowing wellhead pressure of 1658 psi.
A DST is a procedure for isolating and testing the surrounding geological formation through the drill stem. MOL Pakistan is operator in the Tal Block. The pre-commerciality working interest of Pakistan Oilfields Limited is 25 per cent.

 

[Kesang]

Pakistani Rupee weakens 4.82pc

KARACHI: The rupee ended almost flat on Friday but has weakened 4.82 percent in 2011, mainly because of import payments and a bleak outlook for the country's economy. Dealers said the pressure is likely to continue in 2012.
The rupee lost 1.53 percent in 2010.
It ended at 89.95/90.00 to the dollar, compared with Thursday's close of 89.96/90.01. The rupee was traded at its record low of 90.03 on Wednesday.
"The rupee remained stable during the first half of the year, but emergence of weakness in the external account...exerted pressure onthe rupee towards the latter half of the year," said Nauman Khan, an analyst at Topline Securities.
The country's current account deficit stood at $2.104 billion in July-Nov compared with$589 million in the same period a year earlier.
The deficit is likely to widen further in the coming months because of debt repaymentsand a lack of external aid.
Islamabad has to start paying back an $8 billion International Monetary Fund loan in early 2012. Without additional sources of revenue, analysts said, its foreign exchange reserves may come under pressure.
More than $1.1 billion are due in the second half of the 2011/12 fiscal year.
Foreign exchange reserves were at $16.77 billion in the week ending Dec. 23, comparedwith a record $18.31 billion as of July 30.
There were also concerns about growing tensins with the West in 2011 which could choke off much needed foreign aid.
The United States is the biggest donor to Pakistan and has allocated some $20 billion in security and economic aid since 2001, much of it in the form of reimbursements for Pakistan's assistance in fighting militancy


Rupee weakens 4.82pc