Market summary – RSL Securities Limited

Karachi, December 23, 2013 (PPI-OT): Daily News Summary

According to RSL Securities Limited,

Despite having pumped hundreds of billions of rupees to clear the circular debt build-up in the electricity sector, the government is yet to show any urgency for the clearance of a staggering Rs445bn of receivables owed to electricity distribution companies across the country – jeopardising the financial viability of the entire electricity sector once again.

In 2013, Pakistan received a total of $14.9 billion from its nationals working abroad, says a report prepared by a US think-tank, Pew Research Centre. India was the top global recipient of remittances in the year ending this week, followed by China. They also were the top receiving nations among middle-income countries. In 2013, India received an estimated $71bn in remittances, and China $60bn. Among the other top middle-income receiving nations for remittances are the Philippines, $26bn, Mexico, $22bn, and Nigeria, $21bn.

Oil prices were mixed in Asian trade Monday as investors focused on upbeat US economic growth data, raising hopes of resurgent demand in the world s top crude consumer. New York s main contract, West Texas Intermediate for February delivery, was down five cents at $99.27 in mid-morning trade while Brent North Sea crude for February gained five cents to $111.82.

The rupee ended higher at 105.75 against the dollar on Friday, Geo News reported. The dollar, after a fall of 65 paisa ended at four-month low against rupee at 105.75 in the open market. Following the statement of Finance Minister Ishaq Dar about decrease in the value of the dollar, people have started to cash it as a result its value has come down.

The International Monetary Fund (IMF) has approved the second tranche of 550 million dollars to Pakistan under the 6.6 billion dollar loan programme but has also handed over a list of demands. The IMF has demanded from the Pakistan government to increase the price of electricity in the country and directed that its impact should not be felt on the underprivileged.

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