Morning Buzz for December 09, 2013 – MR Securities

Karachi, December 09, 2013 (PPI-OT): Early gains: Government keeping it tight at the fiscal front

The government has restricted gap between national income and expenditure to Rs418 billion during the first 4 months of fiscal year. However, belt tightening remains focused on reducing development spending.

According to MR Securities,

‘Poor negotiation’: Recent IMF loan deal will hurt us in the future, say experts
Recent loan agreement between the Pakistan government and the International Monitory Fund (IMF) was meant to take the economy out of its crisis and not for economic growth, said economists.

ADB to finance water resources project in KP
Asian Development Bank (ADB) is considering to provide financial assistance to Khyber Pakhtunkhwa Water Resources Project, which will be completed within next five years.

Budgetary support: Money supply rising to meet govt’s borrowing needs
The number of banknotes in circulation has increased 16% during the last five months, according to data released by the State Bank of Pakistan (SBP) yesterday.

Govt likely to announce auto, industrial policies next month
The government is likely to announce new industrial and auto policies in January 2013 as consultations with the concerned stakeholders have been completed.

Reserves dip: Govt struggles to win $500m oil financing
With just $3 billion in hand that can finance imports for only three weeks, Pakistan has been struggling to secure a $500 million oil financing facility in an effort to keep cars running on roads.

Wheat flour negotiation: Federal govt rebuffs K-P’s discount request
Federal government has turned down a seemingly unreasonable request made by the K-P government to provide them wheat flour at a discount after the rate had been finalised earlier.

Engro’s new plant: Finance ministry agrees on gas supply at a discount
Ministry of Finance has backed a proposal, floated by the Ministry of Petroleum and Natural Resources, which calls for providing gas from Mari gas field to Engro’s new fertiliser plant at a concessionary rate.

KP says won’t sell hydropower
Chief Minister Khyber Pakhtunkhwa Pervez Khattak has said that electricity produced through hydropower stations by the provincial government would not be sold to Wapda in future.

Controlling energy deficiency in KP: MOL to double its production
MOL-Pakistan assured Chief Minister Khyber Pakhtunkhwa Pervez Khattak that they would double their production of hydro-carbon extractions.

July-November sale of POL items up by 14 percent
The sale of petroleum products jumped by 14 % during July-November 2013 due to increased gas loadshedding for CNG stations, as well as additional power production using diesel and furnace oil.

Service tolling contract: SSGC negotiating $2 billion LNG deal with EVTL
Sui Southern Gas Company (SSGC) Ltd Board of Directors is likely to approve LNG Supply Agreement (LSA) in next few weeks for which it is negotiating a contract with Engro Vopak Terminal Limited (EVTL).

Foreign investors urged to exploit energy sources in Sindh
Sindh CM Sindh Syed Qaim Ali Shah said Sindh has good potential of indigenous sources of energy and floated many opportunities of investment to generate coal, wind and solar-based energy in Sindh.

OMV increases gas production in Pakistan
Austrian energy group OMV AG said two fields in Pakistan will contribute over 10,000 barrels of oil equivalent (boe) per day to its production total in 2014.

KESC seeks Nepra’s nod to decommission 3 power plants
Karachi Electric Supply Company has sought National Electric Power Regulatory Authority’s (Nepra) permission for de-commissioning of its three power generation units located in Korangi and Site area.

Jetty/IOCB: PSM all set to allow its commercial use
Pakistan Steel Mills (PSM) is all set to allow commercial utilisation of its jetty/ Iron Ore and Coal Berth (IOCB) after getting formal approvals from the Ministry of Ports and Shipping and FBR.

Hurting the locals: Weak car sales blamed on import of used vehicles
The automobile industry players have said that sales of locally assembled cars have slowed down this year, blaming sluggish economic activities in the country and continuous import of used cars.

Govt raises Rs64 billion in first four months
The government has raised Rs64 billion through National Savings Schemes (NSS) in the first four months of the current fiscal year, which is 65.43 percent lower than Rs185 billion in the same period of last year.

Nepra issues licences for generation of 845MW
The National Electric Power Regulatory Authority (Nepra) has issued power licences to six generation units with a cumulative capacity of 845 megawatts (MW).

Chinese giant acquires half of Masood Textile
Chinese textile giant, Shandong Ruyi Technology Group Co Limited, has made a prudent move by acquiring 52 percent share of Masood Textile Mills Limited (MTM).

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