Morning Buzz for February 07, 2013 – MR Securities

Karachi, March 12, 2013 (PPI-OT): Remittances grow 7.47 percent in eight months
Overseas Pakistani workers remitted an amount of $9.235 billion in the first eight months (July-February) of the current fiscal year 2012-13 (FY13), showing a growth of 7.47 percent or $641.93 million when compared with $8.593 billion received during the same period of last fiscal year (July-February 2012).

Wathra assumes SBP Deputy Governor’s charge
According to MR Securities Ashraf Mahmood Wathra on Monday assumed the charge of the office of Deputy Governor (DG), State Bank of Pakistan (SBP). The Federal Government had notified Wathra’s appointment as DG, SBP on March 5, 2013 for a period of three years from the date he assumes the office.

IP pipeline project: groundbreaking held
The presidents of Iran and Pakistan on Monday inaugurated the construction of a much-delayed section of a $7.5 billion 42-inch diameter gas pipeline linking the two neighbours, Iranian media reported.

Pakistan risks sanctions: US
Pakistan risks sparking US sanctions if it pursues its plans with Iran to build a $7.5 billion gas pipeline linking the two nations, a senior US official said in a renewed warning Monday.

4,500 megawatts of electricity to be generated: Asim
Advisor to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain said that construction of Iran-Pakistan (IP) gas pipeline would provide job opportunities to an estimated 10,000 people in Pakistan, adding that gas transported through pipeline would help generate about 4,500MW of electricity.

Khyber Pakhtunkhwa Oil and Gas Company begins operations
The Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) on Monday formally went into operation holding inaugural meeting of the Board of Directors with Chairman, Chief Minister Amir Haider Khan Hoti in the chair.

Tarbela Dam: President to inaugurate fourth expansion project on March 14
President Asif Ali Zardari will inaugurate the fourth expansion project of Tarbela Dam on March 14. The project on its completion will add 1,410 megawatt electricity into the national grid.

Gas pipeline fears erode KSE gains
The Karachi Stock Exchange’s benchmark 100-share index fell by a massive 441.62 points on Monday amid fears of sanctions by the United States on Pakistani entities after Islamabad and Tehran inaugurated the gas pipeline project.

SECP chairman stresses need for corporatisation
Chairman Securities and Exchange Commission of Pakistan (SECP) Mohammad Ali has said that there is a need to facilitate corporatisation in the country, as currently tax regime is in favor of non-corporate entities that pay 10 percent less income tax than the corporate sector.

Remittances grow 7.5% in first eight months of fiscal 2013
The continuous growth in remittances shows no sign of slowing down as overseas Pakistani workers remitted $9.235 billion in first 8 months (July 2012 to February 2013) of fiscal year 2012-13, showing a growth of 7.47% or $0.642 billion compared with $8.593 billion in corresponding period of preceding year.

Car sales dip 26% due to a mix of factors
Local car assemblers have witnessed slow off-take in the current fiscal year, as car sales (including light commercial vehicles (LCVs), vans and jeeps) have been declining due to a mix of factors.

Stock exchanges to feature equity derivatives
Representatives of the Karachi, Lahore and Islamabad stock exchanges signed an agreement on Monday to formally commence trading in stock index futures contracts, with banking, oil and gas, and the Karachi Stock Exchange (KSE)-30 Index as underlying indices.

FBR to press on with amnesty scheme to legalise vehicles
Brushing aside reservations of car assemblers and importers, the Federal Board of Revenue (FBR) defends its amnesty scheme for vehicles that has been brought into the country without payment of customs duty, saying it is in the national interest that will bring some revenue.

Textile ministry to construct ginning research institute
The textile ministry has decided to construct a ginning research institute in Multan, for which it has allocated a budget of Rs1.7 billion. Multan, a division in southern Punjab, is known as the agricultural hub of the country. Multan accounts for 70% cotton production of the country.

Smeda seeks proposals from stakeholders
Chief Operating Officer Small and Medium Enterprises Development Authority (Smeda) Ahmad Nawaz Sukhera sought proposals from industry stakeholders for developing IT-based SMEs in the country at a small information technology conference.

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