Auxin Alerts: (01-Nov-2013) 1. SSGC and SNGPL have requested OGRA to increase gas tariffs 14% to 124% from Jan’13. 2. The wheat support price for Rabi’14 is expected to be announced next week. 3. A tender that sought bids for services related to LNG imports reportedly faces uncertainty as the parent company of a Chinese contractor which had submitted a bid has been blacklisted by the World Bank. 4. The SBP is likely to buy US$100mn from the open market in order to support the falling foreign exchange reserves. SBP has also stated that the second tranche from the IMF worth US$550mn is dependent on the IMF’s ongoing quarterly review. 5. An auction of MTBs held yesterday fetched over PkR436bn worth of bids. Major participation was witnessed in the 3M papers (PkR434bn), where cut-off yields for the tenor came off marginally. Yields for the 6M tenor however increased to 9.4114%. 6. The Ministry of Industries has stated that the New Automotive Policy is currently under review and is being finalized under the guidance of the ECC. 7. OGRA has recommended a cut of PkR2.48/litre in petrol price for Nov’13. 8. The IMF held a plenary meeting with MoF officials as the quarterly review of reforms under the EFF began yesterday. The IMF Mission is expected to hold detailed consultations with respective ministries and agencies on various economic reform programs. 9. Iranian government officials have stated that the IP gas pipeline is likely to be abandoned due to lack of efforts by the Pakistan. The GoP has reportedly requested Iran to renegotiate the project agreement. Regards, Auxin Investments
Posted on: Fri, 01 Nov 2013 06:22:36 +0000
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