Auxin Alerts: (08-Nov-2013) 1. Foreign exchange reserves of the country have increased by US$12.6mn to US$9.51bn. reserves held by the SBP fell by US$74.9mn to US$4.2bn. 2. Pakistan and UAE have agreed to establish a joint business council to enhance trade and economic cooperation. 3. The National Accountability Bureau (NAB) has reportedly started a probe into the award of LNG import to Engro’s subsidiary – Elengy Terminal Pakistan Ltd. 4. According to the government’s winter gas load management program, gas supply to industries, the CNG sector and fertilizer manufacturers will remain suspended during Jan’14 and Feb’14. With respect to fertilizers, the suspension will be likely be only on the Sui network (FFBL, DAWH, AGL, Pak-Arab). 5. BAHL and SSGC have been added to the MSCI Frontier Markets Small Cap Index while SHEL has been deleted, effective from Nov 26’13. In related news, MSCI will reclassify the MSCI Morocco Index from Emerging Markets to Frontier Markets in Nov’13, while the MSCI Qatar and MSCI UAE Indices will be reclassified from Frontier Markets to Emerging Markets in May’14. 6. Nine international companies and consortia have reportedly shown interest in the 3G spectrum auction that is scheduled for Feb 24’13. These companies are from the UK, Germany and Middle East. 7. FFBL sold 43% more DAP in Oct at 136,000 tons vs. 95,000tons in Sep13. 8. Fatima Fertilizer (FATIMA) sales went down 89% during Oct13 to 4,000tons vs. 35,000tons in Sep13. 9. Engro Fertilizer part of ENGRO posts a 5% MoM growth in urea sales at 173,000tons against 164,000 tons in the previous month of Sep13. 10. According to latest fertilizer numbers, Urea sales have surge 24% in 10moCY13. YoY sales went up 94%. 11. Elengy Terminal Pak a subsidiary of ENGRO bids for the fast track LNG contract to import 3MTPAof LNG or 400mmcfd of RLNG for q 15 year term. 12. PM directs related ministries to insure necessary measures to inorder to check the circular debt that has surged to PKR 175bn. 13. Taliban elected a new leader and reject the idea of peace talk with the govt. 14. According to the National Clearing Co. of Pak net foreign inflow on Nov07 was recorded at US$ 2.06mn. Banks & DFIs net buy stood at US$ 1.18mn while mutual fund net outflow clocked in at US$ 0.08mn. 15. According to banking sources the state bank has granted permission to MCB Bank (MCB) to conduct due diligence of a proposed acquisition in Kenya. 16. Engro Vopak Terminal Ltd (EVTL) is close to being awarded the services contract of fast track import of 200mmcfd to 400mmcfd of LNG. The government wants to ensure commencement of LNG imports by Nov’14. 17. Millat Tractors (MTL) is expected to start export of tractors in a few weeks after striking an agreement with Massey Ferguson. Exports will include tractor components and semi knocked down units. 18. The Supreme Court has directed the government to immediately appoint chairman of Pakistan Telecommunication Authority (PTA) in order to expedite the process for next generation spectrum licenses. 19. The ECC has approved a request by the Ministry of Petroleum to grant it time until Dec 15’13 to put up a report on the study to establish a basis for revision of margin for OMCs and dealers. Regards, Auxin Investments
Posted on: Fri, 08 Nov 2013 09:00:19 +0000
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