Auxin Alerts: (13-SEPT-2013) 1. According to a news report, Abbott Laboratories Group is presently evaluating acquiring certain assets of Johnson & Johnson in Pakistan. In this regard, it has been reported that ICI was also interested in the acquisition but has decided against it. 2. MARI has reportedly made three gas discoveries in Daharki, Sindh with cumulative gas flow coming to 6mmcfd. 3. PM Sharif has authorized privatization of PIA through divestment of a 26% stake. News reports indicate that the process could take 8-12 months. 4. The SBP will announce the monetary policy today (via press conference at 5pm PST) with consensus pointing to status quo. In other news, 2MFY14 remittances have clocked in at US$2.64bn, up by 7%YoY. Aug’13 remittances came in at US$1.23bn, down by 2%YoY/12%MoM. 5. The TTP have reportedly begun internal discussions on how to respond to a GoP invitation to hold peace talks. 6. The IMF has released its Article IV consultation report on Pakistan, concluding that while challenges remain the new government appears committed to stay the course on required structural reforms, particularly within the backdrop of its strong electoral mandate. 7. The MSCI Asia Pacific Index is down 0.6% today, with the region’s benchmark Index snapping a 11-day rally as the U.S. and Russia hold talks on Syria and investors await the outcome of a Federal Reserve meeting next week. 8. Govt. looking to off-load further holding in oil & gas cos. (OGDC, PPL, SNGP & SSGC) after seeking consent from provinces in an upcoming meeting of the Council of common Interests. 9. According to the CEO. Pak Refinery Ltd. (PRL) plans to spend US$ 445mn to upgrade. 10. According to the CFO of OGDC, Co. will add 350mmcfd of gas & 14,000bblpd of oil to the system within the next 12-18months. 11. Remittances sent home during 2moFY14 rise 7.05% to US$ 2.6bn. 12. Foreign exchange reserves for the week ended Sep06 rise US$ 380mn to US$ 10.373bn. 13. According to the National Clearing Co. of Pak net foreign outflow on Sep12 was recorded at US$ 3.32mn. Regards, Auxin Investments.
Posted on: Fri, 13 Sep 2013 07:19:38 +0000
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