News Pulse (November 04, 2013) Investors pour $54.2 billion into equity mutual funds (BR) Investors poured some $54.2 billion into all equity mutual funds and exchange-traded funds in October, the third-largest inflow on record, data from TrimTabs Investment Research showed on Sunday. All three of the largest monthly inflows into all equity funds have occurred this year, and this years inflow of $286 billion into all equity funds is the biggest since 2000, TrimTabs added. First quarter services trade posts $487 million deficit (BR) The services trade posted a deficit of $487 million during the first quarter of current fiscal year (FY14), compared to a surplus of $551 million in the corresponding period of last fiscal year. Economists said higher imports of transportation, travel and communication services are responsible for a higher deficit during the first quarter. Barter system: gas purchase from Iran can help avert gas crisis (BR) Barter system gas purchase from Iran can help avert the oncoming winter gas crisis in Punjab, suggests Obaidullah Sheikh, Chairman, Pakistan Yarn Merchants (PYMA) North and Sarhad Zone. In a communication to Federal Petroleum Minister, Khaqan Abbasi and Federal Minister for Water and Power, Khawaja Muhammad Asif, he said that Pakistan was already buying 70MW electricity and exchanging commodities with Iran under barter system and purchase of gas should also be included in the system to alleviate the winter crisis. Country attracts $9,773.8m foreign investment in 5 years (Nation) The country had attracted $ 9,773.8 million net foreign direct investment (FDI) included $3,216.8 million in Oil and Gas Sector in last five years , says a document placed in the National Assembly. The country attracted $ 3,719.9 million FDI in 2008-09, $ 2,150.8 million in 2009-10, $1,634.8 million in 2010-11, $821 million in 2011-12 and $ 1,447.3 million in 2012-13. IMF to be paid $720 million this month: strain on forex likely (BR) The current month is crucial for dwindling foreign exchange reserves as Pakistan is required to pay some $720 million to the International Monetary Fund on account of different loan instalments and charges. Financial market and economists have serious concerns over the economic situation as the country has to pay a huge amount with no expectations of major inflows during the current month. PL on petrol may yield Rs 450 million this month (BR) The government is expected to generate Rs 450 million through increased collections under Petroleum Levy (PL) on only petrol - from Rs 8.29 per litre to Rs 10 per litre - during November 2013, reflecting an increase of Rs 1.71 per litre. ADB sees prospects for Islamic finance (Dawn) Asia needs to invest about $8 trillion in overall national infrastructure, the use of cross-border financing and investment through Islamic finance will help to widen the investor base and lower the cost of financing for well-structured investments, the Asian Development Bank said. IMF mission: government team likely to face tough time (BR) A two-day policy-level talks between International Monetary Fund (IMF) and Pakistani authorities under the first quarterly review of Extended Fund Facility (EFF) would begin from Tuesday and countrys economic managers may face tough time on the issue of subsidies and a reported shortfall in revenue collection. Rising coal prices to hit profit margins (Dawn) The price of coal on the international markets is on the mount. After having enjoyed relatively long period of subdued prices, the industries in the energy and cement sectors, which depend on coal as a fuel for production, are bracing for an impact on the bottom line. Sugar procurement plan changed by Ministry (BR) Ministry of Industries and Production (MoI&P) has reportedly changed the sugar procurement plan in connivance with sugar lobby which intends to avail an interest-free working capital estimated at billions of rupees against old sugar stocks, sources close to Secretary Industries told Business Recorder. Low monetary expansion to stifle economy (Dawn) Monetary expansion in the first three and half months of this fiscal year was just 20 per cent compared with the same period last year, showed data released by the State Bank. This indicates that economic growth is going to slow down since economic managers are tightening the monetary growth to meet IMF conditions. Govt to further burden users to cut gas utilities’ losses (Nation) Owing to billions of rupees heavy losses of Sui Northern Gas Company Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL), Petroleum Ministry seems to have decided to change the current gas tariff mechanism and as a result of this the gas consumers will find additional burden in monthly bills on account of gas theft. For further details contact: Hassan Amin [email protected] +9221-111-226-100 – Ext 702 701-702 7th Floor, Business & Finance Centre, I.I. Chundrigar Road, Karachi, Pakistan Regards, Research Department Summit Capital (Pvt.) Limited Phone: +9221-111-226-100 Direct: 92-21-32467964 Fax: 92-21-32467959 Email: [email protected]
Posted on: Mon, 04 Nov 2013 06:13:30 +0000
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