Refinery output falls in fiscal 2011 again

Refinery operations declined for the third straight year despite surge in international oil prices advocating improved operating environment.

Refinery operations declined by 4.4 per cent to 7.7 million tons as against 8.1 million tons last year primarily due to a month long plant shut down of Pakistan’s largest refinery, Pak-Arab Refinery Company, on account of floods, according to a Topline Securities research note.

From: Tribune

Siddiqui made PSO chairman

The Ministry of Petroleum and Natural Resources has notified appointment of Sohail Wajahat Siddiqui as chairman of the board of directors of Pakistan State Oil (PSO).

Siddiqui has replaced Nazim F Haji with immediate effect.

Sohail heads Siemens Pakistan Engineering Company Limited as its Managing Director and Chief Executive Officer.

From: The News

KSE takes a nosedive as killings continue

The Karachi Stock Exchange (KSE)-100 Index fell 92.15 points, or 0.74 percent, to 12,441.40 on Thursday as security situation in Pakistan’s financial capital deteriorated with more people getting killed on the streets, traders said.

All major shares fell as uncertainty gripped Karachi and investors feared for the worst after reports emerged that Muttahida Qaumi Movement (MQM), a party based in Karachi, might give a strike call, they said.

“The market participants don’t want to hold positions in times like these,” said Qasim Ali Shah, head of equities at Global Securities. “Investors are scared the market could plunge and they liquidate the stocks.”

OGDCL for development of areas around oil, gas fields

State-owned Oil and Gas Development Company Limited (OGDCL) is taking solid steps for the development and prosperity of the areas around its oil and gas fields.

As part of such efforts, the company has set aside around Rs 600 million for the development schemes in current financial year and an amount of Rs 310 million was spent on development schemes in Balochistan only last year, official source said.

Similarly, the company has completed over Rs 93 million worth of different social welfare schemes in Khyber-Pakhtunkhwa (KPK) in the past four years.

From: Daily Times

KCA observes bullish trading, spot rate falls

The Karachi cotton market witnessed a bullish trading session while the spot rate eased, traders at the Karachi Cotton Association (KCA) said on Tuesday.

Buyers dominated trading as sellers were bound to offer lint of all grades on lower prices on start of new crop season 2011-12, they added.

They said buyers in Punjab and Sindh made deals in all grades on competitive prices during the trading session.

The ginners withholding grade III lint in Punjab brought out stocks on negotiating rates at around Rs 7,300 to Rs 8,000 per maund, floor brokers said.

From: Daily Times

KSE surges 16 points on buying in POL, FFC

The Karachi stock market continued to remain in the green zone on Tuesday due to renewed buying interest in Pakistan Oilfields Limited (POL) and Fauji Fertilizer Company (FFC) on back of healthy earnings and handsome payouts.

The Karachi Stock Exchange (KSE) 100-share index gained 16.20 points or 0.13 percent to close at 12,576.48 points as compared to 12,560.28 points of the previous session. The KSE 30-share index increased 102.58 points to close at 11,830.24 points as compared with 11,727.39 points.

From: Daily Times

ABL’s interest income surges by 15 percent

The Allied Bank Limited (ABL) Rs 2.53 billion profit in 1QCY11 was mainly driven by the net interest income, which was surged by 15% on account of higher earning assets and provisioning expense.

The bank booked a provision of 311.65 million in 1QCY11, which is 75% lower than last year. The bank’s NPL reached Rs 19.39 billion at the end of 1QCY11, depicting a rise of 4% QoQ.

Due to higher interest rates, average yield on earnings assets and interest bearing liabilities rose by 57bps and 39bps (QoQ) respectively. Consequently, average spread stood at 5.63% in 1QCY11, depicting an increase of 18bps.

Essential perishable, non-perishable items see price surge

Prices of non-perishable consumer items and perishable food commodities witnessed increase of 16 percent and 30 percent in June 2011 respectively, sources in Federal Bureau of Statistics (FBS) said Monday.

They claimed it was due to inflation, which stood around 14 percent and during this period food inflation coupled with energy and some essential items remained higher.

Prices of textile products especially fabric for men and woman, pure leather made shoes, shirting and pure coarse and fine latha saw increase of 12%-15%.

According to the figures released by the FBS, during June 2011, average prices of 21 items registered increase.

Hopes of healthy earnings take KSE above 12,500 pts

The Karachi stock market ende

NBP initiates awareness campaign

National Bank of Pakistan (NBP) has initiated a thought provoking public awareness campaign ‘Bank on Savings’, focusing on saving-saving trees, saving environment, saving lives.

NBP’s fact-based multimedia campaign together with its reach seems to have highlighted the ingredients to attain this objective quite effectively.

From: Daily Times