LPG cos increase price on their own

Following a notification of the Oil and Gas Regulatory Authority (OGRA) regarding an increase of Rs 18 per kilogramme (kg) in the price of imported liquefied petroleum gas (LPG), the companies selling local LPG have also increased their rates on their own creating problems for the distributors and consumers, sources told Daily Times here on Tuesday.

The new price of imported LPG as per OGRA is Rs 123 per kg, domestic cylinder Rs 1,450 while for Kashmir Rs 125 per kg and Rs 1,480 per domestic cylinder.

From: Dailytimes

KSE falls 100 points on weakening of Pak, US ties

The Karachi stock market continued to witness selling pressure on Tuesday in the wake of concerns over deteriorating relations between Pakistan and the US and weak investor sentiment due to previous week’s violence in the city.

The Karachi Stock Exchange (KSE) 100-share index shed 100.12 points or 0.81 percent to close at 12,191.78 points as compared to 12,291.90 points of the previous session. The KSE 30-share index shed 71.25 points to close at 11,660.71 points as compared with 11,731.96 points.

From: Dailytimes

SECP registered 344 companies in June

The Securities and Exchange Commission of Pakistan (SECP) registered 344 companies in June. An increase of 5 percent has been witnessed as compared to 327 companies registered during the corresponding period of previous year.

The private companies have the highest share in the new incorporations totaling to 311 followed by 23 single-member companies, 2 public unlisted companies, 5 non-profit associations, 2 foreign companies, from Saudi Arabia and Thailand, and one company limited by guarantee under section 43. Of these, 23 companies have investment by nationals from the US, the UK, Australia, Italy, the Netherlands, Denmark, Japan, Canada, China, Iran, the Philippines, Zimbabwe, the UAE, Sri Lanka and Saudi Arabia.

Pakistan banking deposits grow by 9% in 1H 2011

Due to improving external account, strong inflows of workers’ remittances and improving exports, deposit growth of commercial banks in Pakistan stood at 9 percent during Jan-June 2011 to reach Rs 5.6 trillion ($65bn).

This growth has been seen after a gap of 3 years and is slightly higher than last 3 year average growth of 8 percent during the same period.

In Pakistan deposit mobilisation generally remains higher in 1H compared to 2H. Supply side bottlenecks, high interest rates and lower inventors’ confidence remained at the heart of lower appetite for bank credit.

From: Dailytimes

Military aid suspension puts KSE-100 58 pts down

Karachi stock market remained bearish Monday as investors remained cautious amid concerned over fragile security situation in Karachi and suspension of $800 million in US military aid to Pakistan.

Analysts said rising political uncertainty and imposed commissionrate system in Sindh affected the investors’ sentiments.

The Karachi Stock Exchange (KSE) 100-share index shed 98.22 points or 0.79 percent closing at 12,291.90 compared to 12,390.12 points in the previous session.

From: Dailytimes

KSE approves revised list of 53 margin eligible securities

Karachi Stock Exchange (KSE) has approved a revised list of 53 margin eligible securities acceptable by the Exchange and based on eligibility criteria of SECP for all markets.

According to KSE here Monday, the Security and Exchange Commission of Pakistan (SECP) has accorded approval to this revised list, effective from August 15, 2011 as per regulations governing risk management of the exchange.

KSE has advised members to replace their securities deposited with the Exchange, which are not included in revised list before August 13, 2011.

Bank AL Habib receives bank of the year award

Bank AL Habib gets Bank of the Year 2010 (mid size banks) award from Chartered Financial Analyst Association of Pakistan (CFA). The Bank has received this award for the second consecutive year.
The CFA is a member society of the CFA Institute, USA, a global organisation of analysts, portfolio managers and finance professionals

From: Dailytimes

Banks witness high growth prospects

The domestic banking sector is poised to continue its strong growth trajectory despite likely higher effective tax – 15 percent flood surcharge – in the second quarter of current year 2011.

The banking experts projected earnings for five big banks (as a group) would increase by at least 20 percent on yearly basis in first half of current year 2011, propelled by strong Net Interest Income growth, contained provisions and improved non-interest income.

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