Cement sales improved by 13.68pct during Aug-Jul

According to the latest data released by the All Pakistan Cement Manufacturers Association (APCMA), the local cement dispatches increased by 13.68 percent to 3.68 million tons during Aug-Jul compared to the same period last year.

Local sales have improved as manufacturers tried to focus more on local market due to expected higher demand and higher cement prices.

The improvement in local cement sales is attributed to higher demand in first two months of new fiscal year amid post flood construction activities particularly in North region.

Analysts suggest caution as KSE touches 9-month high

The outgoing week (February 06-09) is the seventh in sequence of closing the Karachi bourse on positive note. However, the process of much awaited technical correction was initiated on weekend.

KSE 100-Index moved ahead by another 255.01 points on week-on-week basis and closed above nine-month high record at 11,844.65 points despite of the bearish resistance it faced during week.

To calculate the future movement of the benchmark, it is worth mentioning here that 100-Index breached through 12,000 points on aggressive buying on Friday, but market failed to sustain this level. Corrections reversed the earlier gains after touching 12,047.72 points peak level this week.

CBR finds invisible profits of cement sector

The Central Board of Revenue is all set to zero in on the ‘invisible areas’ of cement sector’s tax reporting.

In the light of research-oriented audit conducted by CBR, several measures are being finalised and would shortly be presented before Economic Coordination Committee (ECC) for formal approval with a view to enhancing tax collection from cement manufacturers.

The findings of report cover several ‘invisible areas’ in the calculation of profit of cement factories and recommends measures for tapping it. The price of a cement bag should not exceed Rs200 but due to manufacturers’ own syndicate and price mechanism as well as their agents in the market, they succeeded in selling cement at Rs380 per bag a few months back.

Cemex Group to establish cement plant

Prime Minister Shaukat Aziz has said that Pakistan has become an ideal destination for foreign direct investment in the industrial sector.

Due to government’s policies of deregulation, liberalisation, transparency and continuity, prospects of foreign investment have increased substantially, he said, talking to Recardo Castro, Senior Vice President of Cemex Group who called on him at Prime Minister’s House.

The prime minister said Pakistan’s economy is growing on fast track and there is a boom in the construction sector.

He said due to expansion of Karachi Port Trust and construction of Gwadar Port there is huge demand of cement.

Cement sector continues expansion

The cement production capacity of Attock Cement has risen to 5,985 tonnes per day after its line-2 started production on Thursday.

The new line will produce 2,520 tonnes of cement a day, according to a notice sent to the Karachi Stock Exchange.

Earlier, the company had enhanced its clinker production capacity to 5,700 tonnes a day in June. This raise in capacity is one of the many expansions planned and executed by the cement industry during the last six months.

Lucky Cement was the first to enhance its production capacity while others followed suit. Lucky is now the largest cement maker in the country.

Buying in cement averts big losses at KSE

Buying in cement and some notable scrips averted big losses at the Karachi stock market on Monday as the KSE 100-share index lost 45.97 points, but maintained 10,100 level amid slightly increased turnover of 180.229 million shares.

The market capitalisation fell by Rs13 billion to Rs2.835 trillion. It is pertinent to mention here that the newly introduced KSE 30-index fell by more points (72.88 points) as compared with the 100-index, pointed out an analyst, adding that 30-index was not depicting true trading picture, but showing weightage of some monopolised scrips that were misguiding true investors. The 30-index was showing big ups and downs as compared to the earlier working indices at the KSE, he added.