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Site update: December 14 2018, at 18:00 PKST
Stock update: December 14 2018.

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Thursday, December 13 2018

Brokerage house sees massive turnaround at stock market
KARACHI: A local securities firm has anticipated a massive turnaround at the fast declining Pakistan Stock Exchange (PSX) after the country receives an International Monetary Fund (IMF) bailout of $6-7 billion. “We anticipate the Pakistan stock market will touch the 47,000-point level by December 2019,” said Arif Habib Limited (AHL) CEO Shahid Ali Habib at the launch of “Pakistan Investment Strategy 2019: An Offer You Can’t Resist” on Wednesday. If the market manages to reach the potential level, it will be offering a significant return of 23% in the year compared to Wednesday’s close at 38,307.44 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Tight monetary, fiscal policies add to public debt: EAC member
ISLAMABAD: Owing to discord among economists regarding the new exchange rate policy, a key member of the Economic Advisory Council (EAC) distanced himself from fiscal and monetary policies on Wednesday and termed them self-defeating. “The tight monetary, fiscal and exchange rate policies are piling up public debt and impeding economic growth,” remarked EAC member Dr Ashfaque Hasan Khan. He was speaking at the 34th annual general meeting and conference of the Pakistan Society of Development Economists (PSDE). Once again, he advocated against going for an International Monetary Fund (IMF) bailout and underscored that “we must learn to live without the IMF”.
Related news categories: business economic-indicators misc

‘LNG terminal running at high capacity’
LAHORE: Pakistan GasPort Limited has said that it is operating at 105% of the capacity at its LNG import and regasification terminal at Port Qasim and dispatching 650 mmcfd of re-gasified LNG to the Sui pipeline system at one of the lowest tariffs in the country and region of 41.77 US cents per mmbtu. Under a 15-year agreement, Pakistan LNG Terminals Limited has contracted out the processing of 600 mmcfd of imported LNG to the Pakistan GasPort terminal. According to company officials, the private sector-owned and operated terminal is running beyond its contracted capacity and is supplying critical energy at a time when SSGC has stopped gas supply to the CNG sector and captive power plants owing to reduced gas supply. Pakistan GasPort says it operates a brand new floating storage and re-gasfication unit under an operation and maintenance agreement with Norway’s BW.
Related news categories: business economic-indicators misc oilgas-marketing

USAID, WAPDA sign $78m deal for Mangla refurbishment
LAHORE: Water and Power Development Authority (Wapda) and the United States Agency for International Development (USAID) signed project implementation letter – 2 (PIL) worth $78 million for Mangla refurbishment project. The USAID grant will be spent for undertaking various works of Package V, VI, VIII and IX of the project. The PIL-1 of $72 million for Mangla refurbishment project had already been signed between USAID and Wapda in 2014. WAPDA Chairman Muzammil Hussain and USAID Mission Leader Jerry Bisson signed the letter.
Related news categories: business misc

Govt refuses to allocate gas for Mari Petroleum’s power plant
ISLAMABAD: The government and Mari Petroleum Company Limited (MPCL) may be locked in a tug of war as the former has refused to allocate Mari field gas to a 180-megawatt combined-cycle thermal power plant allegedly because of the influential lobby of fertiliser producers. A senior official of the Ministry of Industries and Production told The Express Tribune that the Petroleum Division had tabled a proposal before the Economic Coordination Committee (ECC) in a recent meeting suggesting allocation of 66 million cubic feet of gas per day (mmcfd) from the Mari field for setting up a combined-cycle thermal power plant. The official said the Power Generation Policy 2015 gave the first right to oil and gas exploration companies of establishing thermal power plants after taking the government’s nod. In this regard, Mari Petroleum has approached the government seeking its approval for setting up a thermal power plant and allocation of 66 mmcfd of low heating value gas from its field.
Related news categories: business economic-indicators misc oilgas-marketing
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