The Abacus Prompt - March 2016 Issue

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Stock Market

  • The KSE-100 index increased by 5.64% MoM, closing at 33,139 pts
  • Average daily turnover increased 7.35% MoM to 146 mn shares,  and average traded value increased ~3% MoM to USD 71 mn
  • Net FIPI outflows were recorded at ~USD 11.3 mn, lower ~72% MoM
  • Top growing sectors during the month were the Oil & Gas Exploration, Cement and Food Production sectors

Currency and Commodity Markets

  • The PKR appreciated by 0.54% MoM against the USD, and depreciated 3.10% and 2.69% MoM against the GBP and the EUR respectively
  • Domestic Gold prices increased 2.91% MoM, and similarly Silver prices increased 4.55% MoM
  • WTI Crude increased by 13.60% MoM. Domestic HSD and Motor Spirit prices -reflecting lower oil prices in Feb- decreased by 6.16% and 11.90% MoM respectively
  • Cotton (KCA) prices remained unchanged at PKR 5,300/maund
  • Urea prices decreased about 1.60% MoM to PKR 1,850/bag
  • Cement dispatches were ~3.58 mn tons, higher 3.9% MoM and 19.3% YoY. Prices decreased marginally by 0.81% to close at PKR 511.76/50kg

Macroeconomic Profile

  • The policy rate remained unchanged at 6%
  • Forex Reserves increased by USD 0.54 bn MoM to reach USD 20.89 bn
  • CPI Inflation was recorded at 3.90% YoY
  • Exports decreased by 2.74% MoM to USD 1.74 bn and imports increased by 8.78% MoM to USD 3.59 bn; resultantly, the trade deficit widened by 22.41% MoM to USD 1.85 bn
  • Foreign remittances decreased by 3.14% MoM to reach USD 1.47 bn  
  • Federal tax collection was recorded at about PKR 289 bn in March against a target of PKR 300 mn for the month
  • FDI was recorded at USD 161.7 mn in Mar, up from USD 103 mn in Feb

News Highlights

  • 72 people were killed and 300 injured by a blast in Lahore’s Gulshan-i-iqbal Park, prompting a military led crackdown on militancy and PM Sharif to cancel his visit to the US to attend the Nuclear Security Summit
  • Shahbaz Taseer was recovered by security and intelligence forces from Balochistan, nearly five years after his kidnapping in 2011
  • Security forces in Balochistan arrested Kul Bushan Yadav, a former Indian Navy Officer and an alleged RAW Agent
  • About 2000 people protested the execution of Mumtaz Qadri for 4 days at the D-Chowk within the capital's Red Zone
  • The GoP approved a new Automotive Development Policy 2016-21
  • Twin blasts in Belgium’s Zaventum international airport and another at a metro station collectively killed over 35 people and injured over 230
  • China’s credit rating outlook was cut to negative from stable by both Standard & Poor’s and Moody’s