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August 01, 1999

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade

$17.4m fall in foreign portfolio investment

The paper value of corporate Pakistan increased by Rs32 billion during the course of the last six months as aggregate market capitalization of the 769 listed companies improved to Rs288 billion at end June, from Rs256 billion at the start of the year.

All of the increase in market value, which translates to $604 million, was fuelled entirely by the domestic liquidity as foreign investors remained net sellers, by some $17.4 million, during the six months period.

Figures released by the Karachi Stock Exchange indicate that during the first half of the current calendar year, foreign individual and institutional investors purchased a total of 186.6 million shares, of the value of Rs2.909 billion. Sales, on the other hand, stood at 245.8 shares, valued at Rs3.831 billion. On balance, therefore, there was net outflow of foreign investment to the tune of Rs921.3 million, equivalent to $17.4 million.

Saudi-Pak financing improves by Rs777m

Overall financing by Saudi Pak Industrial and Agricultural Investment Company reflected hefty improvement to Rs 1155.5 million in the first half of the current calendar 1999.

Operating performance by Saudi Pak during this span depicted boost to financing from Rs 378 million to Rs 1155.5 million, representing a net increase by Rs 777.5 million, Chief Executive, Saudi Pak Rashid Zahir said.

Disbursements during Jan-June, 1999 surged by 43.8% to Rs 358.5 million from Rs 249 million in the like period last year, he stated continuing, recoveries climbed up to 46% to Rs 437.3 million from Rs 299.5 million during the corresponding period.

Nine captive power cos improve profit by 114pc

Nine captive power generation companies improved their net profit by 114% to Rs540.018 million during the first half of the financial year 1999 ended Dec 31, 1998 from Rs252.114 million in the corresponding period the previous year.

The sales of these companies rose by 21.21% to Rs2.248 billion from Rsl.848 billion in the same period as against an increase of merely 5.31% in the cost of sales to Rsl.427 billion from Rsl.355 billion, according to the unaudited financial statements of these companies for the first six months ended Dec 31, 1998.

The growth in profits is attributed to lower prices of furnace oil, improved production efficiency upward revision of the Wapda tariff and contained sales cost.

WB gives India, BD $1bn each, Pakistan $440m

India and Bangladesh received more than $1 billion each while Pakistan got $440 million from the World Bank in financial year 1999, which ended on June 30, the bank announced on Wednesday.

Bank's lending commitments to the South Asian countries reached $2.6 billion for 18 projects. These commitments included $1.8 billion in interest-free credits from IDA, and $750 million in market-based loans from the IBRD.

Disbursements reached $2.7 billion, showing a significant increase over the previous year. India and Bangladesh were among the bank's top ten borrowers in fiscal 1999. India was the largest borrower with commitments totalling $1.5 billion ($654 million in IDA credits and $400 million in IBBD loans) for seven projects.

Lending to Bangladesh reached record levels, with the approval of six projects totalling more than $1 billion (all IDA credits).

Pakistan received $440 million ($90 million in IDA credits and $350 million in IBRD loans) for two projects, Sri Lanka, $29 million for one IDA-financed project and Nepal, $17.5 million in IDA credits for two projects.

In close coordination with the IMF and other donor agencies, the bank moved swiftly to help maintain macroeconomic stability and to help meet balance of payment needs in the region through two multi-sector programmes. These included a $200 million credit to Bangladesh, which helped the country recover from last year's devastating floods, and a $350 million loan to Pakistan, which supports structural reforms in banking, tax administration, public utilities, and public expenditure.

Pakistan Poverty Alleviation Fund (PPAF), a $90 million IDA credit supported the work of local partners such as NGOs and community-based organizations (CBOs), to provide micro-credits to individuals, and grants and technical assistance to communities for small infrastructure projects, such as water supply schemes and roads.

KESC loss

The Karachi Electric Supply Corporation (KESC) has suffered a loss before taxation of Rs6.389 billion during 1998-99 as per revised budget estimates.

The loss before taxation during 1997-98 and 1996-97 were recorded at Rs6.857 billion and Rs6.779 billion respectively. In 1998-99; the KESC had estimated a total revenue of Rs29 billion but actually collected Rs24.3 billion, sources in KESC told.

HBL profit

The pre-tax profit of Habib Bank shot up to Rs815 million in the first half of 1999 from Rs335 million in the same period in 1998.

A press release said total deposits of the bank rose to Rs253 billion from Rs225.3 billion. It said the advances also grew to Rs192 billion in the first half of 1999 from Rs170 billion in a year-ago period.

NRL profits

The profit of National Refinery Limited (NRL) has increased from Rs 490 million to Rs 700 million during the year ending June 30,1999.

ADBP recovers Rs25.8bn

Agricultural Development Bank of Pakistan (ADBP) in a countrywide campaign to recover its dues has managed to recover an amount of Rs. 25845.209 million by the end of financial year 1998-99, the Bank officials said here Saturday.

According to the officials, the recovery during 1997-98 stands at Rs. 18707.354 million showing an additional amount of Rs. 7137.855 million recovered by June 30,1999 with the growth of 38.2%.