FOR THE RECORD
 

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Compiled by Syed Mujtaba Zafar
Aug 22 - 28, 2005
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>>"the World Bank had enhanced its annual assistance for Pakistan by about 50 per cent to $1.5 billion from $950 million to help the country achieve sustainable economic growth and create conducive environment for the improvement of socio-economic lot of its people."

(President of the World Bank Paul D. Wolfowitz)

--The World Bank would provide a $3.5 billion assistance to Pakistan over the next three years, of which, about $2.5 billion would be under the concessionary international development assistance (IDA) and about $1 billion for solid infrastructure projects.

>>"June 2005 sales were the highest during the fiscal year 2004-05, mainly due to an abnormal sale of 3,038 units (including 1,380 Hyundai Santro units) in June. However, in July Dewan Motors sold only 602 vehicles (278 units of Santro) because of a two-week plant shutdown for maintenance, thereby upsetting the overall sales for July."

(Faraz Farooq of Jehangir Siddiqui Research)

Budgetary and trade policy measures for 2005-06, aimed at liberalizing used car imports, have yet to cause a breather in the buying sentiments of consumers of locally assembled cars. As a result, car sales rose by 12 per cent to 11,503 units in July 2005, as against 10,249 units in same month last year.

>>"The amount of foreign exchange sent home by overseas Pakistanis fell to $310 million in July 2005 down six per cent from $329.9 million in July 2004."

(State Bank data)

>>"We discussed a roadmap to finalize the agreement and make it operational in three phases, starting from January, 2006."

(Shahid Mahmood, Pakistan's Commercial Counsellor in Beijing)

--Pakistan and China completed first round of negotiations on Free Trade Agreement (FTA), with a pledge to make it an effective document, giving boost to their bilateral trade and establishing mutually beneficial cooperative partnership.

>>"The derivatives involve complex transactions that have to be very carefully understood by all parties involved. They have to be suitably implemented and accounted for and the risks have to be very closely monitored."

(Mr. Soomro, former Chairman of Pakistan Banks Association and head of Citibank in Pakistan)

--The financial derivatives market is set to take off as a local bank has joined the exclusive club of authorized derivatives dealers or ADDs that are allowed to undertake derivative business.

>>"The KSE Sensitive Index would be calculated using the Free-float Market Capitalization methodology. The free float shares will be adjusted so that no company will have a weightage of more than 10 per cent of the free-float market capitalization on the composition/re-composition date."

(Karachi stock exchange, KSE)

--The Karachi Stock Exchange (KSE) plans to introduce KSE Sensitive Index, the primary objective of which, the bourse said, was to have a benchmark by which stock price performance can be compared over a period of time.

>>"With this trend in exports and our concerted efforts to sustain it, I am confident that we will reach and even surpass the export target of $92 billion which has been set for this fiscal year."

(Indian Commerce Minister Kamal Nath)

--India's exports surged by 27 per cent year-on-year in July as a resurgent economy pushed up industrial output. Exports during July rose to $7.23 billion from $5.70 billion a year earlier. Exports rose 21.33 per cent year-on-year between April-June, the first quarter of the fiscal year, to $28.13 billion.

 

 

>>"Inflation rose by 8.99pc year-on-year in July 2005 as the government measures taken to stabilize food prices failed because heavy rains and floods disrupted supplies of edibles."

(Data released by the Federal Bureau of Statistics.)

>>"Pakistani exporters were getting lower price this year for seafood. On an average we are getting at least one dollar less than last year on each kilogram because of abundant supply from Indonesia and other Far Eastern countries at lower prices."

(Syed Akhlaq Ahmed, a leading seafood exporter)

--Seafood exporters have started shipments to the European Union after a self-imposed ban of six months by the Pakistani authorities.

>>"Only Al Khaleej had made an offer of 25,000 tons which was according to our terms and conditions. The sugar we have bought from Al Khaleej is from various origins including China, Thailand and Brazil."

(Trading Corporation of Pakistan Chairman Masood Alam Rizvi)

>>"The State Bank has allowed mutual funds operating in Pakistan to invest abroad. But initially the central bank has placed a cap of $15 million on such investment by a single mutual fund at a given time."

(A circular issued by the Exchange Policy Department of the SBP)

>>"Consumers were not willing to buy imported mutton and beef coming from neighbouring countries, as they prefer fresh meat on spot sales instead of frozen meat. Only restaurants and hotels were procuring cheap imported meat."

(MMWA Senior Vice-President Mohammad Salim Qureishi)

--Meat retailers are charging Rs240-250 per kg for mutton and Rs160 for beef (without bone) as compared to Rs220-230 and Rs140 per kg last month.

>>"Our clients have entered into an agreement with sponsors of JOV for purchase of 7 million ordinary shares, i.e. 35 per cent of the equity stake along with management control of the company."

(Notice issued by the corporate member of LSE)

--Sponsors of the Javed Omer Vohra & Company Limited (JOV & Co.) appear to have decided to quit the stock business, following sale of their controlling stake to Crescent Standard Brokerage and Investment Services Limited.