KARACHI: The rupee moved both ways on the currency market on Thursday amid rising demand for the greenback, money analysts said. On the interbank market the rupee fell by 13 paisa against dollar for buying and selling at 82.88 and 82.93, experts said. Open Buying Rs 82.70 Open Selling Rs.82.80 Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday. Buying Rs.82.88 Selling Rs.82.93 (BRecorder) Visit Finance.KalPoint.Com for latest financial stories...
In the fourth Asian trading yen rose broadly as investors fretted that a rally in risk assets since March may have run ahead of a recovery in the global economy and on worries about the outlook for Chinese shares.
OPEN MARKET RATES: The rupee did not move any side in relation to dollar for buying and selling at 82.70 and 82.80, dealers said. The rupee, however, managed to gain modestly against the euro rising 55 paisa for buying at Rs 117.10 and it also gained 65 paisa for selling at Rs 117.60, they said.
THE RUPEE: dollar higher
Posted by imdurrani Labels: forex market, pakistan, Pakistani Rupee, World Currencies, world forexEuro Libor rates mark new lows
Posted by imdurrani Labels: Europe, forex trading, World Currencies, world forex
Despite around 160 billion euros of excess liquidity in the system, loans to eurozone households and businesses fell in July to record their slowest annual growth ever, the European Central Bank said on Thursday. "The key thing is that there is little sign that the ECB's liquidity provisions are encouraging banks to lend to the wider economy," said Ben May, an economist at Capital Economics.
Meanwhile, ECB Governing Council member Mario Draghi was the latest central banker to sound a cautionary note, saying the global financial and economic crisis is easing but the outlook remained uncertain. His comments echo those of other policymakers in recent days, which have supported government bonds and interest rate futures in the eurozone.
"There doesn't appear to be any final demand behind the positive indicators we're seeing, it's more an inventory cycle thing going on at the moment," said Nordea's chief analyst Niels From.
Benchmark three-month euro Libor rates were almost a basis point lower at 0.8025 percent, with the dollar equivalent just over a basis point lower at 0.36036 percent. The premium that dollar Libor trades over a risk-free benchmark, Overnight Index Swap rates - a gauge of stress in the banking sector - fell to 18 basis points, a level seen in August 2007 just as the credit crisis erupted.
Friday, August 28, 2009 KARACHI - Pakistan Petroleum Limited (PPL) top line registered a growth of 34.7 per cent to Rs 61.6 billion on year-on-year basis; primarily owing to a surge in gas wellhead prices by 30pc YoY in FY09. According to the financial report of the PPL, the increased gas wellhead price mitigated the effect of accumulated decline of 5pc YoY in oil and gas production (as per company management). Oil production surged by 2pc YoY benefiting from improved production from Mela (23pc YoY), while gas production marginally slid by 3pc YoY main culprit being Sui (-6pc YoY), Sawan (-10pc YoY) and Makori (-18pc YoY) fields. Furthermore, royalty payment surged by 35.3pc YoY in the resonance of the increase in the top line. On one hand, according to the reports the field expenditure inflated by 23.1pc YoY to Rs 7.5b on account of expensing out of 5 exploratory dried wells. While on the other hand, inflationary impact on other major heads of field expenditure, as per the company management. Other noticeable change from last year was the surge in financial cost by 40.5pc YoY to Rs 93.6m, early pointers towards encompassment of E&P sector towards circular debt. In this regard, according to news reports, PPL receivables from gas distribution companies stand at Rs 16.2b while WAPDA has to pay Rs 5.8b. Tax-to-operating profit also slid by 138bps YoY to 33.9 pc in FY09 benefiting from lower tax liability due to unsuccessful drilling activities during the year. PPL s bottomline witnessed a mammoth growth of 40.6pc YoY to Rs 27.7b (EPS Rs33.37) in FY09. In addition, company also declared cash divided of Rs 3/share which translates into a full-year payout of Rs13/share along with 20pc bonus shares. According to company notice, PPL s board of directors has recommended an increase in authorised ordinary share capital to Rs 15.0b (1,500m ordinary share at Rs10 par value) from Rs 10.0b (1,000m ordinary share at Rs10 par value). The increase is deemed to be a direct outcome of PPL s announcement of 20pc bonus shares which will increase it s paid up capital to Rs 9.9b. Therefore, this rise in authorised capital would provide room for future enhancement of paid-up capital in the form of bonus shares or secondary offerings. However, this change is of natural and would not have any impact on company s valuations. The borated international crude oil prices in 2HFY09 would render into 27pc HoH reduction in Sui and Kandkot (combined contribution 79pc in PPL s gas production) wellhead gas prices, which is expected to suppress company s FY10 earnings. However, increased gas production from Hala and Manzalai fields coupled with resurgence in international oil prices (currently at $70/bbl) will more than offset the aforementioned impact and will provide impetus for future growth. Furthermore, company plans to drill 10 wells in FY10, which would also augment company s oil and gas production. Visit Finance.KalPoint.Com for latest financial stories...
PPL top line registers 34.7pc growth
Posted by imdurrani Labels: business finance, Pak Economy, pakistanKARACHI - Pakistan Petroleum Limited (PPL) top line registered a growth of 34.7 per cent to Rs 61.6 billion on year-on-year basis; primarily owing to a surge in gas wellhead prices by 30pc YoY in FY09. According to the financial report of the PPL, the increased gas wellhead price mitigated the effect of accumulated decline of 5pc YoY in oil and gas production (as per company management). Oil production surged by 2pc YoY benefiting from improved production from Mela (23pc YoY), while gas production marginally slid by 3pc YoY main culprit being Sui (-6pc YoY), Sawan (-10pc YoY) and Makori (-18pc YoY) fields. Furthermore, royalty payment surged by 35.3pc YoY in the resonance of the increase in the top line. On one hand, according to the reports the field expenditure inflated by 23.1pc YoY to Rs 7.5b on account of expensing out of 5 exploratory dried wells. While on the other hand, inflationary impact on other major heads of field expenditure, as per the company management. Other noticeable change from last year was the surge in financial cost by 40.5pc YoY to Rs 93.6m, early pointers towards encompassment of E&P sector towards circular debt. In this regard, according to news reports, PPL receivables from gas distribution companies stand at Rs 16.2b while WAPDA has to pay Rs 5.8b. Tax-to-operating profit also slid by 138bps YoY to 33.9 pc in FY09 benefiting from lower tax liability due to unsuccessful drilling activities during the year. PPL s bottomline witnessed a mammoth growth of 40.6pc YoY to Rs 27.7b (EPS Rs33.37) in FY09. In addition, company also declared cash divided of Rs 3/share which translates into a full-year payout of Rs13/share along with 20pc bonus shares. According to company notice, PPL s board of directors has recommended an increase in authorised ordinary share capital to Rs 15.0b (1,500m ordinary share at Rs10 par value) from Rs 10.0b (1,000m ordinary share at Rs10 par value). The increase is deemed to be a direct outcome of PPL s announcement of 20pc bonus shares which will increase it s paid up capital to Rs 9.9b. Therefore, this rise in authorised capital would provide room for future enhancement of paid-up capital in the form of bonus shares or secondary offerings. However, this change is of natural and would not have any impact on company s valuations. The borated international crude oil prices in 2HFY09 would render into 27pc HoH reduction in Sui and Kandkot (combined contribution 79pc in PPL s gas production) wellhead gas prices, which is expected to suppress company s FY10 earnings. However, increased gas production from Hala and Manzalai fields coupled with resurgence in international oil prices (currently at $70/bbl) will more than offset the aforementioned impact and will provide impetus for future growth. Furthermore, company plans to drill 10 wells in FY10, which would also augment company s oil and gas production. Visit Finance.KalPOint.Com for latest financial stories...Friday, August 28, 2009
Friday, August 28, 2009 KARACHI - The medium-term economic outlook for Pakistan is fragile and the country faces significant risks, the International Monetary Fund (IMF) said in a review. Pakistan agreed in November to an IMF emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves. Last month, the fund increased the loan to $11.3 billion, and also released a third tranche of $1.2 billion. A slower global recovery, higher commodity prices, and political instability, as well as existing constraints on energy and infrastructure pose significant risks to the outlook, the IMF said in its latest review, posted on its website. The IMF said the main macroeconomic indicators showed an improvement but the economy was still vulnerable to shocks. Inflation had declined from a record high in August last year but the pace of the decline, especially in the latter part of the 2008/09 fiscal year, which ended on June 30, had been slower than expected, the IMF said. Imports had contracted sharply and overseas workers remittances had continued to grow which had helped the current account deficit improve. However, the financial account remained weak as net foreign flows declined by nearly $3 billion in the 2008/09 fiscal year compared with the previous year, it said. GDP growth in the 2009/10 fiscal year is projected at 3 percent from an earlier 4 percent, the IMF said. The government has set a target of 3.3 percent. The IMF said Pakistan s performance to the end of June, according to preliminary data, suggested that targets set for the State Bank had been met, but the fiscal deficit had exceeded a ceiling by 0.9 percent of GDP. The IMF said it opposed a cut in interest rates until inflation fell significantly. Staff argued that the policy interest rate should remain on hold until core inflation shows a further significant decline, it said. The central bank announced this month a cut of 100 basis points in its policy rate to 13 percent. State Bank of Pakistan Governor Salim Raza said the cut recognised positive macroeconomic developments and would provide impetus for growth, while the central bank was not underestimating the problems the economy faced. The data under review by the IMF was for the period up to June. Inflation decreased to 11.17 percent in July from a year earlier, and from 13.1 percent in June. Visit Finance.KalPoint.Com for latest financial stories...
Friday, August 28, 2009
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