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Guess which Middle Eastern leader had a sleepless night this weekend: Benjamin Netanyahu. There is one more leader who might have been as worried sick as Netanyahu, but we would rather leave his name to your imagination. The reason in both cases is the successful end to the ongoing series of talks between Iran and the six world powers, whereby Iran will curb its nuclear programme in exchange for initial sanctions relief.
Export numbers for the four months ending October 2013 were released by Pakistan Bureau of Statistics last week; and a bird’s-eye view of the numbers suggests that things are going in a positive direction. PBS data show that total 4M FY14 exports were up by 5 percent to about $8.5 billion, with three of the four major groups, namely food, textile, petroleum and coal witnessing decent increases over the period.
There is something interestingly mysterious about last month’s import numbers released by Pakistan Bureau of Statistics. While total imports under transport group decreased substantially both on year-on-year and month-on-month basis, CBU vehicle imports grew by 161 percent month on month to $62.3 million, its highest ever monthly number in recent memory.
The recently released import data by Pakistan Bureau of Statistics (PBS) show that total imports for the first four months of FY14 were down by 1.3 percent year on year (See clarification note below).
Engro Fertilizer’s book building process was always expected to be oversubscribed quite heavily. And this is exactly what happened as investors flocked in to oversubscribe the shares on offer by nearly four times the intended issue of 56.25 million shares. Engro has been the investors’ darling for all the right reasons given its stature in Pakistan’s corporate world, so the oversubscription is understandable.
It seems that the world’s largest oil producing cartel has finally realised the threat it faces from the US shale bonanza. In its latest World Oil Outlook, Organization of the Petroleum Exporting Countries (OPEC) has apparently acknowledged that the fracturing technology could sharply chisel the demand for the group’s own oil.
Nobel Prize winner Milton Friedman once said: “We economists don’t know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can’t sell tomatoes for more than two cents per pound. Instantly you’ll have a tomato shortage.”


Index Closing Chg%
Arrow DJIA 16,472.37 1.23
Arrow Nasdaq 4,707.77 1.74
Arrow S&P 1,951.36 1.43
Arrow FTSE 6,129.98 0.95
Arrow DAX 9,553.07 0.46
Arrow CAC-40 4,458.88 0.73
Arrow Nikkei 17,725.13 0.02
Arrow H.Seng 21,506.09 3.17
Arrow Sensex 26,220.95 0.25

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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-1.998 bln
Exports $1.835 bln
Imports $3.823 bln
WeeklySeptember 21, 2015
Reserves $18.726 bln