Last update: Sun, 26 Jun 2016 04pm

BR Research: All


“You gain some as you lose some” seem to be the latest adage of the cement industry. As 1H FY14 came to a close, cement producers in Northern and Southern regions had reasons to be happy and upset at the same time. While exports from South finally shifted gears growing phenomenally after years of decline, Northern region’s exports remain depressed on the back of lower demand from neighbours on both sides of the border.
Relying on domestic debt has never been a good omen for the economy. While budgetary borrowing from the central bank is a chronic source of inflation, borrowing from commercial banks crowds the private sector out and weighs down economic growth.
The year 2013 in Chinese and Japanese zodiac calendars was the year of snake, a symbol of happiness to many in the two cultures. Sadly, the emblem of happiness brought no respite to the assemblers of Chinese and Japanese technology two wheelers in Pakistan, who saw volumes, shrink despite friendly macros.
Is PM Nawaz Sharif really serious about privatisation or is he just playing an easy game? Reportedly, the privatisation process is fully supported by the Prime Minister. But from the look of things that doesn’t seem to hold truth.
“Too reluctant to pick up the phone and dial ‘15’ to launch a complaint against an eye-witnessed street crime in the past few minutes”-–the maddening feeling sounds familiar? Then how about interacting with cops on facebook and twitter?
Ironically, the key macroeconomic data projected for FY14 in SBP’s annual report varies considerably from the one presented in the revised Letter of Intent (LoI) with the IMF. How could it happen when SBP’s Governor is a signatory of the LoI as well! And with government’s targeted data moving in third direction it’s become hard for business analysts and economists to pick the appropriate numbers for their own projections and simulations.
Having had more than its (un)fair share of misfortunes, lady luck is at last smiling at Engro. ECC’s latest meeting gave Engro reason enough to cheer, which was taken well by the investors jacking the firm’s stock price significantly at the market close on Friday. The gas pricing issue, which had become a pain in the neck of late, seems to be going exactly on the lines of what Engro was hoping for.