The outcome of prolonged, peaceful protests by PTI and PAT may or may not bring down the Sharif government, but they already seem to have swung the equilibrium of power away from the PML-N government to other stakeholders. Many positives could have emerged from the standoff--e.g. an elaborate agreement on electoral reforms--but sadly, the impasse has seemed to weaken democratic institutions.
For private sector credit supply, July has been the month of autumn. Never ever has July seen a positive net credit supply--not at least since the central bank started disseminating monthly credit data, going as far back as FY07: July, thus, was no different!
Welcome to Karachi, one of the least liveable cities in the world, as qualified by the recent Liveability Rankings 2014 of The Economist. Another feather in the unruly hat that Karachi has become, reportedly slipping down in the same rankings from 134 earlier to 136, out of a total of 140 cities surveyed.
Irrespective of all the odds comprising power outages and security letdowns, the fast-moving consumer goods sector is not falling behind. Look at Nestle Pakistan (KSE: NESTLE), which continues to reign supreme. As per a KSE notice yesterday, Nestle has closed its first half this calendar year with significant expansion in both top line and bottom line over previous year.
Even the current account is in Red Zone. No good news is coming to the ruling party. On the economic front, foreign reserves are marginally down in the last 15 days amidst correction in the currency market. The IMF is making fuss on a mere four percent increase in power tariffs and is not completing the fourth review. Life is not easy for Dar these days in Islamabad as he is losing grip on economic numbers, especially the currency which has crossed the loved band of Rs98-99.
The managers at Habib Metropolitan Bank (KSE: HMB) must be happy at the bank’s financial performance in first-half ended June 30, 2014. The mid-sized bank has recorded healthy top line and bottom line growth during the period, despite a few underperforming areas.
Spiraling inflation, volatile currency and energy shortages add to the woes of the pharmaceutical companies that has been bawling for industry issues like price freeze and regulatory framework. GlaxoSmithKline Pakistan (GLAXO), the largest multinational pharmaceutical company, also finds itself in the same tight spot.