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National Investment Trust Limited (KSE: NITL)--the mutual fund industry tycoon--announced its FY14 results yesterday. The equity fund continues to cheer its investors.
The latest Treasury-bill auction threw a few surprises, especially in terms of participation. The six- and 12-month tenure papers have long been ignored by market participants for obvious reasons of more lucrative returns on offer in the PIBs. Not only did the participation exceed the auction target by a good Rs45 billion; there was decent participation in the six-month paper, which attracted nearly 20 percent of the auctioned amount.
IMF’s fourth review is in doldrums. It is yet to be concluded. Had everything been normal, both on political and economic fronts, the review would have been concluded by now and government would have been anticipating the fifth tranche by September-end. Hold your horses, for there is still a chance, albeit a thin one, for the fund to complete the review within ten days and to subsequently release the tranche in time.
That Pakistan’s political parties have a governance problem would be an understatement. Since the first general elections in 1970, politicians have been seen making all the right noises when in opposition. But not too long after coming to power, they start lurching from crisis to crisis, with governance taking the back seat. Result is that only one civilian government has completed its term (in 2013), only to see a catastrophic defeat, particularly due to governance issues.
Of the many challenges for the economy, soaring circular debt is one critical one. Particularly, companies in the oil and gas sector have been facing a difficult and unclear situation following an enormous increase in circular debt to over Rs400 billion.
Tough times call for resilient strategies! Who would agree to this better than the pharmaceutical manufacturers in Pakistan, who have been battling for years over irrational regulatory mechanisms. However, with little hopes for any transformation in industry’s dynamics, pharmaceutical companies have started unearthing alternative strategies to stay afloat.
Its been a bad year so far for the residents of Islamabad. Not just because of the political crisis currently manifesting itself on the streets of the capital. Nor solely because of the Metro Bus project that has paralysed city life, and destroyed its natural flora and fauna. Its related to the rising prices in the city. Long before these two problems emerged, the inflationary dragon had surfaced in the city and decided to wreck havoc with consumer prices.


Index Closing Chg%
Arrow DJIA 17,055.87 0.68
Arrow Nasdaq 4,508.69 0.42
Arrow S&P 1,982.77 0.58
Arrow FTSE 6,676.08 1.44
Arrow DAX 9,595.03 1.58
Arrow CAC-40 4,359.35 1.87
Arrow Nikkei 16,205.90 0.71
Arrow H.Seng 23,837.07 0.49
Arrow Sensex 26,775.69 1.58

Banking Review 2013

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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln