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Where low oil prices have been a reason for the improvement in fuel margins and hence a surge in sales volumes for the oil marketing companies, it has also been the main source of concern for them in shape of inventory losses. The highlight of Attock Petroleum Limited’s (KSE: APL) financial performance for 9MFY15 has been the same – inventory losses marring earnings growth.
The response is excellent – both local and international investors have shown confidence in HBL’s management and in the capital market of Pakistan. But that’s no wonder because when you sell the goose that laid golden eggs, opportunists will grab it with both hands. The over whelming interest of investors to bid in the growing stock with lucrative dividend yield was quite expected.
Perhaps, these aren’t satisfying times for mutual fund investors. With the size of the country’s mutual fund industry being only a fraction of the banking sector’s deposits, even a slight strike to the industry’s assets can perturb its investors. March 2015 saw the size of the mutual fund industry shrinking to Rs453 billion, a fall of nearly three percent over the preceding month. But, don’t fret; the industry size is likely to mend soon.
Remittances have been flourishing year after year. The receipts from overseas Pakistanis as per central bank’s data continued to remain upbeat reaching the level of $13.327 billion during the first nine months of FY15, depicting a growth of 15 percent year-on-year. And the remittances touched $1.577 billion in March 2015, recording a growth of 13.3 percent over last year.
Recently, an opposition party’s MNA was reportedly planning to move legislation on posthumous organ donation. It is an important issue, however mired in controversy. A deceased person can donate vital organs (e.g. kidneys, heart, liver, pancreas, cornea, etc.). Even in death, one can end up saving few lives given there is an arrangement for consented and timely transplants.
To impose or to retract, the GIDC imposition and legality has been up and down the hill many times since its promulgation. As the name suggests, Gas Infrastructure Development Cess (GIDC) was introduced in 2011 to collect taxes on gas development projects like Iran-Pakistan (IP) pipeline project, Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project, and infrastructural projects like construction of an LNG terminal and LPG supply enhancement project.
Record sales, unmatched profitability and a couple of new car launches, if you think 2015 is a good year for the country’s auto sector; wait till you see what’s in store for 2016.


Index Closing Chg%
Arrow DJIA 18,037.97 0.23
Arrow Nasdaq 5,060.25 0.63
Arrow S&P 2,108.92 0.41
Arrow FTSE 7,103.98 0.47
Arrow DAX 12,039.16 1.93
Arrow CAC-40 5,268.91 1.30
Arrow Nikkei 19,983.32 0.18
Arrow H.Seng 28,433.59 1.33
Arrow Sensex 27,176.99 0.95

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln