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Allied Bank Limited (ABL) is in a pretty decent shape. The after tax profits for 1HCY15 swelled despite the imposition of 4 percent super tax and higher effective taxation. And the strength is driven primarily from the top line. ABL’s stated strategy of optimization of asset mix, improving low cost deposit mix to absorb the regulatory changes in PLS deposit rates and the unfavourable interest rate scenario, are all paying healthy dividends. Rs1.75/share of which was also announced for the shareholders in form of cash.
In line with most other commodities, international prices of palm oil have tumbled in recent sessions. On the first day of trade in this week, Malaysian palm oil rates had stooped to a fresh 11-month low.
The controversial, Hindu-nationalist, Narendra Modi, won in a landslide; which came on the back of high expectations and big dreams for the Indian economy. Millions of well-wishers welcomed Modi with a parliamentary majority, as the first conservative government with pro-business credentials.
These days, Dar is the darling of IMF and World Bank. The Fund has so far released all eight tranches in time, barring one which was delayed due to the sit-in last year. The World Bank has recently announced a $2 billion package to be disbursed in four years.
Critics are getting harsh over the PML-N governments weakness in instituting substantive economic reforms. The recently-released fifth report on PML-Ns economic agenda by the Islamabad-based think-tank Prime was not kind either (take a cue from its title, "PML-N: Loosing all its marbles"). During the period spanning Jan-Jun 2015, the PML-N governments economic management barely passed with 51 percent score. If Prime were an academy, the series of low scores might have PML-N flunked out by now.
Where OMC sales remained exuberant in FY15, the year FY16 for petroleum product sales took off on a rather depressed note as major petroleum products witnessed a decline in volumes. The key reason for the decline in OMC sales in July 2015 has been the monsoon rains and floods across the country.
The Punjab and Sindh governments have once again announced generous subsidies on tractors - a decision widely hailed by the business and farmer community, alike. The subsidies (Punjabs Rs5 billion for distribution of 25,000 tractors and Sindhs Rs200,000-300,000 per unit on 29,000 tractors) will make tractors more affordable, and will also mean a jump in the top lines of Millat and Al-Ghazi - the national duopoly. Although it appears to be a positive, theres actually a lot more to this than meets the eye.


Index Closing Chg%
Arrow DJIA 16,643.01 0.07
Arrow Nasdaq 4,828.32 0.32
Arrow S&P 1,988.87 0.06
Arrow FTSE 6,247.94 0.90
Arrow DAX 10,298.53 0.17
Arrow CAC-40 4,675.13 0.36
Arrow Nikkei 19,136.32 3.03
Arrow H.Seng 21,612.39 1.04
Arrow Sensex 26,392.38 0.61

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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 $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln