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Cotton and Textiles: Pakistan

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The Pakistan Cotton Ginners Association (PCGA) has expressed hope that cotton consumption in Pakistan would increase to 13 million as the European Union's waiver of 75 exportable items of Pakistan has enhanced cotton consumption of mills and spinners by 2 million bales to 13 million bales, against 11 million bales per season, due to increase in export orders for cloth and yarn.

Seedcotton rates came down on the cotton market on Friday as a result of better-than-expected arrival figures issued by the Pakistan Cotton Ginners Association (PCGA), dealers said. The official spot rate was unchanged at Rs 5,700, they said.
With 90 percent increase in petroleum prices in last four years and increases in electricity cost and gas prices, the manufacturing cost of exportable goods has increased substantially making Pakistani exports uncompetitive at international level and wide opportunity for our rivals; India, Bangladesh and China to capture our hard-won markets.
The Lahore Electric Supply Company (Lesco) has planned 10-hour a day power supply cut to 42 textile mills from February 7. The Lesco management is due to start maintenance work on Raiwind-Manga Road transmission line to rehabilitate conductors. The maintenance work would continue for 25 days, starting from February 7.
All Pakistan Bedsheets and Upholstry Manufacturers Association (APBUMA) welcomed world Trade Organisation (WTO) waiver for EU concessions granted to certain textile exports from Pakistan post floods in 2010. Syed Muhammad Aasim Shah, Chairman of APBUMA, said that it is good news for the value-added sector and this decision of economic package for Pakistan offered by European Union (EU), terming it as a good omen to the ailing textile industry.
Shortage of cotton in the international market due to several factors and owing to long-weekend ahead of Muharram holidays strengthened the local prices on the cotton market on Friday, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 5,400, they said. Prices of seed-cotton in Sindh were at Rs 1,800-2,300 and in Punjab rates were at Rs 2,000-2,600, they said.
All Pakistan Textile Mills Association (APTMA) is set to hold an emergency meeting on December 31st (today) against gas curtailment on SNGPL network. It may be noted that the SNGPL has curtailed gas supply to the APTMA members from December 25th until further order.

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Banking Review 2011


The Wall

ArrowEuro 1.3158
ArrowSterling 1.5815
ArrowSwiss Franc 0.9182
ArrowYen 76.6015
ArrowGold 1740.300
ArrowCotton 96.340
ArrowOil 97.840
Index Closing Chg%
Arrow DJIA 12,862.20 1.23
Arrow Nasdaq 2,905.66 1.61
Arrow S&P 1,344.90 1.46
Arrow FTSE 5,901.07 1.81
Arrow DAX 6,766.67 1.67
Arrow CAC-40 3,427.92 1.52
Arrow Nikkei 8,831.93 0.51
Arrow H.Seng 20,757.00 0.08
Arrow Sensex 17,605.00 0.99

The Rupee

Interbank closing rates for dollar on Friday.
BuyingRs 90.40
SellingRs 90.45
All-round decline

Annual2010/11
Foreign Debt $59.53bn
Per Cap Income $1254
GDP Growth 2.4%
Average CPI 14.10%
MonthlyDecember
Trade Balance $-2.41 bln
Exports $1.85 bln
Imports $1.26 bln
WeeklyJanuary 26, 2012
Reserves $16.802 bln
ArrowBRIndex-30 9,104.17
ArrowKSE-30 Index 11,258.08
ArrowKSE-100 Index 11,982.62
ArrowLSE-25 Index 3,122.96
ArrowISE-10 Index 2,627.71
ArrowGold Per 10gm 50,914.00
ArrowKCA Spot Rate 5,700.00
ArrowLibor Rate 0.76850

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