Coe Bidding

VCERTIFICATE of entitlement (COE) prices registered gains across all categories at the close of June’s first bidding exercise on Wednesday.

Premiums for cars above 1,600cc, Cat B, posted the sharpest increase of 15.6 per cent to finish at $40,002. Cat A, for cars up to 1,600c, ended off at $30,051 – a 9.7 per cent rise.

Cat B premiums are now back up to April’s $40k and above levels, after simmering down to $34,600 at the end of May.

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The open category – Cat E – which is usually used for cars, rose 5.1 per cent to $41,000.

The commercial vehicle category registered a marginal 2.7 per cent increase to finish at $30,189.

Cat D, for motorcycles, closed at $1,452 – a 10.6 per cent jump from May.

Oil Dips On Eurozone Debt Woes

SINGAPORE : Oil prices fell in Asian trade on Tuesday as persistent concerns over the eurozone reversed previous gains, pushing prices below 70 dollars a barrel, analysts said.

New York’s main contract, light sweet crude for delivery in July, was down 56 cents to 69.65 dollars a barrel, while London’s Brent North Sea crude for July shed 72 cents to 70.45 dollars.

The “oil market sentiment is still depressed by the uncertain outlook for Europe,” the Commonwealth Bank of Australia said in a report.

Spain’s rescue over the weekend of a regional savings bank, CajaSur, revived concerns about the eurozone.

Spain has already unveiled major belt-tightening measures in the wake of a Greek public debt crisis that has shaken confidence in that country and other eurozone members such as Ireland, Italy and Portugal.

“Markets are likely to struggle, as they always do, in deciding if the worst is over,” Singapore’s DBS Bank said in a market commentary.

“Those still bent on a break-up in the single market pointed to the takeover of a small Spanish savings bank, CajaSur, by its government as a sign that sovereign debt woes have now spread to banks in the eurozone.”

A stronger dollar also helped push prices lower, as oil is traded in US dollars, making it more expensive to holders of weaker currencies.

“The euro fell not only against the dollar but also versus other G-10 (Group of 10) currencies, confirming that its rebound late last week was technical,” said Dariusz Kowalczyk, chief investment strategist at SJS Markets Ltd in Hong Kong.

The euro dropped to 1.2307 dollars in morning trade Tuesday, down from 1.2349 late Monday in New York, where the single currency lost almost two cents. The European unit also declined to 111.00 yen from 111.58. The dollar bought 90.23 yen, little changed from 90.29 Monday.

Textile ministry Adamant On Yarn Duty

LAHORE: Textile ministry has refused to withdraw 15 percent duty on yarn export whereas Aptma has called countrywide emergency videoconference to chalk out future strategy.

The All Pakistan Textile Mills Association (Aptma) has closed the spinning mills across the country including Lahore against 15 per cent duty on yarn exports and hold protest demonstrations at various places.

On the call of Aptma, spinning mills remained closed in Lahore, Raiwind, Bhai Pehro, Manga Mandi, Band Road, Shaikhpura and Faisalabad.

Aptma Punjab region Chairman Gohar Ejaz headed a protest demonstration at Manga Mandi Multan Road. Textile workers have blocked Multan Road, burnt tyres and chanted slogans against textile minister. The protestors were holding black flags and wearing black arms band.

Gohar Ejaz while rejecting the 15 percent duty on yarn export said mills will remained closed for two days if government will not revert its decision the strike will be extended to indefinite period.

Gold Price Increases In Local, Int’l Markets

An increasing trend was witnessed in local and international gold markets.

Gold prices increased to Rs 35,475 per tola, up by Rs 175 whereas the price of 10 grams increased to Rs 30,407, up by Rs 150.

In the international market, gold price reached to $1107 per ounce, up $11.

State Bank Of Pakistan Keeps Policy Rate Unchanged At 12.5 Pc

KARACHI,PAKISTAN NEWS: The State Bank of Pakistan (SBP) kept on Saturday its key policy rate unchanged at 12.5 percent for April and May, said the SBP’s chief spokesman, Syed Wasimuddin.

The bank had also kept the rate unchanged on January 30, when it announced policy for February and March, after cutting it by 50 basis points to 12.5 percent on November 24.

PoL Prices To Go Up By 1-7% In April

Rise in petroleum prices in international markets would likely to push the PoL prices by 1-7 percent in the local markets next month.

According to Petroleum Ministry sources, Petrol is up by 1 to 7% in Gulf markets, while petrol is up by 5% per liter, diesel by 7, crude oil 6 while furnace oil by 1 percent.

Oil Down In International Market

Oil is down in the international market due to fall in Euro against dollar.

The light sweet crude oil for April delivery is decreased by 30 cents to $81.90 cents a barrel.
London Brent North Sea delivery contracts decreased by 31 cents at $81.17 cents.
Euro shrank due to Greece financial crisis, which resulted into increase in dollar rate.

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Oil Down In International Market was first posted on March 19, 2010 at 5:51 pm.
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Oil Down In International Market

Tea Worth $16.41 Crore Was imported During First 8 Months

KARACHI PAKISTAN : Tea worth $16.41 crore was imported during first 8 months of current fiscal year, standing at 23% more in comparison with same period of last fiscal year.

According to the statistics released by State Bank of Pakistan (SBP), $1.99 crore tea was imported during the month of February 2010, which was 27% more than it was imported in February 2009 and was 35% less as compared to January this year.

Fiscal year 2009 saw import of $20 crore tea, which was 11% more than previous fiscal year.

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Tea Worth $16.41 Crore Was imported During First 8 Months was first posted on March 19, 2010 at 3:03 pm.
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Tea Worth $16.41 Crore Was imported During First 8 Months

Forex Reserves Rise To $14.85bn

Pakistan’s foreign exchange reserves rose to $14.85 billion in the week ending on March 13 from $14.72 billion the previous week, the central bank said on Thursday.

Reserves held by the State Bank of Pakistan rose to $10.98 billion from $10.91 billion a week earlier, while those held by commercial banks also rose to $3.87 billion from $3.81 billion the previous week, the State Bank of Pakistan said.

Pakistan’s foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November 2008, largely because of a soaring import bill.
An International Monetary Fund (IMF) emergency loan package of $7.6 billion agreed to in November 2008 helped avert a balance of payments crisis and shore up reserves.

The IMF increased the loan to $11.3 billion in July and the central bank received a fourth tranche of $1.2 billion on Dec. 28.

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Forex Reserves Rise To $14.85bn was first posted on March 19, 2010 at 12:29 pm.
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APTMA Ends Strike On Taseer’s Assurance

All Pakistan Textile Mills Association (APTMA) has called off its strike after Punjab Governor Salman Taseer assured to solve its problems in 14 days.
The Governor visited APTMA House on Thursday and assured the office-bearers that a committee would be constituted to settle the issue.

Chairman APTMA Ejaz Gohar said that they will protest again if the issue of quota on export of cotton yarn was not resolved.
Due to APTMA strike, at least 400 textile units remained closed.

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APTMA Ends Strike On Taseer’s Assurance was first posted on March 19, 2010 at 11:28 am.
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