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16
Latest Political News & Analysis / Annual Development Programme
« on: June 09, 2016, 03:07:23 PM »
The Sindh government could spend only 53% of the funds released under the provincial annual development programme (ADP) during the first 11 months of 2015-16, official statistics show. According to the “released position” of the provincial public-sector development programme for 2015-16 as on May 27, the Sindh government spent Rs63.4 billion in the 11-month period out of the released amount of Rs119.2 billion. The actual development expenditure between July 1 and May 27 equalled only 44.6% of the allocated provincial ADP budget of Rs142 billion for 2015-16.

PPP Chairman Bilawal Bhutto Zardari has been consistently criticising the federal government for ignoring Sindh while allocating funds for the public-sector development programme. This is despite the fact that development spending by the Sindh government, led by his party since 2008, remains wide of the mark: it released 84% of the allocated funds while the actual expenditure could not cross even half of the budgetary target by the end of May. The Sindh government had promised Rs10 billion for the education department at the outset of 2015-16. It released Rs8.3 billion or 83% until May 27. However, it was able to actually spend only Rs3.7 billion in July-May, which equals 45% of the released amount. The development spending in the education sector accounted for less than 38% of the earmarked budget for 2015-16.

The Sindh government had promised Rs18.76 billion for local government, public health engineering and rural development. But it released more than the promised amount during the first 11 months of 2015-16, as the released funds amounted to over Rs20 billion. Yet these departments could utilise only Rs10.6 billion, or 53% of the released amount in the 11-month period. Similarly, the government set aside Rs9 billion for the works and services department, but ended up releasing 112% of the promised amount until May 27. However, its utilisation clocked up at just Rs6.4 billion or 64% of the released amount. Provincial development funds generally remain unused for the most part of the fiscal year, but their release gathers pace in the last quarter.

The Sindh government had allocated Rs13 billion for the health sector in 2015-16. But it released Rs9.5 billion until May 27 while the utilised funds constituted just 31% of the released amount. The industries department received only 25% of the released amount of Rs570 million in July-May. The total annual allocation for the industries department was Rs2.5 billion, which means the department could utilise only 5.7% of the originally allocated funds. Energy, agriculture, and planning and development departments could use only 68%, 56% and 38% of the released funds, respectively, during the first 11 months of 2015-16, official data shows.

17
Pick the highest Percentage mover and your win will be recorded next to your name in the forum.

Choose any stock that trades in Pakistan Stock Exchange (PSX), with a symbol that is recognized by investors, and that closed under 100 rupees per share as of the Friday close before the contest starts on Monday.

Your entry price will be the market open price on Monday.

Entries must be posted between the Friday close and Monday open.

If trading is halted for your pick at the market open on the first day of the contest or at the market close on the last day of the contest your pick is disqualified. The stock must be buyable at the market open and sellable at the market close at the end of the week, on Friday.

Your pick must be unique. First poster to make a pick gets it. You may choose the same stock as another player, however not the same position.

A brief rationale for your pick makes the contest more fun.

18
Pick the highest Price mover and your win will be recorded next to your name in the forum.

Choose any stock that trades in Pakistan Stock Exchange (PSX), with a symbol that is recognized by investors, and that closed under 100 rupees per share as of the Friday close before the contest starts on Monday.

Your entry price will be the market open price on Monday.

Entries must be posted between the Friday close and Monday open.

If trading is halted for your pick at the market open on the first day of the contest or at the market close on the last day of the contest your pick is disqualified. The stock must be buyable at the market open and sellable at the market close at the end of the week, on Friday.

Your pick must be unique. First poster to make a pick gets it. You may choose the same stock as another player, however not the same position.

A brief rationale for your pick makes the contest more fun.

19
We have reset the trading simulator for June. The winners will have the win displayed under their name in the forum.

If you already played in previous competitions, you already have a Stocks Watchout Community account and your can join the June contest with the same username and password by going here. If you have forgotten the game password, which you need to join the June contest, just email us at support@stockswatchout.com

If you are new to the simulator, you can join any time. This thread will be used to discuss the game and post updates on the standings.

You start with nominal amount and you can trade stocks long or short. Whoever has the highest amount at the close of trading on Tuesday, June 31, 2016, wins.

The June trading simulator/contest is open only to registered members of this forum.

20
Pick the highest percentage mover and your win will be recorded next to your name in the forum.

Choose any stock that trades in Pakistan Stock Exchange (PSX) that closed at 150.00 or over with at least 10,000 share volume as of the Friday close.

Your entry price will be the market open price on Monday.

All entries must be posted between the Friday close and Monday open.

If trading is halted for your pick at the market open on the first day of the contest or at the market close on the last day of the contest your pick is disqualified.

The stock must be buyable at the market open and sellable at the market close at the end of the week, on Friday.

Your pick must be unique.

First poster to make a pick gets it. You may choose the same stock as another player, however not the same position.

A brief rationale for your pick makes the contest more fun.

21
Pick the highest price wise mover and your win will be recorded next to your name in the forum.

Choose any stock that trades in Pakistan Stock Exchange (PSX) closed at 200.00 or over with at least 10,000 shares volume as of the Friday close.

Your entry price will be the market open price on Monday.

All entries must be posted between the Friday close and Monday open.

If trading is halted for your pick at the market open on the first day of the contest or at the market close on the last day of the contest your pick is disqualified.

The stock must be buyable at the market open and sellable at the market close at the end of the week, on Friday.

Your pick must be unique.

First poster to make a pick gets it. You may choose the same stock as another player, however not the same position.

A brief rationale for your pick makes the contest more fun.

22
Listed Stocks Discussion / Re: Economic Survey 2016
« on: June 09, 2016, 01:07:30 PM »
Great information for 2016, thanks a lot

23
Listed Stocks Discussion / FCCL Current Updates
« on: June 09, 2016, 11:32:01 AM »
FCCL Company has recently announced its quarterly results, observed 64% significant
growth in bottom-line earnings to be clocked in Rs 4.33 billion(EPS : Rs 3.14) in 9MFY16
against last year Rs 2.65 billion(EPS :Rs 1.99) during FY15. This accretion in profits
undoubtedly adheres to existing construction boom creating surge in domestic
demand coupled with reduced cost of production and shattering yields going forward.
On quarterly basis, FCCL encountered slight drop in earnings but managed to perform
substantially well supplementing industry growth.

FCCL is depicting improvement in top-line and bottom-line earnings with 13% and 64%
respectively in 9MFY16 against previous year 9MFY15 complimenting industrial dispatches
growth of 10% on YOY basis. Marching towards quarterly analysis, local dispatches
for the quarter 3QFY16 recorded at 651k tons compared to 2QFY16 last quarter's
672k tons; this drop in local dispatches dragged down profits to 6% backed by
stagnant cement prices. Though decline on sequential basis, sales delineating better
position encouraged by subsided cost of production. The export sales deteriorated 12%
on quarter basis and stood at 87k tons during 3QFY16 against 2QFY16 last quarter's
99k tons.

Savings from Waste Heat Recovery Plant became evident driven by benign coal prices
which revolved around US$ 51.50/ton and receded by 17% on YOY basis. Recent downward
trend in FO prices favoured the situation in nourishing margins. Lower cost of
Fuel reduced power cost by 4% during 9MFY16 compared to 9MFY15 on YOY basis.

We have negative to neutral stance for FCCL and recommend only long term investors
as stock to remain volatile in next few days. We have reduce our Dec'16 target price
from Rs 49/share to Rs 41/share after incorporating 6 month closure of line 2.

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