Karachi: Domestic urea being tagged as imported 0.3 million tone urea import process to complete by Thursday
Imported urea is being repacked in all around the country as domestic fertilizer to exploit the price differential. The difference between the prices of imported and imported urea in rupee terms is Rs490 to Rs500 per bag.
According to Standard Capital, interestingly, no one from the ministries concerned challenged it despite having been reported several times in media, sources said. According to data available in the market, urea is being provided to the dealers at Rs1, 300 per bag against actual price of Rs3, 198, but growers are getting the commodity at Rs1, 800 to 1900, said sources, adding that the government had spent $784 million on urea imports and total subsidy on imported urea stands at Rs55 billion. It may be mentioned here that severe natural gas deficiencies during the recent winter season had spoilt local production of urea and the government was compelled to allow the import of 0.3 million tone additional urea through opened tender. With the import of 0.3 million tones of urea through open tender overall import of commodity for Rabi reason will reach around1.4 million tone besides SABIC 3,330000 tone urea. Adding that out of which 2, 50,000 tone urea has been imported while rest of 50,000 ton urea would be reach till Thursday. Out of 0.2 million tone urea of SABIC under the $100 million credit facility provided by the Saudi Fund for Development (SFD) around 0.1 million tone urea had reached.“National Fertilizer Corporation has lifted 2, 50,000 tone urea so far out of over all 0.5 million tone,” official said, adding that urea is being imported by $417 per tone.
Weekly FPI soars 261pc Foreigners invested $5.6 million in week
The buying spree by offshore investors continued in the last week in the local bourses as it attracted fresh net inflow of $5.60 million, as per the National Clearing Company of Pakistan Limited (NCCPL) data. Furthermore, foreign portfolio investment (FPI) hiked by 261 % week on week (WoW) basis compared with $1.55 million witnessed in week ended on 24th February 2012.On the other hand, Karachi stock market continued its bullish trend and comfortably managed to cross 13,000 points’ psychological barrier after June 2008 with better volumes in scraps across the board as investors remained optimistic on record earnings announcements an payouts. Cement stocks were the major gainers as rising cement prices bode well for their profits. The benchmarkKSE‐100 Index up by 382.45 points or 3 % to close at 13,089 points. During the week, offshore investors opted for buying fresh positions as foreigners bought shares worth $22.44 million and sold $16.84 million, resulting in net buying of $5.60 million during the week. Furthermore, local individuals and mutual funds remained on the buying side with shares worth $8.55 million and $0.68 million respectively. On the other hand, biggest weekly selling was witnessed from banks which sold $38.03 million of shares in the local bourse against the buying of $25.75 million, thus turning the net selling worth of $12.27 million. Furthermore, local companies, non‐banking financial institutions (NBFCs) and other organizations remained on the selling side with shares worth $1.70 million, $0.60 million and $0.25 million respectively.