Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate

and reliable at
the time of publishing. However, we do not accept any responsibility for its accuracy & completeness and it is not intended to be an offer or a
solicitation to buy or sell any securities. WE Financial Services & its employees will not be responsible for the consequence of reliance upon any
opinion or statement herein or for any omission. All opinions and estimates contained herein constitute our judgment as of the date mentioned in
the report and are subject to change without notice.
For live markets, historical data, charts/graphs and investment/technical analysis tools, please visit our website www.weonline.biz
Morning Briefing
Thursday, January 16, 2014
Indices
All Share Index 20,043.06
KSE-30TM Index 19,611.72
KSE-100TM Index 26,761.78
Turnover
All Share Index 306,631,010
KSE-30TM Index 103,891,200
KSE-100TM Index 198,426,560
Board Meetings
Company Date Time
Dandot Cement 16-01-2014 3:30
Kot Addu Power Comp Ltd 18-01-2014 2:00
International Steels 22-01-2014 10:30
Pakistan Petroleum 22-01-2014 10:30
Fauji Fertilizer Bin Qasim 27-01-2014 10:30
Siemens (Pakistan) 27-01-2014 2:30
International Industries 28-01-2014 10:30
Archroma Pakistan 30-01-2014 10:00
Unilever Pakistan Foods Ltd 05-03-2014 2:30
Market Review Last Change
KSE 100 Index 26,761.78 171.09
KSE 30 Index 19,611.72 89.75
KMI 30 Index 44,472.13 133.32
All Share Index 20,043.06 118.02
Market Cap. (Rs bn) 6,502.00 38.29
Volume Leaders Close Volume
JSCL 10.98 30,673,000
ANL 9.20 21,593,000
KESC 6.53 19,025,000
BAFL 27.65 10,766,000
PIAA 9.45 10,595,000
1HFY14: Oil consumption remained robust
The cumulative oil sales in FY14 so far remained higher on back of increased
CNG load shedding and resolution of circular debt. As per the latest data avail-
able, the cumulative oil sales in the 1HFY14 reached 10.66 million tons grow-
ing by 11% when compared to oil sales of 9.58 million tons during the similar
period in FY13. Along with the above mentioned factors, the improved eco-
nomic situation also boosted the oil sales in the country. The increase in oil sales
were primarily contributed by higher sales of Motor Spirit (MS) , Furnace oil
(FO) and High Speed Diesel (HSD) which improved by 19.5% YoY, 12.6%
YoY and 6.7% YoY respectively. However due to lower sales of HSD, the
MoM oil consumption declined by 2.1% to 1.71 million tons in Dec'13 as
against 1.74 million tons in Nov'13 while the monthly sales were 6% more
when compared to sales of 1.61 million tons in Dec'12.
Highest growth by Motor Spirit
In terms of percentage growth in volumetric sales, Motor Sprit remained on top
as its sales grew by 19.5% YoYin the 1HFY14 to 1,885k tons as against 1,578k
tons during the identical period in FY13. This was mainly attributable to
increased load shedding of CNG and improved business activities in the coun-
try. MS was followed by FO and HSD whose sales increased by 12.6% YoYand
6.7% YoY respectively. On a single month basis too the sales growth of MS
remained higher among other products as volumetric sales in Dec'13 totaled to
335k tons which is 24.5% more from 269k tons of MS sold in Dec'12.
APL - 'Shining star' so far
As far as performance of the individual companies in the OMC sector is con-
cerned, Attock Petroleum Limited (APL) showed the best performance so far as
it recorded total sales of 966k tons during the period under our review showing
a growth of 21% YoY when compared to sales of 799k tons in 1HFY13. The
second and third positions were grabbed by Shell Pakistan (SHEL) and Pakistan
State Oil (PSO) whose sales volume went up by 8% YoY& 7% YoYrespective-
ly in the 1HFY14.
'000 tons 1HFY14 1HFY13 YoY Dec'13 Dec'12 YoY
MS 1,885 1578 19.5% 335 269 24.5%
HSD 3,505 3285 6.7% 577 568 1.6%
FO 4805 4268 12.6% 706 694 1.7%
JP 345 335 3.0% 70 62 12.9%
Other 115 121 -5.0% 20 18 11.1%
TOTAL 10,655 9,587 11.1% 1,708 1,611 6.0%
Source: OCAC
Optimistic moving forward
We are optimistic for the OMC sector moving forward where at one side the
sector would be benefited from likely increased in their margins while on the
other side the volumetric sales too is expected to remain robust. We would give
a 'BUY' call for PSO and APL which are trading offering an upside potential of
13% and 20% respectively from their Dec'14 target price of Rs 389/share and
Rs603/share respectively.
KSE Statistics January 15, 2014
Pivot Analysis
Company CR RSI Buy 1 Buy 2 Sell 1 Sell 2 Pivot
KSE 100 INDEX 26761.78 85.96 26,609 26,457 26,895 27,029 26,743
Attock Cement 144.97 51.33 144.15 143.35 145.65 146.30 144.80
Adamjee Insurance 38.13 24.99 37.20 36.25 38.95 39.70 38.00
Askari Bank 13.86 53.04 13.80 13.70 14.00 14.10 13.90
Azgard Nine 9.20 73.47 8.70 8.20 9.50 9.85 9.00
Attock Petroleum 505.18 54.42 502.70 500.25 508.90 512.65 506.45
Attock Refinery 220.24 62.03 218.90 217.55 222.65 225.10 221.35
Bank Al-Falah 27.65 61.36 27.25 26.85 27.90 28.15 27.50
BankIslami Pak 7.00 53.56 6.90 6.85 7.10 7.25 7.05
Bank.Of.Punjab 11.08 48.98 11.00 10.95 11.20 11.30 11.10
Faysal Bank 12.66 65.55 12.50 12.35 12.95 13.20 12.80
Fauji Cement 15.79 63.45 15.65 15.50 15.95 16.10 15.80
Fauji Fert Bin 43.81 53.43 43.45 43.15 44.30 44.80 44.00
Fauji Fertilizer 117.42 65.73 116.70 115.95 118.45 119.50 117.70
Habib Bank Ltd 181.10 75.62 177.55 174.05 186.55 192.05 183.05
Hub Power 65.10 72.06 64.65 64.15 65.75 66.35 65.25
ICI Pakistan 298.25 91.90 292.85 287.45 301.80 305.30 296.40
Lucky Cement 310.20 62.68 307.40 304.60 314.75 319.30 311.95
MCB Bank Ltd 292.50 56.44 290.95 289.45 294.45 296.45 292.95
Maple Leaf Cement 28.11 57.37 27.80 27.50 28.65 29.20 28.35
National Bank 57.96 55.00 57.60 57.25 58.50 59.05 58.15
Oil & Gas Dev. XD 287.84 70.57 286.90 285.95 289.40 290.95 288.45
P.S.O. XD 346.22 69.89 344.35 342.50 349.25 352.25 347.40
P.T.C.L.A 28.65 40.32 28.45 28.25 29.00 29.30 28.80
Sui North Gas 21.74 48.92 21.60 21.45 22.00 22.25 21.85
CR = Yesterday's Closing Rate; RSI = 14 day RSI.
RSI Indication: Less than 30 Indicate oversold position & Greater than 70 Indicate overbought
position.
T-Bills (3 Mths) 09-Jan-2014 9.96%
T-Bills (6 Mths) 09-Jan-2014 9.98%
T-Bills (12 Mths) 09-Jan-2014 9.99%
Discount Rate 13-Nov-2013 10.00%
Kibor (1 Mth) 15-Jan-2014 9.96%
Kibor (3 Mths) 15-Jan-2014 10.09%
Kibor (6 Mths) 15-Jan-2014 10.15%
Kibor (9 Mths) 15-Jan-2014 10.41%
Kibor (1 Yr) 15-Jan-2014 10.46%
P.I.B (3 Yrs) 15-Jan-2014 11.90%
P.I.B (5 Yrs) 15-Jan-2014 12.45%
P.I.B (10 Yrs) 15-Jan-2014 12.65%
P.I.B (15 Yrs) 15-Jan-2014 13.10%
P.I.B (20 Yrs) 15-Jan-2014 13.15%
P.I.B (30 Yrs) 15-Jan-2014 13.25%
Key Data
Money Market
GDR Update
Symbol $.Price PKR/S
MCB (1 GDR= 2 Shares) 4.30 226.74
OGDC (1 GDR= 10 Shares) 24.50 258.38
UBL (1 GDR= 4 Shares) 2.50 65.91
LUCK (1 GDR= 2 Shares) 6.00 316.38
HUBC (1 GDR= 25 Shares) 15.41 65.01
NCCPL (U.S $ in million)
FIPI (15-Jan-2014) -0.36
Local Companies (15-Jan-2014) -2.67
Banks / DFI (15-Jan-2014) 0.98
Mutual Funds (15-Jan-2014) -2.50
NBFC (15-Jan-2014) -0.01
Local Investors (15-Jan-2014) 2.18
Other Organization (15-Jan-2014) 2.39
Commodities
Crude Oil (brent)$/bbl 106.65
Crude Oil (WTI)$/bbl 93.32
Cotton $/lb 84.16
Gold $/ozs 1,237.72
Silver $/ozs 20.05
Malaysian Palm $ 770
GOLD (PMEX) PKR 42,580
KHI Cotton 40Kg PKR 7,502
Portfolio Investment (U.S $ in million)
Yearly(Jul, 2013 up to 13-Jan-2014) 91.48
Monthly(Jan, 2014 up to 13-Jan-2014) 2.48
Daily (08-Jan-2014) 1.23
Total Portfolio Investment (03-Jan-2014) 4499
WE Financial Services
Corporate Office
506, Fifth Floor,
Karachi Stock Exchange Building,
Stock Exchange Road,
Karachi - 74000,
Pakistan
URL: www.we.com.pk
Morning Briefing
Thursday, January 16, 2014
Book Closure
Company From To D/B/R Spot Date AGM-EOGM
Habib Sugar Mills 18-01-2014 30-01-2014 50 - 30-01-2014
Thal Industries Corp. 19-01-2014 25-01-2014 15 - 25-01-2014
Shakarganj Mills 21-01-2014 28-01-2014 - - 28-01-2014
Adam Sugar Mills 23-01-2014 31-01-2014 25,200(R) - 31-01-2014
Shahtaj Sugar Mills 23-01-2014 04-02-2014 - - 30-01-2014
Shahmurad Sugar Mills 23-01-2014 03-02-2014 15 - 31-01-2014
Al-Noor Sugar Mills 23-01-2014 03-02-2014 5,5(B) - 31-01-2014
Kohinoor Sugar Mills 24-01-2014 31-01-2014 - - 31-01-2014
Dewan Sugar Mills 24-01-2014 30-01-2014 - - 30-01-2014
Mohammad Farooq Textile Mills #25-01-201431-01-2014 - - 31-01-2014
Khairpur Sugar Mills 29-01-2014 05-02-2014 - - 30-01-2014
Indications
# Extraordinary General Meeting
Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of pub-
lishing. However, we do not accept any responsibility for its accuracy & completeness and it is not intended to be an offer or a solicitation to buy or sell any secu-
rities. WE Financial Services & its employees will not be responsible for the consequence of reliance upon any opinion or statement herein or for any omission.
All opinions and estimates contained herein constitute our judgment as of the date mentioned in the report and are subject to change without notice.
For live markets, historical data, charts/graphs and investment/technical analysis tools, please visit our website www.weonline.biz