Petroleum product demand, after a brief period of recovery in October, dampened again in November. Furnace Oil sales led the overall decline in volumetric sales and reduced to 136mnMT (-33% MoM). HSD demand uplift was short lived and fell by 18% MoM....

OMC margins revised upward because of the space created by falling international oil prices. HSD margins revised from PKR3.89/litre to PKR5.41/litre and MS margins revised from PKR3.68/litre to PKR4.00/Litre. Margin hike will give some respite to OMC...

China's more pragmatic 'zero-Covid' inevitably spikes infections: witness lockdown in Zhengzhou and Foxconn factory riot. Reminder of China's deep links with global supply chain, particularly top alternative manufacturing location Vietnam. 'China +1'...

HCAR has reported NLAT of PKR385mn (LPS: PKR2.70) for 2QMY23. Gross margin stands at 3.4%, much lower than our expectation of 5.2% and down 2.9ppt/3.5ppt QoQ and YoY. We believe large exchange losses have resulted in elevated other expenses.

Latest automobile sales show some relief post resumption in production; the MoM numbers were up 22% to 13,369 units. HCAR’s plant was shut down for a longer period as compared to peers, the company has witnessed a softer 11% jump MoM. MTL outperform...

Pakistan matters more to geopolitics (230mn population bordering China, India, Iran) than to investment (45bps of EMBI). But the political life of its most famous citizen, Imran Khan, offers useful insights for investors, particularly in EM. Two-part...