Pakistan Oil Marketing: Oct 2018 oil sales likely to fall by 38% YoY; Ex Furnace oil down by 18% YoY
- Furnace Oil (FO) sales continued its downward trajectory in sales growth, wherein during Oct 2018 sales of FO is likely to post decline of 74% YoY to 235k tons due to availability of alternate power generation fuels like Coal and RLNG. This will probably drag down overall sales volume during Oct 2018 to 1.54mn tons, down 38% YoY. Excluding FO, oil sales in country is expected to come down 18% YoY to 1.3mn tons.
- In white oil segment, both HSD and MS are likely to fall by 20% and 10% YoY during Oct 2018, where fall in former could be attributed to continued smuggling from Iran and sharp rise in HSD prices by 34% YoY to ~Rs107/liter. While latter declined due to some infrastructure and storage related issues (maintenance), as per our channel checks. However, increase of 26% YoY in petrol prices can also be attributed to said decline.
- Attock Petroleum (APL) gained 1.4ppts YoY in its market share of MS oil during 4MFY19 to 9.6%, while PSO and Hascol are likely to lose 4.1 and 2.6 ppts YoY.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
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