Pakistan Oil Marketing: Oil sales likely to grow by 2% YoY, but down 2% MoM amidst rains
- Pak Oil sales are likely to increase by 2% YoY in Sep-2020 as Furnace Oil (FO) demand improved by 62% YoY.
- The pickup in FO volumes is largely attributable to (1) low FO prices resulting in higher FO-based power generation and (2) overall pick-up in economic activity following improvements in COVID-19 situation.
- However, oil sales are expected to decline by 2% MoM, as it took some time for the water logged areas from heavy rains to be cleared before transportation/agricultural activities could continue.
- Hence, sales of High Speed Diesel (HSD) and Motor Spirit (MS) are likely to decline by 9% MoM and 7% MoM, respectively during the month.
- In 1QFY21, oil sales are likely to grow by 8% YoY where HSD and FO volumes have increased by 7% YoY and 30% YoY, respectively.
- In Sep-2020, HASCOL sales are likely to increase the most by 64% YoY (due to 126% increase in MS sales), followed by 4% YoY rise in APL volumes (due to 60% YoY higher FO sales).
On the market share front, PSO’s market share is expected to decline from 43% last month to 41% in MS, while HASCOL has made major inroads with increase from 7% to 11%.
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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