Pakistan Oil Marketing: Oil sales up 19% YoY; All-time high MS and 24-month high HSD sales
- Pak Oil sales for Jun-2020 are likely to increase by 9% MoM as economic activities have picked up following government’s easing of COVID-19 related lockdowns.
- The same is also up 19% YoY owing to (1) low prices (reportedly smuggling of petroleum products into Pakistan was also very nominal as price differential had substantial reduced) and (2) backlog of orders (because of the anticipation of price cut for Jun-2020).
- Motor Spirit (MS) sales are expected to post highest ever monthly sales, reaching 726k tons (up 14% MoM and 28% YoY).
- High Speed Diesel (HSD) sales are also expected to improve by 10% MoM and 68% YoY to reach 753k tons, posting a 24-month high.
- In FY20, volumes are likely to drop by 12% YoY due to overall economic slowdown and impact of COVID-19 outbreak.
- In Jun-2020, PSO sales are likely to increase the most by 35% MoM as MS segment is poised to post 44% MoM increase. PSO’s increase is largely due to low inventory levels of smaller OMCs. PSO’s Furnace Oil (FO) volumes too increased by 146% MoM as FO has turned into a more economic source of energy because of decline in prices.
HASCOL volumes are likely to decline by 40% MoM, whereas APL and SHEL volumes are expected to improve by 12% MoM and 9% MoM, respectively in Jun-2020.
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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