Pakistan Economy - News & Updates - Archive

[Pk_Thunder]

Mobile Money Order Service to be launched​

KARACHI: Mobilink signed an agreement with Pakistan Post Office (PPO) to introduce Mobile Money Order Service in Pakistan here on Friday. The agreement was signed by Ahsan Basir Sheikh, Additional Director General (Financial Services) from Pakistan Post and Bilal Munir Sheikh, VP Marketing from Mobilink Elaborating the initiative, Bilal Munir Sheikh said, “As a company on the forefront of technological innovation, Mobilink has pioneered the mobile-based commerce in the country. Continuing our tradition of firsts, the Mobilink Mobile Money Order Service is a unique offering that completely revolutionises the process of sending and receiving money orders. MMO enables our customer to send and receive money orders to any Mobilink customer across the country anytime, anywhere, via SMS.” Mohammed Ahmed Mian, said the customers can not only remit money to their relatives and friends through mobile SMS but can also withdraw or deposit up to Rs 10,000. This can be done by simply filling out a form that will be available at authorised PPO branches across the country upon launch. Once they are submitted, within 24 hours customers will be able to send and receive money orders at their convenience to Mobilink users via SMS anywhere in Pakistan. staff report

 

[Neo]

ADB to extend $810 million financing facility for power sector​

ISLAMABAD (November 30 2008): Pakistan and Asian Development Bank (ADB) here on Saturday inked a $810 million financing facility agreement, under which the latter would provide the amount for 'Power Distribution Enhancement Multi-Tranche Financing Facility (MFF)' to Pakistan help improve its power management and efficiency in the energy sector.

The Loan Agreement of the first tranche of $242 million (OCR) and $10 million was signed by ADB's Country Director Rune Stroem and Secretary, Economic Affairs Division, Farrakh Qayyum, while the Project Agreement were signed by ADB's Country Director, Managing Director Pepco Fazal Ahmad Khan and the chief executives of the eight power distribution companies (Discos). The Executing Agency (EA) for the Investment Programme is the Pakistan Electric Power Company (Pepco).

The programme will be implemented by eight power distribution companies ie Fesco, Gepco, Hesco, Iesco, Lesco, Mepco, Pesco, Qesco. Pakistan's power distribution system faces technical and fiscal deficits. The system faces major challenges which include deterioration in system efficiency, reliability and quality of electricity supply, high technical and commercial losses, curtailed availability of electricity, and low voltage profile.

EAD Secretary Farrukh Qayyum thanked ADB for extending this financial facility for improving the transmission and distribution of electricity in the country. Addressing distribution constraints through power sector reform and investment planning and financing is urgently required and is Government's top most priority, he said.

He said that the Government is exploring the financing for not only power generation projects but also for power management and efficiency to improve the distribution network. "We appreciate that this distribution enhancement facility with the ADB shall help the government to overcome the energy crisis in the country & improve distribution efficiency", he said.

This Investment project is part of the long term investment program for energy security and part of the power transmission and distribution development programme of Pakistan. The investment programme will enhance the overall power distribution system efficiency across all eight distribution companies in the country by improving the reliability, quality and stability of the distribution system.

The investment program of $252 million is structured in at least three tranches with a batch of 'Subprojects' and their implementation support. The first tranche would finance nearly 160 'Subprojects' and a Subproject support component.

The subprojects will improve power distribution infrastructure through rehabilitation, augmentation and expansion of the secondary (below 132 KV) transmission network, and relieve the power system from distribution bottlenecks and constraints.

Specifically Discos will adhere to regulatory requirements and comply with the security standards, about 12 gigawatt hours (GWh) of additional power will be supplied through the national grid annually, the system will be capable of meeting peak demand, with electricity outages significantly reduced; and 60 million additional people will have access to electricity from the national grid.

In his remarks the ADB Country Director expressed hope that this financing facility would help Pakistan improve its transmission and distribution in the power sector. He added that infrastructure can play an important role in the economic growth of any country. He assured the support of his organisation to Pakistan for achieving this objective.

 

[Neo]

Infrastructure maintenance: Pakistan spends below three percent against eight percent in Asia​

LAHORE (November 30 2008): Pakistan is lurking much below on the spending yardstick for maintenance and repairing of existing infrastructure in the Asia where majority of countries spend 8 percent of the total cost of the asset annually against less than 3 percent in Pakistan, causing a big blow to the growth of overall economy here.

Since a major chunk of the infrastructure development work in Pakistan depends upon the lenders' releases, often disrupted due to one or the other reason. Therefore, a constant deadlock is the hallmark of the infrastructure set up in Pakistan where the scarcity of funds has put the maintenance and repair of existing infrastructure on priority than rapidly building up new infrastructure assets.

Particularly, the recent energy deficiency has hit the national industry hard, which has experienced the worst-ever load shedding throughout the calendar year 2008 due to snail pace work on developing new energy resources. To cover the ugly face of country's infrastructure, the planners have chosen a short cut of concentrating on major cities like Lahore and Karachi, the provincial capitals, for launching new infrastructure projects.

This approach is supported through the argument that the existing infrastructure in major cities would be choked down in the absence of a timely expansion. But no serious attention is given to country's 80 percent rural-based population living in abject poverty generation after generation where members of national and provincial assemblies are siphoning off development funds under the garb of street soling and drainage.

To add fuel to the fire, the vindictive mindset of political leadership proves last nail to the coffin, hampering again the growth of infrastructure development in Pakistan.

Just to have an idea of this mindset, one may give a serious attention to the Punjab government sources who pointed out in a dejected tone that the Chief Minister Punjab Shahbaz Sharif has put the project of Lahore Rapid Mass Transit System (LRMTS) on the backburner despite a heavy spending of Rs 1.0 billion on its designing by the previous government of Chief Minister Chaudhry Parvaiz Elahi.

Instead of asking for speed up the development work, according to the sources, the Punjab Chief Minister has directed an evaluation of the project before proceeding any further on the project. Fears are getting high with every passing day that the spending of Rs 1 billion from the public exchequer would go unnoticed if such unnecessary delays are attributed to the fate of the project.

Interestingly, the Chief Minister Shahbaz Sharif had himself initiated the idea of LRMTS back in 1996-99. However, further development took place the regime of Chaudhry Parvaiz Elahi. Now when the policy makers are pulling a long over shelving of the LRMTS, the Chief Minister Punjab has initiated another Rs 50 billion idea of Lahore-Rawalpindi Elevated Express Highway while desiring from the infrastructure planners to put all their energies to make it a success story. It may be noted that the Punjab government is already executing Rs 100 billion Ring Road project, a major spending of which is again on the provincial capital.

Therefore, a total spending of about Rs 150 billion on developing infrastructure of Lahore and areas adjacent to it has resulted into a deep sense of deprivation among under developed regions of the province. The planning developers of the province are of the view that one major reason behind this deprivation is the highly selfish approach of the public representatives from those regions.

It is worth noting here that the road development fund allocated for the whole Punjab for 2008-09 is Rs 18 billion, out of which Rs 13 billion is to be spent on maintenance and repairing of existing roads, Rs 2 billion for new roads and Rs 3 billion to appease the MNAs and MPAs.

 

[Neo]

Foreign investment: poor law and order situation main hurdle​

KARACHI (November 30 2008): Canadian investors are intended to invest in Pakistan, however, poor law and order situation, lack of infrastructure and unclear economic policies are the main hurdles in the foreign investment.

Qamar Sadiq chairman Canadian Trade Council for South Asia and Canadian Investments and Immigration Consultants has said that terrorist activities, suicide attacks in the different parts of the country and political uncertainty is forcing foreign investors not to invest in the Pakistan till the situation is not controlled.

He said that at present, there are a lot of investment opportunities for the foreign investors in the different sectors like power and gas, however, they are reluctant to invest due to unstable government setup and poor law and order situation. He has urged the government to take immediate steps for the political and economical stability in the country, providing new avenues to the foreign investors.

"The Canadian government has recently black listed some immigration consultant after the examining their performance and around 40 percent consultants are still working illegal," he added. He said that Canadian government has planned to provide immigration some 250,000 persons annually ahead of increasing population in the Canada.-PR

 

[Neo]

29.41 percent rise in SPI inflation​

ISLAMABAD (November 29 2008): The SPI inflation surged by 29.41 percent on week ending November 27 over the same period of last year because of sharp increase in the prices of some vegetables, meat and other commodities. Weekly figures on SPI inflation, released by the Federal Bureau of Statistic (FBS) on Friday, showed that after Rs 16 increase, the price of tomatoes per kilogram has gone up from Rs 35.71 to Rs 52.63 during the week.

Similarly, the price of dozen eggs has increased from Rs 65.83 to Rs 73.98 during the week. This is the second consecutive week that inflation has started resurging after a brief period of decline at the beginning of the month on the back of falling prices of commodities in the international market.

This trend in inflation shows that the tight monetary policy of State Bank of Pakistan (SBP) was not working to tame it. The SPI inflation re-surged from 27.91 percent to 29.41 percent during last two weeks, indicating that despite decline in some commodities prices in the global market, the prices of essential commodities have been on the rise. Though palm oil cost has declined substantially, the price of ghee and cooking oil has not been reduced.

The combined SPI after a surge of 0.32 percent during the week has gone from 29.02 percent last week to 29.41 percent this week. With this increase in the SPI, the dearness for the low income group bracketed in Rs 3000 was recorded 29.39 percent, followed by 29.85 percent for Rs 3001-5000 monthly income families. The dearness was counted 30.31 percent for the families earning monthly Rs 5001-12000 and 28.92 percent for above Rs 12000 income group.

The data on SPI released by FBS showed increase in the prices of 13 essential commodities, decline in 15 while the prices of 28 items remained stable but dearer with most of them in double digit as compared to last year.

The price of per kilogram tomatoes was increased during the week to Rs 52.63 from Rs 35.7, egg hen (farm) doz to Rs 73.98 from Rs 65.83, onions kg to Rs 26.87 from Rs 25.02, mash pulse washed kg to Rs 75.45 from Rs 74.82, potatoes kg to Rs 27.70 from Rs 27.53, electric bulb 60 watts each to Rs 13.97 from Rs 13.91,

firewood 40 kg to Rs 266.18 from Rs 265.06, bread plain medium size each to Rs 24.06 from Rs 23.97, mutton kg to Rs 257.13 from Rs 256.51, beef kg to Rs 142.24 from Rs 142.20.

The price of chicken (farm) kg declined during the week to Rs 92.12 from Rs 98.22, garlic kg to Rs 43.16 from Rs 44.15, bananas doz to Rs 31.25 from Rs 31.86, LPG (11 kg cylinder) each to Rs 819.97 from Rs 835.41, vegetable ghee loose kg to Rs 98.10 from Rs 99.93, red chillies kg to Rs 140.61 from Rs 143.03, sugar kg to Rs 35.10 from Rs 35.58, wheat flour average quality kg to Rs 26.72 from Rs 27.04, mustard oil kg to Rs 143.43 from Rs 144.76, wheat average quality kg to Rs 24.88 from Rs 25.06, gur to Rs 39.10 from Rs 39.34, rice basmati broken kg to Rs 48.46 from Rs 48.64, masoor pulse washed kg to Rs 128.81 from Rs 129.28, kerosene litre to Rs 68.28 from Rs 68.40, rice Irri-6 kg to Rs 38.54 from Rs 38.58.

 

[Neo]

WFP to give $71m aid to support 3.1m more people hit by high food prices​

Sunday, November 30, 2008

ISLAMABAD: The World Food Program (WFP) will provide emergency assistance of $71 million in the 20 worst affected districts of Pakistan to support an additional 3.1 million people hard hit by high food prices.

In this regard an agreement was signed here on Saturday in the Ministry of Food & Agriculture. Secretary Food, Agriculture & Livestock Zia-ur-Rehman and Wolfgang Habinger Country representative of WFP signed the agreement.

The emergency assistance will be provided in the 20 worst affected districts of NWFP, Balochistan and Sindh and also, the assistance would compliment the Benazir Income Support Programme (BISP) started by the government to support the poorest of the poor, says an official statement.

The government of Pakistan has set up a National Task Force on Food Security in response to the food price crisis and this task force recommended safety net assistance for seven million households whose food consumption is less than 1700 kilo-calories per day. The government’s new “Benazir Income Support Programme” will provide cash support of Rs1,000 per month for 3.5 million families.

Wheat bags of 50 kg are being distributed in WFP-assisted primary schools from October 2008 on a quarterly basis. Edible oil will continue to be distributed to students every month under WFP’s ongoing country programme.

Federal Food Agriculture minister Nazar Muhammed Gondal said in his statement that the government is pursuing pro-poor policies, and direct financial assistance to the poorest of the poor through BISP is a great step towards bringing people out of the vicious circle of poverty and providing them with food security.

The Minister said that the agreement signed with WFP would strengthen the efforts of the government to face the challenges of poverty and food security. He commended the role of WFP assisting Pakistan in providing food security and eradicating poverty in the country.

 

[Neo]

ADB to provide $252m loan to enhance power distribution ​

Sunday, November 30, 2008

ISLAMABAD: The Asian Development Bank (ADB) and Pakistan on Saturday signed a loan agreement worth $252m to enhance Pakistan’s power distribution system and capacities.

The $810 million Power Distribution Enhancement program was approved by ADB in September 2008, and will be implemented over a period of 10 years.

The agreement comprises of two components, Periodic Financing Request (PFR) of $242 million and Multi-tranche Facility (MFF) support component of $10 million.

The Investment Program is structured in at least three tranches with a batch of sub-projects and their implementation support.

ADB’s first PFR under this MFF would finance about 160 sub-projects and a sub-project support component.

The sub-projects will improve power distribution infrastructure through rehabilitation, augmentation and expansion of the secondary (below 132 kV) transmission network, and relieve the power system from distribution bottlenecks and constraints.

Specifically, (i) DISCOs will adhere to regulatory requirements and comply with the security standards, (ii) about 12 gigawatt hours (GWh) of additional power will be supplied through the national grid annually, (iii) the system will be capable of meeting peak demand, with electricity outages significantly reduced; and (iv) 60 million additional people will have access to electricity from the national grid.

The agreement for PFR component was signed by Rune Stroem, ADB’s Country Director and Farrakh Qayyum, Secretary Economic Affairs Division; while the MFF support fund was signed by Rune Stroem and Fazal Ahmed Khan, managing director of PEPCO and chief executives of eight power distribution companies (DISCOs).

“We understand and support the government’s efforts to address power distribution constraints to improve efficiency and minimise losses in the system”, said ADB’s Rune Stroem. “A stronger power distribution system, in addition to an efficient power transmission system, will not only help increase power generation capacity to support Pakistan’s economic growth targets, but it will go a long way in managing future power requirements of the country”, Rune added.

Pakistan’s power distribution system is facing serious technical and fiscal challenges, which include deterioration in system efficiency, reliability, and quality of electricity supply.

High technical and commercial losses and resultant shortage of electricity, and low voltage profile are the other major problems facing the country’s stressed energy sector. —MH

 

[indiapakistanfriendship]

Similarly, the price of dozen eggs has increased from Rs 65.83 to Rs 73.98 during the week

That seems pretty expensive for dozen eggs

 

[Neo]

Power plants sought in public-private partnership ​

Sunday, November 30, 2008

KARACHI: The Government of Sindh may follow the Punjab Government for establishing 50 MW generation plants at various locations in Punjab under public private partnership.

Engeneer MA Jabbar the new chairman of SAI for the year 2008-09 said his speech following the announcement of his election.

Election Commission of SITE Association of Industry (SAI) led by Abdullah Rafi declared Engr. M.A. Jabbar the new chairman of SAI for the year 2008-09 and Suleman Chawla and Naseem Anwar as Senior Vice Chairman and Vice Chairman respectively.

The announcement was made at the 44th Annual General Body Meeting of the Association held on Friday 28 November, under the chairmanship of out going Chairman Muhammad Nisar Shekhani.

Newly elected Chairman Engr. M. A. Jabbar in his speech said that he would try to capitalize the merit of the oldest and biggest industrial state of the country. He said that the biggest revenue generator of taxes among industrial states needs infrastructure rehabilitation and improvement.

He identified the resources possibly to come from discretionary grants and contingency amounts from the offices and institutions namely President, Prime Minister, Chief Minister, Governor of Sindh and City District Government.

He said that the old industrial estate should not become analogy of being claimed as old civilization. The infrastructure is to be upgraded and rehabilitated, one of the factors for reducing cost of doing business.

He also said that he would try to convince the Sindh Government to adopt relevant chapters in the Punjab Industrial Policy and bring an accord in labour relations and the management for moving the economy amid harmony instead of conflicts and contradictions.

He also said that the Sindh Government under public private partnership may pick up the role model of Punjab Government which is establishing 50 MW generation plants at various locations in Punjab which otherwise are also permissible under the National Power Policy.

He said that industrial cost structuring needs improvement by policy support of the government. Fiscal, monitory, tariffs and taxation needs rationalization including KIBOR to be close of discount rates. Spreads followed by KIBOR for short term and long term lending needs also spread reduction as SBP has relaxed many areas for banks to increase their liquidity.

 

[Neo]

North Karachi Industrial Area development under way ​

Sunday, November 30, 2008

KARACHI: The government is carrying out infrastructure developments in North Karachi Industrial Area and its results would be seen in coming months, Noor Ahmed Khan, the outgoing Chairman of North Karachi Association of Trade and Industry (NKATI) told The News.

He said that government is laying new sewerage lines, which have improved the overall system in industrial zones.

Many projects have been completed and new roads will be laid once all the sewerage system is completed in the industrial area. “We are used to of not planning well in every given task, but this time owing to good planning of government, infrastructure developments are going on systematically. Infrastructure developments are in full swing, and its results would be seen in some weeks,” he said.

Younus Khamisani, the newly elected Chairman of NKATI, who would take charge from December 1 this year, said PC-1 of the developmental works has already been approved by government and soon projects of infrastructure development would start in the area.

“We are an apex body and we do generate funds, but our association’s funds are not used in infrastructure development, and all developmental works in North Karachi industrial zone have been taken place by North Karachi Industrial Trading Estate (NITE), one of the four public-private management firms that had been formed in each of the four industrial zones of Karachi,” he added.

Korangi Industrial Trading Estate (KITE), Landhi Industrial Trading Estate (LITE), North Karachi Industrial Trading Estate (NITE) and Federal B Area Industrial Trading Estate (FITE) had received Rs250 million each in March 2008 for the infrastructure development by Sindh Industries and Commerce Department.

But, Sindh government had frozen the bank accounts of these four industrial management companies couple of weeks ago that were formed for infrastructure development in four major industrial estates of Karachi.

 

[Neo]

ADB to give $800m for better power distribution​

ISLAMABAD: The Asian Development Bank (ADB) and the Government of Pakistan on Saturday signed a loan agreement to improve Pakistan's power distribution system, which will help adding 60 million additional people to the national grid.

The $810 million Power Distribution Enhancement programme was approved by ADB in September 2008, and would be implemented over period of 10 years. The agreement signed comprised of two components: Periodic Financing Request (PFR) of $242 million; Multi-tranche Facility (MFF) support component of $10 million. The agreement for PFR component was signed by Rune Stroem, ADB's Country Director and Farrakh Qayyum, Secretary Economic Affairs Division; while the MFF support fund was signed by Rune Stroem and Fazal Ahmed Khan, managing director of PEPCO and chief executives of eight power Distribution Companies (DISCOs).

"We understand and support government's efforts to address power distribution constraints to improve efficiency and minimise losses in the system," said ADB's Rune Stroem. "A stronger power distribution system, in addition to an efficient power transmission system, would not only help increase power generation capacity to support Pakistan's economic growth targets, this would go a long way in managing future power requirements of the country," Rune added.

Pakistan's power distribution system is facing serious technical and fiscal challenges, which include deterioration in system efficiency, reliability, and quality of electricity supply. High technical and commercial losses and resultant shortage of electricity, and low voltage profile are other major problems facing the country's stressed energy sector.

Power distribution system in Pakistan is negatively impacted by the overloading, and poor maintenance, which had rendered it unreliable thus causing difficulties for customers due to heavy load shedding. The system needed immediate rehabilitation, augmentation, and expansion to meet growing customer demands.

The programme is part of ADB's support to Pakistan's long-term investment plan for energy security, power transmission and distribution development. It will enhance the overall power distribution system efficiency across all eight distribution companies in the country by improving the reliability, quality, and stability of the distribution system.

The investment programme was structured in at least three tranches with a batch of sub-projects and their implementation support. The ADB's first PFR under this MFF would finance about 160 sub-projects and a sub-project support component.

 

[Neo]

IMF tranche boosts Pakistan's reserves to $9.4bn ​

KARACHI (December 01, 2008): Pakistan's foreign currency reserves stood at $9.4 billion by Nov. 26 after receiving the first tranche of $3.1 billion from the International Monetary Fund last week, the State Bank of Governor said on Monday.

Reserves had totalled $6.6 billion as of Nov. 22.

The IMF last week approved a $7.6 billion loan to avert a balance of payments crisis and prevent the government defaulting on its international debt obligations.

Pakistan will immediately have access to $3.1 billion under the 23-month facility, with the rest phased in subject to quarterly review, the fund said early last week.

The State Bank of Pakistan did not give up any break-up between foreign currency reserves held by itself, and reserves held by commercial banks.

 

[Neo]

Germany forgoes $51 million debt in exchange for health investment​

BERLIN (December 01 2008): Germany agreed Sunday to forgive 40 million euros (51 million dollars) of Pakistan's debt in exchange for an agreement from Islamabad to earmark half that amount for health programmes.

The deal between the German and Pakistani governments and the Global Fund to Fight AIDS, Tuberculosis and Malaria was signed on the sidelines of a United Nations conference on Financing for Development in Doha, the German Economic Co-operation and Development ministry said in a statement.

The agreement is part of the Debt2Health programme launched in 2007 offering debt relief to poor countries that agree to invest in health programmes via the Global Fund. Germany forgave 50 million euros in debt owed by Indonesia last year under the programme.

Pakistan is the second country to benefit from Berlin's participation, the statement said. "We hope that other creditor nations will join the initiative and also offer debt conversion deals to Pakistan as well as other countries contending with a heavy health system burden and heavy debt," Pakistani State Minister for Economic Affairs and Statistics Hina Rabbani Khar said in the statement.

The Global Fund, created by the G8 group of industrialised nations in 2002, has approved 100 million dollars in aid to Pakistan for fighting AIDS, tuberculosis and malaria, the statement said.

Cash-strapped Pakistan has said it needs up to 4.5 billion dollars to deal with a balance of payments crisis, raising the prospect that the violence-hit country will default on its foreign debts. The International Monetary Fund offered it a loan of 7.6 billion dollars this month in the first rescue in Asia since the global financial crisis began.

 

[Neo]

10 percent cut in taxes for car makers suggested​

ISLAMABAD (December 01 2008): The Ministry of Industries and Production has recommended 10 percent reduction in taxes for local car manufacturers, to be considered by the Economic Co-ordination Committee (ECC) of the cabinet scheduled to meet on Tuesday, official sources told Business Recorder.

The office bearers of Pakistan Car Manufacturers Association (Pama) recently met the officials of Industries Ministry, Engineering Development Bank (EDB) and Ministry of Investment to apprise them of current situation of the industry. The delegation was of the view that their production has come to a halt with local car sales plunging by 51percent in the Q1 of financial year 2008-09.

According to recent number of car sales for the month of September were down by 29percent at 7,889 units against 11,072 units sold during the same month last year. The sources said, Pama had been assured that the Industries Ministry would submit a summary to the ECC for reduction in taxes by 10 percent with the consent of Federal Board of Revenue (FBR).

There are, however, reports that FBR is unwilling to give any concession to the auto sector with the argument that if the government accommodates one sector all industries would also demand the similar concessions, the sources added.

The summary titled 'measurers to address declining trend in automobile sector' has not yet been seen by the Prime Minister's Advisor on Finance, Shaukat Tarin whose role in the approval of this proposal would be very important, the sources continued.

On cumulative basis, during 1Q FY 2009 total car sales remained 51percent lower at 19,066 units as compared to 39,297 units sold during the same period last year. During the 1Q FY 2008, almost all manufacturers registered a decline in sales units. Among major players, massive drop was witnessed in Indus Motor's sales units with 64percent decline at 4,659 units that is followed by Pak Suzuki Motors which registered 48percent decline in sales volume over the same period of FY 2008, the sources concluded.

 

[Neo]

Foreign investors withdrew $10.570 million during November​

KARACHI (December 01 2008): A massive outflow of portfolio investment was witnessed as the foreign investors withdrew $10.570 million from the country's equity market during the month of November 2008. An outflow of $1.750 million was witnessed only in the outgoing week while the cumulative outflow increased to $358.229 million in the current year from January 01 to November 28, 2008.

"The prevailing uncertainty over the price floor and no decision regarding market stabilisation fund forced the foreign investors to off-load their holdings to avoid further losses", analysts said. The law and order and geo-political situation in the region were also another factor, which discouraged them to stay, they added. The outgoing week started with the negative sentiment and the foreign investors withdrew $223,298 from the equity market on Monday. The situation slightly improved at an inflow of $33,858 was witnessed on Tuesday.