Pakistan’s Fertilizer Stocks Rally After Engro Raises Prices

Fauji Fertilizer Bin Qasim Ltd. (FFBL) rose to the highest since 1997 in Karachi trading, leading gains among Pakistan’s fertilizer stocks, after rival Engro Corp. raised its prices by 15 percent today.

Fauji Bin Qasim, the country’s only producer of di-ammonium phosphate, jumped 4.3 percent to 61.40 rupees as of 12:32 p.m. local time. Fauji Fertilizer Co., the country’s biggest urea maker, rallied by the daily limit of 5 percent to 170.62 rupees, heading for its steepest gain since Jan. 14.

Shares of Engro, a maker of fertilizer, dairy products and plastics, rose 3.3 percent to 142.10 rupees. The company lifted the price of urea by 202 rupees ($2.31) for a 50 kilogram bag to 1,580 rupees, spokesman Aman ul Haque said in a text message.

“This is an across-the-board sentiment of Engro’s action,” Shamoon Tariq, a research analyst with Invisor Securities Pvt. Ltd., said in a telephone interview from Karachi today. “Investors feel the other bigger companies may increase their rates as well.”

To contact the reporter on this story: Khurrum Anis in Karachi at

To contact the editor responsible for this story: Darren Boey at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.