<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The global market of petrochemicals has largely seen rising
trend in recent times. During first 2 weeks of July, PVC-Ethylene margins rose
by ~3% MoM after increasing by ~24% in June MoM. PTA-PX margins increased to
$167/ton during first 2 weeks of July rising by ~20% MoM due to decline in PX
(raw material) and increase in PTA selling prices. Whereas, PSF margins fell
~7% in first 2 weeks of July compared to June due to an increase in MEG raw
material price.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We are mildly positive towards EPCL (the sole producer of
PVC in Pakistan) as PVCEthylene margins are stable at approx. $510/ton. We are
also positive towards LOTCHEM as PTA-PX margin is substantially above the...
