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Bulls lift index up 90pts on strong valuations Page 03
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Friday, 16 March, 2012
SECP, FBR sign MOU to enhance cooperation
Industrial Relations Bill enacted to protect labour rights ISLAMABAD APP
RESIDENT Asif Ali Zardari, as advised by Prime Minister Syed Yusuf Raza Gilani, has assented to and signed the Industrial Relations Bill, 2012, which has now been enacted as a law. The enactment of Industrial Relations Bill is a landmark achievement of the democratic government, a statement from the PM House said. The protection of the rights of labour was part of the Pakistan Peoples Party manifesto in accordance with the vision of Shaheed Mohtarma Benazir Bhutto. The present government under the leadership of Prime Minister Syed Yusuf Raza Gilani has always endeavoured to
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ensure a balance between the employer and the employees and this Bill will promote harmony amongst them besides protecting the rights of labour community. The Industrial Relations Bill, 2012 originated in the Senate \and was passed by it on March 7. The National Assembly also passed the Bill on March 14 without any amendment. The Bill seeks to consolidate and rationalize the law in Islamabad Capital Territory (ICT) and in the trans-provincial level, relating to formation of trade unions, federations of trade unions, determining the collective bargaining agents, regulation of relations between employers and workers, the avoidance and settlement of any differences or disputes arising between them or matters connected
ISLAMABAD STAFF REPORT
T therewith and ancillary thereto. According to the Bill, the Federal Government would constitute a National Industrial Relations Commission which will adjudicate and determine an industrial dispute in the Islamabad Capital Territory in which a trade union or a federation of such trade unions is a party and which is not confined to matters of purely local nature and any other industrial dispute which is, in the opinion of the government, of national importance and is referred to it by the government. Before the Bill, the ICT was facing a gap in terms of registration of trade unions and regulation of industrial relations as well as matters relating to offices, factories or firms falling in more than one province. After the passage of 18th
Constitutional Amendment, the subject of labour was transferred to the provinces who have promulgated their own industrial relations laws. The promulgation of Industrial Relations Bill will, however, not disturb provincial laws presently in place. The Industrial Relations Bill shall not be applicable to Police; Defence Services or installations connected with administration of state other than those employed as workmen; on the members of the security staff of PIA or drawing wages in Pay Group not lower than Group V; and at Pakistan Security Printing Corporation or the Security Papers Ltd and by an establishment or institution for the treatment or care of sick, infirm, destitute or mentally unfit person excluding those being run on commercial basis.
CCP issues show cause notices to 1-Link, member banks g
Notice issued for alleged price fixing of ATM charges ISLAMABAD
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STAFF REPORT
oMPETITIoN Commission of Pakistan (CCP) has issued show cause notices to 1-Link Guarantee Limited (1-Link) and its member banks for, prima facie violating the competition act by fixing the charges of ATM cash withdrawal services, utility bills payment services (UBPS) and inter-bank fund transfer (IBFT) services. CCP enquiry report estimates that Inter-bank ATM cash withdrawal transactions at the rate of Rs 15, IBFT at the rate of Rs 15 and UBPS at the rate Rs 8 is carried out on the switch of 1-Link. The service is provided to its 30 member banks on more than 4,572 ATMs in 200 cities nationwide. Card base of its member banks has exceeded 11.71 million in the year 2010. Whereas number of transactions during the period of January-June 2011 only in respect of cash withdrawal is 17.52 million resulting into total revenue for member banks of around Rs 203.3 million with the interchange fee of Rs 11.68. only six banks ABL, Alfalah, Al-Habib, HBL, Soneri, UBL (who all represent on 1-Link’s Board) collected Rs 122.38 million which is 60.2 percent of total revenue
generated in afore-mentioned six months. Similarly, 19 member banks are offering IBFT services and the total number of transactions during the period of Jan-Jun 2011 is 1.4 million resulting into revenue of Rs 16.25 million with the interchange rate of Rs 11.61. In respect of UBPS, 14 banks are offering this service. Total 1.04 million UBPS transactions were carried out from JanJun 2011 that generated a revenue of Rs 5.83 million with the interchange rate of Rs 5.61 for the participating bank. CCP has taken notice of the uniform rates implemented by the most of banks in Pakistan for ATM cash withdrawal transactions. In preliminary fact finding it was observed that 1-Link holds 80 percent of market share in shared ATM network services in Pakistan and is a consortium of 11 major banks that also represent on its Board of Directors while the other 20 banks are its members. To further assess the matter CCP approached the State Bank of Pakistan whether it has issued any regulation/directive regarding ATM service charges, however, SBP confirmed that it does not fix the ATM charges and that the banks are free to determine these charges. Moreover, in response to letters sent to various banks seeking rationale for uniform rates, two member banks of 1-Link
confirmed that they have to comply with the schedule of charges devised by the 1Link. Given facts and circumstances raised a suspicion that 1-Link and its member banks may be engaged in any suspected collaborative activity to fix the rates of ATM transactions. Therefore, in order to verify such collaboration/arrangement and to collect evidence regarding the modality of fixing the ATM charges, CCP conducted search and inspect the office of 1-Link in Karachi. CCP appointed Shaista Bano, Nadia Nabi, and Muhammad Qasim Khan as enquiry officers to conduct an enquiry based on the impounded documents and data as to whether there is any collusion and cartelization in respect of aforementioned charges between 1-Link and member banks. In terms of the enquiry report, it appears that the founding members of 1-Link have executed the agreement that provides for the contractual arrangement for any bank to join the network. Banks on the network, prima facie, signed accession memorandum to become its member and are bound to follow the terms and conditions laid therein including the fixed ATM cash withdrawal charges. Similarly, 1-Link signed utility bill payment agreements with utility companies and internet fund transfer agreement with TPS Pakistan which, prima facie, fix the rates for UBPS and IBFT transactions respectively.
It appears that 1-Link has not only entered into the aforementioned agreements, it also has, prima facie, provided a forum acting as an association of undertakings to its member banks. It appears that owner banks of the consortium, in board meetings discussed matters of common interest including the rates of ATM cash withdrawal transactions, UBPs and IBFT services. In light of these discussions, it appears that 1-Link issued schedule of charges periodically to its member banks and taken decisions to fix interchange fee paid by issuer bank to acquirer bank in respect of ATM cashwithdrawal services, interchange fee paid by sending bank to beneficiary bank in respect of IBFT services and bill payee bank fee in respect of UBPS and also the rates of ATM cash withdrawal and UBPS charges to be paid by the customers of member banks. Fixing interchange fee, and maintaining uniform rates to be charged from customers in respect of inter-bank ATM transactions deprives banks to individually bargain or negotiate these rates based on their own business dynamics. Such arrangement appears to have the object or effect of restricting competition leaving no option for the consumer to choose between the services and is therefore, prima facie, in contravention of Section 4(1), in particular, Section 4(2)(a) of the Act.
o enhance cooperation and coordination two top corporate watch dogs the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR) signed a Memorandum of Understanding (MoU) on Thursday to effectively carry out their respective statutory responsibilities and maintain the highest level of oversight quality, while minimizing duplication of efforts. The MoU was signed in the backdrop of evolving challenges being faced by the country that necessitate various institutions to develop cooperative linkages for enforcement of laws. The understanding stipulates that SECP and FBR will hold consultation on fiscal policy measures pertaining to non-banking financial institutions, insurance, and capital markets and corporate sector to encourage documentation of economy, promotion of long-term saving culture and corporatization. Speaking on the occasion, Chairman SECP Muhammad Ali said, the MoU reiterates the commitment of the SECP and FBR to work together in ensuring conducive environment for businesses and investment. It will enhance cooperation between the two institutions and establish a framework for collaboration, coordination and sharing of information in areas of common regulatory and supervisory interest for furtherance of objectives of SECP and FBR. The representatives of both institutions will meet regularly to coordinate efforts to undertake policy dialogue for achieving uniformity in regulatory approach for sectors under their respective purview and achieving the objectives. SECP had established bilateral cooperation arrangement with counterpart banking sector regulator, the State Bank of Pakistan in 2003 and updated the cooperation arrangement in 2009 extending the cooperation parameters over the areas like AML/CFT in financial sector, conglomerates and financial inclusion. The mechanism is effective in operation and both regulators hold periodic meeting to deliberate on policy areas that impact whole of financial sector of the economy. Earlier, the Chairman FBR Syed Mumtaz Haider Rizvi led delegation was briefed on the role, and responsibilities of the commission, and an overview of the corporate sector, capital markets, NBFIs and insurance sector. The briefing also included SECP’s road map and future strategy for regulated entities including the requisite fiscal reforms and highlighted the broad tax proposals which will be shared with the FBR for inclusion in Finance Bill 2012-13.
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Friday, 16 March, 2012
news
Mutual funds industry up 5.6pc to cross Rs350b mark KARACHI,
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STAFF REPORT
HE country’s mutual funds industry, while continuing its upward trajectory, appreciated by further 5.6 percent MoM in Feb12, to cross the Rs 350 billion mark, said the analysts at InvestCap. The industry volume climbed to Rs 360 billion ($3.96 billion) from Rs 342 billion ($3.76 billion) a month earlier. “The open-ended funds’ size appreciated by five percent MoM, while that of closed-end funds’ grew by six percent to reach Rs 338 billion ($3.71 billion) and Rs22 billion ($241 million), respectively,” said Mazhar A. Sabir. During the month, the analyst said, major growth was witnessed in the money market funds category, which rose by 10 percent MoM to close at Rs 138 billion ($1.52 billion) in Feb-12. He said the Islamic equity funds also followed the suit and appreciated by six percent against eight percent surge witnessed in
local equities market. During 8MFY12 period (JulFeb12), mutual funds industry showed a healthy growth of 44 percent since Jun-11 closings, when the entire industry stood at Rs250 billion or $ 2.90 billion. “The open-end funds increased by a solid 50 percent while closedend funds’ size declined by 11 percent since then,” he said. The income funds category withheld almost the same levels in Feb-12 as earlier, at Rs84 billion ($923 million). However, on a cumulative basis during 8MFY12, the income funds category showed an enormous growth of 117 percent in terms of size. As the central bank (SBP) kept the discount rate unchanged at 12 percent in its last monetary policy, the downward valuation adjustments were witnessed in T-bills and PIBs holdings. Thus, as far as return of income funds is concerned, this category earned an average annualized return of 10.2 percent during Feb-12, down by 0.4 percent over last month. During 8MFY12, the income funds also earned aver-
Uptick in dollar reserves as banks count theirs higher KARACHI STAFF REPORT
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oUNTRY’S dollar reserves showed an uptick of 0.3 percent or $ 54 million during the week ending on March 9, said the central bank Thursday. During the week under review, Pakistan’s dollar holdings surged to $ 16.390 billion from $ 16.336 billion the country held last week up to March 2. The present increase is attributable to the increasing reserves of the commercial banks which, during the review week, counted their foreign exchange reserves at $ 4.527 billion, up by $ 89 million or two percent when compared with the previous week’s $ 4.438 billion. As for the State Bank, the regulator saw its reserves shrinking by $ 35 million to $ 11.862 billion against $ 11.897 billion the bank held last week. The country’s foreign exchange reserves hit the record $ 18.31 billion mark in July 2011 and then started almost constantly moving northward due to, what the official and unofficial observers believe, heavy repayments on account of exports and external loans that have accumulated to $ 62 billion. The State Bank repaid at least $ 399 million to the International Monetary Fund at the end of February with economic managers, reportedly, brushing aside the impression that the scheduled repayment of $ 1.1 billion to the Fund by June 2012 would have any significant impact on the economy. Theses repayments are already budgeted, said they.
age return of 10.2 percent on annualized basis. Money market funds category constituting 42 percent of the total size of the open-end funds (38 percent of the entire industry) again outshined the industry and rose by 10 percent MoM in Feb-12 to reach at Rs138 billion ($1.52 billion), against Rs125 billion ($1.37 billion) in Jan-12. NBP Fullerton Asset Management (NAFA) launched NAFA Money Market Fund during Feb-12. With such consistent pace, the money market funds’ cumulative size was up 78 percent during 8MFY12 (Jul-Feb12) which was the second highest return recorded within the industry during the period, following the income funds category. After having another month of positive returns from equities (KSE100 index up 8 percent MoM in Feb-12), the equity funds category showed positive march in its funds size appreciating by 6 percent MoM to close at Rs49 billion ($538 million). However, despite the back-toback improvement in equities over the last two months, the equity
funds’ size still stands 4 percent down in 8MFY12 compared to the level observed in Jun-11, against the KSE100 index positive movement of 3 percent during the same period. In the month of Feb-12, the KSE100 index appreciated by 8.5 percent MoM while showing a slight underperformance, equity funds category earned an average return of 7.2 percent MoM, with the highest return earned by the AKD-opportunity Fund (AKDoPF), which secured a return of 14.6 percent MoM, beating not only the industry averages but also the KSE100 and KSE30 index returns of 8.5 percent and 6.6 percent, respectively. Remarkably, during 8MFY12, the equity funds category posted an average return of 6.8 percent since Jun-11, outperforming the KSE100 index return of 3.1 percent and KSE30 index return of 2.8 percent for the same period. Amongst individual funds, ABLSF recorded the maximum return of 16.1 percent, followed by ASMF which secured a return of 12.0 percent during this period.
Special Audit recommends composition of PTA be reviewed ISLAMABAD GNI
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HE Special Audit of Pakistan Telecommunication Authority (PTA) has revealed that important working partners and stakeholders do not have their representation in the decision making process of PTA management. It says that though the working arrangement of the Authority with federal government is carried out through Cabinet Division but being administrative ministry and Secretary Cabinet being PAo, has no significant role to play even in the approval of Authority’s budget after the amendment of PTA Act 2006. Similarly, it pointed out that the Ministry of Information Technology is the policy maker of telecom sector as well as administrative ministry for Universal Service Fund (USF) and Research and Development Fund. But there are certain issues long outstanding between MoIT, Finance Division and PTA which could not be resolved owing to lack of coordination mechanism among
them. Due to non-representation of other stakeholders in the Authority and lack of coordination, the cases of litigation and centralized decision making are hindering the smooth and transparent functioning of the Authority, the audit observed. The Audit has recommended that the composition of Authority may be reviewed with a view to devising a mechanism for coordination between PTA and relevant Ministries to strengthen the internal controls and coordination within PTA as well. Under section 3(2) of the Pakistan Telecommunication (Re-organization) Act 1996 (Amended in 2006), an Authority shall manage the PTA. The Authority shall consist of three members one of whom shall be professional telecommunication engineer and other shall be financial expert to be appointed by the federal government for a term of four years and shall be eligible for appointment for a similar term or terms. Further the federal government may increase the number of the members of the Authority and prescribe their qualification and mode of appointment.
KESC in session with Chinese team on coal conversion agreement KARACHI STAFF REPORT
ARACHI Electric Supply Company (KESC) and Bright Eagle Enterprises held their first joint session on Thursday to kick off the Joint Development Agreement for the conversion of KESC’s 1,260 MW Bin Qasim Power Station from RFo fired to coal fired. The joint session was attended by a visiting 14-member high level delegation from Bright Eagle Enterprises, China Resource Power and China National Technical Import and Export Corporation which aimed at setting up high level points to drive the project forward. The delegation under the leadership of Mr. Chen Ping, Chairman of Bright Eagle Enterprises, a company sponsored by Chinese and Korean investors that would be funding
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conversion of BQPS-I to coal according to the Joint Development Agreement signed last month, also visited the BQPS site to obtain a tangible perspective on this significant undertaking by KESC. The visiting delegation and KESC management had a productive dialogue aimed at strengthening the relationship between the partners and setting concrete milestones to achieve the desired goals. Both sides reiterated that the prospect of Pakistan-China friendship should be translated into joint ventures to undertake and complete projects which also serve the larger public interests. Besides holding the position of Chairman of BEEGL, the delegation leader Mr. Chen Ping also serves as the Chairman of Sun TV Hong Kong and of Tidetime Group. The dignitaries also included Mr. Wang Yujun, Executive Director and Chief
Executive officer of China Resource Power, and Mr. LU Zhikang, Marketing Director of China National Technical Import and Export Corporation. For the purpose of setting the Joint Development Agreement in motion, Bright Eagle Enterprises has teamed up with leading energy companies from China, namely China Resources Power, and China National Technical Import and Export Corporation. China Resources Power, with a current installed capacity of 20,000 MW, largely coal fired, is a subsidiary of China Resources Co. Ltd., one of the conglomerates in Hong Kong and mainland China whose core businesses cover retail, power, breweries, real estate, food, medicine, textiles, chemical products and gas compressors, among other things. China National Technical Import and Export Corporation (CNTIC) is a state-owned foreign
trade corporation, specializing in import and export of technologies and complete sets of equipment. The conversion project entails replacement of the existing 6 x 210 MW RFo boilers with coal boilers as well as construction of coal and ash handling facilities in different phases and is the first of its kind in Pakistan. KESC is already in the progression of finalizing its feasibility study through a reputed US-based consultant, ‘Knight Piesold’, having extensive world-wide experience in coal based projects. Replacing residual fuel oil (RFo) based boilers with coal fired technology would help KESC in attaining fuel security by diversifying its existing fuel mix, better utilization of existing fleet and most importantly aid in reducing cost of power generation; ultimately providing the consumers relief by lowering of the end user tariff.
Major Gainers Company
Open
High
Low
Close
Change
Turnover
Nestle Pak SPOT Unilever Food SPOT Fazal Textile Shell Pakistan Mithchells Fruit
4102.79 1792.31 238.26 200.40 145.31
4299.00 1881.81 250.00 209.00 152.57
4055.00 1880.50 250.00 200.50 145.31
4299.00 1880.50 250.00 207.94 152.00
196.21 448 88.19 15 11.74 100 7.54 104,015 6.69 746
Major Losers UniLever Pak LtdSPOT Siemens Pakistan Wyeth Pak Ltd.SPOT ICI Pakistan Fazal Cloth Mills
5750.00 789.44 770.00 144.91 79.00
5748.00 790.00 770.00 147.98 75.71
5700.00 750.00 731.60 138.65 75.10
9.90 3.59 2.99 4.41 4.05
9.26 3.00 2.66 3.37 3.55
9.55 3.46 2.81 4.19 3.65
5705.92 753.11 749.66 139.62 75.71
-44.08 29 -36.33 219 -20.34 161 -5.29 109,307 -3.29 1,107
Volume Leaders BO Punjab Lafarge Pakistan NIB Bank Limited Dewan Cement TRG Pakistan Ltd.
9.09 3.11 2.73 3.41 3.99
0.46 26,227,451 0.35 18,766,656 0.08 18,634,045 0.78 18,444,917 -0.34 15,366,050
Interbank Rates US Dollar UK Pound Japanese Yen Euro
90.7428 142.1848 1.0843 118.5101
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
90.80 117.91 141.46 1.0793 90.49 11.53 24.62 24.10 94.53
91.30 119.13 142.89 1.0900 91.90 11.71 24.84 24.33 96.92
Opportunities await Chinese investors in Pakistan: President ISLAMABAD GNI
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RESIDENT Asif Ali Zardari on Thursday said that there was a great opportunity for Chinese investors to take advantage of special business and investment opportunities being offered by Pakistan. During a meeting with Asia Investment Chairman Houtang Li Yan who called on him, Zardari said that Pakistan eagerly awaits Chinese investment in the new city of Zulfikarabad. He said that the proposed city would be an engine of growth and go a long way in generating economic activities. It will give tremendous boost to the social and economic uplift of the area besides creating enormous job opportunities, he said. The president appreciated Chinese interest in development of special economic zones in the proposed city project. These economic zones would not be confined to industrial and economic activities but would cover the entire range of activities in a modern metropolis.
He said the project would not only further strengthen PakChina cooperative partnership but was also homage to the great leader Zulfikar Ali Bhutto who laid the foundation of strong PakSino friendship. Zardari reiterated that the idea of setting up a new city was to meet the challenges of the future and to develop safe, modern and an environment friendly coastal city having world class amenities with economic opportunities. The president appreciated Asia Investments’ decision to invest in the Special Economic Zone said that the government would provide all possible assistance and facilitation to the Chinese companies and investors especially in the petrochemicals and other areas especially those that do not exist in the country at present. ZDA Managing Director Lieutenant General (r) Syed Iftikhar Shah briefed participants about the progress made so far in the proposed project. Yan thanked the president for the meeting and the government’s assistance and facilitation in their business ventures in Pakistan.
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Friday, 16 March, 2012
news
Bulls lift index up 90pts on strong valuations
CORPORATE CORNER Ufone launches stylish Blackberry Bold 9790 ISLAMABAD: Ufone has proudly introduced new Blackberry Bold 9790 for its valuable customers. This new sleek and stylish handset is equipped with the new BlackBerry oS 7. This handset has the ability to replace cutting edge technology with its uniqueness as it features a 1GHz processor with built in 3G, Wi-Fi, Bluetooth and BBM. The BlackBerry Bold 9790 smartphone is extremely lightweight and durable. PRESS RELEASE
as its exclusive affiliate in Pakistan, is a leading global communications firm with operations in more than 70 countries across six continents. PRESS RELEASE
Inauguration of Bahria Town Riding Facility at Bahria Paradise
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7th Jazz SMS Khazana awards luxury home LAHORE: Mobilink recently concluded the latest phase of the Mobilink Jazz “SMS Khazana” contest, with winner being awarded a new luxury home in Bahria Town, Islamabad. The Jazz SMS Khazana has been one of the most heavily participated SMS campaigns in Pakistan; with this being the seventh version of this very popular trivia based SMS competition, which tests the participants’ general knowledge. PRESS RELEASE
8th Plastic Printing Exhibition LAHORE: Amidst very much anticipation, three days 8th International Plastic Printing and Packaging Industry & International Food Equipment & Technology Exhibition was inaugurated here at Expo Center Lahore. The exhibition was organized by FAKT Exhibition Private Limited on Saturday, 17 March 2012. 3P(Plas Print Pack) and Food-Technology was witnessed by more than 450 companies from around 50 different countries of the world with an aim to forge new as well as stronger business alliances between Pakistan and the rest of the world through an interactive showcase of cutting-edge tools and equipment, synergy of allied services for more networking opportunities and, most importantly, quality attendance of trade visitors from international and regional countries. PRESS RELEASE
RAWALPINDI: Inauguration ceremony of Bahria Town riding club was held at Bahria Paradise, Bahria Town Islamabad on 14th March, 2012. Malik Riaz Hussain, Chairman Bahria Town was the chief guest at the occasion. Bahria Town Riding Club is a state of the art club offering world class riding facilities, exclusively to the distinguished residents, employees and students of Bahria Town. This is the facility of its kind in the twin cities. Vice Chief Executive Bahria Town Cdre (Rtd.) M.Ilyas and a large number of notable guests were also present at the venue. PRESS RELEASE
Global brand leader OMD New York visits Pakistan ISLAMABAD: oMD Worldwide, the international leader in Media Planning & Buying has set up its operations in Pakistan, to expand its territorial strength in South Asia. oMD, an omnicom Group Company, manages 38 out of 100 of the most exciting Global Brands across 80 countries and is the leading award winner as the Most Creative Agency in the World. Andrew Lazzaro, Global Brand Leader for oMD Worldwide visited Pakistan recently to reiterate oMD’s commitment to the South Asia region. PRESS RELEASE
PTCL Smart TV gains 30 per cent MCB, Fundamo and Access Group look beyond technology increase in subscriber base ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has achieved a 30 per cent increase in the subscriber base of its IPTV service also known as Smart TV. This remarkable increase has been a result of PTCL Smart TV’s aggressive content acquisition strategy, which led to swift content enrichment as well as higher focus on improved quality of service and enhanced customer care. PTCL Smart TV has recently added PTV’s hit dramas such as Fifty Fifty, Aangan Teraah, Aahat, and Dhoop Kinary to its VoD service. In addition, a wide range of Hollywood movies, children’s content and Bollywood movies have also been added to this service. PRESS RELEASE
LAHORE: As the mobile financial services community of Pakistan approaches the5thInternational Mobile Commerce Conference, pioneers MCB Bank, Fundamo, a Visa company, and Access Group have urged industry practitioners to look beyond technology to ensure the Pakistani market continues to lead the world. Pakistan’s strong regulatory support for branchless banking, as well as the disparity between the number of bank accounts (22%) and mobile phone users (65%) in the country created a ‘perfect storm’ for the delivery of mobile financial services*. With more than 800,000 mobile money subscribers (State Bank of Pakistan, 2012), Pakistan offers a global case study for success. PRESS RELEASE
Undersupply of gas mars business TCS launches Seat Belt Campaign performance by ICI Pakistan Ltd KARAcHI: TCS Pakistan has recently KARAcHI: The Board of Directors of ICI Pakistan Limited is pleased to announce the financial results for the year ended December 31, 2011. The company posted net sales income of PKR 40.11 billion which is 14% higher than last year. However, operating results were dragged down by 23% almost entirely due to unavailability of gas to the Soda Ash and Polyester plants and the resultant incremental expenditure on expensive alternate fuel amounting to over PKR 825 million. PRESS RELEASE
launched a public service campaign to promote road safety all over the country. This message is carried on the rear doors of the TCS delivery vehicles that the company deploys nationwide. The purpose of the drive is to encourage the use of seat belts while driving. Speaking about the initiative, Saqib Hamdani, CEo, TCS Pakistan, said, “We are a socially conscious company and believe that road safety is essential for all road users. PRESS RELEASE
Ketchum named ‘PR Agency of the Year’ KARAcHI: Global public relations agency Ketchum was honoured as the 2012 PR Agency of the Year at the 13th-annual PRWeek Awards held in New York. In addition to the top honour, the agency was also named as the Large PR Agency of the Year and received two awards and three honourable mentions for its work on behalf of its clients. Ketchum, represented by CMC
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KARACHI: Prize distribution ceremony of Sales Promotion Scheme “Sawari Jeet Ki” was held on March 09, 2012 at PC Lahore. Managing Director Pak Suzuki Mr Hirofumi Nagao distributed the prizes to lucky winners who purchased Suzuki Motorcycles. PRESS RELEASE
STAFF REPORT
HURSDAY saw the bulls dominating Karachi stocks market with the benchmark, KSE 100share index, gaining 90.40 points. “(The) stocks closed bullish led by oil, cements and financial services on strong valuations,” said Ahsan Mehanti of Arif Habib Investments. The day saw the index closing up by 0.68 percent at 13,451.07 points against 13,360.67 points of Wednesday. Mehanti said volatility was witnessed in KSE 100 index on rising political noise and institutional profit-taking. The trading volumes at the ready-counter were recorded lower at 336.91 million
shares against 347.20 million shares of the previous day. The trading value too lower to Rs 5.712 billion compared to Rs 5.830 billion of the previous session. The intraday high and low, respectively, stood at 13,458.24 and 13,278.44 points. The analyst Mehanti said trading volumes at the Exchange remained higher on renewed foreign interest, easing circular debt concerns in power sector after US offer for help to overcome energy crises in the country. The market capitalization modestly grew to Rs 3.488 trillion from Rs 3.467 trillion a day earlier. of the total 386 traded scrips, 195 gained, 134 lost and 57 finished as unchanged. The analyst said accumulation continued in stocks lead by second and third tier scrips ahead of re-
formed CGT regime implementation from April 1, higher global commodities and stocks played a catalyst role in bullish sentiments post major earning announcements at KSE. The free-float KSE-30 index also gained 12.39 points to close at 11,939.49 points against the previous 11,927.10 points or 0.10 percent. While the KMI 30-index gained 53.19 points or 0.23 per cent to finish the day at 23,062.60. Bank of Punjab was the day’s volume leader counting its traded shares at 26.227 million with the opening and closing rates, respectively, standing at Rs 9.09 and Rs 9.55. on the future market, the turnover increased by over 2 million shares to 14.406 million against 12.663 million shares of Wednesday.