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How information can change our lives Page 2
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Thursday, 17 May, 2012
USAID CHIEF ECONOMIST ON A ROLL!
A CRUCIAL EPISODE
TAPI SOAP OPERA US wants neighbourly love-in TOW Afghan Senate approves pipeline deal KABUL NNI
eshrano Jirga, or upper house of parliament of afghanistan, approved the agreement on a gas pipeline running from Turkmenistan through afghanistan to Pakistan and India. The senate okayed the accord on the multibillion-dollar project, also known as TaPI pipeline, after it was placed before the house by the Public Welfare Committee. Dr ahmad Bashir samim, the parliamentary panel head, said all the 80 members present during the
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session voted in favor of the agreement that was signed in late 2010. he added the Manila-based asian Development Bank-supported scheme, long delayed by security concerns in the region, would cost around $9 billion (about 450 billion afs). a feasibility study for the gas pipeline, which will deliver 34 billion cubic meters of gas annually and earn afghanistan $430 million a year in transit fee, has already been completed. Minister of Mines Wahidullah shahrani, who visited ashgabat on april 4, held productive talks with Turkmen President Gurbanguly Berdimuhamedov on the project. afghan, Pakistani, Indian and Turkmen ministers, as well as an asian Development Bank representative, are to meet in ashgabat later this month to discuss the fate of the project. The pipeline will stretch from Dauletabad gas field though afghanistan’s helmand and Kandahar provinces, across Pakistan to the northwestern Indian town of Fazilka. Under article 90 of the Constitution, parliament is authorized to endorse or reject afghanistan’s agreements with foreign countries.
My dear nephew, Be nice to your neighbours Yours occasionally, Uncle Sam g
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Increase in trade with India will generate growth in Pakistan: USAID chief economist Tom Morris lauds Pakistan’s economic growth during world recession, touts service sector as economy’s ‘safety valve’ Highlights Pakistan’s vulnerability on trade front, Punjab’s struggles on the energy front LAHORE
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STAFF REPORT
SAID Chief economist for Pakistan tom Morris has said that much-likely increase in trade with India is a positive development and it will generate growth in Pakistan. He said trade always brings benefits to the economy. However, he cautioned in the same breath that energy crisis in Pakistan is needed to be tackled down as an immediate problem. He was responding to the queries during his visit to the Business forum of Punjab along with economic Officer,USAID Sarah Lane on Wednesday. earlier, Mr Ibrahim Qureshi, President Business forum of Punjab, briefed the visiting delegation about the organizational structure, scope and areas of activities of the forum.Mr. Amir Aziz, President District board Gujranwala, Mr. rashid Meher executive member BfP, Mr. Amir Saeed, CeO Pakpur and Dr. rehan member BfP were also present on the occasion. the USAID Chief economist said the province of Punjab was suffering hard due to energy problem. He said the US is trying to help out Pakistan on energy front and will continue to do the
same ahead. tom was quite optimistic about the resilience of Pakistan economy, saying Pakistan has registered economic growth during world recession. He said the oil prices could go down if world recession continues. He said fuel bill major issue for Pakistan but no overnight change is imminent. He said the safety valve of Pakistan economy would be the service sector if industrial sector shrinks further due to energy crisis. According to him the IMf will step in to ensure that Pakistan economy is held together, besides the international community having strategic interests here. He agreed with the fact that both monetary and fiscal policies are less effective as compared with the formal economy mechanism, which is not effective. According to him, the US assistance will continue and expressed the hope that the new government after elections will also realise the importance of the USsponsored projects to overcome energy crisis. He said the fiscal deficit in Pakistan has expanded largely and the trend is going in troublesome direction. the deficit financing is real issue, he stressed. According to him, the net credit to government is 22 percent higher against the corresponding year and the interest payment, subsidies and defence expenditures are the areas where major fiscal expenditure is taking place. He said the electricity tariff subsidies are booming in Pakistan and lack of energy is impacting real economy, as the government cannot control oil prices. the USAID Chief economist said the current account balance in negative zone, but the remittances seem stable, which is very positive development in terms of poverty reduction. According to him, the exchange rate is though stable in Pakistan for last few months but things can change very quickly in a situation when trade account deficit is growing. He said Pakistan is vulnerable on trade front. On inflation, he said, it is likely to continue in double digit, as the IMf projects 12.5 percent next year. However, he said, the Wholesale Price Index is going down. regarding foreign Direct Investment, the USAID Chief economist said it seems returned with relatively low level. Also, he said, the portfolio investment relatively low but it is not a major problem. He said the agriculture sector has shrunk heavily and the service sector is over a half of the GDP now. However, he added, the industrial sector facing challenge due to power problem and the informal economy is the safety valve. At the end of the meeting the dignitaries were presented mementos by MD LSe Aftab Ahmed Chaudhry and Directors of the exchange.
MONEY, MARKET MEASUREMENTS
Conjuring up growth mutually g
Mutual funds industry grows by 14pc to hit Rs377b in April KARACHI
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STAFF REPORT
fter showing nine percent contraction month-on-month in fund size during March (fY12) due to quarter end phenomenon, the industry recovered well in April with solid growth of 14 percent to reach at rs 377 billion (USD4.18 billion). Compared to rs 30 billion redemption witnessed in March, an increase of rs 46 billion was witnessed in mutual fund industry during last month, said a research report of InvestCap. It said major growth was witnessed in income and money market fund categories, registering a growth of 24 percent and 22 percent, MoM, as compared to previous month decline of 16 percent MoM and 13 percent, respectively. Contrary to the high volumes of redemption witnessed last month, fund size of ABL-GSf and ASK-Cf appended by rs15.4 billion and rs 9.3 billion,
respectively, showing huge amount of reinvestment in the funds after quarterend factor. An aerial view of AMC reveals that the major growth was witnessed in the size of the Askari Investment Management Ltd which grew by 70 percent MoM to stand at rs23 billion followed by ABL Assets Management which increased by 43 percent MoM to reach at rs65 billion. On the other hand, major decline was witnessed in the AUM of KASB funds which fell by 19 percent to reach at rs 2.3 billion. “the reason for decline was maturity of KASB Capital Protected Gold fund (managed by KASB funds) which matured on Mar-12 after completing its tenure,” viewed Mazhar A. Sabir, an analyst at InvestCap. Category-wise performance: the size of the open-ended funds increased by 15 percent MoM to reach at rs 354 billion while that of closed ended funds stood at rs24 billion showing an appreciation of 14 percent MoM. Moreover, during fY12tD (Jul-Apr12),
the industry has accumulated a decent growth of 51 percent. the size of the income funds which posted the decline of 16 percent MoM (total size of rs71 billion) in Mar-12, witnessed a solid recovery posting growth of 24 percent MoM to reach at rs87 billion. Major growth was witnessed in the size of ABL-GSf, which was up by 79 percent MoM and contributed 92 percent in the MoM growth of income funds category and 33 percent in overall appreciation of mutual fund industry. While on the accumulated basis, the size of the income funds category appreciated by solid 125 percent during fYtD (Jul-Apr12). As far as returns of the income funds category is concerned, during the month of Apr-12, provisioning of nonperforming investments have shrunk the annualized returns by 670bps to 4.7 percent. “However, if we exclude DIf, which posted negative annualized return of 57.6 percent MoM in income fund category, the category has posted the annualized return of 7.3 percent MoM
during Apr-12 but still under performed the fixed income segment of the capital market,” Sabir said. However, he said, during fY12tD (JulApr12) the income fund category earned annualized return of 9.6 percent. During Apr-12, the money market funds was also manage to perform well on the back of 22 percent MoM appreciation in the fund size of the category which reached at rs147 billion, as compared to 13 percent MoM decline was witnessed during Mar-12. However on fYtD basis (Jul-Apr12), the category appreciated by 90 percent. the major growth was witnessed in the fund sizes of ASK-Cf, PCf and ULPf which appreciated by 86 percent, 81 percent and 23 percent on MoM basis to reach at rs20 billion, rs4.3 billion and rs32 billion respectively. the money market funds’ return remained stable during the month of Apr-12 and posted average return of 10.8 percent on annualized basis, as compared to previous month return of 10.7 percent. During fY12tD (JulApr12) the money market funds category earned annualized return of 11.4 percent
whereas the highest return was posted by ASK-Cf of 11.92 percent outperforming the category by 52bps. During Apr-12, the fund size of equity funds category appreciated by 4 percent MoM to reach at rs51 billion compared to rs49 billion last month, while the size of the equity funds category posted the decline of 2 percent fY12tD (Jul-Apr12). the equity funds category outperformed the stock market posting the return of 2 percent MoM in Apr-12 as compared to KSe-100 and KSe-30 index returns of 1.7 percent and 1.1 percent respectively. Highest return was earned by AKDOPf posting 6.7 percent during Apr-12 while also outperforming the KSe100 index return by heavy margin of 5 percent. As a result of highest returns in equity funds category during last 3 consecutive months, AKDOPf has been ranked No.1 slot return-wise in equity funds category with return of 32.1 percent fY12tD (Jul-Apr12) as compared to category average return of 14.5 percent and KSe100 and KSe30 index return of 12.0 percent and 5.8 percent respectively during the same period.
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Thursday, 17 May, 2012
news THIS TIME FOR AFRICA!
How information
One eye to Morocco
can change our lives t
Naeem Zamindar
ODAY is the World telecommunication & Information Society Day. What better day for us to take stock of how the Internet has transformed the way we live, play and work. It is evolving our daily lives and we are embracing the benefits of it constantly, whether knowingly or unknowingly. to celebrate World telecommunication and Information Society Day, which was adopted by the United Nations in 2005, we must understand what this day really means for us as individuals. Less than two decades ago, weather forecasts were only reserved for newspaper columns and the News at Nine. today, you can check the weather forecast over your smart phone with the click of a button. Information is free for anyone to tap into. Similarly, people had to lick stamps to send letters – which could often take months to arrive (and sometimes never!). today, one can sit face-to-face and communicate with someone half the world away – the wonders of video chat. Distance is no longer a determinant in communication. What about commerce? there was a time when you had to visit a bank in order to use your account. today, you can use an AtM, your debit or credit card at any retail outlet, transfer money through online banking or mobile banking to someone in anywhere in the world. Commerce has become super efficient. these are but small examples of how the Internet and telecommunications have impacted us. the real change has been brought in by highspeed broadband. Computers today are always on and information is readily available – we are all continuously plugged in. Pakistan is no exception and we are making massive strides in enabling the country in the race for information. today, more than 8,905 bank branches offer real-time online
banking out of a total of 9,948 branches across the country – that’s almost 90% of all Pakistani banks. there are a total of 5,409 AtMs and 15.2 million plastic cards in use. All this is being enabled through the telecommunications revolution; and these numbers are only going to grow further as mobile banking takes root. Modern societies need the Internet to grow their economies by making them efficient, transparent and measurable. the Government of Pakistan is also taking its first foray into the online domain. All of the major government departments are now online. the Government is taking massive initiatives to enable safe cities, modernise the economy through land reforms, and enable e-education. In order to bridge the urban-rural divide, the government, through the Universal Services fund (USf), is incentivising organisations such as Wateen to deploy optical fibre and WiMAX networks in underserved areas of the country. to this end, Wateen is already working in four regions with the USf, offering subsidised broadband connectivity. Last year, we won a bid for deployment of an optical fibre network in Balochistan. the total value of this project alone is rs. 2.4 billion. Wateen is also playing a pivotal role in enabling the PerN-2 project of the HeC (Higher education Commission), which will enable seats of higher learning in the country to connect with international universities, hugely increasing the resources available to higher educational institutions and consequently increasing their research output. In order to accelerate the adoption and diffusion of broadband services in the country, we have deployed and are continuing to deploy Wifi hotspots in Karachi, Lahore and Islamabad. these will enable broadband speeds for users at locations such as hospitals, airports, restaurants and cafes, malls etc. In addition to this, we recently signed an MoU with the Government of Punjab to de-
LIST OFF
You’re off the list! g
26 firms brace themselves for delisting for violating KSE regulations KARACHI ISMAIL DILAWAR
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He front regulators at Karachi Stock exchange (KSe) are all set to de-list at least 26 listed companies at the bourse for committing various defaults of the listing regulations. Also, the exchange has extended the deadline up to for July 14 for the defaulting Hashimi Can Company which has opted for voluntary delisting through buyback of shares by the sponsors under the Listing regulation No.30-A. “the following companies have failed to rectify the default(s) within the stipulated time and therefore liable for action under the said regulation,” reads a KSe notice issued here Wednesday. the firms facing delisting include Al-Mal Securities and Services, Dominion Stock fund, Harum textile Mills, Investec Securities, Kashmir Polytex, Pakistan Industrial and Commercial Leasing, Sahrish textile Mills, Usman textile Mills, Union Insurance Company of Pakistan, Dadabhoy Insurance Company, first Islamic Modaraba, Ittefaq General Insurance Company, Ittefaq textile Mills, MacDonald Layton and Co., Mian Muhammed Sugar Mills, Zahur textile Mills, Accord textiles, AL-Azhar textile Mills, AlQaim textile Mills, Amin Spinning Mills, fawad tex-
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SECP signs MOU with Moroccan counterpart ISLAMABAD STAFF REPORT
ploy similar Wifi hotspots at colleges and universities across Punjab along with providing past examination papers and solved papers online to help students in their courses. Why do I mention this? Because information is now the real currency of power. One fantastic example is the impact of social media on our lives. On facebook alone, Pakistan has a growing online population of over 6.4 million and is ranked number 26 in the world in terms of internet accessibility. A recent survey in KLI identified that 73% of urban shoppers are now on facebook and three-in-five users interact with products or brands on facebook. this is a massive number considering that the broadband penetration in the country only amounts to 1.7 million connections. technology is paving the way for societies to evolve in becoming more connected, productive, transparent and efficient. the age of free information will enable the next generation of Pakistanis to become more adept and in-tune with the rest of the world. these achievements are the beginning of a digital age in Pakistan. Some information about World telecommunication & Information Society Day: the World telecommunication & Information Society Day was adopted by a UN resolution to create awareness about societal changes brought in by the Internet and aims to help reduce the digital divide. Pakistan is one of the member states that aims to celebrate the day annually by organising appropriate national programmes with a view to: n Stimulating reflection and exchanges of ideas on the theme adopted by the Council n Debating the various aspects of the theme with all partners in society n formulating a report reflecting national discussions on the issues underlying the theme, to be fed back to ItU and the rest of its membership
tile Mills, Indus fruit Products, Libaas textile, Mubarik Dairies, Shahpur textile Mills and AMZ Ventures Limited. “the exchange in the interest of investors’ protection and in accordance with Listing regulation No. 30(1)(b)(iii) intends to now de-list these companies,” the KSe noted. these companies attracted the regulator’s ire for their failure to comply with clause (b)(c)(e) and (g) of the Listing regulation No.30 of the KSe. these rules apply when a listed firm fails to hold AGM or pay annual listing fee for two years, starts winding up proceedings and refuses to join the Central Depositary System. “the companies have failed to rectify the default(s) within the stipulated time and therefore liable for action under the said regulation,” the KSe said. the managements of the concerned companies have been asked to inform, in black and white, the exchange if they tend to challenge their delisting within 30 days of publication of the KSe notice. “Otherwise the exchange in compliance with the above referred regulation will proceed further and take action of delisting of the companies,” it said. there would be no trading in the shares of the defaulting firms under Sub-section (7) of Section 9 of the Securities and exchange Ordinance, 1969 and the Listing regulations of the exchange. In another notice issued on Wednesday, the KSe observed that Hashimi Can Company was put on notice for defaults like non-holding of AGMs, non-payment of listing fee and non-induction of ordinary shares of the company into the CDS of the Central Depository Company. the company was required to rectify the above defaults within 90 days, up to May 15. the company, however, had expressed its desire to opt for a voluntary delisting through buy-back of shares by the sponsors. “the company has been allowed extension in time to fulfill the requirements of Listing regulation No.30-A within 60 days i.e. upto July 14,” the exchange said. In case of non-compliance, the regulator would initiate further action that includes the delisting of the company from the Stock exchange.
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He SeCP and its Moroccan counterpart, Conseil Déontologique des Valeurs Mobilières (CDVM), have signed an MOU, paving the way for enhanced cooperation and information sharing between them. On the sidelines of the annual meeting of the International Organization of Securities Commissions (IOSCO) in Beijing, Mr. Muhammad Ali, the SeCP chairman, and Mr. Hassan Boulaknadal, the CDVM DG, signed it. It reiterates the two regulators’ commitment to work together in ensuring that securities and commodities markets in the two countries are fair, transparent, efficient and regulated to world standards. Both the SeCP and CDVM are signatory to the IOSCO multilateral MOU, the international standard for information sharing between the securities regulators and this bilateral MOU would supplement the cooperation extended under the umbrella of multilateral MOU. the MOU has been inked in the backdrop of evolving globally integrated financial markets, necessitating for regulatory agencies of capital markets to develop cooperative linkages to ensure information sharing for enforcement of securities laws and facilitate detection and combat cross-
border violations. the SeCP has been promoting cooperation with other regulatory authorities of the capital market at the bilateral, regional and international levels. the SeCP has already signed MOUs with the regulatory agencies of India, the Maldives, Australia, Bhutan, Sri Lanka, Iran, China, turkey and Oman. It outlines a framework for cooperation and information sharing in areas of mutual interest. the scope of document also includes assistance in actions against insider dealings, market manipulation and other fraudulent practices in securities dealings, enforcement of relevant laws, rules and regulations, monitoring the markets for their compliance with laws and regulations, promoting high standards of fair dealing in their conduct or business, and technical assistance among the two regulatory bodies. It is a significant milestone in the development of the capital markets of two brotherly countries. It cements an already excellent level of co-operation between the two independent agencies. each regulator will be able to rely on the MOU to ensure compliance with applicable legislation and to collaborate in regulating inter-jurisdictional dealings as well as share technical know-how and joint training in enhancing the credibility of financial markets and protect investor rights.
DAIRY DIARIES
105 livestock extension workers trained LAHORE STAFF REPORT
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UNJAB Livestock and Dairy Development Board (PLDDB) has completed training 105 women as livestock extension workers from the rural areas of Layyah, rajanpur, Muzaffargarh and D.G. Khan.these women are being imparted technical training as women livestock extension workers (WLeWs) under the PLDDB project for strengthening of artificial insemination services through ‘Skill Development of rural Youth’. Under this project 2000 women will be trained as women livestock extension workers through out the province in phases.In the rural areas, the Livestock is mainly looked after by the women. In the breeding of livestock, heat detection and insemination at proper time plays a significant role. through this project, a Middle or Primary pass rural woman will be trained and equipped as focal person for this purpose. Modular need based trainings will be given to these WLeWs, preferably in their own localities. WLeW will be provided an
interest free loan in the shape of Balanced ration, Silage, Hay and other livestock related inputs for sale in the village. She will sell these inputs through her extension skills and will repay the loan within three years. WLeW will also be trained and facilitated in data recording of livestock. the successful trainees will sign an agreement with PLDDB to serve the project for three years at a salary of rs.3000/ per month.PLDDB General Manager (fields and Capacity Building) Dr. Naveed Niazi said that these 105 women after completing their training has started working in their respective areas and earning their livelihood in an honorable manner. He said that the Board has also supplied 20 tons of ‘Vanda’ to these women which they have already sold out in their respective villages.Dr. Naveed Niazi said that the Board would continue providing ‘Vanda’ to these women so as to promote usage of ‘Vanda’ in rural areas and helping these trained women to earn their livelihood. Usage of Vanda will not only help increasing the meat and milk production but also help eradication of poverty from the rural areas.
MEET AND GREET
KCCI goes to Washington KARACHI NNI
K
ArACHI Chamber of Commerce and Industry (KCCI) high-level delegation has proceeded to USA, headed by President Mian Abrar Ahmad. “We want Pakistanis living in USA to lobby for Pakistan, to get trade access to US markets, by encouraging US decision makers at the highest level to have a free trade Agreement between USA and Pakistan.” KCCI President Mian Abrar Ahmad made these remarks, while speaking at the “Meet-&Greet” arranged at a local restaurant by the host committee in Houston texas. Office Bearers of the HoustonKarachi Sister City Association (HKSCA), the host of KCCI delegation in Houston texas, received the business mission at the airport. they included HKSCA President Muhammad Saeed Sheikh, Coordinator for Delegation Matloob Khan and other members of the host
committee. Mian Abrar Ahmad is being accompanied by KCCI’s Members of Managing Committee, including Chairman of Diplomatic Affairs Sub-Committee Asif Nisar; Chairman of Health, education and CSr Sub-Committee Chaudhary Ansar Jawed; Chairman trade Development of exports & Halal food Sheikh Muhammad tehseen; Chairman banking and Insurance Sub-Committee Azhar Wasim Puri; Chairman of WtO, Intellectual Property right Sub-Committee Naeem Ahmed; and Senior Vice Chairman of fairs, exhibitions and trade Delegation SubCommittee rizwan Abdul razzak Diwan. HKSCA President Muhammad Saeed Sheikh welcomed the delegation to Houston, and said that a productive schedule has been chalked out for the delegation, which will culminate on the last day Wednesday May 15th with the historic signing by the three
entities of a Memorandum of Understanding (MoU) by KCCI, HKSCA, and the most prestigious social, economic, and commerce body the Greater Houston Partnership (GHP). this MoU will become the platform on which solid business and trade relations will be established between the two vital economies of the world, namely Houston and Karachi. Sheikh exclaimed: “Better bilateral trade relations between Karachi & Houston are in fact in the national interest of USA, during these hard economic times.” Notable personalities of the Houston Community are part of the Host Committee of the delegation, including Matloob Khan, Mariam Issa, rafique Jangdah, Zaki Mirza, Zafar Khan, Abdur rauf Khan, and ILyas Choudry. Also present on the occasion were Commercial Attaché of Government of Pakistan in Houston Syed fawad Shah; Members Board of Directors of HKSCA famous CPA Haroon Shaikh, Legal Counsel Attorney Syed Neiyyar Izfar, former President of Pakistan Chamber of Commerce USA Pervez Khan Swati, and executive Director of the Hashoo foundation USA Mrs. Cristal Montanez Baylor.
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Thursday, 17 May, 2012
03
news ADVISOR ADVISES
Major Gainers
GRIN AND BEAT IT
‘Involve SMEs in defence and get foreign dough’ LAHORE: A substantial amount of foreign exchange can be saved by involving local SMes in the defense production. It was observed by Mr. Muhammd Basharat raja, Advisor to the Prime Minister on Industries while addressing a seminar arranged by the Small and Medium enterprises Development Authority (SMeDA)’s project; SMe Subcontracting exchange (SMX). Mr. Yousaf Naseem Khokhar, Chief executive Officer SMeDA presented address of welcome on this occasion. Malik Zaheerul Haq, President GCCI, Mr. Nasir Khan Ghauri GM Policy and Planning Division of SMeDA and Mr. Ken, Japanese Commercial Attaché also addressed the seminar. Mr. Basharat raja speaking as Chief Guest of seminar appreciated the efforts made by SMeDA for exploring new business opportunities for SMes in the defense production. He was confident that the exhibition and seminar organized by SMeDA at Gujranwala shall be able to create a strong foundation in this regard. He assured to extend all possible support of government to undertake its development endeavors. responding to the issues raised by GCCI regarding viability of the industry, replied that the energy crisis was the most priority agenda before present government. He said that multiple options were being considered to overcome the energy crisis in the country. STAFF REPORT
DECONSTRUCTING PLUNGE
Cement prices dip by Rs10-12 per bag KARACHI: the industry checks show that the price of cement in north fell by rs10-12 to rs418-420 per bag. the analysts at topline research, however, view that this price decline was for short term. “We think due to slowdown in construction activities as most of the labour force is employed for harvesting wheat, which is likely to be completed by end of May,” they said. the analysts said that prices of cement would revert back and sit between rs430 and rs432 per bag in north as it was likely to be a short-term phenomenon. STAFF REPORT
Bearing the brunt of European debt crisis g
KSE 100 index slumps by 232 points KARACHI
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STAFF REPORT
He day saw the benchmark 100-share index slumped by 232.60 points to 14,081.07 points against 14,313.67 points of tuesday. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the stocks closed bearish amid thin trade on cautious note as global stocks and commodities fall on concerns for eurozone debt crisis. total numbers of shares of 371 companies were traded on Wednesday, and at the end of the day total 76 stocks closed higher, total 237 are declined while 58 remained flat. the overall value of shares traded during the day was rs5.133 million.the trading volumes at the ready-counter were recorded lower at 146.000 million shares against 152.800 million shares of the previous day. the trading value decreasing to rs5.133 billion compared to rs6.303 billion of the previous session. the intraday high and low, respectively, stood at 14,335.06 and 14,064.52 points. Market capitalisation declined to 3.597 trillion from 3.655 trillion.“fall in local urea, cement prices and concerns over proposals for banking sector in federal budget due next month affected the
market sentiments despite expectations for improvement of Pak-US relations after decisions on resumption of NAtO supplies by defence committee of national cabinet,” viewed Mehanti. KSe all share-index ended the day at 9,881.86 points, down 159.81 points or 1.67 per cent, KSe 30-index stopped the day at 12,276.66 points, decreasing 224.54 points or 1.63 per cent while the KMI 30-index slumped by 414.11 points or 1.67percent to end the day at 24,350.80.DG Khan Cement was volume leader of the day, 15.980 million shares and down by rs1.95 to close at rs41.20 followed by engro foods Limited, PtCLA, Jahangir Siddiqui Company, Bankislami Pakistan, fatima fertilisers Company XD and Lotte Pakistan PtA with turnover of 14.795 million, 14.665 million and 9.115 million, 5.954 million, 4.763 million and 4.668 million shares respectively. He added that the security concerns in the city, limited foreign interest and outstanding circular debt issues in Pakistan energy sector played catalyst role in bearish sentiments at KSe. the Unilever food XD and Mithchells fruit, up rs74.45 and rs9.00, led highest price gainers while, Unilever Pakistan XD and Nestle Pakistan Limited, down rs84.23 and rs83.43 respectively, led the losers.
Company
Open
High
Low
Close
Change
Turnover
Unilever FoodXD Mithchells Fruit Shezan Inter. Philip Morris Pak. Shield Corpor
3171.00 196.00 175.43 131.26 101.50
3250.00 205.80 184.20 137.82 106.57
3200.00 190.00 167.25 128.00 106.50
3245.45 205.00 184.20 137.82 106.57
74.45 9.00 8.77 6.56 5.07
11 15,021 5,306 43,737 460
Major Losers UniLever PakXD Nestle Pakistan Ltd. Colgate Palmolive Bata (Pak) XD P.S.O.
7136.23 4088.00 950.00 648.87 268.38
7225.00 4149.90 930.00 660.00 268.39
7015.00 4000.00 930.00 616.43 257.11
7052.00 4004.57 930.00 631.73 259.09
43.00 65.75 17.10 16.87 8.97
41.01 60.49 16.09 15.75 8.20
41.20 60.58 16.12 15.91 8.97
-84.23 15 -83.43 78 -20.00 50 -17.14 175 -9.29 1,068,927
Volume Leaders D.G.K.Cement 43.15 Engro Foods Ltd. 63.67 P.T.C.L.A 16.98 Jah.Sidd. Co. 16.59 Bankislami Pakistan 7.97
-1.95 15,980,762 -3.09 14,795,270 -0.86 14,665,150 -0.68 9,115,285 1.00 5,954,158
Interbank Rates US Dollar UK Pound Japanese Yen euro
90.8626 146.0162 1.1369 116.6858
Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar
Buy
Sell
91.50 116.26 145.96 1.1333 90.53 11.64 24.86 24.38 90.51
92.10 117.16 147.05 1.1417 91.72 11.80 25.02 24.50 92.65
CORPORATE CORNER Martin Massueger, Regional Head of Sales, Swiss Air Lines visits Karachi
KARACHI: Didier Boschung, Consul General of Switzerland hosted a dinner in honour of Mr. Martin Massueger, Director Head of Sales, Middle east, Africa & Pakistan, Swiss International Air Lines, at his residence. the occasion was graced by mostly customers of Swiss International Air Lines and representatives of the travel trade. Welcoming the guests, Mr. Boschung appreciated the role of travel agents in promoting the Swiss carrier here and particularly Ms. Yasmin Peermohamed, Country Manager, Swiss International Air Lines and her staff for their continuous efforts in waiving the logo of Swiss and the colours of Switzerland in Pakistan. Martin Massueger thanked the Consul General for his warm hospitality and said it was indeed a pleasure to be in Karachi. He very much appreciated the support given to Swiss International Air Lines. PRESS RELEASE
7th IDEAS to be held from Nov 7-11 in Expo Centre Karachi
World Telecommunication and Information Society Day on Thursday
KARACHI: the 7th International Defence exhibition and Seminar (IDeAS) will be held on 7th-11th November 2012 at expo Centre, Karachi. “IDeAS has established itself as an attractive and grand rendezvous to promote mutual understanding, trust, friendship and cooperation between the friendly nations. Having achieved a well-deserved acceptability and prominence in the International defence markets, we are hopeful that this year too we will set a new example by arranging a world class exhibition, INSHAA ALLAH.” this was stated by Major General tahir Ashraf Khan, Director General, Defence export Promotion Organization (DePO), Ministry of Defence Production, while chairing the first Steering Committee Meeting for IDeAS-2012, held on Wednesday, the 16th may at expo Centre Karachi. the meeting was attended by representatives from Concerned Ministries, three services government departments and DePO officials. NNI
USLAMABAD: the World telecommunication and Information Society Day is being celebrated on thursday (May 17) with the aim to enhance public awareness about the benefits of communication technology. the purpose of World telecommunication and Information Society Day (WtISD) is to help raise awareness of the possibilities that the use of the Internet and other information and communication technologies (ICt) can bring to societies and economies‚ as well as of ways to bridge the digital divide. World telecommunication Day commemorates the founding of the International telecommunication Union in 1865. NNI
Nokia introduces new phones to provide fast, affordable internet experience
Mountain Dew unleashes The AVENGERS! KARACHI: thrilling, over the top crazy action experience, punch-packed with phenomenal power moves never before seen in movie history, Mountain Dew once again sets the pulse of millions of Pakistanis racing by bringing this global multi-million dollar hit to Pakistan. the plot: A gang of superheroes, Iron man, Hulk, thor Captain America, Black widow, and Hawkeye all get together to save the world from the genius evil of Loki . Well that’s as much as we can give away for those who haven’t caught it yet. In the words of a fan: “it blew me away so far had to hitchhike my way back to reality”! for MD this is not the first time its set movie theatres ablaze with a ground-breaking action thriller. Last year it brought “fast and the furious 5” to Pakistan, exclusively marketing it across board with free tickets via social media radio and on-ground promotions. As the team at Mountain Dew puts it: “that was just the beginning...the best is yet to come”! And why not? Adrenaline rush is what Dew stands for and that’s is what its going to give its die-hard loyalists across Pakistan! We for one can’t wait for what’s next. till then dewdes, Do the Dew! PRESS RELEASE
KARACHI: Nokia, today unveiled two new mobile phone models as it continues to accelerate its strategy to connect the next billion consumers to information and the internet. the Nokia 110 and Nokia 112 have been designed to appeal to young, urban consumers who want to experience a fast, affordable online experience. Both devices are perfect for communicating across facebook, twitter and social media networks. the internet experience is also smooth thanks to the Nokia Browser. this innovative technology allows users to consume less data by up to 90%, by compressing websites in the cloud. Both devices offer direct access to facebook and twitter from their home screens. the Nokia 112 also features preloaded eBuddy instant messaging service right out of the box, so users can use popular chat services to keep conversations going 24/7. In common with other Nokia mobile phones, consumers can choose from thousands of apps to download on the Nokia Store. With the upgraded camera, they can now customize their contacts with pictures and share them with friends via social networks and Bluetooth. PRESS RELEASE
KARACHI: Dr. Shamshad Akhtar, former Governor, State Bank of Pakistan addressing at the seminar of “Enhancing Corporate in Public Sector Entities” organized by the Southern Regional Committee of Institute of Chartered Accountants of Pakistan. Mr. Moin M. Fudda, Country Director, Center for International Private Enterprise and Syed Asad Ali Shah, Past President of Institute of Chartered Accountants of Pakistan also seen in the picture. PRESS RELEASE
SBP to organise two-day Museum Day KARACHI: the State Bank of Pakistan Museum and Art Gallery is organizing a two-day program to celebrate the International Museum Day on 18th and 19th of this month here at the SBP Learning resource Centre (LrC) Auditorium. the event is aimed at raising awareness about the role of museums in the development of society. ‘Moving Dioramas exhibition’, ‘Prize Bond Activity’, ‘Story telling’, ‘Movie Screening’, ‘Mystery Objects treasure Hunt Competition’, ‘Photography technique’, ‘Model Making’, Conservation Process’ would be held on May 18 while students from different schools would participate in a speech competition to be held on May 19. A comedy talk show by NIKNUK would also be presented. Dr. Kaleemullah Lashari, Secretary Inter Provincial Coordination Department, Government of Sindh would give a lecture on ‘role of Museums in a Changing World’. STAFF REPORT
TGI Friday’s to make debut at The Centaurus Mall ISLAMABAD: An agreement was signed between PakGulf Construction Pvt Limited and tGI friday’s a global leader in casual dining experience; for opening up Pakistan’s first ever restaurant at the Centaurus Mall. the signing ceremony took place at the Centaurus’ sales and marketing suite, here in Islamabad. Mr. rasikh Ismail, representative of tGI friday’s restaurants in Pakistan said. “tGI friday’s restaurants offer authentic American foods and drinks in an energizing ambiance. As the original casual dining restaurant, t.G.I. friday’s differentiates itself with a unique point of view which promises to exhilarate its guests with scrumptious foods with a friday like environment. tGI friday’s operates more than 900 restaurants in more than 60 countries and we take pride in partnering with Pakgulf Construction to introduce the first tGI friday’s in Pakistan.” PRESS RELEASE
LAHORE: Dr. S. Akbar Zaidi, Visiting Professor, School of International Public Affairs, Columbia University, Dr. Rashid Amjad, Vice Chancellor PIDE Dr. Shahid Amjad Chaudhry, Rector, Lahore School of Economics, Dr. Naved Hamid, Director CREB, Lahore School of Economics, Dr. Irfan ul Haque – Special Advisor Financing for Development South Centre Geneva, Dr. Ashwani Saith, Professor, Institute of Social Studies, Erasmus University, Rotterdam, Dr. Moazam Mehmood, Director, Economic and Labor Market Analysis Department, ILO, and Dr. Azam Chaudhry, Dean of Economics, Lahore School of Economics”. PRESS RELEASE
LAHORE: Honda Atlas Cars (Pakistan) Limited has sponsored an emerging golfer, Mr. Shafiq Masih for golf tournaments in Pakistan. Mr. Shafiq Masih has multiple wins under his belt. Quaid-e-Azam golf tournament, Crescent Open golf tournament, Allied Bank & Faysal Bank golf tournament and Pakistan open golf tournaments are few of his success scores. PRESS RELEASE
MUZAFFARABAD: UN Pakistan Resident Co-ordinator, Timo Pakala is warmly received by Pearl Continental General Manager Aamir Kazi. PRESS RELEASE