International Karachi, Friday, October 1, 2010, Shawwal 21, Price Rs12 Pages 12
CIA head assures COAS of probe into Nato intrusion
No talks not a setback, says Krishna
See on Page 12
Etisalat eyes majority shares in Zain
See on Page 12
India unable to stop water: Raja Pervez
See on Page 12
See on Page 12
Indian court spells out long-awaited ruling
Economic Indicators $16.79bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Foreign Debt (Jun 10) Rs 4705.40bn Domestic Debt (Jul 10) $100.90mn Repatriated Profit (Jul- Aug 10) 3.05% LSM Growth (Jul 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.67mn Population
Forex Reserves (24-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10)
Babri Mosque site trifurcated l Status quo to be maintained for three months l Hindus allowed to maintain makeshift temple
Portfolio Investment SCRA(U.S $ in million)
45.50 -40.37 0.13 2311
Yearly(Jul, 2010 up to 29-Sep-2010) Monthly(Sep, 2010 up to 29-Sep- 2010) Daily (29-Sep-2010) Total Portfolio Invest (23 Sep-2010)
NCCPL (U.S $ in million)
FIPI (30-Sep-2010) Local Companies (30-Sept-2010) Banks / DFI (30-Sept-2010) Mutual Funds (30-Sept-2010) NBFC (30-Sept-2010) Local Investors (30-Sept-2010) Other Organization (30-Sept-2010)
0.48 2.18 -6.87 -1.09 0.15 4.62 0.53
Global Indices Index Close KSE 100 10,013.31 Nikkei 225 9,369.35 Hang Seng 22,358.17 Sensex 30 20,069.12 ADX 2,673.19 SSE COMP. 2,655.66 FTSE 100 5,548.62 *Dow Jones 10,808.22 *Last Updated 20:00 PST
Change 8.94 190.03 20.50 112.78 4.12 44.98 20.65 27.06
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 112.05 17.30 149.11 2.00 43.10 1.70 36.63 9.63 33.20
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.69% 12.82% 12.79% 13.00% 12.98% 13.09% 13.27% 13.64% 13.73% 13.78% 13.89% 14.03% 14.21% 14.36% 14.52%
22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010
Commodities *Crude Oil (brent)$/bbl 81.93 *Crude Oil (WTI)$/bbl 79.13 *Cotton $/lb 102.64 *Gold $/ozs 1,308.90 *Silver $/ozs 21.91 Malaysian Palm $ 885.00 GOLD (NCEL) PKR 36,359 KHI Cotton 40Kg PKR 7,770 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 82.60 Canadian $ 82.65 Danish Krone 14.90 Euro 116.30 Hong Kong $ 10.90 Japanese Yen 1.006 Saudi Riyal 22.82 Singapore $ 64.75 Swedish Korona 12.00 Swiss Franc 84.80 U.A.E Dirham 23.32 UK Pound 135.50 US $ 86.20
83.60 83.65 15.30 117.50 11.30 1.032 23.00 65.75 12.50 85.80 23.50 137.00 86.55
NEW DELHI: Muslims listen to Syed Ahmed Bukhari, chief cleric of the Jama Masjid mosque, after hearing the first reports of the court ruling, in the old quarters of Delhi.-Reuters
Isaf choppers kill 3 FC men in Kurram
Nato violation draws big fire Special Correspondent/ Agencies ISLAMABAD: Pakistan has said that Nato should remain in its mandate; no intrusion into our border would be tolerated. Foreign Office spokesman Abdul Basit in his weekly press briefing said Thursday that Pakistan would not tolerate border violations and investigations have been launched into the incident of killing of three security officials in Kurram Agency by Nato jets' bombardment. He said we demand of Nato and Isaf to remain within their mandate and not attack or come into our side. He said incidents of attack on
KARACHI: The government has announced revised petroleum products' prices for October 2010. These new prices released on Thursday night would come into effect from October 1st (today) and would remain effectual for a month. According to details, Oil and Gas Regulatory Authority (OGRA) has marginally
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
83.16 83.18 15.69 116.93 11.08 1.019 22.93 65.32 12.77 87.95 23.41 136.20 86.19
83.35 83.37 15.73 117.21 11.11 1.022 22.98 65.47 12.80 88.16 23.47 136.51 86.38
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
32°C 37°C 36°C 37°C 30°C 33°C
MIN
16°C 27°C 24°C 20°C 3°C 18°C
Pakistan halts Nato supplies after attacks
moved the POL prices. According to the statement Naphtha price has been raised by 0.23 paisas to 65.80 per litre while that of petrol reduced by 0.27 paisas and the new price now stands at Rs66.99 per litre, likewise HOBC price also slashed down by 0.29 paisa to Rs79.56 per litre, High Speed Diesel price reduced by 0.78 paisas and Light Diesel price slashed by 0.32 paisa per litre.
FX reserves jump to record $16.79bn Staff Reporter
Inter-Bank Currency Rates Symbols
ISLAMABAD: Eight Major Generals of the Pakistan Army have been promoted to the ranks of Lieutenant Generals here on Thursday. According to military sources, with the sheer consultation with Chief of the Army Staff General Ashfaq Parvez Kayani, 8 Major Generals that ISLAMABAD: Pakistani include Major General Raheel authorities blocked a vital sup- Shareef, Major General Zaheer, ply route for Nato troops fight- Major General Khalid Rabbani, ing in Afghanistan on Major General Sajjad Ghani, Thursday, angered by a cross- Major General Tariq Khan, border Nato airstrike that Major General Muzzammil, Major General Saleem Nawaz See # 17 Page 11 and Major General Agha our side by Nato are unaccept- Farooq have been promoted to Generals able and we would take meas- Lieutenant See # 24 Page 11 ures for ensuring our sovereignty. Foreign office spokesman said there is no chance of US See # 18 Page 11
POL prices get tiny cuts Staff Reporter
KARACHI: Pakistan's foreign exchange reserves rose to a record $16.79 billion in the week ending Sept 24, the central bank said on Thursday. The reserves stood at $16.63 billion the previous week, which also included $450 million received from the
8 Maj Gens promoted to Lt Gens
International Monetary Fund. Reserves held by the State Bank of Pakistan (SBP) rose to $12.99 billion from $12.79 billion, while those held by commercial banks fell to $3.80 billion from $3.84 billion, said Syed Wasimuddin, chief spokesman of the SBP. "The rise in the SBP's See # 27 Page 11
MNAs urge govt to let Ogra set LPG rate
ISLAMABAD: National Assembly members have urged the government that Oil & Gas Regulatory Authority (OGRA) should be given the authority to control price of Liquefied Petroleum Gas like it does of Petrol, Gas and CNG. They said that 86 LPG companies are doing whatever they wish and strict action should be taken against them. Responding to a call attention notice of Bargees Tahir, Baligh-ur Rehman and Khalida Mansoor PM Advisor Ghazanfar Gull said that there See # 25 Page 11 LCCI officials meet Gilani
Govt alive to exporters’ concerns: PM ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that the Government accords high priority to exports and is fully alive to the numerous challenges faced by our exporters in the face of the severe See # 23 Page 11
LUCKNOW: An Indian court ruled Thursday that a disputed site in Ayodhya, that sparked bloody riots in the past and claimed by both Muslims and Hindus, should now be divided between the Hindu and Muslim communities. In one of the longest-awaited and most controversial judgments in India's history, the Lucknow bench of the Allahabad High Court decided against the claim by the Muslim community that they should be allowed to rebuild a 16th century mosque demolished by a mob of Hindu extremists in 1992. The site of the mosque would be split between two Hindu groups and one Muslim group, the judges said. The 2,000-page ruling ordered that status quo at the
Muslims say verdict partly disappointing LUCKNOW: The main Muslim group contesting a religious site in northern India said it was "partly disappointed" by a verdict Thursday to divide the location. The case relates to the site of a 16th-century mosque in Ayodhya which is claimed by Muslims and Hindus. Lawyers said the court had ordered the site to be divided into three parts, with two thirds for Hindus and a third for Muslims. "The suit of Muslims was liable to be dismissed. But they are still entitled to one third of the site," See # 15 page 11 religious compound in Ayodhya at the centre of the dispute - currently under state control - would be maintained for three months. The Uttar Pradesh court also ruled Hindus will be allowed to keep a makeshift temple, which was built over the demolished
Give Army constitutional role to avoid takeover
Musharraf sees coup d’état risk LONDON: Former president Pervez Musharraf warning that Pakistan is facing risk of new coup said that army role in country's politics should be constitutional and not informal. According to media reports, addressing a debating forum in London Pervez Musharraf warned that the country is at risk of a new coup said current Army Chief Ashfaq Parvez Kayani could be forced to intervene against President Asif Ali Zardari. Following a reported crisis meeting this week between Kayani, Zardari and Prime Minister Gilani, Musharraf was asked at a debating forum whether he thought a new
putsch was likely. "Well, you see the photographs of the meeting with the president and the prime minister and I can assure you they were not discussing the weather," he replied to debate host Christopher Meyer, ex-British ambassador to the United States. "There was a serious See # 26 Page 11
Exposure Margin
Khi stock mkt asks members to renew guarantees Staff Reporter KARACHI: Karachi Stock Exchange (KSE) has asked all brokerage houses to track the expiry dates of their bank guarantees against their See # 20 Page 11 The benchmark index of the exchange too didn't show any See # 28 Page 11
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Banks can turn flood crisis into an opportunity, SBP head says Staff Reporter
KSE ends 1Q on lower note Nawaz Ali KARACHI: Karachi Stock Exchange remained weak during the first quarter of the fiscal year as it gained just 3 per cent, while an average daily volume reduced to around 62 million shares with declining foreigners' interest. KSE remained the worst performer in the region during the above mentioned period. According to the details, average daily turnover of the exchange during the last quarter stood at around 62 million shares declined by more than 67 per cent from the same period last year.
central mosque dome. Lawyers representing the Muslim claimants said they were "partly disappointed" and that they would appeal the decision at the Supreme Court. Many schools and offices remained closed as a huge See # 16 Page 11
Phone: 35 31 18 93 - 6
KARACHI: Shahid H Kardar, Governor State Bank of Pakistan has said that the recent floods provide an opportunity for the banking industry to increase financial inclusion, diversify its products on sustainable basis and play its due role in rebuilding the national economy. Speaking at a Roundtable Discussion on 'Damage Assessment of Floods and Implications for the Financial Sector' arranged by the State Bank in Karachi on Thursday, Kardar said that the central bank is cognisant of the adversity and has taken initiatives to assess the damage and encourage the use of best practices in the interest of long-term development of the See # 19 Page 11
LSM grows by 3pc in 1M Ahmed Siddique KARACHI: The Large-Scale Manufacturing (LSM) sector showed a growth of 3.05 per cent during the first month of current fiscal year as compared to the same period of the last year due to higher production from refineries, chemical and auto sector, according to data from the Federal Bureau of Statistics (FBS). According to the data, in July 2010, the Quantum Index Numbers of the LSM Industries stood at 199.57 points as See # 21 Page 11
18th Amendment cases
SC reserves judgment ISLAMABAD: Supreme Court (SC) has reserved judgment on the constitutional petitions challenging certain clauses of 18th amendment maintaining this is the most important case of the history of the country and the verdict will be announced at appropriate time. See # 22 Page 11
2 LCCI installs security system in moon mkt LAHORE: The Lahore Chamber of Commerce and Industry, while fulfilling its social corporate responsibility, has provided stateof-the-art security system including night vision security cameras and surveillance systems with complete backup arrangements to the Moon Market, the place that has frequently been targeted by terrorists. The security system was jointly switched-on by the City Police Chief Mohammad Aslam Tarin, LCCI President Shahzad Ali Malik, outgoing LCCI President Zafar Iqbal Chaudhry and former LCCI Executive Committee member Sardar Usman Ghani. Moon Market Traders Association office-bearers and a large number of area businessmen were also present in the inauguration ceremony. Speaking on the occasion, the City Police Chief Mohammad Aslam Tarin paid rich tributes to the Lahore Chamber of Commerce and Industry for supplementing police efforts aimed at ensuring foolproof security at all the city markets. He said that the Police was putting in its best efforts to weed out the menace of terrorism but to make the society crime free every person of the society would have to play its role.-PR
Friday, October 01, 2010
TDAP global participation on the rise Jamil Siddiqui KARACHI: Trade Development Authority of Pakistan (TDAP) gearing up its ongoing efforts to boost Pak export drive has participated in 26th edition of Texworld (fabric fair) held recently at Parc d' Expositions Bourget, Paris. According to a handout sent to The Financial Daily the spokeswoman said that Texworld is held twice a year; in September and in February. Around 879 exhibitors participated in the fair as against 650 in the last fair. Exhibitors from all over the world including China, Thailand, India, Indonesia, Turkey and Bangladesh exhibited their products. Pakistani Pavilion was located at a prominent place and attracted a large number of local and international visitors/buyers. Eleven companies selected by TDAP participated in the event and exhibited their products. The buyers took keen interest in Pakistani products displayed thereon and appreciated their high quality. Pakistani exhibitors not only received a good number of enquiries but also concluded business
deals worth $7 million. Participation in this event was helpful in enhancing the profile and recognition of the Pakistani denim and cotton fabric products. The exhibition also provided an opportunity to Pakistani participants to meet with the competitors, look at their products and also to update themselves with the latest trends in the industry with regard to the requirements of the international buyers. Meanwhile in another hand out the spokesman added that TDAP in collaboration with Pakistan Tanners Association (PTA) participated in All China Leather Exhibition held from 1st to 3rd September, 2010 at Shanghai. The All China Leather Exhibition has become China's premier international leather industry event, featuring the latest products and services from both international and mainland companies. Exhibitors from various countries and regions including Pakistan, Italy, Spain, Turkey, Brazil, India, Australia and Bangladesh exhibited their products, representing all the major global players in the indus-
try. A large number of visitors from Mainland China and Overseas visited during the three days exhibition. Chinese visitors mainly came from the eastern and southern parts of China where most of the leather garments and footwear industries are located. It was the seventh time that Trade Development Authority of Pakistan and Pakistan Tanner Association jointly organised Pakistan Pavilion at this exhibition. Pakistani exhibitors not only received a good number of enquiries but also concluded business deals worth $4.5 million. Participation in this event was helpful in enhancing the profile and recognition of the Pakistani leather products. The exhibitor also provided an opportunity to Pakistani leather products. The exhibitor also provided an opportunity to Pakistani participants to meet with the competitors, look at their products and also to update themselves with the latest trends in the industry with regard to the requirements of the international buyers.
TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
KARACHI: Students from different departments of Karachi University staged protest against the unhuman act of imprisoning Dr Afia Siddiqui by US govt Students chanted slogans, demanding Pakistani govt to take action against the decision. They also urged the masses to raise their voice against the so-called flag bearers of peace and human rights, the US. Protest rally starded from Mass Communication department and ended outside Silver Jublie gate.-PR
FRIDAY 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 14:05 15:00 15:15 16:00 16:05 16:30 17:00 17:05 18:00 18:15 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05
Pakistan Aaj Raat News Pehla Sauda News Bazaar News Ghar Ka Kharch News Akhri Suada News Islamabad Say News Sara Jahan (Rpt) News Power Lunch News Akhri Suada Uff Tv(Rpt) News Ghar Ka Kharch News Karobari Dunya Headlines Filmi Samaa (Rpt) Red Carpet(Rpt) Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu(Rpt)
Irfan Sheikh elected new REAP chief Staff Correspondent KARACHI: Irfan Ahmed Shaikh was unanimously elected as the new Chairman of Rice Exporters Association of Pakistan (REAP). According to the handout issued to The Financial Daily from REAP, the annual election of Rice Exporters Association of Pakistan (REAP) were held in both North and South Zones simultaneously. In South Zone, All the candidates for the Managing Committee nominated by South Zone Group, headed by Abdul Rahim Janoo, were declared successful unopposed, whereas in North Zone, all the Seats were captured by Founder Group with Heavy Margins. As per the announcement by the Election Commission in Annual General Meeting (AGM), the candidate for Chairman, nominated by South Zone Group, Irfan Ahmed Sheikh and candidate for Vice Chairman, nominated by Founder Group, Taufiq Ahmed Khan and Ashfaq Ghaffar, nominated for Treasure were declared successful. The new Officer Bearers, i.e. Chairman, Vice Chairman and Treasurer will take charge today for the tenure of 2010-2011.
Bahraini New ABAD head expats to assumes office Samsung take part ranked in home 19th globaly polls Staff Correspondent
Staff Correspondent
Time Programmes
ISLAMABAD: Chairman, Pakistan Telecommunication Authority (PTA) Dr Mohammad Yaseen presenting 100 Millionth Mobile Phone SIM to the Prime Minister Syed Yusuf Raza Gilani at PM’s Chamber in Parliament House. Advisor on IT Sardar M Latif Khan Khosa is also present.-PR
KARACHI: The Consulate General of the Kingdom of Bahrain in Karachi, has invited Bahraini citizens present in Karachi, who are registered in the voters' schedules and wishing to cast their votes to elect the members of the Council Representatives, to register their names at the Consulate General of the Kingdom of Bahrain in Karachi, or by filling the online. In a hand out sent to The Financial Daily the spokesman said that the Registration will be open for 7 (seven) days, from 29 September and until 5 October, as long as the voter is registered in any of he voters' schedules in the Kingdom of Bahrain. The voting date for those who have registered through the above mentioned methods will be on Tuesday 19th October. Re-run for those constituencies which are not finalised will be on Wednesday 26th October.
KARACHI: Babar Mirza Chughtai was declared elected unopposed as Central Chairman of Association of Builders & Developers of Pakistan (ABAD)in the Annual Elections for 2010-2011 along with Saleem Zaki as Vice Chaiman and Dr Talha Farooqui as Chairman for Southern Region. For the Central Executive Committee of ABAD, Babar Mirza Chughtai, Saleem Zaki, Arif Jeewa, Saleem Swaleh, M Hanif Gohar, Rais Ahmad, Asim Aleem, M Mohiuddin, Mohsin
Shaikhani, Zaheer Qadri, Nasir Lakhani, Humza Tabani, Sami Qureshi, Dr M Asad Thanvi, Hanif Memon, M Younus Lakhani, Mustansir Zakir, Nusrat Mirza Chughtai and Dr Sajid Saeed were declared elected unopposed. Mehmood Sheikhani, Dr Talha Farooqui, Saleem Hanif, Omar Bin Islam, Kamran Younus, Suffian Adhia, Asif Sumsum, Kaleem-uz-Zaman Khan, M Sohail Naviwala, Altaf Sattar Kantawala and Muhammad Haroon were declared elected unopposed as members of Southern Regional Committee of ABAD.-PR
Chhipa working hard for relief KARACHI: The Chhipa Welfare Association's (CWA) campaign for the rehabilitation of the flood affectees 'Let us build Pakistan together' has successfully entered day nine. The number of donors who have donated their Zakat, charity and alms and those who contributed with other goods of necessity has also increased. The contributors of goods especially women have brought certain essential goods to the CWA's centres. The goods included bed-related items,
blankets, household items such as crockery, utensils, dry ration, old furniture, dry milk powder, etc. The goods thus collected would be distributed affectees in next couple of days among those who would be returning to their hometowns so that they could be assisted for making a fresh start of their routine life. Meanwhile, CWA's Social Worker, Ramzan Chhipa has offered his gratitude to those who donated with cash and goods.-PR
KARACHI: Samsung Electronics Company Limited has been ranked 19thamong the top 100 brands. It also attained the 9th ranking within the IT industry. These rankings were published by "Interbrand"- the definitive guide to the most valuable global brands, said a handout issued here. The value of Samsung brand has been estimated at 19,491 million US Dollars, which shows an increase of 11 per cent over last year. Interbrand's annual report on the Best Global Brands is voted to be one of the three most influential benchmark studies by business leaders. It offers evaluative insights into how the best global organizations create and manage brand value. The General Manager of Samsung Pakistan, Mr. Steve Han said, "Samsung considers its brand to be a strategic business asset and invests heavily on its brand building functions to gain on this intellectual capital. We have built a compelling brand-proposition around our strategic growth agenda to ensure success and returns".-PR
LHC challenges appointment of federal advisor ISLAMABAD: The Lahore High Court (LHC) Rawalpindi Bench on Thursday issued notices in a quo warranto petition challenging the appointment of Shahid Sattar, Advisor in the Ministry of Water Power, who manoeuvred to get himself appointed against the rules, regulations and norms of justice and fair play. The petition filed by Asim Raza, through Syed Hasnain Ibrahim Kazmi Advocate, called for explanation from the respondents as to under
what statuary of law he was holding this position. The court comprising Justice Mamoon-urRashid has accepted the petition directed all respondents including Secretary Water and Power, Secretary Finance, Secretary Establishment Division and Shahid Sattar. Sattar has been asked to appear in person. The petitioner has said that, "it is submitted that due to the appointments of such incompetent persons the projects of the World Bank are either not
completed or fail to achieve required results, causing a hefty loss to Pakistan and its people. The rationale behind it is that such loans are to be repaid with heavy interest rates out the pocket of the people of Pakistan, notwithstanding the hard reality of accomplishment/non accomplishment of the World Bank Projects." The petitioner challenged that he is unqualified for the job, does not possess that qualifications and had misstated his experience.-Agencies
Govt striving to rehabilitate affectees: Marri
All Karachi quiz contest held at DHA college
KARACHI: Sindh Minister for Tourism Shazia Marri has said that the flood damages are bitter experience and like a test of time for Pakistan Peoples Party and its Government, but by serving flood affectees we will succeed to build Pakistan more stronger. This she said while addressing as Chief Guest to an event of sports arranged by YWCA (Young Women Christian Association) for flood-affected children, here at Karachi. Shazia Marri said that
flood affected people who have left their homes due to floods and are taking shelter in camps, are facing difficulties but they are not alone as entire nation is standing besides them. She said that the courage of flood affected people and smile on their faces even in painful moments, is a great example of courage for we all.She criticised those politicians who are strong critics of the Government due to political rivalry and said that rather than to criticize opponents on political grounds.-APP
Flood IDPs on way to homes KARACHI: More than 20 thousand flood affectees have so far been departed from the relief camps established by City District Government Karachi as they started returning back to their native areas. The number of IDPs presently staying in CDGK relief camps has now reduced to 67 thousand. This was stated by EDO Revenue Roshan Ali Shaikh while talking to media representatives in his office. He said that Watan Cards have been issued to over 12
thousand affectees and the registration of IDPs was on at the NADRA Centers. Issuance of Watan Cards to flood affectees presently living in other city areas will start from 4th October. Within a week all those affectees who were staying in schools and other educational institutions will be shifted to relief camps so that education process could start there. EDO Revenue said that the affectees will be provided with all kinds of help to facilitate them in the registration process.-PR
KARACHI: All Karachi Quiz Competition 2010 was held at Defence Authority Degree College for Women Ph-VIII here on Thursday. Collector of Customs, Karachi Nisar Ahmed, was the chief guest of the occasion. Nisar Ahmed emphasised the significance of the power of knowledge and termed the quiz competitions as the hallmark of a sound education system. He said that the world was moving from industrial economy to knowledge based economy as such knowledge and information played a pivotal role in success of any venture. Earlier the principal of the college, Nasreen Nisar, in her welcome address, highlighted the achievements of the college students in academic and co-curricular activities. She stressed the need for constant update of knowledge for a successful career in this technological and information age. She said that the quiz competitions provide an excellent opportunity to enhance and nurture the mental skills of students and in development of their all round personality.-PR
KARACHI: Nasir Ahmed, Collector Karachi giving the winners trophy to students of Defence Authority College of Business who won the All Karachi Quiz Competition 2010 held at Defence Authority College for Women Phase-VIII.-PR
3
Friday, October 1, 2010
Euro gains vs dollar, on track for best quarter in 8 yrs Better-than-expected US data helps limit USD losses NEW YORK: The euro hit a fresh five-month high against the dollar on Thursday, on pace for its best quarterly gain in eight years, after data showed eurozone banks are relying less on funds from the European Central Bank. The news reinforced expectations Europe may gradually remove policy stimulus before major economies like the United States and Britain, helping offset concerns about Ireland's fiscal and banking problems. The yen rose broadly on reported exporter demand for the currency on the last day of Japan's fiscal half-year. This sparked talk Japan may step in again to curb yen gains. The euro's rally, however, seemed to be running out of steam in the short-term, analysts said, after reaching the 55-week moving average around $1.3613
and failing to take out the previous high of $1.3692 hit last April 12. Midmorning in New York, the euro was up 0.2 per cent at $1.3654. As long as the euro holds
above $1.3511, the previous 50 per cent Fibonacci retracement of the November 2009 peak and June 2010 low, momentum remains positive. The currency is still on track to hit its 200-week moving average at $1.3916, traders said. The euro, however, pared gains versus the dollar after a strongerthan-expected business activity
reading in the US Midwest, with an index of 60.4, compared with forecasts of 56. In a day of heavy month- and quarter-end flows, investors opted to buy back the euro after
it fell earlier on Ireland disclosing a worst case price tag of more than 50 billion euros to bail out its troubled banks. The euro pushed through reported options barriers at $1.3650 and $1.3675 to hit a five-month high of $1.3684 on the EBS trading platform. Traders said there is another barrier at $1.3700 and every 25-
point interval all the way to $1.38. The euro has risen almost 12 per cent versus the dollar over the course of this quarter, its best quarterly performance since June 2002. On the month, the euro was up about 7.5 per cent, its best monthly gains since December 2008. Euro gains helped push the dollar index to an eight-month low against a basket of currencies, The dollar index fell to an eight-month low of 78.414 and was last 78.507, down 0.2 per cent. It has fallen more than 8 per cent over the quarter, leaving it on track for its biggest quarterly fall since the second quarter of 2002 heightening worries they may step in again. The Ministry of Finance said Japanese authorities sold 2.1249 trillion yen ($25.37 billion) in currency intervention in the latest month to Sept. 28. -Reuters
Swiss franc flat despite fresh EU woes ZURICH: The Swiss franc was stuck in a tight range against dollar and euro on Thursday as markets brushed off fresh concerns about euro-zone banks. The euro was under some pressure after Ireland's central bank put a 34 billion euro price on bailing out stricken Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional 3 billion euros by the end of the year. The franc was little changed against the euro compared to the New York close, trading at 1.3314 per euro at 0808 GMT. The franc has been stuck in a range between around 1.3050 and 1.3350 against the euro since the Swiss National Bank cut its inflation forecast sharply in midSeptember, indicating it was in no rush to raise borrowing costs. The franc was also little changed against the dollar at 0.9780 per dollar, within sight of the 30-month high 0.9730 hit in the previous session. -Reuters
Baht, won up on fund inflows; wary of cbank action Wary of BOT intervention; one says BOT in market the US and Europe," said Jeong My-young, a currency strategist at Samsung Futures Inc in Seoul. "The regional authorities will continue intervention, but it does not look so easy," Jeong added. The won rose to a near 4-1/2month high against the dollar on exporters' demand for endmonth settlements and as the foreign exchange authorities stayed on the sidelines. The won ended domestic trade up 0.2 per cent from the previous close at 1,140.1 against the dollar, just a notch weaker than 1,139.8, the strongest since May 14. The Thai Baht hit a 13-year
Sterling falls after EU rebate transaction LONDON: Sterling fell to a four-month low against the euro on Thursday as investors covered short positions in the single currency after an annual rebate to the UK from its European Union farming contribution was completed. The flows pushed the euro to its strongest since late May, reversing selling pressure seen earlier in the day on anticipation that the
payment to UK farmers would require euros to be converted into pounds. This speculation had been slowing the euro's rise against sterling all week even as the single currency has been rallying on the back of broad dollar weakness. "Because of the EU subsidy to British farmers to be paid in sterling, there was an expectation of a massive outflow of euros into sterling so the market was positioned accordingly," said Valentin Marinov, currency strategist at Citi. By 1533 GMT, the euro traded 0.2 per cent higher on the day at
86.43 pence, not far from the 86.72 pence hit in late London trade. The rally in the euro lifted the single currency above its 200-day moving average at 85.86 pence. A close above that level would provide further support for the euro. Sterling slipped 0.5 per cent to the day's low of $1.5694, reversing a climb to $1.5924 earlier in the day, its strongest since
early August. Providing a short-lived boost to the pound in earlier trade was waning speculation about further UK monetary easing after Bank of England policymaker Adam Posen said he had not decided on his vote for the next policy meeting. The pound had suffered since Posen suggested the BoE should extend its 200 billion pound asset purchase scheme in a speech on Tuesday -- the first policymaker to do so since November, and putting him in opposition to Andrew Sentance, who has voted for rate hikes. -Reuters
high against the dollar on continued foreign capital inflows. But investors remained wary of currency intervention by the central bank with one trader saying the Bank of Thailand entered the market although was not very active. The baht rose as much as 0.62 per cent to 30.26 per dollar, the strongest since 1997, from late Wednesday's 30.45. The currency had room to rise up to 30.00 against the dollar, but it would not be easy to break through the level, dealers said. On Wednesday, a senior Thai finance ministry official said more foreign fund inflows were expected, especially into the bond market. -Reuters
Taiwan $ hits 2-yr closing high TAIPEI: The Taiwan dollar rose to a two-year closing high on Thursday, ending the third quarter with a 2.9 per cent gain, with dealers seeing more upside into the next quarter on hopes of more foreign fund inflows. The US dollar weakened against most major Asian currencies in July-September, and recent poor US economic data reinforced expectations the US Federal Reserve will take more action to help the struggling economy. The Taiwan dollar closed at T$31.330, up from Wednesday's close of T$31.380, ahead of the central bank's policy-setting board meeting later in the day. Taiwan's central bank is widely expected to raise its policy interest rate again as the island's economic growth continues and inflation remains subdued. Investors have favoured growth-linked Asian forex markets such as Taiwan's for most of September because of strong fundamentals and upbeat data from across the region, currency strategists say. -Reuters
Australian, NZ dollar set for best quarter since June’09 SYDNEY/WELLINGTON: The Australian dollar looked set on Thursday to round off its best monthly performance in over a year despite running into light profit-taking after disappointing domestic data. The Australian dollar retreated to $0.9660 after data showed building approvals dropped 4.7 per cent in August owing to a plunge in approvals for public homes, weaker than expectations for a flat outcome. A large investment bank sold heavily, but that was offset by demand from exporters and mutual funds, which had to hedge their overseas stock investment before the end of the month. For the quarter, it was up 15.2 per cent, the most it has climbed in any quarter since June 2009, and ranking it the best performer among the world's most traded currencies in the three months. Charts showed near-term support was at
$0.9649, then $0.9623 and $0.9590. Resistance was seen at the high of $0.9730. The New Zealand dollar steady at $0.7371 after recovering from a dip to $0.7348 following very weak home building data. It hit an offshore high of $0.7408. Despite a slew of weak data, the kiwi has risen more than five per cent this month, or some 7.5 per cent for the quarter -- the best performance since June 2009 -- as speculation of easier US monetary policy weighs on the dollar. Support for the kiwi was put at $0.7306, the low on Tuesday, while resistance was seen at Wednesday's high of $0.7408. The Aussie inched back to NZ$1.3118 on some profit taking, after hitting a five-and-a-half month high of NZ$1.3173 earlier, but was up over 7 per cent on the quarter. The kiwi fell to one-week low of 61.45 yen. -Reuters
Source CNY EUR AUD CHF CHF GBP GBP EUR USD USD USD
Events Manufacturing PMI German Retail Sales m/m Commodity Prices y/y Retail Sales y/y SVME PMI Halifax HPI m/m Manufacturing PMI Unemployment Rate Core PCE Price Index m/m Personal Spending m/m Revised UoM Consumer Sentiment
Forecast 52.5 0.5% 3.2% 60.8 0.6% 53.9 10.0% 0.1% 0.4% 67.1
Previous 51.7 -0.1% 52.7% 4.7% 61.4 0.2% 54.3 10.0% 0.1% 0.4% 66.6
Actual
Forecast
Previous
-20 -0.3% 4.3% -4.7% 0.1% 0.1% -40K 1.8% -0.1%
-19 1.2% 4.6% 0.0% 0.3% -0.3% -20K 1.8% -0.1%
Previous Day Source
Events
GBP JPY JPY AUD AUD GBP EUR EUR CAD
GfK Consumer Confidence Prelim Industrial Production m/m Retail Sales y/y Building Approvals m/m Private Sector Credit m/m Nationwide HPI m/m German Unemployment Change CPI Flash Estimate y/y GDP m/m
-18 -0.2% 3.8% 0.1% 0.3% -0.8% -20K 1.6% 0.2%
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask 1.3590 0.8648 1.3327 113.6 0.9809 1.0303 1.572 131.43 0.9643 1.3999 85.29 1300.69 21.70
Bid 1.3588 0.8645 1.3323 113.57 0.9805 1.0299 1.5717 131.39 0.9639 1.3992 85.22 1300.01 21.68
High 1.3684 0.8672 1.3352 114.21 0.9821 1.0342 1.5922 132.71 0.9733 1.4097 85.81 1315.23 21.97
Low 1.3562 0.8655 1.327 112.99 0.9709 1.0233 1.57 131.03 0.9627 1.3952 85.07 1296.18 21.58
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 30/09/2010 A USD GBP CAD EUR JPY O/N 0.22625 0.55125 1.05750 0.60625 SN 0.10500 1WK 0.25025 0.55203 1.06583 0.50375 0.11750 2WK 0.25181 0.55563 1.09500 0.53875 0.12625 1MO 0.25625 0.56844 1.12667 0.60625 0.14000 2MO 0.27297 0.62281 1.18833 0.69375 0.17125 3MO 0.29000 0.73225 1.25333 0.84750 0.21625 4MO 0.34406 0.81734 1.31000 0.93125 0.30875 5MO 0.40750 0.92250 1.36500 1.02875 0.36750 6MO 0.46250 1.02516 1.43333 1.13188 0.42750 7MO 0.51156 1.10109 1.50083 1.18188 0.48313 8MO 0.56188 1.18109 1.58833 1.22375 0.53125 9MO 0.61141 1.26359 1.65667 1.27813 0.58063 10MO 0.66469 1.33641 1.73083 1.32625 0.60750 11MO 0.71781 1.40516 1.83167 1.37125 0.63063 12MO 0.77775 1.47078 1.92083 1.42000 0.66000
Asian currencies
SEOUL: The Thai baht hit a 13-year high against the dollar and the South Korean won hovered around a 4-1/2-month high on continuous inflows of funds. Investors stayed wary of possible further currency intervention by the regional foreign exchange authorities to keep export competitiveness of their countries. Still, the allure of emerging Asia for international investors is expected to keep the region's currencies in demand, analysts and traders said. "There is nothing to change investors' appetite for Asia yet. Asia's economic fundamentals look much better than those in
Top Economic Events Time 6:00 11:00 11:30 12:15 12:30 1st-7th 13:30 14:00 17:30 17:30 18:55
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Oct 07 2010 Oct 07 2010 Nov 03 2010 Dec 16 2010 Oct 05 2010 n/a
Sep 08 2010 Mar 05 2009 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010 Dec 19 2008
Current Interest Rate 1% 0.50% 1% 0.25% 0.25% 4.50% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, September 30,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ
TOKYO: Money dealers trade at a foreign exchange market in Tokyo. -Agencies
Yuan posts biggest mthly gain since revaluation SHANGHAI: The yuan closed lower against the dollar on Thursday, but the Chinese currency in September scored its biggest monthly gain since its landmark revaluation in July 2005. The People's Bank of China (PBOC) engineered a pullback in the yuan against the dollar on Thursday after it had generally allowed the yuan to rise in the month. The move was seen as signalling that Beijing may heed US appeals to let the yuan appreciate but it has a limit to what it may concede. The PBOC fixed a weaker reference rate, through which it guides the yuan, after the US House of Representatives passed a bill to press China to let its currency rise faster. This was seen implying China's bottom line in the tugof-war -- the United States must not corner Beijing by further pushing the bill pass the Senate or labelling it a currency manipulator. The yuan ended at 6.6912 on Thursday, down from Wednesday's close of 6.6868 but was up 1.74 per cent this
month, and it has gained 2.02 per cent since the PBOC announced it would be depegged from the dollar on June 19. The market will be closed for a week starting on Friday for the National Day holiday, with trading resuming on Oct. 8. Before trading started on Thursday, the Chinese central bank fixed the yuan's daily mid-point at 6.7011 versus the dollar, down slightly from Wednesday's record high of 6.6936. Dollar/yuan non-deliverable forwards hovered at low levels to imply decent yuan rises as the offshore market continues to bet that China will let the yuan appreciate for now. Reuters
U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.20 136.51 117.21 83.37 88.16 83.35 12.80 1.03 14.69 65.47 15.73 22.98 11.11 12.88 302.96 27.92 63.47 23.68 23.47 0.08 2.83
86.00 136.20 116.93 83.18 87.95 83.16 12.77 1.03 14.65 65.32 15.69 22.93 11.08 12.85 302.26 27.85 63.32 23.63 23.41 0.08 2.83
85.81 135.89 116.67 82.96 87.72 82.94 12.73 1.03 14.61 65.15 15.65 22.87 11.05 12.82 301.46 27.78 63.16 23.56 23.35 0.08 2.82
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 30, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.85 12.15 12.50 12.95 13.00 13.05 13.10 13.15 13.25 13.50 13.65 13.70 13.75 13.80 13.90 14.00 14.05 14.05 14.20 14.40
12.00 12.25 12.60 12.70 12.80 12.90 13.05 13.00 13.10 13.45 13.90 13.90 13.98 13.98 14.00 13.70 13.70 14.05 14.15 14.30
11.75 12.00 12.25 12.40 12.65 12.85 12.95 13.00 13.10 13.40 13.55 13.60 13.85 13.70 13.75 13.70 13.70 14.00 14.20 14.40
12.00 12.40 12.50 12.90 12.90 13.00 13.00 13.05 13.25 13.40 13.85 13.80 13.90 13.92 13.95 13.95 13.99 14.05 14.25 14.30
11.90 12.25 12.50 12.70 12.80 12.85 12.90 13.05 13.15 13.80 13.85 13.90 13.95 14.00 14.00 14.00 13.75 14.05 14.30 14.50
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.75 12.00 12.30 12.40 12.70 12.85 12.95 13.00 13.10 13.45 13.85 13.60 13.90 13.70 13.75 13.70 13.70 14.00 14.15 14.25
11.88 12.18 12.44 12.68 12.81 12.92 12.99 13.04 13.16 13.50 13.78 13.75 13.89 13.85 13.89 13.84 13.82 14.03 14.21 14.36
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.35 0.86 0.38 0.34 0.36 -0.04
0.23 0.81 0.21 0.77 0.90 0.40
0.23 0.88 0.65 0.89 0.91 0.29
0.23 0.97 0.62 0.58 0.85 0.46
-0.02 0.85 0.03 -0.13 0.50 -0.32
USD/CAD USD/CHF
0.53 0.67 0.51 0.05 0.32 -0.14
0.11 -0.64 -0.39 -0.60 0.13 0.19
-0.16 -0.93 -0.34 0.16 -0.33 -0.14
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)30/09/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABPL 11.90
12.40
12.00
12.50
12.10
12.60
12.75
13.00
12.85
13.10
12.95
13.45
13.00
13.50
13.15
13.65
ABLN 11.90
12.40
12.50
13.00
12.60
13.10
12.85
13.10
13.00
13.25
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
12.10
12.60
12.25
12.75
12.50
13.00
13.00
13.25
13.15
13.40
13.40
13.90
13.40
13.90
13.75
14.25
ASPK 12.20
12.70
12.40
12.90
12.55
13.05
12.80
13.05
13.00
13.25
13.10
13.60
13.20
13.70
13.25
13.75
CIPK
12.65
13.15
12.75
13.25
12.75
13.25
13.00
13.25
13.10
13.35
13.20
13.70
13.40
13.90
13.50
14.00
DBPK 12.00
12.50
12.20
12.70
12.30
12.80
12.75
13.00
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.90
12.40
12.30
12.80
12.35
12.85
12.75
13.00
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 12.10
12.60
12.25
12.70
12.40
12.95
12.65
12.90
12.80
13.05
12.85
13.35
12.95
13.45
13.05
13.55
HBPK 12.10
12.60
12.40
12.90
12.50
13.00
12.80
13.10
13.05
13.30
13.15
13.65
13.20
13.70
13.30
13.80
HKBP
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NIPK
11.90
12.40
12.40
12.90
12.75
13.25
12.95
13.20
13.10
13.35
13.15
13.65
13.20
13.70
13.25
13.75
HMBP 12.25
12.75
12.60
13.10
12.70
13.20
12.85
13.10
13.10
13.35
13.20
13.70
13.30
13.80
13.50
14.00
SAMB 12.10
12.60
12.35
12.80
12.50
13.00
12.90
13.15
13.10
13.35
13.20
13.70
13.30
13.80
13.40
13.90
MCBK 11.90
12.40
12.30
12.80
12.45
12.95
12.70
12.95
12.90
13.15
13.10
13.60
13.20
13.70
13.40
13.90
NBPK 12.00
12.50
12.10
12.60
12.30
12.80
13.00
13.25
13.10
13.35
13.30
13.80
13.40
13.90
13.50
14.00
SCPK 12.00
12.50
12.20
12.70
12.40
12.90
12.75
13.00
12.90
13.15
13.00
13.50
13.10
13.60
13.20
13.70
UBPL 11.50
12.00
12.15
12.65
12.50
13.00
12.90
13.15
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
AVE
12.52
12.31
12.81
12.48
12.98
12.84
13.09
13.02
13.27
13.14
13.64
13.23
13.73
13.35
13.85
12.02
4 Friday, October 01, 2010
The Financial Daily International
Let Them Crop Up
Vol 4, Issue 57
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
Mohammed Arifeen
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
here are two principal crop seasons in Pakistan namely "Kharif" with sowing beginning in April and harvest between October and December and "Rabi" beginning October and ending in May. Rice, cotton, sugarcane, maize and millet are Kharif crops while wheat, gram, tobacco, rapeseed, barley and mustard are Rabi crop. Sugarcane Sugarcane is grown in about 195 countries. Its production is around 1.5 billion tons. The world's largest producer of sugarcane is Brazil followed by India. Pakistan ranks fifth among the top ten sugarcane producing countries. Sugarcane is a major cash crop of Pakistan and the main source of income and employment for the farming community. Its share in value added agriculture and GDP is 3.5 per cent and 0.8 per cent respectively. The crop is cultivated during spring season in the month of February or March. It is harvested in November or December. Sugarcane is included in both the Rabi and Kharif crops. All areas are not suitable for growing sugarcane. It is mostly cultivated in canal irrigated areas of Punjab, Khyber Pakhtunkhwa and Sindh provinces. In Punjab it is cultivated in Faisalabad, Sargodha, Multan, Bahawalpur, Lahore and Gujranwala districts. In Sindh Hyderabad and Sukkur division ranks first and second in the production of sugarcane. Mardan, Peshawar and Bannu districts of Khyber Pakhtunkhwa province rank on the top in the production of sugarcane. In the fiscal year 2009-10 sugarcane was grown on 943,000 hectares. Production was 49.4 million tons against 50 million tons in 2008-09, showing a decline of 1.2 per cent. The yield kilogram per hectare in 2009-10 was 52,357. The major reasons for the nominal decline in sugarcane production was primarily due to sufficient area under wheat crop during 2008-09 limited sugarcane acreage, shortage of canal water, load shedding of electricity, high rates of input, etc. Pakistan is the fifth largest producer of sugarcane but its yield is
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Secular state, non-secular court ruling The attempt to understand the court verdict regarding Babri Mosque creates more confusion as it fails to establish the fact who owns the site. Its decision to split the property into three pieces is likely to create resentment rather than providing any amicable solution. Muslims must read the comments of an Indian constitutional lawyer expressing his disappointed on the ruling and saying that the court had shirked its primary responsibility of discerning ownership of the site. "If you seek to divide property, you should at least first find out who owns it," said the lawyer. The decision by the court has hurt the secular image of India and supported those who insist on calling it Hindustan. One of the reasons for not giving people of Kashmir the right to self determination is the slogan 'we will not allow another division of India on the basis of religion'. The desecration of Mosque about 18 years ago had resulted in the killing of 2000 people. The court decision is likely to fuel another round of carnage by the Hindu extremists, who still claim the ownership of the place belongs to Hindus. It is true that the court's decision hurt Muslims and they also have the right to express their dissent. However, they have to be extra careful because of the presence of enemies within their rank and file. It is also feared that some of the elements in Pakistan may try to show their resentment by holding demonstrations after Friday prayers. The presence of RAW supported elements in Pakistan and knowing their modus operandi demands that the government should take extra security measures today.
Nato forces’ transgression Till recently US drones were striking certain areas falling within the boundaries of Pakistan. While a few critics termed it not only violation of Pakistan's airspace but also went ahead to dub these stealthy surgical attacks as war crimes. Our government's failure in containing such attacks, must have given Nato forces the courage to undertake strikes within Pakistan unilaterally. The government has lodged formal protest with the Nato authorities but are likely to get it-was-a-mistake kind of a reply. However, Nato must realise that this sort of adventurism could have serious repercussions. After the verdict against Dr Afia Siddiqui, anti-US sentiments are running high, evident from the rallies throughout the country. The government also came under severe public fire for saving the Jacobabad airbase being used by the allied forces by flooding other areas. Resistance is also on the rise with regard to logistic support to allied forces operating in Afghanistan. Many of the tankers and other vehicles carrying goods for ISAF were blown up recently. It is feared that anti-US elements would, now, attack Afghan bound vehicles more and more. Since these supply-trucks also pass through thickly populated areas, an attack within a city could prove disastrously bloody. Nato better not attempt such hot-pursuiting in Pakistan for the sake of hard-built trust, which would evaporate faster than ever if even legitimate heat on the militants is turned on the wrong way and on wrong side. One completely fails to understand the US policy towards Afghanistan as it wants to both do away with and shake hands with the Taliban at the same time. If the US intends to leave Afghanistan without achieving the objectives declared before attacking Afghanistan, it should steer clear of Pakistan keeping in mind the galore of sacrifices it made for the mighty mentor-ally which is now a humptydumpty-on-the-fall in Afghanistan.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
T
relatively low. As compared to India the yield is very low. The sugarcane yield in India is far better than Pakistan not only because of good varieties and superior production technology but mainly due to workable and good government policies for continued production. In Pakistan the low productivity is partially due to irrigation water scarcity, non availability of fertilizer at the proper time, high price of electricity, constant load shedding, and poor crop management practices, frequent non availability of easy loans and lack of suitable marketing system. Further, most the sugar mills run far below their designed capacity thus lifting sugarcane from other mills to meet their requirement. This undergoes large revenue losses to the national exchequer. The factors responsible for this are the unplanned establishment of vast number of sugar mills and low price fixed by the provincial government. Wheat Wheat is the most widely grown crop in the world. About 17 per cent of the total arable land is cultivated with wheat. The world's largest producer of wheat is China followed by India. Among the top ten producing countries of wheat India ranks second in terms of production and consumption and third in terms of yield per hectare. Pakistan ranks eighth in terms of production and in terms of yield ranks fifth. Wheat is the staple food crop of Pakistan and is cultivated in all provinces of Pakistan. It plays an important role in the management of its economy. It contributes 14.4 per cent to the value added in agriculture and 3.1 per cent to GDP. As compared to other provinces of the country, Punjab cultivates wheat on a large are. Its share in wheat production is also the highest. The upper Indus plain contributes 70 per cent of the total wheat produced in Pakistan. Canal-fed fields produce about two-third of the wheat and the rest comes from the rain fed fields. The main wheat growing areas are Sargodha, Faisalabad, Multan, Dera Ghazi Khan, Bahawalpur, Lahore, Sahiwal, Shaikhupura and Sialkot. Farmers generally plant wheat late in the rice, sugarcane and cotton cultivating areas of the country. Currently, only 20 per cent of wheat is being planted at optimum planting time, 15 October to 15 November. Sindh comes second in wheat production. Most of the wheat is cultivated in the lower Indus basin in the irrigated districts of
Nawabshah, Hyderabad, Sukkur, Tharparkar and Khairpur. In Khyber Pakhtunkhwa province Mardan, Peshawar and Bannu are famous for wheat cultivation. Wheat is also grown in Balochistan. In Pakistan wheat yield over the last eight years has not shown any significant improvement. There had been erratic growth in the yield during the review period. The yield dipped during 2001-02, 2003-04, 2005-06 and 2007-08. The decline in wheat yield and production during the period in 2007-08 was 9.8 per cent and 10 per cent respectively. The reason for downfall in wheat production and yield was mainly due to delayed start of sugar crushing season and late cotton picking by the growers, shortage of irrigation water, price factor and severe frost damaging early crop sown in Punjab and Khyber Pakhtunkhwa. On the other hand, India's wheat yield per hectare during the past eight years as compared to Pakistan was better in all respect. During the preceding three years from 2005-06 to 2007-08 India's growth rate in terms of production and yield per hectare has been positive. Its production recorded high at 78 million tonnes during 2007-08. This level of production was sufficient to meet the indigenous demand. India enjoys an edge over Pakistan due to cheap electricity, tractors, good quality seeds and pesticides provided to the farmers. Further, the availability of urea on time to the farmers at reasonable rate has substantially increased its production and yield. Rice Rice is the second staple food crop for nearly half of the world's population. Rice is grown in about 114 countries. It is the major source of income and employment to million of households in Asia and Africa. Asia accounts for 91 per cent of global harvest. China and India accounted for over half of the world rice supply in 2006.The productivity of rice in India was higher than Thailand, Pakistan, Bangladesh, Nepal and Brazil but much below the productivity in Japan, Korea, China, United States and Indonesia. Pakistan ranks twelfth among the rice producing countries. About 80 per cent of the world's rice is produced on small farms, mostly to meet the family needs, and poor rice growers' account for the same percentage of all rice producers. Rice is Pakistan's second food crop after covering about 11 per cent of the total cropped area. It is the third largest crop along with
wheat and cotton. Pakistan has a good reputation of exporting extra-long grain aromatic basmati rice. Pakistan also exports quantities of coarse rice. Rice is a primary export commodity after cotton. Pakistan cultivates better quality of rice to meet both its domestic and international demand. It accounts for 6.4 per cent of value added in agriculture and 1.4 per cent in GDP. The cultivation of rice is concentrated in the low lying plains of Punjab and the flooded rivers and canal areas of Sindh. It is also grown in the mountainous district in the North and canal irrigated areas. In Punjab, the division of Lahore and Gujranwala are at the top. Best quantity of Basmati, Parmal, and Sukhdari rice is grown in Punjab. Some rice is also cultivated in Shakupura, Sargodha and Bahawalpur divisions. In Sindh Sukkur division is famous for good quality rice cultivation. It is also cultivated in Larkana, Khairpur and Hyderabad districts. Rice yield in Pakistan is much lower as compared to many other rice growing countries of the world. During the past eight years there was dip in yield in three years. Rice production and yield was lowest in the year 2001-02 primarily due to acute shortage of water and longer draught spell. Both yield and production dropped by 9.2 per cent and 19.2 per cent respectively. Substantial improvement both in yield and in production was observed in the year 2002-03. After a drop in yield in the 2003-04 and 2004-05 there had been an improvement of 6.1 per cent growth in yield and 10.4 per cent in production in 2005-06. This was achieved due to efforts of rice research and development, favorable environment condition, high prices and better economic returns to farmers. Both production and yield increased in 2007-08 after a drop in yield and production in 200607. The low yield was partially due to limitations in the adaptation of modern technology. Farmers were faced with problems like limited supply of good seeds, imbalanced use of fertilizers, scarcity of irrigation water, insect and pest attacks and social and economic constraints. Apart from its high rice yield compared with Pakistan India produces a good quantity of inferior quality rice for its home consumption. On the other hand Pakistan produces the best quality and fairly large quantity of rice both for the domestic consumption and export. Failure in following aggressive marketing approach Pakistan has not been able to compete with India in the
global markets. In order to improve yield Indian scientists are working hard to remove the deficiencies and deploying new technologies to suite the local environmental conditions. The sugarcane scientists dealing with the improvement of production and yield should be given a free hand to advice farmers without any interference by the bureaucracy and politicians. Meetings should be held during planting and harvesting period among farmers, scientists, and sugar mill owners. With better government policies favoring the growers, production and yield can be increased. The farmers should be provided credit on soft terms to the growers of sugarcane. Electricity should also be provided for tube and develop irrigation system and marketing system be established which is easily understood by the growers in achieving higher production and yield. Seeds of high yielding varieties should also be made available to the farmers. Pakistan's wheat yield is far below the international standard and the government has not yet come up with appropriate policies enabling the growers to achieve higher yield. The scientists should make serious efforts to produce genetically improved varieties. To reduce the financial burden of the farmers the government should supply electricity, urea, tractors, pesticides, insecticides and good quality seeds at reasonable prices. Irrigation water is essential for successful cultivation of all the crops. Water should be made available at appropriate time to the farmers and must be used judiciously. In order to achieve higher yield wheat crop should not be planted late. The government should organize training programmes to create awareness among the farmers and credit should also be made available at softer terms. Pakistan facing serious food security crisis must not waste time but utilize all the resources at its disposal to enhance yield of basmati rice to achieve higher exportable surplus. The government must develop new rice seeds through extensive research and development. Improved quality seed enjoying higher resistant against pests and insects should be made available and balanced use of fertilizer ne encouraged. Balanced and appropriate doses of Zinc Sulphate should also be applied to increase rice productivity. Following optimum sowing and harvesting time is also important for achieving higher rice yield. Proper water management practices must also be followed to achieve higher rice yields.
Gold the “Ultimate Bubble” George Soros this month repeated his warning gold is locked in the "ultimate bubble", and told investors bluntly it was "certainly not safe" in troubled times. Soros was simply repeating a warning he issued at the World Economic Forum (WEF) back in February. At the time gold was trading at less than $1,150 per ounce. It has since risen to touch $1,300 this week, and is up more than 400 per cent from its low of $252 in 1999. There is no end in sight for the bull run. Anyone who shorted gold back in February would be sitting on huge losses. But while Soros himself warned gold was in a bubble, his hedge fund, Soros Fund Management LLC was one of the biggest gold bulls of the year, doubling its holding of shares in the SPDR Gold Trust at about the same time he was issuing his warning at the WEF in Davos. Soros is no longer involved in the management of the fund. But the apparent disconnect between the bubble warning and the bullishness of his fund will strike many observers as strange. In reality it illustrates the fascinating investment philosophy of one of the most successful financiers of the last 50 years and is the best way to understand what is really going on in the precious metal market. REFLEXIVITY AND BUBBLES Soros outlined his theory of price formation, and how bubbles inflate and collapse, in a brilliant book on "The Alchemy of Finance", first published in 1987, but updated in 2003. It remains one of the clearest, most
incisive explanations of how and why bubbles occur, and shows how profiting from the "madness of crowds" has been pivotal to his success. In particular, Soros rejected the prevailing idea that "market prices are … passive reflections of the underlying fundamentals", a dogma he dismissed as market fundamentalism, or that there were stabilizing forces which would automatically drive prices back towards equilibrium. Instead, Soros propounded a theory of "reflexivity", in which fundamentals shape perceptions and prices, but prices and perceptions also shape fundamentals. Instead of a one-way, linear relationship in which causality flows from fundamentals to prices and perceptions, Soros developed the theory of a loop in which prices, fundamentals and perceptions all act on one another. "I contend that financial markets are always wrong in the sense that they operate with a prevailing bias, but that the bias can actually validate itself by influencing not only market prices but also the fundamentals that market prices are supposed to reflect". Later he writes more bluntly: "[The efficient market hypothesis and theory of rational expectations] claims that the markets are always right; my proposition is that markets are almost always wrong but often they can validate themselves". Beyond a certain point, selfreinforcing feedback loops become unsustainable. But in the meantime positive feedback causes bubbles to inflate further and for longer than anyone could
have foreseen at the outset. "Typically, a self-reinforcing process undergoes orderly corrections in the early stages, and, if it survives them, the bias tends to be reinforced, and is less easily shaken. When the process is advanced, corrections become scarcer and the danger of a climactic reversal greater". RUNNING WITH THE HERD Soros cites numerous examples of self-validating behavior ranging from the conglomerate boom of the 1960s and real estate investment trusts (REITs) in the 1970s to the technology boom and the rise and spectacular fall of Enron and WorldCom at the end of the 1990s and start of the 2000s. Each was heralded at the time as a "new paradigm". But none is more fascinating than his explanation of the dynamics of the REITs bubble in the early 1970s. Because Soros recognised the potential for a bubble early and published a research note advocating investors should get aboard the trend. In his note he sketched the entire rise and fall of the REITs in the form of a four act play, warning that eventually disappointment would affect valuation and lead to a shakeout, with fewer new entries, more regulation and more moderate growth. But he observed "The shakeout is a long time away. Before it occurs, mortgage trusts will have grown manifold in size and mortgage trust shares will have shown tremendous gains. It is not a danger that should deter investors at the present time. The only real danger at present is that the self-reinforcing process may
not get underway at all". In the debate about whether markets are a "weighing machine" for discovering true fundamental value or a "voting machine" which records the popularity of certain theories and the mass of the crowd, Soros came down firmly on the side of the voting machine. Crucially, the successful speculator responds to bubbles not by shorting them and waiting for stabilising forces to drive the market quickly back to some fundamental value, but by identifying them early and riding the wave, hoping to get out before the whole edifice finally comes crashing down. Reading people (other investors, narratives) is as important - if not more important - as understanding the fundamentals of an asset itself. Identifying the next "new new thing" earlier than the rest of the crowd and getting aboard, and then being willing to liquidate before the deluge, is at the heart of the speculator's success. GOLD AS ULTIMATE BUBBLE In this world, gold is the ultimate bubble because apart from the cost of actually digging it out of the ground it has almost no real fundamentals other than price itself. Investors have been buying it precisely because the price has been going up and is expected to carry on rising. Rising prices have created their own demand. It is the ultimately reflexive investment. Rising gold prices have encouraged investors to add gold to their portfolios and central banks to reverse a long-standing drift towards eliminating the low-yielding asset from their
reserves and start adding it instead. In a thoughtful research note, Deutsche Bank argues that "the gold market is still some way from displaying the characteristics of a bubble" (Commodities Quarterly, Sep 28). But using the Soros idea of a bubble as a process, rather than simply a frothy end-state, gold has already been a bubble for some time as an ever larger group of investors has climbed aboard, propelling prices higher. In an implicit acknowledgment of the role self-validating forces have played driving gold prices higher, one prominent gold analyst recently pointed out that gold still has the most compelling "narrative" of any investment. In a research note, Barclays Capital explains "For analysts … gold has traditionally been a tricky one due to its multiple roles as a commodity, currency, inflation hedge and hedge against credit risk and macroeconomic uncertainty. Gold is, in sum, more than a simple commodity, it's a hedge against fear" (Commodity Daily Briefing, Sep 23). Barclays might have added a hedge against deflation as well, another function cited by Deutsche Bank. But with so many apparent fundamentals, in some sense it has none at all; gold is the ultimate voting asset, which is valuable precisely because other investors believe it is valuable. Soros was right to identify it back in February as the ultimate bubble. And his hedge fund was even more right to brush aside fundamental concerns and go long.-Reuters
5
Friday, October 1, 2010
Europe shares hit by profit taking at quarter-end KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,022.25 10,013.31 8.94 0.09 88.83
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,118.89 3,114.90 3.99 0.13 3.56
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,558.37 2,557.43 0.94 0.04 0.22
Major Gainers
Symbol
Close
Change
NESTLE 1,900.19 DREL 636.00 COLG 706.17 LAKST 283.97 APL 340.56
37.75 29.10 17.89 13.52 5.29
Major Losers
Symbol
Close
Change
FZTM IDYM MTL SHEZ ICI
316.85 234.21 570.41 95.00 117.10
-16.54 -12.32 -5.66 -5 -3.96
Top 5 Volume Leaders
Symbol LOTPTA BAFL JSGF JSCL SILK
Close Vol (mn) 8.39 8.20 3.09 9.97 2.85
17.33 8.46 5.02 4.71 3.80
Active Issues Plus Minus Unchanged
183 182 19
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
SEAsian stocks mostly higher at end of best quarter this year
KSE holds 10k post with minor casualties Nawaz Ali KARACHI: Shares ended with a minor loss at Karachi Stock Exchange (KSE) on Thursday as after some bearish activities due to rise in key interest rates by the State bank, buying was witnessed on good corporate results of Attock group companies that allowed the index to sustain the psychological level of 10,000 points.
The benchmark KSE 100index skid eight points to 10,013 points, KSE 30-index fell 53 points to 9,674 points and KSE all-share was down three points to 6,996 points. "Negative close was witnessed as SBP raised discount rate by 50 basis points in its monetary policy," said Ahsan Mehanti, Director Arif Habib Investments. Following a 50 bps rise in interest rates, market took a
Nikkei slides 2pc TOKYO: Nikkei average slid two per cent on Thursday, hit by a late yen rise, but still booked its best monthly performance in six months, helped by hopes the central bank will ease policy further and that the yen's rapid advance could be curbed by more intervention by the authorities. The benchmark Nikkei fell 190.03 points to 9,369.35, the day's low, but still managed to post a 6.2 per cent gain for the month of September, its best monthly rise since March. The broader Topix fell 2.1 per cent to 829.51. Trade picked up, with 2.1 billion shares traded on the Tokyo exchange's first section, the highest since Sept 15 - when Japan intervened to weaken the yen. Declining shares beat advancing ones by more than 9 to 1. But the benchmark edged down 0.1 per cent for the quarter, sharply lagging other major
world indexes. The yen advanced against the euro and against the dollar as well, after Ireland's central bank but a 34 billion euro ($46 billion) price on bailing out Anglo Irish Bank under a worst case scenario and said Allied Irish Banks needs to raise an additional three billion Euros by the end of the year. Market players said investors began dumping shares in late trade after expected windowdressing -- or buying of some of the quarter's better performers by fund managers to improve their books -- failed to emerge, with the yen rise also feeding sales. "I think the next quarter will likely see the market testing the downside in a tug-of-war between hopes for policy easing and the worsening world economy," said Yutaka Miura, senior technical adviser at Mizuho Securities. See # 11 Page 11
negative beginning of the day at 10 points down. Bearish activities then increased due to continued selling pressure. Therefore, index remained in the red territory almost throughout the day and at about 11:55 am it touched its lowest level of the day of 9,934 points (-ve 88 points). However some good corporate results of Attock group companies invited buying during the final hour which wiped off the
index losses while buying also was witnessed as it was the last session of the quarter. Therefore, index gave a couple of short visits to green zone and at a moment it touched an intraday high of 10,031 points (+ve 8 points). However, it failed to give a positive closing and finally ended with some minor losses. Samar Iqbal, equity dealer at Topline Securities said that the expected decline after the
FTSE finishes lower on weak lenders
Indian mkt up with tad margin
LONDON: Britain's FTSE 100 closed lower on Thursday as weaker banks outweighed gains from energy stocks on stronger crude prices and comments suggesting BP could resume paying a dividend in 2011. The FTSE 100 closed 20.65 points, or 0.4 per cent lower at 5,548.62. It gained 6.2 per cent in September and 12.8 per cent in the third quarter. Sharp falls in US weekly claims for jobless benefits and early signs of strength in September business activity helped to lift stocks in afternoon trade, but uncertainty over the outlook for banks and the wider economy saw it retreat just before trading closed. "There's optimism out there and investors are happy to See # 10 Page 11
Shanghai gains; Hong Kong flat HONG KONG/SHANGHAI: Hong Kong stocks recorded their strongest quarterly performance in a year on Thursday despite retreating from an eight-month high, as Goldman Sach Group Inc's sale of a $2.25 billion stake in Industrial and Commercial Bank of China Ltd weighed on the market. The Hang Seng Index has gained about 11 per cent this quarter, its best performance since the same period a year ago, but a bout of short-selling could point to weakening investor confidence in any further upside. "Momentum is beginning to look like it will weaken soon," said Patrick Yiu, a director at CASH Asset Management in Hong Kong. "There is likely to be limited upside for as long as the Chinese government tries to keep things under control, but foreign capital inflows may help things a little." Short sellers as a percentage of overall turnover clocked in at about seven per cent in morning trade, higher than the five per cent typically seen in Hong Kong. The benchmark Hang Seng Index lost 0.09 per cent to 22,358.17 on Thursday. The China Enterprises Index of top
locally listed mainland stocks was down 0.19 per cent at 12,406.1. China's key stock index ended up 1.72 percent on Thursday, with property shares such as Gemdale Corp unexpectedly jumping after the government announced fresh measures to subdue bubbly prices in the country's red hot real estate market. The Shanghai Composite Index ended at 2,655.66 points, after finishing flat on Wednesday. The market will be closed for a week starting on Friday for the week-long National Day holiday. Shanghai's stock market has gained 11 per cent for the quarter ending in September, but is still down about 21 per cent so far this year, with China's clampdown on bank lending and the property market having taken a toll despite robust economic growth. On the charts, the Hang Seng Index's relative momentum index (RMI), which moves with the relation to upward and downward changes in the benchmark, is currently hovering around a 13-month high at 80.4, past the overbought 70 level. The last time it hit such a level was in August 2009,
when the index fell more than 6.5 per cent in the two weeks after hitting a high of about 82. Industrial and Commercial Bank of China fell 3.2 per cent to HK$5.78 after Goldman watered down its stake in the Chinese lender, amid wider fears that regulators may raise the minimum amount banks must keep in reserve. "We're really looking closely at foreign fund inflows for the fourth quarter," said Peter Lai, a strategist at DBS Vickers, who recommends buying into the Chinese pharmaceutical, infrastructure and retail sectors. "I'm personally bullish on Hong Kong stocks and think we may have some upside in the next three months." On the upside, Hong Kong Exchange and Clearing Ltd rose about one per cent, hovering around nine-month highs, with investors chasing up the stock amid a flurry of upcoming IPO activities including insurer AIA, which has a topend valuation of $38.8 billion. Shanghai's property subindex closed up 3.9 per cent, with traders saying investors were buying back into the market after property shares slumped since mid-April this See # 12 Page 11
ANNOUNCEMENTS Company Attock Cement Attock Petroleum National Refinery Kohinoor Energy Noon Pak Non-Vot Noon Pak Kohat Cement Buxly Paints Khalid Siraj Brothers Textile Crescent Jute Constellation Mod First Credit & Climax Eng. Attock Refinery
Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 32.50%(D) 200%(D) 20%(B) 200%(D) 15%(D) 12%(D) 12%(D) -
PAT (Rs in mn) 1016.685 3594.309 3284.814 687.292 27.285 -327.777 2.571 -6.421 -14.631 -82.763 1.694 7.874 -28.143 126.389
EPS(Rs) 11.74 62.40 41.08 4.06 2.15 -2.55 1.79 -0.60 -1.49 -3.48 0.33 0.12 1.48
MUMBAI: Surging foreign portfolio investment lifted Indian shares higher for the seventh quarter in a row, its longest winning run in at least 20 years. But mounting concerns the rally was overdone took some sheen off the attractive long-term story. The main stock index gained 13.4 per cent in the quarter and notched a 11.7 per cent gain in September, its best monthly gain in 16 months. The 30-share BSE index climbed 0.57 per cent or 112.78 points to 20,069.12, in a choppy session on expiry of monthly derivatives contracts on the National Stock Exchange. Nineteen of its components closed in the green. In the broader market, losers outnumbered gainers in a ratio of 1.3:1 on a moderate volume of 479 million shares. The 50share NSE index firmed 0.7 per cent to 6,029.95 points. Trade was a bit choppy ahead of the much awaited verdict over a disputed religious site, dealers said. Later in the day, a court is set to rule whether Hindus or Muslims own a disputed religious site at Ayodhya in northern India, a judgment many fear could trigger an outbreak of communal rioting. "From the medium-term perspective, we are bullish on Indian stocks," said Sandip Sabharwal, CEO of
interest rate hike was overshadowed by the excellent announcements of NRL and APL. With decent volumes, index recovered early losses mainly due to good corporate announcements. Lotpta remained the volume leader as international PTA prices continued to rise. Foreign investors however were on the buying side. According to NCCPL, there See # 14 Page 11
portfolio management services at brokerage Prabhudas Lilladher. "But then, the speed at which we have run up, I do not rule out a small correction in the next 4-6 weeks. Also, the market is ignoring the jitters from Europe." Foreign funds have poured in $5.3 billion in Indian shares this month, including primary market offerings. Even as there is one more quarter to go, their net investment so far in 2010 currently stands at $18.2 billion, which has helped the benchmark index rise 14.9 per cent from a year earlier. The uncertainty in developed economies have attracted money flows into India, the world's second-fastest growing major economy. Mahindra Satyam nosedived as much as 9.5 per cent after the outsourcer reported a net loss for fiscal years 2009 and 2010, giving the first view of its financials nearly two years after it was hit by India's biggest corporate fraud. JPMorgan downgraded the stock to "neutral" from "overweight" as the restated financials restored normalcy, but the progress was likely to be slow. The stock fell the most in 10 months weeks and closed 8.9 per cent lower at 90.10 rupees. See # 9 Page 11
NRL, ATRL, APL, ACPL results out Ghulam Raza Rajani KARACHI: Attock Petroleum Limited (APL), Attock Cement Pakistan Limited (ACPL), National Refinery Limited (NRL), and Attock Refinery Limited (ATRL), the subsidiaries of the Attock Oil Company Limited announced on Thursday their results for the year ended at June 30, 2010, according to the Karachi Stock Exchange (KSE). Profit after taxation of APL grew 16.6 per cent to Rs3.59 billion over Rs3.08 billion in the previous year, resulting into earning per share of Rs62.4 as against Rs53.51 earlier. Furthermore, the company announced Rs20 per share dividend that is in addition to interim dividend of Rs10 per share. Moreover, APL's board of directors also recommended issuance of 20 per cent bonus share as well. See # 8 Page 11
US stocks mid-day
Market falls on profit taking NEW YORK: Stocks fell on Thursday as encouraging data increased positive sentiment, but investors still chose to take profits going out of a strong quarter and the best September in more than 70 years. The Dow Jones industrial average slid 56.35 points, or 0.52 per cent, to 10,778.93. The Standard & Poor's 500 Index shed 4.99 points, or 0.44 per cent, to 1,139.74. The Nasdaq Composite Index dropped 16.68 points, or 0.70 per cent, at 2,359.88. In the S&P 500's biggest monthly gain since March 2000, the benchmark index surged 8.6 per cent in September on signs of economic stabilisation and expectations that the Federal Reserve will take steps to accelerate the recovery. The S&P 500 is up 10.6 per cent in the third quarter. "There's a lot of evening out of positions and profit taking since we've come up nicely this See # 13 Page 11
Dhiyan
AVOID LONG-TERM BUYING Naeem Rafi, Rafi Securities Overall market outlook is negative due to current situation in the country. However, we may not see much decline in the index due to continued foreign buying in index heavy weights. Investors are advised to do very short term trading in blue chip companies having good dividend record like in LUCK, DGKC, PPL, and POL while they should avoid long term investments. Stability on the political front and launch of margin trading system will be the factors to trigger the market. Market will show mix activities today.
Farhan Mansuri, Arif Habib Limited Market is likely to show range bound activities before Oct 13 when hearings of NRO will resume. Therefore, index will be moving in a range of 150-200 points and investors should invest at 9,700-9,800 points and sell at 10,000 points. They should invest in high dividend yielding stocks which have announced their results like APL, ACPL. Improvement in the political situation, launch of MTS, strengthening rupee value, and relaxation in circular debt will support the market. Some negative activities are expected today in the market.
6
Friday, October 1, 2010
Market 88,830,993
Value
3,131,679,606
Trades
48,819
Advanced Declined Unchanged Total
Current High Low Change
183 182 19 384
All Share Index
10,013.31 10,031.19 9,933.67 i8.94
Current High Low Change
KSE 30 Index
6,996.83 7,008.99 6,943.71 i3.59
Current High Low Change
KMI 30 Index Current High Low Change
9,674.34 9,727.57 9,619.96 i53.23
15,682.85 15,751.16 15,595.94 i63.36
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,242.19 Turnover 7,255,100 P/E (x) 10.71
High Low 1,254.03 1,228.69 Total cos Defaulter cos P/BV (x) ROE (%) 3.96 37.01
Paid up Cap(mn)
PE
Open
High
Low
Attock Petroleum 576 Attock Refinery 853 BYCO Petroleum 3921 Mari Gas Company 735 National Refinery 800 Oil & Gas Development XD 43009 Pak PetroleumXDXB 11950 Pak Oilfields 2365 Pak Refinery Limited 350 P.S.O XD 1715 Shell Gas LPG 226 Shell Pakistan XD 685
5.24 14.45 14.71 5.03 10.06 5.40 6.99 4.55 13.62 9.87
335.27 82.00 10.43 109.68 202.53 144.85 175.44 235.79 59.64 267.08 29.85 193.02
350.00 81.75 10.39 109.09 208.49 146.40 175.30 238.00 59.50 271.00 30.50 194.00
336.00 78.51 10.00 108.00 198.00 144.00 171.77 234.26 58.25 261.51 30.00 190.00
Company
KSE 100 Index
Symbols
Volume
Close Chg 340.56 79.48 10.16 108.54 202.06 145.71 172.41 237.13 58.30 268.70 30.23 192.45
5.29 -2.52 -0.27 -1.14 -0.47 0.86 -3.03 1.34 -1.34 1.62 0.38 -0.57
Close Change 1,243.46 1.27 Listed cap Market cap 65,194.15 mn 1,005,314.18 mn Payout (%) Div Yield (%) 68.56 6.40 Last 60 days High Low
Volume 807326 1083011 871986 32194 324438 215196 991282 3487884 2667 1378578 1266 14269
350.00 93.60 13.05 138.45 208.49 153.00 214.10 240.01 82.00 289.45 40.10 244.00
% Change 0.10 5-Day High 1,243.46 5-Day Low 1,231.85
2009 Div BR (%) (%)
2010 Div BR (%) (%)
281.26 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 209.99 180 48.26 233.10 50 27.32 188.00 330 -
300 31 200 55 90 80 80 40
20 20B -
CHEMICALS
Open 677.22 Turnover 1,339 P/E (x) 5.56 Company
Paid up Cap(mn)
Pak Int Cont. Terminal XD 1092 PNSCSPOT 1321
High Low 685.01 673.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 25.53
PE
Open
High
Low
8.11 5.29
65.01 38.98
66.13 38.75
65.00 38.00
Close Chg 66.13 38.75
1.12 -0.23
Close 685.01 Listed cap 3,242.17 mn Payout (%) 11.08
Change 7.79 Market cap 12,587.70 mn Div Yield (%) 1.99
Volume
Last 60 days High Low
726 613
87.86 41.74
62.75 34.50
Company
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 - 23.74 Bawany Air 68 1.32 13.32 Biafo Ind 200 7.09 38.95 BOC (Pak) XD 250 9.80 75.70 Clariant Pak 273 5.68 161.35 Dawood Hercules 1203 7.64 167.94 Descon Chemical 1996 2.14 Descon Oxychem Ltd. 1020 4.40 Dewan Salman 3663 1.32 Engro Corp. Ltd XD 3277 8.93 176.70 Engro Polymer 6635 - 12.03 Fatima Fertilizer 22000 - 11.13 Fauji Fertilizer 6785 7.13 105.92 Fauji Fert.Bin Qasim 9341 6.90 27.34 Ghani Gases Ltd 725 - 11.22 ICI Pakistan XD 1388 6.98 121.06 Ittehad Chemical XD 360 5.17 21.05 Leiner Gelatine 75 7.49 8.51 Lotte Pakistan 15142 2.91 8.72 Nimir Ind Chemical 1106 69.50 1.40 Shaffi Chemical 120 1.29 2.73 Sitara Chem Ind 204 5.29 115.12 Sitara Peroxide 551 8.17 United Distributors 92 3.46 15.06
23.89 13.99 40.89 78.99 162.75 166.90 2.19 4.50 1.39 175.44 13.03 11.30 105.50 27.49 11.45 120.00 22.10 9.51 8.64 1.45 2.70 120.85 8.30 16.06
22.66 12.32 38.90 75.80 155.60 165.00 2.01 4.15 1.29 173.27 11.93 10.90 104.50 26.95 10.90 116.80 21.06 8.30 8.17 1.37 2.50 113.05 8.01 16.00
Close Chg 23.68 13.00 39.82 77.00 161.49 165.69 2.03 4.44 1.34 174.21 13.03 11.24 104.84 27.10 11.14 117.10 21.83 9.51 8.39 1.39 2.70 119.89 8.18 16.06
-0.06 -0.32 0.87 1.30 0.14 -2.25 -0.11 0.04 0.02 -2.49 1.00 0.11 -1.08 -0.24 -0.08 -3.96 0.78 1.00 -0.33 -0.01 -0.03 4.77 0.01 1.00
Close 1,131.65 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 8701 8625 900 7104 197 2758 56527 35172 313097 311722 720388 436745 470449 949768 137277 808640 429 144 17331058 52403 1715 4590 52733 331
Change -12.43 Market cap 258,828.69 mn Div Yield (%) 6.95
27.79 16.78 40.89 82.50 174.00 185.88 3.15 5.45 2.21 194.59 13.03 12.46 113.39 30.65 11.45 128.30 37.80 19.50 9.09 1.81 3.80 138.00 11.09 17.99
% Change -1.09 5-Day High 1,149.48 5-Day Low 1,131.65
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.06 31.64 40 66.90 90 146.00 125 155.38 40 10B 1.78 3.20 1.28 165.60 6010B 40R 9.57 - 27.5R 9.02 102.92 131.5 10B 25.90 40 7.41 109.50 80 21.00 15 6.20 12 6.75 5 1.16 2.00 110.03 75 7.67 15.00 10 10B
45 15 20 20 75 5 55 5 25 -
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,179.91 Turnover 39,984 P/E (x) 6.11 Company
Paid up Cap(mn)
Century Paper Pak Paper ProductSPOT Security Paper
707 38 411
PE 6.22 4.73
Open 19.29 61.00 40.90
High 19.93 61.99 40.75
High Low 1,195.34 1,149.03 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47 Low 19.00 59.01 39.50
Close Chg 19.67 0.38 59.76 -1.24 40.00 -0.90
Close 1,174.26 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume 24545 10350 5089
Change -5.65 Market cap 3,268.19 mn Div Yield (%) 4.13
22.70 62.85 50.40
15.80 42.10 38.10
% Change -0.48 5-Day High 1,179.91 5-Day Low 1,174.26
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,042.13 Turnover 78,676 P/E (x) 3.83 Paid up Cap(mn)
PE
Agriautos Ind Atlas BatteryXDXB Atlas Engineering Ltd Dewan Motors General Tyre XD Ghani Automobile Ind Honda Atlas Cars Indus Motors XD Pak Suzuki Sazgar Engineering Transmission
Open
144 5.11 70.30 101 5.18 135.50 247 11.64 17.00 890 1.42 598 6.17 23.42 200 3.91 4.60 1428 - 10.90 786 4.94 217.09 823 8.61 70.70 125 6.42 24.77 117 4.02 2.19
Company
Paid up Cap(mn)
PE
Open
High
Low
565 675 555 1199
3.31 6.51 4.75
24.70 2.03 16.07 49.00
24.75 2.05 16.65 49.18
24.16 2.01 15.26 48.70
785 18.37
9.10
9.00
8.75
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
Close Chg 24.45 2.03 15.56 48.80
-0.25 0.00 -0.51 -0.20
9.00 -0.10
Close 969.29 Listed cap 3,596.11 mn Payout (%) 30.91
Change -8.00 Market cap 9,279.83 mn Div Yield (%) 10.25
Last 60 days High Low
Volume
% Change -0.82 5-Day High 977.29 5-Day Low 957.68
2009 Div BR (%) (%)
High
High Low 1,047.32 1,026.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35 Low
Close Chg
31.73 3.20 16.75 70.71
23.75 1.65 13.00 47.50
-
30B -
30 40
20B
301
11.25
8.20
10
-
7.5
-
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar 186 Clover Pakistan 94 Fecto Sugar 146 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 Ismail Ind 505 Kohinoor Sugar 109 Mirpurkhas Sugar 70 National FoodsSPOT 414 Nestle Pakistan XD 453 Pangrio Sugar 109 Premier Sugar 38 Punjab Oil 38 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177 UniLever Pakistan XD 665 Wazir Ali 80
Close 1,032.73 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -9.40 Market cap 37,248.96 mn Div Yield (%) 5.34
Last 60 days High Low
Open 908.67 Turnover 3,171,000 P/E (x) 7.79 Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Mustehkam Cement Pioneer Cement Shabbir Tiles Thatta Cement
1828 866 858 182 3257 982 108 948 3574 3651 6933 502 1760 2319 581 1288 13126 3234 3723 417 2228 361 798
High Low 918.30 891.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
PE
Open
High
Low
5.12 13.31 28.87 33.22 11.73 6.21 -
3.20 65.41 1.85 15.50 26.25 1.57 26.75 2.19 1.43 24.41 4.70 5.23 1.94 3.68 62.00 6.03 2.77 69.79 2.90 11.00 7.75 9.25 19.67
3.30 66.51 2.05 15.99 27.20 1.83 26.85 3.12 1.56 24.20 4.70 5.20 1.95 3.80 63.90 6.14 2.85 69.80 2.89 11.95 7.70 9.25 19.78
3.14 63.50 1.70 14.50 27.20 1.55 25.50 2.22 1.35 23.78 4.62 4.70 1.89 3.27 60.00 6.00 2.73 68.95 2.75 11.95 7.25 8.60 18.80
Close 902.96 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
3.20 64.34 1.87 15.16 27.20 1.73 26.85 2.22 1.53 23.92 4.69 5.20 1.93 3.60 61.28 6.10 2.84 69.16 2.83 11.95 7.42 8.60 19.78
23503 116493 18500 71866 657 14703 319 1001 266887 1588185 145550 455 13128 38362 2975 39753 320771 245685 238840 5000 9062 400 8700
4.69 72.40 2.05 20.00 27.51 2.74 32.90 3.90 2.20 28.74 5.50 7.90 2.37 7.50 66.10 7.38 3.53 73.88 3.84 13.50 8.47 12.23 21.80
0.00 -1.07 0.02 -0.34 0.95 0.16 0.10 0.03 0.10 -0.49 -0.01 -0.03 -0.01 -0.08 -0.72 0.07 0.07 -0.63 -0.07 0.95 -0.33 -0.65 0.11
2.82 63.00 1.01 14.50 10.50 1.30 22.10 1.02 1.30 23.02 4.50 4.65 1.75 2.11 56.05 5.70 2.60 61.29 2.75 10.26 6.31 8.10 17.74
% Change -0.63 5-Day High 910.13 5-Day Low 902.96
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 10B - 200R 40 - 177R -
50 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 892.63 Turnover 210,765 P/E (x) 2.62 Paid up Cap(mn)
PE
Open
Cherat Papersack ECOPACK Ltd
92 230
4.48 -
47.51 1.82
Ghani Glass Merit Pack Packages Ltd Tri-Pack Films
970 6.18 60.34 47 - 13.93 844 15.30 102.00 300 7.95 100.50
Company
High Low 897.93 886.08 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91
High
Low
Close Chg
49.49 2.15
46.75 1.76
47.04 -0.47 1.94 0.12
60.50 59.27 60.39 0.05 14.93 14.05 14.05 0.12 102.50 101.00 101.00 -1.00 100.00 99.00 99.00 -1.50
Close 890.07 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 20925 174673 3006 2986 6661 2510
Change -2.56 Market cap 33,061.91 mn Div Yield (%) 5.94
Last 60 days High Low
% Change -0.29 5-Day High 892.63 5-Day Low 877.03
2009 Div BR (%) (%)
2010 Div BR (%) (%)
51.05 2.89
34.00 1.70
-
-
20 -
25B -
61.99 20.70 125.96 105.00
54.65 11.81 98.00 91.00
30 32.5 100
10B -
25 -
10B -
PE
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Close 1,410.67 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Change -10.39 Market cap 31,190.27 mn Div Yield (%) 15.01
Last 60 days High Low
% Change -0.73 5-Day High 1,435.12 5-Day Low 1,410.67
2009 Div BR (%) (%)
2010 Div BR (%) (%)
AL-Ghazi Tractor XD Bolan Casting
215 95
5.09 215.59 5.57 49.80
215.99 213.00 214.08 -1.51 49.84 48.00 48.27 -1.53
2274 15830
227.45 50.61
198.00 35.25
400 -
20B
150 25
10B
Ghandhara Ind Millat TractorsSPOT
213 293
2.20 14.59 7.31 576.07
14.89 14.00 14.00 -0.59 573.99 566.00 570.41 -5.66
20788 129986
20.24 597.90
13.79 476.00
450
25B
650
25B
High
Open 1,027.27 Turnover 749,071 P/E (x) 2.54 Company
63.01 131.00 15.90 1.16 21.71 3.55 10.05 212.29 69.25 23.91 1.53
Low
Close Chg 0.72 1.00 -2.30 1.60 0.00 -0.16 0.80 1.15 -0.04 -3.04 -1.21 37.75 -0.05 -1.93 -1.80 -0.03 -0.05 0.70 0.95 -0.49
Close 1,458.87 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
2010 Div BR (%) (%)
40 100 20B - 100R 100 5 - 20B 2 -
90 100 20 150 10 -
Change 8.88 Market cap 187,421.76 mn Div Yield (%) 1.01
Last 60 days High Low
6609 10.98 1.12 3001 47.35 37.62 1588 50.00 33.33 1877 36.75 12.26 4855 30.44 22.50 3976 16.98 13.00 1350 13.33 4.22 701 76.90 53.64 190 8.50 2.11 831 68.13 54.62 3218 65.29 41.35 2246 1955.00 1550.00 15215 7.00 4.00 121 43.60 35.00 500 38.95 32.80 551 11.15 7.40 2164 5.16 3.02 14904 35.50 22.42 267 4200.00 3710.00 417 8.74 5.00
High Low 1,041.09 1,015.71 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64
Close 1,030.28 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
96 1174 231
1.07 2.99 2.88
28.00 13.84 17.50
27.00 14.30 17.70
26.60 13.50 17.00
26.70 -1.30 14.00 0.16 17.70 0.20
800 747007 1261
AL-Abid Silk Pak Elektron Tariq Glass Ind XD
20B 20B -
2009 Div BR (%) (%) 40 35 40 15 25 600 30 15 15 458 -
25B 10B 25B 25B -
% Change 0.61 5-Day High 1,458.87 5-Day Low 1,438.44
Total Assets (Rs in mn)
1.93
Total Equity (Rs in mn)
MA (100-day)
2.38
Revenue (Rs in mn)
1,850.83 180.12 1,764.85
MA (200-day)
3.23
Interest Expense
1st Support
1.75
Loss after Taxation
(85.62)
2nd Support
1.56
EPS 09 (Rs)
(3.726)
195.37
1st Resistance
2.14
Book value / share (Rs)
2nd Resistance
2.34
PE 10 E (x)
Pivot
1.95
PBV (x)
7.84 0.25
ECOP closed up 0.12 at 1.94. Volume was 503 per cent above average (trending) and Bollinger Bands were 29 per cent narrower than normal. The company's loss after taxation stood at Rs18.393 million which translates into a Loss Per Share of Rs0.80 for the year ended FY10. ECOP is currently 40.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ECOP (mildly bullish). Trend forecasting oscillators are currently bearish on ECOP.
PACE Pakistan Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
51.90
Total Assets (Rs in mn)
9,025.24
2010 Div BR (%) (%)
MA (10-day)
2.59
Total Equity (Rs in mn)
5,194.40
MA (100-day)
3.42
Revenue (Rs in mn)
1,261.81
MA (200-day)
4.59
Interest Expense
272.59
15 40 17.5 110R 12 200 178 -
1st Support
2.53
Profit after Taxation
436.80
2nd Support
2.33
EPS 09 (Rs)
1.805
1st Resistance
2.90
Book value / share (Rs)
21.46
Change 3.01 Market cap 5,415.89 mn Div Yield (%) 2.47
2nd Resistance
3.07
PE 10 E (x)
1.83
Pivot
2.70
PBV (x)
0.13
PACE closed up 0.10 at 2.71. Volume was 252 per cent above average (trending) and Bollinger Bands were 58 per cent narrower than normal. The company's profit after taxation stood at Rs293.733 million which translates into an Earning Per Share of Rs1.11 for the nine months of fiscal year (9MFY10). PACE is currently 41.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PACE (mildly bullish). Trend forecasting oscillators are currently bullish on PACE.
Pakistan Reinsurance Company Ltd
Last 60 days High Low 32.00 15.95 19.12
26.60 11.50 13.50
2009 Div BR (%) (%) 7.5 -
10B -
% Change 0.29 5-Day High 1,041.08 5-Day Low 1,025.75 2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 917.23 Turnover 7,778,032 P/E (x) 5.64 Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Aruj Garments Azam Textile Azgard Nine Bannu Woolen Blessed Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Ellcot Spinning Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Hira Textile Mills Ltd. Ibrahim Fibres Indus Dyeing Jubilee Spinning Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Masood Textile Mehmood Textile Mian Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Prosperity Quality Textile Ravi Textile Reliance Weaving Safa Textile Saif Textile Samin Textile Sana IndSPOT Saritow Spinning Service Ind Shahtaj Textile Shahzad Textile Shield Corp Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd Zil Limited
PE
High Low 926.21 913.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 8.64
Close 918.93 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
222 1.07 2415 4.54 17.04 840 5.86 19.66 62 6.14 4.30 133 0.52 2.21 4493 253.25 10.37 76 9.93 64 0.77 49.58 98 0.31 400 1.24 1.28 1150 3.19 2442 2.10 2.78 238 0.83 492 3.22 19.61 600 1.76 110 1.84 22.80 62 3.14 333.39 234 1.26 45.46 75 7.28 33.30 326 1.26 4.26 716 1.38 4.05 3105 3.37 35.60 181 3.10 246.53 325 2.08 2.99 107 0.70 303 1.38 1300 7.06 1.00 1455 2.87 5.48 600 1.06 21.48 150 2.32 62.00 221 0.69 189 0.68 145 0.47 187 1.28 16.18 1586 2.98 16.24 3516 5.41 46.86 560 3.72 6.95 62 0.94 29.41 185 2.46 17.44 160 1.51 8.92 250 4.69 1.60 308 1.44 11.44 40 5.08 3.00 264 3.00 134 21.14 6.90 55 5.64 37.50 133 0.46 2.30 120 4.74 184.01 97 1.70 19.38 136 1.05 6.25 39 9.65 52.21 180 1.57 34.20 256 3.97 108.07 418 0.54 43.22 215 0.51 594 2.25 53 6.59 38.50
1.40 17.00 20.30 3.51 2.22 10.50 10.79 52.05 0.33 1.28 3.20 2.80 1.00 20.61 1.85 22.20 349.89 47.73 33.90 4.65 3.98 36.99 234.21 3.00 0.85 1.64 1.20 5.50 22.54 60.00 0.45 0.99 0.64 17.18 16.24 46.69 7.20 30.80 16.99 9.00 2.05 11.75 4.00 3.74 7.00 38.40 2.39 185.00 20.00 6.25 54.82 35.50 108.00 45.38 0.74 2.50 39.00
1.40 16.75 20.00 3.50 1.75 10.00 10.00 49.99 0.32 1.20 3.03 2.50 0.50 20.25 1.61 21.66 316.73 45.00 33.00 4.30 3.75 35.70 234.21 1.99 0.84 1.41 0.71 5.25 21.00 59.05 0.42 0.67 0.25 16.15 15.85 45.81 6.10 29.10 16.44 9.00 1.60 11.30 3.00 2.95 6.05 36.77 2.00 181.00 18.80 5.25 49.60 33.50 106.00 42.53 0.52 2.26 38.50
1.40 0.33 16.98 -0.06 20.10 0.44 3.50 -0.80 2.22 0.01 10.13 -0.24 10.40 0.47 51.00 1.42 0.33 0.02 1.25 -0.03 3.19 0.00 2.50 -0.28 0.77 -0.06 20.61 1.00 1.72 -0.04 21.66 -1.14 316.85-16.54 47.03 1.57 33.00 -0.30 4.33 0.07 3.85 -0.20 36.62 1.02 234.21-12.32 2.49 -0.50 0.84 0.14 1.47 0.09 1.20 0.20 5.49 0.01 22.54 1.06 60.00 -2.00 0.45 -0.24 0.69 0.01 0.41 -0.06 16.98 0.80 16.08 -0.16 46.00 -0.86 6.21 -0.74 29.21 -0.20 16.97 -0.47 9.00 0.08 1.83 0.23 11.70 0.26 3.00 0.00 3.72 0.72 6.13 -0.77 37.79 0.29 2.00 -0.30 184.03 0.02 18.93 -0.45 6.25 0.00 54.82 2.61 35.10 0.90 106.16 -1.91 43.02 -0.20 0.55 0.04 2.50 0.25 38.51 0.01
1000 532159 51746 6326 301 2015049 5941 17170 20000 5400 5702 3102 50021 2020 16447 5430 375 54162 2617 23000 11093 140 5000 20776 2599 2706 101 6665 505 1235 3498 1067 110113 16390 898883 663863 152 9385 24109 500 2536362 35779 200 20525 1006 11238 15610 829 156202 4502 2968 24517 20108 343864 601 6201 323
Change 1.70 Market cap 113,399.17 mn Div Yield (%) 2.96
Last 60 days High Low 2.21 20.45 21.29 6.85 2.90 13.40 10.79 52.05 1.50 2.30 4.98 5.00 2.25 28.60 2.65 25.45 410.00 47.73 38.64 5.00 4.61 41.00 269.50 4.84 1.99 2.00 1.80 6.30 23.25 74.50 1.40 1.82 0.99 17.18 19.49 53.14 7.90 30.90 21.47 11.00 4.79 11.75 4.00 4.64 8.40 38.40 2.80 236.61 21.50 8.05 59.99 36.20 114.99 49.49 1.36 4.99 46.12
0.40 14.00 17.55 3.50 1.35 8.55 7.50 38.95 0.10 0.70 2.93 2.23 0.48 19.51 1.45 20.50 305.00 33.80 26.00 1.11 2.52 33.66 185.38 1.96 0.10 1.10 0.56 4.00 19.25 46.55 0.01 0.35 0.25 12.00 14.64 40.81 5.50 22.77 16.22 8.92 1.38 6.91 3.00 2.01 5.02 27.25 1.01 176.50 14.75 3.25 49.60 29.50 93.75 37.20 0.30 1.50 33.00
2009 Div BR (%) (%)
% Change 0.18 5-Day High 918.93 5-Day Low 910.01 2010 Div BR (%) (%)
30 20 7.5 50 7.5 35 15 - 100 70 8 400R 25 10 15 15 - 100R 4050.2257B - 20SD - 50R 20 25 45R 12.5 7.5 50 20 30 15 - 100R 35 60 200 20 45 - 30B 10 15 20 20B 80 20B 4 40 10B 35 -
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
INDUSTRIAL ENGINEERING High Low 1,423.65 1,395.13 Total cos Defaulter cos P/BV (x) ROE (%) 3.33 38.02
Open
High Low 1,473.34 1,438.76 Total cos Defaulter cos P/BV (x) ROE (%) 9.21 30.30
20.58 9.98 10.98 9.99 10.70 4.27 41.00 42.89 42.00 42.00 27.34 46.05 48.30 43.75 43.75 35.00 36.75 36.00 36.60 6.08 29.48 29.95 29.48 29.48 4.47 16.09 16.15 15.35 15.93 12.37 13.33 12.00 13.17 12.59 72.85 76.49 71.05 74.00 5.00 5.99 4.00 4.96 6.12 61.23 58.19 58.19 58.19 21.52 46.19 46.50 44.00 44.98 21.87 1862.44 1955.00 1835.00 1900.19 0.44 5.40 5.40 5.30 5.35 6.80 39.00 39.10 37.07 37.07 5.04 38.95 37.15 37.15 37.15 15.87 10.98 11.15 10.70 10.95 4.18 4.45 3.34 4.13 290.91 31.30 32.86 31.20 32.00 22.54 4024.00 4030.00 4000.00 4024.95 6.00 7.00 5.00 5.51
Open 817.71 Turnover 137,313 P/E (x) 5.83
Performance of SR Industrial Engineering Index Open 1,421.05 Turnover 168,899 P/E (x) 8.76
78.39 209.00 19.80 2.24 28.80 5.70 14.50 287.00 89.99 27.85 3.25
2009 Div BR (%) (%)
44.78
MA (10-day)
HOUSEHOLD GOODS
Company
Change -5.71 Market cap 68,013.61 mn Div Yield (%) 2.44
3975 2544 500 17121 23616 5808 5260 1218 14216 3336 1003
% Change -0.90 5-Day High 1,046.93 5-Day Low 1,032.73
RSI (14-day)
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
70.98 69.00 70.00 -0.30 139.00 136.00 137.41 1.91 17.00 17.00 17.00 0.00 1.51 1.26 1.31 -0.11 22.89 22.35 22.53 -0.89 5.55 4.50 4.65 0.05 11.00 10.40 10.49 -0.41 216.75 215.99 216.59 -0.50 71.98 69.25 69.29 -1.41 25.25 24.50 24.70 -0.07 2.40 2.19 2.25 0.06
Open 1,449.99 Turnover 64,963 P/E (x) 30.40
2010 Div BR (%) (%)
328 9579 9465 7878
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 980.22 960.16 Total cos Defaulter cos P/BV (x) ROE (%) 1.00 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 977.29 Turnover 27,551 P/E (x) 3.02
20B -
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Company
High Low 1,142.48 1,123.18 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00
30
EcoPack Limited
% Change 1.15 5-Day High 701.95 5-Day Low 677.22
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,144.08 Turnover 21,218,215 P/E (x) 7.02
2009 Div BR (%) (%)
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak
Paid up Cap(mn) 979 208 1707 165 200 100 306
PE
Open
7.76 88.51 6.69 103.80 12.17 67.57 6.45 23.85 16.22 7.30 4.37 30.04 5.32 61.42
High
High Low 822.52 809.73 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 22.31 Low
Close Chg
88.90 88.50 88.51 0.00 102.00 100.15 101.98 -1.82 67.89 67.00 67.40 -0.17 23.75 23.75 23.75 -0.10 7.92 7.25 7.30 0.00 28.80 28.57 28.80 -1.24 63.48 60.50 62.00 0.58
Close 816.14 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 7851 742 1506 10082 26503 510 90119
Change -1.56 Market cap 27,524.44 mn Div Yield (%) 7.64
Last 60 days High Low 95.50 124.00 83.77 25.79 8.66 34.99 64.05
77.00 96.00 65.00 22.10 6.10 28.53 53.36
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change -0.19 5-Day High 819.54 5-Day Low 816.14 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
36.26
Total Assets (Rs in mn)
12,372.62
MA (10-day)
13.57
Total Equity (Rs in mn)
6,785.66
MA (100-day)
16.80
Revenue (Rs in mn)
2,170.95
MA (200-day)
21.34
Interest Expense
1st Support
12.90
Profit after Taxation
2nd Support
12.55
EPS 09 (Rs)
0.00
1st Resistance
13.50
Book value / share (Rs)
2nd Resistance
13.75
PE 10 E (x)
Pivot
13.15
PBV (x)
269.91 0.90 22.62 0.58
PAKRI closed up 0.08 at 13.22. Volume was 190 per cent above average (trending) and Bollinger Bands were 38 per cent narrower than normal. The company's loss after taxation stood at Rs86.639 million which translates into a Loss Per Share of Rs0.29 for the half year of current calendar year (1HCY10). PAKRI is currently 38.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bearish on PAKRI.
Ravi Textile Mills Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
42.98
Total Assets (Rs in mn)
MA (10-day)
1.64
Total Equity (Rs in mn)
MA (100-day)
4.78
Revenue (Rs in mn)
437.02
MA (200-day)
8.55
Interest Expense
1st Support
1.65
Profit after Taxation
0.24
2nd Support
1.40
EPS 09 (Rs)
0.01
1st Resistance
2.10
Book value / share (Rs)
3.01
2nd Resistance
2.30
PE 10 E (x)
4.73
Pivot
1.85
PBV (x)
0.61
75.13 316.78 12.51
RAVT closed up 0.23 at 1.83. Volume was 399 per cent above average (trending) and Bollinger Bands were 65 per cent narrower than normal. The company's profit after taxation stood at Rs7.167 million which translates into an Earning Per Share of Rs0.29 for the nine months of fiscal year (9MFY10). RAVT is currently 78.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of RAVT at a relatively equal pace. Trend forecasting oscillators are currently bearish on RAVT.
BOOK CLOSURES Company
From
To
Pak Oman Advantage Shifa Int Hospitals Sana Industries Millat Tractors Atlas Engineering Descon Chemicals Pak Int Cont Terminal Descon Oxychem National Foods Pak National Shipping Corp Amtex Ltd Island Tex Mills JS Global Capital Otsuka Pakistan Salfi Tex Mills Tata Tex Mills Merit Packaging Al-Meezan Mutual Fund Ghandhara Industries Habib ADM Meezan Balanced Fund Bolan Castings
01-Oct 01-Oct 02-Oct 04-Oct 05-Oct 06-Oct 06-Oct 07-Oct 07-Oct 07-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 09-Oct 11-Oct 11-Oct 11-Oct 11-Oct 12-Oct
04-Oct 07-Oct 09-Oct 15-Oct 11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 19-Oct 20-Oct 19-Oct 25-Oct
D/B/R 15(F) 60 350(F),25(B) 12 15 30 50 50 25 25 8.5(F) 40 5.5(F) 25,10(B)
Spot AGM/Date 23-Sep 24-Sep 24-Sep 29-Oct 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 01-Oct 01-Oct 01-Oct -
07-Oct 09-Oct 15-Oct 11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 20-Oct 25-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Shezan International Lakson Tobacco Pak Tobacco Eye Television PIAC (A) AKD Capital Pace (Pak) Ltd Netsol Technol Pak Telephone
Open 58.09 4.12 91.5 100 270.45 110.49 20.05 2.14 44.98 2.61 17.99 1.91
High 59.9 4.15 96.07 101.99 283.97 111.5 20.31 2.24 47.22 2.87 17.98 2.14
Low Close 56.05 3.94 91.26 95 280 109 20.3 2.12 44.25 2.5 17.7 1.61
59.48 3.99 93.71 95 283.97 111.5 20.31 2.21 46.94 2.71 17.79 1.66
Change 1.39 -0.13 2.21 -5 13.52 1.01 0.26 0.07 1.96 0.1 -0.2 -0.25
Vol 1502 2342110 33755 528 2242 2327 210 100841 25009 1484990 143484 8809
7
Friday, October 1, 2010 Ask Gen Insurance Atlas Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,095.48 Turnover 2,369,515 P/E (x) 6.00 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
78 37740 3000 8606 6175
Open
High Low 1,106.68 1,079.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
High
5.44 115.50 8.95 18.82 2.12 2.47 3.97
Low
116.00 19.00 2.18 2.50 4.19
Close Chg
Close 1,092.90 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume
115.00 115.00 -0.50 18.60 18.80 -0.02 2.01 2.10 -0.02 2.37 2.43 -0.04 3.93 4.16 0.19
379 1368572 433999 566565 490917
Change -2.58 Market cap 77,142.78 mn Div Yield (%) 10.43
120.61 20.22 3.18 3.30 6.29
% Change -0.24 5-Day High 1,104.91 5-Day Low 1,073.74
2009 Div BR (%) (%)
100.50 17.32 1.80 2.30 3.80
70 15 -
-
204 369
6.02 4.27
9.75 29.34
10.74 29.02
10.60 28.54
10.60 0.85 28.98 -0.36
439 2140
11.95 31.00
8.45 27.10
40
10B
-
-
Central Insurance XB Century Insurance EFU General Ins. XB
279 5.00 457 5.71 1250 29.83
49.01 10.20 38.33
50.00 10.50 38.49
48.26 10.15 37.18
48.26 -0.75 10.16 -0.04 37.58 -0.75
1003 3100 7030
64.90 11.95 55.20
47.37 8.35 35.52
20 40
25B 8.7B
10 -
10B -
Habib Insurance Pak Reinsurance
400 3000
7.28 -
11.00 13.14
10.56 13.40
10.41 12.80
10.49 -0.51 13.22 0.08
9339 1453639
13.89 19.40
10.10 12.50
35 30
-
-
-
250 200
1.20 -
5.90 12.50
6.90 13.40
5.06 13.40
5.06 -0.84 13.40 0.90
6050 200
8.20 16.49
5.06 11.51
5 25B -14.28B
-
-
Pak Gen Insurance Shaheen Insurance
2010 Div BR (%) (%) 30 17.5 -
LIFE INSURANCE
-
Open 811.13 Turnover 3,112 P/E (x) 57.14
ELECTRICITY
Paid up Cap(mn)
Company
Genertech Hub Power XD Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
High Low 1,155.22 1,135.71 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35
PE
Open
High
Low
198 11572 6.16 1560 7932 1695 5.71 126 2.78 8803 7.11 3673 3541 83.36 191 3.76 1367 6.00 150 -
0.79 33.57 1.42 2.05 24.20 5.01 41.22 10.91 11.88 21.74 2.27 0.85
0.84 33.75 1.45 2.10 23.99 5.40 41.25 11.00 11.85 22.50 2.35 0.99
0.66 33.20 1.35 2.01 23.00 5.00 41.03 10.92 11.45 21.99 2.26 0.75
Close 1,139.61 Listed cap 95,369.29 mn Payout (%) 104.13
Change -9.81 Market cap 96,248.86 mn Div Yield (%) 8.34
% Change -0.85 5-Day High 1,149.42 5-Day Low 1,132.01
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.69 33.29 1.36 2.02 23.20 5.00 41.10 10.92 11.67 22.38 2.34 0.90
25006 384280 40300 157202 2702 2501 43343 74000 1394284 7000 34010 503
1.53 37.24 2.38 2.63 26.50 7.00 44.85 11.00 11.94 23.48 3.21 1.69
33.5 45 64.5 20 3
-0.10 -0.28 -0.06 -0.03 -1.00 -0.01 -0.12 0.01 -0.21 0.64 0.07 0.05
0.51 31.96 0.70 1.92 23.00 3.90 39.51 9.26 9.25 20.00 2.21 0.33
31R -
GAS WATER AND MULTIUTILITIES
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,712.31 1,635.87 Total cos Defaulter cos P/BV (x) ROE (%) 1.39 11.41
Close 1,685.77 Listed cap 12,202.80 mn Payout (%) 66.79
Change 17.60 Market cap 37,268.55 mn Div Yield (%) 5.46
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.15 6712 -
31.15 29.63
31.45 30.70
30.65 29.00
30.86 -0.29 30.28 0.65
224248 2803434
31.90 30.70
% Change 1.05 5-Day High 1,685.77 5-Day Low 1,543.39
2009 Div BR (%) (%)
25.00 16.00
-
2010 Div BR (%) (%)
-
-
-
BANKS Performance of SR Banks Index Open 941.49 Turnover 16,339,630 P/E (x) 6.69 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.56 51.40 Askari Bank 6427 6.13 14.61 Atlas Bank 5001 1.75 Bank Alfalah 13492 10.93 8.03 Bank AL-Habib 7322 6.69 30.98 Bank Of Khyber 5004 3.39 3.12 Bank Of Punjab 5288 8.14 BankIslami Pak 5280 3.15 Faysal Bank 6091 3.10 13.63 Habib Bank Ltd 10019 6.13 96.04 Habib Metropolitan Bank 8732 5.66 18.90 JS Bank Ltd 6128 2.47 KASB Bank Ltd 9509 2.45 MCB Bank Ltd 7602 8.78 190.67 Meezan Bank 6983 7.10 14.87 Mybank Ltd 5304 2.00 National Bank 13455 5.32 63.47 NIB Bank 40437 2.60 Royal Bank Ltd 17180 6.40 Samba Bank 14335 1.76 Silkbank Ltd 26716 12.95 2.81 Soneri Bank 6023 5.51 Stand Chart Bank 38716 9.29 6.61 Summit Bank Ltd 5000 2.64 United Bank Ltd 12242 6.05 52.01
High
High Low Close 947.29 923.97 937.80 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35 Low
Close Chg
Volume
51.90 50.40 51.48 0.08 14.99 14.40 14.83 0.22 2.00 1.75 1.75 0.00 8.41 7.93 8.20 0.17 31.40 30.65 31.05 0.07 3.50 3.00 3.39 0.27 8.28 8.00 8.05 -0.09 3.45 3.00 3.32 0.17 13.60 13.35 13.45 -0.18 96.35 94.20 95.22 -0.82 19.25 18.75 19.14 0.24 2.49 2.35 2.45 -0.02 2.74 2.16 2.60 0.15 189.60 186.74 188.31 -2.36 14.62 14.50 14.62 -0.25 2.17 1.90 2.13 0.13 63.49 62.85 63.39 -0.08 2.71 2.58 2.66 0.06 6.50 5.66 6.00 -0.40 1.94 1.70 1.81 0.05 2.93 2.68 2.85 0.04 5.95 5.35 5.74 0.23 6.50 6.27 6.50 -0.11 2.60 2.42 2.44 -0.20 51.99 51.03 51.41 -0.60
Change -3.69 Market cap 580,517.96 mn Div Yield (%) 5.14
Last 60 days High Low
35402 59.70 148090 17.46 8541 3.00 8462035 10.25 27342 34.00 49637 4.75 825812 11.24 378705 3.90 14017 15.95 27066 109.10 33871 23.75 24595 3.00 49652 4.00 608702 214.99 10030 16.50 12704 3.28 773775 73.89 554990 3.50 34019 13.40 17854 2.90 3796782 3.30 17233 8.24 4469 8.50 67945 4.38 424307 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.10 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -0.39 5-Day High 941.49 5-Day Low 926.50
20 - 66R 55 -63.46R 10 -
Paid up Cap(mn)
Company
Adamjee Insurance XD
Close 615.54 Listed cap 11,111.34 mn Payout (%) 79.54
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 11.83
66.18
66.50
64.60
65.09 -1.09
110389
89.90
2009 Div BR (%) (%)
64.00
30
10B
850 32.05
57.80
% Change -1.00 5-Day High 626.35 5-Day Low 615.54 2010 Div BR (%) (%) 10
-
Close 816.60 Listed cap 2,290.72 mn Payout (%) 355.53
Change 5.47 Market cap 8,709.36 mn Div Yield (%) 6.22
High
Low
Close Chg
Volume
Last 60 days High Low
59.99
58.50
58.98 1.18
3101
84.99
% Change 0.67 5-Day High 824.93 5-Day Low 811.13
2009 Div BR (%) (%)
51.25
5513.33B
2010 Div BR (%) (%) -
-
Performance of SR Financial Services Index Open 352.61 Turnover 8,014,940 P/E (x) 0.44 Paid up Cap(mn)
Company
PE
Open
High
High Low 370.64 344.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22 Low
Close Chg
Close 358.69 Listed cap 30,336.44 mn Payout (%) 4.60
Change 6.08 Market cap 26,285.95 mn Div Yield (%) 10.50
Last 60 days High Low
Volume
% Change 1.72 5-Day High 359.11 5-Day Low 352.61
2009 Div BR (%) (%)
225
-
0.60
0.65
0.54
0.55 -0.05
25015
1.19
0.42
-
-
-
Arif Habib Invest. XB
360
6.85
14.08
14.80
14.45
14.65 0.57
4575
20.99
13.75
-
-
-
20B
Arif Habib Limited XB
450
6.54
27.00
26.89
26.00
26.21 -0.79
35831
50.12
26.00
15
25B
-
20B
3750 250
2.25 -
22.94 1.85
23.07 1.94
22.52 1.81
22.80 -0.14 1.94 0.09
2329599 1692
35.65 3.36
21.76 1.55
-
-
30 -
-
441
-
2.60
2.55
2.15
2.55 -0.05
3.20
2.01
-
-
-
-
Escorts Bank
201
-
2010 Div BR (%) (%)
AMZ Ventures
IGI Investment Bank
2121
-
1.61
1.95
1.51
1.75 0.14
16417
2.98
1.17
-
-
-
-
Invest and Fin Sec Invest Bank
600 2849
2.50 -
7.50 0.57
7.68 0.60
7.01 0.56
7.18 -0.32 0.56 -0.01
9679 8033
9.00 1.23
6.90 0.50
-
-
11.5 -
-
Ist Cap Securities
2878
-
3.37
4.36
3.22
3.82 0.45
200328
5.90
2.54
-
10B
-
-
Ist Dawood Bank Jah Siddiq Co
626 0.33 7633 14.45
2.13 9.78
2.17 10.29
1.92 9.60
2.00 -0.13 9.97 0.19
176893 4713739
2.84 15.47
1.17 9.36
-243.778B 10
-
-
2.55
2.71
2.31
2.64 0.09
251670
6.48
2.31
-
-
-
33.46
34.80
33.05
33.93 0.47
15815
42.40
JOV and CO
508
JS Global Cap
500
-
-
33.01
150
-
-
-
JS Investment
1000 12.64
5.65
5.99
5.41
5.69 0.04
91512
8.65
5.40
-
-
-
-
KASB Securities
1000
-
4.14
4.30
3.90
4.05 -0.09
26404
5.49
3.20
-
-
-
-
-
Orix Leasing
821
4.03
4.65
5.12
4.52
5.12 0.47
48859
5.95
3.66
-
-
-
Pervez Ahmed Sec Saudi Pak Leasing
775 452
-
1.47 0.73
1.55 0.70
1.38 0.65
1.47 0.00 0.65 -0.08
57853 150
2.89 1.83
1.35 0.40
-231.08R -
-
-
Stand Chart Leasing
978
5.32
2.10
2.90
2.33
2.34 0.24
520
3.89
1.50
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,021.57 Turnover 7,165,613 P/E (x) 6.85 Paid up Cap(mn)
Company 1st Fid Leasing
PE
Open
High
High Low 1,053.82 1,009.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09 Low
Close Chg
Close 1,029.98 Listed cap 29,771.58 mn Payout (%) 104.19
Change 8.40 Market cap 17,564.45 mn Div Yield (%) 26.74
Last 60 days High Low
Volume
% Change 0.82 5-Day High 1,029.98 5-Day Low 1,017.60
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Open 3.30 4.76 12.00 10.32 89.50 1.55 688.28 6.30 23.41 2.34 1.39 63.77 3.88 1.75 13.98 9.49 29.04 4.47 65.10 72.47 11.47 1303.00 6.40 3.39 120.00 40.00 490.00 2.45 13.80 73.00 3.25 0.90 0.53 26.03 1.00 4.47 309.45 1.93 0.77 7.25 52.49 3.80 47.35 6.00 56.13 3.45 3.49 36.00 47.00 6.80 75.05 9.50 9.99 140.02 1154.78 3.09 34.40 3.80 1.79 0.79 2.25 4.61 3.00 19.24 2.30 1.22 15.30 21.00 40.99 34.00 6.89 80.00 97.96 55.20 20.99 1.50 66.50 16.95 606.90
High 3.30 4.85 11.25 10.99 89.00 1.00 712.99 6.70 24.58 2.82 1.59 60.59 4.00 2.35 13.01 10.00 30.10 4.92 65.90 71.75 10.90 1300.00 7.30 3.42 120.00 41.49 490.00 2.74 13.84 75.00 4.25 1.02 0.60 26.50 1.40 4.90 319.98 2.35 1.50 8.19 52.70 3.90 49.71 6.48 58.90 4.40 4.00 36.45 49.34 7.80 78.44 9.89 9.99 146.50 1160.00 3.80 36.11 4.80 1.88 0.90 2.99 5.22 3.45 20.20 1.80 1.50 15.98 21.95 42.98 32.30 7.00 83.18 94.10 57.80 21.48 2.00 69.75 17.90 636.00
Low
Close
3.00 4.85 11.25 10.96 89.00 1.00 685.00 5.50 24.58 1.90 1.20 60.59 4.00 0.85 12.98 8.49 28.25 4.20 64.56 71.75 10.47 1300.00 7.20 2.69 120.00 39.00 490.00 2.40 13.84 75.00 3.38 0.71 0.15 24.85 1.06 3.51 294.38 1.79 1.14 7.26 52.70 3.76 49.71 5.71 55.10 2.65 3.00 36.45 47.00 7.80 78.44 9.40 8.99 144.99 1160.00 3.20 35.01 4.80 1.88 0.90 2.99 5.22 3.45 20.20 1.80 1.50 15.98 21.95 41.80 32.30 6.98 83.00 94.10 57.80 21.48 2.00 69.75 16.95 636.00
3.30 4.85 11.25 10.96 89.00 1.00 706.17 6.69 24.58 2.22 1.44 60.59 4.00 1.83 13.01 9.90 29.94 4.42 64.56 71.75 10.50 1300.00 7.20 3.42 120.00 39.00 490.00 2.74 13.84 75.00 3.38 1.02 0.49 24.85 1.23 4.49 310.00 1.79 1.14 8.00 52.70 3.90 49.71 6.40 58.00 3.30 3.00 36.45 47.78 7.80 78.44 9.40 9.99 144.99 1160.00 3.20 35.01 4.80 1.88 0.90 2.99 5.22 3.45 20.20 1.80 1.50 15.98 21.95 41.80 32.30 6.98 83.00 94.10 57.80 21.48 2.00 69.75 16.95 636.00
Change
Vol
0.00 0.09 -0.75 0.64 -0.50 -0.55 17.89 0.39 1.17 -0.12 0.05 -3.18 0.12 0.08 -0.97 0.41 0.90 -0.05 -0.54 -0.72 -0.97 -3.00 0.80 0.03 0.00 -1.00 0.00 0.29 0.04 2.00 0.13 0.12 -0.04 -1.18 0.23 0.02 0.55 -0.14 0.37 0.75 0.21 0.10 2.36 0.40 1.87 -0.15 -0.49 0.45 0.78 1.00 3.39 -0.10 0.00 4.97 5.22 0.11 0.61 1.00 0.09 0.11 0.74 0.61 0.45 0.96 -0.50 0.28 0.68 0.95 0.81 -1.70 0.09 3.00 -3.86 2.60 0.49 0.50 3.25 0.00 29.10
100 100 100 100 97 91 86 82 72 66 63 59 50 49 46 42 40 36 31 25 22 22 20 19 14 12 12 11 10 10 10 9 8 8 8 7 6 5 5 5 5 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
264
-
1.38
1.99
1.25
1.39 0.01
10010
2.24
1.01
-
-
-
-
AL-Meezan Mutual F.
1375
2.67
6.96
6.99
6.90
6.91 -0.05
31155
7.25
6.35
-
-
18.5
-
B R R Guardian Mod.
780
-
1.36
1.36
1.30
1.30 -0.06
1010
2.43
0.90
-
-
-
-
Symbols
Open
-
DGKC-OCT
24.56
24.40
23.75
24.01
-0.55
629000
POL-OCT
236.40
238.50
235.10
237.81
1.41
362000
PSO-OCT
267.12
269.90
261.70
Crescent St Modaraba
200
1.89
0.58
0.55
0.50
0.51 -0.07
1201
0.90
0.16
4.5
-
-
FUTURE CONTRACTS
-
High
Low
Close
Change
Vol
Elite Cap Modaraba
113
3.99
2.83
2.84
2.83
2.83 0.00
1513
3.59
1.65
268.47
1.35
332500
Equity Modaraba
524
7.69
1.17
1.24
1.00
1.00 -0.17
35660
1.68
0.76
-
-
-
-
NBP-OCT
63.83
63.85
63.10
63.82
-0.01
215500
First Capital Mutual F.
300
3.49
2.97
3.25
3.00
3.25 0.28
63598
3.80
0.99
-
-
-
-
MCB-OCT
190.24
189.00
186.71
188.50
-1.74
202000
First Dawood Mutual F.
581
-
1.73
2.00
1.75
1.77 0.04
39950
2.09
1.24
-
-
-
-
ANL-OCT
10.36
10.45
10.06
10.18
-0.18
174000
Golden Arrow
760
3.99
3.66
3.75
3.62
3.67 0.01
639381
3.75
2.32
-
-
17
-
NML-OCT
44.79
44.45
43.82
44.04
-0.75
121500
ENGRO-OCT 176.60
H B L Modaraba
397
5.64
6.30
6.41
6.10
6.37 0.07
191370
6.50
4.80
5
-
11
-
175.86
173.60
174.70
-1.90
102500
PPL-OCT
175.31
174.20
171.56
172.80
-2.51
101500
Habib Modaraba
1008
4.50
5.99
5.99
5.97
5.99 0.00
103340
7.49
5.56
20
-
21
-
AICL-OCT
66.80
66.35
65.20
65.36
-1.44
46000
30
7.05
65.50
67.09
64.50
67.08 1.58
67.09
43.00
63
-
76
-
OGDC-OCT 144.08
144.89
143.40
144.85
0.77
15000
JS Growth Fund
3180 38.63
3.11
3.20
2.85
3.09 -0.02
5016636
4.39
2.70
-
-
5
-
LUCK-OCT
66.49
66.05
65.00
65.99
-0.50
13500
JS Value Fund
1186
2.95
3.00
2.80
2.86 -0.09
56205
3.98
2.31
10
-
10
-
PTC-OCT
18.95
18.99
18.85
18.99
0.04
UBL-OCT
51.50
54.00
51.50
53.00
1.50
2000
FFC-OCT
107.47
106.25
106.25
106.25
-1.22
1000
Imrooz Modaraba
Meezan Balanced Fund
Change -6.22 Market cap 40,110.61 mn Div Yield (%) 9.09
Open
High Low 820.97 813.63 Total cos Defaulter cos P/BV (x) ROE (%) 2.20 3.85
FINANCIAL SERVICES
KASB Modaraba
Performance of SR Non Life Insurance Index High Low 625.19 609.64 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 5.20
PE
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 621.76 Turnover 1,593,421 P/E (x) 8.75
EFU Life Assurance XB
Arif Habib Securities Dawood Equities
Performance of SR Gas Water and Multiutilities Index Open 1,668.17 Turnover 3,027,682 P/E (x) 12.23
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 15 50 -
NBF MZSM NONS CHCC AABS DKTM COLG JKSM SALT PIL DCM PHDL SLYT GRYL BUXL FNEL BWHL GHNL JDWS IGIIL JOPP RMPL KCL EMCO HINO GATI BATA EWLA SANSM TICL FRCL HADC DATM DINT YOUW IDRT PECO FCONM FPJM MQTM MRNS BFMOD SHJS SMCPL GRAYS TRSM DSML RUPL BAFS ELCM ILTM HUSI INKL EXIDE SIEM MACFL SHFA ASFL TSMF PAKMI SIBL CSIL IDSM NPSM SANE SRSM TATM NCLNCP DLL QUET MLCFPS KSBP ATLH MDTL PGCL PPVC GLPL DIIL DREL
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,149.42 Turnover 2,165,131 P/E (x) 12.48
UPTO 100 VOLUME Symbols
-
400
283
2.83
1.50
1.70
1.50
1.70 0.20
5006
2.44
0.52
-
-
2.8
-
1200
2.86
6.00
6.10
5.85
5.92 -0.08
7820
7.49
5.85
-
-
15.5
-
6000
ZERO VOLUME
Mod Al-Mali
184
-
0.99
1.25
1.13
1.13 0.14
125010
1.75
0.56
-
-
-
-
Nat Bank Modaraba
250
7.15
7.73
7.99
7.40
7.72 -0.01
21151
8.45
6.10
-
-
-
-
Symbols
Open
High
Low
Close
Pak Prem Fund XD
1698
3.77
7.60
8.25
7.51
7.91 0.31
523095
9.86
7.00
-
-
18.6
-
AHTM
19.95
18.95
18.95
18.95
-1.00
0.00
Pak Strat Fund
3000
5.44
6.83
7.00
6.82
6.96 0.13
157500
8.10
6.01
-
- 11.53
-
ALICO
18.95
18.75
18.75
18.75
-0.20
0.00
PICIC Energy Fund
1000
2.47
4.66
4.89
4.56
4.65 -0.01
3010
6.49
4.00
-
-
-
CFL
15.50
14.99
14.99
14.99
-0.51
0.00
CPAL
2.45
2.44
2.44
2.44
-0.01
0.00
DMTX
2.50
2.49
2.49
2.49
-0.01
0.00
FANM
3.35
3.25
3.25
3.25
-0.10
0.00
5
PICIC Growth Fund
2835
2.28
8.34
8.33
8.15
8.29 -0.05
43956
10.55
7.60
-
-
20
-
PICIC Inv Fund XD
2841
1.80
3.64
3.79
3.55
3.56 -0.08
57653
5.00
3.50
-
-
10
-
Change
Vol
Prud Modaraba 1st XD
872
2.26
0.85
0.86
0.85
0.86 0.01
20987
1.20
0.70
-
-
3
-
FASM
30.37
31.88
31.88
31.88
1.51
0.00
Stand Chart Mod. XD
454
4.79
8.30
8.50
8.40
8.43 0.13
8876
10.99
7.75
16.5
-
17
-
FIBLM
2.89
2.50
2.50
2.50
-0.39
0.00
BOARD MEETINGS
Bank Alfalah Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
55.58
Support 1
9,954.25
MA (5-day)
9,980.81
Support 2
9,895.20
MA (10-day)
9,982.63
Resistance 1
10,051.75
MA (100-day)
9,875.35
Resistance 2
10,090.25
9,917.07
Pivot
*Arif Habib Ltd
AKD Securities Ltd
12.47
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Outlook Technical Analysis
Brokerage House
AKD Securities Ltd TFD Research
*Arif Habib Ltd
305.7
Buy Positive
281.35
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
AKD Securities Ltd
44.13
Buy
TFD Research
36.85
Positive
107.94 25,595.03 188.20 236.30
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
oscillators are currently bullish on BAFL.
Brokerage House
422.6
Buy
TFD Research
oscillators are currently bullish on POL.
* Target price for Dec-10 & **Net Open Interest in future market
Trend forecasting oscillators are currently bullish on DGKC.
Fauji Fertiliser Bin Qasim Ltd
Pakistan Petroleum Ltd
Fair Value
Rs Recommendations
Fair Value
Rs Recommendations
24.18
Buy
*Arif Habib Ltd
230
Buy
*Arif Habib Ltd
Positive
TFD Research
239.15
Positive
AKD Securities Ltd
30.5
Brokerage House
Brokerage House
Fair Value 33 32.87
TFD Research
Positive
Technical Outlook 74.05 19,897.29 83.56 267.07
* Target price for Dec-10 & **Net Open Interest in future market
182.55 4,366.59 16.60 24.08
reflect very strong flows of volume into BAFL (bullish). Trend forecasting reflect very strong flows of volume into POL (bullish). Trend forecasting reflect volume flowing into and out of DGKC at a relatively equal pace.
AKD Securities Ltd
Leverage Position
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
52.08 18.78 18.95 19.53
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
584.63 10,991.14 6.72 18.81
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
28.03 176.90 193.12 194.39
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
29.1
Rs Recommendations Buy Accumulate Neutral
Technical Outlook
Technical Outlook 247.57 42,683.58 29.44 173.73
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
42.34 27.22 27.79 29.22
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 8,860.03 N/A 27.22
* Target price for Dec-10 & **Net Open Interest in future market
PSO closed up 1.62 at 268.70. Volume was 75 per cent above average PTC closed down -0.02 at 18.80. Volume was 33 per cent below average PPL closed down -3.03 at 172.41. Volume was 17 per cent above average FFBL closed down -0.24 at 27.10. Volume was 43 per cent below average and Bollinger Bands were 269 per cent wider than normal.
and Bollinger Bands were 28 per cent narrower than normal. PPL is currently 11.3 per cent below its 200-day moving average and is PSO is currently 6.3 per cent below its 200-day moving average and is dis- PTC is currently 3.7 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators flowing into and out of PPL at a relatively equal pace. Trend forecasting reflect moderate flows of volume into PSO (mildly bullish). Trend forecast- reflect volume flowing into and out of PTC at a relatively equal pace. Trend oscillators are currently bearish on PPL. Momentum oscillator is currently and Bollinger Bands were 14 per cent narrower than normal.
ing oscillators are currently bullish on PSO.
forecasting oscillators are currently bullish on PTC.
indicating that PPL is currently in an oversold condition.
and Bollinger Bands were 24 per cent narrower than normal. FFBL is currently 5.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.
Time
01-Oct 01-Oct 01-Oct 01-Oct 01-Oct 01-Oct 01-Oct 01-Oct 02-Oct 02-Oct 02-Oct 02-Oct 02-Oct 02-Oct 03-Oct 04-Oct 04-Oct 04-Oct 04-Oct 04-Oct
4:00 4:00 10:30 4:00 4:00 4:30 11:00 3:30 11:00 11:00 3:00 10:00 3:00 10:00 11:30 11:30 3:30 12:00 11:00 12:00
TECHNICAL LEVELS
Leverage Position
41.06 24.44 25.01 27.59
Date
Al-Khair Gadoon Ltd Dost Steels Ltd Dreamworld Ltd Ibrahim Fibres Ltd Macpac Films Ltd Nakshbandi Industries Ltd S.S Oil Mills Ltd Shahzad Textile Mills Ltd Al-Abid Silk Mills Ltd KASB Cash Fund Kohinoor Mills Ltd Punjab Oil Mills Ltd Samin Textiles Ltd Sardar Chemical Industries Ltd Huffaz Seamless Pipe Industries Ltd (TFC) Saudi Pak Leasing Co Ltd Allawasaya Textile & Finishing Balochistan Particle Board Ltd Dawood Capital Management Ltd Dawood Equities Ltd
Company
the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
Buy
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
44
Technical Outlook
Leverage Position
64.39 234.89 224.51 230.93
Fair Value
displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is extremely low when compared to
Rs Recommendations
58.38 266.01 266.41 286.85
Buy
BAFL is currently 24.6 per cent below its 200-day moving average and is POL is currently 2.7 per cent above its 200-day moving average and is dis- DGKC is currently 13.3 per cent below its 200-day moving average and is
396
Technical Analysis
674.58 5,531.54 N/A 8.14
* Target price for Dec-10 & **Net Open Interest in future market
Fair Value
360.05
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
261
BAFL closed up 0.17 at 8.20. Volume was 526 per cent above average POL closed up 1.34 at 237.13. Volume was 196 per cent above average DGKC closed down -0.49 at 23.92. Volume was 42 per cent below aver(trending) and Bollinger Bands were 57 per cent narrower than normal. (trending) and Bollinger Bands were 4 per cent narrower than normal. age and Bollinger Bands were 29 per cent narrower than normal.
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
51.05 8.00 9.00 10.87
Brokerage House
Fair Value
Technical Outlook
Pakistan Telecommunication Co Ltd
Pakistan State Oil Co Ltd
*Arif Habib Ltd
Brokerage House
Buy
9,992.70
er than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,051.75 and 2nd resistance level at 10,090.25, while Index will continue to find its 1st support level at 9,954.25 and 2nd support level at 9,895.20. KSE 100 INDEX is currently 1.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
14
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -8.94 points at 10,013.31. Volume was 20 MA (100-day) per cent above average and Bollinger Bands were 42 per cent narrow- MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Dera Ghazi Khan Cement Co Ltd
Pakistan Oilfields Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 40.99 3.10 3.05 45.66 50.60 49.75 35.62 63.05 61.75 29.37 25.85 25.50 39.69 22.55 22.25 32.02 64.30 63.50 52.16 14.50 14.15 47.39 9.90 9.70 70.09 334.40 328.20 42.11 78.05 76.65 51.05 7.95 7.70 55.91 3.05 2.80 40.99 7.95 7.85 50.39 1.40 1.25 41.06 23.75 23.55 36.79 1.30 1.25 37.92 37.00 36.45 42.54 58.35 57.65 47.78 173.20 172.15 44.54 13.35 13.20 38.24 4.60 4.55 42.34 26.85 26.65 46.02 104.40 103.95 45.40 94.15 93.10 39.06 33.05 32.85 42.22 115.95 114.75 36.28 216.15 215.70 27.91 2.40 2.15 41.74 1.35 1.30 57.73 2.35 2.30 44.21 9.60 9.25 45.31 41.00 40.90 44.71 2.00 1.95 50.26 68.80 68.45 48.26 186.85 185.35 34.72 2.75 2.70 44.22 63.00 62.60 46.57 15.90 15.65 32.41 17.65 17.55 46.95 2.60 2.50 43.01 1.35 1.30 48.76 45.65 45.30 55.21 144.35 142.95 51.90 2.50 2.30 39.56 1.40 1.30 51.43 2.15 2.05 42.44 7.20 7.00 64.39 234.90 232.70 28.03 171.00 169.65 26.39 68.35 67.45 58.38 263.15 257.60 52.08 18.60 18.40 36.65 190.30 188.15 66.62 30.55 30.20 37.61 8.00 7.85 86.58 29.30 28.30 42.37 2.00 1.95 57.95 3.90 3.80 38.26 50.95 50.50 42.99 2.35 2.30
1st 2nd Resistance 3.30 3.35 52.10 52.75 66.05 67.80 26.75 27.25 23.10 23.35 66.20 67.30 15.10 15.35 10.40 10.70 348.40 356.20 81.30 83.15 8.45 8.65 3.50 3.70 8.20 8.40 1.60 1.70 24.15 24.40 1.40 1.45 38.30 39.05 59.80 60.65 175.35 176.50 13.60 13.70 4.70 4.75 27.40 27.70 105.40 105.95 96.30 97.40 33.60 33.95 119.15 121.15 216.90 217.20 2.80 2.95 1.45 1.50 2.50 2.55 10.30 10.65 41.25 41.35 2.10 2.15 69.65 70.15 189.70 191.10 2.90 2.95 63.65 63.90 16.25 16.45 17.95 18.10 2.70 2.80 1.45 1.50 46.55 47.05 146.75 147.75 2.90 3.05 1.55 1.65 2.25 2.30 7.65 7.90 238.65 240.20 174.55 176.70 71.10 72.90 272.65 276.55 19.00 19.20 194.30 196.15 31.35 31.80 8.30 8.45 31.00 31.70 2.20 2.25 4.10 4.25 51.95 52.45 2.50 2.55
Pivot 3.20 51.25 64.80 26.35 22.80 65.40 14.75 10.20 342.20 79.90 8.20 3.25 8.10 1.50 23.95 1.35 37.75 59.15 174.30 13.45 4.65 27.20 104.95 95.25 33.40 117.95 216.45 2.55 1.40 2.45 9.95 41.15 2.05 69.30 188.20 2.80 63.25 16.05 17.80 2.65 1.40 46.15 145.35 2.70 1.45 2.20 7.45 236.45 173.15 70.15 267.05 18.80 192.15 31.00 8.15 30.00 2.10 4.05 51.50 2.45
8
Friday, October 1, 2010
ICBC: China banks regulator approves rights issue plan
Taiwan cbank hikes key rate by 12.5bps To flood hit people in Sindh, Balochistan
HBL to give out Watan Cards soon NEW YORK: Nobel Prize winner Yunus, MD of Grameen Bank, listens to CEO of Women's World Banking Ellen-Iskenderian speak during a panel discussing microfinance at the Clinton Global Initiative in New York.-Reuters
2nd quarter of 2010
BoK pre-tax-profit vaults to Rs408mn PESHAWAR: The Bank of Khyber (BoK) earned Rs408 million profit before tax for the period ended 30th June 2010 which shows 168 per cent growth over corresponding period profit of 2009, this was stated by Bilal Mustafa Managing Director BOK in his key note address at BOK Operational Performance Review Manager's Conference held here. The Conference was attended by Mir Javed Hashmat Executive Director BoK, Arbab Riaz Ahmad Group Head Islamic Banking Group, Imran Samad Group Head Credit Management apart from Divisional Heads. Bilal Mustafa lauded the growth in all operational areas of the
BoK during first half of 2010 and expressed his confidence over the field staff and Head office supporting team, adding that we have to work with more devotion and diligently to achieve the targets of MCR set by the State Bank of Pakistan for 2010. He said that due to increase in branches network, we could attract more clientage which would alternatively help us to grow our deposit and advance base. He also welcomed the Chief Managers of newly opened branches of BOK in third quarters of the 2010. Bilal Mustafa mentioned that inspite of unfavorable economic conditions across the the country specially in our
Province due to natural disastrous, BOK total deposits shows 17 per cent growth while advances shows 59 per cent While total assets of BOK registered growth of 18 per cent and now Bank's total assets are Rs 46Billions. Mir Javed Hashat Executive Director in his address said that professionalism is a key to success and presently in financial sector the competition required that we should be services oriented financial institution in order to achieve the desired goals. He also advised the Branch Managers that they should pass on Head Office instruction to their respective staff as it is always a team effort to achieve the targets. -PR
SCB Islamic finance awareness drive starts KARACHI: Standard Chartered Bank (SCB) launched an Islamic banking awareness campaign under its Global Islamic Brand 'Saadiq', said a handout issued here on Tuesday. Standard Chartered was the first international bank in Pakistan to receive an Islamic Banking license and to open Islamic Banking branches across the country. The Bank in Pakistan has 15 dedicated Islamic banking branches and window based operations in 147 branches spread across 41 cities, 200 Standard Chartered ATMs and 19 Cash/Cheque Deposit Machines (CDMs) and access to more than 2000 ATMS across the country via 1-Link. Saadiq,
which means 'truthful', is Standard Chartered's identity for our global Islamic Banking business. Under the Saadiq brand, Standard Chartered continues to offer a range of Islamic Banking services in both wholesale and consumer banking with the guidance and advice of our Global Shariah Board. Standard Chartered offers Shariah compliant financial solutions to its valued customers. Saadiq comprises a team of qualified professionals who design and structure Islamic financial solutions and ensure that they are in line with Shariah principles on Islamic banking and finance. All Islamic products offered by Standard Chartered in
Pakistan are approved by an independent Shariah Supervisory Committee composed of respected and qualified scholars of international repute. Its operations are reviewed and appraised by a dedicated Shariah Advisor who provides guidance on Shariah related matters. These experts have provided valuable support and guidance to Standard Chartered, helping the bank develop products suited to customers who show a preference for Islamic finance. Standard Chartered Saadiq offers Current & Savings Accounts, Term Deposits, First Shariah Compliant Credit Card, Takaful, Home Financing and SME Trade & Finance facilities. -Agencies
India’s ICICI sees FY11 loan growth beating earlier forecast SINGAPORE: ICICI Bank India's second largest lender, said on Thursday loan growth in the 2010/11 financial year would beat an earlier forecast and rise to 18 percent on the back of the country's strong economic growth. Corporate and retail borrowings would boost lending from a July forecast of 15 percent for the year ending March 2011, and in 2011/12, when loan growth was expected to be between 20-22 percent, Chief Executive Chanda Kochhar said. "Our expectation for this year is ... we will grow by around 18 percent or so and in 2012 ... the growth will be 20-22 percent," she said while inaugurating ICICI's first retail branch in Singapore. She also said the bank, which ranks second only to State Bank of India, was aiming to keep a net interest margin (NIM) of at least 2.5 percent as seen in its first-quarter results which ended in June, and was working on ways to improve it. "We will try for certain improvement, because we are working towards increasing the share of our low-cost stable deposits in our total funding," Kochhar told Reuters in an interview. The lender, which has a market value of $27 billion, reported a 17 percent rise in its firstquarter net profit, in line with analyst forecasts, backed by strong loan growth from retail and corporate segments. Kochhar said the company expected upward momentum in profitability to continue. "We are focusing on various items that would improve our profitability (such as) at least maintaining net interest margins and trying to improve it," Kochhar added. -Reuters
BEIJING: Like other segments of Pakistani society, country's banks are also not lagging behind in extending helping hands to their countrymen to start a fresh life and recover from flood ravages that left nothing but their souls. The President and Chief Executive Officer of Habib Bank Limited (HBL), Zakir Mahmood said on Thursday that HBL will commence soon distribution of payments on behalf of the government to flood affectees in the provinces of Baluchistan and Sindh through the "Watan Cards" scheme developed by NADRA. HBL is working in close coordination with the provincial government and NADRA to ensure timely disbursement of the funds. In the initial stage, through this scheme, the banks would distribute grants for relief and sustenance, which will subsequently be expanded for support for rehabilitation. "The government is taking serious measures to mitigate the suffering of the victims of the massive flood which has also had a very serious effect on the country's economy. Recovery will require a sustained and extensive relief and rehabilitation program," said President Zakir Mahmood. "The agriculture sector has been badly affected. It is important that support is provided by making agriculture
inputs available to farmers as early as possible to prepare them for the next season," said Zakir Mahmood. On his current visit to China, the President HBL said that the purpose was to meet banks and the corporate sector leaders of China to promote trade and investment in Pakistan. There are many opportunities for Pakistani and Chinese companies to increase their activities in both these areas. In Pakistan the energy sector in particular offers investment opportunities in the thermal, hydro and wind power segments. In this regard, Habib Bank is committed to supporting Chinese businesses and through its representative office in Beijing the bank is in close contact with Chinese banks and corporates. Mahmood also met with a group of Pakistani businessmen settled in China at a dinner. He supported the efforts of establishment of PAKCHAM by the Pakistani business community and said that this platform should work in close coordination with Pakistan Government to play an effective role as a bridge between the business and corporate sectors of Pakistan and China. Muhammad Yasin, an active businessman, briefed Mr. Zakir Mahmood and enumerated the progress so far PAKCHAM has achieved in its establishment. -APP
Head of Retail, SME and Commercial Banking Group
One of NIB arms gets a new head KARACHI: NIB Bank is pleased to announce that Shahid Sattar has joined the NIB Bank as Head of its Retail, SME and Commercial Banking Group. He is a seasoned banker with over 29 years of banking experience in Pakistan and abroad. He holds an MBA (Marketing) from University of Punjab, Lahore and a B.Sc. in Textile Engineering. Before joining NIB Bank, Shahid Sattar worked with Bank Al-Bilad, Saudi Arabia as Head of Retail Banking and was instrumental in improving the performance of the bank in a short period of time. Before leaving for Saudi Arabia, Shahid Sattar was Head of
Retail and Commercial Banking at MCB for 10 years, looking after a branch network of 1070 branches, in addition to Consumer Finance, Credit Cards and the Commercial Loan Portfolio of MCB. Prior to joining MCB, Shahid Sattar worked with Citibank, (19921998) at Faisalabad and Lahore. NIB Bank is delighted to welcome Shahid Sattar and is confident that his presence will assist the bank in making significant progress towards achieving its goals of increased customer penetration, a versatile product offering and enhanced customer service. -PR
SC questions SBP's jurisdiction to write off Rs256bn loans ISLAMABAD: The Supreme Court on Tuesday questioned the authority and jurisdiction of State Bank of Pakistan (SBP) to waive off Rs 256 billion bank loans during the period from 1971 to 2009 under Banking Companies Ordinance. A three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Tariq Parvez and Justice Ghulam Rabbani while hearing a suo motu case, directed the SBP counsel to submit on
Wednesday details of at least ten cases from each year which met two conditions set in Section 33B Banking Companies Ordinance and which were pre-requisites for writing off loans. The Chief Justice told Syed Iqbal Haider, counsel for SBP, that they would check SBP's authority and examine the circulars while keeping in view Article 25 of the Constitution. He said under Section 33B of the Banking Companies Ordinance, the SBP could
write off loans of borrowers under two conditions, ie., security and rehabilitation of sick units. He said the SBP powers depended upon these two conditionalities. The Court would examine constitutionality of the Circular 29 of the 2002 under which banks waived off loans out of public money, he added. He observed that the SBP policy appeared as an open ended with everybody explaining it to his or her own inter-
ests. Justice Tariq Parvez remarked that the section 33B did not give you a blanket power. At the outset of proceedings, Abdul Hafeez Pirzada, appearing as amicus curae, stated that few days back a report was presented by the finance minister before a National Assembly committee showing another amount of Rs 50 billion loans written off during last two years. He said they were aware that the apex Court was already
seized with the matter but another huge amount was written off by the private banks. He said these banks were making tremendous profits but were not paying taxes to the government. Iqbal Haider replied that private banks had done it and the SBP had not instructed them. The Chief Justice said that no bank could operate without obtaining license from the SBP. An SBP official apprised the court that the names of benefi-
ciaries who got their loans written off during last two years from the private banks had been included in the lists already submitted with the Court. He said the banks decided the loan issues on their own under the mechanism and regulations of SBP. Syed Iqbal Haider told that they had submitted 49 volumes of books containing details besides, all circulars from the year 1971 to December 2009. Agencis
London to remain HSBC’s HQ SHANGHAI: The headquarters of banking giant HSBC will remain in London, departing chairman Stephen Green said Wednesday, dismissing market speculation that its head office might move to Hong Kong. The lender moved its chief executive to Hong Kong in February to highlight the importance of Asia -- particularly China -- but London remains its headquarters, Green said on the sidelines of a board meeting in Shanghai. "We have no current plan to change that," Green said. "Our policy will remain committed to building up our business in China. There is no country strategically more important to us. That's why we brought our board meeting here," Green said, according to Dow Jones Newswires. Green, who is leaving to become Britain's trade minister, spoke during a break from the meeting that is expected to endorse the recent shake-up of the bank's top management. HSBC confirmed on Friday that chief financial officer Douglas Flint would succeed Green as group chairman and Stuart Gulliver, its head of investment banking, would replace Michael Geoghegan as chief executive. The bank, which was established as the Hong Kong & Shanghai Banking Corp. in 1865 to finance trade between Europe, China and India, expects global banking markets to contribute 30-40 percent of its profits, Gulliver said. Flint said major challenges and opportunities lie ahead as the global financial system continues to recover from the 2008 crisis. "One is the huge amount of reform in the regulatory framework, and we hope to have a leading role in shaping that framework, and lots of opportunities for us to build our emerging market presence to develop what we've already got,"Flint said. -APP
Microbank TMBL takes part in UN forum KARACHI: Around 70 per cent of the unbanked in Pakistan will be able to access socio economic services through Easypaisa by 2015, This was stated by Nadeem Hussain, Founder, President and CEO of Tameer Bank, while chairing the discussion on Financial Inclusion, at the United Nations Private Sector Forum on Millennium Development Goals (MDG's), recently. He said that more than 2.7 billion people in the world have no access to any formal financial services and if the financial inclusion goals are to be achieved, then the solution has to be transformational not transitional. He outlined how Tameer Bank has revolutionised banking in Pakistan with the launch of mobile banking with Easypaisa, which has so far successfully completed 7 million transactions. During the forum he submitted 5 year commitments and a socio economic development plan, for accelerating the establishment of MDG's through Tameer Bank. The forum was organized at the UN Head Quarters in New York, by Secretary-General Ban Ki Moon, convened with approximately 300 heads of states, chief executives, civil society leaders and heads of UN agencies to review progress on MDG's and make new commitments for accelerated establishment of the goals before 2015.-PR
9
Friday, October 1, 2010
Gold notches up eighth straight quarter of gains Silver hits 30-yr high; ratio to gold lowest in 11 months LONDON: Gold looked set to rack up its eighth consecutive quarterly gain on Thursday, driven by weakness in the US dollar and a growing belief among investors that policymakers will do more to promote economic growth. Having hit its 11th record high in 13 trading sessions, gold was on course for a 5 per cent gain for the month and the likelihood the Federal Reserve will pump more cash into the financial system to support the economy lifted silver as well. The dollar index fell to an eight-month low, under pressure from investors shunning the US currency as expectations mounted for the Fed to resume its quantitative easing programme to keep rates low and increase money supply. Spot gold reached a record high of $1,315.80 an ounce and was bid at $1,305.20 at 1455 GMT, against $1,308.80 late on Wednesday. US gold futures for
December delivery also hit a record $1,317.50 an ounce and were later down $3.90 at $1,306.70. Two measures of regional business activity beat expectations and a drop in weekly jobless claims boosted the dollar, which in turn weighed on gold. But this was unlikely to change the view that the world's largest economy is flagging.
Speculation in markets is building for the Fed, the Bank of England and the Bank of Japan to limit rises in interest rates, which would prove a positive for gold, which tends to benefit in an environment of loose monetary policy. "With quantitative easing, it is probably no longer a question of if, but when," said Daniel Briesemann, an analyst at Commerzbank. Silver hit a fresh 30-year
high at $22.07 an ounce, and was later at $21.83 an ounce against $21.87, yet still on track for its biggest monthly gain since May 2009. The metal has climbed on the back of rising gold prices, but continues to outperform its rival. The gold-silver ratio -how many ounces of silver are needed to buy an ounce of gold -- fell to 59.7 on Thursday, its lowest since last October. Holdings of the world's largest silverb a c k e d exchange-traded fund, the iShares Silver Trust, rose to a record 9,786.47 tonnes by Wednesday, the trust said, showing healthy investment appetite for the metal. Platinum hit a four-month high at $1,661.00 an ounce and was later at $1,657.50 against $1,645.75, while palladium was at $569.00 against $563.45, having earlier touched its highest since March 2008 at $572 an ounce. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 797.00-12.00, Feb11/Apr11 802.00-12.00, May11/Jul11 806.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 780.00+0.00, Feb11/Apr11 787.00+1.00, May11/Jul11 795.00+3.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1185.00+5.00, Jan11/Mar11 1180.00+5.00, Apr11/Jun11 1175.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1325.00-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 935.00+15.00, Oct10 932.50+10.00, Nov10/Dec10 930.00+12.50, Jan11/Mar11 927.50+15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 960.00. PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 912.50+15.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10/Dec10 922.50+15.00, Jan11/Mar11 917.50+12.50, Apr11/Jun11 922.50+15.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 900.00, Dec10 895.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1380.00+15.00, Nov10/Dec10 1380.00+20.00, Dec10/Jan11 1380.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2025.00+0.00. Reuters
Tokyo rubber surges near 5-mth high GAZA - PALESTINE: Palestinian farmers harvest dates from palm trees in Khan Yunis in the southern Gaza Strip. -Reuters
NY cotton ends limit down on investor sales NEW YORK: Cotton futures settled limit down Wednesday on investor liquidation spurred by news that India has set a date when it will begin cotton exports and by lower cotton prices in China, analysts said. Investors also wanted to book their profits for the end of the third quarter on Thursday, having entered the rally when it began in July, according to analysts. Cotton has rallied nearly 40 per cent for most of the quarter, the best quarterly performance for a benchmark contract since
Cotton volume slowed after averaging 40 per cent above the 30-day average for the past week, according to preNY cotton early-trade ICE Futures US key December cotton liminary Reuters data. contract rose 1.05 cents to trade at $1.0229 Total volume traded per lb at 1407 GMT. The contract traded stood at around 17,178 lots at 1847 GMT, 6.3 from 99.29 cents to $1.0278. per cent higher than the buying by investment, hedge 30-day average of 16,000 lots, and long-only funds that felt preliminary Thomson Reuters data showed. the market was undervalued. Brokers believe cotton sales ICE Futures US key December cotton contract should run from 250,000 to dropped the 4-cent limit to 400,000 running bales (RBs, close at $1.0124 per lb. The 500-lbs each), versus sales last week of 571,700 RBs. -Reuters session top was at $1.0603. 1994. Cotton's rally has been fueled by robust demand and heavy
Palm oil in 1st quaterly gain, weather lifts prices KUALA LUMPUR/JAKARTA: Malaysian palm oil rose 1.19 per cent on Thursday, booking its first quarterly gain in a year as a global economic recovery fueled demand and erratic weather patterns meant an uncertain grain crop outlook worldwide. Palm oil gained 15.04 per cent in the third quarter and other vegetable oil markets also gained in their first positive quarter for the same period, despite news of China getting ready to sell state reserves and higher yields from the incoming US soy crop. Benchmark December palm oil on the Bursa Malaysia Derivatives Exchange closed up 1.19 per cent at 2,730 ringgit ($885) per tonne. Trading was heavy with volumes of 13,775
lots of 25 tonnes each, up from the usual 10,000 lots. Palm oil is likely to trade in a range of 2,700-2,800 ringgit a tonne in the next few days, as China's markets will close starting Friday for another holiday, a trader said. China's most-active May 2011 soybean oil rose 0.28 per cent and May 2011 palm olein futures rose 0.78 per cent as some traders were still digesting news that China will sell some of its vegetable oil reserves.
China is buying more vegetable oil cargoes. Cargo surveyor Intertek Testing Services reported a 21.3 per cent jump in Malaysia's September palm oil exports with China's purchases almost triple. US Oct soyoil rose 0.8 per cent on higher crude oil and ahead of the USDA's quarterly stocks report later on Thursday that is expected to show ample supplies of soybeans despite China's strong demand for the grain. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 29 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1240
1120
October (3rd Wednesday)
1240
1110
November (3rd Wednesday)
1240
1120
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 29 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2210 2220 2190 2200 2125 2135 2125 2135
2293 2293.5 2328 2329 2400 2405 2460 2465
8016 2272 8016.5 2272.5 8025 2296 8030 2297 7950 2308 7960 2313 7700 2287 7710 2292
23195 23200 23150 23175 22525 22625 21575 21675
TIN
ZINC NASAAC
24350 2186.5 24355 2187 24325 2215 24350 2216 23700 2270 23750 2275 2265 2270
2250 2251 2280 2290 2285 2295 2335 2345
TOKYO: Key Tokyo rubber futures inched up to trade near five-month highs on Thursday, helped by steady oil and physical rubber prices, and put in their best quarter since October-December 2009. The key Tokyo Commodity Exchange rubber contract for March delivery rose 1.6 yen or 0.5 per cent to settle at 311.4 yen per kg, having risen as high as 313.2 yen earlier, near a fivemonth high of 314.7 yen hit on Monday. Strength in the yen capped further gains. This quarter's rise of 15 per cent was the highest increase since a 40 per cent rise in October-December 2009. The most active March contract on Shanghai rubber futures, was at 26,875 yuan a tonne on Thursday, well below 27,395 yuan a tonne hit on Monday, its strongest since mid-2008. Japan's crude rubber inventories totalled 5,776 tonnes as of Sept. 10, jumping 39 per cent from 10 days earlier, data from the Rubber Trade Association of Japan showed on Thursday. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 17.4 per cent from a week earlier, the exchange said. Reuters
Copper dips on China property; US data supports LONDON: Copper eased on Thursday as moves by top metals consumer China to curb property prices prompted profit taking, although losses were limited by dollar weakness and better-than forecast US data. Three-month copper on the London Metal Exchange was untraded at the close but bid at $8,010 a tonne from $8,064 at the close on Wednesday. It jumped to a more than twoyear peak on Wednesday at $8,075. Copper, used in power and construction, is on course for a 25 per cent rise this quarter, and its largest quarterly gain in one year. In the second quarter, copper fell about 15 per cent. Data out earlier showed new US claims for jobless benefits fell last week, pointing to a modest strengthening in the labour market, while secondquarter growth was revised a touch higher on firmer consumer spending. Denting sentiment slightly, however, China has told banks to demand a down payment of at least 30 per cent from all mortgage applicants as part of its new efforts to put a lid on property prices. "During the summer slowdown period, the dollar continued to weaken, so here we are at $8,000 again," said Alex Heath at RBC Capital Markets. Falling LME inventories, seen as a demand indicator, have helped overall sentiment. Latest LME data showed copper stocks shed 950 tonnes to
374,150 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes in mid February.
Shanghai copper weakens Shanghai copper dropped to its lowest in more than a month as China's move to curb property prices dented sentiment, but losses were limited by improving demand prospects and ongoing weakness in the dollar. Shanghai's benchmark thirdmonth copper futures contract dropped nearly 6 per cent to 57,280 yuan a tonne -- its lowest since Aug. 26 in early trade, but recovered to 60,600 yuan at close, down 0.3 per cent. Shanghai copper notched up a 16 per cent quarterly gain, its best so far this year, before markets closed for a week of National Day holiday starting on Friday.
All the same, copper prices are on track for a third consecutive month of gains, with a climb of 8.5 per cent so far in September. Three-month aluminium closed at $2,351 a tonne from $2,341 at the close on Wednesday. LME stocks of the metal, used in transport and packaging, eased 3,150 tonnes to 4.35 million tonnes. Aluminium is on course for an 18 per cent gain this quarter. Zinc's last traded at $2,195 a tonne from $2,225, lead at $2,279 from $2,300. Tin ended at $24,250 from $24,325 and nickel at $23,400 from $23,350 on Wednesday. -Reuters
Oil tops $79 after US jobless, GDP data LONDON: Oil topped $79 a barrel, hitting a fresh sevenweek high on Thursday after data in the United States offered hope for a pick-up in economic activity in the world's largest economy. On the last day of the third quarter, US crude oil futures touched $79.40 a barrel, the highest since mid-August and were trading $1.42 higher at $79.26 a barrel. ICE Brent crude futures rose $1.40 to
$82.17 a barrel. "The higher euro, stronger stocks in Asia, the better jobless claims data and a revised upward GDP reinforced yesterday's fresh look at fundamentals and the idea that perhaps demand might pick up and inventories pull back," said Peter Beutel, president of Cameron Hanover in Connecticut. New US claims for jobless benefits fell last week, pointing to a modest strengthening in the labour market, while second-quarter growth was revised a touch higher on
Sugar falls, arabicas firm as 3rd qtr ends LONDON: ICE raw sugar futures fell on Thursday after the spot contract swung to a seven-month high on Wednesday, with expectations of a good-sized delivery tonnage at the October expiry. Arabica coffee futures edged up in thin volumes, consolidating from Tuesday's steep rally, while cocoa edged lower on Thursday, the last trading day of the third quarter of 2010. ICE front-month raw sugar futures have surged around 44 per cent in the third quarter, bolstered by tight global supplies and a fresh infusion of investor funds, with Liffe frontmonth white sugar futures up about 20 per cent. ICE October raw sugar was down 0.9 cent or 3.4 per cent to 25.92 cents a lb at 1403 GMT, while Liffe December white sugar was down $4.2 or 0.7 per cent to $630.80 per tonne in moderate volume of 2,143 lots. Sugar traders focused on adverse weather in key producers, with attention turning to Brazil's 2011/12 crop. Brazil's 2010/11 cane crush has been revised lower repeatedly to account for the dry weather reducing cane yields. ICE arabicas have outpaced the rise in Liffe's robusta coffee this quarter with arabica coffee up around 13 per cent versus a roughly 0.2 per cent rise in robusta. ICE December arabicas were up 0.45 cent or 0.2 per cent at 186.20 cents a lb at 1405 GMT, while Liffe November robustas were down $7 or 0.4 per cent at $1,730 per tonne in modest volume of 2,340 lots. In cocoa, the London market has seen a much sharper fall than New York, as a stronger pound and improving West African supply prospects weighed. ICE December cocoa was down $10 or 0.4 per cent to $2,855 per tonne, while Liffe December cocoa was unchanged at 1,924 pounds per tonne in modest volume of 3,953 lots. -Reuters
firmer consumer spending. On Wednesday, weekly data showed larger than expected falls in oil inventories in the United States, the world's largest oil consumer. US crude oil futures are on track to close September up more than 8 per cent, the biggest monthly percentage rise since February, and are set to post a gain of less than 1 per MUMBAI: India's spot sugar cent in the third quarter. price rose on Thursday on North Sea ICE Brent crude lower non-levy sugar quota for October and hopes the government will allow exports to support local farmers and the industry, dealers said. India, the world's biggest consumer, has made available 1.75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had futures, in contrast, are likely released during the same month to close the third quarter with a year ago, the government said gains of nearly 5 per cent. in a statement late on Thursday. Mike Wittner, Societe In Kolhapur, a key market in Generale's Global Head of Oil top producing Maharashtra Market Research, said the state, the most traded S-variety recent strength of ICE gas oil rose 1.3 per cent to 2,569 futures have been leading the rupees per 100 kg. oil complex higher. The country is expected to Brokers said support came produce 26 million tonnes in from a French rolling port the new season that begins on strike at the country's strategic Oct. 1, up from previous foreFos-Lavera oil hub near casts of 25 million tonnes, Marseille, which entered its Prakash Naiknavare, managing fourth day on Thursday. director of Maharashtra State They are blocking a total of Cooperative Sugar Factories 24 oil tankers, the port authori- Federation, told Reuters in an ty said. -Reuters interview. -Reuters
Indian sugar rises on lower Oct quota
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 79.03 80.24 81.23 22.07 22.08
98 33 29
30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500
NO10 DE10 JA11 NO10 DE10
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce
76.11 77.62 78.79 21.79 21.81
79.03 80.24 81.23 22.07 22.08
75.72 76.95 78.79 21.79 21.81
79.03 80.24 81.23 22.07 22.08
305 93 13
Price 77.78 79.07 80.18 21.87 21.89
30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010
GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz
NO10 DE10 JA11 NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
1308.20 1309.50 1310.00 1308.30 1309.90
1316.20 1317.00 1317.70 1316.20 1316.90
1306.60 1307.30 1308.50 1308.30 1308.00
1316.20 1316.90 1317.70 1316.20 1316.90
498 765 305 47
1308.30 1309.10 1310.00 1308.30 1309.10
1316.20 1316.90 1317.70 1316.20 1316.90
1,647 1,246 134 13
30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010
GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W
JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 30SE10
US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg
1309.80 36404.00 36374.00 36388.00 36337.00 42383.00 42383.00 37405.00 37442.00 37454.00 37381.00 37393.00 42959.00 2402.00
1316.90 36608.00 36617.00 36631.00 36580.00 42666.00 42666.00 37640.00 37679.00 37692.00 37705.00 37628.00 43232.00 2402.00
1309.80 36365.00 36374.00 36388.00 36337.00 42383.00 42383.00 37405.00 37442.00 37454.00 37381.00 37393.00 42959.00 3151.00
1316.90 36608.00 36617.00 36631.00 36580.00 42666.00 42666.00 37640.00 37679.00 37692.00 37705.00 37628.00 43232.00 3175.00
9 -
1310.00 36359.00 36368.00 36382.00 36331.00 42376.00 42376.00 37388.00 37424.00 37436.00 37449.00 37376.00 42938.00 3151.00
1317.70 36608.00 36617.00 36631.00 36580.00 42666.00 42666.00 37640.00 37679.00 37692.00 37705.00 37628.00 43232.00 3175.00
13 47 3 1 -
30-Sep-2010 30-Sep-2010 30-Sep-2010 30-Sep-2010
Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
OC10 OC10 10-Sep 10-Dec
Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
3167.00 4172.00 87.17 86.88
3192.00 4182.00 87.17 86.88
3167.00 4172.00 86.91 86.54
3192.00 4182.00 86.91 86.54
-
3167.00 4172.00 87.17 86.88
3192.00 4182.00 86.91 86.54
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
McIlroy hits out of a bunker during practice ahead of the 2010 Ryder Cup at Celtic Manor
10
Friday, October o1, 2010
Contador suspended over positive dope result SYDNEY: Tour de France winner Alberto Contador has been provisionally suspended after testing positive for a "very small concentration" of a banned anabolic agent during the race, cycling's governing body said Thursday. The Spaniard, who won his third Tour this year, was tested during the second rest day of the race and the second B test had confirmed the presence of clenbuterol, the International Cycling Union (UCI) said in a statement. "The rider, who had already put an end to his cycling season before the result was known, was nevertheless formally and provisionally suspended as is prescribed by the World Anti-Doping Code," the statement said. Contador, who is leaving Astana to join Bjarne Riis's Saxo Bank team next season, blamed food contamination for the finding. "It's possible to put your hand in the fire and not burn yourself. If it had been a clear case of doping it would have come out a week later. The food poisoning came from a cut of meat from Spain," Contador told Spanish radio station Cadena Cope. "It is Riis Cycling's hope that this case can be resolved in a orderly and timely fashion as it is in the best interests of all parties involved that the proper conclusions are drawn within a reasonable period of time," Saxo Bank said in a statement. "The team has had and will continue to have the position that cheating of any form will not be tolerated." Clenbuterol can be abused by athletes to strip fat and enhance muscle size and can have shortterm stimulant effects including increasing aerobic capacity, blood pressure and alertness. It has led to bans for cyclists in the past. The concentration in Contador's A test was "400 time(s) less than what the antidoping laboratories accredited by (World Anti-Doping Agency) WADA must be able to detect," the UCI said in a statement. "In view of this very small concentration and in consultation with WADA, the UCI immediately had the proper results management proceedings conducted including the analysis of B sample that confirmed the first result." The case would require "further scientific investigation" before any conclusion could be drawn and could take some time, the statement added, providing no further comment. The finding puts 27-year-old Contador's Tour de France victory with Kazakh-funded Astana in July under a cloud and threatens to leave an indelible stain on the Spaniard, who also won the 2007 and 2009 Tours and is regarded one of the greatest cyclists of the modern era.-Reuters
Wozniacki cruises into Tokyo semis TOKYO: Top seed Caroline Wozniacki reached the Pan Pacific Open semi-finals after Polish opponent Agnieszka Radwanska retired with a foot injury on Thursday. The Dane was leading 5-0 in the first set when sixth seed Radwanska called for the trainer at the changeover and decided to pull out of the $2 million tournament in Tokyo. Wozniacki, winner of five titles this year and closing in on the world number one ranking, plays eighth seed Victoria Azarenka of Belarus in the semi-finals. Azarenka beat American qualifier Coco Vandeweghe 62 6-1.
TOKYO: Wozniacki of Denmark hits a return against Pavlyuchenkova of Russia during Pan Pacific Open .-Reuters
Half of CWG volunteers went missing with kits NEW DELHI: The spirit of the Games doesn't seem to be prevailing. Seen to be an essential ingredient of the Games, volunteers of Commonwealth Games have gone missing. An estimated 10,000 volunteers have dropped out after enrolling for the mega sports show. The volunteers have displayed less than expected zest for the Games due to what is seen as a combination of reasons ranging from random allocation of responsibilities, relatively unglamorous assignments and poor training and motivation. A part of the problem also seems to have been the terms offered to volunteers. Instead
of payments, the experience of participating in the Games with a certificate at the end of the event are the main rewards. However, there is also a smart set of clothes - the kit costs Rs 12,000 - besides meals while at work. While these terms are the norm at most such events, the thrill and experience of the job and an opportunity to watch top athletes being the big hook, the attrition rate of volunteers has been rather high. Beset with controversies, the Games have perhaps not proved too attractive for many who signed up. Sources said the missing volunteers have gone away with their uniforms that might have been what they found to be of
interest. Perhaps, they should have been paid a daily allowance at least. Some of the work is quite tough and requires good communication skills, said an official who confirmed mass desertions. The situation has led to private parties having to step up their participation. "We are doing all that has been asked of us," said Abhijit Sarkar, spokesperson of Sahara group. Many of the volunteers at the airport and Village are from the group. It is being hoped that the volunteers will return as those who did turn up at the Village have made a good impression on athletes who have moved in.Agencies
Hassan hopes to reclaim hockey honour ISLAMABAD: Pakistan hockey legend Hassan Sardar hopes that honour will be restored for the country in hockey at the Commonwealth Games as the players are hungry for revenge this time round. Pakistan hockey team performed poorly in the FIH World Cup held in FebruaryMarch in New Delhi as they finished 12th in the quadrennial competition. In their match against India they had lost 1-4. But Hassan believes that things would be different this time. "The Pakistan hockey team has been working very hard
since the World Cup and they are an improved lot. An IndiaPakistan hockey match is always a very close call and October 10 will be no different. Whichever team takes their chances, will win," he was quoted as saying by the website mid-day.com on Friday. Hassan Sardar arguably is the best centreforward Pakistan has produced. In the 1980s, Sardar, Kaleemullah, Samiullah, Hanif Khan and Shahnaz Sheikh formed one of the most dreaded attacks in world hockey. Ask former India goalkeeper Mir Ranjan
Negi, who conceded as many as seven goals in India's 1-7 humiliation at the hands of the neighbours in the 1982 Asian Games hockey final. Sardar scored a hat-trick in the match that turned Negi's life turned upside down. A section of the Indian public branded Negi a traitor, claiming Pakistan had bribed him to let in the goals. Sardar refutes the allegation very strongly. "It's nonsense. Given the passion for hockey between the two countries, it's ridiculous to even suggest such a thing."-APP
Olympian athlete calls on Minister Sports PESHAWAR: Olympian athlete Sadaf Siddiqui called on Minister Sports Khyber Pakhtunkhwa Syed Aqil Shah at Olympic Secretariat here on Thursday. 25-year old Sadaf Siddiqui represented Pakistan at the 2008 Summer Olympics in Beijing. She competed at the 100m sprint and placed seventh in her heat without advancing to the second round. She ran the distance in a time of 12.41 seconds. Besides representing Pakistan in the Olympic, Sadaf Siddiqui is a national record holder athlete and she was the undisputed champion in 100m and 200m dash and won many medals in different national and international events. Well before the Commonwealth Games, a twomember anti-doping disciplinary panel banned national athletes Sadaf Siddiqui and Javeria Hasan for two years each after they tested positive for doping during preparations and trials held for the Commonwealth Games. It is worth mentioning here that Pakistan Sports Board (PSB) had appointed an inquiry commission comprising Director General Pakistan Olympic Association (POA), Major (Retd.) Mohammad Afzal and Pakistan Medical Commission's vice chairman Meesaq Rizvi and they announced the decision to impose bans on the two female athletes in August, last. Sadaf remained with the Minister for some time and discussed about banning here by PSB panel. It seemed that my carrier was over, the dejected Sadaf added.-APP
"I've been playing some great tennis," Wozniacki told reporters. "I am sad for Agnieszka of course but I'm happy with my performance. "It's always been a goal of mine to be number one," added Wozniacki, who could leapfrog Serena Williams if she wins this week and reaches the last eight in Beijing next week. "But if it doesn't happen this year there will be other chances." French Open champion Francesca Schiavone of Italy beat Estonia's Kaia Kanepi 7-5 4-6 7-5 and will face either Elena Dementieva or Vera Zvonareva for a place in Sunday's final.-Reuters
Vettori eyes Shakib as biggest threat WELLINGTON: Daniel Vettori, the New Zealand captain, has singled out Bangladesh allrounder Shakib Al Hasan as the biggest threat for the visitors during the upcoming five-match ODI series. "We have seen the Bangladesh team improve", Vettori said. "Obviously Shakib is probably their best player, so if we can nullify him we know we are going to win. He is a very good player, he has proven himself particularly in these conditions, so he is probably their main player." Shakib, who is the vice-captain of the Bangladesh one-day team, is currently rated No. 1 in the ICC ranking for allrounders in ODIs. He has played 94 onedayers, scoring 2465 runs and has picked up 109 wickets. Vettori, who is rated No. 5, said a comparison between him and Shakib was inevitable.
"I think we have some similarity, we both bat down the order at the same position and we both bowl left-arm spin," he said. "And Shakib was captain for a while, so there was some obvious comparison. The key for us hopefully is that we can play a role in our team winning. Obviously you want to try and out-think the opposition as much as you can. And Shakib is probably our main opposition." Vettori said the absence of opener Tamim Iqbal, who was ruled out of the series due to surgery on his left wrist, was a big blow for Bangladesh. "Iqbal is injured, so that's a big loss for Bangladesh. He scored a lot of runs at the top of the order. So he will be a loss throughout the series." Vettori had warned his side against complacency during the series, but was confident of his team's chances.-APP
FIFA WC SAfrica
Coverage for part of Arab region was jammed: report LONDON: Coverage of this year's World Cup football finals in South Africa by the Al-Jazeera satellite television was jammed from Jordan, Britain's Guardian newspaper reported in its Thursday edition. "Mysterious jamming of TV broadcasts of the summer's World Cup by the Arabic satellite channel Al-Jazeera has been traced to Jordan, which appears to have retaliated angrily after the collapse of a deal that would have allowed football fans there free access to the matches," the paper reported. "Secret documents seen exclusively by the Guardian trace five
episodes of jamming definitively to a location near Salt in Jordan, northeast of the capital Amman, confirmed by technical teams using geolocation technology. "The co-ordinates identified were 32.125N 35.766E. It is accurate to within a range of three to five kilometres (one to three miles)." Jordanian officials were not immediately available to comment on the reported jamming, which infuriated million of fans who had payed in advance for coverage of the tournament only to receive blank screens, pixelated images or commentary in the wrong languages.-APP
Eto bags hat-trick for Inter LONDON: Samuel Eto'o scored a scintillating hat-trick for holders Inter Milan in the Champions League on Wednesday but Lionel Messi's magic went missing as Barcelona laboured to a draw with their Russian bogey team. While Rafa Benitez celebrated a 4-0 victory over Werder Bremen and his first home win in Europe as Inter coach, Pep Guardiola's Barcelona were forced to scrap for a 1-1 draw at Rubin Kazan in Group D. Manchester United savoured a rare win in Spain when they beat Valencia 1-0 to go jointtop of Group C with Rangers, 1-0 winners over Bursaspor, while troubled Olympique Lyon won 3-1 at Hapoel Tel Aviv to lead Group B. While Eto'o was lighting up
the San Siro, Tottenham Hotspur's Rafael van der Vaart chalked up a different kind of triple when he missed a penalty, scored and was sent off in a 4-1 home win against Twente Enschede, taking his side level with Inter at the top of Group A. There was no rivalling Eto'o for the performance of the night, as the Cameroon striker scored two in a six-minute first half burst, helped set up Wesley Sneijder for Inter's third and completed his hattrick nine minutes from time. "I don't know if it was their birthday today but we gave them too many presents," seethed Werder coach Thomas Schaaf. BARCELONA BEHIND Where Inter shone as bright-
ly as Eto'o's brilliant yellow boots, Barcelona struggled with World Player of the Year Messi returning from an ankle injury. The Spanish champions had to come from behind to salvage a point against the same unglamorous opponents who stunned the then European champions 2-1 at the Nou Camp last season before a 0-0 home draw. Messi, who scored twice in Barcelona's opening group D match, came off the bench for the last half-hour but was unable to make the difference with Rubin keeper Sergei Ryzhikov denying the Argentine wizard late on. Both goals came from the penalty spot, with captain Christian Noboa putting the
home side ahead in the 30th minute and David Villa equalising on the hour. FC Copenhagen pushed Barcelona off the top of the group, with striker Dame N'Doye returning to haunt his former club Panathinaikos, who had former Arsenal midfielder Gilberto Silva sent off, in a surprise 2-0 away win. Villa's former club Valencia, top of La Liga, failed to convert possession into goals and paid the price against United. With Wayne Rooney sidelined by injury but Rio Ferdinand returning, United's new Mexican signing Javier 'Little Pea' Hernandez came off the bench to break the deadlock with a clinical finish in the 85th minute of an uninspiring match.-Reuters
MILAN: Inter Milan's Eto'o scores a second goal past Werder Bremen's goalkeeper Wiese during their Champions League Group A soccer match.-Reuters
International & Continuation
Friday, October 1, 2010
China says US yuan bill may harm ties
US data supports Q3 growth hopes WASHINGTON: New US claims for jobless aid fell last week, while manufacturing in the nation's Midwest region grew faster than expected in September, supporting the view that economic activity picked up a bit in the third quarter. Another report on Thursday showed consumer spending was slightly stronger than expected in the April-June period, causing the government to revise its second-quarter growth estimate up to a 1.7 per cent annualized pace from 1.6 per cent. Although the reports further diminished fears of a new economic downturn, analysts said they were not enough to prevent the Federal Reserve from embarking on a new round of monetary easing as early as November. William Larkin, portfolio manager at Cabot Money Management in Salem, Massachusetts, said the US central bank would need to see greater stability in both the jobs and housing markets to stay on the sidelines. When that happens, he said, "You can't say you are worried about
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deflation." Stocks on Wall Street rose on the reports, with the Dow Jones industrial average and the Standard & Poor's 500 Index briefly rising more than 1 per cent before turning negative as investors locked in profits from September's strong rally. Prices for safe-haven government debt fell, while the dollar cut losses against the euro and the yen. Initial claims for state unemployment benefits fell 16,000 last week to 453,000, the Labor Department said, exceeding market expectations for a decline to 460,000. Separately, the Institute for Supply Management-Chicago's business barometer rose to 60.4 this month from 56.7 in August, showing manufacturing in the Midwest perking up. Markets had expected a reading of 55.9 for the index, which is seen as closely correlated with national trends. A reading above 50 indicates expansion in the regional economy. The employment component of the index sank to its lowest since May, but new orders rose strongly.
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terming it invaluable in war against terrorism and extremism. The President, during the meeting, said that the fight against militancy and terrorism remains the highest priority and the government was determined to pursue its struggle against militancy till its logical end. He said that there was a need to enhance trust, cooperation and coordination at the strategic, policy and operational planes. Capacity enhancement of the Pakistan security apparatus was very crucial, the President observed. The President said Dr Aafia's sentence was being perceived as harsh and disproportionate and has led to protests in Pakistan. While underscoring the importance of intelligence sharing and cooperation between Pakistan and the US, PM said that the US and Isaf forces should share credible and actionable information with Pakistan's forces enabling them to take the required action against the possible threat in the bordering areas with Afghanistan. He further said that Pakistan being a frontline ally in the war against terror expects from its partners to respect its territorial sovereignty. -Online
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bridges and infrastructure. This is such a huge challenge for any government or party to undertake on its own and can only be faced with the combined and concerted efforts of the whole nation, NGOs, the civil society, the international community and donor agencies. President IFRC Tadateru Konoe apprised President Zardari that PRCS and movement partners have so far reached out to over 143,000 families by providing food packs and non food items and added that IFRC planned to provide assistance to 300,000 affected families during emergency relief phase. He further informed that nine water purification plants, six in Sindh and three in Punjab, have been deployed to provide clean drinking water to affectees. The President thanked Tadateru Konoe for the efforts by PRCS and movement partners for the relief and rehabilitation of flood affectees in Pakistan. -Online
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Minister of State for Finance, Hina Rabbani Khar on a supplementary question said that the government is providing subsidised food items to poor people despite the fact that there is huge difference of prices between the USC and wholesale market. She further said that mobile vans of USC have been deployed in flood-hit areas and other parts of the country where USC outlets have yet not established, to provide subsidised food items. -APP
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that India changed its mind while Krishna said Pakistan was not prepared to have talks. "Well it takes two hands for a clap... my Foreign Secretary (Nirupama Rao) was ready." -Online
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"We would like to emphasise that no final agreement has been reached at this point in time as this offer depends on the fulfillment of specific requirements and conditions," the Etisalat statement said. It said Zain was satisfied with the bid. "We are pleased with offered price because it is good and suitable for both sides," Nasser al-Khorafi, chairman of the Khorafi Group, was quoted as saying by Kuwait's Al-Qabas newspaper. The Khorafi Group has a direct ownership of 12.7 per cent of Zain but its share is believed to be more than 20 per cent if indirect stakes are taken into account. The 46 per cent is a controlling stake in Zain since 10 per cent of its equity are in treasury shares which do not have voting power. In March, Zain sold its operations in 15 African nations to India's Bharti Airtel for 10.7 billion dollars, netting a profit of more than three billion dollars from the deal. Besides Kuwait, Zain operates in Saudi Arabia, Bahrain, Jordan, Iraq, Lebanon, Sudan and Morocco. The Kuwaiti government holds a 24.6 per cent stake in the firm, which currently has more than 30 million clients. Before striking the deal with Bharti Airtel, Zain held unsuccessful negotiations with an Indo-Malaysian consortium to sell 46 per cent of the company for about 14 billion dollars.
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in notice. He said that India does not have the capability to stop water share of Pakistan. He said that Kalabagh dam has become controversial as three provincial assemblies approved resolutions against it. He said that construction of Neelam Jehlum Hydropower Project could be delayed by one year while Rs17541 million would be spent on the project and 1000-megawatt power would be generated. He said that Pepco and the companies under it would be given autonomy and handed over to private sector so that they would be responsible for their loss and profit. The decision would improve Pepco's performance and decrease its line losses. He said that Prime Minister has constituted special committee in this regard. He said that power pilferage is a big issue and system is pressurised due to it. He said that agreements have been made with distribution companies to stop power pilferage. He further said that Pepco and distribution companies are being restructured. He said that strict steps are being taken to stop electric pilferage through "kunda culture". He said that he had appealed the provinces to restore magistrate system and the government was legislating in this regard so that power pilferage could be declared heinous crime. -Online
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The donors' conference was attended by ambassadors of 57 countries, representatives of world monetary institutions, industrialists, chambers and commerce and members of parliament. Chief Minister Punjab Mian Shahbaz Sharif addressing on the occasion stated that flood wreckages in the country were far greater as compared to earthquake of 2005 in Pakistan and earthquake of Haiti and Tsunami and at this time the world should come forward to assist Pakistan to tackle prevailing flood devastations. He informed the participants of the 'Donors' Conference' that approximately 20 million people have been affected across the country in flood devastations, while 1.2 million houses have been damaged in the flood-affected areas, crops standing at 1.7million acre swept in floodwater and more than five lac cattle died in flash floods. Chief Minister Punjab stated that Punjab government would utilise all its available resources to compensate the smaller cultivators of the province and to compensate the affected farmers, Punjab government would provide free of cost seed and fertilisers to the cultivators. He also informed the participants of the donors' conference that Punjab government had already initiated reconstruction of model villages, model colonies, hospitals, school and colleges in the flood affected areas on priority basis. Punjab government has been committed to rehabilitate the flood affected homeless people in their native areas and for this purpose Punjab government has been desperately in need of assistance from world community and world donor agencies to rehabilitate the flood affectees. -Online
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Volumetric sales and prices pushed the net sales revenue of the company up 33.8 per cent to Rs82.79 billion from Rs61.86 billion. However, cost of sales escalated 34.9 per cent at Rs79.03 billion. APL's gross profit for the year ended June 30 increased 14.2 per cent to Rs3.76 billion as compared to Rs3.29
"It's encouraging to see that jobless claims are trending lower now. And also it looks like the US economy entered the third quarter with a little bit more momentum than previously expected," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington. The economy slowed down in the second quarter after a 3.7 per cent growth pace in the first three months of the year, leaving the recovery from the longest and deepest downturn since the Great Depression with little strength to chip away at a 9.6 per cent unemployment rate. Worried about the slow growth pace and low inflation, the Fed last week signaled it was ready to inject more money into the economy. The Fed's preferred measure of inflation -- the personal consumption expenditures price index, excluding food and energy -- rose at a slow 1.0 per cent in the second quarter, a slight downward revision from the 1.1 per cent increase the government had estimated last month.-Reuters
BEIJING: China on Thursday warned that a US House of Represenatives bill to penalise it for not letting the yuan rise faster could seriously affect bilateral ties. In a relatively measured response, Foreign Ministry spokeswoman Jiang Yu said Congress should avoid steps that could harm relations, saying Beijing was "resolutely opposed" to the bill. But she declined to say whether China would retaliate. The US House of Representatives bill, which many analysts say is unlikely to become law, is aimed at pressuring Beijing to let its currency, also called the renminbi, rise faster by branding it in violation of world trade rules. "Using the renminbi exchange rate issue as an excuse to engage in trade protectionism against China can only harm China-US trade and economic relations, and will have a negative effect on both countries' economies and the world economy," Jiang told a regular news briefing. "We urge the members of the US Congress to understand clearly the importance of China-US trade and economic relations, and put a halt to protectionism so as to avoid hurting the interests of the peoples of the two countries and of the world."-Reuters
billion in the comparable period. ACPL recorded 31.9 per cent decline in its net earnings to Rs1.01 billion from Rs1.49 billion, resulting into earning per share of Rs11.74 versus Rs17.24 earlier. The final cash dividend was announced at Rs3.25 per share for the year in addition to interim dividend of Rs1.75 per share, bringing total to four rupees per share. Net sales of the company fell 9.9 per cent on account of lower retention prices at Rs7.67 billion in financial 2009-10 as against Rs8.51 billion in financial 2008-09. However, two per cent surge in total dispatches offset downside retention prices. Lower cement prices brought down gross profit of the company 27.7 per cent to Rs1.96 billion versus Rs2.71 billion. Though administrative expenses increased, yet they were under control. They were slightly up 0.8 per cent to Rs184 million from Rs182 million. Distribution cost rose 6.7 per cent to Rs467 million from Rs437 million. Other operating income grew significantly 57 per cent to Rs262 million as compared to Rs166 million. During financial year 2010, after tax profit of NRL witnessed a staggering jump of 114 per cent to Rs3.28 billion as compared to Rs1.53 billion in the comparable period. The earning per share of the company remained at Rs41.08 as against Rs19.17. The company announced 200 per cent cash dividend i.e. Rs20 per share. Sales revenue of the company saw a marginal increase of one per cent from Rs110.2 billion to Rs109.6 billion. However, gross profit rose 20 per cent to Rs6.33 billion as against Rs5.27 billion. Gross profit margin scaled 5.7 per cent this year as against 4.8 per cent earlier. NRL dealt in unregulated products during the year which have stable margin. Therefore, its net margin shot from 1.4 per cent to three per cent. ATRL saw a substantial plunge of 88 per cent in its net earnings to Rs126 million in this year from Rs1,017 million previously, showing earning per share of Rs1.48 as against Rs11.92. Annual net sales revenue of the company increased 14.14 per cent to Rs88.18 billion from Rs77.26 billion. ATRL incurred gross loss of Rs509.66 million against gross profit of Rs1.92 billion earlier. Similarly, gross margin decreased to negative 0.6 per cent as against 2.5 per cent.
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Tech Mahindra, which has a 42.7 per cent stake in Mahindra Satyam, closed 4.7 per cent lower at 756.35 rupees. "Limited visibility in this part of the business and a weak core telecom business force us to maintain our underperform rating on TechM," Credit Suisse said in a note as it cut its target price on the stock to 650 rupees from 760 rupees.-Reuters
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see modest improvement but we are going to see insipid reaction to positive data," David Buik, senior partner at BGC Partners, said. Trade was also volatile as investors adjusted positions at the end of the quarter. Banks took most points off the index, extending Wednesday's sharp losses.-Reuters
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"The Nikkei could break below 9,000 over the next month or two, with the upcoming first-half results likely seeing some downward revisions mainly on the stronger yen." Despite the monthly rise, persistent worries about the threat a strong yen poses to the fragile economic recovery sent the Nikkei down 0.1 per cent for the July-September quarter. The MSCI index of Asia Pacific stocks outside Japan shot up some 17 per cent in the same period.-Reuters
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year as China clamped down on speculation in the real estate sector. Analysts cautioned that the rally was likely to be short term with the outlook for the property sector still cloudy. Major mainland developers were among the most active with Poly Real Estate Group Co Ltd jumping 8.9 per cent. The government has instructed banks to demand a down payment of at least 30 per cent from all mortgage applicants and to restrict loans to buyers of third homes. "The market was expecting negative news on new property controls so now that information is out, property companies like Vanke which have continuously slumped, are able to gain," said Ren Chengde, analyst at Galaxy Securities in Shanghai. China Vanke Co Ltd rose 7.6 per cent, while Gemdale jumped 5.3 per cent. China's property inflation slowed to 9.3 per cent in the year to August, down from a peak of 12.8 per cent in April, but real estate investment has remained buoyant, with growth picking up to 34.1 per cent in the year to August from 33 per cent in July. "The intensity of property policies is likely to increase so these gains may just be a short term burst. I expect property shares could gain a maximum of 10-15 per cent before falling back," said Zheng Weigang, a senior trader at Shanghai Securities. -Reuters
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quarter and investors are now a little tepid," said Jay Suskind, senior vice president at Duncan-Williams in Jersey City, New Jersey. Initial jobless claims fell sharply in the latest week, pointing to modest strengthening in the labor market, while the Commerce Department revised higher its final read on second-quarter economic growth. That backed up stronger readings for regional business activity indexes in New York City and the US Midwest, seen as early indicators before national surveys on Friday and later next week. "Today's data was better than expected," Suskind said, but he added that it was not strong enough "for a major move to the upside." Semiconductor companies, a growth sector that has advanced during the quarter, ranked among the day's losers and weighed on the Nasdaq. SanDisk Corp slumped four per cent to $36.13 while the Philadelphia semiconductor index fell 1.6 per cent. The S&P information technology index was off one per cent, making this the biggest decliner among sectors. US crude oil futures for November delivery gained 1.4 per cent, or $1.12, to $78.98 per barrel, just off a seven-week high above $79 on the positive US data. In contrast, gold slid 0.7 per cent, after hitting a record high of $1,315.81 earlier in the session.-Reuters
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was a net foreign buying of $0.47 million on Thursday. On the local side, banks and mutual funds did a net selling of $6.86 and $1.09 million respectively while individual investors and companies did a net buying of $4.62 and $2.18 million respectively. Investor participation was much higher as 88.8 million shares-42.8 million shares more as compared to a turnover of 46 million shares on Wednesday-changed hands. Active issues showed a neutral view as out of total 384 active issues 183 advanced and 182 declined while 19 issues remained unchanged.
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the lawyer for the Babri Masjid Action Committee, Zafaryab Jilani, told reporters. "We can say we are partly disappointed not fully because some of the stand of the Muslims has been vindicated." In 1992 the demolition of the mosque by Hindu activists sparked riots that killed more than 2,000 people, mostly Muslims, and propelled India's Hindu nationalists into the political mainstream. -Agencies
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security operation involving hundreds of thousands of troops and paramilitaries across the country got underway. Police arrested more than 10,000 people to prevent them from inciting violence, while another 100,000 had to sign affidavits saying they would not cause trouble after the verdict, officials said. Helicopters hovered over the sites in the state as people entered temples were checked with metal detectors. The government also extended its ban on bulk texting to stop people from sending mass messages that could incite violence. More than 40,000 police fanned out across the city of Mumbai, which erupted in anti-Muslim riots and retaliatory bombings after the mosque's demolition in 1992, but has played host to scattered peace marches in recent days. If the ruling soothes tensions, it would be a boost for the ruling Congress party, a left-of-centre group with secular roots that does not want to upset either voter bloc. Major political parties had called for calm. The verdict came only days before Sunday's opening of the Commonwealth Games in New Delhi, with the government wanting to project an image of stability and modernity to the world. "Nobody has won. Nobody has lost," Yashwant Sinha, a leader of the Hindu nationalist Bharat Janata Party, told local television. "Let's not look at this as a victory for anyone." "It was a very sensible judgement and the court has tried to balance the parties," said Anil Verma, a political analyst. "Apportioning one-third to the Muslims means they have not completely lost." -Agencies
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killed three Pakistani soldiers, officials said. Trucks and fuel tankers for foreign forces in Afghanistan were stopped at Toorkham border post in Khyber tribal region near the city of Peshawar, hours after the raid, the fourth reported by Pakistani authorities in recent days. "Yes, the Nato supplies have been stopped. It has been done locally," a senior security official told Reuters on condition of anonymity. A spokeswoman for the Nato-led International Security Assistance Force in Kabul, however, said none of its helicopters had crossed into Pakistani airspace. The incident was under investigation. -Agencies
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President Obama visiting Pakistan after India's tour, however if he wants to come to Pakistan than we would welcome him. He said India's suggestion that Pakistan should clean its own house first is surprising India instead of teaching us should first get its own house in order in Jammu and Kashmir and other areas and work for improving human rights violations. It is relevant to note here that despite severe protest and warnings by Pakistan, the Nato helicopters Thursday shelled a paramilitary checkpost and killed three soldiers and injured three in a cross border attack in Kurram Agency, security officials said. Meanwhile Pakistan has blocked supplies for NATO troops fighting in Afghanistan after an airstrike Meanwhile the Nato Spokesman in Afghanistan has said we are investigating the attack on Pakistani check post. Isaf in a statement said that coalition forces did not enter the Pakistani side and they only retaliated to firing of militants in Afghan province of Paktia District Dandpatan. The Isaf spokesman said however on complaint of Pakistan we are investigating the incident.
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financial sector. Kardar said that the present scenario does not bode well for the agenda on financial inclusion as a significant proportion of the flood-hit population could be pushed below the poverty line. Moreover, those already excluded will have little access to formal financial services such as savings or insurance mechanisms to re-build their asset base, he added. The SBP Governor urged the financial institutions to come forward and play their due role in rebuilding of the affected areas as the State Bank and the Government would not be able to do it alone. "The agriculture, microfinance and SME sectors need special support of the banking industry in order to re-start the process of income generation," he stressed.
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exposure margins and renew them or arrange new guarantees as their replacement to fulfil margin requirements. In a notice issued to members here Thursday, KSE said bank guarantees can be renewed on opening of KATS on second day of expiry dates stated on bank guarantee documents. KSE said that most brokerage houses have not been tracking the expiry dates of their bank guarantees provided to the Exchange against their exposure margin and mark to market requirements. KSE said that collateral management system automatically marks the amounts, guaranteed by banks on bank guarantee documents as "zero" two business days prior to its actual expiry date that can create undue problems for the brokerage house as well as for the exchange.
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compared to 193.66 points in the corresponding period of the previous year. During the period all three sub-sectors performed well as Oil Companies Advisory Committee (OCAC) reported 5.87 per cent surge in production. Similarly, Provincial Bureau of Statistics showed a hike of 5.01 per cent in production and Ministry of Industries posted growth by 1.46 per cent. Oil Companies Advisory Committee Index (OCAC), included 11 items, increased by 5.87 per cent mainly due to increased in production of two main petroleum products. Production of motor-sprit up 11.5 per cent to 159 million litres from 142.7 million litres; similarly, sale of High Speed Diesel went up 8.23 per cent to 332.7 million litres from previous year's same period of 307.43 million litres. Production and Provincial Bureau of Statistics (Provincial BOS) increased by 5.01 per cent which was mainly contributed by food sector as production of cooking oil rose 20.36 per cent, wheat & grain milling 6.05 per cent and vegetable ghee 2.4 per cent.
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A 17-member larger bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry heard the case. Giving his arguments on behalf of Sindh High Court Bar, Rashid A Rizvi advocate said article 175 (A) be not nullified fully but its clauses which run contrary to the independence of the judiciary be declared void. Only judges and lawyers should be kept in judicial commission and the role of parliamentary committee be eliminated, he added. "Elected representatives cannot overstep the limits set by the constitution and their obligations differ from those of state functionaries. Parliament is such an institution, which cannot go beyond the constitution. Honoring the opinion of public rather than a dictator is must. Constitution making is not the mandate of the judiciary. How can we nullify the constitutional amendment", Justice Jawad S Khawaja remarked. Opening his counter arguments, senior lawyer Abdul Hafeez Pirzada said it was historical and first of its nature case and its decision would also be historical which would fortify the foundations of the parliament. "Article 175-A runs counter to the independence of judiciary. The structure of federation was negated through 18th amendment", Abdul Hafeez Pirzada said. "No amendment aimed at changing the structure of the constitution can be made without seeking prior mandate of the people. Transferring of 8 items from concurrent list to federal list has affected the federation. This amendment prevented Sindh from utilising its coal", Hafiz Pirzada argued. CJP remarked this is important case of the history of the country and a 17-member bench of apex court heard the case for more than four months. -Agencies
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competition and recession. Prime Minister expressed these views in a meeting with former President of LCCI, Zafar Iqbal Chaudhry who called on him along with a delegation at his Parliament House Chamber here Thursday. Prime Minister urged the business community to identify challenges, analyse emerging trends in the world markets and de vise new strategies for the promotion of exports. He said that the competitive environment requires us to be competitive besides improving the quality of our exports. Commenting on the recent EU concession to grant enhanced market access to Pakistani export, the Prime Minister said that it manifests the sustained engagement and persuasion that the government has been following since its inception. He added that it is the need of hour to put in joint efforts by both the Government and the private sector to consolidate our foothold in the existing markets. The members of delegation apprised the Prime Minister about the various business activities going on in their area. They appreciated the government for its concerted efforts for opening new vistas for business activities for Pakistan investors and entrepreneurs. -INP
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respectively. Sources further say that Major General Raheel Shareef is currently the Commandant of the Military Academy Kakul while Major Sajjad Ghani is performing duties as Deputy Chief of the General Staff. Maj Gen Tariq Kahn is currently IG FC Khyber-Pakhtunkhwa, Maj Gen Muzzammil Ahmed DG Military Training and Maj Gen Khalid Rabbani is working as GOC 17 division. They will assume their new responsibilities after their formal promotions. -Online
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is a vast difference between LPG supply and demand. Replying to a calling attention notice, Advisor to Prime Minister Nawabzada Ghazanfar Gul told the House that LPG prices had witnessed a surge of Rs 7 owing to the floods hitting most part of the country, also affecting the gas installations. He said the situation is returning to normally and a decrease of Rs3 has been witnessed in LPG prices, hoping that prices would be returned to the older rates. Gul said as the LPG is a deregulated product so it does not fall under the purview of Oil and Gas Regulatory Authority; however a pricing mechanism exists there to ensure sale of commodity at rate determined by the government. He 86 companies have been issued license and are operating across the country adding the government is authorized to impose fine and suspend license if found overcharging from the consumers. -Agencies
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discussion of some kind or other and certainly at this moment all kinds of pressures must be on this army chief," added Musharraf. The 67-year-old former president, now living in self-imposed exile in London, said similar "pressures" in his first year as army chief had led him to launch the coup against then-prime minister Nawaz Sharif." In that one year Pakistan was going down and a number of people, including politicians, women, and men came to me telling me 'Why are you not acting? Are you going to act for Pakistan's good?'" Musharraf told the Intelligence Squared debating forum. Musharraf said the solution was to give the army a constitutional role in governing the nation, which has spent more than half its existence since independence from Britain in 1947 under military rule. "The situation in Pakistan can only be solved when the military has some role," he said. "If you want stability, checks and balances in the democratic structure of Pakistan, the military ought to have some sort of role." Musharraf reiterated that he would launch a new political party, the All Pakistan Muslim League, in London on Friday to contest the next elections in 2013 as a civilian, though his opponents have scoffed at the move. Musharraf refused to say when he would return to Pakistan, where he could face treason charges. He insisted that he would go back eventually, saying: "When I see what is happening in Pakistan I think there is a bigger cause, and when there is a bigger cause you have to take risks." The former leader accused Zardari's government of failing adequately to deal with Pakistan's moribund economy, the threat from Taliban militants and the after effects of devastating floods earlier this year. But he condemned a recent surge in US drone strikes in Pakistan border areas which was reportedly aimed at eliminating the leaders of an al Qaeda plot to launch Mumbai-style militant attacks in Britain, France and Germany. -Agencies
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reserves is due to increased inflow of remittances," said Wasimuddin. The previous record high was $16.77 billion, hit the week ending July 2.
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major development as it increased by 291 points - 3 per cent during the quarter while it jumped by 2,187 points - 30.54 per cent during the same period last year. According to the experts, there are a number of reasons due to which investors remained cautious, that include unavailability of leverage product, imposition of capital gains tax, destructive floods in the country, uncertain political situation, weak economic position, rise in interest rates, delay in IMF tranche, deteriorating law and order situation and tussle between government and judiciary. Farhan Mahmood, analyst at Topline Securities said that besides imposition of newly capital gain tax, delay of IMF tranche, 100bps increase in discount rates and devastation by floods remained the major factors of declining market activity as investors were cautious that these factors will increase balance of payments problem, cost of doing business, inflation and budget deficit. He said that the last quarter average turnover was at 9 year low. Our analysis excludes 5 months (Sep 08-Jan 09) market performance during and post-floor rule as hardly any activity was seen as most of the stocks were on lower limits. According to a report by Topline Securities performance of Pakistan market was not good in the outgoing quarter, as it underperformed with other regional markets and indices by posting a meager dollar gain of 2 per cent. Amid liquidity crunch, political and economic issues continue to affect investor's sentiments in local market that prefer to put money in better yielding fixed income papers. In the outgoing quarter, MSCI world, MSCI EM, MSCI EM Asia posted dollar gains of 13.7, 16.6, and 14.6 per cent respectively. Moreover, after Vietnam, Pakistan market was second worst performer in Frontier markets that posted average gain of 13.3 per cent. Similarly, due to low volumes, activity by foreign investors also decline during 3Q2010. During this period foreigners bought share of $248mn and sold $142mn with net buying of $106mn. Compared to this foreign buying was US$437mn and selling was US$201mn (net buying $236mn) in 3Q2010.
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USC got Rs10.5bn as subsidy during 5yrs
ISLAMABAD: Leon Panetta, director CIA USA, called on President Asif Ali Zardari at Aiwan-e-Sadr.-APP
Sharif demands serious action on Nato violations
ISLAMABAD: An amount of Rs10.5 billion was provided as subsidy to Utility Stores Corporation (USC) during the last five years for subsidised provision of basic food items to poor and low income groups. Minister for Finance, Revenue and Planning and Development in a written reply informed Senate that Rs1400 million were provided during fiscal year 2009-10, Rs2700 million in 2008-09, Rs5260.839 million in 200708, Rs470.590 million in 200607 and Rs660.476 million in 2005-06. See # 3 Page 11
President, PM, COAS meet govt frailty: ‘N’ No-talks not ISLAMABAD: PML-N chief Mian Nawaz Sharif said that giving an impression of government stability through a meeting between President, PM and Army Chief is in fact weakness of the government. Talking to media after addressing a donor conference called by Punjab government to seek donations for the flood affectees of the province here on Thursday, he said attack of Nato troops inside Pakistan is an attack on our sovereignty and we condemn it in strongest of words. But these attacks also leave a big question mark on the government functioning. Foreign forces come inside our borders and target our citizens while the government is sitting like silent spectator. Why isn't it raising its voice at the international forum? The government should
Etisalat eyes majority stake in Kuwait firm Monitoring Desk KUWAIT CITY: UAE-based, leading telecom operator of Middle East and Africa, expressed its willingness to acquire 46 per cent shares of Kuwait's cellular service provider Zain. "Etisalat has submitted a preliminary conditional offer to buy a 46 per cent stake of Zain for an amount of 1.7 dinars (5.97 dollars) per share," the company said in a statement posted on Abu Dhabi Securities Exchange. Etisalat has also purchased 26 per cent shares in state-run Pakistan Telecommunication Company Limited (Ptcl) in the privatisation drive during the last government. However, the UAE-telecom operator failed to defray final installment of total buying shares due to reported delay of transfer of properties' ownerships to Etisalat from government of Pakistan. See # 5 Page 11
India can’t restrict our water: Ashraf ISLAMABAD: Federal Minister for Water and Power Raja Pervaiz Ashraf has disclosed that India does not have capability to stop water share of Pakistan while it is even not using its own share of water under Indus basin water river treaty. Responding to queries of members of national assembly (NA) on Thursday, Raja Pervez Ashraf said that dams are being constructed to utilise rainwater but Kalabagh dam is controversial while only consensual dams are being constructed. He said that India reserved 2lac acre-feet water for initial digging of Baglihar plant during 8th August to 25th August 2008 and President and Prime Minister raised the issue. He brushed aside the rumors that India is stopping water share of Pakistan as no violation of stoppage of water comes See # 6 Page 11
protest with Nato and we would be with the government. He said that PML-N is not against the democratic system and neither we would allow the system to be derailed. But we oppose the manner in which the government is running the affairs of the state. It is inviting a flood of public hatred. The government should reform its working. Earlier addressing the donor conference Nawaz Sharif said that prevailing floods devastations have jolted the economy of the country and in the prevailing circumstances militants could take advantage of the situation if the floods affectees are not provided timely assistance. He said that militant elements could take advantage from prevailing flood devastations. However, Punjab government would do its best by
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speeding the rehabilitation and reconstruction activities in the flood affected areas and would not leave the affectees at the mercy of the terrorists. He also pointed that flood devastations across the country were unprecedented and owing to flood devastations the ratio of GDP had downed to almost two per cent, while flood wreckages had ruined employment opportunities for millions of people. PML-N chief further underlined that Chief Minister Punjab has done a Herculean job to rescue the flood victims from flooded areas, while services of the NGOs, civil society and other welfare trusts were also commendable and at this time of misery the nation has been united to tackle prevailing flood devastations. See # 7 Page 11
a setback: Krishna NEW YORK: External Affairs Minister SM Krishna has said that he does not perceive as a setback the inability of both the countries to meet here for dialogue and was looking forward to Indo-Pak talks in New Delhi. "Certainly not," Krishna told PTI in response to a question about whether the inability of both the countries to meet this time around had been a setback. "I have invited him to come to Delhi after my Islamabad visit and I am looking forward to receiving him in New Delhi so the talks are going to continue," he added. Both the countries have refrained from blaming each other, but Qureshi has indicated See # 4 Page 11
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Top brass harshes on Nato’s overstepping CIA Head assures COAS of investigation ISLAMABAD: President Asif Ali Zardari on Thursday has told Director CIA Leon Panetta any violation of internationally agreed principles will be counterproductive to war on terror and unacceptable to Pakistan. He was talking to head of CIA Leon Panetta at Aiwan-e-Sadr. President Asif Ali Zardari said that the government of Pakistan strongly disapproves any incident of violation of its sovereignty. Any violation of internationally agreed principles is counterproductive and unacceptable, he remarked. According to spokesman of Presidency, Leon Panetta was accompanied with Anne W
Patterson US Ambassador in Pakistan. Interior Minister Senator Rehman Malik, Foreign Secretary Salman Bashir and DG ISI Lt Gen Ahmed Shuja Pasha also attended the meeting. During a meeting with Director CIA at PM House, Prime Minister Syed Yousuf Raza Gilani also expressed his profound concern of his government over the increasing drone attacks and violation of the Pakistani airspace by the Nato and the Isaf helicopters to the US government. Sources say that Chief of the Army Staff General Ashfaq Pervez Kayani strongly protest-
ed with the head of the CIA Leon Panetta at the GHQ on Nato violation on Pakistani border urging that Nato should remain in its mandate adding no intrusions into our border would be tolerated at any cost. Sources say that CIA head assured COAS, "we will investigate into the gruesome matter adding information sharing on operation against terrorists will be shared with the intelligence agencies of Pakistan". According to military sources, Leon Panetta highly acclaimed the role and sacrifices of Pakistani security forces and intelligence agencies See # 1 Page 11
Zardari seeks NGOs assist for flood relief ISLAMABAD: President Asif Ali Zardari Thursday called on Pakistan Red Crescent Society, NGOs and other humanitarian organisations to augment its humanitarian efforts for relief and rehabilitation of flood affectees and complement government's efforts particularly in reaching out to the flood victims in remote areas of the country. According to spokesman of Presidency, he said this during his meeting with Tadateru Konoe, President International Federation Red Crescent who called on him at the Aiwan-e-Sadr on
Thursday. President IFRC was accompanied with Senator Nilofer Bakhtiar Chairperson Pakistan Red Crescent Society, Pepe Salmela IFRC Pakistan, Jagan Chapagain head of operations, IFRC, Muhammad Ilyas Khan Secretary General PRCS and other members of President IFRC's delegation. From Pakistani side those who attended the meeting included Makhdoom Shahabuddin, minister for health senator Sughra Imam, Ms Farahnaz Ispahani, Farhatullah Babar and other senior government officials.
The President appreciated IFRC for the humanitarian services to the most vulnerable sections of the society in critical times of natural disaster including the recent devastating floods. The President said that never before in the history the country had seen such large scale devastation caused by floods that affected over 70 districts throughout the country. He said that besides initial relief to the flood affectees we have to take measures against the spread of diseases and rebuild the destroyed homes, roads, See # 2 Page 11
Skip 5th hearing before EC committee
Fake-degree holder MPs make a game of EC body ISLAMABAD: None of the five parliamentarians summoned before the hearing by special committee of Election Commission of Pakistan bothered to show up in connection with fake degree case while only two parliamentarians voluntarily appeared before the committee. The fifth hearing regarding fake/invalid degrees of MNA's and MPA's was held on Thursday under the chairmanship of Muhammad Afzal Khan, the nominated officer of Election Commission of Pakistan under the direction of Supreme Court of Pakistan. The Representative/focal Person of Higher Education Commission (HEC), Rahim Bux Channa was also present. In all, five members were issued notices to appear on Thursday. All of them remained absent. Two other MPAs also appeared voluntarily before the committee. As per details, the five parliamentarians Yar Muhammad Rind member Sindh Assembly and former federal minister, Mir Hamdaan Khan member National Assembly, Haji Sher Azam provincial minister for labor remained absent. Yar Muhammad (PB-31) and Mir Ahmeddan Khan (NA-265) did not appear and the committee decided to reissue them notices for 11th October 2010. Shakeel Ahmed advocate appeared on behalf of Ms Shama Parveen Magsi (PB-Reserved Seat) and stated that she is abroad and will be back after three weeks. Therefore, he requested for copies of documents and adjournment till her arrival to file reply. The committee adjourned the case and
the next date will be fixed later. Kashif Hussain, the representative of Shaukat Aziz (PP-4) appeared before the committee and requested that as Shaukat Aziz was busy in flood relief activities his case may be adjourned for some other suitable date. The committee adjourned the case on his request and fixed 11th October 2010 for the next hearing. Waseem Afzal Gondal (PP-119) who was issued notice for 23rd August 2010 appeared in person voluntarily and stated that as he was abroad at the previous hearing he could not appear. He, therefore, requested for supply of copies of relevant documents and sought adjournment. The committee adjourned the case and next date of hearing would be fixed later on. Sher Azam Khan Wazir (KPK-71) did not appear and next date of hearing is 4th October 2010. HEC has handed over the seven fake degrees to election commission after confirmation. The committee summoned Yar Muhammad Rand, Hamdaan Khan and provincial minister Haji Sher Azam on 4th October. The commission has handed over the 150 genuine and seven fake degrees to election commission. The parliamentarians whose degrees have been confirmed fake included Mohaish Kumar Malani member Sindh assembly and provincial minister, Deewan Ashique member national assembly, Mir Ali Shah, Javed Latif member provincial assembly Punjab and Iftikhar Ahmad. The number of fake degree parliamentarians has reached to 57. -Online
Haven’t let US intrude under any accord:Malik ISLAMABAD: Interior Minister Rehman Malik on Thursday again made it clear that Pakistan has no secret agreement with US or Nato urging America must understand the difference between true friends and foes. Rehman Malik expressed these views while talking to host of journalists outside Parliament House here on Thursday. Rehman said that Pakistan has sacrificed the most in war against terrorism. He said that Prime Minister is taking keen interest in border violation terming
it gruesome. He went on to say that Nato should remain in its mandate stressing no intrusions into our border would be tolerated. Pakistan would not tolerate border violations and investigations have been launched into the incident of killing of three security officials in Kurram Agency by Nato jets bombardment, Rehman pointed out. He further added that government must be allowed to continue its state of affairs without asserting pressure. -Online
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