International Karachi, Wednesday, October 6, 2010, Shawwal 26, Price Rs12 Pages 12
No need to change AfPak strategy: Obama
Not stymying Accountability Bill, says Awan
See on Page 12
Russia-born physicists walk away with Nobel
See on Page 12
Punjab lower courts’ judges break their strike
See on Page 12
See on Page 12 Economic Indicators
UAE Red Crescent delegation calls on Prime Minister
$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 170.71mn 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)
Rehab demands megabucks: PM Says govt believes in across-the-board accountability
Portfolio Investment SCRA(U.S $ in million)
46.98 -2.25 0.34 2311
Yearly(Jul, 2010 up to 04-Oct-2010) Monthly(Oct, 2010 up to 04-Oct-2010) Daily (04-Oct-2010) Total Portfolio Invest (23 Sep-2010)
NCCPL (U.S $ in million)
FIPI (05-Oct-2010) Local Companies (05-Oct-2010) Banks / DFI (05-Oct-2010) Mutual Funds (05-Oct-2010) NBFC (05-Oct-2010) Local Investors (05-Oct-2010) Other Organization (05-Oct-2010)
0.33 -1.15 0.29 -0.06 -0.24 0.34 0.48
Global Indices Index Close KSE 100 10,024.86 Nikkei 225 9,518.76 Hang Seng 22,639.14 Sensex 30 20,407.71 ADX 2,659.55 SSE COMP. 2,655.66 FTSE 100 5,635.76 *Dow Jones 10,916.53 *Last Updated 20:00 PST
Change 20.17 137.70 20.48 68.02 4.68 44.98 79.79 164.80
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)
$.Price PKR/Shares 2.60 111.96 17.70 152.43 2.00 43.06 1.70 36.60 9.57 32.97
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.69% 12.82% 12.79% 13.50% 12.81% 13.05% 13.20% 13.61% 13.71% 13.83% 13.88% 13.99% 14.23% 14.38% 14.58%
22-Sep-2010 22-Sep-2010 22-Sep-2010 29-Sep-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010
Commodities *Crude Oil (brent)$/bbl 83.84 *Crude Oil (WTI)$/bbl 82.07 *Cotton $/lb 99.25 *Gold $/ozs 1,331.90 *Silver $/ozs 22.34 Malaysian Palm $ 875.40 GOLD (NCEL) PKR 36,568 KHI Cotton 40Kg PKR 7,555 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 81.80 Canadian $ 83.40 Danish Krone 14.90 Euro 117.20 Hong Kong $ 11.00 Japanese Yen 1.018 Saudi Riyal 22.85 Singapore $ 64.80 Swedish Korona 12.00 Swiss Franc 86.00 U.A.E Dirham 23.35 UK Pound 135.50 US $ 86.25
83.00 83.70 15.30 118.50 11.30 1.044 23.00 65.80 12.50 87.00 23.52 136.80 86.55
Inter-Bank Currency Rates Symbols
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
82.50 83.98 15.76 117.49 11.09 1.031 22.95 65.34 12.70 88.49 23.43 136.12 86.12
82.69 84.18 15.80 117.77 11.12 1.033 23.00 65.49 12.73 88.70 23.48 136.44 86.31
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
33°C 38°C 35°C 36°C 31°C 34°C
MIN
18°C 26°C 24°C 22°C 9°C 20°C
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KARACHI: President Asif Ali Zardari presiding over a meeting to discuss most important developmental projects in Sindh at Bilawal House.-APP
Zardari briefed on development projects
President decrees “focussed funding” KARACHI: President Asif Ali Zardari Tuesday asked the federal and provincial governments to consider releasing adequate funds to most important and critical developmental projects for early completion instead of spreading the resources too thin on a large number of projects. He asked the Sindh finance ministers to hold meetings with officials of federal ministries of finance and planning and development for identification of early gestation developmental projects benefiting the largest
number of people. Once such projects have been identified adequate funds may be released to them for their early completion in a given time frame. "There is no wisdom in allocating small amounts to scores of projects and not being able to complete anyone project well in time to reap its social and economic benefits." The President said this during briefings given to him at Bilawal House Karachi on the ongoing development projects
Rs500mn allotted to subsidise canola sowing in affected areas
SBP agri-support scheme launches KARACHI: State Bank of Pakistan has launched a concessional financing and guarantee scheme, under which Rs500 million have been allocated to encourage farmers to sow canola in the flood affected areas of the country in the current Rabi season. According to a circular issued here Tuesday, under the scheme financing will be provided at affordable/ concessional mark up rates through banks. The banks and Zarai Taraqiati Bank Limited (ZTBL) are allowed to obtain following refinance facility to See # 18 Page 11
Banks/DFIs allowed to use solicited ratings ISLAMABAD: State Bank of Pakistan has said that banks/ Development Finance Institutions (DFIs) would be allowed to use only solicited ratings assigned by recognised External Credit Assessment Institutions (ECAIs) for the purpose of capital adequacy with immediate effect. See # 17 Page 11
Floods hit offtake during 1QFY11
Cement sales erode by 18pc Ahmed Siddique KARACHI: Country's cement sector has showed dismal performance during the first quarter of current fiscal year 201011, as total cement dispatches depicted a fall of 17.7 per cent to 6.91 million tonnes against 8.4 million tonnes in same period last year, according to the data released by All Pakistan
Cement Manufacturers Association (APCMA). As per details available, local cement dispatches decreased 16 per cent to 4.62 million tonnes against 5.5 million tonnes in 1QFY10. Cement dispatches down mainly due to floods which affected construction activities and in Ramadan usually activities slow down. See # 19 Page 11
Yes, we trained militants against India: ex-president
Coup era gone, Musharraf says LONDON: Former president Pervez Musharraf has ruled out the possibility of imposition of martial law in Pakistan and said that the time of military coups is over. In an interview with a German magazine "SPIEGEL", he said whenever the country is in turmoil, every body looks to the army, but he would suggest that time of military occupation is over. He said the latest political
See # 20 Page 11
in the province. The meeting was attended by the chief minister Sindh, Syed Qaim Ali Shah, Federal Minister for Communications Arbab Alamgir, special assistant to Prime Minister on agriculture and water issues Kamal Majeedullah, relevant provincial ministers and senior federal and provincial government officials. Briefing the newsmen, spokesperson to President, Farhatullah Babar said that separate briefing sessions were See # 15 Page 11
Proposal for Rs50/40kg increase in wheat price
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Tuesday said Pakistan requires huge sum of money for reconstruction and rehabilitation in the flood affected areas. Talking to a delegation of UAE Red Crescent, Prime Minister Gilani said priority of his government was to provide shelter and housing to the dislocated people, reconstruct damaged schools, hospitals, farm-tomarket roads and restore damaged bridges and railway tracks in the affected areas. UAE Red Crescent Society delegation comprises of Ahmad Hameed Al-Mazrouie, Chairman of the Board of Directors accompanied by Mohammad Khalifa Al-Qamzi, Secretary General, UAE Red
Devolution process completion stressed ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Tuesday emphasised that the process of devolution must be completed by June 30, 2011 - the time specified in the Constitution. He further said that the process of devolution will fulfill a long outstanding political commitment of democratic forces of devolving powers to the provinces, adding, it will also help in promoting good governance at the federal and provincial levels. Prime Minister expressed these views while presiding over a meeting of the Implementation Commission on 18th Amendment Bill here at his Chamber in See # 12 Page 11 Crescent, Dr Hamdan Musalam Al-Mazrouie, Member of the Board and Ali Al-Shamsi, UAE Special Envoy to Pakistan and Afghanistan as well as Ali Saif Al-Awani, UAE Ambassador to Pakistan.
He said the international community will have to come forward to take part in the rehabilitation and reconstruction phases. Gilani reaffirmed that his government was committed to See # 13 Page 11
Times Square Terror Plot
Shahzad jailed for life NEW YORK: Faisal Shahzad, who tried to set off a car bomb in New York's Times Square, was sentenced to life in prison on Tuesday. Shahzad, 31, pleaded guilty in June to a failed May 1 bombing in Midtown Manhattan. He said he received bomb-making training from the Tehreek-e-Taliban Pakistan, and that the group had funded the bomb plot. Court documents made public Wednesday revealed Shahzad had told investigators he thought his bomb would have killed at least 40 people, and that he had planned to carry-out a second bombing attack two weeks later. The target of the second attack was not identified in the documents. According to prosecutors, he also admitted to using Internet webcam sites to monitor Times Square and see when and where a bomb would be most likely to cause bloodshed. See # 14 Page 11
ISLAMABAD: Federal Minister for Food and Agriculture, Nazar Gondal has proposed on Tuesday that the support price of wheat should be increased from Rs950 to Rs1000 per 40 kg as the prices of inputs like fertilisers etc have increased in comparison to the last year's prices. The minister was chairing the meeting of the Task Force on See # 16 Page 11
Punjab adopts resolution for Kalabagh Dam Monitoring Desk LAHORE: Punjab Assembly Tuesday adopted a resolution calling for the construction of Kalabagh Dam but after the consensus of all federating units, media reported. Opposition leader in Punjab Assembly Chaudhry Zaheeruddin moved the resolution. On Monday, addressing a press conference, he said during the recent floods, huge amount of water end up in the sea, which (if stored) could have been positively utilised. See # 21 Page 11
LPG up by Rs7/kg ISLAMABAD: Acting brazenly, the Liquefied Petroleum Gas (LPG) marketing companies have yet again increased prices by Rs7 per kg, putting extra burden on the masses already groaning under double digit inflation. As a result of what the distributors association described an "illegal increase" just in a short period of time, prices of domestic cylinder was increased by Rs80 and commercial cylinder by Rs320. After the increase the prices of LPG in Islamabad, Peshawar See # 5 Page 11
Available Now
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Wednesday, October 6, 2010
KARACHI: Faculty and students of Association of Chartered Certified Accountants in a group photographed with Governor Sindh Dr Ishratul Ebad Khan at Governor House-APP
Ateeq condoles death of Jamil Siddiqui KARACHI: Former Chairman, KCCI Committee for Banking and Insurance Ateeq-urRehman deeply condoled the death of Jamil Siddiqui, Senior Reporter 'The Financial Daily'. In a statement issued here Ateeq said that the deceased was, indeed a devoted friend, a well wisher and above all a very kind hearted person and a supporter of humanity. Jamil Siddiqui never missed attending any of KCCI's CSR wide network of programmes, whether it was Thalassemia Free Pakistan, Children Cancer Eradication, help to Downs Syndrome Children, Burn Centre, Patient Welfare or Deaf / Dumb, added Ateeq.-PR
WEDNESDAY Time Programmes 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 15:15 14:00 14:30 15:05 15:30 16:05 16:30 17:05 18:15 19:00 19:05 20:00 20:05 21:00 22:00 22:05 23:00 23:15
Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Bara ka Para News Power Lunch News Mang Raha Hay Pakistan Akhri Sauda Agri Business Agri Business PM Bazaar (Rpt) Ghar Ka Kharch Karobari Dunya News Awam Ki Awaz (Rpt) News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Karobari Dunya
Russian firm agrees to revive PSM KARACHI: The Russian company, which helped Pakistan in setting up Pakistan Steel Mills (PSM), has agreed to reengage itself for reviewing the Mills state of affairs, and provide technical support in PSM's revival and strengthening, and is likely to join the expansion process. Pakistan Steel Mills has floated an international tender (intent of expressions) for setting up Desulferisation plant and a Converter in a move to expand the present capacity of the Mills, said Acting Chief Executive Officer (CEO) of Pakistan Steel Imtiaz Ahmed Khan Lodhi at a press conference at Karachi Press Club on Tuesday. He was flanked by PSM Director Production Wasif Mehmood and Acting Director Administration Hamid Pervaiz. PSM's Chief Executive Officer listed various steps taken by him to contain corruption and pilferage/ theft in Pakistan Steel but, he said, more efforts are needed to get the required
results. He explained the recorded reasons behind Rs26 billion loss occurred to Steel Mills a couple of years back and defended the version that mainly it was the result of abnormal moves in the international and local steel markets. "I would be very careful to comment on the matter as it is with the honourable Supreme Court," he added. He informed that PSM followed Japanese model of procurement of raw materials for the last 25 years wherein the price of raw materials to be imported was fixed once a year usually in April; without weighing possible future changes in the international market. Now, we are shifting to a new pattern/ index for our procurement to escape re-occurrence of any big loss because of market forces. We are trying to create a win-win situation for all the stakeholders. For ensuring transparency in procurement, PSM through an agreement was working with Transparency International
Qaim urges the need of agri-revolution KARACHI: An agricultural revolution can be brought about by distributing land amongst poor 'Haarees' especially women and provision of seeds, fertilisers and other required facilities. This was stated by the Sindh Chief Minister, Syed Qaim Ali Shah, here on Tuesday. He was presiding over a highlevel meeting held at the Chief Minister House. The matters discussed at the meeting pertained to forest and `Katcha' land under the Forest and Revenue departments as well as allotment of state land and position of encroachments.
Speaking on the occasion, the Chief Minister said that a revolution can be brought about by distributing government land amongst the poor Haris especially Hari women and provision of seeds, fertilizers and other needed facilities. He said that a clear and effective policy be devised in this respect and be implemented precisely. Qaim Ali Shah said that in accordance with the vision of Shaheed Mohtarma Benazir Bhutto, directive of President Asif Ali Zardari, and manifesto of Pakistan Peoples Party
(PPP), the government wants to empower women. The distribution of land amongst the Hari women is part of this approach. He stated that the encroachment from the government land would be removed and that allotment of land through bogus entries would be cancelled. The Chief Minister said that 53,000 acres of land in various districts in the province and Forest Department's 42,000 cancelled land would be distributed amongst poor and needy through open kutcheries.-APP
FPCCI slams power tariff hike
KARACHI: UBL Fund Managers Limited, one of Pakistan's leading asset management company, announced the launch of its new savings scheme; UBL Savings Income Fund (USIF). The scheme will open for public subscription from October 12. UBL Savings Income Fund (USIF) is an openend income scheme that is designed especially for investors who are looking to earn a stable and competitive stream of income on their savings in the short to medium-term. The scheme helps investors achieve this objective by investing in instruments such as Government securities, bank deposits and safe investment securities ensuring the preservation of capital. The scheme does not invest in instruments such as Term Finance Certificates (TFCs) / Sukuks, and also has no exposure to the stock market. The Chief Executive Officer of UBL Fund Managers, Mir Muhammad Ali, CFA commented on the occasion that "UBL Savings Income Fund (USIF) provides an ideal savings opportunity for investors who want more out of their savings.-PR
KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has strongly condemned the further increase 2 per cent in power tariff. "The continuous increase in electricity charges is a planned conspiracy for sabotaging the economy of the country which will only result in halting Trade and Manufacturing activities," said Sultan Ahmed Chawla, President FPCCI, in a meeting called by him to discuss the recent increase by National Electric Power Regulatory Authority (NEPRA) at the Federation House, Karachi. Sultan Chawla said that Pakistan is still a developing country and the national economy is facing histo-
SHC summons Royal TV top brass KARACHI: The Sindh High Court (SHC) on Tuesday issued Contempt of Court notices to Royal TV, its Chairman, its Directors, its Management and its News Anchor. The Contempt Notices were issued on the application of NBP. NBP through its Senior Counsel Nafees A Siddiqui and Barrister Waleed Khanzada filed an urgent application along with the Contempt of Court Application against Royal TV which was granted and the Honourable High Court issued Contempt of Court notices. The Honorable Sindh Court has summoned Royal TV's Chairman, Directors, Management, and News Anchor on October 14. On September 30 the Sindh High Court issued restraining/Stay Order against the Royal TV in the Defamation Suit of National Bank of Pakistan against the Royal TV. The Honourable Sindh High Court restrained Royal TV and its News Anchor and its management from making whether orally or in writing any false statement about NBP unless the same can be sustained and corroborated.-PR
Nokia, Ufone partner to launch N8
TV PROGRAMMES WEDNESDAY 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 Tonight With Jasmeen 23:00 News 23:30 24
Pakistan and that an improved system of transparency suggested by any other institution/ organisation would be welcome in the interest of Pakistan Steel and the country, he said. Pakistan Steel, being short of raw materials, has been operating at 40 per cent production capacity against the budgeted 65 per cent capacity for the last fiscal year. However, with its captive mining especially in Balochistan and outsourcing local suppliers the position of raw materials like iron ore and coal has improved and production of the Mills rose to 50 per cent of its capacity in September 2010. In the current month it would be raised to 55 per cent and in next month it would be up to 60 per cent, he said. He said under new PSM plan, maximum utilisation of indigenous raw materials is the focal point to become less dependent on imported raw materials besides strengthening the Mills' financial liquidity and creating jobs for the local people.-PR
UBL funds launches savings scheme
ISLAMABAD: Nokia and Ufone announced the exclusive pre-launch booking of Nokia N8. Seen in picture; Nauman Durrani, operator Sales Manager, Nokia and Khurram Mahboob, Head of Devices, Affinity & Loyality, Ufone acknowledging partnership.-PR
KARACHI: Group Photo of Pakistan Jems and Jewelry Counsil’s Chief Executive Basheer Ahmad along Thai Jems and Jewelrs Trade Association members.-PR
ISLAMABAD: Nokia and Ufone signed the first of its kind MoU here in Islamabad whereby Ufone shall have the exclusive rights to sell Nokia N8 handsets in Pakistan for the first month of sales the period includes presales booking time as well. This is the first time in Pakistan that such a partnership has taken place between a Nokia and a local telecom service provider to launch a new device in the market, said a handout issued here. The Nokia N8, Nokia's latest smartphone, intuitively connects to the people, places and services that matter most. With the Nokia N8, people can create compelling content, connect to their favourite
social networks and enjoy on-demand Web TV programs and Ovi Store apps. As part of this collaboration, N8 phones will be available at selected Ufone service centres across Pakistan. Commenting on the partnership, Nauman Durrani, Operator Sales Manager, Nokia Pakistan & Afghanistan said, "Nokia is pleased to enter into this partnership with Ufone. This collaboration is a healthy sign for Pakistan's Telecom Industry. The partnership will offer many add-on benefits to both Nokia and Ufone customers. Nokia N8 is a feature rich device and that gives you an opportunity to see the world the way you want from it."
ry's worst ever crisis and currently in the midst of difficult times due to the recent floods Zikarya Usman, Vice President FPCCI, while condemning the decision by the NEPRA, said that the government regulators are compromising the economy with its hawkish decision. He said that the industrialists were repeatedly demanding to bring down the electricity, gas, petroleum products and interest rate to single digit so that ailing industry would be able to recover from depression, however the adverse decision would only give severe damage to the economy. He said that cost of doing business is highest in Pakistan as compared to other countries and elec-
tricity, gas, petroleum product and double digit interest rate is one of the main causes for unbearable overheads. He feared that country may witness another spell of economic slow-down due to this decision. Mansha Churra, Vice President FPCCI, said that NEPRA and OGRA do not bother to consult stakeholders as the concerned party. They instead supported government's lavish spending and try to burden them on the shoulders of industries and the local masses. This is totally unjust with the local investors and this will increase the cost of local produced goods in national and international market and making them incompetent in these markets.-NNI
KARACHI: Institute of Modern Science and Arts (IMSA) organised a discussion on the salient features and consequences of 1965’s war. Seen in the picture are Former Governor Sindh General (Retd) Moin-ud-Din Haider, Chairman IMSA Syed Shafiq Haider Mosavi, Chairman Preston University Syed Meer Mohammad Shah, Agent of British High Commision Pall Mall, Director IMSA Syed Shah Nawaz shah.-PR
Bulk of adulterated spices seized KARACHI: A Special team of City District Government Karachi raided on the mills in Haroonabad and Jahanabad and confiscated 700 bags of adulterated spices including turmeric, spice and coriander powder. The specimen of adulterated food items were later sent to food laboratory for chemical examination. Legal action will be taken against the persons responsible for adulter-
ation in food after receipt of report from laboratory. According to details City Government had received the information that some people were involved in mixing hazardous chemicals in masalas including tumeric, spice and coriander powder and supplying the adulterated masalas to grocery stores in the city. On receiving this information, the EDO Health Dr Nasir Javed directed Waheed Bhatti- the Chief
LCCI officials gain trader’s confidence LAHORE: The newly elected office-bearers of the Lahore Chamber of Commerce and Industry Tuesday continued their meetings with the representatives of various City markets and assured them of LCCI cooperation for solution of their problems. A delegation of Shah Alam Market headed by Sheikh Mohammad Wajid and another delegation of Hall Road headed by Mian Muhammad Ashfaq and Aamer Khan called on LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar. The delegates sought the LCCI help over some Customs-related issues on which the President Lahore Chamber President promised to take up their issues with the concerned government authorities. They said that the government, in consultation with Chambers of Commerce and other trade bodies, should evolve new policies aimed at revival of economic activities in the country that have gone slow because of multiple challenges being faced by the country.-PR
Inspector Regulation & Quality Control to take immediate action who had conducted surprise raids on the mills of Sarfaraz and Ali Pathan located in the areas of Haroonabad and Jahanabad respectively and confiscated more than 700 bags of tumeric, spice and coriander powder from their mills. The seized masalas were later sent to food laboratory for further examination and analysis of specimen.-PR
NOTICE INVITING TENDER (ON ITEM RATE BASIS)
Sealed tender is invited under SPPRA Rules Rules 2010 for the below work:PROVINDING LAYING BROKEN BOUNDRY WALL AT COD FILTER PLANT KW&SB Eligibility of Tender will be issued to the contractors Contracts who are currently registered relevant category of PEC C-6 Tenders can be Office of the Accounts Officer (Revenue) purchased at Civic Centre Annex Building and C.E (BT&D) & DMD (TS) office at Block-B 9th Mile Shahra-e-Faisal, Karsaz, Karachi. 2% of Quoted amount in shape of Pay Earnest money Order/ Bank Draft in favour of Karachi Water & Sewerage Board Rs1, 000/= Non refundable in shape of Tender fee pay order in favour of Karachi Water & Sewerage Board KW&SB Source of Funding Date of Issuing From date of Publication to 22-10-2010 Date of Receiving 25-10-2010 at 2.00 P.M Opening of Tenders 25-10-2010 at 2.30 P.M Place of Opening Tender will be opened in the office of Chief Engineer (BT&D), in the presence of High Power Tender Opening Committee and Tender or their authorised representative. Purpose Scope of Work To improve the Water Supply of the city
1. Name of Work
2.
3.
4. 5. 6. 7. 8. 9.
10.
NOTE i. Tender can be seen on SPPRA Authority website: www.spprasindh.gov.pk and CDGK website: master@karachicity.gov.pk ii. No tender will be issued on the date of opening of tender, tenders will be issued only on production of original "Current Registration of PEC" iii. The procurement agency reserve the right to accept any or reject any or all tenders subject to relevant provision of SPPRA Rules 2010.
Karachi Water & Sewerage Board
CDGK/KW&SB -675/10
KWSB D.P.R 2010/99
3
Wednesday, October 6, 2010 Top Economic Events
Euro surges against dollar; yen near intervention level halt the downward trend in dollar/yen, with the US currency pressured by falling US bond yields and expectations the Federal Reserve will implement fresh quantitative easing. The yen's fall stalled just ahead of 84.00 yen per dollar, then erased gains in tandem with the rise in euro/dollar, leaving intact expectations more Japanese intervention will be needed to curb yen gains versus the dollar. "The focus is squarely on central banks with acceptance of the potential for further Fedinduced quantitative easing
driving dollar weakness," said Camilla Sutton, chief currency strategist at Scotia Capital in Toronto. In the New York morning, the
euro was up 1.1 per cent at $1.3832, off a session high of $1.3851, the highest since February 4. Traders reported Asian central bank buying of euros against the dollar, while a US bank was also seen buying, driving it up sharply from well below $1.3700. Asian central
banks have been diversifying their currency reserves away from the dollar, particularly towards the euro. The dollar briefly pared losses against the euro after a report showed the US services sector expanded slightly more than expected in September, but the impact was fleeting. The euro's sharp gains pushed the dollar index to its weakest since January at 77.698, while the dollar hit a 2-1/2 year low versus the Swiss franc. Talk of the United States adopting more quantitative easing grew after Chairman Ben Bernanke said on Monday more Fed asset purchases could further ease financial conditions.
Source Events GBP Halifax HPI m/m EUR Final GDP q/q EUR German Factory Orders m/m USD Challenger Job Cuts y/y USD ADP Non-Farm Employment Change CAD Ivey PMI USD Crude Oil Inventories
Source
Events
AUD AUD AUD AUD JPY CHF EUR GBP EUR USD
Retail Sales m/m Trade Balance ANZ Job Advertisements m/m Cash Rate Overnight Call Rate CPI m/m Final Services PMI Services PMI Retail Sales m/m ISM Non-Manufacturing PMI
Forecast 0.6% 1.0% 0.9% 23K 63.0 0.5M
Previous 0.2% 1.0% -2.2% -54.5% -10K 65.9 -0.5M
Actual
Forecast
Previous
0.3% 2.35B 0.7% 4.50% <0.10% 0.0% 54.1 52.8 -0.4% 53.2
0.5% 2.31B
Previous Day
USD erases earlier gains vs yen triggered by BOJ moves NEW YORK: The euro jumped against the dollar to its highest since February on Tuesday as concerns about further US quantitative easing overshadowed an unexpected interest rate cut from the Bank of Japan. In volatile trading the yen fell close to the level that triggered the Bank of Japan's September 15 intervention. Earlier in the global trading day, the yen temporarily fell after the BOJ surprised markets by cutting its key overnight rate target to 0-0.1 per cent from 0.1 per cent and said it would create a pool of funds to buy assets in the face of evidence that a stronger yen was hurting Japan's economy. Analysts said the BOJ's moves were not sufficient to
Time 6th-7th 14:00 15:00 16:30 17:15 19:00 19:30
Analysts said the fact the European Central Bank has not hinted at policy easing measures was seen as positive for the euro, which shrugged off a Moody's warning that the agency might cut Ireland's debt ratings. Against the yen, the dollar was down 0.3 per cent at 83.07 yen, reversing a climb to a session high of 83.99 yen on electronic trading platform EBS after the BOJ decision. The EBS low was 82.96 yen. The yen fell against other currencies, however, with the euro up 0.8 per cent at 114.95 yen. The dollar hit a 15-year low of 82.87 yen last month, prompting Japanese authorities to intervene to stem yen gains for the first time in more than six years. -Reuters
0.7% 1.74B 2.4% 4.50% 0.10% 0.0% 53.6 51.3 0.1% 51.5
4.75% 0.10% 0.0% 53.6 51.1 0.2% 52.1
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 1.3834 0.8694 1.337 115 0.9662 1.0173 1.5918 132.35 0.9695 1.4071 86.07 1337.58 22.00
Bid 1.3821 0.8692 1.3366 114.98 0.9659 1.0169 1.5914 132.3 0.9692 1.4066 86.01 1336.83 21.97
High 1.3851 0.8702 1.3394 115.09 0.9736 1.027 1.5929 132.98 0.9705 1.4087 86.38 1338.83 21.97
Low 1.3637 0.8631 1.3269 113.89 0.9646 1.0156 1.5755 131.9 0.9544 1.3967 85.81 1311.68 21.82
London Inter Bank Offered Rates (LIBOR)
Asian currencies
Won leads drop as countries fret about gains Baht up despite cbank warning of studying fund controls BANGKOK: South Korea's won fell on Tuesday, leading a broad pull-back in Asia after authorities in Seoul warned of more limits on forward trading and a burst a short-covering in the dollar briefly halted its slide. Asian central banks have stepped back a bit from intervention this week after six of them were estimated to have bought nearly $20 billion last week to stem the rise in local currencies against the sliding dollar. The Thai central bank said on Tuesday that any controls would need to be studied. The Indonesia central bank said it was not concerned about rising capital inflows. But an Indian
central bank deputy governor warned it was considering taking action. The won slid after the country's central bank and financial regulator announced the plan to check foreign exchange derivatives positions held by banks and said they may impose fresh regulations. The won slipped to 1,129.8 per dollar in late afternoon, 0.7 per cent down from Monday's close as both onshore and offshore players rushed to cover positions. But traders said the action was unlikely to reverse the won's rise that has taken it to a five-month high. The Philippine peso fell a quarter per cent in what was
Stg at 2-month high vs USD but lags euro LONDON: Sterling rose to a two-month high versus an ailing dollar on Tuesday as the US currency skidded to its lowest levels in more than eight months versus a basket of currencies. But the pound continued to lag the euro as surprisingly
good UK services sector data failed to kill off concerns that the economy may require further monetary easing. British private-sector services activity growth accelerated unexpectedly in September from August's 16-month low, although the outlook was poor, highlighted by the weakest inflow of new business in over a year. By 1500 GMT, the euro was up around 0.5 per cent versus sterling at 86.93 pence, close to the day's high of 87.02. The dollar skidded to its lowest levels in over eight months versus a basket of currencies, dogged by expectations of fur-
ther monetary easing to prop up the US economy. This enabled sterling to rise to a two-month high at $1.5930 in late London trading. The euro was stronger across the board, finding persistent demand from Asian sovereign accounts, while analysts said a
more hawkish interest rate outlook than in the UK and the US was underpinning the single currency against the pound and the dollar. "The ECB will be hiking rates well before the Fed or the BoE. We still favour a stronger euro," said Gavin Friend, currency strategist at nabCapital. The pound has been losing ground steadily against the euro on speculation the Bank of England could ease policy further. BoE policymaker Adam Posen last week advocated a further bout of quantitative easing, although few expect any change in policy this week. -Reuters
seen as a short-term pause in its climb. An unexpected slowdown in inflation also spurred some peso selling after a monetary official said the data gave the government policy flexibility ahead of this week's policy review. The peso was bid at 43.82 against the dollar late in the day. The Malaysian ringgit dipped 0.4 per cent to 3.1030 per dollar, but traders expect dollar shortcovering by corporate players to find resistance at around 3.100. The baht was last at 30.13 per dollar, recovering from a session low of 30.34. The baht has appreciated 3.3 per cent in the past month and 10.5 per cent this year. -Reuters
Swiss franc weakens versus euro ZURICH: The Swiss franc traded weaker against the euro on Tuesday ahead of Swiss inflation data that could shed more light on any impact the strong franc had in September. Swiss CPI data for September is due at 0715 GMT and most analysts expect the reading to remain unchanged compared to both the year-ago period and August. "The CPI data today will be of interest as one of the arguments for the Swiss National Bank's dovish comments was the impact the strong currency was having on inflation," Credit Suisse analyst Sven Schubert said, referring to the SNB's quarterly monetary policy meeting in September. The franc traded 0.3 per cent lower against the euro compared to the New York close, trading at 1.3313 per euro at 0710 GMT. The franc was near flat against the dollar at 0.9713 per dollar. The franc has risen strongly against the euro this year, but dovish comments from the Swiss National Bank at its quarterly monetary policy meeting has put a lid on its appreciation. -Reuters
Australian dollar skids on surprise RBA pause SYDNEY/WELLINGTON: The Australian dollar plunged nearly a cent on Tuesday after the Reserve Bank of Australia surprised investors by skipping a chance to raise rates even though it said more tightening was on the cards. The Australian dollar fell as far as $0.9565 and was hammered the most against the New Zealand dollar after the RBA left rates unchanged at 4.5 per cent. That confounded the market's bet on a 75 per cent chance of rates rising to 4.75 per cent. The Aussie dollar's plunge was accentuated by stop-loss selling below $0.9626, but it quickly found its feet on speculation the RBA would hold true to its hawkish stance by hiking in November, after third-quarter inflation data is out. "The RBA does not like to have a strong hawkish bias for an extended period without acting," said George Tharenou, an economist at
UBS. Indeed, the market still sees a one-in-three chance of rates rising to 4.75 per cent next month, but was no doubt less hawkish than before having just been burnt by the RBA. Against other currencies, the Aussie dollar took the biggest hit against the kiwi dollar by skidding as far as NZ$1.2934, way below NZ1.3112 seen before the RBA announcement. The New Zealand dollar also took a brief hit from the RBA decision, but soon recovered to its prior levels around $0.7385. The kiwi had been about $0.7413 but was knocked slightly lower after a closely watched business sentiment survey fell to its lowest in more than a year. The survey was seen consistent with other weak reading of the economy, and was seen prompting the central bank to keep interest rates on hold until early 2011. -Reuters
Indian rupee bounces back, tracking euro MUMBAI: The Indian rupee on Tuesday bounced back from the day's lows supported by the euro's strength versus the US unit and dollar sales by exporters, but weak local shares raised concerns about the sustainability of foreign fund inflows. The partially convertible rupee closed at 44.69/70 per dollar, off the day's low of 44.79 but still 0.3 per cent weaker than its previous close of 44.57/58. On Monday, the rupee had risen to 44.2525, its strongest since April 15. "The rupee was mostly tracking the euro today, exporters did come in to sell dollars in between -- both together helping pull the rupee off its lows," said A. Ajith Kumar, a senior foreign exchange dealer with Federal Bank in Mumbai. "The unit could trade in a range of 44.50-44.90 tomorrow with exporters probably
coming in to sell on each uptick," Kumar said. Dealers said losses in local shares raised concerns about the sustainability of large foreign portfolio investments amid a clutch of initial public offerings (IPOs). Foreign funds have bought a record $20.1 billion of Indian equities so far this year, with more than one-third of that having come in since the start of September. One-month offshore nondeliverable forward contracts were quoted at 44.83, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.87, 44.8650 and 44.8725 respectively, with the total traded volume on the three exchanges at a lower than average $8.3 billion. -Reuters
Taiwan $ slips on cbank; tracks Asian peers TAIPEI: The Taiwan dollar ended lower on Tuesday as suspected central bank intervention in last-minute trading erased earlier gains fuelled by foreign fund inflows. Taiwan's central bank stepped into the market, joining other countries in Asia, to check recent surges in its currency, dealers and analysts said. "The central bank will continue to intervene and use verbal means to check the Taiwan dollar's strength. The current moves are more or less a weak dollar story and in line with regional moves," said Joanna Tan, an economist at Forecast Pte. "We could see the central bank ramping up efforts if TWD gains run amok," Tan said. The Taiwan dollar closed slightly lower at T$31.252, after rising for almost the entire session. It climbed to as high as T$31.035 during the session, hovering at over twoyear intraday peak levels. Taiwan's central bank bought $1.8 billion between Sept. 27 and Oct. 1, according to estimates from traders compiled by IFR Markets. The central bank said Taiwan's forex reserves
reached a record $380.5 billion at the end of September, due to higher investment returns and a rise in the euro and other major currency holdings against the greenback. The Taiwan dollar's slide came as the yen fell and Japanese government bond futures jumped after the Bank of Japan unveiled a slew of monetary policy easing steps. Australia's dollar tumbled as its central bank unexpectedly held interest rates steady. Funds have been flowing to Asia because of higher interest rates and expectations of a rising Chinese yuan, putting pressure on regional central banks to step up intervention to limit the inflow of speculative "hot money" and support their export-oriented economies. -Reuters
Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 05/10/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55000 1.05167 0.50250 SN 0.09875 1WK 0.25025 0.55500 1.06667 0.60625 0.10875 2WK 0.25219 0.56000 1.09667 0.64125 0.11750 1MO 0.25688 0.57125 1.11667 0.68125 0.13063 2MO 0.27359 0.62838 1.16333 0.74000 0.16375 3MO 0.29000 0.73756 1.23000 0.89375 0.20625 4MO 0.34469 0.82209 1.28583 0.96625 0.29563 5MO 0.40813 0.92500 1.34500 1.05313 0.35313 6MO 0.46188 1.02766 1.40667 1.16000 0.41375 7MO 0.51219 1.10359 1.47583 1.21250 0.47250 8MO 0.56375 1.18359 1.55500 1.25625 0.52063 9MO 0.61203 1.26609 1.62500 1.30250 0.57000 10MO 0.66531 1.34016 1.69333 1.35375 0.59688 11MO 0.71844 1.40766 1.78500 1.39875 0.62250 12MO 0.77675 1.47328 1.86083 1.44875 0.65188
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 n/a n/a
Sep 08 2010 Mar 05 2009 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 0.50% 1% 0.25% 0.25% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 05,2010 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 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
86.25 136.44 117.77 84.18 88.70 82.69 12.73 1.03 14.67 65.49 15.80 23.00 11.12 12.89 304.18 27.74 63.75 23.69 23.48 0.08 2.85
86.05 136.12 117.49 83.98 88.49 82.50 12.70 1.03 14.63 65.34 15.76 22.95 11.09 12.86 303.47 27.67 63.60 23.64 23.43 0.08 2.85
85.86 135.81 117.22 83.76 88.26 82.28 12.67 1.03 14.60 65.17 15.72 22.88 11.06 12.83 302.68 27.60 63.43 23.58 23.37 0.08 2.84
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 05, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.70 12.00 12.40 12.60 12.75 12.90 12.95 13.05 13.15 13.45 13.85 13.75 13.90 13.85 13.90 13.80 13.75 14.00 14.25 14.35
11.50 12.00 12.35 12.55 12.65 12.90 13.00 13.15 13.15 13.45 13.85 13.90 13.90 13.98 13.95 13.70 13.60 14.00 14.20 14.40
11.80 12.15 12.30 12.65 12.75 12.95 13.00 13.05 13.20 13.45 13.85 13.64 13.89 13.78 13.75 13.65 13.62 13.98 14.20 14.40
11.75 12.00 12.40 12.70 12.90 13.00 13.00 13.05 13.25 13.40 13.84 13.85 13.85 13.90 13.95 13.60 13.65 14.00 14.25 14.30
11.75 12.10 12.40 12.70 12.75 12.85 12.90 12.95 13.10 13.45 13.75 13.80 13.85 13.85 13.85 13.90 13.63 13.98 14.25 14.40
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 11.80 12.00 12.50 12.65 12.75 12.85 13.00 13.05 13.20 13.45 13.85 13.65 13.90 13.80 13.75 13.65 13.62 13.98 14.20 14.40
11.72 12.04 12.39 12.64 12.76 12.91 12.98 13.05 13.18 13.44 13.83 13.77 13.88 13.86 13.86 13.72 13.65 13.99 14.23 14.38
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
0.89 0.90 0.27 0.40 0.39 (0.06)
0.95 0.94 0.75 0.76 0.93 0.81
0.95 0.88 0.68 0.85 0.90 0.35
0.97 0.93 0.71 0.60 0.92 0.78
0.95 0.40 0.06 0.69 0.58
USD/CAD USD/CHF
0.99 0.71 0.56 0.21 0.44 (0.03)
(0.85) (0.76) (0.61) (0.78) 0.15 0.13
(0.85) (0.84) (0.02) 0.11 (0.38) (0.13)
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)05/10/2010 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
ABPL 11.60
12.10
11.90
12.40
12.20
12.70
12.80
13.05
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
ABLN 11.40
11.90
11.85
12.35
12.35
12.85
12.75
13.00
12.85
13.10
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
12.05
12.00
12.50
12.35
12.85
12.80
13.05
12.90
13.15
13.10
13.60
13.10
13.60
13.50
14.00
11.55
ASK
ASPK 11.30
11.80
11.70
12.20
12.15
12.65
12.70
12.95
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
CIPK
11.75
12.25
12.10
12.60
12.40
12.90
12.80
13.05
12.95
13.20
13.00
13.50
13.20
13.70
13.30
13.80
DBPK 11.50
12.00
11.75
12.25
12.20
12.70
12.75
13.00
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.50
12.00
11.75
12.25
12.10
12.60
12.70
12.95
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 11.50
12.00
11.90
12.40
12.25
12.75
12.85
13.10
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 11.55
12.05
11.90
12.40
12.40
12.90
12.85
13.10
13.05
13.30
13.15
13.65
13.20
13.70
13.30
13.80
HKBP 11.30
11.80
11.80
12.30
12.30
12.80
12.80
13.05
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.60
12.10
11.85
12.35
12.55
13.05
12.95
13.20
13.15
13.40
13.20
13.70
13.30
13.80
13.40
13.90
HMBP 11.65
12.15
11.90
12.40
12.50
13.00
12.85
13.10
13.10
13.35
13.20
13.70
13.30
13.80
13.40
13.90
SAMB 11.40
11.90
11.80
12.30
12.40
12.90
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.55
12.05
11.95
12.45
12.35
12.85
12.80
13.05
12.95
13.20
13.10
13.60
13.20
13.70
13.40
13.90
NBPK 11.30
11.80
11.75
12.25
12.20
12.70
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
11.95
11.75
12.25
12.30
12.80
12.75
13.00
12.90
13.15
13.10
UBPL 11.30
11.80
12.00
12.50
12.30
12.80
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
AVE
SCPK
11.45
11.98
11.85
12.35
12.31
12.81
12.80
13.05
12.95
13.20
13.11
13.61
13.21
13.71
13.34
13.84
11.48
13.60
13.20
13.70
13.35
13.85
4 Wednesday, October 6, 2010
The Terror Haunts Europe
The Financial Daily International Vol 4, Issue 62
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
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
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Living without IMF crutches It is nice to hear that some of the quarters in Pakistan are thinking about taking an early exit from the ongoing standby programme agreed with the International Monetary Fund (IMF). The options being considered are: 1) soliciting only one out of the remaining two tranches and 2) forego the last one. This consensus has emerged because of sufficient foreign exchange reserves and substantial remittances pouring in. However, fragile economy and precarious law and order situation remain two serious concerns. To take an exit from the ongoing programme first the economic managers have to develop the resolve and then come up with a homegrown plan, set the targets, formulate supporting policies and implement these in letter and spirit. The economists and economic managers seem divided into two distinct groups one that prefers to remain hooked up with one or the other IMF programme and the other that considers IMF conditions as shackles. Each one has it its own rationalisation but none can be termed completely wrong. The factor providing courage is that Pakistan has done this with success in the past and can do it once again, provided all the stakeholders develop a resolve. The point of view of those who believe that Pakistan can't live without IMF needs to be understood dispassionately. They have the apprehensions that the country often fails in meeting the targets agreed with the IMF and if the Fund is not there who would ensure meeting the targets. Besides, being under one of the IMF programmes and regular reviews by the Fund prompt other multilateral financial institutions to extend funds to Pakistan's for revamping and consolidating economy along with keeping it on the growth trajectory. As against this, some economists and planners strongly believe that while under an IMF programme the country has to follow the prescription which barely allows managing the economy and never becoming a self sustained economy. Since the precedence was created during Musharraf-Shaukat duo, the challenge is worth taking. However, one has to keep in mind that external and internal conditions are far worse now. It is true that geopolitical conditions of the region cast their shadow but to guard Pakistan's sovereignty, its economy has to be developed on sound grounds. Special focus must be given to: 1) ensuring uninterrupted supply of energy products at affordable costs, 2) offering investor friendly policies, and 3) removing irritants. However, political stability and favourable law and order situation will remain the key drivers. Remember, where there is a will there is a way also. If other countries facing the worst can emerge successful why Pakistan can't? Pakistan has the resources and hard working people. Manage them well and the outcome will be much better than one could anticipate.
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.
U
S and British alerts about possible attacks in Europe highlight concern that growing numbers of militants are going from the West to remote war zones for training in answer to al Qaeda's online call for violence. The immediate trigger for Sunday's travel alerts was intelligence about a plot against European targets reportedly originating with a group of individuals in mountainous northern Pakistan, some of them believed to be European citizens. Few details of the conspiracy are known. But the plot appears to be of the kind that Western officials believe poses the most significant danger today -- the use of so-called self-radicalised militants with no previous record of extremism. Al Qaeda's leadership, increasingly restrained by missile strikes from US drones in northwest Pakistan, prizes such "home-grown" recruits as they have Western passports and can travel overseas easily, experts say. Some experts suspect the flows to countries like Pakistan and Yemen of would-be militants have risen especially in the past two years, despite stepped-up efforts by some Western governments to counter Islamist radicalisation among Muslim minority communities. "It's a serious phenomenon in Europe, especially in Britain and Germany," said Edwin Bakker, a security and conflict expert at the Netherlands Institute of International Relations. "The motivation is not always simply Islamist extremism, sometimes individuals also go to find a sense of purpose for themselves, or for excitement." Pakistan's intelligence officials said a suspected US drone strike killed eight militants of German nationality in northwest Pakistan on Monday. Two missiles from a suspected CIA pilotless aircraft struck a mosque in Mirali in North Waziristan. The strike came a day after the US State Department issued an alert warning American citizens to exercise caution while traveling in Europe. Britain raised the terrorism threat
level to "high" from "general" for its citizens traveling to Germany and France. The plot that triggered the alerts involved al Qaeda and allied militants, possibly including European citizens or residents, intelligence sources said last week. They said the militants were plotting coordinated attacks on European cities.
European Union counter-terrorism coordinator Gilles de Kerchove told Reuters on Friday the plot showed the continent had to do more to impede extremists going overseas to train. "There's a number, a not insignificant number, of seriously dangerous people going around," he said. "For some time there has been serious concern about people born or resident in Europe traveling to jihadi conflict zones AfghanistanPakistan, Somalia, Yemen." In a report to EU member governments in June, Kerchove said al Qaeda remained the EU's biggest threat and urged better control of the movements of potential terrorists in the EU. In Britain, Jonathan Evans, head of the MI5 security service, said last month there was a serious risk of a lethal attack and militants in Yemen and Somalia were growing threats. Many of the militants who travel out
say. These efforts have had some success. THREAT "QUICKLY GROWING" Paul Cruickshank, an alumni fellow at the Center on Law and Security at New York University's School of Law, said in a report that in the majority of 21 serious militant plots against the West since 2004, plotters either received direction from or trained with al Qaeda or its allies in Pakistan. Between 100 and 150 Westerners were suspected of going to the region for armed training in the last year, his February 2010 study reported Western counterterrorism officials as saying. Some of those who travel are struggling novices, who view the trips as rites of passage, said an October 1 joint report by the Homeland Security Policy Institute at America's George Washington University and the Swedish National Defense College. Others are diehard militants seeking mortal combat and martyrdom against "SERIOUSLY DANGEROUS non-Muslim militaries, it said. PEOPLE" While hard numbers on the flow of The use of Western-based militants foreign fighters to conflict zones were radicalised in online chat-rooms or kept secret by Western spy agencies, it through email contacts with hardline was evident that "the threat from forpreachers has grown sharply in the eign fighters is now quickly growing last two years. in size and prominence," the report Among the most dramatic of the said. mostly failed attacks and plots in the A September 10 report by US terrorWest was ism experts Bruce the failed Hoffman and Peter Some experts suspect the flows to bombing of Bergen for the Bipartisan New York's Policy Center said the countries like Pakistan and Yemen of T i m e s threat from al Qaeda had would-be militants have risen especially Square by grown more complex, Pakistaniand US citizens and resiin the past two years, despite stepped-up born US citdents were playing an izen Faisal increasing role in the efforts by some Western governments to Shahzad on leadership of al Qaeda May 1. planning and operations. counter Islamist radicalisation among J o e r g The group's ability to Muslim minority communities. Ziercke, carry out a major attack head of like that of September 11 Germany's BKA Federal Crime to Pakistan, often Europeans of south was "far less formidable" than it was Office, said last month more than 400 Asian, Arab or Turkish ancestry, in 2001. But the group might be able Islamist radicals were living in intend to go over the border to to bomb symbolic American targets Germany, some of whom had been Afghanistan and fight Western forces such as the subways of Manhattan in trained in camps overseas, including a there. attacks that would kill dozens. hard core with combat experience in But al Qaeda has frequently sought "This level of threat is likely to perAfghanistan. Police had seen a rise in to persuade them to go back home and sist for years to come," it said.German residents visiting the camps. attack Western targets there, experts Reuters
“
The immediate trigger for Sunday's travel alerts was intelligence about a plot against European targets reportedly originating with a group of individuals in mountainous northern Pakistan, some of them believed to be European citizens.
Nuke Proliferation Risks I
ran and world powers may soon resume talks on Tehran's nuclear standoff with the West, but the Islamic Republic is showing no sign of backing down in the row over work the West fears is aimed at making atom bombs. The eight-year international dispute has the potential to set off a regional arms race and spark a military conflict in the Middle East, making it arguably the most pressing nuclear proliferation issue facing major powers. But Western and other diplomats grappling with sensitive nuclear issues also face other challenges, including North Korea's nuclear arms programme and suspicions about Syria. Here is an outline of possible nuclear-related risks: IRAN'S NUCLEAR PROGRAMME Big powers hope the imposition since June of tougher UN, US and European sanctions on Iran, the world's fifth-largest oil exporter, will persuade it to enter serious negotiations and ultimately agree to curb its nuclear activities. There have been no substantive discussions since late 2009, but European Union foreign policy chief Catherine Ashton told Reuters in late September talks between Iran and the six powers involved in diplomatic efforts to resolve the dispute could take place "in the next few weeks." Iran, which denies any atomic arms ambitions and dismisses the impact of sanctions, said one of its officials may meet a representative of the powers in October. But it also appears to be setting conditions for negotiations with the six -- the United States, China, Russia, France, Germany and Britain -- by saying, for example, they must first express a view on Israel's alleged atomic arsenal. Tehran seems keener to resume talks on a proposal for it to send low-enriched uranium abroad and get high-
er-grade fuel for a medical research reactor in return. Western diplomats stress that even if a deal was struck on a fuel exchange, it would not resolve wider concerns about Iran's nuclear plans. Advancing itself towards the weapons-grade threshold, Iran began enriching uranium to a level of 20 percent fissile purity in February. It said it was forced to take this course to secure fuel for the Tehran plant making medical isotopes after failing to agree swap terms with the United States, Russia and France. Iran, which had previously limited its enrichment to below 5 percent, now says it would be ready to suspend this higher-grade activity if it obtains the 20 percent fuel from abroad. The major powers want Iran to halt all enrichment, something it has ruled out. Enriched uranium can fuel power plants or produce material for a bomb if refined to 90 percent. The International Institute for Strategic Studies, a London-based think-tank, says neither sanctions nor engagement have so far worked in dissuading Iran "from coming ever closer to being able to produce a nuclear weapon" if it so decides. "The possibility that Iran's nuclear programme might provoke an attack will keep the region on tenterhooks," it said in a report, referring to speculation of Israeli military action. What to watch:
inspectors, is indicating willingness to resume arms talks with regional powers aimed at scrapping its nuclear weapons projects in return for economic aid. Tensions rose this year after the South, with US backing, accused the North of torpedoing one of its navy ships, killing 46 sailors. Pyongyang denies the charge and threatened to retaliate by force if Seoul imposed sanctions. But the North has since made conciliatory gestures, engaging in dialogue with the South over flood aid and family reunions, even though it has also vowed to bolster its "nuclear deterrent" in response to the threat posed by the United States. Six-way nuclear talks involving the two Koreas, the
nuclear bomb. What to watch: ● Any movement towards restarting nuclear talks INDIA AND PAKISTAN A senior US official suggested in September the 46nation Nuclear Suppliers Group (NSG) should address Chinese plans to build new reactors for Pakistan, which is outside the nuclear NonProliferation Treaty (NPT). The comments by Thomas D'Agostino, US Under Secretary for Nuclear Security, came after China indicated it may see no need for approval from the body, which seeks to ensure nuclear exports are not diverted to non-peaceful purposes. China's plans to build two more reactors at Pakistan's Chashma nuclear power
“
The eight-year international dispute has the potential to set off a regional arms race and spark a military conflict in the Middle East, making it arguably the most pressing nuclear proliferation issue facing major powers.
United States, Japan, Russia and China have been in limbo since 2008 when the reclusive North said they were finished. South Korea and the United States have said that restart-
complex have prompted questions from India, the United States and others worried it could erode non-proliferation rules. Beijing believes it is important to back Pakistan to counter Indian regional dominance. It is also wary of the US sway in South Asia, and Washington signed a nuclear energy deal with India in 2008 that China and other countries found questionable. Critics say that Pakistan's domestic instability and its past role spreading nuclear arms technology demand that Chashma come under firmer international scrutiny. Pakistan and India have nuclear weapons, and both refuse to join the NPT, which
China’s plans to build two more reactors at Pakistan’s Chashma nuclear power complex have prompted questions from India, the United States and others worried it could erode non-proliferation rules. ● Date for meeting between Iran and powers' representative NORTH KOREA North Korea, which left the global anti-nuclear arms pact in 2003 and expelled UN
ing the talks will be impossible until the ship dispute is settled. The North conducted a nuclear test in 2009, its second since 2006. But it has not shown it has a working
would oblige them to scrap those arms. What to watch: ● NSG discussions on the issue SYRIA An International Atomic Energy Agency (IAEA) report in September said Syria's refusal to allow inspectors access to a site in the Dair Alzour desert was endangering potential evidence in the UN body's investigation into possible secret nuclear activity by Damascus. US intelligence reports said the site, bombed to rubble by Israel in 2007, had been a North Korean-designed nuclear reactor under construction, geared to produce plutonium for atom bombs. Syria allowed IAEA inspectors to examine the site in 2008 but has not allowed the agency to revisit it since then. Glyn Davies, the US envoy to the IAEA, has said it should consider pressing for a mandatory special inspection in Syria to resolve the allegations of covert atomic activity. Special inspections give IAEA experts the authority to look anywhere at short notice in a member state Any such move may anger Damascus, whose relations with Washington improved after Barack Obama came to power in 2009. What to watch: ● Possible diplomatic US action at the IAEA MYANMAR Myanmar told the IAEA in late September that allegations it was trying to develop atomic bombs were unfounded and that its nuclear activities had solely peaceful ends. A Norwegian-based exile group had said in June that Myanmar was trying to develop a secret nuclear programme with the intention of making an atomic bomb. The IAEA said at the time it was looking into the report. Myanmar is a member of both the NPT and the UN agency. What to watch: ● Any new allegations of secret nuclear aims or activities.-Reuters
5
Wednesday, October 6, 2010
South East Asian stocks
EU shares end losing run; growth worries ease KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,045.03 10,024.86 20.17 0.20 63.41
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,138.39 3,126.01 12.38 0.39 1.95
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,567.86 2,566.22 1.64 0.06 0.03
Major Gainers
Symbol
Close
Change
LAKST FZTM APL ILTM SRVI
328.71 333.22 353.92 90.79 187.99
15.65 14.23 5.67 4.32 3.90
Major Losers
Symbol
Close
Change
RMPL 1,298.25 BATA 471.82 ULEVER 4,000.00 COLG 705.25 NESTLE 1,879.34
-66.72 -22.18 -19 -13.36 -10.66
Top 5 Volume Leaders
Symbol
Close Vol (mn)
ATBL LOTPTA TRG JSCL PTC
2.15 8.47 4.26 9.22 18.85
8.72 4.81 4.51 4.47 3.30
Active Issues Plus Minus Unchanged
151 218 27
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
Most of the markets rebound; Philippines down under
Sidelinism, profiting take toll on Khi stocks concerns & institutional profit-taking.. In his expert opinion the Investors preferred to book profits amid concerns regarding low volumes & rising circular debt in the energy sector despite persistent foreign interest in bluechip oil, gas, telecom, and banking scrips along with oil touching $82 in global markets. The benchmark KSE 100Index lost 20 points to close at 10,024, KSE 30-Index 12 points to close at 9,687, and KSE All-Shares Index dropped by 15 points to close at 6,999 level.
As far as the sessionstory is concerned there is nothing to write home about it. The start was negative but later the index bounced back into the positive zone and remained there for about 20-25 minutes during which it touched a day-high of 10,057 points (+ve 12 points). But then some profit-taking threw it into the negative zone and it remained there till bells called it a session. Investors booked profits and refrained from taking new positions in the trigger-less trade. On the other
Sensex snaps rally; lenders take a fall
Banks take FTSE to 5-month closing high
Nawaz Ali KARACHI: Owing to a drought of triggers that needs to be broken sooner than later, sidelinism and profit-booking took a fair toll on Karachi Stock Exchange (KSE) on Tuesday, however, apex index managed to sustain the psychological level of 10,000 points. According to Ahsan Mehanti, Director Arif Habib Investments this bearish activity and that too in the season of earnings announcements had been due to the rising political
MUMBAI: The BSE Sensex snapped a 3-session winning streak and eased on Tuesday in choppy trade as resistance emerged after the market had rallied nearly 14 per cent over five weeks, but sustained foreign interest kept the undertone firm. Traders said there was profittaking as the 14-day relative strength index of the top-30 share BSE benchmark hovered near 80, well above 70 and indicating the market was overbought. "It is better to be careful than be greedy at this point in time," said Neeraj Dewan, director of Quantum Securities. "The market looks overbought at current levels and valuations do catch up at some point." The BSE index ended down 0.33 per cent, or 68.02 points, at 20,407.71, after swinging
between positive and negative territories through the day. Eighteen of its components fell. The benchmark, which is about 800 points from a record high, has risen nearly 17 per cent this year, boosted by foreign portfolio investments of $19.7 billion. More than a third of the inflow has come since the start of September, and there is little sign of the demand easing. Atul Singh, who heads the Indian wealth management arm of Merrill Lynch, said risk appetite was improving and investors were now more comfortable as the country's economic growth picks up and its stock markets surge. "There was a little bit more momentum in the last 15 months but I don't think that See # 7 Page 11
Nikkei up 1.5pc after surprise BOJ rate cut TOKYO: Japan's Nikkei jumped 1.5 per cent on Tuesday, its biggest rise in almost three weeks, after the Bank of Japan effectively cut interest rates to zero, weakening the yen and pushing up shares of exporters like Sony Corp. The central bank also decided to set up a fund to buy assets ranging from government bonds and short-term government securities to commercial paper and corporate bonds, steps that analysts said would support the market although the long-term impact may be limited. "The BOJ's action was surprising as the central bank lowered interest rates to zero and expanded the type of assets it will buy, especially assets such as exchange-traded funds
(ETFs) and REITs," said Takeshi Osawa, senior fund manager at Norinchukin Zenkyoren Asset Management. "This should prevent share prices from falling sharply from here. The Nikkei should be supported but it is still premature to say that its underlying bearish trend has reversed completely," he said. The benchmark Nikkei rose 137.70 points to 9,518.76 and booked its biggest daily percentage gain since Sept. 15 -when the BOJ intervened in the currency market for the first time in more than six years. The broader Topix rose 9.90 points, or 1.2 per cent, to 832.64. But further advances for the Nikkei were blocked by a series of technical resistance levels, including the See # 8 Page 11
LONDON: Stronger banking and commodity shares helped drive Britain's top share index to a more than five-month closing high on Tuesday, after encouraging US economic data gave a boost to markets. The FTSE 100 closed 79.79 points, or 1.4 percent, higher at 5,635.76, its highest closing level since April 26, after a 0.7per cent fall on Monday. Banks were the best performing blue chips, adding 2.5 per cent, as the sector rallied from falls last week on fresh European debt concerns. The pace of growth in the US services sector accelerated last month more quickly than economists had expected and hiring also picked up, according to a report from the Institute for Supply Management. "The market always appears to be waiting for the next bit of data, but the picture that is building here, for me, is one where the recovery remains on track, albeit it's had its fair share of wobbles during August," said Paul Kavanagh, a partner at broker Killik & Co. Strong demand was also seen for miners, up 2.7 per cent, as copper hit new 26-month peaks, the euro rose against the dollar and after Japan unexpectedly lowered interest rates, raising expectations of further boosts for other major economies. It was a similar story with energy stocks, which put on 0.8 per cent, as crude prices rose, with BG Group, up 1.3 per cent, the best performing integrated oil stock. Anglo American led the miners higher, rising 4.1 per cent, followed by Antofagasta, 3.7 per cent firmer. See # 11 Page 11
side, weak economic situation and uncertainty on the political front too were the reasons that turned investors unadventurous. All eyes are now set on National Reconciliation Ordinance (NRO) case hearing on Oct 13. The main index at about 12:10 PST touched its lowest level of the day of 9,993 points (-ve 51 points). However some support at lower levels reduced the red numbers and it managed to close above 10,000 points psychological barrier. Some limited buying was
seen by the foreign investors as according to NCCPL there was a net foreign buying of $0.33 million on Tuesday while on the local side, companies did a net-sold equities worth $1.14 million. Volumes, however, witnessed some improvement as 63.4 million shares traded in the overall market which is 10.2 million more as compared to a turnover of 53.2 million shares a day earlier. Out of total 396 active issues; 218 declined and 151 advanced while 27 issues remained unchanged.
US stocks mid-day
Wall St hops on BOJ act, ISM data NEW YORK: US stocks rallied on Tuesday with the S&P hitting its highest level since mid-May as investors cheered encouraging economic data and new steps by the Bank of Japan to stimulate its lackluster economy. The pace of growth in the US services sector accelerated more quickly than forecast last month, while hiring also picked up, according to the Institute for Supply Management index. The Bank of Japan cut its overnight rate target to virtually zero and pledged to buy 5 trillion yen ($60 billion) worth of assets in a fresh dose of economic stimulus. The combination gave investors a reason to be optimistic about an improving See # 10 Page 11
HK at 10-mth high as China Life jumps HONG KONG: Hong Kong shares edged up to a 10-month high on Tuesday as a surge in shares of China Life offset a bout of profit-taking in other large caps prompted by a dip on Wall Street. The benchmark Hang Seng index closed 0.1 per cent higher after trading in the red for most of the day. The China Enterprise Index ended up 0.5 per cent. Mainland markets remained closed for a holiday. China Life jumped 6.9 per cent, its most in nearly two years, amid talk of traders switching out of Ping An shares, following AIA's price range setting for its initial public offering. "The September rebound in the stock market was quite unexpected by a lot of investors and some insurers underperformed that rally, so this looks like a 'catch-up' bounce with the AIA IPO news acting as a catalyst," said Larry Jiang, chief market strategist at Guotai Junan Securities in
Hong Kong. AIA, the Asian unit of American International Group, said it aims to raise up to $14.9 billion in what could become the biggest Hong Kong IPO if an overallotment option is exercised. Year-to-date, China Life is down 13 per cent this year compared with a 12 per cent gain for Ping An and a 3.5 per cent rise for the broader Hang Seng index. Ping An shares closed 3.6 per cent lower on Tuesday. Major property developers, some of which have gained as much as 20 per cent in the past month, were the biggest drag on the Hang Seng. Sun Hung Kai Properties Ltd, up just under 20 per cent in the past month, closed 2.4 per cent lower due to profittaking. Cheung Kong Ltd fell 3 per cent. Turnover remained relatively high at HK$80 billion compared with the lacklustre volumes seen earlier in the summer but lower than Monday's
nearly HK$100 billion which was close to the highest recorded all year. The rally since the start of September has taken the Hang Seng into technically overbought territory with its relative strength index (RSI) currently at 75, above the threshold 70 level, suggesting a nearterm pull back could be possible. Hong Kong Exchanges and Clearing (HKEx) rose 1.9 per cent, having added more than a quarter to its market value since Sept. 1 as trading activity recovered and on hopes China's yuan liberalisation will bring in new business. HKEx chief Charles Li, in speech in the city, said Hong Kong could see yuan-denominated IPO's as early as next year. China and Hong Kong agreed to loosen rules regulating the trade of the yuan in the territory in July, paving the way for the sale of yuandenominated financial products and giving greater access to yuan funds.-Reuters
Dhiyan
DAYTRADING, BLUECHIPPING & PROFITBOOKING ADVISABLE Iqbal Ismail, Chairman ACE Securities Market would show some rangebound activities in the short-term but investors should not worry because corporate results are encouraging. Investors are advised to also indulge in day trading, while long term investments with 2-3 years outlook can also be done in blue chip stocks. Political stability and any improvement in the economic situation can provide some support to the market. Investors are likely to witness mixed trend today.
ANNOUNCEMENTS Company Allawasaya Textile Mehmood Textile Sargoda Spinning Liberty Mills Paramount Mod XD Masood Textile Gul Ahmed Textile Shadab Textile Dawood Cap.Man XB Dewan Auto Engg Dewan Cement Dewan Farooque Sp. Dewan Khalid Dewan Motors Dewan Mushtaq Dewan Textile F. Dawood Mut.Fund Gul Ahmed Textile(Consolidated) Ishtiaq Textile Jubilee Spinning Media Times Ltd Nishat Chun Power Pak Synthetics Sajjad Textile Towellers Limited Treet Corporation Treet Corporation(Consolidated) United Distributors
Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 72.5%(D) 60%(D) 5%(D) 30%(D) 18%(D) 15%(D) 12.5%(D) 10%(D) -
PAT (Rs in mn) 39.328 578.199 120.013 476.899 16.713 760.895 477.533 47.532 -156.421 -514.930 -622.764 75.664 -23.042 -437.504 35.431 48.919 -36.305 468.233 10.228 17.694 -73.627 -7.757 51.821 81.922 -26.722 202.633 266.342 -31.404
EPS(Rs) 49.16 38.55 3.85 21.09 1.12 19.55 7.52 15.84 -0.01 -24.06 -1.74 1.26 -4.06 -4.92 10.32 3.62 -0.63 7.38 2.41 0.54 -0.55 -0.02 0.92 3.85 -1.57 4.85 6.37 -3.42
Zia Shaafi, Senior Equity Dealer & Technical Analyst Pearl Securities There might be a technical correction in the market today and main index may witness some resistance at 9,500 levels. Under the prevailing uncertain political conditions investors may opt to book profits. Investors are recommended to accumulate blue chip stocks only at dips. Launch of Margin Trading System (MTS), political stability and settlement of government cases in the Supreme Court would be the potential triggers. Market is likely to remain lackluster and sentiments may turn negative anytime.
6
Wednesday, October 6, 2010
Market Volume
63,412,250
Value
1,832,038,081
Trades
34,059
Advanced Declined Unchanged Total
Current High Low Change
151 218 27 396
All Share Index
10,024.86 10,058.84 9,993.77 i20.17
Current High Low Change
KSE 30 Index
6,999.19 7,023.20 6,979.17 i15.03
Current High Low Change
KMI 30 Index Current High Low Change
9,687.16 9,719.26 9,664.60 i12.22
15,731.71 15,745.14 15,655.16 i6.40
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,250.41 Turnover 3,678,895 P/E (x) 10.81
High Low 1,257.19 1,242.10 Total cos Defaulter cos P/BV (x) ROE (%) 4.00 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 PSO XD 1715 Shell Gas LPG 226 Shell Pakistan XD 685
5.44 14.55 14.61 5.09 10.11 5.43 6.07 4.49 14.01 9.88
348.25 80.32 10.14 108.73 201.92 146.52 173.50 237.09 57.00 267.95 31.92 192.92
355.55 81.00 10.25 109.45 205.00 146.98 174.00 240.25 58.00 269.15 32.00 193.05
349.00 79.71 10.06 107.61 202.89 145.25 172.55 237.00 57.00 264.76 30.50 192.00
Company
KSE 100 Index
Symbols
Close Chg 353.92 80.01 10.10 107.81 204.46 146.47 173.42 239.14 57.00 265.20 31.11 192.72
5.67 -0.31 -0.04 -0.92 2.54 -0.05 -0.08 2.05 0.00 -2.75 -0.81 -0.20
Close Change 1,250.87 0.46 Listed cap Market cap 65,194.15 mn 1,010,587.34 mn Payout (%) Div Yield (%) 68.56 6.34 Last 60 days High Low
Volume 471336 314364 282091 31087 71646 106099 265671 2001726 1255 366537 38590 10584
355.55 93.60 13.05 138.45 208.49 153.00 214.10 240.25 82.00 289.45 40.10 244.00
% Change 0.04 5-Day High 1,250.87 5-Day Low 1,242.19
2009 Div BR (%) (%)
2010 Div BR (%) (%)
289.00 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -
300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 703.95 Turnover 5,830 P/E (x) 5.65 Company
Paid up Cap(mn)
Pak Int Con.Terminal XD 1092 PNSCSPOT 1321
High Low 712.86 698.91 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53
Close 708.53 Listed cap 3,242.17 mn Payout (%) 11.08
Change 4.58 Market cap 12,701.48 mn Div Yield (%) 1.96
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
8.10 5.44
65.37 40.07
66.32 40.38
65.30 39.00
66.03 39.90
2855 2975
87.86 41.74
0.66 -0.17
62.75 34.50
Company
Paid up Cap(mn)
Open
High
Low
Agritech Limited 3924 - 23.00 Bawany Air 68 1.35 11.00 BOC (Pak) 250 9.57 75.40 Clariant Pak 273 5.65 157.33 Dawood Hercules 1203 7.63 165.10 Descon Chemical 1996 1.94 Descon Oxychem Ltd. 1020 4.00 Dewan Salman 3663 1.37 Dynea Pak 94 4.37 11.08 Engro Corp. Ltd XD 3277 8.94 175.33 Engro Polymer 6635 - 14.14 Fatima Fertilizer 22000 - 10.75 Fauji Fertilizer 6785 7.18 105.51 Fauji Fert. Bin Qasim 9341 7.07 27.67 Ghani Gases Ltd 725 - 11.90 ICI Pakistan XD 1388 6.98 116.60 Lotte Pakistan 15142 2.94 8.55 Nimir Ind Chemical 1106 69.00 1.35 Sardar Chemical 60 5.55 1.40 Sitara Chem Ind 204 5.37 121.11 Sitara Peroxide 551 8.20 United Distributors 92 - 16.17 Wah-Noble 90 4.94 43.89
PE
23.50 11.88 78.00 163.85 165.35 2.60 4.20 1.45 11.70 175.90 14.15 10.90 105.75 27.90 12.38 117.50 8.68 1.39 1.64 124.50 8.20 15.17 43.40
22.01 10.00 75.00 158.25 165.00 2.02 3.85 1.31 11.00 173.90 13.25 10.51 105.00 27.55 11.85 116.00 8.44 1.30 1.60 118.50 8.00 15.17 41.70
Close Chg 22.70 10.51 75.19 160.51 165.35 2.10 4.10 1.35 11.70 174.33 13.34 10.55 105.61 27.80 12.00 117.19 8.47 1.38 1.61 121.66 8.15 15.17 41.70
-0.30 -0.49 -0.21 3.18 0.25 0.16 0.10 -0.02 0.62 -1.00 -0.80 -0.20 0.10 0.13 0.10 0.59 -0.08 0.03 0.21 0.55 -0.05 -1.00 -2.19
Close 1,138.63 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 2600 41908 1773 14195 270 153009 81508 107339 6002 150384 1048204 59072 163876 582937 239732 114758 4807749 89401 2500 6180 87111 1000 58686
Change -1.22 Market cap 258,563.93 mn Div Yield (%) 6.95
27.79 16.78 82.50 174.00 185.88 3.15 5.45 2.21 13.60 194.59 14.69 12.46 113.39 30.65 12.38 128.30 9.09 1.80 1.64 135.00 11.09 17.99 48.00
% Change -0.11 5-Day High 1,144.08 5-Day Low 1,131.65
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.00 66.90 90 150.00 125 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 6.75 5 1.16 1.40 110.03 75 7.67 15.00 10 10B 41.20 50 -
5 15 20 15 20 75 5 55 25 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,160.60 Turnover 131,940 P/E (x) 6.03
High Low 1,169.15 1,151.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,154.08 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411
4.27 4.73
19.41 40.57 39.80
19.50 42.50 40.00
18.96 40.50 40.00
19.01 -0.40 41.00 0.43 40.00 0.20
128894 846 2200
Company
Change -6.52 Market cap 3,202.44 mn Div Yield (%) 4.19
Last 60 days High Low
Open 1,051.86 Turnover 2,544,208 P/E (x) 3.79 Paid up Cap(mn)
22.70 62.85 50.40
15.90 39.50 38.10
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index Open 961.97 Turnover 74,901 P/E (x) 2.97 Company
Paid up Cap(mn)
Crescent Steel
565
Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
High Low 973.41 949.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 33.10 Low
Close Chg
Close 966.50 Listed cap 3,596.11 mn Payout (%) 30.91
Change 4.54 Market cap 9,145.28 mn Div Yield (%) 10.41
Last 60 days High Low
Volume
% Change 0.47 5-Day High 977.29 5-Day Low 961.97
2009 Div BR (%) (%)
24.69
24.90
24.35
24.90 0.21
3678
31.73
23.75
-
-
30
-
675 555 5.72 1199 4.72 785 18.39
2.10 14.33 48.25 8.77
2.15 13.95 48.75 9.15
2.00 13.33 47.50 9.00
2.05 13.33 48.48 9.01
35751 23742 8820 2910
3.20 16.75 70.71 11.25
1.65 13.00 47.50 8.20
10
30B -
40 7.5
20B -
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Open 906.33 Turnover 3,260,122 P/E (x) 7.74 Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Mustehkam Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles
1828 866 858 182 14 956 982 108 3574 3651 6933 502 1760 145 1288 13126 3234 3723 417 2228 200 361
High Low 911.59 893.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
PE
Open
High
Low
5.02 6.28 11.15 26.06 32.58 11.63 7.21 6.38 -
3.12 63.05 1.80 14.53 11.50 10.23 1.51 25.51 1.50 23.77 4.74 5.70 1.90 7.20 6.05 2.80 71.25 2.75 11.95 7.38 6.08 9.35
3.04 63.10 1.79 15.05 11.25 10.95 1.74 24.29 1.54 23.88 4.80 6.00 1.94 7.00 6.01 2.89 71.56 2.85 12.95 7.60 6.50 9.25
2.86 62.00 1.30 14.01 10.55 10.30 1.45 24.24 1.41 23.40 4.65 4.72 1.85 6.20 5.50 2.76 70.61 2.74 11.10 7.25 6.00 9.25
Close 899.18 Listed cap 54,792.74 mn Payout (%) 19.04
Change -7.14 Market cap 67,433.91 mn Div Yield (%) 2.46
Close Chg
Volume
Last 60 days High Low
2.91 63.00 1.79 14.65 11.25 10.32 1.45 24.24 1.50 23.46 4.65 4.72 1.88 6.20 5.57 2.78 71.03 2.81 12.95 7.58 6.00 9.25
144780 111328 108 4525 150 531 58151 110 167941 1296252 129721 506 19503 120 75716 300245 798945 141347 101 4505 309 5500
4.40 72.40 2.05 20.00 14.94 12.50 2.74 32.90 2.20 28.74 5.50 7.90 2.37 7.30 7.38 3.53 73.88 3.84 13.50 8.47 9.47 12.23
-0.21 -0.05 -0.01 0.12 -0.25 0.09 -0.06 -1.27 0.00 -0.31 -0.09 -0.98 -0.02 -1.00 -0.48 -0.02 -0.22 0.06 1.00 0.20 -0.08 -0.10
2.82 62.00 1.01 14.01 10.55 8.90 1.30 22.10 1.30 23.02 4.50 4.50 1.75 4.01 5.50 2.60 62.60 2.73 10.26 6.31 5.50 8.10
% Change -0.79 5-Day High 912.37 5-Day Low 899.18
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 10B 40 - 177R -
- 100R 50 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 894.73 Turnover 76,201 P/E (x) 2.63
High Low 896.81 888.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91
Paid up Cap(mn)
PE
Open
High
Low
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films
92 230 970 389
4.48 6.09 -
47.25 2.09 59.90 3.10
47.70 2.05 60.00 3.79
46.55 1.81 59.50 2.65
Merit Pack Packages Ltd Tri-Pack Films
47 - 15.01 844 15.53 102.00 300 8.19 102.10
Company
Close 892.93 Listed cap 3,043.31 mn Payout (%) 15.55
Change -1.81 Market cap 33,091.51 mn Div Yield (%) 5.92
% Change -0.20 5-Day High 898.72 5-Day Low 890.07
Close Chg
Volume
Last 60 days High Low
47.02 2.00 59.50 3.09
53076 4013 15285 627
51.05 2.89 61.99 4.69
34.00 1.70 54.65 2.21
30 -
10B -
20 25 -
25B 10B -
700 2210 270
20.70 125.96 105.00
11.81 98.00 91.00
32.5 100
-
-
-
-0.23 -0.09 -0.40 -0.01
15.40 15.00 15.40 0.39 102.80 101.50 102.49 0.49 102.30 101.50 102.00 -0.10
144 101 890 56 598 450 200 1428 786 823 125 117
PE
Open
2009 Div BR (%) (%)
5.06 69.89 5.17 138.00 1.55 3.95 144.00 6.03 22.00 4.30 3.95 4.16 - 10.20 5.00 219.93 9.02 73.30 6.44 24.85 2.00 2.10
2010 Div BR (%) (%)
High
High Low 1,060.40 1,033.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 25.35 Low
Close Chg
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Close 1,045.63 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -6.23 Market cap 37,678.97 mn Div Yield (%) 5.38
Change 6.47 Market cap 29,290.36 mn Div Yield (%) 17.23
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Chashma Sugar 287 Faran Sugar 217 Habib Sugar 600 Habib-ADM LtdSPOT 200 Hussein Sugar 121 J D W Sugar 490 Kohinoor Sugar 109 National FoodsSPOT 414 Quice Food 107 Shahmurad Sugar 211 Tandlianwala 1177
Last 60 days High Low 78.39 209.00 2.24 177.99 28.80 6.60 5.70 14.50 287.00 89.99 27.85 3.25
63.01 131.00 1.16 121.10 21.71 4.12 3.55 10.05 212.29 69.25 23.91 1.53
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 50 100 5 2
90 100 60 20 150 10 -
20B 20B -
20B 20B -
PE 19.06 0.74 3.00 6.04 4.48 2.20 20.31 16.01 272.73
Open 9.67 9.55 19.00 29.50 16.09 13.70 65.25 4.99 42.94 2.30 10.65 30.60
High 10.67 9.20 18.75 29.70 16.30 13.64 65.85 5.00 42.75 2.30 11.20 30.00
High Low 1,458.96 1,416.52 Total cos Defaulter cos P/BV (x) ROE (%) 9.45 30.30 Low 8.68 9.15 18.55 29.20 15.90 13.50 65.25 4.00 42.00 2.30 10.75 30.00
Close Chg 9.91 9.15 18.60 29.30 15.96 13.54 65.85 4.00 42.45 2.30 11.05 30.00
0.24 -0.40 -0.40 -0.20 -0.13 -0.16 0.60 -0.99 -0.49 0.00 0.40 -0.60
Close 1,453.71 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 761 16000 500 3546 20530 566 470 501 4430 2000 1004 500
Change -5.90 Market cap 185,931.80 mn Div Yield (%) 0.98
Last 60 days High Low 11.70 11.40 23.50 30.44 16.98 14.00 67.90 8.50 65.29 2.80 11.90 35.50
1.12 8.00 15.90 23.04 13.00 4.22 60.10 2.11 41.90 1.60 7.40 22.42
2009 Div BR (%) (%) 17.5 35 40 40 15 -
25B 25B -
% Change -0.40 5-Day High 1,462.19 5-Day Low 1,449.99 2010 Div BR (%) (%) 40 0 12.5R 12 -
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,052.67 Turnover 44,220 P/E (x) 3.40 Company
Paid up Cap(mn)
AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,060.61 1,046.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 10.64
PE
Open
High
Low
96 2.77 90 20.18 106 1174 2.92 341 17.45 231 2.82
27.47 16.94 10.26 13.68 17.61 17.47
28.80 15.94 11.25 13.90 18.50 17.30
27.75 15.94 9.26 13.55 18.50 16.82
Close Chg 28.48 15.94 10.50 13.65 18.50 17.29
1.01 -1.00 0.24 -0.03 0.89 -0.18
Close 1,053.21 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 650 850 3135 29497 200 9879
Change 0.54 Market cap 5,533.01 mn Div Yield (%) 1.84
Last 60 days High Low 32.00 19.70 11.25 15.95 24.14 19.12
26.60 8.93 7.11 12.17 17.04 13.50
2009 Div BR (%) (%) 7.5 -
10B 10B -
% Change 0.05 5-Day High 1,058.70 5-Day Low 1,027.27
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
66 100 215 95 213
2.96 20.72 3.49 4.50 5.08 212.25 5.55 47.51 2.20 14.07
20.85 19.70 20.01 -0.71 5.50 4.50 4.50 0.00 214.90 213.00 214.00 1.75 48.40 48.00 48.10 0.59 14.39 14.00 14.00 -0.07
1111 400 441 10555 11627
22.69 6.50 227.45 50.61 20.24
18.90 3.25 200.26 35.25 13.78
20 400 -
20B -
150 25 -
10B -
Millat TractorsXDXB
366
5.22 404.25
411.50 390.00 407.05
183893
597.90
390.00
450
25B
650
25B
RSI (14-day)
52.50
Total Assets (Rs in mn)
MA (10-day)
14.90
Total Equity (Rs in mn)
MA (100-day)
14.92
Revenue (Rs in mn)
124,181.73
MA (200-day)
15.79
Interest Expense
4,969.92
1st Support
14.80
Profit after Taxation
1,025.35
2nd Support
14.65
EPS 09 (Rs)
1.710
1st Resistance
15.05
Book value / share (Rs)
13.81
2nd Resistance
15.15
PE 10 E (x)
7.24
Pivot
14.90
PBV (x)
1.08
9,184.46 10,102.06
MEBL closed up 0.17 at 14.92. Volume was 624 per cent above average (trending) and Bollinger Bands were 38 per cent narrower than normal. The company's profit after taxation stood at Rs718.895 million which translates into an Earning Per Share of Rs1.03 for the half year of current calendar year (1HCY10). MEBL is currently 5.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MEBL (bullish). Trend forecasting oscillators are currently bullish on MEBL.
Mybank Limited
Company
Paid up Cap(mn)
Amtex LimitedSPOT Artistic Denim Aruj Garments Azgard Nine Babri Cotton Bannu Woolen Bata (Pak) Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Gillette Pakistan Gul Ahmed Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing J A Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Liberty Mills Masood Textile Mehmood Textile Mian Textile Mukhtar Textile N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sajjad Textile Salfi TextileSPOT Sana Ind XD Sargoda Spinning Service Fabrics Service Ind Shadab Textile Shadman Cot Shahtaj Textile Shams Textile Suhail Jute Suraj Cotton Tata TextileSPOT Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd
PE
High Low 933.12 912.74 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 8.64
Close 915.93 Listed cap 47,070.70 mn Payout (%) 16.68
High
Low
Close Chg
Volume
2415 4.25 16.72 840 5.86 20.20 62 7.89 4.00 4493 246.75 10.15 29 4.12 16.75 76 - 10.25 76 4.66 494.00 141 1.00 64 0.75 51.40 400 1.28 1.30 1150 3.25 316 15.15 718.61 2442 2.44 2.89 238 0.68 600 1.53 514 9.64 42.40 34 0.31 2.99 185 1.27 26.00 62 3.30 318.99 234 1.22 45.14 75 7.17 33.04 326 1.19 4.30 192 32.26 68.92 635 2.79 22.00 716 1.39 3.95 3105 3.20 36.10 99 0.58 3.45 180 2.46 4.34 181 3.04 230.00 126 1.05 3.10 303 1.54 1300 4.65 1.15 1455 2.68 5.38 226 2.72 55.25 600 1.10 22.24 150 1.66 65.50 221 0.55 145 0.34 147 7.93 20.20 187 1.26 16.40 1586 3.13 17.24 3516 5.50 47.19 560 5.98 6.50 130 1.54 33.91 250 4.74 1.95 308 1.35 11.05 341 5.74 35.05 264 4.56 213 0.27 1.00 33 0.30 27.07 55 4.40 28.77 312 0.57 1.50 158 0.15 120 4.84 184.09 30 0.54 8.50 176 2.37 12.00 97 1.68 18.97 86 1.04 16.25 37 5.97 12.00 180 1.59 35.24 173 0.67 16.15 256 3.93 105.27 418 8.35 42.63 215 0.70 594 2.30
16.90 20.10 4.50 10.30 17.75 10.50 490.00 0.94 51.00 1.30 3.35 706.00 2.97 0.80 1.64 43.85 3.20 24.76 333.99 45.45 33.43 4.45 72.36 21.00 3.91 35.29 3.44 4.38 241.24 3.99 1.58 0.80 5.45 58.01 21.55 65.01 0.55 0.70 20.00 16.75 17.35 47.55 5.66 33.50 2.05 11.35 35.50 4.99 1.05 27.75 30.20 2.30 0.15 189.89 8.50 13.00 19.19 17.24 12.00 36.00 17.14 106.00 41.00 0.73 2.85
15.72 20.10 4.50 9.71 17.75 9.55 470.00 0.58 49.11 1.21 3.20 705.00 2.70 0.70 1.45 40.28 2.66 24.70 322.98 44.80 32.50 4.10 65.48 20.90 3.90 34.55 3.01 4.30 218.52 2.90 1.30 0.79 5.10 55.90 21.50 64.00 0.30 0.40 19.95 15.61 16.80 46.62 5.50 32.22 1.81 10.50 35.01 4.10 1.00 26.50 27.50 1.40 0.15 187.00 8.50 13.00 18.76 16.00 12.00 34.50 16.01 104.50 40.50 0.55 2.65
15.88 -0.84 20.10 -0.10 4.50 0.50 9.87 -0.28 17.75 1.00 10.48 0.23 471.82-22.18 0.60 -0.40 49.26 -2.14 1.29 -0.01 3.25 0.00 705.25-13.36 2.90 0.01 0.70 0.02 1.51 -0.02 40.28 -2.12 3.15 0.16 24.72 -1.28 333.22 14.23 45.45 0.31 32.50 -0.54 4.11 -0.19 65.49 -3.43 20.97 -1.03 3.90 -0.05 34.64 -1.46 3.01 -0.44 4.30 -0.04 230.04 0.04 3.99 0.89 1.31 -0.23 0.79 -0.36 5.11 -0.27 57.38 2.13 21.55 -0.69 64.00 -1.50 0.41 -0.14 0.54 0.20 19.98 -0.22 16.75 0.35 16.89 -0.35 46.72 -0.47 5.50 -1.00 33.49 -0.42 1.85 -0.10 10.95 -0.10 35.01 -0.04 4.49 -0.07 1.05 0.05 27.49 0.42 29.48 0.71 2.20 0.70 0.15 0.00 187.99 3.90 8.50 0.00 13.00 1.00 18.76 -0.21 16.07 -0.18 12.00 0.00 35.70 0.46 17.14 0.99 104.95 -0.32 40.50 -2.13 0.55 -0.15 2.85 0.55
596447 700 500 664981 750 492 126 5994 501 1562 13300 199 2541 8004 163049 4219 94393 1810 167 2051 612 205 3052 203 9459 1169 1096 711 2135 2199 101296 1300 1503 1760 14000 2008 6200 36380 257 652 985764 651754 45418 402 359211 5402 2000 26571 2604 2019 4881 51504 2000 2355 1498 2600 19524 37200 1000 97195 2567 6519 17725 5701 25052
Change -9.83 Market cap 112,659.90 mn Div Yield (%) 2.73
Last 60 days High Low 20.45 21.29 6.79 13.40 17.75 10.79 597.42 1.96 52.05 2.30 4.98 770.00 5.00 2.25 2.49 51.99 3.99 32.20 405.00 48.30 38.64 5.00 73.00 23.00 4.61 41.00 4.79 5.35 269.50 3.99 2.00 1.80 6.30 58.01 23.25 74.50 1.40 0.99 20.90 17.18 19.49 53.14 7.90 52.29 4.79 12.00 36.75 5.44 4.19 27.75 38.40 2.30 1.17 236.61 10.04 13.00 21.50 17.63 12.00 36.20 19.70 114.99 49.49 1.36 4.99
14.61 17.55 3.50 8.55 9.50 7.50 452.59 0.55 39.91 0.70 2.93 550.00 2.23 0.48 1.45 37.08 1.52 24.00 303.00 33.80 26.00 1.11 57.50 19.99 2.52 34.30 2.45 2.55 194.57 2.00 1.01 0.56 4.00 47.51 19.25 54.39 0.01 0.25 14.65 12.00 14.64 40.81 5.50 27.12 1.38 6.91 31.35 2.01 0.16 17.25 27.25 0.31 0.12 176.50 7.05 7.00 14.75 15.00 10.50 29.50 12.75 96.00 37.20 0.30 1.50
2009 Div BR (%) (%)
% Change -1.06 5-Day High 925.76 5-Day Low 915.93 2010 Div BR (%) (%)
30 20 120 7.5 50 115 15B 5 20 10B 15 - 100 70 8 400R 25 10 5 - 12.5 20 10 15 50 30 15 15 100R 4050.2257B 60 - 20SD - 50R 20 25 45R 12.5 - 632R 40 40 25 35 60 5 200 10 20 45 15 25 20 20B 80 20B 4 -
PHARMA AND BIO TECH
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-Aventis Searle Pak Wyeth Pak
Paid up Cap(mn) 979 208 1707 165 200 100 96 306 142
PE
Open
7.76 88.50 7.33 110.59 12.09 67.40 6.49 23.60 16.60 7.39 4.23 28.00 8.06 121.00 5.28 62.00 104.32 906.55
High
High Low 827.05 814.83 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 22.31 Low
Close Chg
89.00 88.50 88.50 0.00 113.00 108.00 111.75 1.16 67.56 66.80 66.96 -0.44 23.90 23.66 23.90 0.30 7.99 7.00 7.47 0.08 27.90 27.90 27.90 -0.10 124.99 119.00 119.00 -2.00 61.99 61.40 61.53 -0.47 906.55 906.55 906.55 0.00
53.25
Total Assets (Rs in mn)
35,490.71
MA (10-day)
2.06
Total Equity (Rs in mn)
5,104.86
MA (100-day)
2.51
Revenue (Rs in mn)
MA (200-day)
3.45
Interest Expense
1st Support
2.00
Loss after Taxation
2nd Support
1.85
EPS 09 (Rs)
1st Resistance
2.30
Book value / share (Rs)
2nd Resistance
2.45
PE 10 E (x)
Pivot
2.15
PBV (x)
Close 819.69 Listed cap 3,904.20 mn Payout (%) 44.54
Volume
Change -1.90 Market cap 27,564.81 mn Div Yield (%) 6.83
Last 60 days High Low
2630 95.50 635224 124.00 7834 83.77 311 25.79 4006 8.66 1000 34.99 108 133.00 2218 64.05 270 1159.00
77.00 96.00 65.00 22.10 6.10 27.50 116.10 53.36 890.00
2009 Div BR (%) (%) 120 10 50 25 15 70 15 -
20B 15B -
3,368.22 2,881.90 (1,639.83) (3.092) 9.63 0.23
MYBL closed up 0.19 at 2.21. Volume was 162 per cent above average (trending) and Bollinger Bands were 30 per cent narrower than normal. The company's loss after taxation stood at Rs43.442 million which translates into a Loss Per Share of Rs0.08 for the half year of current calendar year (1HCY10). MYBL is currently 36.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of MYBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on MYBL.
Al-Abbas Cement Industries Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Open
Open 821.59 Turnover 653,601 P/E (x) 6.53
RSI (14-day)
-20B 20R - 10B 17.5 -
PERSONAL GOODS Open 925.76 Turnover 4,106,676 P/E (x) 6.10
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
2010 Div BR (%) (%)
Performance of SR Personal Goods Index
% Change 0.48 5-Day High 1,421.05 5-Day Low 1,349.49
Ados Pak AL-Khair Gadoon AL-Ghazi Tractor Bolan CastingSPOT Ghandhara Ind
2.80
2800 1079 2446415 200 23510 580 521 14758 37784 809 6239 9503
% Change -0.59 5-Day High 1,051.86 5-Day Low 1,032.73
Performance of SR Pharma and Bio Tech Index
Close 1,355.96 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
69.90 67.15 69.29 -0.60 137.01 136.10 137.00 -1.00 1.64 1.32 1.58 0.03 144.45 138.00 138.00 -6.00 22.90 22.00 22.00 0.00 4.65 4.12 4.22 -0.08 4.90 4.20 4.70 0.54 10.70 10.21 10.65 0.45 220.00 217.10 218.98 -0.95 75.59 72.50 72.63 -0.67 25.65 24.70 24.80 -0.05 2.44 1.81 2.00 -0.10
Open 1,459.61 Turnover 51,028 P/E (x) 31.20
INDUSTRIAL ENGINEERING High Low 1,370.71 1,312.58 Total cos Defaulter cos P/BV (x) ROE (%) 2.90 38.02
-
FOOD PRODUCERS
Performance of SR Industrial Engineering Index Open 1,349.49 Turnover 208,035 P/E (x) 7.63
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
2010 Div BR (%) (%)
3.37
-0.05 -1.00 0.23 0.24
Agriautos Ind Atlas Battery Dewan Motors Exide (PAK) General Tyre XD Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors XD Pak Suzuki Sazgar Engineering Transmission
% Change -0.56 5-Day High 1,179.91 5-Day Low 1,154.08
2009 Div BR (%) (%)
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,145.80 1,131.92 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00
30
Meezan Bank Limited
% Change 0.65 5-Day High 708.53 5-Day Low 677.22
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,139.85 Turnover 7,608,129 P/E (x) 7.02
2009 Div BR (%) (%)
Alert ! Unusual Movements
% Change -0.23 5-Day High 824.06 5-Day Low 816.14 2010 Div BR (%) (%) 20 30 -
20B -
RSI (14-day)
34.28
Total Assets (Rs in mn)
5,923.91
MA (10-day)
3.25
Total Equity (Rs in mn)
1,717.44
MA (100-day)
4.04
Revenue (Rs in mn)
2,982.69
MA (200-day)
5.80
Interest Expense
351.21
1st Support
2.86
Profit after Taxation
121.81
2nd Support
2.77
EPS 09 (Rs)
1st Resistance
3.04
Book value / share (Rs)
2nd Resistance
3.13
PE 10 E (x)
Pivot
2.95
PBV (x)
0.666 9.39 0.31
AACIL closed down -0.21 at 2.91. Volume was 65 per cent above average and Bollinger Bands were 32 per cent narrower than normal. The company's loss after taxation stood at Rs387.725 million which translates into a Loss Per Share of Rs2.12 for the nine months of fiscal year (9MFY10). AACIL is currently 49.8 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 moderate flows of volume out of AACIL (mildly bearish). Trend forecasting oscillators are currently bearish on AACIL.
Southern Electric Power Company Ltd
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
35.54
Total Assets (Rs in mn)
9,248.54
MA (10-day)
2.35
Total Equity (Rs in mn)
2,028.39
MA (100-day)
2.99
Revenue (Rs in mn)
1,911.24
MA (200-day)
3.61
Interest Expense
766.96
1st Support
2.10
Profit after Taxation
146.76
2nd Support
2.02
EPS 09 (Rs)
1.074
1st Resistance
2.28
Book value / share (Rs)
14.84
2nd Resistance
2.38
PE 10 E (x)
5.49
Pivot
2.20
PBV (x)
0.14
SEPCO closed down -0.10 at 2.14. Volume was 97 per cent above average and Bollinger Bands were 6 per cent narrower than normal. The company's profit after taxation stood at Rs52.682 million which translates into an Earning Per Share of Rs0.39 for the year ended FY10. SEPCO is currently 40.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of SEPCO (mildly bearish). Trend forecasting oscillators are currently bearish on SEPCO.
BOOK CLOSURES Company
From
To
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 Cherat Cement Clover Pakistan Gatron (Industries) Ismail Industries Cherat Papersack Ecopack Ltd
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 12-Oct 12-Oct 12-Oct 12-Oct 13-Oct 13-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 26-Oct 18-Oct 18-Oct 19-Oct 27-Oct 26-Oct
D/B/R 12 15 30 50 50 25 25 8.5(F) 40 5.5(F) 25,10(B) 15(F) 20 17.5 20,20(B) -
Spot AGM/Date 29-Oct 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 01-Oct 01-Oct 01-Oct 04-Oct 04-Oct 04-Oct 05-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 26-Oct 18-Oct 18-Oct 18-Oct 27-Oct 26-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd Murree Brewery Lakson Tobacco Pak Tobacco Eye Television PIAC(A) AKD Capital Pace (Pak) Ltd Netsol Technol Pak Telephone
Open 56.58 4.28 91.23 313.06 109.73 20.25 2.1 49.27 2.75 17.6 1.68
High 55 4.43 93.9 328.71 111.95 21.26 2.12 51.73 2.8 17.9 2.2
Low Close 54.3 4.18 91 328.71 111 20.5 2.03 50 2.55 17.36 1.35
55 4.26 91.07 328.71 111.03 21.01 2.05 51.73 2.59 17.41 1.97
Change -1.58 -0.02 -0.16 15.65 1.3 0.76 -0.05 2.46 -0.16 -0.19 0.29
Vol 616 4508397 11102 602 310 6255 187565 8984 312096 235834 214
7
Wednesday, October 6, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,097.91 Turnover 4,434,603 P/E (x) 6.03
High Low 1,104.12 1,083.87 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Pakistan Telecomm Co A 37740 Telecard 3000 WorldCall Tele 8606 Wateen Telecom Ltd 6175
8.98 -
18.93 2.10 2.39 3.97
19.00 2.15 2.45 4.17
18.72 2.01 2.32 3.85
18.85 -0.08 2.05 -0.05 2.40 0.01 3.90 -0.07
Company
Close 1,093.33 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 3298242 428549 707811 85291
Change -4.58 Market cap 77,118.51 mn Div Yield (%) 10.37
Last 60 days High Low 20.22 3.15 3.30 6.29
17.32 1.80 2.30 3.80
% Change -0.42 5-Day High 1,097.91 5-Day Low 1,090.38
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 -
Atlas Insurance Crescent Star Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
369 4.28 121 1250 28.11 400 7.13 718 12.72 791 9.39 3000 250 1.42 350 50.00 303 4.68 253 1.74 400 1.41
Paid up Cap(mn)
Company
PE
Open
High
Low
Genertech 198 Hub Power XD 11572 6.09 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 5.67 Kot Addu Power 8803 7.13 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 83.29 Sitara Energy Ltd 191 3.78 Southern Electric 1367 5.49 Tri-star Power XD 150 -
0.82 33.03 1.46 2.08 23.05 41.11 11.00 11.78 22.38 2.24 0.95
0.84 33.23 1.45 2.06 23.50 41.25 11.05 11.93 22.74 2.30 0.75
0.60 32.75 1.30 1.98 23.00 40.70 10.85 11.61 22.00 2.12 0.75
Close 1,129.49 Listed cap 95,369.29 mn Payout (%) 104.13
Change -6.54 Market cap 95,749.23 mn Div Yield (%) 8.44
% Change -0.58 5-Day High 1,149.42 5-Day Low 1,129.49
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.73 32.86 1.32 2.00 23.01 41.19 11.00 11.66 22.50 2.14 0.75
1018 1076779 140336 418450 4721 165981 714780 134020 3700 272476 1000
1.53 37.24 2.38 2.63 26.50 44.85 11.05 11.99 23.49 3.21 1.69
33.5 45 64.5 20 3
-0.09 -0.17 -0.14 -0.08 -0.04 0.08 0.00 -0.12 0.12 -0.10 -0.20
0.51 32.75 0.70 1.92 23.00 39.51 9.26 9.25 20.00 2.12 0.33
31R -
2010 Div BR (%) (%) 50 - 7.8R 15 50 -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,674.65 Turnover 1,417,264 P/E (x) 12.25 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,678.48 1,641.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 11.41
Close 1,663.98 Listed cap 12,202.80 mn Payout (%) 66.79
Change -10.67 Market cap 36,883.54 mn Div Yield (%) 5.45
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.23 6712 4.52
30.95 29.92
31.00 30.00
30.50 29.25
30.99 0.04 29.60 -0.32
718809 698455
31.90 30.70
% Change -0.64 5-Day High 1,685.77 5-Day Low 1,651.65
2009 Div BR (%) (%)
25.00 16.00
-
-
2010 Div BR (%) (%) 15
25B
BANKS Performance of SR Banks Index Open 938.97 Turnover 18,350,960 P/E (x) 6.71 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.44 51.00 Askari Bank 6427 5.90 14.49 Atlas Bank 5001 1.61 Bank Alfalah 13492 11.21 8.45 Bank AL-Habib 7322 6.75 31.01 Bank Of Khyber 5004 3.05 3.07 Bank Of Punjab 5288 8.14 BankIslami Pak 5280 3.02 Faysal Bank 6091 3.09 13.46 Habib Bank Ltd 10019 6.02 93.52 Habib Metropolitan Bank 8732 5.61 18.90 JS Bank Ltd 6128 2.60 KASB Bank Ltd 9509 2.40 MCB Bank Ltd 7602 8.88 190.62 Meezan Bank 6983 7.24 14.75 Mybank Ltd 5304 2.02 National Bank 13455 5.28 62.78 NIB Bank 40437 2.56 Royal Bank Ltd 17180 5.74 Samba Bank 14335 1.80 Silkbank Ltd 26716 13.45 2.98 Soneri Bank 6023 5.52 Stand Chart Bank 38716 9.17 6.35 Summit Bank Ltd 5000 2.50 United Bank Ltd 12242 6.12 51.83
High Low Close 948.92 933.21 940.35 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35
High
Low
Close Chg
Volume
51.00 50.00 50.42 -0.58 14.51 14.23 14.28 -0.21 2.40 1.89 2.15 0.54 8.61 8.33 8.41 -0.04 31.30 31.00 31.30 0.29 3.06 3.02 3.05 -0.02 8.23 8.00 8.15 0.01 3.18 2.91 3.13 0.11 13.50 13.30 13.41 -0.05 94.48 93.00 93.51 -0.01 18.95 18.90 18.95 0.05 2.90 2.41 2.73 0.13 2.55 2.44 2.44 0.04 192.00 190.01 190.41 -0.21 15.00 14.75 14.92 0.17 2.30 2.00 2.21 0.19 63.26 62.58 62.88 0.10 2.65 2.50 2.57 0.01 5.75 5.50 5.51 -0.23 1.88 1.80 1.82 0.02 2.99 2.88 2.96 -0.02 5.82 5.41 5.67 0.15 6.43 6.18 6.42 0.07 2.70 2.43 2.60 0.10 52.30 51.51 51.99 0.16
Change 1.38 Market cap 578,623.73 mn Div Yield (%) 5.12
Last 60 days High Low
46069 59.70 194067 17.46 8718026 2.84 2100812 10.25 128106 34.00 1869 4.75 513085 11.24 53899 3.87 8615 15.95 39939 109.10 7600 23.75 1491116 3.00 500002 4.00 317519 214.99 1000441 16.50 286741 3.28 973066 73.89 273756 3.50 36649 13.01 11549 2.90 1284683 3.30 20052 8.24 21175 8.50 62159 4.23 322123 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 5.45 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 0.15 5-Day High 941.49 5-Day Low 937.80
Open 818.27 Turnover 4,655 P/E (x) 72.62
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 615.35 Turnover 303,173 P/E (x) 9.82 Paid up Cap(mn)
Company
Adamjee Insurance XD
High Low 624.17 598.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 5.20
Close 603.62 Listed cap 11,111.34 mn Payout (%) 79.54
Change -11.73 Market cap 39,633.00 mn Div Yield (%) 8.10
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 11.56
65.40
65.98
63.25
63.60 -1.80
142512
89.90
63.25
2009 Div BR (%) (%) 30
10B
Paid up Cap(mn)
Company
East West Life EFU Life Assurance XB New Jub Life Insurance
% Change -1.91 5-Day High 621.76 5-Day Low 603.62 2010 Div BR (%) (%) 10
-
29.00 4.08 35.42 10.26 72.02 55.00 13.13 5.99 2.00 8.98 7.00 5.63
0.24 -1.00 -1.63 -0.29 -1.85 1.00 -0.27 0.39 0.10 0.28 -0.30 1.00
350 197 24717 2801 2512 1482 106289 2675 5004 6731 501 7400
31.00 7.90 55.20 13.89 79.10 62.50 19.40 8.20 4.16 10.60 10.00 7.15
27.10 3.11 35.20 10.10 66.02 52.21 12.50 5.06 1.66 8.11 6.00 4.02
40 40 35 35 30 30 5 20 -
10B 8.7B 20B 25B 15B 20B 16B
10 -
UPTO 100 VOLUME
20B -
Symbols
High Low 818.01 783.18 Total cos Defaulter cos P/BV (x) ROE (%) 2.80 3.85
Close 815.82 Listed cap 2,290.72 mn Payout (%) 355.53
Change -2.45 Market cap 8,696.05 mn Div Yield (%) 4.90
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
455 850 32.07 627 52.50
2.80 59.33 42.00
2.42 59.50 42.00
2.40 57.15 40.00
2.41 -0.39 59.00 -0.33 42.00 0.00
2000 1645 1010
3.15 84.99 46.00
% Change -0.30 5-Day High 819.71 5-Day Low 811.13
2009 Div BR (%) (%)
2.05 51.25 34.50
2010 Div BR (%) (%)
- 10R 5513.33B 10 -
-
10R -
FINANCIAL SERVICES Open 349.81 Turnover 6,518,831 P/E (x) 0.43 Paid up Cap(mn)
Company
High Low 358.06 334.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
AMZ Ventures 225 Arif Habib Invest. XB 360 6.50 Arif Habib Limited XB 450 6.22 Arif Habib Securities 3750 2.12 Dawood Cap Mangt XB 150 Dawood Equities 250 First Credit & Invest Bank Ltd 650 27.92 First National Equity 575 IGI Investment Bank 2121 Invest and Fin Sec 600 2.61 Invest Bank 2849 Ist Cap Securities 2878 Ist Dawood Bank 626 0.30 Jah Siddiq Co 7633 13.36 JOV and CO 508 JS Global CapSPOT 500 JS Investment 1000 12.16 KASB Securities 1000 Orix Leasing 821 3.75 Pervez Ahmed Sec 775 Stand Chart Leasing 978 4.70
0.59 14.38 25.94 21.78 1.43 1.92 3.35 9.92 1.63 7.86 0.57 4.14 1.80 9.62 2.56 34.17 5.55 3.83 5.00 1.61 2.07
0.60 13.99 26.67 22.09 1.25 1.99 3.50 10.92 1.85 8.69 0.64 4.48 1.90 9.72 2.67 34.68 5.73 4.39 5.00 1.64 2.30
0.54 13.62 24.70 21.32 1.25 1.80 3.35 8.92 1.60 7.20 0.45 3.57 1.73 9.16 2.35 33.50 5.41 3.70 4.71 1.41 2.06
Close Chg 0.55 13.92 24.94 21.43 1.25 1.99 3.35 9.95 1.77 7.49 0.55 4.28 1.81 9.22 2.41 33.83 5.47 3.88 4.76 1.46 2.07
-0.04 -0.46 -1.00 -0.35 -0.18 0.07 0.00 0.03 0.14 -0.37 -0.02 0.14 0.01 -0.40 -0.15 -0.34 -0.08 0.05 -0.24 -0.15 0.00
Close 341.95 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 20606 2002 49364 1299268 14090 12001 1894 324 8085 502 2117 142341 90464 4469496 187735 10861 90184 6815 3580 106456 2530
Change -7.86 Market cap 25,099.87 mn Div Yield (%) 10.62
% Change -2.25 5-Day High 358.69 5-Day Low 341.95
Last 60 days High Low
2009 Div BR (%) (%)
1.19 20.99 50.12 35.65 2.90 3.36 3.98 11.75 2.43 9.00 1.23 5.40 2.84 15.47 6.48 42.00 8.65 5.49 5.95 2.89 3.89
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.62 24.70 21.32 0.50 1.55 2.00 6.86 1.17 6.90 0.44 2.54 1.17 9.16 2.31 33.01 5.40 3.20 3.66 1.35 1.50
2010 Div BR (%) (%) 20B 20B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,017.20 Turnover 1,072,623 P/E (x) 6.45 Paid up Cap(mn)
Company
PE
1st Fid Leasing 264 AL-Meezan Mutual F. SPOT 1375 2.67 B R R Guardian Mod. 780 Crescent St Modaraba 200 1.70 Elite Cap Modaraba 113 4.34 First Capital Mutual F. 300 3.23 First Dawood Mutual F. 581 Golden Arrow 760 4.01 H B L Modaraba 397 5.79 Habib Modaraba 1008 4.51 JS Growth Fund 3180 37.63 JS Value Fund 1186 KASB Modaraba 283 2.63 Meezan Bal. FundSPOT 1200 3.01 Pak Prem Fund XD 1698 3.68 Pak Strat Fund 3000 5.39 Paramount Modaraba XD 59 7.68 PICIC Growth Fund 2835 2.20 PICIC Inv Fund XD 2841 1.91 Prud Modaraba 1st XD 872 2.63 Punjab Modaraba 340 Stand Chart Mod. XD 454 4.77 Tri-Star 1st Modaraba 212 58.00 Trust Modaraba 298 3.78 U D L Modaraba 264 2.41 UNICAP Modaraba 136 -
Open 1.23 6.95 1.25 0.51 2.79 3.00 1.75 3.70 6.50 6.00 3.19 2.77 1.51 5.90 7.72 6.87 8.45 8.11 3.55 0.87 1.22 8.59 2.50 2.50 6.10 0.24
High
High Low 1,038.23 1,003.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 4.09 Low
1.40 7.10 1.29 0.51 2.82 3.00 1.77 3.76 6.60 6.00 3.19 2.98 1.64 6.24 7.89 6.90 8.60 8.18 3.88 1.00 1.45 8.70 3.49 2.99 6.05 0.30
Close Chg
1.16 6.90 1.29 0.45 2.82 2.80 1.52 3.62 6.38 5.90 3.00 2.61 1.51 5.78 7.70 6.90 8.60 7.92 3.50 0.88 0.99 8.08 1.50 2.50 5.90 0.23
1.16 6.91 1.29 0.46 2.82 3.00 1.60 3.69 6.54 6.00 3.01 2.86 1.58 6.24 7.72 6.90 8.60 7.99 3.79 1.00 1.00 8.40 1.74 2.99 6.05 0.27
-0.07 -0.04 0.04 -0.05 0.03 0.00 -0.15 -0.01 0.04 0.00 -0.18 0.09 0.07 0.34 0.00 0.03 0.15 -0.12 0.24 0.13 -0.22 -0.19 -0.76 0.49 -0.05 0.03
Close 1,019.87 Listed cap 29,771.58 mn Payout (%) 104.19
Change 2.66 Market cap 17,349.51 mn Div Yield (%) 28.41
Last 60 days High Low
Volume 6996 84200 1000 7444 256 8394 256358 71974 52552 64283 2526 106021 226 27977 65121 70000 500 132088 2543 98920 4034 3550 152 594 2830 2000
2.24 7.25 2.43 0.90 3.49 3.80 2.09 3.88 6.69 7.49 4.39 3.98 2.00 7.49 9.86 8.10 8.68 10.55 5.00 1.20 2.00 10.99 7.12 4.40 6.11 0.35
% Change 0.26 5-Day High 1,029.98 5-Day Low 1,017.20
2009 Div BR (%) (%)
1.01 6.35 0.90 0.16 1.65 0.99 1.36 2.32 4.80 5.56 2.70 2.31 0.52 5.78 7.00 6.01 6.55 7.60 3.50 0.70 0.57 7.75 1.11 1.00 5.00 0.05
4.5 5 20 10 15 16.5 10 -
2010 Div BR (%) (%)
- 18.5 5 17 11 21 5 10 2.8 - 15.5 - 18.6 - 11.53 18 20 10 3 17 5 -
-
Open
BHAT MDTL NOPK BFMOD MFFL SAPT CSUML GRAYS ULEVER PSEL SIEM FRCL RMPL FCONM AABS SHFA GUSM GSPM ILTM SFAT PASM SANSM ATLH CLOV SHEZ TOWL PAKMI DATM GWLC SHCI KSBP NESTLE EMCO FEM MODAM PRET PGCL ISIL BROT JKSM SIGL SIBL ELSM PRWM SMTM GATI BAFS UPFL HADC PHDL GRYL ESBL CFL RCML HWQS PECO SCL FIMM NMBL AGIC CENI MQTM SLYT SHTM NCLNCP KML FECS SHJS SGML PAKD WAZIR ZIL MWMP UBDL
Performance of SR Financial Services Index
2010 Div BR (%) (%) 20 - 66R 55 -63.46R 10 -
29.00 4.08 35.20 10.25 71.65 52.50 13.06 5.51 1.85 8.62 7.00 5.50
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,142.09 1,123.24 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 9.35
29.00 4.50 37.99 10.79 75.00 55.10 13.50 6.00 2.39 8.99 7.00 5.63
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,136.03 Turnover 2,933,261 P/E (x) 12.33
28.76 5.08 37.05 10.55 73.87 54.00 13.40 5.60 1.90 8.70 7.30 4.63
180 58.9 24.48 3.9 65 105 3.87 60.1 4019 152.24 1161.48 3.25 1364.97 1.99 92 34.98 5.23 6.38 86.47 3 8.7 13.9 98 45.44 95.75 20 0.9 0.26 3.72 2.64 82 1890 3.3 1.05 0.99 29 19.4 74.9 0.73 6.18 9.75 2.9 22 16.27 7.03 41 47.78 1040 0.86 60.44 1.75 2.11 13.99 23 22 310 52.11 66.03 0.74 11 9.81 8.35 4 0.87 22.39 2.75 36.5 54.79 4.3 113 5.3 39.11 1.9 34.68
High 171 58 23.35 4.1 64.5 105 3.91 61.9 4000 145 1155 3.75 1300 2.34 95 36.71 6 6.39 90.79 3 8.9 13.9 94.5 46.09 98.99 20 0.31 0.6 3.64 2.69 83.49 1898 3.96 1.08 1.22 29.44 18.41 74 0.29 6.6 9.75 1.9 21.95 16.74 7.89 42.9 49.99 1040 0.96 63.46 2.33 2.65 14.99 24 22 311 53.69 67 1.45 11.89 10.4 7.35 4.39 0.9 23.4 3.47 38.3 57 4.49 113.52 5.06 40.19 1.51 36.41
Low
Close
171 56 23.26 4.09 62 105 3.91 58.1 3825 144.76 1155 3 1297.19 1 94 33.35 6 6.39 90.79 3 8.9 13.9 94 46 98.99 20 0.3 0.02 3.46 2.5 78.2 1866 2.9 1.08 0.99 29.35 18.4 74 0.13 5.18 9.75 1.9 21.95 16.1 7.01 40 47 1040 0.72 57.42 1.96 2.5 12.99 24 21 311 53.69 64.75 1.17 11.75 10.4 7.35 4.1 0.9 23.4 3.47 38.3 57 4.19 113.52 5.06 40.19 1.51 32.95
171 58 23.26 4.09 62 105 3.91 59.67 4000 144.86 1155 3 1298.25 1.87 95 33.35 6 6.39 90.79 3 8.9 13.9 94.5 46 98.99 20 0.31 0.57 3.57 2.63 79.96 1879.34 2.9 1.08 0.99 29.35 18.41 74 0.29 6.12 9.75 1.9 21.95 16.74 7.89 40 49.99 1040 0.8 61.45 1.96 2.65 12.99 24 22 311 53.69 64.75 1.17 11.75 10.4 7.35 4.1 0.9 23.4 3.47 38.3 57 4.19 113.52 5.06 40.19 1.51 32.95
Change
Vol
-9 -0.9 -1.22 0.19 -3 0 0.04 -0.43 -19 -7.38 -6.48 -0.25 -66.72 -0.12 3 -1.63 0.77 0.01 4.32 0 0.2 0 -3.5 0.56 3.24 0 -0.59 0.31 -0.15 -0.01 -2.04 -10.66 -0.4 0.03 0 0.35 -0.99 -0.9 -0.44 -0.06 0 -1 -0.05 0.47 0.86 -1 2.21 0 -0.06 1.01 0.21 0.54 -1 1 0 1 1.58 -1.28 0.43 0.75 0.59 -1 0.1 0.03 1.01 0.72 1.8 2.21 -0.11 0.52 -0.24 1.08 -0.39 -1.73
100 62 60 52 45 35 25 22 21 21 20 20 15 13 11 11 10 10 10 10 10 10 10 10 10 9 8 8 8 7 6 6 6 5 5 5 5 5 4 4 3 3 3 3 3 3 3 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
POL-OCT DGKC-OCT
High
Low
Close
237.44
239.4
237.3
239.06
1.62
482000
23.88
23.98
23.5
23.53
-0.35
230500
-0.04
198000
63.5
Change
Vol
NBP-OCT
63.08
62.8
63.04
PSO-OCT
268.49
269
265.4
265.69
-2.8
148000
MCB-OCT
190.65
191.85
189.75
190.11
-0.54
110500
NML-OCT
45.24
45.2
44.66
44.7
-0.54
70000
ENGRO-OCT 175.84
175.6
174.5
174.85
-0.99
ANL-OCT
10.2
10.18
9.81
9.85
-0.35
POL-OCTB
225.74
224.8
221
223.11
-2.63
44500
LUCK-OCT
67.9
67.5
66.75
67.15
-0.75
29000
AICL-OCT
65.68
66
63.5
63.87
-1.81
27500
PPL-OCT
173.8
OGDC-OCT 145.75
57000 50000
174
172.51
173.55
-0.25
14000
145.5
145
145.1
-0.65
6000
PTC-OCT
19.17
19
19
19
-0.17
5000
AICL-COCT
66.18
0
0
64.33
-1.85
0
ZERO VOLUME Symbols
Open
TSMF
1.74
1.49
1.49
1.49
-0.25
0
ARM
15.1
15.25
15.25
15.25
0.15
0
RICL
6.98
High
6.89
Low
6.89
Close
6.89
Change
-0.09
Vol
0
JDMT
18
17.95
17.95
17.95
-0.05
0
OLTM
2.2
2
2
2
-0.2
YOUW
1.23
1.2
1.2
1.2
-0.03
COTT
1.78
1.49
1.49
1.49
-0.29
0
CRTM
22.72
22.7
22.7
22.7
-0.02
0
FTHM
0 0
115.25
115.26
115.26
115.26
0.01
0
TAJT
0.6
0.59
0.59
0.59
-0.01
0
ZAHT
3.75
3.35
3.35
3.35
-0.4
0
FASM
33.47
33
33
33
-0.47
0
TICL
75
71.25
71.25
71.25
-3.75
0
BWCL
26
25.9
25.9
25.9
-0.1
0
BOARD MEETINGS
Pakistan Telecommunication Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
55.73
Support 1
9,992.80
MA (5-day)
10,029.58
Support 2
9,960.75
MA (10-day)
9,982.96
Resistance 1
10,057.85
MA (100-day)
9,868.74
Resistance 2
10,090.90
AKD Securities Ltd
Fair Value
Rs Recommendations
24.18
Buy
*Arif Habib Ltd
Positive
TFD Research
30.5
9,929.31
Pivot
Leverage Position
10,025.80
Hub Power Co Ltd
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
*Arif Habib Ltd
AKD Securities Ltd
12.47
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
Buy
*Arif Habib Ltd
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Positive
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
37.91 24.05 24.93 27.52
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Technical Outlook 182.55 4,282.61 19.33 23.63
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
strong flows of volume into BAFL (bullish). Trend forecasting oscillators are moderate flows of volume into POL (mildly bullish). Trend forecasting oscil-
46
lators are currently bullish on POL.
Lucky Cement Ltd
Fair Value
Rs Recommendations
Brokerage House
810.01 26,616.87 N/A 32.97
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
*Arif Habib Ltd
83
Buy
Neutral
AKD Securities Ltd
108.5
Buy
92.3
Positive
TFD Research
72.75
Neutral
78
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Buy
64.64
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 25,811.99 72.15 238.37
volatility over the last 10 trading sessions. Volume indicators reflect very average volatility over the last 10 trading sessions. Volume indicators reflect
48
35.47 33.15 33.96 33.66
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Bollinger Bands were 16 per cent narrower than normal.
currently bullish on BAFL.
41.80 63.22 65.49 72.77
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 20,018.92 37.76 62.88
* 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)
58.24 69.84 66.60 69.85
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
129.35 9,187.73 3.88 71.11
* Target price for Dec-10 & **Net Open Interest in future market
DGKC closed down -0.31 at 23.46. Volume was 52 per cent below average HUBC closed down -0.17 at 32.86. Volume was 37 per cent below aver- NBP closed up 0.10 at 62.88. Volume was 51 per cent below average (con- LUCK closed down -0.22 at 71.03. Volume was 28 per cent below average (consolidating) and Bollinger Bands were 17 per cent narrower than normal.
age and Bollinger Bands were 35 per cent wider than normal.
solidating) and Bollinger Bands were 28 per cent narrower than normal.
and Bollinger Bands were 42 per cent narrower than normal.
DGKC is currently 14.7 per cent below its 200-day moving average and is HUBC is currently 2.4 per cent below its 200-day moving average and is NBP is currently 4.5 per cent below its 200-day moving average and is dis- LUCK is currently 1.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DGKC at a relatively equal pace. flowing into and out of HUBC at a relatively equal pace. Trend forecasting reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect volume flowing into and out of LUCK at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC.
oscillators are currently bearish on HUBC.
forecasting oscillators are currently bullish on NBP.
Time
06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 06-Oct 07-Oct 07-Oct 07-Oct
11:00 11:00 3:00 12:30 2:30 10:30 11:30 2:00 11:00 11:00 11:00 3:00 11:00 11:00 3:00 4:00 3:00 11:30 9:00 9:30
TECHNICAL LEVELS
Leverage Position
64.98 234.89 224.59 231.11
Date
Crescent Fibres Ltd Emco Industries Ltd First Capital Securities Corp Ltd Grays Leasing Ltd Grays of Cambridge (Pak) Ltd Hafiz Textile Mills Ltd Ideal Energy Ltd Ishaq Textile Mills Ltd Mubarak Textile Mills Ltd Pace (Pakistan) Limited Ruby Textile Mills Ltd Sapphire Textile Mills Ltd Saudi Pak Leasing Co Ltd Security Leasing Corporation Ltd Sind Fine Textile Mills Ltd Sitara Energy Ltd Zephyr Textiles Ltd Arpak International Investments Ltd Ashfaq Textile Mills Ltd Asim Textile Mills Ltd
Company
displaying an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is extremely low when compared to the
AKD Securities Ltd
Technical Analysis
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Company
Buy Positive
BAFL is currently 22.0 per cent below its 200-day moving average and is POL is currently 3.5 per cent above its 200-day moving average and is dis-
*Arif Habib Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
674.58 5,673.20 N/A 8.45
and Bollinger Bands were 42 per cent narrower than normal.
Buy
Leverage Position
Buy
305.7 281.35
National Bank of Pakistan
Rs Recommendations
Rs Recommendations
261
BAFL closed down -0.04 at 8.41. Volume was 50 per cent above average POL closed up 2.05 at 239.14. Volume was 69 per cent above average and
Buy
Technical Outlook
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Technical Outlook
Leverage Position
56.94 8.07 8.92 10.78
44
Technical Analysis
Brokerage House
Buy
44.13
44.9
Rs Recommendations
14
AKD Securities Ltd
*Arif Habib Ltd
Fair Value
Technical Outlook
RSI (14-day) 52.65 Free Float Shares (mn) 584.63 MA (10-day) 18.77 Free Float Rs (mn) 11,020.37 KSE 100 INDEX closed down -20.17 points at 10,024.86. Volume was MA (100-day) 18.88 ** NOI Rs (mn) 6.83 25 per cent below average and Bollinger Bands were 51 per cent nar- MA (200-day) 19.56 Mean 18.88 rower than normal. As far as resistance level is concern, the market will * Target price for Dec-10 & **Net Open Interest in future market see major 1st resistance level at 10,057.85 and 2nd resistance level at PTC closed down -0.08 at 18.85. Volume was 67 per cent above average 10,090.90, while Index will continue to find its 1st support level at and Bollinger Bands were 40 per cent narrower than normal. 9,992.80 and 2nd support level at 9,960.75. KSE 100 INDEX is currently 1.0 per cent above its 200-day moving PTC is currently 3.6 per cent below its 200-day moving average and is disaverage and is displaying an upward trend. Volatility is extremely low playing an upward trend. Volatility is extremely low when compared to the when compared to the average volatility over the last 10 trading sesaverage volatility over the last 10 trading sessions. Volume indicators sions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently reflect volume flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bullish on PTC. bullish on INDEX. MA (200-day)
Brokerage House
Technical Outlook Technical Analysis
Pakistan Oilfields Ltd
Bank Alfalah Ltd
Trend forecasting oscillators are currently bullish on LUCK.
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 Dost Steels Ltd 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 34.28 2.85 2.75 38.83 49.95 49.45 30.82 62.30 61.60 26.02 24.20 23.45 32.55 21.15 20.85 29.06 62.60 61.55 41.18 14.15 14.05 43.47 9.60 9.35 76.78 350.10 346.25 44.06 79.50 78.95 56.94 8.30 8.15 49.79 2.95 2.80 44.40 8.05 7.90 48.51 1.40 1.35 37.91 23.30 23.10 38.88 1.30 1.25 44.52 2.00 1.90 29.29 34.40 33.40 43.03 57.60 56.20 47.87 173.50 172.70 44.18 13.30 13.20 38.02 4.60 4.55 51.81 27.60 27.40 50.04 105.15 104.70 40.15 92.85 92.20 35.47 32.65 32.45 43.08 116.30 115.40 40.57 217.40 215.80 24.16 2.30 2.15 41.23 1.25 1.20 66.51 2.45 2.20 44.21 9.00 8.80 46.45 40.85 40.50 43.88 1.95 1.90 58.24 70.60 70.10 51.74 189.60 188.80 36.31 2.75 2.70 41.80 62.55 62.25 54.38 16.65 16.45 29.65 17.20 17.00 41.52 2.50 2.40 43.80 1.35 1.25 51.95 46.35 46.05 57.35 145.50 144.50 45.22 2.50 2.40 40.93 1.35 1.25 41.31 2.00 1.95 47.43 7.35 7.15 64.98 237.35 235.55 29.94 172.65 171.85 41.75 71.55 70.50 53.40 263.60 262.00 52.65 18.70 18.60 37.82 192.15 191.55 66.44 30.65 30.35 39.17 8.05 7.90 77.66 29.25 28.85 40.27 2.00 1.95 62.87 4.15 4.05 42.85 51.55 51.15 41.41 2.35 2.25
1st
2nd
Resistance 3.00 3.10 50.95 51.45 63.40 63.80 26.20 27.40 21.90 22.40 65.30 67.00 14.45 14.60 10.20 10.55 356.65 359.35 80.75 81.55 8.55 8.75 3.25 3.35 8.25 8.35 1.55 1.60 23.75 24.05 1.45 1.50 2.15 2.20 37.20 39.00 59.95 60.90 175.50 176.70 13.50 13.60 4.75 4.85 27.95 28.10 105.90 106.20 94.30 95.15 33.15 33.45 117.80 118.40 220.30 221.60 2.60 2.80 1.40 1.50 2.95 3.15 9.60 9.95 41.40 41.60 2.05 2.10 71.55 72.00 191.60 192.80 2.85 2.90 63.25 63.60 17.20 17.55 17.75 18.10 2.65 2.70 1.40 1.45 47.30 47.90 147.20 147.95 2.75 2.90 1.60 1.75 2.10 2.15 7.70 7.85 240.60 242.05 174.10 174.75 74.65 76.65 268.00 270.75 19.00 19.15 193.20 193.65 31.15 31.35 8.25 8.30 30.00 30.35 2.15 2.20 4.40 4.55 52.35 52.70 2.45 2.50
Pivot 2.95 50.45 62.70 25.45 21.60 64.30 14.35 9.95 352.80 80.25 8.45 3.05 8.15 1.50 23.60 1.35 2.05 36.20 58.55 174.70 13.40 4.70 27.75 105.45 93.65 32.95 116.90 218.70 2.50 1.35 2.70 9.35 41.05 2.00 71.05 190.80 2.80 62.90 17.00 17.55 2.55 1.35 46.95 146.25 2.65 1.50 2.05 7.50 238.80 173.30 73.55 266.35 18.85 192.60 30.85 8.10 29.60 2.05 4.30 51.95 2.40
8
Wednesday, October 6, 2010
World Teachers Day to be observed today
Teachers’ Day to ‘go black’ in varsities LAHORE: Students of Civil Line College hold a demonstration in support of their demands, at District Court Chowk. -Online
Unesco trains educators in flood-hit territories PESHAWAR: To prepare teachers of flood affected areas, a three- day training workshop was organized in Charsadda district of Khyber Pakhtunkhwa province; to train teachers improve their awareness on how to provide psychosocial rehabilitation to the community and children in post disaster situations. Thirty regional teachers and teacher trainers took part in the training workshop where they were made aware of; effects of disaster on people, basic information about floods, scientific reasons and preparedness, along with during and possible post flood measures could be taken by the teachers for the community. The most important part of the training was to train teach-
ers to rehabilitate children, affected by the floods so that these children can deal with post trauma of the disaster and resume their education. Directorate of Curriculum and Teacher Education (DCTE), Abottabad organized the workshop in Khyber Pakhtunkhwa province in collaboration with United Nations Education Scientific and Culture organization (UNESCO) on 17 September 2010 in Charsadda district. The objectives of the training workshop were piloting of the training material specially developed for emergency preparedness after the natural disaster of floods. The purpose of the workshop was to boost up the moral of teachers, improve their knowledge, skills and
attitude towards measures and behaviors essential before during and after the floods. They were also given some examples on how to keep religious and social values intact during the time of emergency. The teachers were introduced to the techniques essential to deal with children affected by floods. At the end of the workshop the teachers had a better sense of their role in the community and about the activities of preparedness, relief and rehabilitation for floods hit communities. Thirty participants of the workshop represented all cadres of teachers including teacher trainers from Mardan and Peshawar. The similar workshops are planned in other provinces for the teachers. NNI
Karachi Arts Council feared to absorb CIAC KARACHI: The alumni of The Central Institute of Arts and Crafts (CIAC) and students have protested that their school is being threatened with a take-over by the Arts Council, Karachi as Secretary Arts Council, Mr. Ahmed Shah has repeatedly stated in meetings that he wants to take over this independent institution because it is located in the Arts Council. This has been challenged by the Board of CIAC in both private and joint meeting of the Board members of The Arts Council and CIAC. CIAC has blamed the Arts Council of using deceitful devices and propaganda to obstruct the working of the school. The latest serious development is the Board of Arts Council conspired with recently dismissed CIAC faculty members to mislead stu-
dents, making them carry out a protest in which it was publically declared that the locks of the CIAC would be broken and it would be taken over by the Arts Council. Over the past three months the Arts Council has employed underhanded tactics to create hurdles in the working of CIAC which includes, taking over the space of the reception and library of the CIAC forcing its evacuation at short notice to construct an elevator shaft without consulting the school. Arts Council damaged the CIAC electricity cables and, willfully blocking Electrical Distribution Box despite a warning letter sent to The Arts Council. The Arts Council is also keeping new candidates from entering the premises to discourage new admissions. Moreover, the Arts Council
management has been repeatedly rude to Board Members, Staff and Principal of CIAC and most recently, the cars of Board Members and Administrator have been stopped from entering the Arts Council. This illegal act of taking over of the CIAC will jeopardize the academic careers of 70 students presently studying at CIAC. The current situation makes it evident that the Arts Council, a national cultural institution of stature formed to promote and nurture art in Karachi is working against its spirit. The Central Institute of Arts and Crafts since its inception in 1964, has been located on the second floor of the Arts Council Building on M R Kayani Road as a part of this institution’s mandate. Agencies
Funds worth Rs1.1bn released for broke HEC ISLAMABAD: Finance Division (FD) has released Rs 1.1 billion to Higher Education Commission (HEC) on Monday to increase the salaries of Universities employees after the recommendation of special committee formed on the directives of Prime Minister Syed Yousaf Raza Gilani. According to details FD has released Rs 1.1 billion to
Higher Education Commission for the recurring expenditures and to increase the salaries of Public sector Universities employees. The FD had already released Rs 3.2 billion to HEC for the development budget. Finance Division has released total 4.3 billion to HEC till date after the recommendation of special committee formed on the direction of
Prime Minister Syed Yousaf Raza Gillani to resolve the issue of funding to Higher Education Commission. However HEC and all 72 Public sector Universities had demanded the early release of Rs. seven billion to reduce the economic crunch that has badly affected the HEC and Public sector Universities development projects. Online
IUB, Saudi mission ink MoU BAHAWALPUR: Vice Chancellor of the Islamia University of Bahawalpur (IUB) Prof. Dr. Muhammad Mukhtar and Saudi Cultural Attache in Pakistan Dr. Abdul Hamid Abdullah Al-Fatah has signed a Memorandum of Understanding (MoU) on Monday to extend cooperation between the university and Saudi academic institutions. According to spokesman of the university, Shahzad Ahmad, under the MoU, the university and Cultural Mission of Kingdom of Saudi Arabia (KSA) have mutually agreed that the Mission will facilitate the officials of IUB during Umrah & Haj, besides, assisting the university students to get access to Saudi Cultural Scholarships. Furthermore, the two would also cooperate in exchange of faculty, students and research programs, he said. The spokesman further said the university would initiate the accreditation process with the Ministry of Education KSA, besides facilitating the inclusion of IUB on the panel of approved universities. Saudi Mission would also facilitate Arabic language learning for the university teachers besides assisting them in M.Phil and Ph.D program in Arabic, he added. -APP
Chief of HEC says qualified faculty, a must for better PSCs ISLAMABAD: The performance of Pakistan Study Centres (PSC) can never improve without induction of highly qualified faculty, said Dr Sohail Naqvi, Executive Director, Higher Education Commission (HEC). The meeting, held to evaluate the performance of Centres as well as discuss their future course of action. Pakistan Study Centres were established to engage in the study of languages, literature, social structure, attitudes and motivation of the people of various regions of the country. The centres aimed at promoting teaching cooperation in inter disciplinary relationship with other teaching and research establishments. "It must be clear that unless you hire qualified PhD faculty, no research and development activity is going to succeed. The whole system of higher education revolves around faculty," said Dr. Naqvi. -Agencies
KARACHI: Teachers’ Day is being observed today as black day against non-availability and slash of funds to the government universities and no 50-percent raise in teachers’ salaries, media reported. According to statement of Central teachers’ Organization, the decision to observe black day, has been taken against the funds’ unavailability from Higher Education Commission (HEC) to the government universities. The academic process has been boycotted at universities. According to University of Karachi’s Teachers’ Organisation and Federal Urdu University, black banners and flags have been hoisted from the very morning today. The universities of Khyber Pakhtoonkhaw including Peshawar announced to observe Salam Teacher Day as black day. Federation of All Pakistan Universities Academic Staff Association gave the call to observe Teachers’ Day as black day. And, all the universities of the province are boycotting the classes with other staff also in concert. According to Dr Fida Muhammed, a protest rally is being taken out today to UET Chawk. The spokesman of Peshawar University told media that Peshawar University will have examinations, viva tests and interviews for appointments as per schedule. Balochistan University among other universities of the province is observing the day as Black Day on the call of Academic Staff Association. Also, a protest demo would be held at Balochistan University. Meanwhile, Various activities will be organized in educational institutions to appreciate services of teachers who
groom future generations and are instrumental in nation building. World Teachers' Day was launched by UNESCO at an International Conference on Education in Geneva in 1993. The best way to recognize the services of teachers is to facilitate and encourage them so that they can teach with full peace of mind. Press Secretary Federal Government Colleges Teachers Association (FGCTA) Muhammad Tahir said that nothing happened despite the assurance that problems of grade enhancement and promotions would be resolved. In many cases, teachers wait for 25 years for promotion from one grade to the next. This situation causes sense of deprivation among teachers so those who have been serving for many years must be promoted according to time scale promotion formula, he added. He said many teachers who were reinstated were not getting salaries for many months. There is also issue of recruitment without approval of new posts due to which Auditor General's Office is raising objections which causes hurdles in release of funds. There is still shortage of teachers in educational institutions but it should be ensured that proper procedure is followed to avoid financial complications, Tahir said. He said teachers got some relief as with the personal interest of Secretary Education, Rs 400 million were made available for purpose of hiring of houses. A former prime minister announced enhancement of teachers' grades at university and college level on the occasion of Teachers' Day. Agencies
Teachers termed pillar of education system LAHORE: Provincial Minister for Education, Mian Mujtaba Shujaaur Rehman has said that teachers are central pillar of education system and government will take every possible measure for their welfare while recognizing their basic role in the education system. In a message on Salam Teachers’ Day, the Minister said that teachers play an active role in the character building of the people as well as creating awareness about life among them. He said that with a view to special importance of teachers in education sector, government has announced special incentives for teachers of colleges and schools. He said that under the leadership of Punjab Chief Minister Muhammad Shahbaz Sharif, one lakh and nine thousand teachers have been regularized besides prizes worth one billion rupees are being given to the teachers showing outstanding performance. He said that charge allowance of headmasters and administrators of the schools has also been increased. He further said that promotion work of more than 1100 teach-
ers waiting for promotion for the last 20 to 25 years has been completed; PhD allowance has been increased from Rs.3000 to Rs.5000. Furthermore, mobility allowance of Rs.1000 / teacher, remote area allowance of Rs.3000, principal allowance (urban) of Rs.4000, principal allowance (rural) of Rs.7000 have been approved. He said that prize of Rs.50,000 per teacher would be given to 2000 teachers of those colleges the students of which will show outstanding performance in the examinations. The Minister said the best way to pay tribute to teachers on the eve of teachers’ day is that the commitment should be made for the welfare of the teachers while recognizing their dignity. He said that teachers should also pledge that they will perform their duties sincerely and play the role of builders of nation in the real sense. He appealed to the teachers to give up protest activities and equip the students with the knowledge in the educational institutions. He said that government will take all out measures for solving problems of the teachers. NNI
Nation urged to give educators’ more and more esteem, respect ISLAMABAD: Dr. Fehmida Mirza, Speaker on Monday urged the nation to pledge for enhancing the respect and dignity of teachers in the society as ordained by our religious, social and cultural values. She said that we should take all measures to restore dignity, honour and respect of the teachers in the society to promote education in real sense. She said this in her message on World's Teachers day observed worldwide under the auspices of United Nation on October 5 (today). Fehmida Mirza said that teachers are instrumental in the nation building because they give vision and direction to the youth who are future of a nation. She said that teachers serve as a guide to deliver people from darkness of ignorance, show them the light of knowledge and put nation on the path of development and progress. The teachers besides teaching, also concentrate on promoting wisdom, integrity, character and tolerance among the students so that they could become good citizens, she added. The Speaker said that a nation can only prosper if it gives due respect and honour to its teachers. She regretted that in the past teachers had been neglected in our society. -APP
Rawalpindi Inter Part-I exam result announced RAWALPINDI: Rawalpindi Board of Intermediate and Secondary Education on Monday announced result of Intermediate Part-I examination with success ratio of 43.22 per cent. Imran Mughal, a student of Cadet College Hassanabdal secured overall first position by obtaining 481 marks, Muhammad Ali Fazal secured second position with 479 marks while Muhammad Akhtar of Military College Upper Topa (Murree) stood third by taking 476 marks. While briefing the newsperson, Chairman, Rawalpindi Board of Intermediate and Secondary Education, Abdul Hafeez Chaudhary informed that this year, 53,465 students appeared in Intermediate Part-I examination out of which 22,644 students were declared successful. Three cases of cheating were registered during the examination, 18 students were disqualified while results of 269 was suspended by the Board. The sources of the Board said that among boy students, students of Cadet College Hassanabda, Hafiz Muhammad Shoaib Khan obtained first position in Pre-Medical Group by securing 448 marks, Muhammad Adeel Jamal got second position by securing 448 marks while Ali Hassan got third position by taking 446 marks. Among girl students, student of District Public Higher Secondary School Chakwal, Rabia Afroz secured first position while Nirmal Feroz of Fauji Foundation Higher Secondary School, Kallar Kahar got second position. In the Pre-Engineering Group, students of Cadet College, Hassanabdal, and Military College, Upper Topa (Murree) secured first, second and third positions respectively. In the General Science Group, Muhammad Arsalan Shahid a student of Military College, Sarai Alamgir stood first by securing 445 marks. Muhammad Najeeb Zulfiqar and Sanaullah remained second and third in the General Science Group.-Agencies
9
Wednesday, October 6, 2010
European vegetable oil prices
KOLKATA - INDIA: Indian traders sell fruit and vegetables on a road side market in Kolkata. -Agencies
Copper at 2-yr high on monetary easing bets LONDON: Copper hit its highest in more than two years on Tuesday, as Japan unexpectedly lowered interest rates, raising expectations of further easing in other major economies, and the dollar dropped against the euro. Benchmark copper for threemonths delivery on the London Metal Exchange rallied to $8,229 a tonne, the highest since late July 2008, from a close of $8,064 on Monday. The metal used in power and construction closed at $8,175. "Everything is just exploding on the upside. The new event really overnight was the BOJ saying it was going to ...ease monetary conditions. We've
obviously also had the Fed say it's going to embark on new easing measures - who's next?" said analyst Robin Bhar of Credit Agricole. Tin rose to a new all-time high at $26,010 a tonne on persistent supply worries from top exporter Indonesia while zinc, lead and nickel and aluminium touched their highest in five months. Market balances in copper have been tightening for many months, with stocks in LME warehouses tumbling more than 30 per cent since the middle of February. Tuesday's data showed LME stocks down 350 tonnes to 374,100 tonnes. Zinc closed near five-month
Sugar extends gains, arabicas firm
Oil hits 2-mth peak on dollar, French strike
LONDON: ICE raw sugar futures rallied on technical buying on Tuesday and moved closer to last week's seven-month high, while arabica coffee firmed, underpinned by a weakening dollar, but still well below a recent 13-year high. Cocoa was little changed in light volumes, with the focus on the start of main crop harvesting in West Africa. ICE March raw sugar futures were up 0.66 cent or 2.8 per cent at 23.65 cents a lb at 1459 GMT, moving within range of a seven-month high of 27.17 cents a lb touched on Sept. 29. Tuesday's gain in choppy trade was the first after a four-session sell-off. London December white sugar was up $10.00 or 1.7 per cent at $616.00 per tonne in thin turnover of 1,408 lots. ICE March arabica coffee futures were up 1.90 cent or 1.1 per cent at $1.7620 a lb at 1500 GMT. Liffe January robusta coffee was off $9 or 0.5 per cent at $1,652 per tonne in modest volume of 5,246 lots. ICE cocoa futures were little changed in light volumes. Cocoa is starting to flow from West Africa, where the main crop officially began last week. ICE December cocoa was down $6 or 0.2 per cent at $2,730 per tonne. Liffe secondmonth cocoa was down 3 pounds or 0.2 per cent at 1,864 pounds a tonne in moderate turnover of 4,152 lots. Liffe cocoa prices have recovered slightly after hitting a oneyear low last month on improved West African crop prospects. -Reuters
highs of $2,313, at $2,312, up 3.7 per cent from its $2,230 at the close on Monday. Among other metals, aluminium hit $2,388.75 a tonne, its most expensive since mid-April, before finishing at $2,380 a tonne, up from $2,363. Battery material lead rallied to $2,340, its highest since April 27, and wound up at $2,311 from $2,277, while stainless steel ingredient nickel ended at $24,700 versus $24,140 after hitting $24,800 a tonne, its highest since early May. Tin registered a four per cent rise to finish at $25,900, as against $24,900 at the close on Monday. -Reuters
NEW YORK: Oil prices hit a two-month peak on Tuesday, lifted by a slumping dollar after the Bank of Japan cut interest rates and as striking workers combined with a shut shipping channel disrupted tanker traffic in France and Texas. The BOJ pledged to pump more funds into the economy and keep rates virtually at zero, pres-
Strikers at France's top oil port were deadlocked with management, with about 30 vessels carrying crude and oil products blocked at Fos-Lavera near the Mediterranean port of Marseille. The strike has trimmed fuel output at six French refineries, boosting European benchmark gasoline barge prices. With refinery crude feedstock
suring the dollar and pushing equities higher on expectations other central banks will also act to support their economies. US crude for November delivery rose $1.17 or 1.44 per cent to $82.64 per barrel by 1559 GMT, having reached a two-month high at $82.82. ICE Brent November crude rose 85 cents or 1.02 per cent to $84.13 a barrel. Growth in the US services sector accelerated more than forecast last month, while hiring also picked up, a report from the Institute for Supply Management showed.
expected to be backed out of strike-hit European refineries, US crude futures rose more than ICE Brent, narrowing the spread between the recently more expensive Brent and US benchmark crude to around $1.50 a barrel. Oil traders awaited the week's reports on US oil inventories. A Reuters survey of analysts on Monday forecast US crude stocks up 600,000 barrels in the week to Oct. 1, with gasoline stocks seen up just 100,000 barrels. Supplies of distillates, including heating oil and diesel fuel, were projected to have declined by 800,000 barrels. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 04 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1300
1165
October (3rd Wednesday)
1305
1150
November (3rd Wednesday)
1315
1160
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 04 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
2191 2192 2160 2170 2095 2105 2095 2105
2331 2332 2353 2354 2428 2433 2488 2493
8085 2265 8085.5 2265.5 8119 2290 8120 2291 8000 2300 8010 2305 7795 2277 7805 2282
23830 23835 23890 23895 23150 23250 22250 22350
TIN
ZINC NASAAC
24925 2205 24930 2205.5 24925 2235 24930 2235.5 24250 2283 24300 2288 2272 2277
2180 2190 2200 2210 2210 2220 2260 2270
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00 PST. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 780.00+7.00, Feb11/Apr11 785.00+5.00, May11/Jul11 790.00+4.00, Aug11/Oct11 785.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1180.00+5.00, Apr11/Jun11 1180.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1350.00+15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 925.00+0.00, Nov10/Dec10 922.50+5.00, Jan11/Mar11 920.00+5.00, Apr11/Jun11 922.50. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10 960.00, Dec10 952.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10 912.50+7.50, Dec10 905.00+5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10 922.50+7.50, Dec10 915.00+5.00, Jan11/Mar11 910.00+5.00, Apr11/Jun11 915.00+7.50. PALM STEARIN: Dlrs tonne fob Malaysia Oct10/Dec10 900.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1375.00, Oct10/Nov10 1365.00+5.00, Nov10/Dec10 1365.00+5.00, Dec10/Jan11 1365.00+10.00, Jan11/Feb11 1360.00+5.00, Feb11/Mar11 1360.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2025.00+0.00. Reuters
Indian spot sugar up on demand MUMBAI: India's spot sugar prices rose on Tuesday due to a possible delay in sugarcane crushing in major growing areas, slight improvement in demand from stockists and lower non-levy sugar quota announced for October, dealers said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety rose 1.21 per cent to 2,591 rupees ($58.02) per 100 kg. The southern state of Karnataka, the third biggest producer in the country, has still been getting rains in some areas, delaying crushing operations. 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 released a year ago, the government said in a statement earlier this week. The country is expected to produce 26 million tonnes of the sweetener in 2010/11, up from previous forecasts of 25 million tonnes, Prakash Naiknavare, managing director of Maharashtra State Cooperative Sugar Factories Federation, had told Reuters in an interview. -Reuters
Gold hits record above $1,340/oz as dollar slides SPDR gold ETF records third straight session of outflows LONDON: Gold climbed 1.8 per cent, its biggest one-day rise since May 11, to record highs on Tuesday as the dollar fell versus the euro and as recent volatility in the currency markets boosted demand for the metal as a safe store of value. An announcement by the Bank of Japan that it would create a pool of funds to buy assets to tackle strength in the yen also helped gold. Moves by major economies to curb strength in their currencies are giving a major lift to the metal. Brazil on Monday doubled a tax on foreign investors buying local bonds in an attempt to curb a currency rally that has turned into an issue in the country's presidential race. Spot gold hit a high of $1,340.20 an ounce and was bid at $1,337.50 an ounce at 1549 GMT, against $1,315.20 late on Monday. US gold futures for December delivery reached a peak of $1,341.70 and were
later up $21.90 at $1,338.70. "There are a number of supporting factors to the gold price currently, including a stronger euro/dollar and the resumption of the positive correlation between gold and euro/dollar, as well as strong prospects for further quantitative easing in the US," said BNP Paribas analyst Anne-Laure Tremblay.
"However, we may see a correction on the FX side later this year on deflation risks in the euro-zone," she said. "In addition, the increase in narrow liquidity may translate into stronger risk appetite and... favour other assets besides gold." Demand for physical gold retreated as prices rose again, however. Buying in main gold consumer India was muted as
the weaker rupee added to pressure on local buyers. "Net long positions of speculative financial investors recently rose to a 12-month high." Holdings of the world's largest gold-backed exchangetraded fund, New York's SPDR Gold Trust, declined for a third session, while those of the largest silver ETF, the iShares Silver Trust dipped from record highs. Silver was at $22.59 an ounce against $21.97, having earlier hit a 30year high at $22.69 an ounce. Silver continued to outperform gold, with the number of ounces of silver needed to buy an ounce of gold slipping to a one-year low at 59.15. Platinum, buoyed by strength in gold, hit a 4-1/2 month high at $1,696.50 an ounce and was later at $1,693 against $1,664.85, while palladium was at $574 versus $557.83. Reuters
Palm up on weather concerns; data eyed
Tokyo rubber edges higher, buying limited
sell-off in grains markets after a report of huge US corn stockpiles the previous day. "The market is trading at a tight range but local sentiment still supportive as investors believe palm oil production is going to fall after September but overseas demand is still very strong," said a trader with foreign brokerage in Kuala Lumpur. A Reuters analysis showed palm oil may extend its loss to a range between 2,600 ringgit and 2,588 ringgit per tonne, as per a channel technique. Reuters will issue a poll on Malaysian palm oil production, stocks, imports and exports on Thursday. Industry regulator Malaysian Palm Oil Board will issue official data on October 11. US soyoil for Oct delivery rose 0.3 per cent on expectations of strong demand from Asia despite dry weather speeding up the US soy harvest and the firmer dollar. -Reuters
BANGKOK: Tokyo rubber futures inched higher on Tuesday, tracking gains in Japanese stocks, but buying was limited, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery rose 2.0 yen, or 0.6 per cent, to settle at 317.6 yen ($3.81) per kg. "A surprise BOJ rate cut helped improve sentiment on the Nikkei as well as rubber futures. But rubber futures still lack follow-through buying to push prices higher," one dealer said. The benchmark Nikkei rose 137.70 points to 9,518.76. The Nikkei posted its biggest daily percentage gain since Sept. 15, the day the BOJ intervened in the currency market for the first time in more than six years. Oil slipped on Tuesday on forecasts of gains in US crude and gasoline inventories, a stronger dollar and technical analysis signalling Monday's rally to a two-month high was overdone. -Reuters
KUALA LUMPUR: Global vegetable oil markets rose on Tuesday as traders took some positions on concerns over the impact of weather on soy growing and palm oil producing areas. China's financial markets will only open on Friday after the week-long National Day holidays, giving few cues to regional traders. Strong rains in Malaysia's palm oil producing regions may lift prices as floods and prolonged exposure to rains may hurt yield quality and curb supplies. Although news of cropfriendly rains in oilseed growing regions of South America and the Black Sea region that were earlier under a dry spell have added to the bearish sentiment. Benchmark Malaysian palm oil prices gained 29 ringgit to close at 2,705 ringgit ($875.4). The same contract fell to two-week lows due to
NY cotton closes down on investor sales NEW YORK: Cotton futures finished near a three-week low Monday on follow-through investor sales and profit-taking by players taking cash off the table after fiber contracts sprang to a 15-year high last week, brokers said. ICE Futures US benchmark December cotton contract shed 0.19 cent to end at 97.83 cents per lb. It was the lowest close for the second position contract since the middle of September. The contract traded from 95.31 to 98.47 cents. Total volume traded was heavy as it reached 26,650 lots at 1850 GMT, more than 50 per
cent up on the 30-day average at 17,235 lots, preliminary Thomson Reuters data showed. "People are taking a little breather," said Bill Raffety, an analyst for commodities futures brokerage Penson GHCO. The week-long holiday break in top consumer China, which will not reopen for business until Friday, led to modest business. Mike Stevens, an independent cotton analyst in Mandeville, Louisiana, said mill fixation buying lifted the market from its lows for the day. Analysts said it was difficult to say if the rally was done espe-
cially with the Chinese not expected back until next week. Demand is still running at a strong level and prices are still within sight of their 15-year top. Cotton had climbed more than 33 per cent during the third quarter, its best quarterly performance since 1994, Thomson Reuters data showed. Brokers Flanagan Trading Corp. sees resistance in the December cotton contract at 98.65 and 99.50 cents, with support to be found at 97 and 95.80 cents. Volume traded on Friday reached 20,034 lots, data from ICE Futures US said. -Reuters
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 82.31 82.93 83.50 22.32 22.33 1331.40 1332.20 1333.10
93 33 25 1,434 1,197 352
05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz
NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
81.69 82.70 83.18 21.98 22.05 1314.50 1317.00 1316.30
82.35 83.18 83.50 22.32 22.33 1331.40 1332.60 1333.20
81.26 82.10 83.18 21.98 21.95 1313.00 1314.00 1315.00
82.31 82.93 83.50 22.32 22.33 1331.40 1332.20 1333.10
153 71 10 569 691 593
Price 81.37 82.04 82.67 21.90 21.92 1315.20 1316.10 1317.00
05-Oct-2010 05-Oct-2010 05-Oct-2010
GOLD 100oz GOLD 100oz GOLD 100oz
NO10 DE10 JA11
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
1314.00 1316.20 1315.60
1331.40 1332.20 1332.20
1314.00 1314.00 1315.60
1331.40 1332.20 1332.20
75 -
1315.20 1316.10 1317.00
1331.40 1332.20 1333.10
11 11
05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010
GOLD GOLD GOLD Kilo GOLD Tola Gold50
OC10 NO10 DE10 OC10 OC10
Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola
36786.00 36533.00 36547.00 36828.00 42568.00
36975.00 36982.00 36996.00 36945.00 43092.00
36524.00 36533.00 36547.00 36496.00 42568.00
36973.00 36982.00 36996.00 36945.00 43092.00
12 1 -
36568.00 36577.00 36591.00 36540.00 42620.00
36973.00 36982.00 36996.00 36945.00 43092.00
47 2 -
05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010
Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold
OC10 1-Aug 2-Aug 3-Aug 4-Aug
Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms
42568.00 37593.00 37544.00 37556.00 37568.00
43092.00 38035.00 38072.00 37997.00 38010.00
42568.00 37593.00 37544.00 37556.00 37568.00
43092.00 38035.00 38072.00 37997.00 38010.00
-
42620.00 37626.00 37663.00 37589.00 37601.00
43092.00 38035.00 38072.00 37997.00 38010.00
-
05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010 05-Oct-2010
Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein
5-Aug 1-Sep 07OC10 OC10 OC10
Per 10 grms Per Tola Per 100 kg Per 100 kg Per Maund
37581.00 43177.00 2402.00 3212.00 4115.00
38022.00 37581.00 43693.00 43177.00 2402.00 3203.00 3236.00 3212.00 4154.00 4115.00
38022.00 43693.00 3227.00 3236.00 4154.00
-
37613.00 43215.00 3203.00 3212.00 4115.00
38022.00 43693.00 3227.00 3236.00 4154.00
-
05-Oct-2010 05-Oct-2010
KIBOR3M KIBOR3M
10-Dec 11-Mar
Per Rs. 100 Per Rs. 100
86.67 86.19
86.69 85.59
-
86.67 85.56
86.69 85.59
-
86.69 86.19
86.67 85.59
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Britain's Prince Charles dances with villagers at Tolasar
10
Wednesday, October 6, 2010
Coke drops Rooney from ad campaign LONDON: England and Manchester United striker Wayne Rooney has been dropped by his sponsor CocaCola from an advertising campaign following media allegations about his private life. The 24-year-old forward, who has endured intense media scrutiny in recent weeks, will continue to work with CocaCola on other projects but his face will not appear on cans and bottles of Coke Zero in a promotion to run in Britain until 2011. A statement from Coca-Cola on Monday read: "Last month we amended our marketing plans on Coke Zero. Given the situation at that time we did not feel it was appropriate to run an on-pack promotion featuring Wayne Rooney." "Our relationship with Wayne Rooney is ongoing. We are currently working with Wayne on Coke Zero Street Striker -- an award winning programme which over the past 3 years has encouraged thousands of young people to get involved in football." The decision on whether Rooney's face will return to Coke's cans and bottles in the future has yet to be made, the company added. Rooney, who on Monday was named in England's Euro 2012 qualifying squad for their match at home to Montenegro on Oct. 12 after recovering from an ankle injury, has been in patchy form this season after hitting 34 goals in the last campaign. Last month United manager Alex Ferguson left him out of his side's Premier League match with former club Everton to avoid fan abuse.-Reuters
Cricket-trio hearings to be held in Qatar KARACHI: The International Cricket Council will hold appeal hearings for suspended Pakistan cricketers Salman Butt, Mohammad Amir and Mohammad Asif in Qatar on October 30 and October 31, a source close to the trio told Reuters. "The venue for the appeal hearings is Qatar but the lawyers for the players want the hearing to be held earlier," the source said. The three have been suspended until newspaper allegations have been investigated that they fixed parts of games during the tour of England which finished last month. They have denied wrongdoing and have been supported by Pakistan cricket chiefs. An ICC spokesman could not confirm the date or venue for the hearings, saying "nothing was official yet."-Reuters
Things still not settled at CWG NEW DELHI: Delhi Commonwealth Games chief Suresh Kalmadi brushed aside a string of problems with transport, a lack of spectators, food and security delays on Tuesday, saying everything would be resolved within 24 hours.
n Everything will get alright today, say organisers
In a sometimes farcical news conference, Kalmadi admitted some venues had been without ticket booths for the first day of competition but denied the scandal-hit preparations for the event had contributed to low attendances. Organisers had sold 600,000
of the 1.5 million available tickets for the 12 days of the Games, Kalmadi said, and busing in schoolchildren to fill the empty seats was being considered. "Ticket box offices are now in place at every stadium," said Kalmadi, who was booed
EMPTY STANDS AT CWG... An attendant stands in a section of empty seats during the 40km time trial cycle event at the Commonwealth Games in New Delhi.-Reuters
Pakistan crushes Scotland 3-0 NEW DELHI: Pakistan made a winning start to their campaign in the Commonwealth Games, thrashing Scotland 3-0 in their opening Pool A match here on Tuesday. Shakeel Abbasi opened the scoring for Pakistan in the 20th minute before ace forward Rehann Butt slammed a goal from the top of the circle 10 minutes from half-time at a near-empty Major Dhyan Chand stadium. Muhammad Imran made it 3-0 when he converted the first of the four penalty corners that Pakistan earned in the match in the 43rd minute. Pakistan, who finished last at the same venue in the World Cup earlier this year, seemed to have left memories of that botched campaign firmly behind them as they took control of the proceedings right from the first whistle. Pakistan next face Malaysia before taking on hot favourites Australia and arch-rivals India.
Butt said his side was relieved to have crossed the first hurdle with ease. "We are really pleased that we could start off with a victory," the 30-year-old said. "We have some tough matches coming up against Australia and India and the win today will boost our confidence." Butt was disappointed with the poor attendance at the stadium Tuesday but hoped more people would turn up for Pakistan's match against the home team. "A player always gives his best when there is a good crowd to cheer the good moves. Maybe the early timings and the heat kept the crowd away. But I am sure there will be many who will come to watch us play India." In a Pool B match later, South Africa rode on a brace by Justin Ross-Reid to defeat Canada 4-1. Gareth Carr (14) and Ian Haley (69) chipped in with a goal each for the South Africans.-APP
KARACHI: In the opening ceremony of 5th STU U-19 Girls Throw Ball Championship 2010 under supervision of Sindh Throw Ball Association, Secretary Sindh Sports Shoaib Ahmed Siddiqui is throwing the ball to start the ocassion.-PR
Pak boxers win 1st bout in Delhi LAHORE: Pakistani Boxer Haroon Shahid Iqbal Khan won his first international bout by registering a victory in Commonwealth Games at New Delhi on Tuesday. According to information made available here, Haroon outpunched Elyas Sunday 12-1 in 52kg weight category and qualified for pre quarter final. He is a British born Pakistani boxer and younger brother of World Champion British Boxer Amir Khan. Six boxers have representing Pakistan in commonwealth games the other boxers in the boxing team are Mohammad Waseem (49kg), Qadir Khan (56kg), Nawaz Dad (60kg), Nisar Khan (75kg) and Mir Waiz Khan (91+kg) weight category. Nawaz Dad will fight against Sogbamu Waheed (Nigeria) tomorrow,Wednesday in 60kg and Muahammad Waseem will face Tennakoon Chaminda (Sri Lanka) in pre quarter final of 49kg weight category on 7th October. Pakistan and India are two neighbouring countries and they will renew their boxing rivalry in the Games on October 7 when Pak boxer Qadir Khan will face off with defending Champion in 56kg wieght cattegry Akhil Kumar (India) Akhil who is also a Gold medallist of 2008 Beijing Olympics Qualifying round at Bangkok.-APP
by the crowd at Sunday's opening ceremony. "There were problems with transport and food because of security reasons. "We have sorted out many issues that were there, all the other issues will be addressed by tomorrow," he added. "That's the deadline for everything, like we had a deadline for the athletes' village," he concluded to roars of laughter. The filthy conditions at the athletes' village when it was handed over forced some teams to delay their arrival or move to hotels, causing acute embarrassment to a country hoping to showcase its growing economic might through the $6 billion (3.8 billion pound) Games. Other preparatory problems ranged from corruption and threats to security, to a collapsed footbridge and health issues, and the Indian government was forced to step in to ensure everything was ready on time. HOWLS OF DERISION The massive security operation surrounding the Games,
which involves some 100,000 personnel, prompted complaints from athletes because of the time it took to get to and from venues. Several athletes withdrew from the Games because of concerns about security in India, which suffered a militant attack on its financial capital Mumbai in 2008 that killed more than 100 people. A less deadly threat, a plague of moths and other bugs attracted to the lights and water at the venues, was being countered by clouds of insecticide. A question to organisers about stomach complaints suffered on Monday by two Australia swimmers, including men's 400m freestyle silver medallist Ryan Napoleon, prompted a bizarre exchange at the first of the daily media briefings. The official responsible for catering said he had not heard the reports. Kalmadi then said he would get back to the media on the issue "tomorrow," before Games Federation chief Michael Fennell stepped in to say he had requested an inves-
tigation. Day two of sporting competition at the Games for 71 mostly former British colonies started well for the host nation with India taking their first two gold medals through their sharp-eyed shooters. Olympic champion Abhinav Bindra and his partner Gagan Narang claimed the first in the 10m air rifle pairs before Anisa Syyed and Rahee Sarnobat also hit the golden target in the women's 25m pistol pairs. Another 16 medals are up for grabs on day two in swimming, cycling, gymnastics, shooting, weightlifting and wrestling. Organisers said Monday's problem with the scales at the boxing weigh-in had been rectified and that teething problems with the media information system had been resolved -- the latter drawing howls of derision from the journalists. "Yesterday was the first day of the Games," Kalmadi said. "Today we are sorting everything out and from tomorrow we will have a free flow of everything."-Reuters
Djokovic challenges Murray in China * Former World No 1 Sharapova sent packing BEIJING: Champion Novak Djokovic challenged Britain's Andy Murray to set up a final showdown with him after the two top seeds strolled into the second round of the China Open on Tuesday. World number four Murray thumped a hapless Paul-Henri Mathieu 6-2 6-3 while top seed Djokovic was even more ruthless in a 6-1 6-3 win over China's Gong Mao-xin as he seeks to defend his title at the $2.5 million tournament in the Chinese capital. "It feels good to be back at a court where I've had a lot success in the last couple years,"
said the 2008 Beijing Olympics bronze medallist. Looking ahead to the weekend, the 2008 Australian Open winner added: "Why not a final with Andy Murray. We have not played each other for a long time." Djokovic enjoys a 4-3 winning record over Murray although he was beaten the last time the pair met 18 months ago in Miami. Murray appeared to have shrugged off the jetlag that kept him awake for hours following his arrival in Beijing and demolished the error-prone Frenchman, firing 10 aces during the lopsided encounter.
"I served quite well today. I didn't once get broken and served a lot of aces," said the Scot before adding he was felling better after a week of illness. "I started the match well and didn't give him any opportunities except in the second set at 3-2. I think that was the only game where he had a couple of break points on my serve. It was a good first round." The 23-year-old added to Mathieu's frustration by breaking his serve four times in front of small but noisy partisan Chinese crowd sporting several Scottish flags.-Reuters
FIFA OKs projects for flood-hit areas LAHORE: FIFA will provide humanitarian aid to help build football infrastructure in wake of devastating floods which caused huge loos of life and property in Pakistan. "FIFA Approved three Goal projects while other three will be from Asian Football Confederation and Pakistan in all will get six Goal Projects", this was stated by FIFA Development Officer Vernon Manilal Fernando and FIFA Development Manager Asia David Borja, the two-men FIFA Flood
Inspection Team which is visiting Pakistan in order to meet Pakistan Football Federation (PFF) President,Faisal Saleh Hayat and to assess the damage together with the representatives of PFF. They will also plan the rehabilitation work which is being carried out for the survivors of this natural calamity. "We have proposed Quetta, Sukkur, Mir Pur Khas, Nowshera, Abbottabad, Faisalabad, Multan and Bahawalpur for the coming
projects",said Faisal who thanked FIFA President Sepp Blater, AFC President Mohamed bin Hammam and FIFA Vice President Dr Chung Moon-Joon (South Korea) for all their love with Pakistani people, Pakistan's football and PFF. During their stay at Pakistan, both Manilal and Borja will also visit Faisalabad to check the proposed site for FIFA Goal Project and he will also meet Faisalabad District Football Association's officials.-APP
Laxman earns India a thrilling win * Hosts take 1-0 lead in two-match series * Ponting still without win in India as Oz skipper MOHALI: Vangipurappu Laxman revived his role as Australia's chief tormentor with a magnificent unbeaten 73 to script India's unlikely one-wicket victory on the final afternoon of the first test on Tuesday. Resuming on 55 for four and chasing a victory target of 216, India appeared dead and buried in the last hour before lunch but an 81-run ninth wicket stand between Laxman and Ishant Sharma set up the opening win of a two-test series. India had lost a flurry of wickets to slip to 124-8 but Sharma contributed 31 valuable runs in his partnership with Laxman,
who was batting with a runner due to a bad back, before the hosts scrambled over the finish line in a frantic climax. "One of the best, one of the most exciting test matches I have played and I have played some 150 now," Australia captain Ricky Ponting said in the postmatch presentation ceremony. "The Ishant-Laxman partnership was outstanding, it made the difference," he added. When play began, India needed 161 runs to win while Australia required six wickets in an absorbing test but the everreliable Laxman kept his head as wickets tumbled, managing the
tail to perfection in denying Ponting a first win in India as skipper. Tuesday's innings adds to Laxman's reputation as a thorn in Australia's side with all but one of his five 150-plus scores coming against them, including a 281 in Kolkata nine years ago that led a following-on India to a stunning win. "He is a remarkable batsman. If he is at the crease, whatever field you set, he can rotate strike, hit boundaries and keep the scoreboard ticking. He is really an amazing batsman... he was very special," India captain Mahendra Singh Dhoni said.
SPECIAL RIVALRY Going into the final day, local hopes rested on overnight batsman Sachin Tendulkar (38) but the prolific and talismanic batsman threw his wicket away with a poor shot to depart just when his team needed him most. Earlier, Nathan Hauritz had made Australia's initial breakthrough by ending overnight batsman Zaheer Khan's 34-ball vigil. Paceman Doug Bollinger then took over, removing Tendulkar and Harbhajan Singh, the latter wicket coming after Dhoni had ran himself out to compound the home side's crisis.-Reuters
MOHALI: India's Ojha, Laxman and Laxmanâ&#x20AC;&#x2122;s runner Raina celebrate India's victory over Australia on the fifth day of their first test cricket match.-Reuters
International & Continuation
Wednesday, October 6, 2010
Sept BOJ reverts to zero UK services PMI rise rates, pledges to buy unexpectedly more assets TOKYO: The Bank of Japan on Tuesday pledged to pump more funds into the struggling economy and keep rates virtually at zero, surprising markets and stealing a march on the Federal Reserve in providing a fresh dose of economic stimulus. The yen initially fell in reaction to the BOJ news, but later reversed course to be firmer against the dollar than when the BOJ news broke. For months, the central bank had eschewed government calls for more decisive action, such as buying more government bonds, focussing instead on a limited funding scheme. But in the face of growing evidence the yen's strength was hurting the economy, the Bank of Japan carried out what Governor Masaaki Shirakawa described as "comprehensive
monetary easing." It cut its overnight rate target to a range between zero and 0.1 per cent, from 0.1 per cent, reinstating the so-called zero-interest policy that the BOJ ended only in July 2006, and it pledged to buy 5 trillion yen $60 billion (38 billion pounds) worth of assets. It said it would keep its benchmark rate effectively at zero until price stability is in sight, adopting a US Federal Reserve-style commitment to ultra-loose policy. Core consumer prices have been falling from year-earlier levels since early 2009 and the country has been in and out of deflation for about 15 years. "The latest measures individually may be considered as not having a major effect, but we want to maximise the effect by implementing the steps as a
package," Shirakawa told a news conference, adding that the steps have both the elements of credit easing and an expansion of fund supply. The asset purchases would roughly match the size of extra stimulus being considered by the government, which is also running out of policy options to lift the economy in the face of public debt that is twice the size of the $5 trillion economy. The assets, ranging from government bonds and shortterm government securities to commercial paper and corporate bonds, would come under a temporary scheme that would also cover 30 trillion yen of such assets as collateral under an existing loan programme. But analysts were sceptical the measures added up to much.-Reuters
Euro zone services PMI slips to 6-month low in Sept LONDON: The recovery of the euro zone's dominant service sector sagged in September as declines in Spain and Ireland offset resilient performances in Germany and France, a business survey showed on Tuesday. The Markit Eurozone Services Purchasing Managers' Index (PMI), which monitors the performance of thousands of companies ranging from banks to hotels, fell in September to a six-month low of 54.1 from 55.9 in August. While that was revised up from a flash estimate of 53.6, and was still firmly above the 50 mark that divides growth from contraction, the survey showed a four-month acceleration in employment growth had come to an end.
Survey compiler Markit said the survey data indicated a still-healthy rate of quarterly economic growth of around 0.6 to 0.7 per cent for the third quarter, but down from the second quarter's four-year high of 1.0 per cent. "However, with Ireland and Spain now both reporting falling activity levels, and growth all but stalled in Italy, the recovery is looking increasingly lopsided and all-too dependent on France and Germany," said Markit's Chris Williamson. The PMI surveys from individual euro zone members showed Ireland's services sector falling back into decline after a five-month upturn, while the contraction seen in the bloc's No.4 economy Spain
deepened in September. Ireland on Thursday revealed a spiralling cost of its bank bailout, while Spain lost its sole remaining "AAA" credit rating from Standard & Poor's, which cited a poor growth outlook and burdensome fiscal problems. Italy's stuttering recovery showed no signs of gaining any momentum in September, with the services index there barely changing at 51.3 from August's 51.4. The German services PMI also fell last month, although it showed businesses hiring staff at the fastest rate in four months. In France, despite the main index dipping to a six-month low, business expectations bounced to a level not seen since January 2004.-Reuters
LONDON: British services activity growth rose unexpectedly in September from a 16month low, but the outlook is poor with the weakest inflow of new business in over a year, a survey showed on Tuesday. The figures are unlikely to alter expectations that the Bank of England will keep its ultraloose policy stance unchanged later this week and probably well into next year. The headline index of the Markit/CIPS services PMI index increased to 52.8 from 51.3, versus economists' expectations for a slight fall to 51.0. However, planned cuts to government departments' spending of around a quarter over the next five years already seem to be affecting the firms covered in the survey, which excludes most activity in the public and retail sectors. "Inflows of new work and prospects for the year ahead have been hit by widespread worries that the recovery is losing steam, cancelled government contracts and the prospect of more cuts to come," said Markit's chief economist, Chris Williamson. The new business component slowed to a 15-month low of 51.3 from 51.4. Business expectations for the coming year increased to a four-month high but remained subdued by historic standards. "Unless trends in new business show an improvement soon, the lack of confidence is consistent with a downturn in business activity in the coming months," Williamson said. Markit said that third-quarter service-sector output was the weakest since the second-quarter of 2009. This bodes ill for thirdquarter GDP growth, which economists already expect to slow sharply from a nine-year high of 1.2 per cent in the second quarter as temporary factors fade and spending cuts bite. The Office for National Statistics reported 0.2 per cent monthly falls in output for the entire service sector -- which makes up around three quarters of Britain's economy -- for June and July.-Reuters
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Ambassador JOUANNEAU speaking on the occasion stated that during his tenure as CJCSC, General Tariq has played a major role in consolidation and modernization of the Armed Forces of Pakistan and pursued close engagement earning respect of the foreign partners, and that his country wanted to express its appreciation and gratitude to General Tariq Majid for enhancing bilateral ties and defence cooperation between the two countries. General Tariq Majid conveyed his thanks to the people, the armed forces and the Government of France for honoring him. -APP
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atom thick -- had exceptional properties originating in the world of quantum physics. Geim is a Dutch citizen while Novoselov is a dual BritishRussian citizen. They are both at the University of Manchester. The prize of 10 million Swedish crowns ($1.5 million), awarded by the Nobel Committee for Physics at the Royal Swedish Academy of Sciences, was the second of this year's Nobel prizes. -Agencies
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Paris metro system and Western intelligence sources also said they had uncovered plans for a coordinated attack on European cities. The US State Department on Sunday warned American citizens to exercise caution while travelling in Europe. Britain raised the terrorism threat level to "high" from "general" for its citizens travelling to Germany and France. -Reuters
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days back and to open another tender within next few days. "We know there is a mafia and these tenders have been opened to discourage them," he said and added this endeavor has brought down the sugar price in Karachi to Rs75 from Rs81. This price shall further come down after next tender is opened, he said, if the government does not jump into soft competition, mafia will become stronger. -Agencies
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and Multan are Rs 107 per kg while in Karachi and Hyderabad the LPG would be sold at Rs90 per kg. Similarly the prices soared to Rs102 per kg in Lahore, Gujranwala and Sahiwal while Rs117 per kg in Gilgit and Rs110 per kg in Murree and Rs127 per kg in Federally Administered Tribal Areas (FATA). "The marketing companies have mocked the government's relief-oriented efforts and its claims for the raise have been affected without permission of the concerned body-Oil and Gas Regulatory Authority (OGRA)," chairman of the association Muhammad Irfan Khokhar told APP. -APP
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international investors were the main reasons. The Acting Secretary Privatisation Commission (PC) Shehzad Iqbal and senior officials of the PC were also present during the meeting. The briefing concluded with Q & A session. NNI
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momentum is temporary and will go away," he told the Reuters Global Wealth Management Summit. Deven Choksey, managing director and CEO of KR Choksey Shares, said he expected the market to scale a record high by the middle of next month. Financials dropped as traders booked profits after hawkish comments on inflation by a central bank deputy governor.
Top lender State Bank of India edged 0.2 per cent lower while rivals ICICI Bank and HDFC Bank shed 0.9 per cent and 1.8 per cent respectively. Mortgage lender Housing Development Finance Corp dropped 2.4 per cent. Automakers continued to step on the gas on expectations for robust demand in the festive season that stretches from September to December. Top carmaker Maruti Suzuki and leading utility vehicle maker Mahindra & Mahindra gained 1.5 per cent and 2.3 per cent respectively. Tata Motors bucked the trend and dropped 0.5 per cent after it raised $750 million in an institutional share sale. Energy giant Reliance Industries, which has lagged the broader market this year as delay in ramp up of gas production weighed, rose 0.5 per cent. The stock, which has the highest weight on the Sensex, was still down 6.1 per cent since the start of the year. In the broader market, gainers outpaced losers in a ratio of 1.3:1 on heavy volume of 659 million shares. The 50-share NSE index dropped 0.2 per cent to 6,145.80. Elsewhere, MSCI world equity index was up 0.3 per cent by 3:49pm, while the more volatile emerging markets index dropped 0.2 per cent. Microsec Financial Services fizzled out after listing at a 17 per cent premium to issue price of Rs118 per share. The stock closed at Rs110.90, United Spirits, the world's second-largest spirits maker by volume, dropped 2.4 per cent to Rs1,628.90, after Citigroup Global Markets downgraded the stock to "hold" from "buy" on Monday.-Reuters
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upper level of the Nikkei's daily Ichimoku cloud around 9,530, as the dollar's recovery against the yen was limited. The dollar was up 0.3 per cent at 83.63 yen but off its session high of 83.99 yen reached just after the BOJ's policy announcement. That was still not far from the 15-year low of 82.87 yen set just before Japan intervened in the currency market on Sept. 15. The market focus will shift to US payroll data on Friday and the Group of Seven nations meeting later in the week to determine the outlook for the yen. "It's good that the BOJ eased before the Fed took easing steps. It will make it easier for Japan to make a case for intervention," said Minori Uchida, senior analyst at the Bank of Tokyo-Mitsubishi UFJ. "But it's probably too much to expect today's steps to fully offset the possible impact of the Fed's eventual quantitative easing. Because Japan's monetary policy has been loose for years, any additional move tends to have a limited impact," Uchida said. Shares of exporters advanced as the dollar edged up after the BOJ's policy announcement, with Sony Corp climbing 1.4 per cent to 2,600 yen and Kyocera Corp rising 2.8 per cent to 8,340 yen. Konica Minolta rose 3.7 per cent to 861 yen after CEO Masatoshi Matsuzaki told Reuters that the company aims to double operating profit from current levels to more than 100 billion yen ($1.2 billion) in the year to March 2014. KDDI Corp rose 5.4 per cent to 410,000 yen after the nation's No. 2 cellphone operator announced it will launch Japan's first smartphone to feature an electronic money function. The IS 03 phone, to be launched at the end of November, will be manufactured by Sharp Corp, and use Google Inc's Android system. Mizuho Financial Group rose 3.6 per cent to 116 yen, rebounding after revisiting a seven-year low of 110 yen hit on Monday on worries that Japanese banks may be forced to raise fresh capital. Mizuho and other Japanese banks tumbled on Monday after Switzerland tightened the reins on UBS and Credit Suisse, telling them to hold more capital beyond the "Basel III" international standards set three weeks ago.-Reuters
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At the end of an exhaustive policy review in December, Obama announced plans to surge 30,000 troops into Afghanistan to seize the momentum in the long-running war but warned some soldiers would begin to withdraw by July 2011. The president is expected to mount a fresh review of strategy on Afghanistan by the end of the year, but again, no major adjustments are expected. -Agencies
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business climate and the prospect of further steps by governments to pump new life into the global economy. "You are starting to see a pattern here where the Japanese government is going to be cutting corporate tax rates, doing quantitative easing, doing fiscal stimulus -- that is to say they are going to throw everything they can to get the economy going," said Phil Orlando, chief equity market strategist at Federated Investors in New York. "That is a good thing in and of itself, and maybe it serves as a model for something that we should be looking at, specifically, cutting the corporate tax rate, so all of that was certainly a positive." The Dow Jones industrial average gained 163.51 points, or 1.52 per cent, to 10,914.78. The Standard & Poor's 500 Index rose 20.07 points, or 1.77 per cent, to 1,157.10. The Nasdaq Composite Index climbed 47.44 points, or 2.02 per cent, to 2,391.96. The S&P managed to pierce the 1,150 level on the news, which has been the top of the recent trading range. On Monday, US Federal Reserve Chairman Ben Bernanke said the Fed's asset purchases lowered borrowing costs and helped the economy, adding that more buying could further ease conditions. Financials were among the best performers, with the KBW Bank index up 3.2 per cent. Bank of America Corp advanced 2.7 per cent to $13.50 and JP Morgan Chase & Co added 1.7 per cent to $39.61. Among active stocks, Walgreen Co gained 3.1 per cent to $34.15 after the drugstore chain posted September same-store sales that rose more than expected. The likelihood of quantitative easing in the United States pushed the euro to its highest level against the dollar since February and lifted commodity prices. Crude oil jumped 1.1 per cent to above $82 a barrel and neared its highest price since Aug. 6, while gold hit a record high at $1,340.20 an ounce.-Reuters
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Kazakhmys did not fare so well, adding only 0.3 per cent, after its chairman Vladimir Kim sold around an 11 per cent stake in the company to the Kazakh National Welfare Fund, reducing his holding to 27.9 per cent. In reaction, Evolution Securities cut its rating on Kazakhmys to "reduce" from "add". British Airways was the top blue-chip riser, jumping 6.5 per cent, after the airline said it carried 1.3 per cent more passengers in September compared with a year before, helped by an increase in first and business-class travel, and that it expects passenger revenue to keep growing. Good gains were also seen from TUI Travel, up 4.2 per cent, after the tour operator said in a trading update that summer 2010 trading went well, while trading for winter 2010/11 had further strengthened across all sectors. Mid-cap rival Thomas Cook Group put on 3.9 per cent. Tesco rose 0.2 per cent after the retailer posted first-half results showing strong growth in Asia but a sluggish performance in its main British market. Rival J Sainsbury, which will issue a trading update on Wednesday, added 0.1 per cent. "Third-quarter U.S earnings start off in earnest (on Thursday). (Tesco's numbers) looked very good. Certainly what hasn't disappointed through this downturn has been corporate earnings and there is some optimism going into those third-quarter numbers," Kavanagh said. Inmarsat was the top FTSE 100 faller, losing 4 per cent after US hedge fund Harbinger Capital Partners said on Tuesday it sold a 14.1 per cent stake in the satellite operator for around 410 million pounds.-Reuters
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Parliament House on Tuesday. The members of the Implementation Commission, who attended the meeting, included Senator Mian Raza Rabbani, Senator Mohammad Ishaq Dar, Federal Minister for Petroleum Syed Naveed Qamar, Federal Minister for Housing and Works Haji Rehmatullah Kakar and Federal Minister for Overseas Pakistanis Dr Farooq Sattar. -Agencies
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ensure transparency in disbursement of assistance received from abroad. He said National Oversight Disaster Management Council comprising experienced civil servants and former members of judiciary of high repute would be working voluntarily to monitor the process, while a website has been setup showing the donations received and their utilisation. Prime Minister hoped that international community will focus on the immediate needs of provision of winter tents to the flood affected as the winter season was due to set in soon. Prime Minister underlined that in doing so, the Federal Government had ensured the consensus amongst all the federating units to distribute the first tranche of Rs20000 per family in a transparent and judicious way to the flood affectees for starting work to rebuild their homes. Prime Minister Gilani said that the govt believes in across the board accountability and is against political victimisation. The people, he said, repose their confidence in the parliamentarians by electing them as their representatives. So there should be a unanimously agreed mechanism for the accountability of the parliamentarians. Prime Minister expressed these views while talking to a group of parliamentarians who called on him at his chamber in Parliament House. Prime Minister urged all the parliamentarians to synergize their efforts of relief work in the flood ravaged areas. He reiterated the commitment of the government to provide additional resources to the provinces for the upcoming phases of rehabilitation and reconstruction. -Agencies
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Prosecutors said Shahzad, a naturalised US citizen, posed a "particularly pernicious threat" and his prison sentence should deter potential future radicalisation of US citizens. -Agencies
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held on the federal government funded development projects in Sindh, the development projects under taken by the provincial government and on the roads and bridges projects being constructed the National Highway Authority (NHA). The president asked the planning and finance officials that the development strategy should be so designed that the needs of specific regions are met while reducing intra provincial disparity. He also called for innovative ways of resource mobilization and financing of the projects. He also directed that a separate meeting be convened to consider innovative approaches with the help of private sector both within the country and abroad. The NHA chairman informed the meeting that the Authority had completed the Damage Need Assessment (DNA) of its projects and forwarded it to the Asian Development Bank - the lead agency for communications and transport sector. Rehabilitation of the damaged infrastructure is estimated to cost over 17 billion rupees, he said. -Agencies
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Agriculture here at the ministry. "Per acre cost of production has increased and there would no attraction for the farmers in sowing wheat if we continue with the last year's support price. The calculation made by the Agriculture Policy Institute (API) suggest that we must increase the support price to offer some incentives in the form of guaranteed procurement prices to encourage the farmers to grow wheat. Gondal said that it is the considered opinion of the Task Force on Agriculture that the support price of the wheat must be increased. He said the total amount for the package could amount to Rs15 billion and the federal government would chip in 50 per cent while the remaining 50 per cent will be contributed by the provinces. -Agencies
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These ratings must fulfill the following requirements: (a) all ratings used should be publicly disclosed by the ECAIs along with its history. (b) The rating agency should have reviewed/assigned the rating within previous 15 months. (c) Banks/DFIs should have mechanism to monitor changes in ratings (upgrade, downgrade and withdrawals) for accurate Capital Adequacy Ratio reporting, says BSD Circular No.5 of 5th October, 2010. The circular clarified that for capital adequacy purposes, the term solicited rating shall mean a rating initiated at the request of entity being rated under a formal agreement between the rating agency and the entity being rated. The requirement of formal agreement between rating agency and the entity being rated, as mentioned above, would not be applicable in case the rating is conducted by international rating agencies recognized by SBP. However, the rating should be publicly disclosed, the circular added.-NNI
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finance the farmers of notified flood affected areas, it added. According to the circular, agricultural credit shall mean only farm credit for meeting the production/ working capital requirements, as defined in Prudential Regulations for agriculture financing while all categories of farmers (owner, owner-cum tenant and tenant) of the specified areas will be eligible for agricultural loans under the scheme.-Agencies
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Similarly, cement exports also dipped by 21 per cent to 2.29 million tonnes against 2.9 million tonnes recorded in identical period last year mainly due to lower cement prices globally around $43 per tonne. Furthermore, local dispatches stood at 1.38 million tonnes while exports were at 0.62 million tonnes, representing fall of 21.1 per cent and 24.4 per cent respectively.
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developments have shown that the Supreme Court has set a bar on itself not to validate a military takeover. Musharraf said he does not want to comment on the present government, but everybody can see what they are doing. Pakistan is experiencing a deep economic decline -- in other areas, as well. Law and order are in jeopardy, extremism is on the rise and there is political turmoil. The nonperformance of an elected government is the issue. Answering questions, the former President said he made Kayani Chief of the army, because I thought that he was the best man for the job. "The underground militant groups to fight against India in Kashmir were indeed formed," Musharraf told German magazine Asked why did Pakistan train militant underground groups to fight India in Kashmir, the former President said, Nawaz Sharif's apathy to the Kashmir issue was one of the reasons, so was the fact that the world had turned a blind eye to the dispute. "Yes, it is the right of any country to promote its own interests when India is not prepared to discuss Kashmir at the United Nations and is not prepared to resolve the dispute in a peaceful manner," Musharraf claimed. "Nawaz Sharif government turned a blind eye because they wanted India to discuss Kashmir," he said. -Agencies
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He stressed the need for the construction of the dam.
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Paris confers apex mily award on Gen Tariq
RAWALPINDI: Ambassador of France Daniel Jouanneau has conferred the highest French Military Award, Legion of Honour (Légion d'honneur) to Chairman Joint Chiefs of Staff Committee General Tariq Majid on behalf of French President Nicolas Sarkozy at Chaklala.-Online
RAWALPINDI: President Nicolas Sarkozy of the Republic of France has conferred the highest French military award, Legion of Honour (Légion d'honneur) to General Tariq Majid, Chairman Joint Chiefs of Staff Committee. The award was conferred on behalf of the French President by HE Daniel JOUANNEAU, Ambassador of France to Pakistan in a simple ceremony at Joint Staff Headquarters, Chaklala. See # 1 Page 11
French cops nail down 3 Qaeda suspects
Justice Zawar sent on 4-month leave
Punjab lower courts’ judges break strike LAHORE: 1300 judges of Punjab lower courts have announced to end their strike while district and session judge Zawar Ahmed Sheikh has been sent on 4-month leave. The ongoing dispute between Lahore Bar Association (LBA) and judges of Punjab over transfer of session judge Zawar A Sheikh turned to worst on Monday when more than 1300 civil judges resigned in protest and expressed solidarity with Justice Zawar Shaikh. However on Tuesday, Lahore
PR can make revenue if ran well: senator ISLAMABAD: Chairman Senate Standing Committee on Railways, Maulana Gul Nasib on Tuesday said that Pakistan Railways has the potential to become a revenue generating department if it is run efficiently. Talking to APP he said that corrupt practices were causing huge losses to this important state owned entity while the organization has the potential to progress and prosper if proper attention is given for the improvement of the department. He observed that department can be brought out of the deficit by checking malpractice and corruptions in the department. He said that Senate Standing Committee has moved the proposal to the concerned authorities suggesting them to convert Railways into an autonomous body for its development.-Agencies
Obama sticks to AfPak strategy WASHINGTON: US President Barack Obama has told lawmakers that no current changes are needed to his Afghanistan and Pakistan strategy, as US forces escalate operations against the Taliban and al Qaeda. Obama delivered the verdict, which had previously been voiced by senior members of his national security staff, as he handed over his administration's latest classified report on the conduct of the war mandated by Congress. "We are continuing to implement the policy as described in December and do not believe further adjustments are required at this time," Obama wrote in the assessment. As the Congress continues its deliberations on the way ahead in Afghanistan and Pakistan, I want to continue to underscore our nation's interests in the successful implementation of this policy." See # 9 Page 11
High Court Chief Justice Khwaja Mohammad Sharif met with civil judges and the situation between the bar and judiciary was reviewed in length. CJ Khwaja Sharif directed the civil judges to continue working for the people and the matter should be settled in an amicable way. After the meeting, the civil judges decided to call off their strike and also withdrew their en mass resignations. Meanwhile, talking to media, Chairman Punjab Bar Council Mumtaz Mustafa said that the transfer of Zawwar Sheikh has
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not defused the situation. He said that a judge should have been penalised for backing crooks. Talking on the issue, advocate Hamid Khan stated that some hidden elements are trying to fan the ongoing clash on the pretext of a judge transfer. He alleged Mumtaz Mustafa, Chairman Punjab Bar Council and Sajid Bashir, President Lahore Bar, of acting on the behest of Federal Law Minister Babar Awan. He said that it seemed as if some lawyers did not want to resolve the issue early. -Agencies
PARIS: French police on Tuesday arrested three men suspected of links to Islamic extremists, a police source said. Two were arrested in the southern port city of Marseille and a third in Bordeaux, southwest France, said the source. The three men were linked to a man arrested in the Italian city of Naples and suspected of al Qaeda links, the source added. Italian anti-terrorist police in early September arrested a French man suspected of belonging to al Qaeda and capable of securing explosives, Italian sources said on Sunday. Last month, French authorities said they had received news that a suicide bomber was preparing to attack the See # 3 Page 11
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Law minister denies cloaked issuance of NAB Ord
Not stymying Accountability Bill, says Awan PML-N, PML-Q stage walkout ISLAMABAD: Federal Law Minister Babar Awan has said that the government has not been an obstacle in passage of the Accountability Bill. He said passing the bill into law is responsibility of the National Assembly. NAB ordinance was issued in broad daylight and in accordance with the rules and regulations, he said. Speaking on the floor of the lower house, Babar Awan said that news reports regarding issuance of NAB ordinance in the darkness of night are baseless and false and is a part of
media trial against the government. He told that on Sept 6, 2010 summary was sent to Prime Minister after which PM Secretariat forwarded the summary to President on 7th September as advice. On 8th September the President inked and approved the summary. On 9th September the summary was sent back to the Law Ministry by the PM Secretariat and on 16 September a notification to this effect was published in the gazette. "We are not afraid of accountability," he said.
He said those involved in manhandling of lawyers will be taken to task and cases will be registered against those involved in beating the lawyers during a protest. Later the PML-N and PML-Q termed the Law Minister statement as unsatisfactory and said that the opposition was bypassed in this matter thus they walkout on this issue. However Chief Whip Syed Khurshid Shah wooed back the members. However the law minister was adamant that they did not bypass anyone and neither violated any law. -Agencies
Russia-born physicists walk away with Nobel STOCKHOLM: Russianborn scientists Andre Geim and Konstantin Novoselov shared the 2010 Nobel Prize for physics for experiments with super-thin carbon matter, the prize committee said on Tuesday. The committee said the two had shown that carbon in an extremely thin form -- just one See # 2 Page 11
Sugar price goes down after import
Unhealthy sugar to be checked, NA told ISLAMABAD: National Assembly was assured that the government would not allow sub-standard sugar sale and perpetrators shall be taken to task. The assurance came from Minister for Labor and Manpower, Syed Khursheed Ahmed Shah in response to a calling attention notice, he also rejected the claim that Indian sugar was packed in Brazilian bags. "There is nothing hidden about it. This sugar has been imported from India. It is clear and there is no reason to pack it in
Brazilian and Thai bags," he added. The minister also nailed the objection of members that the sugar was substandard and said, "We shall not let our people eat poisonous commodity. Pre-shipment inspection of this sugar has been conducted and it will be re-checked by PSQCA before reaching the consumers. "Even then, if any adulteration will be found, the responsible shall be taken to task," he said and mentioned to opening tenders for 25,000 tonne sugar couple of See # 4 Page 11
Govt to give seeds, fertiliser to flood-hit farmers
Growers must get subsidy: Gondal ISLAMABAD: Federal Minister for Food and Agriculture Nazar Muhammad Gondal has said that it is necessary to support farmers of flood-hit areas to put agriculture sector back on track. Talking to Radio Pakistan, he said that seeds and fertilisers will be provided to farmers of flood-hit areas free of cost. He added there is also proposal of giving loans which is still under discussion. He added we will get more benefit than the damage by giving subsidy.
To a question, he said floods have caused Rs280 billion damages to crops and it is impossible to bring the agriculture sector back on track without giving subsidy. The minister said the seeds of crops will be distributed in a proportionate way to get various crops. He termed it a significant decision for economy of the country. He added it is necessary to support farmers to generate activity in agriculture sector. -APP
Pakistan’s privatisation programme most successful in SAsia
SOEs privatisation earns Pakistan $9bn ISLAMABAD: Pakistan Privatisation Program is the most successful privatisation programme in South Asia, Central Asia and the Middle East, which has fetched over $9 billion, proceeds through the privatisation of 167 State Owned Entities (SOEs). It was informed during a briefing to the faculty and the participating senior officers of National Management Course here on Tuesday. While giving the sartorial breakout Agha Waqar Javed Senior Advisor Privatisation Commission informed that 100 per cent state owned enterprises in the chemical, textile, nitrogen fertilizer, cement, rice, roti and light engineering
while 98 per cent automobile industry, 96 per cent ghee mills and 100 per cent units of Phosphate fertilizer have been privatised. Banking industry privatised substantially due to which 80 per cent of the banking sector was under private ownership, he said. Briefing the delegates regarding the process, modes of privatisation and utilization of privatisation proceeds he also highlighted the need for privatising SOEs and stated that the failure of Public Sector reforms, poor performance, increasing infrastructure needs, fiscal constraints and signal to See # 6 Page 11
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