International Karachi, Thursday, October 7, 2010, Shawwal 27, Price Rs12 Pages 12
Aleem Dar wins ICC Umpire of 2010 Award
More Nato tankers torched
See on Page 12
Zardari not going to US: Presidency
See on Page 12
LG Amended Bill tabled in Punjan House
See on Page 12
See on Page 10 Economic Indicators $16.79bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Foreign Debt (Jun 10) Rs 4705.40bn Domestic Debt (Jul 10) $100.90mn Repatriated Profit (Jul- Aug 10) 3.05% LSM Growth (Jul 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.72mn 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)
Portfolio Investment SCRA(U.S $ in million)
46.55 -2.68 -0.19 2311
Yearly(Jul, 2010 up to 05-Oct-2010) Monthly(Oct, 2010 up to 05-Oct-2010) Daily (05-Oct-2010) Total Portfolio Invest (23 Sep-2010)
NCCPL (U.S $ in million)
FIPI (06-Oct-2010) Local Companies (06-Oct-2010) Banks / DFI (06-Oct-2010) Mutual Funds (06-Oct-2010) NBFC (06-Oct-2010) Local Investors (06-Oct-2010) Other Organization (06-Oct-2010)
0.38 -0.94 0.12 -0.29 0.23 0.71 -0.21
Global Indices Index Close KSE 100 10,029.36 Nikkei 225 9,691.43 Hang Seng 22,880.41 Sensex 30 20,543.08 ADX 2,677.53 SSE COMP. 2,655.66 FTSE 100 5,681.39 *Dow Jones 10,943.32 *Last Updated 20:00 PST
Change 4.50 172.67 241.27 135.37 17.98 44.98 45.63 1.40
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)
$.Price PKR/Shares 2.60 111.76 18.00 154.75 2.00 42.99 1.70 36.54 9.62 33.08
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.83% 13.07% 13.22% 13.50% 12.89% 13.06% 13.21% 13.60% 13.71% 13.83% 13.90% 13.99% 14.23% 14.38% 14.58%
06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010
Commodities *Crude Oil (brent)$/bbl 84.93 *Crude Oil (WTI)$/bbl 82.86 *Cotton $/lb 99.40 *Gold $/ozs 1,348.10 *Silver $/ozs 22.96 Malaysian Palm $ 875.40 GOLD (NCEL) PKR 37,306 KHI Cotton 40Kg PKR 7,555 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 82.90 Canadian $ 84.10 Danish Krone 14.80 Euro 118.00 Hong Kong $ 10.90 Japanese Yen 1.018 Saudi Riyal 23.30 Singapore $ 65.00 Swedish Korona 11.90 Swiss Franc 85.90 U.A.E Dirham 22.80 UK Pound 135.80 US $ 86.15
83.90 85.10 15.20 119.30 11.20 1.044 23.48 66.00 12.40 86.90 22.95 137.00 86.45
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
82.90 84.10 14.80 118.00 10.90 1.018 23.30 65.00 11.90 85.90 22.80 135.80 86.15
83.90 85.10 15.20 119.30 11.20 1.044 23.48 66.00 12.40 86.90 22.95 137.00 86.45
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
33°C 38°C 34°C 36°C 31°C 34°C
MIN
18°C 25°C 22°C 22°C 12°C 20°C
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Cabinet nods Afghan trade pact l Pact would further boost trade links: PM l India would deliver goods at Wagah border l FBR, Ministry of Trade told to curb menace of smuggling
ISLAMABAD: Federal Cabinet has approved Afghan Transit Trade agreement aiming at further boosting trade links with Afghanistan. India would deliver goods at Wagah border, while the Afghan trucks will fetch the goods from Wagah. The trucks will not be allowed to cross the border for India. While presiding over the meeting here Wednesday, Prime Minister directed FBR and Trade Ministry to work to
curtail the menace of smuggling. He directed that those items which are being smuggled, their tariff should be curtailed with an aim that these would not remain viable for smuggling. Prime Minister also directed the Interior Ministry to close all the avenues of smuggling with an aim to promote local industries. Briefing newsmen about the decisions of the federal cabinet Information Minister Qamar Zaman Kaira
Rs18bn paid for only 90MW: Justice Ramday
CJP terms RPPs as impractical Shortfall magnified to justify RPPs: Hayat ISLAMABAD: Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry Wednesday hearing a case on alleged corruption in rental power plants said in his remarks that the government cannot go ahead with these projects, they are impractical while Justice Khalil-ur Rehman Ramday expressed his shock saying 'how strange it is that only 90MW electricity could be obtained after making
payments amounting to Rs18 billion'. Furthermore, Supreme Court demanded Pakistan Electric Power Company (PEPCO) to present record regarding power shortage during last one-year. Parliamentary leader of the PML-Q in the National Assembly Faisal Saleh Hayat said in his statement before the bench that maximum power shortfall was shown for the See # 5 Page 11
SBP reviews Apr-Jun performance
Bank deposits up at Rs5.128tn KARACHI: Pakistan's banking industry witnessed a 5.4 per cent growth in its asset base to Rs6.782 trillion during the April-June quarter of the 2009-10 as compared with a contraction of 1.4 per cent in the January-March quarter. According to State Bank of Pakistan's Quarterly Performance Review of the Banking System for the quarter ended on June 30, 2010 released Wednesday, the increase in asset base of the
banking system, which was well supported by growth in deposits, mainly occurred in banks' balances, inter-bank lending, government papers and public sector commodity finance. Banking industry's deposits rose to Rs5.128 trillion in April-June quarter as compared with overall deposits of Rs4.774 trillion in JanuaryMarch quarter. The report pointed out that See # 6 Page 11
Taxpayers to pay 5pc relief surcharge ISLAMABAD: Spokesperson Federal Board of Revenue Israr Rauf said that the 5 per cent flood surcharge will be imposed on people who were already paying taxes on their income. “Government is likely to impose 5 per cent flood surcharge on the people to help flood victims.” "There would not be any new tax in the form of flood-tax it would rather be imposed as a surcharge to help the flood affectees", he said. He said that government of Pakistan in collaboration with
World Bank and Asian Development Bank is working on demand need assessment report to determine the exact damages to the country. The report is expected to be completed in the 2nd week of the present month, adding when the exact ratio of damages would be revealed. Government would try to cover the loss by utilising foreign donations and its own revenue in the rehabilitation process but if the gap remains between estimated amount of See # 7 Page 11
No Proposal on Gas Pricing Mechanism
Subsidies on POL to end soon :Qamar ISLAMABAD: National Assembly was informed Wednesday that subsidies on petroleum products would be eliminated soon after the deregulation of POL prices. Minister for Petroleum and Natural Resources Syed Naveed Qamar told the House during Question Hour that with
this indirect subsidy would be eliminated. He said deregulation of petroleum products will create competition, bring efficiency and make petroleum products prices more competitive. He however pointed out that income from freight charges See # 13 Page 11
Govt to reprioritise budget: PM ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has held out an assurance that the government would reprioritise its budget to divert necessary resources towards flood-affected areas but developmental activities would also continue in the country. He was responding to points raised by leader of the opposition Chaudhry Nisar Ali Khan and Engineer Ameer Muqam in the National Assembly on Wednesday. The Prime Minister said Foreign Minister is out of the country and on his return back the task of prioritizing the budgetary expenditure would be taken up. -Agencies
said that eighty five per cent decisions of the cabinet have been implemented in the Narcotics Control Board, Board of Investment and in Commerce Division. He said the Cabinet approved the decisions of the ECC meeting and gave ex-facto approval for a programme being launched by a French Development Agency, Asian Development Bank and Government of Pakistan. Under this programme work would be initiated to meet
energy crisis in the country with more efficiency. Under the programme three sectors will be addressed including manufacturing of thirty million energy saver bulbs at a cost of sixty five million dollars, the government generating electric machines rehabilitation and to replace the industries transformers and motors which are outdated. The cabinet gave approval for an agreement with Egypt See # 1 Page 11
Major shake-up in Cabinet around corner
Musharraf pins NRO on Chaudhry bros
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has decided in principle to reduce the size of his Cabinet prior to Oct 13 deadline of the Supreme Court regarding NRO. According to the sources, the portfolios of several ministers would be changed and those ministers whose performance is below mark would be removed. A key government personality familiar with the developments told Online that in order to make successful the austerity campaign and in view of deteriorating situation of the country Prime Minister has decided to make large scale changes in the cabinet. PM has taken the President into confidence in this regard and soon after the return of President from Karachi the list would be given a final shape. See # 4 Page 11
LONDON: Former president Pervez Musharraf Wednesday accused Chaudhry brothers for promulgation of National Reconciliation Ordinance (NRO). In an exclusive interview to a private news channel in London, Pervez Musharraf said: "We remained associated for five years and I had no differences whatsoever with Pervez Elahi." He said all his meetings with former prime minister Benazir Bhutto were held on the request of Chaudhry brothers. "There is always a quid pro quo when two parties get down holding talks," he said. Musharraf said that it was his intention that neither Benazir Bhutto nor Nawaz Sharif be present in the country at the
FO rejects Musharraf’s word of mouth
time of elections. He said Chaudhry Shujaat Hussain had objected to Benazir Bhutto's becoming prime minister for the third term. He said both of them were on same page on scrapping of the cases because no court verdicts
ISLAMABAD: Foreign Office spokesperson Abdul Basit rejecting the former president Pervez Musharraf's statement regarding training Kashmiri Mujahideen said that these are his personal views. Talking to Indian media See # 2 Page 11 were coming. The former president further said that Benazir Bhutto could have become prime minister if she had participated in the See # 3 Page 11
US begs pardon for killing Pak soldiers ISLAMABAD: The US ambassador to Pakistan has apologised for a recent helicopter attack that killed Pakistani soldiers near the Afghan border. Anne Patterson said in a statement Wednesday that a joint investigation has established that US helicopters mistook the soldiers for insurgents they had been pursuing. Pakistan has said the attack on Sept. 30 killed three members of Pakistan's Frontier Corps and wounded three others. But Patterson's statement said two soldiers were killed and four were injured. Following the attack, Pakistan shut down a key border crossing used to ship a large proportion of goods to Nato soldiers in Afghanistan. Agencies
TCP sells 24k MT sugar in open mkt KARACHI: Trading Corporation of Pakistan (TCP) has disposed off 24,800 metric tonne of imported sugar worth Rs1.520 billion in the open market through an auction at different prices ranging between Rs68,500 to Rs59,060 per metric ton on ex-godown basis. See # 8 Page 11
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THURSDAY Time Programmes 8:00 Raat 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 17:05 18:15 19:00 19:05 20:00 20:05 21:00 Raat 22:00 22:05 23:00 23:15
Pakistan Aaj (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Bara ka Para News Power Lunch News Mang Raha Hay Pakistan Akhri Sauda Bazaar (Rpt) Doosra Pehlu Ghar Ka Kharch Karobari Dunya News Badalta Pakistan (Rpt) News Islamabad Say Pakistan Aaj News Doosra Pehlu News Karobari Dunya
Thursday, October 7, 2010
KSBL’s delivers education programme KARACHI: Dr Kamal Munir and Dr Shahzad Ansari from Cambridge University Judge Business School conducted "Strategic Management", a two day Executive Education Programme for top corporate executives for the Karachi School for Business & Leadership (KSBL).-PR
Vodacom proved up to the mark during WC
Competition Bill signed into Law KARACHI: President Asif Ali Zardari has signed the Competition Bill into law, formalising its elevation into an Act of Parliament, and rendering the Competition Commission of Pakistan a statutory body, which will enable the Commission to be back in action with full force. The Chairperson, Competition Commission of Pakistan (CCP), Rahat Kaunain Hassan, has said
that today is a historic day for the strengthening of a robust competition law in Pakistan. The Commission will now stand on firmer ground. By taking action without delay, the Government has provided us the legislative backing necessary to dispel all uncertainties and apprehensions over the law, she said. We appreciate and recognise the support extended by the government
in this regard, this will strengthen the institution and ensure its sustainability, she added further. The transition from the temporary to the permanent phase has successfully been achieved. As an organisation, CCP has been facing numerous legal challenges in the courts of Pakistan, questioning our constitutionality. This day onward, such challenges cannot impede CCP's work any longer.
Ebad lauds ACCA victors KARACHI: Governor Sindh, Dr Ishrat-ul-Ebad said that once businesses and overall economy of country grows, there will be a rise in job opportunities for young and qualified talent. He was praising the ACCA achievers who met the governor in presence of leadership from ACCA Pakistan. Governor awarded certificates to three global winners of ACCA and CAT qualifi-
KARACHI: South Africa's network operator, Vodacom South Africa, successfully handled a surge in network traffic due to an influx of half a million visitors throughout the 2010 World Cup. The operator met the increased demand for network capacity and avoided any degradation in performance supported by Nokia Siemens Networks' Special Event Support (SES) services. These included consultancy, back-end network monitoring, network optimisa- KARACHI: First tion and care services.-PR International Perfusionists Conference hosted by Alpha Zone Pakistan society of clinical perfusionists was held at Regent Plaza Hotel and Convention centre Karachi recently. The theme of the conference KARACHI: Indus Motor was "the perfusion strategy Company (IMC) held its and clinical exposure in 19th Annual Dealer the 21st century", said a Conference recently here. handout issued here. Hiroji Onishi, Managing In conference all perfuOfficer, Toyota Motor sionists from different parts Corporation, Japan was the of country were invited and Chief Guest. The Dealer for sharing their knowledge Conference, which had the through scientific session. theme, "Leading Together" Professor Masood Hameed was attended by the Khan Vice Chancellor Dow Company's dealers, guests University Health Science from Japan, senior man- was the Chief Guest of conagement from House of ference, Professor Arif Ur Habib, business partners Rehman President Pakistan and the Indus Team.-PR Society of cardiothoracic
cations and 23 national winners of the December 2009 and June 2010 exam sessions. Arif Masud Mirza expressed gratitude to honorable Governor for taking out time to meet the ACCA High Achievers. He said that ACCA Pakistan is very proud of the competitive young men and women for not only passing global exams of ACCA and CAT qualifications but also excelling at the national and
global level amidst the political and economic instability in the country. Honorable Governor, Dr Ishrat ul Ibad was of the opinion that Pakistan has an infinite potential of economic growth and development and with the recent policies of Sindh Government bearing fruit, a lot of young business leaders will get opportunities to emerge on the private sector landscape.-PR
ECP summons 12 ministers
PM urges MPs to gain donors’ trust
ISLAMABAD: Election Commission of Pakistan (ECP) on Wednesday summoned at least 12 parliamentarians on 11th of October in fake-degree case, the notices were issued to them in this connection, sources said. A five member committee headed by focal person Muhammad Afzal Khan would hear fake-degree cases of the summoned parliamentarians. The Parliamentarians summoned for hearing on 11th October are Hayatullah Tarin from NA 155, Ghulam Dastagir from NA-235, Mir Ahmad Khan from NA-265, Rizwan Naeem Gilani from PP-34 Punjab, Haji Nasir Mehmood PP-111, Shaukat Aziz PP-4, Zulfiqar Ali PP271, Sardar Mehr Baccha Qaisarani PP-240, Nasir Ali Shah PP-31, Yar Muhammad Rindh, Muhammad Safdar from PP-274 and Kashmore Kumar on special seat from Khyber Pakhtunkhwa.-PR
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has reiterated commitment of his government to utilise all available resources for the rehabilitation and reconstruction of the flood affected people. He appreciated the joint efforts of all the parliamentarians and the services of the Federal Ministers in the wake of the devastating floods in rescue and relief operations. The Prime Minister was talking to Federal Ministers who called on him at Prime Minister's Secretariat on Wednesday. The Prime Minister urged all the Ministers to use their resources and manpower for the upcom-
Int’l perfusionists conference held
TV PROGRAMMES THURSDAY 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
Indus Motor holds dealers seminar
surgeons and Professor Fazal Hameed Khan President Pakistan Association of cardiothoracic Anesthesia were guests of honour. The Chief guest Professor Masood Hameed Khan addressed the conference and emphasised continuous education on infant and neonatal perfusion techniques during open heart surgery concordant with the new cardiopulmonary bypass techniques. Speakers in the gracious conference thanked the alpha zone organising committee who hosted such a successful conference. He has also given hope to start the perfusion bachelor's program at the government level which will be the milestone achievement.-PR
DUA KARACHI: Zarine Qureshi sister of Jamshed Qureshi, Chairman Bond Advertising, passed away on Tuesday 5th October. DUA will be held on Thursday 7th October at her residence, 6-A, 4th East Street, Phase 1, Defence Housing Authority, Karachi between Asr & Maghrib.
KARACHI: 1st International Perfusionists Conference hosted by Alpha Zone Pakistan society of clinical perfusionists was held at Regent Plaza Hotel here.-PR
KARACHI: Dr Mirza Ikhtiar Baig, Chairman Pak Denim recieving “FPPCI Special Merit Export Award 2009-10” from the President of Pakistan Asif Ali Zardari at the 34th FPPCI Award Function.-PR
ing phase of rehabilitation and reconstruction. He stressed the need for early finalisation of agreements with the donors to expedite the inflow of grants and loans for reconstruction and rehabilitation of the flood affected people and regions. He asked them to sensitize the donor agencies and the expatriates about the immediate needs; winter tents, warm clothes, medicines and water purifiers for the flood victims. The Prime Minister directed the Ministers to prioritise the development schemes in their respective ministries to spare funds for the upcoming phase of rehabilitation and reconstruction.-Agencies
Crime probe unit found in Korangi KARACHI: A Crime Investigation Unit (CIU) is being established in Korangi Industrial Area (KIA) in order to eradicate crimes and fast disposal of the cases in the KIA, this was stated by the DIG Police (East), Dr Amir Ali, at a luncheon meeting hosted by Pakistan Tanners Association (PTA) in his honour at PTA House on Wednesday. DIG east has announced to root out all the encroachment from Tannery Zone especially along the base water line of Combined Effluent Treatment Plant (CETP), Mehran Town and Road 5000.
Dr Amir further announced to remove all the illegal hydrants from Sector 7-A and deploy a permanent police patrolling in that area. On the issue of increasing incidents of dacoity in Tannery Zone, he ordered the area police to become vigilant and no further incident of robbery should ever happen again. Dr Amir has advised the PTA members to install close circuit cameras in front of their factories so that authentic evidences could be produced before the court to prosecute the culprits in a proper way.-PR
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Thursday, October 7, 2010 Top Economic Events
US dollar drops to 15-year low against the yen Euro up but struggles as Fitch downgrades Ireland NEW YORK: The dollar dropped to a fresh 15-year low against the yen and an 81/2 month low against a basket of currencies on Wednesday hurt by expectations the US Federal Reserve will further ease monetary policy. Dollar losses accelerated after a report showed US private employers unexpectedly cut 39,000 jobs in September after an upwardly revised gain of 10,000 in August. The ADP payrolls processor report comes ahead of Friday's government non-farm payrolls report. A broadly weak dollar helped push the euro to an eight-month high, though the single currency pared gains
after Fitch downgraded Ireland's credit rating, renewing concerns about the fiscal health of peripheral euro-zone countries. Comments by Chicago Fed President Charles Evans, who was quoted as saying the central bank should do much more to spur the economy, also kept negative dollar sentiment firmly intact. This has intensified speculation the Fed will resume quantitative easing, possibly in November. Midway through the New York session, the dollar dipped as low as 82.75 yen on
electronic trading platform EBS before recovering to 83.00 yen, still down 0.2 per cent on the day. The session peak was only 83.27 leaving
the dollar/yen trading in a tight range despite the extreme low. Wednesday's low was below the 82.87 level where the Bank of Japan moved to weaken the yen on September 15 but investors were not willing to push the dollar too low
Asian currencies
Korean won lead gains; intervention spotted Seen staying firm on expectations of further Fed easing SEOUL: The South Korean won and the Taiwan dollar led rises in Asian currencies on Wednesday as fund inflows pushed up regional stocks on improving risk appetite and expectations of further policy easing by the Federal Reserve. Foreign exchange authorities ranging from South Korea to Taiwan and Thailand were spotted buying dollars to stem the strength in their currencies, a day after they warned of actions on short-term fund inflows. Authorities in the region were estimated to have bought a combined $23.2 billion via intervention from last week until Tuesday, according to
traders estimated compiled by IFR Markets. Analysts and dealers said any measures or intervention by the authorities would merely slow the pace of increase in their currencies rather than reversing their upward trend. The won hit a five-month intraday high against the dollar as foreign investors extended buying of local stocks, lifting the Seoul stock market to its highest close in 29 months, although dealers spotted intervention by the authorities. The won ended up 1.1 per cent at 1,118.0 versus the greenback from Tuesday's close of 1,130.7. It strengthened to as high as 1,118.0, the
Sterling falls against euro, BoE awaited LONDON: Sterling hit a fourmonth low against a currency basket on Wednesday after it fell against a broadly strong euro, while concerns that further monetary easing may be needed in the UK also weighed on the pound. The UK currency crept towards a 4 1/2-month trough versus a broadly strong euro. However, gains in the single
European currency against the dollar helped to pull the pound to a two-month high versus the US currency. Investors awaited a policy decision by the Bank of England on Thursday given growing expectations for policy easing by some the world's major central banks. The dollar has taken a beating from speculation of more quantitative easing from the Federal Reserve. While few in the market expect the UK central bank to announce any quantitative easing measures on Thursday, some
analysts say that an unchanged policy decision may offer a nearterm boost to sterling against the euro. By 1529 GMT, the euro had climbed roughly 0.5 per cent on the day to 87.53 pence, near 87.58 pence hit earlier in the week, its highest since late May. The euro broke above its 55day moving average around 87.17 pence, but further gains
were capped ahead of 87.77 pence, the 100-day moving average. Sterling's losses versus the euro pushed the pound down to 79.6 on a trade-weighted basis, its lowest since June. The pound was flat on the day against the dollar at $1.5900, having climbed as high as $1.5940 in earlier trade, its strongest since early August. One trader in London said that some sterling/dollar sellers were starting to come out of the woodwork as the UK currency approaches the psychologically key $1.60 level. -Reuters
strongest since May 4. The Thai baht tracked Asian peers up, pushing it to within a striking distance of the key 30 per dollar level. The Bank of Thailand was in the market, dealers said, but its efforts were tentative amid a broad rally of Asian currencies. "We should closely watch how the BOT reacts as it approaches 30.00. But given the sustained inflows, it could breach 30.00 this week with the next barriers seen at 29.75 and 29.50," a Bangkok-based trader said. "If this trend continues, BOT may eventually be forced to impose capital controls but that will take more time to be decided." -Reuters
Swiss franc flirts with multi-year highs vs $ ZURICH: The Swiss franc flirted with record highs against the dollar on Wednesday as speculation that the US Federal Reserve might resume quantitative easing in the near future weighed on the greenback. The dollar slipped to a 2-1/2 year low against the franc on Tuesday, according to trading platform EBS, as it came under pressure against other major currencies on talk the Fed could go for further monetary stimulus as soon as next month. At 0755 GMT, the franc was trading largely flat against the dollar at 0.9662 per dollar compared to the New York close, Reuters data showed. "Obviously the all time low (for dollar-Swiss) still remains within reach and given the way forex markets have been trading recently this may be a strong enough target to be tested," said Informa Global Markets analyst Nikola Stephan. The all-time low for dollarSwiss is 0.9572, which it touched in March 2008, according to trading platform EBS. -Reuters
Aussie, NZ dollar strong in global reflation rally SYDNEY/WELLINGTON: The Australian and New Zealand dollars hugged multi-month highs on Wednesday as the prospect of major central banks printing more money sparked a surge in commodities and higher-yielding assets. The Aussie dollar stood at $0.9721, having staged an impressive 1.8 per cent comeback from Tuesday's trough of $0.9542 and within striking distance of a two-year peak at $0.9751. Analysts said it was little wonder the Aussie and kiwi dollars were in demand as they were one of the few major currencies left in the world not beset by talk of competitive devaluations or looser monetary policy. There is intense speculation the Federal Reserve and the Bank of England would follow Japan's example and unveil more quantitative easing in coming weeks. In Asia on the other hand, central banks have
been busy intervening in markets in the past month to stem the rise of their currencies against the dollar to protect exports. Expectations the Aussie dollar could tear higher in a world of cheap money and yield-hungry investors helped the market to brush aside the RBA's surprise policy move on Tuesday when it left interest rates unchanged at 4.5 per cent. The New Zealand dollar was firm at $0.7485, around a cent higher than late Tuesday levels, and a hair's breadth from a near 11-month high of $0.7497 hit offshore. The kiwi was seen well supported from about $0.7450, with the $0.75 level providing a key psychological test. The surge in the kiwi prevented the Australian dollar from staging an impressive comeback on its neighbour. It traded at NZ$1.2959, still well below NZ$1.3112 seen before the RBA surprise. -Reuters
against the yen despite the fresh 15-year low in case of more intervention. The greenback was well below the high of 83.99 yen it hit on EBS after the Bank of Japan (BOJ) announced easing steps on Tuesday. The dollar was down 0.2 per cent against a basket of currencies at 77.568, having fallen as far as 77.556. The euro gained 0.4 per cent at $1.3886 in a volatile session that saw it swing between losses and an eight-month high of $1.3891 on the EBS trading platform. Options bar-
riers were said to be at the $1.3900 level. The single currency was helped earlier by data showing a surge in German manufacturing orders in August, leaving a potential for the single currency to test $1.40. The dollar also touched a 21/2 year low against the Swiss franc at 0.9620 francs on EBS trading platform. This brings it closer to the all-time low of 0.9572 hit on EBS, while it is already below the all-time low recorded on Reuters data of 0.9674. The higher-yielding Australian dollar hitting its highest in more than two years at $0.9781, leaving it on course for a test of the 2008 high of $0.9851. -Reuters
Indian rupee trims early gains as euro slips MUMBAI: The Indian rupee trimmed gains from a near sixmonth high on Wednesday, tracking losses in the euro and weighed by some dollar demand from importers, but buoyant local shares helped the local unit close stronger on the day. The partially convertible rupee closed at 44.49/50 per dollar, off a high of 44.25 reached in early deals, its strongest since April 15 and 0.4 per cent stronger than Tuesday's close of 44.69/70. "Initially, foreign banks were selling dollars but all of it got absorbed by oil companies and state-run banks. Later, when the euro weakened, we saw some dollar buying in the local market too," said Hari Chandramgathan, a forex dealer at Federal Bank. "I do not see the rupee strengthening above 44.25 levels with the downside seen at 44.95-45.00 levels." Foreign funds have bought a record $20.3 billion of Indian equities so far this year, with
more than one-third of that flowing in since the start of September. India's August trade deficit widened to a 23-month high and the trade secretary raised his projection for the full-year figure, but said the bulging deficit was not yet a problem and could be financed. Some dealers suspected the Reserve Bank of India (RBI) may have bought dollars in the market around 44.25 levels, but sources in the central bank said current conditions did not warrant intervention. One-month offshore nondeliverable forward contracts were quoted at 44.61, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.68, 44.6725 and 44.6875 respectively, with the total traded volume on the three exchanges at a low $7.4 billion. -Reuters
Taiwan $ at 2-yr high, but cbank caps TAIPEI: The Taiwan dollar hit an over two-year closing high on Wednesday, tracking gains in other emerging currencies as fund flows chased yield, but central bank intervention pulled it back from higher levels earlier. Taiwan's central bank has intervened in the market heavily in recent sessions, mostly in the last minute of trading, as a surge in the currency threatens to hurt exporters, who contribute the most to Taiwan's economic growth. "As it has been in recent sessions, the central bank stepped in at the last minute today," said a dealer at a local bank. "It will be doing whatever it can to keep the Taiwan dollar around the T$31 level, though capital controls are not an option for now." The central bank has stepped up verbal intervention in recent days, warning that it was closely watching what it called "hot money" flows. It joins other Asian emerging markets authorities in taking
aim at fund flows as they seek to protect their exporters from rises in currencies. South Korea was seen intervening Wednesday as its won currency hit a five-month high against the US dollar. The Taiwan dollar rose T$0.12 or 0.38 per cent to T$31.132 against the US dollar, pulling back from a rise of 1.48 per cent to a day high of T$30.79 after the suspected central bank intervention at the end of trading. The currency also got a boost from demand for stocks that pushed the main TAIEX index up 1 per cent to a nearly ninemonth closing high. -Reuters
Time 5:30 5:30 7th-8th 13:30 15:00 16:00 16:00 16:45 17:30 17:30 17:30 Tentative
Source AUD AUD GBP GBP EUR GBP GBP EUR CAD EUR USD GBP
Events Employment Change Unemployment Rate Halifax HPI m/m Manufacturing Production m/m German Industrial Production m/m Asset Purchase Facility Official Bank Rate Minimum Bid Rate Building Permits m/m ECB Press Conference Unemployment Claims NIESR GDP Estimate
Forecast 20.2K 5.1% 0.6% 0.1% 0.4% 200B 0.50% 1.00% -1.9%
Source
Events
Actual
Forecast
EUR EUR USD USD CAD USD
Final GDP q/q 1.0% German Factory Orders m/m 3.4% Challenger Job Cuts y/y -44.1% ADP Non-Farm Employment Change -39K Ivey PMI 70.3 Crude Oil Inventories 3.1M
1.0% 0.9%
Previous 30.9K 5.1% 0.2% 0.3% 0.1% 200B 0.50% 1.00% -3.3%
454K
453K 0.7%
Previous Day Previous
1.0% -1.6% -54.5% 10K 65.9 -0.5M
23K 63.0 0.5M
Currencies Rate 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 High 1.3937 1.3948 115.43 115.46 1.3395 1.3416 115.44 115.46 0.961 0.9682 1.0091 1.0165 1.5911 1.5937 131.78 132.42 0.9775 0.9791 1.4058 1.4083 86.24 86.23 1347.38 1348.93 22.00 0.00
Bid 1.3935 115.4 1.3389 115.41 0.9606 1.0086 1.5606 131.75 0.9772 1.4055 86.18 1347.63 21.97
Low 1.3802 114.7 1.3326 114.7 0.96 1.0064 1.5836 131.47 0.9697 1.3989 85.81 1337.58 0.00
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 06/10/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55000 1.05333 0.39500 SN 0.09625 1WK 0.25025 0.55500 1.07000 0.59500 0.10875 2WK 0.25219 0.56000 1.09667 0.62625 0.11625 1MO 0.25688 0.57125 1.11667 0.68438 0.13000 2MO 0.27359 0.62838 1.16250 0.74500 0.16125 3MO 0.28969 0.73881 1.23250 0.89500 0.20500 4MO 0.34438 0.82209 1.28583 0.96625 0.29313 5MO 0.40781 0.92500 1.34417 1.05313 0.35313 6MO 0.46156 1.02750 1.40583 1.15750 0.41250 7MO 0.51063 1.10350 1.47500 1.20750 0.47125 8MO 0.56250 1.18469 1.55417 1.25500 0.52063 9MO 0.61156 1.26594 1.62417 1.30125 0.56938 10MO 0.66375 1.34000 1.69250 1.35250 0.59813 11MO 0.71656 1.40750 1.78417 1.40000 0.62500 12MO 0.77413 1.47313 1.86000 1.44875 0.65438
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 06,2010 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
86.15 137.17 119.28 84.86 89.26 83.69 12.86 1.04 14.83 65.75 16.00 22.97 11.11 12.88 303.83 27.88 64.48 23.66 23.45 0.08 2.87
85.95 136.80 119.01 84.66 89.05 83.50 12.83 1.03 14.79 65.59 15.97 22.92 11.08 12.85 303.12 27.82 64.33 23.61 23.40 0.08 2.87
85.76 136.49 118.73 84.44 88.81 83.28 12.79 1.03 14.75 65.42 15.92 22.86 11.05 12.81 302.32 27.75 64.16 23.55 23.34 0.08 2.86
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 06, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.00 12.25 12.55 12.70 12.80 12.90 13.00 13.05 13.20 13.45 13.85 13.75 13.85 13.85 13.85 13.70 13.70 14.00 14.25 14.40
12.05 12.15 12.40 12.55 12.70 12.90 13.00 13.15 13.15 13.45 13.85 13.90 13.94 13.98 13.90 13.70 13.60 13.99 14.20 14.40
11.85 12.10 12.40 12.58 12.70 12.95 13.00 13.05 13.20 13.45 13.85 13.64 13.95 13.78 13.75 13.65 13.62 14.00 14.20 14.40
11.75 12.00 12.45 12.70 12.80 13.00 13.00 13.05 13.15 13.40 13.85 13.85 13.93 13.86 13.80 13.82 13.65 14.00 14.25 14.30
12.00 12.20 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 12.00 12.15 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
11.94 12.14 12.45 12.65 12.75 12.91 12.98 13.05 13.17 13.44 13.83 13.77 13.90 13.85 13.82 13.74 13.64 13.99 14.23 14.38
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.24 0.93 0.66 0.79 0.55 0.42
0.36 0.91 0.32 -0.46 0.53 0.23
0.42 0.88 0.19 -0.07 0.50 -0.29
EUR/USD NZD/USD
0.61 0.95 0.42 0.06 0.69 0.57
0.47 0.95 0.76 0.78 0.88 0.70
USD/CAD USD/CHF
0.71 0.75 0.59 0.81 0.70 0.52
-0.76 -0.76 -0.55 -0.35 0.35 -0.40
-0.59 -0.91 -0.44 -0.91 -0.81 -0.57
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)06/10/2010 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
ASK
AB P L 11.75
12.25
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 11.90
12.40
12.10
12.60
12.45
12.95
12.80
13.05
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
11.80
12.30
12.25
12.75
12.50
13.00
12.85
13.10
13.05
13.30
13.10
13.60
13.10
13.60
13.50
14.00
ASPK 11.75
12.25
12.15
12.65
12.40
12.90
12.80
13.05
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
CIPK
12.10
12.60
12.25
12.75
12.50
13.00
12.80
13.05
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
DBPK 11.75
12.25
11.90
12.40
12.25
12.75
12.75
13.00
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.90
12.40
12.10
12.60
12.30
12.80
12.75
13.00
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 11.90
12.40
12.00
12.50
12.30
12.80
12.85
13.10
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 11.90
12.40
12.10
12.60
12.40
12.90
12.80
13.05
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 11.80
12.30
11.90
12.40
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 11.80
12.30
12.00
12.50
12.75
13.25
12.85
13.10
13.00
13.25
13.05
13.55
13.10
13.60
13.20
13.70
HMBP 11.85
12.35
12.00
12.50
12.55
13.05
12.85
13.10
13.10
13.35
13.20
13.70
13.30
13.80
13.40
13.90
SAMB 11.75
12.25
12.10
12.60
12.50
13.00
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 12.10
12.60
12.20
12.70
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 11.75
12.25
12.00
12.50
12.25
12.75
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK
11.70
12.20
11.85
12.35
12.35
12.85
12.75
13.00
12.90
13.15
13.10
13.60
13.20
13.70
13.35
13.85
UBPL 12.10
12.60
12.25
12.75
12.40
12.90
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
AVE
12.33
12.06
12.56
12.39
12.89
12.81
13.06
12.96
13.21
13.10
13.60
13.21
13.71
13.34
13.83
11.83
4 Thursday, October 7, 2010
The Financial Daily International Vol 4, Issue 63
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
Is hike in wheat support price unavoidable? It has been proposed to raise wheat support price up to Rs1000/40kg for this procurement season from existing Rs950. Let’s find out how prudent a decision it would be for the country, if taken. Keeping in view the post-flood conditions the proponents consider an increase in procurement price necessary for the farmers. While the proposers consider it necessary, the opponents have some reservations. To achieve food security it is necessary to offer the local farmers some incentive for cultivating wheat. Procurement price of wheat has to be linked with the prevailing international price of wheat, and the proposal makes some sense. As the government aims at achieving 25 million tonne wheat production target, fixing the right price is of prime importance. It must be kept in mind that in case wheat price in Pakistan is lower as compared to the price prevailing in the neighbouring countries the probability of smuggling increases. While fixing local procurement price wheat price in India, Afghanistan, and Iran has to be kept in mind. The argument that cost of inputs has increased maybe right but if the government undertakes the provision of seed and fertiliser free of cost or at nominal price, then argument seems a little weaker. The argument that hike in procurement price will bring additional area under wheat cultivation also has limited validity. Pakistan's problem is not the limited area under wheat cultivation but poor per acre yield. Cost of inputs can be optimised by improving yield and not by bringing additional area under cultivation. It is necessary to point out that highly inadequate wheat storage facilities in the country is a key factor which forces reduction in local price of wheat. The government aims at achieving 25 million tonne wheat target but storage capacity is around 7 million tonne. Storing wheat in open or in inappropriate facilities leads to staling and rodent-damage. Lately, the central bank announced policy for the construction of wheat storage silos but the response has been disheartening. If the government is serious in boosting local production the wheat target can't be achieved without increasing storage capacity by three times. Better results can be achieved by encouraging participation by the private sector. Experts are of the view that up to 30 million tonne wheat output can be achieved without bringing additional area under wheat cultivation. This year irrigation water is available in adequate quantity and fertiliser prices are also not too high. If growers pay a little more attention to crop management they can output more than 25 million tonnes of commodity. The only fear is that farmers may fail in achieving wheat sowing target. Small farmers produce bulk of the wheat in the country but they have been hit the worst by torrential rains and the worst floods. Announcing supply of seed and fertiliser free of cost to farmers was the first step towards achieving the target but it has to be made a reality. Attaining food security is not possible without taking the right measures, don't waste time act now to ensure better tomorrow for the farmers and the country both.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
T
War of the Currencies?
he head of the IMF warned that a growing drive by nations to cap the strength of their currencies risked derailing economic recovery while the dollar dropped further on Wednesday. Concerns that the Federal Reserve is about to embark on another round of policy easing that could weaken the dollar, tallied with China's polite refusal to let its yuan rise fast, has pushed currencies to the top of the agenda at Friday's meeting of finance chiefs from the Group of Seven nations. Few hold out much hope of any meaningful agreement at the G7 or the International Monetary Fund meeting that follows. "It's doing nothing for the American economy, but it's causing chaos over the rest of the world. It's a very strange policy that they are pursuing," Nobel economics laureate Joseph Stiglitz said of US policy. The dollar extended its losses on Wednesday, falling to an 8-1/2 month low against a basket of currencies and edging toward a 15-year trough versus the yen. That trend prompted Japan to intervene to weaken the yen last month and some emerging economies have followed suit or are threatening to. "There is clearly the idea beginning to circulate that currencies can be used as a policy weapon," IMF Managing Director Dominique Strauss-Kahn was quoted as saying in Wednesday's edition of the Financial Times. "Translated into action, such an idea would represent a very serious risk to the global recovery ... Any such approach would have a negative and very damaging longer-run impact," he said.
The IMF, which holds its twiceyearly meeting in Washington this weekend, is also expected to discuss foreign exchange moves as part of its mission to get countries working for balanced global growth. Brendan Brown, economist at Mitsubishi UFJ Securities International in London, said the
“
Tuesday to allow the yuan to rise more rapidly, but he politely rebuffed them, repeating Beijing's standard line on seeking currency stability. Wen was due to hold a joint news conference with EU leaders in Brussels at 1515 GMT. Policymakers have highlighted the issue of global imbalances for years, with fundamental problems seen as the dollar's global dominance, China's overvalued yuan and Germany's lack of domestic consumption. Emerging nations say the cash flows seen this year have damaged their exports due to the determination of major economies to
"There is clearly the idea beginning to circulate that currencies can be used as a policy weapon," IMF Managing Director Dominique Strauss-Kahn was quoted as saying in Wednesday's edition of the Financial Times.
Fund, which has the United States as its biggest stakeholder, would not try
"Translated into action, such an idea would represent a very serious risk to the global recovery ... Any such approach would have a negative and very damaging longer-run impact," he said. to prevent further US monetary easing or a resulting slide of the dollar. "That Washington institution has failed in its central mission to prevent currency war," he wrote in a report. CHINA UNMOVED Eurozone policymakers urged Chinese premier Wen Jiabao on
restrain their own currencies' levels. But entrenched positions make it unlikely that officials sitting down to IMF and G7 meetings this weekend, and G20 meetings later in the year, will resolve their differences. Brazil fired the latest shot in what it has dubbed an "international currency
war," doubling on Monday a tax on foreign investors buying local bonds to 4 per cent to curb a strong real. Policymakers from emerging Asian economies have voiced growing concerns about the risk of a flood of hot money inflows. South Korea warned investors it might impose further limits on forward trading and India and Thailand said they were looking at steps to control speculative surges. "It's natural in that context for them to say -- we can't just let our exchange rates appreciate and destroy our exports," Stiglitz told reporters at Columbia University on Tuesday. MORE FED EASING? Adding to speculation that the Federal Reserve will soon extend asset purchases to pump money into the economy, Chicago Fed President Charles Evans was quoted as saying the central bank should do much more to spur the economy. And in a surprise move, Japan pulled interest rates on the yen back to zero on Tuesday and pledged to pump more funds into an economy struggling to compete while the currency remains close to a 15-year high against the dollar. The euro gained 7.6 per cent versus the dollar last month as Fed easing speculation hotted up. Europeans are worried they will be saddled with an overvalued currency, stifling recovery, because they have few tools to contain the euro's rise. France, which takes over the presidency of the Group of 20 major economic powers next month, has put reforming the international monetary system at the top of its agenda, hoping to draw China into multilateral talks on currency coordination.Reuters
It Weighs on the Wealthiest Even B
ill Gates and Warren Buffett are urging US billionaires to give away their money, but economic uncertainty is deterring rich Americans from increasing their giving, say bankers to the very wealthy. Chief executives of Wells Fargo Private Bank, Credit Suisse Private Bank, Bessemer Trust, Silvercrest Asset Management and Bank of America's US Trust told the Reuters Global Private Banking Summit that some rich people were reassessing their giving as the country recovers from its worst recession in decades. "Whereas the typical American household is trying to figure out how to balance its checkbook and pay its bills, the wealthy (are) trying to do that, even with its philanthropy," Wells Fargo Private Bank CEO Jay Welker said in New York. "Philanthropy is a part of ... what can I afford to do this month, or this quarter, or this year?" he said. Welker praised Gates and Buffett's Giving Pledge campaign, which urges billionaires to give away at least half
their fortunes to charity, but said that "what they don't give away still makes them wealthier than everybody else in the world." The bankers said America's wealthy were concerned about the economic recovery and whether Congress would extend tax cuts for richer US households, enacted by f o r m e r President George W Bush, that are due to expire at the end of December. "There is a fear that if the money is permanently lost, they might not be able to make it again," said Moffett Cochran, chief executive of Silvercrest Asset Management. "Our clients are probably not spending their money as freely as they once did. I think that's motivated by a lot of things including guilt at having still a lot," he said. Cochran said that while many of his clients were involved in philanthropy, oth-
ers were not interested. He mentioned one wealthy Wall Street client, who when asked if he wanted to consider getting involved in philanthropy and including his only son, replied: "I want my son to learn how to make money before he starts giving it away."
they are being more selective in what they're doing and what they're supporting," he said. "In the past where some of them might write 10 checks, they may give the same amount of money, but they they're going to write five checks ... as opposed to more
Welker praised Gates and Buffett's Giving Pledge campaign, which urges billionaires to give away at least half their fortunes to charity, but said that "what they don't give away still makes them wealthier than everybody else in the world." TARGETED PHILANTHROPY Keith Banks, chief executive of US Trust, said that many wealthy Americans believed that "their wealth brings a desire, almost a responsibility, to do positive things with it" and that despite the economic woes, that mind-set had not changed. "But I would say if anything
generic philanthropy, its more targeted philanthropy," he said. Individual Americans gave more than $227 billion in 2009, according to a the Giving USA report by the Center on Philanthropy at Indiana University, down just 0.4 per cent from the previous year, despite the US recession. "What we have seen in the
last two years is that people are probably pretty flat on their commitments, we haven't seen too much aggressive behavior there about getting bigger," said Anthony DeChellis, chief executive of Credit Suisse Private Bank (Americas). While the philanthropy of the rich was designed to take advantage of tax breaks, the private bankers said this was rarely a key motivation and that wealthy Americans were becoming more involved in their giving. "So many of our clients want to give back," said John Hilton, chief executive of Bessemer Trust. "It really is to share their success with others who can benefit from that gift. I really don't think it's tax driven." He said philanthropy among his clients was flat. "Because of the uncertainty, people are living longer, there are expectations their wealth may not grow as much in the future as it has in the past," Hilton said. "People are just making decisions in a much slower, measured manner than maybe they had in the past."-Reuters
Distraction Tactics The objective of today's propaganda against Pakistan is to create doubts cognitive dissonance and ultimately divide the opinions of the influential group as well as the general audience. This is exactly happening with us as a nation lately. International reports and local media are presenting concocted stories in such a way that a section of political leaders and people believe that the working of the government is in quandary and change has become imminent. In the prevailing geo-political situation and the existing threats from the terrorists the change is not the answer. The situation can be handled by transforming the system. Democratic institutions are not established in a short time. They go through many odds and then learn from experiences. Pointing the finger at the weaknesses of others may be a part of healthy criticism but practical solutions are necessary too. Building up pressure to make the leadership realize its strengths and weaknesses and finding out options to overcome the problems is a sign of growing maturity. We as a nation should not fall prey to propaganda of enemies. We all know the hidden or unveiled truths. We should learn to be optimistic and be strong enough to fight against war of minds. Mistrust, confusions, doubts and allegations are like a beaver which goes on playing its part of weakening the foundations leading to collective collapse. Propagandists focus on the sensitivities of the people. They choose institutions which are respected and have the capacity to deliver the best. Creating doubts about these shatter the confidence of public and lowers the morale. In the prevailing circumstances we need to guard our minds against the negative propaganda.
The Kashmir Conundrum When it comes to UN General Assembly session hopes are high that some support from other countries could bring some hope for the people of Kashmir. This time the UN has given a very positive signal of 'getting tough with India'. The US has also sent a message to 'fix Kashmir issue and get the UN seat'. The prevailing scenario demands resolving issues having the potential of disrupting peace in the region. Kashmiri is an issue which is creating unrest among its people. They are demanding freedom. Millions have died over the years but the struggle has continued and the new generation is also trying harder to achieve freedom. For how long India can suppress the movement and cover up atrocities being committed by its army and paramilitary forces. The open wounds of Kashmiris demand the UN and the powerful nations to influence India. Recognizing the issue and supporting the Kashmiris is not enough. Steps have to be taken to stop India from committing brutalities and allowing them to exercise the right of self determination. The second step is to convince the UN to send a mission to Kashmir immediately for taking steps to leading to the freedom of Kashmiris. It is not an easy job, which could be achieved in one day. If the world is serious, it should make to resolve the issue. Anwar Parveen, Rawalpindi
5
Thursday, October 7, 2010
South East Asian stocks
EU shares close higher on stimulus hopes KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,024.86 10,029.36 4.50 0.04 59.68
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,126.01 3,111.95 14.06 0.45 0.95
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,566.22 2,559.23 6.99 0.27 0.004
Major Gainers
Symbol
Close
Change
WYETH 944.33 NESTLE 1,911.55 DREL 710.00 MTL 425.57 LAKST 345.14
37.78 32.21 20.00 18.52 16.43
Major Losers
Symbol
Close
Change
ULEVER 3,950.00 UPFL 1,001.00 IDYM 218.54 BATA 465.00 PAKD 107.85
-50 -39 -11.5 -6.82 -5.67
Top 5 Volume Leaders
Symbol
Close Vol (mn)
AMTEX JSCL NCL AHSL PSAF
15.67 9.13 17.85 21.53 6.91
5.25 5.00 3.52 3.04 2.92
Active Issues Plus Minus Unchanged
163 193 43
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
Dullness dwells at a scarcely green KSE Nawaz Ali KARACHI: Dullness dwelt at the Karachi Stock Exchange (KSE) for the third straight session ending with a marginal gain as investors preferred to remain on the sidelines before the recommencement of hearings on NRO from Oct 13. The benchmark KSE 100index gained just 4 points to close at 10,029 points, both KSE 30-Index and KSE All Shares Index went up by only 1 point to close at 9,688 and 7,000 points respectively. Trading activities started on a positive note, but activity didn't pick up momentum and continued to show lethargic performance throughout the session as investors remained away from the trading floor however some buying witnessed in the textile stocks. Therefore index moved in a range of 10,050 points (+ive 25 points) and 9,996 points (-ive 28 points). "Market remained rangebound for investors traded half-heartedly amid limited activity from institutional side", said Samar Iqbal, equity dealer at Topline Securities. The news regarding one year tax holiday for Pakistani exports to European Union states did turn investors' heads to textile sector, he added. Experts say that the ongoing uncertain political situation in the country is one of the major reasons holding the investors from trade. They added investors were mainly waiting for Oct 13 hearing of National
Reconciliation Ordinance (NRO) implementation case. Apart from uncertainty on the political front, the fragile economic situation too dulled the activity, opined experts. Pundits think good quarterly corporate results along with launch of Margin Trading System (MTS) and improvement in the political situation would boost the market. "While already high inflation is likely to go up further the proposed rise in wheat support price --if approved-along with various tax reforms and rise in power tariff signal further suffocation for the struggling economy. The proposed MTS, moving at painfully slow pace facing constant threat of further amendments, if implemented, may however allow the local bourse to trade in a larger orbit", said an equity dealer at a local brokerage house. Foreigners' interest, too, remained limited as a net foreign buying of only $0.37 million was registered on Wednesday, NCCPL data showed. On the home front individual investors did a net buying of $0.7 million while companies net-sold shares worth $0.94 million. Investor participation remained low as 59.6 million shares changed hands in the overall market, a decline of 3.8 million as compared to a turnover of 63.4 million shares a day earlier. Most of the traded stocks ended on a negative note as out of total 399 active issues; 193 declined and 163 advanced while 43 issues kept status quo.
Inflows push Jakarta, Manila to record high Sen Waqar to kick off forum at London mkt ISLAMABAD: The London Stock Exchange (LSE) has invited Senator Waqar Ahmed Khan Federal Minister for Privatization to open "Pakistan Capital Market Forum" on Friday October 19. The event is being held under the auspices of LSE in conjunction with Nomura Dubai in London, says a statement issued by Privatization Commission. See # 17 Page 11
Arif Habib Securities renamed
Indian shares ride inflow tide MUMBAI: With no sign of abatement in foreign fund inflows and with firm world equities lending a hand, Indian shares gained 0.7 per cent on Wednesday, for the fourth session in five, led by Reliance Industries. World stocks rallied after the Bank of Japan's monetary easing measures bolstered expectations of a new round of central bank action to help feeble economies. The 30-share BSE index closed 0.66 per cent or 135.37 points higher at 20,543.08, with 20 components advancing. It had risen as much as 1.3 per cent in early trade. 'The global mood towards riskier assets is rising,' said Rakesh Rawal, head of private wealth management at broker-
Ghulam Raza Rajani KARACHI: The Board of Directors of Arif Habib Securities Limited has decided to change company's name to "Arif Habib Corporation Limited", subject to all regulatory approvals, as per the notice issued by the Company to Karachi Stock Exchange (KSE). TOKYO: Japan's Nikkei average rose 1.8 per cent to a twoSee # 18 Page 11 month closing high on US stocks mid-day Wednesday as the Bank of Japan's credit easing measures the day before continued to induce strong inflows, especially in the financial and property sectors. Still, the continuing strength of the yen weighed on shares of manufactures, such as Toyota NEW YORK: The Nasdaq fell Motor which fell 0.8 per cent, on Wednesday after a broker's capping the Nikkei average. downgrade in the chip sector, The BOJ pledged to pump while the Dow and the S&P 500 more funds into the struggling were flat as investors weighed economy and to keep rates virthe prospects for more stimulus tually at zero, sending the measures following a weak benchmark Nikkei 1.5 per cent reading on private-sector hiring. higher on Tuesday. See # 19 Page 11 Shares of the financial sector jumped, along with the properCode of Corporate ty sector after the BOJ Governance announced a plan to set up a 5
FTSE up, led by miners, energies
LONDON: Britain's top share index closed higher, at a fresh five month peak on Wednesday, led by miners and energy issues as commodities rose on optimism governments will act to stimulate economies around the world. At the close, the FTSE 100 was up 45.63 points, or 0.8 per cent at 5,681.39, its highest close since April 26. "It's a reaction to recent supportive comments and actions from the central banks ... showing they are prepared to use every weapon in the arsenal to make sure the fragile recovery won't turn into a double dip, and that has helped risk appetite," said Henk Potts, markets strategist at Barclays Wealth. Miners gave the biggest boost to the index as gold hit a record high and copper rose to its highest since July 2008 on a strong demand outlook and expectations that governments will do more to stimulate the global economy. Anglo American, Lonmin, trillion yen ($60 billion) fund to buy a wide range of assets Kazakhmys, and Xstrata added 3.8 to 4.2 per cent, helped by a including Japanese real estate See # 14 Page 11 investment trust (J-REITs). "The BOJ's series of measures have clearly lifted sentiment and have induced steady short-covering in stocks, but the ongoing strength of the yen is limiting active followthrough moves," said Naoki Fujiwara, fund manager at Shinkin Asset Management. Staff Reporter "The yen is the key driver in the stock market now. The fate KARACHI: Nakshbandi of the yen will be decided by Industries Limited has declared the Federal Reserve's monetary 20% final cash dividend for the policy," Fujiwara said. year ended June 30, 2010. The benchmark Nikkei gained Accordingly, the cause of 172.67 points to 9,691.43 -- its placement of the Company highest close since Aug. 3, under Listing Regulation No.30 while the broader Topix rose 1.4 (2) of the Exchange in the nonper cent to 844.50. complaint Segment has been See # 16 Page 11 removed.
age Anand Rathi. 'When investors start looking at such assets, India is naturally one of the attractive bets considering the economic growth here. Large chunks of money seem to be allocated to India.' Foreign fund have poured in $20.3 billion into Indian shares so far in 2010, driving the index 17.6 per cent higher. They have been net buyers of Indian equities in all sessions since the start of September, with the investments since then adding up to $7.5 billion. Advancing shares outnumbered declining ones in a ratio of 1.5:1 in the broader market on a robust volume of 621 million shares. See # 15 Page 11
Nikkei at highest close in 2 months
Nasdaq dips; Dow, S&P go flat
SECP initiates consultation process
Staff Reporter ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday launched a consultation process to reform the 2002 Code of Corporate Governance. See # 20 Page 11
NAKI off non compliant companies’ list
ANNOUNCEMENTS Company Pak Datacom Ltd. Crescent Fibres Ishaq Textile Int.Knitwear XD Cres. Stand.Mod. Ideal Energy Hafiz Textile Saudi Pak Leasing Mandviwala B.R.R.Guardian Fatima Enterprise Southern Network Gillette Pak
Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 50%(D) 10%(D) 8%(D) 6%(D) 1.20%(D) 2%(D) -
PAT (Rs in mn) 159.093 110.744 45.884 6.093 5.024 -10.633 3.370 -342.753 -17.958 -161.233 237.452 -41.474 25.884
EPS(Rs) 20.29 8.92 4.75 1.89 0.25 -1.33 2.81 -7.59 -2.44 -2.07 16.69 -0.83 1.35
Dhiyan
HK at this year’s high WAIT IT OUT; PICK CHERRIES with hulking turnover
Tariq Hussain Khan, Head of Portfolio Management Darson Securities
HONG KONG: Hong Kong stocks rose to an 11-month high in heavy trade on Wednesday as investors bought up under performers such as banks in expectation easier US monetary policy will keep money cheap. The Hang Seng Index ended up 1.1 per cent at 22,880.4, its highest close since November 2009, as turnover on the Hong Kong stock exchange rose to HK$105 billion ($13.5 billion), above HK$100 billion for only the second time since November 2009. "With market sentiment improving, investors are chasing laggards. Retail, as well as institutional investors, will likely look to build positions in banks, which are still trading at fairly attractive valuations," said Mark To, head of research at Wing Fung Financial in Hong Kong. Mainland banking shares helped fuel the rally. They carry a large weighting on the Hang Seng index and have sharply underperformed the wider market throughout the year on fears of lending curbs and bad loans and higher capital requirements. Still, the index is technically
overbought. The 14-day relative strength index rose to 78, well above the overbought mark of 70. Expectations that the Federal Reserve will provide fresh stimulus for the U.S. economy boosted stock markets across Asia. Credit Suisse said it was adding to its overweight position in Asia ex-Japan, while downgrading its recommendation on Continental Europe to neutral. "There is a very clear link between a weaker dollar and NJA (non-Japan Asia) outperforming. We would see this happening if, as we expect, the US renews QE," Credit Suisse analysts said in a note. Mainland Chinese banks listed in Hong Kong are trading at discounts to long-term valuations based on forward twelvemonth price-to-book as well as price-to-earnings multiples. China Construction Bank (CCB) rose 1.8 per cent and was the fourth-biggest boost to the broad market, while HSBC rose 1.4 per cent. Industrial and Commercial Bank of China (ICBC) rose 1.9 per cent. ICBC shares have fallen 8.5 per cent this year compared
with a 4.6 per cent gain for the Hang Seng Index. HSBC shares are down over 8 per cent for the year. ICBC trades at a 20 per cent discount to its 10-year median price-to-book ratio of 2.4, Thomson Reuters Starmine data showed. CCB trades at a 17 per cent discount. Property developer Hang Lung Properties Ltd rose 4.6 per cent. The stock largely missed out on a wider rally in local property plays in September, partly due to its exposure to the mainland market. Hang Lung is up 10.1 per cent since the end of August, while rivals Sun Hung Kai Properties and Cheung Kong have risen about 20 per cent. Bucking the trend, Belle International fell 3.3 per cent as investors took gains from a rally that took the footwear retailer to a record high on Monday. A sustained recovery in trading activity after the summer lull has lifted Hong Kong Exchanges and Clearing Ltd shares to the highest level since May 2008 and up nearly 30 per cent in the past month. HKEx shares closed up 0.2 per cent.-Reuters
Dull activities are likely to continue as investors are seen sticking to the sidelines due to ongoing political uncertainties, weak economic fundamental awaiting recommencement of NRO hearings scheduled for October 13. Having said this market can witness a rally followed by a settlement of any of the issues this way or the other. Despite odds market is sustaining 10,000 level and good corporate results are likely to extend some support in the coming days. Investors are advised to adopt 'wait & see' strategy till these issues are resolved. However, they can make short-tern investment in stocks scheduled to announce good results. Market would remain rangebound today.
Faisal Shaji, Head of Research Standard Capital Whatever the fund managers say, value buying can be done in the market which is trading at 6-7 multiples without OGDC stock. Political scenario in my opinion is much clearer as compared to the situation prevailing a few months ago. There isn't any threat for the present setup. However, some faces may change which would be good for the sentiments. The government-judiciary issue is likely to be resolved and the present regime will complete its tenure. Stock market outlook remains positive and KSE-100 index may gain about 1,000 points over the next couple of months. Investors are advised to invest in selective stocks like LOTPTA, EPCL, FFBL, POL, FCCL etc. Many fund managers are linking the market levels with the interest rate, which is not right for the time being. Any improvement on political front can trigger a rally and investors should indulge in value buying at lower bids.
6
Thursday, October 7, 2010
Market 59,684,937
Value
1,619,499,949
Trades
33,661
Advanced Declined Unchanged Total
High Low 1,257.75 1,242.37 Total cos Defaulter cos P/BV (x) ROE (%) 3.99 37.01
High
Low
576 853 3921 735 800 Oil & Gas Development XD 43009 Pak PetroleumXDXB 11950 Pak Oilfields 2365 Pak Refinery Limited 350 P.S.O XD 1715 Shell Gas LPG 226 Shell Pakistan XD 685
5.45 14.66 14.52 5.25 10.02 5.47 6.08 4.50 13.62 9.84
353.92 80.01 10.10 107.81 204.46 146.47 173.42 239.14 57.00 265.20 31.11 192.72
357.89 81.30 10.19 108.50 212.49 146.50 175.10 241.50 57.98 266.75 31.00 193.00
352.52 79.23 10.05 107.00 203.05 144.61 173.45 239.12 56.00 265.25 29.85 191.10
Close Chg 354.03 80.62 10.07 107.13 210.59 145.21 174.64 239.52 56.02 265.66 30.23 191.91
0.11 0.61 -0.03 -0.68 6.13 -1.26 1.22 0.38 -0.98 0.46 -0.88 -0.81
Close Change 1,248.69 -2.17 Listed cap Market cap 65,194.15 mn 1,007,171.95 mn Payout (%) Div Yield (%) 68.56 6.35 Last 60 days High Low
Volume 264546 443380 240894 20600 276600 247674 882635 1030760 3792 170531 46956 12385
357.89 93.60 13.05 138.45 212.49 153.00 214.10 241.50 82.00 289.45 40.10 244.00
% Change -0.17 5-Day High 1,250.87 5-Day Low 1,243.46
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 1,138.63 Turnover 5,136,911 P/E (x) 7.05 PE
High Low 1,144.82 1,131.99 Total cos Defaulter cos P/BV (x) ROE (%) 2.47 35.00
Open
High
Low
Agritech Limited 3924 - 22.70 Bawany Air 68 1.40 10.51 BOC (Pak) 250 9.31 75.19 Clariant Pak 273 5.72 160.51 Descon Chemical 1996 2.10 Descon Oxychem Ltd. 1020 4.10 Dewan Salman 3663 1.35 Engro Corp. Ltd XD 3277 8.92 174.33 Engro Polymer 6635 - 13.34 Fatima Fertilizer 22000 - 10.55 Fauji Fertilizer 6785 7.19 105.61 Fauji Fert. Bin Qasim 9341 7.02 27.80 Gatron IndSPOT 384 3.61 40.00 Ghani Gases Ltd 725 - 12.00 ICI Pakistan XD 1388 6.99 117.19 Lotte Pakistan 15142 2.93 8.47 Mandviwala 74 1.51 Nimir Ind Chemical 1106 67.00 1.38 Pak PVC SPOT 150 2.00 Sitara Chem Ind 204 5.35 121.66 Sitara Peroxide 551 8.15 Wah-Noble 90 4.98 41.70
23.50 10.90 78.00 163.00 2.10 4.08 1.39 175.00 14.34 10.70 105.90 27.90 41.95 12.39 117.50 8.54 1.70 1.37 1.05 127.20 8.35 42.50
22.25 10.00 73.20 162.00 1.99 3.83 1.32 173.30 13.35 10.25 105.35 27.51 38.50 11.70 116.95 8.39 1.06 1.30 1.00 118.02 8.04 41.00
Close Chg 23.49 10.90 73.21 162.51 2.02 3.90 1.34 173.94 14.34 10.37 105.70 27.60 38.71 12.18 117.25 8.45 1.50 1.34 1.05 121.33 8.07 42.00
0.79 0.39 -1.98 2.00 -0.08 -0.20 -0.01 -0.39 1.00 -0.18 0.09 -0.20 -1.29 0.18 0.06 -0.02 -0.01 -0.04 -0.95 -0.33 -0.08 0.30
Close 1,138.36 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 702 1454 3252 1203 22902 8255 94461 124339 1822254 68957 189078 597943 244 325495 40840 1727084 104655 41498 501 5373 39848 8355
Change -0.27 Market cap 258,819.56 mn Div Yield (%) 6.92
27.79 16.78 82.50 174.00 3.15 5.45 2.21 194.59 14.69 12.46 113.39 30.65 48.30 12.39 128.30 9.09 3.24 1.80 5.95 135.00 11.09 48.00
% Change -0.02 5-Day High 1,139.85 5-Day Low 1,131.65
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.00 66.90 90 150.00 125 1.78 3.20 1.28 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 36.80 7.41 109.50 80 6.75 5 1.06 1.16 1.00 110.03 75 7.67 41.00 50 -
5 15 20 75 5 20 55 25 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,154.08 Turnover 17,215 P/E (x) 5.96
High Low 1,158.94 1,139.46 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,142.91 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
4.25
19.01 41.00
19.25 42.00
18.65 39.56
18.70 -0.31 40.84 -0.16
15902 1213
Company
Change -11.17 Market cap 3,171.50 mn Div Yield (%) 4.24
Last 60 days High Low 22.70 62.85
15.90 39.50
% Change -0.97 5-Day High 1,174.26 5-Day Low 1,142.91
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 -
25 33.33B
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC XD 1321
Open 966.50 Turnover 64,963 P/E (x) 3.13
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
High Low 964.37 942.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
PE
Open
High
Low
565 3.37 675 555 5.39 1199 4.63 785 18.37
24.90 2.05 13.33 48.48 9.01
24.89 2.10 13.30 48.41 9.00
24.50 2.01 12.40 47.00 9.00
Close Chg 24.89 2.01 12.56 47.50 9.00
-0.01 -0.04 -0.77 -0.98 -0.01
Close 953.31 Listed cap 3,596.11 mn Payout (%) 30.91
Change -13.19 Market cap 8,950.03 mn Div Yield (%) 9.89
Last 60 days High Low
Volume 1815 3554 31337 27333 900
31.73 3.20 16.75 70.71 11.25
23.75 1.65 12.40 47.00 8.20
% Change -1.37 5-Day High 969.29 5-Day Low 953.31
2009 Div BR (%) (%) 10
30B -
Open 899.18 Turnover 2,850,596 P/E (x) 6.58 Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Javedan Cement Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Shabbir Tiles
High Low 910.30 887.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10
PE
Open
High
Low
1828 866 5.02 182 14 6.06 956 982 11.92 3574 3651 32.61 6933 11.50 502 1760 2319 32 581 145 6.05 1288 13126 3234 6.34 3723 541 5.13 2228 361 -
2.91 63.00 14.65 11.25 10.32 1.45 1.50 23.46 4.65 4.72 1.88 3.57 0.80 60.00 6.20 5.57 2.78 71.03 2.81 6.98 7.58 9.25
3.00 64.00 15.28 10.85 10.05 1.74 1.54 23.72 4.69 5.40 1.91 3.50 0.98 63.00 7.14 5.95 2.79 71.18 2.80 6.98 7.79 8.37
2.80 62.12 14.05 10.85 10.05 1.52 1.45 23.40 4.60 4.90 1.80 3.02 0.72 59.00 5.20 5.54 2.75 70.50 2.51 6.98 7.60 8.37
Close 894.50 Listed cap 54,792.74 mn Payout (%) 19.04
Paid up Cap(mn)
Agriautos Ind 144 Atlas Battery 101 Atlas Honda 626 Baluchistan Wheels Ltd. 133 Dewan Motors 890 Exide (PAK) 56 General Tyre XD 598 Ghandhara Nissan 450 Honda Atlas Cars 1428 Indus Motors XD 786 Pak Suzuki 823 Sazgar Engineering 125
Low
Close Chg
Volume
Last 60 days High Low
8.04 5.25
66.03 38.40
66.50 39.00
65.10 38.50
65.55 -0.48 38.50 0.10
11952 2031
87.86 41.74
% Change -0.52 5-Day High 912.37 5-Day Low 894.50
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
2.96 63.00 14.61 10.85 10.05 1.55 1.50 23.48 4.60 4.90 1.86 3.49 0.72 60.00 5.20 5.70 2.75 70.60 2.70 6.98 7.60 8.37
135002 60351 4030 300 925 32152 45425 1319542 226550 499 11006 223 3495 743 1980 130327 526688 189538 154866 1232 4685 1003
4.40 72.40 20.00 14.94 12.50 2.74 2.20 28.74 5.50 7.90 2.37 7.50 2.00 66.10 7.30 7.38 3.53 73.88 3.84 8.39 8.47 12.23
50 20B - 20R - 10B - 200R 40 9.75 -
- 100R 50 - 122R - 20R 40 -
0.05 0.00 -0.04 -0.40 -0.27 0.10 0.00 0.02 -0.05 0.18 -0.02 -0.08 -0.08 0.00 -1.00 0.13 -0.03 -0.43 -0.11 0.00 0.02 -0.88
2.80 62.00 14.01 10.55 8.90 1.30 1.30 23.02 4.50 4.50 1.75 2.11 0.25 56.05 4.01 5.50 2.60 62.60 2.51 3.50 6.75 8.10
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 892.93 Turnover 66,144 P/E (x) 2.61 Company
Paid up Cap(mn)
Cherat PapersackSPOT Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
92 4.43 47.02 970 6.14 59.50 389 3.09 47 - 15.40 844 15.49 102.49 300 8.17 102.00
High
High Low 894.88 884.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
47.19 46.50 46.51 60.10 58.51 60.00 2.94 2.46 2.94 16.40 14.47 16.40 102.50 101.00 102.24 101.80 101.60 101.80
-0.51 0.50 -0.15 1.00 -0.25 -0.20
Close 893.43 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 9699 46232 1002 393 6721 2080
Change 0.51 Market cap 33,015.85 mn Div Yield (%) 5.95
Last 60 days High Low 51.05 61.99 4.69 20.70 125.96 105.00
34.00 54.65 2.21 11.81 98.00 91.00
% Change 0.06 5-Day High 898.72 5-Day Low 890.07
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING High Low 1,408.67 1,359.05 Total cos Defaulter cos P/BV (x) ROE (%) 2.94 38.02
Close 1,400.80 Listed cap 1,336.62 mn Payout (%) 131.49
PE
Company
PE
Open
High
Low
Close Chg
Volume
Ados Pak
66
2.93
20.01
19.80
19.07
19.80 -0.21
200
22.69
18.90
20
-
-
-
227.45 50.61 0.98
200.26 35.25 0.36
400 -
20B -
150 25 -
10B -
Ghandhara Ind KSB Pumps
213 132
2.24 8.07
Millat TractorsXDXB
366
5.46 407.05
14.00 79.96
216.25 212.00 214.86 0.86 49.00 48.01 48.04 -0.06 0.70 0.70 0.70 -0.06 14.30 82.75
13.70 81.00
14.25 81.01
0.25 1.05
427.40 409.06 425.57 18.52
5992 8969 10198
Open
5.08 69.29 5.15 137.00 6.70 94.50 4.78 30.00 1.58 3.94 138.00 6.16 22.00 4.22 - 10.65 5.03 218.98 9.32 72.63 6.35 24.80
High
High Low 1,067.54 1,039.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low
Close 1,055.73 Listed cap 6,768.53 mn Payout (%) 20.42
Close Chg
Volume
69.50 69.29 69.50 0.21 138.45 136.10 136.53 -0.47 96.99 96.25 96.25 1.75 30.00 30.00 30.00 0.00 1.50 1.35 1.36 -0.22 144.65 137.00 137.64 -0.36 23.10 21.76 22.47 0.47 4.50 4.03 4.40 0.18 10.80 9.65 10.61 -0.04 221.94 218.00 220.44 1.46 76.26 72.90 75.02 2.39 25.64 24.45 24.46 -0.34
600 2200 210 287 477415 650 12389 8977 15007 21024 10720 10920
Open 1,453.71 Turnover 111,955 P/E (x) 28.41 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Crescent Sugar 214 Habib Sugar 600 Habib-ADM LtdSPOT 200 Hussein Sugar 121 J D W Sugar 490 National Foods XD 414 Nestle Pakistan 453 Pangrio Sugar 109 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177
2010 Div BR (%) (%) 40 15
-
Change 10.09 Market cap 38,095.77 mn Div Yield (%) 5.29
Last 60 days High Low 78.39 209.00 127.99 33.47 2.24 177.99 28.80 6.60 14.50 287.00 89.99 27.85
63.01 131.00 92.00 28.25 1.16 121.10 21.71 4.03 9.65 212.29 69.25 23.91
% Change 0.97 5-Day High 1,055.73 5-Day Low 1,032.73
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 80 15 50 100 5 -
90 100 25 60 20 150 10
20B 30B 20B
20B 20B
2009 Div BR (%) (%)
2010 Div BR (%) (%)
22907 181
20.24 91.00
13.70 71.11
35
-
-
-
185270
597.90
390.00
450
25B
650
25B
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
51.39
Total Assets (Rs in mn)
23,734.13
MA (10-day)
1.83
Total Equity (Rs in mn)
7,075.66
MA (100-day)
2.21
Revenue (Rs in mn)
1,878.63
MA (200-day)
2.69
Interest Expense
1,208.86
1st Support
1.80
Loss after Taxation
(593.05)
2nd Support
1.75
EPS 09 (Rs)
1st Resistance
1.90
Book value / share (Rs)
2nd Resistance
1.95
PE 10 E (x)
Pivot
1.85
PBV (x)
(0.676) 8.07 0.24
SBL closed up 0.08 at 1.90. Volume was 104 per cent above average and Bollinger Bands were 39 per cent narrower than normal. The company's loss after taxation stood at Rs96.50 million which translates into a Loss Per Share of Rs0.10 for the half year of current calendar year (1HCY10). SBL is currently 29.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SBL (mildly bullish). Trend forecasting oscillators are currently bullish on SBL.
Nishat (Chunian) Limited
PE
Open
High
High Low 1,474.30 1,434.21 Total cos Defaulter cos P/BV (x) ROE (%) 8.61 30.30 Low
Close Chg
17.19 9.91 10.91 8.91 8.94 0.60 11.25 11.25 11.15 11.23 4.07 41.00 41.50 39.25 40.04 0.74 9.15 9.15 9.14 9.15 12.23 6.00 6.50 6.25 6.48 5.99 29.30 29.20 28.50 29.03 4.49 15.96 16.08 15.82 15.99 - 13.54 13.21 12.88 12.88 2.20 65.85 65.90 65.50 65.60 19.73 41.25 42.45 40.50 41.24 22.00 1879.34 1971.50 1820.02 1911.55 0.44 5.35 5.35 5.35 5.35 2.30 2.44 2.33 2.35 1.32 3.10 3.10 3.00 3.05 3.00 3.00 3.00 3.00 15.94 11.05 11.39 11.00 11.00 4.19 4.49 3.75 3.75 272.73 30.00 30.00 28.55 30.00
-0.97 -0.02 -0.96 0.00 0.48 -0.27 0.03 -0.66 -0.25 -0.01 32.21 0.00 0.05 -0.05 0.00 -0.05 -0.44 0.00
Close 1,450.02 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -3.69 Market cap 186,327.04 mn Div Yield (%) 1.08
Last 60 days High Low
413 11.70 1.12 631 14.75 10.50 302 47.35 38.00 2100 11.40 8.00 70514 7.80 5.01 14607 30.44 23.04 4951 16.98 13.00 765 14.00 4.22 533 67.90 60.10 1212 65.29 40.50 3421 1974.00 1641.00 1050 7.00 4.00 5000 2.80 1.60 1000 3.50 2.51 500 3.50 2.12 1242 11.90 7.40 2001 5.16 3.02 1502 35.50 22.43
% Change -0.25 5-Day High 1,462.19 5-Day Low 1,450.02
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 35 40 40 600 15 -
40 0 12.5R 12 200 -
25B 25B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
62.42
Total Assets (Rs in mn)
12,016.81
MA (10-day)
16.59
Total Equity (Rs in mn)
3,102.47
MA (100-day)
16.75
Revenue (Rs in mn)
9,964.55 1,081.54
MA (200-day)
18.90
Interest Expense
1st Support
17.21
Profit after Taxation
2nd Support
16.57
EPS 09 (Rs)
1.249
1st Resistance
18.19
Book value / share (Rs)
37.51
103.34
2nd Resistance
18.53
PE 10 E (x)
3.31
Pivot
17.55
PBV (x)
0.48
NCL closed up 0.96 at 17.85. Volume was 224 per cent above average (trending) and Bollinger Bands were 37 per cent narrower than normal. The company's profit after taxation stood at Rs400.039 million which translates into an Earning Per Share of Rs4.05 for the nine months of fiscal year (9MFY10). NCL is currently 5.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NCL (mildly bullish). Trend forecasting oscillators are currently bullish on NCL.
Sui Northern Gas Pipeline Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,053.21 Turnover 64,245 P/E (x) 3.86 Company
Paid up Cap(mn)
AL-Abid Silk Nakshbandi Ind Pak Elektron Tariq Glass Ind
High Low 1,056.52 1,024.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 10.64
PE
Open
High
Low
96 2.90 1176 13.54 1174 2.96 231 2.75
28.48 16.49 13.65 17.29
29.90 16.25 13.95 17.08
29.79 15.60 13.65 16.40
Close Chg 29.84 16.25 13.86 16.90
1.36 -0.24 0.21 -0.39
Close 1,050.77 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 1150 400 54182 8502
Change -2.44 Market cap 5,530.93 mn Div Yield (%) 1.62
Last 60 days High Low 32.00 16.49 15.95 19.12
26.60 10.00 12.17 14.05
2009 Div BR (%) (%) 7.5 -
57R 10B -
% Change -0.23 5-Day High 1,058.70 5-Day Low 1,030.28 2010 Div BR (%) (%) -20B 20R 20 - 10B 17.5 -
PERSONAL GOODS Performance of SR Personal Goods Index Open 915.93 Turnover 11,237,997 P/E (x) 5.96 Paid up Cap(mn)
Ali Asghar Textile AL-Qadir Textile Amtex LimitedSPOT Artistic Denim Azgard Nine Babri Cotton Bannu Woolen Bhanero Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile Ghani Value Glass Gillette Pakistan Gul Ahmed Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Ishaq Textile J K SpinningXDXB Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mohd Farooq N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Paramount Spinning Premium Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin TextileSPOT Sana Ind XD Sargoda Spinning Service Ind Shahpur Textile Shahtaj Textile Shams Textile Suraj Cotton Tata TextileSPOT Thal Limited Treet Corp Tri-Star Poly
PE
Open
222 1.38 76 6.25 2.70 2415 4.19 15.88 840 4.94 20.10 4493 249.50 9.87 29 4.12 17.75 76 - 10.48 30 1.19 171.00 98 0.29 400 1.65 1.29 1150 3.25 2442 2.43 2.90 124 1.46 12.99 238 0.70 492 3.21 22.70 600 1.51 34 0.29 3.15 185 1.26 24.72 110 1.86 21.95 234 1.21 45.45 75 7.17 32.50 192 46.09 65.49 635 2.66 20.97 716 1.46 3.90 3105 3.31 34.64 99 0.64 3.01 97 0.84 4.00 175 0.42 6.12 43 23.69 17.95 303 1.31 509 3.47 1455 2.65 5.11 600 1.05 21.55 189 0.98 147 8.33 19.98 187 1.26 16.75 1586 3.31 16.89 3516 5.53 46.72 34 1.65 560 5.98 5.50 158 2.06 8.90 62 0.94 29.35 250 4.59 1.85 308 1.30 10.95 341 5.67 35.01 264 4.49 88 0.33 4.10 134 7.89 55 4.54 29.48 312 0.62 2.20 120 4.80 187.99 140 1.18 0.90 97 1.71 18.76 86 1.10 16.07 180 1.25 35.70 173 0.71 17.14 256 3.86 104.95 418 7.93 40.50 215 0.55
High
High Low 922.08 910.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 8.64 Low
Close Chg
1.38 1.38 1.38 0.00 3.30 2.75 3.25 0.55 16.50 14.90 15.67 -0.21 20.96 19.50 19.66 -0.44 10.19 9.80 9.98 0.11 18.75 17.75 17.75 0.00 10.75 9.50 10.56 0.08 179.55 162.45 166.85 -4.15 0.31 0.30 0.31 0.02 1.73 1.30 1.67 0.38 3.35 3.20 3.25 0.00 2.97 2.60 2.89 -0.01 13.00 12.30 13.00 0.01 0.85 0.70 0.85 0.15 22.50 22.50 22.50 -0.20 1.56 1.44 1.51 0.00 3.50 3.00 3.03 -0.12 25.78 24.00 24.40 -0.32 21.88 21.88 21.88 -0.07 45.75 44.25 45.21 -0.24 32.70 32.50 32.50 0.00 64.60 62.22 62.22 -3.27 20.01 19.99 20.01 -0.96 4.10 4.00 4.08 0.18 36.00 34.50 35.79 1.15 3.50 2.02 3.31 0.30 4.00 4.00 4.00 0.00 6.55 5.12 6.25 0.13 18.95 18.00 18.95 1.00 1.43 1.30 1.33 0.02 3.57 3.45 3.57 0.10 5.38 5.00 5.06 -0.05 20.60 20.48 20.50 -1.05 0.99 0.62 0.99 0.01 20.98 19.98 20.98 1.00 16.70 16.25 16.70 -0.05 17.89 16.91 17.85 0.96 47.50 46.80 46.99 0.27 2.50 2.10 2.50 0.85 5.50 5.50 5.50 0.00 8.90 8.90 8.90 0.00 29.40 29.35 29.35 0.00 1.99 1.75 1.79 -0.06 11.48 10.49 10.53 -0.42 34.60 34.60 34.60 -0.41 5.35 4.00 4.36 -0.13 4.09 3.90 4.09 -0.01 8.69 7.00 7.01 -0.88 30.45 28.75 30.45 0.97 2.45 2.00 2.38 0.18 189.00 186.00 186.48 -1.51 0.90 0.85 0.85 -0.05 19.24 19.00 19.06 0.30 16.74 16.50 16.63 0.56 36.50 35.00 35.13 -0.57 18.14 17.48 18.14 1.00 104.48 103.10 103.17 -1.78 38.48 38.48 38.48 -2.02 0.60 0.60 0.60 0.05
Close 915.38 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -0.56 Market cap 112,636.11 mn Div Yield (%) 2.80
Last 60 days High Low
4000 2.21 1372 8.40 5252798 20.45 223 21.29 526059 13.40 3012 18.75 5955 10.79 106 210.00 553 1.50 35384 2.30 14296 4.98 5011 5.00 18001 18.35 17501 2.25 3046 28.60 60407 2.49 214615 3.99 10316 31.00 1500 25.45 682 48.30 2803 38.64 460 73.00 1000 23.00 75052 4.61 4279 41.00 52773 4.79 3070 4.99 1766 10.30 1442 18.95 19104 2.00 201 3.99 53500 6.30 481 23.25 501 1.82 1903 20.98 1853 17.18 3523516 19.49 1102764 53.14 202 3.88 150 7.90 448 9.90 102 30.90 72937 4.69 27401 12.00 5090 36.75 10300 5.44 3759 4.98 4837 8.69 3556 38.40 666 2.45 751 236.61 378 2.26 13861 21.50 2701 17.63 19057 36.50 1610 19.70 29995 114.99 13292 49.49 5000 1.36
0.40 2.50 14.61 17.55 8.55 9.50 7.50 162.45 0.10 0.70 2.93 2.23 7.66 0.48 19.51 1.44 1.52 24.00 20.50 33.80 26.00 57.50 19.99 2.52 34.30 2.02 2.85 4.75 9.95 1.01 1.60 4.00 19.25 0.35 14.65 12.00 14.64 40.81 1.45 5.50 6.00 22.77 1.38 6.91 31.35 2.01 2.74 5.02 27.25 0.31 176.50 0.25 14.75 15.00 29.50 12.75 96.00 37.20 0.30
2009 Div BR (%) (%)
% Change -0.06 5-Day High 925.76 5-Day Low 915.38 2010 Div BR (%) (%)
30 20 20 20 - 200 10 15 20 10B 7.5 35 70 8 400R 25 5 - 12.5 20 8 20 5B 15 15 100R - 20SD - 50R 20 25 45R 12.5 - 10B 7.5 50 40 40 - 100R 35 60 5 200 20 45 20 15 50 25 20 20B 80 20B 4 -
Performance of SR Pharma and Bio Tech Index
% Change 3.31 5-Day High 1,410.67 5-Day Low 1,349.49
Last 60 days High Low
5.10 214.00 5.55 48.10 0.76
20B -
% Change -0.49 5-Day High 708.53 5-Day Low 685.01
PHARMA AND BIO TECH
Change 44.84 Market cap 29,946.94 mn Div Yield (%) 17.01
Paid up Cap(mn)
AL-Ghazi Tractor 215 Bolan CastingSPOT 95 Dewan Auto Engineering 214
30
Samba Bank Limited
FOOD PRODUCERS
Performance of SR Industrial Engineering Index Open 1,355.96 Turnover 233,729 P/E (x) 7.73
62.75 34.50
2009 Div BR (%) (%)
Alert ! Unusual Movements
Performance of SR Food Producers Index
Company
Change -4.68 Market cap 67,136.69 mn Div Yield (%) 2.89
Change -3.46 Market cap 12,464.20 mn Div Yield (%) 1.98
High
20B -
Performance of SR Construction and Materials Index
Close 705.07 Listed cap 3,242.17 mn Payout (%) 11.08
Open
Open 1,045.63 Turnover 560,424 P/E (x) 3.86
2010 Div BR (%) (%) 30 40 7.5
High Low 714.86 701.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
Performance of SR Automobile and Parts Index
CONSTRUCTION AND MATERIALS
Company
15,756.61 15,782.19 15,715.67 h24.90
PE
INDUSTRIAL METALS AND MINING
Company
KMI 30 Index Current High Low Change
9,688.30 9,713.19 9,666.63 h1.14
AUTOMOBILE AND PARTS
Performance of SR Industrial Metals and Mining Index
Paid up Cap(mn)
Current High Low Change
Open 708.53 Turnover 13,983 P/E (x) 5.60
Company
Performance of SR Chemicals Index
Company
KSE 30 Index
7,000.21 7,017.34 6,979.01 h1.02
INDUSTRIAL TRANSPORTATION
Open
Paid up Cap(mn)
Current High Low Change
Performance of SR Industrial Transportation Index
PE
Company
All Share Index
10,029.36 10,051.89 9,995.99 h4.50
OIL AND GAS
Paid up Cap(mn)
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Current High Low Change
163 193 43 399
Performance of SR Oil and Gas Index Open 1,250.87 Turnover 3,399,859 P/E (x) 10.79 Company
KSE 100 Index
Symbols
Volume
Open 819.69 Turnover 41,099 P/E (x) 6.19 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak
Paid up Cap(mn) 979 208 1707 165 200 100 306
PE
Open
7.88 88.50 7.28 111.75 12.01 66.96 6.49 23.90 16.11 7.47 4.25 27.90 5.32 61.53
High
High Low 833.44 812.72 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 22.31 Low
Close Chg
90.50 88.50 89.87 1.37 112.99 109.00 111.00 -0.75 66.95 66.50 66.54 -0.42 23.90 23.55 23.90 0.00 8.44 7.25 7.25 -0.22 28.50 27.75 28.00 0.10 64.19 61.50 62.00 0.47
Close 822.98 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 10227 4774 7655 2114 2095 1250 12971
95.50 124.00 83.77 25.79 8.66 34.99 64.19
77.00 96.00 65.00 22.10 6.10 27.50 53.36
RSI (14-day)
82.73
Total Assets (Rs in mn)
MA (10-day)
30.93
Total Equity (Rs in mn)
MA (100-day)
28.71
Revenue (Rs in mn)
122,348.12 16,147.52 168,933.83
MA (200-day)
28.93
Interest Expense
653.18
1st Support
30.74
Profit after Taxation
930.54
2nd Support
30.24
EPS 09 (Rs)
1.695
1st Resistance
31.55
Book value / share (Rs)
29.41 28.90
2nd Resistance
31.86
PE 10 E (x)
Pivot
31.05
PBV (x)
1.06
SNGP closed up 0.22 at 31.21. Volume was 409 per cent above average (trending) and Bollinger Bands were 31 per cent wider than normal. The company's profit after taxation stood at Rs445.327 million which translates into an Earning Per Share of Rs0.81 for the nine months of fiscal year (9MFY10). SNGP is currently 7.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SNGP (bullish). Trend forecasting oscillators are currently bullish on SNGP.
Atlas Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
65.70
Total Assets (Rs in mn)
30,869.51
MA (10-day)
1.83
Total Equity (Rs in mn)
2,482.06
MA (100-day)
2.09
Revenue (Rs in mn)
MA (200-day)
2.57
Interest Expense
1st Support
2.05
Loss after Taxation
2nd Support
1.77
EPS 09 (Rs)
1st Resistance
2.58
Book value / share (Rs)
2nd Resistance
2.83
PE 10 E (x)
Pivot
2.30
PBV (x)
3,387.93 3,189.33 (1,703.11) (3.405) 4.96 0.47
ATBL closed up 0.19 at 2.34. Volume was 1,106 per cent above average (trending) and Bollinger Bands were 52 per cent wider than normal. The company's loss after taxation stood at Rs942.176 million which translates into a Loss Per Share of Rs1.88 for the half year of current calendar year (1HCY10). ATBL is currently 9.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ATBL (bullish). Trend forecasting oscillators are currently bullish on ATBL.
BOOK CLOSURES Company
From
To
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)
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
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
D/B/R 12 15 30 50 50 25 25 8.5(F) 40 5.5(F) 25,10(B) 15(F) 20
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
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
INDICATIONS
Change 3.29 Market cap 27,676.33 mn Div Yield (%) 7.20
Last 60 days High Low
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change 0.40 5-Day High 824.06 5-Day Low 816.14 2010 Div BR (%) (%) 20 30
20B -
# Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Shakarganj Food Shezan International Grays of Cambridge Lakson Tobacco Shifa Int.Hosp.XD Eye Television Pak Hotels P.I.A.C.(A) Pak Services AKD Capital Pace (Pak) Ltd. Netsol Technol. Pak Telephone
Open 55 4.26 91.07 1.25 98.99 59.67 328.71 33.35 21.01 61.45 2.05 144.86 51.73 2.59 17.41 1.97
High 55 4.38 95.6 1.25 94.53 61.98 345.14 31.7 22.06 64 2.19 152.1 54.31 2.98 17.8 2.15
Low Close 52.25 4.2 90.56 1.25 94.05 57 345.14 31.7 21.05 62 2.01 140 54.31 2.54 17.4 1.16
54.48 4.27 92.3 1.25 94.05 57.8 345.14 31.7 22.06 62 2.07 148.98 54.31 2.9 17.51 1.94
Change -0.52 0.01 1.23 0 -4.94 -1.87 16.43 -1.65 1.05 0.55 0.02 4.12 2.58 0.31 0.1 -0.03
Vol 11290 1294868 2415 500 738 851 3337 510 631 1140 25818 355 6961 2173301 447818 4006
7
Thursday, October 7, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,093.33 Turnover 1,400,201 P/E (x) 6.03 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
37740 3000 8606 6175
High Low 1,100.29 1,082.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
PE
Open
High
Low
Close Chg
9.04 -
18.85 2.05 2.40 3.90
19.00 2.10 2.40 4.10
18.72 1.99 2.33 3.90
18.99 2.03 2.36 3.90
0.14 -0.02 -0.04 0.00
Close 1,097.44 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 428784 181150 790167 13068
Change 4.11 Market cap 77,561.99 mn Div Yield (%) 10.38
Last 60 days High Low 20.22 3.15 3.30 6.13
17.32 1.80 2.30 3.80
% Change 0.38 5-Day High 1,097.91 5-Day Low 1,090.38
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 -
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB United Insurance XB
204 6.51 369 4.42 279 4.97 457 5.35 1250 28.19 400 7.15 791 9.39 3000 350 46.25 303 4.81 252 4.29 400 1.25
11.75 29.00 48.25 10.40 35.42 10.26 55.00 13.13 2.00 8.98 6.89 5.63
Paid up Cap(mn)
Company
PE
Open
High
Low
11572 6.13 1560 7932 1695 5.67 126 2.92 8803 7.12 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 84.21 S G Power 178 Sitara Energy Ltd 191 3.83 Southern Electric 1367 5.64 Tri-star Power XD 150 -
32.86 1.32 2.00 23.01 5.25 41.19 11.00 11.66 0.36 22.50 2.14 0.75
33.40 1.47 2.12 23.49 5.25 41.50 11.02 11.90 0.35 23.00 2.24 0.85
32.90 1.20 2.01 23.00 5.25 41.00 10.88 11.56 0.32 22.74 2.10 0.70
Hub Power XD Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power
Close 1,137.13 Listed cap 95,369.29 mn Payout (%) 104.13
Change 7.64 Market cap 96,196.55 mn Div Yield (%) 8.37
Close Chg
Volume
Last 60 days High Low
33.12 1.35 2.06 23.00 5.25 41.15 10.93 11.79 0.35 22.80 2.20 0.70
587783 39156 126352 26901 262 511321 607550 1288529 2000 2061 36760 500
37.24 2.38 2.63 26.50 7.00 44.85 11.05 11.99 1.60 23.49 3.21 1.69
0.26 0.03 0.06 -0.01 0.00 -0.04 -0.07 0.13 -0.01 0.30 0.06 -0.05
32.75 0.70 1.92 23.00 3.90 39.51 9.50 9.25 0.23 20.00 2.10 0.33
% Change 0.68 5-Day High 1,140.74 5-Day Low 1,129.49
2009 Div BR (%) (%) 33.5 45 64.5 20 3
31R -
Open 815.82 Turnover 15,894 P/E (x) 73.57
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,663.98 Turnover 2,538,125 P/E (x) 12.24 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,690.88 1,639.64 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 11.41
Close 1,677.57 Listed cap 12,202.80 mn Payout (%) 66.79
Change 13.60 Market cap 37,178.85 mn Div Yield (%) 5.46
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.36 6712 4.56
30.99 29.60
31.36 30.15
30.55 29.16
31.21 0.22 29.86 0.26
1524666 1013459
31.90 30.70
25.00 16.00
% Change 0.82 5-Day High 1,685.77 5-Day Low 1,651.65
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 15
25B
BANKS Performance of SR Banks Index Open 940.35 Turnover 7,413,017 P/E (x) 6.71 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.56 50.42 Askari Bank 6427 5.92 14.28 Atlas Bank 5001 2.15 Bank Alfalah 13492 11.12 8.41 Bank AL-Habib 7322 6.94 31.30 Bank Of Khyber 5004 3.15 3.05 Bank Of Punjab 5288 8.15 BankIslami Pak 5280 3.13 Faysal Bank 6091 3.07 13.41 Habib Bank Ltd 10019 6.02 93.51 Habib Metropolitan Bank 8732 5.52 18.95 JS Bank Ltd 6128 2.73 KASB Bank Ltd 9509 2.44 MCB Bank Ltd 7602 8.84 190.41 Meezan Bank 6983 7.05 14.92 Mybank Ltd 5304 2.21 National Bank 13455 5.27 62.88 NIB Bank 40437 2.57 Royal Bank Ltd 17180 5.51 Samba Bank 14335 1.82 Silkbank Ltd 26716 13.59 2.96 Soneri Bank 6023 5.67 Stand Chart Bank 38716 9.11 6.42 Summit Bank Ltd 5000 2.60 United Bank Ltd 12242 6.10 51.99
High
High Low Close 948.02 930.31 939.49 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35 Low
Close Chg
51.50 50.64 51.49 1.07 14.47 14.25 14.33 0.05 2.55 2.02 2.34 0.19 8.50 8.30 8.34 -0.07 32.25 30.86 32.19 0.89 3.16 3.05 3.15 0.10 8.19 8.00 8.04 -0.11 3.18 3.00 3.05 -0.08 13.60 13.10 13.32 -0.09 94.00 93.10 93.51 0.00 18.68 18.52 18.65 -0.30 2.65 2.55 2.59 -0.14 2.55 2.30 2.37 -0.07 190.95 189.10 189.47 -0.94 14.56 14.05 14.52 -0.40 2.50 2.20 2.24 0.03 63.17 62.65 62.77 -0.11 2.59 2.52 2.57 0.00 5.75 5.20 5.60 0.09 1.90 1.80 1.90 0.08 3.03 2.91 2.99 0.03 5.97 5.05 5.60 -0.07 6.55 6.27 6.38 -0.04 2.98 2.66 2.89 0.29 52.18 51.72 51.89 -0.10
Volume
Change -0.86 Market cap 578,717.31 mn Div Yield (%) 5.12
Last 60 days High Low
99194 59.70 105503 17.46 1956770 2.84 340739 10.25 899914 34.00 5138 4.75 388797 11.24 21374 3.87 38258 15.95 16951 109.10 26560 23.75 75015 3.00 40470 4.00 179488 214.99 29451 16.50 295220 3.28 420427 73.89 96816 3.50 21083 12.90 169981 2.90 1962817 3.30 44791 7.99 13337 8.50 229557 4.15 164923 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 5.20 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 -0.09 5-Day High 940.35 5-Day Low 937.80
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 603.62 Turnover 296,843 P/E (x) 9.98 Paid up Cap(mn)
Company
Adamjee Insurance XD
PE
1237 11.53
Open 63.60
High 64.00
High Low 611.26 593.64 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 5.20 Low 63.05
Close Chg 63.43 -0.17
Close 604.66 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 133022
Change 1.03 Market cap 39,744.63 mn Div Yield (%) 7.97
Last 60 days High Low 89.90
63.05
2009 Div BR (%) (%) 30
10B
Paid up Cap(mn)
% Change 0.17 5-Day High 616.99 5-Day Low 603.62 2010 Div BR (%) (%) 10
-
261 4500 422 5165 24320 4310 611 110663 5452 3022 4770 300
11.89 31.00 64.90 11.95 55.20 13.89 62.50 19.40 4.16 10.60 7.25 7.15
8.45 27.10 47.37 8.86 34.76 10.10 52.21 12.50 1.66 8.11 6.01 4.02
40 20 40 35 30 30 20 -
10B 25B 8.7B 20B 15B 16B
10 -
UPTO 100 VOLUME
10B -
High Low 817.98 811.49 Total cos Defaulter cos P/BV (x) ROE (%) 2.83 3.85
Close 815.77 Listed cap 2,290.72 mn Payout (%) 355.53
Change -0.04 Market cap 8,695.20 mn Div Yield (%) 4.83
% Change -0.01 5-Day High 819.71 5-Day Low 815.77
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance XB
850 32.06
59.00
59.50
58.00
58.99 -0.01
3894
84.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 52.50
42.00
42.00
42.00
42.00 0.00
12000
46.00
34.50
10
-
2009 Div BR (%) (%)
-
-
2010 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 341.95 Turnover 9,410,381 P/E (x) 0.42 Company
Paid up Cap(mn)
High Low 348.55 327.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
225 360 6.54 450 6.24 3750 2.13 250 First Credit & Invest Bank Ltd 650 32.75 IGI Investment Bank 2121 Invest and Fin Sec 600 2.61 Invest Bank 2849 Ist Cap Securities 2878 Ist Dawood Bank 626 0.29 Jah Siddiq Co 7633 13.23 JOV and CO 508 JS Global CapSPOT 500 JS Investment 1000 11.80 KASB Securities 1000 Orix Leasing 821 3.87 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Sec Inv Bank 514 Stand Chart Leasing 978 5.20 Trust Brokerage 100 Trust Inv Bank 586 -
0.55 13.92 24.94 21.43 1.99 3.35 1.77 7.49 0.55 4.28 1.81 9.22 2.41 33.83 5.47 3.88 4.76 1.46 0.55 1.90 2.07 2.44 2.00
0.67 14.50 25.49 21.73 1.98 4.33 1.99 8.39 0.57 4.39 1.85 9.30 2.61 33.85 5.60 4.22 4.99 1.63 0.55 2.00 2.40 2.44 2.00
0.45 13.00 24.62 20.90 1.63 3.30 1.65 7.22 0.50 3.81 1.70 8.80 2.01 32.50 5.25 3.55 4.72 1.42 0.55 2.00 2.29 2.44 2.00
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Equities
Close Chg 0.58 14.00 25.03 21.53 1.65 3.93 1.78 7.50 0.55 4.01 1.77 9.13 2.10 33.43 5.31 3.85 4.91 1.45 0.55 2.00 2.29 2.44 2.00
0.03 0.08 0.09 0.10 -0.34 0.58 0.01 0.01 0.00 -0.27 -0.04 -0.09 -0.31 -0.40 -0.16 -0.03 0.15 -0.01 0.00 0.10 0.22 0.00 0.00
Close 338.99 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 51456 63246 38240 3041957 752 146335 35931 2940 7410 17956 46570 5002837 938175 26670 102706 5341 4985 14916 240 4896 1427 600 1097
Change -2.97 Market cap 24,972.56 mn Div Yield (%) 10.99
% Change -0.87 5-Day High 358.69 5-Day Low 338.99
Last 60 days High Low
2009 Div BR (%) (%)
1.15 20.99 50.12 35.65 3.36 4.33 2.43 9.00 1.23 5.40 2.84 15.47 6.48 42.00 8.65 5.49 5.95 2.89 1.79 3.80 3.49 2.44 4.25
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 1.55 2.00 1.17 6.90 0.44 2.54 1.17 8.80 2.01 32.50 5.25 3.20 3.66 1.35 0.40 1.50 1.50 1.25 1.50
2010 Div BR (%) (%) 20B 20B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%) 20 - 66R 55 -63.46R 10 -
-0.30 1.00 -0.25 -0.88 0.10 0.04 0.00 -0.05 -0.15 0.26 -0.63 -0.63
PE
Company
2010 Div BR (%) (%) 50 - 7.8R 15 50 -
11.45 30.00 48.00 9.52 35.52 10.30 55.00 13.08 1.85 9.24 6.26 5.00
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,148.59 1,128.85 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
11.45 29.24 48.00 9.42 34.76 10.26 52.25 12.86 1.85 8.63 6.20 5.00
LIFE INSURANCE
-
ELECTRICITY Open 1,129.49 Turnover 3,229,231 P/E (x) 12.45
11.45 30.00 48.00 10.50 36.00 10.30 55.00 13.40 2.20 9.24 6.75 5.00
Open 1,019.87 Turnover 6,885,364 P/E (x) 7.44 Company
Paid up Cap(mn)
1st Fid Leasing
264
AL-Meezan Mutual F. SPOT 1375
Asian Stocks 900 Atlas Fund of Funds 525 Constellation Modaraba 65 Crescent St Modaraba 200 Elite Cap Modaraba 113 First Capital Mutual F. 300 First Dawood Mutual F. 581 Golden Arrow 760 H B L Modaraba 397 Habib Modaraba 1008 Imrooz Modaraba 30 JS Growth Fund 3180 JS Value Fund 1186 Meezan Bal. FundSPOT 1200 Mod Al-Mali 184 Nat Bank Modaraba 250 Pak Modaraba 125 Pak Prem Fund XD 1698 Pak Strat Fund 3000 Paramount Modaraba XD 59 PICIC Energy Fund 1000 PICIC Growth Fund 2835 PICIC Inv Fund XD 2841 Prud Modaraba 1st XD 872 Punjab Modaraba 340 Stand Chart Modaraba XD 454 Tri-Star Mutual 50 U D L Modaraba 264
High Low 1,029.96 995.42 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 4.09
PE
Open
High
Low
2.66 2.19 1.84 4.33 2.24 3.86 3.48 3.98 5.58 4.51 6.46 36.13 2.85 6.74 0.62 3.68 5.40 7.81 2.44 2.20 1.79 2.63 4.83 0.67 2.49
1.16 6.91 4.00 3.15 1.87 0.46 2.82 3.00 1.60 3.69 6.54 6.00 64.75 3.01 2.86 6.24 0.99 7.45 0.31 7.72 6.90 8.60 4.78 7.99 3.79 1.00 1.00 8.40 1.49 6.05
1.40 7.10 3.00 3.26 1.97 0.80 2.88 3.30 1.68 3.70 6.40 6.00 64.90 3.00 3.00 6.10 1.05 7.08 0.50 7.80 7.00 8.75 4.89 8.40 3.70 1.00 1.09 8.74 1.99 6.25
1.25 6.84 3.00 3.26 1.01 0.48 2.51 3.24 1.55 3.61 6.30 5.90 61.52 2.70 2.65 5.90 0.98 7.08 0.50 7.71 6.85 8.75 4.58 8.00 3.50 0.89 0.99 8.45 1.10 6.09
Close 1,006.13 Listed cap 29,771.58 mn Payout (%) 104.19
Change -13.74 Market cap 17,201.64 mn Div Yield (%) 24.63
% Change -1.35 5-Day High 1,029.98 5-Day Low 1,006.13
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
1.25 6.89 3.00 3.26 1.43 0.56 2.51 3.24 1.55 3.66 6.31 6.00 61.52 2.89 2.85 5.90 1.00 7.08 0.50 7.72 6.91 8.75 4.58 8.01 3.54 1.00 1.09 8.50 1.10 6.25
5836 74648 1000 2500 123 1556911 202403 40220 59015 60080 21537 20065 201 585594 7096 43004 9511 1000 3000 138575 2920005 500 502 203786 884875 9518 10175 13069 401 10120
2.24 7.25 5.80 4.20 2.99 0.90 3.49 3.80 2.09 3.88 6.69 7.49 69.95 4.39 3.98 7.49 1.25 8.45 1.07 9.86 8.10 8.75 6.49 10.55 5.00 1.20 2.00 10.99 2.99 6.25
4.5 5 20 63 10 15 16.5 10
0.09 -0.02 -1.00 0.11 -0.44 0.10 -0.31 0.24 -0.05 -0.03 -0.23 0.00 -3.23 -0.12 -0.01 -0.34 0.01 -0.37 0.19 0.00 0.01 0.15 -0.20 0.02 -0.25 0.00 0.09 0.10 -0.39 0.20
1.01 6.35 2.80 2.53 1.00 0.16 1.65 0.99 1.36 2.32 4.80 5.56 43.00 2.70 2.31 5.78 0.56 6.10 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 0.95 5.00
2010 Div BR (%) (%)
- 18.5 8.2 1.2 5 17 11 21 76 5 10 - 15.5 10 - 18.6 - 11.53 18 5 20 10 3 17 -
Symbols
Open
BILF SHDT SFAT PAKD SEPL NOPK KSTM FZTM MUKT GENP FTSM FEM FNEL DAWH FRSM NONS DYNO IGIIL MSCL SHCM ILTM PMRS FRCL COLG SZTM WYETH THCCL SHCI ECOP GAIL HINO LIBM AABS SANSM ATEL HUSI MTIL IDYM KASBM ELCM IDEN TREI SIEM UDPL DREL POAF BTL CLOV UPFL UBDL GRYL DLL GFIL TOWL MDTL ULEVER EMCO ARM TRSM CSIL AZAMT GUSM KOSM MQTM YOUW NCLNCP JUBS QUET SAPT MOON KOHS SHJS SMCPL JOPP LPGL BATA AKGL DIIL
0.6 8.5 3 113.52 40 23.26 0.8 333.22 0.54 0.73 1.74 1.08 9.95 165.35 18.6 11.05 11.7 72.02 10.4 13 90.79 36.79 3 705.25 8.18 906.55 19.5 2.63 2 4.7 115 57.38 95 13.9 17 10.5 0.41 230.04 1.58 8.8 9 2 1155 15.17 690 10.06 49.26 46 1040 32.95 1.96 40.28 4.11 20 58 4000 2.9 15.25 2.99 4.08 2 6 0.79 7.35 1.2 23.4 2.49 33.49 105 10 4 57 6 10.5 9.01 471.82 4.5 15.94
High 0.6 8.6 3 107.85 39.8 22.1 0.8 348 0.64 0.8 2.74 1.19 10 166 19.4 11.05 11.7 74.89 9.4 14 95.32 37.5 3.99 700 8.48 950 19.6 2.8 2 4.9 115 54.6 98.1 13.9 17 10.28 0.79 218.55 1.54 9.8 10 2.43 1155 14.17 710 11 49.99 46.5 1040 34.59 2.9 40.24 4.45 20 55.1 4010 3.4 15.95 2.2 4.85 2.1 5.2 1.46 7 1.69 23.45 2.99 31.82 110.25 10.69 4.99 59.85 6.79 9.5 9.01 465 3.5 16.93
Low
Close
0.6 8.6 3 107.85 39.8 22.1 0.8 320.5 0.4 0.79 2.3 1.05 8.95 163.55 18.3 11.05 11.7 71.02 9.4 12 95 34.97 3 700 8.48 871 19.05 2.69 1.99 4.08 110.05 54.55 96.75 13.9 17 9.99 0.4 218.54 1.54 9.8 10 2 1155 14.17 655.5 11 49.99 46.35 1001 33 1.8 40 3.21 20 55.1 3950 3 15.95 2.2 4.68 2.1 5.2 1.3 7 1.25 23.45 2.99 31.82 110.25 10.69 4.74 59.85 6.79 9.5 9.01 465 3.5 15.93
0.6 8.6 3 107.85 39.8 22.1 0.8 337.99 0.4 0.8 2.3 1.05 9.92 165.5 18.67 11.05 11.7 74.41 9.4 14 95 34.97 3.1 700 8.48 944.33 19.6 2.75 1.99 4.08 110.05 54.6 96.75 13.9 17 10.27 0.53 218.54 1.54 9.8 10 2.2 1155 14.17 710 11 49.99 46.35 1001 33 1.8 40 3.83 20 55.1 3950 3 15.95 2.2 4.68 2.1 5.2 1.3 7 1.25 23.45 2.99 31.82 110.25 10.69 4.74 59.85 6.79 9.5 9.01 465 3.5 15.93
Change
Vol
0 0.1 0 -5.67 -0.2 -1.16 0 4.77 -0.14 0.07 0.56 -0.03 -0.03 0.15 0.07 0 0 2.39 -1 1 4.21 -1.82 0.1 -5.25 0.3 37.78 0.1 0.12 -0.01 -0.62 -4.95 -2.78 1.75 0 0 -0.23 0.12 -11.5 -0.04 1 1 0.2 0 -1 20 0.94 0.73 0.35 -39 0.05 -0.16 -0.28 -0.28 0 -2.9 -50 0.1 0.7 -0.79 0.6 0.1 -0.8 0.51 -0.35 0.05 0.05 0.5 -1.67 5.25 0.69 0.74 2.85 0.79 -1 0 -6.82 -1 -0.01
100 100 100 100 100 100 69 57 51 51 49 35 31 31 30 30 28 24 24 22 21 21 20 17 13 13 12 12 12 11 11 10 10 10 9 8 8 6 5 5 5 5 5 5 4 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 1 1 1 1
FUTURE CONTRACTS
-
Symbols
Open
POL-OCT DGKC-OCT NBP-OCT
Low
Close
239.06
240.95
239.31
239.7
0.64
139000
23.53
23.7
23.47
23.57
0.04
86000
63
-0.04
73000
63.04
High
Change
Vol
63.3
62.9
NML-OCT
44.7
45.15
44.8
44.89
0.19
MCB-OCT
190.11
190.79
189
189.32
-0.79
58500
PSO-OCT
265.69
267
266
266.26
0.57
48000
ANL-OCT
9.85
10.1
9.8
10
0.15
44500
175
ENGRO-OCT 174.85
59000
174.1
174.47
-0.38
40000
PPL-OCT
173.55
175.2
173.8
174.83
1.28
39000
AICL-OCT
63.87
64
63.25
63.68
-0.19
38500
POL-OCTB
223.11
224.39
223.5
223.93
0.82
14000
LUCK-OCT
67.15
67
65.6
66.9
-0.25
12500
OGDC-OCT
145.1
145.8
144.6
145
-0.1
6500
AICL-COCT
64.33
0
0
64.13
-0.2
0
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
FIBLM
2.5
2.3
2.3
2.3
-0.2
NMBL
1.17
1.14
1.14
1.14
-0.03
0
ICCT
1.09
0.98
0.98
0.98
-0.11
0
16.74
16.6
16.6
16.6
-0.14
0
PRWM
4.49
4.49
0
ARUJ
4.5
4.49
-0.01
0
INKL
9.99
9
9
9
-0.99
0
FASM
33
32.75
32.75
32.75
-0.25
0
CSUML
3.91
3.9
3.9
3.9
-0.01
0
FECS
38.3
38
38
38
-0.3
0
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
56.03
Support 1
9,999.60
MA (5-day)
10,031.00
Support 2
9,969.85
MA (10-day)
9,991.25
Resistance 1
10,055.50
MA (100-day)
9,868.70
Resistance 2
10,081.65
Fair Value
*Arif Habib Ltd
Rs Recommendations
9,933.29
Pivot
Buy
*Arif Habib Ltd
AKD Securities Ltd
44.13
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Technical Outlook Technical Analysis
Brokerage House
Fair Value
Rs Recommendations
230
Buy
*Arif Habib Ltd
Leverage Position
TFD Research
239.15
Positive
AKD Securities Ltd
Fair Value 33 32.87
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
32.46 173.24 192.35 194.22
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
29.1
247.57 43,235.66 25.47 174.15
* 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)
49.16 27.25 27.71 29.28
Brokerage House
Buy
*Arif Habib Ltd
61.46
Buy
AKD Securities Ltd
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 8,260.84 18.33 47.00
* Target price for Dec-10 & **Net Open Interest in future market
solidating) and Bollinger Bands were 55 per cent narrower than normal.
Bollinger Bands were 27 per cent narrower than normal.
displaying an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is extremely low when compared to the volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators flowing into and out of NML at a relatively equal pace. Trend forecasting reflect very strong flows of volume into POL (bullish). Trend forecasting oscillators are currently bullish on NML.
oscillators are currently bullish on POL.
Kot Addu Power Co Ltd
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
46
Buy
Neutral
TFD Research
Positive
44.9
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
39.32 33.11 33.96 33.67
Rs Recommendations Buy
AKD Securities Ltd
49.77
Buy
TFD Research
46.05
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value 53
Technical Outlook
* Target price for Dec-10 & **Net Open Interest in future market
107.94 25,853.00 79.84 239.82
NML is currently 11.6 per cent below its 200-day moving average and is POL is currently 3.6 per cent above its 200-day moving average and is dis-
48
326.94 9,023.50 0.01 27.70
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
810.01 26,827.47 N/A 33.07
* 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)
45.98 41.19 41.81 43.67
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
176.05 7,244.48 N/A 41.21
* Target price for Dec-10 & **Net Open Interest in future market
PPL closed up 1.22 at 174.64. Volume was 5 per cent above average and FFBL closed down -0.20 at 27.60. Volume was 63 per cent below average HUBC closed up 0.26 at 33.12. Volume was 65 per cent below average KAPCO closed down -0.04 at 41.15. Volume was 92 per cent above averBollinger Bands were 227 per cent wider than normal.
(consolidating) and Bollinger Bands were 27 per cent narrower than normal. (consolidating) and Bollinger Bands were 10 per cent wider than normal.
age and Bollinger Bands were 35 per cent narrower than normal.
PPL is currently 10.1 per cent below its 200-day moving average and is FFBL is currently 3.9 per cent below its 200-day moving average and is HUBC is currently 1.6 per cent below its 200-day moving average and is KAPCO is currently 5.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume erate flows of volume into PPL (mildly bullish). Trend forecasting oscillators reflect volume flowing into and out of FFBL at a relatively equal pace. flowing into and out of HUBC at a relatively equal pace. Trend forecasting flowing into and out of KAPCO at a relatively equal pace. Trend forecastare currently bearish on PPL.
Trend forecasting oscillators are currently bullish on FFBL.
oscillators are currently bearish on HUBC.
ing oscillators are currently bullish on KAPCO.
Time
07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct 07-Oct
11:30 9:00 9:30 1:30 10:00 10:00 4:30 4:30 4:30 11:30 2:30 10:30 3:30 4:00 3:00 12:00 12:00 9:00 10:00 11:30
Company
Leverage Position
65.51 235.56 224.70 231.19
Date
Arpak International Investments Ltd Ashfaq Textile Mills Ltd Asim Textile Mills Ltd Babri Cotton Mills Ltd Bannu Woollen Mills Ltd Bilal Fibres Ltd Dadabhoy Cement Industries Ltd Dadabhoy Construction Technology Limited Dadabhoy Sack Limited Data Agro Ltd Data Textiles Ltd First Equity Modaraba First Fidelity Leasing Modaraba First UDL Modaraba Gammon Pakistan Ltd Gulshan Spinning Mills Limited Indus Dyeing & Manufacturing Co Ltd J.A Textile Mills Ltd Jahangir Siddiqui & Co Ltd Janana De Malucho Textile Mills Ltd
TECHNICAL LEVELS
Positive
* Target price for Dec-10 & **Net Open Interest in future market
*Arif Habib Ltd
Leverage Position
Buy
Technical Analysis
Buy
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
305.7 281.35
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Hub Power Co Ltd
Rs Recommendations
Rs Recommendations
261
Technical Outlook
Leverage Position
53.40 46.85 46.39 53.16
Fair Value
NML closed up 0.27 at 46.99. Volume was 50 per cent below average (con- POL closed up 0.38 at 239.52. Volume was 14 per cent below average and
Technical Outlook
Technical Outlook
Rs Recommendations
65
74.2
Fauji Fertiliser Bin Qasim Ltd
*Arif Habib Ltd
Fair Value
Technical Outlook
10,025.75
Pakistan Petroleum Ltd
Brokerage House
Brokerage House
44
RSI (14-day) 38.15 Free Float Shares (mn) 182.55 MA (10-day) 23.97 Free Float Rs (mn) 4,286.27 KSE 100 INDEX closed up 4.50 points at 10,029.36. Volume was 38 MA (100-day) 24.92 ** NOI Rs (mn) 19.71 per cent below average and Bollinger Bands were 59 per cent narrow- MA (200-day) 27.50 Mean 23.52 er 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 10,055.50 and 2nd resistance level at DGKC closed up 0.02 at 23.48. Volume was 51 per cent below average (con10,081.65, while Index will continue to find its 1st support level at solidating) and Bollinger Bands were 13 per cent narrower than normal. 9,999.60 and 2nd support level at 9,969.85. KSE 100 INDEX is currently 1.0 per cent above its 200-day moving DGKC is currently 14.6 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is extremely low displaying a downward trend. Volatility is extremely low when compared to when compared to the average volatility over the last 10 trading sesthe average 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 DGKC at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC. bullish on INDEX. MA (200-day)
Pakistan Oilfields Ltd
Nishat Mills Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.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 J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C 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 P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 36.34 2.85 2.70 47.85 50.90 50.35 30.82 62.10 61.15 26.68 24.60 24.20 33.55 21.05 20.55 28.67 63.00 62.55 42.47 14.25 14.15 45.53 9.80 9.60 76.83 351.75 349.45 46.43 79.45 78.30 54.27 8.25 8.20 47.38 3.00 2.90 41.63 7.95 7.90 48.51 1.45 1.40 38.15 23.35 23.20 38.10 1.30 1.25 42.13 2.00 1.95 30.10 34.85 34.20 43.00 58.15 57.35 47.20 173.15 172.40 42.29 13.10 12.85 36.32 4.60 4.55 49.16 27.45 27.30 50.55 105.40 105.10 40.15 93.10 92.65 39.32 32.90 32.65 43.29 116.95 116.70 42.89 218.30 216.20 20.13 1.85 1.65 42.95 1.20 1.05 58.82 2.55 2.50 44.21 8.85 8.60 45.98 40.95 40.70 49.01 2.00 1.95 55.67 70.35 70.10 49.99 188.75 188.00 31.96 2.55 2.40 41.18 62.55 62.35 62.42 17.20 16.55 31.41 17.35 17.15 41.52 2.50 2.45 40.23 1.30 1.25 53.40 46.70 46.40 51.62 144.40 143.55 59.14 2.65 2.35 40.49 1.35 1.30 42.91 2.00 1.90 47.87 7.55 7.45 65.51 238.60 237.65 32.46 173.70 172.75 50.01 73.20 71.35 53.96 265.05 264.40 55.04 18.80 18.60 36.25 191.00 190.10 68.01 30.70 30.25 37.54 7.95 7.85 78.30 29.30 28.75 39.28 2.00 1.95 63.08 4.20 4.10 42.24 51.70 51.45 38.68 2.30 2.25
1st 2nd Resistance 3.05 3.10 51.80 52.05 63.95 64.90 25.50 25.90 21.90 22.20 63.95 64.45 14.45 14.55 10.20 10.40 357.10 360.20 81.55 82.45 8.45 8.60 3.15 3.25 8.15 8.25 1.55 1.60 23.65 23.85 1.40 1.45 2.10 2.15 36.10 36.65 59.65 60.35 174.85 175.80 13.60 13.85 4.70 4.75 27.85 28.05 105.95 106.20 94.00 94.45 33.40 33.65 117.50 117.80 222.25 224.05 2.45 2.85 1.50 1.60 2.65 2.70 9.35 9.60 41.45 41.70 2.10 2.15 71.00 71.45 190.60 191.70 2.85 2.95 63.05 63.40 18.20 18.55 17.75 17.95 2.60 2.65 1.40 1.45 47.40 47.80 146.25 147.35 3.10 3.25 1.60 1.70 2.15 2.25 7.70 7.85 241.00 242.45 175.35 176.05 76.55 78.10 266.55 267.40 19.10 19.20 192.90 193.90 31.55 31.85 8.25 8.45 30.30 30.70 2.10 2.15 4.35 4.45 52.15 52.40 2.40 2.45
Pivot 2.90 51.20 63.05 25.05 21.40 63.50 14.35 10.00 354.80 80.40 8.40 3.10 8.10 1.50 23.55 1.35 2.05 35.45 58.85 174.10 13.35 4.65 27.65 105.65 93.55 33.15 117.25 220.15 2.25 1.35 2.60 9.10 41.20 2.05 70.75 189.85 2.65 62.85 17.55 17.55 2.55 1.35 47.10 145.45 2.80 1.50 2.10 7.65 240.05 174.40 74.75 265.90 18.90 192.00 31.05 8.15 29.70 2.05 4.30 51.95 2.35
8
Friday, October 7, 2010
PIA loss reaches to Rs 83.3bn
Delay in one PIA flight cost Rs10mn MANILA: Philippine Airlines' (PAL) cabin staff arrives at the airport for a departure flight in Manila. Reuters
Apex court told
Shaheen Airlines to start its service to GB GILGIT: The Apex Court of Gilgit-Baltistan directed the management of Shaheen Airlines on Tuesday during the hearing of a Suo Moto case to start its services to Gilgit-Baltistan in line with its agreement with Civil Aviation Authority (CAA). The Chief Judge Justice Nawaz Abbasi while hearing directed the management of the Airlines to compliance the agreement which it had inked with CAA. The Shaheen Airlines tendered its apologies and expressed inability to operate the service due to non-economical route but the court did not agree with the arguments it presented before the court. The management, however, agreed to start its service from Islamabad to Skardu
immediately and it would also begin its service from Islamabad to Gilgit after two months provided Attock Refinery supplies fuel on subsidized rates like it does to Pakistan International Airlines. The Court directed the Attock Refinery to start supply of fuel to Shaheen Airlines on subsidized rates. The Court was informed by the management of the airlines that it could not start its service to Gilgit forthwith due to unavailability of aircrafts for Gilgit because of the width and length of the Gilgit airport and it will have to purchase suitable aircrafts and it requires time to include such feasible planes into its fleet and sought two months. The court directed the air-
lines to place the order for purchase as soon as possible. The Deputy Attorney General Supreme Court of Pakistan Raja Ali Abbasi also appeared before the court while CAA was represented by Ubaid Abassi. The Court was informed by the authorities of the CAA that new policy of the aviation was in Ministry of Defense for examination and it will bound all private airlines to start services to socio-economic routes including Gilgit-Baltistan. Meanwhile, the court took notice of the murder of prisoner in police custody before the chief court and summoned the Inspector General of Police and other officials to appear before the court on the date fixed for hearing. APP
Emirates launches A380 on new route to HK KARACHI: Emirates Airline launched its Airbus A380 which flew into Hong Kong for the first time just hours before a dazzling fireworks display lit up the iconic harbour skyline. With festivities in full swing across the city, the super-jumbo landed at Hong Kong International Airport to mark the start of its daily A380 service connecting Hong Kong and Dubai, via Bangkok. EK384 was welcomed by a water canon salute as Hong Kong became the 11th destination on Emirates’ global network to be served by the most environmentally advanced commercial aircraft in the skies. Richard Jewsbury,
Emirates’ Senior Vice President, Commercial Operations, Far East and Australasia, said: “It was tremendous that our Airbus A380 made its maiden flight to Hong Kong on a day of national celebration. The 517-seat double-decker will help meet the growing demand for seats on this route, particularly in Business and First Class, while offering our passengers the chance to enjoy the premium A380 experience.” The aircraft was also warmly received by Hong Kong International Airport Stanley Hui, Chief Executive Officer of Airport Authority Hong Kong, said: “Hong Kong International Airport is already A380 capable, and
we are glad to welcome the Emirates A380 aircraft operating to HKIA on National Day.” Emirates is the largest A380 operator in the world and flies daily from Dubai to Paris, Jeddah, Seoul, Bangkok, Sydney, Auckland, Beijing and Manchester, as well as double daily to London Heathrow and three times a week to Toronto. In addition — from the 31st October — the aircraft will make its much-anticipated return to New York with its non-stop service between Dubai and JFK. Emirates will continue to offer its passengers the option of a non-stop daily service between Hong Kong and Dubai, currently operated by a Boeing 777300ER. NNI
Govt to ban Philippine Airlines strike: minister MANILA: The Philippine government said Friday it would ban a planned strike that threatens to paralyse the operations of national flag-carrier Philippine Airlines (PAL). Labour Secretary Rosalinda Baldoz said that if the airline and its flight attendants' union failed to reach an agreement next week, she would assume jurisdiction over the dispute, making a planned strike illegal. "We are (looking) after the interests of the riding public. PAL is still the national carrier and there is the national interest to protect," she told. Assuming jurisdiction would force the two sides to negotiate further and, if an agreement was still not reached, the secretary could make a decision on the dispute, Baldoz explained. The vice-president of the 1,600-strong cabin crew union, Andy Ortega, said his members would respect the secretary's authority but stressed that Baldoz should resolve the conflict quickly and fairly. "If they stop us because of national interest, we expect them to do their part in giving us a fair and fast decision," he said. The Flight Attendants' Association of the Philippines announced on Wednesday it would go on strike at the end of October, saying that PAL management had repeatedly rejected its demands for a pay rise. It is also demanding paid maternity leave and an end to a company policy that forces female air hostesses to retire at the age of 40. The government has called both sides to attend a meeting on October 5 in a lastditch effort to avoid a strike, but the union said it was still preparing for a strike because it expected PAL to take a hardline stance. The planned strike is the latest in a string of labour problems to hit the airline. In August, 25 pilots and first officers on PAL's short-haul aircraft suddenly quit for higher paying jobs abroad, forcing the abrupt cancellation of several flights. -APP
ISLAMABAD: Delay in a recent Milan bound Pakistan International Airline flight cost the national flag carrier Rs10 million, claimed MNA Nawab Yousaf Talpur in National Assembly on Tuesday. Speaking on a point of order, the MNA said, on October 1 the flight bound for Milan, Italy was late at Islamabad airport by 12 hours and the Managing Director PIA diverted it to Karachi. As it was loaded with fuel and could not land in Karachi, the flight had to off load fuel worth Rs2.5 million and during its course to Milan from Islamabad through Karachi, it was further delayed, he said. Talpur said, as the flight reached Milan at night, the PIA had to again pay a fine of Euro 13,000 to land at Milan airport. “By, this way the PIA had to suffer loss of Rs10 million in these heads and others, for just a wrong decision of Managing Director PIA. This is only one example of loss suffered by PIA due to a wrong decision of PIA boss,” he said and demanded of the government to take serious note of it. NNI Meanwhile The accumula-
tive losses of PIA amount to Rs. 83.3 billion, while the amount of net losses faced by the corporation are Rs. 79.03 billion, a news release issued by PIA here on Tuesday said. "The losses are dated up to 30th June of current fiscal year 2010. During the first six months of 2010, PIA has faced Rs. 6.9 billion losses." The amount of loss due to rupee depreciation stood at Rs. 1.56 billion and the financial cost was Rs. 4.6 billion in the first six months of 2010, Rs. 55.7 billion was the expenditure of the airline during January -June 2010 which includes the financial cost as well. A news report carried by a section of the press on September 28, stated that the airline faces Rs. 40 billion losses in the fiscal year 2009 but the loss faced by the airline in 2009 was Rs. 5.82 billion. The accumulated losses in 2009 were Rs. 76 billion. The revenue was Rs. 94.4 billion but expenditures were not Rs. 134 billion but the actual amount of expenditures during the year 2009 was Rs. 107.8 billion which includes the financial cost. Rupee depreciation caused Rs. 6.7 billion loss to the airline in the fiscal year 2009. Agencies
Gandhara Steam Safari
PR to launch tourist trains from Oct 10 ISLAMABAD: Pakistan Railways Advisory and Consultancy Services Limited (PRACS) would launch Gandhara Steam Safari tourists trains from October 10. The trains to be operated from Lahore and Rawalpindi railways stations aims at boosting domestic tourism besides providing comfortable travelling services to the passengers in the country. An official of PRACS told APP that the tourists train will also facilitate the domestic as well as local travellers and also generate good income for the organization. He said that the trains will operate two days a week on Saturday and Sunday. Federal Minister for Railways Ghulam Ahmed Bilour will inaugurate the tourist trains on October 10 at Rawalpindi Railways Station to see off the inaugural passengers. The Steam Safari tourists train will charge Rs. 1200 per head from Lahore to Changa Manga and from Rawalpindi to Taxla and adjacent historical areas and in the package the return tickets will be included. He said that PRACS also hired buses to give pick and drop facilities to the tourists and adjacent areas of the tourists spots. He said that PRACS will also provide charter booking facilities to the tourists. Hundreds of people visiting the historical spot Taxila daily. The ruins of Taxila consist of many different parts of the city buildings and buddhist stupas
which are located in a large area. The main ruins of Taxila are divided into three major cities, each belonging to a distinct time period. In addition to the ruins of the city, a number of buddhist monasteries and stupas also belong to the Taxila area. Some of the important ruins of this category include the ruins of the stupa at Dharmarajika, the monastery at Jaulian, the monastery at Mohra Muradu in addition to a number of stupas. While Changa Manga is a planted forest and a wildlife center in Lahore District. It covers an area of 4,860 hectares (12,000 acres) and is one of the largest man-made forests on the planet. The planting and irrigation of it took place in the 19th century in the era of the British Raj due to the need for timber for the Indian railway network. The Changa Manga forest is a hot spot concerning wildlife in Punjab. Wildlife within the borders of the plantation include a small remaining population of Nilgai, hog deer, wild boar and possibly axis deer. Jackal and Asiatic wild cat can be found in Changa Manga as well. Changa Manga also serves as a wildlife breeding center. Changa Manga plantation is also an important place for restocking projects of Asiatic vultures in Pakistan. Parts of the forest have now been developed into a park with a rail road which gives the visitor a 25 km ride on a miniature train through the forest. -APP
PALPA criticizes PIA flight duty info through SMS illegal KARACHI: Pakistan Airline Pilots' Association (PALPA) while criticizing the SMS method introduced by Pakistan International Airlines (PIA) to convey the massage of flight schedule to the pilots said that it will put more financial burden on the national flag carrier aviation company as well as violation of global aviation safety rules. In a statement issued on Saturday, the PALPA Spokesman said that the SMS project will unnecessarily cost PIA around Rs 5 million annually while 600 mobile phones would have to be purchased additionally besides PIA is bound to foot the monthly bill of Rs. 500 for each connection. Instead of bringing financial discipline to make the national flag carrier a viable entity and nation's pride its inefficient and incumbent management has come up with yet another financially unviable idea of conveying instructions about flight schedule to the pilots through short message service giving the impression that its frequent flight delays are due to improper communication, he said. The statement said through this innovative idea the PIA administration has indicated that the time tested practice of informing the pilots of flight schedule and their duties (through rosters) would be discontinued after November 1, 2010. The spokesman revealed that the activity will prove to be futile as it is not "the lack of information" but actually the ill planned and ineffective planning of rosters which jeopardizes the timely departures of flights. The administration has always tried to bypass the global aviation safety rules specially after bringing PIA flying crew under the essential services act; it cannot be allowed further to risk the life of passengers and ruin the national asset. The airline is fast drifting from financial boom to bust losing billions annually while two other airlines are performing much better in the same domestic markets. Its issue with the pilots mainly relates to compliance with the global safety procedures in which the national carrier seeks concessions from Civil Aviation Authority forcing the pilots to risk the life of the passengers by performing duties beyond human limit. NNI
Terrorism cost Rs.550bn to tourism sector: NA told ISLAMABAD: The National Assembly was apprised on Monday that terrorism has damaged the tourism sector across the country bringing the loss worth Rs550 billion and recent unprecedented floods destroyed bridges and roads costing over Rs500 billion. Replying to a question, Minister for Tourism Atta-urRehman informed the Hosue that the ratio of tourist across the globe have been declined by 50 percent. He said that the tourism sector is not getting due attention that is why the department is loosing charm to attract the international tourists. He said that tourism policy was finalized but after the 18th Amendment this department has been shifted to the provinces and that ministry has also taken various steps for the promotion of inter-provincial tourism. -Agencies
9
Thursday, October 7, 2010
Gold hits new record as dollar comes under fire LONDON: Gold rose to record highs for a second day in a row on Wednesday as investors punished the dollar ahead of the Federal Reserve's possible resumption of special measures to protect the flagging economy. Palladium rallied to its highest level in over nine years, fuelled by optimism over the potential for strong growth in demand from the auto industry. Gold has touched all-time highs in eight out of the last 10 trading sessions, fuelled by the decline in the dollar, which is now at eight-month lows against the euro, which has profited from weakness in the US currency and from the European Central Bank giving no hint that it could ease policy. Spot gold rose as high as $1,349.80 an ounce earlier in the day, before easing back to $1,345.80 by 1430 GMT, still up from $1,338.70 late in New York on Tuesday.
US gold futures also hit a fresh all-time high of $1,351 an ounce and traded up $6.6 at $1,346.80 an ounce. While gold has hit new highs in dollar terms, this strength has not been replicated in the major gold crosses, reflecting the resilience of the euro <EUR=>, yen and Swiss franc against the greenback. In dollar terms, gold is up
2.8 per cent so far this month, while euro-priced gold is up 1.1 per cent, yen-denominated gold is up 2.2 per cent and Swiss franc-priced gold is up 0.95 per cent. On the physical market, there was light scrap selling from Thailand and short-covering from speculators, according to a Singaporebased dealer, while in top consumer India the strength of the
local currency tempered demand. Spot silver rose to a fresh 30-year high of $23.06 an ounce, before easing to $22.85 still showing a gain on the day after Tuesday's notional close at $22.78. Investor interest in silver continued to rise. Holdings in the iShares Silver Trust, the world's largest silver-backed exchangetraded fund, rose 94.32 tonnes to a new all-time high of 9,877.20 tonnes by Oct 5. Platinum group metals rose along with gold. Palladium rallied to its highest since July 2001, having hit a session peak at $591.50 an ounce, before paring some gains to trade at $584.50, up from $574.60 the day before. Platinum hit $1,705.50 an ounce, highest since midMay, before easing to $1,700.00, from $1,693.75. Reuters
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Dec10 771.00, Jan11/Mar11 775.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 780.00+0.00, Feb11/Apr11 788.00+3.00, May11/Jul11 795.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1230.00, Jan11/Mar11 1185.00+5.00, Apr11/Jun11 1175.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1357.50+7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 935.00+10.00, Nov10 932.50, Dec10 930.00, Jan11/Mar11 930.00+10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10 972.50, Dec10 962.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10 925.00+12.50, Dec10 915.00+10.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10 935.00+12.50, Dec10 925.00+10.00, Jan11/Mar11 922.50+12.50, Apr11/Jun11 925.00+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1375.00+0.00, Oct10/Nov10 1365.00+0.00, Nov10/Dec10 1360.00-5.00, Dec10/Jan11 1360.00-5.00, Jan11/Feb11 1360.00+0.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00-25.00. Reuters
India sugar a tad down; outlook positive SRINAGAR: Kashmiri farmers thresh paddy on a drum during the harvest in Shariefabad on the outskirts of Srinagar. -Reuters
NY cotton gains on weak dollar, outside markets NEW YORK: Cotton futures Volume traded reached derived from investors who settled higher on Tuesday as 14,284 lots by 1834 GMT, bought the commodity comthey recovered from a three- nearly 20 per cent below the plex across the board. Cotton climbed more than 33 week low, with investors 30-day average at 17,284 lots, per cent in the third encouraged by strength in outNY cotton early-trade side markets and scattered talk ICE December cotton futures rose quarter of 2010, its best of Chinese offtake, brokers 0.05 cent to 98.61 cents per lb on vol- quarterly performance since 1994, Thomson said. ume of 2,110 lots. Reuters data showed. ICE Futures US benchmark Broker Flanagan Trading December cotton contract rose preliminary Thomson Reuters Corp sees resistance in the 0.73 cent to finish at 98.65 data showed. cents per lb. It had ended on "I think it's the weak dollar December cotton contract at Monday at 97.83 cents, the and all the outside market 98.65 and 99.50 cents, with lowest finish for the second stuff," Mike Stevens, an inde- support at 97 and 95.80 cents. position contract since the pendent cotton analyst in Volume traded on Monday middle of September. The con- Mandeville, Louisiana, said of reached 28,039 lots, from the tract traded from 96.90 to the reasons for cotton's gain. prior tally of 20,034 lots, data $1.004, rising above $1/lb for He said cotton would have lost from ICE Futures US said. ground if not for the support Reuters the first time since last week.
Palm oil at 1-week top on easing hopes KUALA LUMPUR: Palm oil prices hit a near one-week high on Wednesday on expectations of a new round of central bank action to ginger up weakening economies although a record US soy crop dragged on sentiment. Hopes of central banks easing monetary policies weighed on the greenback, as it would make dollar-priced commodities such as Malaysian palm oil and US soyoil cheaper for big customers like China and India. Benchmark Malaysian palm oil prices ended up 0.9 per cent at 2,730 ringgit ($882.1) after going as high as 2,735 ringgit - a level unseen since Oct 1.
Traded volume stood at 11,654 lots of 25 tonnes each. Palm oil could rise to 2,750 ringgit per tonne, as an "a-b-c" corrective wave cycle is seen complete at 2,655 ringgit, according to Reuters technical analyst Wang Tao. China, the world's No.2 vegetable oil buyer, is increasing imports of palm oil partly because of lower prices versus soyoil, Hamburg-based oilseed analyst Oil World said late on
Tuesday. Asian FOB palm oil prices were about $115 to $137 a tonne cheaper than US and Brazilian soyoil in the past week, Oil World data showed. The US Department of Agriculture said after the market closed on Monday that the soybean harvest was 37 per cent complete as of Sunday, up 20 percentage points from the previous week and above trade estimates of around 30 per cent. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 05 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 05 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
2245 2250 2215 2225 2155 2165 2155 2165
2334 2335 2366 2367 2447 2452 2510 2515
8124 2274.5 8125 2275 8135 2303 8140 2303.5 8040 2313 8050 2318 7790 2285 7800 2290
24255 24260 24280 24285 23550 23650 22625 22725
TIN
25725 25750 25685 25700 25050 25100
ZINC NASAAC
2258 2260 2282 2283 2330 2335 2318 2328
2232 2233 2260 2270 2260 2270 2310 2320
MUMBAI: India's spot sugar prices ended slightly lower on Wednesday due to poor buying interest after a sharp rise in prices in the previous session reacting to the news of a possible delay in sugarcane crushing in major growing areas, dealers said. The prices also had risen in the past few sessions due to slight improvement in demand from stockists and lower nonlevy sugar quota announced for October, dealers said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.23 per cent to 2,585 rupees ($58.10) per 100 kg. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing by a month, industry and government officials told Reuters on Tuesday. India, the world's biggest consumer, has made available 1. 75 million tonnes of nonlevy sugar for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement earlier this week. India will take a decision on allowing sugar exports after the Diwali festival, Farm Minister Sharad Pawar had told reporters last month. -Reuters
Copper hits 26-mth peak; dollar weakens LONDON: Copper powered to 26-month highs on Wednesday for a second successive session and other industrial metals rose to multi-month highs, lifted by a weak dollar and bets demand growth will outpace supply. Tin hit a contract-high on the back of persistent supply worries from top exporter Indonesia, where monthly tin exports were expected to slip, hit by heavy rain and depleting reserves. Benchmark copper on the London Metal Exchange reached $8,326 a tonne, its highest since mid-July 2008 and ended at $8,259 a tonne, versus Tuesday's close at $8,175. Earlier, zinc, lead and nickel touched new five-month tops; aluminium cracked $2,400.50 for the first time since late April. "The main driver is without doubt the US dollar but it's also the supply/demand situation," said Peter Fertig, analyst at Quantitative Commodity Research. "The Chinese economy is expanding strongly. As long as these fundamentals remain intact there is still scope for prices to go higher, even if they are at or close to record highs, as in the case of copper and tin." Concerns about supply out of Indonesia continued to fuel gains in the LME's smallest market, where tin closed at $26,300 a tonne, from $25,900 on Tuesday, having earlier hit a record high of $26,790. Tin has jumped by 7.6 per
cent since the start of October alone and has outperformed the rest of the LME complex, soaring by 58 per cent this year. "Besides enormous production problems in Indonesia and also in China lately, we are also seeing stronger stock reductions," Commerzbank said in a note. Refined tin output may fall nearly 6 per cent this year as heavy rains hit mining in top exporter Indonesia, and more easily mined onshore reserves are being depleted, an analyst at the International Tin Research Institute said. LME inventories showed a small 5-tonne addition, the latest LME data showed, but this was more than offset by a large rise in cancelled warrants, or metal flagged for removal, which jumped by almost half to 750 tonnes. Total tin stockpiles still remain near their lowest since May 2009. Across other metals, aluminium ended at $2,365 a tonne from $2,380 on Tuesday, while stainless steel material nickel ended at $24,800 from $24,700, having powered to $25,200, for the first time since early May. Lead hit its highest since late April at $2,359.75 a tonne, and ended at $2,316 a tonne from $2,311 on Tuesday while zinc closed at $2,334 was up from $2,312, but Commerzbank warned the correction potential for these contracts was growing. -Reuters
Oil hits new 5-mth high after US stocks data LONDON: Crude oil reached a fresh five-month high after the release of US government figures that showed a large fall in product inventories. Markets responded to this sign of high product demand by pushing up prices, despite simultaneous data showing a higher than expected rise in crude oil stocks. "The market will likely view this as somewhat neutral to
Information Administration showed that gasoline inventories fell by a much higher than expected 2.65 million barrels last week, and there was a slightly higher than forecast 1.12 million barrel decline in distillate stocks. This carried more weight with markets than the higher than expected 3.09 million barrel increase in crude stocks. The forecasts were based on a Reuters poll.
moderately bullish, as distillate demand was robust," said Chris Jarvis, analyst at Caprock Risk Management at Hampton Falls in New Hampshire. He added: "Overall, we believe the macro economic trade will continue to dominate the energy complex." After the 1430 GMT news, front-month US crude rose sharply to $83.83 by 1532 GMT, $1.00 up on the day and well above the five-month high of $83.33 set earlier on Wednesday. ICE Brent rose 89 cents to $85.73. The figures from the Energy
Oil prices remained supported by the prospect of a second round of US quantitative easing (QE2), which would bolster the economy of the world's largest oil consumer. Expectations of QE2 have strongly pushed up oil prices over the past few days. Recent economic news from the world's largest economy has been mixed. The pace of growth accelerated in the dominant US services sector last month even as it slowed among Chinese and European firms, boosting hopes the sluggish US economy was avoiding stagnation. -Reuters
Sugar, coffee consolidate on profit-taking LONDON: Raw sugar and coffee futures edged lower on Wednesday, consolidating after a slide in recent sessions as funds exited long positions and took profits. Cocoa was higher, buoyed by talk that black pod disease is likely to affect Ivory Coast's main crop, which kicked off officially last week. ICE coffee and sugar closed lower for several consecutive sessions last week in a sell-off in agriculture, marking a correction in prices after a strong performance in the third quarter. "All of these markets have encountered in one shape or form long liquidation," a London-based broker said. Raw sugar eased from last week's seven-month peak, with attention focused on crop progress in leading producers Brazil and India. ICE March raw sugar futures traded down 0.38 cent or 1.6 per cent at 23.36 cents a lb at 1454 GMT. London December white sugar was down $5.40 or 0.9 per cent at $618.20 per tonne in modest volume of 1,289 lots. The Dubai Al Khaleej refinery bought 40,000-50,000 tonnes of raw sugar from India for September-October-November shipment, general manager Cyrus Raja said on Wednesday. Coffee was lower in a continued correction, with dealers expecting the fall in prices to stimulate some roaster buying. ICE March arabica coffee futures traded down 0.1 cent or 0.06 per cent at $1.7865 a lb, while Liffe January robusta coffee was down $9 or 0.5 per cent at $1,657 per tonne. Cocoa futures edged higher, bucking the weaker tone across soft commodity markets, as dealers eyed a key crop report. ICE December cocoa traded up $20 or 0.7 per cent at $2,734 per tonne, while Liffe secondmonth March cocoa traded 15 pounds or 0.8 per cent higher at 1,865 pounds a tonne. -Reuters
Tokyo rubber at 5-mth high, gains limited BANGKOK: Tokyo rubber futures rose to a 5-month high on Wednesday, on the back of firmness in other commodities but profit-taking and a strong Japanese yen capped gains, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery rose 4.1 yen, or 1.3 per cent to settle at 321.7 yen ($3.87) per kg. It rose as high as 324.1 yen, the highest since April 21, before succumbing to profittaking. A stronger Japanese yen makes dollar-based rubber cheaper and usually encourages players to unwind futures contracts to stop losses. The dollar was stuck near eight-month lows against the euro and was losing ground against the yen after shedding all the gains it made in the previous session following BOJ easing. TOCOM prices were expected to rise further on Thursday on the back of improving rubber technical sentiment and firmness in other commodities. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 82.55 83.38 84.18 22.82 22.84
70 36 24
06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500
NO10 DE10 JA11 NO10 DE10
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce
82.17 83.00 83.50 22.32 22.35
83.32 84.05 84.18 22.82 23.07
81.99 82.82 83.50 22.32 22.33
82.55 83.38 84.18 22.82 22.84
174 34 34
Price 82.48 83.33 84.16 22.84 22.86
06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010
GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz
NO10 DE10 JA11 NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
1331.40 1333.00 1334.00 1331.40 1332.00
1349.40 1350.20 1351.70 1344.20 1349.90
1330.60 1330.80 1331.50 1331.40 1332.00
1344.20 1345.20 1346.10 1344.20 1345.20
1,127 1,100 1,097 33
1343.30 1344.30 1345.20 1343.30 1344.30
1344.20 1345.20 1346.10 1344.20 1345.20
936 1,104 442 14
06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010
GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W
JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 07OC10
US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg
1333.10 36951.00 36982.00 36996.00 37147.00 43092.00 43092.00 38035.00 38072.00 37997.00 38010.00 38022.00 43567.00 2402.00
1345.20 37468.00 37311.00 37325.00 37382.00 43476.00 43476.00 38355.00 38394.00 38407.00 38329.00 38342.00 44068.00 2402.00
1333.10 36951.00 36982.00 36996.00 36945.00 43092.00 43092.00 38035.00 38072.00 37997.00 38010.00 38022.00 43567.00 3176.00
1345.20 37302.00 37311.00 37325.00 37274.00 43476.00 43476.00 38355.00 38394.00 38407.00 38329.00 38342.00 44068.00 3176.00
15 3 2 -
1345.20 37306.00 37315.00 37329.00 37278.00 43481.00 43481.00 38360.00 38398.00 38410.00 38335.00 38347.00 44072.00 3227.00
1346.10 37302.00 37311.00 37325.00 37274.00 43476.00 43476.00 38355.00 38394.00 38407.00 38329.00 38342.00 44068.00 3176.00
14 47 1 2 -
06-Oct-2010 06-Oct-2010 06-Oct-2010 06-Oct-2010
Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
OC10 OC10 10-Dec 11-Mar
Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
3236.00 4154.00 86.69 86.17
3236.00 4168.00 86.69 86.17
3185.00 4154.00 86.69 85.65
3185.00 4168.00 86.69 85.65
-
3236.00 4154.00 86.69 85.59
3185.00 4168.00 86.69 85.65
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Sania Mirza returns a shot against Britney Teei during their women’s singles group match in CWG
10
Thursday, October 7, 2010
Don’t write off Federer yet, warns Nadal TOKYO: World number one Rafa Nadal insists his great rival Roger Federer is no spent force and on Wednesday backed him to add to his record haul of 16 grand slam titles. "He won at the Australian Open and won in Cincinnati (Federer's 17th Masters 1000 title), got to the final in Madrid and Toronto ... so it's a good year for him," Nadal told reporters at this week's Japan Open. "It's very difficult to always be 100 per cent and what Federer did the last seven or eight years is almost impossible to repeat. It's unbelievable." Nadal matched Federer in winning all four grand slam crowns by winning last month's US Open to move to nine overall and add to the Wimbledon and French Open crowns he won earlier in the year. But the Spaniard warned that it was far too early to write off Federer, who has won 63 career titles but has slipped to third in the world rankings. "Of course he is going to challenge to win the big tournaments," said Nadal, who is making his first appearance in Japan this week. "He is still -what? -- number two or three in the world and his game is still at a very high level." Nadal and Federer are two of only seven men to have won all four majors and the Spaniard paid credit to the Swiss maestro. "It's very difficult to always be at the top," said Nadal, who is gunning for his seventh title of the year this week. "What he did is very, very difficult."Reuters
Butt settles disputes with ECB LAHORE: Chairman Pakistan Cricket board Ijaz Butt has said that all disputes and issues have been settled with England Cricket Board (ECB). Talking to the media persons at Allama Iqbal Airport he said that PCB would help the ECB regarding Match fixing investigation. Ijaz Butt said I am glad that all the matters are solved with ECB and that was a mistake, which has been ended and ECB is willing to provide neutral venue in future to PCB. Replying to a question about Chairman PCB changing he said that I also heard and read in newspapers but it is nothing new for me. He further said that PCB will investigate the allegation of match fixing over Pakistan Cricket team.-Online
Aleem Dar best ICC umpire n n
2nd time in a row for Dar Tendulkar named player of the year
KARACHI: Pakistani named the winner for the sec- Wednesday. umpire Aleem Dar has won the David Shepherd Trophy for the second time after being named ICC Umpire of the Year at the LG ICC Awards in Banglore (India), ICC announced on Wednesday. 42-year-old Dar, was voted to this award by the 10 Full Member captains as well as the eight-man Elite Panel of ICC Match Referees, based on his decision statistics and officiating skills over the past 12 months. BANGALORE: Pakistan’s umpire Aleem Dar holds the trophy It is the second year in a after he won Umpire of the Year award at the International row that he has received the Cricket Council Awards 2010.-Reuters ICC award which has been newly named after the late ond year in row." he com"It's fantastic to win this England umpire David mented. award, I'm really excited... Shepherd and upon collecting Lahore-based Aleem Dar and this last season for the the trophy from Chris Broad, beat off strong competition entire team has been really Dar said; "I think the fact I'm from his colleagues on the special," said the 37-year-old. still playing cricket in Elite Panel of ICC Umpires Tendulkar fought off stiff Pakistan makes me a good Steve Davis, Tony Hill and competition to take the award umpire, in the last four times five-time ICC Umpire of the ahead of fellow short-list I've played cricket I scored Year Simon Taufel. nominees Virender Sehwag, centuries so I definitely think Indian batsman Sachin also of India, South Africa's that has helped. Tendulkar was named 2010 Hashim Amla and England's "I'm honored to have been Cricketer of the Year on Graeme Swann.-APP
Athletics track finally ready
Seats remain empty at CWG NEW DELHI: Organisers worked through the night to get the running track ready before Wednesday's first athletics events at the Delhi Commonwealth Games, the latest in a catalogue of snags to dog the event. Attendances were again low on the third morning of competition at the 12-day Games for mostly former British colonies, which has so far been far from the image boost India had hoped to achieve for its $6 billion (3.8 billion pound) investment. Allegations of corruption, shoddy construction, a filthy athletes' village, security and health concerns all blighted the preparations. Transport issues, technical malfunctions and problems with food have continued the trend into Games. "I think a lot of adverse publicity leading up to the Games has turned off some people, there is no question about it," Commonwealth Games
Federation chief Michael Fennell said about the lack of spectators Wednesday. "You can't have that. What we know we need to do is to rebuild it (Games' reputation) because the Games are being successfully conducted." Games chief organiser Suresh Kalmadi said sales would pick up after India's surge up the medals table, which continued on Wednesday when shooter Gagan Narang grabbed his second gold. "We sold 50,000 tickets yesterday and have got good response for hockey, tennis, swimming and athletics," Kalmadi told a news conference Alongside the host nation's five gold medals from day two, organizational problems were widely reported in Wednesday's newspapers with the Indian Express publishing details from a leaked internal report. "TRANSPORT IS A MESS" "Transport is a mess, botched-
up security clearances, sulking volunteers striking work, drivers who get lost, flap barriers that don't work, missing video boards, food for workforce 'unfit for human consumption' -- hardly have the lights dimmed on the dazzling opening ceremony when the daily unending roster of complaints is back," read its frontpage. The elaborate opening ceremony at the Jawaharlal Nehru Stadium caused the race against time to get the track ready for the start of the athletics competition Wednesday afternoon. "It was all done, it was checked this morning by the technical delegates who informed us all systems are go for athletics this afternoon," said Fennell. Other problems have proved harder to solve, including bus drivers who did not know their way around the city, and others dissatisfied with the food and accommodation.-Reuters
Pak settles for silverware in wrestling Monitoring Desk KARACHI: Azhar Hussain settles for silver medal at Commonwealth Games, losing to Rajinder Kumar of India in the final of 55kg Greco-Roman wrestling category. Reigning champion Kumar successfully defended his title without conceding a single point in the tournament, making it four wrestling golds for the hosts. He dominated Hussain in a one-sided final of two sessions, winning 11-0 to roars of approval from the home crowd.
China Open Tennis
Djokovic snaps up QF spot BEIJING: Champion and top seed Novak Djokovic enjoyed a free ride into the quarter-finals of the China Open on Wednesday after American Mardy Fish pulled out with an ankle injury just hours before the match. "Mardy damaged his left ankle during his first round game and has gone to hospital for a scan," an ATP official told reporters. Fish's misfortune meant Djokovic could enjoy a relaxing day in the Chinese capital on a day when other competitors tried to play through the smoggy conditions described as "hazardous" by the US embassy in Beijing. Women's top seed Caroline Wozniacki, who had a bye into the second round, will begin her bid to topple Serena Williams from the top of the rankings by the end of this week against Italy's Sara Errani. Second seed Vera Zvonareva booked her place in the last eight after downing fellow Russian Maria Kirilenko 5-7 6-4 6-2 in a two hour 39 minute tussle. Men's fourth seed Nikolay Davydenko struggled to tame towering Croatian Marin Cilic, eventually winning 7-5 7-5. "It was very good match for me. My baseline control was good and I played fast as I believed that was the way to win today," said Davydenko whose next test will be against another beanpole, American John Isner. Isner, who is best known for winning the longest ever tennis match 70-68 in the fifth set at this year's Wimbledon, enjoyed a rather brisk workout when he tamed fellow big server Philipp Kohlschreiber 7-6 3-6 6-3 in two hours and 13 minutes.Reuters
Viv Richards bats for cricket's inclusion
CWG, Olympics should feature cricket events NEW DELHI: Cricket should be included in the Commonwealth Games (CWG) and Olympics to help the game grow around the world, West Indies cricketing great Viv Richards said on Wednesday. Richards, at the Delhi Games as an ambassador for the 25member Antigua and Barbuda delegation, said the Twenty20 competition was tailor-made for multi-sports events. "Twenty20 definitely should be in," he told Reuters. "That's the version, it will be the best salesman for cricket as it is short and entertaining. "We can't accommodate the longer version. The same way rugby was introduced in the Commonwealth Games," he added. Cricket was played just once at the Commonwealth Games in 1998 in Kuala Lumpur, where Antigua and Barbuda
competed as an independent team and South Africa won the title. Matches were played over 50 overs. Sevens, the shorter form of rugby union, is on the schedule for a fourth successive Commonwealth Games in Delhi and will feature at the Olympics for the first time in 2016. Richards had a dig at the International Cricket Council (ICC) for not doing enough to popularise the game of cricket. "Someone told me that the ICC is not that interested in pushing for cricket to be included in the Olympics," he said. "I hope they finally are at some point. I think the more cricket is played at other outlets the better it would be for the game. There are a very few countries who play cricket and we need to do this for the sport."-Reuters
ICC to hear Pak appeal on 30th ISLAMABAD: The head of the International Cricket Council (ICC) Code of Conduct Commission will hear the appeal by the three Pakistani players - Salman Butt, Mohammad Amir and Mohammad Asif - against their provisional suspension from all cricket on October 30 and 31 in Doha, Qatar. The provisional suspensions were imposed on the players in accordance with the ICC Anti-Corruption Code after they were charged with various offences under the code on September, 2. The charges followed revelations by The News of the World and subsequent investigations by the ICC's Anti Corruption and Security Unit into 'spotfixing' allegations. "After receiving three separate appeals from the respective players, the ICC moved
as quickly as possible to convene an independent hearing in accordance with the ICC's Anti-Corruption Code. After consulting with all parties involved we decided to conduct the hearing in Doha, Qatar," ICC Chief Executive Haroon Lorgat said in a statement on Wednesday. "It is important to understand that the appeals are against the provisional suspension only and will not consider the substantive charges that were laid against the players on September, 2." In the meantime, the players remain provisionally suspended from all cricket and related activities. We want to ensure a fair and just process in terms of our code, but we are also determined to maintain the integrity of our great sport," he said.-APP
KARACHI: Administrator Habib Gramar School Almas Bana is preenting shield to Secretary Sindh Sports Shoaib Ahmed Siddiqui. Nargis Alavi Maqbool Ahmed and Rashid Siddiqui are also present on the occassion.-PR
Liverpool agree for sale; legal battle ahead
LIVERPOOL: File photo of Liverpool fans cheering ahead of their Champions League semi-final match against Chelsea at Anfield.-Reuters
MANCHESTER: Liverpool's board has agreed to sell the club to the owners of baseball's Boston Red Sox although the fate of England's most successful football team could yet be decided in court as an ownership dispute rages on. The Premier League club said on Wednesday it had accepted a 300 million pounds offer from New England Sports Ventures (NESV) but the deal is being complicated by the club facing a legal challenge from its current owners. On Tuesday, Americans Tom Hicks and George Gillett sought to replace two members of the 5man board with their own people in a final bid to retain control with the BBC quoting the pair as saying they would resist any sale that undervalued the club.
Local media reports had suggested Hicks and Gillett were looking for about 600 million pounds. The proposed deal's price tag of 300 million includes 200 million in writing down all acquisition debt and taking on some additional working capital debts and other liabilities. The club's American owners would also not have been happy to hear that a sale to NESV has the support of Liverpool's major creditors Royal Bank of Scotland (RBS), according to a source familiar with the situation. Liverpool chairman Martin Broughton said he was disappointed the current owners had "tried everything to prevent the deal from happening" but added the potential new owners were the best people for the job and would provide funds for
new players. The legal dispute over board membership will be a key part of whether the sale goes ahead, though with an October 15 deadline looming for the RBS debt to be refinanced the advantage seems to be with the prospective owners rather than the incumbents. The five-times European champions owe 237 million pounds, mainly to RBS who could decide to take effective control of the club if the date passes without payment. On Tuesday, Hicks and Gillett attempted to remove managing director Christian Purslow and commercial director Ian Ayre from the board and replace them with Mack Hicks and Lori Kay McCutcheon. "It was the last chance for them
to leave Liverpool with their heads high," Broughton, speaking on Sky Sports News, said of the current owners. "It's a pity they've chosen to go this route." Hicks and Gillett instructed Barclays Capital in April to find a buyer and appointed British Airways chairman Broughton to oversee the sale. He said the American owners had broken written agreements in the boardroom battle. "Part of the terms of me taking on the role was that they gave a written undertaking that only I could change the board... and they also gave a written undertaking that they would not interfere and frustrate any reasonable sale," he said. "This is frankly a flagrant abuse of those two written undertakings."-Reuters
International & Continuation
Thursday, October 7, 2010
US private sector job cuts raise Fed easing chance NEW YORK: US private employers unexpectedly shed jobs in September, reinforcing the conviction that the US Federal Reserve as early as next month will embark on another round of monetary policy stimulus to support the economic recovery. ADP's national employment report on Wednesday said US private employer payrolls fell by 39,000 jobs in September. The median forecast from a Reuters poll was for an increase of 24,000 jobs. The Fed's decision on further quantitative easing, due at their early November policy meeting, will likely hinge on inflation and labor market developments and the monthly US Labor Department report on employment on Friday. The non farm payrolls report will likely show zero growth in September from August as a further unwinding of temporary US Census jobs and layoffs at state and local govern-
ments offset a slight pickup in private hiring, according to a Reuters survey. A strong payrolls reading is possible, said Zach Pandl, US economist at Nomura Securities in New York. "But in general if we get anything looking like this on Friday, 'QE2' is a done deal at the November 3 (Fed) meeting." With more Fed easing expected, the dollar dropped to a fresh 15-year low against the yen, and US stocks traded flat, held back by the surprise ADP report. Benchmark 10year Treasury debt prices gained. Another report on Wednesday showed the number of planned layoffs at US firms rose slightly in September, though it was the second lowest level of the year, according to the report from consultants Challenger, Gray & Christmas Inc. "This does not bode particularly well for private sector
employment" in Friday's jobs report, said Steven Wood, chief economist at Insight Economics in Danville, California, "although some of the largest divergences between the ADP employment report and the employment situation report have been in the last couple of months." The Fed last month said it was ready to inject more money into the economy if needed to shore up a sluggish recovery from the worst downturn since the 1930s and prevent a damaging bout of deflation. The Fed, which has already injected $1.7 trillion into the economy by purchasing mortgage-related and government bonds, next meets on Nov. 2-3. The International Monetary Fund said on Wednesday US economic growth will be much weaker this year and in 2011 than previously thought, dimming hopes for a drop in unemployment any time soon.Reuters
Global policy makers clash on currency policies NEW YORK; Global policy makers clashed over currency policies on Wednesday as Western leaders warned China and other emerging markets that widespread efforts to weaken exchange rates threatens to derail economic recovery. US Treasury Secretary Timothy Geithner said countries with large trade surpluses must let their currencies rise lest they trigger a devastating round of competitive devaluations. "When large economies with undervalued exchange rates act to keep the currency from appreciating, that encourages other countries to do the same," Geithner said in a speech on Wednesday ahead of this weekend's semi-annual international Monetary Fund meeting.
Officials around the world fear such a "race to the bottom" may trigger trade tariffs and other measures that could damage global economic growth. Using exchange rates "as a policy weapon" to undercut other economies and boost a country's own exporters "would represent a very serious risk to the global recovery," IMF Managing Director Dominique Strauss-Kahn was quoted as saying in Wednesday's edition of the Financial Times. But China, which the West accuses of keeping the yuan artificially weak to promote exports, has rebuffed such calls. On Wednesday, Premier Wen Jiabao told the European Union to stop piling pressure on Beijing to revalue the yuan,
saying a rapid exchange rate shift could unleash disastrous social turmoil in China. ""Many of our exporting companies would have to close down, migrant workers would have to return to their villages," Wen said during a visit to Brussels. "If China saw social and economic turbulence, then it would be a disaster for the world." Low interest rates in Europe and Japan and expectation that the Federal Reserve will launch another round of money printing that could weaken the dollar have pushed currencies to the top of the agenda at the IMF meeting and at Friday's gathering of finance leaders from the Group of 20 economies.Reuters
IMF revises US growth down, jobs picture bleak
shedding natural gas and weekly closure of CNG stations will end after the existing gap between gas demand and supply is bridged through increase in gas supplies. -NNI
WASHINGTON: US economic growth will be much weaker this year and in 2011 than previously thought and that dims hopes for bringing down a very high unemployment rate anytime soon, the International Monetary Fund said on Wednesday. In a sober assessment of the US outlook, the IMF pulled down its estimate for 2010 growth to 2.6 per cent from the 3.3 per cent it published in July and said gross domestic product or GDP will expand 2.3 per cent in 2011 instead of 2.9 per cent. "The most likely prospect for the US economy is for a continued but slow recovery, with growth far weaker than in previous recoveries, considering the depth of the recession," the IMF said in its World Economic Outlook published ahead of weekend semi-annual meetings of it and the World Bank.Reuters
Meanwhile, in yet another farewell meeting, General Tariq Majid, Chairman Joint Chiefs of Staff Committee called on President Asif Ali Zardari at the Presidential Camp Bilawal House. On the occasion, President Zardari highly lauded the gigantic services of General Majid terming it invaluable for the Armed Forces of Pakistan. -Agencies
Fitch cuts Ireland; morale plummets amid loan fears DUBLIN:Fitch cut Ireland's credit rating on Wednesday, citing the huge cost of cleaning up its banks as the country's regulator warned levels of soured property loans could be worse than disclosed and consumer sentiment plummeted. The flurry of bad news, coming a day after rival rating agency Moody's said it too might downgrade Ireland, drove yield spreads on Irish debt higher, putting further pressure on a government already struggling to keep a lid on a debt crisis that threatens to spiral out of control. As well as cutting Ireland to A+ from AA-, Fitch put its rating on a negative outlook, also pointing to uncertainty over the country's wavering economic recovery. The Irish government last week revealed that it could cost as much as 50 billion euros ($69.3 billion), or over 11,000 euros per head of a recession-weary population, to unwind years of reckless lending to developers during the "Celtic Tiger" boom.-Reuters
CONTINUATION No #1
Continued from page 1
The cabinet also gave approval for a loan assistance agreement with Korea. Under this agreement Korea will provide 180 million dollars for the construction of infrastructure and development health, education and renewable energy projects. The Cabinet gave approval that Pakistan Housing Authority will now be an autonomous body and would work more efficiently with private sectors to accommodate government officials and other people on priority. Kaira said that so for three hundred twenty seven thousand one hundred and sixty five Watan Cards have been distributed among flood victims. It involves six and a half billion rupees. The Cabinet reviewed the second phase of rehabilitation of floods affectees and also reviewed implementation of its decisions.-Agencies
No #2
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cabinet. PM has taken the President into confidence in this regard and soon after the return of President from Karachi the list would be given a final shape. Sources told there is a possibility that portfolio s of Lal Khan, Arbab Alamgir, Amin Fahim and Rana Farooq Saeed would be changed. Some important PPP leaders have suggested to President and PM that Raza Rabbani should be given the portfolio of Law Minister and if he is unwilling than Aitzaz Ahsan should be convinced to take this responsibility. Sources also told that Prime Minister has taken on board all coalition partners especially Maulana Fazl regarding the change in cabinet and Maulana Fazl has agreed to removal of his brother Federal Minister Tourism Atta ur Rehman however Azam Swati would remain a minister while no green signal has been given by the Maulana regarding Rehmatullah Kakar. Sources told that ministers who are likely to be removed or given different portfolios prior to Oct 13 include Sports Minister Ijaz Jhakrani, State Minister Tasneem Qureshi, Minister for Human Rights Mumtaz Hussain Gilani, Culture Minister Pir Aftab Shah Gilani, state minister for Dairy Development, State minister for food and agriculture Rafiq Jamali, State Minister Housing Anis ur Rehman and State Information Minister Samsam Bukhari. -Agencies
The SBP report said that due to shift in asset mix of banks towards less risky assets, the risk-based capital adequacy ratio of the system improved to 13.9 per cent (13.7 per cent in March-10) as compared to the minimum regulatory standard of 10 per cent. The report said that the results of the stress tests, however, indicate that banking system's adequate capacity to withstand unusual shocks in the major risk factors and avert the emergence of any systemic crisis from such shocks.-NNI
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Musharraf said that it was his intention that neither Benazir Bhutto nor Nawaz Sharif be present in the country at the time of elections.He said Chaudhry Shujaat Hussain had objected to Benazir Bhutto's becoming prime minister for the third term. He said both of them were on same page on scrapping of the cases because no court verdicts were coming. The former president further said that Benazir Bhutto could have become prime minister if she had participated in the elections. "I apologised people for NRO because it was a wrong decision; it led to a chaos in the country," he said, adding however that it was Chaudhry brothers who had misguided him. -Agencies
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Government would try to cover the loss by utilising foreign donations and its own revenue in the rehabilitation process but if the gap remains between estimated amount of relief and revenue then flood relief surcharge would be imposed on people. Referring to the progress made by Federal Board of Revenue in regard to tax collection, he said a campaign has been launched by FBR to bring more people in tax people who were previously exempted from the tax and to tab those people who were not paying the amount of tax levied upon them.Government would collect a net tax of more then Rs1340 billion by the end of the present fiscal year with the hectic efforts of FBR on stuck up revenue, he added. -APP
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According to a TCP official here Wednesday, the tender has been awarded to 58 different parties of all the provinces of the country. TCP has received offers from 141 parties from Lahore, Faisalabad, Multan and Islamabad, Karachi, Hyderabad, Sukkur, Continued from page 1 No #3 projects. He told the court that $55 million was given away in Kashmore, Quetta and Malakand, Peshawar and Karak in response to tender dated 27-09-2010. advance for rental power plants worth only $25 million. The official said that it was the most wide-spread tender particiFaisal further stressed the report of Asian Development Bank (ADB) on rental power projects, is a charge sheet against the gov- pated by the retailers, traders, whole-sellers from all over the country. The tender offered minimum quantity of 50 MT and maximum ernment, adding the report uncovers several violations. Faisal Saleh Hayat requested the court to ask National Electric quantity of 500 MT. The 2nd tender of 25,000 MT is scheduled to be opened on Thursday to sell the sugar on the same pattern. The Power Regulatory Authority (Nepra) on the procedure for deterofficial said that sale would improve the supply position of sugar mining the power tariffs. Justice Khalil-ur Rehman Ramday addressed Hayat and in the open market, providing relief to the common men. -APP expressed astonishment on report regarding $55 million paid for a Continued from page 1 No #8 project worth only $25 million. -Agencies comes to seventeen billion rupees while the actual cost is less. Therefore, with deregulation of freight the overall prices of Continued from page 1 No #4 review that has been a leading challenge for the last two years or so. petroleum products would be equalised. To another question the Minister said there is no proposal to The NPLs of banks registered a marginal growth of 0.6 per cent to Rs460 billion in April-June 2010 quarter (Rs457 billion in introduce new Natural Gas Pricing Mechanism in the country. Syed Naveed Qamar said foreign companies invested 192 bilMarch-10) as compared to last two years' average quarterly lion rupees during the last three years in terms of oil and gas growth of 9.7 per cent. exploration in the country. He said PSO earned profit of over nine The earnings of individual banks also showed some improvement as the number of loss-making banks remained lower than billion rupees last year as against loss of about 6.7 billion rupees in the previous year. Responding to a question the Minister loadCY09 statistics, the report added.
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He said in this regard the builders and developers have a special role to play and it is they who will be called upon in a large measure to undertake the rebuilding and reconstruction tasks. The event was attended by Chief Minister Sindh Syed Qaim Ali Shah, Ministers, Members of Parliament and Chairman ABAD Babar Mirza Chughtai.-Agencies
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the main Pakistani officials attending the talks. The international community and the Afghan government have reportedly asked for the decisions made in Abu Dhabi to be respected and that peace efforts should be emphasized upon as the current military strategy is deemed to have destabilized the region.-Online
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degree issue and serving duties according to directions of Supreme Court. -Online
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comes to seventeen billion rupees while the actual cost is less. Therefore, with deregulation of freight the overall prices of petroleum products would be equalised. To another question the Minister said there is no proposal to introduce new Natural Gas Pricing Mechanism in the country. Syed Naveed Qamar said foreign companies invested 192 billion rupees during the last three years in terms of oil and gas exploration in the country. He said PSO earned profit of over nine billion rupees last year as against loss of about 6.7 billion rupees in the previous year. Responding to a question the Minister load-shedding natural gas and weekly closure of CNG stations will end after the existing gap between gas demand and supply is bridged through increase in gas supplies. -NNI
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Morgan Stanley note increasing price targets across the sector. Oil majors gained as crude hit its highest level in five months, with Royal Dutch Shell up 1.7 per cent. "There is a generally positive feel to the market but obviously there is still some nervousness ahead of the all-important non-farm payrolls on Friday," Potts said. U.S. blue chips were up 0.2 per cent by London's close, although an unexpectedly poor reading on private-sector hiring provided some caution ahead of September's jobs report. Private employers cut 39,000 jobs in September, according to the ADP Employer Services report, the largest monthly loss since January and a disappointment to analysts who had forecast 24,000 private payroll additions. Meanwhile, on the domestic macro front, a survey by the British Retail Consortium showed that a jump in the cost of agricultural commodities drove British shop price inflation to a five-month high in September.British Airways was a big blue chip riser, up 4.5 per cent, adding to sharp gains in the previous session when it reported strong September passenger numbers, helped by a Barclays Capital target price hike. Mid-cap peer EasyJet was the top FTSE 250 gainer, jumping 12 per cent after the budget airline said it expected to beat its profit expectations for the year following a strong performance over the summer. Autonomy was the top blue chip faller, shedding 16 per cent after the software firm said in a trading update it would cut its full-year revenue guidance by about 3 per cent after weaker than expected demand. In reaction, Goldman Sachs removed Autonomy from its "Conviction Buy" list, and Panmure Gordon downgraded its rating to "hold" as estimates and targets were chopped. Other technology issues suffered in sympathy, with Sage Group down 1.3 per cent. Food retailer Sainsbury was also a blue chip faller, down 0.6 per cent, as an above-forecast second-quarter trading update prompted some profit-taking. Charles Stanley cut its rating for Sainsbury to "neutral" on valuation grounds. And fellow retailer Marks & Spencer shed 0.4 per cent ahead of a trading update due on Thursday.-Reuters
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The 50-share NSE index rose 0.7 per cent to 6,186.45 points. It rose as much as 1.3 per cent to 6,223.40 points, its highest since January 2008. Shipping Corp of India, the country's largest shipping company, rose as much as 20.5 per cent to 202.50 rupees, its highest since January 2008, after the Indian cabinet approved a 10-per cent stake sale in the state-run company. Energy conglomerate Reliance Industries climbed 2.1 per cent, playing catch up after its recent underperformance compared with the benchmark index. Software firms gained on expectations of robust quarterly earnings, dealer said. Infosys Technologies will kick start the season when it unveils its second-quarter earnings on Oct. 15. 'Given our expectations of a strong quarter and favourable cross currency movements, we expect Infosys to raise its $-terms revenue guidance to 22-24 per cent (from 19-21 per cent),' Citigroup analysts said in a note earlier this month. Infosys and climbed 0.6 per cent and 0.7 per cent respectively, while sector leader Tata Consultancy Services rose 0.8 per cent. MSCI world equity index traded 0.7 per cent by 1021 GMT, while the more volatile emerging markets index rose 1.3 per cent.-Reuters
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The yen stayed strong, holding near a 15-year high against the dollar on heightened expectations of quantitative easing from the U.S. central bank following the BOJ's rate cut. Comments by Chicago Fed President Charles Evans that the Federal Reserve should do much more to spur the economy also increased speculation over a possible resumption of the bank's quantitative easing as soon as its next policy-making meeting scheduled on Nov. 2 and 3. "The most important focus seems to have been aimed at currencies but the yen hasn't weakened against the dollar, and that's keeping a lid on further stock gains," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co. Active buying buoyed shares of property developers such as Mitsubishi Estate, which rose 4.2 per cent to 1,476 yen.The real estate sector subindex was up 4.2 per cent.Shares of financial companies also climbed, with Nomura Holdings jumping 6.9 per cent to 435 yen and Mizuho Financial Group climbing 8.6 per cent to 126 yen. "Sentiment towards stocks has improved but no major fresh buying has been detected. Banks have jumped in response to credit easing, while I feel gains in real estate shares have been a bit overdone," Shinkin Asset's Fujiwara said. Kaoru Arai, general manager at Rakuten Securities, said the BOJ's purchases of ETFs were likely to be limited to major Japanese stock indexes such as the Nikkei 225 and Topix, with no investments expected in commodities or foreign ETFs. "The BOJ's purchases of Japanese ETFs will help to provide support to Nikkei 225 and Topix prices," he said. Exchange-traded products issue securities backed by physical assets such as stocks or commodities, giving investors exposure to the underlying prices. There are 93 ETFs listed on the Tokyo Stock Exchange and 14 listed on the Osaka Securities Exchange.-Reuters
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The conference is being participated by the top market leaders of international business and investment groups and Senator Waqar will deliver the keynote address. The event will showcase the opportunities available to international investors in Pakistan, particularly in listed companies and connect them with the senior representatives from the global investors' community. This event will further strengthen these economic links and also bring direct benefits to Pakistan's corporate sector. APP
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Since Company has 67.6 per cent stake and also draws 71 per cent revenue from chemical and fertilizer business, it has also requested to transfer the name to Chemical/ Fertilizer sector. The Company also holds 12.5 per cent stake in Financial Services Sector, 2.2 per cent in Industrial Material sector, 1.8 per cent in Construction & Material and 1.2 per cent in Food and Allied. The KSE has forwarded Company's request to Dow Jones Industry Classification Benchmark (ICB) Advisory Committee, which is responsible for classification / allocation of companies into appropriate sectors. The Committee will take up the request for change of name and reclassification of sector in its forthcoming review.
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The Nasdaq slid after Morgan Stanley downgraded semiconductor companies Xilinx Inc and Altera Corp to "underweight," citing concerns about a slowdown in Asian markets. Xilinx lost 3.2 per cent to $25.51. Altera fell 2.7 per cent to $29.17. The PHLX Semiconductor Index, known as the SOX, slid 1.8 per cent The Dow Jones industrial average inched up 2.34 points, or 0.02 per cent, to 10,947.06. The Standard & Poor's 500 Index shed 1.70 points, or 0.15 per cent, to 1,159.01. The Nasdaq Composite Index dropped 18.00 points, or 0.75 per cent, to 2,381.83. Costco Wholesale Corp fell 0.9 per cent to $64.06 after the largest US warehouse club operator posted lower-than-expected comparable sales in September. Monsanto Co shot up following its 2011 profit forecast, and Yum Brands Inc rose as much as 1.4 per cent day after reporting adjusted third-quarter earnings that beat expectations by a penny. At midday, though, Yum was up just 0.2 of a point, or almost flat, at $47 -- off the session high at $47.45. Monsanto climbed 2.1 per cent to $49.55.-Reuters
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While launching the consultation process, Salman Shaikh, Chairman SECP said that the principal lesson of the evolving governance regime in Pakistan is that those on boards must think deeply about their individual and collective roles and responsibilities. The proposed changes to the Code are sensible improvements that are based on international best practices and the experience of last few years in implementation of the Code. The changes proposed would indeed ensure governance in all major businesses, said Salman The SECP had asked Pakistan Institute of Corporate Governance (PICG) to revisit the Code. After two years of detailed deliberations, the PICG Task Force finalized its recommendations. After its preliminary review, the SECP has released the revised draft Code for consultation with all the stakeholders..
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Engro has aimed to tap the retail market via this TFC, which besides raising funds for the company will also help develop the corporate debt market, which the company can use as a relatively cheaper alternative to bank financing going forward.
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Thursday, October 7, 2010
President meets ABAD members, moots rehab of flood-affected areas
Zardari aims better rebuilding
KARACHI: President Asif Ali Zardari Wednesday said the entire focus of the government was to 'rebuild better' homes and infrastructure devastated by the worst ever flooding in country's history. Addressing the participants of Association of Builders and Developers of Pakistan here at the Bilawal House President said the government would not be contented with mere rebuild-
ing but desires to rebuild better the vast areas destroyed by the floods. President Zardari said vast infrastructure has been devastated in the flooding in the country and the task too big to be undertaken by the government or the public sector alone. President Zardari said the government will provide needed incentives to attract the private entrepreneurs in undertak-
ing the task and added that it plans to introduce liberal policies for a robust private-public partnership on build. President Zardari said the objective of his meeting was to interact with members of this important body and discuss the post flood rehabilitation and reconstruction. He said when the UN Secretary General Ban Ki Moon visited the flood affected areas
he remarked `seeing is believing' and said that in the over 60 years of UN history such a humanitarian disaster had not been witnessed. President Zardari said the World Bank and the Asian development Bank were engaged in the Damages and Needs Assessment (DNA) and expressed the hope that the DNA would be completed next week.
He said the National Highway Authority has already completed its DNA and forwarded it to the Asian Development Bank, the lead agency for communications and transport sector. The ADB and World Bank teams also visited Sindh about a week ago for this purpose. President Zardari said in Sindh alone over 1900-KM of provincial roads including 27 bridges have been damaged
extensively and added that this was besides the huge damage caused to the NHA and federal government projects. He said reconstruction of provincial roads and bridges in Sindh alone will cost over 14 billion rupees. "We all have to join hands and along with international support steer the ship of the country out of turbulent waters." See # 9 Page 11
US, EU, Pak agencies working together: envoy
SHAKIL NEWS AGENCY Cell # 0333-4400472
Local Bodies Amended Bill tabled in Punjab House LAHORE: The Punjab Local Government Amendment Bill 2010 was tabled in the Punjab Assembly on Wednesday. Punjab Law Minister Rana Sanaullah Khan tabled the bill in the House. The Punjab law minister also tabled Punjab Bait-ul-Maal Annual Report 2008, 2009 and Provincial Ombudsman Punjab Annual Report 2009 in the House. Speaker Rana Muhammad Iqbal chaired the session. -NNI
Europe terrorism More Nato oil tankers plot added fuel to burned down drone-fire: Haqqani
KARACHI: Chairman Joint Chiefs of Staff Committee General Tariq Majid paid a farewell call on President Asif Ali Zardari at Bilawal House.-Online
Outgoing CJCSC Gen Tariq Majid calls on President
Gen Wyne will chair JCSC now Pakistan armed forces are invincible, Zardari tells Gen Majid CJCSC, in place of outgoing General Ehsan ul Haq who was due for retirement. At the time of promotion, Tariq Majid was fourth on the seniority list. Lieutenant Generals Khalid Kidwai, Ashfaq Parvez Kayani (who was also promoted as four-star and made VCOAS), and Malik Arif Hayat were all senior to him, all of whom stood superseded and sought retirement. It is noteworthy that Lt Gen Khalid Kidwai was already on a year's extension and Lt Gen Malik Arif Hayat had never commanded a corps thus virtually taking him out of the race for the top two slots in the army. See # 10 Page 11
ISLAMABAD: General Tariq Majid, Chairman Joint Chiefs of Staff Committee after completing a prolific three years of his term will retire from his respected post on Thursday (today). New Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wyne will assume his formal responsibilities on Friday (tomorrow). Tariq Majid has completed his farewell meetings with important and key political and military leadership prior to retiring. Tariq Majid was promoted as fourstar General on 8 October 2007, the only officer from the Baloch Regiment after Rahimuddin Khan to ascend to
Kabul-based parley focuses on Taliban issues
Privy Pak-Afghan talks in play: paper DOHA: Officials from Pakistan are conducting 'secret talks' with Afghanistan reportedly mediated by the United Arab Emirates. Officials from the two countries conferring in the Afghan capital, Kabul, Al Jazeera reported. Issues high on the agenda were said to include, finding solutions for problems that have plagued the two countries and the ongoing issue regarding the Taliban. No other specific details have been forthcoming, as the talks are being held behind closed doors. The talks are intended to be a followup to discussions that were held in Abu
Dhabi earlier in the year. There has been no reaction from the Taliban so far with regards to the current discussions being held in Kabul. The Afghan delegation currently attending the talks reportedly includes Mullah Abdul Salam Zaeef, former Taliban ambassador to Pakistan, Hekmat Karzai, the Director of the Centre for Conflict and Peace Studies, and Ali Ahmad Jalali, the former Afghan interior minister. Aftab Ahmad Sherpao, the former Pakistani interior minister and Asif Durrani, the former chief of Pakistan's Inter-Services Intelligence are two of See # 11 Page 11
Issuance of Engro Rupiya Certificates
Engro to issue Rs4 billion TFCs Ahmed Siddique KARACHI: Engro Corporation (Engro) is issuing a secured TFC of Rs2 billion with a greenshoe option of another Rs 2 billion. Proceeds from the issue would be distributed to Engro Fertilizers and Foods with Fertilizer getting Rs3 billion as debt, while Foods will receive an equity injection of Rs one billion from Engro Corp. The issue has a tenor of 3 years with a fixed coupon rate of 14.5 per cent. Coupon payments will be distributed on a semiannual basis while the principal (99.9 per cent of the issue) will be via a bullet payment in the 36th month of the issue. In case, the subscription money falls short of the target, the remaining amount would be borrowed either from
Engro Corp or the respective subsidiary. The instrument has been rated as AA by Pacra, while there is no pre IPO nor is there any underwriter for the issue. As per the Research Analyst of Invest & Finance Securities, Engro is providing a fixed per annum return of 14.5 per cent which is approximately 2 per cent above the NSS certificates with the exception of Bahbood Savings Certificates, which have 10-year maturity. However, NSS are risk free and given the estimates of higher inflation & rates, NSS rates will also rise as the discount rate further rises in response to surging CPI, he added. Thus, selling of Engro Rupiya seems challenging in the current interest rate scenario. See # 21 Page 11
Spokesperson rejects news President set to fly to US ISLAMABAD: Presidential spokesman Farhatullah Khan Babar Wednesday again made it clear that President Asif Ali Zardari is not visiting US thus rumors in this regard are baseless and fabricated. In his clarification statement, Presidential spokesman said that some reports hovering in the media concerning President Asif Ali Zardari visit to US is totally baseless thus no facts in them. President Asif Ali Zardari is currently in Karachi and meeting various delegations besides taking keen interest in reconstruction and rehabilitation works taking place, spokesman concluded. -Agencies
LONDON: Increased US drone strikes in Pakistan's tribal areas are linked to a terror plot targeting Europe, Pakistanâ&#x20AC;&#x2122;s US envoy said on Wednesday, amid mounting fears that al Qaeda is planning a wave of attacks. Ambassador Hussein Haqqani told BBC that the increase in strikes in North Waziristan came after intelligence agencies uncovered a plot to "attack multiple targets in Europe." He also said that a strike Monday in the district which killed eight militants, including five Germans, was linked to the plot. "I think that the activity we see in North Waziristan in terms of strikes is connected to the terrorist warnings that we have heard about potential strikes in Europe," he told the British broadcaster. USA and German media said the information about possible targets was provided by a German national interrogated at Bagram Air Base in Afghanistan.
Germany said it was in contact with Pakistani authorities on the drone strikes. "The ministry and the embassy are actively pursuing their efforts to clarify the situation," a Foreign Ministry spokesman said. Haqqani said that "certain people have been arrested in the past, interrogation and other intelligence has revealed that there has been a plot to attack multiple targets in Europe." "We do not want anybody to panic, there shouldn't be any panic because European, Pakistani and American intelligence services are working together to foil these plots," he added. The envoy also said Pakistan was committed to fighting terrorists. "Pakistan has been concerned about the presence of terrorists inside Pakistan or in the regions close to Pakistan for a long time and we have been working very hard at eliminating them." -Online
QUETTA: Some unidentified persons torched more than a dozen Nato oil tankers in Quetta early Wednesday morning, and a man was also got killed; where as five of the tankers have been destroyed completely. According to media reports police, Nato oil tankers were parked outside a drive-by hotel in Akhtarabad near the western bypass when unidentified persons torched these tankers and fled. This is the third attack upon the Nato oil tankers on western bypass. Police has cordoned off the area and security has been tightened. IG Balochistan Malik Muhammad Iqbal said security of Nato forces oil supply tankers is not our responsibility ,we have limited resources despite of it we are trying our level best for their safety. -Online
HEC seeks SC OK to litigate fake-degree holder MPs ISLAMABAD: Higher Education Commission (HEC) here Wednesday has sought permission from Supreme Court (SC) for taking legal action against those parliamentarians who have fake degrees. According to the details, after delay in nomination of 4 HEC members by the government, Secretary Election Commission submit a plea in Supreme Court that according to 18th amendment new Election Commission has not yet been set up. The powers of Chief Election Commission has been handed over to Election Commission of Pakistan, that's why Chief Election Commissioner could not take action against fake degree holder parliamentarians because Election Commission has authority to give orders of legal action. Meanwhile, Chairman High Education Commission (HEC) Dr Javed Leghari revealed that toll of fake and unauthentic degrees has reached to 86 while the varsities have not yet send the record of 477 degrees of parliamentarians to HEC, after confirming them. Talking to this news agency here Wednesday Chairman High Education Commission (HEC) Dr Javed Leghari revealed that number of fake and unauthentic degree holders have become 86 including those parliamentarians who moved to the courts. He said that 477 degrees that had not yet been confirmed by the varsities would be considered fake until proper confirmation. He said that he is merely playing role of postman in fake See # 12 Page 11
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