International Karachi, Friday, September 17, 2010, Shawwal 7, Price Rs12 Pages 12
REHAB IN FULL SWING WITH WORLD HELP: FM See on Page 12 Economic Indicators Forex Reserves (3-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) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10) Revenue (Jul 10) Foreign Debt (Jun 10) Domestic Debt (Jul 10) Repatriated Profit (Jul 10) LSM Growth (Jul 09 - Jun 10)
GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)
35.75 -50.13 1.20 2244
NCCPL (U.S $ in million)
FIPI (16-Sep-2010) Local Companies (16-Sept-2010) Banks / DFI (16-Sept-2010) Mutual Funds (16-Sept-2010) NBFC (16-Sept-2010) Local Investors (16-Sept-2010) Other Organization (16-Sept-2010)
1.27 -2.07 -4.47 1.55 -0.18 3.09 0.82
Global Indices Index Close KSE 100 10,017.14 Nikkei 225 9,509.50 Hang Seng 21,691.45 Sensex 30 19,417.49 ADX 2,606.61 SSE COMP. 2,602.46 FTSE 100 5,540.14 *Dow Jones 10,545.34 *Last Updated 20:00 PST
Change 29.43 7.06 34.19 84.62 5.51 50.04 15.42 27.39
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)
$.Price PKR/Shares 2.60 111.35 16.95 145.18 2.00 42.83 1.70 36.40 9.90 33.92
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.52% 12.66% 12.79% 13.00% 12.69% 12.74% 12.88% 13.21% 13.30% 13.12% 13.20% 13.27% 13.48% 13.68% 13.83%
08-Sep-2010 08-Sep-2010 08-Sep-2010 30-Jul-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010
Commodities *Crude Oil (brent)$/bbl 79.41 *Crude Oil (WTI)$/bbl 75.17 *Cotton $/lb 95.63 *Gold $/ozs 1,275.70 *Silver $/ozs 20.71 Malaysian Palm $ 842.40 GOLD (NCEL) PKR 35,001 KHI Cotton 40Kg PKR 7,341 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 79.50 Canadian $ 82.80 Danish Krone 14.80 Euro 110.50 Hong Kong $ 10.70 Japanese Yen 0.992 Saudi Riyal 22.67 Singapore $ 63.60 Swedish Korona 11.70 Swiss Franc 83.30 U.A.E Dirham 23.18 UK Pound 133.30 US $ 85.75
80.60 83.80 15.20 112.00 11.20 1.017 22.90 64.30 12.70 84.30 23.35 135.00 86.05
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
80.13 83.36 14.94 111.23 11.03 1.004 22.84 63.99 12.06 85.53 23.32 133.71 85.65
80.32 83.56 14.97 111.49 11.05 1.007 22.89 64.14 12.09 85.73 23.37 134.02 85.83
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
33°C 34°C 35°C 34°C 31°C 34°C
BRUSSELS: France's President Nicolas Sarkozy talks to Germany's Chancellor Angela Merkel, Lithuania's President Dalia Grybauskaite and Finland's Prime Minister Mari Kiviniemi as they pose for a family photo during an European Union leaders summit in Brussels. -Reuters
Sugar may fall short by 1.2mn T
No facility for India in Afghan transit trade: Pakistan
ISLAMABAD: Pakistan expects a shortfall of about 1.2 million tonnes of sugar after floods damaged the 2010/11 crop, officials said Thursday, meaning the country will continue to import the sweetener to meet demand. The estimate was presented at a ministerial meeting to review the stocks situation, according to a statement by the Ministry of Industries and Production. "After taking the flood losses into account a gap of around 1.2 million tonnes was expected between production and consumption of sugar in 2010/11," the statement said. No statistics were given about the expected sugar output but a senior official, who attended the meeting, said it was estimated at 3 million tonnes. Pakistan annually consumes about 4.2 million tonnes of
ISLAMABAD: Federal Government has made it clear on the Standing Committee on Trade that till resolution of all disputes including Kashmir, export of Indian goods will not be allowed under trade pact with Afghanistan. The meeting of Standing Committee on Trade held on Thursday with Khurram Dastagir in the chair. Chairman Committee said that under the Transit Trade Afghan trucks would transport export goods to Karachi Port and travel back imported commodities to Afghanistan but the trucks from Wagah border would leave back empty. Afghanistan, in return would allow Pakistan access to central Asian states through seventeen routes. Committee unanimously adopted that no foreign influence would be accepted on the Pak-Afghan Transit Trade See # 16 Page 11
In the wake of 2010/11 sugarcane crop damages
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Panel to set modus operandi of sugar import ISLAMABAD: The Economic Coordination Ministerial Committee here Thursday formed a subcommittee to decide within a week the details of the quantity, timing and modus operandi of import of raw sugar and facilitation of private sector for import of white sugar. Federal Minister for Industries and Production, Mir Hazar Khan Bijarani See # 8 Page 11 sugar. The total domestic stocks See # 9 Page 11
No forced return of Afghans from flood-hit Pak areas
World “aid more” for Pakistan: UN AZAKHEL: The head of the UN refugee agency, Antonio Guterres, urged the world to do more to help Pakistan recover from catastrophic floods. Pakistan is home to 1.7 million Afghan refugees -1.5 million of whom live in areas affected by the country's worst humanitarian disaster, which has affected up to 21 million people overall and hit terrain the size of England. "The government of Pakistan has guaranteed that despite this tragedy Pakistan will not force these refugees to go back to Afghanistan," Guterres said after meeting elders from the devastated
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Next PM would be from among us: Pagara
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northwestern village of Azakhel. Azakhel is the largest Afghan refugee camp that the floods destroyed. It had a population of 22,000 people, who lost everything, a UN High Commissioner for Refugees (UNHCR) official said. "Some Afghan families wanted to go back and we will support their repatriation, but nobody will be forced to go back to Afghanistan," Guterres told reporters. Guterres said the floods destroyed 16 Afghan refugee villages in Pakistan and that 15 will be rebuilt. But he said there were "doubts" about See # 14 Page 11
FX reserves unchanged at $16.07bn Staff Reporter KARACHI: Country's foreign exchange reserves stayed unaltered at $16.07 billion for the week ending on Sept 10, the central bank said Thursday, holding firm from the previous week. Reserves held by the State Bank of Pakistan (SBP) fell to $12.34 billion from $12.35 billion, while those held by commercial banks, rose to $3.73 billion from $3.72 billion, said Syed Wasimuddin, chief spokesman of the SBP. Pakistan's forex reserves rose to a record high of $16.77 billion in the week ending on July 2 thanks to foreign inflows worth $750 million received that week.
BRUSSELS: European Union countries agreed Thursday to grant trade concessions to Pakistan to help it overcome the impact of floodings and maintain political stability, diplomats said. Pakistan will receive an “immediate and time-limited reduction” in duties on key exports to the European Union, taking into account industrial sensitivities in the EU, notably on textiles, they said. One diplomat said the arrangement would be worth around 300 million euros ($390 mn) to Pakistan over a year. The heads of government and state of the EU, which represent the world's biggest borderfree trading bloc and home to half a billion consumers, agreed to grant "significantly increased market access through the immediate reduction of duties on key imports." "It's very important that we provide aid and help to Pakistan by all means possible," said Finnish Foreign Minister Alexander Stubb. “To me it means humanitarian aid, development aid and
trade.” The details will be determined in the coming weeks, with the European Commission working with the World Trade Organisation to finalise how it would be implemented and ensure trade rules are not violated. The proposal is due to be completed by October, diplomats said. Britain and Germany have pushed the 27-nation European Union to offer Pakistan trade advantages to help the country battle flood devastation while France opposed the concessions to Pakistan. In a letter to EU partners, British Prime Minister David Cameron called for a "concrete political commitment from the EU to Pakistan to enhance significantly its access to the EU market.” On the other hand, French President Nicolas Sarkozy raised objections to opening up Europe's doors to Pakistan trade - because of a threat to textiles workers in the Limoges region. Limoges, best known for its porcelain and enamel, is home to a thriving bed linen and car-
Govt un-appoints new OGDCL MD ISLAMABAD: Ministry for Petroleum and Natural Resources, on the directives of Prime Minister, has cancelled the appointment of Adnan Khwaja as the new managing director of Oil and Gas Development Company Limited. According to PM House spokesman, Prime Minister has directed the Federal Minister for Petroleum and Natural Resources Naveed Qamar to appoint the new Chairman for the OGDCL on merit. On the directives of PM the appointment notification
Imran Farooq Killed In London Monitoring Desk
of newly appointed MD Adnan Khwaja has been withdrawn due to his insufficient academic record. -Online
Shahbaz addresses donors' conference
Retarded rehab to spur militancy ISLAMABAD: Chief Minister Punjab Mian Shahbaz Sharif has warned that any sort of delay in the rehabilitation efforts in the flood-affected areas of southern Punjab could incite militancy. Addressing the donors' conference here Thursday in Punjab House, he said, "I assure all the donor institutes and countries of the world, that funds for the victims would be
pet industry said to be worth more than 14 million euros a year to the country. But EU officials said that was only a quarter of the value of Germany's textiles trade with Pakistan and only a tenth that of Italy. The issue was just one of a number of allegedly "protectionist" objections raised to plans to speed a special trade deal through in response to the economic plight facing Pakistan. UK Prime Minister insisted the scale of the economic crisis warrants a European response way beyond the vital immediate humanitarian effort already mounted by the EU. And free-trade objections raised at a one-day summit in Brussels were seen as undermining the summit's determination to reflect the EU as an international player. On a trade deal with Pakistan, one UK official at the summit said: "We want a political commitment to find a way to reduce tariffs on Pakistan imports in the near to medium term: we'd See # 10 Page 11
disbursed transparently". He added that Punjab Government has been compensating the affected families preliminary with Rs20,000 that included Rs10,000 from Punjab Government and Rs10,000 from Central Government. He also informed the participants that the conference has been held with the objective to See # 13 Page 11
LONDON: MQM senior leader Imran Farooq killed in London, Imran Farooq has been killed by the man in front of his house in London. According to Pakistani TV channels the killer uses a knife as a weapon and attack on Dr Imran Farooq consistently. After that Imran Farooq has been sent to nearest hospital but doctor confirmed that he was dead.
Pakistan has to endure bulk of rebuilding cost, allies won’t: US KARACHI: "Pakistan's allies will only do so much to rebuild the country after devastating floods so the government must raise tens of billions of dollars for reconstruction itself, Richard Holbrooke said Thursday. "The international community is not going to be able to raise tens of billions of dollars," US Special Representative for Afghanistan and Pakistan told a meeting of newspaper editors. "You have to figure out a way See # 11 Page 11
PM stresses on trans-regional development
Afghan stability vital to Pakistan: Gilani Special Correspondent/ Agencies
MIN
19°C 26°C 23°C 21°C 10°C 19°C
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Council instituted to eye aid inflows
EU accords trade breaks
Portfolio Investment
Total Portfolio Invest (3 Sep-2010)
Grief-struck OIC decries IHK gore
UK, Germany in favour; France opposes concessions
$16.07bn 12.79% $3.56bn $6.25bn $(2.69)bn $(635)mn $1.72bn $144.80mn Rs 84bn $55.63bn Rs 4705.4bn $62.10mn 4.55% 4.10% $1,051 170.54mn
Yearly(Jul, 2010 up to 14-Sep-2010) Monthly(Sep, 2010 up to 14-Sep- 2010) Daily (14-Sep-2010)
Zardari calls all ministers to Aiwan-e-Sadr today
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that we want peace and stability in Afghanistan as they are equally important for Pakistan, adding both Pakistan and Afghanistan have suffered immensely from terrorism and we are determined to wipe out this menace. Speaking at a luncheon hosted in the honour of Afghanistan
President Hamid Karzai, PM said, “Our two countries enjoy special bonds of friendship and brotherhood. Many affinities bind us together. Our two countries also share many common challenges, common aspirations and a common future. In other words, our destinies are interlinked.” PM said that we are meeting at a time when floods of an unprecedented scale have devastated Pakistan and these floods have affected the lives
and properties of 20 million Pakistanis. He said Pakistanis are deeply touched by the generous assistance extended to them by Afghanistan including one million dollars, four helicopters for relief operations, four tonnes of medicines and a medical team. This will remain an unforgettable gesture for us. PM said both Pakistan and Afghanistan have suffered immensely from terrorism and extremism. We are resolutely
determined to eradicate this menace from our region. "Pakistan fully supports Karzai's efforts to promote stability, peace and national reconciliation. The successful holding of the Afghan Peace Jirga and the Kabul Conference were a testimony to the sincere and important endeavours of Your Excellency's government to usher a new era", PM said. Earlier, Prime Minister Gilani while talking to Afghan See # 15 Page 11
2
Friday, September 17, 2010
1st teleconference held
Custom clearance likely to halt from Oct
CACCI to fortify bilateral ties Staff Correspondent KARACHI: Tariq Sayeed, Vice-President, Confederation of AsiaPacific Chambers of Commerce and Industry (CACCI) told that President of CACCI, Benedicto Yujuico from Philippines called a teleconference with four Vice Presidents of Pakistan, Sri Lanka, Japan and Australia to discuss issues related to international relations, policy advocacy, training, trade exhibitions and product to Service councils. The teleconference went on for an hour. Tariq Sayeed said that CACCI is a regional grouping of apex national chambers of commerce and industry, business associations and business enterprises in Asia and the Western Pacific, with a total number of 29 primary members from 27 countries in the region, starting from Japan to Turkey. It is a non-governmental organ-
isation serving as a forum for promoting the vital role of businessmen in the region, increasing regional business interaction, and enhancing regional economic growth. CACCI is the most effective Chamber in Asia. Since its establishment in 1966 - some 44 years ago, this is the first time that Pakistan got an opportunity to become the Vice President of CACCI with the efforts of Tariq Sayeed. Tariq Sayeed appreciated the idea of holding a monthly teleconference of CACCI Vice-Presidents with the President CACCI to exchange ideas of CACCI related matters for advancing the business sector and for promoting regional economic cooperation, strengthening and developing closer ties with member countries of the region. He said that it is a good inter-action to set-up our communication to help CACCI in projecting itself.
Jamil Siddiqui
LAHORE: On the occasion of inaugural ceremoney of 789 Activation Facility for the subscribers of World Call Wireless Telephone. Chairman PTA Dr Muhammad Yaseen is seen cutting the ribbon at the World Call Contact Centre. CEO of World Call Babar Ali Syed, DG Enforcement PTA Kamran Khan Gandapur and other official of World Call & PTA are also seen in the picture.-PR
NGO gives Rs30mn aid for Sindh KARACHI: Following the Pakistani Prime Minister's appeal for international assistance, Gift of The Givers (an international NGO) has responded swiftly, distributing relief goods worth more than Rs30 millions in Sindh, said an official here on Thursday. So far we have distributed at following places; Razakabad camp, Karachi, Thatta, Sajawal, Badin, Gularchi, and Laghari Drain Area on Thatta Sajawal Road, he further added As per request of the Pakistani military medical personnel Gift of The Givers (GTOG) have dispatched one million water purification sachets that will purify 10 million liters of infected water. Chairman and founder of GOTG Dr Imtiaz Sooliman also visited Pakistan earlier this month and on his return he was accompanied by German media and footballers to support GOTG campaign for Pakistan Flood victims further in South Africa and Germany.-PR
PTA working to curb illegal SIMs LAHORE: Chairman P a k i s t a n Te l e c o m m u n i c a t i o n Authority (PTA) Dr Muhammad Yaseen inaugurated the call centers of Worldcall here, in accordance to its plan to curb the illegal connections. According to a handout issued here on Thursday, Chairman emphasised the importance of authentic documentation and urged the WLL operators to spare no stone unturned while issuing the new connections strictly in accordance with the laid down procedures for new regime. PTA has made extraordinary efforts to curb illegal issuance of SIMs and to ensure authentic antecedents of mobile subscribers, said a press release issued here on
Thursday. PTA has achieved this by implementing one of its kind "Online Verification of Mobile Subscribers' Antecedents through NADRA's Database - 789" in February 2009, he added. After having successfully implemented the system for mobile operators, PTA has extended its efforts by brining the WLL operators under the same umbrella. Under the new process all WLL service providers are now linked with NADRA data base, and all WLL connections shall be activated after its verification from NADRA. CEO of Worldcall assured his full compliance to the procedures in order to make certain availability of authentic credentials of the subscribers.-PR
KARACHI: The entire custom clearance operation is feared to be halted from October 1 resulting in immense problems for the exporters and importers and could cause extensive damage to the economy, it has been learnt. The leaders of Customs Agents Forum Shams Burney and Arshad Jamal while talking to The Financial Daily disclosed that after the Federal Board of Revenue to discontinue the services of the swift custom clearance Kuwaiti based company "Agility" being non transparent and in effective from 30th September 2010
PIA hands over Eid gifts GAMBIT: Under Eid relief Package sponsored by PIA, Makhdoom Mansoor Hashmi Chairman Shaheed Makhdoom-Rafiq Trust distributed Eid clothes, eatables & other goods among the flood affectees' of Razi Dera's Kacha, a remote area of Khairpur district, said a handout issued here on Thursday. On this occasion Chairman Shaheed Makhdoom Rafiq Welfare Trust said, "On this special occasion of Eid-ul-Fitar, we should remember those are in great need".-PR
and no decision made to date to run this operation from an alternate company custom officials and custom agents are in quandary to how to handle the swift custom clearance system. They said that in order to highlight this grave issue custom agents held a demonstration outside the custom house on Thursday and are also in process to prepare an alternate system to be presented to FBR for approval and implementation so that present uncertainty and anxiety can be removed. They alleged that in the absence of any alternate swift custom clearance system there will be heavy demurrage on the imported
items and the custom warehouses will be full of them with the heap of imported stuff to be cleared. They alleged that due to the non existence of the swift custom clearance software custom officials will have free hand to manipulate the system by charging exorbitant custom duties with the record tempering tactics. It is also feared that due to long delays in the clearance of imported machinery, spare parts and other vital equipments not only the important mega projects will be delayed but there will be a price spiral and shortages of many items in the markets.
Flood impact on microfinance to be assessed KARACHI: The Pakistan Microfinance Network (PMN), in collaboration with the Consultative Group to Assist the Poor (CGAP) and the International Finance Corporation (IFC), will be hosting a Roundtable on September 20 in Islamabad to examine the impact of the recent floods on the microfinance sector. Some of the key issues to be discussed at the Roundtable include an assessment of damage specifically with respect to the microfinance sector in the country and its impact on the clients, determining the needs of the sector in terms of funding, technical and advisory support and deciding what needs to be done in the short and long term by different stakeholders to enable the sector
to continue to serve the low income population. It is hoped that the Roundtable will result in participants signing off on the needs assessment and reaching an agreement on the major activities to be undertaken by the stakeholders. "The floods have been a huge calamity for the whole economy, microfinance is no exception," stated Syed Mohsin Ahmed, Chief Executive Officer of the PMN, and then went on the explain: "The sector's footprint covers millions of hardworking people from the low income strata who are susceptible to sudden changes in their socio-economic status, caused by factors totally beyond their control like floods and other natural disasters."-PR
Fourth SME moot on 18th TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
FRIDAY Time 8:00 9:00 9:02 10:00 10:15 11:00 11:05 12:00 12:05 12:30 13:02 14:05 14:30 15:00 15:15 16:02 17:00 17:05 18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:05 22:02 23:30
Programmes Pakistan Aaj Raat News Pehla Sauda News Bazaar News Ghar Ka Kharch News Akhri Suada Mang Raha Hay Pakistan Islamabad Say Sara Jahan Dilkash Pakistan News Power Hour Awam Ki Awaz News Ghar Ka Kharch Pegham-e-Islam News Islam Aur Karobar Karobari Dunya Headlines Islamabad Say Pakistan Aaj Raat Doosra Pehlu Doosra Pehlu Islam Aur Karobar
KARACHI: Members of ‘Gift of The Givers’ (an international NGO) pose for picture at press club after adressing a news confrence here.-Photo by S Imran Ali
KARACHI: Engr Tahir Saleem, Chairman IEEP Karachi Centre addressing a press conference regarding 1st Electro fair at Expo Centre.-PR
KARACHI: Maj Amjad Rafiq Khan, spokesman of Sheikh Ali Ibn-e-Abdullah Althani, member of Qatar Royal Family addressing a press conference at Karachi Press Club. -Photo by S Imran Ali
KARACHI: The 4th Pakistan SME Conference 2010 organised by SHAMROCK Conferences International, under the theme of 'Rebuilding and Rehabilitation - The Task, Responsibility and Opportunity' will be held on September 18 (tomorrow) at a local hotel here in Karachi. The conference is supported by the IFC/World Bank, SME Business Support Fund, Ministry of Finance and the Small & Medium Enterprise Authority (SMEDA). About 200 delegates with representations from government, State Bank of Pakistan, SMEDA, UNISAME, commercial banks, trade associations, chambers of commerce & industry, academia and the
media will be attending the full-day's proceeding which includes three sessions and an interactive panel discussion. The conference will focus on three critical areas of the SME sector, namely 'Structural Reforms and Sustainability, 'Facilitation and Empowerment' and 'Good Governance and Effective Human Resources'. A special panel discussion on the theme of the conference will also highlight the post-floods situation and the scope for rebuilding devastated areas and the rehabilitation of displaced people. The conference will feature eminent chairpersons and speakers, including government functionaries, financial experts and professionals from trade and industry.-PR
Engro extends relief efforts KARACHI: Engro Corporation continues efforts to drive its flood relief campaign having an outreach in areas of Sindh and Southern Punjab. It has set up a flood relief taskforce, which is responsible for coordinating all flood relief efforts to provide basic necessities such as food, water, milk, shelter, hygiene kits and facilities, utensils and medical aid for people and livestock. Tahir Jawaid, VicePresident, Public Affairs and Human Resources, highlighted "The flood situation has to be taken head on, especially as the misery and devastation are escalating, sometimes on an hourly basis. The impact of the flood is going to be felt for the long term, and our efforts have barely begun to scrape
the surface. Engro's decision to take on this daunting challenge is driven by our passion for Pakistan and its people, and our employees and partners have shown that anything is possible if we all work together." Jiwan Das, Director Engro Foundation, who is spearheading Engro's flood relief projects on ground said, "Engro Foundation is working with a number of partners to ensure the health and continuing productivity of these animals, which are very important for livelihood. Our team members have undergone urgent animal aid training and have started work in areas of Layyah, Jhang, Muzafargarh, Ghotki and Alipur where they have already treated over 43,000 animals."-PR
3
Friday, September 17, 2010
Swiss franc rises vs euro ahead of SNB ZURICH: The Swiss franc rose against the euro on Thursday, moving briefly beyond the psychologically important level of 1.30 per euro ahead of the Swiss National Bank's interest rate decision later in the day. The SNB is expected to leave interest rates at ultra-low levels at its quarterly monetary policy meeting as it grapples with the risks a strong franc could pose to the Swiss economy as well as with a slowdown of the global economy. The Swiss government warned on Thursday the Swissie could rise further and cut its growth forecast for Switzerland for next year, citing franc strength and the weaker global economy as risks to the Alpine country's economy. At 0653 GMT, the franc was 0.2 per cent stronger against the euro compared to the New York close, trading at 1.3021 per euro, while it was 0.2 per cent firmer against the dollar, hovering close to parity. -Reuters
Yen edges higher versus dollar; euro climbs NEW YORK: The yen edged higher against the US dollar on Thursday with the Bank of Japan staying out of currency markets after their massive yen-selling operation the previous day, but wariness about fresh selling capped gains. The euro rose to its highest in more than a month against the dollar and the yen after strong demand at a Spanish bond auction reinforced confidence in Europe. Japan sold an estimated 1.8 trillion yen ($21.14 billion) for dollars on Wednesday, a record for a single day, in a bid to help its exporters and increase its money supply to counter deflation. Japan's first currency intervention in six years knocked the yen from a 15year high versus the dollar, but the yen's six month uptrend did not look to be convincingly broken. "Things have been quiet on the intervention front so far
today. Clients are hesitant at this point to touch dollar/yen in either direction," said Amelia Bourdeau, senior currency strategist at UBS AG in Stamford, Connecticut. "Investors need more information. They have to watch
dollar/yen for another week or two just to see the frequency with which they come in to the market and the size (of intervention)," she added. Prime Minister Naoto Kan reiterated on Thursday Japan would take decisive steps on yen strength, Jiji news agency reported, while Bank of Japan Governor Masaaki Shirakawa
Asian currencies
Won, peso down on intervention fears Baht down 0.2pc on policy change caution SEOUL: The South Korean won and the Philippines peso fell against the dollar on Thursday as caution grew over possible intervention by local foreign exchange authorities to curb strength in their currencies. The won fell against the dollar as importers buy dollars for settlements before the Chuseok holidays and investors added dollar positions amid heightened caution over further intervention by South Korean authorities. The won also came under pressure from expected offers linked to Hyundai Heavy Industries purchase of a control-
ling stake in a local refiner from Abu Dhabi-based International Petroleum (IPIC). Local dealers suspect IPIC has started to sell the won. The won ended domestic trade down 0.30 per cent at 1,164.5 per dollar from its previous domestic close of 1,160.9. Thai baht lost a quarter per cent against the dollar as cautious investors remained wary of what Bank of Thailand might do on FX and monetary policy and despite central bank assurance of no policy changes on Wednesday. Dollar/baht was bid at 30.90
against 30.83 late on Wednesday. Philippine peso fell as investors remained wary of possible dollar-buying intervention by the central bank and cover dollar-short positions. Dealers also consolidated after a volatile Wednesday session, following Japan's intervention to weaken the yen. Peso slid 0.25 per cent to 44.37 per dollar from its previous close of 44.26. On Wednesday, the Philippine central bank said it was ready to prevent sharp moves in the peso. -Reuters
Sterling slips vs euro, hurt by weak data
Taiwan $ slack as investors watch yen
LONDON: Sterling fell to a seven-week low against the rebounding euro on Thursday, after data showed UK retail sales fell unexpectedly in August and strong demand at an auction of Spanish debt lifted the single currency. UK retail sales dropped 0.5 per cent in August, surprising analysts who had forecast a modest increase and backtracking after
several months of solid growth. The data was seen as a sign that UK consumers may be reining in spending ahead of substantial spending cuts planned by the government later in the year. "August's fall in retail sales could be the first sign that the surprising resilience of consumer spending could be coming to an end," said Vicky Redwood at Capital Economics. The single currency rose as high as 84.02 pence, its strongest since late July, though it struggled to sustain a break above 84.00 pence, where technical analysts see stiff resistance.
Top Economic Events
"If sterling closes above 84 pence then it could be in for a difficult couple of weeks," said RBS currency strategist Paul Robson. At 1515 GMT, the euro was up 0.7 per cent at 83.81 pence, in line with broad gains following the Spanish debt sale result which eased some of the concerns about whether peripheral euro-zone countries can fund
hefty debt burdens. Traders said stop loss orders would be triggered above 84.05 pence. Against the dollar, sterling was flat at $1.5622, though it was off a low of $1.5536 hit just after the data. Traders said sterling buying by US and European names helped limit losses. Technically, sterling was well supported against the dollar, staying above a number of closely watched moving average levels, including its 200-day moving average currently at $1.5379 and the 50-day moving average at $1.5508. -Reuters
TAIPEI: The Taiwan dollar closed nearly flat on Thursday as investors in Asia waited to see whether more intervention would follow a mild rise in the Japanese yen. The Taiwan dollar ended at T$31.800 to the US currency compared with Wednesday's close of T$31.798 as market players stayed sidelined to analyse fallout from the Bank of Japan's first yen intervention in six years. Taiwan's central bank also sold the local currency in late trade to cancel out mild earlysession gains and limit the market volatility of earlier sessions, a dealer in Taipei said. The growth-linked Taiwan dollar is expected to strengthen in the long term after the yen issue cools down. The Taiwan dollar then could firm on new hints of economic recovery in major world markets and a solid outlook for Asia. Upbeat economic data or earnings from the United States, Taiwan's No.2 export market, would support the local currency as investors favour growth-linked assets. Signs of weakness in the US economy could pressure the forex market. -Reuters
NZ$ dragged down by dovish cbank, Aussie fades SYDNEY/WELLINGTON: The New Zealand dollar shed more than half of a US cent on Thursday while bonds surged after the country's central bank scaled back its forecast of interest rates rises because of a soft economic recovery. The head of the Reserve Bank of New Zealand, Alan Bollard, added insult to injury by flatly stating the kiwi's strength was not justified by the country's fundamentals, after downgrading the bank's economic forecasts much further than expected. The kiwi slid to $0.7237 by late afternoon, from an early $0.7320. Support now was seen at last Friday's low of $0.7228, with resistance around Wednesday's high of $0.7357. The Australian dollar also faded from its highs as Japan refrained from intervening to sell the yen, prompting profit-taking on that cross. After the rate decision, all 18 economists
polled by Reuters expected rates to stay at 3.0 per cent through the end of the year, compared with a 3.25 per cent forecast in the previous poll. A run of upbeat Australian data has led the market to revise up sharply the chance of further rate hikes form the Reserve Bank of Australia (RBA) in coming months. As a result, the Aussie jumped to a five-month high on its New Zealand neighbour at NZ$1.2921, up from NZ$1.2750 at the start of the week. Aussie edged back to 79.70 yen from a four-month peak of 80.64, as the Japanese authorities surprised by not following up on Wednesday's intervention. The resulting profit-taking also nudged it down to $0.9340, and away from the two-year peaks of $0.9457 hit earlier this week. A sharp drop in Chinese shares added to the downward pressure. -Reuters
said he expected intervention would stabilize the forex market. In mid-morning trading, the dollar was down 0.1 per cent against the yen at 85.62 yen, but well up on 82.87 yen hit on electronic trading platform EBS on Wednesday. Investors
said a fall under 85.00 may prompt Japan to re-enter the market. The dollar earlier hit a session high of 85.84 yen on electronic trading platform EBS after stops were triggered at 85.80 yen. Traders said there were no signs of yen-selling by Japanese authorities. "The Spanish bond auction
went very well and that's removed some of the debt risks attached to the euro," said Chris Turner, head of fx strategy at ING. Traders in London said the euro's initial rise after the results took out stop-loss orders placed around $1.3047, the 61.8 per cent retracement of its sell-off in August. It rose as high as 112.40 yen, also its highest in about a month and adding to gains after dollar/yen intervention drove it up roughly 3 per cent on Wednesday. The Swiss franc weakened broadly after the Swiss National Bank kept interest rates unchanged as expected and said that it expected a slowdown in economic growth due to strength in the currency. The euro jumped 1.6 per cent to 1.3291 francs, the biggest daily rise since May 19. The US dollar gained 0.9 per cent to 1.0120 francs. -Reuters
central bank, which steers currency policy. Spot yuan closed at 6.7248 against the dollar on Thursday, near an intraday high of 6.7242, or the Chinese currency's highest level since its landmark revaluation in July 2005. That compared with Wednesday's close of 6.7422. The yuan is now up 1.5 per cent since the PBOC abolished the yuan's peg to the dollar on June 19. Before trading started on Thursday, the PBOC set the yuan's mid-point, or its reference rate from which the yuan can rise or fall 0.5 per cent each day, at 6.7181, up from 6.7250 on Wednesday -- a post-revaluation high for the fifth day. As measured by the PBOC's fixing, the yuan has risen 1.08 per cent in its biggest six-day gain since records of the reference rate started to be kept in 2007. Three-month NDFs fell to a record low of 6.7002 from Wednesday's close of 6.7250, but their implied yuan rise in three months was only 0.27 per cent compared with slight yuan depreciation they implied on Wednesday. -Reuters
Indian rupee gains after rate hike MUMBAI: Indian rupee gained on Thursday, while Overnight Indexed Swap (OIS) rate curve flattened after the central bank lifted rates more forcefully than hoped, but expectations that the rate hike cycle was nearing an end anchored long-term rates. The Reserve Bank of India lifted the repo rate, at which it lends to banks, by 25 basis points to 6 per cent and raised the reverse repo rate, used to absorb excess cash, by 50 basis points to 5 per cent. India has one or two interest rate increases in store for the rest of the fiscal year that ends in March, according to a Reuters poll conducted after the central bank raised rates for the fifth time this year on Thursday. "Expect RBI to continue to hike rates though at a slower pace than in the last six months," said Manoj Swain, the chief executive officer at Morgan Stanley India Primary Dealer in Mumbai. Some analysts said the cen-
Source EUR EUR USD USD USD USD
Events German PPI m/m Current Account Core CPI m/m CPI m/m Prelim UoM Consumer Sentiment Prelim UoM Inflation Expectations
Source
Events
NZD GBP GBP GBP CHF USD USD USD USD USD USD
Official Cash Rate Retail Sales m/m Consumer Inflation Expectations CBI Industrial Order Expectations Libor Rate PPI m/m Unemployment Claims Core PPI m/m Current Account TIC Long-Term Purchases Philly Fed Manufacturing Index
Forecast 0.3% -3.7B 0.1% 0.3% 70.3
Previous 0.5% -4.6B 0.1% 0.3% 68.9 2.7%
Actual
Forecast
Previous
3.00% -0.5% 3.4% -17 0.25% 0.4% 450K 0.1% -123B 61.2B -0.7
3.00% 0.3%
3.00% 0.8% 3.3% -14 0.25% 0.2% 453K 0.3% -109B 44.4B -7.7
Previous Day
Yuan up; rise gathers pace, ignores $ moves SHANGHAI/HONG KONG: The yuan ended up versus the dollar on Thursday, scoring its fastest rise of 1.03 per cent in six trading days since January 2008, guided by the People's Bank of China's (PBOC) strong reference rates. Traders said Beijing was letting the yuan stage a "minirevaluation" as the dollar's performance in global markets had been ignored, creating speculative opportunities for yuan appreciation among nearterm offshore dollar/yuan forwards up to three months. The central bank set another record high mid-point for the yuan on Thursday even after the dollar rose 0.5 per cent on Wednesday, a sign that the yuan's appreciation was being delinked from dollar movements for the time being. Despite the friendly moodmusic between two of the world's biggest economies, neither side said what issues were discussed during the three days of talks which included a meeting between Summers and Zhou Xiaochuan, the head of China's
Time 11:00 13:00 17:30 17:30 18:55 18:55
tral bank may pause its policy tightening. "The market is pricing in no rate hikes in the next three months," said Kumar Rachapudi, fixed income strategist at Barclays Capital, Singapore. The spread between the one and five-year OIS rates narrowed to 72 basis points, from 79 basis points at Wednesday's close. The oneyear OIS rate rose faster than the 5-year rate, bear-flattening the curve. The partially convertible rupee ended at 46.14/15 per dollar, after rising to 46.1350, its strongest in more than a month. -Reuters
-12 0.25% 0.3% 463K 0.1% -124B 37.9B 0.9
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 1.3081 1.3117 0.8365 0.8401 1.3055 1.3065 112.05 112.38 1.3251 1.3294 1.0280 1.0288 1.5629 1.5648 133.94 134.03 0.9346 0.9395 1.3437 1.3461 84.59 85.59 1272.58 1276.88 20.80 20.81
Bid 1.3079 0.8365 1.3052 112.03 1.3247 1.0275 1.5626 133.9 0.9342 1.3433 84.53 1271.85 20.77
Low 1.2976 0.8311 0.8311 110.66 1.2993 1.0242 1.5541 133.02 0.9332 1.3336 84.22 1264.11 20.49
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 16/09/2010 A USD GBP CAD EUR JPY O/N 0.22750 0.54875 1.05000 0.38938 SN 0.10625 1WK 0.25150 0.55016 1.07167 0.45375 0.11875 2WK 0.25181 0.55438 1.09167 0.50375 0.12750 1MO 0.25734 0.57000 1.11333 0.57656 0.14625 2MO 0.27406 0.62281 1.17500 0.67250 0.17750 3MO 0.29141 0.72719 1.23250 0.83000 0.22625 4MO 0.34625 0.81734 1.28750 0.91875 0.31375 5MO 0.41297 0.92359 1.34583 1.01188 0.37000 6MO 0.47438 1.02813 1.41250 1.11625 0.43000 7MO 0.52813 1.10344 1.48417 1.16625 0.48688 8MO 0.57900 1.18094 1.56083 1.21688 0.53250 9MO 0.62531 1.26031 1.63583 1.26813 0.58438 10MO 0.67938 1.33531 1.72083 1.31250 0.61375 11MO 0.73313 1.40406 1.81750 1.35813 0.64000 12MO 0.79400 1.46781 1.90917 1.40313 0.66625
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Oct 19 2010 Oct 07 2010 Oct 07 2010 Sep 21 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 Dec 19 2008
Bank of Canada Bank of England European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Japan
Current Interest Rate 1% 0.50% 1% 0.25% 0.25% 4.50% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, September 16,2010 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
85.85 134.02 111.49 83.56 85.73 80.32 12.09 1.01 14.04 64.14 14.97 22.89 11.05 12.75 298.91 27.54 62.25 23.58 23.37 0.07 2.78
85.65 133.71 111.23 83.36 85.53 80.13 12.06 1.00 14.01 63.99 14.94 22.84 11.03 12.72 298.21 27.47 62.10 23.53 23.32 0.07 2.77
85.47 133.40 110.98 83.14 85.31 79.92 12.03 1.00 13.97 63.82 14.90 22.78 11.00 12.69 297.43 27.40 61.94 23.46 23.26 0.07 2.76
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 16, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.90 12.05 12.30 12.45 12.55 12.65 12.75 12.80 12.85 13.05 13.10 13.15 13.15 13.20 13.20 13.20 13.25 13.25 13.50 13.70
11.80 12.00 12.25 12.45 12.55 12.62 12.80 12.90 12.91 13.10 13.07 13.18 13.18 13.20 13.25 13.25 13.25 13.25 13.45 13.60
11.90 12.05 12.20 12.30 12.40 12.60 12.74 12.80 12.92 13.08 13.14 13.20 13.25 13.25 13.28 13.28 13.25 13.25 13.50 13.70
11.70 12.00 12.30 12.45 12.61 12.75 12.80 12.84 12.88 13.06 13.12 13.13 13.14 13.16 13.18 13.20 13.24 13.30 13.50 13.70
11.90 12.05 12.25 12.42 12.54 12.65 12.75 12.90 12.93 13.08 13.12 13.18 13.20 13.23 13.25 13.25 13.28 13.30 13.40 13.65
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.90 12.05 12.30 12.40 12.55 12.65 12.74 12.80 12.92 13.10 13.15 13.25 13.28 13.28 13.30 13.30 13.25 13.25 13.50 13.70
11.85 12.03 12.27 12.41 12.53 12.65 12.76 12.84 12.90 13.08 13.12 13.18 13.20 13.22 13.24 13.25 13.25 13.27 13.48 13.68
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.94 0.73 0.02 0.41 0.38 -0.03
0.47 -0.29 0.40 0.81 0.91 0.29
0.93 -0.05 0.60 0.89 0.91 0.13
0.93 0.72 0.35 0.68 0.86 0.38
0.37 -0.52 -0.13 -0.18 0.53 -0.40
USD/CAD USD/CHF
0.83 0.67 0.36 0.02 0.36 -0.13
-0.88 -0.47 -0.26 -0.60 0.18 0.20
-0.66 -0.73 0.05 0.10 -0.41 -0.17
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)16/09/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABPL 11.70
12.20
11.70
12.20
12.10
12.60
12.45
12.70
12.50
12.75
12.75
13.25
12.90
13.40
13.25
13.75
ABLN 11.80
12.30
11.90
12.40
12.15
12.65
12.50
12.75
12.65
12.90
12.80
13.30
12.95
13.45
13.00
13.50
JSBL
11.75
12.25
11.85
12.35
12.25
12.75
12.60
12.85
12.70
12.95
12.70
13.20
12.70
13.20
12.90
13.40
ASPK 11.70
12.20
11.95
12.45
12.20
12.70
12.50
12.75
12.60
12.85
12.70
13.20
12.75
13.25
12.90
13.40
CIPK
11.80
12.30
11.90
12.40
12.20
12.70
12.40
12.65
12.60
12.85
12.70
13.20
12.90
13.40
13.05
13.55
DBPK 11.70
12.20
11.80
12.30
12.10
12.60
12.40
12.65
12.60
12.85
12.65
13.15
12.70
13.20
12.80
13.30
FBPK
11.65
12.15
11.85
12.35
12.10
12.60
12.45
12.70
12.55
12.80
12.60
13.10
12.70
13.20
12.95
13.45
FLAH 11.90
12.40
12.10
12.60
12.20
12.70
12.50
12.75
12.65
12.90
12.70
13.20
12.80
13.30
12.95
13.45
HBPK 11.75
12.25
11.90
12.40
12.20
12.70
12.50
12.75
12.65
12.90
12.75
13.25
12.80
13.30
12.95
13.45
HKBP 11.80
12.30
11.90
12.40
12.20
12.70
12.50
12.75
12.65
12.90
12.65
13.15
12.75
13.25
12.90
13.40
N I PK 12.00
12.50
12.25
12.75
12.50
13.00
12.75
13.00
12.85
13.10
12.95
13.45
13.00
13.50
13.05
13.55
HMBP 11.80
12.30
11.95
12.45
12.40
12.90
12.65
12.90
12.80
13.05
12.85
13.35
12.85
13.35
12.90
13.40
SAMB 11.70
12.20
11.95
12.45
12.25
12.75
12.60
12.85
12.80
13.05
12.80
13.30
12.90
13.40
13.00
13.50
MCBK 11.85
12.35
12.05
12.55
12.25
12.75
12.40
12.65
12.55
12.80
12.60
13.10
12.70
13.20
12.95
13.45
NBPK 11.75
12.25
11.95
12.45
12.00
12.50
12.50
12.75
12.65
12.90
12.75
13.25
12.80
13.30
12.90
13.40
SCPK
13.40
11.60
12.10
11.80
12.30
12.15
12.65
12.40
12.65
12.55
12.80
12.60
13.10
12.70
13.20
12.90
UBPL 11.80
12.30
12.00
12.50
12.20
12.70
12.50
12.75
12.65
12.90
12.70
13.20
12.80
13.30
12.95
13.45
AVE
12.26
11.92
12.42
12.19
12.69
12.49
12.74
12.63
12.88
12.71
13.21
12.80
13.30
12.94
13.44
11.76
4
Friday, September 17, 2010
The Financial Daily International Vol 4, Issue 46
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
Why raise provinces overdraft ceilings? Reportedly the federal government has asked the State Bank of Pakistan (SBP) to enhance the Overdraft (OD) limits of the provinces to meet their current expenditures. Punjab has asked for a raise up to Rs37.2 billion against existing limit of Rs26.9 billion, Sindh to Rs15 billion from Rs9.9 billion, Khyber Pakhtunkhwa to Rs10.1 billion from Rs5.5 billion and Balochistan up to Rs7.1 billion from its existing ceiling of Rs4.5 billion. Two factors must have called for this move: 1) a 50 per cent increase in the salaries of the government employees announced in the FY11 budgets and 2) rescue/ rehabilitation work in the aftermath of devastating floods. However, both the arguments seem very week. To be fair the provinces should have worked out a plan to raise additional revenue to finance enhanced salary expenses. The distribution of foreign aid and funds being mobilised locally should have been sufficient to meet the costs of flood related activities. Federal government should have prorated the aid rather than requesting the central bank to enhance the OD limits. Experts are also of the view that the advice of the federal government is ill-timed and also undermines the autonomy of the central bank. It is the prerogative of the Central Board of Directors of State Bank of Pakistan to determine and enforce, in addition to the overall expansion of liquidity, the limit of credit to be extended by the SBP to the federal/provincial governments and other agencies of the same for all purposes. It is the responsibility of the governments to meet their additional credit requirements directly from commercial banks through market based auctioning system to be conducted by the central bank. However, keeping in view the pace at which papers move in government offices and the apathy towards some of the most pressing issues, the federal government should have requested for one-off increase till disbursement of funds for flood related activities. In case the governments want to increase the spending on certain projects or raise current expenditures, higher financing needs should be met by mobilising additional resources to maintain financial discipline. There has also been a marked shift in financial powers from Islamabad to the provinces. The chief ministers must hold meetings of provincial finance commissions to strike balance between revenue collection and expenditures. Any increase in the spending by the provincial governments is likely to further accelerate inflation and undermine efforts to bring about financial stability. The provincial governments are advised to remain within the limits especially after the recent NFC Award. Going forward, the federal and provincial governments should also cut down the extravaganzas, plug leakages, and bring those under tax net who have enjoyed exemption for decades. Penalising the existing taxpayers by imposing new taxes is proving counterproductive. Situation demands prudence.
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.
Europe’s Shariah Finance Leader A
ccording to latest figu r e s United Kingdom (UK) has been by far the largest Shariah compliant banking centre than any other Mohammed European country. Arifeen A report revealed sometimes back that United Kingdom Islamic banking division was larger than that of Pakistan. It is the first wholly Shariah compliant retail bank in the west which was authorised by the Financial Services Authority in 2004. There are about 2.5 million Muslims constituting about 3.3 per cent of the total population. Currently approximately 50 per cent of Muslims are living in London. Islamic financial products in the form of current account and mortgage are available to both Muslims and non-Muslims. London is become the major financial market where big international firms from Saudi Arabia and Gulf States are offering attractive Islamic products. Both on the retail and wholesale side, London is considered by many Islamic and nonIslamic firms, as a global centre for Islamic finance. The Financial Services Authority functions under a single piece of legislation that applies to all spheres, the Financial Services & Market Act 2000. Islamic deposit is the main issue for the Financial Services Authority. Under
the Islamic banking the customer and the bank share the risk of any investment on accorded terms and equally divide the profits/losses between them. With a saving account the Islamic banks offer full repayment of the investment by informing the customer as to how much should be the repayable to comply with the risk-sharing formulation. United Kingdom has established itself as a fully shariah compliant banking hub. At least 17 leading banks including Barclays, Royal Bank of Scotland, and Lloyds Banking Group have set up special branches or subsidiary firms for Muslims customers. The 12 billion pounds in assets of UK are said to excel those Muslim states such as Bangladesh and Egypt. There are 55 colleges and professional institutions offering education in Islamic Finance in United Kingdom --more than anywhere else in the world. Islamic Bank of Britain is the first Shariah compliant bank to be approved by United Kingdom in 2004. The bank has set up six branches in London, Birmingham, Manchester, and Leicester. This bank operates according to Islamic principles where both Muslims and non-Muslims are welcome to hold accounts. It currently offers a full range of retail and business banking services. This bank has had a major impact in Islamic shariah market. In 2006 its customers totaled 20,814. The number has increased by 120 per cent as compared to the figure
a year earlier. According to recent figures, the bank had over 50,000 accounts and somewhat about 42,000 customers. Recently the Islamic Bank of Britain has raised 20 million pounds. The net proceeds will be used to provide the company with sufficient regulators capital to manage and grow its business. The shares are being placed with Qatar International Islamic Bank, an existing shareholder. Seeing the great potential of Islamic banking in United Kingdom many banks such as SAAB and HSBC have started offering Shariah banking services to Muslims customers. The banks operating under Shariah guidelines were not driven by the Muslim population in UK but by the high net worth of Muslim investors from the Gulf Cooperation Council (GCC) countries, Malaysia, Brunei, Singapore, Indonesia, South Africa, and Turkey. United Kingdom is the most developed Islamic mortgage market. The government has abolished double stamp duty for Islamic mortgage contract. The Islamic home finance market is one of the largest components of the UK financial sector. This market only accounts for 0.5 per cent of the total market. In the retail sector the Islamic mortgage market is now worth an estimated $2 billion per annum. In the United Kingdom Islamic mortgages have been structured under two different Shariah compliant contracts namely Murabaha and Ijara. Murahaba is a form of credit that enables the cus-
tomer to make purchases without taking interest on loan. In this context the bank buys goods from the customer and resells the merchandise to the customers on a deferred loan adding an agreed profit margin. The customer then pays the sale price for the goods in installments, effectively obtaining credit without paying any interest. On the other hand the Ijara is a leasing agreement in which the bank buys and then leases an asset to its clients for a particular rental over a specified period of time. The bank may have the right to adjust the rental charge in accordance with the changes in the cost of finance. At the UK Annual World Islamic Bank conference 2009 in Bahrain, UK Islamic financial leaders shared their perceptiveness in the future of Islamic finance at a dedicated UK roundtable discussion. The potential for growth of Islamic banking in both the retail and wholesale sector is there. The professional and advisory services sector in UK is highly developed and can cater global Islamic banking and finance center and address current challenges for the future. The research finding shows that that there are ample opportunities for development and growth of Islamic financial system because Muslim community is quite eager to take such financial products. The Financial Services Authority of UK is willing to play it strategic part in supporting these developments within its regulatory power as well. The future of Islamic finance is bright.
Indian Farmers’ Dilemma J
agdishji Vaghela is one of hundreds of thousands of farmers standing in the way of India's breakneck economic expansion. Determined not to give up his land for an industrial park in the western state of Gujarat, the 55-year-old farmer scorns at talk of how the benefits of industrialisation in Asia's thirdlargest economy will trickle down to people like him. Despite a nearby plant producing what is touted as the world's cheapest car, he pointed to a water-logged track leading to his village. "What is this development they are talking about? Look at the road, it's completely flooded," Vaghela said. "I won't give it (land) away. If we give it what do we do? We will have to search for jobs, but even they are not available." As India industrialises rapidly, resistance from farmers such as Vaghela and rows over acquisition of farmland for industry have become a sensitive issue in a country where two-thirds of the 1.2 billion population is dependent on agriculture. But Vaghela knows his options are limited. Farm income is declining, his crops have repeatedly failed and if he holds out too
long, he risks having the land lose its value as it remains a land-locked enclave between factories. The uncertain future he and other farmers like him across the country face has led to a string of violent protests against attempts to acquire land for factories, power plants or roads, posing a risk to India's economic ambitions. "The bigger picture is that land is an issue. It is one of those areas that India needs to up its game," Kevin Grice, senior international economist at Capital Economics in London, said. "India scores relatively poorly and it is due to micro issues like land, red tape and cumbersome laws," he said, referring to India's 133 position in the World Bank's ranking of ease of doing business. While few believe foreign interest in India will taper off, these issues could delay a much needed acceleration in the amount of foreign investment pouring into the country. BREWING DISCONTENT How India soothes the discontent brewing amongst the tens of thousands of farmers may determine the economic and political future of the country where the rural population is a crucial vote base for both ruling and opposition
parties. Mindful of the social and security concerns, top ruling politicians have said acquisitions should skirt fertile and productive land, and farmers ought to be adequately compensated and offered alternate jobs. The issue may become a political hot potato this year, with the ruling Congress party championing farmers despite clamour from industry and investors to make it easier to acquire land. Vaghela says he and his fellow villagers had high hopes when Tata Motors decided to set up in Sanand the plant that builds the $2,500 Nano car, after huge protests forced India's top vehicle maker to relocate in 2009 from West Bengal state. "We had great expectations from the Nano plant, that we'd get money, we'd get jobs. But what has come out of it? None of our people have got jobs. We don't have the qualifications." Protests can scupper projects, as Vedanta Resources discovered last month when the government shelved the UK-based miner's $9.6-billion plan to mine bauxite on lands in the eastern state of Orissa held sacred by indigenous groups.
Other high profile projects, like those by top steelmakers ArcelorMittal, POSCO and Tata Steel to set up mills, too have been held up as they face problems in getting land from farmers. Under the current law, the state can take over any land for a public purpose with little compensation. Protests against land acquisitions are not new in India, but have become more visible recently as the economy grows at its fastest pace ever and as income inequalities widen. But there is growing realisation that compensation must be adequate if industrialisation has to proceed smoothly, with the government considering changes that will offer the owners market rates and even equity stakes in the industries being set up. RISKS FOR INDUSTRY, GROWTH Land promises to be a politically charged issue in crucial state elections this year and next, especially after the ruling Congress party backed farmers protesting against a highway being built on their lands in the northern state of Uttar Pradesh. At Sanand, the government had initially faced protests, but much of it has calmed down after it hiked compensation by
a third to nearly 4.86 million rupees ($105,000) per acre. While this might be a fortune for many where annual per capita income is $3,100, the figure hides the fact there are many people dependent on the same plot of land and farmers have mortgaged land and racked up debt with usurious moneylenders. In Siyawada village, Kanjibhai Parmar, the 60-yearold patriarch of a seven-member household, has just inked his approval for handing over nearly 13 acres of land. Over two-thirds of that land is with a moneylender, whose dues have doubled to 600,000 rupees in two years. He borrowed the money after his crops failed repeatedly. "The government has opened up one more way to survive, selling off our land. Else we would have mortgaged it," he said. "With the money, we will repay our debt, buy a tractor and get land elsewhere." But for smaller farmers like 40-year-old Nanjibhai Karsanbhai, who has 12 family members on his 7-acre plot, there will be little left over to purchase land. "I have no other land, I won't give it up," he said. "What will I do with the money? Eat it?"Reuters
Eurozone crisis redux? Not really T
here are days when it looks like deja vu all over again for the eurozone. But the debt crisis that shook the European single currency area in April and May, sparking panic on global financial markets, is unlikely to return with full force. True, yield spreads between Greek, Portuguese and Irish bonds and benchmark German Bunds, and the cost of insuring those countries' debt against default, have returned to near the peaks they reached at the height of the crisis last April and May. Concerns about spillover of bank liabilities onto government balance sheets, notably in Ireland, and a slowdown in economic recovery with a contraction in some peripheral euro area economies, are weighing on bonds and the euro. But the creation of a financial safety net for the whole 16-nation eurozone in May after a IMF/eurozone bailout for Greece means there is no longer a fear of a systemic meltdown of the single European currency that existed earlier this year. Investors now understand that there is a German chequebook underwriting the euro area, and that scalded governments across Europe are cutting their budget deficits and enacting long-resisted structural reforms. "We have put out the main forest fire, but there are still some smaller fires around which could flare in a strong wind," said a European official, who spoke on condition of anonymity because he is in the thick of financial firefighting. Prominent among those are revenue shortfalls in Greece and Portugal which raise doubts about their ability to meet
deficit reduction targets this year and huge unresolved bank liabilities in Ireland, officials and market participants say. "We are still working our way through the last phase of the financial crisis and the sovereign debt crisis," said Marco Annunciata, chief economist at Italian bank UniCredit. "There are similar concerns to what we faced in April and May, but nowhere near so serious because there has been the policy response of the EFSF and countries such as Spain has been courageous in taking structural reforms," he said. UNCERTAINTIES ABOUND Despite the creation of a 440 billion euro ($571 billion) European Financial Stability Facility (EFSF) as a backstop for any euro country which, like Greece, were shut out of credit markets, uncertainties still abound, making investors nervous. The premium investors demand to hold 10-year Irish government bonds rather than German benchmarks remains near record highs at around 370 basis points and Portuguese spreads are only a little lower, while Greece faces a yawning premium above 900 basis points -- although it was even higher. Of the so-called "peripherals", Spain seems to have re-established the most credibility. Its spread has narrowed significantly to around 175 basis points. EU officials say Ireland and Portugal, the two states seen at greatest risk, are determined to avoid the political humiliation of going to the EFSF, which would impose draconian IMF-style austerity in exchange for loans on tough terms. Ireland faces a possible final bill of more than 25 billion euros for sorting
out nationalised failed bank Anglo Irish , but the EU officials say Dublin is insisting it can borrow the funds it needs in the market. The ever-rising Irish bill and doubts about the reporting of sovereign debt exposure have shaken investors' faith in July's EU-wide bank stress tests, which found that the 91 biggest EU banks needed only 3.5 billion euros in extra capital. "There is still some residual uncertainty on how much more money will be needed to recapitalise the banking system. There's the risk of (public debt) restructuring in Greece, Portugal and Ireland," Annunciata said. DOWNTURN Fears of a lurch back towards recession in Europe have also fuelled a flight to safety among investors, as have doubts about the ability of governments to stick to austerity measures, pension and labour market reforms as they face public protests. A startling rise in German GDP growth in the second quarter dragged the eurozone along with it but more recent data suggest much slower expansion in Europe's largest economy in the coming period, while its weaker peers still languish. EU leaders have yet to agree on tougher sanctions for deficit sinners, let alone on more contentious German proposals for an orderly insolvency procedure for states, and low growth makes austerity even harder. Moritz Kraemer, head of sovereign ratings at Standard and Poor's, noted that Portugal, Greece, Spain, Ireland and non-euro Britain were all on negative outlook, meaning there was historically a 1-in-3 chance of a further downgrade.
"We are certainly not in the situation of last April when sovereigns were being shut out of the market, but it takes time for governments to establish a track record of being willing and able to carry out the fiscal adjustment," Kraemer told Reuters. The main shock to public sector debt would come from low economic growth, he said. "Consolidation is very hard if there's no real growth," he said. It is also unclear whether European government debt is truly guaranteed against default, and for how long. Despite Athens' vehement rejection of the notion, many economists believe Greece will eventually have to restructure its debt, projected to reach more than 140 per cent of national output, and force creditors to take losses. "Investors are confused. We were told initially there would be no bail-out. Then when markets started pricing in a default risk, we were told we should not be doing that because there is 'solidarity' in Europe," said Annunciata. "No wonder markets are having difficulty repricing risk." All those concerns suggest while the worst of the bloc's crisis has passed due to policy underpinning, investors still have numerous reasons to steer clear of its weaker members. A senior interest-rate trader said the Greek crisis had severely curtailed institutional clients' risk appetite and this could limit demand for the bonds of Spain, Portugal, Ireland and even Italy, as well as Greece, over the next year. The supply of government paper to refinance maturing debt and persistent high budget deficits could outstrip demand, creating significant tensions and high market volatility with possible contagion effects, he said.-Reuters
5
Friday, September 17, 2010
Thai stocks recover but Indonesia falls back KSE-100 Index Opening Closing Change % Change Turnover (mn)
Uncertainty over MTS goes against KSE gains
10,046.57 10,017.14 29.43 0.29 90.21
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,187.77 3,170.37 17.40 0.55 5.00
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,591.08 2,581.75 9.33 0.36 0.18
Major Gainers
Symbol
Close
Change
SIEM FZTM UPFL INDU LAKST
1,131.83 354.14 1,020.00 228.89 199.99
9.73 8.33 7.50 3.39 3.05
Major Losers
Symbol
Close
Change
WYETH 899.35 COLG 652.50 BATA 490.00 NESTLE 1,850.00 EXIDE 139.55
-25 -23.31 -11 -7.91 -7.08
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NCPL JSCL LOTPTA AHSL NPL
10.45 10.64 8.56 25.21 10.55
9.25 8.09 5.69 5.45 4.85
Active Issues Plus Minus Unchanged
172 171 26
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
Europe shares at wk-low on economy worries
Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) ended little lower on Thursday after some bullish activities during early hours on approval of much awaited margin trading system (MTS) by Securities & Exchange Commission of Pakistan (SECP). Later on, investors booked profits at higher levels and because of uncertainties about amendments made in MTS and over when it will be launched as well as on fears of rise in interest rates.
The benchmark KSE 100index lost 29 points to close at 10,017 points, KSE 30index fell by 19 points to 9,842 points and KSE allshare index was down by 18 points to end at 6,995 points. "After initial enthusiasm of the approval of MTS and likely release of IMF assistance, institutions preferred to book profits," said an equity dealer at a local brokerage house. Expectation of increase in interest rate in the upcoming monetary policy compelled institutions to trim their holdings, he added.
FTSE drops as banks wane LONDON: Britain's top shares closed lower on Thursday, weighed by banks which slipped after recent strength, while retailers fell on downbeat UK economic data, countering gains in energy stocks. The FTSE 100 closed down 15.42 points or 0.3 per cent, at 5,540.14, having fallen 0.2 per cent in the previous session. That was its first daily decline in five sessions after hitting a four-month high of 5,567.41 on Tuesday. "I'm amazed at how resilient it (the FTSE) is ... any weakness and it looks like someone is there to mop it all up," Simon Clark, senior trader at ETX Capital, said. "We need a healthy sell-off, not massively, but a bit of profit-taking then we'll go again." Retailers reversed early gains after data showed British retail sales volumes fell last month for the first time since January, raising concern that consumer demand is starting to slip ahead of the UK government's spending review in October. Marks & Spencer, Next, and
Home Retail Group lost 0.3 to 0.9 per cent. The sector had found support early on as DIY firm Kingfisher, up 0.4 per cent, became the latest retailer to defy macroeconomic conditions after its first-half profit beat forecasts, helped by costcutting. After a gain of almost nine per cent for the FTSE 100 in the last three weeks, most investors seemed happy to sit on the sidelines. Banks waned following recent strength, with Royal Bank of Scotland and Lloyds Banking Group falling 2.5 per cent and 1.3 per cent respectively. The Bank of England said inflation expectations for the next 12 months rose to 3.4 per cent last month, up from 3.3 per cent in May. And the CBI's monthly industrial trends survey showed factory orders unexpectedly fell in September. Wall Street was lower as jobless claims dropped to a See # 19 Page 11
The session started with a heavy gain of 83 points. Positive activities then managed to sustain for about two hours as investors responded over SECP's approval of MTS and on IMF assistance of $450 million for the flood victims. Therefore, index at a moment touched its intraday high of 10,153 points (+ve 107 points). Thereafter, investors preferred to book profits at higher levels while uncertainty regarding the amendments in MTS and fears of rise in interest rates too triggered the selling which
Wall Street down amid tight trade NEW YORK: US stocks slipped on Thursday as mixed economic data kept Wall Street locked in a tight trading range, while FedEx shares fell after it forecast profit below estimates. The Dow Jones industrial average dipped 6.85 points, or 0.06 per cent, to 10,565.88. The Standard & Poor's 500 Index See # 18 Page 11
Tokyo stocks end flat TOKYO: Tokyo stocks ended almost flat after hitting a fiveweek high on Thursday as the yen failed to continue to weaken as much as some market players had hoped after Japan intervened in the currency market the previous day. The benchmark Nikkei fell 7.06 points to 9,509.50 after touching a five-week intraday high of 9,620.90. The broader Topix dipped 0.5 per cent to 844.71. -Reuters
Weak financials hit Shanghai, HK mkts HONG KONG/SHANGHAI: Shanghai and Hong Kong stocks ended lower on Thursday, with the Hang Seng Index pulling back from a fivemonth high as banks slid on reports of higher capital requirements in China. A stronger yuan, which has risen for eight of the last 10 sessions, prompted selling in manufacturers that rely on exports. The Shanghai Composite Index fell 1.89 per cent with investors trimming positions ahead of a holiday next week. Hang Seng Index fell 0.16 per cent. Bank shares came under pressure, with market players citing reports that China's banking regulator was considering a plan to raise the amount that top banks must keep in reserve to as high as 15 per cent. An official with the China Banking Regulatory Commission, however, told Reuters that the agency had not published any new regulatory requirements. Agricultural Bank of China Ltd, which has the lowest tier1 ratio among the big four Chinese banks, fell 2.6 per cent in Hong Kong and 1.9 per cent in Shanghai, where it traded below its IPO price for the first time since its mid-July listing.
"AgBank shares fell below their IPO price, sending a ripple effect that burdened the broader market," said Chen Shaodan, analyst at China Development Bank Securities in Beijing. Adding pressure on banks were reports that deposit rates could be raised to help fight inflation. "The possibility of an interest rate increase is not large, but if deposit rates rise while lending rates stay the same, it will negatively affect banks and property," said Guo Yanling, analyst at Shanghai Securities. The Shenzen Composite Index fell 2.2 per cent with export-oriented manufacturing companies broadly weaker. Midea Holding Co fell 5.1 per cent. Suning Appliance Co Ltd fell 2.9 per cent. Airlines outperformed the index for a third consecutive session, boosted by prospects of a stronger yuan as they buy aircraft in foreign currency. China Southern Airlines Co Ltd gained 2.1 per cent, while Air China Ltd rose 1.1 per cent. Weak financials and oil majors, which have a large weighting on the Hang Seng Index, dragged the benchmark lower, although a strong rally by Cosco Pacific helped limit losses. Petrochina Co Ltd was down
1 per cent, and CNOOC Ltd closed down 1.1 per cent. Both were hit as crude oil prices fell for a third day ahead of the restart of a key North American pipeline. China Construction Bank Corp fell 0.6 per cent, while China Ping An Insurance fell 1.3 per cent. New capital requirements, if enforced, would most impact Agricultural Bank of China and Bank of China Ltd, both of which would require further fundraising in the next two years, said Sandra Cai, an analyst at Samsung Securities. Bank of China finished 0.3 per cent lower. Bucking the broader market, Cosco Pacific Ltd jumped 8.6 per cent on almost seven times its average 30-day volume after Goldman Sachs upgraded the stock to "buy" and added it to its Conviction Buy list. The brokerage forecast the company to post a solid set of third-quarter results that would reflect better performance at its new ports, and said the stock's recent underperformance versus the index was not justified. Foxconn International Holdings Ltd succumbed to profit-taking to close down 3.2 per cent, the top loser on the index and giving back almost all gains from the past two sessions. -Reuters
wiped off the index gains. After showing some resistance index mainly stayed in the grip of bears till the closing bells. At about 1:35 PST, it touched its lowest level of the day of 10,008 points (-ve 38 points) and finally closed the day near those levels. Ahsan Mehanti, Director at Arif Habib Investments said that approval of margin trading system concept paper was taken positive by investors with some uncertainty about its launching date and modalities. It should be noted that SECP approved the concept
of MTS with additional risk mitigating measures on Wednesday. The SECP approved MTS with certain amendments to further strengthen risk management and provide measures to curtail systemic risk in the interest of the market. However, the details of the amendments were not released which created some uncertainty among market participants. Foreign investors remained on the buying side as according to NCCPL data there was a net foreign buying of $1.26 million on
Thursday. On the local side, banks and companies did a net selling of $4.47 and $2.07 million respectively while individual investors and mutual funds did a net buying of $3.08 and $1.55 million respectively. Investor participation stayed little lower as 90.2 million shares traded in the overall market, which were 9.7 million shares less as compared to a turnover of 99.9 million shares a day earlier. Out of total 369 scrips, 172 advanced and 171 declined while 26 issues remained unchanged.
Indian shares shed 0.4pc in choppy trade MUMBAI: Indian shares snapped a seven-day winning streak and shed 0.4 per cent in a choppy Thursday session, as traders locked gains after the recent sharp run, but a fall in outsourcers was offset by a rise in financials pack, which brushed off key rates hike. The 30-share BSE index slipped 0.43 per cent or 84.62 points to 19,417.49, with 19 components losing ground. It had hit 19,636.66 points intraday, its highest since January 2008. The 50-share NSE index shed 0.6 per cent to 5,828.70 points. The market breadth was weak, with declining shares outpacing advancing ones in a ratio of 1.9:1 in a relatively better volume of 480 million shares. India's central bank raised interest rates more aggressively than expected on Thursday, keeping up its fight against inflation, but signalled that it may be nearing a pause in its current tightening cycle. The likelihood of a pause in rate tightening and hopes of better September-quarter earnings helped the bank index
gain 0.6 per cent, and in part helped the main index scale a fresh 32-month peak for the fifth straight session. Export-focused outsourcers led the losses as traders booked profits after the recent steep run up in the pack, which saw Tata Consultancy Services and Infosys Technologies touching record highs on Wednesday. "The market treated the interest rate hike as a non-event. Domestic funds are booking some profits, but FIIs (foreign institutional investors) are showing strong interest," said Prakash Diwan, head of institutional business at Networth Stock Broking. Diwan said buying in the last few sessions was skewed towards frontline stocks, while mid-caps did not participate much, as foreign funds typically prefer large-cap stocks. "FIIs know where the growth is. India story is definitely going strong with robust economic growth and corporate fundamentals." Foreign portfolio inflows into India will not be impacted
by the central bank's decision to hike policy rates, Montek Singh Ahluwalia, deputy chairman of the Planning Commission said in New Delhi. The country's focus on infrastructure investment will help drive growth in its stock market, Thomas Mathew, managing director of state-run Life Insurance Corporation told Reuters on Wednesday. TCS and Infosys shed 2 per cent and 2.7 per cent respectively while Wipro dropped 0.9 per cent. "Bankex is up because now there is a good possibility that RBI may pause in its monetary tightening after this hike," said Gaurav Dua, head of research at brokerage Sharekhan, referring to the banking sector index. "RBI will wait and watch global situation before taking the next step." The pack also cheered news of higher advance tax payments by State Bank of India and ICICI Bank, as indicated by a government source. See # 17 Page 11
ANNOUNCEMENTS Company Safa Textile Abbott Laboratories
Period Yearly 3rd Qtr
Div/Bon/Right -
PAT (Rs in mn) 2.35 838.13
Dhiyan
ACCUMULATE ON DIPS Siddiq Dalal, Dalal Securities Though MTS has been approved but till it is introduced we will see some range bound activities in the market as other factors are not encouraging like flood damages, inflation, circular debt issue and interest rates scenario. Investors are advised to wait and accumulate on dips in fertiliser, oil, and power stocks while they can also invest in cement stocks once the reconstruction activities in the flood affected areas are started. Introduction of MTS, foreign aid for flood victims, decline in inflation, clearance of circular debt and continued foreign buying can support the market in the coming days. Some mix activities are expected in the market today.
Khalid Waheed, Hum Securities Market is likely to show some positive activities in the next 1-2 sessions and index can touch its recent high of 10,150 points and if it manages to sustain those levels then we can see further positive activities in days to come. Investors can invest in cement stocks and in POL, PPL from the oil sector while they should book profits at 10,150 points. Continued buying by the foreign investors and launch of MTS as soon as possible will be the factors that can trigger the market. Market is expected to recover today.
EPS(Rs) 0.59 8.56
6
Friday, September 17, 2010
Market 90,210,111
Value
2,845,839,396
Trades
50,012
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
172 171 26 369
All Share Index
10,017.14 10,154.54 10,007.91 i29.43
Current High Low Change
KSE 30 Index
6,995.05 7,087.47 6,988.90 i18.61
Current High Low Change
KMI 30 Index Current High Low Change
9,842.02 9,986.39 9,823.81 i19.03
OIL AND GAS
INDUSTRIAL TRANSPORTATION Performance of SR Industrial Transportation Index
PE
High Low 1,252.52 1,229.02 Total cos Defaulter cos P/BV (x) ROE (%) 4.13 37.01
Open
High
Low
Attock Petroleum 576 5.84 323.63 Attock Refinery 853 9.14 81.52 BYCO Petroleum 3921 - 10.79 Mari Gas Company 735 16.52 123.44 National Refinery 800 6.10 203.00 Oil & Gas DevelopmentSPOT 43009 10.10 147.24 Pak PetroleumSPOT 9958 6.62 211.04 Pak Oilfields 2365 6.94 234.29 Pak Refinery Limited 350 - 55.26 P.S.OSPOT 1715 4.47 264.17 Shell Gas LPG 226 14.08 31.28 Shell Pakistan XD 685 9.92 194.42
328.00 83.30 11.23 127.00 206.00 149.00 213.00 237.90 57.50 268.49 32.78 196.99
322.00 81.07 10.65 120.00 199.50 146.10 210.30 234.01 55.60 262.00 30.20 193.00
Close Chg 323.84 81.51 10.72 121.92 200.07 146.39 211.19 235.22 56.78 264.16 31.25 193.51
0.21 -0.01 -0.07 -1.52 -2.93 -0.85 0.15 0.93 1.52 -0.01 -0.03 -0.91
Close Change 1,233.70 -3.20 Listed cap Market cap 65,194.15 mn 1,011,584.76 mn Payout (%) Div Yield (%) 68.56 6.15 Last 60 days High Low
Volume 128590 524844 1805361 83019 6169 377361 479535 1633655 8535 598683 730 10087
328.49 93.60 13.05 138.45 206.99 153.00 214.00 238.90 82.00 289.45 43.95 246.90
% Change -0.26 5-Day High 1,243.15 5-Day Low 1,217.78
2009 Div BR (%) (%)
2010 Div BR (%) (%)
281.00 250 73.47 9.62 112.80 32.17 100B 182.01 125 133.00 82.5 182.00 130 20B 209.99 180 48.26 233.10 50 27.32 191.02 330 -
100 31 55 90 80 80 40
20B -
CHEMICALS
Open 721.60 Turnover 28,893 P/E (x) 5.80 Company
Paid up Cap(mn)
Pak Int Cont Terminal XD 1092 PNSC 1321
High Low 731.88 708.40 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53
Close 711.21 Listed cap 3,242.17 mn Payout (%) 11.08
Change -10.40 Market cap 12,993.08 mn Div Yield (%) 1.91
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
8.51 5.32
70.96 38.49
71.49 40.00
69.00 39.00
69.36 -1.60 39.00 0.51
18629 10264
87.86 41.74
67.62 34.50
Company
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 Bawany Air 68 1.21 BOC (Pak) XD 250 8.93 Clariant Pak 273 5.63 Dawood Hercules 1203 7.89 Descon Chemical 1996 Descon Oxychem Ltd 1020 Dewan Salman 3663 Dynea Pak 94 4.29 Engro Corp LtdSPOT 3277 9.01 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 6785 7.21 Fauji Fertilizer Bin Qasim XD 9341 7.04 Ghani Gases Ltd 725 ICI Pakistan XD 1388 7.27 Lotte Pakistan 15142 2.97 Mandviwala 74 Nimir Ind Chemical 1106 68.50 Shaffi Chemical 120 1.18 Sitara Peroxide 551 -
23.59 12.45 71.42 157.10 174.06 2.00 4.10 1.51 11.52 176.48 12.23 10.00 105.22 28.01 8.34 120.28 8.54 1.98 1.40 2.30 8.56
23.46 12.80 72.90 162.00 177.99 2.10 4.30 1.52 12.45 180.40 12.75 10.12 106.40 28.45 8.89 122.70 8.85 2.44 1.44 2.50 8.94
22.60 11.45 70.00 160.00 171.05 2.00 4.03 1.47 11.50 175.00 12.24 9.49 104.80 27.63 8.20 119.99 8.52 1.80 1.35 2.13 8.65
Close Chg 23.46 11.89 70.19 160.00 171.08 2.00 4.15 1.50 11.50 175.64 12.30 9.97 106.02 27.68 8.57 122.07 8.56 1.80 1.37 2.47 8.71
-0.13 -0.56 -1.23 2.90 -2.98 0.00 0.05 -0.01 -0.02 -0.84 0.07 -0.03 0.80 -0.33 0.23 1.79 0.02 -0.18 -0.03 0.17 0.15
Close 1,142.85 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 10096 13890 3850 395 9071 4704 15510 800397 16502 950758 186125 888115 621937 646600 8483 614852 5694448 1371 164929 131 44524
Change 0.74 Market cap 258,953.88 mn Div Yield (%) 6.86
27.79 16.78 83.80 174.00 185.88 3.15 5.45 2.21 13.60 194.59 12.75 12.80 113.39 30.65 11.45 129.30 9.09 3.24 1.81 3.80 11.09
% Change 0.06 5-Day High 1,148.08 5-Day Low 1,124.26
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.06 66.90 90 146.00 125 155.38 40 10B 1.78 3.20 1.41 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.75 131.5 10B 25.70 40 7.41 109.50 80 6.75 5 1.05 1.16 2.00 8.22 -
15 20 15 20 75 5 55 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,199.64 Turnover 269,343 P/E (x) 6.40 Company
High Low 1,235.05 1,191.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.47
Close 1,198.70 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 38 411
6.09 4.65
21.34 57.81 39.10
21.74 60.00 40.60
21.00 57.25 39.21
21.14 -0.20 58.50 0.69 39.30 0.20
255762 7893 5688
Century Paper Pak Paper Product Security Paper
Change -0.94 Market cap 3,338.57 mn Div Yield (%) 3.95
Last 60 days High Low 22.70 60.12 50.40
15.76 41.21 38.50
% Change -0.08 5-Day High 1,206.97 5-Day Low 1,183.60
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
2533.33B 50 -
Open 1,060.46 Turnover 260,501 P/E (x) 4.00 Paid up Cap(mn)
PE
Agriautos Ind Atlas BatterySPOT Dewan Motors General TyreSPOT Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
144 84 890 598 450 200 1428 786 823 125 117
Open
5.08 69.00 6.88 180.80 1.47 7.12 25.95 5.30 9.41 4.35 - 10.89 5.22 225.50 9.63 77.51 4.80 25.00 4.02 2.00
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz Pipe International IndXDXB Siddiqsons Tin
565 675 555 1199 785
PE
Open
High
Low
3.34 5.73 5.11 6.72
24.75 2.19 13.70 53.35 9.02
25.40 2.48 14.07 53.40 9.69
24.55 2.10 13.40 52.25 8.95
Close Chg 24.63 2.23 13.70 52.46 9.48
-0.12 0.04 0.00 -0.89 0.46
Close 1,006.58 Listed cap 3,596.11 mn Payout (%) 30.91
Change -3.40 Market cap 9,678.02 mn Div Yield (%) 9.84
Last 60 days High Low
Volume 6861 8937 5124 9525 7118
31.73 3.22 16.00 70.71 11.35
24.25 1.90 13.05 48.51 8.20
% Change -0.34 5-Day High 1,021.31 5-Day Low 1,006.58
2009 Div BR (%) (%) 10
30B -
2010 Div BR (%) (%) 30 40 -
20B -
High
High Low 1,081.11 1,052.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 25.35 Low
Close Chg
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 Ansari Sugar 244 Chashma Sugar 287 Clover Pakistan 94 Colony Sugar Mills 990 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 Ismail Ind 505 J D W Sugar 490 Mehran Sugar XD 143 National Foods 414 Nestle Pakistan XD 453 Noon Sugar 165 Quice Food 107 Sakrand Sugar 223 Shahmurad Sugar 211 Shahtaj Sugar 120 Shakarganj Mills 695 UniLever PakistanSPOT 665
PE
Close 1,066.74 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Company
Paid up Cap(mn)
Al-Abbas Cement
PE
Open
High
Low
Close Chg
Close 928.73 Listed cap 54,792.74 mn Payout (%) 19.04
Change -15.94 Market cap 69,506.41 mn Div Yield (%) 2.43
Last 60 days High Low
Volume
% Change -1.69 5-Day High 955.95 5-Day Low 928.73
2009 Div BR (%) (%)
2010 Div BR (%) (%)
1828
-
3.79
3.90
3.56
3.58 -0.21
16532
4.69
2.82
-
-
866 858 182
4.82 -
68.00 1.85 16.90
68.97 1.84 17.12
67.00 1.84 16.30
68.00 0.00 1.84 -0.01 16.32 -0.58
149884 500 9563
72.40 2.10 20.00
63.00 0.91 15.42
50 -
20B -
956 982 12.46 3574 3651 8.30 350 -
11.50 1.65 1.57 25.93 3.75
11.70 1.68 1.68 26.50 4.70
11.50 1.53 1.50 25.16 2.81
11.52 1.62 1.54 25.23 3.18
0.02 -0.03 -0.03 -0.70 -0.57
9702 16008 125108 3638818 353276
12.50 2.74 2.20 28.74 5.15
8.90 1.50 1.40 23.02 2.40
-
20R -
-
20R -
Fauji Cement 6933 13.23 Flying Cement Ltd 1760 Gharibwal Cement 2319 Haydery Const 32 Kohat Cement 1288 Lafarge Pakistan Cement13126 Lucky Cement 3234 6.45 Maple Leaf Cement 3723 Pioneer Cement 2228 Safe Mix Concrete 200 Shabbir Tiles 361 Thatta Cement 798 -
5.36 2.11 4.25 1.04 6.22 2.95 72.27 3.25 8.00 8.48 10.90 20.13
5.50 2.15 4.00 1.03 6.20 3.10 73.88 3.40 8.39 9.47 10.90 21.00
5.25 2.00 3.36 1.03 6.06 2.88 71.32 3.11 8.02 7.51 10.51 19.25
5.29 2.03 4.00 1.03 6.20 2.92 71.80 3.19 8.03 7.95 10.75 19.25
-0.07 -0.08 -0.25 -0.01 -0.02 -0.03 -0.47 -0.06 0.03 -0.53 -0.15 -0.88
1139406 76700 2057 5000 25100 494171 2259999 173746 2472 9010 2951 200012
5.50 2.37 8.64 2.00 7.38 3.53 73.88 3.84 8.39 9.47 12.23 21.80
4.50 1.75 3.36 0.85 5.70 2.60 61.29 3.00 5.60 5.50 8.10 17.74
40 -
-
40 -
-
Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind
-
-
17.5 - 122R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 901.16 Turnover 174,984 P/E (x) 2.62 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
92 4.59 47.94 230 2.07 970 6.41 57.50 389 2.61 47 - 13.76 844 16.67 110.94 300 8.07 101.54
High
High Low 919.90 889.12 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
49.00 47.05 48.19 2.05 1.90 2.00 59.75 56.90 59.50 3.45 2.50 2.94 14.50 13.76 13.76 111.00 110.00 110.00 101.75 99.99 100.50
0.25 -0.07 2.00 0.33 0.00 -0.94 -1.04
Close 906.91 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 57150 707 60771 21359 301 26770 7911
Change 5.75 Market cap 33,399.28 mn Div Yield (%) 5.94
Last 60 days High Low 51.05 2.89 59.88 4.69 20.70 125.96 105.00
28.87 1.90 54.65 2.21 11.81 106.05 91.00
% Change 0.64 5-Day High 906.91 5-Day Low 897.38
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 -
25B -
Change 6.28 Market cap 39,510.37 mn Div Yield (%) 5.10
Last 60 days High Low
Company
Paid up Cap(mn)
PE
Open
Ados Pak AL-Ghazi Tractor XD
66 215
2.94 19.90 5.08 214.00
Bolan Casting Ghandhara Ind KSB Pumps
95 213 132
7.94 2.31 8.35
Millat Tractors
293
7.37 578.42
44.25 16.73 84.00
High
Low
Close Chg
19.90 19.90 19.90 0.00 216.50 211.00 213.99 -0.01 43.91 17.25 83.88
43.00 16.40 80.00
43.90 -0.35 16.45 -0.28 83.88 -0.12
584.50 574.00 575.23 -3.19
63.01 178.00 1.16 21.10 4.75 3.65 10.05 212.29 73.50 23.58 1.61
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 100 5 2
90 100 20 150 -
20B 20B -
20B -
Open
High
Low
Close Chg 0.29 0.49 0.90 -0.55 1.67 0.00 0.05 -0.02 1.00 0.85 -0.32 -0.14 -1.51 -7.91 0.10 0.28 0.00 0.46 2.28 0.10 2.44
Close 1,445.96 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -1.30 Market cap 186,753.59 mn Div Yield (%) 1.07
Last 60 days High Low
1170 6.99 1.12 1000 14.75 10.50 500 6.00 3.80 5000 11.40 8.00 509 50.00 33.33 3300 5.00 2.40 17610 27.49 22.50 1575 16.94 13.00 146 8.04 4.22 2973 76.90 53.64 17608 67.90 60.10 510 58.74 50.07 5816 65.29 41.35 22290 1937.22 1550.00 132 14.35 10.00 11500 3.50 1.60 500 3.50 2.02 32758 10.75 7.40 997 93.98 45.40 201 5.16 3.02 1173 4200.00 3710.00
% Change -0.09 5-Day High 1,462.46 5-Day Low 1,437.95
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 35 40 15 40 35 600 50 15 100 458
15 40 17.5 110R 0 12.5R 25 10 200 178 -
25B 30B 25B 10B -
Open 962.16 Turnover 873,869 P/E (x) 3.23 Company
Paid up Cap(mn)
Nakshbandi Ind Pak Elektron Tariq Glass Ind XD Towellers Ltd
High Low 1,020.92 947.17 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64
PE
Open
High
Low
1176 19.92 1174 3.01 231 2.80 170 13.10
13.54 13.08 16.20 20.00
14.54 14.08 17.20 19.00
13.00 13.25 16.20 19.00
Close Chg 14.54 14.08 17.20 19.00
1.00 1.00 1.00 -1.00
Close 1,019.27 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 1008 852200 19545 1102
Change 57.11 Market cap 5,433.53 mn Div Yield (%) 1.94
Change -6.65 Market cap 31,287.53 mn Div Yield (%) 16.02
Last 60 days High Low
Last 60 days High Low 14.70 15.95 19.12 20.01
10.00 11.20 13.50 19.00
2009 Div BR (%) (%) 5
2010 Div BR (%) (%)
57R 10B -
17.5 -
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 920.73 Turnover 9,360,745 P/E (x) 5.36 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Mushtaq Textile Ellcot Spinning Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Gul Ahmed Textile Hira Textile Mills Ltd Ideal Spinning J K SpinningXDXB Kohinoor Ind Kohinoor Mills Kohinoor Textile Maqbool Textile Masood Textile Mehmood Textile Mian Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Reliance Weaving Rupali Poly Samin Textile Sana Ind Service Ind Shahtaj Textile Suraj Cotton Tata Textile Thal Limited XD Treet Corp Tri-Star Poly Yousuf Weaving
PE
Open
222 0.80 2415 4.79 18.10 840 5.77 19.63 133 0.41 1.77 4493 268.25 10.42 29 2.67 10.50 76 9.15 400 1.19 1.20 1150 3.48 2442 2.35 2.80 238 0.79 600 1.64 80 3.00 514 10.29 41.51 34 0.82 1.60 110 1.69 24.00 62 4.75 345.81 234 1.34 36.15 75 11.41 37.99 326 2.31 2.01 635 3.70 20.99 716 1.53 4.17 99 0.78 4.20 74 0.48 7.00 303 1.70 509 2.58 1455 3.58 5.65 168 4.59 6.85 600 0.96 20.55 150 2.47 65.00 221 0.40 145 0.55 187 1.86 15.43 1586 3.06 16.62 3516 5.48 46.77 560 3.89 6.28 250 5.15 2.00 308 1.11 9.50 341 7.79 33.50 134 22.31 6.11 55 5.44 37.13 120 4.90 187.87 97 2.68 16.90 180 1.47 32.99 173 1.18 18.75 256 5.11 104.18 418 0.52 41.65 215 0.54 400 1.55 1.20
High
High Low 930.55 913.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 8.64 Low
Close Chg
1.80 0.80 1.21 0.41 18.29 17.85 17.92 -0.18 20.63 19.56 19.80 0.17 1.78 1.74 1.76 -0.01 11.00 10.55 10.73 0.31 11.50 11.50 11.50 1.00 8.75 8.60 8.75 -0.40 1.79 0.80 1.20 0.00 3.70 3.50 3.59 0.11 3.15 2.80 2.80 0.00 1.04 0.70 1.03 0.24 1.80 1.62 1.66 0.02 3.40 3.30 3.30 0.30 43.50 42.00 43.00 1.49 2.60 2.60 2.60 1.00 24.95 24.50 24.71 0.71 360.00 329.00 354.14 8.33 37.23 34.65 36.51 0.36 37.99 37.99 37.99 0.00 3.01 1.13 1.13 -0.88 19.99 19.99 19.99 -1.00 4.40 4.11 4.29 0.12 4.25 3.20 4.00 -0.20 7.24 6.00 7.16 0.16 1.85 1.46 1.72 0.02 3.55 2.26 2.35 -0.23 6.09 5.65 5.77 0.12 7.85 7.84 7.85 1.00 21.30 20.01 20.35 -0.20 65.90 62.50 63.80 -1.20 0.69 0.26 0.50 0.10 0.70 0.45 0.45 -0.10 16.00 15.85 16.00 0.57 17.19 16.20 16.51 -0.11 48.15 46.53 46.62 -0.15 7.08 6.25 6.50 0.22 2.05 1.93 2.01 0.01 9.50 9.00 9.00 -0.50 33.75 31.83 31.85 -1.65 6.50 6.00 6.47 0.36 37.99 36.45 36.45 -0.68 196.00 188.50 190.19 2.32 17.89 17.00 17.15 0.25 33.00 31.75 33.00 0.01 18.39 17.75 18.28 -0.47 105.50 103.10 103.25 -0.93 42.25 40.51 40.80 -0.85 0.52 0.51 0.51 -0.03 1.13 1.05 1.13 -0.07
Close 920.57 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -0.16 Market cap 112,582.47 mn Div Yield (%) 3.11
Last 60 days High Low
16002 1.80 108310 20.45 8701 21.59 2500 2.50 3738835 13.40 9087 16.75 2000 10.50 1010 2.30 97544 5.10 41744 5.00 6612 2.25 60880 2.73 1031 4.00 3025 52.28 485 3.99 7501 25.30 357 410.00 252 44.50 650 38.64 110 3.74 555 23.00 67403 4.61 15002 4.79 1901 10.30 12047 2.00 503 4.90 94757 6.25 3002 11.40 606 23.25 600 74.50 1002 1.40 5004 0.99 3000 16.00 2068082 19.49 2738886 53.14 85485 7.90 15576 8.10 31610 10.68 192 36.35 23566 8.50 7537 38.00 750 240.99 2711 21.50 6742 36.20 3642 19.40 13523 114.99 43331 49.49 500 1.36 6002 1.90
0.20 10.42 17.55 1.31 8.55 9.50 7.50 0.55 2.85 2.23 0.48 1.50 2.20 37.08 1.52 18.80 290.80 31.60 26.00 1.11 17.11 2.52 1.69 4.30 1.10 1.60 4.00 3.25 19.15 46.00 0.05 0.26 10.70 14.64 40.81 5.50 1.90 6.91 31.35 4.55 27.25 176.50 12.51 29.50 12.35 91.50 37.20 0.30 0.73
% Change -0.02 5-Day High 920.89 5-Day Low 917.21
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20 7.5 15 8 400R 5 15 4050.2257B - 50R 20 12.5 40 35 200 20 15 20 20B 4 -
30 5 20 5B - 100R 25 45R - 100R 60 20 -
PHARMA AND BIO TECH Open 821.97 Turnover 252,697 P/E (x) 6.13
% Change -0.47 5-Day High 1,430.57 5-Day Low 1,414.40
2009 Div BR (%) (%)
2010 Div BR (%) (%)
566 886
22.69 226.10
18.90 195.00
20 400
-
150
-
862 4715 328
45.50 20.24 91.00
35.25 15.26 61.57
35
20B -
-
-
78938
597.90
466.00
450
25B
650
25B
41.93
Total Assets (Rs in mn)
6,921.11
MA (10-day)
24.81
Total Equity (Rs in mn)
6,703.34
Revenue (Rs in mn)
8,334.34
MA (100-day)
25.91
MA (200-day)
28.45
Interest Expense
1st Support
23.50
Profit after Taxation
2nd Support
22.85
EPS 09 (Rs)
5.341
Book value / share (Rs)
39.56
1st Resistance
25.40
47.80 905.06
2nd Resistance
26.65
PE 10 E (x)
5.27
Pivot
24.75
PBV (x)
0.61
KOHE closed down -1.05 at 24.10. Volume was 1,708 per cent above average and Bollinger Bands were 10 per cent narrower than normal. The company's profit after taxation stood at Rs581.29 million which translates into an Earning Per Share of Rs3.43 for the nine months of fiscal year (9MFY10). KOHE is currently 15.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KOHE at a relatively equal pace. Trend forecasting oscillators are currently bearish on KOHE.
Pak Elektron Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
60.46
Total Assets (Rs in mn)
MA (10-day)
13.32
Total Equity (Rs in mn)
MA (100-day)
13.49
Revenue (Rs in mn)
19,070.04 4,007.36 14,621.61
MA (200-day)
15.08
Interest Expense
1st Support
13.52
Profit after Taxation
2nd Support
12.97
EPS 09 (Rs)
2.685
1st Resistance
14.35
Book value / share (Rs)
1,372.68
41.29
260.55
2nd Resistance
14.63
PE 10 E (x)
3.01
Pivot
13.80
PBV (x)
0.34
PAEL closed up 1.00 at 14.08. Volume was 343 per cent above average (trending) and Bollinger Bands were 55 per cent narrower than normal. The company's profit after taxation stood at Rs275.249 million which translates into an Earning Per Share of Rs2.34 for the half year of fiscal year (1HFY10). PAEL is currently 6.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAEL at a relatively equal pace. Trend forecasting oscillators are currently bearish on PAEL.
Nimir Industrial Chemicals Ltd
% Change 5.94 5-Day High 1,019.27 5-Day Low 941.11
Performance of SR Pharma and Bio Tech Index
Close 1,415.66 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
78.39 209.00 2.24 28.80 6.60 5.70 14.50 287.00 89.99 27.85 3.35
% Change 0.59 5-Day High 1,067.15 5-Day Low 1,041.41
RSI (14-day)
HOUSEHOLD GOODS
Performance of SR Industrial Engineering Index High Low 1,435.39 1,409.03 Total cos Defaulter cos P/BV (x) ROE (%) 3.12 38.02
-
Performance of SR Household Goods Index
INDUSTRIAL ENGINEERING Open 1,422.31 Turnover 86,297 P/E (x) 8.21
8756 4930 5703 18181 72170 95393 2706 18043 5602 7010 22002
High Low 1,464.43 1,424.44 Total cos Defaulter cos P/BV (x) ROE (%) 8.70 30.30
12.02 5.96 6.75 5.20 6.25 0.61 11.00 11.49 11.49 11.49 0.28 5.10 6.00 6.00 6.00 0.83 10.85 10.30 10.30 10.30 21.98 33.50 35.17 35.17 35.17 3.50 3.51 3.50 3.50 5.63 27.25 27.49 27.15 27.30 4.49 16.02 16.24 15.90 16.00 6.10 7.10 7.10 7.10 12.21 70.92 73.99 67.38 71.77 2.18 65.47 65.15 65.00 65.15 2.91 52.15 53.49 52.00 52.01 21.15 55.01 56.00 53.00 53.50 21.29 1857.91 1900.00 1800.00 1850.00 - 10.90 11.00 10.93 11.00 1.82 2.20 2.10 2.10 3.00 3.00 3.00 3.00 15.22 10.04 10.75 9.80 10.50 - 45.60 47.88 46.00 47.88 3.84 4.84 3.94 3.94 22.79 4068.56 4100.00 4006.01 4071.00
CONSTRUCTION AND MATERIALS High Low 962.13 922.20 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 7.10
69.99 69.01 69.60 0.60 182.50 181.90 182.50 1.70 1.50 1.40 1.41 -0.06 26.70 25.00 25.98 0.03 6.09 5.25 5.46 0.16 4.45 4.00 4.14 -0.21 11.40 10.76 10.77 -0.12 229.85 225.00 228.89 3.39 78.00 77.04 77.50 -0.01 26.25 25.40 25.50 0.50 2.25 1.62 2.25 0.25
Open 1,447.26 Turnover 127,386 P/E (x) 28.70
Performance of SR Construction and Materials Index Open 944.67 Turnover 8,701,093 P/E (x) 7.84
40 15
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 1,031.71 994.87 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,009.98 Turnover 37,565 P/E (x) 3.14
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,161.96 1,133.58 Total cos Defaulter cos P/BV (x) ROE (%) 2.49 35.00
2009 Div BR (%) (%) 30
Kohinoor Energy Limited
% Change -1.44 5-Day High 721.60 5-Day Low 706.96
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,142.12 Turnover 9,804,018 P/E (x) 7.12
Alert ! Unusual Movements
15,591.50 15,756.61 15,554.49 i15.93
Performance of SR Oil and Gas Index Open 1,236.89 Turnover 3,842,673 P/E (x) 11.15 Company
KSE 100 Index
Symbols
Volume
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak Wyeth Pak
Paid up Cap(mn) 979 208 1707 165 200 100 306 142
PE
Open
7.36 83.30 9.46 114.70 12.48 69.69 6.52 24.00 8.22 4.49 31.10 5.67 59.81 - 924.35
High
High Low 833.98 809.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 22.31 Low
Close Chg
85.00 83.00 84.01 113.65 108.97 109.05 70.49 69.00 69.15 24.01 23.75 23.99 7.90 7.25 7.48 29.70 29.55 29.62 61.98 59.52 61.20 959.50 890.00 899.35
0.71 -5.65 -0.54 -0.01 -0.74 -1.48 1.39 -25.00
Close 816.72 Listed cap 3,904.20 mn Payout (%) 44.54
Volume
Change -5.25 Market cap 27,450.95 mn Div Yield (%) 7.26
Last 60 days High Low
8859 95.50 2900 124.00 7611 85.89 24687 25.79 8668 8.66 1430 34.99 198133 61.98 409 1159.00
77.00 96.00 65.40 22.10 6.10 28.53 53.36 890.00
2009 Div BR (%) (%) 120 10 50 25 15 15 -
20B 15B -
% Change -0.64 5-Day High 822.44 5-Day Low 797.63 2010 Div BR (%) (%) 20 -
-
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
41.25
Total Assets (Rs in mn)
MA (10-day)
1.44
Total Equity (Rs in mn)
MA (100-day)
1.75
Revenue (Rs in mn)
1,674.73 114.34 1,383.58
MA (200-day)
1.87
Interest Expense
1st Support
1.36
Loss after Taxation
2nd Support
1.31
EPS 09 (Rs)
88.00
1st Resistance
1.45
Book value / share (Rs)
2nd Resistance
1.49
PE 10 E (x)
Pivot
1.40
PBV (x)
(146.72) (0.663) 0.52 2.65
NICL closed down -0.03 at 1.37. Volume was 31 per cent below average and Bollinger Bands were 57 per cent narrower than normal. The company's profit after taxation stood at Rs4.568 million which translates into an Earning Per Share of Rs0.02 for the year ended FY10. NICL is currently 26.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NICL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NICL.
Southern Electric Power Company Ltd
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
50.62
Total Assets (Rs in mn)
9,248.54
MA (10-day)
2.50
Total Equity (Rs in mn)
2,028.39
MA (100-day)
3.25
Revenue (Rs in mn)
1,911.24
MA (200-day)
3.69
Interest Expense
766.96
1st Support
2.46
Profit after Taxation
146.76
2nd Support
2.38
EPS 09 (Rs)
1.074
1st Resistance
2.63
Book value / share (Rs)
14.84
2nd Resistance
2.72
PE 10 E (x)
1.25
Pivot
2.55
PBV (x)
0.18
SEPCO closed up 0.16 at 2.60. Volume was 15 per cent below average and Bollinger Bands were 57 per cent narrower than normal. The company's profit after taxation stood at Rs213.879 million which translates into an Earning Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). SEPCO is currently 29.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.
BOOK CLOSURES Company
From
To
Arif Habib Investment Pakistan Premier Fund Royal Bank of Scotland Shahpur Textile Mills # Japan Power Generation General Tyre & Rubber Pak Oman Adv Fund PICIC Inv Fund Altas Battery Century Paper & Board Oil & Gas Dev Co Pakistan Petroleum Unilever Pakistan Universal Insurance # Husein Sugar Mills # Pakistan State Oil Bank of Punjab Engro Corp (Consolidated) First Prudential Modaraba JS Investments Pakistan Hotels Developments Standard Chartered Modaraba Unilever Pak Foods
17-Sep 17-Sep 18-Sep 18-Sep 19-Sep 20-Sep 20-Sep 20-Sep 21-Sep 21-Sep 21-Sep 21-Sep 21-Sep 21-Sep 22-Sep 22-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep
25-Sep 25-Sep 24-Sep 24-Sep 28-Sep 29-Sep 27-Sep 27-Sep 29-Sep 27-Sep 30-Sep 29-Sep 27-Sep 27-Sep 28-Sep 29-Sep 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 1-Oct 29-Sep
D/B/R 20(B) 18.6(F) 20(F) 1.0377 5(F) 100(F),20(B) 15(F) 50(F),20(B) 178(I) 20(I) 17 350(I)
Spot AGM/Date 9-Sep 8-Sep 8-Sep 9-Sep 10-Sep 13-Sep 13-Sep 13-Sep 13-Sep 15-Sep 15-Sep
25-Sep 25-Sep 24-Sep 28-Sep 29-Sep 29-Sep 27-Sep 29-Sep 23-Sep 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 21-Oct -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Lakson Tobacco Pak Tobacco Shifa Int.Hosp. P.I.A.C.(A) Pak Services AKD Capital Pace (Pak) Ltd. Netsol Technol.
Open 53.4 3.74 87.1 196.94 113.46 34 2.1 148.05 39.69 2.68 19.06
High 55.5 3.99 87.4 205.9 112.75 35.6 2.18 148.05 41.67 2.81 19.6
Low Close 51.55 3.67 86.7 193 110.03 34 2.1 148.05 39.75 2.71 19.11
52 3.7 87 199.99 110.03 34.52 2.16 148.05 41.67 2.75 19.18
Change -1.4 -0.04 -0.1 3.05 -3.43 0.52 0.06 0 1.98 0.07 0.12
Vol 111 4011716 2277 1031 4709 1996 19024 1000 4810 177993 659277
7
Friday, September 17, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,106.71 Turnover 1,377,499 P/E (x) 6.08 Company Pak Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,126.55 1,098.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
37740 3000 8606 6175
9.04 -
18.99 2.30 2.48 4.28
19.25 2.37 2.65 4.40
18.85 2.13 2.52 4.15
18.99 2.28 2.54 4.25
0.00 -0.02 0.06 -0.03
Close 1,108.76 Listed cap 50,077.79 mn Payout (%) 62.56
Change 2.05 Market cap 78,063.91 mn Div Yield (%) 10.28
Last 60 days High Low
Volume 906470 71599 399429 277373
20.22 3.18 3.39 6.75
17.20 2.06 2.30 3.80
% Change 0.19 5-Day High 1,129.18 5-Day Low 1,074.04
2009 Div BR (%) (%) 15 -
2010 Div BR (%) (%)
-
17.5 -
Atlas Insurance
369
4.31
29.00
30.45
29.21
29.21 0.21
13100
31.00
27.10
40
10B
-
-
Central InsuranceXDXB Century Insurance
279 457
5.28 6.07
50.05 10.90
52.00 11.35
51.00 10.80
51.03 0.98 10.80 -0.10
497 2678
64.90 11.95
48.05 8.14
20 -
25B -
10 -
10B -
EFU General Insurance XB1250 29.90 Habib Insurance 400 7.99 IGI Insurance XD 718 12.81
37.78 11.62 72.11
38.30 11.50 73.50
37.00 11.12 68.51
37.68 -0.10 11.50 -0.12 72.49 0.38
14055 1400 84135
55.20 13.89 79.10
35.52 10.78 66.02
40 35 35
8.7B -
10
20B
Pak Reinsurance Premier Insurance
30 20
15B
-
-
-14.28B - 20B
-
-
Shaheen Insurance Silver Star Insurance
3000 303
4.94
14.60 8.85
15.15 9.49
14.50 8.90
14.56 -0.04 9.49 0.64
398693 6610
19.40 10.60
12.50 8.11
200 253
1.80
12.51 6.89
12.20 7.23
12.01 6.50
12.10 -0.41 7.23 0.34
318 3501
16.49 10.00
12.01 6.00
Performance of SR Life Insurance Index Open 826.90 Turnover 16,760 P/E (x) 73.44
Performance of SR Electricity Index
Paid up Cap(mn)
High Low 1,180.30 1,148.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 9.35
Close 1,160.74 Listed cap 95,369.29 mn Payout (%) 104.13
Change 2.38 Market cap 98,021.19 mn Div Yield (%) 7.96
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Altern Energy 3426 550.00 Genertech 198 Hub Power XD 11572 6.27 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 4.69 Kohinoor Power 126 3.19 Kot Addu Power 8803 7.35 Nishat Chunian Power Ltd3673 Nishat Power Ltd 3541 75.36 S G Power 178 Southern Electric 1367 1.25 Tri-star Power XD 150 -
10.00 0.85 33.98 1.59 2.01 25.15 5.45 42.50 10.25 10.53 0.50 2.44 0.80
11.00 0.98 34.34 1.79 2.15 26.00 5.75 42.95 10.56 11.05 0.75 2.64 0.85
9.75 0.85 33.70 1.50 2.03 24.10 5.00 42.14 10.33 10.50 0.75 2.47 0.85
11.00 1.00 0.94 0.09 33.86 -0.12 1.64 0.05 2.11 0.10 24.10 -1.05 5.75 0.30 42.50 0.00 10.45 0.20 10.55 0.02 0.75 0.25 2.60 0.16 0.85 0.05
134767 105 411205 29501 147548 119712 2432 227549 9250047 4851915 1000 127779 500
12.50 1.53 37.24 2.38 2.63 27.80 7.00 44.85 10.56 11.05 1.60 3.69 1.69
Company
7.51 0.51 31.50 0.70 1.92 23.30 3.90 39.51 8.60 9.25 0.23 2.21 0.33
% Change 0.21 5-Day High 1,173.71 5-Day Low 1,154.02
2009 Div BR (%) (%) 33.5 45 64.5 3
50 - 7.8R 50 -
Performance of SR Gas Water and Multiutilities Index
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,350.82 1,317.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 11.41
Close 1,330.42 Listed cap 12,202.80 mn Payout (%) 66.79
Change -10.02 Market cap 30,217.03 mn Div Yield (%) 6.63
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 16.91 6712 -
28.75 21.78
28.97 21.95
28.45 21.31
28.75 0.00 21.50 -0.28
509615 122699
30.00 22.00
25.00 15.57
% Change -0.75 5-Day High 1,340.44 5-Day Low 1,317.31
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
-
-
BANKS Performance of SR Banks Index Open 965.55 Turnover 12,779,039 P/E (x) 6.97 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.62 51.96 Askari Bank 6427 6.11 14.82 Atlas Bank 5001 1.99 Bank Alfalah 13492 11.01 8.16 Bank AL-Habib 7322 6.53 30.37 Bank Of Khyber 5004 3.17 3.17 Bank Of Punjab 5288 8.54 BankIslami Pak 5280 2.99 Faysal Bank 6091 3.29 13.89 Habib Bank Ltd 10019 6.32 99.94 Habib Metropolitan Bank 8732 5.92 19.99 JS Bank Ltd XR 6128 2.18 KASB Bank Ltd 9509 2.32 MCB Bank Ltd XD 7602 9.01 193.52 Meezan Bank 6983 7.01 15.00 Mybank Ltd 5304 2.32 National Bank 13455 5.61 66.99 NIB Bank 40437 2.63 Royal Bank LtdSPOT 17180 6.55 Samba Bank 14335 1.98 Silkbank Ltd 9003 12.27 2.73 Soneri Bank 6023 5.99 Stand Chart Bank 38716 9.79 6.80 Summit Bank Ltd 5000 2.79 United Bank Ltd 12242 6.46 54.96
High Low Close 988.79 957.32 964.21 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.94 13.45 34.35
High
Low
Close Chg
52.70 51.55 52.00 0.04 15.20 14.68 14.78 -0.04 2.00 1.91 1.91 -0.08 8.45 8.15 8.26 0.10 30.88 30.30 30.30 -0.07 3.29 3.15 3.17 0.00 9.13 8.60 8.78 0.24 3.15 2.96 2.98 -0.01 14.30 13.99 14.26 0.37 101.50 98.00 98.29 -1.65 20.70 20.00 20.00 0.01 2.25 2.02 2.14 -0.04 2.55 2.30 2.31 -0.01 197.70 192.62 193.07 -0.45 15.15 14.45 14.45 -0.55 2.37 2.20 2.26 -0.06 68.40 66.03 66.82 -0.17 2.85 2.60 2.75 0.12 6.75 6.30 6.68 0.13 2.08 1.83 1.96 -0.02 2.89 2.65 2.70 -0.03 6.20 5.70 5.87 -0.12 7.20 6.81 6.85 0.05 3.00 2.70 2.85 0.06 55.90 54.55 54.95 -0.01
Change -1.34 Market cap 595,169.94 mn Div Yield (%) 4.93
Last 60 days High Low
Volume
54002 59.70 105728 17.46 30300 3.00 1545403 10.25 4360 34.00 11262 4.75 3733595 11.35 55611 3.90 161737 15.95 72676 109.10 12802 24.25 118625 3.00 90202 4.40 1095252 214.99 4177 16.50 66973 3.28 2256028 73.89 966188 3.50 21522 13.71 54497 2.90 1847994 3.30 41423 8.50 11827 8.50 60206 4.38 416855 60.20
48.51 13.99 1.52 7.32 29.10 3.00 7.35 2.31 12.75 92.00 18.70 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.46 6.05 2.40 52.85
% Change -0.14 5-Day High 965.55 5-Day Low 929.93
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 66R 55 -63.46R 10 -
Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 12.61
Open 69.24
High 71.00
Low 68.85
Close Chg 69.33 0.09
Close 635.90 Listed cap 11,111.34 mn Payout (%) 79.54
Change 1.48 Market cap 41,173.69 mn Div Yield (%) 8.53
Last 60 days High Low
Volume 312951
EFU Life Assurance XB
850 32.01
58.22
New Jub Life Insurance
627 53.33
42.97
89.90
64.00
% Change 0.23 5-Day High 635.90 5-Day Low 615.46
2009 Div BR (%) (%) 30
2010 Div BR (%) (%)
10B
10
-
High Low 851.14 814.16 Total cos Defaulter cos P/BV (x) ROE (%) 2.83 3.85
Close 826.03 Listed cap 2,290.72 mn Payout (%) 355.53
Change -0.87 Market cap 8,784.18 mn Div Yield (%) 4.84
% Change -0.11 5-Day High 826.90 5-Day Low 787.38
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
59.50
57.75
58.90 0.68
7756
85.45
51.25
5513.33B
-
-
44.49
42.10
42.66 -0.31
9004
46.00
34.50
10
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 372.91 Turnover 14,784,028 P/E (x) 0.49 Paid up Cap(mn)
Company
PE
Open
High
High Low 390.81 367.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.18 37.22 Low
Close Chg
Close 373.30 Listed cap 30,336.44 mn Payout (%) 4.60
Change 0.39 Market cap 28,332.49 mn Div Yield (%) 9.38
Last 60 days High Low
Volume
% Change 0.10 5-Day High 378.34 5-Day Low 358.78
2009 Div BR (%) (%)
225
-
0.74
0.91
0.64
0.66 -0.08
4205
1.19
0.55
-
-
-
7.10
14.79
15.50
14.26
15.20 0.41
7751
20.99
14.26
-
-
-
20B
Arif Habib Limited
8.12
32.24
33.40
32.25
32.56 0.32
159262
50.12
26.80
15
25B
-
20B
Arif Habib SecuritiesSPOT3750 2.49 Dawood Cap Management XB1505.74 Dawood Equities 250 -
25.51 1.04 1.92
26.20 1.49 2.70
25.05 1.09 1.80
25.21 -0.30 1.09 0.05 2.31 0.39
5452281 101 43575
35.65 3.30 3.36
21.76 0.50 1.55
-
-
30 -
-
First Credit & Invest Bank Ltd6508.57 IGI Investment Bank
375
-
2010 Div BR (%) (%)
Arif Habib Investments XB360
2.99
3.60
3.00
3.00 0.01
4400
3.98
1.57
-
-
-
-
2121
-
1.80
1.79
1.75
1.79 -0.01
5001
2.98
1.50
-
-
-
-
600
2.48
7.67
7.67
7.12
7.13 -0.54
14003
8.50
6.80
-
-
11.5
Invest Bank
2849
-
0.65
0.79
0.60
0.73 0.08
24585
1.23
0.50
-
-
-
-
Ist Cap Securities
2878
-
3.96
4.02
4.00
4.01 0.05
10241
5.90
3.10
-
10B
-
-
Jah Siddiq Co JOV and CO
7633 15.42 508 -
10.65 3.30
11.30 3.51
10.53 3.32
10.64 -0.01 3.36 0.06
8091485 450014
15.47 6.48
9.36 3.00
-243.778B 10 -
-
JS Global Cap JS Investment
500 6.02 1000 13.73
38.10 6.00
39.00 6.50
37.10 6.15
38.37 0.27 6.18 0.18
25911 345839
42.40 8.65
33.33 5.40
100 -
-
-
KASB Securities
1000
3.99
4.35
3.70
4.00 0.01
13911
5.49
3.20
-
-
-
-
Invest and Fin Sec
-
-
-
Orix Leasing
821
-
5.40
5.90
5.12
5.45 0.05
4502
5.99
3.66
-
-
-
Pervez Ahmed Sec
775
-
1.65
1.88
1.55
1.71 0.06
99684
2.89
1.35
-231.08R
-
-
Stand Chart Leasing Trust Inv Bank
978 586
5.64 -
2.47 2.50
2.69 2.50
2.02 2.50
2.48 0.01 2.50 0.00
1536 30000
3.89 4.25
1.41 1.25
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Open 997.50 Turnover 2,716,521 P/E (x) 6.95 Paid up Cap(mn)
Company 1st Fid Leasing
PE
Open
High
High Low 1,009.74 973.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09 Low
Close Chg
Close 995.42 Listed cap 29,771.58 mn Payout (%) 183.19
Change -2.09 Market cap 17,360.63 mn Div Yield (%) 26.37
Last 60 days High Low
Volume
Open 3.30 14.98 1.61 4.91 1.40 38.28 3.00 501.00 233.83 60.00 33.24 9.10 1.15 44.75 41.99 2.98 10.75 54.00 675.81 25.48 1122.10 16.47 3.98 6.99 23.10 14.00 60.00 35.66 3.10 4.50 2.19 1.40 1012.50 71.00 0.99 11.95 13.93 10.00 146.63 122.15 7.45 2.70 101.00 119.18 6.18 22.60 37.38 0.76 2.70 1.89 6.50 0.32 6.00 0.75 3.47 1.35 2.00 9.50 57.10 40.82 1.70 7.89 5.01 36.17 6.50 112.00 70.42 25.08 16.55
High 3.25 15.00 1.50 5.00 1.88 36.37 3.00 490.00 244.00 59.00 33.98 10.10 1.24 45.60 44.05 3.00 11.75 54.00 682.99 25.00 1160.00 17.45 4.39 7.74 23.90 14.00 61.90 37.44 3.20 5.50 2.55 1.69 1020.00 70.00 1.10 10.95 13.93 10.00 152.00 125.99 7.75 2.94 104.90 121.95 7.18 22.85 39.24 0.84 3.11 2.19 6.70 0.70 6.00 0.85 3.98 1.49 2.25 9.90 54.65 41.00 1.84 8.50 5.90 37.37 5.50 114.98 72.85 25.98 16.55
Low
Close
3.00 15.00 1.50 5.00 1.80 36.37 3.00 475.96 224.50 57.01 32.90 8.10 1.00 44.50 40.80 3.00 9.75 51.35 652.00 24.99 1101.01 15.47 3.13 7.00 23.90 14.00 61.30 35.60 2.95 5.50 2.55 1.35 975.00 67.45 1.06 10.95 13.93 10.00 139.55 117.51 7.30 2.70 96.51 116.00 6.51 22.85 35.52 0.84 3.10 2.19 6.62 0.70 6.00 0.80 3.98 1.49 2.25 9.50 54.50 40.99 1.80 7.50 5.90 37.37 5.50 114.98 72.85 25.98 16.55
3.25 15.00 1.50 5.00 1.80 36.37 3.00 490.00 234.39 57.11 32.90 9.78 1.24 44.95 44.05 3.00 10.75 51.44 652.50 25.00 1131.83 17.09 3.98 7.07 23.90 14.00 61.90 36.37 3.02 5.50 2.55 1.65 1020.00 70.00 1.06 10.95 13.93 10.00 139.55 120.50 7.30 2.82 97.25 118.98 7.18 22.85 37.38 0.84 3.10 2.19 6.62 0.70 6.00 0.80 3.98 1.49 2.25 9.50 54.65 40.99 1.80 7.50 5.90 37.37 5.50 114.98 72.85 25.98 16.55
Change
Vol
-0.05 0.02 -0.11 0.09 0.40 -1.91 0.00 -11.00 0.56 -2.89 -0.34 0.68 0.09 0.20 2.06 0.02 0.00 -2.56 -23.31 -0.48 9.73 0.62 0.00 0.08 0.80 0.00 1.90 0.71 -0.08 1.00 0.36 0.25 7.50 -1.00 0.07 -1.00 0.00 0.00 -7.08 -1.65 -0.15 0.12 -3.75 -0.20 1.00 0.25 0.00 0.08 0.40 0.30 0.12 0.38 0.00 0.05 0.51 0.14 0.25 0.00 -2.45 0.17 0.10 -0.39 0.89 1.20 -1.00 2.98 2.43 0.90 0.00
100 100 100 100 100 100 95 92 70 65 63 61 60 60 55 50 31 31 30 25 15 13 12 11 10 10 10 9 7 7 6 6 6 6 5 5 5 5 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 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index % Change -0.21 5-Day High 1,000.74 5-Day Low 979.82
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Symbols
Open
High
Low
Close
DGKC-SEP
26.04
26.40
25.20
25.23
-0.81 549,000
NML-SEP
47.00
48.30
46.60
46.69
-0.31 365,500
MCB-SEP
194.05
197.70
192.25
193.15
ANL-SEP
10.42
11.00
10.60
10.70
0.28 267,000
NBP-SEP
67.00
68.25
66.10
66.84
-0.16 265,000
POL-SEP
234.69
238.00
234.25
235.28
0.59 147,500
PSO-SEP
258.53
263.00
255.25
257.52
-1.01 142,500
ENGRO-SEP 174.85
177.49
173.32
173.97
-0.88 126,500
AICL-SEP PPL-SEP
Change
Vol
-0.90 268,000
69.32
71.00
69.00
69.34
172.16
172.89
171.50
172.14
-0.02
59,500
LUCK-SEP
71.53
72.25
70.75
71.24
-0.29
0.02
66,000 33,500
PTC-SEP
19.01
19.06
19.00
19.00
-0.01
26,000
145.19
146.00
144.52
144.63
-0.56
20,000
0.42
6,000
264
-
1.21
1.40
1.11
1.16 -0.05
1510
2.23
1.01
-
-
-
-
AL-Meezan Mutual Fund 1375
2.61
6.70
6.80
6.65
6.75 0.05
38999
7.25
6.35
-
-
18.5
-
Atlas Fund of Funds
525
2.12
3.51
3.75
3.15
3.75 0.24
1911
4.99
2.53
-
-
-
-
B R R Guardian Mod
780
-
1.23
1.36
1.12
1.19 -0.04
16407
2.43
0.90
-
-
-
-
BOP-SEP
8.58
9.10
9.00
9.00
Crescent St Modaraba
200
2.04
0.51
0.58
0.41
0.55 0.04
602
0.90
0.16
-
-
-
-
FFC-SEP
105.75
105.75
105.75
105.75
0.00
5,000
Elite Cap Modaraba
113
3.10
2.85
2.20
2.20
2.20 -0.65
2042
3.59
1.60
4.5
-
-
-
UBL-SEP
55.24
55.75
54.80
54.80
-0.44
4,000
NETSOL-SEP 19.00
19.60
19.60
19.60
0.60
500
Equity Modaraba
524
7.85
1.13
1.15
1.02
1.02 -0.11
2105
1.68
0.76
-
-
-
-
First Dawood Mutual Fund 581
-
1.74
1.87
1.70
1.70 -0.04
885
2.09
1.00
-
-
-
-
Golden Arrow
OGDC-SEP
ZERO VOLUME
760
1.27
3.06
3.10
3.00
3.08 0.02
198910
3.45
2.32
-
-
-
-
Habib Modaraba XD
1008
4.51
6.18
6.00
6.00
6.00 -0.18
5895
7.49
5.56
20
-
21
-
Symbols
Open
High
Low
Close
FCONM
1.95
1.79
1.79
1.79
-0.16
0
JS Growth Fund
3180 40.88
3.15
3.30
3.10
3.27 0.12
27773
4.39
2.70
-
-
5
-
FHBM
5.98
5.97
5.97
5.97
-0.01
0
JS Value Fund
1186
-
2.99
2.99
2.85
2.93 -0.06
10155
3.98
2.31
10
-
10
-
FPRM
7.35
7.45
7.45
7.45
0.10
0
283
1.92
1.21
1.37
1.36
1.36 0.15
3000
2.44
0.52
-
-
-
-
FTSM
5.47
5.00
5.00
5.00
-0.47
0
NMBL
1.19
1.14
1.14
1.14
-0.05
0
AGIC
9.26
9.55
9.55
9.55
0.29
CSIL
5.98
5.70
5.70
5.70
-0.28
0
CFL
17.90
17.45
17.45
17.45
-0.45
0 0
KASB Modaraba
Performance of SR Non Life Insurance Index High Low 648.50 627.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 5.20
Open
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 634.42 Turnover 838,090 P/E (x) 9.33
PE
AMZ Ventures
GAS WATER AND MULTIUTILITIES Open 1,340.44 Turnover 632,314 P/E (x) 10.08
Paid up Cap(mn)
Company
2010 Div BR (%) (%)
31R -
NBF ARM CPAL UNIC COTT QUET SFAT BATA IDYM JVDC TSML PIAB SHTM WAHN GATI UVIC FNEL BAFS COLG ICL SIEM DIIL IDRT MLCFPS SALT SANSM GRAYS IBFL PTEC KCL CPMFI FDIBL UPFL PHDL MODAM JDMT BUXL LPGL EXIDE SITC FNBM ESBL ATLH HINO JOPP ETNL ZIL SPLC SIBL PIL RICL DATM DWTM KSTM SLYT SRSM ZTL HUSI LIBM ALNRS DWSM KOHS PNGRS PMRS SGMLPS PAKD MFFL NOPK UDPL
LIFE INSURANCE
-
ELECTRICITY Open 1,158.36 Turnover 15,304,060 P/E (x) 13.08
UPTO 100 VOLUME Symbols
Change
Vol
Meezan Balanced Fund
1200
3.00
6.40
6.20
6.02
6.20 -0.20
10000
7.49
6.00
-
-
15.5
-
Pak Prem Fund XD
1698
3.43
7.35
7.45
7.20
7.21 -0.14
88392
9.86
7.20
-
-
18.6
-
Pak Strat Fund
3000
5.27
6.65
6.75
6.50
6.75 0.10
229101
8.10
6.01
-
- 11.53
-
PICIC Energy Fund
1000
2.53
4.79
4.83
4.75
4.75 -0.04
14500
6.49
4.00
-
-
5
-
SAIF
3.23
3.14
3.14
3.14
-0.09
PICIC Growth Fund
2835
2.38
8.57
8.70
8.46
8.65 0.08
39800
10.55
7.60
-
-
20
-
MFTM
1.10
1.05
1.05
1.05
-0.05
PICIC Inv FundSPOT
2841
2.09
4.25
4.40
4.05
4.13 -0.12
1978276
5.00
3.50
-
-
10
-
MUBT
1.30
1.21
1.21
1.21
-0.09
0
-
AABS
93.35
93.00
93.00
93.00
-0.35
0
BWCL
24.44
23.99
23.99
23.99
-0.45
0
Prud Modaraba 1stSPOT 872 Punjab Modaraba
2.79
1.17
1.19
1.03
1.06 -0.11
23935
1.20
-
-
3
0
340
-
1.30
1.37
0.80
1.31 0.01
2.00
0.57
-
-
-
-
IDEN
8.51
8.50
8.50
8.50
-0.01
0
Stand Chart ModarabaSPOT 454
5.74
10.19
10.34
10.06
10.10 -0.09
10599
10.99
8.25
16.5
-
17
-
MDTL
58.00
57.90
57.90
57.90
-0.10
0
Tri-Star Mutual
50
1.01
1.75
1.74
1.64
1.65 -0.10
5000
2.99
1.01
-
-
-
-
WAZIR
7.46
7.00
7.00
7.00
-0.46
0
264
2.38
5.75
5.98
5.50
5.98 0.23
6001
6.00
5.00
10
-
-
-
FRCL
2.90
2.89
2.89
2.89
-0.01
0
U D L Modaraba
510
0.70
0
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
57.11
Support 1
9,965.20
MA (5-day)
9,985.08
Support 2
9,913.25
MA (10-day)
9,858.10
Resistance 1
10,111.80
MA (100-day)
9,918.51
Resistance 2
10,206.50
MA (200-day)
9,870.53
Pivot
10,059.85
KSE 100 INDEX closed down -29.43 points at 10,017.14. Volume
ance level at 10,206.50, while Index will continue to find its 1st support level at 9,965.20 and 2nd support level at 9,913.25.
Rs Recommendations
Brokerage House
44
Buy
*Arif Habib Ltd
AKD Securities Ltd
44.13
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations Buy
*Arif Habib Ltd
61.46
Buy Positive
74.2
182.55 4,605.73 24.05 25.71
* 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)
Leverage Position
55.95 44.96 47.50 54.56
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 8,195.79 22.12 47.02
* Target price for Dec-10 & **Net Open Interest in future market
Fair Value 78
AKD Securities Ltd
73.35
TFD Research
92.3
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Positive
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
57.99 63.90 66.66 73.15
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 21,273.28 32.45 67.06
* Target price for Dec-10 & **Net Open Interest in future market
Buy
AKD Securities Ltd
108.5
Buy
TFD Research
72.75
Neutral
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
Fair Value
Rs Recommendations
261
Buy
*Arif Habib Ltd
305.7
Buy Positive
281.35
Brokerage House
129.35 9,287.33 7.07 72.32
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
67.25 227.51 225.18 230.05
LUCK is currently 3.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LUCK (mildly bullish). Trend forecasting oscillators are currently bullish on LUCK.
Fauji Cement Co Ltd
Rs Recommendations
14
Buy
AKD Securities Ltd
12.47
Buy
TFD Research
14.01
Positive
Brokerage House
107.94 25,388.87 65.95 235.36
* 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)
46.69 8.02 9.32 11.15
8.5
Rs Recommendations Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
TFD Research
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
674.58 5,572.02 N/A 8.26
* 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)
59.12 5.09 5.10 5.72
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
381.31 2,017.13 N/A 5.35
* Target price for Dec-10 & **Net Open Interest in future market
NBP closed down -0.17 at 66.82. Volume was 4 per cent above average POL closed up 0.93 at 235.22. Volume was 39 per cent above average and BAFL closed up 0.10 at 8.26. Volume was 24 per cent above average and FCCL closed down -0.07 at 5.29. Volume was 112 per cent above average and Bollinger Bands were 17 per cent narrower than normal.
Bollinger Bands were 13 per cent wider than normal.
Bollinger Bands were 60 per cent narrower than normal.
and Bollinger Bands were 27 per cent narrower than normal.
NBP is currently 2.8 per cent above its 200-day moving average and is dis- POL is currently 2.2 per cent above its 200-day moving average and is dis- BAFL is currently 25.9 per cent below its 200-day moving average and is FCCL is currently 7.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average playing an upward trend. Volatility is extremely low when compared to the displaying a downward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions.
Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very
flowing into and out of NBP at a relatively equal pace. Trend forecasting reflect very strong flows of volume into POL (bullish). Trend forecasting reflect volume flowing into and out of BAFL at a relatively equal pace. Trend strong flows of volume into FCCL (bullish). Trend forecasting oscillators are oscillators are currently bearish on NBP.
oscillators are currently bullish on POL.
forecasting oscillators are currently bearish on BAFL.
currently bullish on FCCL.
Date
Time
D G Khan Cement Co Ltd National Foods Ltd Golden Arrow Selected Stocks Ltd Attock Petroleum Ltd First Al-Noor Modaraba First Capital Mutual Fund Ghani Glass Ltd Island Textile Mills Ltd Salfi Textile Mills Ltd Tata Textile Mills Ltd Orix Leasing Pakistan Ltd Rupali Polyester Ltd Shield Corporation Ltd Mari Gas Company Ltd Shabbir Tiles & Ceramics Ltd Fauji Cement Co Ltd Sitara Chemical Industries Ltd Pakistan Oilfields Ltd (TFC) Saudi Pak Leasing Co Ltd Towellers Ltd
17-Sep 17-Sep 18-Sep 20-Sep 20-Sep 20-Sep 20-Sep 20-Sep 20-Sep 20-Sep 22-Sep 22-Sep 22-Sep 23-Sep 23-Sep 24-Sep 24-Sep 30-Sep 4-Oct 4-Oct
10:30 3:30 11:30 12:00 4:00 9:00 11:00 11:15 10:15 12:15 10:00 11:00 11:00 10:00 10:00 10:00 4:00 12:00 11:30 11:30
TECHNICAL LEVELS
Leverage Position
62.69 70.17 66.74 69.35
Company
Company
* Target price for Dec-10 & **Net Open Interest in future market
Bank Al-Falah Ltd
Technical Outlook
Technical Outlook Technical Analysis
tors are currently bullish on NML.
Pakistan Oilfields Ltd
National Bank of Pakistan
Brokerage House
Rs Recommendations
83
DGKC closed down -0.70 at 25.23. Volume was 36 per cent above aver- NML closed down -0.15 at 46.62. Volume was 26 per cent above average LUCK closed down -0.47 at 71.80. Volume was 92 per cent above average age and Bollinger Bands were 31 per cent narrower than normal. and Bollinger Bands were 35 per cent narrower than normal. and Bollinger Bands were 5 per cent wider than normal.
casting oscillators are currently bullish on DGKC.
*Arif Habib Ltd
Fair Value
Technical Outlook
KSE 100 INDEX is currently 1.5 per cent above its 200-day moving DGKC is currently 9.1 per cent below its 200-day moving average and is NML is currently 14.5 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is extremely low displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is low as compared to the average when compared to the average volatility over the last 10 trading sesthe average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modsions. Volume indicators reflect moderate flows of volume into reflect moderate flows of volume into DGKC (mildly bullish). Trend foreerate flows of volume into NML (mildly bullish). Trend forecasting oscillaINDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Brokerage House
65
Technical Outlook
Leverage Position
48.09 25.75 25.28 27.75
was 6 per cent above average and Bollinger Bands were 28 per cent MA (200-day) narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,111.80 and 2nd resist-
Fair Value
*Arif Habib Ltd
Lucky Cement Ltd
Nishat Mills Ltd
RSI
1st
2nd
(14-day) Support Al-Abbas Cement 49.23 3.45 3.35 Allied Bank Limited 46.93 51.45 50.95 Attock Cement 54.03 67.00 66.00 Arif Habib Limited 49.98 32.10 31.60 Arif Habib Securities 47.55 24.80 24.35 Adamjee Insurance 41.11 68.45 67.60 Askari Bank 50.38 14.60 14.35 Azgard Nine 55.87 10.50 10.30 Attock Petroleum 63.99 321.20 318.60 Attock Refinery 49.67 80.60 79.75 Bank Al-Falah 46.69 8.15 8.00 BankIslami Pak 47.62 2.90 2.85 Bank.Of.Punjab 57.56 8.55 8.30 Dewan Cement 46.08 1.45 1.40 D.G.K.Cement 48.09 24.75 24.30 Dewan Salman 42.88 1.45 1.40 Dost Steels Ltd 49.06 2.05 1.90 EFU General Insurance 27.65 37.00 36.35 EFU Life Assurance 36.94 57.95 56.95 Engro Chemical 50.71 173.60 171.60 Faysal Bank 57.43 14.05 13.85 Fauji Cement 59.12 5.20 5.10 Fauji Fert Bin 44.16 27.40 27.10 Fauji Fertilizer 49.98 105.10 104.15 Habib Bank Ltd 50.84 97.00 95.75 Hub Power 37.66 33.60 33.35 ICI Pakistan 55.63 120.50 118.90 Indus Motors 44.47 225.95 223.05 J.O.V.and CO 34.50 3.30 3.20 Japan Power 52.59 1.50 1.35 JS Bank Ltd 41.22 2.05 1.90 Jah Siddiq Co 44.21 10.35 10.05 Kot Addu Power 58.82 42.10 41.70 K.E.S.C 48.24 2.05 2.00 Lucky Cement 62.69 70.80 69.75 MCB Bank Ltd 52.59 191.20 189.40 Maple Leaf Cement 49.46 3.05 2.95 National Bank 57.99 65.75 64.70 Nishat (Chunian) 50.50 16.05 15.65 Netsol Technologies 39.90 19.00 18.80 NIB Bank 49.62 2.60 2.50 Nimir Ind.Chemical 41.25 1.35 1.30 Nishat Mills 55.95 46.05 45.50 Oil & Gas Dev. XD 58.47 145.30 144.25 PACE (Pakistan) Limited 48.67 2.70 2.65 Pervez Ahmed Sec 44.53 1.55 1.40 P.I.A.C.(A) 42.83 2.10 2.05 Pioneer Cement 59.65 7.90 7.80 Pak Oilfields 67.25 233.50 231.80 Pak Petroleum 63.14 210.00 208.80 Pak Suzuki 46.15 77.00 76.55 P.S.O. XD 57.51 261.25 258.40 P.T.C.L.A 55.11 18.80 18.65 Shell Pakistan 32.99 192.00 190.50 Sui North Gas 61.53 28.45 28.20 Sitara Peroxide 45.96 8.60 8.50 Sui South Gas 67.80 21.25 20.95 Telecard 46.00 2.15 2.00 TRG Pakistan 56.46 3.60 3.45 United Bank Ltd 49.15 54.35 53.80 WorldCall Tele 46.25 2.50 2.45
1st 2nd Resistance 3.80 4.00 52.60 53.25 69.00 69.95 33.25 33.90 25.95 26.65 70.60 71.90 15.10 15.40 10.95 11.20 327.20 330.60 82.85 84.20 8.45 8.60 3.10 3.20 9.10 9.35 1.65 1.75 26.10 26.95 1.55 1.60 2.45 2.65 38.30 38.95 59.70 60.45 179.00 182.40 14.35 14.50 5.45 5.60 28.20 28.75 106.70 107.35 100.50 102.75 34.25 34.60 123.20 124.30 230.80 232.75 3.50 3.60 1.80 1.95 2.25 2.35 11.10 11.60 42.90 43.35 2.15 2.20 73.35 74.90 196.30 199.55 3.35 3.50 68.15 69.45 17.05 17.60 19.50 19.80 2.85 3.00 1.45 1.50 47.65 48.70 148.20 150.05 2.80 2.85 1.85 2.05 2.20 2.25 8.30 8.50 237.40 239.60 212.70 214.20 78.00 78.45 267.75 271.35 19.20 19.45 196.00 198.50 29.00 29.25 8.90 9.05 21.85 22.25 2.40 2.50 3.90 4.10 55.70 56.50 2.60 2.70
Pivot 3.70 52.10 68.00 32.75 25.50 69.75 14.90 10.75 324.60 81.95 8.30 3.05 8.85 1.55 25.65 1.50 2.25 37.65 58.70 177.00 14.20 5.35 27.90 105.75 99.25 33.95 121.60 227.90 3.40 1.65 2.15 10.80 42.55 2.10 72.35 194.45 3.25 67.10 16.65 19.30 2.75 1.40 47.10 147.15 2.75 1.70 2.15 8.15 235.70 211.50 77.50 264.90 19.05 194.50 28.70 8.75 21.60 2.25 3.80 55.15 2.55
8
Friday, September 17, 2010
Dubai Islamic Bank strengthens HR practice
Bank Negara says no fee for Wa'd currency hedging Case of employees above Rs6bn provident fund
NBP chief to face SC today HAVILIAN: Managing Director Bank of Khyber (BoK) Bilal Mustafa innaugrating BoK’s new branch located in Main Bazaar here. -PR
SBP preparing plan
Interest-free loans for farmers soon Jamil Siddiqui KARACHI: Following the directives of government, State Bank of Pakistan is consulting the commercial banks and all stakeholders to provide 5-year interest-free loans to the small farmers of the flood hit areas. SBP high-official while disclosing to The Financial Daily said central bank is preparing the nitty-gritty of the scheme to provide the interest-free loans by pooling the bank finances and distribute them to the small farmers having cultivated land up to 25 acres through one window opera-
tion. The loan would be furnished on government's issued computerised ID cards having the recommendations from their elected representatives under a fool proof mechanism to ensure the recovery of the loans. According to the source the agri-loans will be restricted to acquire the seeds, machinery, fertiliser and related expenses with the mandatory requirement to maintain all the records which will be inspected by the Bank officials time to time to avoid any misuse. Meanwhile, government is also working on an emergency plan to construct the washed
away roads and bridges to relink the small farmers cultivated fruits and vegetables to the local markets and for the exports to bring the farmers on their own feet and become self sufficient. It was also learnt that such schemes also have vigorous backing from the International Monetary Fund (IMF), World Bank (WB) and Asian Development Bank (ADB). It is expected that SBP will announce the package by the end of this month and Prime Minister Syed Yousuf Raza Gilani is likely to hand over the loan cheques to the small farmers.
Afghan cbank takes over scam-smeared Kabul Bank KABUL: Afghanistan’s central bank seized control of the troubled Kabul Bank over concerns about possible financial irregularities, including the purchase of more than $150 million (Dh550.9m) of Dubai property. The central bank governor also announced that Kabul Bank’s top two directors and shareholders were under investigation, The National. The two men were forced to resign on August 30 because of new rules preventing shareholders from holding executive positions. A brother of Afghanistan’s first vice president, Mohammad Qasim Fahim, is also a focus of the
investigation. Yesterday’s move marked a reversal for the central bank, which last week downplayed the controversy surrounding the nation’s largest private financial institution, saying the situation was “normalising”. Account holders had formed long queues outside branches of Kabul Bank over concerns about their deposits. The government had already frozen the assets of the former Kabul Bank chairman, Sherkhan Farnood, and another executive, who used the bank’s money to buy 16 properties on the Palm Jumeirah and two plots on Business Bay between December 2006 and October
2007. The property was signed back to the bank as a condition of Mr Farnood’s resignation. Separately, The National reported last week that Mahmoud Karzai, a brother of Afghanistan’s president Hamid Karzai, made Dh3m after using a Kabul Bank loan to buy his own villa on the Palm Jumeirah. Mahmoud Karzai, who owns 7 per cent of the bank, said there was “nothing wrong” with the transaction. He confirmed that he sold the villa for about Dh10m in early 2008 after buying it for Dh7m less than a year earlier. His assets have not been frozen and he has not been accused of wrongdoing. -NNI
GERMANY: A man walks past the headquarters of Deutsche Postbank in Bonn.-Reuters
BoK starts operation in Havilian HAVILIAN: The Bank of Khyber (BoK) Havilian branch started functioning after formal inauguration by Bilal Mustafa, Managing Director BoK. BoK Executive Director Mir Javed Hashmat, BoK Group Head Islamic Banking Arbab Riaz Ahmad, BoK Head Banking Operations Shabbeer Ahmad Sheikh, BoK Head Establishment Tariq Naseem, Head Marketing Syed Ali Nawaz Gilani, Head Business Development Lal Nawaz Khattak were also present on the occasion. The local business and trading community leaders also attend the event and congratulated the BoK senior management on establishment of this branch in Havilian which will not only cater the customers and trading community of the area but also near by areas. The BoK managers of Abbottabad, Mansehra, Hattar and Haripur branches also attend the branch inauguration ceremony.-PR
South Korean banking group suspends CEO SEOUL: South Korea's thirdlargest banking group said its board had suspended its chief executive officer amid an apparent feud among its senior executives and claims of embezzlement. Shinhan Financial Group had suspended CEO Shin SangHoon at a meeting of 12 board members, including group chairman Ra Eung-Chan, a group spokesman told. He said the board voted 10-1 to suspend Shin while one member abstained from voting. "The board is expected to take additional measures after awaiting the outcome of a probe by prosecutors," the spokesman said. The board said in a statement that it was not in a position to verify allegations about Shin but decided to suspend him in consideration of growing "market concerns" about the group's management. Shin told reporters that he would respect the board's decision. The group's banking unit, Shinhan Bank, earlier this month asked state prosecutors to investigate Shin for alleged embezzlement and breach of trust. The bank said it was suspicious about 95 billion won (80.4 million dollars) in what it called loans to relatives of Shin, who served as the bank's president between 2003 and 2009. -Agencies
ISLAMABAD: The Supreme Court of Pakistan directed President of National Bank of Pakistan, Syed Ali Raza, to appear before it on September 17 (today) to explain why court orders were not implemented in the retired employees provident fund case. As many as 17,221 retired employees have their money stuck in the provident fund of more than Rs6 billion. The 3-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Tariq Pervaiz and Justice Ghulam Rabbani resumed hearing a contempt of court petition filed by retired employees Muhammad Qasim and others against the NBP management for not implementing the court orders of 2003 and 2009. Muhammad Qasim informed the Court that Bank Management is not implementing the court orders and 17, 221 retired employees are waiting for their provident
fund amounting more than Rs6 billion. Counsel for National Bank, Waseem Sajjad told the court that we are making estimate for paying these amounts, and if court orders now we would pay the amount to the employees. Chief Justice remarked that court would not issue a new order, and directed NBP President Syed Ali Raza to appear before the court and explain why the court orders were not being implemented since 2003. The Bank has held the provident fund of 17,221 employees since 1977, forcing the employees to move the Supreme Court which twice ordered to NBP to pay the provident fund to the employees in 2003 and 2009. However, the bank failed to implement the court's order, resulting in contempt of court petition. The Court adjourned hearing till September 17. -APP
Punjab clears SBP debt worth Rs14bn LAHORE: Punjab Minister for Finance and Planning & Development, Tanvir Ashraf Kaira has said that Punjab government has started to return loan of State Bank of Pakistan (SBP) and in this connection Rs14 billion has been re-paid, while outstanding amount would also be returned in equal monthly installments. According to a handout issued here, he expressed these views while talking to a delegation of MPAs at his residence. The minister said that Punjab government has converted its overdraft into loan by taking SBP facility and this loan will be paid within four years. He said that installments of loans are being paid regularly and so far Rs14 billion has been repaid. He said that the fiscal position of the province is very sound and we are trying to reduce the non-development expenditures of the govern-
ment on war-footing grounds. The minister said that it is the need of hour that the ratio of taxes should be rationalised and a comprehensive strategy should be evolved to stop the tax theft so that public money should be spent on public welfare. Tanvir Ashraf kaira said that the process to pay Rs20,000 to flood affectees families has been started through watan cards and this early compensation would be completed within 30 to 40 days while payment of one lac rupees per family would be started after the completion of Rs20.000 to affectees. He said that all ministers and government officers also offered their Eid days with affectees and expressed their solidarity with them on this time of trial. He said that the government would provide seeds and fertiliser to affected farmers free of cost so they could be started their business. -Online
Affectees agri loans maybe rescheduled LALAMUSA: President, Zarai Taraqqiati Bank Limited (ZTBL) Chaudhry Zaka Ashraf said that loans of flood-hit farmers could not be writtenoff but they could be re-scheduled. Talking to mediamen during his visit to ZTBL branch Lalamusa, Chaudhry Zaka said, "We will implement the government's decision, if it announces loans' write-off for the farmers. We can not waive-
off loans on our own." ZTBL is importing modern machinery from China and Japan to re-prepare agricultural land for cultivation in the flood-hit areas, he said and added, "We are providing Rs10,000 to 100,000 as loan to farmers for purchasing fertilizers, seed and implements". However, ZTBL would extend loans for the relief work for the flood victims, he added. -APP
SBP to raise provinces’ overdraft ceiling soon Staff Correspondent KARACHI: State Bank of Pakistan (SBP) will soon approve the request of provinces to enhance their current ceiling of bank overdraft to provide financial cushion for paying the recent 50 per cent increase in the salaries of government employees announced in the last federal budget. The request to enhance the bank overdraft credit ceiling of total of Rs69.4 billion from current Rs46.8 billion with the increase of Rs22.6 billion. It is pertinent to note that due to vacant post of Governor State Bank and delay in the approval process there was great resentment in government employees in all the provinces who were demanding the enhanced salaries along with arrears.
Nigeria cbank worried over slow loaning LONDON: Weak bank lending to the Nigerian economy is a "major worry" and although the central bank wants single-digit inflation by the end of the year it will do nothing to jeopardise growth, its governor said on Thursday. Businesses and consumers in sub-Saharan Africa's second biggest economy have complained of difficulty sourcing long-term credit in the wake of a $4 billion bank sector bailout last year as banks tightened lending criteria. Bank credit growth to the private sector was virtually stagnant at 0.3 percent in the first half of the year. "(Bank lending) is a major worry because we would like to get more money into the real economy," Central Bank Governor Lamido Sanusi told Reuters in an interview on the sidelines of a conference in London. "Bank lending has not been growing as fast as we would like it to grow. So as far as upside risk to inflation, it is not very high," he said, speaking ahead of a monetary policy committee (MPC) meeting next Tuesday.
He noted however higher government spending, with elections due next January, and the establishment of an asset management company (AMCON) to soak up bad bank loans should help put more money into the system, meaning the inflation risk was not zero. "(The risk) is there with an election year and with money likely to come in with the asset management corporation. The discussions at MPC next week will be on the relative balance of inflation and expenditure," he said. Nigeria has held interest rates at 6.0 percent for more than a year to try to revive lending, despite double-digit inflation. But the MPC said at its last meeting in July that negative money supply growth and weak credit were still challenges. "We are hopeful of achieving single digit inflation by the end of 2010 but it depends on the indicators in the economy. Let me assure you that whatever we do should not disrupt growth," Sanusi said. "Growth is a priority". Consumer inflation was 13.0 percent year-on-year in July, down from a revised 14.1 percent in June. The central bank last year injected $4 billion into nine banks judged to be so weakly capitalised they posed a risk to the entire banking system. -Reuters
9
Friday, September 17, 2010
Gold rushes to record; investors seek insurance Silver marks fresh peak, approaches $21 an ounce LONDON: Gold swept to a record high above $1,275 per ounce on Thursday, as currency market jitters and broader economic uncertainty attracted more investors to the metal's safe-haven credentials. Strong investment demand pushed spot silver, often seen as a cheap proxy for gold, to $20.75 an ounce -- its highest level since March 2008. Spot gold was bid at $1,273.75 a troy ounce at 1450 GMT, compared with $1,265.65 an ounce at the close on Wednesday. Earlier on Thursday it hit a record $1,277.70 an ounce. US December gold futures also rose to a historic high. "It's an insurance policy at the end of the day," said Robin Bhar, analyst at Credit Agricole. "All the ingredients are still there -- all the uncertainty and fear -- to keep gold underpinned." Analysts and traders are
looking to $1,300 an ounce as a major psychological marker, with $1,350 seen as the next potential target. But some are sceptical about the real strength of the rally. "I'm quite surprised we are here really, gold seems to be playing follow the leader with silver... and the dollar's weakness," Simon Weeks, head of
precious metals at Scotia Mocatta, said. The move was also not being confirmed in bullion priced in other currencies such as the euro and Swiss Franc, which would normally signal a potent impulse higher, he said. A potential trigger for further gains could come from the US Federal Reserve,
which meets on Sept. 21 and could announce further quantitative easing to stave off economic slowdown in the world's largest economy. The world's largest goldbacked exchange-traded fund, the SPDR Gold Trust, said its holdings fell to 1,294.746 tonnes by Sept. 15 from 1,298.698 tonnes on Sept. 14. But the fall follows a sixtonne rise the previous day. Positive macro data is also partly behind the run higher in industrial precious metals such as silver, platinum and palladium. Spot silver was bid at $20.72 an ounce from $20.49 late on Wednesday. Spot platinum was bid at $1,612.50 an ounce from $1,604.50 in New York late on Wednesday, when it touched a four-month high of $1,619.50. Palladium was little changed at $554.50. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Oct10 790.00+0.00, Nov10/Jan11 795.00+0.00, Feb11/Apr11 800.00+0.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 782.00-1.00, Feb11/Apr11 790.00-2.00, May11/Jul11 795.00-1.00. SUNOIL: EU dlrs tonne extank six ports option Oct10/Dec10 1110.00+20.00, Jan11/Mar11 1115.00+20.00, Apr11/Jun11 1125.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Sep10/Oct10 1255.00+5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 895.00, Sep10 895.00-5.00, Oct10 895.00+0.00, Nov10 890.00+0.00, Dec10 880.00+0.00, Jan11/Mar11 875.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1240.00+5.00, Oct10/Nov10 1235.00+0.00, Nov10/Dec10 1235.00+0.00, Dec10/Jan11 1235.00+0.00, Jan11/Feb11 1235.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1235.00+0.00, Oct10/Nov10 1230.00-5.00, Nov10/Dec10 1230.00-5.00, Dec10/Jan11 1230.00-5.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2020.00+0.00. Reuters
Indian wheat flats; export hopes support AGRA - INDIA: Farmers work on their flooded vegetable field at Tihera village on the outskirts of the northern Indian city of Agra. -Reuters
Profit-taking deflates cotton after high hit The technical reversal marNEW YORK: Cotton futures 93.51 and 95.79 cents. Total closed lower Wednesday on cotton volume traded was at ket players are alluding to profit-taking after hitting a 15- 21,881 lots at 1835 GMT, refers to the fact that cotton year top in the previous ses- 56.89 per cent above the 30- prices hit a new high during sion, and most players are day average at 13,947 lots, trading but closed down on the uncertain if the market is really according to preliminary day. Total open interest stood at 230,714 lots as of Sept. 14, Thomson Reuters data. done with its rally. versus the prior tally of ICE Futures US key NY cotton early-trade 228,386 lots, according to December cotton contract fell 0.88 cent to finish at 93.62 ICE December cotton futures surged exchange data. Flanagan cents per lb. 1.90 cents to 95.52 cents per lb by Brokers On Tuesday, the contract 1401 GMT on volume of 4,928 lots. Trading Corp put resistance for December futures at closed at 94.50 cents in the "It's a reversal today, but you 94.15 and 95.10 cents, with loftiest finish for the benchmark second position cotton just have to wait and see what support at 93 and 92.15 cents. Total volume traded Tuesday contract since 1995, the only it does next," said Jobe Moss, time cotton futures traded over an analyst for brokers and mer- hit 21,561 lots, down from the chants MCM Inc. in Lubbock, prior 13,886 lots, according to the psychological $1 level. ICE Futures US data. -Reuters December traded between Texas.
India oilseeds, soyoil rise on bargain buying MUMBAI: India's oilseeds and soyoil futures edged higher on Thursday on bargain buying driven by hopes of an improvement in demand, but expectations of a bumper output of summer-sown oilseeds weighed, analysts said. India's soymeal sales are likely to double to around 300,000 tonnes in September from a month ago as buyers snap up cargoes from the South Asian nation, offering competition to suppliers of US and South American meal. "Meal demand allowed market to erase some of the yesterday's losses. Millers are getting good orders for soymeal exports," said Alimuhammad Lakdawala, analyst at Anand
Rathi Commodities. October soybean on India's National Commodity and Derivatives Exchange (NCDEX) ended 0.42 per cent higher at 2,003.5rupees per 100 kg. October soyoil rose 0.46 per cent to 480.25 rupees per 10 kg, while rapeseed for October delivery climbed 1.04 per cent to 539.7 rupees per 20 kg. Record-high edible oil imports in August also put pressure on prices, analysts
said. India imported a record 1.06 million tonnes of vegetable oils in August as buyers rebuilt depleted stocks ahead of the festival season, a leading trade body said. The country's oilmeal exports in August rose 14 per cent from a year earlier, its second straight monthly rise, owing to higher demand from traditional buyers in Japan and China, data from a trade body showed. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 15 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash Buyer
1240
1160
March (3rd Wednesday)
1240
1090
April (3rd Wednesday)
1240
1090
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 15 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2210 2220 2130 2140 2050 2060 2050 2060
2117 2117.5 2150 2151 2230 2235 2295 2300
7594.5 2196 7595 2196.5 7610 2227 7610.5 2228 7555 2245 7565 2250 7315 2222 7325 2227
23175 23180 23170 23175 22625 22725 21725 21825
TIN
22855 22860 22875 22900 22475 22525
ZINC NASAAC
2118 2119 2144 2145 2205 2210 2200 2205
2060 2061 2080 2090 2090 2100 2165 2175
MUMBAI: India's wheat futures erased losses to end flat on Thursday as hopes the government may ease exports later this year offset expectation of bumper crop and a government stock release plan, analysts said. Analysts, however, expect wheat futures to trade under pressure on Friday. "Selling pressure is high. Fundamentals are not supportive. Stocks are very high and prices may continue to fall," said Chowda Reddy, senior analyst at JRG Wealth Management. September wheat on the National Commodity and Derivatives Exchange (NCDEX) edged down 0.01 per cent to end at 1,202.8 rupees per 100 kg, after hitting an intra-day low of 1,190.6 rupees per 100 kg. Hope of improved sowing of rabi crops after good rainfall in central and northern part of the country may also weighed on sentiment, they added. The Indian government will free 2.5 million tonnes of grains from its stocks for sale to states, Farm Minister Sharad Pawar said last week. India's latest farm department estimate showed the country's wheat harvest would hit a record 80.71 million tonnes this year. -Reuters
Copper rises on softer $, US data LONDON: Copper rose to a near two-week high on Thursday, lifted by a weaker dollar and fund buying, while an improvement in US jobless data did little to soothe concerns about the strength of the economy. Benchmark copper closed at $7,700 a tonne, up from $7,620 at Wednesday's close. The metal, used extensively in construction and power industries, had earlier hit $7,729 -- near the four-month high of $7,750 touched earlier this month. "Metals were firm from the beginning...the market is pushing higher, no real reason for it outside of currency," Edward Meir, energy and metals analyst for MF Global in New York, said. US claims for unemployment benefits unexpectedly fell last week to a two-month low, according to a government report that hinted at some stability in the labour market. But Wall Street slipped after a survey found factory activity in the US Mid-Atlantic region contracted for the second straight month. "The evidence is not pointing to a double dip (second leg down after the global recession) -- just a slowdown -- and it's going to be like this for much of next year," Meir said. Metals traders said investor interest had picked up as fund managers returned from summer holidays to open positions for the fourth quarter, but they did not expect any fireworks
ahead of national holidays in China, which start next week. "We're getting some movement today. I'd buy copper on a stoploss break through $7,750, and
Shanghai copper flats Copper drifted lower in London on Thursday and ended flat in Shanghai, with markets cautious after the Bank of Japan sold 2 trillion yen in the previous session, sending the dollar leaping from 15-year lows. Three-month copper on the London Metal Exchange fell $22.75 to $7,597.25 a tonne by 0702 GMT. Benchmark thirdmonth Shanghai copper lost 30 yuan to end at 59,060 yuan. sell at $7,850," a ring trader said. On Thursday, stocks saw another drawdown of 2,350 tonnes, bringing the total to 387,150 tonnes, their lowest level since November. Stocks have declined more than 150,000 tonnes since midFebruary. Aluminium was untraded at the close but last bid at $2,165 from $2,154 on Wednesday's close. Nickel closed at $23,250 a tonne, versus Wednesday's closing bid at $23,350, while zinc ended at $2,148 versus $2,145 and lead at $2,202 versus a last bid at $2,235 on Wednesday. Steel-making ingredient nickel earlier hit $23,390, its highest since mid-May. Tin ended at $23,495. -Reuters
Oil dips ahead of US pipeline restart LONDON: Oil fell for a third day on Thursday ahead of the expected reopening of a North American pipeline that will restore crude supplies to US refiners. US regulators will allow the 670,000-barrel-per-day (bpd) Enbridge pipeline, which carries oil from Canada to the American heartland, to resume operation on Friday following repairs after a one-week closure, pipeline company
Enbridge Inc said. US crude futures for October, also known as WTI, fell below $75 a barrel before recovering to around $75.32 a barrel by 1407 GMT. That level was still 70 cents lower than Wednesday's close. The contract hit a one-month high above $78 on Monday on concerns over the Enbridge outage. European benchmark Brent crude futures were trading 9 cents higher at $79.51 a barrel. The reopening of the pipeline will remove a major support for prices, which some traders predicted could now slip lower. "WTI will have to find something new to retest the recent highs at $78 per barrel," said Olivier Jakob, managing direc-
Sugar resumes rally, below 6-1/2-mth top LONDON: Raw sugar futures erased earlier losses on Thursday and stood at near Wednesday's 6-1/2 month peak, underpinned by worries over the impact of drought on Brazilian yields. ICE arabicas firmed and were within sight of a 13-year top. Cocoa also rose, though the upside was limited by favourable prospects for crops in West Africa, the world's leading cocoa-growing region. Fundamentally, traders are concerned the dry spell in top grower and exporter Brazil would hit the cane crop this season and could affect production into 2011. Liffe said on Thursday 77,000 tonnes (1,540 lots) of Brazilian white sugar were tendered against Wednesday's expiry of the October contract. ICE October raw sugar futures were up 0.73 cent or 3 per cent at 24.55 cents a lb at 1427 GMT. London December white sugar was up $15.20 or 2.6 per cent at $608.40 per tonne in slim volume of 2,540 lots. Arabica futures firmed in slim volumes, but traders said a test of the psychological $2 a lb mark was on the cards soon. ICE December arabica coffee futures were up 1.35 cents or 0.7 per cent at $1.9550 a lb, within sight of a 13-year peak of 1.9865 cents touched on September 8. Liffe November robusta coffee was up $23 or 1.4 per cent at $1,652 per tonne in modest turnover of 3,562 lots. Cocoa futures rose in light volumes bolstered by a softer dollar against a basket of currencies, after Liffe's September cocoa contract expired on Wednesday with a small delivery. ICE December cocoa was up $82 or 3 per cent at $2,771 per tonne in moderate turnover of 9,279 lots. Liffe December cocoa was 46 pounds or 2.5 per cent higher at 1,899 pounds a tonne in modest turnover of 7,697 lots. -Reuters
tor of consultants Petromatrix in Zug, Switzerland. Edward Meir, senior commodity analyst at brokers MF Global, said the risk of hurricanes in the Gulf of Mexico could provide some support for a while, but this threat would soon disappear. "For the time being, WTI prices should continue trading within the $70-$80 range, but as we exit the hurricane season, defending downside support at TOKYO: Key Tokyo rubber futures fell on Thursday as a sharp drop in the nearby September contract pulled the overall market lower, while weakness in oil, Shanghai rubber futures and stocks also weighed on investor sentiment. The key Tokyo Commodity Exchange rubber contract for February delivery fell 3.1 yen $70 will become an increasingly or 1 per cent to settle at 292.8 difficult proposition," Meir said. yen per kg. The September contract expirDrops last week in petroleum stockpiles held by the United ing next week plunged 8.5 yen or 2.9 per cent to settle at 289.5 yen. States, the world's top oil consumer, did little to ease worries Traders have said supply was increasing on easing tightness over a surplus of crude oil. ICE Brent crude for and concerns about deliveries, November, the front month and that has weighed on the after October's expiry on front-month futures. "Trading volume is declining Wednesday, declined just 19 cents to $79.23 by 1243 GMT, as participants are closing posimaintaining a big premium tions ahead of Japan's long weekend, weakening the posiover WTI. Tropical Storm Karl hit tive impact of the yen's decline Mexico's Yucatan Peninsula on against the dollar on the marWednesday and could reach ket," said Kazuhiko Saito, chief hurricane strength once it analyst at trading company enters the Gulf of Mexico, Fujitomi. A drop in Shanghai where it could swing past rubber futures, stocks and oil major Mexican oil installa- also highlighted investor caution on taking risks. -Reuters tions. -Reuters
Tokyo rubber fall as oil, stocks hurt
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 75.12
86
16-Sep-2010
CRUDE100
OC10
US$ Per Barrel
75.00
76.03
74.80
75.12
148
Price 75.37
16-Sep-2010 16-Sep-2010
CRUDE100 CRUDE100
NO10 DE10
US$ Per Barrel US$ Per Barrel
76.30 77.95
76.99 78.03
76.30 77.68
76.35 77.84
34 4
76.61 78.09
76.35 77.84
15 1
16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010
SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz
NO10 DE10 OC10 NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
20.40 20.44 1269.20 1268.00 1269.40
20.67 20.78 1278.00 1278.50 1279.10
20.40 20.42 1264.00 1264.60 1265.60
20.67 20.69 1272.90 1273.60 1274.40
62 422 807 571
20.56 20.57 1267.50 1268.30 1269.10
20.67 20.69 1272.90 1273.60 1274.40
44 666 1,889 839
16-Sep-2010 16-Sep-2010
GOLD 100oz GOLD 100oz
OC10 NO10
US$ Per Troy Ounce US$ Per Troy Ounce
1266.80 1267.80
1275.00 1273.60
1265.20 1267.80
1272.90 1273.60
9 -
1267.50 1268.30
1272.90 1273.60
10 -
16-Sep-2010 16-Sep-2010 16-Sep-2010
GOLD 100oz GOLD GOLD
DE10 OC10 NO10
US$ Per Troy Ounce Per 10 grms Per 10 grms
1268.60 35012.00 35020.00
1273.60 1268.60 35235.00 34904.00 35199.00 35020.00
1273.60 35190.00 35199.00
86 -
1269.10 35001.00 35010.00
1274.40 35190.00 35199.00
1 55 -
16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010
GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold
DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep
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
35020.00 34980.00 40800.00 40800.00 36024.00 36061.00 36073.00 36000.00 36012.00 41319.00
35214.00 35162.00 41012.00 41012.00 36198.00 36235.00 36247.00 36259.00 36186.00 41554.00
35020.00 34980.00 40800.00 40800.00 36024.00 36061.00 36073.00 36000.00 36012.00 41217.00
35214.00 35162.00 41012.00 41012.00 36198.00 36235.00 36247.00 36259.00 36186.00 41554.00
3
35025.00 34974.00 40792.00 40792.00 36007.00 36043.00 36055.00 36067.00 35995.00 41332.00
35214.00 35162.00 41012.00 41012.00 36198.00 36235.00 36247.00 36259.00 36186.00 41554.00
1
16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010 16-Sep-2010
IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
16SE10 OC10 OC10 10-Sep 10-Dec
Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
2402.00 3067.00 4150.00 87.21 86.79
2402.00 3182.00 4174.00 87.21 86.83
3101.00 3067.00 4150.00 87.21 86.79
3150.00 3182.00 4174.00 87.21 86.83
-
3101.00 3067.00 4150.00 87.21 86.79
3150.00 3182.00 4174.00 87.21 86.83
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Labourers work inside one of the venues for the Commonwealth Games 2010, in New Delhi
10
Friday, September 17, 2010
Flintoff says goodbye to cricket
n n
Knee injuries end Flintoff career Flamboyant all-rounder played 79 tests LONDON: England all-rounder Andrew Flintoff announced his retirement from all forms of cricket on Thursday after years of battling injury. Flintoff, 32, retired from test cricket last year following the Ashes victory over Australia but had hoped to represent England again in one-day cricket. "The decision to end my career came yesterday after consultation with medical advisers," he said in a statement. "I was told that the problems I have been trying to overcome in re-hab for the last year following the latest in a series of operations would not recover sufficiently to allow a comeback." Flintoff underwent knee surgery last August and needed a second operation in January. He has missed the entire county season. "I will now be taking a break before deciding which future direction to take," he added. Flintoff played 79 tests and 141 one-day internationals, scoring 3,845 test runs, including five centuries at an average of 31.77. He took 226 test wickets and scored 3,394 runs in ODIs, taking 169 wickets.-Reuters
Eng player banned for twitter rant LONDON: England allrounder Dimitri Mascarenhas has been handed a two-week suspension starting next season after pleading guilty to a Twitter outburst attacking national selector Geoff Miller. "The panel considered this to be a serious breach of the regulations particularly given his status as a senior cricketer and club captain," the England and Wales Cricket Board (ECB) said in a statement on Wednesday. The injured Mascarenhas posted an expletive-filled message on the social networking site after the England squad for the Twenty20 internationals and one-day series against Pakistan was announced last month. The 32-year-old, who has played 20 one-day internationals, pleaded guilty and apologised unreservedly for his actions. He was also fined 500 pounds ($776) in addition to the 1000 pounds he was docked by his county Hampshire.-Reuters
Pawar asserts ICC stance against corruption NEW DELHI: The International Cricket Council (ICC) is committed to maintaining the sanctity of the game and will strive to root out corruption, ICC President Sharad Pawar said Thursday. Pawar told reporters after a meeting with Pakistan Cricket Board (PCB) Chairman Ijaz Butt at his New Delhi residence that the ICC had the support of all the national boards in its efforts to clean up the game. Pawar's comments come after three Pakistani cricketers -- Salman Butt, Mohammad Asif and Mohammad Amir -- were provisionally suspended amid accusations of spot-fixing. "If someone has done anything wrong in cricket the ICC, and that includes the Pakistan board, will never tolerate any nonsense or any corruption in the game," said Pawar. "We try to maintain the sanctity of cricket and in this process... every board, including Pakistan, is fully supporting ICC."
"Scotland Yard is in the process of investigating the entire episode. When the investigation is complete and suppose something is established, (there will be) no question whether ICC or the Pakistani board will take strong, ruthless action," Pawar said. A fourth Pakistani player, bowler Wahab Riaz, has been questioned by British Police while his suspended colleagues have returned home on the condition that they would be available for further questioning. Butt said the PCB did not ask for leniency for teenage pacer Amir. "No demand has been given (to ICC seeking leniency). Everything depends on if anything is found against the player. As far as we are concerned, no tolerance at all." During the meeting, Butt also requested Pawar, a former Indian cricket board chief and the country's Agriculture Minister, to help resume cricketing ties between the neighbors.Reuters
McGrath has no immediate political plans MELBOURNE: Legendary Australian pacer Glen McGrath has no immediate political ambitions though he did not rule out the possibility of becoming an MP in future. "You never know what the future holds but it`s not something I`m seriously considering at the moment," he told reporters. The retired cricketer was approached by a New South Wales Nationals leader Andrew Stoner at a cricket match earlier this year. "I was just chatting to Andrew Stoner over lunch during the Sydney Test and he mentioned my thoughts on it (on being an MP)and whether I`d be interested in it," McGrath said. "He came back to me a little
while later saying if I was seriously considering it they`d be happy to look at it," McGrath said. McGrath, who is enjoying spending time with family and doing other work, said, "At the moment, it`s not something I`m considering.I think I`m busy enough as it is, just enjoying time with the family." News Ltd, a newspaper, had quoted National Party sources as saying that McGrath, from Narromine country in New South Wales, has left the door open to a political career. Asked about his political alliance with the Nationals, McGrath said, "I`m a country boy, so I will take that into consideration."-Online
Dhoni praises Raina, Vijay CENTURION: Chennai Super Kings captain Mahendra Singh Dhoni heaped praise on Suresh Raina and Murali Vijay for setting the platform for the comfortable 97-run victory over Wayamba in Group A match of the Champions League Twenty20 cricket tournament. Raina (87 off 44) and Vijay (68 off 48) shared a 137-run second wicket partnership, that came off just 72 deliveries, to help Chennai post a mammoth
200 for three and set the tone for the convincing win at the SuperSport Park. "We did not want to bat first because in this ground it is very hard to defend. But once we were sent into bat, we needed couple of extra runs, something over 180." "And exactly that's what the batsmen did. They started off cautiously and after that Suresh Raina and Murali Vijay batted brilliantly.-Online
NEW DELHI: The ICC President Pawar and Pakistan's Cricket Board Chairman Butt speak in New Delhi.-Reuters
Five FATA players awarded race cycles PESHAWAR: The Directorate of Sports FATA handed over race cycles to five members cycling team here on Thursday. Muhammad Abid Majeed, Secretary Administration and Coordination FATA was the chief guest on this occasion who handed over five race cycles among the selected probables who would represent FATA in the forthcoming 58th National Cycling Championship to be held at Lahore from September 25-28. Abid Majeed said that on the special directives of the Governor Khyber Pakhtunkhwa Owais Ahmad Ghani it was decided to provide all sports equipments and uniform to the players of FATA. He said initiatives have been taken to have sports facilities in all agencies headquarters besides facility of International Sports Complex which would have facilities for all games. He said that the Complex will have the facility of a separate hostel for both female and male in order to ensure accommodation facilities. "If we have accommodation facilities for the players we would be able to provide training and coaching to them for longer duration," he remarked. "We have sent a summary, putting all proposals that requires for holding national and international tournaments to the Governor and hopefully it would be approved soon." Abid Majeed added.-APP
Akram, Moin to star in S6s tourney in Dubai ISLAMABAD: Eight top erstwhile international cricketers are to take part in the Dubai Super Sixes Corporate Cricket League from October 1 to 15 at Dubai Spots City International Cricket Stadium. The tournament will feature Pakistan's legendary pacer Wasim Akram and wicket keeper Moin Khan, South African all rounder Lance Klusener, Sri Lanka's Aravinda de Silva and Roshan Mahanama, and India's Vinod Kambli, Venkatesh Prasad and Rohan Gavaskar, gulfnews.com reported on Thursday. This will be the biggest sixes tournament in Dubai with 48
teams who have confirmed participation. Vipen Sethi. Chief Executive Officer of the Landmark Group, said: "Cricket appeals to a broad segment of the people in UAE and hence we decided to support this event". "Sixes is short and sweet and it will give an opportunity for the corporate entities to come together," he said. "We are delighted to have got renowned cricketers to play alongside the teams that will make it to the quarterfinals." The Landmark Group and Crayons Communications are backing the event. As per the rules of the tourna-
ment, each participating team must comprise six players along with two substitutes. The organisers said they would provide five neutral fielders. The format requires each side to play a limited five overs to be completed in 30 minutes. Arshad Zaheer, the Managing Director of Crayons Communications, said: "This format will be a permanent fixture of the Dubai cricket's sports calendar". "The winning team can walk away with Dh20,000 and we are delighted that some of the best cricketers have agreed to participate in our first ever attempt," Zaheer said.-APP
Umpires judged Aamir’s no-ball as deliberate WELLINGTON: Umpires felt that Pakistan bowler Mohammad Amir had delivered a deliberate no-ball during the fourth test against England, but had put it down to tactics rather than spot-fixing at the time, local media reported. New Zealanders Tony Hill and Billy Bowden had been concerned by an Amir delivery to England's Jonathon Trott during which the teenage bowler overstepped the mark but pitched the ball short. "We never suspected a thing," Hill told the Dominion Post. "There had been the big overstep in particular and in our minds that was more a
deliberate overstep to have a go at Trott, who had been batting so well. "Billy and I chatted about that and thought it seemed deliberate, especially as it was dropped in short. But it all seemed to be one of those things that fast bowlers have been known to do to get an advantage." Amir, Salman Butt and Mohammad Asif were suspended by the International Cricket Council following a British newspaper report that Amir and Asif had bowled three deliberate no-balls by pre-arrangement on the opening day of the fourth test.
The trio have returned to Pakistan on the condition they be available for police questioning when required and are scheduled to attend an ICC hearing next month. Police in Britain have since questioned a fourth player Wahab Riaz over the spot-fixing allegations. "It was my first test at Lord's," Hill added. "It was a special place but it ended up being a game that will be remembered, but not for the right reasons." Pakistan lost the test series 31 and are currently 2-0 down in their five-match one-day series.-Reuters
Gunners getting ready to open fire, says Wenger LONDON: Arsene Wenger spoke in a calm, almost matterof-fact fashion after his Arsenal side had torn Braga to shreds on Wednesday. The 6-0 Champions League victory was sensational and probably even surpassed the heights achieved by Barcelona the previous evening when Lionel Messi ran riot against Panathinaikos. Wenger did not seem surprised by his team's performance. In fact, nobody should be because it is exactly what Arsenal are capable of. His faith in a brand of football that is preached from junior level to first team at Arsenal is unshakable despite five trophy-less years. "We have a big potential but
what you forget is that I always believed in this team," Wenger told reporters. "The players that were here at 20 and 21 are now 23 and they are continuing to grow. "What they did at 20 was exceptional even though some people can't accept that we haven't won trophies." On their day the Gunners are the best footballing side in England and few teams could have lived with them on Wednesday when skipper Cesc Fabregas played a virtuoso role. The question that remains is can Arsenal deliver such dazzling football when it really matters, when the likes of Chelsea and Manchester United come to the Emirates --
or even this weekend away at Sunderland? Wenger's attacking options are boundless. Even without the injured Theo Walcott and Dutch sharp shooter Robin van Persie they had a goal threat all over the field against Braga. Mexican Carlos Vela has been a bit-part player at Arsenal since joining as a teenager in 2005, but the 21year-old scored twice on Wednesday to go with the goal he managed against Bolton Wanderers the previous weekend. "He is an outstanding finisher who worked very hard this summer and he continues to improve," Wenger said. FOOTBALL EDUCATION Jack Wilshere, just 19, also
looks ready to deliver on his huge potential. The English midfielder, who recently earned his first senior international cap, looks bigger and stronger after spending time on loan at Bolton last season. "Loaning Wilshere out was important because it accelerated his career by being confronted in the Premier League and having tough games," Wenger said. "Of course, Jack has been educated here and he was already an outstanding player when he left for Bolton. But this is the final part of the education of a player -to be integrated into the first team and play under pressure."
Ultimately Wenger knows that the success of his mission will be judged on silverware, not the exhibition football they are capable of on a pleasant September evening in north London against compliant opposition. "I'm convinced (the team will win trophies) but I have a problem convincing you," Wenger said. "We have a style at the club that everybody knows and no matter who comes in the football is played the same way. "I believe we are in the top eight in Europe for our performances year in, year out but we have not won it and until we have won it people will question the way we play."-Reuters
International & Continuation
Friday, September 17, 2010
India raises rates, pause in tightening seen near MUMBAI: India's central bank raised interest rates more than expected on Thursday, extending its fight against inflation, but signalled that a tightening cycle that has seen five rate hikes this year may be nearing an end. The Reserve Bank of India lifted the repo rate , at which it lends to banks, by 25 basis points to 6 per cent and raised the reverse repo rate , used to absorb excess cash, by 50 basis points to 5 per cent. Analysts in a Reuters poll had forecast quarter per centage point increases in both rates. Economists expect the RBI to raise rates once or twice more in the fiscal year that ends in March, according to a Reuters poll after Thursday's rate increase, which means they expect it to hold off during at least one of its three remaining reviews this fiscal year. Indian inflation shot up to
double digits early this year and even though it has been coming down since June, the central bank said it would remain "unacceptably" high in coming months. However, it also said that its policy tightening since October 2009 had brought monetary policy back close to normal from its crisis settings during the global financial turmoil and that future action would be driven by economic conditions. "The tightening that has been carried out over this period has taken the monetary situation close to normal. Consequently, the role of normalisation as a motivation for further actions is likely to be less important," it said. The RBI, which has forecast a decline in inflation to 6 per cent by the end of this fiscal year in March 2011 from 8.5 per cent in August, said that its tightening cycle that began in
October 2009 was having an effect. Thursday's sharper-than-forecast rate increase sent swap rates and bond yields higher as economists and market players took the move as a sign that the central bank was prepared to notch up rates further albeit less aggressively. "This degree of tightening by the RBI reinforces the urgency in tackling the key policy challenge of the high and persistent inflation," said Gaurav Kapur, senior economist at Royal Bank of Scotland in Mumbai. "The Indian central bank can still be expected to go ahead with further tightening, though at a less aggressive pace in the second half of the year," he said. India's inflation remains well above the central bank's perceived comfort level of around 5 per cent, keeping real interest rates stuck in negative territory. -Reuters
UK retail sales fall for first time since Jan LONDON: British retail sales fell unexpectedly in August for the first time in seven months, in a sign the recovery may be stalling even as some of the country's biggest stores announced jumps in profits. The Office for National Statistics said on Thursday that sales volumes fell 0.5 per cent last month, defying expectations of a 0.3 per cent rise and raising concern that waning consumer confidence is beginning to dent retail demand even before next year's planned VAT and income tax hikes. Still, retail bellwether John Lewis posted a 28 per cent jump in its results for the six
months to July 31. Kingfisher , Europe's largest DIY retailer, which owns 330 stores in the UK, saw its profits jump 21.9 per cent. But both economists and retailers warned that the recovery from the worst recession since World War 2 may already have peaked. Data on Wednesday showed the first rise in the number of people out of work and claiming benefits since January. "August's fall in retail sales could be the first sign that the surprising resilience of consumer spending could be coming to an end," said Vicky Redwood at Capital Economics. "The pressures
on consumers are clearly mounting." Bank of England policymakers remain on alert over whether they may yet to have put more stimulus into the economy despite inflation that is well above its 2 per cent target. A BoE survey on Thursday showed inflation expectations hitting a two-year high in August, suggesting abovetarget price rises are starting to become embedded in consumer psychology. Sterling hit session lows against the euro and the dollar after the ONS report, which also showed hefty downward revisions to July's figures.-Reuters
SNB holds rates, sees “marked� growth slowdown ZURICH: The Swiss National Bank kept its interest rate target steady on Thursday, predicting a significant slowdown as the strength of the Swiss franc and the cooling of the global economy hits the Alpine country. The central bank raised its growth forecast for 2010 to around 2.5 per cent from 2 per cent previously but said next year would not be so prosperous. "For the second half of the year, and in particular for 2011 ... the SNB now expects a marked slowdown in growth," the SNB said in a statement following its interest rate decision. The central bank said downside risks to the economy predominated and it revised its inflation forecasts down sharply, seeing price rises below its 2 per cent stability threshold into 2013. "The inflation forecast indicates that the expansionary monetary policy is currently appropriate, although it poses longterm risks to price stability," the SNB said. While markets had widely expected the central bank to keep rates steady, the degree of concern about the economy and the low inflation forecasts came as a surprise to most observers. "The SNB sounded much more dovish than we would have expected," Credit Suisse analyst Fabian Heller said. "We had so far expected them to hike rates this year. The statement suggest this will not happen until the next." The SNB left its target band for the 3-month Swiss franc LIBOR unchanged at 0.00-0.75 per cent, as expected by nearly all analysts in a Reuters poll. It continues to aim to keep the LIBOR around 0.25 per cent, its goal since March 2009. The Swiss franc dropped sharply versus the euro as the SNB's dovish statement led markets to push back rate hike expectations well into the second half of next year.-Reuters
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The APHC Chairman said that Indian rulers had failed to curb the liberation movement through force and were resorting to kill the innocent and peaceful demonstrators. He denounced undemocratic curbs imposed by the authorities on media and urged the Indian civil society, human rights groups and international community to take notice of the worsening human rights situation in the occupied territory He also flayed the imposition of curfew in the territory, adding that it had led to an acute shortage of essential commodities. The occupation authorities continued to impose indefinite curfew in Srinagar, Budgam, Ganderbal, Kangan, Islamabad, Pulwama, Shopian, Pampore, Bandipore and other major towns. People of many areas complained about shortage of essential commodities and baby food. Hundreds of policemen and troopers have been deployed in every nook and corner of the valley to prevent people from venturing out of their homes. Defying curfew, people took to streets in near Nund Resh Colony in Bemina area of Srinagar and in Khanpora locality of Baramulla. A vehicle of Indian troops overturned after it was attacked by a mob in Nund Reshi Colony, resulting in injuries to five troopers. Mirwaiz appealed to the international community to take cognizance of Indian state terrorism in the occupied territory. Indian police personnel beat up a lady doctor and paramedical staff near Parimpore, Srinagar when they were on way to hospital in an ambulance. Another prominent Kashmiri leader Yasin Malik said New Delhi was pushing desperate Kashmiris back to the path of gun. Leaders of India's major political parties held a five and half hour long marathon meeting at the residence of Prime Minister Manmohan Singh on Kashmir but failed to reach a consensus and later decided to send an all-party delegation to Srinagar to assess the ground situation. "Countless such meetings have been held in past 63 years but they have not produced any result," Geelani said in his reaction to the meeting. "The Prime Minister's speech has not focussed on the core issue of Kashmir. There was no mention of the bigger problem. I can't see anything positive coming out of this meeting," Geelani, who is spearheading the ongoing 'Quit Kashmir' campaign in Kashmir, said. Terming the All Parties Meet in New Delhi a 'joke, moderate Kashmiri leader, Mirwaiz Umer Farooq said Kashmiris will not accept any solution but independence, and there could be no dialogue until a drawdown of Indian troops and a release of prisoners. -NNI
Mehmood Qureshi said that Kashmir issue could be solved through negotiations and for this purpose India should come forward for meaningful dialogues to address the Kashmir problem. -Online
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"A further $25 million will help the Pakistan people rebuild their lives, of which $5 million will be delivered through Australian nongovernment organisations. "This is to help farmers replant, to allow children to return to school and to restore health services," Rudd said. Minister Rudd made the commitment to Foreign Minister Qureshi in Multan on Thursday, after seeing firsthand the massive devastation wrought by flooding across parts of Punjab Province. Minister Rudd said while he was shocked to see the extent of the disaster, he was pleased to also witness the vital assistance being provided by Australia at the 'Camp Cockatoo' medical facility in Kot Addu, near the city of Multan. "There can be no doubt our civilian and military doctors, nurses and paramedics are vital in assisting the relief efforts. Managed by Aus AID and the Australian Defense Force, the facility has now treated more than 2,000 patients in difficult conditions. -Online
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He said that thousands of employees of various departments and companies under the petroleum ministry such as OGDCL, Parco, PSO and SSGC worked round-the-clock in the flood affected areas to restore suspended oil and gas supplies due to inundated infrastructure and installations as well as to reinforce river embankments. However, extraordinary efforts still need to be taken urgently for rehabilitation and bringing normalcy in the flood affected areas, he added. Ambassador Patterson said that the United States was cognizant of the growing energy needs of Pakistan and was inclined to extend all possible support in its endeavour to bridge the yawning energy demand-supply gap. Secretary Petroleum, Imtiaz Qazi and John Simmons, Commercial Counselor at the US embassy also attended the meting. -NNI
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The statement said the Americans want to conduct the fatuous elections process with an aim of showing to the Afghans and to the public of the world that they are intending to put an elected government and parliament in place in Afghanistan. "In fact, in this elections process, the votes of the Afghans have no value, nor it is possible that the Afghans will ever be willing to cast votes for those Continued from page 12 No #2 who have shed their blood unjustly and occupied their country -The status of Jerusalem, the fate of Palestinian refugees, the bor- still more under the shadow of the American invasion," it said. ders of a future Palestinian state and security arrangements are the The Taliban said those hopefuls who are taking part in this main issues Abbas and Netanyahu would have to resolve to secure "American process" as representative of the people are not able a permanent peace deal. even to protect themselves from the outrages of the Americans As part of US President Barack Obama's drive for a wider peace during the elections campaign. "The entire Afghans saw that the between Israel and the Arab world, Mitchell planned to travel to Syria Americans attacked an election campaign convoy of a candidate on Thursday for talks with Syrian President Bashar al-Assad and then from Takhar province in a broad day light, killing or injuring more to Lebanon to meet Lebanese leaders.In the Hamas-run Gaza Strip than 12 persons, including the candidate. Similarly, those persons overnight, Israeli aircraft carried out three air strikes against suspect- who are now active members of the so-called parliament as repreed militant targets after rocket and mortar bomb attacks on Israel. No sentatives of the people, have been beaten and wounded by the Americans more than a dozen times and their houses have been casualties were reported in the incidents. -Reuters raided frequently," said the Taliban statement. Continued from page 12 No #3 "So when the representatives of the people (members of the parfloods in Pakistan as catastrophe and reiterated that America liament) are themselves at risk of being killed and beaten by the would continue assistance for flood-affected people of Pakistan Americans and their houses are raided, then how the representatill rehabilitation of affectees in flooded areas. tives will be able to live up to the expectations of the people and He also said that flood devastations in Pakistan were unprece- fulfill the promises which they have made to the public during dented, as he has never seen such devastations during last forty electioneering. Can these people who call themselves representayears. Later, responding to a query, Foreign Minister Shah tives of the people and continue their elections campaigns while
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sitting in Kabul ever be able to solve problems of their voters in far-flung provinces and places if they won the elections?" In view of the above realities and in a time that the country is seething with bombs and flames, the Taliban said, neither the Americans want to provide any thing to the suffering Afghans that could lead to their prosperity nor do the members of the parliament will be able to serve people while themselves being in a state of powerlessness and weakness. "But only they want to gain material benefits by participating in the farce election process so that they may obtain means for their personal livelihood," said the statement. "Last year, presidential elections were conducted in a self-same misleading process. The Afghans and the world witnessed the depth of the huge rigging and fraud in the voting and, in the end, the results were declared to coincide with what the Americans previous decision demanded." The Taliban said: "The Islamic Emirate of Afghanistan has made it clear time and again that election in a time of occupation of Afghanistan by the Americans is only subservient to the interests of the invaders and has bitter consequences for our country and people and readily leads to prolongation of the current tragedy of the country. Therefore, the Islamic Emirate of Afghanistan is striving its utmost to foil these colonialist plans of the invaders including this deceptive process with the help of Allah and your Muslim countrymen." The Taliban called on Afghan nationals to boycott this process and foil all foreign processes and drive away the invaders from the country by sticking to jihad and Islamic resistance. "The Islamic Emirate has already chalked out certain measures on country level to frustrate this American process and will implement them on the day when the illegitimate process (of elections) is conducted. Therefore, we request all Afghan brothers with due respect through this statement to fulfill their Islamic and national responsibilities by avoiding the American process and join the strongholds of jihad with the mujahideen instead of taking part in the elections process. Liberate your country from the claws of the infidels via jihad and render service to your people through establishment of an Islamic sovereignty in the country," the statement concluded. -NNI
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Pakistani army for elimination of terror and said that in order to defeat the extremist we need to devise a strategy keeping in view the ground realities. He said that Afghan government is only negotiating with those Taliban who do not have any link with Al-Qaeda and they want peace and stability.During the meeting views were also exchanged on enhancing security and intelligence cooperation to control border infiltrations. Stress was also made on effective contact and cooperation between Pakistan and Afghanistan security forces and intelligence agencies for peaceful holding of parliamentary election in Afghanistan which are being held tomorrow.Matters related to new offensive against Taliban extremists in Afghanistan were also discussed. -Online
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chaired a Ministerial Committee set up by ECC on sugar here. The meeting was apprised of the domestic and imported sugar stocks position.The Ministerial Committee comprising Secretary Industries and Production, Secretary MINFA, Secretary Finance, Secretary Commerce and Chairman FBR. The Sub Committee would submit to ECC Ministerial Committee for approval of the ECC to meet the forecasted sugar gap.The Ministerial Committee also stressed the need for strict implementation on ban of export of sugar & gurr and to check its smuggling.The meeting was apprised of the domestic and imported sugar stocks position. -Agencies
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stood at 400,000 tonnes of sugar, the meeting was informed. The country produced little over 3 million tonnes of white sugar from the 2009/10 crop and floated several tenders this year to import a total of 1.2 million tonnes of sugar.Anjum Bashir, the chairman of the state-run Trading Corporation of Pakistan (TCP), which issued the sugar tenders, told Reuters that a total of 423,000 tonnes of sugar has already arrived and the remaining quantity was expected in the next few months. -Reuters
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like something in a matter of months." Meanwhile United Kingdom Independence Party (UKIP) has slammed French intervention in a potential UK-Pakistan trade deal. "If David Cameron wants to open up free trade with Pakistan to help mitigate the effects of the appalling floods in that country he should just do so" said William Dartmouth, the UKIP trade spokesman today. -Agencies
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to raise the money," he said, added the floods are going to put government to the test. Meanwhile during a meeting with meeting with the American Business Council Holbrooke said "I've never seen anything on the scale of this."Representatives of major US companies such as IBM and Procter & Gamble were also present on the occasion. "This is what we need to convey to the international community. It's the reconstruction stage that I'm most worried about." The United States has taken the lead in providing emergency aid, contributing $261 million for relief and security. -Reuters
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In the last monetary policy review on July 30, the central bank increased its key policy rate by 50 basis points to 13 per cent as inflation and fiscal weakness were overshadowing improvement in the current account deficit and economic growth.
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finalise a plan and strategy for rehabilitation and reconstruction of the flood affected areas as approximately six million people have been affected in Punjab and standing crops at the area of 5.23 million acres have been inundated and over 50,000 houses have demolished. Rehabilitation of flood-affected people has been a major challenge, whereas government, NGOs, civil society, and armed forces were continuously working in the flooded areas to rescue the affected people, while world donor agencies were doing great work for relief efforts in the flooded areas, Chief Minister said. -Agencies
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Azakhel because of its "dangerous location". "Pakistan government has already warned that possible flood can again create problem in the area," Guterres told village elders."UNHCR will do everything to support the people if this Afghan refugee camp is to be relocated." Village elders said their children wanted to return to Azakhel."We want to come back to the village. Our children want to come back because we have deep associations with it as we have been living here for the past 30 years," village representative Sharafat Hussain told Guterres. -Agencies
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President at PM House said that Pakistan and Afghanistan must endeavor to realise the benefits of trans-regional development cooperation. He further said that in this context both countries should attach particular importance to two Declarations on 'Directions of Bilateral Relations' singed between them as well as the 'Trilateral and Quadrilateral Process'.
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Agreement while raising concerns on signing APTTA in May 2009 in Washington the Committee opined that it was internal matter of Pakistan and such agreement would be finalized keeping in focus our interests. -APP
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SBI rose 1.3 per cent while ICICI Bank and HDFC Bank declined 0.4 per cent and 0.8 per cent respectively.Bharti Airtel shed 2.7 per cent after data showed the company's subscriber additions in August were the slowest in nearly three years. Bajaj Auto closed nearly one per cent lower at 1,451.55 rupees. Sterlite Industries fell 2.3 per cent to 169.70 rupees. IndusInd Bank rose 2.8 per cent to 247.75 rupees. Pioneer Distilleries hit the 5-per cent upper limit for the third straight day at 79.90 rupees. Total 18 million shares of Karuturi Global changed hands on Thursday while Shree Ashtavinayak was on nearly 16 million shares and Suzlon Energy on 10.3 million shares. -Reuters
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was off 3.75 points, or 0.33 per cent, to 1,121.32. The Nasdaq Composite Index eased 6.99 points, or 0.30 per cent, to 2,294.33. Volume was on track to be on the light side again with 3.15 billion shares traded around halfway through the session. On the New York Stock Exchange, declining shares outnumbered advancers by about 3-to-2.FedEx Corp, seen as a bellwether for the economy because of the wide range of industries it serves, forecast profit for the current quarter below expectations and warned the economic recovery may slow. FedEx fell nearly four per cent to $82.73. A drop in initial jobless claims to a two-month low last week was not enough to lift the market, while US Mid-Atlantic factory activity contracted more slowly in September. The reports further reduced the odds of a double-dip recession feared by financial markets.The S&P 500 has settled into the top of a trading range and found support at its 200-day moving average around 1,115 and resistance at 1,130. "There are technical overhang as well as more of the same in regards to economic data," said Chad Morganlander, a portfolio manager at Stifel Nicolaus & Co in Florham Park, New Jersey. "Albeit marginally below expectation, it continues to show signs that the economy is glacially weakening."FedEx's performance spilled over to the rest of the sector. United Parcel Service Inc fell 1.8 per cent to $66.41, while the S&P air freight logistics index dropped two per cent. The FedEx report is "a clear indication that the economy is not accelerating to the upside but rather muddling through, with cost containments a key driver in Fed Ex's numbers," said Morganlander. On the upside, Ford Motor Co rose 4.4 per cent to $12.39 after Barclays upgraded the stock to "overweight" from "equal weight," saying the US automaker's earnings power has risen, driven by its vehicles and US pricing.A Reuters poll of institutional investors and strategists found US stocks are expected to make strong gains before yearend as worries about a second recession subside. -Reuters
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two-month low but still remained high, although most attention was reserved for Friday's US CPI report.Britain's top share index is expected to barely rise between now until end-2010, but will bounce eight per cent by mid-2011 as support from overseas earnings offsets worries about the economy, a Reuters poll showed. Among individual share movers, inter-dealer broker Icap was the top FTSE 100 faller, down 3.8 per cent, with Panmure Gordon the latest broker cutting its rating for the firm.BT Group was also knocked by a broker downgrade, shedding 3.1 per cent as Morgan Stanley cut its rating to "equal-weight" from "overweight".By contrast, telecoms peer Cable & Wireless Worldwide added 4.5 per cent as Goldman Sachs raised its rating to "buy" from "neutral", saying it could attract M&A interest. And engineer Rolls Royce fell 1.1 per cent after Boeing said on Wednesday that it had a serious problem with a Rolls-Royce engine on one of its 787 Dreamliner aircraft, requiring it to be replaced. Energy firms provided some support, with the crude price weaker. BP gained 1.1 per cent. Eurasian Natural Resources rose 4.4 per cent after Credit Suisse upped its rating to "outperform" from "neutral", bucking a weaker mining sector trend. -Reuters
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Grief-struck OIC decries IHK gore Mirwaiz says Kashmiris will not accept any solution but independence
JERUSALEM: Israel's Prime Minister Netanyahu shakes hands with Palestinian President Abbas as US Secretary of State Clinton stands beside them. -Reuters
Musharraf must return to taste the law: Malik ISLAMABAD: Interior Minister Rehman Malik said that Pervez Musharraf being a Pakistani can return home at any time adding that there has been no reality in the news item that "I have written a letter to Pervez Musharraf". Talking to media here on Thursday, he stated that former president Pervez Musharraf should return to Pakistan and face the cases against him as "we are also facing the cases in the court". Regarding the plot to kill Lahore High Court Chief Justice Khawaja Sharif Rehman Malik said that he is in touch with the registrars of the four provincial high courts
Punjab rejects ISI hand in LHC CJ kill plot report leak LAHORE: The Punjab government on Thursday rejected reports that Inter-Services Intelligence (ISI) had any kind of involvement in the leakage of a report pertaining to a plan to assassinate Chief Justice Lahore high Court Khawaja Sharif. A spokesman of the provincial government in a handout said that it was just an allegation. He said the report came from the special branch and according to a set procedure the provincial government contacts the ISI after receiving such kinds of reports. Therefore, the ISI was contacted, but the agency had no role in the leakage of the report to the media. Special Branch Punjab, leading provincial intelligence outfit had generated a horrific report about an alleged plot prepared by some top federal figures to assassinate the Chief Justice Lahore High Court Khawaja Muhammad Sharif. Online
Kabul in talks with non-Qaeda Taliban: Karzai ISLAMABAD: Afghan President Hamid Karzai who is in Pakistan on two-day visit has said that Kabul has been in talks with only those Taliban groups who are not linked with al Qaeda. He said this in a meeting with Chief of Army Staff Gen Ashfaq Parvez Kayani here Thursday. According to sources, Isaf commander in Afghanistan Gen David Petraeus, ISI chief Lt Gen Ahmed Shuja Pasha, Afghan army and Intelligence chief were also present during the meeting. Matters related to regional security, Pak-Afghan border situation, and cooperation between Pakistan, Afghanistan and Isaf in war against terror were discussed. Sources told that Afghan President lauded the role and sacrifices made by the See # 7 Page 11
so that a Judicial Commission should be set up for inquiry. He said that security of judges has been doubled after this threat and anyone who has prepared this plot action would be taken against them. He also said that the government has been endeavoring to formulate an act to shun election violations adding that the government has already suggested to ban display of arms in the premises of polling stations and rangers should be deputed at the polling stations to ensure transparency in the elections and by-elections should be held under SOP, Rehman Malik maintained. Interior minister also
informed that during his meeting with Afghan President Hamid Karzai, he has demanded to take action against Barhamdagh Bugti, who has reported to be present in Afghanistan. He also stated that there has been a report related to inflow of terrorists' elements and arms from Afghan area 'Kuntar' inside Pakistan and in this connection Pakistan has informed its concerns to Afghan President. He also emphasised that the federal government would fully cooperate with the election commission to provide security on by-elections. -Online
Sh Rashid offers Pagara AML lead
Next PM to be from among us: Pagara KARACHI: Chief of Muslim League Functional and spiritual head of Hurs Pir Pagara said "the next prime minister will be ours and Bilawal Bhutto will be my secretary. He expressed these views while talking to media after meeting with head of Awami Muslim League (AML) Shaikh Rasheed at Kingri House here on Thursday. "Nawaz's future is dark whereas Shaikh Rasheed has a bright tomorrow." he prophesied. Pagara observed that the remedial measures for controlling flood lie with the government and irrigation department whereas tradition of drowning each other in Dadu continues. Regarding chief of
Muttahida Muslim League he maintained, "The one elected by Muttahida Council will lead it adding Musharraf was not from League but Army. "Do not talk of the feudal lords who have passed away "now talk of their sons", he responded to a query made by a journalist. Later on, while talking to media Sheikh Rasheed opined that he had structured the party and was there to offer Pagara to lead it. Responding to a question, he said government should stay or not but country should step forward. Now the relief workers have pulled on big shoes too, he underlined adding on the other hand Army now wears soundproof shoes. Online
Water feud claims 13 more tribesmen ISLAMABAD: At least 13 more persons were killed in ongoing clash between two tribes over water dispute in Shalozan area of Kurram Agency on Thursday. A private television channel reported that the spate of violence which started two weeks ago has been reached to its peak. In fresh clash, two rival groups used automatic weapons on each other. As a result, 13 persons, including 10 Afghan nationals, were killed
and 19 others sustained serious injuries. According to some locals, the Afghan nationals were urging the people for violence. After the fresh clash between the two groups, tension and fear gripped the area but concerned authorities were taking no action in this regard. At least, 49 persons have been killed and 80 others sustained injuries in ongoing clash between two rival groups the last two weeks. -NNI
Taliban dubs Afghan polls as misleading ISLAMABAD: The Islamic Emirate of Afghanistan, a term used by the Taliban Movement of Afghanistan for itself, has termed the parliamentary elections in Afghanistan scheduled for Saturday (September 18) as a misleading process, the outcome of which has been already determined by the US. "The defeated Americans and the (Kabul) stooge administration want to launch a new mis-
leading process under the name of elections on September 18. However, all financial expenditures, organisational structure and outcome of the elections have already been determined by Eikenberry, American ambassador to Afghanistan and General Petraeus, top general of the American forces in the country," said a statement of the Taliban on Thursday. See # 6 Page 11
SRINAGAR/JEDDAH: The Organisation of Islamic Conference (OIC) has expressed its deep grief and sorrow at the recent killing of innocent people in occupied Kashmir by Indian police and troops. The OIC Secretary General, Dr Ekmeleddin Ihsanoglu in a statement issued in Jeddah strongly condemned the excessive use of force against the Kashmiri people. He reiterated
Fayyaz Leghari appointed CCPO KHI KARACHI: Sindh government has issued a notification for the appointment of new CCPO Karachi, Fayyaz Leghari on Thursday. A senior officer of Pakistan Police Services, Fayyaz Leghari has been appointed the new CCPO Karachi. He will take charge of his office today. Before this appointment, Leghari served many high posts, including DIG Karachi and RPO Hyderabad. The Sindh government has also issued notifications to appoint DIG Prisons Sindh, Mushtaq Shah, as new RPO Hyderabad. Ramzan Channa has been made the new chairman of anticorruption and the principal of Police Training Centre Saeedabad. Commander Shoukat has been appointed the new RPO of Sukkur. -Online
Australia vows $40mn more for affectees ISLAMABAD: Australian Foreign Minister Kevin Rudd Thursday announced a further $40 million in aid for Pakistan to support emergency relief and early flood recovery. Minister Rudd said a major challenge now is for the Pakistani government and the international community to help with initial recovery and to plan for the longer-term reconstruction of damaged infrastructure. "I am pleased to announce that Australia will more than double its assistance, to over $75 million." This includes $15 million to help address urgent humanitarian needs in food, health, water and sanitation through the World Food Programme, Unicef and the World Health Organisation. See # 4 Page 11
US to extend assistance in energy sector ISLAMABAD: The United States Ambassador to Pakistan Anne W Patterson called on Minister for Petroleum and Natural Resources Syed Naveed Qamar here Thursday and discussed energy cooperation between the two countries. During the meeting, the minister and the US ambassador also discussed matters of bilateral interest, mutual cooperation and regional significance with particular emphasis on energy cooperation, says a press release. Naveed Qamar apprised the US ambassador of the havoc wreaked by floods in the country and the relief efforts undertaken by the government, in its aftermath, to assuage the suffering of the citizens. See # 5 Page 11
his previous calls on the Indian government to take immediate steps for ending violence against innocent Kashmiri people. Dr Ihsanoglu also offered condolences to those killed during the recent violence in the occupied territory by Indian police and troops. Indian troops, in their fresh acts of state terrorism, killed seven more civilian Kashmiri youth at two different places.
The troops killed five youth at Sajan-Dudkulan in Tral and two in Gurez area of Bandipora during siege and search operations. Another Kashmiri youth, who was injured in police firing at Maisuma in Srinagar on August 30, succumbed to his injuries in a hospital in New Delhi, last night. Complete shutdown was observed in Rajouri against the killing. Two motorcycles of the police were set ablaze at
Pampore on Srinagar-Jammu highway. Meanwhile, the Chairman of All Parties Hurriyet Conference (APHC), Mirwaiz Umar Farooq, while strongly condemning the unprovoked police firing on protesters at Mendhar in Poonch, has said that the occupation authorities have given a license to Indian police and troops to kill innocent civilians in occupied Kashmir. See # 1 Page 11
Israelo-Palestine peace talks constructive: US WASHINGTON: US Secretary of State Hillary Clinton said on Thursday talks between Israel and the Palestinians were progressing in a constructive way. However, officials close to the negotiations said Israel has rejected a proposal to extend by three months a West Bank settlement building freeze whose looming expiration threatens to sink peace talks. "I would say they're in a constructive channel and that has been very reassuring to us," Clinton told ABC News in an interview while traveling in the region to help the two sides tackle the main issues of the Middle East conflict. Egyptian President Hosni Mubarak told Israel's Channel 1 television on Thursday he proposed a three-month extension of the moratorium in a meeting with Prime Minister Benjamin Netanyahu on Wednesday. Netanyahu, Palestinian President Mahmoud Abbas and US Secretary of State Hillary Clinton attended peace talks hosted by Mubarak in Egypt's Red Sea resort of Sharm elSheikh on Tuesday. Looming over the negotiations is a Palestinian threat to
pull out of the nascent talks if new construction begins in the West Bank settlements when the 10-month moratorium ends on September 30. "I spoke with him (Netanyahu) about the issue and told him to give it another three months during the negotiations," Mubarak said in an excerpt from the interview aired on Israel Radio. He said borders of a Palestinian state could be negotiated during the extension. Israel has said such a deal could entail a land swap under which it would keep major settlement blocs in the West Bank. Once frontier lines were agreed, Mubarak said, Israel could build within its future borders and Palestinians could do the same -- effectively resolving the moratorium issue and keeping the peace talks alive. Officials close to the talks said the United States had made a similar proposal and Netanyahu, whose governing coalition is dominated by prosettler parties, turned it down. In a statement, Netanyahu's bureau said it would not comment on the substance of the negotiations but that he was
standing by his position not to extend the moratorium. He has said, however, he intends to limit the scope of future construction. US officials traveling with Clinton declined to comment on Israel's response. But the United States said on Wednesday it believed Israel and the Palestinians were making progress on ending the settlement dispute. The settlements are on territory captured by Israeli forces from Jordan in the 1967 Middle East war and are deemed by the World Court to be illegal, a finding disputed by Israel. Palestinians fear that settlements will deny them a viable and contiguous country. Meeting in Brussels on Thursday, European leaders will call on Israel to extend the moratorium according to a draft of the summit conclusions seen by Reuters. Washington has set a oneyear target for resolving major issues dividing the two sides in a Palestinian drive for a state. US Middle East envoy George Mitchell said Israeli and Palestinian negotiators would meet next week and set a new date for leaders to convene. See # 2 Page 11
Council instituted to eye flood aid inflows ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has constituted 15member National Oversight Disaster Management Council (NODMC) to monitor inflow of funds for various phases of post-flood recovery and reconstruction. The NODMC will be headed by UAG Isani. Other members of the Oversight Council are Ejaz Rahim, Ms Fauzia Naqvi, Ms Ameena Syed, Farid Rehman, Justice (R) Mian
Allah Nawaz, AZK Sherdil, Fazalur Rehman, Fazlullah Qureshi, Justice (R) Sardar Muhammad Raza, Muhammad Azam Khan, Justice (R) Amirul-Mulk Mengal, Munawwar Khan Mandokhel, GM Sikandar, and Tariq Masood. The council will review plans for post-flood reconstruction and monitoring progress of implementation of reconstruction. The council will also interact with authorities relevant to reconstruction
(Economic Affairs Division, Planning Commission, NDMA and provincial governments). The NODMC will also ensure effective targeting and transparent disbursement of support to genuine affectees. It will also be responsible to prepare quarterly reports for Council of Common Interests. According to the terms of reference, the council will commission and supervise audits on utilisation of funds. -Online
Rehab in full swing with world help: FM MULTAN: Foreign Minister Shah Mehmood Qureshi has said that government of Pakistan has been tackling flood devastations across the country with the assistance of world community and rehabilitation process in the flooded areas was going on with the consultation of provincial governments and federal government. Addressing a joint press conference here on Thursday along with Australian Foreign Minister Kevin Rudd and US special Envoy for Pakistan and Afghanistan Richard Holbrooke, Foreign Minister Shah Mehmood Qureshi said that Pakistan has been very grateful to world community and NGOs for timely help of
flood victims in the country and also appreciated the flood relief efforts from armed forces and civil society for rescue and relief efforts in the flood-hit areas. Shah Mehmood Qureshi further stated that Pakistan has called for Int'l donors conference for rehabilitation of floodaffected people adding that Int'l donors conference would be held in November 2010 in Islamabad, that would be participated by Arab and other countries of the world. He also informed that conference of Friends of democratic Pakistan (FoDP) has also been called on October 14 and 15 in Brussels to tackle the flood devastations and rehabilitation process of flood victims in the
country. Shah Mehmood Qureshi further stated that assessment of flood damages in the flooded areas would be completed within one month and the every dollar out of foreign donations would be disbursed transparently. While Australian Foreign Minister Kevin Rudd speaking on the occasion emphasized that it has been the responsibility of the world community to come forward to assist Pakistan to tackle the challenges of flood affected people. US Special Envoy for Afghanistan and Pakistan Richard Holbrook addressing to the press briefing termed the See # 3 Page 11
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