International Karachi, Tuesday, September 28, 2010, Shawwal 18, Price Rs12 Pages 12
Sharif says President's immunity is up to SC
Special Supplement on Oil, Gas & Generation on Page 6 & 7 Krishna and Qureshi attend C'wealth reception
See on Page 12
NATO forces carry out airstrikes in Pak 50 killed See on Page 12
See on Page 12
Rumors ended as President, PM & Army Chief meet
Economic Indicators $16.63bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Foreign Debt (Jun 10) Rs 4705.40bn Domestic Debt (Jul 10) $100.90mn Repatriated Profit (Jul- Aug 10) 4.55% LSM Growth (Jul 09 - Jun 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.64mn Population
Forex Reserves (17-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10)
Troika agrees to save system Big Three vow to resolve issues according to constitution
Portfolio Investment SCRA(U.S $ in million)
41.98 -43.90 0.78 2389
Yearly(Jul, 2010 up to 23-Sep-2010) Monthly(Sep, 2010 up to 23-Sep- 2010) Daily (23-Sep-2010) Total Portfolio Invest (17 Sep-2010)
NCCPL (U.S $ in million)
FIPI (27-Sep-2010) Local Companies (27-Sept-2010) Banks / DFI (27-Sept-2010) Mutual Funds (27-Sept-2010) NBFC (27-Sept-2010) Local Investors (27-Sept-2010) Other Organization (27-Sept-2010)
0.38 -1.38 2.25 -1.09 -0.25 -1.45 1.54
Global Indices Index Close KSE 100 9,936.79 Nikkei 225 9,603.14 Hang Seng 22,340.84 Sensex 30 20,117.38 ADX 2,664.20 SSE COMP. 2,627.97 FTSE 100 5,573.19 *Dow Jones 10,833.27 *Last Updated 20:00 PST
Change 27.34 131.47 221.41 72.20 7.38 36.42 25.29 26.99
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)
$.Price PKR/Shares 2.60 111.72 17.30 148.68 2.00 42.97 1.70 36.52 9.58 32.93
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.69% 12.82% 12.79% 13.00% 12.65% 12.82% 12.97% 13.28% 13.36% 13.42% 13.50% 13.63% 13.78% 13.88% 14.10%
22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010
Commodities *Crude Oil (brent)$/bbl 78.81 *Crude Oil (WTI)$/bbl 76.86 *Cotton $/lb 102.49 *Gold $/ozs 1,299.00 *Silver $/ozs 21.51 Malaysian Palm $ 885.00 GOLD (NCEL) PKR 35,910 KHI Cotton 40Kg PKR 7,663 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 81.60 Canadian $ 83.10 Danish Krone 14.90 Euro 115.00 Hong Kong $ 10.90 Japanese Yen 1.006 Saudi Riyal 22.75 Singapore $ 64.25 Swedish Korona 12.00 Swiss Franc 84.80 U.A.E Dirham 23.25 UK Pound 135.00 US $ 86.05
82.60 84.10 15.30 116.50 11.30 1.032 22.95 65.25 12.50 85.80 23.47 136.50 86.40
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
82.22 83.71 15.51 115.55 11.07 1.019 22.89 64.93 12.59 87.18 23.37 135.76 85.94
82.41 83.91 15.55 115.82 11.09 1.022 22.94 65.08 12.62 87.39 23.43 136.08 86.13
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani and Chief of Army Staff General Ashfaq Pervez Kayani called on President Zardari at Aiwan-e-Sadr. -APP
Minister urges Revenue Officers to work hard
Shaikh urges to up taxes ratio ISLAMABAD: Federal Minister for Finance and Economic Affairs Division, Dr Abdul Hafeez Shaikh said that government is striving hard to improve the taxes ratio and urged the Chief Commissioners Revenue to work hard in this regard. He was addressing the Chief Commissioners' Conference here Monday, which was organised by the Federal Bureau of Revenue to deliberate upon the strategy to meet the assigned revenue collection target for the first & second quarters of the 2010-2011 and for the overall target. The Minister said that government, despite financial con-
straints has done a lot for the revenue-generating officers and staff by doubling their pay and many allowances, and now the time has come for them to repay what the nation has given to them. He urged upon the revenue Commissioners to apprise him of their valuable suggestion if they have, and the problems in the way of generating revenue and achieving the earmarked targets. In this regard the minister also mentioned that the government has setup three task forces, for the improvement of Income tax, Sales tax and Custom Duty whose reports See # 1 Page 11
Qamar meets Oil Marketing Companies
OMCs told to build up stocks ISLAMABAD: Federal Minister of Petroleum and Natural Resources, Syed Naveed Qamar Monday chaired a meeting with all Oil Marketing Companies to devise a strategy to avert recurrence of petrol shortage in the country in future and to examine the causes that led to petrol shortage in some parts of the country. Minister for Petroleum and Natural Resources conveyed government's serious concerns on petroleum shortage and difficulties faced by the general pub-
lic. He advised that oil marketing companies (OMCs) should take all necessary measures to avert such a situation in the future. OMCs were of the view that shortages occurred due to washing away of approach roads and bridges leading to the country's largest Parco refinery because of floods. Indus and National Highways were also blocked at some places by flood water restricting oil supplies from See # 7 Page 11
KSE chairman says has reservations over MTS KARACHI: Karachi Stock Exchange (KSE) Chairman said the objections raised over Margin Trading System have not been removed, media reported. Talking to the media, KSE Chairman Zubair Soomro said the objections which he raised over Margin Trading
System are still there hitherto unaddressed by the government. According to sources, the draft of Margin Trading System adopted by Securities and Exchange Commission of Pakistan (SECP), allows the See # 8 Page 11
Pakistan becomes chair of IAEA board VIENNA: Pakistan became the new chair of the UN nuclear watchdog's governing body on Monday, despite being outside a global anti-nuclear arms pact. Western diplomats have suggested they do not see the choice as ideal because - like India, North Korea and Israel Pakistan has shunned the NonProliferation Treaty (NPT) that is at the heart of the International Atomic Energy Agency's work. But Western powers did not oppose the nominee of a group of Middle East and South Asia member states at a meeting of the IAEA board, which approved the choice by acclamation, one diplomat who attended the closed-door session said. Pakistan is a longstanding member of the Vienna-based IAEA and the choice was within its rules. The one-year board chair position rotates between regions; who put forward their own nominee, and entails chairing debates of the IAEA's 35-nation decision-making body and helping them reach See # 6 Page 11
Patterson visits MQM headquarter KARACHI: US Ambassador to Pakistan Anne W Patterson Monday visited MQM headquarter 'Nine Zero' and expressed her grief over the killing of MQM leader Dr Imran Farooq. The US ambassador was received by Coordination Committee Deputy Convener Dr Farooq Sattar, Nasreen Jalil and former administrator Mustafa Kamal. The US ambassador in her meeting with MQM leaders condoled the killing of Dr Imran Farooq and dubbed the incident as most unfortunate. See # 5 Page 11
ISLAMABAD: A meeting between the President, Prime Minister and the Chief of the Army Staff (COAS) on Monday expressed resolve to protect the democratic process and to resolve all issues in accordance with the constitution. The affirmation to this effect was made in a meeting between President Asif Ali Zardari, Prime Minister Yousuf Raza Gilani and Army Chief General Ashfaq Pervez Kayani. The meeting lasted for more than one and a half hour. According to President House Spokesman the ‘Three Big’ exchanged views on the current situation in the country, war against terror and relief activities in flood hit areas. Official sources told Online that the political and military leadership under took important decisions so that the current political and constitutional crisis could be settled permanently. Army Chief also gave his input to the government for improving the governance, which the government would implement.
Gilani terms regime change as pipe-dream ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said that there is no truth to change in government through democratic means and this would remain a dream for those who wished change of regime. Talking to media after attending a meeting on railway restructuring and other important issues at the Railway Ministry PM said, that lots of people have betted on change of but those people who are dreaming of a change would have to face disappointment as we are not going anywhere we came together and we would go together. See # 2 Page 11 Action would also be taken against the corrupt -- who are part of the government -- however the country would under no circumstances would be allowed to be politically destabilised. It was also learnt that government is willing to take action against all NRO-beneficiary ministers if corruption cases are proven against them. However all legal and constitutional requirements would be fulfilled in this regard. The army chief on the occasion also assured of his complete cooperation in the contin-
Secy Finance holds meeting on RGST
Services-taxes go to provinces ISLAMABAD: A meeting of the provincial and federal representatives on Reformed General Sales Tax (RGST) Monday decided the sales taxes on services was a provincial subject and provinces would collect it. However, the representatives would again meet today to take some broad decisions including the timing and modalities of the RGST. The meeting which was attended by the officials of federal government and provinces stressed the need for imposing
RGST to broaden tax base in the country. Later, briefing the media about the decisions of the meeting Secretary Finance Salman Sadique said the meeting emphasised that under 7th National Finance Commission Award and 18th constitutional amendment the GST is a provincial subject and should be given to them. However, he added if the provinces did not like to collect the RGST then they would authorise the Federal Board of See # 9 Page 11
Dr Aafia Sentence
Altaf urges masses to join MQM rally LONDON: MQM chief Altaf Hussain has appealed to the people of Pakistan, particularly political, religious leaders, NGOs, and human rights organisations to unite against the unjust sentence given to Dr Aafia Siddiqui and join together with MQM in its rally to
show solidarity that the whole of the country is united. Hussain deplored the 86 years long unjust sentence on the daughter of the nation Dr Aafia Siddiqui. He said that the MQM would take out a peaceful protest rally to demonstrate See # 4 Page 11
uation of democratic process. Troika also was in complete conformity that clash between the institutions is in no way in country's interest and every institution should work within its limit. Prior to meeting with Army Chief, President and PM held a one-on-one meeting that lasted for 45 minutes in which matters related to NRO, 18th amendment and the pending court cases in the Supreme Court were discussed. It was agreed during the meeting that president 's See # 3 Page 11
Yawar quits as manager KARACHI: Yawar Saeed has stepped down as Pakistan manager following the team's controversial tour of England, the Pakistan Cricket Board (PCB) said on Monday.
The PCB said Saeed had asked the board chairman if he could be relieved of his duties. "Yawar Saeed met with the chairman today who has accepted his request, the board will announce a new manager in due course," PCB media manager Nadeem Sarwar told reporters. Saeed has come in for severe criticism for his handling of team affairs on the tour of England, which was marred by corruption allegations. "I don't want to comment on my decision but I have been thinking about it for a while now," Saeed said. -Reuters
NRO Cases: PM Gilani needs time to implement verdict: AG requests apex court
Supreme Court gives govt 2wk more Anti-Constitution law is no law, says CJP ISLAMABAD: Supreme Court Monday admitting the government appeal for postponing the NRO hearing for two weeks has granted an extension till Oct 13 and ordered the government to continue the implementation of court verdict in NRO cases.
On behalf of the Government, the Attorney General (AG), Maulvi Anwarul-Haque submitted an appeal to the Supreme Court (SC) to postpone the hearing of NRO for some time. The AG argued in his appeal that Prime Minister is very busy in the internal and external affairs, especially, in the flood-caused problems and he needs some time to proceed on this matter. He added that this is a mat-
ter of extreme value and Prime Minister needs full concentration to deal with it while under the current busy schedule he is unable to do so. Chief Justice Iftikhar Muhammad Chaudhry said during the hearing of 18th Amendment case that laws which clash with the constitution carry no value at all. During the hearing, the CJ said that no Pandora's Box shall be opened in front of the
court as the principles of the Objectives Resolution are also provided separately in the constitution. Earlier, Chief Justice of Pakistan Justice Iftikhar Muhammed Chaudhry said the judiciary is neither part of the government nor its' subservient, media reported. CJ said this while heading a 17-judge SC bench hearing 18th Amendment case with particular reference to the judicial commission for the
appointments of judges in higher judiciary. Salman Akram Raja, Counsel of civil society presented his arguments before the court in favour of the Constitutional amendment. Objective Resolution cannot be made a justification for judicial review of constitutional amendment, the CJ stressed. 'It had been clarified in the NRO case that anything that contradicts Constitution, is
not a law and wherever an anti-constitution situation arises, justification of its judicial review comes into existence simultaneously,' the CJ Chaudhry remarked. Commenting on the criteria of judges' appointments, the CJ said a judge should be as deep as an ocean and as cold as snow, adding November 3 sacrifices by the lawyers have nothing to do with this criterion. -Agencies
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Tuesday, September 28, 2010
PSQCA stresses need of quality products
KARACHI: Senetor Mohammad Azam Khan Swati, Federal Minister for Science and Technology speaks at a Press Confrences held at PSQCA (Pakistan Standard Quality Control Authority).-PR
Small traders go against govt Staff Correspondent KARACHI: Chairman All Karachi Tajir Ittehad (AKTI) Ateeq Mir has announced to side with the anti government movement to get rid of present government after realising that it has failed to provide relief and is adamant to destroy their business. In a handout sent to The Financial Daily, Ateeq Mir presiding an emergent meeting said that despite the small traders are already under enormous financial burden due to law and order situation, frequent load shedding, spiral of price hike in utilities and other essential items, uncertainty and non seriousness on the behest of IMF imposition of reformed GST has broken the backbone of small traders and they will strongly agitate against government with non payment of taxes and civil disobedience.
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Marri stresses promoting tourism KARACHI: Minister for Tourism Shazia Marri has said that Pakistan and Sindh specially is full with opportunities of tourism and the present government is taking concrete efforts to promote tourism and reduce poverty along-with raise Pakistan's soft, positive and peace loving image throughout the world. This she said while addressing to an award distribution ceremony arranged by Sindh Tourism Department in connection with the "World Tourism Day", for the winners of article writing competition arranged at6 Cabinet Room, Sindh Secretariat here today. Marri said that the economy of various developed countries depends upon the tourism but in past, the governments in Pakistan ignored this very important sector. She said that the President of Pakistan Asif Ali Zardari & Prime Minister Pakistan are determined for solid and concrete efforts for the promotion of tourism but these goals can not be achieved without the participation of
common people. Shazia Marri stressed upon the people to take proper care and preservation of national heritage which is responsibility of every Pakistani. She said that we have great heritage and colorful culture and if we succeeded to bring that our hidden and rich treasure before the world, the poverty ad unemployment will be eradicated from our country. She said that by providing safety, and all required facilities to world tourists during their visits of Pakistan, we can attract other foreigners and thereby we can also deliver message to the world that we are peace loving nation. Shazia Marri said that the article writing competition has produced best stuff and these articles are full with ideas and new avenues to be explored for promotion of tourism. She mentioned that the revival of maangroves' forests at Indus delta, preservation of unique Indus Dalphan and cotton picking can be shown to world being a part of our potential tourism.-APP
KARACHI: There is urgent need to maintain the quality & standard of the manufactured goods according to the international standard and stern action will be taken against the companies manufacturing sub-standard quality products. This was stated by Senator Mohammad Azam Khan Swati, Federal Minister for Science & Technology while chairing the 5Th Meeting of Directors at the office of Pakistan Standard & Quality Control Authority (PSQCA), here on Monday. He said that the ministry of Science & Technology has initiated the pilot projects to establish the mobile testing Laboratories across the country, so that the manufacturer could follow the international standard and produce quality products to cater the needs of consumers. In order to maintain the quality & Standard of the finished items there is need of research which requires the funds and expertise to produce genuine products. He added that the local markets in the country are flooded with sub-standard products.-PR
SME moot to focus IDPs rehab KARACHI: The 4th Pakistan SME Conference 2010 organised by SHAMROCK Conferences International will be held on October 2 at the Sheraton in Karachi, said a handout issued here on Monday. The conference is supported by the IFC/World Bank, SME Business Support Fund, Ministry of Finance and the Small & Medium Enterprise Authority (SMEDA). A special panel discussion will highlight the postfloods situation and the scope for rebuilding devastated areas and the rehabilitation of displaced people. 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 theme of the conference is 'Rebuilding and Rehabilitation - The Task, Responsibility and Opportunity' and 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'.-PR
PTA elects new chairman KARACHI: Pakistan Tanners Association (PTA) elected Aziz Ahmed of AMA Leather Industry, as Chairman and Hamid A Zahur of Noor Leather Garments, as Vice Chairman for year 20102011. The hopes are being attached to the above representatives of new generation of Leather Manufacturers to lead the way and help realise full Potential of local leather industry and play its due role in national exports. The new elected MC members for the next two years are Messrs M Saleem Ahmed, Khwaja Masood Ahmed, Faraz Mannan, and Danish Naseem."-PR
Need to raise Pak, Bdesh trade volume Jamil Siddiqui KARACHI: The Deputy High Commissioner of Bangladesh Ruhul Aslam Siddique has stressed to explore the enormous potential and opportunities to boost bilateral trade between Pakistan and Bangladesh. While speaking at his first interaction meeting with the members of Karachi Chamber of Commerce and Industry (KCCI) after assuming his new assignment in Karachi he said that while both countries are trading in Europe and USA why not direct their efforts and energies to focus on
increasing trade between both brotherly Muslim countries and pledged his full support in achieving the goal by offering liberal visit visas and expediting the trade enquiries. He urged that there is strong possibility of joint ventures in the leather, textile automobiles and other sectors while Bangladesh having GSP Plus status and free market access to EU markets Pakistani business community can utilise the BD platform to boost their exports to EU countries. He also announced that a high level BD trade delegation will soon visit Pakistan and urged that
Pakistani business community should also increase the frequent visits to BD to have a close contact with BD business community. Earlier in his opening remarks the President KCCI Abdul Majid Haji Mohammed briefed the guest about the activities of the premier Chamber of Pakistan and Karachi being the revenue engine of the country with 64 p.c. contribution to the National Exchequer urged that BD and Pakistan can boost trade and cooperation in Agriculture and other sectors with technical collaboration.
"Considering huge population of BD and Pakistan and having very warm and brotherly cooperation the present $ 340m figure looks peanuts and a serious efforts is needed to boost the bilateral trade while as only one shipping line is currently accepting the cargo destined for BD this big hurdle needs to be addressed immediately," he said. During the meeting Vice President KCCI Javed Ahmed Vohra, Ateequr Rehman, Durreshehwar Nisar, Asif Nisar, Shamim Firpo and others also aired their detailed point of view.
KARACHI: Abdul Majid Haji Muhammed, President of the Karachi Chamber of Commerce & Industry is seen presenting Chamber’s Crest to Ruhul Alam Siddique, Deputy High Commissioner of the Peoples Republic of Bangladesh at a meeting at Aiwan-e- tijarat.-Staff Photo
Russia may grant EU-like trade break to Pak KARACHI: Russian Federation will consider lowering the tariff on the import of Pakistani textile products to Russia on the pattern of the recent decision of EU Commission, this was the agendum of recent meeting between Russian and Pak delegation at Brussels. Pakistani delegation led by Dr Mirza Ikhtiar Baig Federal Advisor on Textile in visited Brussels to attend 35th Federal Trade Fair held in Moscow recently. Pakistan side proposed that in view of large scale destruction cause by the recent flood in Pakistan and urgent need to sup-
port economy, Russian Federation will consider to lower the tariff on the import of Pakistani textile products to Russia on the pattern of the recent decision of EU Commission. Federal Advisor Textile is trying to get the similar tariff concession on import of Pakistani textile product from our other important markets like Canada, Australia and New Zealand. Pakistani side also raised to resolve the financial dispute of Pakistani exporters to Russia. Dr Baig also met Deputy Minister, Ministry of Textile and Trade, Russian Federation Oleg V
Kashcheev along with Ilyas Ghauri, Trade Minister, Pakistan Embassy, Moscow and discussed modalities for lowering tariff on import of Pakistani textile products to Russia. He also invited Oleg V Kashcheev to visit Pakistan to appraise him about textile industry of Pakistan. Pakistan side also proposed sponsorship for the Russian students for the textile institute and university in Pakistan. The Russian counterpart desired to meet the leading textile industrialists to brief them about the investment potential of textile in Russia.-PR
KARACHI: Group photo of a reception given by the German businessmen WolfGang Seidler & Hashim Khan at their residence, seen in the picture are the hosts along with other guests.-Photo by Jamil Siddiqui
Traders welcome cabinet rightsizing KARACHI: Tariq Sayeed, former President FPCCI has welcomed the decision of the Government to reduce the size of Cabinet, stating that it would shorten the volume of non-development expenditures of the Government and provide quality leadership to the country instead of quantitative representation. He said that smaller but efficient cabinet was in the
best interest of the country particularly in view of the present circumstances the country is faced with. He cited the example of other countries and said that Pakistan with a population of 170 million had a huge Cabinet of 96 Ministers which was quite bigger as compared with the World's most populous country China, which has only 14 Ministers, representing
population of 1.35 billion. While India, the second largest population of the World (1.26 billion) has 26 Ministers, USA, the third largest nation with a population of over 310 million has a cabinet of 14 Ministers while UK, which ruled half of the World in colonial system and still has a major role in global affairs, has only 12 Ministers in its Cabinet.-PR
Superbrands partners with Nielsen Co KARACHI: Superbrands has partnered with The Nielsen Company in Pakistan for obtaining consumer endorsement of brands. Nielsen is the world's leading marketing and media information company which will be working with Superbrands Pakistan in identifying and selecting the strongest brands of the country. Superbrands pays tribute to the world's strongest brands. Over the past 15 years, Superbrands has produced hundreds of high quality publications which have served and promoted the greatest brands in over 80 countries of the world.-PR
Tourism can help economy: LCCI LAHORE: The President, Lahore Chamber of Commerce & Industry Zafar Iqbal Chaudhry, has said that Pakistan can cope with ongoing economic crisis by focusing on tourism which has a huge potential and is one of fastest growing sectors in the world. The LCCI president was speaking at one-day seminar on "Challenges faced by the Tourism Industry of Pakistan". The seminar was arranged by the LCCI Standing Committee on Hospitality, Travel & Tourism here at the Lahore Chamber of Commerce & Industry on Monday. The LCCI former Senior Vice President Sohail Lashari, Convener LCCI Standing Committee on Hospitality, Travel & Tourism Ahmad Shafique, LCCI Executive Committee members Dr. Shahid Raza & LCCI Secretary General Syed Muhammad Saqlain also spoke on the occasion. Zafar Iqbal Chaudhry said that bad law and order situation coupled with travel advisories issued by different developed countries had tarnished the image of country that needs to be taken care of.-PR
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Tuesday, September 28, 2010
Swiss franc eases from 30-mth peak ZURICH: The Swiss franc eased from the previous session's 30-month peak against the greenback, but further losses were limited as some in the market speculated the US central bank might resort to further easing measures. Earlier on Monday, the dollar had hovered near eight month lows against a basket of currencies, following weak US housing data and with some in the market taking positions in anticipation of the US Federal Reserve possibly implementing new quantitative easing measures. Economic data for Switzerland this week include the KOF leading growth indicator on Sept. 29, along with retail sales and PMIs on Oct. 1. The franc was down some 0.4 per cent against the dollar compared to Friday's New York close, trading at 0.9865 per dollar at 0743 GMT. Against the euro, the franc also fell, trading at 1.3284 per euro.-Reuters
Euro drops from five-mth high against US dollar NEW YORK: The euro fell from a five-month high against the dollar on Monday as nagging worries about fiscal debt problems in euro-zone countries such as Ireland gave traders an excuse to consolidate gains. Monday's downgrade of Anglo Irish Bank's lowergrade debt pushed the euro to session lows, highlighting concerns about the euro-zone. That led to the widening of the Irish/German 10-year bond yield spread as investors demanded additional premium to hold Irish government bonds over benchmark Bunds. The increase in the yield spread also helped push the euro lower after hitting the fivemonth high above $1.35 earlier. "The euro right now is being pulled in a tug of war between the sovereign debt crisis still existing in the euro-zone ver-
sus the prospect of a very serious QE2 (another round of quantitative easing) out of the US," said Boris Schlossberg, director of FX research at GFT in New York. The Federal Reserve last week signaled it could loosen
monetary policy further to support a sluggish economy, fueling a massive dollar sell-off. While statements by European Central Bank President Jean-Claude Trichet on Monday had little market impact, they added to a view that the euro-zone economy is on the mend. The euro rose as high as
Asian currencies
Won leads Asia gains, cbanks spotted SEOUL: The South Korean won hit an over four-month high against the dollar on Monday, leading overall gains in Asian currencies, as optimism on the US economy pushed up regional stocks to their highest in more than two years. But the foreign exchange authorities in the region were spotted or suspected buying dollars to check strength in their currencies, dealers said. Still, Asian currencies are expected to stay firm as investors keep looking for assets in the region with eased worries about the US economy seen brightening further the region's economic outlook, dealers and analysts said.
"Firm US data alleviated concerns over risks on the global economy. So, I cannot find any reason not to chase assets in Asia, whose fundamentals and corporate earnings are better than other regions," Hyundai Securities economist Kim Jaeeun said. Won touched its highest in more than four months as foreign investors continued to buy local shares amid ongoing capital flows into emerging markets and on broad dollar weakness. The local currency closed up 0.6 per cent at 1,148.2 a dollar from Friday's domestic finish of 1,155.2. Earlier, it strengthened to as firm as 1,146.0, the strongest since May 18.
Thai baht rose 0.4 per cent in line with a broad Asian rally against the dollar. Dollar/baht was bid at 30.57 against 30.69 late on Friday. The baht has gained 9.0 per cent against the dollar this year, the third-best Asian performer after the ringgit and yen. Philippine peso rises 0.4 per cent to 43.94 per dollar, buoyed by regional stock market gains and a weaker dollar. Still, investors remain wary of possible intervention by the central bank to curb the peso's strength. Some traders in Manila said they suspected the central bank of buying near 43.90 levels. Reuters
Sterling hits 7-wk high vs ailing dollar
Taiwan $ at near 5-mth high
LONDON: Sterling rose to a seven-week high against the dollar on Monday as the US currency struggled on expectations the US Federal Reserve may ease monetary policy further to help the ailing economy. Data from property firm Hometrack showed UK house prices rose at their slowest annual rate in seven months in September, but the reading, the
latest in a run of sluggish housing data, had limited impact on the pound. "We've had a string of weak housing data ... it has lost its impact on the market because weakness in the housing market has already been priced in," said Elsa Lignos, currency strategist at RBC. Commenting on sterling's recent gains against the dollar, she added, "Strength in cable is more reflective of dollar weakness than sterling strength." The dollar slipped its lowest since Feb. 2 versus a currency basket at 79.188. Sterling rose to $1.5867, its highest versus the dollar since
Top Economic Events
early August, before pulling back to around $1.5835 by 1445 GMT, little changed on the day. The pound has been pushed up by gains in the euro against the dollar this month on speculation that the US central bank may soon announce another round of quantitative easing to boost the economy, which would be negative for the US currency. Market participants said the
pound also found some support on Monday from one-off demand related to dividend payments from UK banks. The single European currency traded at 85.10 pence, down slightly on the day but not far from 85.77 pence hit last week for the first time since late May. The International Monetary Fund gave its endorsement to the British coalition government's fiscal tightening plans on Monday, saying they were essential and would support a balanced recovery, but analysts were sceptical on sterling. Reuters
TAIPEI: The Taiwan dollar rose to its highest close in nearly five months on Monday as the US dollar weakened against other major Asian currencies and a rising domestic stock market triggered foreign fund inflows. The Taiwan dollar opened at T$31.620 against the US dollar, unchanged from Friday's close. It strengthened to an intraday high of T$31.370 before closing at T$31.470. Dealers said Taiwan's central bank was seen intervening in late trade to slow the pace of the local dollar's appreciation as a stronger Taiwan dollar could hurt exporters. "The US dollar is weaker against other Asian currencies and Taiwan stocks have been doing well recently, so we have also seen foreign fund inflows," said one dealer at a foreign bank in Taipei. Investors have favoured growth-linked Asian forex markets such as Taiwan's for most of September because of strong fundamentals and upbeat data from across the region, currency strategists say. Solid economic data or earnings from the United States, Taiwan's No.2 export market, would support the local currency as investors favour growthlinked assets. More signs of weakness in the US economy could pressure the local forex market. -Reuters
Aussie at 2-yr high; fanned by stocks, rate view SYDNEY/WELLINGTON: The Australian dollar hit a two-year high on Monday as buoyant Asian stocks, a hefty yield advantage, higher commodity prices and a weak US dollar all worked in its favour. The currency's outlook appears so rosy that some investors see it testing its record peak of $0.9851 in coming weeks, despite having already surged 7.7 per cent this month. By late trade, the Australian dollar was at $0.9582 after climbing as far as a two-year peak of $0.9623, and up from $0.9494 seen here late Friday. Favourable yield spreads and bets that domestic interest rates could rise as soon as next month all helped to burnish its allure. Some traders said mutual funds were among buyers. The New Zealand dollar held steady $0.7344 from morning levels after ranging between
$0.7335 and $0.7376. It hit an eight-month high of $0.7418 last week. The kiwi was more likely to struggle, as lacklustre data reinforced market expectations rates will remain on hold until early 2011. Still, broader risk support was likely to keep kiwi trading between $0.73 and $0.74. The currency is up about 5 per cent so far this month despite a series of weak data, including a meagre 0.2 per cent growth in the second quarter, thanks to broad support for risk trades. The Aussie/kiwi pair hovered near recent highs at NZ$1.304 , off a five-month high of NZ$1.3080 hit on Thursday, with higher yield and robust economic growth pushing the pair. Against the euro, the kiwi was softer near twomonth lows, sitting around 0.5452 euro, while steady at 61.9 yen. -Reuters
$1.3507, according to electronic trading platform EBS, its highest since April. It was last at $1.3462, down 0.2 per cent on the day. The euro's next short-term key level was around $1.3511, a 50 per cent Fibonacci
retracement of its fall from $1.5145 last November to its June low around $1.1876. Investors were cautious about pushing the euro too high before banks repay 225 billion euros in European Central Bank loans. The tenders are due to expire this week, with banks preparing to repay 12-, six- and three-
month funds on Thursday. If the results highlight more banking sector troubles, traders may turn cautious on the euro, though other analysts say a withdrawal of funds from the system will boost lending rates and provide support for the single currency. The latest data from the Commodity Futures Trading Commission showed currency speculators moved to a net long position in the euro for the first time this year. The dollar index fell to 79.188, the lowest since early February. It last traded at 79.399, down 0.3 pct. The dollar index broke below 80 last week, where the 55and 200-weekly moving averages were located. Traders said with the index closing below 80, the signal on the charts has become bearish, opening the way for a move down to at least 75. -Reuters
Yuan rises, ignores weaker PBOC fixing SHANGHAI: The yuan extended a rally on Monday even though the central bank lowered its mid-point after nine days of stronger fixings in the face of growing US pressure on Beijing to let the currency rise faster. The US House of Representatives Ways and Means Committee approved a bill on Friday, expected to be voted on this week, that would let the United States slap duties on goods from countries with undervalued currencies. A semi-annual US Treasury Department report is due in mid-October which could label China a currency manipulator, keeping the heat on Sino-U.S tensions. Before trade began on Monday, the People's Bank of China fixed the yuan's daily mid-point versus the dollar at 6.7098, weaker than last Tuesday's 6.6997 despite the dollar index hovering near eight-month lows after the three-day Mid-Autumn Festival holiday. The Chinese currency rose to 6.6859 during intraday trade, a record high, because of what
Chinese bank traders said was session-end dollar selling as the US currency hovered around eight-month lows in the global market. Spot yuan closed at 6.6923 to the dollar from Tuesday's close of 6.7079. The yuan has risen as much as 1.41 per cent in 10 trading days. China's vice commerce minister said on Monday that the bill on yuan was "redundant", adding that China will set policy on its currency according to its own needs. Yuan non-deliverable forwards rose across the curve in response to the PBOC's lower mid-point, with the benchmark one-year dollar/yuan nondeliverable forwards last traded at 6.5610 versus Friday's close of 6.5500. That implied yuan appreciation of 2.27 per cent in a year's time, roughly flat from Friday's 2.29 per cent. In a research note on Monday, Standard Chartered Bank recommended taking profit on short one-year dollar/yuan NDF positions as technicals of the dollar versus yuan forwards were looking oversold. -Reuters
Indian rupee climbs; further gains seen MUMBAI: The Indian rupee breached the 45-per-dollar mark to reach a new four-andhalf-month high on Monday, as large foreign investor interest in the domestic stock market amid a clutch of initial public offerings (IPOs) boosted sentiment. The partially convertible rupee closed at 45.01/02 per dollar after hitting 44.99, which was its highest since May 13, and 0.5 per cent firmer than 45.25/26 at close last Friday. "Sell on upticks would be the strategy now. We should easily break below 45 this week and 44.50 looks like a strong support now," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank in Mumbai. Foreigners have pumped $4.8 billion into Indian shares this month, taking net investment so far in 2010 to $17.7 billion. The inflows had lifted the rupee 1.3 per cent last week, its best rally in three months. The inflows so far this year,
if sustained till year-end would be a fresh record, above last year's $17.5 billion. One-month offshore nondeliverable forward contracts were quoted at 45.23, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.27, 45.27 and 45.2725 respectively, with the total traded volume on the three exchanges at an average $9.9 billion. -Reuters
Time 11:00 EUR All Day 11:45 13:30 13:30 13:30 15:00 18:00 19:00 19:00
Source
Events
Forecast
GfK German Consumer Climate 4.3 EUR German Prelim CPI m/m EUR French Consumer Spending m/m GBP Current Account GBP Final GDP q/q GBP Revised Business Investment q/q GBP CBI Realized Sales USD S&P/CS Composite-20 HPI y/y USD CB Consumer Confidence USD Richmond Manufacturing Index
4.1 -0.2% 0.5% -9.6B 1.2% -1.6% 27 3.1% 52.5 6
Source
Events
JPY JPY EUR EUR
Trade Balance CSPI y/y M3 Money Supply y/y Private Loans y/y
Previous
0.0% -1.4% -9.6B 1.2% -1.6% 35 4.2% 53.5 11
Previous Day Actual
Forecast
0.59T -1.1% 1.1% 1.2%
0.52T -1.2% 0.4% 1.2%
Previous
0.59T -1.1% 0.2% 0.8%
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask 1.3479 0.8506 1.3267 113.51 0.9833 1.0256 1.5861 133.43 0.9635 1.3832 85.55 1296.83 21.48
Bid 1.3477 0.8503 1.3263 113.47 0.9829 1.0252 1.5875 133.39 0.9361 1.3828 85.49 1296.91 21.45
High 1.3508 0.8521 1.3294 113.76 0.9869 1.0291 1.5866 133.65 0.9637 1.3859 85.83 1299.33 21.62
Low 1.3429 0.8498 0.1324 113.08 0.9818 1.0225 1.5790 132.95 0.9577 1.3769 85.27 1294.26 21.37
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 27/09/2010 A USD GBP CAD EUR JPY O/N 0.22538 0.54875 1.04333 0.37000 SN 0.10500 1WK 0.25025 0.55078 1.05917 0.47000 0.11750 2WK 0.25181 0.55563 1.08917 0.51125 0.12625 1MO 0.25625 0.56844 1.11750 0.57313 0.13875 2MO 0.27297 0.62281 1.18000 0.67438 0.17250 3MO 0.28938 0.73175 1.24167 0.82375 0.21813 4MO 0.34281 0.81734 1.30583 0.91375 0.30875 5MO 0.40625 0.92250 1.36000 1.00688 0.36750 6MO 0.46250 1.02500 1.42750 1.11188 0.42750 7MO 0.51406 1.10094 1.49333 1.16063 0.48313 8MO 0.56463 1.18094 1.57667 1.20688 0.53125 9MO 0.61266 1.26281 1.65833 1.26000 0.58063 10MO 0.66481 1.33625 1.73417 1.30813 0.60750 11MO 0.71781 1.40500 1.83833 1.35563 0.63188 12MO 0.77863 1.47063 1.94000 1.40063 0.66000
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Oct 07 2010 Oct 07 2010 Nov 03 2010 Dec 16 2010 n/a n/a
Sep 08 2010 Mar 05 2009 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010 Dec 19 2008
Current Interest Rate 1% 0.50% 1% 0.25% 0.25% 4.50% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, September 27,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.05 136.08 115.82 83.91 87.39 82.41 12.62 1.02 14.61 65.08 15.55 22.94 11.09 12.84 302.06 27.84 63.17 23.64 23.43 0.07 2.81
85.85 135.76 115.55 83.71 87.18 82.22 12.59 1.02 14.57 64.93 15.51 22.89 11.07 12.81 301.35 27.78 63.03 23.58 23.37 0.07 2.81
85.66 135.45 115.29 83.49 86.95 82.01 12.56 1.02 14.54 64.76 15.47 22.83 11.04 12.78 300.56 27.71 62.86 23.52 23.31 0.07 2.80
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 27, 2010
CMKA
BMA
INVSR
GSL
ICSL
0-7days
11.40
11.50
11.25
11.40
1140
JSCM AvgRate 11.50
8-15dys
11.70
11.60
11.60
11.75
1170
11.70
16-30dys
12.25
11.90
12.15
12.25
1200
12.25
12.13
31-60dys
12.60
12.70
12.50
12.70
1250
12.65
12.61
61-90dys
12.70
12.65
12.65
12.75
1265
12.79
12.70
91-120dys
12.75
12.75
12.75
12.85
1275
12.85
12.78
121-180dys
12.85
12.82
12.91
12.90
1282
12.91
12.87
181-270dys
12.90
12.90
12.93
12.95
1290
12.92
12.92
271-365dys
12.99
12.96
12.97
13.05
1295
12.97
12.98
2-- years
13.30
13.28
13.32
13.30
1338
13.35
13.32
3-- years
13.40
13.40
13.43
13.40
1345
13.45
13.42
4-- years
13.45
13.45
13.47
13.44
1348
13.48
13.46
5-- years
13.50
13.45
13.50
13.47
1355
13.52
13.50
6-- years
13.50
13.50
13.52
13.48
1359
13.54
13.52
7-- years
13.55
13.50
13.54
13.49
1362
13.58
13.55
8-- years
13.60
13.70
13.58
13.50
1362
13.60
13.60
9-- years
13.60
13.69
13.66
13.55
1364
13.66
13.63
10--years
13.65
13.69
13.70
13.60
1366
13.67
13.66
15--years
13.80
13.90
13.75
13.90
1375
13.75
13.81
20--years
13.90
14.00
13.85
14.10
1385
13.85
13.93
11.41 11.68
Currencies Correlation USD/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
-0.92 0.16 -0.69 -0.13 -0.05 -0.54
-0.62 0.69 0.52 0.89 0.54 0.63
-0.97 0.12 0.08 0.71 0.44 -0.12
-0.93 0.63 0.48 0.76 0.51 0.63
EUR/USD GBP/USD -0.99 0.30 -0.37 0.06 0.16 0.00
-0.80 0.53 -0.52 -0.55 -0.15 0.13
NZD/USD USD/CAD -0.74 -0.01 -0.36 -0.33 -0.12 -0.51
0.60 -0.12 0.11 -0.48 -0.27 0.47
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)27/09/2010 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 11.50
12.00
11.60
12.10
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 11.35
11.85
11.65
12.15
12.15
12.65
12.55
12.80
12.70
12.95
12.80
13.30
12.95
13.45
13.00
13.50
JSBL
11.25
11.75
11.80
12.30
12.25
12.75
12.75
13.00
12.85
13.10
12.90
13.40
12.90
13.40
13.00
13.50
ASPK 11.30
11.80
11.60
12.10
12.10
12.60
12.55
12.80
12.70
12.95
12.75
13.25
12.85
13.35
13.00
13.50
CIPK
11.25
11.75
11.65
12.15
12.20
12.70
12.45
12.70
12.75
13.00
12.90
13.40
13.00
13.50
13.20
13.70
DBPK 11.30
11.80
11.50
12.00
12.10
12.60
12.45
12.70
12.60
12.85
12.70
13.20
12.75
13.25
12.85
13.35
FBPK
11.25
11.75
11.70
12.20
12.10
12.60
12.60
12.85
12.75
13.00
12.75
13.25
12.75
13.25
12.95
13.45
FLAH 11.25
11.75
11.60
12.10
12.10
12.60
12.55
12.80
12.70
12.95
12.70
13.20
12.80
13.30
12.95
13.45
HBPK 11.00
11.50
11.50
12.00
12.10
12.60
12.55
12.80
12.70
12.95
12.75
13.25
12.85
13.35
12.95
13.45
HKBP 11.10
11.60
11.60
12.10
12.15
12.65
12.60
12.85
12.70
12.95
12.75
13.25
12.80
13.30
12.90
13.40
N I PK 11.50
12.00
11.95
12.45
12.45
12.95
12.85
13.10
12.95
13.20
13.00
13.50
13.05
13.55
13.10
13.50
HMBP 11.25
11.75
11.75
12.25
12.25
12.75
12.65
12.90
12.80
13.05
12.85
13.35
12.85
13.35
12.90
13.40
SAMB 11.25
11.75
11.50
12.00
12.20
12.70
12.65
12.90
12.90
13.15
12.90
13.40
12.95
13.45
13.05
13.55
MCBK 11.50
12.00
11.90
12.40
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 11.10
11.60
11.75
12.25
12.10
12.60
12.60
12.85
12.75
13.00
12.80
13.30
12.85
13.35
13.00
13.50
SCPK
11.00
11.50
11.25
11.75
12.15
12.65
12.50
12.75
12.65
12.90
12.75
13.25
12.85
13.35
12.95
13.45
UBPL 11.25
11.75
11.50
12.00
12.20
12.70
12.65
12.90
12.75
13.00
12.75
13.25
12.85
13.35
13.00
13.50
AVE
11.75
11.63
12.13
12.15
12.65
12.57
12.82
12.72
12.97
12.78
13.28
12.86
13.36
12.98
13.48
11.25
4
Tuesday, September 28, 2010
Islamic Funds Go on the Swell
The Financial Daily International Vol 4, Issue 55
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
India’s stance on Iran Indian stance towards Iran not only confuses the international community but exposes duality of its foreign policy. It has consistently voted against Iran at the UN's nuclear watchdog IAEA and yet it is determined to do business with the country. Indian policy towards Iran completely defies the US catchword "Are you with us or against us?" which has characterised debates on Iran in the West. On one hand, India is supporting sanctions against Iran to get the support of the west for fulfilling its ambitions of becoming a regional superpower. On the other hand it's bent on engaging with Iran to protect its energy interests and get support to consolidate its position in Afghanistan. India calls Iran being part of its proximate neighbourhood and its diplomats often talk about traditional relations. However, the two statements are, as well, confusing as both the countries, historically, hardly ever enjoyed any unanimity. Shah's pro-West policy was contrary to India's non-aligned views and in the post Islamic revolution era Iran's votes on the Kashmir issue at the Organisation of the Islamic Conference could be cited as major stumbling blocks in closer relationship between the two countries. India is building Chabahar port in Iran to achieve direct access to Afghanistan and Central Asia. This policy is not based on any love for Iran but to undermine Pakistan's importance. India considers Taliban takeover in Afghanistan and West's readiness to accommodate Pakistan in Afghan as threat to its ambition to be regional superpower. Energy interest is also not the binding force between India and Iran. India gets 16 per cent of its oil supply from Iran as against 45 per cent coming from the Gulf countries that include Saudi Arabia. This clearly indicates that oil import alone is not the compelling reason for India to warm its ties with Iran and antagonise its other trading partners. India's opposition to Iran's nuclear programme can also be termed hypocrisy. After India voted against Iran at the IAEA for the third consecutive time, the Iranians tried to draw a parallel between their nuclear programme and that of India's. Yet India rejects the comparison terming its own non-proliferation record clean adding to Iran's troubles. The Indian strategists see unilateral sanctions as a path to war and see any pre-emptive military action against Iran a threat for the region. They see the Strait of Hormuz as part of India's security parameter and seek to secure it from both non-state actors as well as inter-state conflicts. The memories of 1991 Gulf war and the oil price inflation which pushed the Indian economy to the brink of bankruptcy are still fresh. The fear of a strike forced India to endorse Brazil-Turkey-Iran deals. It may not be wrong to say Indian policy towards Iran is not for any sympathy but driven by the obsession to be recognised as the regional superpower.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
T
he asset management side of Islamic finance, which has been at a virtual standstill in the $1 trillion industry, is set to break out of its rut as demand rises for investment products catering to Muslim laws. Consultants Ernst & Young estimate that between $360 billion and $480 billion of individual and institutional savings are available to the Islamic fund industry, making its growth potential hard to ignore for asset managers. The global Islamic funds industry still only has about $50 billion of assets under management (AUM), compared with conventional global mutual funds with assets of $22 trillion, underlying the potential the industry has to grow. "The wealth management business is going to grow faster than overall Islamic finance growth," said Shahzad Wairach, vice president of global wealth management at HSBC Amanah. "We could see 20 per cent growth over the next three to five years." But to reach that target, the industry has to offer more diverse products and asset classes while overcoming misperceptions that Islamic funds are plagued by poor returns and exorbitant fees. There are signs that investment managers are slowly moving to tap demand for Islamic products. Qatar First Investment Bank and Gulfmena Alternative Investments last week unveiled plans for a sharia-compliant asset management firm. "The Islamic wealth management industry has to grow because it works," said Jahangir Aka, senior executive officer at wealth manager SEI. "It is a viable investment approach that just happens to be
sharia compliant and emotionally acceptable to Muslims." The funds industry has largely
“
and non-financial stocks. And hefty management fees of up to 5 per cent -- which were often charged to cover costs such as sharia boards and compliance audits -- have also dropped sharply to about 1.15 per cent, more in line with conventional fees. Still, Islamic funds have struggled to make a mark. Fund sizes are negligible, with 70 per cent of Islamic funds holding less than $100 million in assets as of the first quarter of 2010, according to Ernst & Young. "Islamic management was very much a poor cousin of Islamic banking," said Shehzad Janab,
The global Islamic funds industry still only has about $50 billion of assets under management (AUM), compared with conventional global mutual funds with assets of $22 trillion, underlying the potential the industry has to grow. focused on institutional investors rather than the increasingly affluent Muslim population in the region. According to consultancy Deloitte, $600 billion of the $1 trillion I s l a m i c finance industry comes from the Gulf Cooperation C o u n c i l ( G C C ) region, which has more potential for retail growth because of its affluence. BETTER RETURNS Islamic investment products are commonly perceived to underperform conventional asset classes due to restrictions on investment avenues and the overall conservatism of portfolios. But the MSCI World Islamic Index has managed to outperform the conventional MSCI World Index over the last 13 quarters due to its focus on low-debt companies
in the current market environment, keeping the industry fund sizes small, experts said. According to Ernst & Young, Islamic funds require $80 million to $100 million to break even based on average management fees. Many funds in 2009 were unable to meet that break-even mark, creating a period of consolidation for the industry. Twenty-nine funds launched last year but that growth was offset by 27 liquidations. Still, consolidation may have done the industry a favour by weeding out poor performers and upstart funds, leaving the playing field wide open for remaining funds to innovate beyond the traditional equity investments. "Islamic funds are well placed to participate in private equity and infrastructure products so growth in this demand will be beneficial to Islamic funds," said Craig Roberts, chief executive of fund administrator Apex Fund Services in Dubai. "Any products which ease access to markets such as ETFs should be reasonably attractive." The trend is towards income-producing products such as commodity murabaha, fixedincome funds, savings plans and exchange-traded-funds (ETFs), HSBC's Wairach said. "You need more issuances to come up and more asset classes," said Daman Investments' Janab. "There has been a dearth of sukuk issuances and we need to see more benchmark issues." "This is a classic evolution cycle within the industry," he said. "People need to differentiate themselves."-Reuters
Consultants Ernst & Young estimate that between $360 billion and $480 billion of individual and institutional savings are available to the Islamic fund industry, making its growth potential hard to ignore for asset managers. head of asset management and advisory at Daman Investments. "Margins, growth, volumes were mainly on the banking side and asset management was almost an afterthought in its initial phases." The global financial crisis added risk aversion to the mix, with institutions becoming shy about investing in new funds. Launching a large fund without a guarantee of support is too risky a proposition
Tokyo-Beijing Collision, What could be the Fallout? T
he sudden bitter feud between Tokyo and Beijing will likely push Japan to mend ties with close ally Washington and reach out to other countries in the region that are also wary of an increasingly aggressive Beijing. The dispute could also give momentum to debate inside Japan over whether to relax further the constraints of a pacifist constitution on its military to beef up its own defence. Still, Japan's growing dependence on China's dynamism for economic growth means responses must be finely calibrated. China has been Japan's biggest trade partner since 2009, replacing the United States in the top spot. "China is a very promising market, a very promising growth centre," said Hitoshi Tanaka, a former senior Japanese diplomat. "China and Japan are enjoying very deep interdependence, so let us create confidence in the region and at the same time, prepare for an unpredictable China. For that, we have to very quietly and deliberately move to create various partnerships in the region," Tanaka said. "It is a balance between the two." Prime Minister Naoto Kan, already staggering under woes from a weak economy and strong yen to a divided parliament, has come under heavy domestic fire since prosecutors released a Chinese captain being held after his fishing boat collided with Japanese patrol boats near disputed islets. Even his sudden release has not ended the dispute, as Asia's two biggest economies press their claims of sovereignty over the rocky islets in the East China Sea, home to valuable fishing grounds and potentially vast oil and natural gas fields. "What this shows is that economic integration alone does not guarantee stability," said Andrew
Horvat, director of the Stanford States. Japan Center in Kyoto. China and Japan are "This incident ... has proved to the enjoying very deep interdeJapanese that they pendence, so let us create need the US security relationship from a confidence in the region strategic point of view. And they need and at the same time, preto take defence seriously, which they pare for an unpredictable have not." The prosecutors' China. For that, we have to decision to release the skipper followed very quietly and deliberatemounting worries ly move to create various about an escalating war of words partnerships in the region," between the two countries and overt Tanaka said. "It is a balance pressure from Beijing, including a between the two." halt to top-level Then-prime minister Yukio diplomatic contacts. Japan has been investigating Hatoyama's failed attempt to revise reports, denied by China's com- a 2006 deal to relocate a Marines merce ministry, that Beijing airbase on southern Okinawa imposed a ban on exports of rare island, host to half the US forces in earth minerals vital to products the country, fanned local opposition to the plan, which Kan says from electronics to cars. China has also detained four he will implement. Sino-Japanese ties have long Japanese nationals on suspicion of violating a law protecting military been plagued by mistrust born of facilities, although Tokyo said the China's bitter memories of Japan's
“
The dispute could also give momentum to debate inside Japan over whether to relax further the constraints of a pacifist constitution on its military to beef up its own defence. incident was unrelated to the islands row. AMERICAN COUNTERWEIGHT? Tokyo's relations with Washington frayed after the Democratic Party of Japan swept to power last year pledging warmer relations with Asian neighbours and more equal ties with the United
past military aggression. But Tokyo is hardly alone in worrying about China's growing assertiveness. China claims swathes of the South China Sea, where Taiwan and several of the 10-member Association of Southeast Asian Nations (ASEAN) also assert sovereignty. "What this may demonstrate to
everyone is that they need to keep America here ... as a useful counterweight to the Chinese," said Phil Deans, a professor at Temple University's Japan Campus. Japan should also reach out to other countries in the region confronting an aggressive China, said Katsuhiko Nakamura, executive director at Asian Forum Japan, a think tank. "They need to build a strategy," Nakamura said. "It's not only Japan that faces pressure from China as its economic might grows." The flare-up in the territorial feud and Tokyo's growing concerns about China's expanding naval reach coincide with a sweeping review of Japan's defence policies. Advisers to the government last month voiced concern about China's military build-up and called for a revision of the exclusively defensive policy adopted after its defeat in World War Two. They also called on the government to relax an arms export ban and consider lifting a self-imposed prohibition on collective self-defence, or aiding allies under attack. "When thinking about how to cope with China, Japan will have to consider several things that have been taboo, such as collective selfdefence and the ban on arms exports," Asian Forum's Nakamura said. "We need to debate this." Whether Kan's government can respond with any clarity to the security dilemma must be in doubt given the distractions of an economy stuck in the doldrums, infighting in the DPJ and a hamstrung parliament. Opposition parties have vowed to grill Kan and his ministers during a parliament session that begins on Friday. They have little confidence that the government can rise to the challenge. "It's diplomatically tone-deaf," Nobutery Ishihara, the main opposition party's No.2 executive told a TV show at the weekend.-Reuters
5
Tuesday, September 28, 2010
European stocks taste bitter pharma pill, eye macro KSE-100 Index Opening Closing Change % Change Turnover (mn)
9,909.45 9,936.79 27.34 0.28 69.08
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,096.26 3,099.09 2.83 0.09 2.47
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,540.08 2,541.25 1.17 0.05 0.10
Major Gainers
Symbol
Close
Change
WYETH 979.54 DREL 551.00 UPFL 1,039.97 RMPL 1,304.73 PECO 319.35
27.54 25.50 19.97 19.44 14.35
Major Losers
Symbol
Close
Change
BATA 480.46 ULEVER 3,990.00 SITC 115.81 SIEM 1,124.99 MTL 579.76
-19.54 -8.98 -6.09 -5.01 -4.47
Top 5 Volume Leaders
Symbol
Close Vol (mn)
TRG LOTPTA SILK PTC AHSL
4.17 8.87 2.67 18.89 23.19
13.34 7.91 3.77 2.39 2.32
Plus Minus Unchanged
183 187 23
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)
Stocks up with little margin Nawaz Ali KARACHI: Some limited positive activities were witnessed at the Karachi Stock Exchange (KSE) on the first day of the week as after bearish activities during the early hours investors took positions on adjournment of National Reconciliation Ordinance (NRO) hearing by the Supreme Court. The benchmark KSE 100index rose 27 points to 9,936 points, KSE 30-index grew 27 points to 9,638 points and KSE all-share index was up by 11 points to close at 6,941 points. "KSE recovers as the apex court put off the hearing of NRO implementation case till October 13," said Ahsan Mehanti, Director Arif Habib Investments. The day started on a negative note at 15 points down. Market was then in the grip of bears during the first two hours as investors were worried over the ongoing political situation in the country mainly
news flow about the hearing of NRO case in the Supreme Court. Therefore, index at a moment touched its lowest level of the day of 9,832 points (-ve 76 points). But then some support at lower levels allowed the market to recover and it visited the positive territory. After showing some mix activities for a couple of hours moving on both sides, index managed to stay in the bullish zone. Therefore, index breached 9,900 levels and at about 1:57 PST touched its highest level of the day of 9,958 points (+ve 49 points). The news of adjournment of NRO cases also invited buying due to which index managed to end the session on a positive note. Samar Iqbal, equity dealer at Topline Securities said that range bound activity continued mainly because of the uncertainty over the outcome of NRO case. "That is why most of the investors remained on the sideline and preferred to invest in
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
Wall St falls as investments put on hold NEW YORK: US stocks fell on Monday amid a flurry of proposed acquisitions as investors paused following four straight weeks of gains on Wall Street. The Dow Jones industrial average dropped 27.97 points, or 0.26 per cent, to 10,832.29. The Standard & Poor's 500 Index fell 3.87 points, or 0.34 per cent, to 1,144.80. The Nasdaq Composite Index lost 8.78 points, or 0.37 per cent, to 2,372.44. Declining stocks outnumbered advancers on the NYSE by a ratio of about 7-to5, while on the Nasdaq, about three stocks fell for every two that rose. -Reuters Despite the dip in the market, the S&P 500 is still on track to post one of its largest monthly percentage gains in almost 20 years. US Alberto Culver rose nearly 20 per cent to $37.62, while Unilever's New York-traded stock added 1.5 per cent to $29. Wal-Mart Stores Inc offered to buy Massmart for more than $4 billion as it seeks to expand on the continent. Wal-Mart dipped 0.6 per cent to $53.76. "In a slow growth world you're going to have more companies looking to merge because that's how they can grow earnings," said Anton Schutz, president at Mendon Capital in Rochester, NY. "Another big issue has been the flow of funds into fixed income and out of equities," he said. "If you keep having companies bought every week that's part of the flow of funds and that's helpful." Schutz also said investors were reluctant to return to the stock market before the US Congressional elections in November. "There's a lot of wrestling over what the implications if See # 20 Page 11
mid cap stocks like TRG, Lotpta and Silk Bank. However, after the news of adjournment some buying was seen in selected stocks," he said. Foreigners' activity also remained limited as according to NCCPL there was a net foreign buying of just $0.37 million on Monday. On the local side, banks and other organisation did a net buying of $2.25 and $1.53 million respectively while individual investors, companies and mutual funds did a net selling of $1.45, $1.37 and $1.09 million respectively. Investor participation however showed some improvement as 69 million shares traded in the overall market which were 20.5 million shares more as compared to a turnover of 48.5 million shares a day earlier. Though market ended positive but most of the scrip ended negative as out of total 393 active issues, 187 declined and 183 advanced while 23 issues remained unchanged.
Nikkei scales 1.4pc, but yen still strong
US stocks mid-day
Active Issues
Jakarta, Manila hit record highs, other SEAsia stocks firm
TOKYO: Nikkei climbed 1.4 per cent on Monday for the benchmark's biggest one-day gain in over a week, but market players said further rises would be held in check by the yen's continued strength against the dollar. The benchmark Nikkei rose 131.47 points to 9,603.14 by midmorning, set for its biggest monthly gain since March with a rise of some 8.8 per cent. But it is up only some 2.4 per cent on the quarter. The broader Topix climbed 1.3 per cent to 849.30. Trade was moderate, with 1.7 billion shares changing hands on the Tokyo exchange's first section, while advancing shares outnumbered declining ones by more than 5 to 1. Shares of consumer lenders plunged after media said Takefuji Corp is making final preparations to file for bankruptcy protection from creditors, although the firm said later that it has not decided anything on such a move. Takefuji, crippled by the reimbursement of overcharged interest, ended the day untraded and overwhelmed with sell orders, with the price indicated at 166 yen -- down 2.9 per cent from Friday's close. But market players said there was virtually no impact on the broader market, with investors focusing more on moves in the currency markets, where the dollar was on shaky ground against the yen despite talk Japan had tried again on Friday to intervene to weaken the currency. "The dollar shot up above 85 yen last week on talk that there was intervention, but it hasn't been able to sustain that kind of gain. It's hard to buy stocks with the currency at this level,"
said Noritsugu Hirakawa, a strategist at Okasan Securities. "If the yen would weaken there'd be a bit more buying interest. But on top of the strong yen, there are also a lot of events this week -- the BOJ tankan survey as well as US indicators -- so a lot of investors are sidelined." The dollar was flat at 84.21 yen after on Friday spiking in Asian trade on rumours of intervention but then falling to its lowest since Japan launched yen-selling currency intervention on Sept 15. US durable goods orders for August rose two per cent excluding transportation, after sliding 2.8 per cent in July, but a decline in aircraft and motor vehicle bookings depressed overall orders 1.3 per cent. A gauge of business spending plans, though, rebounded 4.1 per cent after falling 5.3 per cent in July, enough to push all major indexes up roughly two per cent or more. Market players were sceptical about the strength of Friday's Wall Street rebound, noting that trade in New York was thin and that much of the rise appeared to be short-covering after losses earlier in the week. "Wall Street's rise has provided a bit of a boost but gains on the US data are mainly because the figures weren't quite as bad as expected, not that they were really good. So gains on this alone will be limited," said Takashi Ushio, head of the investment strategy division at Marusan Securities. Consumer lenders tanked after the reports emerged about Takefuji, with Tokyo Shoko Research saying that the company had $5.2 billion in liabilities as of the end of June. See # 19 Page 11
ANNOUNCEMENTS Company Gadoon Textile Siddiqsons Tin Plate Thal Ltd Sitara Chemical KASB Modaraba Idrees Textile Ghazi Fabrics Elahi Cotton Pak.P.V.C. Fecto Cement Fateh Sports Pak Services Sitara Peroxide D.M.Textile
Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 70%(D) 7.50%(D) 60%(D) 20%(B) 25%(D) 5%(B) 2.8%(D) 10%(D) 10%(D) -
PAT (Rs in mn) 828.191 38.152 1366.290 462.717 17.095 31.591 112.207 -6.156 -22.010 -208.258 -30.518 427.932 -179.145 15.795
EPS(Rs) 0.49 26.71 22.67 0.60 1.75 3.44 -4.74 -1.47 -4.15 -15.26 13.16 -3.25 5.17
FTSE ends lower in directionless trade
Foreign funds power Indian shares
LONDON: The top share index closed lower in directionless trade Monday, with Smiths Group out of favour, hurt by a downgrade from BofA Merrill Lynch, while Unilever rose after a US acquisition. The FTSE 100 closed down 25.06 points, or 0.5 per cent, at 5,573.42, after gaining 1.6 per cent last week. "The lack of any economic data and corporate news has really meant that we're a very directionless market today. Tomorrow things pick up a bit with (UK) GDP and US consumer confidence," Angus Campbell, head of sales at Capital Spreads, said. Broker recommendation and target price changes were behind some of the individual equity moves. Smiths Group shed 1.6 per cent after BofA Merrill Lynch cut its rating for the engineering group to "neutral" from "buy" in a review of the UK Capital Goods sector. The broker said it downgraded Smiths Group due to the stock's re-rating and high US but low emerging market sales exposure, while leaving its target price unchanged at 1,350 pence. Software firm Sage Group, meanwhile, topped the bluechip leader board, while Autonomy was another good gainer after Barclays Capital initiated coverage on the European Software/IT services sector with a 1-Positive view. "We believe, as a late cyclical sector with increasing corporate IT investments and easy comps, the sector has the potential for relative outperformance versus the market in the coming months," BarCap said in a note. Sage, which BarCap started as "equal-weight," and Autonomy, which the broker initiated as "overweight" and counts among its top picks, advanced 3.1 per cent and 1.6 per cent respectively. A price target hike from Goldman Sachs helped miner Kazakhmys climb 1.5 per cent. The UK benchmark is up 6.7 per cent this month, rebounding from falls in August, but market watchers said this recent rally could be running out of steam. Manoj Ladwa, senior trader See # 18 Page 11
MUMBAI: Indian shares closed 0.4 per cent higher on Monday, for a second straight session, lifted by robust foreign fund inflows and firm world equities on signs of US economic recovery, with metal makers leading the gains. Prospects of firm metal prices due to supply constraints powered the metals pack, dealers said, which pushed the sector index 2.2 per cent higher. The 30-share BSE index firmed up 72.20 points at 20,117.38, with 19 of its components advancing and one remaining unchanged. It rose 1.1 per cent to 20,267.98 points, the highest since January 2008, intraday. In the broader market, advancers nearly equalled laggards on volume of 509.5 million shares. The 50-share NSE index was up 0.3 per cent at 6,035.65 points. "The momentum is strong in the market thanks to the foreign institutional investor money and will continue till that money stops," said Neeraj Dewan, director of Quantum
Securities. "There is no reason for a big correction right now." Foreign funds have pumped in $17.7 billion in Indian equities so far in 2010, topping the record $17.5 billion inflows in 2009 that led to an 81-per cent rally in the benchmark index. This year, the main stock index is up more than 15 per cent from a year earlier. "But I do not see too huge an upside from here," Dewan said, adding the market could go up another 500 points or so before it took a breather. The market's next trigger would be the September-quarter earnings season which begins next month, dealers said. Hindalco Industries closed up 3.3 per cent at 197.25 rupees, after touching 199.45 rupees - its highest since January 2008. Sterlite Industries gained 3.2 per cent and Tata Steel rose 2.6 per cent. Reliance Industries Ltd closed 0.8 per cent higher as it played catch up, dealers said. See # 16 Page 11
HK stocks close 8-mth high Shanghai ends 1.4pc higher HONG KONG/SHANGHAI: Hong Kong stocks closed at their highest level in more than eight months on Monday amid growing investor appetite for Asian equities, with local property developers continuing their strong run. Shanghai Composite Index closed 1.4 per cent higher at 2,6273 reopening after a threeday market holiday last week. Hang Seng Index rose one per cent to 22,340.8, bringing its gains for the month to 8.8 per cent, with the next resistance at its 2010 peak around 23,100 set in January. In the short-term, the index could come under pressure with its relative strength index (RSI) at 77, indicating technically overbought conditions. But resurgent trading volumes, due in part to strong investor response to new listings, suggest the momentum could push the market even higher.
"Investor confidence is definitely returning. The IPO market feels similar to 2007, maybe not in number of deals but certainly in terms of atmosphere," said Jackson Wong, a vice-president at Tanrich Securities in Hong Kong. "Anyone holding cash right now is at a disadvantage because of low interest rates and fears of more monetary easing in the US. That's driving people into stocks and property here but I don't see any signs of a market going crazy," said Wong. Shares of the Hong Kong Exchanges & Clearing (HKEx) jumped 3.4 per cent, bringing their monthly gains to over 25 per cent, making them the top performers on the Hang Seng in September so far. Investors have piled into HKEx shares on the back of a pickup in turnover, which See # 17 Page 11
Dhiyan
WAIT AND SEE Kashif Mustafa, Namco Due to high interest rate scenario, ongoing political situation, IMF conditionality, economic instability, and delay in launch of margin trading system, market may go downwards and can breach 9,500 levels. However, no change in the interest rate, positive development on MTS and improvement in the political situation can lead index to its support level of 10,200 points. Investors are recommended to adopt 'wait and see' strategy and in case of downside they can invest for the short-term in E&P and oil and gas sectors. Market will be positive today.
Mohammad Imran, Arif Habib Limited Until there is uncertainty on the political front, MTS is launched, monetary policy announced and assessment of floods completed market will continue to show dull activities. However, it can see positive activities on any positive developments on these issues. Investors are therefore advised to stay on the sidelines and adopt 'wait and see' strategy and invest on major dips in fertiliser, oil and cement sectors. Market is likely to be negative today.
The Financial Daily
6
International
Tuesday, September 28, 2010
Energy Sector Review
Pakistan needs DEREGULATION ‘Energy Plan’ o f p r i c i n g f o r m u l a Shabbir Kazmi
P
akistan has an elaborate energy sector comprising of sub-sector i.e. exploration and production, oil and gas marketing companies and refineries. Despite having an enviable success record, the country has to import large quantity of crude oil to feed the refineries and also import POL products. While the country is still skewed towards fossil oil, the situation would have been grossly unmanageable had natural gas not discovered. Inability to construct dams and hydel power plants, bulk of the electricity is generated using gas and furnace oil. The situation has become precarious because demand for gas has surpassed supply. Till lately people had to endure long hours of electricity load-shedding but woes have multiplied due to load-shedding of gas. Country has not been able to materialise Iran-Pakistan-India (IPI) gas pipeline due to non-cooperation by India under the US pressure. Construction of LNG project has been delayed due to bureaucratic hassles. Electricity distribution companies face severe liquidity crunch mainly because of transmission and distribution losses hovering around 40 per cent and huge receivables. Inter-corporate debt has plagued the entire energy sector. Though, efforts are being made to resolve the issue by improving cash flow keeping on pilling up the debt. Though, Rs300 billion TFCs have been issued by the Power Holding Company, the situation has only got from bad to worse. Therefore, there is an urgent need to come up with a comprehensive "Energy Policy" to make all the subsector economically viable. It is evident that shortage of electricity and gas
has become the stumbling block in achieving higher GDP growth rate and persistent hike is tariff is rendering local manufacturers uncompetitive in the global markets. Pakistan has not been able to come out of the vicious circles. Growing receivables of electricity and gas distribution companies impair the cash flow of oil and gas marketing companies, which in turn mar operations of refineries, exploration and production companies. Cashstarved exploration and production companies undertake limited drilling activities. Limited supply of indigenous crude adds to the burden on oil import bill of the country. Unless this vicious circle is broken country would not be able to ensure uninterrupted supply of energy products at affordable cost. Pakistan enjoys the potential to become energy corridor as it has on one side energy rich countries and on the other side has energy-thirsty world biggest economies like India and China. The two most talked about gas pipelines (1) Iran-Pakistan-India pipeline (IPI) and (1) Turkmenistan-AfghanistanPakistani-India (TAPI) pipeline. Both the pipelines can be extended up to China. The supply can also be augmented through import of LNG. Pakistan also has a mid-country refinery and two oil pipelines capable of handling the demand. Expediting construction of a couple of modern oil refineries can not only make the country self sufficient in POL products but also enable to earn extra foreign exchange by exporting surplus output. Our next door neighbors also suffer from limited refining capacities. Following the Singaporean model can further increase Pakistan's geopolitical importance. Singapore does not produce a drop of crude oil but have largest and state of the art refineries of the world.
U
nder the directions of the apex court of the country, the prevalent IPP formula for various petroleum products is subject to scrutiny and various proposals have been put forth. Amongst different proposals, deregulation of petroleum product pricing has been proposed, along with deregulation of IFEM, which has been highlighted the most. IFEM being applied after the ex-refinery prices would have minimal impact on refineries. It should be noted that refinery operations and profitability primarily hinge upon each refinery's respective Gross Refinery Margins (GRMs), which in turn are dependent on the international prices. Since international refineries have a cost advantage over domestic refineries due to superior product mix while 70 per cent of country's petroleum demand is met through imports, any incremental benefit of IFEM deregulation arising from reduced transportation costs has a tendency to erode away due to restricted pricing power of domestic refineries. According to Investcap's research analyst even with the deregulation of product prices,
we do not foresee enhance pricing power of the domestic refineries, simply on account of the above mentioned reason. Therefore, we deem the change in the pricing formula to have no fundamental shift in the refinery sector and downplay the risk arising from the proposed revision in the petroleum pricing formula.
Deemed Duty Government to lose if it goes Scenario without deemed duty is quite improbable, as we believe the government to be the chief beneficiary of this regime rather than the refinery. As mentioned above, the country meets 70 per cent of its demand through imports. Therefore, reduced deemed duty will in turn reduce tax rev-
enue, firstly in the form of reduced custom duty (petroleum and mineral contribute 16 per cent of total custom duty) and subsequently reduced sales tax from the petroleum industry. Therefore, under the current economic scenario, we believe that the government will not take any steps that will reduce its vital source of revenue. Therefore, we also downplay the risk arising from the change in the prevalent deem duty structure.
Tough year for refineries Pakistan refineries offtake witnessed a declined of 8.3 per cent stood at 8.13 million tonnes in FY10 against 8.86 million tonnes recorded in same period last year. Furnace oil production
declined 18.6 per cent to 2.48 million tonnes against 3.05 million tonnes. Similarly, High Speed Diesel (HSD) supplies remained down 3.6 per cent at 3.12 million tonnes against previous year's same period of 3.24 million tonnes. FY10 has been a turbulent year for the local refinery sector as it was faced by adverse operating environment, forcing the sector to curtail its throughput. At one end, the notorious circular debt continues to weigh heavily particularly companies like Parco, PRL and BYCO (high yield of HSFO in their product mix), while on the other end, subdued spreads of petroleum products to crude oil continue to exert pressure on the sector margin. Amongst the individual companies, ATRL was the only refinery exhibiting improved throughput (up 3.1 per cent YoY) with a capacity utilisation of 78 per cent (up 2pps YoY) benefiting from favorable HSD/ HSFO yield ratio (1.16x against the industry average of 0.9x). Parco, PRL, NRL and BYCO functioned at 73 per cent, 61 per cent, 60 per cent and 42 per cent of their capacity with throughput declined by 2.9 per cent, 13.0 per cent, 14.5 per cent and 23.6 per cent YoY, respectively.
ZIC, IN THE LINE OF DUTY Muhammad Basith Hasan Executive Director, Marketing
I
n today's business, corporate social responsibility is considered a must by the business entities who believe that they have certain responsibilities towards their stakeholders in general, and the nation in specific. While many of the corporates undertake an activity which they consider most important but Zic's initiative is unique as well as rewarding for those who wish to be part of the awareness programme, the nation needs the most. The promotional campaign running at present is certainly aimed at selling more of the products. To qualify to win a long list of gifts the participants will have to buy the products. Along with the product customers get a box of tissue papers which contain a sticker which they will have to stick on to their cars for the specified period. During the currency of campaign hidden cameras, installed at different location will take the photographs of the cars to ensure that stickers are not removed through out the campaign. The immediate question which comes to the minds is what is written on these stickers and why the Company is so keen to spread it throughout the country? Though, the brand name is the integral part of the sticker but most important is the
message written on it. It is public service message containing telephone numbers people need to contact in case of emergency. Since the country is passing through a turbulent period people have to access these number rather more frequently. For the convenience
minimum two or maximum four digits numbers have been allocated to the relevant agencies/services but if one needs immediate assistance recalling the number is almost impossible. For example if one has to call police he/she has to dial 15 and to contact Edhi Foundation the allocated number is 115 but in case of distress one finds it dif-
ficult to make successful call in the first attempt. Therefore, need on the time is to keep on reminding people these number but still convenient is the display of these number so that even a kid could make a call if in distress. One of the reasons for correlating Zic brand with this public service message is to show that Zic not only bothers to pro-
duce products which make running of vehicles smooth but also provide an immediate supporting hand in making the first call trauma. It is one of the oldest saying 'a problem diagnosed is half solved'. In case of an emergency contacting the right service rendering entity can ensure prompt action be it the first aid or extinguishing the blazes.
The Financial Daily
7
International
Tuesday, September 28, 2010
An Elaborate Network of Excellence Sui twins are responsible for distribution of gas in their respective franchise areas. Sui Southern Gas Company is responsible of supplying gas to Sindh and Balochistan, whereas Sui Northern Gas Pipeline Lines to Punjab and KP provinces. Shabbir Kazmi
T
he first gasfield was discovered in Sui, Balochistan nearly half a century ago. Though numerous discoveries were made afterwards but Sui remains the prime source of natural gas. Anyway, over the years gas has become the most important component of the energy mix. It is used for producing urea, generating electricity, and as CNG in automobiles, an efficient and environment friendly fuel. But two factors have become a hurdle in the greater use of gas, which are: 1) demand surpassing supply and 2) intercorporate debt rendering gas marketing companies unable to expand their transmission and distribution networks. Till lately consumers have also been behaving
a little carelessly. If unaccounted for gas (UFG) losses are restricted and consumers also bother to conserve on it the incidence of load shedding can be contained. One of the reasons for hike in UFG losses is corrosion of transmission and distribution pipelines resulting in leakage but pilferage is also on the rise. In the past bulk of the natural gas was produced in Balochistan but the situation has changed now as Sindh has the lion's share in natural gas produced in the country. The province makes the largest gas contribution to the urea produced in the country. To the fertiliser plants located in Sindh natural gas is mainly supplied by Mari Gas Company. Government of Pakistan had dedicated Mari Gas field for fertiliser industry in Fertiliser Policy
2001. However, one of the generation companies operating under Pakistan Electric Power Company (PEPCO) is still getting gas from Mari Gasfield, which is a blatant violation of the Policy. The two fertiliser plants located at Port bin Qasim draw gas from SSGC whereas urea plants located in Punjab consume SNGPL gas. Sui twins are responsi-
ble for distribution of gas in their respective franchise areas. SSGC supplies gas to Sindh and Balochistan, whereas SNGPL to Punjab and KP. SSGC is in the business of transmission and distribution of gas besides construction of high pressure transmission and low pressure distribution systems. SSGC transmission system extends from Sui in
Balochistan to Karachi in Sindh comprising over 3,200 KM of high pressure pipeline ranging from 12- 24" in diameter. The distribution activities covering over 1200 towns in the Sindh and Balochistan are organised through its regional offices. The company also owns and operates the only gas meter manufacturing plant in the country.
Availability of gas with SSGC is relatively better as compared to SNGPL. This is the reason SSGC did not opt for load shedding very rigorously. It is on record that Sindh was the first to bid farewell to once a week closure of CNG stations, whereas some of the areas falling under SNGPL's franchise still going through weekly closure of CNG stations. During recent closure of gas fields for annual turnaround and also due to floods SSGC made special arrangements to minimise gas load shedding. Still, the Karachi Electric Supply Company (KESC) was complaining that it did not get enough gas and the utility had to undertake load shedding for longer period. A point of concern is that amount payable by the KESC is on the rise and exceeds Rs20 billion. This not only is forcing SSGC to
borrow more but also bear higher financial cost. Both SSGC and SNGPL are again in limelight as there are strong rumors that government may relax UFG losses limit, the issue which both the gas companies have been contesting for last few years. As this relaxation will significantly improve their earnings, share prices of SNGPL and SSGC have already gone up by 17 per cent and 47 per cent, respectively during last one month. According to a Topline Securities research analyst, in order to check the efficiency of these gas utilities and to limit their line losses, government must set UFG ceilings for local gas companies. By definition UFG is the term used for those units which are either not billed (due to theft) or lost during the transmission of gas to the con-
sumers. It is the difference of gas purchases and sales after adjusting internal consumption. For this, Ogra has fixed upper and lower limits. This means that if actual UFG losses are higher than the upper limit, the entity would bear the loss from its own profits in full . On the other hand, it can retain the savings in the event of performance being better than the lower target while absorb the 50 per cent of the loss on account of UFG between the lower and upper target. Historically, actual UFG losses are far above the upper targets due to system leakages and theft. Moreover, the value of UFG losses also depends upon the cost of gas, as the higher the cost of gas the higher the value of lost units. That means whenever gas prices increases, probability of UFG losses also increases.
PSO FUELING THE NATION AGAINST ALL ODDS Ghulam Raza Rajani akistan State Oil Company (PSO) is the largest oil marketing company of Pakistan operating in the public sector. Two of its responsibilities distinguish it from its competitors which are its duty to meet the requirement of armed forces and supply of furnace oil to public and pri-
P
vate sector power generation companies. It also has the largest network of outlets spread throughout the country. Despite this heavy responsibility regime the company paid high dividend among its shareholders. For years it has remained in the list of Top 25 Companies of the Karachi Stock Exchange. Lately, headlines often
the newspapers that PSO is at the verge of default and it could not continue smooth supply of products due to cash-crunch. There were reports that due to PSO’s shortcoming in supplying furnace oil, some of the power plants are running at lower capacity and a few units had to be closed down because of this. However, PSO alone
should not be held responsible for the prevailing state of affairs. The critics must understand that if PSO is not paid off by its customers, it can't settle its liabilities towards the suppliers. A point which many critics often forget is that margins of some of the products being sold by PSO are very low. It has survived mainly because
of volume. However, with the introduction of one per cent turnover tax, serving the customers, maintaining the tradition of good return among the shareholders and construction of new storage facilities will become even more difficult. Normally, other oil marketing companies shy away when it comes to fuel power generation companies, particularly the independent power producers (IPPs) because of the penalty clause. PSO has an enviable track record of maintaining the supply chain even in the difficult times. During the recent torrential rains and subsequent devastating floods PSO was able to sell products through its chain of outlets. Over 95 per cent of outlets remained fully functional while many of the cities, towns and villages were under floodwater. This was possible only because of the storage facilities constructed throughout the country and maintaining strategic inventories despite difficult times. A lesson learnt during floods is the need to enhance storage facilities throughout the country. However, new storage facilities won’t come into being unless PSO’s cash flow improves. To achieve this, the issue of inter corporate debt has to be resolved immediately, not by introducing cosmetic measures like issuing term finance certificates. This is not a economically viable move but transfers the sickness of energy sector to banking sector.
8
Tuesday, September 28, 2010
Market 69,077,984
Value
1,662,951,385
Trades
39,390
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
183 187 23 393
All Share Index
9,936.79 9,958.12 9,832.81 h27.34
Current High Low Change
KSE 30 Index
6,941.99 6,956.05 6,876.01 h11.56
Current High Low Change
KMI 30 Index Current High Low Change
9,638.93 9,667.64 9,527.26 h27.25
15,607.68 15,637.56 15,431.04 h83.25
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,231.85 Turnover 2,717,754 P/E (x) 10.63 Company
KSE 100 Index
Symbols
Volume
PE
High Low 1,241.26 1,218.16 Total cos Defaulter cos P/BV (x) ROE (%) 3.94 37.01
Open
High
Low
576 5.90 317.93 853 9.15 81.82 3921 - 10.39 735 14.64 110.34 800 6.01 193.58 Oil & Gas Development XD 43009 9.94 145.01 Pak PetroleumXDXB 11950 5.42 171.65 Pak Oilfields 2365 6.90 232.11 Pak Refinery Limited 350 - 60.88 P.S.O XD 1715 4.52 264.22 Shell Gas LPGSPOT 226 13.96 30.84 Shell Pakistan XD 685 9.90 191.31
327.80 82.39 10.50 109.20 198.39 145.00 173.98 235.95 61.00 268.00 31.50 193.00
314.00 80.25 10.14 106.00 192.25 143.30 169.50 230.50 58.60 262.50 30.50 188.00
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 326.83 81.66 10.30 108.07 197.00 144.07 173.05 233.85 59.50 267.23 31.00 192.96
8.90 -0.16 -0.09 -2.27 3.42 -0.94 1.40 1.74 -1.38 3.01 0.16 1.65
Close 1,233.59 Listed cap 65,194.15 mn Payout (%) 68.56
Last 60 days High Low
Volume 192645 214569 885612 110683 12585 287227 598789 729631 1471 558974 3446 7734
Change 1.74 Market cap 997,102.61 mn Div Yield (%) 6.45
330.51 93.60 13.05 138.45 207.00 153.00 214.10 240.01 82.00 289.45 40.10 244.00
% Change 0.14 5-Day High 1,243.68 5-Day Low 1,226.06
2009 Div BR (%) (%)
2010 Div BR (%) (%)
281.00 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 209.99 180 48.26 233.10 50 27.32 188.00 330 -
100 31 55 90 80 80 40
20B -
CHEMICALS
Open 701.95 Turnover 1,705 P/E (x) 5.59 Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC 1321
High Low 697.35 677.75 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
PE
Open
High
Low
8.25 5.18
68.59 38.20
68.00 38.20
65.59 38.00
Close Chg 67.25 38.00
-1.34 -0.20
Close 690.69 Listed cap 3,242.17 mn Payout (%) 11.08
Change -11.26 Market cap 12,612.71 mn Div Yield (%) 1.98
Volume
Last 60 days High Low
999 706
87.86 41.74
64.62 34.50
Company
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 - 23.94 Bawany Air 68 1.28 12.40 BOC (Pak) XD 250 9.62 75.53 Clariant Pak 273 5.58 160.70 Dawood Hercules 1203 7.67 167.90 Descon Chemical 1996 2.34 Descon Oxychem Ltd. 1020 3.89 Dewan Salman 3663 1.38 Engro Corp. Ltd XD 3277 8.97 174.00 Engro Polymer 6635 - 12.08 Fatima Fertilizer 22000 - 11.68 Fauji Fertilizer 6785 7.15 105.02 Fauji Fert.Bin Qasim 9341 6.83 26.77 Gatron Ind 384 3.69 41.00 Ghani Gases Ltd 725 - 10.79 ICI Pakistan XD 1388 7.11 119.01 Lotte Pakistan 15142 3.08 8.58 Mandviwala 74 1.85 Nimir Ind Chemical 1106 74.00 1.45 Sitara Chem Ind 204 5.11 121.90 Sitara Peroxide 551 8.30 United Distributors 92 3.42 16.81
22.77 12.90 76.50 162.00 167.75 2.79 4.65 1.40 175.59 12.00 11.50 105.30 27.05 39.60 10.98 120.50 8.93 1.75 1.48 116.51 8.40 16.20
22.76 11.70 75.50 155.01 165.00 2.10 4.05 1.30 171.55 11.61 10.86 104.55 26.59 39.50 10.06 118.01 8.44 1.40 1.35 115.81 7.70 15.85
Close Chg 22.76 12.55 75.60 158.54 166.20 2.10 4.40 1.33 174.99 11.94 10.94 105.17 26.86 39.54 10.60 119.25 8.87 1.75 1.48 115.81 8.38 15.85
-1.18 0.15 0.07 -2.16 -1.70 -0.24 0.51 -0.05 0.99 -0.14 -0.74 0.15 0.09 -1.46 -0.19 0.24 0.29 -0.10 0.03 -6.09 0.08 -0.96
Close 1,134.54 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1100 5077 15005 531 1252 19326 174174 221614 564286 37724 425709 253105 331560 400 72941 71865 7912332 102 73519 342 287474 1549
Change 2.07 Market cap 258,249.83 mn Div Yield (%) 6.95
27.79 16.78 82.50 174.00 185.88 3.15 5.45 2.21 194.59 12.75 12.50 113.39 30.65 48.30 11.45 128.30 9.09 3.24 1.81 138.00 11.09 17.99
% Change 0.18 5-Day High 1,139.55 5-Day Low 1,125.67
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.06 66.90 90 146.00 125 155.38 40 10B 1.78 3.20 1.30 165.60 6010B 40R 9.57 - 27.5R 9.02 102.75 131.5 10B 25.80 40 36.80 7.41 109.50 80 6.75 5 1.05 1.16 111.50 75 7.70 15.00 10 10B
15 20 20 75 5 20 55 25 -
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,174.55 Turnover 31,210 P/E (x) 6.20 Company
Paid up Cap(mn)
Century Paper Pak Paper ProductSPOT Security Paper
707 38 411
High Low 1,196.91 1,163.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47
Close 1,176.97 Listed cap 1,186.83 mn Payout (%) 25.28
PE
Open
High
Low
Close Chg
Volume
6.26 4.71
19.67 59.93 40.00
20.50 62.24 39.85
19.55 59.40 39.50
19.84 0.17 60.15 0.22 39.85 -0.15
25705 4805 700
Change 2.43 Market cap 3,275.50 mn Div Yield (%) 4.07
Last 60 days High Low 22.70 62.85 50.40
15.80 41.21 38.10
% Change 0.21 5-Day High 1,193.07 5-Day Low 1,151.61
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,046.68 Turnover 157,353 P/E (x) 3.84 Paid up Cap(mn)
Performance of SR Industrial Metals and Mining Index Open 972.56 Turnover 87,615 P/E (x) 2.95 Company
High Low 979.74 939.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 33.10
Paid up Cap(mn)
PE
Open
High
Low
565 675 555 1199
3.30 6.21 4.67
24.50 2.00 14.00 48.64
24.75 2.00 15.00 48.40
24.05 1.85 13.20 47.50
785 18.33
9.71
9.94
8.71
Crescent Steel XD Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
Close Chg 24.35 1.96 14.83 47.99
Close 957.68 Listed cap 3,596.11 mn Payout (%) 30.91
Change -14.88 Market cap 9,130.28 mn Div Yield (%) 10.50
Last 60 days High Low
Volume
% Change -1.53 5-Day High 984.79 5-Day Low 957.68
2009 Div BR (%) (%)
PE
Open
-0.15 -0.04 0.83 -0.65
8861 5702 42936 11387
31.73 3.20 16.00 70.71
23.75 1.65 13.00 47.50
-
30B -
30 40
20B
8.98 -0.73
18729
11.25
8.20
10
-
7.5
-
Performance of SR Construction and Materials Index
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Mustehkam Cement Pioneer Cement Safe Mix Concrete Thatta Cement
High Low 916.97 893.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
PE
Open
High
Low
1828 866 4.71 858 182 3257 956 108 948 3574 3651 33.53 6933 11.95 502 1760 2319 32 1288 13126 3234 6.22 3723 417 2228 200 798 -
3.50 66.00 1.80 16.55 26.14 10.85 25.70 2.49 1.47 24.20 4.80 6.00 1.94 3.00 1.00 6.14 2.90 68.85 3.05 12.00 8.19 7.06 19.99
3.69 66.49 1.80 17.00 27.43 10.32 26.98 2.48 1.50 24.39 4.86 6.90 2.00 3.13 1.06 6.20 2.90 69.45 3.08 11.01 8.25 7.90 19.80
3.31 65.60 1.80 15.61 27.42 10.31 24.42 2.19 1.33 23.71 4.70 5.02 1.84 2.81 0.25 5.92 2.75 67.70 2.91 11.00 8.00 6.10 19.00
Close 909.12 Listed cap 54,792.74 mn Payout (%) 19.04
Change 1.93 Market cap 68,395.99 mn Div Yield (%) 2.45
Close Chg
Volume
Last 60 days High Low
3.43 66.46 1.80 16.26 27.42 10.31 25.63 2.19 1.45 24.14 4.78 5.03 1.85 2.95 0.96 6.06 2.81 69.20 3.07 11.00 8.14 6.40 19.67
6029 4400 505 8388 3400 110 775 1990 198315 1840915 476736 9201 66209 9964 2029 143421 416063 507708 171916 45253 36285 2506 1601
4.69 72.40 2.00 20.00 27.51 12.50 32.90 3.90 2.20 28.74 5.50 7.90 2.37 7.50 2.00 7.38 3.53 73.88 3.84 13.50 8.47 9.47 21.80
-0.07 0.46 0.00 -0.29 1.28 -0.54 -0.07 -0.30 -0.02 -0.06 -0.02 -0.97 -0.09 -0.05 -0.04 -0.08 -0.09 0.35 0.02 -1.00 -0.05 -0.66 -0.32
2.82 63.00 1.01 15.42 10.50 8.90 22.10 1.02 1.30 23.02 4.50 4.65 1.75 2.11 0.25 5.70 2.60 61.29 2.88 10.26 6.30 5.50 17.74
% Change 0.21 5-Day High 912.47 5-Day Low 900.98
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 10B 40 - 177R -
17.5 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 877.03 Turnover 42,135 P/E (x) 2.52 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass Packages Ltd Tri-Pack Films
PE
Open
High
92 4.47 46.78 230 1.85 970 6.14 60.00 844 15.23 100.00 300 7.98 98.00
47.40 2.00 61.00 101.80 99.50
High Low 886.72 855.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 43.91 Low
Close Chg
45.90 46.85 0.07 1.83 1.84 -0.01 59.90 60.00 0.00 98.00 100.50 0.50 97.50 99.40 1.40
Close 878.71 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 24965 9891 3600 2459 1201
Change 1.68 Market cap 32,834.82 mn Div Yield (%) 6.17
Last 60 days High Low 51.05 2.89 61.50 125.96 105.00
32.10 1.80 54.65 98.00 91.00
% Change 0.19 5-Day High 905.68 5-Day Low 876.66
2009 Div BR (%) (%) 30 32.5 100
10B -
144 5.14 70.50 101 5.07 133.35 247 11.64 16.90 890 1.35 450 4.73 200 3.57 4.25 1428 - 11.00 786 4.94 217.90 823 8.94 71.71 125 6.58 25.46
2010 Div BR (%) (%) 20 25 -
25B 10B -
High
High Low 1,056.69 1,031.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35 Low
Close Chg
Company
Paid up Cap(mn)
PE
Open
Ados Pak AL-Ghazi Tractor XD
66 215
3.06 20.89 5.19 208.95
Bolan Casting Ghandhara Ind KSB Pumps
95 213 132
5.57 2.27 8.34
Millat TractorsSPOT
293
7.43 584.23
45.93 14.79 80.50
High
Low
Close Chg
Close 1,046.93 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 0.25 Market cap 38,022.46 mn Div Yield (%) 5.31
Last 60 days High Low
20.70 19.85 20.70 -0.19 219.00 209.50 218.64 9.69 48.22 14.60 84.30
46.90 13.79 76.65
48.22 2.29 14.42 -0.37 83.70 3.20
584.97 576.00 579.76 -4.47
2627 78.39 1887 209.00 501 19.80 132561 2.24 2787 6.60 1603 5.70 1201 14.50 2213 287.00 2870 89.99 8996 27.85
63.01 131.00 15.90 1.16 4.15 3.55 10.05 212.29 70.50 23.91
% Change 0.02 5-Day High 1,068.66 5-Day Low 1,043.84
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 20B - 100R 100 5 - 20B
90 100 150 10
20B 20B
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar Adam Sugar AL-Noor Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Hussein Sugar Ismail Ind Mehran Sugar Mirza Sugar National Foods Nestle Pakistan XD Pangrio Sugar Quice Food Shahtaj Sugar
793 58 186 217 600 200 121 505 143 141 414 453 109 107 120
PE
Open
High
High Low 1,450.19 1,430.61 Total cos Defaulter cos P/BV (x) ROE (%) 9.51 30.30 Low
Close Chg
15.35 8.09 8.39 7.20 7.98 0.63 11.80 11.75 11.70 11.75 4.35 42.00 42.80 39.92 42.80 3.15 18.49 19.49 19.00 19.47 6.05 29.30 29.97 29.00 29.35 4.46 16.09 16.10 15.62 15.86 11.48 12.32 12.29 12.31 12.40 73.00 74.00 71.00 72.90 2.95 50.52 53.00 48.50 52.69 0.31 5.20 5.00 5.00 5.00 21.91 47.00 47.99 44.65 45.80 21.17 1833.75 1848.00 1800.00 1839.60 0.44 5.00 5.40 4.00 5.40 2.20 2.11 2.11 2.11 44.50 45.00 45.00 45.00
-0.11 -0.05 0.80 0.98 0.05 -0.23 0.83 -0.10 2.17 -0.20 -1.20 5.85 0.40 -0.09 0.50
Close 1,441.67 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 3.23 Market cap 183,627.27 mn Div Yield (%) 0.97
Last 60 days High Low
103 9.25 1.12 201 14.75 10.50 9819 47.35 36.50 120799 23.50 14.75 23703 30.44 22.50 1402 16.98 13.00 152 12.32 4.22 609 76.90 53.64 4240 58.74 48.50 202 5.70 3.55 4439 65.29 41.35 113 1937.22 1550.00 308 7.00 4.00 1500 2.80 1.60 200 93.98 44.50
% Change 0.22 5-Day High 1,443.41 5-Day Low 1,435.68
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 17.5 35 40 15 35 600 100
40 17.5 110R 25 10B 12 200 -
25B 30B 25B -
Last 60 days High Low
Open 1,041.08 Turnover 237,188 P/E (x) 3.44
High Low 1,050.00 1,027.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 10.64
Close 1,034.37 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
1174 231
2.92 2.87
13.86 17.00
14.10 18.00
13.50 17.38
13.66 -0.20 17.60 0.60
208536 28537
Pak Elektron Tariq Glass Ind XD
2010 Div BR (%) (%)
101 42139
22.69 226.10
18.90 197.30
20 400
-
150
-
59460 166836 2001
48.50 20.24 91.00
35.25 13.79 63.76
35
20B -
25 -
10B -
34544
597.90
475.61
450
25B
650
25B
Total Assets (Rs in mn)
695.15
1.86
Total Equity (Rs in mn)
(87.66)
MA (100-day)
1.70
Revenue (Rs in mn)
465.22
MA (200-day)
1.72
Interest Expense
1st Support
1.40
Loss after Taxation
(33.81)
2nd Support
0.78
EPS 09 (Rs)
(2.547)
1st Resistance
2.77
30.80
Book value / share (Rs)
2nd Resistance
3.52
PE 10 E (x)
Pivot
2.15
PBV (x)
(6.60) 0.49 (0.31)
AZAMT closed up 0.17 at 2.07. Volume was 2,307 per cent above average (trending) and Bollinger Bands were 29 per cent narrower than normal. The company's profit after taxation stood at Rs42.335 million which translates into an Earning Per Share of Rs3.19 for the nine months of fiscal year (9MFY10). AZAMT is currently 29.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into AZAMT (bullish). Trend forecasting oscillators are currently bullish on AZAMT.
First Dawood Investment Bank Limited
Change -6.71 Market cap 5,462.54 mn Div Yield (%) 1.82
Last 60 days High Low 15.95 19.12
RSI (14-day)
74.21
Total Assets (Rs in mn)
5,136.42
MA (10-day)
1.68
Total Equity (Rs in mn)
(403.25)
MA (100-day)
1.66
Revenue (Rs in mn)
Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Bannu Woolen Bata (Pak) Blessed Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Din Textile Elahi Cotton Ellcot Spinning Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Mian Textile Nagina Cotton Nishat (Chunian) Nishat Mills Premium Textile Prosperity Ravi Textile Reliance Weaving Ruby Textile Rupali Poly Salfi Textile Sally Textile Salman Noman Sana IndSPOT Sapphire Textile Saritow Spinning Service Ind Shahpur Textile Shahtaj Textile Sunrays Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zil Limited
PE
Open
222 1.96 2415 4.57 16.99 840 5.60 19.06 133 0.49 1.90 4493 261.25 10.45 76 - 10.00 76 4.74 500.00 64 0.68 42.84 98 0.50 400 1.23 1.38 1150 3.32 316 15.14 694.75 2442 2.10 2.51 238 1.10 600 1.60 80 4.16 185 1.42 28.99 13 3.80 110 1.66 25.43 62 3.29 329.25 234 1.11 39.28 75 7.70 35.00 326 0.90 2.10 185 1.95 6.00 716 1.39 4.00 3105 3.31 35.98 99 0.58 3.89 180 2.53 3.60 181 3.31 253.67 208 0.51 303 1.60 1300 5.88 1.80 1455 3.39 5.78 221 0.35 187 1.85 15.08 1586 3.04 15.99 3516 5.51 46.77 62 1.33 29.49 185 2.07 19.44 250 3.67 1.43 308 1.30 9.79 392 45.45 5.00 341 5.77 34.70 33 0.25 23.75 88 0.29 4.09 40 0.72 1.75 55 5.36 35.50 201 2.36 100.00 133 0.55 2.06 120 4.74 183.00 140 1.35 0.96 97 2.73 17.81 69 0.92 31.59 180 1.53 35.94 173 0.61 15.81 256 4.07 107.39 418 0.50 39.16 400 1.48 1.10 53 7.10 40.05
High 1.02 17.39 20.06 2.90 10.63 9.90 483.00 44.98 0.30 2.00 3.36 705.00 2.81 1.49 1.68 3.50 29.00 4.80 24.99 345.71 41.24 34.90 3.10 6.00 4.05 36.09 3.15 4.43 266.35 1.05 1.65 1.00 5.75 0.79 16.00 16.65 47.35 29.50 19.75 1.51 10.79 5.00 36.40 22.99 4.85 2.00 35.99 105.00 2.70 189.99 0.97 18.25 30.25 35.75 15.60 111.44 39.49 1.20 42.00
High Low 923.77 907.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 8.64
11.41 13.50
2.03
Interest Expense
1st Support
2.02
Loss after Taxation
2nd Support
1.71
EPS 09 (Rs)
1st Resistance
2.61
Book value / share (Rs)
2nd Resistance
2.89
PE 10 E (x)
Pivot
2.30
PBV (x)
Low 1.00 16.85 18.50 1.53 10.15 9.06 480.00 44.98 0.30 1.10 3.16 683.00 2.50 0.75 1.60 3.20 27.55 4.80 24.16 312.80 39.97 34.90 3.00 6.00 3.75 34.30 2.95 3.85 240.99 1.05 1.20 0.80 5.35 0.36 15.50 15.66 45.90 29.00 18.44 1.40 9.55 5.00 35.00 22.57 3.50 1.99 35.60 100.00 2.01 178.10 0.97 17.11 30.03 34.15 15.00 107.99 38.40 1.00 41.45
Close Chg 1.00 -0.96 17.08 0.09 19.20 0.14 2.07 0.17 10.45 0.00 9.10 -0.90 480.46-19.54 44.98 2.14 0.30 -0.20 1.24 -0.14 3.35 0.03 705.00 10.25 2.50 -0.01 1.03 -0.07 1.64 0.04 3.49 -0.67 27.55 -1.44 4.80 1.00 24.18 -1.25 331.90 2.65 41.24 1.96 34.90 -0.10 3.10 1.00 6.00 0.00 3.89 -0.11 35.99 0.01 3.00 -0.89 4.43 0.83 250.47 -3.20 1.05 0.54 1.42 -0.18 1.00 -0.80 5.45 -0.33 0.36 0.01 15.95 0.87 16.41 0.42 46.85 0.08 29.00 -0.49 18.44 -1.00 1.43 0.00 10.60 0.81 5.00 0.00 35.17 0.47 22.60 -1.15 3.61 -0.48 2.00 0.25 35.89 0.39 100.00 0.00 2.40 0.34 184.00 1.00 0.97 0.01 17.50 -0.31 30.25 -1.34 34.20 -1.74 15.60 -0.21 108.74 1.35 39.21 0.05 1.08 -0.02 41.45 1.40
Volume 4500 286220 1205 419579 802241 1002 140 598 3236 513 4137 500 25502 102 11842 15500 611 1000 202 703 28686 1000 3917 230 27504 613 30085 22905 5748 2700 76470 10200 9528 8001 2100 1347282 1440353 12892 5140 414978 118736 500 2970 2454 52302 999 7443 900 11236 292 295 70499 490 3200 2000 138052 18544 2995 700
2009 Div BR (%) (%) -
10B -
Change 4.10 Market cap 113,379.06 mn Div Yield (%) 3.02
Last 60 days High Low 2.21 20.45 21.59 2.90 13.40 10.50 620.00 49.40 1.50 2.30 5.10 770.00 5.00 2.25 2.65 4.30 32.30 5.70 25.45 410.00 44.50 38.64 3.74 7.89 4.61 41.00 4.79 4.58 269.50 3.84 2.00 1.80 6.30 1.40 16.50 19.49 53.14 29.50 21.47 4.79 10.79 0.00 36.40 27.15 4.98 2.95 38.00 124.80 2.80 240.99 2.26 21.50 35.00 36.20 19.70 114.99 49.49 1.90 46.12
Open 816.20 Turnover 23,845 P/E (x) 6.07 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 208 1707 165 200 306
PE
Open
7.81 87.80 6.75 103.19 12.05 67.40 6.43 23.43 15.18 7.01 5.72 62.17
High
High Low 821.34 807.06 Total cos Defaulter cos P/BV (x) ROE (%) 1.35 22.31
0.30 12.60 17.55 1.35 8.55 7.50 452.59 36.15 0.10 0.61 2.93 544.00 2.23 0.48 1.45 2.20 24.00 1.70 19.35 305.00 33.66 26.00 1.11 5.31 2.52 33.66 2.45 2.55 185.38 0.15 1.10 0.56 4.00 0.01 11.30 14.64 40.81 22.77 16.22 1.38 6.91 0.00 31.35 17.10 2.51 1.75 27.25 100.00 1.01 176.50 0.25 14.75 30.03 29.50 12.35 93.50 37.20 0.73 33.00
Low
Close Chg
89.20 87.00 89.10 1.30 103.36 101.55 102.93 -0.26 67.18 66.30 66.75 -0.65 24.00 23.65 23.65 0.22 7.24 6.81 6.83 -0.18 62.49 61.10 61.73 -0.44
Close 816.67 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 1500 1204 9155 1020 6936 4019
(28.594) (6.44) (0.37)
2010 Div BR (%) (%) 17.5
10B -
% Change 0.45 5-Day High 918.53 5-Day Low 904.74
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20 120 7.5 115 15B 7.5 15 8 400R - 10B 15 - 50R 20 7.5 20 40 35 200 20 10 15 20 20B 40 10B
30 50 20 100 70 25 10 10 25 40 25 60 25 80 35
Change 0.47 Market cap 27,536.37 mn Div Yield (%) 7.33
Last 60 days High Low 95.50 124.00 83.77 25.79 8.66 64.05
1,108.27 (1,791.42)
FDIBL closed up 0.44 at 2.38. Volume was 2,674 per cent above average (trending) and Bollinger Bands were 109 per cent wider than normal. The company's loss after taxation stood at Rs54.31 million which translates into a Loss Per Share of Rs0.87 for the nine months of fiscal year (9MFY10). FDIBL is currently 17.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FDIBL (bullish). Trend forecasting oscillators are currently bullish on FDIBL. Momentum oscillator is currently indicating that FDIBL is currently in an overbought condition.
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Close 914.10 Listed cap 47,070.70 mn Payout (%) 16.68
235.22
MA (200-day)
% Change -0.64 5-Day High 1,041.08 5-Day Low 1,011.35
Performance of SR Personal Goods Index Open 910.01 Turnover 5,464,509 P/E (x) 5.53
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Bank of Khyber Limited
PERSONAL GOODS
% Change 0.21 5-Day High 1,435.12 5-Day Low 1,427.80
2009 Div BR (%) (%)
58.06
MA (10-day)
HOUSEHOLD GOODS
10B 45R 20B -
Performance of SR Pharma and Bio Tech Index
Change 2.99 Market cap 31,757.42 mn Div Yield (%) 14.84
RSI (14-day)
Performance of SR Household Goods Index
PHARMA AND BIO TECH
Close 1,435.12 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
70.90 69.05 70.40 -0.10 135.00 132.00 134.53 1.18 17.00 17.00 17.00 0.10 1.40 1.25 1.28 -0.07 5.24 4.25 4.69 -0.04 4.45 4.00 4.25 0.00 11.15 10.35 11.00 0.00 219.00 216.25 216.50 -1.40 72.20 71.20 72.00 0.29 25.90 25.02 25.32 -0.14
Open 1,438.44 Turnover 167,920 P/E (x) 31.40
INDUSTRIAL ENGINEERING High Low 1,445.88 1,419.60 Total cos Defaulter cos P/BV (x) ROE (%) 3.37 38.02
-
FOOD PRODUCERS
Performance of SR Industrial Engineering Index Open 1,432.12 Turnover 305,084 P/E (x) 8.86
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
2010 Div BR (%) (%)
CONSTRUCTION AND MATERIALS Open 907.19 Turnover 3,807,818 P/E (x) 7.78
Agriautos Ind Atlas BatteryXDXB Atlas Engineering Ltd Dewan Motors Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors XD Pak Suzuki Sazgar Engineering
Company
INDUSTRIAL METALS AND MINING
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,139.26 1,120.69 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00
30
Azam Textile Mills Limited
% Change -1.60 5-Day High 701.95 5-Day Low 690.69
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,132.48 Turnover 10,025,963 P/E (x) 7.02
2009 Div BR (%) (%)
Alert ! Unusual Movements
77.00 96.00 65.00 22.10 6.10 53.36
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change 0.06 5-Day High 825.62 5-Day Low 814.24 2010 Div BR (%) (%) 20 -
20B -
RSI (14-day)
40.48
Total Assets (Rs in mn)
38,810.57
MA (10-day)
3.16
Total Equity (Rs in mn)
5,962.30
MA (100-day)
3.58
Revenue (Rs in mn)
999.63
MA (200-day)
4.11
Interest Expense
2,390.39
1st Support
2.66
Loss after Taxation
(637.18)
2nd Support
2.26
EPS 09 (Rs)
1st Resistance
3.30
Book value / share (Rs)
2nd Resistance
3.54
PE 10 E (x)
3.00
Pivot
2.90
PBV (x)
0.25
(1.273) 11.92
BOK closed down -0.10 at 3.00. Volume was 283 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal. The company's profit after taxation stood at Rs251.784 million which translates into an Earning Per Share of Rs0.50 for the half year of current calendar year (1HCY10). BOK is currently 27.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of BOK (mildly bearish). Trend forecasting oscillators are currently bearish on BOK.
Telecard Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
49.10
Total Assets (Rs in mn)
9,719.17
MA (10-day)
2.18
Total Equity (Rs in mn)
2,838.82
MA (100-day)
2.75
Revenue (Rs in mn)
3,791.47
MA (200-day)
2.95
Interest Expense
1st Support
1.95
Profit after Taxation
44.07
2nd Support
1.72
EPS 09 (Rs)
494.14 0.147
1st Resistance
2.38
Book value / share (Rs)
2nd Resistance
2.58
PE 10 E (x)
Pivot
2.15
PBV (x)
9.46 0.24
TELE closed up 0.17 at 2.24. Volume was 95 per cent above average and Bollinger Bands were 48 per cent narrower than normal. The company's loss after taxation stood at Rs311.564 million which translates into a Loss Per Share of Rs1.04 for the nine months of fiscal year (9MFY10). TELE is currently 23.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TELE at a relatively equal pace. Trend forecasting oscillators are currently bearish on TELE.
BOOK CLOSURES Company
From
To
Eye Television Network # Kohinoor Power # Pak Int Cont Terminal Pak Int Cont Terminal (Pref) Adamjee Insurance Shifa Int Hospitals Sana Industries Millat Tractors Atlas Engineering Descon Chemicals Descon Oxychem Pak National Shipping Corp Amtex Ltd JS Global Capital Otsuka Pakistan Merit Packaging Al-Meezan Mutual Fund Habib ADM Meezan Balanced Fund Cherat Cement Clover Pakistan
29-Sep 29-Sep 29-Sep 29-Sep 30-Sep 1-Oct 2-Oct 4-Oct 5-Oct 6-Oct 7-Oct 7-Oct 8-Oct 8-Oct 8-Oct 9-Oct 11-Oct 11-Oct 11-Oct 12-Oct 12-Oct
5-Oct 5-Oct 6-Oct 6-Oct 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct 13-Oct 14-Oct 15-Oct 14-Oct 14-Oct 15-Oct 19-Oct 20-Oct 19-Oct 26-Oct 18-Oct
D/B/R 25(F) 10(F) 10(I) 15(F) 60 350(F),25(B) 15 30 50 8.5(F) 40 5.5(F) 15(F)
Spot AGM/Date 21-Sep 21-Sep 22-Sep 30-Sep -
30-Sep 29-Sep 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct 13-Oct 14-Oct 15-Oct 14-Oct 14-Oct 15-Oct 20-Oct 26-Oct 18-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Shakarganj Food Lakson Tobacco Pak Tobacco Eye Television Pak Hotels P.I.A.C.(A) AKD Capital Pace (Pak) Ltd. Netsol Technol. Pak Telephone
Open 52.5 3.86 85.52 1.25 241.58 109.25 21 55.1 2.1 40.56 2.47 18.34 1.68
High 55.12 4.26 88 1.25 253.65 110.9 21.98 57.85 2.2 42.57 2.56 18.55 2.68
Low Close 53.05 3.67 86.01 1.25 249 109.27 21 52.36 2.05 38.55 2.31 17.5 1.34
55.12 4.17 87.99 1.25 253.65 109.96 21 57.85 2.1 40.8 2.54 17.98 2.68
Change 2.62 0.31 2.47 0 12.07 0.71 0 2.75 0 0.24 0.07 -0.36 1
Vol
2723 13335889 5206 10000 2351 4124 101 202 160280 4092 221395 799565 2028
9
Tuesday, September 28, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,073.74 Turnover 5,383,682 P/E (x) 5.89 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
37740 3000 8606 6175
High Low 1,110.60 1,059.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.76 12.84
PE
Open
High
Low
Close Chg
9.00 -
18.44 2.07 2.42 4.10
18.99 2.35 2.55 4.20
18.25 1.92 2.35 3.91
18.89 2.24 2.46 3.92
Close 1,101.12 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
0.45 0.17 0.04 -0.18
2392068 1352525 1639088 605658
Change 27.38 Market cap 77,409.90 mn Div Yield (%) 10.63
Last 60 days High Low 20.22 3.18 3.30 6.49
% Change 2.55 5-Day High 1,101.12 5-Day Low 1,073.74
2009 Div BR (%) (%)
17.20 1.80 2.30 3.80
15 -
-
17.5 -
Paid up Cap(mn)
Company
PE
Open
High
Low
Genertech 198 Hub Power XD 11572 6.11 Japan Power 1560 KESC 7932 Kohinoor Power 126 2.97 Kot Addu Power 8803 7.10 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 80.71 Southern Electric 1367 5.90 Tri-star Power XD 150 -
0.85 32.86 1.50 2.00 5.60 41.12 10.61 11.29 2.53 0.85
0.89 33.05 1.56 2.04 5.49 41.96 10.77 11.55 2.54 0.85
0.79 32.77 1.30 1.95 5.10 40.80 10.51 11.01 2.25 0.80
Close 1,133.31 Listed cap 95,369.29 mn Payout (%) 104.13
Change 1.30 Market cap 95,823.10 mn Div Yield (%) 8.47
Close Chg
Volume
0.81 32.99 1.32 1.98 5.35 41.02 10.73 11.30 2.30 0.80
2794 687876 124853 318005 512 195727 603650 931070 246866 1602
1.53 37.24 2.38 2.63 7.00 44.85 10.90 11.85 3.21 1.69
0.51 31.50 0.70 1.92 3.90 39.51 8.60 9.25 2.21 0.33
% Change 0.11 5-Day High 1,150.21 5-Day Low 1,132.01
2009 Div BR (%) (%) 33.5 64.5 3
31R -
50 - 7.8R 50 -
47.37 35.52
20 40
25B 8.7B
10 -
10B -
Habib Insurance IGI Insurance Pak Reinsurance
400 7.74 718 12.98 3000 -
11.46 71.50 13.24
11.50 73.50 13.39
11.15 71.00 12.95
11.15 -0.31 73.47 1.97 13.30 0.06
5900 122502 113422
13.89 79.10 19.40
10.10 66.02 12.50
35 35 30
-
10 -
20B -
6.40
7.33
6.10
7.33 0.93
930
10.00
6.00
-
20B
-
-
Silver Star Insurance
253
1.82
Open 822.59 Turnover 2,521 P/E (x) 83.92 Paid up Cap(mn)
High Low 838.93 814.45 Total cos Defaulter cos P/BV (x) ROE (%) 3.23 3.85
Close 822.94 Listed cap 2,290.72 mn Payout (%) 355.53
Change 0.35 Market cap 8,775.35 mn Div Yield (%) 4.24
% Change 0.04 5-Day High 843.76 5-Day Low 815.25
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
EFU Life Assurance XB
850 32.07
60.44
61.20
58.10
59.01 -1.43
1515
84.99
51.25
55 13.33B
-
-
New Jub Life Insurance
627 52.96
41.92
42.90
42.00
42.37 0.45
1005
46.00
34.50
10
2010 Div BR (%) (%) -
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 359.11 Turnover 6,819,528 P/E (x) 0.44 Paid up Cap(mn)
Company
High Low 361.92 343.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
Close Chg
Close 355.64 Listed cap 30,336.44 mn Payout (%) 4.60
Change -3.47 Market cap 26,253.76 mn Div Yield (%) 10.39
Last 60 days High Low
Volume
% Change -0.97 5-Day High 363.59 5-Day Low 349.67
2009 Div BR (%) (%)
2010 Div BR (%) (%)
0.60 14.30
0.65 14.49
0.55 13.99
0.59 -0.01 14.30 0.00
27068 816
1.19 20.99
0.42 13.99
-
-
-
20B
6.73
27.32
28.45
26.11
27.00 -0.32
56641
50.12
26.11
15
25B
-
20B
GAS WATER AND MULTIUTILITIES
Arif Habib Securities 3750 Dawood Cap Mang. XB 150
2.29 6.84
23.18 1.05
23.31 1.30
22.60 1.12
23.19 0.01 1.30 0.25
2322539 836
35.65 3.30
21.76 0.50
-
-
30 -
-
Performance of SR Gas Water and Multiutilities Index
First Credit & Invest Bank Ltd 650
8.57
3.44
3.00
2.60
3.00 -0.44
3.98
2.00
-
-
-
-
PE
Open
High
30.99 26.23
31.90 27.54
Low 30.83 27.54
Close Chg
Close 1,590.46 Listed cap 12,202.80 mn Payout (%) 66.79
Volume
31.00 0.01 27.54 1.31
527143 236933
Change 47.07 Market cap 35,506.41 mn Div Yield (%) 5.60
Last 60 days High Low 31.90 27.54
% Change 3.05 5-Day High 1,590.46 5-Day Low 1,471.11
2009 Div BR (%) (%)
25.00 15.91
-
2010 Div BR (%) (%)
-
-
-
Open 926.50 Turnover 9,943,194 P/E (x) 6.61 Paid up Cap(mn)
PE
Open
Allied Bank Limited 7821 5.60 51.90 Askari Bank 6427 6.07 14.70 Atlas Bank 5001 1.65 Bank Alfalah 13492 10.53 7.76 Bank AL-Habib 7322 6.68 31.00 Bank Of Khyber 5004 3.00 3.10 Bank Of Punjab 5288 8.33 BankIslami Pak 5280 3.24 Faysal Bank 6091 3.13 13.39 Habib Bank Ltd 10019 6.05 93.97 Habib Metropolitan Bank 8732 5.64 18.85 JS Bank Ltd 6128 2.40 KASB Bank Ltd 9509 2.21 MCB Bank Ltd 7602 8.71 185.75 Meezan Bank 6983 7.28 14.98 Mybank Ltd 5304 1.96 National Bank 13455 5.32 63.09 NIB Bank 40437 2.66 Royal Bank Ltd 17180 6.47 Silkbank Ltd 9003 12.14 2.69 Soneri Bank 6023 5.50 Stand Chart Bank 38716 9.23 6.52 Summit Bank Ltd 5000 2.43 United Bank Ltd 12242 6.00 50.80
High
High Low Close 940.10 912.73 929.94 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.89 13.45 34.35 Low
Close Chg
Volume
52.00 51.00 51.88 -0.02 14.97 14.40 14.70 0.00 1.80 1.70 1.70 0.05 7.97 7.66 7.90 0.14 31.40 30.65 30.98 -0.02 3.14 2.50 3.00 -0.10 8.44 8.10 8.29 -0.04 3.29 3.03 3.16 -0.08 13.79 13.24 13.58 0.19 94.50 92.55 94.03 0.06 19.75 19.00 19.07 0.22 2.43 2.30 2.39 -0.01 2.55 2.25 2.45 0.24 188.20 183.35 186.82 1.07 15.00 14.51 15.00 0.02 2.10 1.90 2.07 0.11 63.45 62.15 63.32 0.23 2.66 2.52 2.56 -0.10 6.45 6.10 6.24 -0.23 2.79 2.63 2.67 -0.02 5.73 5.40 5.51 0.01 6.89 6.05 6.46 -0.06 2.44 2.30 2.34 -0.09 51.50 50.50 51.03 0.23
Change 3.44 Market cap 571,822.26 mn Div Yield (%) 5.19
Last 60 days High Low
24769 59.70 66913 17.46 1000 3.00 1323373 10.25 36661 34.00 166454 4.75 802278 11.24 63264 3.90 7621 15.95 48936 109.10 20732 24.25 33847 3.00 7845 4.05 781646 214.99 26240 16.50 45761 3.28 877885 73.89 481720 3.50 600 13.40 3772427 3.30 48627 8.45 39877 8.50 52818 4.38 1264717 60.20
40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 55 10
66R -
NON LIFE INSURANCE
Paid up Cap(mn)
High Low 632.05 613.52 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 5.20
Close 624.97 Listed cap 11,111.34 mn Payout (%) 79.54
Change -0.24 Market cap 40,781.24 mn Div Yield (%) 7.78
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 12.28
67.67
67.90
66.12
67.52 -0.15
75344
89.90
% Change -0.04 5-Day High 634.83 5-Day Low 618.82
2009 Div BR (%) (%)
64.00
30
6.86
-
-
-
-
-
1.70
1.75
1.32
1.74 0.04
4405
2.98
1.17
-
-
-
-
600 2849 2878
2.94 -
8.65 0.55 3.27
9.00 0.68 3.45
7.71 0.51 2.70
8.43 -0.22 0.57 0.02 3.39 0.12
3218 62465 65740
9.00 1.23 5.90
6.90 0.50 2.54
-
10B
11.5 -
-
2010 Div BR (%) (%)
10B
10
-
9.50
9.89
8.50
9.71 0.21
226
12.70
626
-
-
7633 14.09
1.94
2.58
1.99
2.38 0.44
1616986
2.58
1.17
-
-
-
9.94
9.90
9.63
9.72 -0.22
1607654
15.47
9.36
-243.778B 10
-
JOV and CO
508
-
2.80
2.73
2.55
2.57 -0.23
755091
6.48
2.55
-
-
-
-
JS Global Cap
500
-
35.04
35.50
34.15
35.21 0.17
3658
42.40
33.33
150
-
-
-
1000 12.67 1000 -
5.78 4.00
5.78 3.98
5.50 3.65
5.70 -0.08 3.89 -0.11
35150 9084
8.65 5.49
5.40 3.20
-
-
-
-
-
-
-
-
-
Jah Siddiq Co
JS Investment KASB Securities Orix Leasing
821
3.86
5.00
5.10
4.52
4.90 -0.10
1025
5.95
3.66
-
Pervez Ahmed Sec Sec Inv Bank
775 514
-
1.49 3.75
1.49 3.00
1.37 2.75
1.40 -0.09 2.75 -1.00
246316 401
2.89 3.80
1.35 1.37
-231.08R -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,029.92 Turnover 2,915,493 P/E (x) 7.34
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 625.21 Turnover 324,862 P/E (x) 10.22
575 2121
% Change 0.37 5-Day High 935.99 5-Day Low 920.82
2009 Div BR (%) (%)
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.15 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 2.15 5.01 6.05 2.30 49.90
First National Equity IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank
-
28521
Paid up Cap(mn)
Company 1st Fid Leasing Allied Rental
AL-Meezan Mutual F. Asian Stocks Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba First Capital Mutual F. Golden Arrow H B L Modaraba Habib Modaraba Imrooz Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced F. NAMCO Balanced F. Pak Modaraba Pak Prem Fund XD Pak Strat Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund XD Prud Modaraba 1st XD Stand Chart Mod. XD Trust Modaraba U D L Modaraba
PE
Open
High
High Low 1,041.71 994.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 4.09 Low
Close Chg
Close 1,017.60 Listed cap 29,771.58 mn Payout (%) 104.19
Change -12.32 Market cap 17,367.72 mn Div Yield (%) 24.97
Last 60 days High Low
Volume
264
-
1.39
1.40
1.25
1.40 0.01
286
2.23
1.01
-
600
3.40
16.60
17.00
15.75
15.75 -0.85
1200
17.00
12.50
15
1375 2.70 900 2.77 525 1.78 780 65 1.47 200 1.85 113 2.96 300 3.11 760 3.91 397 4.67 1008 4.46 30 6.72 3180 40.00 1186 283 2.75 1200 2.92 1000 3.24 125 0.98 1698 3.55 3000 5.30 1000 2.49 2835 2.28 2841 1.83 872 2.11 454 4.77 298 2.84 264 2.39
6.90 3.80 3.88 1.29 2.01 0.53 2.84 2.58 3.55 6.10 5.98 61.50 3.24 2.94 1.41 6.05 3.12 1.00 7.60 6.85 4.68 8.31 3.93 0.80 8.57 1.78 6.00
6.99 3.80 3.25 1.34 2.39 0.86 2.89 3.58 3.68 5.75 6.05 64.57 3.25 3.15 1.70 6.10 3.25 0.80 7.65 6.95 4.69 8.30 3.99 0.85 8.50 2.25 6.00
6.75 3.80 3.12 1.20 1.01 0.38 2.10 2.50 3.44 5.50 5.90 64.00 3.19 2.80 1.60 6.00 3.00 0.61 7.15 6.65 4.50 8.28 3.50 0.80 7.75 2.10 5.60
6.99 3.80 3.15 1.20 1.34 0.50 2.10 2.89 3.60 5.60 5.93 64.00 3.20 2.99 1.65 6.04 3.24 0.79 7.45 6.79 4.69 8.30 3.63 0.80 8.39 2.24 6.00
16099 2477 1050 42964 408 105928 297 456457 102965 301826 6403 1625 60059 45214 4500 33500 125 1037 235449 675057 7009 11700 184443 600024 10216 1050 6001
7.25 5.80 4.99 2.43 2.99 0.90 3.59 3.58 3.74 6.50 7.49 64.57 4.39 3.98 2.44 7.49 3.70 1.70 9.86 8.10 6.49 10.55 5.00 1.20 10.99 3.50 6.00
6.35 2.80 2.53 0.90 1.01 0.16 1.60 0.99 2.32 4.80 5.56 43.00 2.70 2.31 0.52 6.00 2.25 0.25 7.00 6.01 4.00 7.60 3.50 0.70 7.75 1.00 5.00
4.5 5 20 63 10 5 16.5 10
0.09 0.00 -0.73 -0.09 -0.67 -0.03 -0.74 0.31 0.05 -0.50 -0.05 2.50 -0.04 0.05 0.24 -0.01 0.12 -0.21 -0.15 -0.06 0.01 -0.01 -0.30 0.00 -0.18 0.46 0.00
% Change -1.20 5-Day High 1,029.92 5-Day Low 1,005.00
2009 Div BR (%) (%)
2010 Div BR (%) (%)
-
-
-
22.5
-
- 18.5 8.2 17 21 76 5 10 2.8 - 15.5 15 - 18.6 - 11.53 5 20 10 3 17 5 -
-
Open
SFWF ESBL TRIBL CENI PASM GTYR SMTM PINL AASM SING CLOV SHFA JDWS DLL MFFL DIIL DBCI JKSM SANSM RCML ULEVER PIAB WYETH MERIT SAIF KML BFMOD MACFL FDMF FEM MODAM SCLL NJICL TOWL TREI WAHN EMCO MUKT FECS KOHS ATLH DMTX BAFS TSML STCL FNBM DEL ATIL BHAT PMRS SIEM SHCI UPFL FRCL FTSM GRYL SBL ALICO MQTM NPSM ZTL NCLNCP HUSI QUET PSYL AABS CHAS CSUML CSMD DWSM HWQS MIRKS NONS SHSML SGML TICL JVDC KOHE PECO HINO BWHL EXIDE JOPP
Performance of SR Life Insurance Index
6.68
High Low 1,608.02 1,587.14 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 11.41
UPTO 100 VOLUME Symbols
LIFE INSURANCE
450
BANKS
Adamjee Ins. SPOT
64.90 55.20
2010 Div BR (%) (%)
Performance of SR Banks Index
Company
280 6325
225 360
5491 18.24 6712 -
Company
49.53 1.43 38.17 -0.78
Arif Habib Limited XB
Paid up Cap(mn)
Sui North Gas Sui South Gas
48.00 37.50
AMZ Ventures Arif Habib Invest. XB
Open 1,543.39 Turnover 764,076 P/E (x) 11.93 Company
50.45 39.90
Company
Last 60 days High Low
-0.04 0.13 -0.18 -0.02 -0.25 -0.10 0.12 0.01 -0.23 -0.05
48.10 38.95
-
ELECTRICITY High Low 1,143.04 1,125.01 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 9.35
279 5.13 1250 30.29
2010 Div BR (%) (%)
Performance of SR Electricity Index Open 1,132.01 Turnover 3,112,956 P/E (x) 12.30
Central Insurance XB EFU General Ins. XB
-
7.5 2.89 2.5 10.94 7.94 23.16 5.76 9 28.67 20.1 42 34.94 65.15 40.42 70.22 17.5 1.65 6.85 14 21.38 3998.98 10.75 952 13.01 2.52 2.75 3.72 3.14 1.66 1.15 0.99 2.13 56.2 19.99 2.03 45.19 3.46 0.72 34.21 7.4 98.48 1.99 48.93 29 9.99 7.53 2.13 27.39 190.25 35.48 1130 2.75 1020 2.7 4.3 2.69 1.83 19 9.82 19.25 1.97 20.39 9.79 34.38 6.62 89.9 10 3.3 6.05 1.74 22 62.77 11 10.61 3.95 67.2 59.9 24.85 305 120 29.4 140.02 10.99
High 8 2.9 1.97 10.82 8.29 23.45 6.69 9.44 28.67 19.13 43.98 36.45 66.5 41.85 69.8 18.5 1.79 7.6 13.9 22.4 4010 9.75 980 14.01 3.1 3.49 4.25 3.8 1.8 1.17 1.16 2.2 56.18 20 2.19 45.7 3.57 0.79 35.9 6.4 101.5 2.68 48.93 30.35 10 7.5 2.29 28.68 194.98 37.25 1124.99 2.69 1040 3.5 4.89 1.71 1.89 19.5 8.85 19.24 1.91 21.38 9.9 36.08 7.2 90 10.23 3.79 6.59 1.59 22 60.44 11.89 10.85 3.93 70 61 24.99 319.35 122 30.5 140.02 11.4
Low
Close
8 2.9 1.97 10.82 8.29 22.8 5.08 9.35 28.67 19.13 43.98 36.45 64.12 41.75 66.81 16.5 1.51 5.85 13.9 22.4 3990 9.75 970 14 2.2 3.49 3.75 2.31 1.79 1.15 1.12 2.19 56.18 20 2 45.68 3.57 0.37 34.99 6.4 93.61 0.99 48.93 28 9.1 7 2.27 27.56 194.98 37.25 1075 2.69 1039.97 3.4 3.99 1.71 1.86 19.5 8.85 19.24 1.91 21.38 9.5 36.08 7.2 90 10.23 3.79 6.59 1.59 22 60.44 11.89 10.85 3.93 70 61 24.99 319.35 122 30.5 140.02 11.4
8 2.9 1.97 10.82 8.29 23.39 5.13 9.35 28.67 19.13 43.98 36.45 64.51 41.75 69 17.4 1.6 6.16 13.9 22.4 3990 9.75 979.54 14 2.2 3.49 3.75 3.25 1.79 1.15 1.12 2.19 56.18 20 2.19 45.68 3.57 0.58 34.99 6.4 101.5 2.49 48.93 28.78 9.99 7.25 2.27 28.68 194.98 37.25 1124.99 2.69 1039.97 3.4 3.99 1.71 1.86 19.5 8.85 19.24 1.91 21.38 9.5 36.08 7.2 90 10.23 3.79 6.59 1.59 22 60.44 11.89 10.85 3.93 70 61 24.99 319.35 122 30.5 140.02 11.4
Change
Vol
0.5 0.01 -0.53 -0.12 0.35 0.23 -0.63 0.35 0 -0.97 1.98 1.51 -0.64 1.33 -1.22 -0.1 -0.05 -0.69 -0.1 1.02 -8.98 -1 27.54 0.99 -0.32 0.74 0.03 0.11 0.13 0 0.13 0.06 -0.02 0.01 0.16 0.49 0.11 -0.14 0.78 -1 3.02 0.5 0 -0.22 0 -0.28 0.14 1.29 4.73 1.77 -5.01 -0.06 19.97 0.7 -0.31 -0.98 0.03 0.5 -0.97 -0.01 -0.06 0.99 -0.29 1.7 0.58 0.1 0.23 0.49 0.54 -0.15 0 -2.33 0.89 0.24 -0.02 2.8 1.1 0.14 14.35 2 1.1 0 0.41
100 100 100 100 99 96 53 52 50 43 30 30 28 26 17 16 15 13 13 12 12 11 11 11 10 10 6 6 5 5 5 5 5 5 5 5 5 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
DGKC-OCT NBP-OCT MCB-OCT NML-OCT PSO-OCT POL-OCT ANL-OCT PTC-OCT ENGRO-OCT AICL-OCT PPL-OCT LUCK-OCT OGDC-OCT FFC-OCT BOP-OCT UBL-OCT
24.35 63.45 185.24 44.75 262.51 232.72 10.48 18.6 172.68 66.85 170.86 65.84 144.16 106.7 8.6 51
High 24.55 63.66 187.3 45.49 266.9 236 10.55 19.05 175 67.02 173.43 66.25 144 107.5 8.5 51.1
Low
Close
23.86 62.5 182.7 43.55 260.12 231.06 10.21 18.75 171.41 65.7 171 65.05 143 104 8.5 51
24.27 63.5 186.8 44.92 266.21 234.42 10.47 19.05 174.89 66.65 172.56 66.11 143.64 105.77 8.5 51.1
Change -0.08 0.05 1.56 0.17 3.7 1.7 -0.01 0.45 2.21 -0.2 1.7 0.27 -0.52 -0.93 -0.1 0.1
Vol 270500 237000 189500 186000 177000 149000 133500 105500 84500 40500 38000 20000 14500 9000 5000 5000
ZERO VOLUME Symbols
Open
FPRM FPJM CPAL SPLC CSIL PIL CFL
8 1.02 2.5 0.78 6 2.96 16.95
High
Low
Close
7.99 1 2.45 0.68 5 2.42 16.5
7.99 1 2.45 0.68 5 2.42 16.5
7.99 1 2.45 0.68 5 2.42 16.5
Change
Vol
-0.01 -0.02 -0.05 -0.1 -1 -0.54 -0.45
0 0 0 0 0 0 0
BOARD MEETINGS
Pakistan Telecommunication Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
51.82
Support 1
9,860.35
MA (5-day)
9,930.39
Support 2
9,783.95
MA (10-day)
9,992.35
Resistance 1
9,985.65
MA (100-day)
9,882.46
Resistance 2
10,034.55
AKD Securities Ltd
9,904.70
Pivot
Rs Recommendations
24.18
Buy
*Arif Habib Ltd
Positive
30.5
Brokerage House
Technical Analysis
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
AKD Securities Ltd
44.13
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Free Float Shares (mn) 584.63 Free Float Rs (mn) 11,043.75 ** NOI Rs (mn) 11.58 Mean 18.64
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
41.97 24.94 25.07 27.65
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
65
Buy
61.46
Buy
74.2
182.55 4,406.75 28.19 24.11
normal. As far as resistance level is concern, the market will see major * Target price for Dec-10 & **Net Open Interest in future market * Target price for Dec-10 & **Net Open Interest in future market 1st resistance level at 9,985.65 and 2nd resistance level at 10,034.55, PTC closed up 0.45 at 18.89. Volume was 14 per cent above average and DGKC closed down -0.06 at 24.14. Volume was 34 per cent below averwhile Index will continue to find its 1st support level at 9,860.35 and 2nd Bollinger Bands were 19 per cent narrower than normal. age and Bollinger Bands were 24 per cent narrower than normal. support level at 9,783.95. PTC is currently 3.1 per cent below its 200-day moving average and is dis- DGKC is currently 12.7 per cent below its 200-day moving average and is KSE 100 INDEX is currently 0.4 per cent above its 200-day moving playing an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to average and is displaying an upward trend. Volatility is low as compared
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 8,236.23 29.87 46.72
* Target price for Dec-10 & **Net Open Interest in future market NML closed up 0.08 at 46.85. Volume was 37 per cent below average and Bollinger Bands were 13 per cent narrower than normal. NML is currently 13.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the
to the average volatility over the last 10 trading sessions. Volume indi- volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect cators reflect volume flowing into and out of INDEX at a relatively equal flowing into and out of PTC at a relatively equal pace. Trend forecasting reflect volume flowing into and out of DGKC at a relatively equal pace. volume flowing into and out of NML at a relatively equal pace. Trend forepace. Trend forecasting oscillators are currently bullish on INDEX.
oscillators are currently bullish on PTC.
Brokerage House
Fair Value
Trend forecasting oscillators are currently bullish on DGKC.
United Bank Ltd
Bank Al-Falah Ltd
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
14
Buy
*Arif Habib Ltd
77
Buy
*Arif Habib Ltd
AKD Securities Ltd
12.47
Buy
AKD Securities Ltd
63
Accumulate
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Positive
TFD Research
*Arif Habib Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
39.99 8.03 9.09 10.96
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
78.44
Technical Outlook
Technical Outlook 674.58 5,329.17 N/A 7.82
* 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)
33.78 52.72 54.72 58.61
casting oscillators are currently bullish on NML.
MCB Bank Ltd
National Bank of Pakistan
Rs Recommendations
Brokerage House
306.04 15,617.47 1.43 50.96
64.64
Neutral
AKD Securities Ltd
201.29
Accumulate
92.3
Positive
TFD Research
218.18
Positive
* Target price for Dec-10 & **Net Open Interest in future market
43.77 65.01 65.97 73.03
Hold
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
194
Rs Recommendations
*Arif Habib Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Buy
78
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
318.37 20,159.00 38.58 63.00
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
45.94 189.07 194.69 205.86
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
342.10 63,910.51 77.04 186.03
* Target price for Dec-10 & **Net Open Interest in future market
BAFL closed up 0.14 at 7.90. Volume was 9 per cent above average and UBL closed up 0.23 at 51.03. Volume was 66 per cent above average and NBP closed up 0.23 at 63.32. Volume was 58 per cent below average (con- MCB closed up 1.07 at 186.82. Volume was 22 per cent below average Bollinger Bands were 58 per cent narrower than normal.
Bollinger Bands were 10 per cent wider than normal.
solidating) and Bollinger Bands were 21 per cent narrower than normal.
and Bollinger Bands were 46 per cent narrower than normal.
BAFL is currently 27.9 per cent below its 200-day moving average and is UBL is currently 12.9 per cent below its 200-day moving average and is NBP is currently 3.4 per cent below its 200-day moving average and is dis- MCB is currently 9.2 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is low as compared to the average playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume reflect volume flowing into and out of BAFL at a relatively equal pace. flowing into and out of UBL at a relatively equal pace. Trend forecasting reflect volume flowing into and out of NBP at a relatively equal pace. Trend flowing into and out of MCB at a relatively equal pace. Trend forecasting Trend forecasting oscillators are currently bearish on BAFL.
oscillators are currently bearish on UBL.
forecasting oscillators are currently bullish on NBP.
oscillators are currently bullish on MCB.
Time
28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep
2:30 10:00 1:30 12:30 11:00 4:00 4:00 4:00 10:30 2:30 4:00 12:00 11:30 11:00 1:30 2:15 10:30 11:00 12:30 3:00
Company
Leverage Position
53.80 47.32 46.90 53.93
Date
Berger Paints Pakistan Ltd Fateh Industries Ltd Fateh Textile Mills Ltd First Dawood Investment Bank Ltd Maple Leaf Cement Meezan Capital Protected Fund -I Meezan Islamic Fund Meezan Islamic Income Fund Murree Brewery Co Ltd Pioneer Cement Ltd Searle Pakistan Ltd Shahtaj Textile Ltd Wyeth Pakistan Ltd Aruj Garment Accessories Ltd Attock Petroleum Ltd Attock Refinery Ltd Capital Assets Leasing Corp Ltd Dadex Eternit Ltd Ellcot Spinning Mills Ltd First Credit and Investment Bank Ltd
TECHNICAL LEVELS
Positive
Technical Outlook
Technical Outlook
Leverage Position
53.74 18.86 19.01 19.51
9,909.25
Fair Value 44
Technical Outlook
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 27.34 points at 9,936.79. Volume was 12 per MA (100-day) cent below average and Bollinger Bands were 28 per cent narrower than MA (200-day) MA (200-day)
Fair Value
TFD Research
Nishat Mills Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Kot Addu Power K.E.S.C Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele Jah Siddiq Co
RSI 1st 2nd (14-day) Support 46.79 3.25 3.10 47.10 51.25 50.65 44.88 65.85 65.30 31.22 25.95 24.85 41.74 22.75 22.30 38.08 66.45 65.40 48.80 14.40 14.10 52.32 10.20 9.95 60.98 317.95 309.10 48.28 80.45 79.30 39.99 7.70 7.55 51.30 3.05 2.90 46.41 8.10 7.95 43.55 1.35 1.25 41.97 23.75 23.40 32.59 1.30 1.25 37.25 1.90 1.80 40.18 37.15 36.10 41.12 57.70 56.35 49.37 172.50 170.00 46.62 13.30 13.00 41.01 4.70 4.60 38.33 26.60 26.35 47.58 104.70 104.25 40.48 92.90 91.75 33.86 32.85 32.65 47.37 118.00 116.75 35.32 215.50 214.50 23.61 2.50 2.45 37.74 1.20 1.15 55.25 2.30 2.25 43.83 40.55 40.10 40.24 1.95 1.90 50.87 68.10 67.05 45.94 184.05 181.25 45.73 2.95 2.85 43.77 62.50 61.65 50.23 15.85 15.25 32.54 17.45 16.95 39.25 2.50 2.45 51.57 1.40 1.35 53.80 46.05 45.25 49.39 143.25 142.40 42.23 2.40 2.20 34.89 1.35 1.30 42.88 2.05 1.95 60.36 8.00 7.90 59.44 230.90 228.00 26.28 170.40 167.70 31.86 71.40 70.80 57.26 263.80 260.40 53.74 18.45 17.95 36.40 189.65 186.30 72.38 30.60 30.15 40.90 7.90 7.45 82.10 27.10 26.60 49.10 2.00 1.75 64.36 3.80 3.45 33.78 50.50 50.00 44.56 2.35 2.25 44.21 9.60 9.50
1st 2nd Resistance 3.65 3.85 52.25 52.65 66.75 67.05 28.25 29.55 23.45 23.75 68.25 68.95 15.00 15.25 10.65 10.90 331.75 336.70 82.60 83.55 8.00 8.15 3.30 3.40 8.45 8.60 1.55 1.60 24.45 24.75 1.40 1.45 2.05 2.10 39.55 40.90 60.80 62.55 176.55 178.10 13.85 14.10 4.85 4.95 27.05 27.30 105.45 105.75 94.85 95.65 33.10 33.20 120.50 121.75 218.25 220.00 2.70 2.80 1.50 1.65 2.40 2.45 41.70 42.40 2.05 2.10 69.85 70.55 188.90 190.95 3.15 3.20 63.80 64.25 16.80 17.25 18.50 19.05 2.65 2.70 1.50 1.55 47.50 48.15 144.95 145.80 2.65 2.70 1.45 1.55 2.20 2.25 8.25 8.40 236.35 238.90 174.85 176.65 72.40 72.80 269.30 271.40 19.15 19.45 194.65 196.30 31.65 32.30 8.60 8.85 28.45 29.40 2.40 2.60 4.40 4.60 51.50 52.00 2.55 2.65 9.85 10.00
Pivot 3.50 51.65 66.20 27.20 23.05 67.20 14.70 10.40 322.90 81.45 7.85 3.15 8.30 1.45 24.10 1.35 1.95 38.50 59.45 174.05 13.55 4.80 26.85 105.00 93.70 32.95 119.25 217.25 2.60 1.40 2.35 41.25 2.00 68.80 186.10 3.00 62.95 16.25 18.00 2.60 1.45 46.70 144.10 2.45 1.40 2.10 8.15 233.45 172.20 71.80 265.90 18.70 191.30 31.25 8.15 28.00 2.15 4.05 51.00 2.45 9.75
10
Tuesday, September 28, 2010
Gold hits record $1,300; silver at 30-yr high
European vegetable oil prices
Generale. "I wouldn't dare go against it and definitely wouldn't want to be short. There's good appetite to buy," he said. "Every country in the world is giving signals that it could print money ... what else are you going to trust apart from gold," said Sean Corrigan, chief investment strategist at Diapason Commodities Management.
ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 812.00+3.00, Feb11/Apr11 817.00+0.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 795.00+0.00, Feb11/Apr11 800.00-5.00, May11/Jul11 810.00-1.00, Aug11/Oct11 800.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1185.00+5.00, Jan11/Mar11 1185.00+5.00, Apr11/Jun11 1180.00. LINOIL: Any origin dlrs tonne extank Rotterdam Sep10/Oct10 1295.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 940.00+0.00, Oct10 940.00+0.00, Nov10/Dec10 935.00+5.00, Jan11/Mar11 930.00+5.00, Apr11/Jun11 930.00. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 965.00. PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 917.50+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10/Dec10 927.50+2.50, Jan11/Mar11 925.00+5.00, Apr11/Jun11 927.50+7.50. PALM STEARIN: Dlrs tonne fob Malaysia Nov10/Dec10 897.50. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Oct10 710.00+15.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1400.00, Oct10/Nov10 1400.00+35.00, Nov10/Dec10 1400.00+35.00, Dec10/Jan11 1400.00+35.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2100.00+0.00. Reuters
LONDON: Gold powered to a record high at $1,300 an ounce on Monday as investors poured cash into the market on worries about global economic health and the possibility of further quantitative easing to stimulate growth. Silver, often considered the poor man's gold, rose to a 30year high as investors also chased a cheaper alternative. The metal has gained nearly 30 per cent this year. Fund managers and industry experts say gold's rally has further to run in the longer term because it provides a hedge against inflation amid expectations that central banks worldwide could resort to quantitative easing to support economies. Spot gold firmed to $1,296.45 an ounce by 1610 GMT, after hitting a historic $1,300 an ounce and versus $1,295.60 quoted late in New York on Friday. "Momentum is still very much in favour of gold," said Jesper Dannesboe, senior commodity strategist at Societe
Indian sugar rises on global mkts MUMBAI: India's spot sugar price rose on Monday tailing gains in the global markets and dealer talk the federal government is likely to release less amount of open sale sugar for October, dealers said. New York raw sugar futures rose to a seven-month high on Monday, supported by strong demand which has contributed to a tightening supply balance for 2010/11. "Many traders were talking about lower non-levy quota for October. There wasn't any improvement in demand," Ashok Jain, president, Bombay Sugar Merchants Association (BSMA), told Reuters. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety climbed 0.95 per cent to 2,540 rupees ($56.27) per 100 kg. The country is expected to produce 26 million tonnes in the new season that begins on Oct. 1, up from previous forecasts of 25 million tonnes, Prakash Naiknavare, managing director of Maharashtra State Cooperative Sugar Factories Federation, told Reuters in an interview. -Reuters
US gold futures for December delivery rose $2.1 an ounce to $1,300.10 an ounce, within sight of an all-time high at $1,301.60 hit on Friday. Industry experts see fresh highs for bullion. Delegates at the London Bullion Market Association annual conference forecast a price of $1,406 an ounce by September 2011. Barrick Gold, the world's biggest miner of the yellow metal, said bullion could exceed $1,500 an ounce next year.
Central banks' capping their gold sales could be another factor supporting prices. On Monday Germany's Bundesbank said it would keep its gold sales to a minimum in the next 12 months. For the shorter term, charts show the bullion rally might face resistance at around $1,315-1,325 an ounce. A potential correction could be limited, traders said, with the physical market still buoyant despite record high prices. S i l v e r jumped to its highest in three decades at $21.61 an ounce. The world's largest silver-backed exchange-traded fund, the iShares Silver Trust, said its holdings rose to a record high at 9,613.02 tonnes by Sept 24 from 9,582.59 tonnes on Sept 23. Spot platinum was at $1,629 an ounce versus Friday's last quote of $1,637.70 an ounce, while spot palladium was at $558 an ounce versus $556.70 an ounce. -Reuters
EU wheat turns lower with CBOT PARIS: European wheat futures turned lower in afternoon trade on Monday, pressured by early losses in Chicago, but underlying trend remained firm, traders said. Futures in Paris and London had risen earlier on the back of strong gains in Chicago on Friday, before tracking US wheat and corn prices lower as a bounce in the dollar encouraged profit-taking in the US session. European prices had already pulled back sharply last week from contract highs but traders said it was too early to talk of a bearish trend given strong demand stoked by drought-hit Russia's export freeze. November milling wheat on Euronext closed down 3.75 euros or 1.67 per cent at 220.25 euros a tonne, as Chicago wheat slipped more than 2 per cent to approach the $7 threshold. Euronext was also curbed by the recent strength in the euro, which hit a new five-month high against the dollar on Monday, but operators said strong demand for French wheat would limit for now any
negative impact on export competitiveness. Feed wheat futures in London saw earlier gains erased, tracking a setback in Chicago corn and wheat, as the market continued to take its direction from the US November feed wheat was down 0.50 pounds or 0.31 per cent at 161.50 pounds a tonne after earlier edging up to 164.00 pounds. Spanish physical wheat lined up with recent slides in Chicago and Paris and has eased from 27-month highs set last week, although dealers say the market is still awaiting direction. Prompt feed wheat in leading grains port Tarragona -- a benchmark in import-dependent Spain -- was quoted at 216217 euros per tonne, down 9 euros from Thursday. The retreat in feed wheat prices has brought them back below milling wheat prices further inland, where domestic new crop bread wheat is available. Milling wheat in northern town of Lerida was quoted at 215 euros/tonne, at a premium of 3 euros to feed. -Reuters
Copper closes below $8,000, data in focus LONDON: Copper dipped on Monday as metals took a breather from September's rally, and analysts said that given mixed recent US economic data, bullish data would be essential for the metal to crack the $8,000 ceiling. Benchmark copper for threemonths delivery on the London Metal Exchange finished at $7,910 a tonne from a close of $7,945 on Friday. Monday's high was $7,986 a tonne. Prices of the metal used in power and construction rallied to a five-month high of $7,990 a tonne last week, driven by expectations of further downward pressure on the US dollar and improved fourth-quarter demand. "The commodities complex as a whole has benefited from this recent bout of dollar weakness. Clearly copper is getting close to that $8,000 level where we got to in April," said analyst Dan Major at RBS. Latest data showed US new home sales were flat in August, business spending plans rebounded strongly while durable goods orders were
Shanghai copper hits 5-month high Shanghai copper hit a fivemonth high on Monday on supply tightness as the market reopened following a public holiday last week. LME copper pared early small gains, down 0.1 per cent to $7,935 a tonne by 0702 GMT. The benchmark third-month copper futures contract on the Shanghai Futures Exchange hit a five-month high of $61,300 as the market opened, before ending at 60,600 yuan a tonne, up 1.3 per cent from the previous close.
down overall. The discount in Shanghai copper to LME copper shot up to 1,546 yuan compared with 544 yuan last Tuesday, pushing Asian buyers away from the London market. LME copper inventories fell
another 2,100 tonnes on Monday to 378,125, their lowest level since last November, down nearly one third from a six-year high hit in February. Among other industrial metals, aluminium ended at $2,293 a tonne from $2,317, lead finished at $2,269 from $2,296 while zinc, used to galvanise steel, wound up at $2,207 from $2,248. China's steel production cuts, which hurt iron ore demand and prices at the start of a usually peak season this month, will be in focus at this week's global steel and iron ore conference at the port city of Dalian. Tin finished at $23,650 up from $23,600, still underpinned by supply constraints from top exporter Indonesia, while stainless steel ingredient nickel was a touch firmer, finishing at $23,930 from $22,875. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 24 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1240
1120
October (3rd Wednesday)
1240
1110
November (3rd Wednesday)
1240
1120
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 24 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
2205 2215 2165 2175 2115 2125 2115 2125
2271 2272 2305 2306 2380 2385 2445 2450
7910.5 2255 7911 2256 7905 2287 7905.5 2287.5 7830 2302 7840 2307 7575 2280 7585 2285
22895 22900 22900 22925 22425 22525 21525 21625
TIN
ZINC NASAAC
23745 2236.5 23750 2237 23725 2267 23730 2267.5 23200 2322 23250 2327 2315 2320
2219 2221 2240 2250 2240 2250 2290 2300
Tokyo rubber hits 5-month closing high TOKYO: Tokyo rubber futures marked a five-month closing peak on Monday on higher oil and other commodity prices, though their strong momentum waned later in the day as rising domestic inventories eased supply concerns. The key Tokyo Commodity Exchange rubber contract for March delivery, which debuted on Monday, settled at 311.1 yen per kg, the highest since late April, after climbing to 314.7 yen. The settlement level was down 0.6 per cent from the opening price of 313.1 yen. The most actively traded February contract settled down 0.1 yen at 309.1 yen. Shanghai rubber futures for March delivery rose to a twoyear high of 27,395 yuan per tonne, as China returned from a string of public holidays. Shanghai rubber's four-month contract is expected to hover around 26,700 yuan per tonne, its long-term trendline resistance, and retrace thereafter to 23,945 yuan during the next four weeks. -Reuters
MASCOW: A vendor stands behind his fruit stand during a 'slow food' farmers festival in Moscow. -Agencies
Oil falls below $76 on demand uncertainty LONDON: Oil fell below $76 a barrel on Monday, tracking weak stock markets, as the outlook for global economic recovery and future energy demand remained uncertain. US and European shares drifted lower on Monday, pressuring oil prices, as investors paused to assess four straight weeks of gains on Wall Street. US crude for November delivery fell 63 cents to $75.86 a bar-
US manufacturing data is one of only a few economic indicators to watch on Monday, while consumer confidence data and UK GDP numbers on Tuesday should provide greater direction. Oil and US stock markets rallied on Friday after data showed new orders for a wide range of long-lasting US manufactured goods rose in August and business spending plans rebounded strongly, separate reports
rel at 1407 GMT after earlier touching $77.17, the highest price since Sept. 14. On Friday it jumped 1.7 per cent, capping the strongest weekly gain since July. ICE Brent for November was down 94 cents at $77.93. Oil prices have traded largely in a $70-$80 a barrel range since the beginning of May, driven by mixed economic indicators and swings on global stock markets. "Oil's looking at Europe and US equities at the moment as it has been for months. It's hard to get away from that," said James Hughes, market analyst at CMC markets in London.
showed on Friday. Money managers cut net-long crude oil positions on the New York Mercantile Exchange to less than 97,000 in the week through Sept. 21 from almost 114,000 a week earlier, the Commodity Futures Trading Commission said on Friday. OPEC has left its output ceiling unchanged for almost two years since announcing a record supply curb of 4.2 million barrels per day in December 2008 to combat lower demand and prices. OPEC complied with 53 per cent of that reduction in August, according to a Reuters survey. -Reuters
Malaysian palm oil hit highest since May 2009 KUALA LUMPUR: Malaysian palm oil hit its highest level since May 2009 and other global vegetable oil markets rallied on Monday as traders bet on top buyers China and India snapping up more cargoes in the months to come. An industry conference in Mumbai forecast that India will buy a record amount of vegetable oil in the new marketing year and China's Ministry of Commerce revised up its estimate for September soy imports. The hunger for vegetable oils and grains has been fuelled by a weaker US dollar and concerns that erratic weather across the globe will curb production of soybeans in the Americas and China as well as Canadian canola. Malaysian palm oil rose 1.26 per cent to close at 2,735 ringgit ($885) a tonne, after hitting the
highest level since May 2009 by the midday break. US October soyoil gained 0.7 per cent following the rallies in Chinese markets earlier in the day. China's most-active May 2011 palm olein futures rose 2.96 per cent and May 2011 soybean oil soared 3.03 per cent by 0700 GMT as traders adjusted their positions after last week's holiday to reflect bullish fundamentals. Malaysian palm oil could rise to 2,800 ringgit per tonne after resuming an uptrend and clearing resistance at 2,733 ringgit, according to a Reuters technical analysis. The soyoil market continued to draw support from prospects of lower US soybean seedings in 2011, as forecast by analytics firm Informa Economics last week, and from worries about early planting weather in South American soy areas. -Reuters
Raw sugar hits 7-mth high, coffee up LONDON: Raw sugar futures rallied to a seven-month high on Monday, supported by worries over the impact of adverse weather on output in leading producers Brazil and India, and strong physical demand. Coffee and cocoa also climbed as investor demand for agricultural commodities remained strong, driven by concerns over inflationary risks from loose US monetary policy. Downward revisions to 2011/12 Brazilian sugar output forecasts after a prolonged dry spell, and concerns over floods in India, helped push sugar futures higher, dealers said. "There are ongoing concerns about the impact of adverse weather on crops," said James Kirkup, director and head of sugar brokerage at ABN AMRO Markets (UK) Ltd in London. ICE October raw sugar futures traded up 0.56 cent or 2.2 per cent at 26.00 cents a lb at 1441 GMT after setting a seven-month high for the front month of 26.24 cents. White sugar futures on Liffe also rose with December setting a contract high of $648.30 a tonne in early trade before losing ground to trade at $634.20 a tonne, up $1.10 or 0.2 per cent, in moderate volume of 2,934 lots. Arabica coffee futures on ICE also advanced as the market continued to keep a close watch on the weather in Brazil with hot, dry conditions increasing stress to trees in Sao Paulo and Minas Gerais, according to DTN Meteorlogix. ICE March arabica coffee futures traded up 0.95 cent or 0.5 per cent at $1.81555 a lb, while Liffe November robusta coffee was up $11 or 0.64 per cent at $1,738 per tonne. After widening to historically high levels, the premium on the arabica market over the robusta market has eased, as robusta gains outpaced those on the arabica market in recent sessions. Cocoa futures on ICE joined the broad-based advance in agricultural commodity markets as the market awaited a clearer picture of the outlook for the West African main crop season, due to start on Oct. 1. ICE December cocoa traded up $35 or 1.3 per cent at $2,829 per tonne. Liffe December cocoa traded 17 pounds or 0.9 per cent higher at 1,900 pounds a tonne. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 76.73 77.75 78.60
85 15 -
27-Sep-2010 27-Sep-2010 27-Sep-2010
CRUDE100 CRUDE100 CRUDE100
NO10 DE10 JA11
US$ Per Barrel US$ Per Barrel US$ Per Barrel
75.87 77.01 78.19
76.85 77.96 78.60
75.40 77.01 78.19
76.73 77.75 78.60
119 33 -
Price 76.45 77.58 78.54
27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010
SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz
NO10 DE10 OC10 NO10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
21.37 21.37 1298.60 1299.00
21.48 21.62 1299.90 1300.10
21.37 21.37 1293.40 1294.00
21.48 21.49 1298.00 1298.90
28 184 376
21.43 21.45 1295.40 1296.30
21.48 21.49 1298.00 1298.90
39 336 1,722
27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010
GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD
DE10 OC10 NO10 DE10 OC10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms
1300.10 1298.00 1298.90 1298.90 35890.00
1301.50 1294.70 1299.00 1293.70 1298.90 1298.90 1301.10 1295.00 36018.00 35810.00
1299.80 1298.00 1298.90 1298.90 36018.00
601 17 73 10
1297.30 1295.40 1296.30 1297.30 35910.00
1299.80 1298.00 1298.90 1299.80 36018.00
996 2 11 52
27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010
GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W
NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 30SE10
Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg
35988.00 36003.00 35870.00 41934.00 41934.00 36988.00 37025.00 37037.00 37049.00 37062.00 42475.00 2402.00
36027.00 36041.00 35990.00 41978.00 41978.00 37076.00 37028.00 37040.00 37052.00 37064.00 42576.00 2402.00
35988.00 36003.00 35740.00 41934.00 41934.00 36988.00 37025.00 37037.00 37049.00 37062.00 42475.00 3153.00
36027.00 36041.00 35990.00 41978.00 41978.00 37076.00 37028.00 37040.00 37052.00 37064.00 42576.00 3153.00
2 -
35918.00 35933.00 35882.00 41852.00 41852.00 36967.00 36918.00 36930.00 36943.00 36955.00 42449.00 3181.00
36027.00 36041.00 35990.00 41978.00 41978.00 37076.00 37028.00 37040.00 37052.00 37064.00 42576.00 3153.00
1 -
27-Sep-2010 27-Sep-2010 27-Sep-2010 27-Sep-2010
Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
OC10 OC10 10-Sep 10-Dec
Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
3198.00 4180.00 87.13 86.84
3198.00 4205.00 87.14 86.84
3169.00 4180.00 87.13 86.84
3169.00 4205.00 87.14 86.84
-
3198.00 4180.00 87.13 86.84
3169.00 4205.00 87.14 86.84
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Rafael Ortiz of Spain rides in World Dressage Championship at the World Equestrian Games
11
Tuesday, September 28, 2010
Giggs ruled out of trip to Valencia LONDON: Veteran midfielder Ryan Giggs will miss Manchester United's Champions League match in Valencia on Wednesday after suffering a hamstring injury on Sunday. Wayne Rooney also picked up an ankle knock in the 2-2 draw at Bolton Wanderers but manager Alex Ferguson is confident the England striker will be available for the Group C fixture. "Ryan is the more serious injury," Ferguson told Manchester United's website (www.manutd.com). "It's a hamstring injury and he'll be out for a couple of weeks. With Wayne, I am sure we will be able to get him ready for Wednesday."-Reuters
Date turns sour for Sharapova TOKYO: A day before turning 40, Japan's Kimiko Date Krumm bundled defending champion Maria Sharapova out of the Pan Pacific Open in the first round on Monday. Date Krumm produced a shock 7-5 3-6 6-3 victory over Russia's former world number one, who squandered three points for a 4-2 lead in the final set. "Playing against a player who used to be number one and the defending champion I knew I had to play my best," the 1995 winner Date Krumm told reporters.
"I just got back from Korea yesterday and felt really tired but my body felt a little better today," added the Japanese, who reached the quarter-finals in Seoul last week. Sharapova broke to take a 3-2 lead in the final set but buckled when up 40-love in the next game, double-faulting twice en route to surrendering her own serve. "Momentum is so big in tennis," said the three-time grand slam winner, who is still struggling to return to the top of the women's game after shoulder surgery in 2008.
"If you give your opponent a chance they can get confident and take the momentum away." Sharapova, who committed 11 double-faults in total, praised the fitness of her opponent, who returned to professional tennis in 2008 after 12 years away from the game. "It's incredible," said Sharapova. "It just shows you how she has stayed in such great shape while away from the game. She is incredibly fit." Seven of the world's top 10 women's players are competing in Tokyo this week at the $2 million tournament.-Reuters
India pushes hard to ready Games Village NEW DELHI: India promised to completely clean up the athletes' housing for the Commonwealth Games by Wednesday, as authorities scrambled to fix one of the biggest hurdles facing the beleaguered event just days before it opens. The Games were supposed to enhance India's image as a rising power, but a last-minute rush to complete work, shoddy construction, dirty housing and security fears raised governance and accountability issues in Asia's third largest economy. Nearly all the 1,500 athletes who had arrived in Delhi by
Monday were staying at the Games Village, the last major unfinished venue. Many members of the more than 20 teams in Delhi have praised their facilities as spacious and spotless, but several other delegations have run into problems, including the Scotland team, whose chief said "standards were just not good enough." A snake was found in the room of a South African athlete and about 150 flats are still unhygienic, despite the weekend efforts of an army of workers who have failed to address an example of the infrastruc-
ture and other problems endemic to India. The opening ceremony for the two-week sporting event, held every four years for former British colonies, is on October 3 and the Games Federation said all 71 nations will participate. Delhi Chief Minister Sheila Dikshit said the Village, where 8,000 athletes will stay, would be ready on Wednesday. Last week, the federal interior minister had said Saturday. "We inherited a very difficult situation but its improving almost by the hour," she told reporters. "Everybody has been told to work double time
and we will do it." About 20 athletes, including world champion sprinter Usain Bolt, have pulled out of the Games for various reasons, not all of them due to health and security fears. Organisers say the absence of Bolt, an Olympic goldmedallist, and other high-profile athletes would not diminish the standards of competitions such as track and field. In a boost for the Games, Isle of Man cyclist Mark Cavendish, a Tour de France stage winner and one of the world's best sprinters, said he would compete in the road race.-Reuters
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shall be finalized soon. Later the Federal Minister chaired the meeting of the National Logistics Board in which he was briefed about the restructuring plan and the overall performance of NLC by its Chairman.-NNI
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Minister for Railways Ghulam Ahmed Bilour and State Minister for Railways Afzal Sindhu were also present. He said that he is also hearing of rumors of change in government like everyone else but there would be no change through democratic means and we would complete our tenure. He said that he can't talk on Swiss cases till SC verdict on government appeal to postpone the NRO hearing. He said after the SC verdict than the government would be in the position to decide whether or not to reopen Swiss cases. He said that NRO beneficiaries should resign themselves as that would be better for everyone. -Online
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immunity can only be abolished by the Parliament as it was the parliament that approved the article in the constitution regarding immunity and no letter to the Swiss Govt would be written in this regard. President and Prime Minister reaffirmed that in order to bring the country out of current challenges it is imperative that all political forces are taken along and the anti democracy elements would not be allowed to succeed in their designs. -Agencies
and Director General Oil Sabir Hussain were also present in the meeting. -Agencies
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individual investors the financing in the new product. Contrarily, the KSE chief proposed financing only through companies and financial institutions in the new system of financing. Also, the SECP did not remove the objections raised by the KSE chief over default proceedings, as the new method of default has investors in place of brokers. -Agencies
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Revenue (FBR) through proper legislation to collect the tax. He said the GST on services where input adjustment and cross provincial transaction took place provinces would authorise the FBR to collect RGST. The federation would collect RGST on four sectors including construction, advertisement, franchise, and banking sector which would go in divisible pool. The disbursement formula of the RGST from the divisible pool would also be finalised during the upcoming deliberations, he added. -APP
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scene and they received direct small arms fire and, once again operating in self-defense, they engaged the insurgents," said Donald. The strike killed at least four militants, said Johnson. The tribal area where the strikes took place is largely controlled by militants who regularly carry out attacks against Nato troops in Afghanistan. The US rarely uses manned aircraft to carry out strikes in North Continued from page 1 No #4 Waziristan and instead relies on drone attacks that American offito the world that the Pakistani nation stands united against this cials refuse to acknowledge publicly. Pakistani intelligence offiunjust verdict. He appealed to MQM office-bearers, workers, par- cials said two Nato helicopters carried out a third strike inside liamentarians, women, students, labourers and people from differ- Pakistani territory on Monday morning, killing five militants and ent walks of life to participate in this rally in large number and wounding nine others. make it a success. Hussain made it clear that the rally was not for The strike occurred in the village of Mata Sanger in the Kurram the purpose of serving party interest, but it was against the sen- tribal area, which is directly across the border from the Afghan tence given to Dr Aafia Siddiqui. provinces of Paktia and Nangarhar, said the officials speaking on He said that it was the need of the hour to set aside party lines condition of anonymity because they were not authorised to talk and ideological differences and unite against the undeserved sen- to the media. Donald, the Nato spokesman said officials were still tence passed on the daughter of the nation and take full part in the investigating and could not confirm or deny reports of the attack rally. Hussain made a passionate appeal to each Pakistani to show in Kurram. The Pakistani military could not be reached to comto the world that we stand was united against this unjust sentence ment on the Nato attacks. -Online and the unfair treatment meted out to Dr Aafia Siddiqui. -Agencies
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According to media reports in the same meeting with Patterson, Dr Farooq Sattar expressed concerns over the US court's verdict against Dr Aafia Siddiqui. -Online
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consensus decisions.It does not give Pakistan individual powers to decide UN nuclear policy. Malaysia currently chairs the board. According to the Stockholm International Peace Research Institute, Pakistan has about 60 warheads while regional rival India has 60-70. -Reuters
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Karachi to upcountry especially Parco fed area of Punjab. Shortage of storage capacity with new Oil Marketing Companies also contributed to these shortages. Minister emphasised upon building up storages by OMCs of 20 days of each product as per their liability under the license conditions. Minister further directed the OMCs to build up stocks of all products prior to the forthcoming winter season i.e., by 31-102010 as CNG availability would possibly be less during winter. Chairman Ogra Tauqir Sadiq, Secretary Petroleum Imtiaz Kazi
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were trying to interrogate her in Afghanistan. Mohammad Osman told the Afghan Islamic Press (AIP), based in Peshawar in northeastern Pakistan: "We are lucky that we abducted this British woman soon after the ruthless ruling by an American court on Aafia Siddiqui "We will demand the release of Aafia Siddiqui in exchange for her." British government policy is never to pay ransoms to kidnappers, but London and Washington are in contact over the report. The British embassy in Kabul would not discuss the credibility of the report or demand. A spokeswoman said: "We do not discuss operational details." The Foreign Office and the family of the kidnapped woman have asked the press not to name her. She was working for the aid contractor Development Alternatives Inc, on a project paid for by the American government. Prosecutors said she had been arrested in Ghazni that year carrying details of prominent American monuments and bomb-making notes. Her supporters contend she had been kept for years in a secret prison before her arrest and badly treated in custody. Defence lawyers said her gun attack, in which she failed to hit anyone, was a spontaneous "freak out," born of mental illness. -Online
TOKYO: Sharapova of Russia returns the ball to Date Krumm of Japan during the Pan Pacific Open tennis tournament.-Reuters
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Talking to newsmen Cane Commissioner Khyber Pakhtunkhwa, Saeedur Rehman said that decision on fixation of the price 40-kilogram sugarcane would also be discussed in the meeting. Khyber Pakhtunkhwa has a total of seven sugar mills with four units situated only in DI Khan, one each in Bannu, Peshawar and Mardan divisions of the province. During last crushing season the two sugar mills failed to complete crushing seasons due to the unavailability of sugarcane. The Ghur manufacturing ghanis have been emerged as big competitors of the sugar manufacturing units in the province in light of competitive price. The Cane Commissioner agreed with the contentions that the cost of production of sugarcane had increased by manifold and the price offered by the millers did not suit the growers. He said that devastation floods had affected standing sugarcane crop on 0.194 million acres of the total cultivated crop on 3.5 million acres. The estimated target of sugarcane production is 54.834 metric ton in the province. The provincial government has a 15-member sugarcane board having representation of growers, sugar millers and government officials. -APP
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foreign experts, availability of raw materials, uninterrupted supply of electricity. The steel sector is directly linked with the international market where iron and steel prices are on the rise and the domestic market has to follow the trend. -APP
No #14
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partnership, engineering, procurement, and construction (EPC) contracting, equipment supplier etc. However, their current focus was wind, for which they had already committed financing and are deploying all their efforts. The Minister exclaimed that the experience and expertise of Bradford Power in renewable energy sector indicates that they are competent to quickly execute wind power projects. The Minister assured the delegation that they will be assisted at level for realising their planned wind power projects in Pakistan. Earlier, Rafid while giving detailed briefing to the meeting informed that both A-Power and Monteva have EPC experience of installing over 50 power plants including wind and solar power projects in China, Canada and USA. They are manufacturing wind turbines in China under license of some of the world renowned wind turbine manufacturers like GE, Nordex etc. He said they were planning to use their own manufactured wind turbines for their proposed wind power project in Pakistan.-NNI
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deposits were rewarded at an average rate of just 5.82 per cent (including zero mark-up). On month on month basis, the spread was also up by five bps. It was 7.51 per cent in July 2010. Cost of deposits decreased by 2bps to 5.82 per cent from 5.84 per cent in previous month. However lending cost grew 3bps to 13.38 per cent.
No #16
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The Mint newspaper reported the energy major plans to invest over 400 billion rupees by 2014 to expand the world's biggest refining complex it runs in Jamnagar, in western Gujarat state. State Bank of India gained 1.1 per cent while ICICI Bank rose 0.2 per cent. But, HDFC Bank and Housing Development Finance Corp shed 2.1 per cent and 0.6 per cent respectively. Mahindra Satyam shed more than nine per cent after it said late Friday it would delist from the New York Stock Exchange in midOctober due to non-compliance as it would likely miss a deadline to restate results for fiscal year 2009. Hindustan Construction Co Ltd rose 3.8 per cent after it said late Friday that it had won two orders totaling 6.6 billion rupees ($147 million) from GMR (Badrinath) Hydro Power Generation Pvt Ltd, New Delhi, for Alaknanda Hydro Electric Project. The shares ended up one per cent at 60.80 rupees. Mahindra Satyam was the volume leader with 21 million of its shares changing hands, followed by South Indian Bank 7.5 million shares and JM Financial 7.5 million shares. ($1=45.02 rupees) -Reuters
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contrasts with dull trading volumes seen in developed markets, growing IPO activity and expectations of new products being listed on the exchange as a consequence of China's yuan liberalisation policy. Local developers extended their recent rally with the sector enjoying its best month since May 2009. The Hang Seng property sub-index is up more than 15 per cent month-to-date. Sun Hung Kai Properties rose 2.9 per cent, while Sino Land rose 4.8 per cent on nearly five times its average 30-day volume. The benchmark index has traded above its 60-day moving average at 2,587 for about six weeks, with analysts saying the technical level would provide solid support ahead of upcoming market holidays. Gold powered to an all-time high at $1,300 an ounce on Monday as worries about the health of the global economy spurred buying, with top consumer India also defying high prices during the festive season. Miners rallied with Zhongjin Gold Corp Ltd up 4.3 per cent, Henan Yuguang Gold & Lead up nearly 10 per cent, and Shandong Gold up 4.5 per cent. Agricultural counters helped lift the index after China's Ministry of Industry and Information Technology said it would actively support the development of small and medium-sized enterprises in sectors such as rare earth. Inner Mongolia Baotou Steel Rare-Earth and Xinjiang Sayram Modern Agriculture Co Ltd both rose to their 10 per cent limit. ($=6.71) -Reuters
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at ETX Capital said: "5,600 seems to be a level of resistance for the FTSE... unless we get decent news flow coming out over the next few weeks... the market will probably retrace somewhat, maybe down sub-5,500 before it starts back up again." British house prices rose at their slowest annual rate in seven months in September, as prices fell monthly in all regions for the first time in almost 1-1/2 years, according to a survey by property data firm Hometrack.Banks were also weaker, down 0.8 per cent. And AstraZeneca lost 1.6 per cent after the company's experimental prostate cancer pill zibotentan failed to improve survival in a late-stage clinical trial, dealing a fresh blow to its oncology pipeline. -Reuters
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Analysts have warned that Takefuji could struggle to survive given that it does not have the financial backing of a major bank like competitors Acom Co and Promise Co. But market players, noting the industry has been struggling for some time, said the news would not raise broader fears of financial instability or seriously affect the Nikkei as a whole. "There's definitely a big impact on the sector but otherwise, the market's known for a long time that the firms are struggling and that's caused things to be mostly factored in," said Hiroaki Osakabe, fund manager at Chibagin Asset Management.Shares of companies with strong exposure to China jumped after falling last week amidst a diplomatic spat between China and Japan, but market players said this was more short covering than anything else and the issue was still a concern for many.Komatsu climbed 3.2 per cent to 1,935 and Hitachi Construction rose 1.9 per cent to 1,846 yen. -Reuters
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the coming elections are going to be," he said. AirTran Holdings Inc rose 62 per cent to $7.37 after Southwest Airlines Co offered to buy the regional carrier for $7.69 per share. Southwest jumped 10 per cent to $13.51, while the Arca airline index rose 2.7 per cent. About 2.8 billion shares traded by midday on the New York Stock Exchange, the American Stock Exchange and Nasdaq, about average so far this session.
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I’ll go home if called for; not fleeing: Malik ISLAMABAD: Interior Minister Rehman Malik has said he is neither fleeing from the country nor is resigning adding if prime minister seeks resignation from him , no delay will be made by him in tendering his resignation. Source said he also telephoned Prime Minister Syed Yousuf Raza Gilani and discussed with him talks about resignation of NRO beneficiaries. They said PM advised Rehman Malik to latch on to his patience over the media reports. Addressing a press conference after his meeting with Dr Fouzia Siddiqui, sister of Dr Aafia Siddiqui on Monday, interior minister Rehman Malik said democracy is being undermined by caricaturists mocking at the government. Responding to a question, he said NRO was neither promulgated by him nor by Shahbaz Sharif but it was promulgated by Musharraf government. "I was not benefited from national reconciliation ordinance and six false cases have been fabricated against me. In four cases, I have been acquitted. We respect judiciary and we will appear before the judi-
ciary whenever it summons us in future. All should wait for court judgments. Democracy should not be undermined by showing cartoons," he remarked. He was of the view political rivals wanted dissolution of government. "They should however honor mandate of the nation. They were at liberty to bring no trust move if they did not want to respect mandate of people," he underlined. "We have not shunned norms of morality even after a bunch of allegations have been leveled against us. Had we spoken then so many people would have to flee. However we want reconciliation," he maintained. Rehman Malik said he was being subjected to media trial by certain groups. "I however request media that they should contact me before lying or posting some report. It was top priority of the government to bring back Dr Aafia Siddiqui to home, he said adding committee constituted under the directives of the president and prime minister in this connection was working and two proposals received from US were being considered. He told government had
postponed the matter of endorsing these two proposals immediately which had been sent by US authorities. Government had decided to appoint a legal advisor in US who would review Dr Aafia's case. Pakistan had also talked to US in connection with stay arrangements and provision of other facilities to Dr Aafia Siddiqui, Rehman Malik said. Any decision about Dr Aafia Siddiqui would be taken by taking affected family into confidence, he maintained. Certain political actors were endeavoring to spoil Dr Aafia case, he said adding if they wanted to help us then they should guide us in positive manner. We are deliberating over sending a letter to UN and OIC in Dr Aafia case, he told. Talking to media men, Dr Fouzia Siddiqui said her family would only be satisfied when her sister Dr Aafia would be repatriated to Pakistan. Sources also stated that the PM praising the efforts of Rehman Malik for bringing back Dr Aafia into the country said that soon she would be back. -Online
Bank spreads escalated in August Aamir Abidi KARACHI: Weighted average banking spreads have surged 24 bps year on year in the month of August. The rise was mainly led by fall in deposit rate, according to data released by the State Bank of Pakistan (SBP). Average spreads of the banks in the country stood at 7.56 per cent in August 2010 against 7.32 per cent witnessed in the same month last year. During the month, outstanding loans issued by banks were charged an average interest rate of 13.38 per cent (including zero mark-up) while outstanding See # 15 Page 11
Afghan Taliban wants to trade Brit hostage for Dr Afia KABUL: Taliban militants are holding the British woman kidnapped in Afghanistan and want to exchange her for a female Pakistani scientist jailed last week in America, it has been reported. A local Taliban commander named Mohammad Osman said he had kidnapped the woman and her Afghan colleagues in Kunar province on Sunday. He told an Afghan press agency with close ties to the Taliban that he was demanding an exchange for Aafia Siddiqui, reported The Telegraph. Siddiqui, a 38-year-old neuroscientist, was jailed last week by a New York court for 86 years for the attempted murder of US agents and soldiers who See # 11 Page 11
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Mirza sings 18th Amendment songs ISLAMABAD: NA speaker Fahmida Mirza has said 18th amendment is the biggest achievement of the sitting parliament. Dr Fahmida Mirza said this while addressing a ceremony held here Monday in collaboration with Pakistan Baitul Mal. She went on to say PPP had rendered unprecedented sacrifices for the sake of democracy in the country which were unforgettable. People of Pakistan had elected
the present government, she said adding PPP was answerable to people only. It should be allowed to work, she maintained. She underlined that government was making efforts beyond its resources for the rehabilitation of flood affectees and it had potential to tackle the situation arising out of devastating floods like war on terror. Harmony among the four provinces guaranteed for a strong Pakistan, she maintained. "We can make the
Nato blitz in Pakistan zaps fifty militants ISLAMABAD: Nato helicopters based in Afghanistan carried out at least two airstrikes in Pakistan that killed more than 50 militants after the insurgents attacked a small Afghan security outpost near the border, spokesmen said Monday. Nato justified the strikes based on "the right of selfdefense". Pakistan is sensitive about attacks on its territory, but US officials have said they have an agreement that allows aircraft to cross a few miles into Pakistani airspace if they are in hot pursuit of a target. The first strike took place Saturday after insurgents based in Pakistan attacked an Afghan outpost in Khost province, which is located right across
the border from Pakistan's North Waziristan tribal area, said US Capt Ryan Donald, a spokesman for the Nato-led International Security Assistance Force in Afghanistan. "The Isaf helicopters did cross into Pakistan territory to engage the insurgents," said Donald. "Isaf maintains the right to self-defense, and that's why they crossed the Pakistan border."The strike killed 49 militants," said US Maj Michael Johnson, another Isaf spokesman. The second attack occurred when helicopters returned to the border area and were attacked by insurgents based in Pakistan, said Donald."The helicopters returned to the See # 10 Page 11
future of the country secure by setting aside our differences," she urged. Citing to orphan children present in the ceremony, she said they are our children and government would extend all possible cooperation to them. Parents are the greatest boon, she added. Education was top priority of the government, speaker NA Dr Fahmida Mirza said adding it was placing special focus on this sector. -Online
Qureshi too busy to meet Krishna NEW YORK: External Affairs Minister S M Krishna attended a reception of Commonwealth countries hosted by Kamla PersadBissessar Prime Minister of Trinidad and Tobago in New York. Foreign Minister Shah Mahmood Qureshi attended the reception too but didn't have an opportunity to meet Krishna. "Well there were a number of ministers and I was saying hello to them," Krishna told the media as he left the reception after staying for about 15 minutes, reported UNI. "I couldn't spot my good friend and distinguished foreign minister of Pakistan...perhaps he already left." Qureshi had indeed left just five minutes before Krishna went into the reception and they seemed to have missed each other by a whisker. But both the ministers appeared to be in relaxed frame of mind and commented on the good weather. -Online
President’s immunity a matter of SC: Sharif KOT MITHAN: The head of PMLN Mian Nawaz Sharif has said that implementation of NRO was the prerogative of the Supreme Court, while granting immunity to any President was also within the jurisdiction of the Supreme Court. Talking to media in Kot Mithan, he also said that had the government respected and implemented the verdicts of the Supreme Court, the scenario would have been much more different, peaceful, and insulated against such a flood of crisis, which might submerge everything. He strongly rejected any possible threat to democracy, and said that he
Foreign group eyes 200MW wind power plant in Sindh ISLAMABAD: A foreign consortium company of Canada and China Bradford Power has expressed commitment to set up a wind power project of 200 megawatt in Pakistan with an estimated investment of 500 million US dollars. This was said by Rafid E Louis of Bradford Power, (Pvt) Ltd while talking to the Minister for Water and Power Raja Pervez Ashraf when a delegation of Bradford called on him here on Monday. Secretary Water and Power, Shahid Rafi and representatives of AEDB and PPIB were also present. Rafid E Louis informed the minister that Bradford Power (Pvt.) Ltd. is a special purpose company established by APower, PR China and Monteva Holding Inc, Canada for setting up wind power projects in Pakistan as independent power producer and the said project will be completed in two years in Sindh province. Bradford would also look forward different investment mechanisms in conventional and non-conventional energy resources in Pakistan other than wind like public private See # 14 Page 11
saw no anomaly or threat to Parliament or any reason for confrontation between Parliament and Supreme Court, as PML-N was itself a part of incumbents' team and saw no such confrontation as such. Replying to a question, Mina Sahib strongly derided such obnoxious references as 'intrusion of Army boots', stressing that "being honorable Nation, we should eschew such kind of expletives". Referring to the live statement of Qayyum Jatoi, he said that while it was imprudent, it was not exactly untrue either. Citing the colossal flood damages
in Kot Mithan, he said that 1700 villages had suffered, and would be replaced by model villages, with such advanced amenities like mosque, park, private school and other facilities. He informed that flood victims were being given Rs20,000 each, while government has been stressed to pay at least Rs100, 000 for the flood victims. He said that he and Mian Shahbaz Sharif were constantly touring Punjab to review the flood damages, while all PML-N leaders were also busy in the relief and rehabilitation of their constituencies. Online
Cane growers seek no-duty sugar import KP all set to start crushing by Nov PESHAWAR/LAHORE: Sugarcane crushing in Khyber Pakhtunkhwa is likely to start from November 01 while sugarcane growers are expecting shortage of sugarcane and fearing undersupply of sugarcane to sugar mills by November. Sugar Cane Growers Association (SCGA) has urged the government to allow tax free import of raw sugar to meet the shortage of sugarcane supply to sugar mills by November. Convenor SCGA Javed Malik in a press release on Monday said that in the backdrop of ongoing sugar crises in the country the retail price of sugar increased from Rs45 per kilo to Rs85 per kilo in a short span.
The devastating flood completely destroyed the sugarcane producing belt which compounded sugar crisis. He said in order to stabilise sugar prices in the open market the government needs to act swiftly in the interest of consumers. He said that raw sugar must be available to millers by November so that it can be processed along with the crushing of sugarcane crop to avoid extra fuel cost and other expenses. Notably, the sugarcane board of Khyber Pakhtunkhwa had convened a meeting on October 02 to take stakeholders on board on the matter. See # 12 Page 11
10mn T steel to be forged by 2015 ISLAMABAD: The steel production, under the new policy evolved in consultation with all stakeholders, has been set at 10 million tons by the year 2015 and 15 million tons by the year 2020. According to figure available at magazine of Engineering Development Board, the country has a capacity of four million tons steel production per annum as compared to total demand of over six million tons. The steel production units are not
fully utilising and functioning under capacity. As a result, the gap between demand and supply has been increased by 2.5 to three million tons, which is being met through import which could further increase because of industrialisation. The steel sector needs to be expanded for which huge money is required. Besides, it has some prerequisites including security of investment and See # 13 Page 11
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