International Karachi, Wednesday, September 29, 2010, Shawwal 19, Price Rs12 Pages 12
Fata uplift plan tops priority : Gilani
Lt Gen Khalid Shamim appointed as CJCSC Drone strike kills senior al Qaeda leader in Pak NA passes resolution against Khi target killings
See on Page 12
See on Page 12
Altaf urges govt to utilise all means for repatriation
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 170.65mn 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)
Millions rally for Aafia indemnity l MQM’s countrywide gatherings condemn verdict
Staff Reporter/ Agencies
Portfolio Investment SCRA(U.S $ in million)
43.40 -42.47 0.34 2389
Yearly(Jul, 2010 up to 27-Sep-2010) Monthly(Sep, 2010 up to 27-Sep- 2010) Daily (27-Sep-2010) Total Portfolio Invest (17 Sep-2010)
KARACHI: A large number of MQM supporters listening the telephonic adresses of Party chief Altaf Hussein at M A Jinnah in a rally against Dr Aafia verdict.-Photo by S Imran Ali
NCCPL (U.S $ in million)
FIPI (28-Sep-2010) Local Companies (28-Sept-2010) Banks / DFI (28-Sept-2010) Mutual Funds (28-Sept-2010) NBFC (28-Sept-2010) Local Investors (28-Sept-2010) Other Organization (28-Sept-2010)
2.32 -1.02 0.46 1.40 -0.54 -3.52 0.90
Tax would be nominal and only for higher income group: Shaikh
Flood tax off cards
ISLAMABAD: Minister for Global Indices Finance Dr Abdul Hafeez Index Close Change Shaikh said Tuesday that the KSE 100 9,981.07 44.28 government was not considerNikkei 225 9,495.76 107.38 ing levying 10 per cent addiHang Seng 22,109.95 230.89 tional flood tax on income. Sensex 30 20,104.86 12.52 Addressing a ceremony ADX 2,660.98 3.22 organised to pay refund SSE COMP. 2,611.35 16.62 FTSE 100 5,578.44 5.02 cheques of tax payers, the min*Dow Jones 10,829.04 17.0 ister said the government *Last Updated 20:00 PST would go for other options to GDR update generate funds. $.Price PKR/Shares "Even if the flood-tax is Symbols 111.80 imposed, it would be nominal MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 17.15 147.49 and would not put additional UBL (1 GDR= 4 Shares) 2.00 43.00 burden on the tax payers", he LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 9.60
36.55 33.02
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.69% 12.82% 12.79% 13.00% 12.65% 12.83% 12.97% 13.28% 13.35% 13.41% 13.49% 13.61% 13.80% 13.93% 14.09%
22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010
Commodities *Crude Oil (brent)$/bbl 78.78 *Crude Oil (WTI)$/bbl 76.30 *Cotton $/lb 106.18 *Gold $/ozs 1,296.00 *Silver $/ozs 21.32 Malaysian Palm $ 885.00 GOLD (NCEL) PKR 35,887 KHI Cotton 40Kg PKR 7,770 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 81.60 Canadian $ 82.60 Danish Krone 14.90 Euro 114.80 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 23.35 UK Pound 135.00 US $ 86.20
82.60 83.60 15.30 116.30 11.30 1.032 22.95 65.25 12.50 85.80 23.45 136.50 86.45
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
82.52 83.52 15.53 115.72 11.08 1.019 22.92 65.01 12.56 87.32 23.40 136.03 86.00
82.71 83.71 15.57 115.99 11.10 1.022 22.98 65.16 12.59 87.52 23.45 136.35 86.18
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
33°C 37°C 37°C 36°C 31°C 34°C
MIN
18°C 23°C 23°C 20°C 8°C 20°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
added. He said the government was determined to bring reforms in the current tax system. The minister said that flood surcharge would not be imposed on income, sales tax, import and export but it would be charged on property, land and higher income group who can bear the burden. Reformed General Sales Tax (RGST) would be imposed after the complete consensus of the provinces through proper legislation and approval of
Miner may put $3.2bn into Rekodiq QUETTA: Tethyan Copper Company Pakistan plans to operate a world class copper, gold mine with 2.2 billion tonnes economically mineable reserves by deploying a cutting-edge technology at Rekodik, Chagai, Balochistan as a joint venture with Government of Balochistan with initial $3.2 billion foreign direct investment over four years. 'We have submitted a feasibility study to Balochistan government and in talks with them to conclude an agreement which will result in take-
off for the project in next four years. Balochistan will get 25 per cent profit plus royalty and taxes to federal and provincial governments. Balochistan government will invest 25 per cent in construction, development of project,' TCCP senior project geologist Asad-ur Rehman told a group of journalists who visited site of project, 70km north west of Nokandi. It is likely that a number of other mineralisation centers exist in Pakistan with significant potential for further See # 10 Page 11
DAP offtake down 75.5pc YoY in Aug
Aug urea sales fall by half YoY Aamir Abidi KARACHI: Fertiliser offtake number recently released by National Fertilizer Development Centre (NFDC), portrayed a dismal picture for the month of August as recent floods badly hit fertiliser demand. According to the data, urea offtake dropped 49.6 per cent YoY to 301.54k
tonnes recorded in August against 598.18k tonnes in identical period last year. Urea sales for August touched 40month low. Similarly, di-ammonium phosphate (DAP) offtake also remained weak in August with the industry registering a dip of 75.5 per cent on YoY basis. See # 12 Page 11
Nepra cuts power tariff by 33 paisa Staff Reporter ISLAMABAD: National Electric Power Regulatory Authority (Nepra) reduced the power tariffs by 33 paisas per unit, media reported Tuesday. The change will take effect from August in the bills of the same month. According to
spokesman of the Nepra, the reduction in the power tariffs will not be applicable to Karachi Electric Supply Company (KESC). This reduction was made under monthly Fuel Adjustment. The consumers will be given in September bills the benefit of this reduction meant for August.
the parliament which aims to bring more sectors into tax net by abolishing the tax exemptions, he added. Dr Shaikh said that federal and provincial representatives were progressing towards final decisions on RGST and all the matters would be finalised during next few days. He said that government had decided to keep the RGST ratio at 15 per cent. However, due to economic situation after the flash floods in the country See # 9 Page 11
18th Amendment
CJP says system restored in real sense ISLAMABAD: Chief Justice Iftikhar Chaudhry said the 18th Amendment had restored the parliamentary system in real sense. He was heading a 17member larger bench seized with hearing of a set of petitions on certain provisions of the 18th Amendment. Chief Justice said that the prime minister's powers had been restored after taking it from the president. However, his role had been minimised in judges' appointment issue as envisaged under Article 175-A. Salman Akram Raja, counsel for members of civil society favouring the 18th Amendment, resumed his arguments. He contended that new mode of appointment of judges was reflective of the See # 11 Page 11
Sindh House adopts bill to shelve LB polls KARACHI: A bill to postpone the local bodies' polls indefinitely was adopted unanimously in the Sindh Assembly on Tuesday. Sindh Law Minister, Ayaz Soomro, moved the bill in Sindh Assembly's session chaired by Speaker Nisar Ahmed Khuhro. He cited the situation arising out of the unprecedented floods that caused widespread damage to infrastructure in the province besides destruction to communication and agriculture. The ANP continued the boycott of the session while members of MQM were away due to a rally to condemn the conviction of Dr Aafia Siddiqui by a US court.-Agencies
KARACHI: Muttahida Qaumi Movement (MQM), Chief Altaf Hussain Tuesday demanding the release of Dr Aafia, has urged the US to explain the conviction of Dr Aafia Siddiqui, while called upon the government of Pakistan to use all diplomatic means for the release of Dr Aafia. The MQM chief was addressing via telephone from London the participants of rallies taken out against conviction of Dr Aafia Siddiqui by a US court.
Altaf Hussain said protest rallies are being taken out by his party in different parts of the country for the release of Dr Aafia Siddiqui. He said the nation is unaware of the charges under which Dr Aafia has been sentenced 86year imprisonment. Altaf questioned, who is responsible for the deaths of innocent people in drone attacks and who would be punished for the same. He said only superpower is Allah Almighty and the world can not be converted into a haven of peace through use of
force but it can only be done with the help of love. No one likes terrorism and we too oppose it, he said. He said he respects all religions and expects the same from followers of other religions. He called upon Organization of Islamic Conference (OIC), member states to unite and raise voice against injustices. He called upon Karachiites to make the city peaceful and protect the life and property of each other. See # 13 Page 11
SC questions SBP’s loan-waiving powers ISLAMABAD: The Supreme Court Tuesday questioned the authority and jurisdiction of State Bank of Pakistan (SBP) to waive Rs256 billion bank loans during the period from 1971 to 2009 under Banking Companies Ordinance. A three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Tariq Parvez and
Justice Ghulam Rabbani while hearing a suo moto case, directed the SBP counsel to submit Wednesday details of at least ten cases from each year which met two conditions set in Section 33B Banking Companies Ordinance and which were pre-requisites for writing off loans. See # 8 Page 11
2
Wednesday, September 29, 2010
Tameer Bank takes part in UN Forum
KARACHI: Chairman Senate committee for Finance, Senator Ahmed Ali along with Chairman Council of Textile associations Zubair Motiwalla addressing the representatives of Value Added Textile Sector at PHMA House on Tuesday. -Photo by Jamil Siddiqui
KCAA demands PaCCS to sustain Staff Correspondent KARACHI: Karachi Customs Agents Association (KCAA) on Tuesday said decision to wind up Pakistan Custom Computerised System (PaCCS) is not in the national interest as it would damage revenue collection and impede trade. Closure of the first true initiative at e-governance in the country will be unfortunate. It will push Pakistan back into Stone Age, said President, KCAA, Saifullah Khan in a statement issued here today. He said that whole world is pushing computerisation while we are reverting to obsolete systems and manual proce-
dures. "Customs does not have the capacity to cope with the ever-increasing load of trade therefore there is no point in closing PaCCS," he said. He said that reverting to manual procedures would support corrupt elements while country will suffer from reduced collections. Claim of reforming tax administration should be practiced to bail out country from shackles of poverty, he demanded. How can officials concerned send a state-ofthe-art system packing when there is no alternative available, he questioned. Khan said that majority of the stakeholders includsing that Customs agents were very satisfied
with the performance of PaCCS, the first end-toend automated solution for Customs in the world. Senior Vice President, KCAA, Qamar Alam said that manual, non-transparent and discretionary processes are still intact hindering reforms. "We were satisfied with PaCCS," he said adding that development of country is impossible without automated processes requiring no human contact. A system in which the files can be lost, stolen or simply disappear is not encouraging. We prefer automated machines to staff that works without fear or favour, he said adding that it should be introduced in other parts of the country.
KARACHI: Around 70 per cent of the unbanked in Pakistan will be able to access socio economic services through Easypaisa by 2015, This was stated by Nadeem Hussain, Founder, President and CEO of Tameer Bank, while chairing the discussion on Financial Inclusion, at the United Nations Private Sector Forum on M i l l e n n i u m Development Goals (MDG's), recently. He said that more than 2.7 billion people in the world have no access to any formal financial services and if the financial inclusion goals are to be achieved, then the solution has to be transformational not transitional. He outlined how Tameer Bank has revolutionised banking in Pakistan with the launch of mobile banking with Easypaisa, which has so far successfully completed 7 million transactions. During the forum he submitted 5 year commitments and a socio economic development plan, for accelerating the establishment of MDG's through Tameer Bank. The forum was organized at the UN Head Quarters in New York, by Secretary-General Ban Ki Moon.-PR
WEDNESDAY Time Programmes 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 15:15 14:00 14:30 15:05 15:30 16:05 16:30 17:05 18:15 19:00 19:05 20:00 20:05 21:00 22:00 22:05 23:00 23:15
Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Bara ka Para News Power Lunch News Mang Raha Hay Pakistan Akhri Sauda Agri Business Agri Business PM Bazaar (Rpt) Ghar Ka Kharch Karobari Dunya News Awam Ki Awaz (Rpt) News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Karobari Dunya
TV PROGRAMMES WEDNESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
KARACHI: WorldCall Shake hands with Gigabyte for USF project. CEO World Call Telecom Limited Babar Ali Syed and Asad Sibtain CEO ICL International Pvt Ltd are signing the contract Director Coporate FinanceWorldCall, Amir Mahmood Director Information Technology Worldcall Muhammad Naved & Country Manager (Sales & Marketing XCONNECT) authorized distributor of Gigabyte products Tauseef Ahmed khan are seen in the picture.-PR
SCB launches Islamic banking campaign KARACHI: Standard Chartered Bank (SCB) launched an Islamic banking awareness campaign under its Global Islamic Brand 'Saadiq', said a handout issued here on Tuesday. Standard Chartered was the first international bank in Pakistan to receive an Islamic Banking license and to open Islamic Banking branches across the country. The Bank in Pakistan has 15 dedicated Islamic banking branches and window based operations in 147 branches spread across 41 cities, 200 Standard Chartered ATMs and 19 Cash/Cheque Deposit Machines (CDMs) and access to more than 2000 ATMS across the
country via 1-Link. Saadiq, which means 'truthful', is Standard Chartered's identity for our global Islamic Banking business. Under the Saadiq brand, Standard Chartered continues to offer a range of Islamic Banking services in both wholesale and consumer banking with the guidance and advice of our Global Shariah Board. Standard Chartered offers Shariah compliant financial solutions to its valued customers. Saadiq comprises a team of qualified professionals who design and structure Islamic financial solutions and ensure that they are in line with Shariah principles on Islamic banking and finance.-PR
TCS hosts symposium KARACHI: TCS held a seminar a seminar titled "Immigration to USA & Canada" under the auspices of Octara. The event was chaired by Jordi Villanova of Mercan Capital. The key benefits gained by the participants of this seminar included learning how to match their qualifications with the relevant immigration requirements as well as being able to maximize their current skills in order to qualify for immigration. The seminar targeted people between the ages of 2549 considering immigration. The purpose of organizing such a session was to educate attendees on a large scale as well as answer their queries relevant to immigration. The participants had the opportunity to learn about the EB-5 Visa and the US Green Card Investor Program for immigration to the USA.-PR
Strings, Atif join hands with Azme Alishan KARACHI: Multi-award winning Pakistani pop artists Strings and Atif Aslam have thrown their weight behind the fastgrowing Azme Alishan initiative by donating their latest hit song to the patriotic movement at a special press conference in Karachi today. The song "Ab Khud Kuch Karna Parey Ga" (We need to do something for ourselves) - a Strings collaboration with the international renowned and popular vocalist Atif
Aslam - was launched to critical acclaim in July, its inspirational lyrics striking a chord with the youth in particular. However, many people responded by asking what they could practically do to make a difference. The artists' have found positivity in Azme Alishan and its activities seen over the year. "Azme Alishan is all about bringing people together and encouraging them to commit to building a better future for
Pakistan" said Bilal Maqsood of the Strings band. "Since the campaign launched in March we've seen it make a real difference by giving a voice to the silent majority and by taking action to genuinely make life better for people in our nation" said Faisal Kapadya of Strings. "As a proud Pakistani, I would like to see more positive things bringing all Pakistanis together as one nation - to make Pakistan better", said the pop star Atif Aslam.-PR
MQM opposes abolition of zero rating on textile Jamil Siddiqui KARACHI: Abolition of zero rating facility on value added textile sector through the Reformed Sales Tax pretext will open the flood gates of corruption and will be opposed tooth and nail at every forum by MQM. This warning was given by the Chairman Standing committee on Finance of Senate & Senator Ahmed Ali while speaking during a meeting with the representatives of Value Added Textile Associations held at PHMA House on Tuesday. " By abolishing the zero rated facility to the value added textile sector the
huge capital of textile exporters will be stuck up with FBR for at least 3 months from the cycle of procurement of Yarn up to it boarding the ship for exports which severely hamper the free market access granted by the European Union besides due to the frequent price spiral of electricity, Gas and raw material coupled with very high mark up rates of commercial bank will ultimately result in massive closure of value added textile sector and generate unemployment at mass scale, hence this endavour is totally rejected by the value added textile industry," he said. He said that it is pity
that Dr Hafeez Shaikh is taking unilateral decisions without taking stake holders into confidence which is regretted. Earlier Chairman Council Of Textile Associations Zubair Motiwalla sad that despite the fact that Value Added Textile Sector is fully documented and through the Sales Tax to be collected worth Rs. 70B from the Textile Exporters with a pretext that it would be refunded upon the export is a rubbish idea as due to a very cumbersome procedure and rampant corruption it is merely a far cry while due to shortage of capital and liquidity banks will
BoK pre-tax profit hits Rs408mn PESHAWAR: The Bank of Khyber (BoK) earned Rs408 million profit before tax for the period ended 30th June 2010 which shows 168 per cent growth over corresponding period profit of 2009, this was stated by Bilal Mustafa Managing Director BOK in his key note address at BOK Operational Performance Review Manager's Conference held here. The Conference was attended by Mir Javed Hashmat Executive Director BoK, Arbab Riaz Ahmad Group Head Islamic Banking Group, Imran Samad Group Head Credit Management apart from Divisional Heads. Bilal Mustafa lauded the growth in all operational areas of the BoK during
first half of 2010 and expressed his confidence over the field staff and Head office supporting team, adding that we have to work with more devotion and diligently to achieve the targets of MCR set by the State Bank of Pakistan for 2010. He said that due to increase in branches network, we could attract more clientage which would alternatively help us to grow our deposit and advance base. He also welcomed the Chief Managers of newly opened branches of BOK in third quarters of the 2010. Bilal Mustafa mentioned that in-spite of unfavorable economic conditions across the the country specially in our Province due to natural
disastrous, BOK total deposits shows 17 per cent growth while advances shows 59 per cent While total assets of BOK registered growth of 18 per cent and now Bank's total assets are Rs 46Billions. Mir Javed Hashat Executive Director in his address said that professionalism is a key to success and presently in financial sector the competition required that we should be services oriented financial institution in order to achieve the desired goals. He also advised the Branch Managers that they should pass on Head Office instruction to their respective staff as it is always a team effort to achieve the targets.-PR
NA body debates over PTCL property issues ISLAMABAD: Cabinet's Ministerial Committee meeting constituted by the Federal Cabinet for examining the matters concerning the Share Purchase Agreement of P a k i s t a n Te l e c o m m u n i c a t i o n Company Limited (PTCL) with Etisalat and auction of 3G Spectrum and LDI licenses was held here on Tuesday. Senator Waqar Ahmed Khan Federal Minister for
Privatisation was the convener of the Committee. The Ministry of Information Technology deliberated on the issues of 3G Spectrum and LDI licenses and discussed the matter pertaining to PTCL's real estate issue. The Committee observed that the PTCL transaction was still open and the government intended to close the transaction amicably while resolving the issue
pertaining to outstanding amount of $ 800 million. The Committee was informed that the GoP has used best endeavors to assist PTCL to settle property issue. The President and the Prime Minister have already directed the Privatisation Commission (PC) to amicably resolve the issue at the earliest, Senator Waqar Ahmed Khan Federal Minister for Privatisation informed the meeting.-PR
be reluctant to extend loans to the textile exporters urged to refrain from abolishing the zero rated Sales tax exemption. On this occasion Coordinator PHMA Jawed Bilwani, Central chairman PHMA Rana Mushtaq Ahmed, Chairman PAKSEA Rafiq Godil and others also shoed resentment and concern against the move and said that PHMA will hold a meeting after 1st October to draw up a strategy against the announcement of such new announcement and showing strong resentment will opt for protests across the country.
Parekh elected PHMA head Staff Correspondent KARACHI: In the annual meeting of Central Executive Committee of Pakistan Hosiery manufacturers & Exporters Association (PHMA) at PHMA House Saleem Parekh has been unanimously elected as Central Chairman for the period of 2010-2011. In a hand out issued by PHMA sent to The Financial Daily Junaid Makda was elected as Chairman PHMA Southern Zone, Irwan Z Bawany as Senior Vice Chairman, Shabbir Bilwani as Vice chairman where as at the Annual General meeting of Northern Zone Chaudhry Salamat Ali was elected as Chairman while Faisal Mehmood Shaikh as Vice Chairman.
CPC holds cosmetics moot KARACHI: Concept Fertility Centre organised a Presentation on Latest Innovation in Cosmetic Medicine by April Jorgensen at Concept Fertility Center Karachi. It was an Educational Program for Doctors and Professionals. April Jorgensen is Director of the Australian Academy of Cosmetic Dermal Science (AACDS) Dr Kiran Shahid from Perth Australian also gave the history & success of Concept Fertility Centre (CPC) and its future plan to introduce more Australian Health expertise and technology in Pakistan.-PR
PMI holds disaster management seminar KARACHI: Dr Zulfiqar A Bhutto, Dr Abdul Gaffar Billo and Dr Imran Khan of Trust for Vaccines & Immunization can be seen at Typhoid Fever Awareness Session along withcollaborative partners’representatives (International Vaccines Institute-South korea, Local Town Goverment, Ministry of Health, Government of Sindh and Minitry of Education-Government of Sindh).-PR
KARACHI: Strings and Atif Aslam donate their inspirational song “Ab Khud Kuch Karna Parey Ga” to patriotic movement Azme Alishan.-Photo by S Imran Ali
KARACHI: Project Management Institute (PMI) organises a 'Master Trainer Workshop' on "Project Management Skills for Post-Disaster Management" in collaboration with Project Aid Australia, PMI Educational Foundation (PMIEF) and FPCCI CSR committee at FPCCI auditorium here. Expressing their views on the occasion Australian experts of post disaster recovery and rehabilitation said that timely relief and comprehensive rehabilitation of the affected people coordination amongst all the stakeholders is a highly critical requirement and such coordination requires concrete project & program management skills combined with real disaster management experience.-PR
3
Wednesday, September 29, 2010
US dollar slumps as talk of monetary easing weighs NEW YORK: The dollar slumped on Tuesday with prospects growing for additional monetary policy easing as US economic data, including consumer confidence, remained weak. The euro surged to a fresh, five-month high against the greenback, smashing a key resistance level and option barriers on its way up, a signal of further gains in the single eurozone currency. The yen also firmed, pushing the dollar to below 84 yen, its weakest since Japan intervened in the foreign exchange market two weeks ago to halt its currency's rise. The Federal Reserve is likely preparing a fresh round of quantitative easing measures to announce at the end of its Nov. 2-3 meeting, hedge fund advisor Medley Global Advisors said in a report on Tuesday, a market source told Reuters. The Fed is also weighing a
more open-ended, smallerscale bond buying program, the Wall Street Journal reported. "The trend is still dollar-negative. Some kind of quantitative easing is probably coming up," said Kaz Shirai, a forex interbank trader at Union Bank
of California in Los Angeles. "There's also been talk on Wall Street that $1 trillion may be needed, and that's still a lot of money. That's pushing 10year yields down, which helps dollar sellers." Shirai also said the resulting recovery in stocks has brought out more risk-takers, with the euro and currencies such as the
Australian dollar benefiting. "We're making a new high on the euro," he said, helped by some option-related buying. The euro earlier broke a wellflagged resistance at $1.3511, the 50-per cent Fibonacci retracement of its fall from
$1.5145 last November to its June low around $1.1876. The euro rose as high as $1.3577, according to electronic trading platform EBS, taking out barriers at $1.3525. It was last at $1.3575, up 1.0 per cent. Gains in the euro accelerated after a weaker-than-expected US consumer confidence reading, its lowest level since February.
Asian currencies
Mostly mixed on Fed’s milder easing report Won turns higher on exporters; no intervention spotted SEOUL: Most Asian currencies held their ground on Tuesday in reaction to a report that the Federal Reserve was considering a smaller bond buying scheme than its previous asset purchase plan. Weaker US and Asian shares, as well as a broadly firm dollar caused investors to book profits on riskier currencies, but brighter economic outlook for Asia kept supported most of the region's currencies, analysts said. Earlier, the Asian Development Bank said Asia and the Pacific would grow this year at the fastest clip
since 2007, but growth would moderate in 2011. The won turned higher against the dollar as exporters' demand for end-month settlements made investors clear dollar-long positions, though they remained cautious over possible further intervention by the foreign exchange authorities. The won ended domestic trade up 0.2 per cent at 1,146.3 per dollar after easing to as far as 1,150.3. "Without intervention, the won is likely to keep rising," said a local bank dealer. On Monday, dealers said the foreign exchange authorities were spotted buying dollars to
Sterling falls as Posen demands more easing LONDON: Sterling fell on Tuesday after hitting a sevenweek high against the dollar as dovish remarks by Bank of England policymaker Adam Posen wiped out gains made after firmer UK retail sales and current account data. Posen said the central bank should start pumping more money into the economy in order to prevent Britain falling
into the kind of slump Japan did in the 1990s. The remarks helped push the pound to the day's lows of $1.5718 on selling led by shortterm players, traders said. By 1512 GMT, sterling was at $1.5787, down 0.2 per cent on the day. "Posen's comments were quite dovish, and not expected. It adds some probability of more QE and some downside risk to sterling," said Giulia Comotti, fx strategist at Barclays Capital. "But there are no signs yet of others supporting his views, so
a lot more has to happen before we see more QE." BoE policymaker Andrew Sentance said in comments published on Tuesday there was no need for the central bank to restart quantitative easing. Sentance has voted for an interest rate hike for four months running. The pound was also supported by a broad dollar fall on
speculation the US Federal Reserve would add more liquidity to the banking system at its November meeting. Earlier, sterling hit $1.5896, its highest level since Aug. 10, after UK retail sales came in much higher than expected, according to data from the Confederation of British Industry. The euro firmed broadly, pushing it up 1 per cent against the pound in late trade to hit 85.92 pence, its highest since May, and above the 200-day moving average of 85.89 pence, which it has not traded above since April. -Reuters
defend the 1,150 won level. Thai baht moved near a 13year high of 30.56 per dollar, with the market wary of central bank intervention if it strengthened further. "We have not seen any sign yet of the Bank of Thailand coming in but it will very likely do so if the baht heads toward the 30.50 resistance which I don't think will be breached today," a Bangkokbased trader said. The baht has gained 9.1 per cent against the dollar this year, the third-best Asian performer after the ringgit and yen. -Reuters
Taiwan dlr weakens on cbank move TAIPEI: The Taiwan dollar weakened on Tuesday, edging away from a near five-month closing high the previous day, as last-minute intervention by Taiwan's central bank erased early gains fuelled by rising local stocks. The Taiwan dollar opened at T$31.480 against the US dollar and rose to an intraday high of T$31.376 before pulling back to T$31.500 at the close. The Taiwan dollar finished at T$31.470 on Monday. Taiwan's central bank has been seen intervening in late trade recently to counter the impact of a stronger Taiwan dollar on exporters. 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 underpinned by rates; yield curve flattens SYDNEY/WELLINGTON: The Australian dollar ran into profit-taking on Tuesday but remained within striking distance of levels last seen in the 1980s as excitement over a possible domestic rate rise next week kept it well supported. The Australian dollar took a dip to $0.9567 from an offshore peak of $0.9645, due in part to soft Asian stocks and a late lurch on Euro-zone debt woes. The trend remains bullish for a test of resistance at $0.9851, a top hit in 2008 and a level last seen in 1982 before it was floated. Aside from some banks spotted buying the currency to hedge and adjust their portfolios before the end of the month and fiscal year, there was no missing the underlying buoyant mood. ANZ, which became the latest bank to predict the Aussie dollar could hit parity, or one-to-one, against the dollar, said it could clinch the milestone in the next six months. "We expect the Australian dollar to mark a short-term peak at around $0.9850 before consolidating in the mid 90s," ANZ said.
But it too noted the Aussie dollar's stellar 7.6 per cent surge this month was also tightening monetary conditions. Latest market pricing showed investors saw a 64 per cent chance of a rate rise next week, and another 25-basis-point rise in the following 12 months. The cash curve was at its flattest in two years with the spread between 10- and three-year yields at 16 basis points. The NZ dollar was a shade softer at $0.7315, compared with $0.7344 in late Monday trade, but still not far from an eight-month high of $0.7418 hit last week. Support was seen from $0.7320, with resistance at the high of $0.7418. The kiwi has gained about 5 per cent since the start of September, but was unable to match the Aussie's performance, as the patchy NZ recovery was seen keeping rates on hold into 2011. The kiwi sat steady around 0.5453 euros, after losing ground in the past week, while recouping some losses to 61.83 yen. -Reuters
Swiss franc up vs euro, dlr
Analysts said gains in euro/sterling had also helped the euro advance against the dollar. The euro surged against sterling after Bank of England policymaker Adam Posen said the British central bank should start pumping more money into the economy. The euro rose to around 85.76 pence against sterling, up 0.9 per cent. Against the yen, the greenback hit a low of 83.81 yen, according to electronic trading platform EBS. The dollar last traded at 83.91 yen, down 0.4 per cent on the day. With dollar/yen trading near the lows, investors are on alert about possible intervention by Japan to stem the yen's strength, although Michael Woolfolk, senior currency strategist at BNY Mellon in New York, said the pair needs to go lower in order for Japanese authorities to step in. -Reuters
ZURICH: The Swiss franc gained against the euro and the dollar on Tuesday, as subdued equity markets and renewed concerns about debts in Ireland and Portugal piqued interest in the traditionally safe haven franc. The franc has appreciated more than 10 per cent against the euro this year, in part due to concerns about sovereign debts in southern European states. The franc touched a record high of 1.2763 on Sept. 8, but has since eased against the euro. Underscoring that the eurozone's fiscal concerns were far from over, on Monday credit agency Moody's slashed some debt ratings on Anglo Irish Bank, while in a report on the Portuguese economy, the OECD warned its high sovereign debt spreads could put recovery at risk. The franc rose 0.3 per cent against the euro compared to the New York close, trading at 1.3207 per euro at 0629 GMT. The franc rose 0.3 per cent against the dollar to 0.9826 per dollar. -Reuters
Yuan up in cautious trade, upside limited SHANGHAI: The yuan ended up slightly versus the dollar on Tuesday after China's central bank set a slightly stronger mid-point as the dollar hovered near eight-month lows against a basket of currencies. But the market was turning increasingly mixed over how much Beijing will let its currency appreciate in the face of rising US-Sino tensions, potentially limiting the yuan's upside for now. The US House of Representatives is expected to vote on a bill this week that would let the United States apply duties on goods from countries with undervalued currencies. Before trading started on Tuesday, the People's Bank of China fixed the yuan's daily mid-point versus the dollar at 6.7051, up modestly from Monday's 6.7098, when it unexpectedly lowered its fixing after nine sessions of stronger mid-points.
Spot yuan finished at 6.6906 against the dollar from Monday's close of 6.6923. Beijing may allow the yuan to trade within a small range for now after allowing it to rise about 2 per cent since the depegging in late-June, traders said. Yi Xianrong, an economist at the Chinese Academy of Social Sciences, a top government think tank said on Monday that China should keep the yuan stable and not give in to US pressure because a rapid rise in the value of the currency would harm the economy. Yuan non-deliverable forwards rose across the curve, with the benchmark one-year dollar/yuan non-deliverable forwards last traded at 6.5770 versus Monday's close of 6.5610. That implied yuan appreciation of 1.95 per cent in a year's time, down from Monday's 2.27 per cent. -Reuters
Indian rupee retreats; share losses weigh MUMBAI: The Indian rupee retreated from four-and-halfmonth highs on Tuesday, weighed by the dollar's gains versus majors and weak domestic equities, but traders expect the local unit to resume rally on robust capital inflows. The partially convertible rupee closed at 45.15/16 per dollar, 0.3 per cent weaker than 45.01/02 at close on Monday, when it had touched 44.99, its highest level since May 13. The unit moved in a band of 45.05 to 45.2850 during the day. "Rupee was marginally weaker at open with mild losses in shares. Later there was some rumour of credit agencies downgrading Spain, which hurt the euro and rupee. However, good data from Europe again helped stablise things," said N.S.S. Mani, chief foreign exchange trader with State Bank of Travancore. The euro's recovery versus the dollar, helped lift the rupee from its day's low of 45.2850. Foreign funds have moved $5.1 billion into shares this
month, taking their net investment so far in 2010 to nearly $18 billion. The inflows had lifted the rupee 1.3 per cent last week, its best rally in three months. One-month offshore nondeliverable forward contracts were quoted at 45.31, 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 45.40, 45.3975 and 45.4050 respectively, with the total traded volume on the three exchanges at $8.5 billion. -Reuters
Top Economic Events Time 2:45 4:50 4:50 7:30 13:30 14:30 17:30 17:30 19:30
Source NZD JPY JPY CNY GBP CHF CAD CAD USD
Events Trade Balance Tankan Manufacturing Index Tankan Non-Manufacturing Index HSBC Manufacturing PMI Net Lending to Individuals m/m KOF Economic Barometer RMPI m/m IPPI m/m Crude Oil Inventories
Source
Events
EUR EUR EUR EUR GBP GBP GBP USD USD
GfK German Consumer Climate German Prelim CPI m/m French Consumer Spending m/m French Consumer Spending m/m Current Account Final GDP q/q CBI Realized Sales S&P/CS Composite-20 HPI y/y CB Consumer Confidence
Forecast -365M 7 -2 0.5B 2.12 0.6% 0.3% -0.4M
Previous -186M 1 -5 51.9 0.3B 2.18 1.8% 0.1% 1.0M
Actual
Forecast
Previous
4.9 -0.1% -1.6% 2.7% -7.4B 1.2% 49 3.2% 48.5
4.3 -0.2% -0.1% 0.5% -9.6B 1.2% 27 3.1% 52.5
Previous Day 4.3 0.0% 2.7% -1.5% -11.3B 1.2% 35 4.2% 53.2
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.3548 1.3550 0.8501 0.8572 1.3257 1.3295 113.41 113.61 0.9853 0.9879 1.0293 1.0363 1.5828 1.5897 133.42 133.79 0.9647 0.9648 1.3990 1.3992 85.98 86.03 1304.68 1306.98 21.55 21.60
Bid 1.3545 0.8565 1.3192 113.53 0.9751 1.0322 1.5812 132.56 0.9644 1.3986 85.92 1304.23 21.53
Low 1.3382 0.8467 1.3164 112.67 0.9737 1.0282 1.5719 131.94 0.9562 1.3836 85.22 1282.28 21.07
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 28/09/2010 A USD GBP CAD EUR JPY O/N 0.22500 0.54875 1.04500 0.36625 SN 0.10500 1WK 0.25025 0.55078 1.06167 0.47250 0.11750 2WK 0.25181 0.55563 1.09250 0.51250 0.12625 1MO 0.25625 0.56844 1.12500 0.57688 0.13875 2MO 0.27297 0.62281 1.18167 0.67813 0.17188 3MO 0.28938 0.73188 1.24833 0.82875 0.21688 4MO 0.34281 0.81734 1.30583 0.91813 0.30875 5MO 0.40625 0.92250 1.36083 1.01125 0.36750 6MO 0.46250 1.02500 1.43250 1.11350 0.42750 7MO 0.51281 1.10094 1.50083 1.16188 0.48313 8MO 0.56325 1.18094 1.58883 1.20875 0.53125 9MO 0.61266 1.26313 1.66250 1.26250 0.58063 10MO 0.66469 1.33625 1.73667 1.30975 0.60750 11MO 0.71781 1.40500 1.84083 1.35913 0.63188 12MO 0.77850 1.47063 1.93667 1.40375 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 28,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.15 136.35 115.99 83.71 87.52 82.71 12.59 1.02 14.61 65.16 15.57 22.98 11.10 12.87 300.12 27.88 63.28 23.68 23.45 0.08 2.82
85.95 136.03 115.72 83.52 87.32 82.52 12.56 1.02 14.57 65.01 15.53 22.92 11.08 12.84 299.43 27.82 63.13 23.63 23.40 0.07 2.81
85.76 135.72 115.46 83.30 87.09 82.30 12.53 1.02 14.53 64.83 15.49 22.86 11.05 12.81 298.64 27.74 62.96 23.57 23.34 0.07 2.80
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 28, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.40 11.70 12.20 12.60 12.70 12.80 12.85 12.90 12.95 13.30 13.40 13.45 13.50 13.50 13.55 13.60 13.65 13.65 13.80 13.95
11.50 11.75 11.90 12.70 12.60 12.70 12.80 12.90 12.96 13.28 13.40 13.45 13.45 13.50 13.55 13.60 13.60 13.60 13.90 14.00
11.25 11.70 12.28 12.55 12.65 12.75 12.91 12.93 12.97 13.35 13.40 13.45 13.50 13.52 13.53 13.54 13.55 13.58 13.75 13.85
11.60 11.80 12.25 12.70 12.75 12.85 12.90 12.95 13.05 13.30 13.40 13.44 13.47 13.48 13.49 13.50 13.55 13.65 13.90 14.10
11.60 11.90 12.00 12.50 12.65 12.75 12.82 12.90 12.95 13.35 13.40 13.45 13.50 13.55 13.52 13.52 13.55 13.58 13.70 13.80
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.50 11.75 12.30 12.65 12.70 12.80 12.85 12.90 12.96 13.35 13.44 13.45 13.50 13.52 13.55 13.54 13.55 13.58 13.75 13.85
11.48 11.77 12.16 12.62 12.68 12.78 12.86 12.91 12.97 13.32 13.41 13.45 13.49 13.51 13.53 13.55 13.58 13.61 13.80 13.93
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
0.99 0.78 0.15 0.45 0.43 -0.05
0.84 0.92 0.80 0.78 0.93 0.81
0.86 0.84 0.65 0.90 0.91 0.27
0.98 0.94 0.65 0.68 0.93 0.77
0.95 0.93 0.35 0.06 0.71 0.62
USD/CAD USD/CHF
0.70 0.53 0.46 0.18 0.48 -0.01
-0.74 -0.62 -0.55 -0.79 0.17 0.09
-0.94 -0.73 0.15 0.09 -0.43 -0.14
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/09/2010 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 11.40
11.90
11.60
12.10
12.00
12.50
12.05
12.30
12.10
12.35
12.15
12.65
12.20
12.70
12.30
12.80
ABLN 11.50
12.00
11.85
12.35
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
11.40
11.90
11.75
12.25
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
11.20
11.70
11.50
12.00
12.00
12.50
12.60
12.85
12.70
12.95
12.85
13.35
13.00
13.50
13.15
13.65
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
12.15
12.65
12.55
12.80
12.70
12.95
12.75
13.25
12.85
13.35
12.95
13.45
HBPK 11.10
11.60
11.60
12.10
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 11.20
11.70
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
NIPK
11.50
12.00
11.85
12.35
12.55
13.05
12.85
13.10
12.95
13.20
13.05
13.55
13.15
13.65
13.20
13.70
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
12.90
13.40
13.00
13.50
SAMB 11.30
11.80
11.60
12.10
12.20
12.70
12.65
12.90
12.85
13.10
12.90
13.40
12.95
13.45
13.05
13.55
MCBK 11.50
12.00
11.75
12.25
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 11.50
12.00
11.90
12.40
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
11.40
11.90
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
11.81
11.64
12.14
12.15
12.65
12.58
12.83
12.72
12.97
12.78
13.28
12.85
13.35
12.98
13.48
11.31
4
Wednesday, September 29, 2010
The Financial Daily International Vol 4, Issue 56
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
Loose the noose around economy’s neck While the government is plunging deeper into executive-judiciary rift and ministry of finance has no clue whatsoever about introduction of reformed GST from 1st of October, the Policy Board of State Bank of Pakistan will have to come up with the right decision regarding any change in the prevailing discount rate. Analysts seem clearly divided into two groups: one recommending reduction and the other forecasting further hike in the policy rate. Both the groups have their own rationalisation and now it will be test of the new governor SBP. Will he also be towed away by those having little grey matter or use his own judgment in making a difficult decision? It is not a cliché but realisation of absurdity prevailing at the highest level. Before making any decision it is necessary to examine rise and fall in the inflation in the country during the last couple of months but one point in clear that inflation is on the decline. Lately prices of virtually every commodity skyrocketed because of failure of the government to check profiteering during the holy month of Ramadan and then the deluge washing away fields and standing crops. However, prices are on the down and may stabilise at much lower levels once supply constraints are removed. At times elected government seems to be fighting for its survival and political uncertainty at its peak, the responsibility lied with technocrats to take the right decision now. It is also the test of the autonomy of the central bank and the newly appointed governor. The question is: will he also be influenced by those short-sighted ones who consider interest rate is the only tool to contain inflation? The governor must understand that Pakistan suffers from a cost-pushed inflation. If prices of POL are increased in a bid to mobilise more petroleum development levy, the electricity and gas tariffs are also jacked up in the name of recovery of full cost and no one tries to remove the impediments shoving the country deeper into economic problems, which makes higher inflation inevitable. Pakistan has witnessed policy rate rising as high as 15 per cent in 2008. Having touched a bottom of 12.5 per cent, the rate is once again on the rise, currently at 13 per cent. Any further increase in the discount rate will push up the cost of doing business but will also raise the cost of borrowing for the government. In the prevailing scenario, it is unlikely that the SBP will dare to bring the discount rate down. While hike in rate seems most probable it must also not be forgotten that the decision will mar the economic revival process. Inflation can only be brought down by optimising the cost of doing business, the rest of the theories are misleading.
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.
Adam Cox
Nobel-Prized Crisis
D
id the Nobel prize help trigger the worst financial crisis since the Great Depression? Nassim Taleb, who shot to fame with his ideas about risk in the book "The Black Swan," believes the economics award and the theories it celebrates deserve their share of blame. "I want to remove the harm from these economic models. And the Nobel is not helping. They should be held partly responsible, if not largely responsible, for the crisis," Taleb told Reuters by telephone. The first of the Nobel awards will be announced next Monday, with the economics prize due a week later on Oct 11. According to Taleb, there are a number of mistaken ideas about forecasting and measuring risk, which all contribute to events like the 2008 global crisis. The Nobel prize, he says, has given them a stamp of approval, allowing them to
propagate. Taleb is a former trader who took advantage of the mispric-
their work in valuing derivatives. Modigliani and Miller are known for a theory which
“
Nassim Taleb, who shot to fame with his ideas about risk in the book "The Black Swan," believes the economics award and the theories it celebrates deserve their share of blame
ing of derivatives to make his fortune in the years before the crisis. He published "The Black Swan" in 2007 and went on to make millions more during the upheaval. He rattles off a list of Nobel prize winners who make his blood boil. They include: Harry Markowitz, William Sharpe, Robert Merton, Myron Scholes, Robert Engle, Franco Modigliani and Merton Miller -- a virtual "Who's Who" of the economic world. Merton and Scholes, for instance, were recognized for
some have argued promotes financing by debt. Taleb attacks their works for how they are constructed and what they lead to. "There is no world in which these ideas can work mathematically," he said. Forecasting methods, which he discusses in detail in his book, create a false sense of security or, worse, send people in the wrong direction. Universities then compound the problem by teaching these Nobel-approved ideas as orthodoxy. His conversation is peppered
with metaphors. "If I give you a map of Sparta when you're in Johannesburg, you will definitely have a problem," he says of the tools used in modern finance. Taleb said he has met with the King of Sweden and suggested he do something about the economics prize, which was an addition in the 1960s to the roster of prizes awarded since 1901 for science, literature and peace. "HE CRASHED THE PLANE" But if he is unable to make headway in Stockholm, does Taleb believe his new influence can help him change the practices of important policy makers? He will be the first to say that his blunt, uncompromising manner make that highly unlikely. He says he walked out of a meeting that included Treasury Secretary Timothy Geithner and other luminaries and wouldn't feel comfortable shaking their hands. Federal Reserve Governor Ben Bernanke he calls "a true
charlatan," arguing his idea of a "Great Moderation" made the world more dangerous because it masked underlying risks. "He got us here. He crashed the plane," Taleb said. "I say it literally, he doesn't know what's going on." In Europe, Taleb's ideas have found more favor. He spent time with British Prime Minister David Cameron and said the new leader's policies are visibly influenced by "The Black Swan." Asked if he would accept a Nobel prize himself if selected, Taleb is uncharacteristically hesitant. People might think he had sold out, he worries. But he concludes: "If it would help society that I got something like that, I probably would." For now, Taleb is content to write books and try to advance his ideas. He says he has given up trading, but has a clear purpose for all the profits he made. "I'm using the money now to finance the destruction of the economic establishment." -Reuters
Iran’s Cyber Revenge? I
ran has limited capacity to retaliate in kind to an apparent cyber attack that infected computers at its sole nuclear power plant, analysts say, but some worry it could seek to hit back by other means. Security experts say they believe the release of the Stuxnet computer worm may have been a state-backed attack on Iran's nuclear program, most likely originating in the United States or Israel. But they say the truth may never be known. Little information is available on how much damage, if any, Iran's nuclear and wider infrastructure has suffered from Stuxnet computer virus -- and Tehran will probably never share the full details. Officials said on Sunday the worm had hit staff computers at the Bushehr nuclear power plant but had not affected major systems there. Some analysts believe Iran may be suffering wider sabotage aimed at slowing down its nuclear ambitions, and point to unexplained technical problems that have cut the number of
working centrifuges in its uranium enrichment program. In the short term, intelligence experts believe Tehran's priority will be trying to identify the source of the attack and examining how the worm was uploaded onto its systems. "The Iranian internal security and counterintelligence departments will need to nail down the culprits first, then work out how to turn the tables," said Fred Burton, a former US counterintelligence expert who is now vice president of political risk consultancy Stratfor. But finding reliable evidence identifying which country or group was responsible might well prove impossible, increasing the probability of a more unofficial and deniable reaction. Some analysts suggest Iran
might like to retaliate with a cyber attack against Israel or the West -- although there are question marks over its capability to do so. "I don't think we can expect much in the way of retaliatory cyber attacks," said regional analyst Jessica Ashooh. "The Iranians simply don't have the
“
by the very hard time they are having controlling and quarantining this attack." "DEADLY GAME?" Nevertheless, experts say Iran has made improving its cyber espionage capability a priority - and will probably aim to grow these resources further in the years to come. The risk, some worry, is that Iran might be tempted to either intensify its own nuclear program or target the West's own nuclear installations in return. "How prepared are we all for this and could this set in motion a deadly game that catalyses a nuclear program no one intended to engage in?" said Mark Fitt, managing director of N49 Intelligence, a firm that advises businesses in the Middle East. In terms of a more conventional response, Iran could
Security experts say they believe the release of the Stuxnet computer worm may have been a state-backed attack on Iran's nuclear program, most likely originating in the United States or Israel. But they say the truth may never be known. technical capacity to do anything similar to properly protected systems -- as evidenced
potentially act through proxies such as Hezbollah in Lebanon and Hamas in Gaza, as well as insurgents in Iraq and Afghanistan. "They can... use networks in Afghanistan and the Gulf to strike back using unconventional "stealth tactics' and asymmetric methods," said Fitt. Oil markets in particular would prove very sensitive to any suggestion Iran might retaliate in any way against shipping through the Persian Gulf and Straits of Hormuz, either directly or through militant groups. A Japanese supertanker was superficially damaged this year by what some security experts said was a suicide bomber, and any similar event would raise alarm. Whatever happens, analysts say the Stuxnet attack is an early insight into the form state conflict may take in the 21st century. "It's by no means a one-off -- I think we'll see much more of this," said Ian Bremmer, president of political risk consultancy Eurasia Group. -Reuters
US Watchmen in Shake-up U
S President Barack Obama is facing a series of departures that will reshape his national security team, altering the chemistry of a group which may be remembered for its divisions over the Afghan war. White House national security adviser Jim Jones is expected to step down later this year. Defense Secretary Robert Gates, a holdover from the Bush administration, has signaled his intention to resign sometime in 2011, when Admiral Mike Mullen, the top US military officer, is also expected to retire. That would leave Obama with three top national security jobs to fill -- a daunting task for a first-term president moving to finish a troop drawdown in Iraq next year and start one in Afghanistan. Discussions are under way over how to minimize disruptions but a senior Obama administration official played down the risk of major turbulence. "You're going to see continuity even amid change and that can alleviate those concerns," the official said, speaking on condition of anonymity. Still, disruptions may be exacerbated by the departure of key White House aides. Senior Obama adviser David Axelrod
will leave sometime in 2011 to work on Obama's re-election campaign. White House Chief of Staff Rahm Emanuel will announce as early as Friday whether he will leave to run for Chicago mayor. David Rothkopf, author of "Running the World," a book about the National Security Council, said the White House should take a "holistic" approach to the changes. "They ought to use it as a way of saying they are hitting the reset button. It ought not to be ad hoc," Rothkopf said. Officials said ties forged among lower-level members of the national security team would help minimize disruptions. "In so far as there may be turnover ahead, underneath that there will be an enormous amount of consistency in terms of the working relationships," the senior official said. Staff changes are common near the two-year mark of a presidential term but Obama is grappling with many at once, a consequence of staff burnout in an administration that had to contend with two wars and an economic crisis. The top tier of Obama's economic team is also seeing big changes. Senior White House economic adviser Larry
Summers plans to leave by the end of the year. Obama has already had to replace Peter Orszag as budget chief and Christina Romer as chair of the Council of Economic Advisers. NEW CHEMISTRY? Many staff changes will take place in the aftermath of the Nov. 2 congressional elections where Obama's Democrats could face big losses. Obama could use the changes to mark a fresh start. Critics have accused him of trying to escape division over the Afghan war through a middleof-the road strategy and they question its chances for success. They point to Obama's decision to give the military some additional troops but saddle it with a July 2011 deadline to start withdrawing them. That narrative has been reinforced by a new book by Washington Post journalist Bob Woodward highlighting the intense sparring during last year's strategy review. But some say Obama has benefited from spirited debate among his advisers -- a so-called "Team of Rivals" which includes Secretary of State Hillary Clinton and Vice President Joe Biden, who both vied with Obama in the 2008 White House race.
Clinton's rapport with Gates has bolstered her clout within the administration. The two are the most influential members of Obama's Cabinet. Beyond Clinton, the only core players expected to stay in place are CIA Director Leon Panetta and Biden. "What's really at stake is the dynamic within the National Security Council and the question is: Will it be as creative? Will it be as balanced?," Rothkopf said. "They should try to identify the openings and try casting these people against each and seeing what looks like the best possible mix." FIRST FEMALE DEFENSE SECRETARY? Gates, who openly longs for retirement, has warned against waiting too long to identify his replacement. Heightened political tension in the run-up to the 2012 presidential election could make for a difficult confirmation process. Possible replacements to Gates include Michele Flournoy, undersecretary of defense for policy, who would become the first female defense chief. Democratic Senator Jack Reed, an Army veteran, is another possibility along with Chuck Hagel, a former Republican senator and a Vietnam war veteran.
The senior administration official said decisions about who would take the post go "beyond politics." "These have not been decisions that have been guided by past political affiliations. It's a team that the president put together based on what he thought he needed in each position," the official said. Jones could be replaced by his deputy, Tom Donilon. But Gates was quoted in Woodward's new book as saying that Donilon would be a "disaster" in the job. Other names include General James Cartwright, vice chairman of the Joint Chiefs of Staff, White House counter-terrorism adviser John Brennan and Deputy Secretary of State James Steinberg. Mullen is expected to retire once he completes his second term as chairman of the Joint Chiefs of Staff on Oct. 1 next year. General David Petraeus, currently commanding the war in Afghanistan, would seem to be a natural fit for the job but it is unclear whether Obama would want to pull him from the field after just over a year as the top US commander in Afghanistan. Mullen could stay for a third term but that would be unexpected and highly unusual.Reuters
The Gwadar Port Conspiracy F Z Khan According to a report in a section of press (September 24), Pakistan navy chief wants the Gwadar Port deal with Port Authority Singapore (PAS) cancelled. The demand was very timely and from a person whose recommendation matters a lot as far as security of the country is concerned. Reports had it that the Musharraf-Shaukat Aziz government turned against the Chief Justice Ch Iftikhar, and
decided to remove him from his post when the CJ was about to take a suo moto action against a secretly made deal with the PAS. Earlier the CJ had already taken suo moto notice of the Steel Mills sale and this time the bigwigs did not want to give him a chance. News also made rounds that Aziz who had in the past been living in Singapore and developed relations with the PAS authorities allegedly struck a deal exempting PAS
from paying taxes for 20 years, and huge commission went into his accounts in foreign banks. With this, Pakistani government at that time had displayed the height of moral bankruptcy by refusing the Chinese bid to operate the port who had actually built the port and had the first right to run its affairs for at least next two decades. It is noteworthy that PAS is reportedly an American company. This reminds us of a
repeatedly reported conversation between the then Chairman PPP and Prime Minister of Pakistan Zulifkar Ali Bhutto and the then US secretary of state Henry Kissinger. As mentioned by ZAB in one of his books, ZAB offered Kissinger Gwadar, which the latter rejected on the plea that the US did not need it. But the visionary ZAB insisted that America would need it in next five, 10 or 20 years to use it as a corridor to
Afghanistan and Central Asia. Kissinger ignored it and the discussion ended but today Americans need it the most. Some top diplomats of the country narrated the same conversation before a US officials and asked as to why didn’t Americans build it if they needed it the most, the reply came, "why spend US money, labour and time, let China build it, Pakistanis would definitely hand over to us."
5
Wednesday, September 29, 2010
South East Asian stocks
Poor US data weigh on Europe shares; banks slip
Jakarta hits record high, others lacklustre
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Policy rate status-quo expectation anchors KSE
9,936.79 9,981.07 44.28 0.45 86.74
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,099.09 3,110.30 11.21 0.36 4.09
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,541.25 2,547.62 6.37 0.25 0.09
Nawaz Ali
Major Gainers
Symbol
Close
Change
ULEVER 4,028.55 DREL 578.00 BATA 499.74 FZTM 346.53 SIEM 1,136.31
38.55 27.00 19.28 14.63 11.32
Major Losers
Symbol
Close
Change
WYETH PECO IDYM COLG SITC
948.00 303.41 237.95 695.00 110.40
-31.54 -15.94 -12.52 -10 -5.41
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA BAFL TRG THCCL HUBC
8.75 8.07 4.23 19.49 33.03
10.07 8.18 7.87 5.92 3.43
Active Issues Plus Minus Unchanged
211 161 19
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
NINGBO: Ningbo Port's Chairman Li Linghong speaks during a ceremony celebrating the company's listing on the Shanghai stock exchange at a hotel.-Reuters
Sensex snaps 2-day gains on profit sales BANGALORE: Weak global markets and investor profit booking, after the BSE Sensex surged 11.9 per cent this month on robust foreign fund inflows, dragged the benchmark down 0.06 per cent on Tuesday snapping a two-session rally. Brisk profit sales were seen in metal counters, which had rallied the most in the previous session, dealers said. The 30-share BSE index eased 12.5 points to close at 20,104.86, with half of its components closing in the red. It had risen as much as 0.2 per cent to 20,157.51 points in early trade. The benchmark index, which seesawed in early trade, took a definite turn southwards after European markets turned red on persistent worries over the banking sector in the peripheral euro zone countries. The market was likely to remain volatile leading up to the expiry of derivatives on Thursday as investors adjust their positions, dealers said. "This is just investors liquidating their positions ahead of the expiry," said S.P. Tulsian, an independent investment consultant. "I expect the mar-
ket to turn positive in a day or two." Betting on the strength of the Indian economy, which is expected to grow 8.5 per cent this fiscal, overseas investors have pumped in $5.1 billion into Indian shares this month alone, taking net investment so far in 2010 to $18 billion and lifting the index about 15 per cent. The fund inflows top last year's record $17.5 billion that helped push the benchmark index up 81 per cent. "Foreign investors who want to make money on their investments will have to come to India as the country will continue to show strong growth," said DD Sharma, senior vice president of research at brokerage Anand Rathi. But, the investment consultant Tulsian expects the benchmark index to correct by about 1,000 points in October, due to a lack of fresh positive triggers, and as he expects earnings for the September quarter to be muted. Aluminium maker Hindalco Industries which scaled a 32month peak in the previous session, and non-ferrous metals See # 16 Page 11
US stocks mid-day
Wall St ticks up as weak data points to Fed move NEW YORK: US stocks edged higher on Tuesday after weak consumer confidence figures, with investors saying the data bolsters expectations the Fed will pump more money into the economy, which would support equities. The S&P 500 has risen 9 per cent so far in September, making it one of the best months for the index in 20 years. "Currently the bullish case (for stocks) is a 'win-win,'" said Joseph Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania. "If the economy is good, that's good for stocks. If the economy is bad, it's good for stocks because the Fed is going to quantitatively ease." Although he said the bullish case is "common knowledge," Battipaglia said he did not subscribe to it. US Treasury debt prices also rose as the weaker-than expected data added to expectations that the Federal Reserve will give the economy more support. See # 15 Page 11
HK, Shanghai shares on down HONG KONG/SHANGHAI: Hong Kong and Shanghai stocks fell on Tuesday as a mild selloff in large caps drove the Hang Seng down and weakness in financials and poor debut of Ningbo Port weakened China's key stock index. The benchmark Hang Seng, which is poised to post its best monthly gain since July 2009, fell 1 percent to 22,109.95 led by local property developers and index heavyweights. A four-week rally, supported by recovering turnover, had taken the index well into overbought territory although Tuesday's drop pushed its relative strength index back below the threshold 70 level. The next resistance for the index is at its 2010 peak, around 23,100, the level it touched in January. However, a flurry of share and convertible bond placements in Hong Kong and a spate of initial public offerings could dampen further gains, analysts at Julius Baer said in a note. China Unicom shares, the top loser amongst large caps, fell 4.3 percent after the mobile provider said it had sold $1.8 billion in convertible bonds, a move likely to dilute value for
existing shareholders. "Investors are probably concerned about why Unicom is issuing convertible bonds rather than straightforward debt," said Paul Wuh, an analyst at Samsung Securities in Hong Kong. Ruinian International Ltd slumped 8.3 percent after the company said Turrence Ltd, Templeton Private Equity and other shareholders were selling 100 million shares at a discount to the Monday closing price. Activity on the primary market in Hong Kong has also picked up considerably with about 20 companies looking to raise more than $21 billion having listed this month or planning a listing in October to take advantage of improved market conditions. That includes the initial public offering of AIA Group, the Asian unit of AIG, which began pre-marketing for its offering which could raise as much as $15 billion. SHANGHAI SLIPS The Shanghai Composite Index fell 0.6 percent to 2,620.75. Analysts said the 60day moving average at 2,560 should provide strong support ahead of the week-long National Day holiday starting on Friday.
The sluggish market took its toll on shares of Ningbo Port which closed 3.5 percent below their listing price. The company raised $1.1 billion in the country's sixth-biggest IPO this year.. Analysts said weak overseas markets and concerns about global economic growth weighed on financials and resources plays. "Financials and banks are heavy weights on the index so at a time of uncertainty when they are under pressure, the broader index is unable to gain," Nanjing Securities' Wen Lijun said. "Market confidence is still lacking ahead of our national day holiday, where we will face more uncertainty," said Wen. Jiangxi Copper fell 6.7 percent, Coal miner Shan Xi Guo Yang New Energy slipped 3.1 percent, Lizhou Iron & Steel fell 4.2 per cent. Financials sagged with China CITIC Bank Corp down 2 per cent, while Industrial Bank fell 2.6 per cent. Agricultural Bank of China slid 0.8 per cent. Bucking the broader trend, Chalco jumped by its 10 per cent daily limit after its parent said it would take a majority stake in rare earths company.-Reuters
KARACHI: Bullish activities continued at the Karachi Stock Exchange on Tuesday due to buying on expectations of no change in the interest rate and on adjournment of NRO cases by the apex court however it failed to sustain the psychological level of 10,000 points due to profit booking at higher levels. The benchmark KSE 100index gained 44 point to close at 9,981 points, KSE 30-index increased by 65 points to close at 9,704 points and KSE Allshares Index grew by 30 points to close at 6,972 points. According to Ahsan Mehanti, Director Arif Habib Investments the positive activity persisted riding result season along with the strong hopes that SBP would not give the discount rate an upward swing today (Wednesday). Mehanti added that renewed institutional & foreign interest in blue chip oil & gas, fertiliser
& banking stocks, expectations of an early resolution of government-judiciary dispute lured the bulls into the market that broke off even the tethers that rising political uncertainty had lassoed them with. The day started 20 points up and from that point onwards bulls remained in charge throughout the session. Buying remained the order of the day as discount rate was seen holding status quo to be announced today (Wednesday). Secondly, investor sentiments also improved on adjournment of NRO case hearings by the Supreme Court. Therefore index breached 10,000 mark and just 32 minutes after the opening bells touched an intraday high of 10,029 points (+ive 92 points). Though index managed to stay in green zone all day long but some profit taking at higher levels pared gains and it failed to sustain 10,000 level. Furqan Punjani, analyst at Topline Securities said that the See # 17 Page 11
Nikkei ducks as dividends dodge TOKYO: Japan's Nikkei average fell 1.1 per cent on Tuesday, dropping as the deadline passed for investors to receive dividends on Tokyo stocks for the financial first half-year and as the yen held near its highest in almost two weeks. The benchmark Nikkei shed 107.38 points to 9,495.76, of which about 63 points was likely due to the "ex-dividend
effect", analysts said. Monday was the last day for investors to buy many Japanese stocks and still get dividends on them for the AprilSeptember half-year. One analyst said selling of Nikkei futures related to position adjustments after the dividend deadline passed also likely contributed to the fall. The broader Topix shed 0.8 per cent to 842.65.-Reuters
Miners give FTSE a warm shoulder LONDON: Britain's top share index closed slightly higher on Tuesday as stronger mining stocks offset falls from banks still dogged by investor concerns over sovereign debt. The FTSE 100 closed 5.02 points, or 0.1 per cent, higher at 5,578.44 in skittish trading, with the index having dipped as low as 5,506.07. Miners were in demand, boosted by firmer copper as the dollar fell after unexpectedly weak consumer confidence data from the United States. Randgold Resources was among the top blue-chip risers, up 2.2 per cent, as gold hit a record high. Concerns about the debt situation in peripheral euro zone countries kept investors wary, but these fears were offset by data showing Britain's recovery is on track and retail sales were stronger than forecast. Standard & Poor's warned it may cut Ireland's credit rating if the country poured more than 35 billion euros into Anglo Irish Bank. Risk-sensitive banks exerted downward pressure on the index, with the sector off 0.5 per cent. "The economic data across the western world is so contradictory still," Jim Wood-Smith, head of research at Williams de Broe, said. "There's not enough bad news to persuade the bulls that the double-dip is going to come, and there's not enough good news to persuade the bears that 2011 is going to be any better, so we're stuck in limbo at the moment." Britain's economy grew at its fastest pace in nine years in the second quarter of 2010 and first-quarter growth was revised slightly higher, the Office for National Statistics said. And British retail sales rose much more than expected -- at their fastest pace in over six years -- in September, a survey See # 14 Page 11
ANNOUNCEMENTS Company Shahtaj Textile Maple Leaf Cement Ist.Dawood Bank Wyeth Pak Ltd. Fateh Industries
Period Yearly Yearly Yearly 3rd Qtr Yearly
Div/Bon/Right 45%(D) -
PAT (Rs in mn) 107.795 -2,583.955 377.676 9.274 -31.498
Dhiyan
SELL ON STRENGTH Khalid Waheed, CEO Hum Securities If the interest rate goes up today, the pressure will mount up on the market in the coming days however outlook is not much bearish as the market is attractive as compared to regional ones. Therefore we would see some improved foreign interest and positive performance once political situation stabilises. Improvement in the law and order situation, unchanged interest rate and reduction in utility prices would support the economy and market both. Investors are advised to invest in valued stocks after proper analysis like in POL, PPTA etc. They should book profits if market opens on a positive note today.
Faran Rizvi, Invisor Securities We are seeing continuation of bullish trend if market which might close above 10,037 points. However if there is a further delay in launching Margin Trading System (MTS) and interest rates are jacked up today market might face mighty headwinds. We recommend traders to sell and order stop loss if market trades above 10,045 points. They are advised to sell oil and banking stocks if market closes above this level. Market might be negative today therefore investors are recommended to adopt 'sell on strength' strategy.
EPS(Rs) 11.16 -7.08 6.03 6.52 -15.75
6
Wednesday, September 29, 2010
Market Volume
86,738,176
Value
2,900,123,899
Trades
44,151
Paid up Cap(mn)
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery Oil & Gas Development XD Pak PetroleumXDXB Pak Oilfields Pak Refinery Limited P.S.O XD Shell Gas LPG Shell Pakistan XD
Advanced Declined Unchanged Total
Current High Low Change
211 161 19 391
All Share Index
9,981.07 10,029.65 9,936.79 h44.28
Current High Low Change
KSE 30 Index
6,972.09 7,004.12 6,941.99 h30.10
Current High Low Change
KMI 30 Index Current High Low Change
9,704.72 9,739.29 9,638.93 h65.79
15,717.32 15,757.18 15,607.68 h109.64
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,233.59 Turnover 5,282,615 P/E (x) 10.71 Company
KSE 100 Index
Symbols
PE
Open
576 5.96 326.83 853 9.19 81.66 3921 - 10.30 735 14.86 108.07 800 6.00 197.00 43009 9.93 144.07 11950 5.48 173.05 2365 6.93 233.85 350 - 59.50 1715 4.53 267.23 226 13.52 31.00 685 9.85 192.96
High 334.10 83.25 10.58 111.97 201.00 144.83 176.30 236.98 62.44 270.40 32.00 194.00
High Low 1,247.16 1,231.31 Total cos Defaulter cos P/BV (x) ROE (%) 3.96 37.01 Low 327.99 81.80 10.30 107.00 195.50 143.50 173.31 234.30 59.00 267.00 30.00 191.00
Close Chg 330.14 81.95 10.33 109.64 196.94 143.89 174.95 234.83 59.60 267.84 30.01 192.12
3.31 0.29 0.03 1.57 -0.06 -0.18 1.90 0.98 0.10 0.61 -0.99 -0.84
Close 1,236.76 Listed cap 65,194.15 mn Payout (%) 68.56
Change 3.17 Market cap 999,196.65 mn Div Yield (%) 6.40
Last 60 days High Low
Volume 336569 485942 412226 140764 60562 498284 1076980 1804014 8820 865591 1606 3483
334.10 93.60 13.05 138.45 207.00 153.00 214.10 240.01 82.00 289.45 40.10 244.00
% Change 0.26 5-Day High 1,238.51 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 690.69 Turnover 3,681 P/E (x) 5.53 Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC 1321
PE 8.10 5.18
Open 67.25 38.00
High 68.50 38.00
High Low 700.43 677.08 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53 Low 66.00 37.05
Close Chg 66.00 37.95
-1.25 -0.05
Close 680.74 Listed cap 3,242.17 mn Payout (%) 11.08
Volume
Change -9.95 Market cap 12,467.86 mn Div Yield (%) 2.00
Last 60 days High Low
2235 1446
87.86 41.74
64.62 34.50
Company
High Low 1,157.15 1,134.45 Total cos Defaulter cos P/BV (x) ROE (%) 2.49 35.00
Close 1,149.48 Listed cap 52,251.88 mn Payout (%) 48.81
Change 14.93 Market cap 261,537.64 mn Div Yield (%) 6.86
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Agritech Limited
3924
-
22.76
23.75
23.38
23.61 0.85
1599
27.79
21.15
-
-
-
-
Bawany Air Biafo Ind BOC (Pak) XD Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman
68 200 250 273 1203 1996 1020 3663
1.27 12.55 6.72 36.00 9.63 75.60 5.66 158.54 7.79 166.20 2.10 4.40 1.33
12.50 11.60 12.48 -0.07 37.79 36.25 37.75 1.75 76.50 75.60 75.70 0.10 160.89 157.81 160.89 2.35 173.40 167.00 168.99 2.79 2.35 2.05 2.11 0.01 4.60 4.40 4.50 0.10 1.49 1.37 1.38 0.05
2511 1600 3300 310 571 22192 105818 231160
16.78 39.20 82.50 174.00 185.88 3.15 5.45 2.21
10.06 31.64 66.90 146.00 155.38 1.78 3.20 1.30
40 90 125 40 -
10B -
45 15 20 -
-
Engro Corp. Ltd XD Engro Polymer
3277 6635
9.19 174.99 - 11.94
179.84 174.90 179.29 4.30 12.18 12.00 12.03 0.09
1308623 194.59 89307 12.75
165.60 9.57
20 -
-
Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan XD Lotte Pakistan
22000 6785 9341 725 1388 15142
- 10.94 7.23 105.17 6.93 26.86 - 10.60 7.21 119.25 3.04 8.87
11.14 10.90 10.93 -0.01 106.50 105.32 106.27 1.10 27.40 26.90 27.24 0.38 11.24 10.61 11.03 0.43 122.35 119.76 121.02 1.77 9.04 8.72 8.75 -0.12
124693 435299 739998 467382 96125 10072324
12.46 113.39 30.65 11.45 128.30 9.09
9.02 102.75 131.5 25.84 40 7.41 109.50 80 6.75 5
10B -
75 5 55 -
-
1106 73.50 1.48 120 1.36 2.69 204 4.87 115.81 551 8.38
1.47 1.42 1.47 -0.01 2.85 2.65 2.85 0.16 112.10 110.03 110.40 -5.41 8.40 8.11 8.17 -0.21
14326 2005 1603 15016
1.81 3.80 138.00 11.09
1.16 2.00 110.03 7.70
-
25 -
5B -
Company
Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind Sitara Peroxide
Last 60 days High Low
% Change 1.32 5-Day High 1,149.48 5-Day Low 1,125.67
2009 Div BR (%) (%)
2010 Div BR (%) (%)
6010B 40R - 27.5R
75 -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,176.97 Turnover 28,333 P/E (x) 6.25 Company
Paid up Cap(mn)
Century Paper Pak Paper ProductSPOT Security Paper
707 38 411
High Low 1,197.01 1,173.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.47
Close 1,177.58 Listed cap 1,186.83 mn Payout (%) 25.28
PE
Open
High
Low
Close Chg
Volume
6.32 4.73
19.84 60.15 39.85
20.39 61.50 40.13
19.60 60.13 40.00
19.74 -0.10 60.71 0.56 40.00 0.15
24904 2768 661
Change 0.61 Market cap 3,276.70 mn Div Yield (%) 4.04
Last 60 days High Low 22.70 62.85 50.40
15.80 42.10 38.10
% Change 0.05 5-Day High 1,182.83 5-Day Low 1,151.61
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
2533.33B 50 -
Paid up Cap(mn)
Agriautos Ind 144 Atlas BatteryXDXB 101 Atlas Engineering Ltd 247 Atlas Honda 626 Baluchistan Wheels Limited133 Dewan Motors 890 General Tyre XD 598 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors XD 786 Pak Suzuki 823 Sazgar Engineering 125
PE
Open
5.11 70.40 5.11 134.53 11.64 17.00 6.74 101.50 4.63 30.50 1.28 6.44 23.39 4.69 3.36 4.25 - 11.00 4.98 216.50 8.97 72.00 6.49 25.32
High
High Low 1,073.89 1,034.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low
Close Chg
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 3.35 675 555 6.61 1199 4.67 785 18.39
24.35 1.96 14.83 47.99 8.98
24.70 2.05 15.83 48.30 9.40
24.20 1.96 15.11 47.56 9.00
Close Chg 24.70 2.05 15.80 47.99 9.01
0.35 0.09 0.97 0.00 0.03
Close 966.65 Listed cap 3,596.11 mn Payout (%) 30.91
Change 8.97 Market cap 9,212.28 mn Div Yield (%) 10.35
Last 60 days High Low
Volume 8901 14437 29484 18765 23052
31.73 3.20 16.00 70.71 11.25
23.75 1.65 13.00 47.50 8.20
% Change 0.94 5-Day High 972.56 5-Day Low 957.68
2009 Div BR (%) (%) 10
30B -
2010 Div BR (%) (%) 30 40 7.5
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar 186 Chashma Sugar 287 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 J D W Sugar 490 Mehran Sugar 143 Mirza Sugar 141 National Foods 414 Nestle Pakistan XD 453 Noon Sugar 165 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177 Thal Industries 150 UniLever Pakistan XD 665
PE
Close 1,046.80 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Gharibwal Cement Javedan Cement Kohat Cement Lafarge Pakistan Cmt Lucky Cement Maple Leaf Cement Mustehkam Cement Pioneer Cement
Close 910.13 Listed cap 54,792.74 mn Payout (%) 19.04
Change 1.00 Market cap 68,262.56 mn Div Yield (%) 2.46
Change -0.13 Market cap 37,836.33 mn Div Yield (%) 5.31
Last 60 days High Low
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1828 866 4.68 182 956 982 12.31 3574 -
3.43 66.46 16.26 10.31 1.60 1.45
3.69 67.00 16.90 11.10 1.70 1.52
3.17 65.75 16.25 10.30 1.51 1.45
3.25 66.05 16.50 11.10 1.60 1.49
62782 172471 3104 312 12007 46607
4.69 72.40 20.00 12.50 2.74 2.20
2.82 63.00 15.42 8.90 1.30 1.30
3651 34.11 6933 11.83
-0.18 -0.41 0.24 0.79 0.00 0.04
24.14 4.78
24.66 4.87
24.16 4.65
24.56 0.42 4.73 -0.05
2345795 609415
28.74 5.50
23.02 4.50
1760 2319 581 1288 13126 3234 3723 417 2228
6.24 -
1.85 2.95 61.00 6.06 2.81 69.20 3.07 11.00 8.14
1.98 3.73 63.90 6.19 2.91 70.14 3.15 11.00 8.10
1.85 2.96 59.00 6.06 2.80 69.11 2.95 11.00 7.85
1.94 3.29 61.00 6.15 2.84 69.50 2.98 11.00 7.90
0.09 0.34 0.00 0.09 0.03 0.30 -0.09 0.00 -0.24
67564 63317 676 13727 266494 1212038 211750 15553 11710
2.37 7.50 66.10 7.38 3.53 73.88 3.84 13.50 8.47
1.75 2.11 56.05 5.70 2.60 61.29 2.88 10.26 6.30
200 361 798
-
6.40 9.99 19.67
7.38 10.98 19.70
6.00 8.99 19.00
6.66 0.26 9.00 -0.99 19.49 -0.18
2515 5919 5916789
9.47 12.23 21.80
5.50 8.10 17.74
Safe Mix Concrete Shabbir Tiles Thatta Cement
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 -
20B -
-
20R -
-
20R -
- 200R 40 - 177R -
40 -
-
-
-
-
-
17.5 - 122R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 878.71 Turnover 52,449 P/E (x) 2.54 Company
High Low 906.19 861.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 43.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
4.52 -
46.85 1.84
48.00 1.85
47.00 1.72
47.46 0.61 1.79 -0.05
Cherat Papersack ECOPACK Ltd
92 230
Ghani Glass Merit Pack Packages Ltd Siemens Engineering
970 6.14 60.00 61.99 59.51 60.00 47 - 14.00 14.90 14.80 14.80 844 15.45 100.50 102.00 100.00 101.99 82 10.13 1124.99 1181.23 1068.75 1136.31
Tri-Pack Films
300
8.08
99.40
Close 887.03 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 8.31 Market cap 33,138.10 mn Div Yield (%) 6.12
Last 60 days High Low
% Change 0.95 5-Day High 893.30 5-Day Low 876.66
2009 Div BR (%) (%)
2010 Div BR (%) (%)
13947 6000
51.05 2.89
33.00 1.72
-
-
20 -
25B -
0.00 0.80 1.49 11.32
3916 200 14956 1172
61.99 20.70 125.96 1299.75
54.65 11.81 98.00 981.00
30 32.5 900
10B -
25 300
10B -
101.25 100.00 100.67 1.27
12257
105.00
91.00
100
-
-
-
Company
Paid up Cap(mn)
AL-Ghazi Tractor XD Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat TractorsSPOT
215 95 214 213 132 293
PE
Open
5.16 218.64 5.74 48.22 0.52 2.28 14.42 7.93 83.70 7.47 579.76
High
Low
Close Chg
227.45 217.00 217.09 -1.55 50.61 49.50 49.72 1.50 0.75 0.50 0.50 -0.02 14.80 14.32 14.50 0.08 81.00 79.52 79.59 -4.11 587.00 580.52 582.50 2.74
25966 20977 60001 16907 1770 53730
2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 15 100 5 - 20B
90 100 25 20 150 10
20B 20B
High
Low
Close Chg 1.00 -0.10 -0.46 -0.14 -0.10 0.15 0.18 -0.11 0.59 0.15 -0.20 0.22 10.30 0.61 0.14 -0.45 1.12 3.00 38.55
Close 1,450.52 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 8.85 Market cap 184,872.71 mn Div Yield (%) 0.97
Last 60 days High Low
33474 9.25 1.12 5001 47.35 36.64 6000 11.40 8.00 30424 2.98 1.12 322 23.50 14.75 18455 30.44 22.50 2515 16.98 13.00 1053 13.25 4.22 1004 67.90 60.10 2903 58.74 48.50 2000 5.70 3.55 8746 65.29 41.35 418 1937.22 1550.00 2001 14.35 10.00 1000 11.00 7.40 1196 5.16 3.02 4378 35.50 20.44 992 73.50 58.00 686 4200.00 3710.00
% Change 0.61 5-Day High 1,450.52 5-Day Low 1,435.68
2009 Div BR (%) (%) 40 17.5 35 40 40 35 600 50 15 20 458
2010 Div BR (%) (%)
25B 30B 25B 10B -
40 0 12.5R 25 10B 12 200 178 -
Company
Paid up Cap(mn)
AL-Abid Silk Nakshbandi Ind Pak Elektron Singer Pak Tariq Glass Ind XD
PE
96 1.12 1176 21.22 1174 2.89 341 17.13 231 2.90
Open 28.67 15.60 13.66 19.13 17.60
High 28.01 15.50 14.00 18.40 18.10
High Low 1,038.88 998.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 10.64 Low 28.00 14.60 13.50 18.14 17.50
Close Chg 28.00 15.49 13.54 18.16 17.81
-0.67 -0.11 -0.12 -0.97 0.21
Close 1,025.75 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 660 101 153033 440 26153
Change -8.62 Market cap 5,405.90 mn Div Yield (%) 1.71
Last 60 days High Low 32.00 16.45 15.95 24.25 19.12
27.50 10.00 11.41 17.04 13.50
2009 Div BR (%) (%) 7.5 -
2010 Div BR (%) (%)
57R 10B 10B -
17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 914.10 Turnover 5,041,577 P/E (x) 5.40 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Bannu Woolen Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Din Textile Ellcot Spinning Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Gillette Pakistan H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Kohinoor Ind Kohinoor Mills Kohinoor Textile Mehmood Textile Mian Textile Mohd Farooq Nagina Cotton Nishat (Chunian) Nishat Mills Premium Textile Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Salman Noman Samin Textile Sana IndSPOT Saritow Spinning Service Ind Shahpur Textile Shahtaj Textile Shield Corp Thal Limited Treet Corp Tri-Star Poly Zephyr Textile Ltd Zil Limited
PE
High Low 924.61 912.17 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 8.64
Close 918.53 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
222 1.00 2415 4.57 17.08 840 5.80 19.20 133 0.52 2.07 4493 263.00 10.45 76 9.10 64 0.72 44.98 1150 3.35 316 14.93 705.00 2442 2.18 2.50 238 1.03 600 1.64 185 1.35 27.55 110 1.64 24.18 62 3.43 331.90 234 1.16 41.24 75 7.40 34.90 326 1.19 3.10 192 34.14 66.00 120 0.60 716 1.43 3.89 3105 3.27 35.99 180 2.46 4.43 181 3.15 250.47 303 1.42 509 3.49 1455 3.54 5.45 150 2.48 62.50 221 0.36 189 0.97 187 1.83 15.95 1586 3.03 16.41 3516 5.55 46.85 62 1.35 29.00 250 3.95 1.43 103 2.50 22.40 308 1.35 10.60 341 5.76 35.17 264 2.20 33 0.24 22.60 88 0.32 3.61 40 0.47 2.00 134 21.00 5.13 55 5.38 35.89 133 0.49 2.40 120 4.77 184.00 140 1.38 0.97 97 1.65 17.50 39 9.49 51.40 256 4.11 108.74 418 0.52 39.21 215 0.51 594 1.91 53 6.93 41.45
1.50 17.30 19.98 2.25 10.73 9.80 47.22 3.69 724.90 2.99 1.15 1.70 28.00 24.50 348.00 43.30 34.80 4.10 69.30 1.00 4.05 35.70 4.90 239.23 1.55 2.75 6.10 65.62 0.69 1.00 16.70 16.60 47.45 29.50 1.60 23.00 11.10 35.15 2.98 23.73 3.94 1.30 6.13 36.74 2.50 187.00 1.10 18.50 53.96 110.24 41.17 0.51 2.25 41.00
1.40 16.90 19.00 1.90 10.47 9.11 47.22 3.00 695.00 2.50 0.90 1.54 26.18 23.25 315.32 43.30 33.16 4.00 64.05 0.27 3.75 35.50 4.26 237.95 1.41 2.75 5.40 60.00 0.42 1.00 14.95 16.32 46.90 27.55 1.47 23.00 10.50 35.15 2.89 22.30 3.51 1.30 5.99 35.90 2.00 183.00 0.77 17.10 52.00 107.00 39.31 0.51 1.76 39.85
1.40 0.40 17.09 0.01 19.89 0.69 2.22 0.15 10.52 0.07 9.79 0.69 47.22 2.24 3.08 -0.27 695.00-10.00 2.60 0.10 0.91 -0.12 1.64 0.00 26.20 -1.35 23.99 -0.19 346.53 14.63 43.30 2.06 33.50 -1.40 4.10 1.00 69.30 3.30 0.62 0.02 4.01 0.12 35.50 -0.49 4.30 -0.13 237.95-12.52 1.44 0.02 2.75 -0.74 5.70 0.25 64.00 1.50 0.46 0.10 1.00 0.03 15.75 -0.20 16.38 -0.03 47.19 0.34 29.44 0.44 1.54 0.11 23.00 0.60 10.98 0.38 35.15 -0.02 2.90 0.70 22.30 -0.30 3.93 0.32 1.30 -0.70 6.09 0.96 36.05 0.16 2.13 -0.27 185.15 1.15 0.99 0.02 18.38 0.88 53.91 2.51 109.67 0.93 41.17 1.96 0.51 0.00 2.08 0.17 40.48 -0.97
1000 589951 2001 38000 834627 7206 5698 186863 364 4600 106 7516 1229 6163 123 1799 5387 11617 6035 48000 244006 2900 42486 205 66807 819 10497 502 3003 999 15100 488422 1620148 9828 380182 1000 25951 1000 825 2601 1822 500 202 18665 2499 1686 2765 127287 389 87671 119586 500 1461 568
198.00 35.25 0.36 13.79 65.73 476.00
% Change -0.28 5-Day High 1,435.12 5-Day Low 1,427.80
2009 Div BR (%) (%)
2010 Div BR (%) (%)
400 35 450
150 25 650
20B 25B
10B 25B
4.14
Total Equity (Rs in mn)
1,063.41
MA (100-day)
3.72
Revenue (Rs in mn)
2,524.73
MA (200-day)
3.75
Interest Expense
1st Support
3.85
Profit after Taxation
2nd Support
3.65
EPS 09 (Rs)
0.026
1st Resistance
4.15
Book value / share (Rs)
14.86
2nd Resistance
4.25
PE 10 E (x)
1.43
Pivot
3.95
PBV (x)
0.27
341.03 1.88
HIRAT closed up 0.12 at 4.01. Volume was 308 per cent above average (trending) and Bollinger Bands were 2 per cent narrower than normal. The company's profit after taxation stood at Rs150.04 million which translates into an Earning Per Share of Rs2.10 for the nine months of fiscal year (9MFY10). HIRAT is currently 6.7 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 volume flowing into and out of HIRAT at a relatively equal pace. Trend forecasting oscillators are currently bullish on HIRAT.
Chenab Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
38.42
Total Assets (Rs in mn)
16,941.26
MA (10-day)
3.44
Total Equity (Rs in mn)
2,493.88
MA (100-day)
3.62
Revenue (Rs in mn)
9,091.38
MA (200-day)
4.16
Interest Expense
1,487.71
1st Support
2.81
Loss after Taxation
(96.66)
2nd Support
2.56
EPS 09 (Rs)
(0.841)
1st Resistance
3.50
Book value / share (Rs)
2nd Resistance
3.94
PE 10 E (x)
Pivot
3.25
PBV (x)
21.69 0.14
CHBL closed down -0.27 at 3.08. Volume was 71 per cent above average and Bollinger Bands were 47 per cent narrower than normal. The company's loss after taxation stood at Rs695.821 million which translates into a Loss Per Share of Rs6.05 for the nine months of fiscal year (9MFY10). CHBL is currently 26.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of CHBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on CHBL.
Sui Southern Gas Company Limited
% Change -0.83 5-Day High 1,041.08 5-Day Low 1,011.35
Change 4.43 Market cap 113,415.43 mn Div Yield (%) 3.09
Last 60 days High Low 2.21 20.45 21.59 2.90 13.40 10.50 49.40 5.01 770.00 5.00 2.25 2.65 32.30 25.45 410.00 44.50 38.64 4.10 71.00 1.29 4.61 41.00 4.90 269.50 2.00 3.99 6.30 74.50 1.40 1.82 16.70 19.49 53.14 29.50 4.79 23.00 11.10 36.40 4.64 27.15 4.98 2.95 8.40 38.00 2.80 236.61 2.26 21.50 59.99 114.99 49.49 1.36 4.99 46.12
0.40 13.05 17.55 1.35 8.55 7.50 38.85 2.93 544.00 2.23 0.48 1.45 24.00 19.95 305.00 33.66 26.00 1.11 57.50 0.27 2.52 33.66 2.55 185.38 1.10 1.60 4.00 46.55 0.01 0.35 11.30 14.64 40.81 22.77 1.38 18.15 6.91 31.35 2.01 17.10 2.65 1.30 5.02 27.25 1.01 176.50 0.25 14.75 48.10 93.50 37.20 0.30 1.50 33.00
% Change 0.48 5-Day High 918.53 5-Day Low 904.74
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20 7.5 115 15B 7.5 15 8 400R 15 4050.2257B - 50R 20 7.5 40 35 200 20 - 30B 20 20B 4 40 10B
30 50 20 10B 100 70 25 10 10 25 45R 40 25 - 100R 60 45 10 80 20B 35 -
Performance of SR Pharma and Bio Tech Index
Change -4.01 Market cap 31,609.85 mn Div Yield (%) 14.71
Last 60 days High Low 227.45 50.61 0.98 20.24 91.00 597.90
2009 Div BR (%) (%)
PHARMA AND BIO TECH
Close 1,431.11 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Open
Open 1,034.37 Turnover 180,389 P/E (x) 3.66
Performance of SR Industrial Engineering Index High Low 1,444.45 1,426.92 Total cos Defaulter cos P/BV (x) ROE (%) 3.40 38.02
63.01 131.00 15.90 92.00 28.25 1.16 21.71 4.15 3.55 10.05 212.29 70.20 23.91
3,223.46
MA (10-day)
HOUSEHOLD GOODS
INDUSTRIAL ENGINEERING Open 1,435.12 Turnover 179,362 P/E (x) 8.94
78.39 209.00 19.80 127.99 33.47 2.24 28.80 6.60 5.70 14.50 287.00 89.99 27.85
% Change -0.01 5-Day High 1,065.19 5-Day Low 1,043.84
Total Assets (Rs in mn)
Performance of SR Household Goods Index
20B -
% Change 0.11 5-Day High 911.80 5-Day Low 900.98
23546 2250 5042 539 172 13003 2500 7351 150 3349 27558 320 8436
High Low 1,462.46 1,427.08 Total cos Defaulter cos P/BV (x) ROE (%) 9.52 30.30
17.27 7.98 8.98 7.00 8.98 4.34 42.80 42.70 42.00 42.70 0.79 10.23 9.80 9.76 9.77 1.59 1.45 1.35 1.45 3.13 19.47 19.38 18.47 19.37 6.08 29.35 29.75 29.20 29.50 4.51 15.86 16.10 15.70 16.04 12.31 13.25 11.31 12.20 2.18 64.51 65.10 65.10 65.10 2.96 52.69 52.85 50.26 52.84 0.30 5.00 4.80 4.80 4.80 22.02 45.80 46.80 45.75 46.02 21.29 1839.60 1885.00 1832.00 1849.90 11.89 12.50 11.67 12.50 15.93 10.85 10.99 10.95 10.99 3.93 3.85 3.21 3.48 271.82 28.78 30.21 27.50 29.90 10.72 70.00 73.50 73.00 73.00 22.56 3990.00 4030.00 3955.01 4028.55
CONSTRUCTION AND MATERIALS High Low 928.39 896.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
-
53.39
FOOD PRODUCERS
Performance of SR Construction and Materials Index Open 909.12 Turnover 10,991,596 P/E (x) 7.73
70.90 69.27 70.00 -0.40 136.00 135.00 135.50 0.97 17.00 16.99 17.00 0.00 98.00 96.50 96.85 -4.65 31.75 28.98 29.04 -1.46 1.46 1.31 1.44 0.16 23.50 23.49 23.49 0.10 4.90 4.17 4.50 -0.19 4.30 4.00 4.00 -0.25 10.81 10.50 10.81 -0.19 227.30 216.60 218.23 1.73 72.50 70.20 72.18 0.18 25.60 24.90 24.97 -0.35
Open 1,441.67 Turnover 122,611 P/E (x) 31.42
Performance of SR Industrial Metals and Mining Index High Low 974.34 952.87 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 957.68 Turnover 94,639 P/E (x) 2.99
20B -
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,134.54 Turnover 13,588,963 P/E (x) 7.12
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,046.93 Turnover 94,266 P/E (x) 3.85
Hira Textile Mills Limited
% Change -1.44 5-Day High 701.95 5-Day Low 680.74
2009 Div BR (%) (%) 30
Alert ! Unusual Movements
Open 816.67 Turnover 87,605 P/E (x) 6.42 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
7.72 89.10 6.76 102.93 12.25 66.75 6.41 23.65 15.78 6.83 5.80 61.73
High
High Low 824.25 808.31 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 22.31 Low
Close Chg
88.75 88.00 88.06 -1.04 103.99 100.60 103.00 0.07 68.00 66.50 67.89 1.14 24.30 22.60 23.60 -0.05 7.80 7.00 7.10 0.27 62.95 62.00 62.64 0.91
Close 819.54 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2528 1120 8802 798 41002 33314
Change 2.87 Market cap 27,609.02 mn Div Yield (%) 6.94
Last 60 days High Low 95.50 124.00 83.77 25.79 8.66 64.05
77.00 96.00 65.00 22.10 6.10 53.36
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change 0.35 5-Day High 823.20 5-Day Low 814.24 2010 Div BR (%) (%) 20 -
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
84.26
Total Assets (Rs in mn)
MA (10-day)
24.76
Total Equity (Rs in mn)
MA (100-day)
18.48
Revenue (Rs in mn)
100,553.93
MA (200-day)
18.00
Interest Expense
1st Support
28.59
Profit after Taxation
2nd Support
28.39
EPS 09 (Rs)
0.384
1st Resistance
28.95
Book value / share (Rs)
14.43
2nd Resistance
29.11
PE 10 E (x)
Pivot
28.75
PBV (x)
9,683.52 108,151.09 4,409.79 257.49
1.99
SSGC closed up 1.20 at 28.74. Volume was 538 per cent above average (trending) and Bollinger Bands were 175 per cent wider than normal. The company's loss after taxation stood at Rs306.494 million which translates into a Loss Per Share of Rs0.46 for the nine months of fiscal year (9MFY10). SSGC is currently 59.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SSGC (bullish). Trend forecasting oscillators are currently bullish on SSGC. Momentum oscillator is currently indicating that SSGC is currently in an overbought condition.
TRG Pakistan Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
65.38
Total Assets (Rs in mn)
2,549.61
MA (10-day)
3.75
Total Equity (Rs in mn)
2,509.06
MA (100-day)
4.20
Revenue (Rs in mn)
MA (200-day)
3.89
Interest Expense
1st Support
4.15
Profit after Taxation
2nd Support
4.02
EPS 09 (Rs)
1st Resistance
4.43
Book value / share (Rs)
2nd Resistance
4.58
PE 10 E (x)
Pivot
4.30
PBV (x)
28.92 0.10 766.33 1.988 6.51 0.65
TRG closed up 0.06 at 4.23. Volume was 183 per cent above average (trending) and Bollinger Bands were 28 per cent wider than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 9.3 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 TRG (bullish). Trend forecasting oscillators are currently bullish on TRG.
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 Gatron (Industries) Ismail Industries Cherat Papersack
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 12-Oct 12-Oct 13-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 18-Oct 19-Oct 27-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) 20 17.5 20,20(B)
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 18-Oct 18-Oct 27-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Grays of Cambridge Lakson Tobacco Pak Tobacco P.I.A.C.(A) AKD Capital Pace (Pak) Ltd. Netsol Technol.
Open 55.12 4.17 87.99 57.25 253.65 109.96 2.1 40.8 2.54 17.98
High 57.87 4.45 88.5 60 266.33 110.7 2.19 42.84 2.69 18.49
Low Close 56.6 4.17 86.52 57.25 243.25 109.01 2.05 39.5 2.54 18
57.2 4.23 87.15 57.26 257.58 110.49 2.07 42.84 2.63 18.18
Change 2.08 0.06 -0.84 0.01 3.93 0.53 -0.03 2.04 0.09 0.2
Vol 2262 7871937 2428 330 7072 2110 93805 12563 269218 292642
7
Wednesday, September 29, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,101.12 Turnover 4,100,104 P/E (x) 6.09
High Low 1,120.89 1,097.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Pakistan Telecomm Co A 37740 Telecard 3000 WorldCall Tele 8606 Wateen Telecom Ltd 6175
9.03 -
18.89 2.24 2.46 3.92
19.20 2.30 2.58 4.20
18.86 2.15 2.47 3.90
18.96 0.07 2.21 -0.03 2.50 0.04 4.19 0.27
Company
Close 1,104.91 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 2520540 479082 1100482 1280442
Change 3.79 Market cap 77,858.38 mn Div Yield (%) 10.28
Last 60 days High Low 20.22 3.18 3.30 6.38
17.20 1.80 2.30 3.80
% Change 0.34 5-Day High 1,104.91 5-Day Low 1,073.74
2009 Div BR (%) (%) 15 -
-
Ask Gen Insurance 204 5.60 Central Insurance XB 279 5.12 Crescent Star Insurance 121 EFU General Insurance XB1250 30.52 IGI Insurance 718 12.96 Pak Reinsurance 3000 PICIC Ins Ltd 350 48.75 Premier Insurance 303 4.94 Reliance Insurance XB 252 4.45 Shaheen Insurance 200 Silver Star Insurance 253 1.65
2010 Div BR (%) (%) 17.5 -
9.80 49.53 5.00 38.17 73.47 13.30 2.42 9.35 6.50 11.51 7.33
Paid up Cap(mn)
Close 1,141.20 Listed cap 95,369.29 mn Payout (%) 104.13
Change 7.89 Market cap 96,751.34 mn Div Yield (%) 8.39
% Change 0.70 5-Day High 1,150.21 5-Day Low 1,132.01
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
Genertech 198 Hub Power XD 11572 6.12 Japan Power 1560 KESC 7932 Kohinoor Power 126 3.06 Kot Addu Power 8803 7.20 Nishat Chunian Power Ltd3673 Nishat Power Ltd 3541 81.71 Sitara Energy Ltd 191 3.61 Southern Electric 1367 5.87 Tri-star Power XD 150 -
0.81 32.99 1.32 1.98 5.35 41.02 10.73 11.30 21.60 2.30 0.80
0.99 33.45 1.50 2.08 5.70 41.87 10.80 11.60 21.50 2.42 1.00
0.60 32.77 1.41 1.96 5.25 41.16 10.54 11.30 21.01 2.25 0.71
0.72 -0.09 33.03 0.04 1.48 0.16 2.06 0.08 5.50 0.15 41.64 0.62 10.75 0.02 11.44 0.14 21.50 -0.10 2.29 -0.01 0.89 0.09
46385 3426346 48001 493440 255 197724 676621 1469173 4501 112000 31503
1.53 37.24 2.38 2.63 7.00 44.85 10.90 11.85 23.48 3.21 1.69
33.5 64.5 20 3
Company
0.51 31.59 0.70 1.92 3.90 39.51 8.60 9.25 20.00 2.21 0.33
31R -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,590.46 Turnover 2,173,908 P/E (x) 12.23 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,657.05 1,630.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.39 11.41
Close 1,642.57 Listed cap 12,202.80 mn Payout (%) 66.79
Change 52.11 Market cap 36,569.90 mn Div Yield (%) 5.46
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.51 6712 -
31.00 27.54
31.90 28.91
31.20 28.55
31.47 0.47 28.74 1.20
623359 1550549
31.90 28.91
25.00 16.00
% Change 3.28 5-Day High 1,642.57 5-Day Low 1,479.70
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
-
-
BANKS Performance of SR Banks Index Open 929.94 Turnover 16,545,790 P/E (x) 6.70 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.49 51.88 Askari Bank 6427 6.00 14.70 Atlas Bank 5001 1.70 Bank Alfalah 13492 10.76 7.90 Bank AL-Habib 7322 6.66 30.98 Bank Of Khyber 5004 3.10 3.00 Bank Of Punjab 5288 8.29 BankIslami Pak 5280 3.16 Faysal Bank 6091 3.11 13.58 Habib Bank Ltd 10019 6.14 94.03 Habib Metropolitan Bank 8732 5.62 19.07 JS Bank Ltd 6128 2.39 KASB Bank Ltd 9509 2.45 MCB Bank Ltd 7602 8.82 186.82 Meezan Bank 6983 7.27 15.00 Mybank Ltd 5304 2.07 National Bank 13455 5.32 63.32 Network Mic Bank 300 1.00 NIB Bank 40437 2.56 Royal Bank Ltd 17180 6.24 Samba Bank 14335 1.86 Silkbank Ltd 26716 12.32 2.67 Soneri Bank 6023 5.51 Stand Chart Bank 38716 8.69 6.46 Summit Bank Ltd 5000 2.34 United Bank Ltd 12242 6.06 51.03
High
High Low Close 948.91 925.29 936.24 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35 Low
Close Chg
52.00 50.56 50.80 -1.08 15.09 14.40 14.53 -0.17 1.83 1.60 1.70 0.00 8.44 7.87 8.07 0.17 31.00 30.75 30.90 -0.08 3.15 3.03 3.10 0.10 8.49 8.22 8.28 -0.01 3.25 3.04 3.20 0.04 13.70 13.50 13.50 -0.08 97.00 94.49 95.43 1.40 19.30 18.10 19.00 -0.07 2.45 2.31 2.44 0.05 2.48 2.25 2.44 -0.01 190.50 187.50 189.03 2.21 15.00 14.56 14.97 -0.03 2.17 2.06 2.10 0.03 64.25 62.80 63.36 0.04 1.20 1.18 1.19 0.19 2.64 2.57 2.60 0.04 6.99 6.20 6.46 0.22 1.95 1.74 1.76 -0.10 2.75 2.65 2.71 0.04 5.92 5.32 5.67 0.16 6.49 6.00 6.08 -0.38 2.49 2.33 2.47 0.13 51.85 51.06 51.53 0.50
Volume
Change 6.30 Market cap 578,688.27 mn Div Yield (%) 5.13
Last 60 days High Low
18437 59.70 110406 17.46 14759 3.00 8177169 10.25 21990 34.00 65908 4.75 840305 11.24 12890 3.90 5590 15.95 130195 109.10 39760 23.75 108012 3.00 14748 4.05 1091169 214.99 10586 16.50 7811 3.28 2414193 73.89 215 2.48 245342 3.50 24646 13.40 22258 2.90 2206465 3.30 67231 8.34 63056 8.50 55392 4.38 832649 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.10 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.65 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 0.68 5-Day High 936.24 5-Day Low 920.82
20 - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
High Low 634.07 618.06 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 5.20
Close 626.35 Listed cap 11,111.34 mn Payout (%) 79.54
Change 1.38 Market cap 40,800.16 mn Div Yield (%) 7.75
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Adamjee InsuranceSPOT 1237 12.33
67.52
68.39
67.15
67.81 0.29
76143
89.90
Company
64.00
2009 Div BR (%) (%) 30
10B
Paid up Cap(mn)
East West Life EFU Life Assurance XB New Jub Life Insurance
% Change 0.22 5-Day High 626.82 5-Day Low 618.82 2010 Div BR (%) (%) 10
-
0.05 -0.05 -1.00 0.28 -0.14 0.08 -0.47 0.14 0.00 0.99 -0.70
800 2790 1724 1639 104 82497 186 601 2002 97128 1503
11.95 64.90 7.90 55.20 79.10 19.40 4.16 10.60 7.25 16.49 10.00
8.45 47.37 3.11 35.52 66.02 12.50 1.66 8.11 6.00 11.51 6.00
20 25B 40 8.7B 35 30 20 15B -14.28B - 20B
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols CENI COTT BWCL JKSM UVIC ATIL BATA UDPL NCLNCP QUET EMCO EXIDE WYETH FNEL ELCM FFLM NJICL ICL SHFA CWSM HADC DATM BAFS SZTM ISTM SANSM PECO NOPK BILF FIMM MQTM MWMP ALICO MUKT DLL FECTC LMSM GATI KOHS SGMLPS PTEC UPFL FCONM BCML YOUW BUXL FRCL TSMF FANM IFSL KOHTM PRWM HUSI INKL ADAMS FECS MLCFPS KOHE SGPL PGCL ISIL SHEZ AKGL ARPAK MACFL DIIL DREL PHDL
High Low 835.01 815.27 Total cos Defaulter cos P/BV (x) ROE (%) 3.28 3.85
Close 824.93 Listed cap 2,290.72 mn Payout (%) 355.53
Change 2.00 Market cap 8,751.77 mn Div Yield (%) 4.17
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
455 850 32.07 627 53.38
2.80 59.01 42.37
2.45 60.25 42.99
2.05 59.00 42.00
2.45 -0.35 59.00 -0.01 42.70 0.33
16000 4388 11500
3.15 84.99 46.00
% Change 0.24 5-Day High 824.93 5-Day Low 815.25
2009 Div BR (%) (%)
2.05 51.25 34.50
2010 Div BR (%) (%)
- 10R 5513.33B 10 -
-
10R -
FINANCIAL SERVICES Performance of SR Financial Services Index Open 355.64 Turnover 7,984,379 P/E (x) 0.45 Company
Paid up Cap(mn)
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Cap Mang. XB Dawood Equities Escorts Bank Grays Leasing IGI Investment Bank Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Stand Chart Leasing
High Low 366.89 350.24 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22
PE
Open
High
Low
225 360 6.71 450 6.75 3750 2.27 150 7.32 250 441 215 2121 2849 2878 626 0.37 7633 14.29 508 500 1000 12.91 1000 821 3.68 775 452 514 978 4.64
0.59 14.30 27.00 23.19 1.30 2.27 2.90 1.71 1.74 0.57 3.39 2.38 9.72 2.57 35.21 5.70 3.89 4.90 1.40 0.68 2.75 2.19
0.69 14.79 27.75 23.59 1.59 2.19 2.95 2.68 1.85 0.68 3.48 2.84 10.10 2.70 36.49 5.97 4.37 5.00 1.49 0.70 2.25 2.29
0.51 13.75 27.00 22.92 1.21 1.80 2.30 1.30 1.51 0.55 3.06 2.13 9.82 2.56 34.30 5.74 3.71 4.65 1.35 0.68 2.12 2.03
Close Chg 0.60 14.36 27.08 22.99 1.39 1.87 2.30 1.30 1.70 0.55 3.43 2.21 9.86 2.60 34.74 5.81 4.20 4.67 1.41 0.70 2.25 2.04
0.01 0.06 0.08 -0.20 0.09 -0.40 -0.60 -0.41 -0.04 -0.02 0.04 -0.17 0.14 0.03 -0.47 0.11 0.31 -0.23 0.01 0.02 -0.50 -0.15
Close 355.84 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 113629 28743 32067 2163937 3219 25504 502 102 14475 64029 2602 2503617 2649789 159721 39438 50031 32776 3743 84305 4100 300 7717
Change 0.19 Market cap 26,186.71 mn Div Yield (%) 10.22
% Change 0.05 5-Day High 359.11 5-Day Low 349.67
Last 60 days High Low
2009 Div BR (%) (%)
1.19 20.99 50.12 35.65 3.30 3.36 3.20 4.00 2.98 1.23 5.90 2.84 15.47 6.48 42.40 8.65 5.49 5.95 2.89 1.83 3.80 3.89
15 25B 30 - 10B -243.778B 10 150 -231.08R -
0.42 13.75 26.11 21.76 0.50 1.55 2.01 0.32 1.17 0.50 2.54 1.17 9.36 2.55 33.33 5.40 3.20 3.66 1.35 0.15 1.37 1.41
2010 Div BR (%) (%) 20B 20B -
EQUITY INVESTMENT INSTRUMENTS Open 1,017.60 Turnover 2,870,648 P/E (x) 6.93 Company
Paid up Cap(mn)
Allied Rental AL-Meezan Mutual F. B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced F. NAMCO Balanced F. Nat Bank Modaraba Pak Prem Fund XD Pak Strat Fund Paramount Mod. XD PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund XD Prud Modaraba 1st XD Punjab Modaraba Stand Chart Mod. XD Trust Modaraba U D L Modaraba UNICAP Modaraba
High Low 1,036.79 1,004.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09
PE
Open
High
Low
600 3.26 1375 2.66 780 200 1.67 113 3.13 524 7.85 300 3.23 581 760 3.95 397 5.32 1008 4.44 3180 40.00 1186 283 2.52 1200 2.91 1000 2.85 250 7.04 1698 3.64 3000 5.38 59 2.90 1000 2.52 2835 2.25 2841 1.82 872 2.13 340 454 4.77 298 4.01 264 2.39 136 -
15.75 6.99 1.20 0.50 2.10 1.15 2.89 1.79 3.60 5.60 5.93 3.20 2.99 1.65 6.04 3.24 7.25 7.45 6.79 7.99 4.69 8.30 3.63 0.80 1.00 8.39 2.24 6.00 0.10
15.10 6.90 1.34 0.53 2.88 1.18 3.80 1.78 3.68 6.25 6.00 3.25 3.29 1.75 6.02 3.25 7.95 7.65 6.90 8.00 4.80 8.40 3.90 0.85 1.00 8.63 3.17 6.00 0.24
14.75 6.90 1.30 0.35 2.22 1.00 2.90 1.55 3.60 5.75 5.90 3.20 2.95 1.51 6.00 2.31 7.44 7.45 6.80 7.90 4.60 8.10 3.56 0.79 0.95 8.30 3.17 5.56 0.24
Close 1,017.88 Listed cap 29,771.58 mn Payout (%) 104.19
Symbols
Change 0.28 Market cap 17,358.96 mn Div Yield (%) 26.42
% Change 0.03 5-Day High 1,029.92 5-Day Low 1,005.00
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
15.10 6.90 1.30 0.45 2.22 1.02 3.00 1.78 3.63 6.01 5.91 3.20 3.00 1.51 6.02 2.85 7.60 7.64 6.89 7.90 4.74 8.19 3.60 0.81 1.00 8.40 3.17 6.00 0.24
499 1358 10010 264178 314 2510 38004 148105 50451 917197 65114 9683 13018 15250 7000 20596 31000 242329 490844 6249 10599 66351 384414 12050 18000 38370 110 2010 5000
17.00 7.25 2.43 0.90 3.59 1.68 3.80 2.09 3.74 6.50 7.49 4.39 3.98 2.44 7.49 3.70 8.45 9.86 8.10 8.68 6.49 10.55 5.00 1.20 2.00 10.99 3.50 6.00 0.35
15 4.5 5 20 10 5 15 16.5 10 -
-0.65 -0.09 0.10 -0.05 0.12 -0.13 0.11 -0.01 0.03 0.41 -0.02 0.00 0.01 -0.14 -0.02 -0.39 0.35 0.19 0.10 -0.09 0.05 -0.11 -0.03 0.01 0.00 0.01 0.93 0.00 0.14
12.50 6.35 0.90 0.16 1.60 0.76 0.99 1.21 2.32 4.80 5.56 2.70 2.31 0.52 6.00 2.25 6.10 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 1.00 5.00 0.05
Open 10.82 1.92 27.42 6.16 3.65 28.68 480.46 15.85 21.38 36.08 3.57 140.02 979.54 9.71 4.80 1.40 56.18 23.00 36.45 1.24 0.96 0.67 48.93 4.25 4.80 13.90 319.35 24.79 0.99 64.00 8.85 1.75 19.50 0.58 41.75 5.03 3.05 39.54 6.40 3.71 2.68 1039.97 1.34 15.75 1.08 14.22 3.40 1.99 3.44 8.43 1.05 18.44 9.50 9.95 11.75 34.99 6.46 24.99 0.43 21.58 72.90 102.50 4.20 5.94 3.25 17.40 551.00 57.85
High 10.99 1.50 26.25 6.90 2.70 29.40 504.00 15.94 21.85 34.28 3.89 140.02 948.00 9.90 5.80 2.24 55.99 22.05 37.00 1.30 1.05 0.65 48.93 5.25 4.98 13.90 303.41 25.75 1.05 64.50 9.00 1.74 19.50 0.74 40.90 5.65 4.00 41.51 6.39 4.71 2.68 1050.00 1.99 16.75 1.20 14.89 4.00 2.00 3.39 8.42 1.47 18.44 9.90 9.99 11.30 36.20 6.49 25.89 0.35 22.07 72.85 104.44 3.50 5.00 3.49 17.50 578.00 60.74
Low
Close
10.90 1.50 26.25 5.16 2.70 28.10 499.74 15.90 20.32 34.28 3.42 140.02 940.00 8.71 5.80 1.39 53.62 22.05 34.65 1.25 0.72 0.05 46.50 5.25 4.98 13.90 303.41 23.62 1.05 64.00 7.85 1.21 18.95 0.27 40.90 5.65 2.05 39.50 6.00 2.71 1.80 1045.00 1.89 16.75 1.19 14.24 3.49 1.79 3.39 8.15 1.47 18.44 9.89 9.99 11.30 35.00 6.49 25.44 0.35 22.07 72.85 104.44 3.25 5.00 3.00 17.50 578.00 60.74
10.90 1.50 26.25 6.71 2.70 28.10 499.74 15.90 21.56 34.28 3.42 140.02 948.00 9.90 5.80 1.39 55.99 22.05 34.79 1.30 0.95 0.53 48.93 5.25 4.98 13.90 303.41 25.75 1.05 64.00 8.25 1.74 18.95 0.40 40.90 5.65 2.05 39.50 6.00 3.21 1.80 1045.00 1.89 16.75 1.19 14.24 3.49 1.79 3.39 8.15 1.47 18.44 9.89 9.99 11.30 35.00 6.49 25.44 0.35 22.07 72.85 104.44 3.50 5.00 3.00 17.50 578.00 60.74
Change
Vol
0.08 -0.42 -1.17 0.55 -0.95 -0.58 19.28 0.05 0.18 -1.80 -0.15 0.00 -31.54 0.19 1.00 -0.01 -0.19 -0.95 -1.66 0.06 -0.01 -0.14 0.00 1.00 0.18 0.00 -15.94 0.96 0.06 0.00 -0.60 -0.01 -0.55 -0.18 -0.85 0.62 -1.00 -0.04 -0.40 -0.50 -0.88 5.03 0.55 1.00 0.11 0.02 0.09 -0.20 -0.05 -0.28 0.42 0.00 0.39 0.04 -0.45 0.01 0.03 0.45 -0.08 0.49 -0.05 1.94 -0.70 -0.94 -0.25 0.10 27.00 2.89
100 100 99 98 90 64 55 55 53 51 51 50 41 31 26 25 20 20 19 15 13 11 11 10 10 10 10 10 7 6 6 6 5 5 5 5 4 4 3 3 3 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 624.97 Turnover 267,391 P/E (x) 10.26
Company
2010 Div BR (%) (%) 50 - 7.8R 50 -
9.85 49.48 4.00 38.45 73.33 13.38 1.95 9.49 6.50 12.50 6.63
LIFE INSURANCE Open 822.94 Turnover 31,893 P/E (x) 85.23
ELECTRICITY High Low 1,153.97 1,128.87 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
9.85 48.61 4.00 38.25 71.51 13.31 1.90 8.50 6.50 12.49 6.63
Performance of SR Life Insurance Index
-
Performance of SR Electricity Index Open 1,133.31 Turnover 6,505,951 P/E (x) 12.41
9.85 51.00 4.50 39.50 73.40 13.60 2.25 9.49 7.25 12.50 7.45
2010 Div BR (%) (%)
- 22.5 - 18.5 17 11 21 5 10 2.8 - 15.5 15 - 18.6 - 11.53 5 20 10 3 17 5 -
-
Low
Close
234.42
237.75
234.75
236.32
1.90
740000
DGKC-OCT
24.27
24.75
24.27
24.67
0.40
478000
NBP-OCT
63.50
64.29
63.00
63.51
0.01
321500
ENGRO-OCT 174.89
179.10
175.00
178.51
3.62
198500
MCB-OCT
186.80
189.90
187.88
188.63
1.83
PSO-OCT
266.21
268.90
267.05
267.29
1.08
133500
NML-OCT
44.92
45.34
44.75
45.04
0.12
133000 128000
POL-OCT
Open
High
Change
Vol
172500
ANL-OCT
10.47
10.68
10.50
10.51
0.04
PPL-OCT
172.56
176.00
173.00
174.79
2.23
LUCK-OCT
66.11
66.82
65.50
66.40
0.29
41000
PTC-OCT
19.05
19.15
19.00
19.00
-0.05
30000
AICL-OCT
66.65
67.48
66.56
67.48
0.83
5500
OGDC-OCT 143.64
144.25
142.90
142.90
-0.74
3500
98000
ZERO VOLUME Symbols AABS BFMOD BROT CFL CSUML DFSM DYNO ETNL FASM HINO HWQS JOPP KHTC LPGL MDTL MIRKS MODAM MOON PAKD PASM PICTPS QUICE
Open 90.00 3.75 0.30 16.50 3.79 3.01 11.75 21.00 27.56 122.00 22.00 11.40 18.00 7.25 59.90 60.44 1.12 12.00 116.00 8.29 10.00 2.11
High 89.90 3.80 0.31 15.50 3.70 3.10 11.50 20.99 28.93 120.00 21.95 11.39 17.00 7.51 58.00 60.00 0.99 11.85 115.00 8.14 9.90 2.21
Low
Close
89.90 3.80 0.31 15.50 3.70 3.10 11.50 20.99 28.93 120.00 21.95 11.39 17.00 7.51 58.00 60.00 0.99 11.85 115.00 8.14 9.90 2.21
89.90 3.80 0.31 15.50 3.70 3.10 11.50 20.99 28.93 120.00 21.95 11.39 17.00 7.51 58.00 60.00 0.99 11.85 115.00 8.14 9.90 2.21
Change
Vol
-0.10 0.05 0.01 -1.00 -0.09 0.09 -0.25 -0.01 1.37 -2.00 -0.05 -0.01 -1.00 0.26 -1.90 -0.44 -0.13 -0.15 -1.00 -0.15 -0.10 0.10
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BOARD MEETINGS
Bank Al-Falah Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
54.19
Support 1
9,935.35
MA (5-day)
9,928.11
Support 2
9,889.65
MA (10-day)
9,981.33
Resistance 1
10,028.20
MA (100-day)
9,879.55
Resistance 2
10,075.35
Fair Value
*Arif Habib Ltd
Rs Recommendations Buy
*Arif Habib Ltd
AKD Securities Ltd
12.47
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Outlook
9,909.42
Pivot
Fair Value
Rs Recommendations
Brokerage House
48
Buy
AKD Securities Ltd
46
Buy
TFD Research
44.9
Leverage Position
9,982.50
major 1st resistance level at 10,028.20 and 2nd resistance level at BAFL closed up 0.17 at 8.07. Volume was 537 per cent above average 10,075.35, while Index will continue to find its 1st support level at (trending) and Bollinger Bands were 58 per cent narrower than normal. 9,935.35 and 2nd support level at 9,889.65. BAFL is currently 26.2 per cent below its 200-day moving average and is KSE 100 INDEX is currently 0.8 per cent above its 200-day moving displaying a downward trend. Volatility is high as compared to the average average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indi- volatility over the last 10 trading sessions. Volume indicators reflect mod-
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Rs Recommendations
24.18
Buy
30.5
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
810.01 26,754.57 N/A 33.06
* 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)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
584.63 11,084.68 5.94 18.98
* Target price for Dec-10 & **Net Open Interest in future market
Bollinger Bands were 22 per cent narrower than normal.
HUBC is currently 1.8 per cent below its 200-day moving average and is PTC is currently 2.8 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is high as compared to the average playing an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume
cators reflect volume flowing into and out of INDEX at a relatively equal erate flows of volume into BAFL (mildly bullish). Trend forecasting oscilla- flowing into and out of HUBC at a relatively equal pace . Trend forecasting flowing into and out of PTC at a relatively equal pace. Trend forecasting pace. Trend forecasting oscillators are currently bullish on INDEX.
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
44
Buy
*Arif Habib Ltd
Neutral
AKD Securities Ltd
44.13
Buy
AKD Securities Ltd
92.3
Positive
TFD Research
36.85
Positive
TFD Research
78
TFD Research
Technical Outlook
Technical Outlook Technical Analysis 43.98 64.79 65.89 73.01
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 20,171.73 28.91 63.43
* 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)
45.92 24.72 25.05 27.64
Nishat Mills Ltd
Brokerage House
Fair Value
Rs Recommendations
261
Buy
*Arif Habib Ltd
305.7
Buy
AKD Securities Ltd
Positive
TFD Research
281.35
182.55 4,483.42 19.18 24.38
* 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)
60.93 234.55 224.49 230.80
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
65
Buy
61.46
Buy
74.2
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
oscillators are currently bullish on PTC.
Pakistan Oilfields Ltd
64.64
*Arif Habib Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
oscillators are currently bearish on HUBC.
Dera Ghazi Khan Cement Co Ltd
National Bank of Pakistan
AKD Securities Ltd
tors are currently bearish on BAFL.
107.94 25,346.78 178.47 234.00
* 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)
55.37 47.26 46.83 53.84
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 8,296.00 16.80 47.09
* Target price for Dec-10 & **Net Open Interest in future market
NBP closed up 0.04 at 63.36. Volume was 14 per cent above average and DGKC closed up 0.42 at 24.56. Volume was 16 per cent below average POL closed up 0.98 at 234.83. Volume was 56 per cent above average NML closed up 0.34 at 47.19. Volume was 29 per cent below average and Bollinger Bands were 25 per cent narrower than normal.
and Bollinger Bands were 25 per cent narrower than normal.
and Bollinger Bands were 10 per cent wider than normal.
Bollinger Bands were 15 per cent narrower than normal.
NBP is currently 3.4 per cent below its 200-day moving average and is dis- DGKC is currently 11.1 per cent below its 200-day moving average and is POL is currently 1.7 per cent above its 200-day moving average and is dis- NML is currently 12.3 per cent below its 200-day moving average and is playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is relatively normal as compared to average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect volume flowing into and out of DGKC at a relatively equal pace. reflect very strong flows of volume into POL (bullish). Trend forecasting reflect volume flowing into and out of NML at a relatively equal pace. Trend ing oscillators are currently bullish on NBP.
Trend forecasting oscillators are currently bullish on DGKC.
oscillators are currently bullish on POL.
11:00 1:30 2:15 10:30 11:00 12:30 3:00 11:30 10:00 12:00 11:00 4:00 1:00 12:30 11:00 12:00 10:00 11:30 3:00 4:00
TECHNICAL LEVELS
HUBC closed up 0.04 at 33.03. Volume was 96 per cent above average PTC closed up 0.07 at 18.96. Volume was 20 per cent above average and and Bollinger Bands were 90 per cent wider than normal.
Time
29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 29-Sep 30-Sep
Company
Leverage Position
54.66 18.82 18.99 19.52
Date
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 Johnson & Phillips (Pakistan) Ltd Karam Ceramics Ltd Kohinoor Energy Ltd Kohinoor Textile Mills Ltd Leather Up Limited Nagina Cotton Mills Ltd National Refinery Ltd Premium Textile Mills Ltd Prosperity Weaving Mills Ltd Quality Textile Mills Ltd Shezan International Ltd The Climax Engineering Co Ltd Apollo Textile Mills Ltd
Positive
Technical Outlook
Leverage Position
34.40 33.39 34.01 33.62
Fair Value
Positive
Technical Outlook
RSI (14-day) 46.38 Free Float Shares (mn) 674.58 MA (10-day) 8.02 Free Float Rs (mn) 5,443.85 KSE 100 INDEX closed up 44.28 points at 9,981.07. Volume was 14 per MA (100-day) 9.05 ** NOI Rs (mn) N/A cent above average and Bollinger Bands were 32 per cent narrower MA (200-day) 10.93 Mean 8.07 than normal. As far as resistance level is concern, the market will see * Target price for Dec-10 & **Net Open Interest in future market MA (200-day)
Brokerage House
14
Technical Analysis
Pakistan Telecommunication Co Ltd
Hub Power Co Ltd
Company
forecasting oscillators are currently bullish on NML.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 42.19 3.05 2.85 40.29 50.25 49.70 42.92 65.55 65.00 31.64 26.80 26.55 40.72 22.75 22.50 39.46 67.15 66.55 45.33 14.25 14.00 53.26 10.40 10.30 63.44 327.40 324.65 49.16 81.40 80.90 46.38 7.80 7.55 52.48 3.05 2.95 46.18 8.15 8.05 46.80 1.45 1.40 45.92 24.25 23.95 38.35 1.35 1.30 43.43 1.95 1.90 41.97 37.95 37.50 41.10 58.60 58.15 55.83 176.20 173.05 45.15 13.45 13.35 39.49 4.65 4.55 43.60 26.95 26.70 52.78 105.55 104.85 45.87 94.30 93.15 34.40 32.70 32.40 52.26 119.75 118.45 37.65 214.10 210.00 24.80 2.55 2.50 46.89 1.40 1.35 57.70 2.35 2.25 44.21 9.75 9.65 50.23 41.25 40.85 48.02 2.00 1.90 52.27 69.00 68.55 49.45 187.50 186.00 41.16 2.90 2.85 43.98 62.70 62.00 49.91 16.25 16.15 35.20 17.95 17.75 42.31 2.55 2.50 50.54 1.40 1.35 55.37 46.90 46.65 48.76 143.30 142.75 47.43 2.55 2.45 35.56 1.35 1.30 41.14 2.00 1.95 53.46 7.80 7.70 60.93 233.75 232.70 29.36 173.40 171.85 32.78 70.75 69.35 57.77 266.40 265.00 54.66 18.80 18.65 35.22 190.75 189.35 74.69 31.15 30.80 37.31 8.05 7.95 84.26 28.55 28.35 47.59 2.15 2.05 65.38 4.10 4.00 37.65 51.10 50.70 47.55 2.45 2.40
1st
2nd
Resistance 3.55 3.90 51.70 52.55 66.80 67.50 27.55 28.05 23.40 23.85 68.40 69.00 14.95 15.35 10.65 10.85 333.50 336.85 82.85 83.80 8.40 8.70 3.30 3.35 8.45 8.60 1.55 1.60 24.75 24.95 1.45 1.55 2.05 2.10 39.20 40.00 59.85 60.65 181.10 182.95 13.65 13.75 4.85 4.95 27.45 27.70 106.75 107.20 96.80 98.15 33.40 33.75 122.30 123.65 224.80 231.40 2.70 2.75 1.50 1.55 2.50 2.55 10.05 10.20 41.95 42.25 2.10 2.15 70.05 70.60 190.50 192.00 3.10 3.25 64.15 64.90 16.55 16.70 18.45 18.70 2.65 2.70 1.50 1.55 47.45 47.75 144.65 145.40 2.70 2.75 1.50 1.55 2.15 2.25 8.05 8.20 236.45 238.05 176.40 177.85 73.05 73.95 269.80 271.80 19.15 19.35 193.75 195.35 31.85 32.20 8.35 8.50 28.90 29.10 2.30 2.35 4.40 4.55 51.90 52.25 2.55 2.65
Pivot 3.35 51.10 66.25 27.30 23.15 67.80 14.65 10.55 330.75 82.35 8.15 3.15 8.35 1.50 24.45 1.40 2.00 38.75 59.40 178.00 13.55 4.75 27.20 106.05 95.65 33.10 121.05 220.70 2.60 1.45 2.40 9.95 41.55 2.05 69.60 189.00 3.05 63.45 16.45 18.20 2.60 1.45 47.20 144.05 2.60 1.40 2.10 7.95 235.35 174.85 71.65 268.40 19.00 192.35 31.50 8.25 28.75 2.20 4.30 51.50 2.50
8
Wednesday, September 29, 2010
Varsities okayed grant release hits snags
Lecturers to mark Oct 5 as Black Day LAHORE: Students of Government Modern Girls Primary School in Bhogiwal shouting slogans as they were motivated to stage a demonstration in support of their demands, on Mall Road. -Online
Advisor to CM dubs illiteracy as darkness KARACHI: Advisor to Chief Minister Sindh on Information Jameel Ahmed Soomro has said that illiteracy is a darkness and knowledge is the source of light and without acquiring education no nation can make progress. This he said while talking to a delegation of teachers of a private university at his office here. The delegation was comprised of Prof. Abdul Hameed, Prof. Syed Ali Raza Naqvi, Prof. Muhammad Mushtaq Kalata, Prof. Mufti Ammar, Prof. Abdul Wasy and Prof. Sanaullah. Jameel Soomro said that no sensible person could deny the importance of education and only those nations could make progress who were ahead in the field of educa-
tion. Jameel Ahmed Soomro said that present democratic government would accomplish the dreams of Shaheed Mohtarma Benazir Bhutto for the promotion of education and the president Asif Ali Zardari has made all possible efforts for achieving the desired targets in the filed of education. He added that it was being tried to promote education in rural and urban areas of Sindh and specially rural women were being provided education because without women's participation society can not make progress. Jameel Ahmed Soomro said that the worst flood of the history had affected all the sections of the society and thousands educational institutions
Punjab edu boards mull new policy to arrest cheating
RAWALPINDI: A new policy is being finalized by eight boards of Punjab, including Rawalpindi, Lahore, Multan and Faisalabad to make the examination system more transparent. According to to the new system, the examination staff of entire hall would be changed forthwith in case of any complaint received against them. Talking to APP, Chairman Board of Intermediate and Secondary Education (BISE) Rawalpindi Chaudhary Abdul Hafeez said a post of additional superintendent has also been suggested. And the changing of entire examination staff after every three days has also been contemplated to make the examination system more transparent. He said the new policy would be implemented from the year 2011-12 after getting the approval of Punjab Board Committee of Chairmen. In case of second complaint the entire staff of examination hall would be black-listed from taking exam in future, he Beaconhouse Margalla added. -APP Campus, Beaconhouse Girl's Branch, Headstart, Frobels, and Saint Mary's Institute. Introducing the students to a plethora of views and ideas towards undergraduate admissions at Yale, Dr Gonzalez gave an idea of what studying in the USA means and the many hurdles that would be faced but the ISLAMABAD: The Higher many bounties that lay in Secondary School Certificate wait. (HSSC) Supplementary He also met with the top- Examination 2010 of Federal tier applicants from good Board of Intermediate and schools, who are interested Secondary Education and qualified in applying to (FBISE) will be held from Ivy League institutions. - Oct 5. The Roll Number Slips of APP the candidates appearing in the said examination have been dispatched at the addresses given in admission forms. The candidates, who have not received the roll number slips should immediately The DCO briefed the contact the officers of the Managing Director about latboard. est development regarding the The contact numbers are project. One Window Shakeel Ahmad further Director apprised the MD that Shaheen 0519250612, Controller of Examinations (Conduct) International Company had got tender for the construction 9250606, Deputy Controller of the school and had given of Examinations (HSSC 0519250619, assurance that the project Conduct) Controller of would be completed within Assistant (HSSC stipulated period of nine Examination months. Conduct) 0519250641, The MD DSS highly appre- Assistant Secretary One ciated the efforts of the DCO Window Cell 0519250651. and DMO in this regard. -APP APP
had been destroyed or seized by the water and millions of children were deprived of their formal education. The provincial Advisor advised to the teachers to find out ome time to teach the children who were living in relief camps. Jameel Ahmed Soomro said that certain elements were doing propaganda against the government, however they would never succeed in their ulterior motives and the government would complete its tenure. He said that the government would complete all the projects initiated for the welfare of the people. On this occasion the teachers assured their cooperation to the Provincial Advisor on Information.-APP
ICAS holds moot on admission prospects ISLAMABAD: Islamabad College of Arts and Science (ICAS) held a seminar on Tuesday on admissions and education prospects as well as financial aid policies at the renowned Ivy League Yale College. Dr Amin Abdul Malik Gonzalez, Associate Director, Undergraduate Admissions, Yale College, was the resource person on the occasion, said a news release issued here. Dr Gonzalez was brought in by Mr. Zahid Shaffiq who is the Chairman of the Yale Alumni's School Committee. Dr Gonzalez has been in
education sector for 15 years, being involved with college counseling, teaching and coaching alongside college admissions. Dr. Gonzalez is responsible for applications for the Middle East, North Africa, India, and Pakistan. The event organized at ICAS was coordinated by Flora Mahmood, Guidance Counselor and Ms. Iram Naqvi, Senior Principal. Mrs. Nusrat Tahir, Director, ICAS was also present on the occasion. The event was attended by O and A levels students from ICAS, alongside students from Beaconhouse Rawalpindi,
DSS to introduce equitable education system: MD ATTOCK: Managing Director Danish School System (DSS) Yousaf Kamal said on Monday DSS project would introduce an even education system in the province besides help removing the discrimination between upper and lower strata of society in acquiring quality education. These views were expressed by him during his surprise visit to the proposed site for DSS at Jand. District Coordination Officer (DCO) Shakeel
Ahmad, District Revenue Officer (DRO) Ikram Ullah Khan Niazi, Deputy District Officer Revenue (DDRO) Jand Rabwaz Minhas and Focal Person DSS Waqar Ahmad were accompanying him. Yousaf Kamal said Danish School System would bring radical changes in education system of the province and would facilitate the poors to have quality education for their children, who were the future of the country.
Supplementary HSSC exams under FBISE from Oct 5th
ISLAMABAD: Teachers of universities would observe "Teachers Salam Day" as a black day if announced grant for the universities is not released within a week. This was stated by President of Federation of All Pakistan Universities Academic Staff Association (FAPUASA) Prof Dr Saeed Akhtar Maher while talking to APP. He said, "If the announced amount for the universities is not released till Oct 4, all the universities would observe Oct 5 as a black day and will arrange a sit-in on Shahrah-eDastoor." He said the association will continue to work for the rights of teachers and defend sovereignty of the universities. The struggle will continue
Rawalpindi BISE Inter part-I result on October 4
RAWALPINDI: Rawalpindi Board of Intermediate and Secondary Education (RBISE), will announce the result of Higher Secondary School Certificate (HSSC) part-I annual examinations 2010 on Monday(October 4) at 10:00 am. As per details, the results of FA and F.Sc part-I annual examinations will be declared on October 4. While the submission of forms and fee for supply exam of intermediate has been extended. The new dates for fee submission of forms for Supply Exam is October 11 with single for achieving quality educa- fee and Oct. 18 with double fee tion and addressing the prob- and with triple fee is 22 Oct. lems being faced by the The admissions form can be submitted in all prescribed IT teachers community. He also welcomed Rs. 6 Centres according to Online System. -Online
billion grant announced by the Prime Minister for 50 per cent salaries and 15 per cent medical allowance. However, he urged the HEC management for the implementation of the accepted demands as early as possible. He also demanded for increasing of HEC grant to Rs. 30 billion. He said the universities will not increase fee of the students as this step will close doors of education on the under privileged class. The President also criticized the stoppage of all the development and science and technology projects. -APP
VC Islamia University pays visit to faculty of Edu
B A H AWA L P U R : V i c e Chancellor (VC) of the Islamia University of Bahawalpur (IUB), Professor Dr. Muhammad Mukhtar Tuesday visited the academic departments of faculty of education including department of Social Work, Applied Psychology, Physical Education and Sports Science, Education Training and Education located in Baghdadul-Jadeed campus. According to spokesman of the University Shahzad Ahmad, VC met chairmen and faculty members of all respective departments and discussed their ongoing academic and research activities. He also discovered the problems faced by the academic staff and gave special directives to solve the problems immediately. The VC also viewed educational activities in classrooms He expressed hope that and held detailed conversation soon the college will develop with students about their semester related matters and activities. into an international level -APP
UEC Bahawalpur to get varsity before long B A H AWA L P U R : University of Engineering College (UEC) of the Islamia University of Bahawalpur (IUB) will get the status of full fledged University within a period of two years. This was stated by the Vice Chancellor (VC), Professor Dr Muhammad Mukhtar while addressing to the Principal Engineering College, Jan Muhammad Keerio, faculty members and students during his visit of Engineering College here on Monday. According to spokesman of the University Shahzad Ahmad, the VC said that Engineering University was a dire need of not only Bahawalpur but of Southern Punjab as a whole.
Engineering University. He advised to initiate programs including Civil Engineering, Textile Engineering and other departments in the College to facilitate the students by providing quality education. The VC also advised, the students to demonstrate discipline and direct their efforts towards their education. He said they should feel pride in being Pakistani instead of being called Punjabi, Saraiki or Sindhi. Earlier, the VC was warmly welcomed by the students of Engineering College. APP
BSEK to notify SSC Part I exam result in Oct KARACHI: The Board of Secondary Education Karachi (BSEK) will notify the result of SSC Part I (Class IX) Annual Examination 2010 of Science Group next month. This was stated by the Controller of Examinations of the BSEK, Kaleem Asghar Kirmani, on Monday. He said that the endeav-
ours of the BSEK are to make the process of the result quite transparent and that the staff of the Board has been successful in this respect also. Meanwhile, the BSEK on Monday announced the result of SSC Part I Annual Examination 2010 of general Group for the regular and private candidates. APP
Matric supplementary exam from Oct 7 in Lhr LAHORE: Board of Intermediate and Secondary Education (BISE) Lahore will conduct Matric supplementary exam 2010 from October 7. Talking to APP on Tuesday, a spokesman of BISE said
that date sheet had been issued and roll number slips were being despatched. He further said that in case anyone doesnot get the roll number slip the student must contact the board management by Oct 5. -APP
Date for Inter supplementary exam extended LAHORE: Board of Intermediate and Secondary Education (BISE) Lahore has extended the last date for submiting admission forms to register for InterSupplementary exam 2010 till October 10. Talking to APP on Tuesday, a spokesman of BISE said that the step has been taken to facilitate the students in submitting the admission forms through new registration method. He said that some students were not familiar with the new process of submitting the forms under recently implemented registration method. Many students were unable to submit their admission forms within the stipulated period, he added. Due to long rows of candidates, many were unbale to get the examination forms even after several days. APP
Supplementary matric exam in Bahawalpur rescheduled BAHAWALPUR: Bahawalpur Board of Intermediate and Secondary Education (BISE) has rescheduled the dates of supplementary exams of Matriculation and intermediate. According to the sources of BISE, supplementary exams of SSC will start from Oct 7 and intermediate from November 4. Revised date sheets will be issued soon while roll number slips have been released. -APP
9
Wednesday, September 29, 2010
European vegetable oil prices
RAFAH - PALESTINE: Palestinians began the annual harvest of olives, a staple for many local farmers that also use them to make oil. -Agencies
Tokyo rubber inches down from 5-mth high TOKYO: Tokyo rubber futures fell 0.8 per cent on Tuesday after hitting a fivemonth high the previous day as investors moved to take profits following declines in the prices of Japanese equities, oil and other commodities. The key Tokyo Commodity Exchange rubber contract for March delivery settled down 2.6 yen, or 0.8 per cent, at 308.5 yen per kg. Oil fell towards $76 on Tuesday ahead of US reports expected to show fuel stockpiles rose in the world's top oil-consuming nation last week. The dollar was hemmed in a tight range against the yen, drawing marginal support from the Nikkei business daily's report that the Bank of Japan may further ease policy at its Oct. 4-5 meeting if it judges growth to be under threat. Toyota said on Tuesday its global output rose 11.4 per cent in August from a year earlier to 566,778 vehicles. Turkey's Renault Mais general manager said Turkey's 2011 automotive sales would reach above 700,000 units. -Reuters
Oil edges up ahead of data as $ slumps NEW YORK: Oil prices turned positive in choppy trading on Tuesday, lifted by a slumping dollar that offset the effect of slumping consumer confidence and still bulging inventories. The euro jumped to a fresh five-month high versus the dollar and the dollar index fell to its lowest level since February as
rose 80 cents, or 1.02 per cent, to $79.37 a barrel. Total distillate stocks were expected to have risen 300,000 barrels in the week to Sept. 24, with gasoline stocks up 700,000 barrels, as demand stayed relatively weak, a preliminary Reuters analyst survey on Monday showed.
the gloomy consumer view weighed on the greenback. Pressuring the dollar and signaling a still struggling economic recovery, US consumer confidence sagged in September to its lowest levels since February, amid deteriorating labor market and business conditions, a report from industry group the Conference Board said on Tuesday. US crude for November delivery rose 21 cents, or 0.27 per cent, to $76.73 per barrel by 1628 GMT, having traded from $75.53 to $77.12, remaining inside Monday's trading range of $75.52 to $77.17. ICE Brent November crude
Crude oil stockpiles were forecast to have fallen 400,000 barrels on lower imports as seasonal refinery maintenance slowed demand, the survey showed. High crude stocks at the key Cushing, Oklahoma, hub, delivery point for US West Texas Intermediate benchmark crude, has helped put European benchmark Brent at an atypical premium to crude futures, still more than $2 a barrel on Tuesday. Industry inventory statistics from the American Petroleum Institute are due on Tuesday at 2030 GMT, followed by government data from the US Energy Information Administration on Wednesday. -Reuters
Copper strengthens as dollar retreats LONDON: Copper rose on Tuesday as the dollar fell after data from the world's largest economy, the United States, showed consumer confidence in September fell to its lowest level since February. Benchmark copper on the London Metal Exchange was untraded at the close, but its last bid was $7,951 a tonne from Monday's close at $7,910, reversing earlier losses. The metal used in power and construction last week touched $7,990 a tonne, its highest since April 15. The dollar slid against the euro after data showing US singlefamily home prices fell in July. The euro jumped to a five-month high after data showed September consumer confidence in the United States, the world's largest economy, ebbed to its lowest levels since February. Copper prices are up more
than 30 per cent since early June
Shanghai copper edges down Copper prices declined slightly on Tuesday in Shanghai and London, weighed down by a modest rebound in the dollar and lukewarm interest ahead of a weeklong holiday in China. Benchmark third-month copper futures contract on the Shanghai Futures Exchange closed down 0.4 per cent to 60,370 yuan while aluminium reached 16,020 yuan, its highest since early May, before ending down 0.3 per cent to 15,885 yuan a tonne.
on expectations of stronger economic and demand growth.
Stocks of copper in LME warehouses at 375,275 tonnes are down more than 30 per cent since the middle of February and the lowest since last November. Traders are also watching large holdings of LME stock warrants and cash contracts on aluminium alloy, primary aluminium, copper and nickel. Three-month aluminium ended at $2,309 a tonne from $2,293 at the close on Monday, zinc at $2,215 from $2,207 and lead at $2,281 from $2,269. Tin traded at $24,000 from $23,650 and nickel traded at $23,175 from $23,050 on Monday. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 27 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 27 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
2240 2250 2200 2210 2150 2160 2150 2160
2281 2281.5 2315 2316 2390 2395 2450 2455
7921 2250 7922 2251 7935 2280.5 7940 2281 7855 2292 7865 2297 7605 2272 7615 2277
23170 23175 23150 23155 22500 22600 21500 21600
TIN
ZINC NASAAC
23825 2194 23850 2195 23840 2224 23845 2224.5 23325 2280 23375 2285 2273 2278
2205 2210 2230 2240 2230 2240 2280 2290
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 819.00+7.00, Feb11/Apr11 824.00+7.00, May11/Jul11 827.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 795.00+0.00, Feb11/Apr11 800.00+0.00, May11/Jul11 805.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1190.00+5.00, Jan11/Mar11 1190.00+5.00, Apr11/Jun11 1180.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1325.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 940.00+0.00, Oct10 940.00+0.00, Nov10/Dec10 932.50-2.50, Jan11/Mar11 925.00-5.00. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 967.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 920.00+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10/Dec10 930.00+2.50, Jan11/Mar11 925.00+0.00, Apr11/Jun11 927.50+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Oct10 905.00, Nov10 900.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Oct10 720.00+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1400.00+0.00, Oct10/Nov10 1385.00-15.00, Nov10/Dec10 1385.00-15.00, Dec10/Jan11 1380.00-20.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1355.00-5.00, Oct10/Nov10 1345.00-15.00, Nov10/Dec10 1340.00-20.00, Dec10/Jan11 1340.00-20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2100.00+0.00. Reuters
BD tea prices rise at weekly auction DHAKA: The average price of Bangladeshi teas rose 1.12 per cent to 197.53 taka ($2.82) per kg at the weekly auction on Tuesday, brokers said. Nearly 1.8 million kg were sold at the sale, leaving only 1.48 per cent of the offer to be carried back. Bangladeshi buyers including exporters mainly to the Commonwealth of Independent States and Pakistan participated in the auction, which was held in the country's lone auction centre in the main port city of Chittagong. "Strong competition among buyers moved prices in the sellers' favour," said an executive of the National Brokers Limited, the largest tea-broking firm in the country. Different grades were sold between 170 taka and 235 taka per kg in the auction. The next auction will be held on Tuesday, Oct. 5, with some 1.83 million kg on offer. -Reuters
Gold hits fresh record as US confidence shrinks US consumer confidence lowest since February LONDON: Gold hit a new record high on Tuesday as a weaker than forecast US consumer confidence reading boosted the metal's safe haven appeal and sent the dollar to fresh fivemonth lows versus the euro. Silver edged back near a 30year high, while platinum and palladium ticked higher. Spot gold rose to $1,307.70 an ounce, its highest ever level. It traded at $1,307.00 at 1530 GMT versus $1,296.05 late in New York on Monday. US gold futures for December delivery rose to a record $1,309.20 an ounce, and later traded up $9.70 to $1,308.50 an ounce. The Conference Board said earlier a deteriorating labour market and business conditions drove its index of consumer attitudes to 48.5 in September, its lowest level since February. Data earlier this session showed US single family home prices dipped in July while the
Richmond Fed's composite manufacturing index sank in September. The dollar hit fresh five-month lows versus the euro after the confidence data, making dollar-priced gold cheaper for European investors. Investor attention will now turn to manufacturing purchasing manager indexes for a number of key economies and a US core
inflation reading due on Friday. Gold is poised to benefit if the data fails to allay fears over the health of the global economy, especially given new concerns over Ireland's debt and fresh speculation that Spain may be downgraded by Moody's. "I expect gold will make new highs during the final quarter of this year, driven by the threat of quantitative easing and more
NY cotton finishes limit-up at 15-yr high NEW YORK: Cotton futures ton contract since 1995, and surged by their daily limit to the second time since the cursettle at a new 15-year peak on rent rally began in mid-July Monday due to mill and specu- that cotton closed over $1/lb. lative fund buying, with market Volume stood at 24,828 lots at sources expecting a test of 1842 GMT, nearly two-thirds record highs set in 1995 in higher than the 30-day average coming weeks. NY cotton early-trade The initial boost ICE futures US key December cotton contract came from mill buying climbed 1.92 cents to trade at $1.0585 per lb at by top consumer 1423 GMT. Volume stood at 9,135 lots, against China, which returned the 30-day average of 16,035 lots. to the market after the country's five-day mid-autumn of 15,027 lots, preliminary holidays, brokers said. Thomson Reuters data showed. Investment, hedge and long- Data from ICE Futures US only funds then stepped in, with showed open interest in cotton many believing cotton futures futures at 236,866 lots as of could break the all-time high set Friday, up slightly from the prein 1995 at $1.172 per lb. vious tally of 235,919 lots. ICE Futures US key The market also gained supDecember cotton contract rose port from news that India may by its 4.00 cent limit to close at delay exports by two weeks to $1.0393 per lb, with the day's mid-October because of dwinlow at $1.0075. dling stockpiles and poor That marked the loftiest fin- arrivals of new-crop cotton. ish for the second position cot- Reuters
Palm oil gains on Asian demand outlooks KUALA LUMPUR: Global vegetable oil markets edged higher on Tuesday as investors bet on strong holiday demand from China and India. Concerns that erratic weather will curb production of soybeans in South America and China as well as Canadian canola are also underpinning agriculture markets. Malaysian palm oil ended up 0.2 per cent but below a near 16-month high reached on Monday while US October soyoil inched up during Asian hours, just below a two-year top hit the previous day. China's most-active May 2011 palm olein futures fell 0.3 per cent and May 2011 soybean oil gained 0.7 per cent. "After the oilseeds confer-
ence, investors believed the demand of vegetable oils will stay at high side," said a trader in a foreign brokerage in Malaysia, referring to the Globoil conference over the weekend in India. Cargo surveyors reported up to 17 per cent jump in Sept. 125 Malaysian palm oil exports compared to a month ago, driven by Asian and European demand. There are concerns of tight grains and oilseed supplies next year. Traders are expecting lower soy acreage in the US in the next season, dry weather ahead of planting in South America and still lacklustre palm oil production in Indonesia and Malaysia. Reuters
demand from the jewellery industry," said Quantitative Commodity Research analyst Peter Fertig. In industry news, the average forecast of delegates polled at the end of London Bullion Market Association annual conference said gold prices are likely to stand at $1,450 an ounce in a year's time. Silver rose to $21.65, its highest point in three decades. It later traded at $21.62 an ounce versus $21.38 late in New York on Monday. The London Metal Exchange and LCH.Clearnet said on Tuesday they aim to introduce a clearing service for over-thecounter trading in silver next year, following the launch of their gold clearing service in November. Platinum was at $1,635 versus $1,627.35 while palladium was at $556.50 versus $548.68. -Reuters
Raw sugar hits 7-mth high, coffee rises LONDON: Raw sugar futures touched a fresh seven-month high on Tuesday, supported by tight supplies in Latin America, while arabica coffee futures inched up and cocoa eased. Adverse weather in key producers such as Brazil, Central America, India, Russia and Australia, and expectations of tightening global supplies into the first half of 2011, are driving sugar futures higher, Jonathan Kingsman, managing director of Lausanne-based consultancy Kingsman SA said. Central America was struggling to recover from this weekend's Tropical Storm Matthew, the latest storm to hit the region, leaving sugar crops flooded. ICE October raw sugar futures traded up 0.02 cent or 0.08 per cent at 26.11 cents a lb at 1434 GMT after setting a seven-month high for the front month of 26.55 cents. ICE March was down 0.22 cent to 24.76 cents a lb at 1406 GMT. London December white sugar traded down $9.00 or 1.4 per cent at $635.10 per tonne. Liffe November robusta coffee traded up $13 or 0.8 per cent at $1,749 per tonne in modest volume of 3,477 lots. Arabica coffee was also higher as dealers said roasters looked to Central American coffees to replace high quality Colombian coffee in their blends. ICE March arabica coffee futures were up 2.10 cent or 1.1 per cent at $1.8595 a lb. Cocoa prices eased as dealers eyed the coming West African crop, which officially starts on October 1. ICE December cocoa traded down $31 or 1.1 per cent at $2,808 per tonne. Liffe December cocoa traded down 5 pounds at 1,895 pounds a tonne. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 75.81 76.95 77.93 21.20 21.21 1287.90 1288.00 1288.10
62 13 31 67 1,596 861
28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz
NO10 DE10 JA11 NO10 DE10 OC10 NO10 DE10
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
76.92 78.00 78.60 21.48 21.53 1295.00 1298.60 1300.00
77.10 78.00 78.60 21.48 21.53 1298.00 1299.00 1300.00
75.55 76.62 77.93 21.20 21.14 1284.50 1283.50 1284.00
75.81 76.95 77.93 21.20 21.21 1287.90 1288.00 1288.10
151 54 24 648 982 890
Price 76.24 77.24 78.09 21.31 21.33 1293.20 1294.00 1294.90
28-Sep-2010 28-Sep-2010 28-Sep-2010
GOLD 100oz GOLD 100oz GOLD 100oz
OC10 NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
1297.50 1298.90 1298.30
1298.00 1298.90 1299.80
1287.40 1288.00 1287.20
1287.90 1288.00 1288.00
7 60
1293.20 1294.00 1294.90
1287.90 1288.00 1288.10
2 6
28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010
GOLD GOLD GOLD Kilo GOLD Tola Gold50
OC10 NO10 DE10 OC10 OC10
Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola
35902.00 36027.00 36041.00 35681.00 41978.00
36018.00 36027.00 36041.00 35990.00 41978.00
35550.00 35768.00 35782.00 35681.00 41676.00
35759.00 35768.00 35782.00 35731.00 41676.00
15 1 -
35887.00 35896.00 35910.00 35860.00 41826.00
35759.00 35768.00 35782.00 35731.00 41676.00
47 2 -
28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010
Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold
OC10 1-Aug 2-Aug 3-Aug 4-Aug
Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms
41978.00 37076.00 37028.00 37040.00 37052.00
41978.00 37076.00 37028.00 37040.00 37052.00
41676.00 36803.00 36839.00 36768.00 36780.00
41676.00 36803.00 36839.00 36768.00 36780.00
-
41826.00 36932.00 36968.00 36897.00 36909.00
41676.00 36803.00 36839.00 36768.00 36780.00
-
28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010 28-Sep-2010
Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein
5-Aug 1-Sep 30SE10 OC10 OC10
Per 10 grms Per Tola Per 100 kg Per 100 kg Per Maund
37064.00 41873.00 2402.00 3169.00 4205.00
37064.00 36792.00 42534.00 41873.00 2402.00 3127.00 3169.00 3143.00 4205.00 4204.00
36792.00 42216.00 3127.00 3143.00 4204.00
1 -
36920.00 42367.00 3153.00 3169.00 4205.00
36792.00 42216.00 3127.00 3143.00 4204.00
1 -
28-Sep-2010 28-Sep-2010
KIBOR3M KIBOR3M
10-Sep 10-Dec
Per Rs. 100 Per Rs. 100
87.14 86.84
87.15 86.86
-
87.14 86.84
87.15 86.86
-
87.15 86.86
87.14 86.84
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
US Ryder Cup captain Corey Pavin holds the Ryder Cup as he poses with his team
10
Wednesday, September 29, 2010
Clarke gears up for India challenge CHANDIGARH: Australia vice-captain Michael Clarke is hopeful his team will be able to counter India's bowling attack in home conditions in a twoTest series starting on Friday. The hosts' attack has been strengthened with the return of left-arm paceman Zaheer Khan, who was forced to miss a recent three-Test series in Sri Lanka due to an injury. "Zaheer and (paceman) Ishant Sharma are two very good bowlers of reverse swing. It can be very tough to combat at times and we have experienced that in the past," Clarke told reporters in Chandigarh on Tuesday. "But we've been training and batting against reverse swing and against spin too. Hopefully, come Friday, we'll be able to do well." Harbhajan Singh leads India's spin attack, having already given a good account of himself against the Australians with 79 wickets in 14 Tests. The off-spinner rose to fame in 2001 when he took 32 wickets in three Tests against Steve Waugh's Australians to lead his side to a stunning 2-1 series victory at home.-APP
Date marks 40th birthday with win TOKYO: Japan's Kimiko Date Krumm celebrated her 40th birthday by beating Daniela Hantuchova to reach the Pan Pacific Open third round on Tuesday. The former world number four won 2-6 6-0 4-0 after her Slovakian opponent retired with a shoulder injury. "It's a miracle I was able to stand up after yesterday's match," Date Krumm, who stunned defending champion Maria Sharapova in the opening round, told reporters. Second seed Vera Zvonareva overpowered Italian Sara Errani 6-3 6-3 to underline her title credentials at the $2 million tournament.
"I always believe if I play my best tennis I can beat anyone," said the Russian, who reached this year's Wimbledon and U.S. Open finals. "I can't wait for what's next." Top seed Caroline Wozniacki of Denmark crushed Hungarian Greta Arn 6-1 6-3 but fourth seed Samantha Stosur of Australia was eliminated 7-5 63 by Germany's Julia Goerges and Russian Svetlana Kuznetsova also lost. The 10th seed went down 6-3 7-5 to German Andrea Petkovic in another upset but 11th-seeded Frenchwoman Marion Bartoli avoided a potential banana skin by crushing Serb Ana Ivanovic 6-2 6-1.-Reuters
Monkeys guard athletes at CWG NEW DELHI: Trained monkeys are being deployed by organisers of the Commonwealth Games to prevent wild animals infesting sporting venues in Delhi.
deadly cobra snake in his room. Heavy monsoon rains have caused flooding near the Games Village causing many snakes to seek refuge.
The highly intelligent primates have been patrolling stadiums and accommodation blocks to scare off other wildlife including wild monkeys, dogs and even snakes. Handlers from miles around the Indian capital have been drafted in to patrol the athletes' village as the final preparations are made for the games. Some teams threatened to boycott the competition after complaining that the accommodation was inhabitable and overrun with animals. One shocked South African competitor even discovered a
Commonwealth Games organisers have also been particularly concerned by the arrival of packs of wild monkeys which have been creating a nuisance around the venues by stealing food and attacking humans. Langur Monkeys are noted for their intelligence but also their aggression and are highly effective in deterring other animals from taking up residence. The Commonwealth Games are due to get under way at the weekend and will be officially opened by the Prince of Wales.-Online
Action assured against guilty players ISLAMABAD: Minister for Sports Ijaz Jakhrani Tuesday assured National Assembly of action against the players found guilty of match fixing. "There are allegations of match fixing against four players. But action shall be taken against the guilty after the inquiry is completed," he said in response to a motion under rule 259. The motion was moved by Shireen Arshad, Marvi Memon, Bushra Rehman, Tahira Aurangzeb, Fakhar-un-Nisa and Imrana Saeed. "Pakistanis love cricket. Such acts has hurt their sentiments. But, we cannot establish anyone as guilty since investigation is completed," he added. He informed the House that Scotland Yard police raided rooms of four players in the hotel including Salman Butt, Muhammad Amir, Muhammad Asif and Kamran Akmal and took away their mobile phones and laptop. The government immediately involved Pakistan's High Commission in UK and the officials fully defended the country and the team and kept me and the Prime Minister informed, he added. Jakhrani agreed with the movers to restructure Pakistan Cricket Board but said, "changing faces cannot improve. We shall have to change the system."-APP
Sports rights urged for Palestinian players
Pan Pacific Open
KARACHI: On the opening ceremoney of Feroz Begum Qaumi women Netball Championship 2010, Chief Guest Secretary Sindh Sports Shoaib Ahmed Siddiqui, Usama Qadri, Secretary General Mudassir Arain,Aijazul Haq, Saleem Paracha, Arshad Siddiqui, Maqbool Ahmed and other players are present.-PR
TOKYO: Hantuchova of Slovakia returns the ball to Date Krumm of Japan during the Pan Pacific Open tennis tournament.-Reuters
Barca wary of last year’s mistake KAZAN: Lionel Messi could return for Barcelona in Wednesday's Champions League match at Rubin Kazan with the Spanish champions determined not to repeat last year's costly mistake of taking the Russian side too lightly. Rubin drew 0-0 at home and then stunned Pep Guardiola's outfit 2-1 at the Nou Camp in the group stage last season. "Last year they taught us a thing or two. You have to win the three points on the field of play," Barca sports director Andoni Zubizarreta told the club's website before the Group D match. "Rubin surprised us beating us at home and this had an effect on the group standings. (In the away leg) the weather conditions and the way they played made it very complicated for us. "This time we go with one game under our belts and at a time of year when the weather is a little milder." They are also lifted by news that Messi, whose ankle injury from a week ago has been a major talking point in Spain, had been included in the squad. Even though he has not been passed fit yet by the club's medical staff, he is expected to play a part. In the Argentina forward's absence Barca have notched up two more league victories and have now won four games on the trot, including a 5-1 mauling of Panathinaikos two weeks ago, since their surprise slip-up at home to promoted Hercules in La Liga. Messi's return will also be welcomed by Rubin coach Kurban Berdyev, who had been disappointed earlier in the week that he would not be playing. "You always want to test yourself against the best," he told local media. "I would really like to see him play. I'm sure thousands of Rubin fans would say the same thing."-Reuters
KARACHI: Participation of the Palestinian players in international events should be ensured said manager of Diya Women Football Club, Raees Khan. "Players are the ambassadors of peace and there should be no ban on their movement," he said. Referring to the meeting between the head of the Palestine Football Federation and the European Union chief in Switzerland in which great concerns were shown on the ban of the Palestinian players in international events from Israel. Raees urged sports organisations of other nations to take notice of the Israeli action and suspend its membership.-PR
Butt returns to London to consult lawyers KARACHI: Pakistan Cricket Board (PCB) chairman Ijaz Butt arrived in London on Tuesday to consult his legal advisers about replying to English demands that he apologise over allegations about match-fixing. Butt would also meet Scotland Yard officials to discuss the spot-fixing accusations against three Pakistan players which overshadowed the team's recent tour, official sources in the PCB said on Monday. Butt and PCB legal adviser Tafazzul Rizvi would attend meetings in London this week, the sources said. "They will meet with the legal firm they have hired in London to finalise the reply to be sent to the English players
and the England and Wales Cricket Board (ECB)," one source said. England's players, through the ECB, have demanded an apology from Butt after he told a television station he had heard from bookmakers that English players were involved in fixing matches. The ECB threatened legal action unless Butt apologised. Butt's comments came after the International Cricket Council (ICC) said it was launching an inquiry into Pakistan's scoring pattern in the third one-day international against England at the Oval. Pakistan's test captain Salman Butt and his team mates Mohammad Amir and Mohammad Asif had already been suspended after an inves-
tigation into a newspaper report that they had arranged for no-balls to be deliberately delivered during the fourth test at Lord's in late August. The PCB source said Butt and Rizvi would meet British police to find out what was happening. "The PCB wants to know the progress Scotland Yard has made in its investigations into the allegations. They want a clear picture of whether the players are going to be charged or not," the source said. "The PCB wants to know if there is a possibility that the suspension on the trio can be lifted." Pakistan are due to play South Africa in a full series in the United Arab Emirates starting on Oct. 26.-Reuters
England to pull out of 2022 WC race LONDON: England will withdraw its candidature to host the 2022 World Cup if, as expected, the United States withdraws its bid for the 2018 event, David Dein, the international president of England's bid, said Tuesday. Such a move would formalise the continental and political groupings to stage the two World Cups with the battle for 2018 being fought out between European countries and 2022 a contest between the United States and four rival Asian bidders. At present, England, Russia, the United States and joint bids from Spain/Portugal and Netherlands/Belgium are bidding for 2018 -- but they are also, technically at least, in the race for 2022. Qatar, South Korea, Japan
and Australia are concentrating on 2022 -- but if the US pulls out of the 2018 race, none of the Europeans would bid for 2022 as one continent cannot host successive finals. Dein told a media briefing in central London, he expects the US to pull out of the 2018 fight soon. "Michel Platini (the UEFA president) believes that 2018 should come to Europe and we believe that is our strongest case. "We are sure it won't be long before the United States will withdraw from 2018 leaving themselves a run on 2022. "We are not really interested in 2022, consequently we will almost certainly withdraw from 2022, leaving us with a European battle." The United States hinted last
month that they would almost certainly withdraw their 2018 candidature. Platini said last month he was determined to bring the World Cup back to Europe in 2018 following the last European World Cup in Germany in 2006 and there now seems little doubt that this will happen. Dein added: "Of course Michel Platini has a vote, I don't know how he is going to vote, all I know is that he wants the finals to be in Europe." FIFA, world soccer's governing body, will decide which nations will host the 2018 and 2022 finals in Zurich on December 2 and the bidding nations are gearing themselves up to secure the votes of the 24 men on the executive committee.-Reuters
New security threat looms as athletes arrives NEW DELHI: Hundreds of athletes arrived in New Delhi for the Commonwealth Games on Tuesday as India scrambled to ensure a court ruling due this week over ownership of a disputed religious site did not spark Hindu-Muslim violence. The Interior Ministry issued a security advisory for all states to go on high alert ahead of the ruling on September 30, television channels reported, with fears the high-profile Commonwealth Games could magnify any instances of violence. Several top athletes have pulled out of the Commonwealth Games, an event held every four years for mainly former British colonies, because of health and security concerns. The government is already
reeling from a scandal-hit Games, which has revealed shoddy construction and dirty accommodation. An attack on foreign tourists by suspected militants a week ago in New Delhi rattled athletes and organisers. England and Canada team officials told Reuters they had advised their athletes not to go outside the Games Village, where some 8,000 athletes and team members will stay during the multi-sports event. Interior Minister Palaniappan Chidambaram held security discussions with senior officials on how to ready for the potentially explosive court ruling on September 30. The Supreme Court on Tuesday cleared the way for a lower court to decide on the
ownership of the religious site where the razing of a mosque in 1992 sparked religious rioting that killed some 2,000 people. Hindus and Muslims have quarrelled for over a century over the history of the Babri mosque in Ayodhya, a town in the north Indian state of Uttar Pradesh. Hindus claim the mosque stands on the birthplace of their god-king Rama, and was built after the destruction of a Hindu temple by a Muslim invader in the 16th century. The Babri mosque case is one of the biggest security challenges in India this year, along with a Maoist insurgency and a Kashmiri separatist rebellion, Prime Minister Manmohan Singh has said. Political analysts say it is
unlikely there will be a repeat of the mass riots and killings of 1992 but there could be sporadic religious violence. "The timing is a problem. I suspect that'll be on the judges' minds and of politicians also," said Ajai Sahni, head of the Delhi-based Institute for Conflict Management. RACE AGAINST TIME More teams arrived for the Games on Tuesday, including members of the New Zealand, South African and Australian teams. Authorities are rushing to ready accommodation and venues for 8,000 athletes and officials for the October 3 opening. Several teams were temporarily put up in luxury hotels. Delhi Chief Minister Sheila Dikshit again extended on
Tuesday the deadline to ready the Games Village, due to house thousands of athletes and team members. "We are all going to finish everything by tomorrow or the day after," Dikshit told reporters. India had long pledged the Commonwealth Games would rival the successful 2008 Beijing Summer Olympics. But the chaos surrounding the event, in which 71 nations are taking part, has been a major embarrassment for the government and exposes how far India still needs to go to pull off major projects that helped make China an economic powerhouse. National teams, governments and domestic critics have chided India for its handling of what
the world's largest democracy had hoped would be its coming out on the world stage. Many athletes have pulled out, mainly citing a dengue fever epidemic and security. Several teams postponed their arrivals pending evidence that venues and accommodation were adequate. Images of dirty apartments, stray dogs, beggars living by venues and workers urinating in public have proved embarrassing. New Zealand chef de mission Dave Currie said the accommodation was not five star, "but it's clean and tidy." Further trouble was caused by the collapse of a footbridge near the main stadium. BLAME GAME Singh and his Congress
party-led government have been accused of failing to give the Games the due attention expected of a large international event. Only when the first serious signs of trouble at the Games became public a month ago did Singh take personal charge. NDTV broadcast reported the Games would be a tourist disaster. Tour operators are now expecting 10,000 visitors, down from a government estimate of 100,000. The Commonwealth Games, first held in Hamilton, Canada, in 1930, are the most well known -- and sometimes the only known -- activity of the Commonwealth, according to a survey released in March by the Royal Commonwealth Society.-Reuters
US confidence lowest since Feb; home prices slip NEW YORK: US consumer confidence fell to its lowest level since February in September, underscoring lingering worries about the strength of the economic recovery, while home prices dipped in July. The Conference Board's index of consumer attitudes fell to 48.5 in September from a revised 53.2 in August, pressured by a weak labor market and business conditions. The report also showed inflation expectations eased slightly. Consumers' one year inflation expectations edged down to 4.9 per cent from 5.0 per cent the previous month. "With unemployment at a 26 year high, confidence among consumers remain weak, this decline in sentiment will give the Fed a stronger reason to increase stimulus in November," said Kathy Lien, director of currency research at GFT in New York. The Federal Reserve said last week it was prepared to put more money into the economy, if needed, to stimulate the recovery and avoid deflation. In the home prices report, the S&P/Case Shiller composite index of 20 metropolitan areas declined 0.1 per cent in July from June on a seasonally adjusted basis, as
expected in a Reuters poll. US stocks extended declines following the confidence data, while 30-year Treasury bond prices rose more than a point. The US dollar fell against major currencies. Last Friday the Thomson Reuters/University of Michigan's preliminary September reading on US consumer sentiment last Friday was worse than expected and at the weakest level in more than a year. But in overseas data on Tuesday, consumer sentiment in Germany and Italy improved and French consumer spending rose during the summer. Separately, a US Business Round table survey found the number of CEOs who expect their companies' sales and US head count to rise over the six months declined in September. The group's CEO Economic Outlook Index declined to 86 from 94.6 in the third quarter, but remained well above the 50 mark, which separates forecasts of growth from expectations of decline. President Barack Obama, who is travelling across the United States this week to try to drum up voter enthusiasm ahead of the November US congressional elections,
signed a $30 billion small business lending bill into law on Monday. Analysts have said the midterm elections could result in the Republicans wresting control of Congress from the Democratic Party. The July dip in US home prices in the S&P/Case Shiller index followed a 0.2 per cent June rise, which was revised down from a 0.3 per cent increase. S&P, which publishes the indexes, also said home prices in the 20 cities index rose 3.2 per cent from July 2009, a slower annual pace than the 4.2 per cent increased in June. Data last week showed new home building rose in August and sales of previously owned houses crawled off a 13-year low. Analysts have been watching for signs of stability in the housing market after declines seen with the end of a tax credit for home buyers in April. "People are still waiting to get a set of numbers that has absolutely none of the government incentive in it for home buyers. From what I was able to gather, we are a couple of months away from that," said Peter Jankovskis, co-chief investment officer at Oakbrook Investments LLC in Lisle, Illinois.-Reuters
China, Russia want IMF reform deal before G20 summit BEIJING: China and Russia want to reach agreement on reform of the International Monetary Fund before G20 leaders meet in South Korea in November, according to a joint statement issued on Tuesday. The statement, signed by Chinese President Hu Jintao and visiting Russian President Dmitry Medvedev, was published by the official Xinhua news agency. The Group of 20 major economies agreed in Pittsburgh a year ago on the principle of a shift in voting power at the IMF in favour of fast-growing emerging economies. Finalising a deal, which has run into fierce resistance from smaller European countries that would see their influence diminished, will be a major item on the agenda at the next summit in Seoul on Nov. 11-12. "The G20 should ensure that the IMF quota reform goals set at the Pittsburgh Summit are completed before the Seoul Summit," the statement said. Each of the IMF's 186 member countries is assigned a quota, or subscription, that broadly determines its voting power, its financial contribution to the IMF and how much it can borrow from the Fund. China is set to overtake industrial powers Germany, France and Britain to become the IMF's second or third mostpowerful member under plans being discussed to give emerging nations greater influence.Reuters
CONTINUATION No #1
Continued from page 12
independence to Discos (Distribution Companies) and improvement in management efficiency, the fuel mix should also be altered to provide more gas to the energy sector in order to lower the cost of electricity. He further directed that the provinces should also be taken on board regarding the Energy Reform Plan after its approval by the Cabinet. He also emphasised that the people be apprised of the facts through interaction to explain the logic of the reforms. The meeting was attended by the Finance Minister, Minister for Water and Power and other members of the economic team. -APP
11
International & Continuation
Wednesday, September 29, 2010
ation and integration among member countries. Pakistan, he said, supported the launch of ECO Truck Caravan from Islamabad to Istanbul. "We should build upon the two initiatives fill in the connectivity vacuum." The foreign minister thanked the ECO for its donation for the relief of flood-affected people in Pakistan.-Agencies
No #6
Continued from page 12
Senior Officials' Meeting on 14 October, would also carry forward the work being done on Energy, Malakand Development Strategy, Institution-capacity Building and Public-Private Partnership.It was agreed that the FoDP, which was established in September 2008, should continue to have a long-term perspective Continued from page 12 No #2 The meeting also discussed the security situation of the region of Pakistan's socio-economic development. In this regard, FoDP with special reference to Afghanistan. The Minister said that partners reiterated their continued support to Pakistan. FoDP partners also welcomed Egypt as a new member of the Pakistan wanted to see peace and stability in Afghanistan because a stable and peaceful Afghanistan was in the economic and secu- group. -Agencies rity interest of the entire region. Continued from page 12 No #7 Vice Admiral Shahin Sultanov informed the Minister that his The region's shifting economies now reflect a "middle-income, capcountry highly valued its ties with Pakistan and keen to expand ital-abundant Asia," signalling the need to rejig policies that worked and promote with it military and economic relations. when the region was "low income and capital scarce," the report said. He also briefed the Minister about his meetings held with the "It's time to improve Asia's long-term productive capacity," Lee Military leadership of Pakistan and termed them as highly fruitful, added. Trade with the West would continue to be a major economsaying these meeting would help to boost the military cooperation ic driver, but countries should diversify their export base and between the two countries. focus on inter-regional trade, the report said, amid worries about He informed that the political leadership of Azerbaijan fully a faltering recovery in industrialised nations. supported Pakistan's stance on Kashmir issue. He also thanked A changing labour market would require better educated workers, Pakistan for offering scholarships and training courses to the mil- while urban congestion and environmental problems threatened to itary personnel of the Azerbaijan.-Online curb developing Asia's growth, the report said. Lee acknowledged there were some "striking differences" in the quality of regional Continued from page 12 No #3 implement the package and the Prime Minister is personally mon- infrastructure development, especially between East and South Asia. East Asia -- including Hong Kong, China, South Korea, and itoring the implementation process. "We have also received input from members of upper house. Construction of two cantonments Taiwan -- is forecast to lead the region with an 8.6 per cent rise in gross domestic product in 2010, up from the bank's earlier 8.3 per has been stopped and more measures are underway in this regard." Abdul Qadir Baloch had sought information about the imple- cent forecast, the report said. Southeast Asian economies will grow 7.4 per cent in 2010, from an earlier 5.1 per cent estimate, mentation of the package and alleged that recruitment process was as countries including Thailand, Malaysia and Vietnam see an wrought with corruption. upswing in their exports, the bank said. He said no further action was taken on it except giving jobs to India will lead South Asia's 7.8 per cent GDP increase this year, people in education department where also even the courts have the bank said, from its previous 7.4 per cent forecast. Central Asia, found out irregularities. Usman Advocate also mentioned irreguincluding Kazakhstan and Azerbaijan, will see 5.1 per cent growth larities in appointments. -APP compared with the earlier 4.7 per cent estimate. Pacific island Continued from page 12 nations are seen growing 4.3 per cent in 2010, outpacing a 3.7 per No #4 She further said that two major parties are allied in the provin- cent rise forecast earlier, the report said.-Agencies cial cabinet then why they have been failed to cope the terrorism Continued from page 1 No #8 bid in the provincial metropolis. Chief Justice told Syed Iqbal Haider, counsel for SBP, that they Nighat Parveen said that the government is responsible for the would check SBP's authority and examine the circulars while protection of masses. No other legislator participated in the debate keeping in view Article 25 of the Constitution. He observed that and then passed the resolution unanimously. -Online the SBP policy appeared as an open ended with everybody explaining it to his or her own interests. Continued from page 12 No #5 Justice Tariq Parvez remarked that the section 33 B did not give Khawaja Muhammad Yusuf chief Executive Officer National Productivity Organization (NPO) said that fisheries sector in Pakistan you a blanket power. At the outset of proceedings, Abdul Hafeez has great potential in export sector and to make this sector more Pirzada, appearing as amicus curiae, stated that few days back a active and reliable in international market, 1000 fishermen would be report was presented by the finance minister before a National given training by the international trainers so that they can be helpful Assembly committee showing another amount of Rs50 billion in this sector. The TRTA II Programme has three components. The loans written off during last two years. He said they were aware first component aims at building capacity within Ministry of that the Apex Court was already seized with the matter but anothCommerce to formulate trade policies and to proactively participate er huge amount was written off by the private banks. He said these banks were making tremendous profits but were not in trade negotiations by enhancing active engagement of the private sector in these processes. The ITC will implement this Component. paying taxes to the government. An SBP official apprised the court The second component aims at strengthening the quality and that the names of beneficiaries who got their loans written off during last two years from the private banks had been included in the lists conformity assessment infrastructure and services with focus on already submitted with the Court. He said the banks decided the loan selected export supply chains (fisheries, horticulture and selected issues on their own under the mechanism and regulations of SBP. industrial products) to meet international standards and compliChief Justice said that prima facie, it could be observed after ance requirements. The UNIDO will implement this going through the judgment that these had stationary value. But component.Furthermore, Pakistan called for initiating work on cre- the verdict did not deal with the constitutionality of the issue, he ating a free trade area for the benefit of member states of Economic added. Pirzada stood up and cited CLD 2009 case of SHC. He said Cooperation Organization (ECO) to promote regional prosperity. the said judgment had dealt with the constitutionality of the mat"The ECO region is endowed with tremendous resources and ter and declared it discriminatory. potential.It is imperative to leverage this potential for the betterHe said the people who got their loans written off were again ment of our peoples," Foreign Minister Shah Mehmood Qureshi benefitted from the facility. The Chief Justice observed that the told the 10-member organisation's ministerial meeting on the side- citation would have direct bearing upon the case. The hearing lines of the UN General Assembly session. ECO members are: would resume on Wednesday (today). -Agencies Iran, Pakistan, Turkey, Afghanistan, Azerbaijan, Kazakhstan, Continued from page 1 No #9 Kyrgyz Republic, Tajikistan, Turkmenistan and Republic of some changing is expected. Uzbekistan. Qureshi said the ECO Trade Agreement (ECOTA) Reforms in tax system, he said, were aimed at to increase the tax could play an important role in ensuring deeper economic cooper-
Core euro zone consumers buoy economic outlook ROME:Consumer sentiment in Germany and Italy brightened and French consumer spending rose during the summer, data showed on Tuesday, suggesting the recovery in core euro zone states may hold up better than expected in the second half. Morale among shoppers in Europe's largest economy, Germany, is expected to rise going into October to its highest level since May 2008, backed by hopes the recovery will boost incomes, according to the GfK consumer morale indicator.
Italian consumer sentiment also surged more sharply than expected in September to reach its highest level in five months, as shoppers became more optimistic about their personal finances, the ISAE research institute said. French data offered a more mixed picture, as shoppers took advantage of summer sales to push spending up a stronger than expected 2.7 per cent in July, but held back on purchases in August. "This is fairly volatile data but
it confirms the picture we've had of a gradual reinforcement of consumption in the euro area," said Paolo Mameli, an analyst with Intesa Sanpaolo. "First exports picked up, then investments by businesses and now we see signs of spending picking up. But it will be very gradual, with consumption expected to recover largely in 2011." Germany, France and Italy together account for at least two thirds of economic output in the euro currency area.-Reuters
to GDP ratio as promised with international institutions as well as to bring transparency in the existing system.No additional burden would be put on the people who are already paying the tax adding that honest tax payers would be encouraged. -APP
No #10
Continued from page 1
discoveries, he stated. However, extensive exploration work and risk investments are required to identify these mineralization centers. -Agencies
No #11
Continued from page 1
global trend. Justice Tassadduq Hussain Jillani remarked that the powers were given to a parliamentary committee which would not be elected by the parliamentarians.He said the proposed procedure for judges' appointment diminished powers of the president, the prime minister and the chief justice. The Chief Justice told Salman that in the constitution there was nothing redundant even a comma and full stop had meanings. He said they would have to realise the ground realities.He observed that maturity was in the offing as evident from reading out newspapers.Justice Khalil-ur Rehman Ramday remarked that the judiciary was separated and detached from the executive in Pakistan but now latter's role was being enhanced while in the United Kingdom, executive's role had been minimised in appointment of judges' issue.The hearing was adjourned till Wednesday.-APP
No #12
Continued from page 1
DAP sales remained at 50k tonnes compared to 205k tonnes in August 2009. However, DAP offtake witnessed an increase of 3.4 per cent MoM compared with 48.53k tonnes of July, 2010. Total fertiliser offtake also reduced 54.7 per cent to 416k tonnes in August 2010 against 919k tonnes witnessed in last year same period. Average retail prices of urea were recorded at Rs862 per bag, showing a drop of 1.9 per cent MoM against price of Rs879 per bag recorded in July 2010. Likewise, average retail price of DAP during August stood at Rs2597 per bag compared with Rs2626 per bag during July 2010, a decline of 1.1 per cent in MoM. On the other hand, cumulative offtake of urea decreased 7.6 per cent to 3.86 million tonnes in 8MCY10 compared to 4.19 million tonnes in 8MCY09. While DAP sales down 53.2 per cent at 425k tonnes versus 907k tonnes in 8MCY09 mainly due to higher average prices.
No #13
Continued from page 1
He also offered Fateha for slain MQM leader, Dr Imran Farooq and condoled with his family. He said the name of Dr Imran Farooq will always be remembered in the party history. Altaf appealed to the people to support his party to save Pakistan and to establish a corruption-free system in the country. He paid tribute to members of minorities for participating in the rally against conviction of Dr Aafia.Furthermore, Muttahida Qaumi Movement (MQM) on Tuesday following the call by party Chief Altaf Hussain staged protest demonstrations against the sentence to Dr Aafia by US court, here at the Lahore Press Club.The participants led by MNAs from MQM Wasim Akhtar, Dr Muhammed Ehsan and zonal heads carrying placards and banners attended the demonstration. They were chanting slogans against America, its allies and the verdict by the court. The speakers addressing the protesters strongly criticised the verdict against Dr Aafia and termed it an example of injustice against an innocent Muslim woman.They demanded of the government to utilise all resources to get release the Dr Aafia Siddiqui from US detention. MQM leaders also urged the whole nation to rise on the call of MQM Chief Altaf Hussain and forge unity to reject this verdict and to increase pressure on the US government to get release of Dr Aafia.
No #14
Continued from page 5
by the Confederation of British Industry showed.The Bank of England should start pumping more money into the economy in order to prevent Britain falling into the same kind of slump Japan did in the 1990s, Monetary Policy Committee member Adam Posen said.Sticking with financials, hedge fund firm Man Group was a heavy loser, shedding 2.4 per cent to top the blue-chip fallers' list after it said clients had pulled out assets for an eighth straight quarter. But among mid-caps British mortgage provider Paragon gained 3.6 per cent after it said it will resume lending to buy-to-let landlords after securing fresh funds.Elsewhere, TUI Travel fell 1.3 per cent after an update from midcap rival Thomas Cook in which it said it was looking to cut costs and streamline its operations amid continuing uncertainty over economic conditions.Thomas Cook dropped 6.3 per cent. Software company Sage Group was the top gainer, adding 5.1 per cent, with traders citing bid interest from SAP AG.-Reuters
No #15
Continued from page 5
But the rally in bonds could be a bubble, Byron Wien, the vice chairman of Blackstone Advisory Partners, told Reuters Insider. He sees stocks moving higher, with little chance of another recession. The Dow Jones industrial average gained 38.49 points, or 0.36 per cent, to 10,850.53. The Standard & Poor's 500 Index rose 3.21 points, or 0.28 per cent, to 1,145.36. The Nasdaq Composite Index edged up 3.17 points, or 0.13 per cent, to 2,372.95. Walgreen Co the biggest US drugstore chain, reported higher-than-expected quarterly earnings, helped by strong prescription drug sales. Its shares jumped 11.2 per cent to $33.76. Continuing the spurt of recent M&A activity, Endo Pharmaceuticals Holdings Inc will buy private generics maker Qualitest Pharmaceuticals for about $1.2 billion, marking its second deal in as many months. Representatives from Apple and HewlettPackard declined to comment, and analysts quickly dismissed the rumor. Apple shares slid 2.1 per cent to $285.13 and HP rose 0.8 per cent to $41.58.-Reuters
No #16
Continued from page 5
producer Sterlite Industries, a unit of London-listed Vedanta Resources, both ended down 0.7 per cent. However, Tata Steel the world's seventh-largest maker of the alloy, was up about 1 per cent. Index heavyweight Reliance Industries Ltd was down 1.1 per cent as dealers did not see a positive trigger for the shares. Profit booking was seen in select financials stocks, which have been riding on a robust loan demand outlook in the world's second-fastest growing major economy. Top private sector lender ICICI Bank and mortgage lender Housing Development Finance Corp shed 0.4 per cent and 2 per cent respectively. But, top lender State Bank of India and No. 2 private sector lender HDFC Bank bucked the trend, gaining 0.3 and 0.5 per cent, respectively. Mahindra & Mahindra ended 2.5 per cent higher at 711.80 rupees after India's top utility maker said it would raise prices of its vehicles by 3,000-8000 rupees ($67-$178), effective Oct. 1, due to higher input costs and new emission norms. Reliance Communications , which rose nearly 3 per cent intra-day ahead of the company's shareholder meeting, eased to close 0.4 per cent higher after its chairman Anil Ambani said India's No. 2 mobile carrier was in talks with investors for a stake sale in its tower unit. Export-dependant technology firms that reap most of their revenue from the United States were beaten down. Sector leader Tata Consultancy and Infosys Technologies closed down 0.7 per cent and 0.3 per cent respectively, while Wipro lost 0.7 per cent. In the broader market, losers led gainers in the ratio of 1.2-to-1 on a volume of 571.5 million shares. The 50-share NSE index was down 0.1 per cent at 6,029.5 points. Elsewhere, the FTSEurofirst 300 index of top European shares was down 0.1 per cent by 1124 GMT while the MSCI's measure of Asian markets other than Japan fell 0.4 per cent. Lanco Infratech rose as much as 2.2 per cent after a senior official told the Reuters India Investment Summit the company would consider an initial public offering for its power business, which is expanding to meet rising demand in Asia's third largest economy. * The shares ended 1.5 per cent higher at 69.45 rupees. * Shares in Mercator Lines closed 4.6 per cent higher at 57.95 rupees after the shipping firm said its board would meet on Sept. 30 to consider fundraising via equity or would meet on Sept. 30 to consider fundraising via equity or warrants convertible into equity on preferential basis to founders or others. * Shares of GEI Industrial Systems, which rose nearly 6 per cent after the heat exchange equipment maker won contracts worth 1.35 billion rupees, gave up some gains to close 1.7 per cent higher at 184.20 rupees. * Venus Remedies Ltd gained more than 6 per cent after the drugmaker said it received Thai government's licence for supply of anti-cancer drug Docetaxel. The contract is valid for one year and is expected to generate business of more than 100 million rupees for the company. The stock closed 4.2 per cent up at 318 rupees.-Reuters
No #17
Continued from page 5
adjournment of hearing in NRO case helped revive sentiments at local bourses as investors see it as a coolant for the political temperature in the short run. Moreover the likely implementation of reformed GST from next month would be a step in the right direction as it will help in getting the much awaited IMF tranche, said Punjabi, adding this would played a key role in improving share prices, he added. Foreign investors' interest seemed a little souped-up as according to NCCPL there was a net foreign buying of $2.31 million on Tuesday. On the local side; mutual funds and other organisations net-bought shares worth $1.4 and $0.89 million respectively while individual investors and companies net-sold $3.51 and $1.02 million worth of shares respectively. Investor participation too remained impressive throughout the session as 86.7 million shares traded in the overall market --17.7 million shares more as compared to a turnover of 69 million a day earlier. Out of total 391 active issues; 211 advanced and 161 declined while 19 issues remained unchanged.
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
Wednesday, September 29, 2010 Vice Adm Sultanov meets Ahed Mukthar
Pakistan, Azerbaijan to up mily ties
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing a meeting of Pepco restructuring at PM House on Tuesday. -APP
Ayodhya verdict tomorrow LUCKNOW: An Indian high court will deliver its verdict on Thursday on a religious dispute responsible for some of the bloodiest sectarian violence since independence, a court official said Tuesday. "The final ruling in the Ayodhya case will made on September 30 at 3:30 pm," the official told reporters at the seat of the Allahabad High Court in the northern city of Lucknow. -Agencies
NA passes resolution condemning Khi killings ISLAMABAD: The National Assembly Tuesday passed a unanimous resolution against the elimination of target killing from the cosmopolitan city of Karachi. PML-N MNA, Shireen Arshad taking part in debate in the House for ending target killing from the Karachi, asked the government to reveal the facts in this regard as half of the cabinet and president also belong to Sindh province. See # 4 Page 11
3rd ministerial moot of FoDP on October 15 ISLAMABAD: A meeting of the Friends of Democratic Pakistan (FoDP) was held at the Foreign Office Tuesday to review preparations for the third Ministerial Meeting to be held in Brussels on 15 October 2010. The meting was chaired by Additional Foreign Secretary/ Spokesman, Abdul Basit. The meeting discussed in detail the agenda for the Ministerial which would, among other things, include the situation arising out of the recent massive floods in Pakistan and plans for early recovery rehabilitation and reconstruction. The Brussels Ministerial, which will be preceded by a See # 6 Page 11
Govt pursuing B’stan plan: Awan ISLAMABAD: Minister for Law, Justice and Parliamentary Affairs Dr Babar Awan Tuesday brushed aside the notion of neglecting the Balochistan people. Responding to points of order by Abdul Qadir Baloch and Usman Advocate, Dr Babar Awan said that the government was sincerely moving forward on the implementation of Aghaz-e-Huqooq-eBalochistan Package. The minister said," comparing today's situation with the past is injustice. Earlier there was a war-like situation and some patriotic leaders were also killed who had voted for the creation of Pakistan. Now
the situation has improved and the President had apologised to the Baloch people to apply balm to their wounds.” "NFC Award, Aghaz-eHuqooq-e-Balochistan and financial autonomy under the 18th amendment speak loudly of our government's commitment to address the problems of Balochistan," he said. “We promoted the policy of national reconciliation. We engaged into dialogue with aggrieved parties and other stakeholders," he added. "It is a sincere beginning and we shall take it forward.” He said a Commission like body has been constituted to See # 3 Page 11
RAWALPINDI: Pakistan and Azerbaijan agreed to enhance and expand the scope of cooperation in military fields. Both countries have underlined the need for promoting closer collaboration and enhanced interaction between the armed forces of the two countries. This was discussed at a meeting between Federal Minister for Defence, Chaudhry Ahmed Mukhtar, and the visiting Commander of Azerbaijan Navy, Vice Admiral Shahin Sultanov, who called on him in Ministry of Defence on Tuesday. The meeting exchanged views on a number of subjects including bilateral defence cooperation, Pakistan's anti-terror efforts, the rehabilitation of flood victims and the security environment of the region. The Minister briefed the Commander of Azerbaijan Navy about the sacrifices and gains made by the security forces of Pakistan against the war on terror. He said that the social and economic and infrastructure of Pakistan suffered a lot at the hands of terrorists and the recent devastating floods further increased the economic difficulties of the country. He said that the world community needed to understand Pakistan's security and economic challenges and stand by it at this difficult time by assisting it in its efforts of economic development and the reconstruction and rehabilitation process in the wake of destructive floods. See # 2 Page 11
RIAZ NEWS AGENCY Cell # 0333-5373137
SHAKIL NEWS AGENCY Cell # 0333-4400472
Local, foreign donors hailed for helping flood victims
Fata uplift tops priority: Gilani ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said Tuesday that bringing less-developed areas of Fata at par with developed regions of the country was priority of the Pakistan Peoples Party government. Talking to a group of MNAs from Federally Administered Tribal Areas (FATA) here at his chamber in Parliament House, Gilani said the government had allocated substantial development funds for this purpose. He, however, noted that due to devastating floods, the government had to curtail Public Sector Development Programme (PSDP) to divert large chunk of funds for the rehabilitation and reconstruction of the flood-affected areas. He said after the completion of the relief and rescue operation, the government would review allocations, and Fata development projects would be given priority. Prime Minister appreciated the role of Fata parliamentarians for the support of democratic process in the country. MNAs thanked the Prime Minister for his keen interest in the uplift of Fata to bring the region at par with other areas. Minister for Environment Hameedullah Jan Afridi, Minister for Zakat and Ushar Noor-ul-Haq Qadri, Abdul Razaq MNA, Bilal Rahman MNA, Shaukatullah MNA and
PM nods energy sector reforms ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Tuesday approved in principle the reforms in the energy sector in order to improve its performance and establish it on a sustainable base. The country, he said, cannot afford to allow public sector enterprises to keep bleeding. Prime Minister accorded the approval in principle during a special meeting held here in the Prime Minister House to examine the proposed power sector reforms. Earlier, the Deputy Chairman of the Planning Commission explained the salient features of the proposed reforms and their possible impact. The presentation was prepared after broad consultation with energy experts, concerned ministries, business groups as well as donor agencies' experts. It was recognised that the energy sector reforms are of central importance for the revival of economy and for maintaining fiscal discipline. It was observed that if a comprehensive reform plan is not pursued, the burden of Pepco subsidies may surpass Rs225 billion during the financial year 2010-11, which would be greater than the budget of the entire civilian government. The Prime Minister directed that besides structural reforms, such as unbundling of Pepco, See # 1 Page 11 Jawad Hussain MNA were present in the meeting. Meanwhile talking to Sikandar Mehmood, representative of Arabian Sea Enterprises and owner of Sheraton Hotel, Ch Abdul Majeed, the President Pakistan Peoples Party Azad Kashmir and Shamshad Bachani, MNA who called on him separately at his chamber in the Parliament House, PM appreciated the gesture and the spirit of the local and foreign organisations to help distressed people in the flood-hit areas.
He said the generous contributions enabled the government of Pakistan to handle the first phase of relief and rescue successfully. He expressed the hope that same spirit will continue for the upcoming phases of reconstruction and rehabilitation. Chaudhry Majeed presented a cheque of Rs1.4 million for Prime Minister Flood Relief Fund and also apprised him of the efforts of the PPP Azad Kashmir office-bearers for the relief of flood affected people.-Agencies
Names of two NAB chair probables
‘N’ shoots down Gilani’s proposals ISLAMABAD: Pakistan Muslim League-Nawaz (PML-N) has rejected two names proposed by Prime Minister Syed Yousuf Raza Gilani for the appointment of Chairman NAB as they are said to be controversial. Chaudhry Nisar Ali Khan leader of the opposition told journalists that he wrote a letter to Prime Minister Syed Yousuf Raza Gilani in which he stated that PML-N has rejected the two names which were proposed by PM for appointment of Chairman NAB as they were controversial. He said that first name is of a retired
justice but according to PML-N he is not suitable for the post, while second name is also of a retired justice but he had been elected twice on PPP ticket. Nisar said that PML-N does not want any political personality to be appointed on the post of chairman NAB. It has been written in the letter that parties should be taken into confidence to consult over noncontroversial names for appointment of chairman NAB, he said. He said that PML-N also suggested that Accountability Commission Chairman should be in-service judge.-Online
EU to help Pakistan build trade capacity ISLAMABAD: Pakistan will be provided support in building the necessary capacity to address trade-related issues, thereby fostering its integration into the world economy and contributing to poverty alleviation. This was said by Jan DE Kok Head of European Union delegation to Pakistan in a workshop held by the Ministry of Commerce in cooperation with the European Union (EU) here on Tuesday. Jan Kok said that the European Commission has approved funding of 9.5 million euros with United Nation
Industrial Development Organization (UNIDO) of 500,000 euro for the second phase of the Trade Related Technical Assistance (TRTA II) programme. Jeon Sebastien Rowre, advisor on Legal Aspects of Trade said that the government officers of trade and commerce group would be imparted necessary training about trade policy by the international intuitions and for this purpose there would be arranged some 2 to 3 weeks short courses for them. See # 5 Page 11
ADB promotes Asia growth outlook 2010 HONG KONG: Asia's developing economies should make long-term growth their top priority, the Asian Development Bank said Tuesday as it lifted its 2010 growth forecast for the region. The economies would expand 8.2 per cent in 2010, up from the bank's 7.5 per cent forecast earlier this year, as the trade-driven region "recovered from the global (financial) crisis with remarkable speed and vigour," the ADB said in its twice-yearly economic forecast. Growth would slow to 7.3 per cent in 2011, while inflation would remain within the central banks' "comfort zones" of an average 4.1 per cent this year and 3.9 per cent in 2011, the report said.
"Developing Asia's recovery seems to have taken a firm hold," ADB chief economist Jong-Wha Lee told a press briefing in Hong Kong Tuesday. "But we should not be complacent. There are still a lot of challenges to long-term, sustained growth."
The latest forecast remained below the region's record 9.6 per cent expansion in 2007. Asia's developing economies still lag far behind industrial economies in per capita income and the region remains home to two-thirds of the world's poor, Lee said. Officials would also have to focus on efforts to "broaden and deepen" their financial markets and tighten regulatory enforcement, Lee added. The Manila-based bank's report looked at 44 jurisdictions stretching from the former Soviet states of Central Asia to some Pacific islands, but excluded developed countries such as Japan, Australia and New Zealand. See # 7 Page 11
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.