International Karachi, Thursday, September 30, 2010, Shawwal 20, Price Rs12 Pages 12
Pak to raise Nato's trespassing at int'l forum
US conditions India's UNSC seat with Kashmir solution 'Only dialogue can ease Indo-Pak tension'
See on Page 12
Restructuring PSEs is a top priority: PM
See on Page 12
See on Page 12
MPS for Oct-Nov announced
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 170.66mn 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)
SBP raises key rates by 50bps l New Policy rate now stands at 13.5pc l Move aimed to combat rising inflation
Portfolio Investment SCRA(U.S $ in million)
43.40 -42.47 0.34 2311
Yearly(Jul, 2010 up to 27-Sep-2010) Monthly(Sep, 2010 up to 27-Sep- 2010) Daily (27-Sep-2010) Total Portfolio Invest (23 Sep-2010)
NCCPL (U.S $ in million)
FIPI (29-Sep-2010) Local Companies (29-Sept-2010) Banks / DFI (29-Sept-2010) Mutual Funds (29-Sept-2010) NBFC (29-Sept-2010) Local Investors (29-Sept-2010) Other Organization (29-Sept-2010)
-0.58 -0.88 3.75 -0.30 -0.20 -1.79 -0.005
Global Indices Index Close KSE 100 10,022.25 Nikkei 225 9,559.38 Hang Seng 22,378.67 Sensex 30 19,956.34 ADX 2,677.31 SSE COMP. 2,610.68 FTSE 100 5,569.27 *Dow Jones 10,847.62 *Last Updated 20:00 PST
Change 41.18 63.62 268.72 148.52 16.33 0.67 9.17 10.52
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.93 17.15 147.66 2.00 43.05 1.70 36.59 9.72 33.48
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.69% 12.82% 12.79% 13.00% 12.66% 12.82% 12.96% 13.28% 13.35% 13.41% 13.49% 13.61% 13.80% 13.93% 14.09%
22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010
Commodities *Crude Oil (brent)$/bbl 78.66 *Crude Oil (WTI)$/bbl 75.96 *Cotton $/lb 101.47 *Gold $/ozs 1,307.70 *Silver $/ozs 21.78 Malaysian Palm $ 885.00 GOLD (NCEL) PKR 36,375 KHI Cotton 40Kg PKR 7,770 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 82.80 Canadian $ 83.00 Danish Krone 14.80 Euro 116.00 Hong Kong $ 10.80 Japanese Yen 1.006 Saudi Riyal 22.65 Singapore $ 64.60 Swedish Korona 11.90 Swiss Franc 84.70 U.A.E Dirham 22.80 UK Pound 135.30 US $ 86.20
83.80 84.00 15.20 117.30 11.20 1.032 22.85 65.60 12.40 85.70 23.00 136.00 86.55
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
83.24 83.64 15.68 116.86 11.09 1.019 22.93 65.27 12.73 88.13 23.41 136.07 86.10
83.44 83.83 15.72 117.13 11.11 1.022 22.98 65.42 12.76 88.34 23.47 136.39 86.29
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
32°C 38°C 36°C 36°C 31°C 32°C
MIN
19°C 25°C 24°C 19°C 9°C 22°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
Staff Reporter
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Designate-Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wynne at PM House. -Online
President addresses women delegation
Affluents to pay flood tax: Zardari ISLAMABAD: President Asif Ali Zardari has said that a one time flood tax will have to be imposed on the well-to-do and people of means to help shore up the relief and rehabilitation efforts. Addressing a women roundtable meeting of federal ministers, women legislatives and representatives of nongovernmental organisations for the flood affectees at Aiwan-eSadr Wednesday, the President said that "unless we are prepared to share bread with our grief and disaster stricken brethren, we should not expect others to help us". He said that he has already advised the government to tap
indigenous resources wherever there is room for taping such resources, adding it should be done in a transparent and aboveboard manner. The President also said that the entire aid received and disbursed will be done in a very transparent manner and every citizen will have access to information relating to the aid received and distributed. Addressing the meeting, the President said that women's voices must be heard and their concerns must be taken into account in shaping any disaster response strategy. He said that besides giving representation to the women in See # 18 Page 11
Clinton hints at tougher terms on aid
Make rich pay up, US tells Pakistan WASHINGTON: The United States will set tougher conditions on its aid to foreign governments, including an expectation that rich foreigners won't skip out on their taxes while Americans bankroll things their nations need, Secretary of State Hillary Rodham Clinton said. The remarks were aimed largely at Pakistan, a major aid recipient. "Countries that will not tax their elite who expect us to come in and help them serve their people are just not going
to get the kind of help from us that historically they may have," Clinton said. She singled out Pakistan, where wealthy landowners typically pay little or no taxes. Clinton's warning came as she and other Cabinet officials described aid and development policies President Barack Obama announced last week. Treasury Secretary Timothy Geithner said the higher bar for US aid will help the US get more for its money. "Unless we are tougher on See # 19 Page 11
Gilani shakes up bureaucracy ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Wednesday has reshuffled high-level bureaucracy, which includes transfer of Chief Secretary KP among other high-ups to bring revolutionary changes. According to spokesman of the PM House, Prime Minister Gilani has given formal approval regarding reshuffling in high-level bureaucracy. Accordingly, Athar Tahir has been made Federal Secretary Education, Asif Bajwa Secretary Statistics, Irfan Nadeem Secretary Science and Technology, Saeed Ahmed Khan Secretary Overseas Pakistani Affairs, KB Rind Secretary Social Welfare, Javed Iqbal Secretary Water and Power, Wajid Rana Special Secretary Finance, Shahid Raja Railways, Shafqat food and Agriculture, Tariq Shafi Production, and Arif Azeem Additional Secretary Ministry for Labour and Manpower respectively. Source told that reshuffling in high-level bureaucracy See # 21 Page 11
Sikandar Iqbal passes away ISLAMABAD: Former defence minister, Rao Sikandar Iqbal died on Wednesday after
crucial in forming an assessment of the effectiveness of government efforts to contain the fiscal deficit and its inflationary borrowings from the SBP and the banking system. According to some analysts, the interest rate should have been lowered considering the current economic conditions. They are of the view that with such a high interest rates it would become next to impossible for investor to invest into the country.
SBP Board members has 'conflict of interest: AKD
Brokers flay key rate hike Nawaz Ali KARACHI: The leading brokers of the Karachi Stock Exchange oppose the decision of the State Bank of Pakistan to raise the key rates by 50bps to 13.5 per cent. Chairman AKD Group, Aqeel Karim Dhedhi strongly criticised the step of the central bank and said these people don't have any long-term plan, and the members of SBP board have conflict of interest as they have savings in their accounts on which they want to earn
interests that’s why they are making such decisions, and also they are incompetent people to look after the affairs of state bank. He said that the business community had much expectations from newly appointed SBP Governor Kardar as they thought that after a long-time a governor is appointed who understands economy and previously he had also given statements against monetary policy tightening but this step of his had certainly disappointed us. See # 22 Page 11
SECP to go tough against defaulters
President upbeat to complete tenure would complete our tenure. He expressed these views while talking to Federal Minister for Law and Justice Dr Babar Awan, who met the President at a luncheon. According to official sources See # 20 Page 11
Budgetary Borrowings - Qumulative Flows since end-june
CRS, CEES schemes end
Swiss cases: Babar meets President
ISLAMABAD: Putting to rest rumors of change in government President Asif Ali Zardari said that people of this country have given PPP mandate for five years and all attempts to bulldoze this mandate prior to 2013 would be foiled and we
KARACHI: Despite anticipations of status quo in interest rates -- if not lowering it down - State Bank of Pakistan in a surprise move has once again amplified the benchmark rates by 50 basis points, with the new rates now stand at 13.5 per cent. According to the SBP Monetary Policy Statement for the next two months (Oct-Nov) announced here Wednesday, the move aimed to contain fiscal deficit and combat rising inflation. This decision was taken at a meeting of the Central Board of Directors of the State Bank of Pakistan held under the Chairmanship of new SBP Governor, Shahid H Kardar. "A tightening of the stance is thus called for in full recognition that the difficulty to contain the fiscal deficit has resulted in the private sector bearing the full brunt," the SBP said in a statement. The statement further said that the next quarter will be
protracted illness. Admitted to CMH, the senior most leader of PPP was on dialysis. He formed his dissident See # 17 Page 11
ISLAMABAD: Companies Regularization Scheme (CRS) and Companies Easy Exit Scheme (CEES) are coming to an end today, i.e., Thursday. Both amnesty schemes were simultaneously launched by the Securities and Exchange Commission for three months,
from July 1 to September 3o, in three phases of one month each. The CRS provides defaulter companies an opportunity to file their overdue returns, avoiding litigation and heavy fines. See # 15 Page 11
Pakistan's economy was fragile even before devastation floods ripped through the country in August. The State Bank of Pakistan raised the rate by 50 basis points to 13 per cent on July 30, also to control inflation and the fiscal deficit. "Post-flood projections raise legitimate concerns about the worsening of the macroeconomic balances," the central bank said, adding that the government was not doing enough See # 12 Page 11
Kayani pushing for political change: NYT Monitoring Desk WASHINGTON: A US daily reported that Pakistan Army, angered by the inept handling of the country's devastating floods and alarmed by a collapse of the economy, is pushing for a shakeup of the elected government, and in the longer term, even the removal of President Asif Ali Zardari and his top lieutenants. New York Times stated that military, preoccupied by a war against militants and reluctant to assume direct responsibility for the economic crisis, has made See # 13 Page 11
Nato border breach
NA adopts motion ISLAMABAD: National Assembly unanimously has approved adjournment motion over the issue of boundary violation of Nato-forces and killing of 35 people. The motion was tabled by See # 14 Page 11
Banks not serious in loan recovery: SC ISLAMABAD: Supreme Court of Pakistan Wednesday observed in its order that State Bank of Pakistan and other commercial banks were least bothered about recovering the loans by using the relevant law under Banking Companies Ordinance 1962. It noted in its order that they were facilitating influential people, though law was available to them but no one was serious in applying it. It directed the counsel for SBP to inquire from the commercial banks which were licensed by it whether they
had initiated any proceedings against loan defaulters under Section-8 of the Banking Companies Ordinance. It directed the banks to at least demonstrate ten cases from each year on next date of hearing in which the persons had taken away money in shape of loans and multiplied them at the cost of general public and were not showing interests to return them, so that they could be issued notices. A three-member bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice
Tariq Parvez and Justice Ghulam Rabbani resumed hearing of a suo moto case relating to Rs256 billion written off loans from 1971 to 2009. The bench further observed in its order that prima facie and without prejudice to any party, they were of the opinion that the Circular 29 on basis of which huge amount of loans was extended to borrowers, had been written off which was contrary to Section 33B of the Ordinance. The order said the above mentioned section did not
confer authority upon SBP to write off loans. Similarly, the element of discrimination in term of Article 25 relating to discrimination, was identifiable, it added. The bench said that the Circular seemed to have been issued without any lawful authority. The defaulters were again accommodated for availing facility of further loans in name of working Capital through this Circular, it added. The order observed that the See # 16 Page 11
AG seeks more time for NAB chairman’s appointment ISLAMABAD: Government has sought more time from the Supreme Court (SC) in connection with appointment of chairman NAB; on the other hand, talks between prime minister and opposition leader have not proved productive on the matter of induction of chairman NAB. Official sources told Attorney General (AG) Maulvi Anwar-ul Haq has sought extension for three weeks in the date set by SC for appointment of chairman NAB as September 30. The AG has requested the court to grant extension for 3 weeks so that chairman NAB could be appointed after completing the consultation process which was inevitable as per existing NAB ordinance.-Online
2
Thursday, September 30, 2010
Koreans keen to invest in Pakistan
Digital Library switched on at KCCI
Jamil Siddiqui
Staff Correspondent KARACHI: A modern Digital Library along with an updated Website of Karachi Chamber of Commerce & Industry was formally inaugrated in the presence of large number of diplomats and KCCI members on Wednesday. The mega project the last one from the outgoing President of KCCI and his team in collaboration with the Center for International Private Enterprises (CIPE) would certainly not only boost the capacity of research but will also bring the global business community more closure to KCCI.
APTMA lauds Indian offer KARACHI: Shahzad Ahmed, Chairman, All Pakistan Textile Mills Association (APTMA) appreciated the decision of Indian Government to allow exports of 5.5 million bales of Cotton from 1st October 2010. Shahzad Ahmed while appreciating the decision taken during the meeting of the Group of Ministers of Indian Cabinet on the policy of Cotton Exports held in New Delhi on Wednesday said that this decision would leave positive impact on the price structure of Pakistani Cotton. Chairman APTMA also appreciated the unchanged stance of Indian Government relating to export of Cotton.-PR
THURSDAY Time Programmes 8:00 9:00 9:02 10:00 10:15 11:00 11:05 12:00 12:05 12:30 13:30 14:00 14:15 15:05 16:00 16:05 17:05 18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:05 23:00 23:05 23:30
Pakistan Aaj Raat News Pehla Sauda News Bazaar News Ghar Ka Kharch News Bara ka Para Mang Raha Hay Pakistan Akhri Suada News Power Hour Badalta Pakistan News Doosra Pehlu Ghar Ka Kharch Pegham-e-Islam News Islam Aur Karobar Karobari Dunya Headlines Islamabad Say Pakistan Aaj Raat Doosra Pehlu News Karobari Dunya Islam Aur Karobar
KARACHI: Chamber of Commerce & Industry organised an Innaugural Ceremony of KCCI’s Digital Library, in Collaboration with Centre for International Private Enterprise(CIPE), at Aiwan-e-Tijarat. In the picture, Abdul Majid Haji Muhammed President of the Chamber is seen presenting Chamber’s Crest to Moin M Fudda, Country Director CIPE.-Photo by S Imran Ali
TDAP facilitates 700 exporters KARACHI: Trade Development Authority of Pakistan (TDAP) has organised and sponsored 65 international exhibitions in the year 200910, and supported 700 exporters to display their products in major exhibitions throughout the world. According to a data provided by TDAP here on Wednesday, more than 200 of them were new exporters, SME's and women entrepreneurs. TDAP supported them as a part of its strategy to encourage new comers into international trade. TDAP said that the increasing purchasing power of Asia has opened up new opportu-
nities for Pakistani exporters in this market and this is established by the fact that Pakistani exports to China during this period grew by 78 per cent over the same period in the previous year. Similarly, TDAP has arranged participation of more than 100 exhibitors including 32 new exporters, SME's and women entrepreneurs in trade fairs in Africa. As a result of this aggressive marketing strategy of TDAP, the exports to African market grew by 22.79 per cent during this period as compared to the same period in the previous year.-APP
Envoy vows to up Pak-German textile relations K A R A C H I : Cooperation between Germany and Pakistan in the textile sector can increase further, especially in the environmental management field, said German Consul General Dr Christian Brecht at the training courses launching ceremony at SMA Textile Institute. He said environment management was a very important issue which would gain even more importance in the future with the world becoming very environmentally conscious. He added that he was glad that the German institution, BfZ had helped the SMA Rizvi Textile Institute to launch training courses regarding textile manufacture and production and the environment. Dr Brecht pointed out that these courses would help with environmental
management in enterprises and particularly in textile industries and added that modern know-how was important in this regard as it guaranteed the good health of the people and their children, as well as helping in the reduction of pollution. He said that the adoption of knowledge, expertise and practices imparted in these courses would help the textile industries meet certain standards which are now mandatory in USA, EU countries and the developed world, and would lead to a boost in Pakistan's textile exports. The German Consul General said that initiating the courses with BfZ help was a sign of the hope and trust that Germany placed in the future of Pakistan and in the future of the young Pakistani people.-PR
Bayer holds ‘World Contraception Day’ seminar KARACHI: Bayer recently celebrated 'World Contraception Day' by organising series of symposiums in seven major cities in Pakistan to raise awareness of contraception amongst the Women of Pakistan. Countries around the world organise events to mark World Contraception Day and to demonstrate their commitment to raise awareness of contraception and improving education regarding Women Health Care. The objectives of these symposiums were to improve awareness on various kinds of contraceptive methods.-PR
PNB forms Steering Committee KARACHI: Former US Secretary of State Madeleine Albright, along with Muhtar Kent, Chairman and CEO of The Coca-Cola Company, and Walter Isaacson, President and CEO of The Aspen Institute, announced the formation of the Steering Committee and the Clinton Global Initiative (CGI) commitments for Partners for a New Beginning (PNB). Partners for a New Beginning is a non-partisan, non-profit organization established to harness private sector and civil society resources to advance the vision President Obama laid out in his June 2009 Cairo speech of renewed engagement with Muslims around the world based on mutual respect and responsibility. Secretary Albright serves as PNB's Chair. This advisory group of prominent American leaders has committed to using their expertise, global networks, and access to resources to foster locallydriven public-private partnerships and projects to advance opportunity in Muslim-majority countries.-PR
KARACHI: Despite negative perception of International media along with some security and safety issue the investors from Republic of Korea are eager to heavily invest in Pakistan. This was stated by the Consul General of Republic of Korea On Ke Lee while talking to The Financial Daily on the occasion of a reception given by him and his spouse in the honour of media at his official residence on Tuesday. He said that Pakistan and Korea have rich cultural legacies deriving from ancient civilizations that go back thousands of years and sharing such a rich cultural heritage can bring the two
nations closer in promoting mutual understanding and initiating exchanges in various fields that are of benefit to both countries. "Every Korean is with Pakistan and eager to help the victims of the gruesome devastation unleashed by the nature during recent floods while the Government of Korea has donated $1m in the form of emergency relief goods for Pakistani flood victims and will donate further $ 1m very soon," he said. He informed that besides the official aid Korean companies working in Pakistan Viz. Samsung, Lotte, LG, Daewoo, Poongsan, Posko, Sambu, along with some individual companies have so far contributed $ 1.5m by cash and kind.
Malaysia donates Rs9.78mn cheque for Rs2.78 million from the Chairman of International Bureau of Puteri, UMNO, Malaysia, Shahanim Mohammad Yousuf, in Kuala Lumpur. Later while talking to media, the High Commissioner said that Pakistan had suffered from the unprecedented floods which had affected 20 million people, destroyed 2 million houses and washed away 1.3 million acres of standing crops.
He said that people of Pakistan greatly appreciate the solidarity and brotherhood shown by Malaysians from all walks of life with their brothers and sisters in Pakistan who are in immense distress. He said that Pakistan is in the process of launching a National Reconstruction Plan to rehabilitate the affected people and reconstruct the damaged infrastructure.-PR
UK stands by Pak
Dawlance conducts campus recruitment
KARACHI: Malaysian from all walks of life have been contributing towards the Prime Minister's Relief Fund and have so far contributed Rs.9.78 million in cash, besides, sending consignments of relief goods and visits by Malaysian volunteers and relief workers to Pakistan to help the flood victims. This was stated by the High Commissioner for Pakistan, Masood Khalid while receiving a
KARACHI: The British High Commissioner, Adam Thomson pledged that the UK would stand by Pakistan as it takes its first steps towards recovery since the floods first hit the country just over 2 months ago. He made these remarks after he visited an IDP camp in Kemari town, Karachi on Wednesday, where he took the opportunity to see first hand the impact of the floods. Adam Thomson highlighted that the UK was one of the first and most generous countries to respond to this crisis having committed a total of £134 million (nearly 18 billion rupees) towards the relief efforts, while the UK public had generously donated a further £56m (approx 7.5 billion rupees). Adam Thomson said; "We will stand by Pakistan
helping its people affected by the floods in any way we can, both at this critical life-saving time and longer term as work begins to rebuild people's homes, jobs, farms, schools, and bridges. This is why I am meeting with Pakistani and British business leaders later today to identify ways in which the UK can help support reconstruction efforts in Pakistan. Through building on our already strong business links we can create opportunities to help the long term economic recovery of the country. The UK, led by our Prime Minister David Cameron, has been instrumental in backing Pakistan's cause to gain greater access to EU markets. We will continue to be a champion for Pakistan to ensure the EU delivers on its commitments"-PR
Staff Correspondent KARACHI: Dawlance conducted an on-campus recruitment program at NED University to induct fresh engineers in the field of Electrical, Electronics, Mechanical and Industrial & Manufacturing Sciences. The recruitment program was attended by 550 graduates of NED University. Commenting on the occasion, Ali Ahmed, Head of HR, Dawlance Group said, "Dawlance is looking for an additional pool of employees to facilitate this rate of business growth. Even at the time of recession where job opportunities are decreasing in Pakistan as well as abroad.”
TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
CCP head visits NY ISLAMABAD: The Chairperson, Competition Commission of Pakistan (CCP), Rahat Kaunain Hassan, paid a visit to New York this week where she called on the heads of various competition agencies and attended the 37th Annual Conference on "International Antitrust Law & Policy" and a Heads of Agencies Workshop at Fordham University, School of Law, New York. The Chairperson had extremely useful interaction with heads of Competition Agencies.-PR
Mohtasib chairs child rights meeting ISLAMABAD. First meeting of child rights steering committee took place in the Wafaqi Mohtasib Secretariat, chaired by Wafaqi Mohtasib. All major ministries dealing with child rights and responsible for implementation of the National Plan of Action for children, as well as some civil society organisations took part in the meeting. Since Pakistan is signatory to the United Nation Convention on the Child Rights since 1990, this is the first major initiative to take stock of the situation, review, progress and facilitate a policy dialogue among the stakeholders.-PR
3
Thursday, September 30, 2010
Swiss franc strengthens ZURICH: The Swiss franc was poised on Wednesday to strike at the previous day's 30month high against a dollar on the defensive owing to reinforced speculation the US central bank could take further easing steps. The franc also gained ground against the euro. Expectations the US Federal Reserve could embark on a second round of quantitative easing kept the dollar stuck near a fivemonth low versus the euro after US consumer confidence fell to its lowest level in seven months. The franc was up 0.1 per cent against the dollar compared to the New York close, trading at 0.9753 per dollar at 0602 GMT. The franc rose 0.1 per cent against the euro to 1.3242. "We see further upside in euro/Swiss on a one month horizon, targeting 1.34. However, longer out, our view is neutral, and we forecast 1.30 in 3 months and 1.33 in 12 months," Credit Suisse said in a note. -Reuters
Dollar weakness continues as euro hits new 5-mth high NEW YORK: The dollar fell for a fourth straight session on Wednesday, hitting a fresh fivemonth low against the euro, as traders brace for more weakness amid growing prospects for further US monetary easing. The euro jumped to a fivemonth high at $1.3644, according to electronic trading platform EBS, before pulling back to $1.3603, up 0.2 per cent on the day. Traders say there's an option barrier at $1.3650, which could go soon given the euro's upside momentum. Generally weak US economic data has fueled speculation the Federal Reserve could embark on a second round of quantitative easing, which would be negative for the dollar. That drove the greenback to a two-year trough against the
Australian dollar and a 2-1/2year low versus the Swiss franc. The next big objective for the single euro-zone currency is $1.3692, the high hit on April 12, traders said.
Also helping the euro was a report on Wednesday showing euro-zone economic sentiment unexpectedly rose in September. Gains in the euro, however, were capped after Standard and Poor's downgraded nationalized Anglo Irish Bank's lower
Asian currencies
Mostly higher, cbanks intervene to cap rally Further gains seen as Fed seems headed to policy easing SEOUL: Asian currencies rose on Wednesday on expectations the US Federal Reserve will ease policy to prop up the US economy, prompting regional authorities to step in and temper the strength of their units. Dealers spotted intervention in a number of countries, including South Korea and Thailand, which they estimated amounted to $3-$4 billion as the dollar fell broadly. The intervention marks the latest response by emerging markets to a tide of capital seeking higher returns as the US Fed looks to be moving towards government bond purchases to revive the faltering
recovery. The won rose to a 41/2-month high against the dollar, supported by foreign investment flows into local stocks. The won also found support from news of local companies winning big foreign orders and a rise in the yuan to its strongest level since Beijing's revaluation in July 2005. But dealers spotted currency authorities buying dollars, preventing the won rising beyond 1,140 per dollar. The won closed ended domestic trade up 0.4 per cent at 1,142.0, from Tuesday's close of 1,146.3. It rose as high as 1,139.8, its highest level since May 14. The Malaysian ringgit hit a
13-year high of 3.08 per dollar, although some traders suspected central bank intervention because the ringgit's rise was largely subdued. "The pace of MYR strength has been frustrating with the high-low for each day since mid September between 30/40 pips on most occasions, which is drying up liquidity." The peso was bid at 43.90 on Wednesday, up from 44.10 on Tuesday, as it tracked the regional trend. However, the peso faces some resistance just above 43.90, which some traders said could be owing to intervention from the central bank (BSP). -Reuters
Stg weakens vs euro; QE worries weigh
Taiwan $ hits 5-mth high on weak US data
LONDON: Sterling fell to a four-month low against the euro on Wednesday, staying under pressure after a Bank of England policymaker talked up the chances of a renewed bout of quantitative easing to boost a flagging economy. BoE policymaker Adam Posen on Tuesday became the first member of the Monetary Policy Committee since November to
call for a further loosening in monetary policy, sending the pound sharply lower. Weak UK services output and lending data on Wednesday renewed concerns about a fragile economy and kept negative sterling sentiment intact. Against the dollar, the pound steadied, coming off a sevenweek high hit on Tuesday, though the US currency stayed under pressure as concerns over renewed policy easing by the Federal Reserve continued to take a toll on the US unit. "Sterling suffered a fair
amount of collateral damage from the Posen comments and it has not really recovered since," said Jeremy Stretch, currency strategist at CIBC. "Now the same things that have applied to the US dollar - the possibility of a second round of QE and defacto currency devaluation -- now apply to sterling". By 1546 GMT, the euro was
up 0.3 per cent at 86.19 pence, above its 200-day moving average at 85.87. It earlier rose to 86.31, its strongest since late May. Sterling's falls versus the euro pushed its trade-weighted index to a two-month low of 80.3. Against the dollar, sterling was steady at $1.5803, off a seven-week high of $1.5896 hit on Tuesday. Charts indicate consolidation in the near term before it hits its August high of $1.5998. Near term support is seen at $1.5718, the low on Sept. 8. -Reuters
TAIPEI: The Taiwan dollar rose to a five-month closing high on Wednesday following poor US economic data, and as rising local stocks triggered foreign fund inflows. But last-minute intervention by the central bank erased some early gains. The Taiwan dollar opened at T$31.500 against the US dollar, unchanged from Tuesday's close, then reached an intraday high of T$31.211 before closing at T$31.380. US consumer confidence fell to its lowest level in seven months in September, underscoring lingering concern about the strength of the economic recovery and reinforced expectations the US Federal Reserve will take more action to help the struggling economy. Taiwan's central bank has been seen intervening in late trade recently to counter the impact of a stronger Taiwan dollar on exporters. Dealers expect the Taiwan dollar to trade between T$31.15-T$31.30 on Thursday. 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. -Reuters
Australian $ marches up; yield curve flattens SYDNEY/WELLINGTON: The surging Australian dollar held onto recent outsized gains to edge towards a 2008 peak on Wednesday, aided by a soft US dollar, a hawkish domestic rate outlook and strong Chinese data. The Australian dollar was strong at $0.9685 , just a touch under a two-year peak of $0.9693, helped by data which showed China's manufacturing activity at a five-month high in September. That left the Aussie dollar within sight of $0.9851, a top hit in 2008 that was also the highest peak scaled since it was floated in 1983. Traders said a large US bank was seen buying the currency as it sold big amounts of the US dollar, which is struggling under speculation the Federal Reserve would embark on another round of quantitative easing. With excitement building over the prospect of a domestic rate rise next week, more analysts now dare hope the Australian dollar would finally hit parity, after years of failed attempts.
The Australian dollar has soared 8.7 per cent this month, its best performance in any month since May 2009. Expectations that domestic rates could rise to 4.75 per cent next week, from 4.5 per cent, leveled the 3/10 cash yield curve to under 14 basis points, its flattest in two years. The New Zealand dollar was kept in a tight range around $0.7390 in active trading ahead of the month end. It hit a high of $0.7404 offshore as the currency continued to benefit from a broad dollar weakness. Support for the kiwi was expected to come in from $0.7360, with resistance at $0.7440. The Aussie hovered around NZ$1.3086, after hitting a five-month high of NZ$1.3099. Traders reported active volume as some tried to break the NZ$1.3100 barrier in the options market, but it was well defended for now by a large European bank. A break of NZ$1.31 would herald further gains as traders said stop-loss buy orders were lined above the level. -Reuters
tier 2 debt to CCC from B. Further limiting the euro's upside was a report showing that the European Union's banking sector remained vulnerable. The euro has risen about 11
per cent against the dollar so far in the July-September quarter and is on track for its biggest quarterly percentage gain in about eight years, according to Reuters data. The dollar index, meanwhile, was down 0.3 per cent at 78.788, not far from an eight-
month low of 78.616 hit earlier. Dollar weakness helped push the Australian dollar to a twoyear high of US$0.9730 after a large option barrier at US$0.9700 gave way. It was last at US$0.9696, up 0.2 per cent from late Tuesday. The Swiss franc rose to 0.9735 francs per dollar, a 21/2-year high, according to Reuters data. It later gave up those gains after data showed Switzerland's leading growth indicator, the KOF economic barometer, eased to 2.21 in September from 2.22 in August. The dollar last traded at 0.9753 francs, little changed on the day. The dollar fell to 83.50 yen on EBS, its lowest since Sept. 15, when Japan intervened. It was last at 83.62 yen, down 0.3 per cent. -Reuters
Yuan heads for biggest mthly gain since 2005 SHANGHAI: The yuan closed up against the dollar on Wednesday after hitting a postrevaluation high as the People's Bank of China set a record high mid-point amid lingering pressure from Washington on Beijing to let the yuan climb further. The yuan closed at 6.6868 versus the dollar after touching an intraday high of 6.6825, its highest level since the Chinese currency's landmark July 2005 revaluation. The yuan, which toppled the previous post-revaluation high of 6.6859 touched on Monday and rose from Tuesday's close of 6.6906, has gained 1.80 per cent so far this month and is now heading for the biggest monthly gain since the revaluation. Before trading started on Wednesday, the Chinese central bank fixed the yuan's daily mid-point at a record high of 6.6936 versus the dollar, up from Tuesday's 6.7051. It has set a slew of strong fixings this month to guide the yuan higher. The US House of
Representatives is poised on Wednesday to pass legislation to pressure China to let the yuan rise more quickly, and the US Senate will wait until after the Nov. 2 congressional elections to vote on legislation. China, which dealers believe treats differently the more hawkish US Congress and more dovish US administration, cares more about a semiannual US Treasury Department report on currency practices of its trading partners on Oct. 15, which has the potential to name some countries as currency manipulators. Spot yuan has now risen 2.08 per cent since the PBOC announced a depegging of the yuan to the dollar on June 19 this year. Three-month NDFs were bid at 6.6270 in early trade, down from 6.6490 at Tuesday's close, with their implied three-month yuan appreciation rising to 1.00 per cent from 0.67 per cent. The NDFs rebounded to 6.6390 late in Wednesday's session. -Reuters
Indian rupee climbs on robust inflows MUMBAI: The Indian rupee surged 3.4 per cent in the September quarter boosted by robust portfolio investments into Asia's third-largest economy on the back of strong growth fundamentals. The partially convertible rupee closed at 44.94/95 per dollar, after hitting 44.85, its highest since May 10 and half a per cent stronger than Tuesday's close of 45.15/16. Forex and debt markets are closed on Thursday for halfyearly closing of banks' accounts. The rupee's quarterly rise compared with a 3.3 per cent fall in the June quarter, which was its worst quarterly fall in five. Dealers said there were good two-way flows in the market with some corporate dollar buying seen sub-44.90 levels, with state-run banks also on the buy-side. Foreigners have moved $5.3 billion into stocks this month, taking net investment so far in the quarter to $11.4 billion.
The total investments in 2010 have reached a record $18.2 billion, above last year's $17.5 billion. One-month offshore nondeliverable forward contracts were quoted at 45.14, 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 45.1475, 45.1350 and 45.1525 respectively, with the total traded volume on the three exchanges at about $9.2 billion. -Reuters
Top Economic Events Time 4:01 4:50 4:50 11:00 12:55 14:00 17:30 17:30 17:30 17:30 18:45
Source GBP JPY JPY GBP EUR EUR CAD USD USD USD USD
Events GfK Consumer Confidence Prelim Industrial Production m/m Retail Sales y/y Nationwide HPI m/m German Unemployment Change CPI Flash Estimate y/y GDP m/m Unemployment Claims Final GDP q/q Final GDP Price Index q/q Chicago PMI
Source
Events
NZD JPY JPY AUD CNY GBP CHF
Trade Balance Tankan Manufacturing Index Tankan Non-Manufacturing Index CB Leading Index m/m HSBC Manufacturing PMI Net Lending to Individuals m/m KOF Economic Barometer
Forecast -19 1.2% 4.6% -0.3% -20K 1.8% -0.1% 458K 1.6% 1.9% 56.0
Previous -18 -0.2% 3.8% -0.9% -17K 1.6% 0.2% 465K 1.6% 1.9% 56.7
Actual
Forecast
Previous
-437M 8 2 0.8% 52.9 1.5B 2.21
-365M 7 -2
-183M 1 -5 0.6% 51.9 0.2B 2.22
Previous Day
0.5B 2.12
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 1.3622 1.3642 0.8624 0.8631 1.3290 1.3347 113.95 114.17 0.9758 0.9812 1.0314 1.0328 1.5801 1.5874 132.2 132.91 0.9705 0.9729 1.4048 1.4049 85.81 86.08 1310.48 1312.78 21.90 21.97
Bid 1.3621 0.8621 1.3285 113.91 0.9755 1.0309 1.5798 132.14 0.9702 1.4044 85.74 1309.88 21.87
Low 1.3569 0.8574 1.3241 113.50 0.9736 1.0243 1.5765 131.86 0.9661 1.3941 85.30 1305.28 21.70
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 29/09/2010 A USD GBP CAD EUR JPY O/N 0.22500 0.54875 1.04500 0.36125 SN 0.10500 1WK 0.25025 0.55078 1.06750 0.47500 0.11750 2WK 0.25181 0.55563 1.09667 0.51125 0.12625 1MO 0.25625 0.56844 1.12500 0.57813 0.13875 2MO 0.27297 0.62281 1.18667 0.67875 0.17125 3MO 0.29000 0.73188 1.24833 0.83438 0.21688 4MO 0.34406 0.81734 1.30833 0.92000 0.30875 5MO 0.40750 0.92250 1.36500 1.01313 0.36750 6MO 0.46250 1.02500 1.43333 1.11625 0.42750 7MO 0.51281 1.10094 1.50083 1.16500 0.48313 8MO 0.56313 1.18094 1.58800 1.21125 0.53125 9MO 0.61266 1.26344 1.65833 1.26438 0.58063 10MO 0.66469 1.33625 1.73080 1.31125 0.60750 11MO 0.71781 1.40500 1.83500 1.36125 0.63063 12MO 0.77825 1.47063 1.93250 1.40625 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 Oct 05 2010 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 29,2010 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
86.20 136.39 117.13 83.83 88.34 83.44 12.76 1.03 14.74 65.42 15.72 22.98 11.11 12.89 302.67 27.95 63.74 23.68 23.47 0.08 2.83
86.00 136.07 116.86 83.64 88.13 83.24 12.73 1.03 14.70 65.27 15.68 22.93 11.09 12.86 301.97 27.89 63.60 23.62 23.41 0.08 2.82
85.81 135.76 116.59 83.42 87.90 83.02 12.70 1.02 14.66 65.10 15.64 22.87 11.06 12.83 301.17 27.81 63.43 23.56 23.35 0.08 2.81
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 29, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.50 11.90 12.20 12.60 12.65 12.80 12.85 12.90 12.95 13.30 13.40 13.45 13.50 13.50 13.55 13.55 13.60 13.70 13.80 13.95
11.50 11.75 12.00 12.70 12.65 12.77 12.80 12.90 12.95 13.30 13.50 13.55 13.65 13.70 13.70 13.55 13.55 13.70 13.95 14.10
11.50 11.85 12.25 12.60 12.65 12.80 12.85 12.90 12.95 13.35 13.55 13.50 13.63 13.60 13.75 13.55 13.55 13.75 13.90 14.05
11.80 12.00 12.40 12.75 12.75 12.79 12.90 12.95 13.05 13.30 13.40 13.44 13.47 13.48 13.50 13.55 13.75 13.85 14.00 14.20
11.60 11.90 12.00 12.50 12.60 12.70 12.80 12.90 12.90 13.35 13.40 13.45 13.50 13.55 13.52 13.52 13.60 13.75 13.80 13.85
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 11.70 11.95 12.35 12.60 12.70 12.80 12.85 12.90 12.96 13.35 13.55 13.50 13.65 13.60 13.75 13.55 13.55 13.75 13.95 14.10
11.60 11.89 12.20 12.63 12.68 12.79 12.85 12.91 12.97 13.33 13.47 13.48 13.57 13.57 13.63 13.55 13.60 13.75 13.90 14.04
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.94 0.79 0.69 0.76 0.54 0.40
0.79 0.86 0.32 (0.43) 0.56 0.27
0.67 0.80 0.04 (0.13) 0.50 (0.33)
EUR/USD NZD/USD
0.95 0.93 0.35 0.06 0.71 0.61
0.96 0.94 0.81 0.73 0.88 0.69
USD/CAD USD/CHF
0.46 0.53 0.64 0.79 0.70 0.50
(0.69) (0.61) (0.61) (0.33) 0.37 (0.40)
(0.89) (0.80) (0.43) (0.90) (0.82) (0.54)
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)29/09/2010 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
ABPL 11.40
11.90
11.60
12.10
12.00
12.50
12.50
12.75
12.60
12.85
12.70
13.20
12.75
13.25
12.90
ASK 13.40
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
11.45
11.95
11.70
12.20
12.15
12.65
12.50
12.75
12.70
12.95
12.85
13.35
13.00
13.50
13.10
13.60
DBPK 11.30
11.80
11.60
12.10
12.10
12.60
12.50
12.75
12.60
12.85
12.70
13.20
12.75
13.25
12.85
13.35
FBPK
11.35
11.85
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 11.50
12.00
11.70
12.20
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 11.35
11.85
11.75
12.25
12.15
12.65
12.60
12.85
12.70
12.95
12.80
13.30
12.85
13.35
13.00
13.50
HKBP 11.20
11.70
11.60
12.10
12.05
12.55
12.45
12.70
12.65
12.90
12.70
13.20
12.80
13.30
12.90
13.40
NIPK
11.50
12.00
11.95
12.45
12.60
13.10
12.80
13.05
12.90
13.15
13.00
13.50
13.10
13.60
13.20
13.70
HMBP 11.30
11.80
11.75
12.25
12.30
12.80
12.65
12.90
12.80
13.05
12.85
13.35
12.90
13.40
13.00
13.50
SAMB 11.40
11.90
11.75
12.25
12.25
12.75
12.65
12.90
12.85
13.10
12.90
13.40
12.95
13.45
13.05
13.55
MCBK 11.35
11.85
11.75
12.25
12.25
12.75
12.40
12.65
12.55
12.80
12.60
13.10
12.70
13.20
12.90
13.45
NBPK 11.50
12.00
11.75
12.25
12.00
12.50
12.60
12.85
12.75
13.00
12.80
13.30
12.80
13.35
13.00
13.50
SCPK
11.25
11.75
11.55
12.05
12.20
12.70
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
11.87
11.70
12.20
12.16
12.66
12.57
12.82
12.71
12.96
12.78
13.28
12.85
13.35
12.98
13.48
11.37
4
Thursday, September 30, 2010
The Financial Daily International
General’s Gospel
Vol 4, Issue 56
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
Farooq Adil
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
Haves & have-nots distancing apart Over the last couple of years price of almost every item has doubled or tripled. Some analysts call it inflation but some gross mismanagement of resources. Eroding purchasing power is pushing more and more people below the poverty line. However, the rich are getting richer and the breach between haves and havenots is growing wider and wider at cutthroat speed. The irony is that rulers instead of containing expenditures are planning to impose new taxes. One such tax, Reformed General Sales Tax (RGST) is expected to take effect from the October 1, 2010. One wonders if the appropriate infrastructure exists for its implementation and what level of collection could be expected. An embarrassing situation is likely to emerge because the government has consented to impose RGST but some of the coalition partners are openly expressing the intent to oppose it. Politicians are driving the strength from the stance of trade and industry, which is openly opposing the move. The confrontation looks strange because the amount expected to be mobilised from RGST will be too small compared to the short fall. The point beyond comprehension is the missing focus on containing expenditures. Mian Nawaz Sharif's statement deserves serious thinking. He claims if his party came in power, steps would be taken to increase revenue collection. His party has formed the government in Punjab, the province which incidentally also has the largest overdraft. The immediate question that comes to mind is if his party can't manage the financial affairs of province prudently, how would it manage country's economy efficiently? People also wish to understand if it is a political jargon only or the party has any specific plan? Mian Sahib has also advised that every individual must pay tax. He seems to forget to take into account that Punjab has a low share in revenue collection but has been demanding larger share based on its population. People from other provinces can still recollect that during his regime maximum benefits of duty and tax exemptions were offered to Punjab at the cost of other provinces. One of the most glaring examples of this discrimination is the incentives provided to industrial units established in Chunian. It has created a bias against units located in tariff area. Analysts would have condoned this discrimination had the units been operating efficiently. However, it is on record that most of the units enjoying tax exemption also suffer from poor performance. It must be reminded to the present and future governments that revenue collection can't be enhanced by squeezing the already taxpayers. All sorts of incentives have to be withdrawn to enhance revenue collection. The cardinal principle should be all sorts of income are taxable irrespective of the source.
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.
A
midst the highly precarious situation all around - government's inability to handle the situation, political mess, blame game and bad governance; the unabated Taliban terror, suicide hits and drone attacks; unprecedented flood devastation, near economic collapse and likely default situation - there seems in Pakistan the only ray of hope in the country's Chief of Army Staff, General Ashfaq Parvez Kayani, who stands tall and alone as all eyes are on him to steer the country out of uncertainty and wilderness. Unlike the elected representatives, his timely reaching out to the people, affected by the most devastating floods in Pakistan's history, has given further boost to the armed forces' image, which the rival forces are now out to tarnish by calling for martial law, sending the corrupt democratic dispensation packing, or acting swiftly on judiciary's call for help "to make the things right." Many criticise Kayani's response at not-so-right time, which gave 'lease' to a corrupt dispensation in the country that has played havoc with the people, economy, education, decisions of judiciary and what not. Many call him for applying the Kakar formula and suggest to taking things directly in his hands. The US and western media, think-tanks and policymakers are highlighting the "powerful" military's "political" role in the country, aimed at tarnishing its image, justifying their direct dealing with the General Headquarters as "it is army that calls shots in Pakistan." The question is whether Kayani kneels down to the pressure from inside, or what course he adopts if the need arises out of the judiciary's call for help or otherwise. To answer this question, one will have to keep in mind Kayani's concept of defence diplomacy in the realm of national and global security, and under the newly emerging geo-strategic realities. The British Ministry of Defence (MoD) defines the defence diplomacy mission "to provide forces to meet the varied activities undertaken to dispel hostility, build and maintain trust and assist in the development of democratically accountable armed forces, thereby making a significant contribution to conflict prevention and resolution." Thus three main ingredients of the British defence
diplomacy are: to dispel hostility, build & maintain trust, and assist in the development of democratically accountable armed forces - all aimed at conflict prevention and resolution. The ultimate goal is to add to the national and global security. Kayani is seen as an important pillar in the edifice of national security and the accepted chief of defence diplomacy, both at home and abroad. When he took over as army chief in 2007, contemporaries believed that he was a professional soldier and an apolitical personality both in perception and outlook. His initial actions validated this conjecture and also supported the notion of development of democratically accountable armed forces. Five-dimensional acts and accomplishments during the tenure of his assignment heretofore can be termed as the Kayani Doctrine of Defence Diplomacy. These are: to restore the image of Pakistan Armed Forces both at home and abroad; cultivate trust with interior and exterior forces; boost the combat potential of the army; assume all means and measures needed for conflict prevention and resolution; and arbitrate between rival political forces to circumvent any political collision that could disturb the already drab national security landscape. On the way of imagerestoration in the aftermath of Musharraf era, Kayani gave a comeback call to all army officers serving in civil departments no sooner than he took over as army chief. He commanded that army personnel were not allowed to communicate with the politicians and himself, too, distanced noticeably from the country's political power corridors. Even though General (retd) Musharraf was still the President of Pakistan when general elections were held on February 18, Kayani decreed that the army would not oversee the electoral process, squarely against what had been planned and pronounced by his predecessor. These steps worked well on the way of restoration of army's image after nine years of political involvement. As for building the trust with interior and exterior forces, the General acted like a democratically accountable army chief at home and nodded to every political decision on employment of army. Informed sources also saw him to be honest in his opinion on national security matters whenever asked for by
the political high-ups. Abroad, Kayani enjoys the repute of a gentleman who thinks like a scholar and acts like a soldier. He is held in high esteem in EuroAmerican circles, People's Republic of China and the Middle Eastern armies. His photograph had been added to the US Army International Hall of Fame on February 26, 2009. Leavenworth Times reported on February 27 that he was fourth Pakistan Army General to have attained this honour. The 2008 Time 100, while listing Kayani the 20th in hundred most influential leaders and revolutionaries in the world wrote, "…Kayani showed that his loyalty lay with the nation he had served for nearly four decades…soldiers, friends, diplomats and
ment unlike his predecessor, oversaw every bit of it, which considerably added to the combat readiness of Pakistan military, the result of which the world as a whole saw in the all-encompassing, swift and result-oriented operations in Swat-Malakand Division, South Waziristan, Orakzai, Bajaur and Khyber Agencies, and in Tirah Valley. Defence observers, particularly the adversaries watching closely, had been waiting for the Pakistan Army being ditched in the Swat valley, where only in Peochar arms dumps of such a huge quantity were found during the operation, which in words of Pakistan Army General, could be used by the Taliban for years to engage and exhaust out the army.
“
Defence diplomacy is the art of keeping the armed forces ready to act against internal and external threats, conflict prevention where possible and conflict resolution when needed, building trust with interior and exterior forces, & maintaining a professional and apolitical posture while interceding in unavoidable political brawls that could impinge upon the nat’l security.
politicians all extol his reasoned thinking and tempered judgment." BBC News in a November 27, 2007 report, "The Rise of Pakistan's "Quiet Man" wrote: "…[Kayani] is noted for his patience, diligence, intelligence and sheer determination… has ability to keep a low profile when necessary while also being able to take decisive action when it's needed... has a "can-do" image as a man who gets things done". A New York Times report noted that "[Kayani] received high praise from the US for his military prowess and his commitment to disentangle the army from domestic politics." Kayani has also been mindful of the need to boost the combat potential of Pakistan Army. He declared year 2008 "Year of the Soldier" and Year 2009 "Year of Training". Both soldiery and training went on well as Kayani was free from political involve-
Likewise, the experts predicted a clear defeat of Pakistan Army in the most difficult and rugged terrain of South Waziristan, which had a more than two hundred years history of invincibility, but the General proved not only his prowess, but sent out a clear message to the world that the Pakistan military will never offer them an opportunity of weakness. This is why Kayani could be able to convince Pentagon, Brussels, the frequently visiting Admiral Mike Mullen, General David Petraeus, General McChrystal, as well as New Delhi and Kabul as to why launching an all-out operation in North Waziristan, coinciding with the Kandahar offensive, was not feasible. Probably this was one of the reasons of McChrystal's unceremonious exit. As for the conflict prevention and resolution, Kayani has taken hosts of measures. In response to post-Mumbai war rhetoric of India's politi-
co-military elite, Gen Kayani resorted to tri-pronged defence diplomacy, according the defence analyst Ehsan Mahmood Khan. Firstly, in a widely published statement, he desired that Pak-India conflict must be prevented. Secondly, he warned that Pakistan was prepared to strike back within minutes of an Indian strike. Thirdly, he took practical measures by deploying matching number of forces on eastern border in response to Indian military moves and to thwart any Indian misadventure. Up in the northwest, he complied with the political decision on military operations but at the same time supported political moves by facilitating peace agreements in Swat and Bajaur. On this account, he also enjoys good relations with the extra-regional forces operating in Afghanistan. While the General manifestly remained in low key insofar as the political happenings in the country are concerned but when the time came to act during the days of long march by politico-judicial forces in March 2009, he did. He skillfully arbitrated and demonstrated the power of defence diplomacy. The country was saved from a political collision that could wreck the national security arrangement. He set the precedent of keeping the military institution subservient to the democratically elected government and took the initiative of giving briefings to the political leadership at the Presidency and in the Parliament, instead of inviting them to GHQ as his predecessors did in the past. He objected to the Kerry-Lugar Bill, but did not resist it. In the light of discourse and discussion made on the Kayani Doctrine herein, we may chart out the Pakistani definition of defence diplomacy suiting our own national security needs. In Ehsan Khan's words, "Defence diplomacy is the art of keeping the armed forces ready to act against internal and external threats, conflict prevention where possible and conflict resolution when needed, building trust with interior and exterior forces, and maintaining a professional and apolitical posture while interceding in unavoidable political brawls that could impinge upon the national security situation." Thus the pressure on him for a political intervention must be seen in the light of his doctrine. Author is an Islamabad-based defence & security analyst
Shariah Finance & Scholar Reforms I
slamic finance is toughening supervision of its powerful religious advisors as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost independence and transparency. Islamic banking is overhauling rules that govern the conduct of its influential Shariah advisors, with competition for investor dollars and a growing market putting pressure on the oncearcane industry to adopt clearer, more uniform guidelines. Key to these challenges is the small number of scholars advising a growing number of banks on increasingly complex financing structures, raising issues such as transparency of rulings, independence of advisors and how to groom new scholars. But varying Shariah standards, different regulatory approaches and vast disparities in development across markets stand in the way of reforms to streamline and boost supervision, which are critical to growth. "Investors want to see the same degree of responsibility and professionalism going into Shariah compliance as they expect from Moody's for
credit ratings and S&P for Dubai, referring to the pro- ulate well at this point," said Rafe Haneef, HSBC market information," said posed global authority. "I don't know how you're Amanah's managing director John Sandwick, a Genevabased Islamic asset and going to convince all govern- for global markets. Reflecting the industry's ments that this is the best wealth manager. Shariah advisors control the approach. Without convincing diversity, Middle Eastern counreins of the $1 trillion industry governments, how are you tries like the United Arab through their rulings on going to give teeth to that asso- Emirates leave regulation to the whether financial products Islamic banking is overhauling rules that satisfy Islamic law. Their role govern the conduct of its influential has been in Shariah advisors, with competition for focus following a recent attempt investor dollars and a growing market putby Kuwait's Investment Dar ting pressure on the once-arcane industry to to challenge its adopt clearer, more uniform guidelines. Shariah board's decision. industry whereas Malaysian Bahrain-based industry body ciation? authorities assume centralised GIANTS AND MIDGETS? AAOIFI is drafting rules to regthrough national Shariah scholars, typically control ulate Shariah scholars' shareholdings in banks and address experts in Islamic law and Shariah advisors and dedicated concerns such as the number of international banking practices, Islamic banking laws. Practitioners agree on the Shariah supervisory boards on are now subject to differing which a single scholar can levels of supervision across the need for more supervision but jurisdictions but experts think differ on the scope of overeffectively serve. The International Shariah this model cannot sustain the sight needed. Some say regulating the Research Academy for Islamic industry's growth. "Each industry player will issuance of fatwa would stifle Finance, which is backed by Malaysia's central bank, is come up with their own con- ijtihad, or scholars' reasoned planning a global regulatory flict avoidance and confiden- judgment, and could stunt the tiality provisions and you may growth of an industry which is body for Shariah advisors. "This is a step too soon," find that some banks have stil trying to come to terms with said Ayman H. A. Khaleq, a higher standards than others established conventional bankpartner and Islamic banking so we will see issues in the ing concepts like derivatives. "You can standardise cerlawyer at Vinson & Elkins in future if we're not able to reg-
tain products that are a very cookie cutter, plain vanilla type," said Jawad I. Ali, global deputy head of lawyers King & Spalding's Islamic finance group. "But there are a number of other products that haven't been developed yet (in Islamic finance) and you cannot standardise something that hasn't been developed." Others point out that uniformity is hardly attainable, as markets range from Saudi Arabia's established sector to South Korea's infant industry. "The biggest challenge is to have these rules to have some kind of enforceability," said Muddassir Siddiqui, a partner at lawyers Denton Wilde Sapte. "Islamic finance is in so many jurisdictions throughout the world. There are some jurisdictions which are very mature." But Yazit Yusuff, OSK Investment Bank's Islamic banking head, sees scope for global cooperation. "There are some meeting points for these Shariah advisors, there are localised issues and there are globalised issues," he said. "Local issues such as inah (financing concept) should be left to local scholars."-Reuters
5
Thursday, September 30, 2010
European shares slip; H&M falls on weak margins KSE-100 Index Opening Closing Change % Change Turnover (mn)
9,981.07 10,022.25 41.18 0.41 46.07
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,110.30 3,118.89 8.59 0.28 2.47
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,547.62 2,558.37 10.75 0.42 0.10
Major Gainers
Symbol
Close
Change
DREL 606.90 SIEM 1,154.78 LAKST 270.45 NESTLE 1,862.44 IDYM 246.53
28.90 18.47 12.87 12.54 8.58
Major Losers
Symbol
Close
Change
FZTM BATA BHAT COLG MTL
333.39 490.00 187.10 688.28 576.07
-13.14 -9.74 -7.88 -6.72 -6.43
Top 5 Volume Leaders
Symbol
Close Vol (mn)
SILK SSGC LOTPTA NPL HUBC
2.81 29.63 8.72 11.88 33.57
4.83 4.59 3.32 3.15 2.35
Active Issues Plus Minus Unchanged
172 192 21
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
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
PPL aims to explore aggressively
Apex index calls it a day above 10k; turnover thin Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) ended higher but with low volumes on Wednesday as investors preferred to be on the sidelines ahead of the monetary policy announcement. However, index managed to close above the psychological level of 10,000 points.
The benchmark KSE 100index rose 41 points to 10,022 points, KSE 30-index grew 22 points to 9,727 points and KSE all-share index was up by 28 points to 7,000 points. Samar Iqbal, equity dealer at Topline Securities said that volumes at local bourse remained low amid uncertainty over the interest rate. Investors preferred not to participate in
Tokyo shares crawl up 0.7pc TOKYO: The Nikkei average clawed up 0.7 per cent on Wednesday on window-dressing before the end of Japan's financial first half, but it pared earlier gains as the yen's strength revived and resistance held strong. The benchmark Nikkei ended up 63.62 points at 9,559.38, while the broader Topix gained 0.5 per cent to 846.97. Trade was moderate with some 1.75 billion shares changing hands on the Tokyo exchange's first section. Advancing stocks outnumbered declining ones by about 5 to 1. The Nikkei's worst performer on Wednesday was Tokyo Electric Power Co (TEPCO), which tumbled 7.8 per cent to 2,105 yen after media reported that Asia's largest utility was planning a share issue worth several billion dollars to fund investments. An additional boost came from a poor December outlook in the Bank of Japan's "tankan" survey of business sentiment,
which some market players said could increase expectations the central bank will discuss easing monetary policy further at a meeting next week. "The 'tankan' was as expected, showing improvement in the short term and a gloomy outlook going forward. That only increased expectations for further easing by the Bank of Japan," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co. "But more gains in the market were limited because the yen persistently remained on the strong side." This week also marks the end of the April-September first half in Japan, and some analysts said window-dressing, or buying by fund managers of some of the quarter's better performers to improve their books, likely provided help. Some analysts also cited buying of Japanese stocks by a US pension fund. Still, market players said the See # 8 Page 11
the market ahead of the monetary policy announcement. Low price small capped stocks remained in the limelight. Some interest was also seen in the Attock group shares ahead of result announcements, he added. The day started on a positive note at six points up. Thereafter market showed some mix activities till about 12:00 PST
US stocks mid-day
Market in a mix of trends NEW YORK: US stocks were little changed on Wednesday as investors grappled with mixed technical signals near the end of one of the best months for stocks in 20 years. The Dow Jones industrial average edged up 1.93 points, or 0.02 per cent, to 10,860.07. The Standard & Poor's 500 Index shed 0.11 points, or 0.01 per cent, to 1,147.59. The Nasdaq Composite Index gained 0.01 points, or 0.00 per cent, to 2,379.60. Advancing stocks outnumbered declining ones on the New York Stock Exchange by a ratio of about 7-to-5, while on the Nasdaq, about 13 stocks rose for every 11 that fell. About 3.4 billion shares traded at midday on the NYSE, the American Stock Exchange and Nasdaq. The S&P 500 has climbed nine per cent in September, traditionally a bad month for stocks, as concerns the See # 10 Page 11
HK at 8-month high as traders go for titans
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
Thailand strong, other SEAsian stocks mostly higher
Shanghai ends flat HONG KONG/SHANGHAI: Hong Kong stocks rose to an eight-month closing high on Wednesday for the second-last session of the quarter, driven by buying of index heavyweights ahead of the expiry of futures settlement contracts, and underpinned by gains on Wall Street. China's key stock index ended flat, reversing a 0.9 per cent rise earlier in the session, with a selloff in manufacturing companies checking gains in resource issues such as Sichuan Western Resources Holding Co Ltd. Hang Seng Index ended up 1.22 per cent or 268.72 points at 22,378.67. The Shanghai Composite Index ended at 2,610.68, edging down 0.03 per cent, with the 60-day moving average at 2,560 providing a firm floor ahead of a weeklong national holiday starting on Friday. In Hong Kong, resources shares were among the biggest winners, with Aluminum Corp of China Ltd (Chalco) rising to a five-month high on hopes its parent would inject its majority stake in a rare earths company into the listed company. Jiangxi Copper Co Ltd soared to its highest in more than eight months after copper closed near a five-month peak on Tuesday. Abundant liquidity and enthusiasm about the upcoming initial public offering of AIA Group would boost the performance of the market in the upcoming quarter, dealers said. "The fourth quarter will be
better than the third quarter," said Ben Kwong, chief operating officer at KGI Asia. "The weakness in the US dollar will continue to push funds into relatively risky assets." "But in between, we expect a significant correction," he said. "I would not recommend buying at this moment. All these shares are overvalued." A four-week rally supported by recovering turnover had taken the index well into overbought territory. The index's 14-day Relative Strength Index had rebounded to 71 by midday Wednesday, indicating the market is now overbought. The index looks set to finish the third quarter with a rise of 11.2 per cent. It is up 2.3 per cent this year. The China Enterprises Index of top locally listed mainland Chinese stocks closed up 2.04 per cent at 12,429.28. Boshiwa International Holding Ltd closed its first day of trade at HK$7.02 versus its IPO price of HK$4.98 per share. China's stock market has so far gained 10 per cent in the quarter ending in September, as it recovered following the mega-listing of Agricultural Bank of China Ltd. One of the world's worst performing bourses, the Shanghai market is still down 20 per cent so far this year, with China's clampdown on bank lending and the property market having taken a toll. Analysts say investors are cautious that the central bank will continue to tighten liquidi-
ty policy in a measured way, although most agree there is no near-term risk of an increase in official deposit and lending rates. Concerns over a further round of property tightening are also in the background. "Earlier gains were triggered by strength overnight in overseas markets, but for now a fall back is expected," said Cheng Yi, analyst at Xiangcai Securities in Shanghai. "Investors expect a second round of property controls as the initial ones have not resulted in significant falls, the uncertainty remains as to how severe policies will be," Cheng said. Manufacturers fell, with Yue Yang Paper Co Ltd down 7.4 per cent. Electrical equipment manufacturer Zhejiang Yankon Group Co Ltd fell 5.9 per cent, while Beijing Xidan Department Store Co Ltd dropped 6.3 per cent. "Commodity issues are pulling the index higher today after profit-taking in yesterday's session," said Chen Shaodan, analyst at China Development Bank Securities, in Beijing. Zhengzhou Coal Industry and Electric Power Co Ltd rose 3.2 per cent while Datong Coal Industry Co Ltd gained 6.4 per cent. Turnover of Shanghai A shares slipped to 105 billion yuan ($15.7 billion) on Wednesday from 113 billion yuan on Tuesday. Falling shares outnumbered winners 617 to 275. -Reuters
and was mainly in the negative zone as investors preferred to book profits ahead of the monetary policy while volumes were much lower as many of the investors preferred to stay sideline due to uncertainty that whether interest rates would be increased or kept unchanged. Therefore, index at a moment touched its lowest level of the day of 9,959 (-ve 21 points).
However, buying interest in mid-tier and in some oil and banking stocks allowed the index to bounce into the positive zone. Index then remained in the positive zone during the rest of the session and on the last minute index touched an intraday high of 10,025 points (+ve 44 points) and closed just near those levels. See # 9 Page 11
BSE bows down amid jerky trade MUMBAI: Indian shares on Wednesday closed 0.7 per cent lower in choppy trade on the eve of monthly derivatives contracts expiry on the National Stock Exchange, with weak European markets dampening sentiment. The 30-share BSE index dropped 0.74 per cent or 148.52 points to 19,956.34, after rising as much as 0.6 per cent early, with 22 of its components closing in the red. Around 12.5 million shares were traded on the BSE, more than thrice its average volume over the last 90 days. Declining shares beat advancing ones in a ratio of 1.6:1 in a relatively higher volume of 631 million shares. The 50-share NSE index dropped 0.6 per cent to 5,991.30 points. Traders also booked profits after the recent sharp rally, which saw the benchmark index gain 11 per cent in September, and firmly on
course to post its best monthly gain since May 2009. Sterlite Industries logged its biggest fall in 14 months as it fell 8.5 per cent after the Vedanta-owned company closed the world's ninth largest copper smelter on court order. "I think the market has run so hard so fast for a reasonable period of time and I think it should breathe little bit," said Sudhakar Shanbhag, chief investment officer for Kotak Life Insurance. "It can't keep running at this pace. The question...at this point of time is, can this rate of (fund) inflow continue?," said Shanbhag, who manages 79 billion rupees ($1.8 billion) of assets for the insurance company. Foreign funds have been net buyers of Indian equities on all sessions in September, pumping in more than $5 billion so far in the month. See # 7 Page 11
KARACHI: Pakistan Petroleum Ltd (PPL) has planned to actively pursue an aggressive exploration programme to replenish country's declining hydrocarbon reserves. "From now you will see more vibrant exploration programme to optimize production and enhance company's oil and gas reserves to enlarge returns to shareholders," said the managing director and CEO PPL Khalid Rehman while responding to various queries of shareholders at 59th annual general meeting (AGM) of the company at local hotel here on Wednesday. See # 6 Page 11
Frail lenders fret FTSE LONDON: Weak banks dragged the top share index lower on Wednesday on persistent concerns over European debt, while drug stocks were also under pressure, offsetting strength from BP. The FTSE 100 closed down 9.17 points, or 0.2 per cent, at 5,569.27, having quickly surrendered an opening push above 5,600. Banks were the main drag on blue-chip sentiment, shedding 1.3 per cent, as worries over the debt picture in Europe continued to have an impact, particularly concerns over the future for Irish banks. "It's really just continuing the theme we've seen all this week. We've got a really choppy
ANNOUNCEMENTS Company Premium Textile Pak Engineering Co. Quality Textile Ellcot Spinining Prosperity Weaving Searle Pakistan Nagina Cotton Fateh Textile XD Johnson & Philips Kohinoor Textile Dadex Eternit Karam Ceramics Aruj Garments Berger Paints Pioneer Cement
Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 50%(D) 50%(D) 5%(F)(D) 35%(D) 30%(D) 30%(D) 20%(SD)* 15%(D) -
PAT (Rs in mn) 191.780 119.104 94.998 128.633 127.320 357.164 248.511 19.622 -8.038 277.861 10.016 12.495 3.489 -116.221 -590.925
EPS(Rs) 31.12 20.93 5.95 11.75 6.89 11.66 13.29 15.70 -1.47 1.91 0.93 0.86 0.57 -8.91 -2.87
NOTE: *DIVIDEND = 20%SD (15% shares of Ellcot Sp. & 5% shares of Prosperity Weaving)
Dhiyan
STAY ON THE SIDELINES Mohammad Siddiq Dalal, Dalal Securities Some negative activities are expected in the market due to increase in interest rates and weak economic situation which will have a multiple effects. This rise in discount rates will hurt the market especially heavily leverage companies. It will increase the inflation and cost of doing businesses. Investors are recommended to stay on the sidelines and in case of major dips they can invest in dividend yielding stocks especially oil sector. Launch of margin trading system, improvement in economic and law and order situations and government-judiciary relations will be the factors to trigger the market. Market will be negative today.
Khalid Iqbal, Invest & Finance Securities Market has already factored in the rise in interest rates to some extent. Therefore, we will not see much negative reaction except a decline of about one per cent today. Negotiations with IMF, launch of MTS, and good corporate results will be the factors to drive the market in the short-term. Investors are advised to be cautious and defensive and invest in dividend yielding stocks. My top picks are HUBC and ICI.
6
Thursday, September 30, 2010
Market 46,071,746
Value
1,606,415,910
Trades
31,572
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
172 192 21 385
PE
Open
High
High Low 1,247.39 1,231.66 Total cos Defaulter cos P/BV (x) ROE (%) 3.96 37.01 Low
Close Chg
Last 60 days High Low
Volume
% Change 0.44 5-Day High 1,242.19 5-Day Low 1,226.06
2009 Div BR (%) (%)
2010 Div BR (%) (%)
6.05 330.14
5.13
438768
338.00
281.26
250
-
100
-
9.19
81.95
83.19
81.60
82.00
0.05
615803
93.60
73.47
-
-
-
-
3921
-
10.33
10.60
10.26
10.43
0.10
797850
13.05
9.62
-
-
-
-
110.49 109.00 109.68 204.80 195.65 202.53
0.04 5.59
14497 129813
138.45 207.00
106.00 32.17 100B 183.25 125 -
31 -
-
735 14.86 109.64 800 6.17 196.94
Oil & Gas Development XD 43009 10.00 143.89
Pak PetroleumXDXB
338.00 329.01 335.27
Close Change 1,242.19 5.43 Listed cap Market cap 65,194.15 mn 1,004,856.14 mn Payout (%) Div Yield (%) 68.56 6.40
576
145.38 143.51 144.85
0.96
252945
153.00
133.00
82.5
-
55
-
11950
5.50 174.95
175.75 173.90 175.44
0.49
489056
214.10
168.70
130
20B
90
20B
Pak Oilfields
2365
6.96 234.83
236.40 233.50 235.79
0.96
937384
240.01
209.99
180
-
80
-
Pak Refinery Limited PSO XD
350 1715
- 59.60 4.52 267.84
60.50 59.20 59.64 0.04 270.00 266.00 267.08 -0.76
7938 137681
82.00 289.45
48.26 233.10
50
-
80
-
Shell Gas LPG
226 13.45
Shell Pakistan XD
685
30.01
9.90 192.12
31.49
29.85
29.85 -0.16
194.00 192.00 193.02
0.90
709
40.10
27.32
-
-
-
-
4208
244.00
188.00
330
-
40
-
Performance of SR Chemicals Index Open 1,149.48 Turnover 5,918,919 P/E (x) 7.03 PE
High Low 1,154.04 1,137.57 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00
Open
High
Low
Agritech Limited 3924 - 23.61 Bawany Air 68 1.36 12.48 Biafo Ind 200 6.93 37.75 Clariant Pak 273 5.68 160.89 Dawood Hercules 1203 7.75 168.99 Descon Oxychem Ltd. 1020 4.50 Dewan Salman 3663 1.38 Engro Corp. Ltd XD 3277 9.06 179.29 Engro Polymer 6635 - 12.03 Fatima Fertilizer 22000 - 10.93 Fauji Fertilizer 6785 7.21 106.27 Fauji Fert. Bin Qasim 9341 6.96 27.24 Gatron Ind 384 3.73 39.50 Ghani Gases Ltd 725 - 11.03 ICI Pakistan XD 1388 7.21 121.02 Ittehad Chemical XD 360 4.99 22.05 Lotte Pakistan 15142 3.03 8.75 Mandviwala 74 1.74 Nimir Ind Chemical 1106 70.00 1.47 Shaffi Chemical 120 1.31 2.85 Sitara Chem Ind 204 5.08 110.40 Sitara Peroxide 551 8.17 United Distributors 92 3.25 15.90
24.48 13.46 38.99 161.50 168.00 4.50 1.45 179.94 12.19 11.17 106.40 27.50 41.47 11.40 122.49 21.05 8.81 1.80 1.47 2.75 115.90 8.24 15.70
22.52 12.30 38.95 159.25 166.25 4.10 1.28 176.26 11.92 10.86 105.61 27.00 40.00 11.03 120.60 21.00 8.64 1.33 1.40 2.15 111.01 7.67 15.01
Close Chg 23.74 13.32 38.95 161.35 167.94 4.40 1.32 176.70 12.03 11.13 105.92 27.34 40.00 11.22 121.06 21.05 8.72 1.70 1.40 2.73 115.12 8.17 15.06
0.13 0.84 1.20 0.46 -1.05 -0.10 -0.06 -2.59 0.00 0.20 -0.35 0.10 0.50 0.19 0.04 -1.00 -0.03 -0.04 -0.07 -0.12 4.72 0.00 -0.84
Close 1,144.08 Listed cap 52,251.88 mn Payout (%) 48.81
Change -5.40 Market cap 260,916.88 mn Div Yield (%) 6.94
Last 60 days High Low
Volume 3409 10679 9000 972 2339 61690 741693 610873 61507 661525 291305 514315 153 94277 55956 150 3321202 21105 23171 2110 25086 67662 250
27.79 16.78 39.20 174.00 185.88 5.45 2.21 194.59 12.75 12.46 113.39 30.65 48.30 11.45 128.30 37.80 9.09 3.24 1.81 3.80 138.00 11.09 17.99
% Change -0.47 5-Day High 1,149.48 5-Day Low 1,125.67
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.06 31.64 40 146.00 125 155.38 40 10B 3.20 1.28 165.60 6010B 40R 9.57 - 27.5R 9.02 102.91 131.5 10B 25.90 40 36.80 7.41 109.50 80 21.00 15 6.75 5 1.05 1.16 2.00 110.03 75 7.67 15.00 10 10B
45 20 20 75 5 20 55 5 25 -
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,177.58 Turnover 13,727 P/E (x) 6.19 Company
Paid up Cap(mn)
Century Paper Pak Paper ProductSPOT Security Paper
707 38 411
High Low 1,192.55 1,164.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47
Close 1,179.91 Listed cap 1,186.83 mn Payout (%) 25.28
PE
Open
High
Low
Close Chg
Volume
6.35 4.83
19.74 60.71 40.00
19.75 61.70 40.90
19.25 60.00 40.00
19.29 -0.45 61.00 0.29 40.90 0.90
1302 7213 5212
Change 2.33 Market cap 3,283.02 mn Div Yield (%) 4.08
Last 60 days High Low 22.70 62.85 50.40
15.80 42.10 38.10
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
2533.33B 50 -
INDUSTRIAL METALS AND MINING
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe
565 675 555
International Ind Siddiqsons Tin
PE
Open
High
High Low 981.86 958.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.00 33.10 Low
Close Chg
Close 977.29 Listed cap 3,596.11 mn Payout (%) 30.91
Change 10.64 Market cap 9,354.07 mn Div Yield (%) 10.28
Last 60 days High Low
Volume
2009 Div BR (%) (%)
24.70 2.05 16.75
24.26 2.00 15.60
24.70 0.00 2.03 -0.02 16.07 0.27
501 18042 23989
31.73 3.20 16.75
23.75 1.65 13.00
-
30B
30 -
-
1199 4.77 785 18.57
47.99 9.01
49.27 9.10
47.80 9.10
49.00 1.01 9.10 0.09
28890 500
70.71 11.25
47.50 8.20
10
-
40 7.5
20B -
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit 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 Pioneer Cement Safe Mix Concrete Thatta Cement
Close 908.67 Listed cap 54,792.74 mn Payout (%) 19.04
Change -1.45 Market cap 68,109.17 mn Div Yield (%) 2.85
Close Chg
Volume
Last 60 days High Low
3.15 65.00 1.50 15.50 10.25 1.52 24.41 1.42 24.29 4.65 1.90 3.05 60.00 5.87 2.75 69.00 2.88 7.75 6.00
3.20 65.41 1.85 15.50 10.32 1.57 26.75 1.43 24.41 4.70 1.94 3.68 62.00 6.03 2.77 69.79 2.90 7.75 6.00
24501 43946 4002 62096 879 7002 2972 2056 874120 300859 8010 81283 500 25462 368036 241583 300258 3701 5015
4.69 72.40 2.00 20.00 12.50 2.74 32.90 2.20 28.74 5.50 2.37 7.50 66.10 7.38 3.53 73.88 3.84 8.47 9.47
2.82 63.00 1.01 15.42 8.90 1.30 22.10 1.30 23.02 4.50 1.75 2.11 56.05 5.70 2.60 61.29 2.88 6.30 5.50
19.50
19.67 0.18
3001
21.80
17.74
PE
Open
High
Low
1828 866 858 182 956 982 108 3574 3651 6933 1760 2319 581 1288 13126 3234 3723 2228 200
4.64 12.08 28.76 33.90 11.75 6.27 -
3.25 66.05 1.80 16.50 11.10 1.60 25.63 1.49 24.56 4.73 1.94 3.29 61.00 6.15 2.84 69.50 2.98 7.90 6.66
3.30 66.40 1.90 16.00 11.25 1.74 26.90 1.48 24.70 4.75 1.94 3.95 63.00 6.20 2.85 69.95 2.98 8.10 7.35
798
-
19.49
19.69
-0.05 -0.64 0.05 -1.00 -0.78 -0.03 1.12 -0.06 -0.15 -0.03 0.00 0.39 1.00 -0.12 -0.07 0.29 -0.08 -0.15 -0.66
% Change -0.16 5-Day High 910.13 5-Day Low 900.98
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 200R 40 -
17.5 - 122R - 20R 40 -
-
-
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 887.03 Turnover 30,190 P/E (x) 2.61 Company
Paid up Cap(mn)
PE
Open
High
High Low 903.07 885.33 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd
92 4.53 47.46 230 1.79 970 6.18 60.00 389 3.00 844 15.45 101.99
Siemens Engineering Tri-Pack Films
82 10.29 1136.31 1190.00 1138.00 1154.78 18.47 300 8.07 100.67 101.00 100.50 100.50 -0.17
48.00 47.15 47.51 1.90 1.70 1.82 60.50 59.50 60.34 3.30 3.09 3.09 102.00 102.00 102.00
0.05 0.03 0.34 0.09 0.01
Pak Int Con. Terminal XD 1092 PNSC 1321
Close 892.63 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 5.61 Market cap 33,237.81 mn Div Yield (%) 5.95
Last 60 days High Low
% Change 0.63 5-Day High 892.63 5-Day Low 876.66
2009 Div BR (%) (%)
Open
High
Low
7.98 5.32
66.00 37.95
67.00 39.60
62.75 37.05
2010 Div BR (%) (%)
13891 9900 1422 517 1500
51.05 2.89 61.99 4.69 125.96
33.30 1.70 54.65 2.21 98.00
30 32.5
10B -
20 25 -
25B 10B -
220 2715
1299.75 105.00
981.00 91.00
900 100
-
300 -
-
Open 1,431.11 Turnover 57,952 P/E (x) 8.34 PE
Open
High
High Low 1,441.44 1,407.37 Total cos Defaulter cos P/BV (x) ROE (%) 3.17 38.02 Low
Close Chg
65.01 38.98
-0.99 1.03
Change -3.53 Market cap 12,495.83 mn Div Yield (%) 2.05
Volume
Last 60 days High Low
1220 30260
87.86 41.74
62.75 34.50
2009 Div BR (%) (%) 30
20B -
Open 1,046.80 Turnover 61,210 P/E (x) 3.68 Paid up Cap(mn)
Agriautos Ind Atlas BatteryXDXB Atlas Engineering Ltd Dewan Motors General Tyre XD Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors XD Pak Suzuki Sazgar Engineering
PE
Open
144 5.14 70.00 101 5.11 135.50 247 11.64 17.00 890 1.44 598 6.42 23.49 450 4.50 200 3.87 4.00 1428 - 10.81 786 4.96 218.23 823 8.78 72.18 125 6.43 24.97
High
High Low 1,057.76 1,032.82 Total cos Defaulter cos P/BV (x) ROE (%) 0.93 25.35 Low
Close Chg
71.65 70.05 70.30 0.30 135.51 135.00 135.50 0.00 17.00 16.90 17.00 0.00 1.49 1.35 1.42 -0.02 23.42 22.50 23.42 -0.07 4.69 4.16 4.47 -0.03 4.65 4.15 4.60 0.60 10.90 10.90 10.90 0.09 220.90 216.49 217.09 -1.14 72.00 70.20 70.70 -1.48 24.90 24.70 24.77 -0.20
Close 1,042.13 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 2071 1240 4000 7491 4010 2142 13905 200 4431 6456 15261
Change -4.67 Market cap 37,718.04 mn Div Yield (%) 5.54
Last 60 days High Low 78.39 209.00 19.80 2.24 28.80 6.60 5.70 14.50 287.00 89.99 27.85
63.01 131.00 15.90 1.16 21.71 4.15 3.55 10.05 212.29 70.20 23.91
Alert ! Unusual Movements Lotte Pakistan PTA Ltd
% Change -0.52 5-Day High 701.95 5-Day Low 677.22 2010 Div BR (%) (%) 40 15
-
% Change -0.45 5-Day High 1,046.93 5-Day Low 1,042.13
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 20B - 100R 100 5 - 20B
90 100 20 150 10
20B 20B
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
56.56
Total Assets (Rs in mn)
MA (10-day)
8.55
Total Equity (Rs in mn)
MA (100-day)
8.82
Revenue (Rs in mn)
Change -10.05 Market cap 31,405.20 mn Div Yield (%) 15.77
Last 60 days High Low
2010 Div BR (%) (%)
AL-Ghazi Tractor XD
215
5.12 217.09
217.00 214.00 215.59 -1.50
1774
227.45
198.00
400
-
150
-
Bolan Casting Ghandhara Ind Millat TractorsSPOT
95 213 293
5.75 49.72 2.29 14.50 7.38 582.50
50.00 49.00 49.80 0.08 14.84 14.26 14.59 0.09 584.90 574.01 576.07 -6.43
1881 2004 52272
50.61 20.24 597.90
35.25 13.79 476.00
450
20B 25B
25 650
10B 25B
7,536.40
9.63
Interest Expense
1st Support
8.59
Profit after Taxation
2nd Support
8.53
EPS 09 (Rs)
307.33
1st Resistance
8.76
Book value / share (Rs)
3,383.27 2.234 4.98
2nd Resistance
8.87
PE 10 E (x)
3.03
Pivot
8.70
PBV (x)
1.75
LOTPTA closed down -0.03 at 8.72. Volume was 57 per cent below average (consolidating) and Bollinger Bands were 41 per cent narrower than normal. The company's profit after taxation stood at Rs2.176 billion which translates into an Earning Per Share of Rs1.44 for the half year of current calendar year (1HCY10). LOTPTA is currently 8.7 per cent below 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 moderate flows of volume into LOTPTA (mildly bullish). Trend forecasting oscillators are currently bullish on LOTPTA.
Shahtaj Textile Mills Limited
FOOD PRODUCERS Performance of SR Food Producers Index Open 1,450.52 Turnover 61,358 P/E (x) 30.78 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 Mehran Sugar 143 Mirza Sugar 141 National Foods 414 Nestle Pakistan XD 453 Noon Sugar 165 Quice Food 107 Rafhan Maize 92 S S Oil 57 Sakrand Sugar 223 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177
PE
Open
High
High Low 1,457.20 1,442.41 Total cos Defaulter cos P/BV (x) ROE (%) 9.33 30.30 Low
Close Chg
19.19 8.98 9.98 9.00 9.98 0.64 11.30 12.00 11.95 12.00 4.17 42.70 41.00 41.00 41.00 1.45 1.50 1.49 1.50 6.08 29.50 29.95 29.30 29.48 4.52 16.04 16.10 16.00 16.09 12.20 13.19 11.20 12.37 2.94 52.84 52.50 51.25 52.49 0.30 4.80 4.80 4.75 4.76 22.10 46.02 46.50 45.00 46.19 21.43 1849.90 1875.00 1836.00 1862.44 12.50 12.80 12.00 12.00 2.21 2.21 2.21 2.21 6.32 1304.00 1303.00 1300.00 1303.00 1.01 3.49 3.50 3.15 3.50 3.00 3.00 2.12 3.00 15.91 10.99 11.00 10.90 10.98 3.48 4.22 4.17 4.18 284.55 29.90 31.39 29.00 31.30
1.00 0.70 -1.70 0.05 -0.02 0.05 0.17 -0.35 -0.04 0.17 12.54 -0.50 0.00 -1.00 0.01 0.00 -0.01 0.70 1.40
Close 1,449.99 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -0.53 Market cap 185,567.31 mn Div Yield (%) 0.99
Last 60 days High Low
14450 9.98 1.12 5000 14.75 10.50 199 47.35 37.50 2000 2.98 1.12 2225 30.44 22.50 1395 16.98 13.00 2753 13.25 4.22 1410 58.74 48.50 600 5.70 3.55 1388 65.29 41.35 221 1937.22 1550.00 1200 14.35 10.00 1000 2.80 1.60 103 1599.00 1120.00 3000 3.50 2.51 10500 3.50 2.12 5001 11.00 7.40 505 5.16 3.02 8083 35.50 22.42
% Change -0.04 5-Day High 1,450.52 5-Day Low 1,435.68
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 35 40 35 600 50 900 15 -
40 25 12 200 600 -
25B 30B 25B 10B -
10B -
HOUSEHOLD GOODS
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
63.72
Total Assets (Rs in mn)
MA (10-day)
17.68
Total Equity (Rs in mn)
MA (100-day)
16.48
Revenue (Rs in mn)
1,447.29 339.91 2,424.34
MA (200-day)
16.80
Interest Expense
1st Support
19.02
Profit after Taxation
38.89
2nd Support
18.63
EPS 09 (Rs)
102.80 4.026
1st Resistance
19.59
Book value / share (Rs)
35.19
2nd Resistance
19.77
PE 10 E (x)
3.03
Pivot
19.20
PBV (x)
0.55
STJT closed up 1.00 at 19.38. Volume was 2,128 per cent above average (trending) and Bollinger Bands were 23 per cent narrower than normal. The company's profit after taxation stood at Rs46.414 million which translates into an Earning Per Share of Rs4.80 for the nine months of fiscal year (9MFY10). STJT is currently 14.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into STJT (mildly bullish). Trend forecasting oscillators are currently bearish on STJT.
Sui Southern Gas Company Limited
Performance of SR Household Goods Index Open 1,025.75 Turnover 198,788 P/E (x) 3.39
High Low 1,031.22 1,013.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 10.64
Close 1,027.27 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Gauhar Engineering Ltd 22 Pak Elektron 1174 Tariq Glass Ind XD 231
2.96 2.85
0.21 13.54 17.81
0.15 13.95 17.85
0.15 13.35 17.10
0.15 -0.06 13.84 0.30 17.50 -0.31
2500 194325 1858
Company
Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Aruj Garments Azam Textile Azgard Nine Babri Cotton Bannu Woolen Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D M Textile D S Ind Ltd Dewan Mushtaq Textile Din Textile Ellcot Spinning Fazal Textile Gadoon Textile Ghani Value Glass Ghazi Fabrics Gillette Pakistan Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Island Textile J K SpinningXDXB Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Masood Textile Mehmood Textile Mian Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Premium Textile Prosperity Ravi Textile Redco Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Samin Textile Sana IndSPOT Saritow Spinning Service Ind Shahpur Textile Shahtaj Textile Shams Textile Shield Corp Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited
Change 1.52 Market cap 5,405.98 mn Div Yield (%) 1.85
Last 60 days High Low 0.50 15.95 19.12
0.15 11.41 13.50
2009 Div BR (%) (%) -
10B -
% Change 0.15 5-Day High 1,041.08 5-Day Low 1,025.75 2010 Div BR (%) (%) 17.5
10B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
PERSONAL GOODS
RSI (14-day)
85.65
Total Assets (Rs in mn)
Performance of SR Personal Goods Index
MA (10-day)
24.76
Total Equity (Rs in mn)
MA (100-day)
18.48
Revenue (Rs in mn)
Open 918.53 Turnover 3,303,764 P/E (x) 5.57 PE
High Low 925.62 911.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 8.64
Close 917.23 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
222 1.40 2415 4.56 17.09 62 7.54 5.30 133 0.52 2.22 4493 259.25 10.52 29 3.65 16.75 76 9.79 76 4.84 499.74 64 0.75 47.22 400 1.27 1.30 1150 3.08 316 14.78 695.00 2442 2.34 2.60 238 0.91 31 0.48 2.49 600 1.64 34 0.95 2.60 185 1.34 26.20 110 1.94 23.99 62 3.30 346.53 234 1.22 43.30 75 7.35 33.50 326 1.24 4.10 192 32.76 69.30 716 1.45 4.01 3105 3.28 35.50 99 0.58 3.00 180 2.55 4.30 181 3.26 237.95 5 0.21 75.76 175 0.42 6.71 107 0.80 303 1.44 509 2.75 1455 2.87 5.70 600 1.01 21.50 150 2.40 64.00 221 0.46 189 1.00 145 0.40 187 1.22 15.75 1586 3.01 16.38 3516 5.51 47.19 62 0.95 29.44 185 2.53 18.44 250 4.10 1.54 213 3.10 0.79 308 1.41 10.98 341 5.90 35.15 264 2.90 88 0.32 3.93 40 0.83 1.30 134 23.79 6.09 55 5.60 36.05 133 0.53 2.13 120 4.74 185.15 140 1.36 0.99 97 1.74 18.38 86 1.05 15.99 39 9.19 53.91 180 1.53 34.20 173 0.60 15.60 256 4.05 109.67 418 0.55 41.17 400 1.37 1.19 594 2.08 53 6.59 40.48
1.90 17.14 4.61 2.25 10.59 15.75 9.98 490.00 49.58 1.30 3.20 720.00 2.80 1.05 2.67 1.94 2.99 26.80 24.01 340.00 45.46 34.40 5.00 72.00 4.18 35.78 3.00 4.84 249.84 77.74 7.00 0.70 1.46 2.75 5.98 21.49 64.00 0.70 0.98 0.78 16.75 16.52 47.35 30.90 19.44 1.65 1.00 11.64 36.00 3.00 4.23 2.30 6.95 37.75 2.30 188.99 0.98 19.38 16.25 54.00 35.55 15.90 109.80 43.22 1.44 2.25 39.47
1.05 16.71 4.30 1.85 10.30 15.75 9.05 480.00 49.58 1.05 3.06 673.01 2.78 0.72 2.50 1.51 2.99 25.07 22.80 329.21 45.46 33.30 3.90 66.50 3.80 35.00 3.00 3.53 226.06 75.05 5.71 0.70 1.35 2.55 5.28 21.48 62.00 0.41 0.68 0.25 14.75 16.12 46.62 28.50 17.44 1.51 0.93 11.00 35.49 2.99 3.86 2.00 6.10 36.05 2.00 182.00 0.80 18.81 15.26 51.75 32.61 15.25 107.50 42.00 1.00 2.20 38.46
1.07 -0.33 17.04 -0.05 4.30 -1.00 2.21 -0.01 10.37 -0.15 15.75 -1.00 9.93 0.14 490.00 -9.74 49.58 2.36 1.28 -0.02 3.19 0.11 688.28 -6.72 2.78 0.18 0.83 -0.08 2.50 0.01 1.76 0.12 2.99 0.39 26.03 -0.17 22.80 -1.19 333.39-13.14 45.46 2.16 33.30 -0.20 4.26 0.16 66.50 -2.80 4.05 0.04 35.60 0.10 3.00 0.00 4.47 0.17 246.53 8.58 75.05 -0.71 6.30 -0.41 0.70 -0.10 1.38 -0.06 2.75 0.00 5.48 -0.22 21.48 -0.02 62.00 -2.00 0.69 0.23 0.68 -0.32 0.47 0.07 16.18 0.43 16.24 -0.14 46.86 -0.33 29.41 -0.03 17.44 -1.00 1.60 0.06 0.93 0.14 11.44 0.46 36.00 0.85 3.00 0.10 3.88 -0.05 2.30 1.00 6.90 0.81 37.50 1.45 2.30 0.17 184.01 -1.14 0.98 -0.01 19.38 1.00 16.25 0.26 52.21 -1.70 34.20 0.00 15.30 -0.30 108.07 -1.60 43.22 2.05 1.00 -0.19 2.25 0.17 38.50 -1.98
8252 48784 6674 5100 427808 500 4893 259 1700 4022 16883 165 3107 3998 10000 197503 436 350 9200 553 332 2510 17437 2052 202610 3026 25000 5505 6244 155 584 500 6606 2317 59519 969 102 53499 2101 2176 56657 268246 808772 62594 32013 446167 2000 63481 4400 1480 9001 500 8553 36367 7600 2028 508 187837 301 600 5401 1206 31537 100367 12484 7600 2110
Change -1.30 Market cap 113,051.90 mn Div Yield (%) 2.99
Last 60 days High Low 2.21 20.45 6.85 2.90 13.40 16.75 10.50 620.00 49.58 2.30 4.98 770.00 5.00 2.25 2.68 2.65 3.99 32.30 25.45 410.00 45.46 38.64 5.00 72.00 4.61 41.00 4.79 4.90 269.50 83.12 10.30 1.99 2.00 3.99 6.30 23.25 74.50 1.40 1.82 0.99 16.75 19.49 53.14 30.90 21.47 4.79 1.00 11.64 36.40 4.64 4.98 2.95 8.40 38.00 2.80 236.61 2.26 21.50 17.63 59.99 36.20 19.70 114.99 49.49 1.90 4.99 46.12
0.40 13.75 4.30 1.35 8.55 9.50 7.50 452.59 38.89 0.70 2.93 544.00 2.23 0.48 0.99 1.45 1.52 24.00 20.50 305.00 33.80 26.00 1.11 57.50 2.52 33.66 2.45 2.55 185.38 70.14 4.75 0.10 1.10 1.60 4.00 19.25 46.55 0.01 0.35 0.25 11.30 14.64 40.81 22.77 16.22 1.38 0.50 6.91 31.35 2.01 2.65 1.30 5.02 27.25 1.01 176.50 0.25 14.75 15.00 50.45 29.50 12.61 93.50 37.20 0.73 1.50 33.00
2009 Div BR (%) (%)
% Change -0.14 5-Day High 918.53 5-Day Low 904.74 2010 Div BR (%) (%)
30 120 7.5 50 115 15B 20 10B 7.5 35 15 - 100 70 8 400R 25 10 10 15 50 20 5B 15 - 100R 4050.2257B - 20SD - 50R 20 25 45R 7.5 50 20 30 40 40 - 100R 35 60 200 20 45 - 30B 10 15 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH Open 819.54 Turnover 668,096 P/E (x) 6.18
% Change -0.70 5-Day High 1,435.12 5-Day Low 1,421.05
2009 Div BR (%) (%)
18,976.36 38,552.26
MA (200-day)
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
7.76 88.06 6.81 103.00 12.20 67.89 6.48 23.60 16.22 7.10 5.27 62.64
High
High Low 825.23 807.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 22.31 Low
Close Chg
88.51 87.30 88.51 0.45 103.80 101.10 103.80 0.80 68.50 67.26 67.57 -0.32 23.90 23.61 23.85 0.25 7.96 7.06 7.30 0.20 62.70 59.86 61.42 -1.22
Close 817.71 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2550 402 3387 3800 13300 644637
95.50 124.00 83.77 25.79 8.66 64.05
77.00 96.00 65.00 22.10 6.10 53.36
9,683.52 108,151.09
18.00
Interest Expense
1st Support
28.04
Profit after Taxation
2nd Support
26.45
EPS 09 (Rs)
4,409.79 0.384
1st Resistance
30.69
Book value / share (Rs)
14.43
2nd Resistance
31.75
PE 10 E (x)
Pivot
29.10
PBV (x)
257.49
2.05
SSGC closed up 0.89 at 29.63. Volume was 1,468 per cent above average (trending) and Bollinger Bands were 205 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 63.9 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.
Dewan Salman Fibre Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
34.54
Total Assets (Rs in mn)
16,668.04
MA (10-day)
1.46
Total Equity (Rs in mn)
(5,909.01)
MA (100-day)
1.69
Revenue (Rs in mn)
4,169.62
MA (200-day)
1.87
Interest Expense
1st Support
1.25
Loss after Taxation
2nd Support
1.18
EPS 09 (Rs)
2,050.22
1st Resistance
1.42
Book value / share (Rs)
2nd Resistance
1.52
PE 10 E (x)
Pivot
1.35
PBV (x)
(6,233.79) (17.017) (16.13) (0.08)
DSFL closed down -0.06 at 1.32. Volume was 54 per cent above average and Bollinger Bands were 49 per cent narrower than normal. The company's loss after taxation stood at Rs10.744 billion which translates into a Loss Per Share of Rs2.93 for the nine months of fiscal year (9MFY10). DSFL is currently 29.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.
BOOK CLOSURES Company
From
To
Adamjee Insurance Pak Oman Advantage Shifa Int Hospitals Sana Industries Millat Tractors Atlas Engineering Descon Chemicals Pak Int Cont Terminal Descon Oxychem National Foods Pak National Shipping Corp Amtex Ltd Island Tex Mills JS Global Capital Otsuka Pakistan Salfi Tex Mills Tata Tex Mills Merit Packaging Al-Meezan Mutual Fund Ghandhara Industries
30-Sep 01-Oct 01-Oct 02-Oct 04-Oct 05-Oct 06-Oct 06-Oct 07-Oct 07-Oct 07-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 09-Oct 11-Oct 11-Oct
06-Oct 04-Oct 07-Oct 09-Oct 15-Oct 11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct 19-Oct
D/B/R 10(I) 15(F) 60 350(F),25(B) 12 15 30 50 50 25 25 8.5(F) -
Spot AGM/Date 22-Sep 23-Sep 24-Sep 24-Sep 29-Oct 29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 01-Oct -
07-Oct 09-Oct 15-Oct 11-Oct 12-Oct 13-Oct 13-Oct 15-Oct 14-Oct 15-Oct 16-Oct 14-Oct 14-Oct 16-Oct 16-Oct 15-Oct 19-Oct
INDICATIONS
Change -1.83 Market cap 27,587.65 mn Div Yield (%) 7.21
Last 60 days High Low
100,553.93
MA (200-day)
Performance of SR Pharma and Bio Tech Index
Close 1,421.05 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Close Chg
Close 677.22 Listed cap 3,242.17 mn Payout (%) 11.08
AUTOMOBILE AND PARTS
Performance of SR Industrial Engineering Index
Paid up Cap(mn)
15,746.21 15,760.80 15,648.17 h28.89
Performance of SR Automobile and Parts Index
INDUSTRIAL ENGINEERING
Company
KMI 30 Index Current High Low Change
9,727.57 9,739.51 9,671.08 h22.85
High Low 695.25 651.75 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 25.53
PE
2010 Div BR (%) (%)
24.70 2.05 15.80
High Low 920.92 896.63 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10
Paid up Cap(mn)
% Change 1.10 5-Day High 977.29 5-Day Low 957.68
3.35 6.72
Open 910.13 Turnover 2,354,312 P/E (x) 6.69
Company
% Change 0.20 5-Day High 1,182.83 5-Day Low 1,174.55
Performance of SR Industrial Metals and Mining Index Open 966.65 Turnover 71,922 P/E (x) 3.01
Open 680.74 Turnover 31,480 P/E (x) 5.40
Company
CHEMICALS
Paid up Cap(mn)
Current High Low Change
INDUSTRIAL TRANSPORTATION
853
Company
KSE 30 Index
7,000.42 7,001.52 6,959.46 h28.33
Performance of SR Industrial Transportation Index
Attock Petroleum
Mari Gas Company National Refinery
Current High Low Change
OIL AND GAS
Attock Refinery BYCO Petroleum
All Share Index
10,022.25 10,024.62 9,958.82 h41.18
Performance of SR Oil and Gas Index Open 1,236.76 Turnover 2,898,989 P/E (x) 10.71 Company
KSE 100 Index
Symbols
Volume
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change -0.22 5-Day High 819.54 5-Day Low 814.24 2010 Div BR (%) (%) 20 30
20B -
# Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips Pakistan CablesXD TRG Pakistan Ltd Murree Brewery Shezan International Grays of Cambridge Lakson Tobacco Shifa Int.Hosp SPOT Eye Television PIAC (A) AKD Capital Pace (Pak) Ltd Netsol Technol Pak Telephone
Open 11.39 57.2 4.23 87.15 104.44 57.26 257.58 34.79 20.99 2.07 42.84 2.63 18.18 1.8
High 11.68 59 4.27 91.5 100 60 270.45 36.5 20.07 2.15 44.98 2.66 18.32 2.2
Low Close 10.39 54.34 4.1 91.5 99.25 56 270.45 35.35 20.05 2.07 44.98 2.51 17.9 1.63
11.47 58.09 4.12 91.5 100 56.13 270.45 35.9 20.05 2.14 44.98 2.61 17.99 1.91
Change 0.08 0.89 -0.11 4.35 -4.44 -1.13 12.87 1.11 -0.94 0.07 2.14 -0.02 -0.19 0.11
Vol 4091 2825 1069502 105 1336 327 6554 104 500 70019 5870 128794 148256 2013
7
Thursday, September 30, 2010 Ask Gen Insurance Atlas Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,104.91 Turnover 728,326 P/E (x) 6.03 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
37740 3000 8606 6175
Open
8.96 -
High Low 1,109.51 1,086.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
High
18.96 2.21 2.50 4.19
Low
19.00 2.22 2.58 4.19
18.70 2.10 2.43 3.94
Close Chg 18.82 2.12 2.47 3.97
-0.14 -0.09 -0.03 -0.22
Close 1,095.48 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 439940 118182 170180 107981
Change -9.43 Market cap 77,145.28 mn Div Yield (%) 10.38
Last 60 days High Low 20.22 3.18 3.30 6.29
17.20 1.80 2.30 3.80
% Change -0.85 5-Day High 1,104.91 5-Day Low 1,073.74
2009 Div BR (%) (%) 15 -
-
204 369
5.54 4.33
9.85 28.10
10.00 29.38
9.75 29.34
9.75 -0.10 29.34 1.24
753 401
11.95 31.00
8.45 27.10
40
10B
-
-
Central Insurance XB EFU General Ins. XB Habib Insurance
279 5.07 1250 30.42 400 7.64
49.48 38.45 11.15
50.00 39.98 11.00
49.00 37.65 10.45
49.01 -0.47 38.33 -0.12 11.00 -0.15
4071 700 3000
64.90 55.20 13.89
47.37 35.52 10.10
20 40 35
25B 8.7B -
10 -
10B -
IGI Insurance Pak Reinsurance
718 12.80 3000 -
73.33 13.38
74.99 13.40
70.50 13.01
72.47 -0.86 13.14 -0.24
52672 140378
79.10 19.40
66.02 12.50
35 30
-
10 -
20B -
6.75 6.63
6.89 6.22
5.80 6.20
5.90 -0.85 6.22 -0.41
2670 1806
8.20 10.00
5.50 6.00
5 -
25B 20B
-
-
Pak Gen Insurance Silver Star Insurance
250 253
1.39 1.55
2010 Div BR (%) (%) 17.5 -
LIFE INSURANCE
-
Open 824.93 Turnover 1,110 P/E (x) 83.39
ELECTRICITY
Paid up Cap(mn)
Company
High Low 1,159.80 1,130.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
PE
Open
High
Low
Genertech 198 Hub Power XD 11572 6.22 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 4.71 Kohinoor Power 126 2.78 Kot Addu Power 8803 7.13 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 84.86 Sitara Energy Ltd 191 3.65 Southern Electric 1367 5.82 Tri-star Power XD 150 -
0.72 33.03 1.48 2.06 25.44 5.50 41.64 10.75 11.44 21.50 2.29 0.89
0.85 33.75 1.50 2.14 24.48 5.40 41.69 11.00 11.94 21.74 2.39 1.00
0.65 32.92 1.40 2.00 24.20 4.75 41.05 10.70 11.31 20.70 2.25 0.71
Close 1,149.42 Listed cap 95,369.29 mn Payout (%) 104.13
Change 8.23 Market cap 96,975.55 mn Div Yield (%) 8.36
% Change 0.72 5-Day High 1,149.42 5-Day Low 1,132.01
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.79 33.57 1.42 2.05 24.20 5.01 41.22 10.91 11.88 21.74 2.27 0.85
72105 2350304 25000 154999 4301 106 218429 900150 3153302 1701 63017 9175
1.53 37.24 2.38 2.63 26.50 7.00 44.85 11.00 11.94 23.48 3.21 1.69
33.5 45 64.5 20 3
0.07 0.54 -0.06 -0.01 -1.24 -0.49 -0.42 0.16 0.44 0.24 -0.02 -0.04
0.51 31.59 0.70 1.92 23.00 3.90 39.51 8.60 9.25 20.00 2.21 0.33
31R -
50 - 7.8R 50 -
Performance of SR Gas Water and Multiutilities Index
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,694.16 1,591.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 11.41
Close 1,668.17 Listed cap 12,202.80 mn Payout (%) 66.79
Change 25.60 Market cap 36,991.53 mn Div Yield (%) 5.58
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.32 6712 -
31.47 28.74
31.51 30.16
31.10 27.51
31.15 -0.32 29.63 0.89
301971 4589853
31.90 30.16
% Change 1.56 5-Day High 1,668.17 5-Day Low 1,479.70
2009 Div BR (%) (%)
25.00 16.00
-
2010 Div BR (%) (%)
-
-
-
BANKS Performance of SR Banks Index Open 936.24 Turnover 9,681,629 P/E (x) 6.72 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.55 50.80 Askari Bank 6427 6.04 14.53 Atlas Bank 5001 1.70 Bank Alfalah 13492 10.71 8.07 Bank AL-Habib 7322 6.68 30.90 Bank Of Khyber 5004 3.12 3.10 Bank Of Punjab 5288 8.28 BankIslami Pak 5280 3.20 Faysal Bank 6091 3.14 13.50 Habib Bank Ltd 10019 6.18 95.43 Habib Metropolitan Bank 8732 5.59 19.00 JS Bank Ltd 6128 2.44 KASB Bank Ltd 9509 2.44 MCB Bank Ltd 7602 8.89 189.03 Meezan Bank 6983 7.22 14.97 Mybank Ltd 5304 2.10 National Bank 13455 5.33 63.36 NIB Bank 40437 2.60 Royal Bank Ltd 17180 6.46 Samba Bank 14335 1.76 Silkbank Ltd 26716 12.77 2.71 Soneri Bank 6023 5.67 Stand Chart Bank 38716 9.44 6.08 Summit Bank Ltd 5000 2.47 United Bank Ltd 12242 6.12 51.53
High
High Low Close 948.60 927.74 941.49 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35 Low
Close Chg
51.50 50.50 51.40 0.60 14.70 14.40 14.61 0.08 1.80 1.75 1.75 0.05 8.10 7.96 8.03 -0.04 31.00 30.52 30.98 0.08 3.15 3.01 3.12 0.02 8.30 8.10 8.14 -0.14 3.29 3.05 3.15 -0.05 13.68 13.40 13.63 0.13 96.35 94.00 96.04 0.61 19.29 18.31 18.90 -0.10 2.49 2.40 2.47 0.03 2.48 2.22 2.45 0.01 192.00 188.00 190.67 1.64 15.00 14.62 14.87 -0.10 2.05 1.94 2.00 -0.10 63.62 63.05 63.47 0.11 2.64 2.58 2.60 0.00 6.65 6.00 6.40 -0.06 1.84 1.74 1.76 0.00 2.86 2.65 2.81 0.10 5.89 5.50 5.51 -0.16 6.67 6.20 6.61 0.53 2.70 2.40 2.64 0.17 52.25 51.49 52.01 0.48
Volume
Change 5.25 Market cap 583,842.59 mn Div Yield (%) 5.11
Last 60 days High Low
85502 59.70 84072 17.46 12500 3.00 773729 10.25 22576 34.00 8121 4.75 468114 11.24 19125 3.90 6457 15.95 137068 109.10 11196 23.75 172427 3.00 203 4.00 705661 214.99 12070 16.50 110160 3.28 492875 73.89 1134583 3.50 9641 13.40 6898 2.90 4833936 3.30 3433 8.34 4405 8.50 112634 4.38 566877 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.10 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 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 0.56 5-Day High 941.49 5-Day Low 920.82
20 - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Ins. XD
High Low 634.42 616.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 5.20
Close 621.76 Listed cap 11,111.34 mn Payout (%) 79.54
Change -4.59 Market cap 40,426.58 mn Div Yield (%) 8.87
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 12.03
66.81
67.49
66.01
66.18 -0.63
46711
89.90
64.00
2009 Div BR (%) (%) 30
10B
PE
Open
% Change -0.73 5-Day High 626.35 5-Day Low 618.82 2010 Div BR (%) (%) 10
-
High
Low
Close Chg
Close 811.13 Listed cap 2,290.72 mn Payout (%) 355.53
Change -13.80 Market cap 8,605.87 mn Div Yield (%) 4.26
Last 60 days High Low
Volume
% Change -1.67 5-Day High 824.93 5-Day Low 811.13
2009 Div BR (%) (%)
2010 Div BR (%) (%)
EFU Life Assurance XB
850 31.41
59.00
59.00
57.80
57.80 -1.20
500
84.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 52.50
42.70
42.00
42.00
42.00 -0.70
600
46.00
34.50
10
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 355.84 Turnover 3,258,232 P/E (x) 0.44 Company
Paid up Cap(mn)
High Low 359.82 349.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
AMZ Ventures 225 Arif Habib Invest. XB 360 6.58 Arif Habib Limited XB 450 6.73 Arif Habib Securities 3750 2.26 Dawood Cap Mang. XB 150 7.32 Dawood Equities 250 Escorts Bank 441 First Credit & Invest Bank Ltd 650 8.57 Grays Leasing 215 IGI Investment Bank 2121 Invest and Fin Sec 600 2.61 Invest Bank 2849 Ist Cap Securities 2878 Ist Dawood Bank 626 0.35 Jah Siddiq Co 7633 14.17 JOV and CO 508 JS Global Cap 500 JS Investment 1000 12.56 KASB Securities 1000 Orix Leasing 821 3.66 Pervez Ahmed Sec 775 Stand Chart Leasing 978 4.77
0.60 14.36 27.08 22.99 1.39 1.87 2.30 3.00 1.30 1.70 8.15 0.55 3.43 2.21 9.86 2.60 34.74 5.81 4.20 4.67 1.41 2.04
0.60 14.49 27.08 23.30 1.45 2.00 2.60 3.48 2.27 1.80 7.90 0.60 3.40 2.24 9.94 2.65 34.93 5.79 4.35 4.99 1.49 2.34
0.55 14.06 26.70 22.80 1.15 1.85 2.11 3.00 1.75 1.61 7.37 0.55 3.25 2.07 9.74 2.50 33.01 5.62 4.00 4.55 1.40 2.10
0.60 14.08 27.00 22.94 1.39 1.85 2.60 3.00 1.75 1.61 7.50 0.57 3.37 2.13 9.78 2.55 33.46 5.65 4.14 4.65 1.47 2.10
0.00 -0.28 -0.08 -0.05 0.00 -0.02 0.30 0.00 0.45 -0.09 -0.65 0.02 -0.06 -0.08 -0.08 -0.05 -1.28 -0.16 -0.06 -0.02 0.06 0.06
Volume 6120 651 16323 516856 102 6000 501 8817 182 1100 7556 2317 1020 391314 1425700 603637 49456 31393 23688 9737 162590 1950
Change -3.22 Market cap 25,935.03 mn Div Yield (%) 10.44
% Change -0.91 5-Day High 359.11 5-Day Low 351.22
Last 60 days High Low
2009 Div BR (%) (%)
1.19 20.99 50.12 35.65 3.30 3.36 3.20 3.98 4.00 2.98 9.00 1.23 5.90 2.84 15.47 6.48 42.40 8.65 5.49 5.95 2.89 3.89
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.75 26.11 21.76 0.50 1.55 2.01 2.00 0.32 1.17 6.90 0.50 2.54 1.17 9.36 2.50 33.01 5.40 3.20 3.66 1.35 1.42
2010 Div BR (%) (%) 20B 20B -
High 23.41 40.99 28.00 51.35 5.00 1.20 13.88 19.89 8.30 4.00 606.90 0.74 13.98 2.35 187.10 13.93 115.98 46.05 949.00 1.00 47.35 20.99 6.99 313.90 6.95 19.40 18.95 17.20 27.03 9.85 1.22 6.25 20.82 1.00 1.18 65.50 6.80 6.50 20.00 5.50 20.45 97.96 17.61 3.98 9.50 1.95 10.20 4.61 2.34 7.25 61.23 39.11 2.50 6.89 81.00 0.76 2.44 10.74 30.04 6.00 1038.95 3.94 4.00
Low
Close
23.41 40.99 28.00 47.00 5.00 0.80 13.05 19.65 8.00 4.00 606.00 0.65 13.98 2.06 187.10 13.93 109.25 46.05 941.00 1.00 47.35 20.99 6.99 288.57 6.26 18.40 18.95 17.20 26.00 8.90 1.22 6.25 20.82 0.73 1.17 65.50 6.80 5.22 20.00 4.68 20.45 92.50 17.51 3.25 9.00 1.93 10.20 4.61 2.34 7.25 61.23 39.00 2.50 6.89 80.00 0.72 2.19 10.74 30.04 6.00 1038.88 3.39 4.00
23.41 40.99 28.00 47.00 5.00 0.80 13.80 19.66 8.00 4.00 606.90 0.73 13.98 2.14 187.10 13.93 115.50 46.05 941.92 1.00 47.35 20.99 6.99 309.45 6.95 18.60 18.95 17.20 26.00 9.49 1.22 6.25 20.82 0.90 1.17 65.50 6.80 5.23 20.00 5.23 20.45 97.96 17.61 3.25 9.25 1.93 10.20 4.61 2.34 7.25 61.23 39.00 2.50 6.89 80.00 0.72 2.19 10.74 30.04 6.00 1038.88 3.39 4.00
Change
Vol
1.11 0.09 0.00 -1.93 -1.00 -0.70 -0.10 -0.23 -0.14 -0.98 28.90 0.03 -0.26 0.03 -7.88 -0.87 0.50 2.07 -6.08 -0.25 2.25 -1.08 0.49 6.04 -0.25 -0.77 0.00 0.80 0.25 -0.41 0.18 1.00 0.12 -0.05 0.15 1.50 1.00 -0.47 0.00 -0.42 -0.05 1.11 -0.55 -0.24 0.25 0.04 -0.70 0.61 0.39 -1.00 1.23 1.75 -0.71 0.40 0.41 0.22 0.00 0.99 1.04 -1.00 -6.12 -0.03 -1.00
100 100 100 98 95 81 70 52 51 49 33 30 30 30 28 25 24 21 19 17 15 15 12 12 11 11 10 10 10 8 8 7 7 6 5 5 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
FUTURE CONTRACTS Symbols
Open 24.67
24.67
24.35
24.56
-0.11
218500
EQUITY INVESTMENT INSTRUMENTS
MCB-OCT
188.63
190.99
187.25
190.24
1.61
185000
POL-OCT
236.32
237.00
234.10
236.40
0.08
171500
Performance of SR Equity Investment Instruments Index
NBP-OCT
63.51
63.99
63.21
63.83
0.32
139500
ENGRO-OCT 178.51
178.50
176.25
176.60
-1.91
139000 126000
Open 1,017.88 Turnover 1,336,163 P/E (x) 6.67 Company
Close Chg
Close 352.61 Listed cap 30,336.44 mn Payout (%) 4.60
22.30 40.90 28.00 48.93 6.00 1.50 13.90 19.89 8.14 4.98 578.00 0.70 14.24 2.11 194.98 14.80 115.00 43.98 948.00 1.25 45.10 22.07 6.50 303.41 7.20 19.37 18.95 16.40 25.75 9.90 1.04 5.25 20.70 0.95 1.02 64.00 5.80 5.70 20.00 5.65 20.50 96.85 18.16 3.49 9.00 1.89 10.90 4.00 1.95 8.25 60.00 37.25 3.21 6.49 79.59 0.50 2.19 9.75 29.00 7.00 1045.00 3.42 5.00
DGKC-OCT
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 626.35 Turnover 253,177 P/E (x) 8.96
Paid up Cap(mn)
2010 Div BR (%) (%)
GAS WATER AND MULTIUTILITIES Open 1,642.57 Turnover 4,891,824 P/E (x) 11.97
Company
High Low 816.32 811.13 Total cos Defaulter cos P/BV (x) ROE (%) 3.21 3.85
Open
SALT DLL AASM BAFS KOHS COTT SANSM ADMM PASM ISTM DREL SPLC BUXL DCH BHAT MERIT PAKD CLOV WYETH SJTM SHJS PGCL RICL PECO PSYL FRSM ALICO JDMT NOPK FNEL SRSM SZTM ADOS HADC FEM FIMM ELCM GUSM TOWL FECTC GUTM ATLH SING FRCL STCL FCONM CENI CSIL PIL MQTM MIRKS PMRS SGMLPS MLCFPS KSBP DWAE TREI PIAB OTSU WAZIR UPFL EMCO ARPAK
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,141.20 Turnover 6,952,589 P/E (x) 12.45
UPTO 100 VOLUME Symbols
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. B R R Guardian Mod. Crescent St Modaraba Elite Cap 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
PE
264 1375 2.69 780 200 2.15 113 3.99 300 3.19 581 760 3.98 397 5.58 1008 4.50 3180 38.88 1186 283 2.50 1200 2.90 1000 3.30 250 7.16 1698 3.62 3000 5.34 59 3.09 1000 2.48 2835 2.29 2841 1.84 872 2.24 340 454 4.72 298 4.37
Open 1.39 6.90 1.30 0.45 2.22 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
High
High Low 1,038.31 1,005.66 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 4.09 Low
1.38 7.00 1.36 0.59 2.83 3.00 1.75 3.70 6.50 5.99 3.19 3.01 1.63 6.00 3.30 8.00 8.35 6.85 8.50 4.80 8.35 3.79 0.85 1.00 8.35 3.45
Close Chg
1.10 6.90 1.20 0.45 2.83 2.70 1.73 3.62 6.15 5.91 3.10 2.83 1.50 6.00 3.00 6.90 7.60 6.80 7.51 4.51 8.20 3.55 0.80 0.71 8.00 2.40
1.38 6.96 1.36 0.58 2.83 2.97 1.73 3.66 6.30 5.99 3.11 2.95 1.50 6.00 3.30 7.73 7.60 6.83 8.40 4.66 8.34 3.64 0.85 0.77 8.30 3.45
-0.01 0.06 0.06 0.13 0.61 -0.03 -0.05 0.03 0.29 0.08 -0.09 -0.05 -0.01 -0.02 0.45 0.13 -0.04 -0.06 0.50 -0.08 0.15 0.04 0.04 -0.23 -0.10 0.28
Close 1,021.57 Listed cap 29,771.58 mn Payout (%) 104.19
Change 3.69 Market cap 17,434.69 mn Div Yield (%) 27.46
Last 60 days High Low
Volume 1412 35500 3122 155140 304 12504 260 70579 115521 2050 18591 16203 1002 500 200 33502 357938 395100 8504 4503 23611 10973 62500 125 5403 1105
2.24 7.25 2.43 0.90 3.59 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
1.01 6.35 0.90 0.16 1.65 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
2009 Div BR (%) (%) 4.5 5 20 10 5 15 16.5 -
High
Low
Close
Change
Vol
% Change 0.36 5-Day High 1,029.92 5-Day Low 1,005.00
NML-OCT
45.04
44.90
44.50
44.79
-0.25
PSO-OCT
267.29
268.30
265.00
267.12
-0.17
67000
AICL-OCT
67.48
2010 Div BR (%) (%)
LUCK-OCT
66.40
ANL-OCT UBL-OCT
- 18.5 17 11 21 5 10 2.8 - 15.5 15 - 18.6 - 11.53 5 20 10 3 17 5
-
PTC-OCT
19.00
18.95
18.90
18.95
-0.05
54500
PPL-OCT
174.79
175.50
173.80
175.31
0.52
33500
OGDC-OCT 142.90
144.10
143.00
144.08
1.18
24500
66.80
66.42
66.80
-0.68
12000
66.50
65.70
66.49
0.09
11500
10.51
10.45
10.35
10.36
-0.15
7500
52.31
51.50
51.50
51.50
-0.81
1000
NETSOL-OCT 17.20
17.50
17.50
17.50
0.30
1000
FFBL-OCT
28.05
28.05
28.05
27.74
-0.31
0.00
AICL-COCT
68.80
0.00
0.00
67.12
-1.68
0.00
ABL-COCT
51.54
0.00
0.00
52.13
0.59
0.00
AKBL-COCT 14.74
0.00
0.00
14.82
0.08
ATRL-COCT
83.15
0.00
0.00
83.16
0.01
0.00
ANL-COCT
10.67
0.00
0.00
10.52
-0.15
0.00
FFC-COCT
107.82
0.00
0.00
107.42
-0.40
0.00
0.00
ZERO VOLUME Symbols
Open
High
Low
Close
AABS
89.90
89.50
89.50
89.50
-0.40
AKGL
3.50
3.51
3.51
3.51
Change 0.01
Vol 0.00
BILF
1.05
1.00
1.00
1.00
-0.05
0.00
DCTL
0.80
0.60
0.60
0.60
-0.20
0.00
DIIL
17.50
16.95
16.95
0.00
0.00
16.95
-0.55
FANM
3.39
3.35
3.35
3.35
-0.04
0.00
FASM
28.93
30.37
30.37
30.37
1.44
0.00
FTSM
3.99
2.99
2.99
2.99
-1.00
0.00
HUSI
9.89
9.50
9.50
9.50
-0.39
0.00
HWQS
21.95
21.80
21.80
21.80
-0.15
0.00
0.89
0.85
0.85
0.85
-0.04
ICCT
0.00
LPGL
7.51
8.51
8.51
8.51
1.00
0.00
MDTL
58.00
55.20
55.20
55.20
-2.80
0.00
MOON
11.85
11.00
11.00
11.00
-0.85
0.00
21.00
-0.56
NMBL
1.19
1.17
1.17
1.17
-0.02
0.00
PHDL
NCLNCP
60.74
21.56
63.77
21.00
63.77
21.00
63.77
3.03
0.00
0.00
BOARD MEETINGS
Hub Power Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
56.19
Support 1
9,979.20
MA (5-day)
9,936.34
Support 2
9,936.10
MA (10-day)
9,985.45
Resistance 1
10,045.00
MA (100-day)
9,879.97
Resistance 2
10,067.70
9,909.63
Pivot
Rs Recommendations
Brokerage House
*Arif Habib Ltd
48
Buy
*Arif Habib Ltd
AKD Securities Ltd
46
Buy
AKD Securities Ltd
Positive
TFD Research
TFD Research
44.9
Technical Outlook Technical Analysis
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 41.18 points at 10,022.25. Volume was 49 MA (100-day) per cent below average (consolidating) and Bollinger Bands were 43 per MA (200-day) MA (200-day)
Fair Value
Brokerage House
Fair Value
Rs Recommendations
261
Buy
*Arif Habib Ltd
305.7
Buy Positive
281.35
Free Float Shares (mn) 810.01 Free Float Rs (mn) 27,191.97 ** NOI Rs (mn) N/A Mean 33.32
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
Rs Recommendations Buy
AKD Securities Ltd
44.13
Buy
TFD Research
36.85
Positive
107.94 25,450.40 177.39 235.15
cent narrower than normal. As far as resistance level is concern, the * Target price for Dec-10 & **Net Open Interest in future market * Target price for Dec-10 & **Net Open Interest in future market market will see major 1st resistance level at 10,045.00 and 2nd resist- HUBC closed up 0.54 at 33.57. Volume was 33 per cent above average POL closed up 0.96 at 235.79. Volume was 19 per cent below average and ance level at 10,067.70, while Index will continue to find its 1st support and Bollinger Bands were 85 per cent wider than normal. Bollinger Bands were 3 per cent narrower than normal. level at 9,979.20 and 2nd support level at 9,936.10. HUBC is currently 0.2 per cent below its 200-day moving average and is POL is currently 2.1 per cent above its 200-day moving average and is disKSE 100 INDEX is currently 1.1 per cent above its 200-day moving displaying a downward trend. Volatility is high as compared to the average playing an upward trend. Volatility is relatively normal as compared to the average and is displaying an upward trend. Volatility is low as compared
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 4,456.04 18.78 24.50
* Target price for Dec-10 & **Net Open Interest in future market DGKC closed down -0.15 at 24.41. Volume was 68 per cent below average (consolidating) and Bollinger Bands were 32 per cent narrower than normal. DGKC is currently 11.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average
to the average volatility over the last 10 trading sessions. Volume indi- volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume cators reflect moderate flows of volume into INDEX (mildly bullish). flowing into and out of HUBC at a relatively equal pace. Trend forecasting reflect very strong flows of volume into POL (bullish). Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting Trend forecasting oscillators are currently bullish on INDEX.
oscillators are currently bearish on HUBC.
Brokerage House
Fair Value
AKD Securities Ltd
Rs Recommendations
Brokerage House
65
Buy
*Arif Habib Ltd
61.46
Buy Positive
*Arif Habib Ltd
TFD Research
74.2
Technical Analysis 53.85 47.27 46.75 53.73
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
AKD Securities Ltd
12.47
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
175.80 8,237.98 16.19 47.00
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
45.00 8.01 9.02 10.90
oscillators are currently bullish on DGKC.
Engro Corporation
MCB Bank Ltd
14
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
oscillators are currently bullish on POL.
Bank Alfalah Ltd
Nishat Mills Ltd
Rs Recommendations
Brokerage House
674.58 5,416.86 N/A 8.05
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
*Arif Habib Ltd
205
Buy
201.29
Accumulate
AKD Securities Ltd
248
Buy
218.18
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Hold
194
51.78 188.23 194.36 205.63
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
208.75
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
342.10 65,227.59 62.54 189.95
* 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)
52.15 176.28 180.43 186.98
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
131.09 23,164.44 63.33 178.05
* Target price for Dec-10 & **Net Open Interest in future market
NML closed down -0.33 at 46.86. Volume was 64 per cent below average BAFL closed down -0.04 at 8.03. Volume was 40 per cent below average MCB closed up 1.64 at 190.67. Volume was 30 per cent below average ENGRO closed down -2.59 at 176.70. Volume was 50 per cent below average (consolidating) and Bollinger Bands were 25 per cent narrower than normal. and Bollinger Bands were 57 per cent narrower than normal.
and Bollinger Bands were 50 per cent narrower than normal.
(consolidating) and Bollinger Bands were 39 per cent narrower than normal.
NML is currently 12.8 per cent below its 200-day moving average and is BAFL is currently 26.3 per cent below its 200-day moving average and is MCB is currently 7.3 per cent below its 200-day moving average and is dis- ENGRO is currently 3.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect mod- average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators flowing into and out of NML at a relatively equal pace. Trend forecasting erate flows of volume into BAFL (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into MCB (mildly bullish). Trend forecast- reflect moderate flows of volume into ENGRO (mildly bullish). Trend foreoscillators are currently bullish on NML.
tors are currently bullish on BAFL.
ing oscillators are currently bullish on MCB.
casting oscillators are currently bullish on ENGRO.
Time
30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep
4:00 4:00 2:00 3:00 3:00 11:00 11:00 10:00 11:00 9:30 3:30 3:30 4:00 9:30 10:30 11:00 4:00 2:00 10:00 12:30
TECHNICAL LEVELS
Leverage Position
44.57 24.57 25.03 27.61
Date
Al-Abbas Cement Industries Ltd Apollo Textile Mills Ltd Attock Cement Pakistan Ltd B.F Modaraba Bawany Air Products Ltd Bestway Cement Ltd Brothers Textile Mills Ltd Buxly Paints Ltd Crescent Jute Products Ltd First Constellation Modaraba First Elite Capital Modaraba First National Bank Modaraba First UDL Modaraba Frontier Ceramics Ltd Khalid Siraj Textile Mills Ltd Kohat Cement Co Ltd Modaraba Al-Mali Moonlite (Pak) Ltd Mustehkam Cement Ltd Noon Pakistan Ltd
Company
Technical Outlook
Leverage Position
62.29 234.70 224.48 230.86
Fair Value 44
Technical Outlook
Leverage Position
40.92 33.35 34.01 33.63
10,001.90
Dera Ghazi Khan Cement Co Ltd
Pakistan Oilfields Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah 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 JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd Pervez Ahmed Sec PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 40.99 3.15 3.05 45.04 50.75 50.15 39.99 64.80 64.20 31.43 26.80 26.55 40.46 22.70 22.50 34.77 65.65 65.10 47.23 14.45 14.25 50.94 10.25 10.15 66.93 330.20 325.10 49.32 81.35 80.65 45.16 7.95 7.90 50.82 3.05 2.90 42.96 8.05 8.00 42.82 1.40 1.35 44.75 24.25 24.05 34.54 1.25 1.20 42.43 2.00 1.95 41.40 37.30 36.30 38.09 57.40 57.00 51.56 175.30 173.95 48.02 13.45 13.30 38.56 4.65 4.60 44.93 27.05 26.80 51.05 105.55 105.20 48.08 94.55 93.10 41.37 33.05 32.60 52.37 120.25 119.50 36.71 215.40 213.75 24.12 2.50 2.40 44.26 1.40 1.35 59.15 2.40 2.35 44.21 9.70 9.60 46.38 40.95 40.70 47.19 2.00 1.90 53.64 69.20 68.65 51.95 188.45 186.20 37.57 2.85 2.80 44.62 63.15 62.80 48.36 16.05 15.90 33.83 17.80 17.65 42.31 2.55 2.50 43.88 1.35 1.30 53.47 46.55 46.20 52.26 143.80 142.70 46.43 2.50 2.45 39.56 1.40 1.35 46.59 2.05 2.00 49.63 7.65 7.50 62.39 234.05 232.35 30.17 174.30 173.20 29.28 69.95 69.15 56.85 265.40 263.70 52.41 18.70 18.55 37.55 192.00 191.00 70.38 31.00 30.85 37.31 7.80 7.45 85.65 28.05 26.45 43.29 2.10 2.05 61.89 4.05 4.00 41.19 51.60 51.15 45.57 2.40 2.35
1st 2nd Resistance 3.30 3.35 51.75 52.15 66.20 67.00 27.15 27.30 23.20 23.50 67.10 68.05 14.75 14.85 10.55 10.70 339.15 343.10 82.90 83.85 8.10 8.15 3.25 3.40 8.25 8.40 1.50 1.55 24.65 24.90 1.40 1.50 2.10 2.15 39.65 41.00 58.60 59.40 179.00 181.30 13.75 13.85 4.75 4.80 27.55 27.80 106.35 106.75 96.90 97.80 33.90 34.25 122.15 123.25 219.85 222.55 2.65 2.70 1.50 1.55 2.50 2.55 9.90 10.00 41.60 41.95 2.10 2.20 70.15 70.55 192.45 194.20 2.95 3.00 63.70 63.95 16.45 16.70 18.25 18.50 2.65 2.70 1.45 1.50 47.25 47.65 145.65 146.45 2.65 2.75 1.50 1.55 2.15 2.20 8.00 8.20 236.95 238.15 176.15 176.90 71.75 72.75 269.40 271.70 19.00 19.15 194.00 195.00 31.40 31.65 8.40 8.60 30.70 31.75 2.20 2.25 4.20 4.35 52.35 52.70 2.55 2.65
Pivot 3.20 51.15 65.60 26.95 23.00 66.55 14.55 10.40 334.10 82.25 8.05 3.15 8.20 1.45 24.45 1.35 2.05 38.65 58.20 177.65 13.55 4.70 27.30 106.00 95.45 33.40 121.40 218.15 2.55 1.45 2.45 9.80 41.30 2.05 69.60 190.20 2.90 63.40 16.30 18.05 2.60 1.40 46.95 144.60 2.60 1.45 2.10 7.85 235.25 175.05 70.95 267.70 18.85 193.00 31.25 8.05 29.10 2.15 4.15 51.90 2.50
8
Friday, September 30, 2010
Emirates Airlines SkyCargo honoured
KARACHI: Marketing Manager of Turkish Airlines Adnan Khan, presenting a ticket to a lucky winner at LADIESFUND Entrepreneurship Conference 2010 at local hotel. Advisor to CM, Sharmilla Farooqui, Tara Uzra Dawood, CEO Dawood Capital and Sidra Iqbal also seen. -PR
Gilani upbeat on tourism comeback ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said the government was committed to bringing the country back on the world tourism map as a great tourist destination, which it once was. The prime minister said for last few years, the tourism industry has suffered on account of incidents of terrorism that resulted in the reduction of international tourists. "For all these reasons, my government has extended full support and attention to tourism. The country's National Tourism Policy
should be a broad mix of public-private partnership. The theme on this year's World Tourism Day 'Tourism and Biodiversity' is very apt and reminds us of our collective responsibility to protect our nature and to promote the real image of Pakistan in the comity of nations," the prime minister said in his message on the occasion of World Tourism Day. "We are celebrating World Tourism Day at a time when the need for enhanced interaction and engagement among people and nations could not be greater.
The day reminds us of huge vistas of opportunities for increasing people-to-people contacts and engaging with one another for building bridges. Tourism links people and helps build better understanding among nations and cultures. Sustainable tourism is also essential for the preservation and enhancement of the cultural and natural heritage of our country. Tourism is not only a source of income of people and countries. It is much more than just being an economic sector," Prime Minister Gilani said. Agencies
Marri sees big Sindh touristry potential KARACHI: Sindh Minister for Tourism Ms. Shazia Marri has said that Pakistan, Sindh specially is full of opportunities of tourism. This she said while addressing to an award distribution ceremony. Shazia Marri said the present government is taking concrete efforts to promote tourism, reduce poverty and to project Pakistan's soft, positive and peace loving image throughout the World. Shazia Marri said that the economy of various developed countries depends upon the tourism but in past, the governments in Pakistan ignored this very important sector. She said that the President Asif Ali Zardari and Prime Minister, Syed Yusuf Raza Gilani are determined for solid and concrete efforts for the pro-
motion of tourism. These goals can not be achieved without the participation of common people, the provincial Minister added. Shazia Marri called upon the people to take proper care and preservation of national heritage, which is, she said, responsibility of every Pakistani. She said that we have great heritage and colorful culture and if we succeeded to bring that our hidden and rich treasure before the World, the poverty ad unemployment will be eradicated from our country. She said that by providing safety, and all required facilities to world tourists during their visits of Pakistan, we can attract foreigners and thereby we can also deliver message to the World that we are a peace loving nation. -APP
KARACHI: The Emirates SkyCargo has become the first airline to win a prestigious Deutsche Bahn Supplier's Award. An announcement here said that Deutsche Bahn AG, one of the leading mobility and logistics companies in Europe, awarded the Dubai-based airline `Deutsche Bahn Supplier of the Year 2010' in the `Logistics Services' category. It said that Dr. Volker Kefer, DB Board Member Technology and Infrastructure, said that Emirates SkyCargo received this award for highly innovative air freight services, and in particular for its flexible scheduling which enables absolutely customer-friendly and generous solutions to be made. Its younger than average fleet is state-of-the-art and allows the carrier to reduce its noise and CO2 emissions to a minimum, thus supporting DB's ambitious goals for green logistics in exemplary fashion. Hiran Perera, Emirates' Senior Vice President Cargo Freighters, who travelled to Germany to receive the accolade, said that `To be recognised as the only airline with a Deutsche Bahn Supplier's Award, in any category, is a powerful endorsement of our commitment to customer service and quality'. -APP
Efforts afoot to lure more sightseers: minister ISLAMABAD: Government is eying on finding out ways to promote tourism after catastrophic floods ruined most of the attractions sites in Khyber-Pukhtunkhwa and Gilgit-Baltistan. Tourism suffered massive damages in the floods, which disrupted bridges, roads, hotels/motels, besides other crucial infrastructure, Federal Tourism Minister Maulana Atta ur Rahman said on Tuesday. World donors are putting in resources to help Pakistan cope with this challenge. Tourism Ministry plans to launch certain ambitious programmes to steer the country's spectacular industry out of crisis. -APP
Etihad expands codeshare deal with Royal Air Maroc ISLAMABAD: Etihad Airways, the national airline of the United Arab Emirates, has announced the extension of its existing codeshare agreement with Royal Air Maroc, the national airline of Morocco. This provides customers with access to more destinations in Morocco and West Africa. The new deal will allow Etihad passengers to travel from Casablanca to the Moroccan desti-
nations of Agadir, Laayoune, Fez and Marrakech adding Nouakchott in Mauritania and Dakar in Senegal in the near future, said a press release issued here on Wednesday. In return, Royal Air Maroc will offer the travellers, an access to Etihad Airways services beyond Abu Dhabi to Bahrain, Kuwait, Oman and Singapore, further complementing the partnership on the Casablanca Abu Dhabi route.
James Hogan, Etihad Airways' Chief Executive Officer, said "An important part of Etihad's growth strategy is to offer access to as many global destinations as possible". He said whether this be through opening up new routes of our own or through strategic agreements with other airlines, adding breadth and depth to our network. Agencies
PIA begs bailout right away ISLAMABAD: Managing Director of Pakistan International Air Lines Corporation (PIAC) Muhammad Aijaz Haroon told the Public Account Committee that PIA is suffering accumulative losses of Rs144 billion and it needs immediate bail out package. The meeting of the Public Account Committee (PAC), chaired by Chaudhry Nisar Ali Khan met at Parliament House which reviewed the audit objections on the monetary matters of the Ministry of Defence and Federally Administered Tribal Areas (FATA) for the year of 2007-08 and 2009. Aijaz Haroon said that due to the fuel prices hike, PIA suffered a loss of Rs39 billion. He said that they were making good future business plan to control the expenditures and to boost the PIA. The Chairman PAC directed the MD PIA to brief the committee about the future Business plan of and said that we have to establish our every department and have to convert the losses into profit. About the Audit objections in
purchasing of Aircraft Spare parts, PAC formed a committee under the Supervision of Additional Secretary Defence and DG Audit to check the procurement, maintenance and proposal of Air crafts parts and directed to submit report within one month. Regarding the irregular appointments over and above approved strength in PIA, the PAC directed Secretary Defence Syed Athar and MD PIA to provide details of the appointee's names and domicile and also provide advertisement of the said posts in newspapers. Nisar said that Political favorite's trend must be end in PIA and every body must be treated as a normal passenger, rather he is politician or government employee. During the meeting DG Audit told the PAC that, there are hurdles in the Audit of PIA because, PIA officials are not cooperating with the audit team properly. Chauhdry Nisar, Chairman PAC said that, we would never bear these types of things again and every department and official is accountable to PAC. -Agencies
Gulf’s RAK to resume passenger flights next mth RAS AL-KHAIMAH: Gulf airline Ras al-Khaimah (RAK) Airways will resume passenger flights next month after a hiatus of about two years, the company's chairman announced. "The time is now right for us to make a spectacular return into the market," Sheikh Omar bin Saqr al-Qassimi said at a news conference in Ras alKhaimah, the northernmost emirate in the United Arab Emirates federation. "RAK Airways will play a pivotal role in Ras alKhaimah's growth plan," Sheikh Omar said. The emirate aims to quadruple its number of tourists by 2012, and also increase the number of five-star hotel rooms from 1,400 to 7,500, Sheikh Omar said. The company will resume passenger flights using two leased Boeing 737-400 aircraft on October 10, 2010, RAK Airways chief executive Omar Jahameh told the news conference. The airline will initially fly to Jeddah, Saudi Arabia, and Calicut, India, Jahameh said. RAK Airways was established by a decree from Ras alKhaimah ruler Sheikh Saqr bin Mohammed al-Qassimi in 2006, but stopped passenger flights in late 2008, Jahameh said. -APP
9
Thursday, September 30, 2010
Gold surges to hit 10th record peak in 12 days
Coffee, sugar fall; Cocoa rises
Record gold prices lift silver, platinum, palladium LONDON: Gold hit its 10th record high in 12 trading days on Wednesday as investors worried that aggressive measures by the Federal Reserve to prop up the US economy could undermine the dollar and spark inflation. Spot gold hit a record $1,313.20 and was bid at $1,308.65 an ounce at 1443 GMT, against $1,307.40 late in New York on Tuesday. US gold futures for December delivery rose $1.70 an ounce to $1,310.10. Gold's strength also lifted other precious metals, with silver reaching a fresh 30-year peak, palladium its highest level since March 2008 and platinum a four-month high. The price of gold has rallied by 5 per cent in September, on track for a second month of increases, and while analysts are expecting to see some sort of pull-back, further gains appear to be on the cards.
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 809.00-10.00, Feb11/Apr11 814.00-10.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 780.00-15.00, Feb11/Apr11 786.00-14.00, May11/Jul11 792.00-13.00. SUNOIL: EU dlrs tonne extank six ports option Nov10/Dec10 1180.00-10.00, Jan11/Mar11 1175.00-15.00, Apr11/Jun11 1175.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1327.50+2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Sep10 920.00-20.00, Oct10 922.5017.50, Nov10/Dec10 917.5015.00, Jan11/Mar11 912.5012.50. PALM STEARIN: Dlrs tonne fob Malaysia Oct10 900.005.00, Nov10/Dec10 892.50. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Nov10 720.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1365.00-20.00, Nov10/Dec10 1360.00-25.00, Dec10/Jan11 1360.00-20.00, Jan11/Feb11 1355.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2025.00-75.00. Reuters
"It's quite possible that if there are any further upsets in either the currency markets or the rates markets ... we could get another leg higher and then we'd be looking at the next upside target at $1,330," he said. Buying in India, the world's biggest gold consumer, rose on Wednesday despite the hike in
spot prices, as strength in the rupee helped shield local buyers from the rise. Scrap sales have also slowed after prices retreated from their rupee peak, with sellers waiting for prices to breach the 20,000rupee level from around 19,100 rupees currently. Investment interest in gold was also firm, with holdings of the world's largest gold-backed exchange-traded fund, New
York's SPDR Gold Trust, climbing just over five tonnes on Tuesday. Holdings of the largest silver ETF, the iShares Silver Trust, also rose on Tuesday, climbing 143 tonnes to a record high of 9,756 tonnes. Silver prices responded by marking another 30-year high at $22.00 an ounce, before easing back to $21.81 an ounce against $21.69. Gains in silver are outstripping those of gold. Palladium was the biggest climber of the precious metals on Wednesday, rising by as much as 2.5 per cent to a 2-1/2 year high at $571 an ounce earlier in the day, before slipping back to $566.00 versus $557.15. The autocatalyst metal is rising on hopes demand will improve. Platinum reached its highest since May at $1,650.50, and was later at $1,647.00 an ounce against $1,631.65. -Reuters
Copper rises to 2-yr high on China data LONDON: Copper rose above the key $8,000 a tonne level on Wednesday to hit its highest since August 2008, triggered by strong manufacturing data in top metals consumer China and a weaker dollar. Benchmark copper for threemonth delivery on the London Metal Exchange touched a high of $8,075 a tonne and closed at $8,064, versus a closing bid of $7,951 on Tuesday. "Mainly the Chinese data and dollar weakness is driving the market," said analyst David Thurtell at Citi. "Dollar's at around 1.36 and that's definitely given copper a boost." A rise in HSBC's China Purchasing Managers' Index to a five-month high in September pointed to renewed, though moderate, momentum in the vast industrial sector that is the backbone of China's economy. As the copper market is expected to be in deficit this year and the next and with the drawdown in copper stocks continuing, people would want to take some copper on board, Thurtell said. Sterlite Industries, a unit of London-listed Vedanta Resources, has shut its coppersmelter unit in south India following an Indian high court order, a company spokesman said on Wednesday. Falling LME inventories have also helped overall sentiment. Latest LME data showed that on Tuesday, copper stocks slipped 175 tonnes to 375,100 tonnes,
having fallen from 6-1/2 year highs at 555,075 tonnes in midFebruary. Aluminium gained to $2,341 a tonne from $2,309 a tonne on
Shanghai copper strengthens Copper broke above $8,000 and hit its highest in more than five months, as the US dollar weakened further on weak data and talk of quantitative easing by the Federal Reserve. Three-month copper on the London Metal Exchange rose to as high as $8,038 a tonne. It eased to $8,027 by 0702 GMT. Shanghai's benchmark thirdmonth copper futures contract ended up 0.7 per cent to 60,790 yuan a tonne. Tuesday, when it hit a fivemonth high at $2,336.25. LME stocks of the metal, used in transport and packaging, slipped 3,350 tonnes to 4.35 million tonnes. A large portion of those aluminium stocks are tied up in finance deals. Steel-making ingredient nickel ended the day at $23,350 from $23,175, while battery material lead was at $2,300 from $2,281. Zinc closed at $2,225 a tonne from $2,215 and tin was last at $24,325 from $24,000. Tin, which is used in electrical solder, earlier touched $24,390 a tonne -- a peak not seen since May 2008 -- on supply worries in top exporter Indonesia. -Reuters
Palm oil slips; China selling reserves eyed JAKARTA: Global vegetable oil markets fell on Wednesday after China said it would sell vegetable oil reserves and as an improving outlook for soy crops for crushing in South America depressed the market. Markets had rallied strongly earlier this week as traders bet on top Asian buyers -- China and India -- snapping up more cargoes in the months to come, with Malaysian palm oil futures hitting their highest level since May 2009. But on Wednesday, palm oil closed down 1.42 per cent at 2,698 ringgit per tonne while US Oct soyoil eased 1.19 per cent during Asian hours. China's most-active May 2011 palm oil futures fell 1.4 per cent and May 2011 soybean oil eased 1.06 per cent by
1041 GMT after the government announced that it would release some of its temporary vegetable oil reserves. "Prices plunged on widespread profit-taking after Chinese authorities decided to sell edible oil reserves," said a trader at a local commodities brokerage in Kuala Lumpur. "It's a vicious cycle because after auctioning, China may come to replenish their stocks," the trader said. Cargo surveyors are scheduled to report September palm oil exports from Malaysia on
Thursday. So far, shipments have risen by almost a fifth for Sept. 1-25 period thanks to strong Chinese, Indian, and European demand. Traders expect that exports for September will be higher, but concerns over the Chinese vegetable oil auction may weigh the markets. Concerns over a stock build due to stronger Malaysian palm oil output and a firmer ringgit currency against the US dollar may take out the steam from the palm oil rally, the first trader said. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 28 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash Buyer
1240
1140
March (3rd Wednesday)
1240
1130
April (3rd Wednesday)
1240
1140
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 28 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
2200 2215 2180 2190 2125 2135 2125 2135
2224 2225 2268 2269 2342 2347 2403 2408
7865 2222.5 7866 2223 7860 2246 7861 2248 7785 2260 7795 2265 7545 2238 7555 2243
22805 22810 22890 22895 22275 22375 21325 21425
TIN
ZINC NASAAC
23600 2145 23610 2145.5 23650 2170 23700 2171 23275 2225 23325 2230 2220 2225
2200 2201 2220 2230 2220 2230 2270 2280
XINJIANG - CHINA: Farmers pour sacks of cotton onto a truck on a farm on the outskirts of Hami, Xinjiang Uighur autonomous region. -Reuters
Tokyo rubber inches up on firm oil TOKYO: Tokyo rubber futures settled up 0.4 per cent on Wednesday despite the yen's advance against the dollar as firm oil and other commodities markets provided support while sellers retreated to the sidelines. The key Tokyo Commodity Exchange rubber contract for March delivery settled up 1.3 yen, or 0.4 per cent, at 309.8 yen per kg. The dollar hit an eight-month low, driving gold to a record high, on rising expectations the Federal Reserve will act again to help the struggling economy while new evidence of China's robust health lifted European stocks. Oil rose after an industry report showed crude and winter fuel stockpiles declined last week in top consumer the United States, reducing a surplus that has weighed on market sentiment for months. Reuters
Indian sugar ends steady MUMBAI: India's spot sugar price was steady on Wednesday on weak demand, but may rise on Thursday supported lower non-levy sugar quota for October, dealers said. The world's biggest consumer has made available 1.6 million tonnes of non-levy sugar for October, Farm Minister Sharad Pawar told reporters on Wednesday, sharply lower than 1.85 million tonnes it had released in October 2009. India will take a decision on allowing sugar exports after the Diwali festival, Pawar said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged up by 0.1 per cent to 2,536 rupees ($56.4) per 100 kg. The country is expected to produce 26 million tonnes in the new season that begins on Oct. 1, up from previous forecasts of 25 million tonnes, Prakash Naiknavare, managing director of Maharashtra State Cooperative Sugar Factories Federation, told Reuters in an interview. -Reuters
Oil pares losses on US supply draw LONDON: Oil hovered above $76 a barrel on Wednesday, paring losses after US government data showed crude and oil products stocks fell last week. The dollar slipped against a basket of major currencies after poor US economic data on Tuesday reinforced expectations the US Federal Reserve would take more action to help the struggling economy. US crude for November was
stock draws across the board, there is still a decent amount of supply around, after recent weekly builds," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago. HSBC's China Purchasing Managers' Index hit a fivemonth high in September, pointing to renewed, though moderate, momentum in the vast industrial sector that is the
down 8 cents at $76.10 a barrel by 1502 GMT. Prices had been down around 50 cents prior to the US inventory report. ICE Brent for November was up 14 cents to $78.85. The US Energy Information Administration said crude stocks fell 475,000 barrels last week, more than the forecast for stocks to be down 300,000 barrels. The EIA said gasoline stocks fell 3.47 million barrels, when a build of more than half a million barrels had been expected. Distillate stocks fell 1.27 million barrels, against a forecast for stocks to have risen 400,000 barrels. "Despite the EIA report of
backbone of China's economy. Oil prices have remained relatively stable so far this year, trading for two-thirds of 2010 between $70 and $80 per barrel, a range that oil producers in the Organization of the Petroleum Exporting Countries have said they favour. OPEC meets in Vienna next month and is expected to keep its oil production targets unchanged. OPEC crude oil supply has fallen so far this month to the lowest level since November 2009 due to reduced output from Angola and smaller declines in the United Arab Emirates and Iran, a Reuters survey showed on Tuesday. -Reuters
LONDON: Arabica coffee slipped on light volumes of selling on Wednesday, while raw sugar traded lower as rain in Brazil brought relief to cane after a dry spell. Cocoa was higher, consolidating recent gains. Coffee eased after Tuesday's strong close with dealers noting the market was vulnerable to sharp moves on light volumes of activity. "Trading so thin it's not taking much to move the market," a London-based broker said. Market participants remained cautious after volatile trading in recent months, during which arabica coffee hit 13-year high of $1.9865 a lb. Dealers said rain in Brazil is expected to improve conditions for the development of the 2011/12 coffee crop. ICE March arabica coffee futures were down 4.3 cent or 2.3 per cent at $1.8600 a lb as at 1405 GMT, while Liffe November robusta coffee traded down $36 or 2 per cent at $1,730 per tonne. Sugar eased from Tuesday's seven-month high of 27.15 cents a lb to trade at 26.68 cents a lb, as dealers said any bullish news could push the market above its 29-year peak of over 30.4 cents a lb hit in February. "The trade seem to be quite bullish of the market," a London-based broker said. Brazil's 2010/11 cane crush has been revised lower repeatedly to account for the dry weather reducing cane yields. "It seems to be very much a weather market in terms of the March 2011 contract, the market is concerned more over what will happen to the next Brazilian crop," Whitehead said. ICE October raw sugar futures traded down 0.16 cent or 0.6 per cent at 26.68 cents a lb. London December white sugar was down $13.50 or 2.1 per cent at $631.50 per tonne. Cocoa traded slightly higher, consolidating recent gains, with dealers expecting the market to remain rangebound for the near term as limited demand growth caps gains. ICE December cocoa traded up $35 or 1.2 per cent at $2,852 per tonne. Liffe December cocoa was up 23 pounds at 1,916 pounds a tonne. -Reuters
NY cotton ends at 15-yr high, outlook bullish NEW YORK: Cotton futures finished Tuesday at a 15-year peak for the second day in a row on a steady influx of investment fund and mill buying which kept the market poised to challenge all-time highs. For the sixth time in seven sessions, the market traded over $1 a lb as index funds who believe fiber contracts will test the all-time record of $1.172 bought cotton while mills booked supplies regardless of the cost because they fear the market is headed much higher. A further spark was provided by news that No. 2 world cotton producer India will delay
exports by a month until Nov. data. Open interest in the cot1 and analysts say this could ton market hovered at levels exacerbate the already tight sit- near a two-year high as it stood uation in cotton at a time of at 237,646 lots as of Monday, up from the previous session's brisk demand. ICE Futures US key 236,866 lots. December cotton contract But the pace of the increase in increased 1.31 NY cotton early-trade cents to close at ICE Futures US key December cotton $1.0524 per lb. contract dropped the 4-cent limit to The all-time high $1.0124 per lb at 1444 GMT. The session of $1.172 is just top was at $1.0603. under 12 cents away. open interest has slowed as most Total cotton volume stood at investors appeared to have sat 22,397 lots at 1855 GMT, over back to wait for clear signs on a third above the 30-day aver- the market's direction. Some are age of 16,035 lots, according to worried the steep rally may be preliminary Thomson Reuters close to topping out. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
29-Sep-2010 29-Sep-2010 29-Sep-2010
CRUDE100 CRUDE100 CRUDE100
NO10 DE10 JA11
US$ Per Barrel US$ Per Barrel US$ Per Barrel
76.15 77.10 77.93
77.04 78.25 78.79
75.70 76.92 77.93
76.47 77.74 78.79
206 58 -
Price 76.46 77.72 78.77
Price 76.47 77.74 78.79
55 23 -
29-Sep-2010 29-Sep-2010
SILVER - SL500 SILVER - SL500
NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce
21.20 21.27
21.79 22.01
21.20 21.21
21.79 21.81
50
21.79 21.79
21.79 21.81
26
29-Sep-2010 29-Sep-2010 29-Sep-2010
GOLD 01oz GOLD 01oz GOLD 01oz
NO10 DE10 JA11
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
1290.00 1291.00 1313.50
1313.70 1314.70 1314.90
1288.00 1288.10 1288.10
1308.30 1309.00 1309.80
1,344 1,507 131
1309.50 1310.50 1311.30
1308.30 1309.00 1309.80
1,646 1,134 112
29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010
GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD
NO10 DE10 JA11 OC10 NO10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms
1288.00 1295.00 1288.10 35815.00 35768.00
1308.30 1288.00 1314.00 1288.10 1309.00 1288.10 36465.00 35759.00 36374.00 35768.00
1308.30 1309.00 1309.00 36365.00 36374.00
56 15 -
1309.50 1310.50 1311.30 36375.00 36384.00
1308.30 1309.00 1309.80 36365.00 36374.00
7 7 48 -
29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010 29-Sep-2010
GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein
DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 30SE10 OC10 OC10
Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg Per 100 kg Per Maund
35782.00 35863.00 41676.00 41676.00 36803.00 36839.00 36768.00 36780.00 36792.00 41873.00 2402.00 3143.00 4204.00
36388.00 36442.00 42383.00 42383.00 37405.00 37442.00 37454.00 37381.00 37393.00 42959.00 2402.00 3167.00 4204.00
35782.00 35731.00 41676.00 41676.00 36803.00 36839.00 36768.00 36780.00 36792.00 41873.00 3127.00 3143.00 4172.00
36388.00 36337.00 42383.00 42383.00 37405.00 37442.00 37454.00 37381.00 37393.00 42959.00 3151.00 3167.00 4172.00
7 1 -
36398.00 36347.00 42395.00 42395.00 37415.00 37451.00 37464.00 37391.00 37403.00 42970.00 3127.00 3143.00 4204.00
36388.00 36337.00 42383.00 42383.00 37405.00 37442.00 37454.00 37381.00 37393.00 42959.00 3151.00 3167.00 4172.00
3 1 -
29-Sep-2010 29-Sep-2010
KIBOR3M KIBOR3M
10-Sep 10-Dec
Per Rs. 100 Per Rs. 100
87.15 86.86
87.17 86.88
87.15 86.86
87.17 86.88
-
87.15 86.86
87.17 86.88
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Zaheer backs Younas as Test captain
10
Thursday, September 30, 2010
“Huge bonus” if Harbhajan doesn’t play: says Clarke CHANDIGARH: Australia have great respect for Harbhajan Singh but it will be a "huge bonus" for the visitors in case he misses out in the first Test at Mohali in the wake of injury scare surrounding him, vice-captain Michael Clarke said on Tuesday. Clarke, however, he was confident that the Indian off-spinner will play at Mohali and they were preparing how to tackle him. "I am very confident Harbhajan will play. I know how much he loves playing against Australia," Clarke told reporters at a press conference here. "But if doesn`t play, it would be a huge bonus for us. He has enjoyed quite a success against Australia," he said. Asked about the confrontations involving Harbhajan and the Australian players in the past, Clarke said, "Certain players like confrontation and perform better with that but it was one aspect which we are not going to focus on and our eye would be on Harbhajan the bowler." "There are guys like him in all teams around the world who perform better with that kind of confrontation. In my opinion, Harbhajan is one of the best spinners in the world. He is always tough to face under any conditions," he said. "Facing pace bowlers Ishant Sharma and Zaheer Khan is also going to be tough, with their reverse swing abilities." Asked about too much cricket being played these days, Clarke said at the end of the day the choice has to be made by the players whether to play tournaments like IPL and the Champions League Twenty20 or not. "I guess guys have a choice. They don`t have to play all of IPL or the Champions League," he said. Clarke, however, said that it was also one aspect of international cricket where players have to travel a lot, switch between formats and make adjustments to varying playing conditions. "As professional athletes, you are trained to handle this and you have to adapt and make things do. I guess that`s what makes you a successful international cricketer," he said. Online
Bopara to play in South Africa DURBAN: England batsman Ravi Bopara has signed to play for South African franchise the KwaZulu-Natal (KZN) Dolphins, the team said on Tuesday. Bopara, 25, will play in two first-class matches and South Africa’s domestic limited-overs series, which runs from Oct. 29 to Dec. 10. The right-handed Bopara was left out of England’s squad for the Ashes tour but will hope to feature in the limited-overs matches against Australia after playing in the recent series against Pakistan. “We were looking for an experienced player who could add value to the changeroom,” chief executive of KZN cricket Jesse Chellan told reporters. “Ravi was keen to play in South Africa and we knew he would want to prepare well ahead of the limited-overs leg of England’s tour to Australia.” England batsman Kevin Pietersen will play two firstclass matches for the Dolphins to get match practice before the Ashes series. -Online
Just how safe are
India’s Commonwealth Games l India deploys 100,000 police for the Games l Soft targets are more prone to attacks l Despite tight security, athletes told to be vigilant
W
ith nearly 100,000 police guarding the Commonwea lth Games in India's capital, the biggest threat will be attacks on soft targets, from bombs in markets to a shooting of a tourist on a crowded street. In recent years India has suffered one of the world's worst tolls from militant attacks -one study put it only second to Iraq. But there has not been an attack on a "hard" target since gunmen tried to storm India's parliament in 2001. The attack a week ago that wounded two Taiwanese underscored how hard it will be for security forces in this crowded city of 16 million people. Gunmen on motorbikes shot at a tourist bus in a seemingly random attack on foreigners, before speeding off. The Games is a showpiece event for India, and an enticing target for groups such as Pakistan-based Lashkar-eTaiba, which carried out the 2008 Mumbai attacks that killed 166 people. "Any attack is likely to be opportunistic," the AKE security consultancy company said in a statement. While Indian-Pakistan ties are still tense with Pakistanibased militants eyeing ways to infiltrate into India, experts say a more likely scenario would be an attack by local militants using often crude, homemade devices. Surrounded by what Prime Minister Manmohan Singh has called a "dangerous and unstable neighbourhood", India has suffered bomb attacks on markets, cafes, and shopping streets by suspected homegrown militants backed by extremists organisations in recent years. Since 2000, there have been at least 14 attacks in Delhi in places like markets and train stations, according to a travel advisory by the
the most likely scenario would be a target like a hotel, or a bus." An attack like Mumbai may provoke India to respond militarily to Pakistan. Vickers said he had been told by top Indian security officials that 12 foreign-inspired plots had been foiled in 2009. But in India's typical style, the suffocating numbers of police will make a large-scale attack difficult. "The Games are an attractive but not easy target," said Ajai Sahni, head of the Institute for Conflict Management think tank in New Delhi. "With its sheer numbers, India uses a heavy-handed response. It's very crude but it tends to be successful." One of the most serious threats, the local Indian Mujahideen (IN) group which is believed to have some support from Pakistan, has suffered from a
the world." Some commentators say the massive numbers of police hide serious gaps in training and organisation. "It is difficult for a lowly police officer to pull up a Mercedes Benz. If someone in India looks like a VIP, they can gain access," said Anthony Moorhouse, CEO of security consultants Dynamiq, which is helping Australian's team with security. Last minute preparations for the Games has meant that security forces may have cut corners. Police locked down areas only a week before the Oct. 3 opening ceremony. "The main gap may be lack
of the security protocols, dry runs, the sanitation of venues," said Sahni. Visiting delegations have given few complaints over security. "It's taking a long time for the people coming in and out of the Games Village," said England spokesperson Caroline Searle. "But it's not a hindrance as it proves that checking is being done tightly." Many delegations have told athletes not to wear team colours when travelling outside venues. But there are 71 participating countries, and not all following the same security guide-
lines. There are more worries about the transport of athletes between venues. One delegation head said his driver, from outside Delhi and poorly trained, got lost on the way to the village and stopped in the middle of a
Pakistan’s Commonwealth Games squad departs
highway
obviously untrained," said the delegation chief, who asked not to be named. "It didn't inspire confidence." There may be many more incidents like that. "You are only a s
strong as the weakest link and terrorists focus on the weakest link," said Moorhouse. "It could be pretty
P
Australian H i g h Commission, w h i c h warns of "a high risk of terrori s m " during t h e Commonwealth Games. Some athletes have already withdrawn from the Games. " I wouldn't rule out a striking event such as the parliament attack," said Steven Vickers, chairman of FTIInternational Risk Ltd. "But
series o f arrests since it was blamed for several attacks on Indian cities in 2008 that killed dozens of people. DEVIL IN THE
DETAILS? Since Mumbai, which showed police outgunned in India's financial hub, intelligence services have received more funding and training. But there are questions about progress. "This is the biggest test for Indian intelligence since the Mumbai attacks," said Vickers. "But it's not the most efficient organisation in
akistan’s 54-member Commonwealth Games contingent left for India on Wednesday after organisers moved quickly to improve the squad’s accommodation in the Games Village. Speaking at the squad’s departure from Lahore, Pakistan Olympic Association (POA) president Lt Gen Arif Hasan said the contingent’s hopes for winning medals in some of the disciplines are high after undergoing satisfactory pre-tournament preparations. Earlier, giving a quick response to Pakistan’s ultimatum of 24 hours, the organisers of the 19th Commonwealth Games removed all objections regarding the accommodation, as the first batch of the Pakistan contingent comprising 54 athletes and officials left via the Allama Iqbal Airport in Lahore. “There is a remarkable improvement in the accommodation of the Pakistan athletes in the official village of the games. Our four-member delegation has taken charge of the accommodation,” the POA president told on Tuesday. “The arrangements were extremely poor until Monday, but a quick action from the delegation and fine response from the organisers made departure of the contingent possible,” he said. “Our shooters, tennis players and some officials will leave for New Delhi on October 2,” he said. Arif said the shooters and tennis players wanted to go in the second phase because their events would start in later stages, giving them more time to practice at home. Pakistan has decided to compete in hockey, squash, tennis, weightlifting, wrestling, shooting and boxing. In the last edition held in Melbourne, Australia, Pakistan grabbed five medals (one gold, three silver and one bronze). Pakistan’s hockey team is included in Pool A, along with Australia, Malaysia, India and Scotland. Pakistan will play their first Hockey match on October 5, against world champions Australia.
easy t o pick off a foreigne r
to ask for direc-
crossing the street." tions. "These drivers were
Reuters
International & Continuation
Thursday, September 30, 2010
EU unveils deficit sanctions as unions protest BRUSSELS: The European Commission proposed tougher semi-automatic sanctions on Wednesday on euro zone countries that breach EU budget rules, as trade unions staged strikes and protests against austerity measures. Spain's first general strike for eight years disrupted public transport and some factories but seemed unlikely to make Socialist Prime Minister Jose Luis Rodriguez Zapatero back down on wage cuts, spending curbs, pension and labour market reforms. The European Trade Union Confederation said at least 100,000 people were due to join a panEuropean protest march in Brussels but analysts said the actions were too small and disjointed to sway debt-laden governments obliged to cut public deficits. Under pressure from investors
who fear another Greek-style meltdown, Ireland was preparing to announce a massive bill for rescuing stricken Anglo Irish Bank, while government and opposition leaders in Portugal wrangled over spending cuts and tax hikes to narrow that country's yawning deficit. European Commission President Jose Manuel Barroso said the situation in his native Portugal was serious and the government had to stick to its fiscal targets. "Portugal has to show responsibility," he said, adding that markets believed the government was "shilly-shallying". The European Union executive outlined plans to prevent any repetition of Greece's debt crisis by making repeat deficit offenders deposit 0.2 per cent of their gross domestic product with Brussels.-Reuters
China industry rebounds, HSBC PMI at 5-mth high BEIJING: Chinese manufacturing is regaining some of its usual vigour after slowing in the first half of 2010 as the government reeled in credit and battled to deter speculative property investment. A rise in HSBC's China Purchasing Managers' Index to a five-month high in September pointed to renewed, though moderate, momentum in the vast industrial sector that is the backbone of China's economy. The index, which is designed to provide an early indication of conditions, rose to 52.9 from 51.9 in August, main-
ly reflecting stronger gains in output and new business. A reading above 50 indicates expansion on the month; a figure below 50 denotes contraction. "Overall, manufacturing industry is recovering well, with domestic demand reviving and inventories falling," said Sun Wencun, an economist with CITIC Securities in Beijing. The sub-index for new orders rose to 54.4 in September from 52.7 in August and new export orders climbed back into positive territory after three months below the boom-bust line. -Reuters
CONTINUATION No #1
Continued from page 12
Sources say that President stressed on General Khalid Shameem Wynne to put in extra efforts and weigh in with sheer hard work for the defense and sovereignty of Pakistan and Pakistan Army. He said that undoubtedly Pakistan Amy is the best in the world as it is equipped to tackle any natural calamity like we saw in the case of one of the worst floods in the history of Pakistan. He further added that we are proud to have such an Army adding it has saved numerous lives, sources concluded. Meanwhile CJCSC designate General Khalid Shameem Wynne also called on Prime Minister Yousuf Raza Gilani According to sources, the Prime Minister felicitated the new CJCSC and expressed hope that he would carry out his responsibilities in an amicable manner and would work for the betterment of the armed forces. -Online
Hospital, and Larkana Hospital. In Khyber Pakhtunkhwa these centers have been established at HMC Peshawar, HIV treatment centre Kohat and in Balochistan HIV treatment centers have established at Bolan medical complex Quetta. -Online
No #4
Continued from page 12
ministers. We will be delighted to have foreign ministers. And Foreign Minister Qureshi is most welcome to witness some of the games at least, and they again give us a chance to have, to continue the dialogue," he said. "Pakistan's Foreign Minister had also noted that Islamabad had sent "some suggestions" through diplomatic channels to New Delhi about these talks. Without going to specific details about these "suggestions," Qureshi had said that he was awaiting a response from the Indian side. When asked if the suggestions given by Pakistan were conditions for talks, Qureshi told NDTV, "No no, I don't believe in conditions. I don't believe in any preconditions, but Continued from page 12 No #2 Maulana Fazalur Rehaman assured the Prime Minister of their the issues that are outstanding are known to everyone. "When asked what these issues are, Qureshi replied, "Kashmir complete support in the coming phases of rehabilitation and reconstruction. He apprised the Prime Minister on the latest situation in is a burning issue. It has been on the negotiating table. It has been on the UN agenda. It has been part of the composite dialogue. And the flood hit areas of Khyber PakhtoonKhawa and Balochistan.Other members of the delegation included Minister for India and Pakistan have agreed to talk about it. Siachen is an Tourism Maulana Attaur Rehman, Minister for Housing and Works issue, it is under discussion." "What I have been suggesting is that Rehmatullah Kakar and Deputy Speaker Balochistan Assembly engagement is in the interest of both countries. I am an advocate Syed Matiullah Agha. Minister for Labour and Manpower Syed of good neighbourly and peaceful relations recognising the fact Khursheed Shah was also present during the meeting. The Prime that there are outstanding issues. We have agreed to resolve them Minister said that standing crops spreading of millions of acres through peaceful means. The way out is engagement, dialogue, consultations," he added. -Online were washed away causing a loss of billions of rupees. He said that agricultural sector forms the lynchpin of the econContinued from page 12 No #5 omy and the government is taking urgent measures to rehabilitate On Sept 26, a senior al Qaeda leader, identified as Shaikh althis important sector. He said government is seriously considering Fateh, also known as Shaikh Fateh al-Masri, was believed to have free supply of seeds and fertilisers to farmers in the affected areas been killed, intelligence officials said. There have been 21 strikes in this regard. The Parliamentarians apprised the Prime Minister carried out by the remotely piloted drones in September, the highon the situation of flood affected areas they have visited. They est number in a single month. "As we have repeatedly said, we appreciated the government efforts in the timely provision of know al Qaeda wants to attack Europe and the United States. We relief goods to the flood affected people. -Online continue to work closely with our European allies on the threat
No #3
Continued from page 12
He said that negotiations between both the countries were tasked in accordance of eight point agenda that included peace and stability in the region, peaceful solution of Jammu Kashmir, Siachin and Sir-Creek, Wooler barrage, elimination of terrorists and drug peddlers from both the sides, economic and trade cooperation between both the countries and friendly visits from both the sides. After the Mumbai terrorists' attacks on November 26, 2008 India postponed composite dialogues process with Pakistan and during the meeting between the Premiers of both the countries at the venue of 16th Saarc Conference in Thimpu on April 29, 2010 both the luminaries agreed to restart dialogues process between both the countries, Malik Imdad Said. While Ministry of Railways informed the house that Pakistan Railways owes $317 million to America that was taken for repairing of dysfunctional railway engines and bogies. The ministry stated that within next three years, they have suggested to lay down new railway track from Sahiwal to Raiwind (127 Kilometre), Shahdra-Bagh-Faislabad, 135Km, ShahdraBagh-Lals Musa, 125 Km, Lala Musa-Chaklala 151 Km, Gola to Peshawar 159 Km and Sahiwal to Raiwind Section 127 Km and two way railway track would be installed at these routes. Federal Minister for Food and Agriculture Nazar Muhammad Gondal during question hour informed the house that the government has been seeking arrangements to enhance production of pulses, millet, sunflower and sugarcane in the country and the government has initiated Benazir Tractor scheme to provide tractors and agricultural machinery to the cultivators at subsidized rates. While parliamentary secretary of health ministry informed the house that the federal government has established 13 free of cost medical centers in public and private hospitals to facilitate the AIDS patients and the health ministry has also initiated an awareness campaign on AIDS. The ministry also informed that AIDS medical centers have been established in the federal capital at HIV Treatment and Care Centre PIMS, Mayo and Services Hospital Lahore, Shaukat Khanum Hospital, Jinnah Hospital Lahore and DHQ Hospital Sargodha, while AIDS medical centers in Sindh have been established at Civil Hospital Karachi, Indus Hospital, Aga Khan
from international terrorism, including al Qaeda," US intelligence chief James Clapper said in a statement. One US official said militants in Pakistan were "constantly" planning attacks in the region and beyond, and the United States would react to that. "It shouldn't surprise anyone that links between plots and those who are orchestrating them lead to decisive American action. The terrorists who are involved are, as everyone should expect, going to be targets. That's the whole point of all of this," the official said. -Reuters
No #6
Continued from page 5
Chairman PPL, Hidayatullah Pirzada and directors on the board of PPL were also present on the occasion. "Currently, we are spending four billion rupees per annum on exploration activities. This amount will be enhanced significantly as we are building up our reserves by retaining our profits. This amount will be used for our ambitious exploration plan," he added. Rehman said that PPL will go for partnership if the government allowed the company for the joint venture.Responding to a question, he said that corporate circular debt has also affected the profitability of the company and the total receivables have touched Rs20 billion. -APP
No #7
Continued from page 5
Foreign funds have poured in nearly $18 billion so far in 2010, and could well post a new record. They had pumped in a record $17.5 billion in 2009. "We, as long-term investors, are not too excited or too worried. We would continue to be invested," said Shanbhag. Mahindra Satyam notched a 0.1 per cent gain in choppy trade, as investors awaited its review of audited results for fiscal years 2009 and 2010. Larsen & Toubro shed 0.6 per cent after gaining 2.6 per cent over four sessions. Sun Pharmaceutical Industries rose 1.7 per cent to 2,002.15 rupees after the drugmaker said on Tuesday it got tentative US FDA approval for generic version of Sanofi Aventis' Rilutek. Indosolar listed at 29.80 rupees, 2.8 per cent higher than its issue price of 29 rupees, on the Bombay Stock Exchange. The stock erased all of its gains and closed 23.70 rupees. Total 82.9 million shares of Indosolar traded on Wednesday, followed by Mahindra Satyam 12.5 million shares, and Shree Ashtavinayak 11.3 million shares. ($1= 45 rupees) -Reuters
No #8
11
Continued from page 5
longer-term outlook for the benchmark was poor, given the dollar's persistent weakness, and resistance around 9,660 -- the upper level of the Nikkei's Ichimoku cloud on daily charts -- would hold. Exporters rose, with Canon Inc rising 1.7 per cent to 3,945 yen and Sony Corp up two per cent at 2,645 yen. Elpida Memory Inc surged 8.1 per cent to 985 yen after the company said it would start mass production of advance DRAM chips in December, putting it ahead of bigger rival Samsung Electronics in technology. Nintendo Co turned negative and fell 3.7 per cent to 23,010 yen after the game maker said its launch of a 3D-capable version of its DS handheld game console would be in February in Japan and March in the United States, missing the crucial holiday season. -Reuters
No #9
Continued from page 5
However, later in the day State Bank in its monetary policy statement increased the key discount rates by 50 bps to 13.5 per cent. After a long time foreign investors were mainly on the selling side. According to NCCPL, there was a net foreign selling of $0.57 million on Wednesday. On the local side, banks did a net buying of $3.75 million while individual investors and companies did a net selling of $1.79 and $0.88 million respectively. Investor participation remained on the lower side throughout the session as 46 million shares traded in the overall market, which were 40.7 million shares less as compared to a turnover of 86.7 million shares a day earlier. Despite a positive close most of the scrip ended negative. Out of total 385 active issues, 192 declined and 172 advanced while 21 issues remained unchanged.
No #10
Continued from page 5
economy may contract again eased, and more recently on hopes the Federal Reserve would take extra steps to lift the economy. Hewlett-Packard Co rose 2.5 per cent to $42.68 after the computer and printer maker forecast 2011 profits above estimates.Family Dollar Stores Inc gained 2.5 per cent to $44.44 after the discount retailer recorded upbeat profits and issued a bullish outlook. On the downside, Green Mountain Coffee Roasters Inc slid 15.5 per cent to $31.29 after disclosing a regulatory inquiry into its accounting practices. Over the past several sessions, near-term resistance for the S&P 500 appeared to build near 1,150, and a break above that could draw more investors into both equities and options, said Scott Fullman, director of derivative investment strategy at WJB Capital Group in New York. Instinet's Schlitz said 1,150 is "a fair checkpoint," as it corresponds to January highs. But he said there is little strong resistance for the S&P before the 1,175 area. -Reuters
No #11
Continued from page 5
market with no real overall direction, and the worry at the moment is this debt crisis in Europe," David Jones, chief market strategist at IG Index, said. Drug stocks also fell back, with AstraZeneca the worst off, down 1.9 per cent after RBS cut its rating for the drugmaker to "hold" from "buy." The broker said that "after a strong run of positive clinical news flow ... many share price drivers have played out." Vedanta Resources was the biggest FTSE 100 faller, down 4.3 per cent, after its Sterlite Industries unit was ordered by a court to shut its Tuticor copper smelter in south India. "The problem at the moment is that there's been no real major economic news for the markets to hang their hats on," IG Index's Jones said, adding that US September non-farm payrolls, due on October 8, should provide fresh direction. "I know (the US mortgage market index) has come in lower than expected, but I would imagine that given the doom and gloom out there, then (people have) priced in a really bad number and (they) are quite happy with the way things are going," Yusuf Heusen, senior sales trader at IG Index, said.-Reuters
No #12
Continued from page 1
to reduce the deficit. A widening fiscal deficit increases aggregate demand and fuels inflation. The government has borrowed 220 billion Pakistani rupees ($2.55 billion) from the central bank from July 1 to Sept 24, missing the target of zero net borrowing from the State Bank of Pakistan. The central bank said GDP growth could fall to 2.5 per cent in fiscal year 2010/11, compared with the original target of 4.5 per cent. Inflation for the fiscal year ending June 30 could be between 13.5 per cent and 14.5 per cent, compared with the original target of 9.5 per cent. The central bank in July had raised its benchmark rate for the first time since November 2008, citing "risks to the inflation outlook" after the government increased power tariffs. Analysts had earlier made a long term prediction that there would be a 50 to 100 basis point increase in the rate. This hike also follows after a recent forecast by the Asian Development Bank (ADB) which predicted a tepid economic growth of 2.5 per cent in fiscal year 2010-11 compared to the target of 4.5 per cent because of the massive flooding and its impact on all sectors.
No #13
Continued from page 1
clear it is not eager to take over the government, as it has many times before, military officials and politicians said. But the government's performance since the floods, which have left 20 million people homeless and the nation dependent on handouts from skeptical foreign donors, has laid bare the deep underlying tensions between military and civilian leaders. In a meeting on Monday that was played on the front page of newspapers, the army chief, Gen Ashfaq Parvez Kayani, confronted the president and his prime minister, Yousuf Raza Gilani, over incompetence and corruption in the government. According to the press and Pakistani officials familiar with the conversation, the general demanded that they dismiss at least some ministers in the oversized 60-member cabinet, many of whom face corruption charges. The civilian government has so far resisted the general's demand. But the meeting was widely interpreted by the Pakistani news media, which has grown increasingly hostile to the president, as a rebuke to the civilian politicians and as having pushed the government to the brink.
No #14
Continued from page 1
Pakistan Muslim League (Nawaz) for debate in the House. As per details, the move was presented by PML-N MNA, Khawaja Saad Rafique here Wednesday during NA Session while State Minister for Foreign Affairs, Malik Ammad also favored the motion upon which the Lower House unanimously approved the move. On the occasion, Opposition Leader Chaudhry Nisar Ali Khan lauded the positive attitude of the government despite strong criticism of the opposition side. However, this constructive initiative by the government regarding adjournment motion has set a good example. He added that adjournment motion regarding journalist Umar Cheema should also be discussed. -Online
No #15
Continued from page 1
The CEES, on the other hand, allows the companies having no assets or liabilities and not carrying on any business, to avail themselves of easy dissolution facility without undergoing the cumbersome winding up procedure. Today is the last date of the final phase of the schemes. Inactive companies are advised to take advantage of the schemes by either regularising themselves through filing of their overdue returns under the CRS or strike their companies off the register under the CEES. After the closing of the schemes, strict action shall be taken against the defaulter companies. -Agencies
No #16
Continued from page 1
SBP issued circulars from time to time and such people were succeeded in getting loans. The persons who got their loans written off did not appear before the bench during the last three years to claim that they had got their loans waived off legally for the reasons that these circular served their interests. Further hearing was adjourned till October 20. At the outset of proceedings, Syed Iqbal Haider, counsel for SBP, said that it had not written off loans or passed nay directive to commercial banks. They only laid down guidelines and their board of directors had to take decisions, he added. He said bad loans/irrecoverable loans as defined in Circular 29 of October 15, 2002, were allowed to be written off by the banks/NBFIs themselves with the express approval of their respective Boards or Directors or their nominated/designated authority/committee. The Chief Justice told him that the tool was laid down by the SBP which was responsible for it. Justice Tariq Parvez remarked that there was no law to declare a defaulter ineligible forever for further loans. Iqbal said that during his tenure as senator he had moved a bill seeking such legislation but it was not favoured. He said the commercial banks allowed writing off such a huge loan.-APP
No #17
Continued from page 1
group PPP (patriot), whose chairmanship he held, during the Musharraf era. During PPP's tenure, he also held various portfolios, while such renowned personalities like President Asif Ali Zardari, PM Yousuf Raza Gilani, Chaudhry Shujaat, Pervez Elahi, Chairman Senate Farooq H Naek, Speaker NA Fehmida Mirza, and other political leaders have expressed their deep sorrow over his demise. -Agencies
No #18
Continued from page 1
all forums, a system needs to be evolved to inform and warn, in advance, the women and the children about the risks involved in case of non-evacuation of their areas during any natural disasters, on one hand, and to take care of their special needs during any such situation. -NNI
No #19
Continued from page 1
how we provide assistance, unless we look at those basic simple things, like are they running their country in ways that give us confidence that our resources will be used well, we should not be financing them at this level," Geithner said. -Agencies
No #20
Continued from page 1
during the meeting matters related to Constitution and law were discussed. Sources told that both President and Babar Awan agreed to keep their old stance in the court regarding president immunity and restoration of Swiss cases when it meets in October 13 and Babar Awan briefed the President on all legal modalities.The government would continue to press for President's immunity and no letter would be written to Swiss authorities regarding reopening of cases against the president, sources told. President said that we respect the judiciary and we would implement the court verdict in line with the constitution and law. -Online
No #21
Continued from page 1
including large number of secretaries have occurred due to lackluster performance as some of the secretaries failed to achieve targets hence were transferred in this regard. -Online
No #22
Continued from page 1
He said that they should see that tightening of monetary policy haven't benefited in the last two and a half years and in my opinion Government of Pakistan bears loss due to increasing discount rates. He also said that this will increase the unemployment. He said that market would react negatively for about 1-2 sessions but then it will recover due to attractive valuations. Chairman Arif Habib Group, Arif Habib also opposed the decision saying it is not a good decision on aspect of growth and business point of view but excessive government borrowing pushed the central bank to do so. He said that we would see some initial negative reaction in the market today. Director Karachi Stock Exchange, Abid Ali Habib said that it is a discouraging step for the stock market however market participants were mentally prepared for it therefore we would not see its reaction in the market.
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
Thursday, September 30, 2010
RIAZ NEWS AGENCY Cell # 0333-5373137
De-conflict Kashmir to enter UNSC, US tells India WASHINGTON: US in its clear-cut message to India says that if the country wants to clinch membership of United Nations Security Council (UNSC) it has to first solve the issue of Kashmir. US administration is seriously pondering over the support to India's candidature for UNSC membership in lieu of resolution of Kashmir issue, according to media reports. An Afghanistan-Pakistan Study Group (APSG) was also proposed to keep vigilance on war in Afghanistan. "President Obama's strategy for dealing with Afghanistan
and Pakistan always needed a Kashmir component to succeed; that need is becoming more urgent and obvious now. His trip to India in November will be a key to addressing it," Bruce Riedel, author of the Obama administration's AfPAk strategy, said in a commentary this week. The broad message will be delivered by the President Barak Obama during his upcoming visit in November to New Delhi, preparation for which is in full swing in Washington DC. Key administration officials are confirming that the UNSC
issue will be on Obama's agenda when he visits New Delhi. The clearest insight into Obama's thinking on the matter also comes from Bob Woodward's latest book "Obama's War" in which top US policy makers are shown mulling on defusing the Kashmir situation as part of an exit strategy for US from the AfPak theater. "Why can't we have straightforward talks with India on why a stable Pakistan is crucial?" Obama is reported as musing at one meeting. "India is moving toward a higher place in its global posture. A stable Pakistan would
Krishna spits fire at Qureshi on UN front NEW YORK: Expectations of a bilateral meeting between the foreign ministers of India and Pakistan on the sidelines of the UN General Assembly have been dashed with a war of words breaking out between the two sides. "I am genuinely disappointed over the unacceptable references made by the Pakistani Foreign Minister in his address at the United Nations General Assembly (UNGA). Pakistan is a country that has enormous internal challenges confronting it. Such unsolicited remarks cannot divert attention from the internal problems they are having," Indian Foreign
HC says UK stands by Pakistan KARACHI: The British High Commissioner, Adam Thomson pledged that the UK would stand by Pakistan as it takes its first steps towards recovery since the floods first hit the country just over two months ago. He made these remarks after he visited an IDP camp in Kemari town on Wednesday, where he took the opportunity to see first hand the impact of the floods, according to the British High Commission. Adam Thomson highlighted that the UK was one of the first and most generous countries to respond to this crisis having committed a total of £134 million (nearly 18 billion rupees) towards the relief efforts, while the UK public had generously donated a further £56 million (approximately 7.5 billion rupees.) . Adam Thomson said: "We will stand by Pakistan helping its people affected by the floods in anyway we can, both at this critical lifesaving time and longer term as work begins to rebuild people's homes, jobs, farms, schools, and bridges. This is why I am meeting with Pakistani and British business leaders later today to identify ways in which the UK can help support reconstruction efforts in Pakistan. Through building on our already strong business links we can create opportunities to help the long term economic recovery of the country. The UK, led by our Prime Minister David Cameron, has been instrumental in backing Pakistan's cause to gain greater access to EU markets. We will continue to be a champion for Pakistan to ensure the EU delivers on its commitments." During his visit to Karachi, Adam Thomson also met with the governor of Sindh and the Provisional Disaster Management Authority (PDMA). -Online
Minister SM Krishna said, speaking at a meeting of the Asiatic Society, soon after Qureshi's speech at the UNGA. Krishna also said Pakistan is trying to "deflect attention" by using "Kashmir as a ploy.""There is a pattern and the pattern you know is whenever things big are happening in India, they try or in other words distress over takes them and they try to divert people's attention by using Kashmir as a ploy and this is the way they have gone on in the last 60 years." Speaking at the UNGA, the Pakistan Foreign Minister had raised the issue of Kashmir
again."The Jammu and Kashmir dispute is about the exercise of the right to selfdetermination by the Kashmiri people through a free, fair and impartial plebiscite under the UN auspices. Pakistan views the prevailing situation in the Indian Occupied Kashmir with grave concern," he had said. But India has left the window open for possible talks in New Delhi by extending an invitation to Qureshi for the Commonwealth Games in Delhi. Speaking to NDTV, SM Krishna said this could give a chance for talks."Well we will certainly invite all foreign See # 4 Page 11
What will work? "These are sobering questions - but they are questions that must be answered and the Afghanistan-Pakistan Study Group is just the means to arrive at these answers in a way that honours our men and women in uniform," he wrote. In his letter, Wolf said: "Frankly, I've been deeply troubled by Woodward's reporting which indicates that discussions of the war strategy were infused with political calculations. An AfghanistanPakistan Study Group could help redeem what was clearly a flawed process." -Agencies
SHAKIL NEWS AGENCY Cell # 0333-4400472
President, PM greet new CJCSC ISLAMABAD: President Asif Ali Zardari and Prime Minister Yousuf Raza Gilani have separately felicitated Chairman Joint Chiefs of Staff Committee (CJCSC) designate General Khalid Shameem Wynne on his promotion. Chairman Joint Chiefs of Staff Committee (CJCSC) designate General Khalid Shameem Wynne on Wednesday called on President Asif Ali Zardari at the Presidency. According to the Spokesman of Presidency, President felicitated General Khalid Shameem on his promotion and being appointed as Chairman Joint Chiefs of Staff Committee. See # 1 Page 11
help." Implicit in the rumination is the idea that settling Kashmir would mollify Pakistan, where, US officials say, hardliners are using the unresolved issue as an excuse to breed an army of terrorists aimed at bleeding India. But that is easier said than done. "India cannot become a global power with a prosperous economy if its neighbor is a constant source of terror armed with the bomb. A sick Pakistan is not a good neighbor," said Riedel. "He will have a chance to work this subtly when he visits India in November," he says. To be patterned on a similar
arrangement for Iraq, the proposed APSG would bring "fresh eyes" to the war effort in Afghanistan, said Congressman Frank Wolf. As the original author of a similar Iraq Study Group, Wolf believes the creation of an APSG would help clarify the US mission, goals and objectives for success in Afghanistan. Woodward writes: "Even at the end of the process, the president's team wrestled with the most basic questions about the war, then entering its ninth year: What is the mission? What are we trying to do?
Pak, India can only ‘talk’ the ‘thorns’ out, says minister
Tending sick PSEs to precede anything: PM
ISLAMABAD: Pak-India negotiations are being designed on eight point agenda as all the concerning issues between both the neighboring countries could be settled only through dialogues and bilateral relations between Pakistan and Afghanistan were also moving ahead of misconceptions, the upper house was informed during question hour here on Wednesday. State minister for foreign affairs informed the House during 'question hour' that Pakistan aimed at settlement of all the concerning issues between India and Pakistan through peaceful dialogues. See # 3 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that the government has devised a comprehensive short-, medium- and longterm strategy for sustained economic growth in the country. The Prime Minister was talking to the Parliamentarians who called on him at his Parliament House Chamber here on Wednesday. He said that the restructuring of ailing public sector enterprises is at the top of government economic priorities so that they could be converted into profit earning institutions. He urged the public representatives to focus their energies on the uplift of
their respective areas and bring in innovative ideas for launching projects of public utility. While talking to a delegation of JUI (F) headed by its Amir Maulana Fazalur Reham who called on him at his Parliament House Chamber, Prime Minister assured that the affected population would not be left alone and every possible step would be taken to rehabilitate them as soon as possible. He said that projects and public spending are being reprioritised in order to fix the targets that would ultimately contribute toward the wellbeing of the affected population. He added that the govern-
ment's finance team has been working day and night to sort out viable economic policy in the wake of the situation that has emerged out of the devastating floods in the country. Gilani said Pakistani nation has the will, capacity and commitment to face challenges like the one which has engulfed the one fifth land mass of the country in the shape of floods. He said that although the catastrophe was huge, the resolve to convert it into an opportunity and build better Pakistan is being pursued by the government with full determination and devotion. See # 2 Page 11
Army junks Europe terror attack plot story ISLAMABAD: Army on Wednesday dismissed as "very speculative" media reports that this month's upsurge in US drone strikes on Islamist militants in the country's northwest sought to disrupt attacks on European cities. Sky News on Tuesday reported that militants based in Pakistan were planning simultaneous strikes in London akin to the 2008 militant assault on Mumbai as well as attacks on cities in France and Germany. It said a month of strikes by pilotless drone aircraft focused on North Waziristan region, in which more than 100 militants were killed, was intended to disrupt the plot. Military spokesman Major General Athar Abbas told Reuters: "We don't
have any information or intelligence that militants had gathered there (in North Waziristan) and were plotting attacks. There is absolutely no intelligence on that." "Basically it's very speculative," he said of the Sky News report. "It's a very speculative story. It does not quote any credible source." US security officials said they could not confirm that a plot had been disrupted. But they said they believed that the threat of a plot or plots remained. While no senior-ranking militants were reported killed, intelligence officials say a number of others of different nationalities are believed to have died. See # 5 Page 11
NAB tasked with defaulters’ details ISLAMABAD: Special Committee has directed the NAB authorities to provide a detailed list of cases, their current position and the money recovered from the defaulters. A meeting of the special committee was held at the Parliament House Wednesday to examine the cases initiated by NAB to victimise people for political reasons and to ascertain the current position of the total amount recovered and reward given to the employees of NAB. The meeting was presided over by its convener and Leader of the House in the Senate Syed Nayyer Hussain Bukhari. The committee expressed its displeasure on the sketchy details by the NAB
and directed the authorities to provide a detailed list of cases, their current position and the money recovered from the defaulters. It also directed the NAB to provide break up of the money that has been distributed as reward among the NAB employees. It also asked for money returned to the affectees of Double Shah case including also the name of the bank where this money is parked and the interest being received on it. The meeting was attended among others by senators Dr Abdul Malik, Gul Muhammad Lot and senior official of NAB and Law ministry. Special Secretary Senate Iftikharullah Babar was also present on the occasion. -Online
Pakistan to raise Nato intrusion at int’l forum ISLAMABAD: Interior Minister Rehman Malik stated that the government is seriously deliberating over complete elimination of target killing from the country while Pakistan would raise issue of violation of Pakistani territory by Nato, in session of Tripartite Commission. Talking to reporters outside Parliament House here on Wednesday, Rehman Malik said that the government is taking serious steps for elimination of increasing incidents of target killing in the country.
He reiterated that no country would be allowed to violate Pakistani territory while after complete investigation of violation of Pakistani boundary territory by Nato, issue would be raised in coming meeting of Tripartite Commission. He said that Pakistan has also summoned Afghan ambassador and US ambassador to condemn the violation of Pakistani territory. He further said that defense and stability of the country would not be compromised at any expense. -Online
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.