International Karachi, Thursday, September 23, 2010, Shawwal 13, Price Rs12 Pages 12
Global mkt-access vital to national security: FM
Kashmir issue settlement under UN resolutions sought
See on Page 12
Rs368bn realised thru privatisation: minister
See on Page 12
Six powers mull UN embargoes against Iran
See on Page 12
See on Page 12
Lack of cash puts brakes on various projects: HEC
Economic Indicators Forex Reserves (10-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) Foreign Debt (Jun 10) Domestic Debt (Jul 10) Repatriated Profit (Jul 10) LSM Growth (Jul 09 - Jun 10)
GDP Growth FY10E Per Capita Income FY10 Population
$16.07bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Rs 4705.4bn $62.10mn 4.55% 4.10% $1,051 170.60mn
Broke varsities down all pens PM constitutes committee to solve the funding issue
Portfolio Investment SCRA(U.S $ in million)
42.86 -43.01 -0.20 2337
Yearly(Jul, 2010 up to 21-Sep-2010) Monthly(Sep, 2010 up to 21-Sep- 2010) Daily (21-Sep-2010) Total Portfolio Invest (9 Sep-2010)
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani called on President Asif Ali Zardari at Aiwan-e-Sadr. -APP
GDP unlikely to exceed 2.75pc: IMF report
NCCPL (U.S $ in million)
FIPI (22-Sep-2010) Local Companies (22-Sept-2010) Banks / DFI (22-Sept-2010) Mutual Funds (22-Sept-2010) NBFC (22-Sept-2010) Local Investors (22-Sept-2010) Other Organization (22-Sept-2010)
1.65 -0.80 -0.29 0.10 0.06 -0.88 0.16
UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 9.77
42.93 36.49 33.55
FY11 inflation seen at 13.5pc
KARACHI: Inflation in Pakistan is expected to Global Indices touch 13.5 per cent this Index Close Change year as massive summer KSE 100 9,946.42 46.08 floods pushed up prices for Nikkei 225 9,566.32 35.79 food and other staples, the Hang Seng 22,047.71 45.12 International Monetary Sensex 30 19,941.72 59.83 Fund said in its country ADX 2,631.09 6.67 SSE COMP. 2,591.55 2.84 report. FTSE 100 5,562.02 14.17 Prior to the disaster, the *Dow Jones 10,721.94 39.09 IMF had projected average *Last Updated 20:00 PST inflation for the current GDR update 2010/11 fiscal year at 11.5 $.Price PKR/Shares per cent, slightly below the Symbols 111.61 11.7 per cent seen last year. MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 17.00 145.95 "The economic outlook
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.69% 12.82% 12.79% 13.00% 12.68% 12.76% 12.90% 13.23% 13.31% 13.38% 13.46% 13.56% 13.73% 13.86% 14.08%
22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010
Commodities *Crude Oil (brent)$/bbl 78.58 *Crude Oil (WTI)$/bbl 75.69 *Cotton $/lb 102.25 *Gold $/ozs 1,296.80 *Silver $/ozs 21.17 Malaysian Palm $ 864.70 GOLD (NCEL) PKR 35,605 KHI Cotton 40Kg PKR 7,770 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 81.10 Canadian $ 82.85 Danish Krone 14.90 Euro 112.50 Hong Kong $ 10.90 Japanese Yen 0.998 Saudi Riyal 22.68 Singapore $ 63.80 Swedish Korona 12.00 Swiss Franc 84.80 U.A.E Dirham 23.20 UK Pound 133.50 US $ 85.90
82.10 83.85 15.30 114.00 11.30 1.023 22.90 64.80 12.50 85.80 23.40 135.00 86.20
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
82.08 83.69 15.32 114.13 11.05 1.010 22.86 64.57 12.53 86.07 23.35 134.33 85.85
82.27 83.89 15.35 114.40 11.07 1.013 22.92 64.72 12.56 86.27 23.40 134.64 86.04
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
34°C 36°C 31°C 34°C 29°C 34°C
MIN
21°C 25°C 26°C 22°C 03°C 22°C
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has deteriorated sharply as a result of the floods," the IMF said, adding that gross domestic product (GDP) growth was unlikely to exceed 2.75 per cent this fiscal year. The government earlier had targeted GDP growth of 4.5 per cent this year, whereas the IMF expected it at 4.25 per cent. "The agriculture sector which accounts for 21 per cent of GDP and 45 See # 9 Page 11
2MFY11 textile export up 23.3pc Rice export declines 44pc MoM in Aug Ahmed Siddique KARACHI: The exports of textile products soared by 23.3 per cent in the initial two months (JulyAugust) of current financial year against the same period of the last year, Federal Bureau of Statistics (FBS) reported Wednesday. According to the official data, export of textile industry has surged to
Food, oil import bill surges 30pc Staff Reporter KARACHI: Country's cumulative food and oil import bill rose by 30 See # 11 Page 11 $1.97 billion in the period under review from $1.6 See # 12 Page 11
Revenue collection increases by 5pc
FBR rolls up Rs220bn so far Staff Reporter KARACHI: Federal Board of Revenue (FBR) collected taxes worth Rs220.308 billion during the first quarter of the current fiscal year, (till September 20), showing an increase of 5.1 per cent over the corresponding period of last year. However, the Board would have to collect further about Rs115 billion to
PM satisfied over
meet the collection target of Rs335 billion set for the first quarter of the year. "We have still ten-day left of the current month to meet the target set for the quarter," remarked Asrar Rauf, Member Direct Taxes while talking to journalists here Wednesday. The collection during July-September included Rs60.828 billion as Direct See # 14 Page 11
Pak urges US intervention on Kashmir
Musharraf asks Gilani to govern good
3, 6-month treasury bills yields climb Ghulam Raza Rajani
KARACHI: According to State Bank of Pakistan the cut-off yields on 3 and 6 month treasury bills have registered a surge in Wednesday‘s auction. SBP accepted bids worth Rs58.22 billion in T-bills auctions. The bids offered for these bills amounted to Rs75.87 billion. Central bank increased the cut-off yield on 3month T-bill by 14bps to 12.7472 per cent and raised amount of See # 13 Page 11
MI shuts down its political wing: report
ISLAMABAD: Following in the footsteps of - the Inter-Services Intelligence (ISI) --the premiere spy agency of the country-- Military Intelligence (MI) has also reportedly shut down its political wing. wheat, rice stocks According to a source, Chief of Army Staff (COAS) General Ashfaq Kayani, who had earlier ordered the closure of ISI's political wing, reportedly made the Prime Minister Syed decision, The Peninsula Yousuf Raza Gilani, the See # 15 Page 11 cabinet was informed that sufficient stock of wheat, rice and pulses is available in the country and there is no need to worry about the food supplies in the wake See # 16 Page 11
Nepra cuts KESC tariff by 42 paisa ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has decreased the power tariff by 42
paisas for consumers of Karachi Electric Supply Cooperation (KESC), a private TV channel quoted See # 17 Page 11
HEC budget was upped 8pc: Shaikh ISLAMABAD: Reiterating government commitment for the promotion of higher education in the country, Minister for Finance, Revenue and Planning and Development Dr Abdul Hafeez Shaikh on Wednesday informed Senate that despite freezing the budget of all other departments, the budget for Higher Education Commission (HEC) was increased by eight per cent. Replying to various supplementary questions during questions hour, he said that the requirements of all those students who had been sent abroad by HEC would be fulfilled at any cost so they could See # 6 Page 11
NEW YORK: Pakistan urged the United States cable solution. However, the min- tough situation the country's econoto pressure India over istry was unsuccessful. my is facing nowadays, he said, Kashmir, saying recent The meeting, chaired by Deputy adding boycott and suspension unrest showed that New Delhi and not Islamabad Chairman of Planning Commission would not be in the interest of higher was to blame for trouble Nadeemul Haq, was also attended by education in the country. in the Himalayan territothree vice chancellors and other offiStudents of NUML staged a protest ry. cials. against ministry of finance for its On a visit to New York Nadeem-ul Haq said the govern- failure to cater to the need of funds of for a UN session on ment was unable to meet the finan- universities. Pakistan's devastating cial needs of the universities. Vice Chancellors of public sector floods, Foreign Minister They should understand the current See # 7 Page 11 Shah Mehmood Qureshi insisted his government wanted peace with India Petition seeks treason case against former president of Pakistan but tore into its rule of Kashmir which he called "oppression." "The occupation can- ISLAMABAD: Former president "I do not want to comment on Pir ister should improve governance not continue. The rights Pervez Musharraf said if Chief Pagara's remarks he maintained instead of taking refuge in Chief See # 10 Page 11 Justice of Pakistan Iftikhar adding Muslim League (Q) has Justice; adding Gilani should avoid Muhammad Chaudhry comes to merged with Functional league there- issuing irresponsible statement. receive him, on his return it would be fore Shujaat Hussain and Mushahid Meanwhile The Lahore High Court a great pleasure for him. Hussain should not add confusion." was asked on Wednesday for regisHe was talking to a private TV Regarding PM's remarks on his tering a high treason case against channel on Wednesday. reception Musharraf said prime minSee # 8 Page 11
All means to be put into rehab: Cabinet ISLAMABAD: The Federal Cabinet Wednesday while reviewing the overall economic issues decided to mobilise all resources for the rehabilitation of flood-battered people to their homes. Meeting chaired by
ISLAMABAD: The academic operations in almost 72 public sector universities nationwide have been suspended as the meeting to resolve the funding issue remained inconclusive on Wednesday. As per the details, federal government has stopped release of development and nondevelopment grants to the universities, thereby putting the universities into financial crisis. In protest, cash-strapped universities refused to continue normal academic activities while Federation of All Pakistan Universities Academic Staff Association has announced to stage a demonstration before the parliament house on September 25 in case the funds are not disbursed immediately. Notably, Prime Minister Syed Yousuf Raza Gilani formed a committee to solve the issue and ordered the finance ministry to reach an ami-
Dy C’man NAB busy flouting SC orders
ISLAMABAD: Despite Supreme Court's verdict, Deputy Chairman National Accountability Bureau Javed Qazi has appointed new legal advisors at Karachi and Islamabad. See # 18 page 11
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Thursday, September 23, 2010
Pak rice stranded at Kenyan ports Over 800 containers stuck up at Kenyan Port Jamil Siddiqui
KARACHI: Pakistani people affected by flood in Mirpur Sakro, returining to their homes from releif camps for flood affectees in Razaqabad after the flood recedes in their areas. -Online
Samsung launches eco-bubble washer KARACHI: Samsung Electronics Co recently launched its new flagship front-loading washer, the Eco Bubble Washing Machine, during Europe's biggest consumer electronics fair, IFA 2010, held at the Messegelande, Berlin. This stylish washing machine has achieved up to 70 per cent energy conservation (30 per cent less than the limit for an "A Energy" rated washer). Category Head Home Appliances Fawad Raza Sayeed said; "Today's modern families want an easy-to-use washing machine that can take on larger wash loads and reduce their carbon footprint."-PR
Mobilink starts int’l easy-load service KARACHI: Mobilink recently entered into a partnership with the international mobile airtime transfer company, TransferTo in order to widen its Jazz Load international transfers. Through this collaborative service, Pakistanis living outside of Pakistan will be able to send airtime to their loved ones in Pakistan. Bilal Munir Sheikh, Vice President Marketing Mobilink, said, " With the addition of this international top-up service, we are pleased to expand our services and reach across the borders for ease and convenience of the Mobilink family."
KCCI fears rise in fiscal deficit KARACHI: President Karachi Chamber of Commerce Industry (KCCI) Abdul Majid Haji Muhammad said fiscal deficit is feared to increase owing to increasing trend in the discount rate and in view of the prevailing emergency situation due to torrential rainfalls and floods. The existing fiscal deficit of 6 per cent making about Rs925 billion will further rise in the case of excessive government borrowing and persistent inflation which are the main factors for economic imbalances, Majid said in a press statement here on Wednesday. Abdul Majid asserted that to control inflation and augment the economy, the Government would have
to cut-down their un-necessary expenditures and adopt austerity measures in the larger interest of the nation. He was of the view that the Government's policy and exercise to increase discount rate has failed to depress the inflationary pressure on economy and as its outcome several sectors are facing setback. The President, Karachi Chamber of Commerce and Industry (KCCI) has been demanding since long that discount policy rate be brought down to single digit to strengthen the national economy and to promote trade and industrial activities. However, inclined trend in the rate is a disappointing sign and it is multiplying the economic adversity.-APP
KATI terms end of zero-rated export fateful Staff orrespondent KARACHI: All efforts for the grant of duty free access from EU would go in vain with the discontinuing zero rating of exports is contemplated by the government. This was stated by the Patron In-chief, Korangi Association of Trade and Industry (KATI) S M Muneer, Chairman, Razzak Hashim Paracha and former chairmen, Mian Zahid Husain, Masood Naqi and Abdul Haseeb Khan in a joint statement issued here. They vehemently said that the fate of our exports will be in danger after phasing out of zero-rating, with exporters entire capital and liquidity blocked, as the banks also are not prepared
to give loans to the textile sector. "We strongly suspect that someone in the government is misguiding the present regime and intends to open floodgates of corruption by promoting discontinuation of zero-rated, which will result in many units to close down," they stated. "In this most difficult scenario when gas and electricity prices are skyrocketing and in the face of the flood disaster when more than 20 million people have become homeless and with the suffering a loss of $43 billion initially as estimated by the government, it will be impossible to absorb the large number flood affectees in jobs", Paracha warned.
Rajpar elected new PSAA chief Staff Correspondent KARACHI: Mohammed A Rajpar was declared as the new unopposed Chairman of Pakistan Ship's Agents Association (PSAA) for 2010-11. According to a hand out received by The Financial Daily the official spokesman informed that meeting of PSAA was held recently in which the decisions were made. Following were declared elected; Mohammed A Rajpar as Chairman, Tariq Haleem as Vice Chairman along with 10 Executive Comitteee members namely Asim Saeed Khan, Khalid W Khokhar, M Kareem Ispahani, Capt Mohammad Inam, Nader Cowasjee, Capt Nusrat Iqbal, Capt S Kamal Ahmed Mahmoodiand Ovais-ur-Rehman.
KATI members elected unopposed Staff Reporter KARACHI: According to announcement of Korangi Association of Trade & Industry (KATI), eight members have been declared elected unopposed as members of the Executive Committee of KATI for vacant seats of the Executive Committee for the term 2010-11. Name of newly elected members of the Executive Committee of KATI are Syed Johar Ali Qandhari, Ehteshamuddin, Shahid Jawed Qureshi, Syed Farukh Mazhar, Hasham A Razzak, Azfar Aftab, Kashif Ali Khan and Mohammad Danish Khan.
KARACHI: More than 800 containers worth around $8 million, laden with Pakistani exported rice are stranded at Kenyan ports and due to this critical issue, Rice Exporters Association of Pakistan (REAP) members are facing huge financial losses on account of demurrages and they have to bear extra costs of around $ 300 to $ 500 per Container. Additionally, due to this issue, they are also worried about their future orders. According to reports reaching here to The Financial Daily, due to recent Kenyan government notification, all rice imported in Kenya will not be released from the Port until Laboratory Analysis Reports in respect to grading have been received in the sta-
tion of clearance. Despite having the said Certificate issued by Kenya Bureau of Standards (KEBS), who are the mandated testing Authority in Kenya, are also NOT being accepted by Kenya Revenue Authority (KRA). Even any consignment imported and having supporting document of COC attached to that import still not been released without getting the lab test results after withdrawing the samples and getting the analysis report of that sample after its matching to the Standards. Meanwhile, in a high level meeting of REAP members, it has been decided to request the Prime Minister of Pakistan and Minister of Commerce, Government of Pakistan to intervene and take-up the matter with Kenyan Government and resolve the problems of rice
export industry which earns more than $2 billion foreign exchange annually for our beloved country. It is pertinent to note that Kenya is very big market of Pakistani Long Grain Rice. Pakistan has exported 364,237 M/Tons of Pakistani Long Grain Irri-6 Rice amounting to $ 134.1 Million to Kenya in last fiscal year during July, 2009 to June, 2010 which is a record in the history of Rice Export Trade and REAP is hopeful to increase/maintain the trade between both the countries. Most interestingly Pakistan is one of the largest Importers of Tea from Kenya and trade relationship between Pakistan and Kenya are very good. Ministry of Commerce/Government of Pakistan may use this trade (import of tea from Kenya) to handle the situation.
TDAP finalises activities for 2010-11 Staff Correspondent KARACHI: Trade Development Authority of Pakistan (TDAP) has finalised its calendar of domestic conferences, seminars and workshops on various subjects of trade development and export promotion for the year 2010-11, gearing up its activities. According to a hand out issued by TDAP to The Financial Daily these seminars, some of which are already being held, will be conducted throughout the country and are meant to highlight the potential of various markets where Pakistani exports will receive favorable and rising demands and also to share information with Pakistani exporters about latest trends on product development, value-addition, product diversification, international compliance, design innovations and creation and development of Pakistani Brands for specific markets. Another important objective of these events is to encourage new business people to enter export market by providing them information on nuts and bolts of international trade and how to access government facilities including banking credit and other subsidies and incentives offered by government. TDAP aims through these seminars to increase not only the volume and value of Pakistani exports but also to increase the number of exporters especially from non-traditional regions of Pakistan.
THURSDAY ISLAMABAD: Special Assistant to the Prime Minister on Social Sector Shahnaz Wazir Ali, Deputy Chairman Planning Commission Nadeem-ul-Haq, Political Counseior US Embassy Brian D Hunt. New Deputy Chief of Mission US Embassy Stephen Egenlken, USAID Mission Director Robert Wilson and Ambassador Robin Raphael posing for a group photo during a dinner hosted by Chief Executive Children’s Global Network Pakistan Mehnaz Aziz in the honour of Sir Michael Barber in Islamabad. -Online
CM Qaim visits KESC relief camp THATTA: Chief Minister Sindh, Syed Qaim Ali Shah visited a relief camp for flood survivors set up and run by KESC in Thatta. He was accompanied by Pir Mazhar-ul-Haq, Provincial Minister of Education and Literacy, Sassui Palijo, Minister for Culture and Tourism as well as Humaira Alvani, MPA Sindh. The dignitaries were given an overview of KESC' flood relief operations by the KESC team headed by the company's Chief Executive Officer, Tabish Gauhar and Ghufran Atta Khan, Chief M a r k e t i n g Communication Officer. As per the brief given to the Chief Minister, KESC
is running one of the biggest corporate flood relief operations in the country with an investment of almost $1.2 million, to provide relief to about 30,000 IDPs in lower Sindh and in camps in Karachi. So far, KESC has provided 3,000 tents, 90 trucks of food packages, 7 trucks of daily usage items like mosquito nets, floor mats and utensils, 2 water purification plants and free medical treatment to thousands of affected persons. The Chief Minister and his accompanying team were taken on a tour of the Care Camp and shown different amenities including the water filtration plants, sanitation and dispensary facilities, etc.
The CM also distributed gifts among the flood survivors and inquired after their health and well being. He expressed great delight on the fact that basic education is being provided to the children at the camp and was also very pleased to hear of the birth of seven healthy babies to different families under the care of KESC's staff. He greatly appreciated the company's efforts in providing full medical support to 30 more expecting mothers. He was pleasantly surprised to learn about the initiatives to provide recreation to the IDPs at the camps such as sports facilities and the recently held Eid Mela organized by KESC.-PR
KARACHI: Students of different universities along with Pak Army personnel packing relief goods for flood affected people at COD. -APP
Time Programmes Time 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
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3
Thursday, September 23, 2010 Top Economic Events
Greenback falls to lowest since Japan intervened last week
Time 3:45 12:00 12:00 12:30 12:30 13:00 13:00 13:30 17:30 19:00
Dollar index falls below 80, lowest in six months NEW YORK: The dollar fell on Wednesday to its weakest level versus the yen since Japan's intervention and the euro rallied on expectations of further monetary easing by the US Federal Reserve. The dollar index hit a sixmonth low after Tuesday's Fed statement signaled chances of extra stimulus by the central bank, most likely via the purchase of US Treasury debt. Such a move would push benchmark yields even lower and further diminish the return on dollar-denominated assets. Gains in the euro accelerated once it broke through option barriers at $1.3350 to a fivemonth high above $1.3400. However, the market was
wary of selling the dollar against the yen too aggressively as it might trigger another wave of intervention by the Japanese authorities that surprised many investors last week. "Sellers of dollar/yen will have to be very nimble as intervention risks are very high. We would expect the Japanese to intervene once the price action gets too onesided," said Paul Mackel, director of currency strategy at HSBC Markets. In late morning trading in
New York, the dollar was down 0.9 per cent against the yen at 84.34, a session low, according to Reuters data. It touched 82.87 yen on EBS trading platform last
Wednesday before Japanese authorities intervened to send it three yen higher in a day. Traders said Japan may step in between 83.00 and 85.00 yen. They said authorities had
Asian currencies
Peso, baht lead Asian gains, wary of cbank moves BANGKOK: The Philippine peso and Thai baht led a broad rise in emerging Asian currencies on Wednesday as the dollar fell broadly after the US Federal Reserve pointed towards an easing of monetary policy. The baht and the ringgit hit 13-year highs as emerging currencies rose, although markets were wary about pushing them up too quickly for fear of central bank intervention. The yen rose a quarter of a per cent to 84.87 per dollar, just below the level where traders expect Japan's central bank to intervene to weaken its currency. Expectations the Fed was moving closer to offering further support to the US economy lifted both stocks and
bonds. The dollar fell to a sixweek low against the euro. The Philippine peso rose half a per cent, but the gains were tempered by market caution the central bank may step in and curb the rise. Central bank Governor Amando Tetangco said on Wednesday interest rate differentials between the United States and emerging markets that have boosted risk appetite and capital inflows can complicate monetary policy. The dollar was bid at 43.80 at 0610 GMT, up 0.47 per cent from late on Tuesday. The peso has gained 2.9 per cent in the past month and 5.5 per cent this year. The Thai baht rose nearly a third of a per cent to a 13-year
Stg hits 4-mth low on soft BoE mins LONDON: Sterling hit a fourmonth low against the euro and a two-month trough versus a currency basket on Wednesday after Bank of England minutes showed policymakers were more willing to consider further monetary easing. The pound rose against the dollar, however, which slid broadly in the wake of a Federal Reserve policy decision on
Tuesday that raised expectations US policymakers could be even closer to another round of quantitative easing. The market talk of more QE in the United States intensified the impact on sterling of the BoE's minutes, which showed policymakers felt the case for more easing in the UK had strengthened. "The minutes were more dovish than they had been previously, but there was also a lot of follow-through from the FOMC minutes, which exacerbated the market impact in the UK," said Christian Lawrence,
currency strategist at RBC. Minutes of the Monetary Policy Committee's Sept 8-9 meeting showed an 8-1 vote for leaving interest rates on hold at a record low of 0.5 per cent, as expected, with Andrew Sentance again isolated in calling for higher rates. "Cable (sterling/dollar) is just a function of dollar weakness, but against other currencies sterling
is certainly weaker," Lawrence said. By 1531 GMT, the euro was up 0.9 per cent at 85.63 pence, having risen as high as 85.77, its strongest since late May. This left the euro within sight of its 200day moving average, currently at 85.97 pence. Sharp falls against the euro pushed trade-weighted sterling down 0.6 per cent to 80.4, its weakest since July 22. Against the dollar, the pound rose 0.3 per cent to $1.5661, as the dollar tumbled to a six-month low versus a currency basket in the wake of the dovish Fed statement. -Reuters
high in early trade. Dealers said the Bank of Thailand struggled to halt its rise at 30.65 per dollar. Dollar/baht was bid at 30.63 at 0607 GMT against 30.72 late on Tuesday. The baht has gained 2.8 per cent in the past month and 8.8 per cent this year, the third-best Asian performer after the ringgit and yen. The Malaysian ringgit rose to a 13-year high of 3.0910 per dollar, prompting central bank (BNM) intervention. Dollar/ringgit was bid at 3.0910 at 0613 GMT against 3.1000 late on Tuesday. The ringgit has appreciated 10.7 per cent against the dollar this year, outperforming the Asian currencies monitored by Reuters daily. -Reuters
Swiss franc declines against euro ZURICH: The Swiss franc trended lower against the euro on Wednesday after fairly robust demand at Irish, Greek and Spanish government debt auctions on Tuesday eased funding concerns in the euro-zone. The franc rose against the dollar, which was weaker against major currencies after the US Federal Reserve suggested on Tuesday it was ready to add stimulus to the US economy, raising fears it could print dollars to do so. "In the very short term the dovish view of the SNB and the hint of the fed that it could move towards more quantitative easing will weaken the franc against the euro," said Bank Sarasin economist Alessandro Bee. The franc was down 0.1 per cent against the euro compared to the New York close, trading at 1.3229 francs per euro at 0717 GMT. The franc was 0.3 per cent higher against the dollar at 0.9939 francs per dollar, within striking distance of the year high of 0.9930 hit on Sept. 14. The franc has backtracked against the euro after an all-time high of 1.2763 francs to the euro on Sept. 8, with expectations the Swiss National Bank could raise interest rates abating as Switzerland's robust economic growth began to slow. -Reuters
Aussie near 2yr highs on dovish Fed vs hawkish RBA SYDNEY/WELLINGTON: The Australian dollar was strong near two-year highs on Wednesday and the New Zealand dollar was firm as bets that super-loose US monetary policy may ease even further led investors to search for yield. The Australian dollar flew high at $0.9583, bringing gains so far this month to a whopping 7.5 per cent. Its high-yield appeal was clearly in focus, especially after the Federal Reserve signalled it may further ease policy, to the detriment of the US dollar. Add to that, growing market expectations for Australian interest rates to rise to 4.75 per cent as soon as next month, from 4.5 per cent now, and some analysts predict the Aussie dollar could retest its 2008 high of $0.9851 in weeks ahead. "The contrast in US monetary policy and that in Australia could not be starker," said Greg Gibbs, an analyst at RBS.
A series of hawkish remarks from the Reserve Bank of Australia (RBA) this week highlighting the need for monetary policy to respond to Australia's mining boom has led investors to price in a 63 per cent chance of a rate rise on October 5. In a sign investors were once again getting excited about rate rises in Australia after a fourmonth hiatus from the RBA when it refrained from raising rates, the domestic cash yield curve was at its flattest in two years at 18 basis points. The NZ dollar was firm at $0.7369, after it earlier touched a one-week high of $0.7383, bringing its gains over the past 24 hours to about a cent. The kiwi tracked steadily higher through the local session, after opening around $0.7325. New Zealand's current account deficit widened slightly in the second quarter as returns for overseas owned companies outstripped a strong trade surplus. -Reuters
called banks to ask if they will be staffed on Thursday, a Japanese national holiday, in an apparent attempt to keep traders cautious over intervention. The drop followed Fed comments expressing greater concern about sluggish US growth and low levels of inflation in a statement that many took as opening the door wider to pumping more dollars into the economy. The euro rose 1.2 per cent versus the dollar after climbing 1.5 per cent on Tuesday, helped by buying from Middle Eastern
Last year, record portfolio inflows of $17.5 billion had helped the rupee rise 4.7 per cent on year. "The euro has broken up and moving towards 1.3450 levels which pushed the dollar index down. 45.50 should be the next support below which 45.25 is the next level," said A. Ajith Kumar, a senior foreign exchange dealer with Federal Bank. "On the week, if the rupee closes below 44.70, we will see a bullish rupee trend in the medium term, if not, then it is likely to head back towards 46 levels," Kumar added. One-month offshore nondeliverable forward contracts were quoted at 45.73, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at 45.6475, 45.64 and 45.65 respectively, with the total traded volume on the three exchanges at an average $9 billion. -Reuters
Russian rouble hits 7-mth low against euro MOSCOW: The rouble fell to a seven-month low against the euro on Wednesday, hit by broad euro gains, demand for foreign currency to pay for increased imports and concerns about the health of the domestic and global economies. A break through stop-loss levels added fuel to the rouble's slide, while unexpectedly low demand for roubles for tax payments also deterred investors. The rouble slumped as much as 75 kopecks, or 1.8 per cent to 41.51 against the euro, its weakest point since Feb 10. By 1212 GMT, it had pulled back slightly to 41.45. Against the euro-dollar basket, used by the central bank to guide currency policy, the rouble touched its lowest since early February of 35.76 roubles, down 0.9 per cent. "We are seeing a deterioration in confidence towards Russia's policy, which spurs inflation and a rise in rouble liquidity," said Anton Struchenevsky, analyst at Troika Dialog.
Events GDP q/q French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI Flash Manufacturing PMI Flash Services PMI BBA Mortgage Approvals Unemployment Claims Existing Home Sales
Forecast 0.8% 55.0 60.1 57.7 57.2 54.6 55.5 32.3K 451K 4.11M
Previous 0.6% 55.1 60.4 58.2 57.2 55.1 55.9 33.7K 450K 3.83M
Previous Day
central banks, traders said. It closed above its 200-day moving average on Tuesday, pointing to more gains. The single currency traded as high as $1.3440, and technical analysts said the next target was around $1.3465, the 38.2per cent retracement from the 2008 high of $1.6038, the high in 2008, to June's low of $1.1875. Further out was $1.3500, the 50-per cent retracement of the November 2009 high of $1.5145 to the June low. The euro was also supported after Portugal's bond auction saw strong demand, a day after investors lapped up debt issuance from Greece, Spain and Ireland. -Reuters
Indian rupee retreats as shares lose steam MUMBAI: The Indian rupee faced stiff resistance at four month highs on Tuesday as oil and gold importers increased dollar purchases ahead of the month-end, but broad weakness in the US unit continued to underpin sentiment. The partially convertible rupee closed at 45.58/59 per dollar, after rising to 45.44, its strongest since May 14, and 0.2 per cent above its 45.67/68 close on Tuesday. The unit traded in a band of 45.44-45.6150 during the session. "Rupee traded the 45.4545.60 range perfectly. 45.45 held well, thanks to the stock market losing steam above 20,000 and 45.60 was held due to good recovery from the lows of 19,800," said J.Moses Harding, head of global markets at IndusInd Bank. Foreigners have moved $4.1 billion into shares this month, taking net investment so far in 2010 to nearly $17 billion. Inflows into the debt market have also reached $9.4 billion this year, as investors are lured by higher interest rates.
Source NZD EUR EUR EUR EUR EUR EUR GBP USD USD
"If some miracle doesn't happen, a further slide in the rouble may be expected." Wednesday's slide extended steep losses seen last week as broad risk aversion added to domestic concerns. Investors are worried that the worst drought in decades this summer will slow down economic growth, push up imports and dent Russia's current account surplus. The rouble would not benefit from higher interest rates either as the non-monetary nature of the spike in food prices means the central bank will probably hold off on raising rates while the economic outlook remains uncertain, analysts say. -Reuters
Source
Events
Actual
Forecast
Previous
NZD CNY GBP EUR CAD CAD CAD EUR
Current Account Bank Holiday MPC Meeting Minutes Industrial New Orders m/m Core Retail Sales m/m Leading Index m/m Retail Sales m/m Belgium NBB Business Climate
-0.88B
-0.19B
0.16B
1-0-8 -2.4% -0.4% 0.5% -0.1% -3.4
1-0-8 -1.2% 0.4% 0.5% 0.5% -5.0
1-0-8 2.4% -0.6% 0.4% 0.0% -5.1
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask 1.3362 0.8549 1.3204 112.88 0.9884 1.0340 1.5632 132.09 0.9528 1.3818 85.52 1289.02 21.02
Bid 1.3360 0.8546 1.3199 112.86 0.9880 1.0334 1.5629 132.05 0.9525 1.3814 85.46 1288.28 20.99
High 1.3440 0.8576 1.3271 113.51 0.9978 1.0356 1.5175 133.39 0.9600 1.3859 85.80 1295.38 21.18
Low 1.3254 0.8465 1.3183 112.51 0.9839 1.0193 1.5605 131.76 0.9527 1.3595 85.05 1284.98 20.19
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 22/09/2010 A USD GBP CAD EUR JPY O/N 0.22663 0.54875 1.04667 0.38188 SN 0.10500 1WK 0.25025 0.55078 1.05667 0.46875 0.11750 2WK 0.25181 0.55563 1.08667 0.50875 0.12625 1MO 0.25625 0.57000 1.11167 0.57688 0.14000 2MO 0.27297 0.62406 1.17833 0.67500 0.17375 3MO 0.28938 0.73313 1.24250 0.82625 0.21938 4MO 0.34313 0.81734 1.30250 0.91625 0.30875 5MO 0.40688 0.92484 1.35750 1.00813 0.36750 6MO 0.46406 1.02688 1.42250 1.10625 0.42750 7MO 0.51375 1.10344 1.48750 1.15750 0.48438 8MO 0.56488 1.18344 1.57250 1.20750 0.53125 9MO 0.61500 1.26406 1.65583 1.25875 0.58063 10MO 0.66756 1.33875 1.72750 1.30938 0.60750 11MO 0.72075 1.40750 1.83583 1.35688 0.63313 12MO 0.78169 1.47188 1.93417 1.40250 0.66250
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Oct 07 2010 Oct 07 2010 Nov 03 2010 Dec 16 2010 n/a n/a
Sep 08 2010 Mar 05 2009 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010 Dec 19 2008
Current Interest Rate 1% 0.50% 1% 0.25% 0.25% 4.50% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, September 22,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.95 134.64 114.40 83.89 86.27 82.27 12.56 1.01 14.49 64.72 15.35 22.92 11.07 12.82 299.95 27.80 63.37 23.61 23.40 0.07 2.80
85.75 134.33 114.13 83.69 86.07 82.08 12.53 1.01 14.45 64.57 15.32 22.86 11.05 12.79 299.25 27.73 63.22 23.56 23.35 0.07 2.80
85.56 134.02 113.87 83.47 85.85 81.86 12.50 1.01 14.42 64.40 15.28 22.80 11.02 12.76 298.46 27.66 63.06 23.49 23.28 0.07 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for September 22, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.80 12.03 12.35 12.40 12.60 12.70 12.80 12.85 12.90 13.25 13.35 13.40 13.40 13.45 13.45 13.50 13.50 13.55 13.70 13.85
11.60 11.70 12.25 12.65 12.70 12.75 12.85 12.94 12.97 13.28 13.40 13.45 13.45 13.50 13.50 13.60 13.60 13.60 13.75 13.90
11.60 11.85 12.25 12.50 12.55 12.70 12.85 12.90 12.90 13.30 13.35 13.44 13.50 13.50 13.52 13.53 13.55 13.55 13.70 13.80
11.80 12.10 12.40 12.50 12.70 12.85 12.95 12.98 13.05 13.30 13.40 13.44 13.47 13.48 13.49 13.50 13.52 13.55 13.90 14.00
11.50 11.90 12.20 12.48 12.60 12.70 12.78 12.85 12.90 13.30 13.39 13.42 13.45 13.50 13.53 13.53 13.55 13.58 13.65 13.80
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.65 11.90 12.25 12.55 12.65 12.75 12.85 12.91 12.92 13.35 13.40 13.45 13.50 13.50 13.53 13.54 13.55 13.55 13.70 13.80
11.66 11.91 12.28 12.51 12.63 12.74 12.85 12.91 12.94 13.30 13.38 13.43 13.46 13.49 13.50 13.53 13.55 13.56 13.73 13.86
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
0.10 0.27 0.69 0.72 0.53 0.39
0.97 0.78 0.24 -0.40 0.59 0.32
0.01 0.19 -0.01 -0.19 0.52 -0.37
EUR/USD NZD/USD
0.96 0.86 0.27 0.04 0.72 0.66
0.94 0.66 0.86 0.65 0.88 0.69
USD/CAD USD/CHF
-0.76 0.09 0.59 0.77 0.70 0.49
0.43 -0.29 -0.47 -0.30 0.39 -0.41
0.94 -0.09 -0.53 -0.89 -0.84 -0.52
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/09/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABPL 11.50
12.00
11.60
12.10
12.10
12.60
12.45
12.70
12.50
12.75
12.75
1325
12.90
13.40
13.25
13.75
ABLN 11.50
12.00
11.75
12.25
12.10
12.60
12.55
12.80
12.70
12.95
12.80
1330
12.95
13.45
13.00
13.50
JSBL
11.60
12.10
11.80
12.30
12.25
12.75
12.60
12.85
12.70
12.95
12.70
1320
12.70
13.20
12.90
13.40
ASPK 11.60
12.10
11.90
12.40
12.15
12.65
12.50
12.75
12.60
12.85
12.70
1320
12.75
13.25
12.90
13.40
CIPK
11.60
12.10
11.90
12.40
12.20
12.70
12.40
12.65
12.60
12.85
12.70
1320
12.90
13.40
13.05
13.55
DB P K 11.45
11.95
11.70
12.20
12.10
12.60
12.40
12.65
12.60
12.85
12.65
1315
12.70
13.20
12.80
13.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
FLAH 11.60
12.10
11.90
12.40
12.20
12.70
12.50
12.75
12.65
12.90
12.70
1320
12.80
13.30
12.95
13.45
HBPK 11.50
12.00
1175
12.25
12.10
12.60
12.50
12.75
12.65
12.90
12.75
1325
12.80
13.30
12.95
13.45
HKBP 11.60
12.10
1180
12.30
12.15
12.65
12.50
12.75
12.65
12.90
12.70
1320
12.75
13.25
12.90
13.40
N I PK 11.85
12.35
12.25
12.75
12.70
13.20
12.90
13.15
13.10
13.35
13.20
1370
13.30
13.80
13.40
13.90
HMBP 11.60
12.10
11.80
12.30
12.40
12.90
12.65
12.90
12.80
13.05
12.85
1335
12.85
13.35
12.90
13.40
SAMB 11.50
12.00
11.80
12.30
12.15
12.65
12.55
12.80
12.65
12.90
12.75
1325
12.85
13.35
12.95
13.45
MCBK 11.60
12.10
11.90
12.40
12.25
12.75
12.40
12.65
12.55
12.80
12.60
1310
12.70
13.20
12.95
13.45
NBPK 11.50
12.00
11.80
12.30
12.25
12.75
12.60
12.85
12.75
13.00
12.80
1330
12.85
13.35
13.00
13.50
SCPK
11.50
12.00
11.80
12.30
12.15
12.65
12.40
12.65
12.55
12.80
12.60
1310
12.70
13.20
12.90
13.40
UBPL 11.50
12.00
11.75
12.25
12.15
12.65
12.50
12.75
12.65
12.90
12.70
1320
12.80
13.30
12.95
13.45
AVE
12.05
11.81
12.31
12.18
12.68
12.51
12.76
12.65
12.90
12.73
13.23
12.81
13.31
12.95
13.45
FBPK
11.55
4
Thursday, September 23, 2010
The Flood Conspiracy
The Financial Daily International Vol 4, Issue 50
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Pepco deserves NO leeway Reportedly the government of Pakistan under the pressure of multilateral financial institutions is forced to wind up the Pakistan Electric Power Company (Pepco) but also wants to create a new cell within the Ministry of Water and Power. The other key initiatives include a 24-35 per cent increase in electricity tariff, partly during the current fiscal year, different tariffs in the provinces and the sale of 5-10 per cent shares of power distribution companies to the general public, change their management, lay off the meter-readers and replace the existing electricity meters by smart meters capable of instantly detecting theft and 'kundas' (illegal connections) without physical inspection. The government aims at winding up Pepco by October 31, 2010 as the first step. One fails to understand the hurry as it would create mess rather than bringing any tangible positive change. The Financial Daily was the first to raise the demand for winding up Pepco, the holding company as it failed to meet the basic mandate of facilitating privatisation of corporatised entities replacing Water Wing of Wapda. If the government is serious in winding up Pepco, all its rudiments should also be removed. There is no need to create any cell within Ministry of Water and Power. Instead of retrenching meter-readers the top hierarchy of Pepco should be removed immediately, they do not deserve integration into Ministry and even retirement benefits. This suggestion comes because of the following highly imprudent policies, worst being the running of power plants at lower capacities to save fuel and buying high-priced electricity from independent power producers (IPPs). Ironically, the financial sickness of distribution companies has been transferred to the entire chain of energy sector and subsequently to the commercial banks. Let two points be made very clear: 1) firing meter-readers is not the solution to curb electricity theft because pilferage goes on with the connivance of linemen and 2) increasing tariff can't improve cash flow of the distribution companies. The real menace is transmission and distribution (T&D) losses mostly comprising of theft. The T&D losses presently hover around 40 per cent, which should not be more than10 per cent and the rest is blatant theft going on with the connivance of distribution companies' employees. Corporate entities already exist and the next step is to list them at the local stock exchanges through initial public offerings (IPOs). Completing the listing formalities and making the public offerings do not pose any problem but convincing the public to buy the shares will require cleaning the slate of the entities being offered. First the shares of financially strong entities should be offered but a definite timeline has to be adhered to win the confidence of multilateral financial institutions on the government's seriousness. Before undertaking any restructuring measures one point has to be made very clear that everyone using electricity has to pay the bill. Historically, government, semi-government and autonomous entities have been the biggest defaulters. Since some of these fall in the category of 'essential services' their supply can't be disconnected despite of huge payables. These payables have given birth to inter-corporate debt. Reportedly Rs301 billion has been parked in the newly created Power Holding Company and yet the outstanding amount stands at Rs200 billion.
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.
F
rom the floodgates c a m e gushing out not only the huge flow of water that drowned nearly one fourth of the Mohammad country but Nafees along came with it the unstoppable waves of rumours, political bickering, and point-scoring by different stakeholders of the country. Media focused its field-glasses on all those events where the government could be blamed for its negligence even on issues that were highly trivial in their nature. Politicians ventured out with their barrages of attack against each other for taking more interests in having photo-sessions rather than doing anything positive for the flood affected people. Out came the moralists and God-fearing religious leaders as well with their theories to remind people of how corrupt and sinful the society has become and to save it from the wrath of the nature we should seek forgiveness from the Almighty. Interesting of all such theories was the discovery of a sinister conspiracy by the Indians and the US-backed regime in Kabul that used water as a weapon for the first time to deluge Pakistan. The reasons offered in support of this discovery were: 'flooding of all rivers at the same time and the unprecedented speed and quantity of the gushing water that deluged the north western part of the country within a very short of span time'. All rumours and theories carry their own logic and in a country where substantiation of any claim is least required, everybody and their brother find it easy to say whatever they like. Let's take the conspiracy theory about Afghanistan and India releasing flood water into Pakistani territory. Although, Mr Zaid Hamid, the originator of this theory says that there was no flooding in India or Afghanistan during this period, the truth is that Afghanistan did experi-
ence heavy rain in its North Eastern province Kapisa on 30 July 2010 that caused flooding in the River Kabul and resulted in deaths of nearly 65 people and displacement of more than 1,000 families in Afghanistan. Could it force Afghanistan to release the significant amount of water into River Kabul e n t e r i n g Pakistan? Sounds quite plausible. If water level goes above the extreme limit, there is no way other than releasing the water. However, the question is; "How much water did Afghanistan release and when it e n t e r e d Pakistan?" On July 29, 2010, Pakistan Meteorological Department issued notice #8 advising that heavy rainfall has been recorded in upper Khyber Pakhtunkhwa that may inundate low-lying areas and flash flooding in River Kabul (within Pakistan) and its tributaries during the next 24 to36 hours. This report was issued exactly one day before Afghanistan received heavy rain falls. However, the difference of one day doesn't appear to make a big difference when we talk of a country that is our kind-of-next-door neighbour. It seems highly likely that a flash flood from Afghanistan might have entered Pakistani territory within a couple of days and it might have further aggravated the flood situation in the country. It sounds quite convincing though it is not true. Kabul River is the main river in the eastern part of Afghanistan and it flows 700 km before joining the Indus River near Attock. The satellite images taken by NASA's Earth Observatory on August 5, 2010 shows Kabul
River flowing in flood through the city of Kheshgi in northwest Pakistan. It means Kabul River took nearly 6 days to enter Pakistani territory and by the time it reached here Pakistan had already lost nearly 1500 people and property worth billions of dollars in KP. Three days before
“
What caused such an unprecedented flood in the country needs an in-depth study and research rather than spreading false rumours. In no way can we face and deal with such disasters if we keep focusing on issues that have no real facts to prove. Kabul River's entry into Pakistan, a 4000 feet long breach had already occurred at Taunsa Barrage spilling out 200,000 cusecs of water inundating Kot Addu and Muzaffargarh. All barrages and dams in Indus catchment areas were facing water flow of unprecedented level long before Kabul River added its water into the Indus River. These facts rule out the conspiracy theory of Afghanistan's involvement in flooding Pakistan. Now take India for a conspiracy of opening its floodgates and letting the deluge drown the poor Pakistanis. With most of Pakistani rivers coming through Indian Territory, this rumour appears to be very convincing and there are many buyers of it in the country. Let's carry out a reality check before accepting this theory. Leh City in Indian held Kashmir is located near the Indus River and on 5th August 2010 it experienced heavy rain fall resulting in 160 deaths, 200 missing persons, and over a thousand people were rendered homeless.
Since heavy downpour in India took place nearly 6 days after Pakistan faced the initial phase of worst flood disaster of its history, blaming India for it makes no sense. It was on August 13, 2010 that the Flood Forecasting Division (FFD) came out with an alarming note for the five cities of central Punjab when water releases by India generated high flood condition in Chenab river at Marala. According to the news, the discharge at Marala was nearly 180,000 cusecs on Thursday afternoon and expected to range between 200,000 and 250,000 cusecs in the next 24 hours. It created such a panic among the people living close to Chenab river that PMD had to issue an advisory on August 16, 2010 to let people know that the dams on Ravi, Sutlej and Beaus Rivers were not yet filled to their capacity and as such it was highly unlikely that India would release sudden flood water in these rivers within next 5-10 days at least. A review of the water discharge data for Chenab's catchment areas that include Marala, Khanki, Qadirabad, and Trimmu, shows no significant upsurge in water level around 13 August 2010. Interestingly, at no time from August 5 to 28, 2010 water level ever touched the extreme level of 600,000 cusecs at any of these locations. On 13 August 2010, Marala had a water inflow level of 180,000 cusecs, Qadirabad 140,000 cusecs, Khanki 150,000 cusecs, and Trimmu had 210,000 cusecs of water level. These water levels kept coming down after August 14. This factual data clearly negates all those conspiracy theories that are being spread around without offering any substantial proof for them. What caused such an unprecedented flood in the country needs an in-depth study and research rather than spreading false rumours. In no way can we face and deal with such disasters if we keep focusing on issues that have no real facts to prove. Such efforts can only create more chaos and panic among the people who have already been suffering from the menace of flood.
At Stake is Our Political Stability M
illions of people forced to flee their homes by Pakistan's worst ever floods may emerge as the most explosive issue for a feeble government in the wake of a disaster that will strain the economy for years to come. Pakistan was already under growing pressure to deal with over one million people forced from their homes by fighting between the army and homegrown Taliban militants in the northwest. Now it has to devise a comprehensive strategy to tackle a wider crisis -- 10 million people displaced by the floods -- that could create political instability in a frontline state in the US war on militancy. "If these people are not somehow accommodated and their issues are not addressed in terms of basic shelter, basic food, medical care and rehabilitation and in terms of livelihood, then we are looking at potentially large social unrest," said Kamran Bokhari, South Asia director at STRATFOR global intelligence firm. "Dislocation by itself can
bring down states and governments, in theory." To tackle the problem, the cash-strapped government has to come up with vast funds, work out complicated logistics and, most importantly, prove it can take charge after the military did most of the heavy lifting during flood relief and rescue operations. Leaving displacement issues to the powerful military as well could further undermine the state's credibility. Analysts say that while a army-led coup is highly unlikely, the military may feel inclined to take measured action if the government completely fails to help those displaced by the floods, especially since the Taliban could recruit flood victims who give up on the state. FIRST WAR, THEN FLOODS
"In a situation of crisis when the civilian government loses legitimacy, it may be easy for the military to either manipulate the government from the sidelines, or indirectly bring in its own men to replace the government," said political analyst Hasan Askari Rizvi. Critics say the government and the army have been pres-
highlights the multiple layers of the displacement problem. Take farmer Niamat Ali Khan. The Taliban killed his brother, two uncles and kidnapped and tortured him, he said, so he fled his home and spent two years at a camp for refugees. After receiving assurances from the military, Khan said, he returned home. Then the
To tackle the problem, the cash-strapped government has to come up with vast funds, work out complicated logistics and, most importantly, prove it can take charge after the military did most of the heavy lifting during flood relief and rescue operations. suring people displaced by fighting to return home, despite security fears and lack of resources to rebuild. Former Taliban stronghold Swat Valley, one of the areas hardest hit by the floods,
floods swept away his home and land. "I have no money to rebuild my home and the government has not helped us so far despite promises," he said. The authorities may not be
able to offer assistance for a long time. Flood damages are likely to run into the tens of billions of dollars, money Pakistan will struggle to secure. There are also other problems. The World Bank and the US have urged Pakistan to take steps to reassure donors that it is capable of using their flood aid responsibly and transparently. The International Crisis Group think tank said in a report the floods have turned displacement into a "national disaster of mammoth proportions" and urged the government to handle it. "Given the scale of the needs, there may be a temptation among donors to circumvent civilian structures and work directly with the military to deliver aid, but this would be a dangerous choice," says Samina Ahmed, its South Asia Project Director. "The military should certainly provide logistical support, but only under control of the civilian government and in support of the latter's objectives."-Reuters
For Whom the Predator Drones? US drones rain missiles over Pakistani soil while the government and military representatives remain totally mute over the issue, refraining even from issuing an open statement to condemn the use of such horrific gadgets. What was hitherto being predicted is now out in public as Richard Holbrooke, the US representative for Pakistan and Afghanistan, has confirmed the fact in a loud enough voice that these vicious attacks through unmanned planes by the people sitting in the US are carried out in "close collaboration" with the civil and military leadership of the country. According to Holbrooke, these drones helped improve the security environment at a "very minimum cost". May we ask what this minimum cost is. Is it the lives of the innocent and poor Pakistani people who are already leading a devastated life in the margins especially women and children who cannot dare to raise a voice for their fundamental right to live? How, one needs to ask, are these drone attacks instrumental in improving the security environment? Has militancy dwindled in the region? Have incidents of suicide bombing and target killings receded in Pakistan? Have ethnic and sectarian clashes transformed into chapters of history? Do the people of Pakistan feel secure? Has peace finally prevailed? Unfortunately, the answer is a big NO! The only achievement the drones attacks can boast of is the empowerment gained by the US to attack Pakistani people and territory as they desire and please, which is being done as discontent and unrest is brewing in the region where US operatives roam around freely in big cars with dark glasses leaving the local populace wondering at their leeway as they go about their mysterious and sinister activities. The least the leadership can do is to keep an eye on what the US officials are doing in Pakistan and force those who are operating drones to provide a complete picture of each and every attack with a video footage from the camera installed in the unmanned vehicle so that we maybe informed of all those who have been targeted, surely that is how they know who they are killing in the process, so that there remains no room for ambiguity. Umar Qayyum Malik, Islamabad
5
Thursday, September 23, 2010
European shares close lower as banks fall KSE-100 Index Opening Closing Change % Change Turnover (mn)
LSE-25 Index 3,131.10 3,110.47 20.63 0.66 2.64
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,563.91 2,554.21 9.70 0.38 0.11
Major Gainers
Symbol
Close
Change
NESTLE 1,860.00 ULEVER 4,000.00 DREL 500.50 LAKST 231.61 SIEM 1,139.90
29.95 28.00 23.80 11.02 5.41
Major Losers
Symbol
Close
Change
RMPL COLG BATA EXIDE PSEL
1,352.35 685.00 490.00 147.06 147.73
-68.35 -36.00 -13.75 -7.74 -7.72
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NML JSCL SILK LOTPTA DGKC
46.77 9.85 2.65 8.58 24.28
4.14 3.13 2.81 2.64 2.21
Active Issues Plus Minus Unchanged
102 243 24
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
FTSE-100 falls 0.4pc on US recovery worries
Apex index bears the brunt of profit-turning
9,992.50 9,946.42 46.08 0.46 50.86
Opening Closing Change % Change Turnover (mn)
SEAsian stocks mostly pull back amid global concerns; Bangkok up
Nawaz Ali KARACHI: Bearish activities continued at the Karachi Stock Exchange (KSE) with low volumes on Wednesday as investors remained cautious on fears of increase in T-bills yields and discount rates in the monetary policy which is to be announced on Sept 29. The benchmark KSE 100index fell 46 points to close at 9,946 points, KSE 30-index dropped 77 points to end at 9,634 points and KSE all-share
index was down by 34 points to finish at 6,945 points. Samar Iqbal, equity dealer at Topline Securities said that investors were cautious in anticipation of increase in Tbill yield as this auction would reveal the SBP's stance on key policy rate in the upcoming monetary review. "Consequently, inventors booked profit in leveraged companies whose cost of doing business will increase with interest rate hike," he added. Trading activities started on
Tokyo shares dip TOKYO: Nikkei stock average dipped on Wednesday, but losses were stemmed after the dollar edged back up towards the 85 yen level and by expectations that a strong yen rise would bring Japanese intervention. The benchmark Nikkei lost 35.79 points to 9,566.32, while the broader Topix shed 0.4 per cent to 846.52. Trade was thin, with 1.47 billion shares changing hands on the Tokyo exchange's first section, the lowest since Sept 13. Declining shares outnumbered advancing ones, 886 to 575. The dollar slipped as low as 84.78 yen, taking the Nikkei with it, after the Federal Reserve's latest statement on the US economy intensifed speculation that it would take more quantitative easing steps later this year. But Prime Minister Naoto Kan was quoted by the Financial Times as saying that intervention in foreign exchange markets was "unavoidable" if there were drastic changes in the currency. "The downside is actually quite strong, stocks could easily have fallen a lot more," said Toshiyuki Kanayama, market analyst at Monex Inc.
"Basically there's a lot less worry about the possibility of a stronger yen, since the market now expects that any trend in that direction will bring more intervention. In that sense, the psychological impact of last week's intervention is still helping." The dollar stood at 84.88 yen, down 0.3 per cent. Others in the market, though, said the Nikkei had simply fallen so much relative to markets overseas that investors saw little reason to sell at this point. "Things in Japan aren't all that good economically, especially in regard to deflation, but shares have been sold quite a lot already and US shares appear to have settled down, both of which will provide support," said Kenichi Hirano, operating officer at Tachibana Securities. "At the same time, there's no reason to buy Japan." Investors had hoped that, with recent improvements in economic data, the Fed would issue a more upbeat outlook or clarify the measures it would take to stimulate demand. Panasonic Corp surged 2.4 per cent to 1,138 yen after the Nikkei business daily said the See # 4 Page 11
a positive note at 10 points up and thereafter market showed some mix activities during the first hour of the session moving on both sides. Index at a moment touched its highest level of the day of 10,015 points (+ve 23 points). But then some selling pressure pushed the market toward its grip as investors mainly locals were frightened of increase in T-bill yields whose auction was due to take place later during the day. According to experts, this
US markets mid-day
Tech leads decline in US stocks NEW YORK: US stocks fell on Wednesday in a tech-led decline after a weak revenue forecast from Adobe Systems Inc and a dividend increase from Microsoft Corp that disappointed some investors. The Dow Jones industrial average dropped 35.23 points, or 0.33 per cent, to 10,725.80. The Standard & Poor's 500 Index fell 5.90 points, or 0.52 per cent, to 1,133.88. The Nasdaq Composite Index lost 21.32 points, or 0.91 per cent, to 2,328.05. The Federal Reserve's cautious statement in the last session, which hinted that it may pump hundreds of billions of new dollars into the economy, also unsettled some investors who had adopted a more optimistic view of the economy as stocks have rallied in recent weeks. Adobe Systems Inc slid 20 per cent to $26.39, making it the heaviest weight on the S&P 500 and the Nasdaq, after the software maker forecast See # 5 Page 11
HK rise up to 5-month high HONG KONG: Hong Kong stocks rose on Wednesday to a five-month high, with consumer-related plays gaining ground ahead of China's "golden week" holiday and local property issues extending recent gains. The Hang Seng Index closed up 0.2 per cent at 22,047.7, just over a per cent below its peak for the year reached in April, which is seen by analysts as the next key resistance. But with the index up eight per cent this month and trading well into technically overbought territory according to the relative strength index (RSI), currently above 73, it could struggle to touch a new year-high. The last time the RSI was around this level in August, the index fell about 7 per cent to a one-month low. "We could see some consolidation at these levels after this fairly strong rally," said Mark To of Wing Wung Financial Group. "The performance of all the upcoming IPOs will be important to watch. If they do well, that might push the market higher." Since the beginning of September, at least 15 companies have launched IPOs in Hong Kong to raise a total of around $4.5 billion as market conditions improved.
The IPOs have seen strong demand, mostly from retail investors looking for quick listing gains. Magic Holdings, a maker of Chinese facial masks which priced its offering at the top end of it range, said in a statement its Hong Kong IPO was subscribed 786 times. The shares will start trading on Sept 24. American International Group Inc inched closer to its ambitious plan to list Asian unit AIA Group after securing approval from the Hong Kong stock exchange. Local property counters extended recent gains with investors increasingly optimistic that commercial and retail demand for Hong Kong real estate will remain robust. Swire Pacific rose 1.7 per cent on more than 3 times its average 30-day volume, while Wharf Ltd was up 2.1 per cent. Wharf, trading at an all-time high, is the month's top performer on the Hang Seng Index, up more than 22 per cent. Local developers also gained with Henderson Land up 2.6 per cent and Cheung Kong Holdings, up 2.1 per cent. Credit Suisse, in a note to clients on Tuesday, recommended that investors continue to switch out of utilities
and into Hong Kong property plays. Belle International Holdings Ltd was up 4.5 per cent, leading a rally in consumer-related plays. "The National Day holiday will give a strong boost to retail sales," Dongliang Chang, analyst at China Everbright Research, said in a note to clients. He added that although discounts may slightly compress margins at department stores, doubling or even tripling sales during the holiday would largely offset that impact. China Unicom fell 3.3 per cent and was the top losers on the Hang Seng Index after Deutsche Bank downgraded the stock to "sell" from "buy" on the company's inability to ramp up subscriber additions despite increasing promotional activity. The brokerage also cut its long-term forecast for 3G subscribers, a key growth area for China Unicom. Trading activity tapered out into the close with turnover for the day at its lowest this month ahead of the MidAutumn Festival holiday in Hong Kong on Thursday. Markets will reopen on Friday. Mainland China's markets are closed Sept 22-24, Oct. 1 and Oct. 4-7. -Reuters
auction would show the stance of the central bank in the upcoming monetary policy. Investors were also worried over the current political situation. Therefore, market remained in the bearish zone during the remaining part of the day and at about 2:52 PST index touched an intraday low of 9,924 points (-ve 67 points). It should be noted that the central bank has increased the key discount rates by 50 bps to 13 per cent in its last monetary policy in July.
Ahsan Mehanti, Director Arif Habib Investments said profit taking continued ahead of major earning announcements on uncertainty over monetary policy next week and rising political uncertainty in the country. "IMF concerns for rising fiscal deficit and economic uncertainty affected market sentiment despite hopes for early receipt of UN foreign aid to support Pakistan flood affected regions and See # 1 Page 11
Indian equities lose on selling MUMBAI: Profit sales took the fizz out of Indian equities rally on Wednesday, with the bluechip index closing 0.3 per cent lower, after hitting fresh 32-month highs in the day. Export-focused outsourcers led the losses, with the IT sector index declining 1.3 per cent, after rising 3 per cent over the three previous sessions. The 30-share BSE index dropped 0.3 per cent, or 59.83 points to 19,941.72, with half of its components losing ground, after rising as much as 0.5 per cent early to 20,105.54 points -- its highest since January 2008. In the broader market, advance:decline ratio was at 1.7:1 in a moderate volume of 478 million shares. The 50-share NSE index shed 0.3 per cent to 5,991 points. "The pace at which FIIs (foreign institutional investors) are pouring money cannot continue. We cannot keep moving in one direction," said Deven Choksey, managing director and CEO of KR Choksey Shares. Overseas investors have been gung-ho about India's growth story and have pumped in more
than $4 billion in September, pushing the benchmark index nearly 11 per cent higher this month. "While the valuations may have run ahead of time for key indices, there is value in individual stocks. Tata Motors, ICICI Bank and Maruti hold good promise currently," Choksey said. Tata Consultancy Services and Infosys Technologies dropped 1.9 per cent each on profit sales after the two stocks had hit record highs in the previous session. IT services firm Mahindra Satyam extended gains to as much as 14.9 per cent ahead of the firm's audited financial results review for fiscal years 2009 and 2010 on Sept. 29. It was the most traded stock on the BSE, with its volume of 49.4 million shares more than 17 times its 30-day average volume. Shares in parent Tech Mahindra gained 8.2 per cent to 787.40 rupees. Sun Pharmaceutical slipped 0.2 per cent at close after rising 3.1 per cent to an all-time high of See # 3 Page 11
LONDON: Britain's top shares fell on Wednesday, led by banks as worries over the economic recovery in the US and lack of action taken by the Federal Reserve hit sentiment, offsetting gains in miners. The FTSE 100 ended down 24.28 points or 0.4 per cent at 5,551.91, after falling 0.5 per cent on Tuesday. The US central bank's policysetting panel opened the door wider late on Tuesday to pumping hundreds of billions of new dollars into the economy on worries over low inflation. Gold and base metal prices rallied as investors retreated from the dollar, fuelling demand for mining stocks, with Randgold Resources and African Barrick Gold up 2.9 and 2.5 per cent respectively. "Whenever you think the market looks quite rosy look where gold is, it's still at its all time high, that paints a wide picture on how the sentiment is," Will Heddon, sales trader at IG Index, said. "Everything has seemed good over the last few weeks but can it be when gold is that high?" BHP Billiton was up 2.1 per cent. Potash Corp said it filed a lawsuit against BHP Billiton that seeks to block the mining giant's $39 billion hostile bid for the Canadian fertilizer producer. Banks, which tend to be sensitive to even slight shifts in risk appetite, were the biggest drag on the index, with Lloyds Banking Group off 1.4 per cent and HSBC 1.0 per cent weaker. Banks were also weighed down by a statement from Deutsche Bank, which blasted a warning shot over Q3 earnings late on Tuesday. Santander fell after a Credit Suisse downgrade. Minutes of the Bank of England's Monetary Policy Committee meeting on Sept 8-9 showed BoE policymaker Andrew Sentance had repeated his lone call for an interest rate hike See # 2 Page 11
ANNOUNCEMENTS Company Rupali Polyester Shield Corporation Ghandhara Nissan Orix Leasing Wazir Ali(Consolidated) Wazir Ali
Period Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 40%D 10%D -
PAT (Rs in mn) 207.802 22.134 -88.893 104.483 -66.729 -75.309
EPS(Rs) 6.1 5.68 -1.98 1.27 -8.36 -9.43
Dhiyan
WAIT FOR MONETARY POLICY Salman Naqvi, Aba Ali Habib Securities Market is expected to show some weak activities in the short period due to political uncertainty and fears of increase in interest rates. If the key discount rates are increased by 50 bps then we can see a decline of 200 points in the market while a hike of more than 50 bps may result in more bearish activities. However, no change in the interest rates will trigger the market. Shortterm investors are therefore recommended to wait for the monetary policy while long-term investors can invest 20 per cent of their cash in selective stocks of banking, fertiliser sectors and IPPs. Market will be negative today.
Hamad Aslam, BMA Capital Bearish activities will continue in the market and index will gradually come down to 9,000 levels due to high interest rates scenario, high inflation and political uncertainty. Investors are therefore advised to take exit wherever they get opportunity and avoid new investments. However, selective buying can be done of those stocks which will announce their corporate results next week especially in APL and POL. Materialisation of foreign commitments can trigger the market. Market may be positive today on rejection of bids for 12 months T-bills which has reduced the chances of increase in key interest rates in the next monetary policy. However, we may see a rise of 50-100 bps in the interest rates in the future monetary policies.
6
Thursday, September 23, 2010
Market 50,858,012
Value
1,494,181,556
Trades
34,114
Paid up Cap(mn)
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery Oil & Gas Development XD Pak PetroleumXDXB Pak Oilfields Pak Refinery Limited PSO XD Shell Gas LPGSPOT Shell Pakistan XD
Advanced Declined Unchanged Total
Current High Low Change
102 243 24 369
All Share Index
9,946.42 10,016.53 9,923.69 i46.08
Current High Low Change
PE
High Low 1,249.55 1,236.51 Total cos Defaulter cos P/BV (x) ROE (%) 4.00 37.01
High
Low
576 5.74 324.08 853 9.37 83.38 3921 - 10.59 735 16.55 122.94 800 6.07 199.11 43009 10.08 146.08 11950 5.38 172.95 2365 6.87 234.78 350 - 65.01 1715 4.42 264.76 226 13.89 30.20 685 9.87 194.65
324.00 84.25 10.65 124.88 201.00 146.65 174.00 235.48 67.80 265.99 31.40 195.50
317.50 82.70 10.33 121.50 199.00 146.00 171.30 232.31 65.50 261.01 30.25 191.50
Close Chg 318.04 83.62 10.36 122.12 199.03 146.07 171.80 232.83 66.17 261.46 30.83 192.51
-6.04 0.24 -0.23 -0.82 -0.08 -0.01 -1.15 -1.95 1.16 -3.30 0.63 -2.14
Close Change 1,238.51 -5.17 Listed cap Market cap 65,194.15 mn 1,004,057.98 mn Payout (%) Div Yield (%) 68.56 6.34 Last 60 days High Low
Volume 86804 309585 464955 67742 4902 591271 275716 389226 10124 187718 3837 7286
330.51 93.60 13.05 138.45 207.00 153.00 214.10 240.01 82.00 289.45 40.19 244.00
% Change -0.42 5-Day High 1,248.72 5-Day Low 1,233.70
2009 Div BR (%) (%)
2010 Div BR (%) (%)
281.00 250 73.47 9.62 112.80 32.17 100B 182.01 125 133.00 82.5 171.30 130 20B 209.99 180 48.26 233.10 50 27.32 190.00 330 -
100 31 55 90 80 80 40
20B -
Open 696.08 Turnover 2,157 P/E (x) 5.66
Open 1,139.55 Turnover 5,034,594 P/E (x) 7.05 PE
High Low 1,145.92 1,125.14 Total cos Defaulter cos P/BV (x) ROE (%) 2.47 35.00
Paid up Cap(mn)
PE
Open
High
Low
Pak Int Container Terminal XD1092
8.27
67.42
67.51
67.30
67.40
PNSC
5.20
39.00
38.90
38.05
38.10
Company
Open
High
Low
Bawany Air 68 1.17 11.89 Biafo Ind 200 5.99 34.00 BOC (Pak) XD 250 9.67 75.00 Dawood Hercules 1203 7.84 169.51 Descon Chemical 1996 2.14 Dewan Salman 3663 1.49 Dynea Pak 94 4.25 11.50 Engro Corporation Ltd XD 3277 8.92 176.28 Engro Polymer 6635 - 12.10 Fatima Fertilizer 22000 - 10.01 Fauji Fertilizer XD 6785 7.11 105.01 Fauji Fertilizer Bin Qasim XD 9341 6.87 27.32 Gatron Ind 384 3.73 39.98 Ghani Gases Ltd 725 - 10.55 ICI Pakistan XD 1388 7.18 119.95 Ittehad ChemicalSPOT 360 5.63 25.00 Lotte Pakistan 15142 2.98 8.65 Nimir Ind Chemical 1106 72.50 1.44 Sitara Chem Ind 204 4.73 120.51 Sitara Peroxide 551 8.66
12.45 35.70 76.50 172.00 2.20 1.49 11.40 177.35 12.35 10.44 105.19 27.35 40.00 11.18 121.00 23.76 8.73 1.58 125.00 8.74
10.89 33.66 74.90 163.51 2.02 1.43 11.39 173.50 12.05 9.80 104.21 26.95 38.00 10.35 119.70 23.75 8.50 1.41 115.00 8.52
Close Chg 11.53 33.66 76.00 169.90 2.12 1.46 11.40 174.02 12.12 10.22 104.52 27.00 40.00 10.78 120.40 23.75 8.58 1.45 117.09 8.58
-0.36 -0.34 1.00 0.39 -0.02 -0.03 -0.10 -2.26 0.02 0.21 -0.49 -0.32 0.02 0.23 0.45 -1.25 -0.07 0.01 -3.42 -0.08
Last 60 days High Low
Volume 848 10001 13322 15505 21205 83723 5200 325096 218239 824791 161646 425868 152 558122 171096 1869 2643476 367712 408 32273
Change -7.39 Market cap 257,100.81 mn Div Yield (%) 6.92
16.78 39.20 82.50 185.88 3.15 2.21 13.60 194.59 12.75 12.80 113.39 30.65 48.30 11.45 128.30 37.80 9.09 1.81 138.60 11.09
% Change -0.65 5-Day High 1,151.55 5-Day Low 1,132.17
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10.06 31.64 40 66.90 90 155.38 40 10B 1.78 1.41 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.75 131.5 10B 25.70 40 36.80 7.41 109.50 80 23.09 15 6.75 5 1.16 111.50 75 8.22 -
45 15 20 15 20 75 5 20 55 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,193.07 Turnover 54,994 P/E (x) 6.11
High Low 1,183.71 1,143.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47
Close 1,151.61 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 38 411
6.23 4.56
20.47 59.06 40.00
20.55 60.10 39.10
19.60 58.85 38.10
19.60 -0.87 59.86 0.80 38.55 -1.45
43418 7175 4401
Century Paper Pak Paper Product Security Paper
Change -41.46 Market cap 3,203.95 mn Div Yield (%) 4.14
Last 60 days High Low 22.70 61.90 50.40
15.76 41.21 38.10
% Change -3.48 5-Day High 1,213.46 5-Day Low 1,151.61
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
2533.33B 50 -
1321
Open 1,068.66 Turnover 165,639 P/E (x) 4.05 Paid up Cap(mn)
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz Pipe International IndXDXB Siddiqsons Tin
565 675 555 1199 785
PE 3.35 5.52 4.72 6.60
Open 25.00 2.10 13.83 49.75 9.31
High 24.89 2.10 14.20 49.99 9.40
Low 24.35 2.01 13.10 48.00 9.20
Close Chg 24.70 2.03 13.20 48.49 9.30
-0.30 -0.07 -0.63 -1.26 -0.01
Close 966.85 Listed cap 3,596.11 mn Payout (%) 30.91
1279 13534 8509 24073 1000
31.73 3.20 16.00 70.71 11.25
24.30 1.90 13.00 48.00 8.20
2009 Div BR (%) (%) 10
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dadabhoy Const Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cement Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 4.83 182 3257 956 982 12.31 23 4.76 108 948 3574 3651 33.72 350 6933 12.38 1760 77 2319 32 581 1288 13126 3234 6.27 3723 2228 361 798 -
3.36 68.99 17.48 24.99 10.90 1.52 1.00 23.19 1.65 1.34 24.86 3.44 5.05 1.90 2.88 2.96 1.07 57.76 6.18 2.91 69.95 3.06 7.98 9.81 20.00
3.49 69.40 17.80 26.22 11.60 1.80 1.00 24.34 1.75 1.46 25.25 3.70 5.20 2.00 2.80 3.23 1.10 60.64 6.20 2.98 70.38 3.10 8.34 10.70 20.50
3.25 67.15 16.75 26.20 10.25 1.50 1.00 23.52 1.65 1.40 24.10 2.72 4.93 1.85 2.80 2.62 0.87 59.50 6.15 2.80 69.61 2.99 7.70 10.00 19.26
Close 911.80 Listed cap 54,792.74 mn Payout (%) 19.04
30B -
Change -0.67 Market cap 68,420.99 mn Div Yield (%) 2.43
Close Chg
Volume
Last 60 days High Low
3.28 68.05 16.96 26.20 10.90 1.60 1.00 23.52 1.65 1.45 24.28 2.76 4.95 1.90 2.80 2.91 1.10 60.06 6.15 2.82 69.84 3.00 8.00 10.01 19.75
25704 37754 4927 1900 2300 506 1000 509 1040 377279 2209927 2403 241984 105446 5048 48141 112 3830 82049 288196 840085 302505 30501 466 330
4.69 72.40 20.00 26.22 12.50 2.74 1.49 32.90 3.90 2.20 28.74 5.15 5.50 2.37 4.69 7.50 2.00 66.10 7.38 3.53 73.88 3.84 8.47 12.23 21.80
-0.08 -0.94 -0.52 1.21 0.00 0.08 0.00 0.33 0.00 0.11 -0.58 -0.68 -0.10 0.00 -0.08 -0.05 0.03 2.30 -0.03 -0.09 -0.11 -0.06 0.02 0.20 -0.25
2.82 63.00 15.42 10.50 8.90 1.30 1.00 22.10 1.02 1.30 23.02 2.40 4.50 1.75 1.55 2.11 0.85 56.05 5.70 2.60 61.29 2.99 5.60 8.10 17.74
2010 Div BR (%) (%) 30 40 -
20B -
% Change -0.07 5-Day High 930.60 5-Day Low 911.80
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 200R 40 -
17.5 - 122R - 20R 40 -
GENERAL INDUSTRIALS
Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
92 4.42 47.51 230 1.96 970 6.09 60.00 389 2.88 47 - 15.35 844 16.00 109.28 300 7.87 98.90
High
Low
Close Chg
47.98 46.31 46.35 -1.16 1.99 1.85 1.94 -0.02 60.90 59.00 59.50 -0.50 3.34 2.43 2.70 -0.18 14.98 14.45 14.45 -0.90 107.90 105.55 105.59 -3.69 98.10 98.00 98.00 -0.90
Close 893.30 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 35477 22358 34329 4002 625 1952 1501
Change -12.38 Market cap 33,071.64 mn Div Yield (%) 5.98
Last 60 days High Low 51.05 2.89 61.50 4.69 20.70 125.96 105.00
28.87 1.85 54.65 2.21 11.81 105.00 91.00
2009 Div BR (%) (%) 30 32.5 100
Last 60 days High Low
RSI (14-day)
25.34
Total Assets (Rs in mn)
-0.02
380
87.86
66.00
-
20B
40
-
MA (10-day)
3.89
Total Equity (Rs in mn)
-0.90
1777
41.74
34.50
30
-
15
-
MA (100-day)
5.05
Revenue (Rs in mn)
High Low 1,079.48 1,058.62 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 25.35 Low
Close Chg
70.49 69.00 69.82 -0.18 141.50 137.00 138.20 -1.94 16.75 16.70 16.73 -0.27 98.10 97.00 97.61 -1.04 32.00 29.04 29.10 -1.46 1.45 1.30 1.32 0.00 149.99 147.06 147.06 -7.74 22.77 21.71 22.77 -0.03 5.70 4.66 4.78 -0.69 4.49 4.25 4.28 -0.12 11.02 10.55 10.96 -0.37 233.49 232.00 232.48 0.65 76.94 75.00 75.00 0.12 26.98 26.10 26.52 0.05 2.40 1.95 2.00 -0.04
Close 1,065.19 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 21020 1799 250 372 102 41540 280 3299 40689 2600 3414 10002 8617 6041 25614
Change -3.47 Market cap 39,294.95 mn Div Yield (%) 5.04
Last 60 days High Low 78.39 209.00 19.80 127.99 33.47 2.24 177.99 28.80 6.60 5.70 14.50 287.00 89.99 27.85 3.35
63.01 137.00 15.90 92.00 28.70 1.16 121.10 21.10 4.66 3.65 10.05 212.29 73.50 23.58 1.61
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar Adam Sugar Colony Sugar Mills Crescent Sugar Habib Sugar Habib-ADM Ltd Hussein Sugar J D WSugar National Foods Nestle Pakistan XD Noon Pakistan Quice Food Rafhan Maize Shahmurad Sugar Shakarganj Mills Tandlianwala UniLever Pakistan XD
793 58 990 214 600 200 121 490 414 453 48 107 92 211 695 1177 665
PE
Open
High
15.87 7.50 8.50 0.61 11.90 11.77 3.75 3.85 12.26 6.50 6.50 6.15 29.88 30.00 4.48 16.00 16.00 9.05 10.05 2.23 65.93 67.00 23.90 52.58 52.25 21.40 1830.05 1879.99 5.44 23.70 24.37 2.15 2.17 6.56 1420.70 1355.00 15.52 10.94 11.00 3.80 4.34 290.45 32.14 31.99 22.40 3972.00 4044.96
High Low 1,457.01 1,391.06 Total cos Defaulter cos P/BV (x) ROE (%) 8.85 30.30 Low
Close Chg
6.50 8.25 11.50 11.52 3.40 3.47 6.50 6.50 29.50 29.81 15.75 15.95 9.00 10.05 65.50 66.70 49.96 49.96 1798.29 1860.00 22.52 22.56 2.17 2.17 1350.00 1352.35 10.71 10.71 3.23 3.74 30.55 31.95 3775.00 4000.00
0.75 -0.38 -0.28 0.00 -0.07 -0.05 1.00 0.77 -2.62 29.95 -1.14 0.02 -68.35 -0.23 -0.06 -0.19 28.00
Close 1,443.41 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 1199 3200 382 500 20753 4367 3969 11566 10667 1022 1083 8000 632 1200 765 8002 494
Last 60 days High Low 8.50 14.75 5.00 7.80 30.00 16.98 10.05 67.90 65.29 1937.22 33.06 2.97 1599.00 11.00 5.16 35.50 4200.00
1.12 10.50 2.40 5.00 22.50 13.00 4.22 60.10 41.35 1550.00 22.52 1.60 1100.00 7.40 3.02 19.58 3710.00
Open 1,016.27 Turnover 314,420 P/E (x) 2.55 Company
Paid up Cap(mn)
Gauhar Engineering Ltd 22 Pak Elektron 1174 Tariq Glass Ind XD 231
PE 2.92 2.76
10B -
% Change -1.37 5-Day High 906.91 5-Day Low 893.30 2010 Div BR (%) (%) 20 25 -
25B 10B -
Open 0.21 13.89 17.02
High 0.21 14.80 17.50
High Low 1,043.05 999.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64 Low 0.21 13.57 16.11
Close Chg 0.21 0.00 13.68 -0.21 16.97 -0.05
Close 1,011.35 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
Change -6.91 Market cap 31,303.97 mn Div Yield (%) 15.91
Last 60 days High Low
40 100 20B - 100R 80 30B 15 50 100 5 - 20B 2 -
90 100 12.5 60 20 150 -
20B -
% Change 0.43 5-Day High 1,451.41 5-Day Low 1,437.19
2009 Div BR (%) (%) 10 35 40 40 600 900 15 458
2010 Div BR (%) (%)
25B 25B 10B -
Volume 1000 258282 55084
Change -4.91 Market cap 5,378.45 mn Div Yield (%) 2.46
Last 60 days High Low 0.50 15.95 19.12
0.20 11.20 13.50
40 0 12.5R 12 200 600 178 -
2010 Div BR (%) (%)
AL-Ghazi Tractor XD Bolan Casting Ghandhara Ind
215 95 213
4.98 213.99 8.38 46.50 2.36 17.66
213.00 209.01 209.51 -4.48 48.50 46.00 46.33 -0.17 18.30 16.67 16.79 -0.87
573 18602 175504
226.10 48.50 20.24
195.25 35.25 15.26
400 -
20B -
150 -
-
KSB Pumps Millat Tractors
132 293
8.00 80.00 7.47 585.28
83.94 76.10 80.33 0.33 587.00 581.49 582.51 -2.77
505 70731
91.00 597.90
61.57 468.12
35 450
25B
650
25B
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
10B -
17.5
10B -
PERSONAL GOODS Open 918.53 Turnover 7,864,532 P/E (x) 5.79 Company
Paid up Cap(mn)
PE
High Low 918.99 906.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 8.64
Close 909.68 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
(Colony) Thal 56 1.92 Al-Azhar Textile 86 1.00 Amtex Limited 2415 4.68 17.76 Artistic Denim 840 5.61 20.00 Azgard Nine 4493 256.25 10.46 Chakwal Spinning 400 1.28 1.27 Chenab Limited 1150 3.50 Colgate Palm 316 14.71 721.00 Colony Mills Ltd 2442 2.41 2.81 Crescent Fibres Ltd 124 2.49 17.70 Crescent Jute 238 0.76 D S Ind Ltd 600 1.61 Dawood Lawrencepur 514 9.77 41.50 Dewan Farooque Spinning 600 2.13 3.01 Ellcot Spinning 110 1.62 23.75 Fazal Textile 62 4.44 336.67 Gulistan Textile 190 2.65 21.00 Hira Textile Mills Ltd 716 1.48 4.23 Ibrahim Fibres 3105 3.33 36.11 Indus Dyeing 181 3.31 249.49 Int Knitwear XD 32 3.77 8.00 Khalid Siraj 107 0.80 Kohinoor Ind 303 1.59 Kohinoor Textile 1455 3.52 5.85 Masood Textile 600 1.01 20.99 Mehmood Textile 150 2.34 62.00 Mukhtar Textile 145 0.52 Nagina Cotton 187 1.71 15.75 Nishat (Chunian) 1586 2.96 15.99 Nishat Mills 3516 5.50 47.12 Quetta Textile 130 1.51 34.47 Ravi Textile 250 4.08 1.74 Reliance Weaving 308 1.16 9.49 Rupali Poly 341 5.43 33.75 Sana Ind 55 5.27 35.51 Sapphire Textile 201 2.49 110.83 Sargoda Spinning 312 1.60 1.45 Saritow Spinning 133 0.47 2.49 Service Fabrics 158 0.24 Service Ind 120 4.84 191.50 Shahpur Textile 140 1.11 0.85 Shahtaj Textile 97 2.81 18.03 Shield Corp 39 9.51 55.98 Suraj Cotton 180 1.54 33.14 Tata Textile 173 0.69 18.50 Thal Limited XD 256 5.19 104.06 Treet Corp 418 0.49 40.17 Zil Limited 53 8.87 42.16
1.50 1.00 18.02 20.60 10.65 1.47 3.75 713.40 2.99 17.00 0.98 1.90 41.00 3.00 24.20 350.00 21.00 4.39 37.24 260.99 9.00 0.98 1.58 5.95 21.50 62.00 0.89 16.00 16.50 48.48 32.75 1.76 9.45 35.42 35.88 105.29 1.40 2.10 0.28 193.40 0.95 18.00 54.00 34.50 17.60 105.75 40.49 42.00
1.50 1.00 17.40 19.10 10.21 1.10 3.33 684.95 2.65 16.90 0.70 1.50 40.60 2.05 23.61 327.01 21.00 4.01 35.55 237.10 8.00 0.51 1.45 5.61 21.50 59.00 0.50 14.75 15.90 46.59 32.75 1.58 9.44 33.00 35.10 105.29 0.50 1.49 0.28 186.05 0.80 17.99 53.19 34.49 17.50 103.50 38.55 40.30
1.50 -0.42 1.00 0.00 17.49 -0.27 19.24 -0.76 10.25 -0.21 1.29 0.02 3.44 -0.06 685.00-36.00 2.87 0.06 16.99 -0.71 0.98 0.22 1.59 -0.02 40.83 -0.67 3.00 -0.01 23.69 -0.06 331.27 -5.40 21.00 0.00 4.14 -0.09 36.20 0.09 250.01 0.52 8.02 0.02 0.75 -0.05 1.57 -0.02 5.66 -0.19 21.50 0.51 60.50 -1.50 0.50 -0.02 14.75 -1.00 15.97 -0.02 46.77 -0.35 32.75 -1.72 1.59 -0.15 9.44 -0.05 33.11 -0.64 35.33 -0.18 105.29 -5.54 1.04 -0.41 2.06 -0.43 0.28 0.04 187.98 -3.52 0.80 -0.05 18.00 -0.03 54.00 -1.98 34.49 1.35 17.50 -1.00 104.76 0.70 38.99 -1.18 40.54 -1.62
651 500 553872 421 1226220 2416 11210 109 103 5500 3508 26512 505 1500 3511 111 3654 12003 103 1096 475 4002 601 114 1000 2060 4002 5000 1575158 4140164 550 84194 1000 33965 13703 101 409 25011 500 2847 50002 1000 309 2500 1851 34884 21467 3879
% Change -0.48 5-Day High 1,434.71 5-Day Low 1,412.20
2009 Div BR (%) (%)
% Change -0.48 5-Day High 1,069.25 5-Day Low 1,011.35
Performance of SR Personal Goods Index Change -8.85 Market cap 113,107.87 mn Div Yield (%) 2.88
Last 60 days High Low 2.00 2.58 20.45 21.59 13.40 2.30 5.10 770.00 5.00 18.35 2.25 2.65 51.99 4.00 25.30 410.00 24.30 4.61 41.00 269.50 10.50 1.99 2.00 6.30 23.25 74.50 0.99 16.50 19.49 53.14 52.29 6.34 10.68 36.35 38.00 124.80 1.90 2.80 1.17 240.99 2.26 21.50 59.99 36.20 19.70 114.99 49.49 46.12
0.93 0.20 10.42 17.55 8.55 0.55 2.85 544.00 2.23 7.50 0.48 1.50 37.08 2.05 19.35 306.38 18.01 2.52 33.35 185.38 7.00 0.10 1.10 4.00 19.15 46.00 0.26 11.00 14.64 40.81 22.76 1.50 6.91 31.35 27.25 103.11 0.31 1.01 0.15 176.50 0.25 14.49 38.12 29.50 12.35 91.50 37.20 33.00
PHARMA AND BIO TECH
Paid up Cap(mn)
2010 Div BR (%) (%)
Technical Analysis
10,157.82 9,761.41 (1,352.12)
MA (200-day)
6.63
Interest Expense
1st Support
2.75
Loss after Taxation
2nd Support
2.40
EPS 09 (Rs)
21.62
1st Resistance
3.70
Book value / share (Rs)
2nd Resistance
4.30
PE 10 E (x)
Pivot
3.35
PBV (x)
(1,372.71) (5.485) 39.00 0.08
FCSC closed down -0.94 at 3.03. Volume was 1,291 per cent above average (trending) and Bollinger Bands were 4 per cent wider than normal. The company's loss after taxation stood at Rs720.202 million which translates into a Loss Per Share of Rs2.50 for the nine months of fiscal year (9MFY10). FCSC is currently 54.3 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 very strong flows of volume out of FCSC (bearish). Trend forecasting oscillators are currently bearish on FCSC. Momentum oscillator is currently indicating that FCSC is currently in an oversold condition.
Ghandhara Industries Limited
Fundamental Highlights As on Jun 30, 2009
RSI (14-day)
50.15
Total Assets (Rs in mn)
MA (10-day)
16.84
Total Equity (Rs in mn)
MA (100-day)
17.27
Revenue (Rs in mn)
MA (200-day)
12.74
Interest Expense
1st Support
16.20
Loss after Taxation
2nd Support
15.62
EPS 09 (Rs)
1st Resistance
17.83
1,923.44 83.73 1,313.81 83.51 (137.49) (6.453)
Book value / share (Rs)
3.93
2nd Resistance
18.88
PE 10 E (x)
2.36
Pivot
17.25
PBV (x)
4.27
GHNI closed down -0.87 at 16.79. Volume was 161 per cent above average (trending) and Bollinger Bands were 33 per cent narrower than normal. The company's profit after taxation stood at Rs113.674 million which translates into an Earning Per Share of Rs5.34 for the nine months of fiscal year (9MFY10). GHNI is currently 31.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of GHNI at a relatively equal pace. Trend forecasting oscillators are currently bullish on GHNI.
Dewan Cement Limited
HOUSEHOLD GOODS
Performance of SR Pharma and Bio Tech Index
Close 1,427.80 Listed cap 1,336.62 mn Payout (%) 131.49
% Change -0.32 5-Day High 1,075.22 5-Day Low 1,065.19
2009 Div BR (%) (%)
Change 6.22 Market cap 185,487.64 mn Div Yield (%) 1.05
INDUSTRIAL ENGINEERING High Low 1,441.66 1,422.77 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 38.02
2010 Div BR (%) (%)
Technical Analysis
Performance of SR Industrial Engineering Index Open 1,434.71 Turnover 265,916 P/E (x) 8.27 Company
High Low 906.09 882.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 43.91
High
Open 1,437.19 Turnover 77,815 P/E (x) 29.20
% Change -1.82 5-Day High 1,022.93 5-Day Low 966.85
Performance of SR General Industrials Index Open 905.68 Turnover 100,264 P/E (x) 2.60
2009 Div BR (%) (%)
Fundamental Highlights As on Jun 30, 2009
Volume
Close Chg
FOOD PRODUCERS
Performance of SR Construction and Materials Index High Low 933.31 903.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 7.10
% Change -0.55 5-Day High 714.08 5-Day Low 692.27
Performance of SR Food Producers Index
CONSTRUCTION AND MATERIALS Open 912.47 Turnover 4,613,949 P/E (x) 7.82
Open
First Capital Securities Corporation Ltd
Performance of SR Household Goods Index
Change -17.95 Market cap 9,149.39 mn Div Yield (%) 10.32
Last 60 days High Low
Volume
PE
Agriautos Ind 144 5.10 70.00 Atlas BatteryXDXB 101 5.21 140.14 Atlas Engineering Ltd 247 11.46 17.00 Atlas Honda 626 6.80 98.65 Baluchistan Wheels Ltd 133 4.60 30.56 Dewan Motors 890 1.32 Exide (PAK) 56 4.21 154.80 General Tyre XD 598 6.24 22.80 Ghandhara Nissan 450 5.47 Ghani Automobile Ind 200 9.73 4.40 Honda Atlas Cars 1428 - 11.33 Indus MotorsSPOT 786 5.31 231.83 Pak Suzuki 823 9.32 74.88 Sazgar Engineering 125 4.99 26.47 Transmission 117 3.57 2.04
Performance of SR Industrial Metals and Mining Index High Low 987.59 955.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 33.10
Change -3.82 Market cap 12,642.29 mn Div Yield (%) 1.96
AUTOMOBILE AND PARTS
INDUSTRIAL METALS AND MINING Open 984.79 Turnover 48,395 P/E (x) 2.99
Close 692.27 Listed cap 3,242.17 mn Payout (%) 11.08
Performance of SR Automobile and Parts Index
Company
Close 1,132.17 Listed cap 52,251.88 mn Payout (%) 48.81
High Low 696.38 691.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 25.53
Alert ! Unusual Movements
15,593.00 15,694.74 15,581.68 i60.45
INDUSTRIAL TRANSPORTATION
CHEMICALS
Company
KMI 30 Index Current High Low Change
9,634.67 9,730.27 9,625.91 i77.76
Performance of SR Industrial Transportation Index
Open
Paid up Cap(mn)
Current High Low Change
OIL AND GAS
Performance of SR Chemicals Index
Company
KSE 30 Index
6,945.80 6,998.07 6,928.62 i34.78
Performance of SR Oil and Gas Index Open 1,243.68 Turnover 1,934,211 P/E (x) 10.81 Company
KSE 100 Index
Symbols
Volume
Open 825.62 Turnover 156,458 P/E (x) 6.11 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Searle Pak
Paid up Cap(mn) 979 208 1707 165 306
PE
Open
7.84 89.64 7.11 104.48 12.17 68.57 6.45 24.00 5.73 61.80
High
High Low 831.40 809.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 22.31 Low
Close Chg
90.00 89.10 89.40 -0.24 109.70 102.02 108.41 3.93 68.50 66.06 67.44 -1.13 24.00 23.75 23.75 -0.25 62.25 61.50 61.86 0.06
Close 823.20 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 6674 11120 2933 6100 129615
95.50 124.00 84.27 25.79 64.05
2009 Div BR (%) (%)
77.00 96.00 65.40 22.10 53.36
2010 Div BR (%) (%)
20 115 15B 7.5 15 - 10B 15 15 4050.2257B - 50R 20 - 632R 40 35 200 20 - 30B 15 20 20B 40 10B
Change -2.42 Market cap 27,722.09 mn Div Yield (%) 7.28
Last 60 days High Low
% Change -0.96 5-Day High 927.26 5-Day Low 909.68
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
30 5 - 100R 25 45R 40 60 10 25 20 -
% Change -0.29 5-Day High 828.45 5-Day Low 816.72 2010 Div BR (%) (%) 20 -
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
43.40
Total Assets (Rs in mn)
21,596.72
MA (10-day)
1.51
Total Equity (Rs in mn)
4,222.04
MA (100-day)
1.85
Revenue (Rs in mn)
5,682.57
MA (200-day)
2.33
Interest Expense
1st Support
1.44
Loss after Taxation
2nd Support
1.39
EPS 09 (Rs)
1st Resistance
1.50
Book value / share (Rs)
2nd Resistance
1.51
PE 10 E (x)
Pivot
1.45
PBV (x)
463.19 (163.21) (0.457) 11.81 0.12
DCL closed up 0.11 at 1.45. Volume was 104 per cent above average and Bollinger Bands were 57 per cent narrower than normal. The company's loss after taxation stood at Rs447.191 million which translates into a Loss Per Share of Rs1.25 for the nine months of fiscal year (9MFY10). DCL is currently 37.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DCL.
Kohinoor Energy Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
54.57
Total Assets (Rs in mn)
6,921.11
MA (10-day)
24.83
Total Equity (Rs in mn)
6,703.34
Revenue (Rs in mn)
8,334.34
MA (100-day)
25.79
MA (200-day)
28.30
Interest Expense
1st Support
24.25
Profit after Taxation
2nd Support
23.10
EPS 09 (Rs)
5.341
Book value / share (Rs)
39.56
1st Resistance
26.10
47.80 905.06
2nd Resistance
26.80
PE 10 E (x)
5.55
Pivot
24.95
PBV (x)
0.64
KOHE closed up 0.85 at 25.36. Volume was 1,573 per cent above average (trending) and Bollinger Bands were 18 per cent narrower than normal. The company's profit after taxation stood at Rs581.29 million which translates into an Earning Per Share of Rs3.43 for the nine months of fiscal year (9MFY10). KOHE is currently 10.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KOHE at a relatively equal pace. Trend forecasting oscillators are currently bearish on KOHE.
BOOK CLOSURES Company
From
To
Bank of Punjab Engro Corp (Consolidated) First Prudential Modaraba JS Investments Pakistan Hotels Developments Standard Chartered Mod Unilever Pak Foods Indus Motor Ittehad Chemical Arif Habib Cap Asst Leasing Corp Eye Television Network # Kohinoor Power # Pak Int Cont Terminal Pak Int Cont Terminal (Pref) Adamjee Insurance Shifa Int Hospitals Sana Industries Millat Tractors Atlas Engineering Descon Chemicals
23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 24-Sep 24-Sep 25-Sep 26-Sep 29-Sep 29-Sep 29-Sep 29-Sep 30-Sep 1-Oct 2-Oct 4-Oct 5-Oct 6-Oct
29-Sep 30-Sep 30-Sep 30-Sep 30-Sep 1-Oct 29-Sep 30-Sep 30-Sep 2-Oct 2-Oct 5-Oct 5-Oct 6-Oct 6-Oct 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct
D/B/R 20(I) 17 350(I) 100(F) 5 20(B) 25(F) 10(F) 10(I) 15(F) 60 350(F),25(B) -
Spot AGM/Date 15-Sep 15-Sep 16-Sep 16-Sep 17-Sep 21-Sep 21-Sep 22-Sep -
30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 30-Sep 2-Oct 2-Oct 30-Sep 29-Sep 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan CablesXD TRG Pakistan Ltd. Murree Brewery Lakson Tobacco Pak Tobacco Eye Television Pak Hotels PIAC (A) AKD Capital Pace (Pak) Ltd Netsol Technol
Open 54.4 3.62 88.29 220.59 113.95 21.95 60.72 2.07 41.42 2.55 19
High 54.45 3.7 87.95 231.61 113.45 21.61 58.12 2.24 40.99 2.59 19.19
Low Close 53.95 3.37 85 230.99 113 20.87 58 2.06 39.35 2.47 18.6
53.95 3.41 87.89 231.61 113.18 20.88 58 2.14 39.48 2.5 18.67
Change -0.45 -0.21 -0.4 11.02 -0.77 -1.07 -2.72 0.07 -1.94 -0.05 -0.33
Vol 2742 792496 2379 1595 1000 665 3632 4288 6634 172239 146940
7
Thursday, September 23, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,086.05 Turnover 2,775,262 P/E (x) 5.88 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
37740 3000 8606 6175
8.91 -
Open
High Low 1,100.61 1,067.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.75 12.84
High
18.68 2.10 2.41 4.02
Low
18.90 2.24 2.44 4.10
18.40 2.01 2.31 4.00
Close Chg 18.71 2.02 2.39 4.02
Close 1,085.59 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
0.03 -0.08 -0.02 0.00
1308716 238515 1228031 66923
Change -0.46 Market cap 76,652.37 mn Div Yield (%) 10.65
Last 60 days High Low 20.22 3.18 3.30 6.49
17.20 2.01 2.30 3.80
% Change -0.04 5-Day High 1,110.71 5-Day Low 1,085.59
2009 Div BR (%) (%) 15 -
-
Central Insurance XB 279 5.07 Century Insurance 457 6.10 EFU General Insurance XB1250 30.28 Habib Insurance 400 7.50 IGI Insurance 718 12.70 New Jub Insurance 791 9.15 Pak Reinsurance 3000 PICIC Ins Ltd 350 55.75 Premier Insurance 303 4.50 Reliance Insurance XB 252 4.44
2010 Div BR (%) (%) 17.5 -
51.01 10.94 38.75 11.01 71.54 55.00 13.87 2.13 9.63 6.49
Paid up Cap(mn)
Close 1,150.21 Listed cap 95,369.29 mn Payout (%) 104.13
Change 0.19 Market cap 97,127.17 mn Div Yield (%) 8.09
-
% Change 0.02 5-Day High 1,160.74 5-Day Low 1,150.02
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
Genertech 198 Hub Power XD 11572 6.21 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 4.93 Kot Addu Power 8803 7.22 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 79.50 Southern Electric 1367 1.25 Tri-star Power XD 150 -
0.80 33.51 1.41 2.01 24.51 41.97 10.52 11.00 2.60 1.13
0.89 33.75 1.50 2.05 25.65 42.45 10.60 11.33 2.80 0.90
0.70 33.40 1.36 1.94 23.80 41.55 10.32 10.90 2.55 0.85
0.84 0.04 33.56 0.05 1.49 0.08 2.01 0.00 25.36 0.85 41.71 -0.26 10.42 -0.10 11.13 0.13 2.60 0.00 0.85 -0.28
2735 2198749 69853 655382 206199 1020660 153002 1071193 50540 1000
1.53 37.24 2.38 2.63 26.65 44.85 10.90 11.85 3.21 1.69
33.5 45 64.5 3
Company
0.51 31.50 0.70 1.92 23.00 39.51 8.60 9.25 2.21 0.33
31R -
Open 843.76 Turnover 24,829 P/E (x) 74.71
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,471.11 Turnover 1,911,466 P/E (x) 11.14 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,536.36 1,474.98 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 11.41
Close 1,513.69 Listed cap 12,202.80 mn Payout (%) 66.79
Change 42.58 Market cap 33,963.95 mn Div Yield (%) 6.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 17.91 6712 -
29.78 24.87
30.85 26.11
29.52 25.12
30.44 0.66 25.70 0.83
780847 1130619
30.90 26.11
25.00 15.80
% Change 2.89 5-Day High 1,513.69 5-Day Low 1,330.42
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
-
-
BANKS Performance of SR Banks Index Open 935.99 Turnover 9,407,377 P/E (x) 6.68 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.55 51.75 Askari Bank 6427 5.99 14.74 Atlas Bank 5001 1.88 Bank Alfalah 13492 10.41 8.07 Bank AL-Habib 7322 6.68 30.54 Bank Of Khyber 5004 3.03 3.12 Bank Of Punjab 5288 8.63 BankIslami Pak 5280 3.25 Faysal Bank 6091 3.12 13.56 Habib Bank Ltd 10019 6.04 94.79 Habib Metropolitan Bank 8732 5.70 19.56 JS Bank Ltd 6128 2.44 KASB Bank Ltd 9509 2.31 MCB Bank Ltd XD 7602 8.54 186.18 Meezan Bank 6983 7.26 14.95 Mybank Ltd 5304 2.18 National Bank 13455 5.33 64.92 NIB Bank 40437 2.72 Royal Bank Ltd 17180 6.40 Samba Bank 14335 1.83 Silkbank Ltd 9003 12.05 2.71 Soneri Bank 6023 5.61 Stand Chart Bank 38716 9.71 6.80 Summit Bank Ltd 5000 2.65 United Bank Ltd 12242 5.95 51.50
High Low Close 943.97 916.54 922.41 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.90 13.45 34.35
High
Low
Close Chg
Volume
51.50 51.25 51.40 -0.35 14.86 14.45 14.50 -0.24 2.10 1.56 1.88 0.00 8.18 7.70 7.81 -0.26 31.13 30.56 31.01 0.47 3.30 3.00 3.03 -0.09 8.73 8.33 8.38 -0.25 3.20 3.00 3.09 -0.16 13.88 13.26 13.55 -0.01 95.80 93.50 93.82 -0.97 19.94 19.00 19.25 -0.31 2.49 2.30 2.39 -0.05 2.49 2.16 2.44 0.13 186.98 182.61 183.17 -3.01 15.00 14.53 14.96 0.01 2.06 1.91 1.95 -0.23 64.95 63.35 63.50 -1.42 2.80 2.60 2.66 -0.06 6.50 6.20 6.25 -0.15 1.94 1.80 1.88 0.05 2.75 2.64 2.65 -0.06 5.98 5.50 5.50 -0.11 6.95 6.70 6.80 0.00 2.85 2.50 2.57 -0.08 51.68 50.51 50.60 -0.90
Change -13.59 Market cap 569,972.04 mn Div Yield (%) 5.14
Last 60 days High Low
3500 59.70 326804 17.46 32712 3.00 1753529 10.25 231389 34.00 6958 4.75 1087819 11.24 113425 3.90 11097 15.95 27351 109.10 38548 24.25 270664 3.00 6141 4.40 456757 214.99 22860 16.50 65236 3.28 1057206 73.89 626919 3.50 3067 13.71 36774 2.90 2813947 3.30 28085 8.50 39000 8.50 10602 4.38 347589 60.20
48.51 13.99 1.52 7.32 29.10 3.00 7.35 2.31 12.75 92.00 18.70 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.46 6.05 2.40 50.51
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -1.45 5-Day High 964.21 5-Day Low 922.41
20 - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance Atlas Insurance
High Low 638.46 618.21 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 5.20
Close 626.82 Listed cap 11,111.34 mn Payout (%) 79.54
Change -8.01 Market cap 40,711.68 mn Div Yield (%) 7.55
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 12.57 369 4.30
69.37 30.68
69.98 30.43
68.01 29.15
69.16 -0.21 29.15 -1.53
129318 4749
89.90 31.00
64.00 27.10
2009 Div BR (%) (%) 30 40
EFU Life Assurance XB New Jub Life Insurance
% Change -1.26 5-Day High 646.71 5-Day Low 626.82 2010 Div BR (%) (%)
10B 10B
10 -
-
-1.99 -0.09 -0.60 -0.21 0.32 -1.41 -0.38 0.10 -0.99 -0.01
240 2536 7403 28184 67003 2748 195604 1472 11216 1300
64.90 11.95 55.20 13.89 79.10 62.50 19.40 4.16 10.60 6.90
48.05 8.30 35.52 10.10 66.02 52.21 12.50 1.66 8.11 6.00
20 40 35 35 30 30 20 -
25B 8.7B 20B 15B -
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols
PE
Open
850 32.88 627 52.20
60.84 43.50
High Low 841.46 813.43 Total cos Defaulter cos P/BV (x) ROE (%) 2.88 3.85
Close 820.88 Listed cap 2,290.72 mn Payout (%) 355.53
Change -22.88 Market cap 8,838.74 mn Div Yield (%) 4.76
High
Low
Close Chg
Volume
Last 60 days High Low
61.73 43.00
60.00 41.33
60.50 -0.34 41.76 -1.74
7609 17220
84.99 46.00
% Change -2.71 5-Day High 843.84 5-Day Low 820.88
2009 Div BR (%) (%)
51.25 34.50
2010 Div BR (%) (%)
5513.33B 10 -
-
-
Performance of SR Financial Services Index Open 363.59 Turnover 6,252,092 P/E (x) 0.44 Paid up Cap(mn)
Company
High Low 366.63 345.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
AMZ Ventures 225 Arif Habib Investments XB 360 6.86 Arif Habib LimitedSPOT 375 7.93 Arif Habib Securities 3750 2.20 Dawood Cap Management XB 150 5.26 Dawood Equities 250 Grays Leasing 215 IGI Investment Bank 2121 Invest and Fin Sec 600 2.78 Invest Bank 2849 Ist Cap Securities 2878 Ist Dawood Bank 626 Jah Siddiq Co 7633 14.28 JOV and CO 508 JS Global Cap 500 JS Investment 1000 12.87 KASB Securities 1000 Orix Leasing 821 3.86 Pervez Ahmed Sec 775 Stand Chart Leasing 978 5.41 Trust Inv Bank 586 -
0.60 15.00 33.10 22.58 1.17 2.21 1.35 1.74 8.02 0.69 3.97 1.65 10.11 2.92 36.86 5.94 3.73 5.22 1.54 2.10 2.50
0.69 15.65 32.95 22.70 1.00 2.00 2.35 1.95 8.20 0.75 3.95 1.46 10.18 2.91 37.75 6.19 3.70 5.60 1.65 2.39 2.50
0.42 14.55 31.64 22.02 1.00 1.82 1.00 1.17 7.70 0.50 3.00 1.40 9.80 2.80 35.27 5.74 3.60 4.90 1.45 1.95 2.40
Close Chg 0.60 14.68 31.80 22.24 1.00 1.88 1.00 1.59 7.99 0.52 3.03 1.45 9.85 2.84 35.58 5.79 3.70 4.90 1.48 2.38 2.50
0.00 -0.32 -1.30 -0.34 -0.17 -0.33 -0.35 -0.15 -0.03 -0.17 -0.94 -0.20 -0.26 -0.08 -1.28 -0.15 -0.03 -0.32 -0.06 0.28 0.00
Close 349.67 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 183107 2569 75512 1748129 5000 6500 1504 50925 1503 39035 445814 14001 3127732 301505 6606 55263 203 38879 142847 107 5344
Change -13.92 Market cap 25,752.63 mn Div Yield (%) 10.44
% Change -3.83 5-Day High 376.60 5-Day Low 349.67
Last 60 days High Low
2009 Div BR (%) (%)
1.19 20.99 50.12 35.65 3.30 3.36 4.00 2.98 8.50 1.23 5.90 1.95 15.47 6.48 42.40 8.65 5.49 5.95 2.89 3.89 4.25
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 14.26 26.80 21.76 0.50 1.55 0.32 1.17 6.90 0.50 3.00 1.17 9.36 2.80 33.33 5.40 3.20 3.66 1.35 1.41 1.55
2010 Div BR (%) (%) 20B 20B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,013.04 Turnover 1,357,648 P/E (x) 6.85 Paid up Cap(mn)
Company
High Low 1,033.88 993.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09
PE
Open
High
Low
1st Fid Leasing 264 Allied Rental 600 3.46 AL-Meezan Mutual Fund 1375 2.70 AL-Noor Modaraba 210 5.66 Atlas Fund of Funds 525 2.12 B F Modaraba 68 5.07 B R R Guardian Mod 780 Crescent St Modaraba 200 1.67 Elite Cap Modaraba 113 3.10 Equity Modaraba 524 7.85 First Capital Mutual Fund 300 2.90 First Dawood Mutual Fund 581 Golden Arrow 760 3.86 Habib Modaraba 1008 4.54 I B L Modaraba 202 2.15 JS Growth Fund 3180 39.75 JS Value Fund 1186 Meezan Balanced Fund 1200 3.00 Pak Prem Fund XD 1698 3.41 Pak Strat Fund 3000 5.23 PICIC Energy Fund 1000 2.45 PICIC Growth Fund 2835 2.36 PICIC Inv Fund XD 2841 1.92 Prud Modaraba 1st XD 872 2.11 Punjab Modaraba 340 Stand Chart Modaraba XD 454 4.69 Tri-Star Mutual 50 0.91 U D L Modaraba 264 2.35
1.40 15.50 7.00 3.20 3.50 3.72 1.14 0.47 2.65 1.18 2.70 1.75 3.60 6.13 2.00 3.22 2.86 6.48 7.20 6.53 4.78 8.63 3.92 0.74 1.19 8.42 1.90 5.96
1.40 16.00 7.00 3.20 3.89 3.70 1.30 0.52 2.99 1.17 2.70 1.80 3.65 6.10 2.00 3.19 3.19 6.20 7.45 7.00 4.80 8.65 3.98 0.88 1.35 8.97 1.90 5.89
1.11 16.00 6.86 3.00 3.75 3.70 1.06 0.40 2.20 1.02 2.38 1.75 3.41 5.90 2.00 3.15 2.85 6.10 7.00 6.53 4.54 8.50 3.70 0.76 0.72 8.25 1.00 5.15
Close 1,011.14 Listed cap 29,771.58 mn Payout (%) 104.19
Change -1.90 Market cap 17,252.64 mn Div Yield (%) 26.75
% Change -0.19 5-Day High 1,013.04 5-Day Low 995.42
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
1.12 16.00 6.99 3.00 3.76 3.70 1.16 0.45 2.20 1.02 2.70 1.80 3.55 6.04 2.00 3.18 2.95 6.20 7.17 6.69 4.60 8.60 3.81 0.80 1.20 8.26 1.50 5.89
1502 1000 4175 6000 35002 488 12679 14637 446 1505 17503 5000 199045 127880 400 7500 95004 500 64118 269201 25601 33373 190105 211646 505 28002 1720 3008
2.23 16.23 7.25 3.49 4.99 4.00 2.43 0.90 3.59 1.68 3.00 2.09 3.74 7.49 3.65 4.39 3.98 7.49 9.86 8.10 6.49 10.55 5.00 1.20 2.00 10.99 2.99 6.00
15 4.5 20 10 16.5 10
-0.28 0.50 -0.01 -0.20 0.26 -0.02 0.02 -0.02 -0.45 -0.16 0.00 0.05 -0.05 -0.09 0.00 -0.04 0.09 -0.28 -0.03 0.16 -0.18 -0.03 -0.11 0.06 0.01 -0.16 -0.40 -0.07
1.01 12.50 6.35 2.10 2.53 3.65 0.90 0.16 1.60 0.76 0.99 1.00 2.32 5.56 1.40 2.70 2.31 6.00 7.00 6.01 4.00 7.60 3.50 0.70 0.57 8.25 1.00 5.00
2010 Div BR (%) (%)
- 22.5 - 18.5 5 17 21 5 10 - 15.5 - 18.6 - 11.53 5 20 10 3 17 -
-
Open
NBF PICTPS GADT SING GLPL BATA KOHP JKSM GVGL SMCPL SIEM PSEL DOL BCML JDMT CRTM SANSM WYETH LPGL IBLHL UDPL FECTC FNEL UVIC PRWM KML SMTM MTIL MWMP FCONM YOUW PSYL MIRKS CPL DIIL FTSM CPAL AGIC SSIC ALQT AZAMT DATM DINT IDSM SLYT GATM HUSI BNWM AGL SHJS PECO MDTL BUXL ISIL ARPAK DREL
FINANCIAL SERVICES
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 634.83 Turnover 491,781 P/E (x) 10.53
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 50 -
49.02 10.85 38.15 10.80 71.86 53.59 13.49 2.23 8.64 6.48
LIFE INSURANCE
ELECTRICITY High Low 1,160.22 1,141.57 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 9.35
49.02 10.10 38.00 10.10 70.65 52.25 13.40 1.90 8.63 6.45
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,150.02 Turnover 4,773,977 P/E (x) 12.87
53.00 11.04 38.75 10.85 72.00 54.90 13.95 2.23 9.60 6.50
3.00 10.00 39.00 21.00 68.00 503.75 5.35 6.46 38.00 7.40 1134.49 155.45 4.01 13.49 13.50 19.53 13.94 940.00 10.00 8.00 15.70 5.90 9.75 3.70 18.81 2.50 5.61 0.34 1.88 2.85 1.10 6.90 58.60 159.00 17.40 4.00 2.50 10.04 6.53 4.49 1.99 0.32 29.99 3.01 3.95 21.65 9.30 10.00 23.98 46.26 299.69 57.80 12.99 71.99 8.94 476.70
High 3.25 10.00 38.10 21.00 66.00 500.00 5.49 6.90 36.71 7.50 1139.90 147.76 4.20 14.49 14.48 20.53 13.90 940.05 10.00 7.73 16.65 5.00 8.75 4.00 18.95 3.43 6.59 0.80 1.93 2.99 1.50 6.88 60.70 164.89 18.39 4.60 2.50 10.70 7.00 3.49 2.89 0.66 30.90 3.90 3.90 22.65 9.80 10.00 23.97 44.50 299.99 59.95 13.84 72.90 7.94 500.50
Low
Close
3.25 10.00 38.10 19.96 66.00 485.00 5.35 6.90 36.10 6.57 1105.00 147.70 3.85 14.49 14.48 20.53 13.90 940.05 10.00 7.02 16.65 5.00 8.75 4.00 18.95 2.29 5.51 0.12 1.45 2.77 1.05 6.35 60.70 162.00 16.40 4.60 2.50 10.70 7.00 3.49 1.99 0.66 30.25 3.90 3.90 22.65 9.80 10.00 23.97 44.50 299.98 59.95 13.84 72.90 7.94 500.50
3.25 10.00 38.10 20.10 66.00 490.00 5.35 6.90 36.10 7.45 1139.90 147.73 3.95 14.49 14.48 20.53 13.90 940.05 10.00 7.73 16.65 5.00 8.75 4.00 18.95 2.75 5.51 0.46 1.45 2.77 1.05 6.62 60.70 162.00 18.39 4.60 2.50 10.70 7.00 3.49 1.99 0.66 30.25 3.90 3.90 22.65 9.80 10.00 23.97 44.50 299.98 59.95 13.84 72.90 7.94 500.50
Change
Vol
0.25 0.00 -0.90 -0.90 -2.00 -13.75 0.00 0.44 -1.90 0.05 5.41 -7.72 -0.06 1.00 0.98 1.00 -0.04 0.05 0.00 -0.27 0.95 -0.90 -1.00 0.30 0.14 0.25 -0.10 0.12 -0.43 -0.08 -0.05 -0.28 2.10 3.00 0.99 0.60 0.00 0.66 0.47 -1.00 0.00 0.34 0.26 0.89 -0.05 1.00 0.50 0.00 -0.01 -1.76 0.29 2.15 0.85 0.91 -1.00 23.80
100 94 55 51 50 47 46 40 30 20 20 20 16 10 10 10 10 8 8 8 8 6 5 5 5 4 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
NML-SEP DGKC-SEP NBP-SEP POL-SEP NML-OCT DGKC-OCT MCB-SEP ANL-SEP ENGRO-SEP POL-OCT PSO-SEP NBP-OCT MCB-OCT PPL-SEP PTC-OCT ANL-OCT PSO-OCT LUCK-SEP ENGRO-OCT OGDC-SEP OGDC-OCT PTC-SEP PPL-OCT AICL-SEP AICL-OCT NCL-SEP BOP-OCT LUCK-OCT
47.15 24.96 64.89 234.92 45.74 25.04 186.32 10.48 175.48 235.14 262.95 64.80 186.13 172.39 19.00 10.55 262.04 70.02 175.00 145.02 144.00 18.70 172.63 69.33 68.51 17.10 8.85 67.55
High 48.44 24.90 64.50 235.00 46.89 25.00 187.35 10.70 175.07 234.50 263.90 64.50 185.90 174.49 18.90 10.70 261.51 70.00 175.00 146.00 144.40 19.55 173.50 69.39 69.00 16.10 8.99 65.61
Low
Close
46.50 24.20 63.40 232.60 44.80 24.30 182.81 10.22 173.40 232.70 260.50 63.50 182.11 171.71 18.70 10.35 259.00 68.20 172.10 145.00 143.50 18.45 171.20 68.10 67.00 16.10 8.99 65.60
46.73 24.30 63.53 232.98 45.10 24.55 183.50 10.22 173.87 233.03 261.50 63.90 183.01 171.90 18.90 10.35 260.43 69.85 173.30 145.88 143.51 18.73 171.33 68.83 67.00 16.10 8.99 65.60
Change -0.42 -0.66 -1.36 -1.94 -0.64 -0.49 -2.82 -0.26 -1.61 -2.11 -1.45 -0.90 -3.12 -0.49 -0.10 -0.20 -1.61 -0.17 -1.70 0.86 -0.49 0.03 -1.30 -0.50 -1.51 -1.00 0.14 -1.95
Vol 695,500 385,500 212,000 177,000 163,000 162,500 157,500 142,000 115,500 113,500 99,500 90,500 85,500 74,500 72,000 62,000 61,000 58,500 54,500 51,500 50,000 36,000 32,500 25,500 3,500 2,500 2,000 2,000
ZERO VOLUME Symbols
Open
High
Low
Close
FHBM MODAM PAKMI UNIM ESBL CSIL PKGI BILF IDRT KOHTM SAIF SALT ICCT GFIL REDT AABS ALNRS DWSM HWQS KOHS MRNS ALTN SGPL PTEC PGCL PPVC BGL GAMON
5.91 1.22 0.88 0.05 2.80 5.44 6.99 1.03 4.00 0.46 2.99 25.94 0.98 2.00 0.80 90.99 42.54 1.59 21.90 7.50 53.00 11.49 0.41 3.09 19.43 2.50 1.86 1.44
5.89 1.17 0.84 0.10 2.75 5.40 6.97 0.99 3.99 0.51 2.94 25.00 0.97 2.10 0.79 90.00 42.00 1.45 21.50 7.40 52.99 11.00 0.43 3.00 19.24 2.25 1.84 1.48
5.89 1.17 0.84 0.10 2.75 5.40 6.97 0.99 3.99 0.51 2.94 25.00 0.97 2.10 0.79 90.00 42.00 1.45 21.50 7.40 52.99 11.00 0.43 3.00 19.24 2.25 1.84 1.48
5.89 1.17 0.84 0.10 2.75 5.40 6.97 0.99 3.99 0.51 2.94 25.00 0.97 2.10 0.79 90.00 42.00 1.45 21.50 7.40 52.99 11.00 0.43 3.00 19.24 2.25 1.84 1.48
Change
Vol
-0.02 -0.05 -0.04 0.05 -0.05 -0.04 -0.02 -0.04 -0.01 0.05 -0.05 -0.94 -0.01 0.10 -0.01 -0.99 -0.54 -0.14 -0.40 -0.10 -0.01 -0.49 0.02 -0.09 -0.19 -0.25 -0.02 0.04
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Hub Power Co Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Date
Time
Asian Stocks Fund Ltd Baluchistan Wheels Ltd Bolan Castings Ltd Din Textile Mills Ltd Ghani Automobile Industries Ltd Ghani Value Glass Ltd IBL HealthCare Ltd Mandviwalla Mauser Mari Gas Company Ltd Safe Mix Concrete Products Ltd Safeway Mutual Fund Ltd Shabbir Tiles & Ceramics Ltd Bhanero Textile Mills Ltd Blessed Textiles Ltd
23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 23-Sep 24-Sep 24-Sep
12:30 10:30 9:00 3:30 12:00 10:00 12:00 12:00 10:00 2:30 3:00 10:00 10:00 11:00
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
52.24
Support 1
9,907.90
MA (5-day)
10,014.52
Support 2
MA (10-day)
9,972.90
Resistance 1
10,000.75
MA (100-day)
9,901.15
Resistance 2
10,055.05
*Arif Habib Ltd AKD Securities Ltd
9,869.35
9,889.88
Pivot
rower than normal. As far as resistance level is concern, the market will
Brokerage House
Buy
*Arif Habib Ltd
61.46
Buy
AKD Securities Ltd
Positive
TFD Research
74.2
Technical Outlook Technical Analysis 53.47 46.79 47.21 54.19
9,962.20
see major 1st resistance level at 10,000.75 and 2nd resistance level at
Rs Recommendations
65
TFD Research
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -46.08 points at 9,946.42. Volume was MA (100-day) 35 per cent below average and Bollinger Bands were 16 per cent nar- MA (200-day) MA (200-day)
Fair Value
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
44.13
Buy
AKD Securities Ltd
36.85
Positive
TFD Research
44
175.80 8,222.16 28.49 47.24
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
41.41 25.57 25.18 27.70
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
48
Buy
46
Buy
44.9
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
182.55 4,432.31 28.79 24.62
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
36.65 34.16 34.09 33.57
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
810.01 27,183.87 0.68 33.56
* Target price for Dec-10 & **Net Open Interest in future market
10,055.05, while Index will continue to find its 1st support level at
NML closed down -0.35 at 46.77. Volume was 80 per cent above average DGKC closed down -0.58 at 24.28. Volume was 21 per cent below aver- HUBC closed up 0.05 at 33.56. Volume was 29 per cent above average and
9,907.90 and 2nd support level at 9,869.35.
and Bollinger Bands were 10 per cent narrower than normal.
age and Bollinger Bands were 29 per cent narrower than normal.
KSE 100 INDEX is currently 0.6 per cent above its 200-day moving NML is currently 13.7 per cent below its 200-day moving average and is DGKC is currently 12.4 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is low as com- displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to pared to the average volatility over the last 10 trading sessions. the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bull- reflect volume flowing into and out of NML at a relatively equal pace. Trend reflect volume flowing into and out of DGKC at a relatively equal pace. forecasting oscillators are currently bullish on NML.
ish on INDEX.
Pakistan Telecommunication Co Ltd
Bank Alfalah Ltd
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
14
Buy
AKD Securities Ltd
AKD Securities Ltd
12.47
Buy
TFD Research
TFD Research
14.01
Positive
*Arif Habib Ltd
Technical Analysis 34.60 8.07 9.19 11.05
Rs Recommendations
24.18
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
Brokerage House
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
30.5
674.58 5,268.46 N/A 7.94
* 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)
51.07 18.78 19.10 19.48
displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HUBC at a relatively equal pace. Trend forecasting oscillators are currently bearish on HUBC.
Kot Addu Power Co Ltd
Fair Value
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
64.64
Neutral
92.3
Positive
78
584.63 10,938.52 7.84 18.67
* 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)
43.97 64.94 66.31 73.08
Rs Recommendations Buy
AKD Securities Ltd
49.77
Buy
TFD Research
46.05
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value 53
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
HUBC is currently 0.01 per cent below its 200-day moving average and is
National Bank of Pakistan
TFD Research
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Trend forecasting oscillators are currently bullish on DGKC.
Bollinger Bands were 77 per cent wider than normal.
318.37 20,216.30 38.38 64.18
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
49.72 42.06 41.99 43.91
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
176.05 7,343.07 N/A 41.92
* Target price for Dec-10 & **Net Open Interest in future market
BAFL closed down -0.26 at 7.81. Volume was 42 per cent above average PTC closed up 0.03 at 18.71. Volume was 41 per cent below average and NBP closed down -1.42 at 63.50. Volume was 50 per cent below average KAPCO closed down -0.26 at 41.71. Volume was 245 per cent above averand Bollinger Bands were 64 per cent narrower than normal.
Bollinger Bands were 17 per cent narrower than normal.
(consolidating) and Bollinger Bands were 16 per cent narrower than normal. age (trending) and Bollinger Bands were 20 per cent narrower than normal.
BAFL is currently 29.3 per cent below its 200-day moving average and is PTC is currently 3.9 per cent below its 200-day moving average and is dis- NBP is currently 2.8 per cent below its 200-day moving average and is dis- KAPCO is currently 5.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to the the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators reflect reflect volume flowing into and out of BAFL at a relatively equal pace. Trend flowing into and out of PTC at a relatively equal pace. Trend forecasting flowing into and out of NBP at a relatively equal pace. Trend forecasting volume flowing into and out of KAPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on BAFL.
oscillators are currently bullish on PTC.
oscillators are currently bullish on NBP.
forecasting oscillators are currently bullish on KAPCO.
Company
RSI
1st
2nd
(14-day) Support Al-Abbas Cement 42.00 3.20 3.10 Allied Bank Limited 43.54 51.25 51.15 Attock Cement 52.52 67.00 65.95 Arif Habib Limited 46.11 31.30 30.80 Arif Habib Securities 35.29 21.95 21.65 Adamjee Insurance 41.63 68.10 67.10 Askari Bank 44.81 14.35 14.20 Azgard Nine 49.97 10.10 9.95 Attock Petroleum 53.39 315.70 313.35 Attock Refinery 53.37 82.80 81.95 Bank Alfalah 34.60 7.60 7.40 BankIslami Pak 49.86 3.00 2.90 Bank Of Punjab 48.35 8.25 8.10 Dewan Cement 43.40 1.40 1.35 DGK Cement 41.41 23.85 23.40 Dewan Salman 41.25 1.40 1.35 Dost Steels Ltd 39.71 2.00 1.95 EFU General Insurance 37.50 37.85 37.55 EFU Life Assurance 43.58 59.75 59.00 Engro Chemical 47.07 172.55 171.10 Faysal Bank 45.15 13.25 12.95 Fauji Cement 46.19 4.85 4.75 Fauji Fert Bin 38.93 26.85 26.70 Fauji Fertilizer 44.40 104.10 103.65 Habib Bank Ltd 39.71 92.95 92.05 Hub Power 36.65 33.40 33.20 ICI Pakistan 49.94 119.75 119.05 Indus Motors 48.83 231.85 231.15 JOV and CO 27.12 2.80 2.75 Japan Power 44.42 1.40 1.30 JS Bank Ltd 56.16 2.30 2.20 Jah Siddiq Co 44.21 9.70 9.55 Kot Addu Power 49.72 41.35 41.00 KESC 42.03 1.95 1.90 Lucky Cement 53.60 69.50 69.15 MCB Bank Ltd 39.87 181.50 179.90 Maple Leaf Cement 38.24 3.00 2.95 National Bank 43.97 62.90 62.35 Nishat (Chunian) 44.90 15.75 15.50 Netsol Technologies 36.36 18.45 18.25 NIB Bank 44.57 2.60 2.50 Nimir Ind.Chemical 48.65 1.40 1.30 Nishat Mills 53.47 46.10 45.40 Oil & Gas Dev. XD 56.64 145.85 145.60 PACE (Pakistan) Limited 38.91 2.45 2.40 Pervez Ahmed Sec 35.39 1.40 1.35 PIAC(A) 43.94 2.05 1.95 Pioneer Cement 58.12 7.70 7.35 Pak Oilfields 58.40 231.60 230.35 Pak Petroleum 22.47 170.75 169.65 Pak Suzuki 38.61 74.35 73.70 PSO XD 52.36 259.65 257.85 PTCLA 51.07 18.45 18.15 Shell Pakistan 33.70 190.85 189.15 Sui North Gas 72.81 29.70 28.95 Sitara Peroxide 43.74 8.50 8.40 Sui South Gas 83.08 25.15 24.65 Telecard 34.58 1.95 1.85 TRG Pakistan 46.13 3.30 3.15 United Bank Ltd 30.27 50.20 49.75 WorldCall Tele 39.21 2.30 2.25
1st 2nd Resistance 3.45 3.60 51.50 51.65 69.25 70.45 32.60 33.45 22.60 23.00 70.10 71.00 14.75 15.00 10.55 10.80 322.20 326.35 84.35 85.05 8.10 8.40 3.20 3.30 8.65 8.90 1.50 1.55 25.00 25.70 1.50 1.55 2.10 2.15 38.60 39.05 61.50 62.45 176.40 178.80 13.85 14.20 5.15 5.30 27.25 27.50 105.05 105.60 95.25 96.65 33.75 33.90 121.05 121.65 233.30 234.15 2.90 2.95 1.55 1.60 2.50 2.60 10.10 10.30 42.25 42.80 2.05 2.10 70.25 70.70 185.90 188.60 3.10 3.15 64.50 65.55 16.35 16.70 19.05 19.40 2.80 2.90 1.55 1.65 47.95 49.15 146.50 146.90 2.55 2.65 1.60 1.75 2.25 2.35 8.30 8.65 234.75 236.70 173.45 175.05 76.30 77.60 264.65 267.80 18.95 19.15 194.85 197.15 31.00 31.60 8.70 8.85 26.15 26.65 2.15 2.30 3.60 3.80 51.35 52.10 2.45 2.50
Pivot 3.35 51.40 68.20 32.15 22.30 69.05 14.60 10.35 319.85 83.50 7.90 3.10 8.50 1.45 24.55 1.45 2.05 38.30 60.75 174.95 13.55 5.05 27.10 104.65 94.35 33.55 120.35 232.65 2.85 1.45 2.40 9.95 41.90 2.00 69.95 184.25 3.05 63.95 16.10 18.80 2.70 1.50 47.30 146.25 2.50 1.55 2.15 8.00 233.55 172.35 75.65 262.80 18.65 193.15 30.25 8.60 25.65 2.10 3.50 50.95 2.40
8
Thursday, September 23, 2010
Nat’l carrier’s cost-free relief airlifts up & on
PIA advisor urged to take stock of issues
ROME: Jenny Carlino, regional manager for the Italian company Aviointeriors S.P.A, shows her firms new 'Skyrider' standing seat which aims to allow airlines to cram more passengers onto budget flights, at the Aircraft Interiors Expo in Long Beach.-Reuters
First Hajj flight takes off on Oct 12 LAHORE: Project Director Hajj Training Lahore, Syed Frogh Aftab Zaidi has said that 1st Hajj flight from Lahore to Jeddah will leave on October 12. Talking to APP here on Sunday, he said that vaccination to Hujjaj would be started from Monday (September 20), adding that first time three kinds of vaccination (Meningitis, Flu and Polio) would be given to Hujjaj this year. "Documentation of Hujjaj will be started at Haji Camp on October 10", he added. All concerned Federal and Provincial departments, Banks and Airlines have been directed to complete Hajj operation arrangements as soon as possible, he said. He further said that Hajj training for intending pilgrims had been completed adding that more than 5000 pilgrims belong to Lahore attended the workshop where they were delivered necessary lectures about Hajj. He said that pilgrims were also sensitised about preparations, necessary luggage, immigration process and residence at the holy city of Makkah.-APP
Turkish Air to sponsor Thai tennis tourney ISTANBUL: Turkish Airlines has signed an agreement with PTT Thailand Open to be a platinum sponsor of this year's tournament, which will be held between 25th September to 3rd October this year at IMPACT Arena - Muang Thong Thani. In announcing the sponsorship deal with Turkish Airlines Suwat Liptapanlop, President of the Lawn Tennis Association of Thailand and the tournament's Executive Committee Chairman said, "We welcome Turkish Airlines, as a Platinum sponsor to this year's PTT Thailand Open which promises to be a highly competitive and exciting event having attracted such players as World #1 Rafael Nadal. It is encouraging to see an international airline based in Europe to have such vision and commitment for both the Thai and international markets." Turkish Airlines Director for Thailand & Cambodia, Adnan Aykac said, "We are pleased to have signed the initial agreement for the prestigious PTT Thailand Open event, which is the world's largest sporting event held in
Thailand annually. Turkish Airlines, this year, has taken the decision to sponsor major sporting events including both the Barcelona and Manchester United Football teams as well as the Euroleague basketball competition. Supporting events such as these will certainly assist Turkish Airlines on its way to becoming a global brand. "We are also on the way to becoming a key airline player in Thailand and this tennis event will bring us even closer to both the Thai and expatriates living in Thailand. Turkish Airlines is one of the fastest growing airline carriers in the world today," Aykac added. In addition to sponsoring the event, Turkish Airlines is also offering a total of 14 airline tickets to Europe for lucky winners who join the PTT Thailand Open this year. At the Turkish Airlines booth, simply by filling in a boarding pass visitors will get the chance to win three sets of two tickets each to one of the 67 destinations that Turkish airlines flies to in Europe.-Agencies
Cathay Pacific, Japan Airline expand code-share agreement KARACHI: Cathay Pacific Airways and its oneworld partner Japan Airlines announced that they will expand their code-share agreement with effect from October 31 subject to government approval. The expansion will provide passengers with even greater flexibility and choice when travelling between Hong Kong and Japan. An announcement on Friday said that under the expanded code-share agreement, Cathay Pacific's flights between Hong Kong and Fukuoka, Nagoya, Osaka, Sapporo and Tokyo will carry the JL code, while Japan Airline's flights on the Narita - Hong Kong and the Haneda - Hong Kong routes will carry the CX code. It said that the two airlines plan to further expand the cooperation beyond services between Japan and Hong Kong and look forward to finalising the details soon. Cathay Pacific Chief Executive Tony Tyler said: `Japan Airlines is one of our long-term code-share partners and we are pleased we are able to expand our cooperation with them in one of our major markets in Asia'.
This new agreement comes at a perfect time as we will be operating a twice-daily service to Haneda and increasing frequencies to Tokyo to seven daily from October 31. The code-share flights with Japan Airlines will provide customers with even more choice, said Cathay Pacific Director Sales and Marketing Rupert Hogg. Commenting on the strengthened relationship between the two oneworld carriers, Japan Airlines President and Chief Operating Officer Masaru Onishi said: `This is a favourable and appropriate time for us to extend our code-share agreement. I am certain this development in our alliance will complement the convenience of flying to and from Haneda Airport, and oneworld customers in this region of growth will have more travel solutions than ever before as they continue to enjoy the high standards of both of our services'. Cathay Pacific and Japan Airlines currently code-share on Fukuoka, Nagoya and Osaka services with the JL code on Cathay Pacific's flights. -APP
KARACHI: Chief Organiser, PIA Employees Unity Front, Khawaja Ehsan Tarani has urged the newly elected advisor on PIA affairs, Senator Faisal Raza Abidi to help resolve the problems of the employees. In a facilitation statement here on Monday, Ehsan Tarani, hoped that the Advisor will play as a bridge between the employees and the management. "Raza Abidi will manage the affairs of the National Flag Carrier in better manner and will further improve the performance of the Airlines," he said. He assured full cooperation on behalf of the employees' body to Senator Faisal Raza Abidi for the prosperity and development of the PIA. He appealed to the Pilots of the PIA to withdraw their Go-slow policy in the interest of the airlines. Khawaja Ehsan Tarani also appealed to the Management of the PIA to increase the salaries of the employees from Grade-I to IV. Meanwhile, the Managing Director of Pakistan International Airline (PIA), Captain Aijaz Haroon, has directed the airline's foreign stations for organizing events for expatriates and philanthropists for mobilization of relief efforts for the flood affected people of Pakistan. A PIA spokesman said here on Tuesday that the PIA station in USA and Edhi Foundation organized a function in Springfield Virginia, USA. He said that the function was attended by prominent Pakistani expatriate busi-
nessmen, doctors and other professionals. On a per person entrance fee of $100 individuals and organizations sponsored tables about 1,000 persons attended the function the proceeds of which will be donated towards the flood relief drive. Two cars were also auctioned along with other items for fund raising. The spokesman further pointed out that Fakhar-e-Alam, a prominent singer, appreciated the efforts of MD PIA Capt. Aijaz Haroon and informed the audience about the role of PIA in spearheading the life-box supply chain. He said that thousands of life-boxes containing ready meals and medicines have so far been delivered through the Army and fleet of UN helicopters in the flood affected areas and made appeal for more support and donations. It was pointed out that so far PIA has free of cost airlifted over 1.5 million kgs of relief goods. The National Flag Carrier is continuing free uplift through its network both domestic and international for the flood affected people. A total of 15,47,135 kgs of relief goods have so far been airlifted by PIA while more relief goods carriage is underway on priority basis. The relief goods that are being airlifted free of cost by PIA from its network include survival kits, medical supplies, food rations, dry milk, mineral water, ORS, blankets, new clothing, and household items etc. -APP
AMR hopes 3Q revenue figure to grow bigger FORT WORTH: American Airlines parent AMR Corp says a key third-quarter revenue figure will rise between 9.8 percent and 10.8 percent compared with a year ago. The company said Tuesday that unit revenue - or total revenue divided by available seats times miles flown - would grow by similar amounts on its main American brand and its American Eagle regional operations. AMR gave the outlook in a note for investors that it filed with the Securities and Exchange Commission. U.S. airlines have been reporting gains in unit revenue this year as they raised fares coming out of the recession and also benefited from fees on checked bags, changing flights and other services. Unit revenue is a closely watched figure that allows comparisons in financial performance among airlines of different sizes. AMR was the only major US airline to lose money in the second quarter, and it expects its costs to rise slightly and cash to shrink in the third quarter. The Fort Worth Company expects to end the third quarter with more than $4.3 billion in unrestricted cash and short-term investments, compared to about $5 billion at the end of the second quarter on June 30. But traffic is improving. AMR indicated that 2010 traffic measured in miles flown by passengers would rise about 2.4 percent over 2009.-Reuters
9
Thursday, September 23, 2010
Gold hits record high after Fed rates signal Shares silver holdings see biggest inflow in 10 months LONDON: Gold hit record highs for a fifth consecutive session on Wednesday after the Federal Reserve signalled it stood ready to inject fresh cash into the economy, knocking the dollar and whetting investor appetite for bullion. Silver also hit a 2-1/2 year peak and edged closer to its highest in 30 years as investors sought cheaper safe-haven assets, which was reflected in the largest one-day inflow of metal into the iShares Silver Trust in 10 months. Spot gold hit a new record of $1,296.10 an ounce and was bid at $1,293.75 an ounce at 1357 GMT, showing a 0.6 per cent gain on the day. US gold futures rose $21.00 an ounce to $1,295.30, having hit a contract high at $1,298.00. The metal is benefiting from
concerns over the stability of the financial system and the outlook for fiat currencies. While dollar weakness, a typical driver of gold, is lifting prices, the metal's appeal as a safe store of value has broad-
ened. Credit Agricole analyst Robin Bhar said he interpreted the Fed statement as "a conditional easing bias". Gold has risen by over 17 per cent this year, as investors have sought a relatively safe asset in which to park their cash as major currencies, stocks and bonds have become increasingly volatile.
Among other precious metals, silver prices broke above $21.00 an ounce to their highest since March 2008 and remained within a hair's breadth of highs not seen since October 1980. Holdings in the iShares Silver Trust j u m p e d 1 2 7 . 8 1 tonnes, the biggest gain in nearly 10 months, to 9,509.55 tonnes. Spot silver was last at $21.10, up 0.8 per cent on the day, and set for a rise of 9.1 per cent in September, its largest monthly gain since November 2009. Spot palladium rose nearly 4 per cent to $546 an ounce. The price hit a near four-month high of $563 on Sept. 15, while platinum was up 0.9 per cent at $1,635.00. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Dec10/Jan11 801.00, Feb11/Apr11 806.00-9.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 787.00-3.00, Feb11/Apr11 792.00-5.00, May11/Jul11 797.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Oct10/Dec10 1165.00+15.00, Jan11/Mar11 1160.00+10.00, Apr11/Jun11 1165.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Sep10/Oct10 1285.00+25.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 922.50, Sep10 922.50+2.50, Oct10 922.50+5.00, Nov10 915.00+2.50, Dec10 912.50+7.50, Jan11/Mar11 907.50+7.50. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10/Dec10 942.50. PALMOIL: RBD dlrs tonne fob Malaysia Nov10/Dec10 895.00+5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10/Dec10 905.00+5.00, Jan11/Mar11 900.00+5.00, Apr11/Jun11 902.50+7.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1325.00+30.00, Nov10/Dec10 1325.00+30.00, Dec10/Jan11 1325.00+30.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2100.00+80.00. Reuters
Stronger euro pushes EU wheat lower CAIRO: Farmers collect dates in an agricultural area in el-Hawamdiya, a suburb of Giza near Cairo. -Reuters
Cotton ends over $1/lb for 1st time since ‘95 NEW YORK: Cotton prices jumped again on Tuesday, closing above $1/lb for the first time in 15-years due to buying by mills and speculative funds amid tight global supplies and bad crop conditions in some producing countries, analysts said. Analysts said some speculative funds are still going into cotton because they believe prices will keep rising due to strong consumer demand and adverse weather plaguing major cotton producers and consumers China and Pakistan. But other analysts said the rally could slow as the US harvest picks up in the coming weeks.
NY cotton early-trade Cotton futures on Wednesday rose to a fresh 15-year high on investment and mill buying but business is slow due mainly to the Mid-Autumn festival holiday in China for the rest of the week, brokers said. ICE Futures US key December cotton contract hit a new 15-year peak of $1.0334/lb and was trading 1.76 cents up at $1.0255 at 1445 GMT. The low for the day was at $1.0113. For the third day running, cotton traded over $1/lb.
The key December cotton contract climbed 1.42 cents to finish at $1.0079 per lb, the
highest close on the second position cotton contract since 1995. The contract hit a new 15-year peak at $1.0237. The next most-active March cotton added 1.54 cents to conclude at $1.0021. Peter Egli, director of risk management at trade house Plexus Cotton Ltd. in Chicago, said the narrowing of the spread or difference between the December and March contracts may be a sign the tight supply situation is starting to ease. Total cotton volume traded at 2000 GMT reached 23,054 lots, up nearly two-thirds over the 30day average at 14,254 lots, preliminary Thomson Reuters data showed. -Reuters
Palm oil logs thin gains with China closed KUALA LUMPUR: Malaysian palm oil and its rival US soyoil recorded small gains on Wednesday as traders waited for more news on weather in key grain producing regions in the Americas and Asia. Chinese financial markets are closed for the rest of this week, giving few cues to vegetable oil trade. Malaysia's benchmark December palm oil contract inched up 0.1 per cent to close at 2,673 ringgit ($864.7) in choppy trade in Asian trade hours, and Chicago soyoil for October climbed 0.6 per cent. A dry winter in Latin America has delayed soy plantings, possibly leading to
slow harvests and tight supplies for crushing into soyoil. Erratic weather in the US and ongoing reports of low corn yields have helped lift global agriculture markets. London-based industry analyst Dorab Mistry said India might continue with tax-free imports of crude vegetable oils despite record purchases and mounting pressure from refiners to curb overseas supplies ahead of the meeting. In Indonesia,
Jakarta-based PT KBN Nusantara, formerly known as the state marketing centre, sold 7,000 tonnes of crude palm oil at top price of 8,119 rupiah ($0.907) per kg in auction on Wednesday, against 8,163 rupiah per kg in auction on Tuesday. Refiners in Jakarta offered refined, bleached, deodorised (RBD) palm olein -- used as cooking oil -- at 8,750 rupiah per kg versus 8,700 rupiah per kg the previous day. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for September 21 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash Buyer
1240
1120
March (3rd Wednesday)
1240
1080
April (3rd Wednesday)
1240
1080
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for September 21 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer 2141 Cash seller 2141.5 3-months buyer 2120 3-months seller 2130 15-months buyer 2060 15-months seller 2070 27-months buyer 2060 27-months seller 2070
2166 2167 2197 2198 2273 2278 2340 2345
7694.5 2125.5 7695 2126 7695 2155.5 7696 2156 7640 2175 7650 2180 7415 2155 7425 2160
22805 22810 22825 22850 22375 22475 21500 21600
TIN
ZINC NASAAC
23345 2129.5 23350 2130 23300 2155 23350 2156 22775 2215 22825 2220 2213 2218
2125 2126 2130 2140 2130 2140 2180 2190
HAMBURG: An export-punishing rise in the euro depressed west European Union wheat markets on Wednesday, with EU overseas sales prospects damaged during a period of heated competition with US suppliers. European markets largely shrugged off a strong early rise in US wheat futures on Wednesday, in turn sparked by hopes a weaker dollar will stimulate more American export sales, illustrated by a new Egyptian purchase of US wheat. Paris November milling wheat was down 3 euros at 228.25 euros a tonne by 1617 GMT to trade at its short-term support level. Standard new crop breadquality wheat for September delivery in Hamburg was offered for sale down four euros at 233 euros a tonne with buyers at 230 euros. German prices have fallen by about nine euros a tonne from Monday after starting the week close to 28-month highs reached in late August. London November feed wheat fell 1.50 pounds to 166.00 pounds a tonne. Top quality soft wheat was offered at 270-280 euros a tonne, while lower grade milling wheat was offered at 230-240 euros a tonne and feed wheat traded in a range of 212225 euros a tonne, Italian traders said. -Reuters
Metals finish higher on soft dollar, fund buys LONDON: Copper swept to its highest in five months on Wednesday due to a weak dollar and fund buying, while a solid technical close may set copper up for an advance in the coming weeks. Benchmark copper on the London Metal Exchange closed at $7,840 a tonne, versus Tuesday's close of $7,680. The metal, used extensively in construction, earlier hit $7,868 a tonne, its highest since April 26. The dollar fell on Wednesday after comments by the US Federal Reserve, which said it stood ready to provide more support to the economy. A weaker dollar makes industrial metals cheaper for non-US currency holders. "The FOMC certainly did give the metals a boost," said analyst Leon Westgate of Standard Bank. "They've continued to grind higher, helped by further dollar weakness and CTA buying." "In general there has been solid demand from China, and a poor supply side response...It's laying the foundations for a very strong period for copper as we head into 2011," Westgate added. Trade import data released earlier this week showed that China's apparent annual consumption of refined copper rose by almost a quarter in
August, driven by a surge in imports in response to a revival of the nation's hunger for commodities. In the past, speculators have used limited volumes during Chinese holidays to engineer a sharp move in prices in order to spark heavy covering once Shanghai re-opens. On Wednesday, copper stocks rose 2,075 tonnes, but the total at 382,100 tonnes is still the lowest since last November with cancelled warrants -- material earmarked for delivery -- accounting for 7.5 per cent of the total stocks. Nickel hit a two-week low of $22,120 a tonne before finishing at $22,560 a tonne from $22,350 a tonne. Premiums for high grade nickel in China have slipped to $100 on top of LME from $300-$400 during July, a metals trader said, as China destocks in response to slack stainless steel demand. Zinc ended at $2,192 a tonne from $2,142 while lead was at $2,223.50 from $2,175. Aluminium stood at $2,235 a tonne from Tuesday's $2,175 a tonne. It hit a six-week high of $2,235 per tonne earlier. Tin finished at $23,300, from $23,000. It hit its most expensive since July 2008 on Friday at $23,800 on the back of persistent supply tightness from major tin exporter Indonesia. -Reuters
Oil falls below $75 after US data US crude, gasoline stockpiles unexpectedly rise: EIA LONDON: Oil fell below $75 a barrel on Wednesday, reversing earlier gains after government inventory data showed a rise in crude and oil product stocks. Still sluggish oil use in the United States was highlighted by Energy Information Agency (EIA) data showing a rise in oil stocks, despite an outage on a pipeline carrying Canadian
crude to the US. These figures confirmed industry data from the American Petroleum Institute (API) which painted a similar picture, leading oil prices lower on Tuesday. US crude for November, the front-month contract after October went off the board on Tuesday, fell 57 cents to $74.40 by 1514 GMT, well off an earlier high of $76.00. ICE Brent for November fell 80 cents to $77.62. The EIA report said US crude stocks rose 970,000 barrels in the week to Sept. 17, against a forecast for stocks to be down 1.9 million barrels. The data also showed gasoline stocks rose unexpectedly
and that distillate stocks also were higher, up slightly more than forecast. "When the API data came out yesterday, a lot of people were sceptical and wanted to wait for the DOE numbers but these aren't bullish either," said Tom Bentz, broker at BNP Paribas in New York. "With the Enbridge outage last week, it is surprising to see
a build in inventories," Bentz added. Oil had been up more than $1 earlier in the session, supported by the weaker dollar after the US Federal Reserve raised expectations of more monetary easing. A weaker dollar means improved oil-purchasing power for some holders of other currencies. Weather forecasters closely monitored a tropical wave in the southeastern Caribbean that is producing showers and thunderstorms over much of the Windward Islands as it moves westward. In a couple of days, it is expected to become a tropical depression -- one step below tropical storm strength. Reuters
Sugar up; cocoa steady, weak dollar supports LONDON: ICE sugar traded higher on Wednesday, while cocoa was steady, buoyed by the weaker dollar and increased allocations into agricultural commodities, analysts said. "There has been fundamental support for some of these commodities but macro factors are also helping soft commodities, in particular; allocations away from the more cyclical commodities and the softer dollar," Tobin Gorey, soft commodity strategist with J.P. Morgan said. Sugar futures firmed, as dollar priced commodities were more attractive to foreign currencies, while ICE cocoa futures were slightly lower. Raw sugar futures traded near the seven-month peak of 25.60 cents a lb hit on Monday, but dealers said a retracement lower could be on the cards. ICE October sugar traded up 0.29 cent or 1.2 per cent at 24.08 cents a lb. Liffe December white sugar traded up $9.90 or 1.7 per cent at $608.70 a tonne. Arabica coffee eased on light profit taking and speculative selling, consolidating after its biggest oneday drop in four weeks on Monday, said dealers. Liffe cocoa prices have fallen over 20 per cent on improved supply prospects since hitting a 32-year peak in July, and dealers said any problems with disease or delays to the harvest could spark a rally. ICE December cocoa futures traded down $8 or 0.3 per cent at $2,771 a tonne as at 1519 GMT. Liffe December cocoa futures were down 12 pounds at 1,893 pounds a tonne. Robusta coffee was higher, while arabicas eased, helping to narrow the strong premium on arabica coffee which has developed over recent months. ICE December arabica futures traded down 0.8 cent or 0.4 per cent at $1.8210 a lb. Liffe November robustas traded up $23 or 1.4 per cent at $1,692 a tonne. -Reuters
Tokyo rubber near 5-mth high, gains capped BANGKOK: Tokyo rubber futures hit their highest in five months on Wednesday on speculative buying backed by firm oil prices and improving technical sentiment after the benchmark broke above 300 yen, but profit-taking capped gains, dealers said. The benchmark contract on the Tokyo Commodity Exchange for February delivery rose 4.3 yen, or 1.4 per cent, to settle at 309.7 yen ($3.65) per kg. It rose to an intraday high of 311.5 yen, the highest since April 28. "Strong oil prices, rising Asian shares as well as bullish technical sentiment helped support TOCOM prices. But they finally succumbed to profittaking," one dealer said. Oil rose past $75 on Wednesday, as a weaker dollar allowed it to shrug off an industry report showing surprise gains in US inventories. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 75.77
47
22-Sep-2010
CRUDE100
NO10
US$ Per Barrel
76.12
76.22
74.70
75.77
180
Price 75.05
22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010
CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz
DE10 JA11 NO10 DE10 OC10 NO10 DE10
US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
78.22 79.50 20.68 20.64 1276.20 1277.30 1278.80
78.22 79.50 21.10 21.12 1295.00 1296.00 1297.00
76.40 78.46 20.68 20.53 1271.00 1271.90 1272.50
77.26 78.46 21.10 21.12 1294.00 1294.70 1295.50
61 172 611 1,637 1,186
76.61 77.88 20.95 20.96 1288.20 1289.00 1289.80
77.26 78.46 21.10 21.12 1294.00 1294.70 1295.50
9 44 546 1,678 834
22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010
GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold
OC10 NO10 DE10 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms
1275.80 1278.00 1278.50 35250.00 35324.00 35338.00 35287.00 41158.00 41158.00 36350.00 36386.00 36314.00 36326.00 36338.00
1294.00 1294.70 1295.90 35825.00 35834.00 35848.00 35797.00 41753.00 41753.00 36855.00 36891.00 36903.00 36830.00 36843.00
1273.50 1278.00 1273.60 35166.00 35324.00 35338.00 35287.00 41158.00 41158.00 36350.00 36386.00 36314.00 36326.00 36338.00
1294.00 1294.70 1294.70 35825.00 35834.00 35848.00 35797.00 41753.00 41753.00 36855.00 36891.00 36903.00 36830.00 36843.00
19 124 89 -
1288.20 1289.00 1289.80 35605.00 35613.00 35628.00 35577.00 41496.00 41496.00 36631.00 36667.00 36679.00 36607.00 36619.00
1294.00 1294.70 1295.50 35825.00 35834.00 35848.00 35797.00 41753.00 41753.00 36855.00 36891.00 36903.00 36830.00 36843.00
1 8 47 -
22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010 22-Sep-2010
TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
1-Sep 23SE10 OC10 OC10 10-Sep 10-Dec
Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
41731.00 2402.00 3226.00 4184.00 87.19 86.87
42319.00 41731.00 2402.00 3201.00 3226.00 3225.00 4184.00 4158.00 87.19 87.18 86.87 86.87
42319.00 3201.00 3225.00 4158.00 87.18 86.87
-
42059.00 3202.00 3226.00 4184.00 87.19 86.87
42319.00 3201.00 3225.00 4158.00 87.18 86.87
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
ITF President Ricci Bitti looks at the Davis Cup trophy after the official draw of the Davis Cup 2011 World Group first round in Brussels
10
Thursday, September 23, 2010
Ronaldo inspires Real to 3-0 win MADRID: Cristiano Ronaldo scored a penalty and created a goal for Gonzalo Higuain to inspire Real Madrid to a lethargic but ultimately comfortable 3-0 La Liga win over Espanyol on Tuesday. It was the Portuguese forward's first goal of the season and a third consecutive league victory for Real that lifted them to the top of the table ahead of Wednesday's matches. Both teams had a player sent off with around half an hour remaining and Espanyol were reduced to nine late on. Real coach Jose Mourinho criticised the poor state of the pitch after the game and also complained about the packed calendar, Tuesday's match coming after his players were in action in the Champions League on Wednesday and in La Liga on Saturday. "All things considered I am coming away satisfied because it's not easy playing on a potato field, it's not easy playing every two days and it's not easy playing an opponent who has nothing to lose," the Portuguese said at a news conference. "Putting all those factors together and despite the fact that my team did not play a good match I am satisfied," he added. "We have to improve but above all we need to rest." SOLID START The visitors began brightly on a pleasantly warm night at the Bernabeu and an unmarked Jose Callejon volleyed just wide of Iker Casillas's goal in the sixth minute. Real responded immediately when Mesut Ozil sent Angel Di Maria clear and the Argentina winger's curled strike was palmed narrowly over the crossbar by goalkeeper Carlos Kameni. Espanyol's solid start was spoiled just before the half hour when Luis Garcia handled a Ronaldo free kick in the wall and the referee pointed to the spot. The Portuguese scored with his first attempt but was ordered to retake for what appeared to be encroachment into the area. Espanyol made an energetic bid for an equaliser in the early stages of the second period and the impressive Joan Verdu forced a sharp save from Casillas in the 53rd.-Reuters
Faisal Iqbal delivers win in Somerset County KARACHI: Pakistan's Test batsman Faisal Iqbal helped his team Boveytracey Cricket Club to win the Devon Premier Cricket League for the first times in Somerset County. Talented Faisal, who missed the selection in Pakistan team for England tour, scored over 455 runs at an average of 59.66 runs including five successive half centuries. He top-scored with an unbeaten 93. Faisal Iqbal, a nephew of former Pakistan Captain Javed Miandad, who recently returned from England said on Wednesday that looking forward selection in Pakistan team for the series against South Africa. "I want to win back my place in the national team in all forms of cricket," 29-year-old Faisal, who scored 1124 runs in 26 Test matches for Pakistan and scored 314 runs in 18 ODIs. "My mission to stage a comeback in the Pakistan team and I am working hard in the nets for the purpose," he said.-APP
Akhtar bowls well, Morgan hammers ton
Pak chase 257 to restore lost glory LONDON: Shoaib Akhtar belied his 35 years with a furiously aggressive six-over spell of 2 for 17, while the spinner Mohammad Hafeez struck with his fourth ball of the day to have Steven Davies stumped for 17, as England's top-order struggled on a dry batting surface in their ODI series decider against Pakistan at the Rose Bowl. By the halfway mark of the innings, England had slipped to 96 for 3 with Eoin Morgan and Ian Bell making a good fist of a recovery in a 49-run stand, but their problems were not limited to the effectiveness of Pakistan's bowlers. At the 16-over drinks break, Paul Collingwood was forced to retire with a migraine, while Bell's movement at the crease was hampered by a groin strain that necessitated the return of Davies as a runner. The day had started promisingly for England, when Andrew Strauss won a potentially vital toss that enabled them to avoid the challenge of batting under the lights and with Umar Gul proving unplayable in swinging conditions at The Oval and Lord's earlier in the week, that call alone was worth an extra 30 runs. But from the
moment Akhtar opened his spell with a jagging lifter that crashed into Strauss's midriff, Pakistan's intent was plain to see, and there was scarcely any let-up thereafter. Strauss responded strongly with two fours in Abdul Razzaq's first over, and when Davies repeated the dose one over later to lift England to 26 for 0 after four, Shahid Afridi decided a change of tempo was required. Sure enough, in Hafeez's first over, Davies charged out of his crease to loft him over the leg-side, but was beaten by a hint of turn and Kamran Akmal completed a simple stumping with his victim not even in the frame. That brought Jonathan Trott out to the middle, Pakistan's new bête noire following his altercation with Wahab Riaz in the nets at Lord's, and he was greeted with a raucous chorus of boos from a vocal and passionate Pakistani crowd. After scores of 2 and 4 in his previous two innings of the series, Trott was under pressure from the scoreboard as well as the crowd, but he could do nothing about the ball that eventually did for him. Working up a considerable head of steam for a man who had been labouring with
LHC dissolves petition against match fixing LAHORE: Lahore High Court Chief Justice Khawaja Muhammad Sharif on Wednesday dismissed the petition against alleged involvement of cricket players in match fixing. Earlier, Pakistan Cricket Board's counsel Tufezal Rizvi submitted before the court that permanent ban could not be imposed on any player as no allegations had been proved against any one. He also prayed the court to dismiss the petition. The petitioner counsel Chaudhry Ishtiaq Ahmad sought time to file some documents in the petition. However, the court rejected the request and dismissed petition observing that almost 15 days was given to the petitioner's counsel to present his arguments and file rejoinder to the reply of federal secretary sports but he failed to comply with the order of the court in this regard. The petition was filed by Shakil Ahmad wherein he submitted that Pakistan earned a bad name in the world due to involvement of national cricket
team players in match fixing. He contended that Article 5 of the constitution enjoins upon each and every member of the state to be loyal with it. However, the petitioner contended, that the shameful act of match fixing by respondents Sulman Butt, Kamran Akmal, Muhammad Amir and Muhammad Asif was not only against constitution but it also humiliated and disgraced Pakistan. The petitioner pleaded that to uphold the image of Pakistan it was dire need to proceed against Chairman PCB and said respondents in accordance with law. He prayed the court to direct federal secretary sports to proceed against said respondents and put permanent ban on them besides probing matter seriously and confiscate the properties of respondents, if allegation proved. The petitioner further prayed the court to summon the respondents and show cause them as to why not proceedings against them be initiated under Article 6.-APP
a side strain, Shoaib bowled him through the gate with a glorious nip-backer, to leave England struggling on 46 for 2. One over later, and things got worse for England. Strauss has been in prime form in the series to date, with two fifties and a hundred in his previous four innings, and he showed his eye for an opportunity when he slotted Razzaq over longon for six - the 22nd of his one-day career, and his 13th this year alone. But Shoaib's unrelenting line and length soon did for him, as he grazed an edge through to Akmal and trooped off for 25. At the end of the 15 overs of bowling Powerplays, England were awkwardly placed on 59 for 3, whereupon Collingwood - who had already been visited by the physio, Kirk Russell - decided that a darkened room was the best place for him as his migraine kicked in with a vengeance. When Bell went in the groin three overs later, England were facing all manner of problems, but he and Morgan - who made a fine hundred on this ground against Australia in June dug them out of immediate danger.-Agencies
SOUTHAMPTON: England’s Bell is bowled by Pakistan's Afridi as Akmal celebrates during the fifth one-day international cricket match.-Reuters
Pak invited for Jordan int’l Bridge
Sports minister terms charges a conspiracy
KARACHI: Pakistan has been extended an invitation to take part in Jordan International Bridge Championship schedule to be held at Dead Sea (Jordan) from December 8 to 12, Pakistan Bridge Federation (PBF) announced on Wednesday. "The Open Pairs and Open team events will contested during the gala and it carries a handsome cash purse of $12,000," PBF Chief Tariq Rasheed Khan said here. He informed that the participation of the team depend on the availability of funds. He however, he said they will be forwarding the invitation to the players if they would like to take part in the Pairs event on the personal funding basis. PBF President said the invitation has been dispatched to PBF by President of Asian and Middle East (BFAME) Ghassan Ghanem, who is also the head of Jordan Bridge Federation. He said the winners in the Pairs event will be get US$ 2000 and runners-up pick up US$ 1200 while an equal amount will be distributed in Open team contest for the top two teams.-APP
ISLAMABAD: Federal Minister for Sports Ejaz Jakhrani has said that a well planned plot has been knitted against Pakistani players to isolate the country in the world by highlighting match fixing controversy. Talking to a Private news channel thse minister said that allegations of match fixing were also leveled against Indian, South African, Australians and West Indian players, but no action was taken against them. Scotland Yard Police report
about the spot fixing issue would expose the facts about match fixing allegation on the players, he maintained. To a question Jhakrani said that he discussed the match fixing scandal with Pakistan Cricket Board (PCB) which declared that there was no issue of match-fixing with respect to the specific clip saying that there was a rift among the players. He said that chairman PCB Ijaz Butt would raise the issue of allegation on Pakistan Players in the ICC meeting which would be held in next
month where they would also table resolution to dismiss Haroon Lorgat, Chief Executive Officer of ICC. Referring to the supreme power enjoyed by Chairman Pakistan Cricket Board he said the sports ministry is allowed by the Presidency to bring amendments in PCB constitution. However, the minister said that process of amendment is underway, but the floods stopped all the activities. We will hold a meeting soon to finalize amendments in the PCB constitution, he said.-APP
UK athlete-trio quits C’wealth Games LONDON: A trio of top British athletes, including world triple jump champion Phillips Idowu and Olympic 400 metres gold medallist Christine Ohuruogu, pulled out of the troubled Commonwealth Games in India on Tuesday. Idowu's withdrawal was based on security concerns while Ohuruogu, plagued by
injury problems this year, suffered cramp in a training session over the weekend and decided to pull out as a precaution from the event starting in New Delhi on October 3. Lisa Dobriskey, Commonwealth 1,500 metres champion and fourth over the distance at the European championships in Barcelona last
month, also withdrew saying she had run out of time after struggling with injury earlier in the season. Idowu outlined his worries about attending the Games on his Twitter page, writing: "Sorry people but I have children to think about. My safety is more important to them than a medal."-Reuters
A glimpse from the past
Controversies involving Pakistan team LONDON: The Pakistan cricket team have been hit by a series of setbacks and controversies over the past five years. On the eve of the final one-dayer in their troubled tour of England, following is a timeline of events. * August 2006: England are awarded the fourth and final test of their home series against Pakistan at the Oval after the tourists forfeit the match following a ball-tampering row. Pakistan refused to return to the field for the final session of the fourth day after umpires Darrell Hair and Billy Doctrove imposed a five-run penalty
against them for altering the state of the ball. Pakistan captain Inzamamul-Haq is cleared of ball tampering by the International Cricket Council (ICC) but is banned for four one-day internationals for bringing the game into disrepute. * October 2006: On the eve of their opening match, Pakistan send home fast bowlers Shoaib Akhtar and Mohammad Asif from the Champions Trophy in India after the pair test positive for the banned steroid nandrolone. Shoaib is handed a two-year ban by a PCB tribunal, which also suspends Asif for 12
months. The bans are subsequently scrapped after both players appeal the punishment. * March 2007: Pakistan crash out in the first round of the World Cup in West Indies following a stunning defeat by debutants Ireland. Less than 24 hours later Pakistan coach Bob Woolmer dies aged 58 after being found unconscious in his hotel room. Jamaican police launch murder inquiry into Woolmer's death, saying the Englishman was strangled amid growing speculation that he was the victim of a "betting mafia". However, later in the year a jury in
Jamaica recorded an open verdict on Woolmer's death after deciding there was insufficient evidence of either a criminal act or natural causes. * March 2009: Gunmen attack a bus carrying Sri Lanka's cricket team outside a Lahore stadium in Pakistan, killing seven people, including six policemen and a driver. Six of the team and a British coach are wounded. * April 2009: Pakistan lose the right to host any of the 2011 50-over World Cup games scheduled for the Indian sub-continent after
the ICC board decides to shift the matches out of the country because of security concerns following the Lahore attack. * August 2010: Pakistan cricket is hit by allegations of spot-fixing after a newspaper report revealed players had been bribed to bowl predetermined no-balls in the fourth test against England. British police questioned test captain Salman Butt and pace bowlers Mohammad Amir, Mohammad Asif and Wahab Riaz as part of the investigation. Butt, Amir and Asif were suspended from all cricket by ICC.
* September 2010: The ICC says it is investigating Pakistan's role in the third one-dayer against England for suspicious "scoring patterns". The news sparks angry reaction from PCB chief Ijaz Butt as Pakistan had won the match. A war of words breaks out after Butt told a television channel: "There is loud and clear talk in bookies' circles that some English players were paid enormous amounts of money to lose (the third one-day) match." The England and Wales Cricket Board reacts angrily and threatens legal action.-Reuters
International & Continuation
Thursday, September 23, 2010
Euro zone consumer confidence slightly up in September BRUSSELS: Euro zone consumer confidence improved only marginally in September, data showed on Wednesday, chiming in with forecasts of slower economic growth in the second half of 2010. The European Commission said in a flash estimate that consumer morale in the 16country currency area rose to -11.2 this month from a upwardly revised -11.4 in August. The figure puts the index at a 27-month high. In the wider, 27-nation European Union, consumer sentiment worsened to -11.8 from -11.2.
Consumer sentiment has been improving in recent months as the single currency area recovered from its worst economic crisis in decades. But its level remains low, pointing to sluggish private demand, which has put a brake on any sustained economic recovery. "So far, higher consumer confidence has not generated a marked improvement in euro zone consumer spending and we suspect that this is likely to remain the case," said Howard Archer, chief European economist at IHS Global Insight.
He noted however that the indicator was over its longterm average of -12. Economists and the Commission expect euro zone growth to slow down in the third or fourth quarter of 2010 after the economy expanded 1.0 per cent in the April-June period from the previous three months. Demand for European goods is expected to slow down in the United States and Asia, while consumers are likely to spend reluctantly as austerity measures ordered by many governments begin to bite.-Reuters
France eyes more deficit cuts after 2013 PARIS: France will aim to trim its budget deficit to 2 per cent of gross domestic product in 2014, the country's budget minister said on Wednesday, as it steps up efforts to match the pace of fiscal tightening in Germany. France has already pledged to cut the deficit to three per cent of GDP by the end of 2013, from a gap the government expects will be about 7.8 per cent this year -- slightly less than the 8 per cent it initially envisaged. Speaking on Canal Plus television, Budget Minister Francois Baroin said the government would try to extend fiscal consolidation beyond the 3 per cent mark in 2013, with an ultimate goal of bringing the budget to near-balance.-Reuters
CONTINUATION No #1
Continued from page 5
continuing foreign interest in energy sector," he added. Though market stayed bearish but foreigners remained on the buying side as according to NCCPL there was a net foreign buying of $1.64 million on Wednesday while locals were mainly on the selling side and individual investors and companies did a net selling of $0.88 and $0.79 million respectively. Volumes too remained low throughout the day as 50.8 million shares traded in the overall market were 37.6 million shares less as compared to a turnover of 88.4 million shares on Tuesday. Out of total 369 active issues, 243 declined and 102 advanced while 24 issues remained unchanged.
No #2
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while some of his colleagues thought the probability that more monetary easing would be needed had increased. Weir Group dropped 3.1 per cent after RBS cut its rating on the stock to "hold" from "buy" on valuation grounds. Aviva was down 4.8 per cent as it traded ex-dividend on Wednesday, with Aggreko and Petrofac also losing their payout attractions.Autonomy and Invensys were each off 3.3 per cent, weighed by weakness in US peers. With the market hemmed in a fairly tight range, investors were also eying technical levels. "(There is) support around 5,505/10, the lows of the last week or so, while below that there should also be some interest around 5,435 which was the old 61.8 per cent retracement level of the down move from the highs to the lows of this year," said Michael Hewson market analyst at CMC Markets. He added that the index needs to consolidate itself above 5,600 to re-target the 5,800 highs. -Reuters
allowances of all staff members were included. They also threatened to resign against the government's refusal to provide funds for higher education.Teachers, students and the non-academic staff are holding protest rally in the campuses, demanding of the government to immediately release funds for higher education. Chairman Higher Education Commission, Javed Leghari said the shortage of funds is due to worsening law and order situation in the country. Talking to a private TV channel, he said lack of funds would put to end various projects of this year, adding the scholarships awarded by HEC would also be affected. Nevertheless, he clarified that students already on scholarships and studying abroad would not suffer; citing assurance given to him by Dr Hafiz Sheikh, finance minister. -Agencies
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former president Pervez Musharraf for abrogating the constitution, lawyers and court officials said. Lawyer Elmuddin Ghazi filed a petition in the LHC, charging Musharraf with "high treason", a crime carrying death penalty under the article 6 of the Constitution. The court issued notices to the federal government and the government of eastern Punjab province to appear on Oct 18 to submit replies to the charges in the petition. -Agencies
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per cent of employment - has been hit particularly hard," the IMF said. "An estimated eight per cent of total cropped area has been flooded, with very significant damage to industrial crops."The IMF said growth had been picking up before the floods in late July and August, while inflation was stubbornly high. Continued from page 5 No #3 The central bank raised its key policy rate by 50 basis points to 1,984.70 rupees after the top valued drugmaker said it had com- 13 per cent in July prior to the floods. The next monetary policy pleted the acquisition of a controlling stake in Taro for the subsequent two months is due to be announced on Pharmaceutical.Reliance Industries shed 1.3 per cent due to lack September 29."The SBP (State Bank of Pakistan) is facing a difof any immediate triggers, dealers said. Larsen & Toubro slipped ficult balancing act," the IMF said. nearly 2 per cent, but was still up 10 per cent so far in the month. The government's domestic net financing needs will increase after Automobile companies rose on hopes of buoyant demand dur- the floods and about two trillion rupees in treasury bills have to be ing the September-to-December festive season.Maruti Suzuki rolled over this fiscal year, while domestic private demand will softrose 3.6 per cent after Bank of America-Merrill Lynch upgraded it en and undermine the already weak recovery in private sector growth. to buy from underperform. Mahindra & Mahindra and Hero "These considerations will have to be weighted carefully in Honda gained 0.2 per cent and 0.1 per cent respectively. deciding the monetary policy stance," the IMF said. Pakistan's Sterlite Industries firmed 0.8 per cent to 172.75 rupees. Crisil inflation accelerated to a four-month high in August as the floods closed 0.6 per cent lower at 6,129.95 rupees. -Reuters forced food prices higher. The consumer price index rose a highContinued from page 5 er-than expected 13.23 per cent from a year earlier and was up 2.5 No #4 company was abandoning the idea of issuing new shares to help per cent from July. -Reuters finance tender offers currently underway to take total control of Continued from page 1 No #10 two group firms. Instead, Panasonic will use on-hand liquidity of the Kashmiri people cannot continue to be denied," Qureshi and loans to complete the buyouts of Sanyo Electric and said at the Council on Foreign Relations, a think-tank. "We call Panasonic Electric Works, the paper said. Shares of Sharp Corp upon the United States particularly, which is pressing so responsirose 1.3 per cent to 857 yen after it announced plans to buy solar bly for peace in the Middle East, to also invest its political capital power company Recurrent Energy for up to $305 million to in trying to help seek an accommodation on Kashmir," he said. expand its footprint in the solar field. "Such an accommodation would not only be just for the people But shares of companies with strong exposure to China, such as of Kashmir but would be critical for peace in the region," he said, Komatsu and Hitachi Construction Machinery, extended losses warning that "terrorism has fueled and thrived on blatant examples from the previous day as a row between Japan and China over of social and political injustice." "At times it's easy for the Indians ownership of islets in the East China Sea dragged on. Komatsu to look toward Pakistan and blame Pakistan for everything that's fell 2.5 per cent to 1,875 yen and Hitachi Construction lost 2.1 per going wrong in Indian-occupied Kashmir," Qureshi said. -APP cent to 1,815 yen. -Reuters
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lower-than-expected revenues, prompting analysts to slash their ratings on the stock. "Clearly, Adobe was a disappointment," said Michael James, a senior trader at regional investment bank Wedbush Morgan in Los Angeles. "That is having some impact. The Nasdaq is underperforming the rest of the market, but I think a big part of that is Microsoft, too." Microsoft Corp fell 2.8 per cent at $24.45 after the company raised its quarterly dividend. But Microsoft's latest move to return cash to shareholders, frustrated by stagnant share prices, fell short of some investors' expectations. PMC-Sierra Inc also cut its thirdquarter revenue outlook and said it sees gross margins at the lower end of its expectations, driving its stock down 7.1 per cent to $7.24. Gold hit a record at $1,296.10 per ounce and the price of the 30year US Treasury bond rose more than a full point as its yield slid to a three-week low on hopes the Fed may boost its purchases of Treasuries as part of a second round of quantitative easing. The Arca Gold Bugs index rose 0.4 per cent. "The Fed sort of left the market guessing on exactly how large or what their action would be," said Jeff Kleintop, chief market strategist at LPL Financial in Boston. "The only thing that the market is convinced of is that the Fed wants to see more inflation, and that is triggering demand for inflation-sensitive assets like gold and commodities as a flight from stocks," The Fed explicitly stated for the first time on Tuesday that core inflation was running below policy-makers' comfort levels. On the earnings front, cereal maker General Mills Inc reported slightly better-than-expected quarterly profit. The stock rose 3.2 per cent at $36.80. -Reuters
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easily compete their education. The minister also assured the House that all HEC projects at advanced stage would be completed according to schedule.He said the government has already accepted genuine demands of the university teachers and committee has also been constituted to sort out the issue of 50 per cent raise in the salaries of university employees. In response to a supplementary question, the minister said it was not true that the government would be unable to pay salary to employees after two months. I was misquoted regarding the non payment of salaries to the employees, he added. -APP
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per cent to $2.58 billion during the two month of current fiscal year against $1.98 billion in the corresponding period of the previous year, the official data released by the Federal Bureau of Statistics revealed. According to TFD analyst, major increase in the oil import has been caused by higher volume of sugar, soyabean and curde oil.According to the sector-wise trade data, oil imports bill surged by almost 25.3 per cent to $1.88 billion in 2MFY11 against $1.5 billion in the corresponding period last year. The major increase was witnessed on import of crude oil which surged by 86.9 per cent to $950 million versus $508 million in 2MFY10. However, imports of manufactured petroleum product dropped 6.2 per cent to $933 million against $995 million witnessed in 2MFY10 mainly due to reduction of average oil stock owing to circular debt. Likewise, food group import registered hike of 44.9 per cent to $693 million in 2MFY11 in which sugar import registered a substantial growth of 331 per cent whereas palm oil import increased by 74.6 per cent, spices import increased by 43.1 per cent and tea import bill registered an increase of 25.1 per cent over the corresponding period of last fiscal year. Furthermore, machinery group import bill increased by 9 cent to $947 million against $867 million over the previous year same period. The major surge in this sector witnessed from power generating machinery and textile machinery which hiked by 53.8 per cent and 192.6 per cent respectively.
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billion against the same period of previous year. The improvement in textile exports was mainly attributed to surge in textile products prices as ready-made garments export increased by 49.3 per cent to $287.63 million against $192.7 million in 2MFY10. Similarly, cotton cloth, bed wear and towel exports increased by 20 per cent, 19.6 per cent and 19.2 per cent to $347 million, $329 million and $127 million respectively. On the other hand, food group export registered a decrease of 33.4 per cent MoM to $195.3 million in August 2010 versus last month of $293.01 million. In food group, rice export registered a biggest decline of 43.8 per cent to $122 million against $217 million export of rice witnessed in July 2010. Whereas fruit export surged by 10.2 per cent and fish export increased by 2.2 per cent over the previous month.
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Rs48.72 billion. Similarly, cut-off yield on 6-month T-bill upped universities criticised the non-release of funds to HEC and had resolved to boycott after meeting on Tuesday ended without con- by 7bps to 12.84 per cent and raised amount of Rs9.49 billion. On clusion. In prominent demands, release of seven billion rupees, 50 the other hand, SBP rejected 12-month T-bill bids in which particper cent rise in salaries, and 15 per cent increase in medical ipants offer amount of Rs3.54 billion.
11
It is worth mentioning here that monetary policy for the next two months (Oct-Nov) is to be announced on September, 29. Previously, central bank raised its key policy rate by 50 basis points to 13 per cent in July.
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Taxes, which showed a negative growth of 1.4 per cent over the corresponding period of last year. The indirect collection recorded at Rs159.480 billion showed an increase of 7.8 per cent over the same period of last year, according to official figures provided by the board. Of the total collection Rs110.664 billion have been collected under the head of sales tax including Rs55.623 billion as Sales Tax (Import) and Rs55.042 billion as Sales Tax (Domestic). Similarly Rs19.154 billion have been collected as Federal Excise Duty (FED) including Rs3.189 billion as FED (Import) and Rs15.965 billion as FED (Domestic). The FBR collected Rs29.662 billion as customs duty during the period, the FBR figures revealed. The collections of Sales Tax, and Customs witnessed increase of 13.1 per cent and 9.3 per cent respectively while the FED collections witnessed negative growth of 16.8 per cent during the period as against the same period of last year. The FBR collected Rs46.046 billion during the current month, showing negative growth of 5.4 per cent as against the same month of last year. The Direct Taxes during the month were recorded at Rs16.720 billion while Indirect Taxes were recorded at Rs29.327 billion, showing a negative growth of 5.2 per cent and 5.4 per cent over the same month of last fiscal year. Collection of Sales Tax were recorded at Rs21.099 billion, and Customs Duty at Rs6.799 billion, showing change of 2.3 per cent and 2.1 per cent while the Federal Excise Duty was recorded at Rs4.122 billion, showing down fall by 55.3 per cent during the period. The refunds during July-September (2010-11) were recorded at Rs16.925 billion, showing growth of 35 per cent over last year while refunds during September were recorded at Rs0.791 billion, showing negative growth of 37 per cent. Member Direct Taxes, Asrar Rauf said that the floods would have less impact on overall revenue generation as it had mostly hit rural economy and agriculture and livestock which is already exempted from tax net. He said that most of the taxes are generate from the urban areas, so the collection would be less impacted by these floods. He said that for the first three quarters, there would be no such impact on tax collection due to devastating floods, however, added that there may be impact on tax collection during the last quarter due to import of cotton. The floods have destroyed cotton crops and it would have its impact as the country would have to import cotton.
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reported. The secret agency had been told to immediately stop gathering information pertaining to the country's politics, the source said, adding, "MI is not involved in any kind of political business anymore." However, Military Public Relations Office ISPR's spokesperson Major General Athar Abbas claimed that MI had always been apolitical. "The MI has nothing to do with the country's political affairs. It deals purely with the military's internal matters," he said. According to sources, MI has been told to concentrate on its main task the country's national security with a key thrust on counter-terrorism, the newspaper reported. In an effort to ensure free and fair general elections, Kayani had strictly barred the ISI from political hobnobbing during the 2008 general elections in the country. -Online
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of floods. Giving details of the cabinet meeting, Minister for Information and Broadcasting Qamar Zaman Kaira said country has a wheat stock of over ten million tones against the total demand of over eight million. Similarly rice stock of 6.78 million tones as against the demand of 2.50 million tones is available in the country. The federal minister said that this additional stock will be carried over next year to meet any deficiency arising due to the floods which has battered the food basket of the country. Kaira said that government has also decided to provide free of cost fertilisers and seeds to farmers having twenty five acres of land. About the financial problems of the universities, the prime minister directed the finance ministry to immediately release funds for students currently studying abroad on scholarships. The cabinet also lauded the role of the media declaring it is an important pillar of the state and its freedom will be ensured. Corporate Rehabilitation bill 2010 was also presented before the cabinet and the prime minister constituted a committee headed by the finance minister to vet the bill and present it before the cabinet again for approval. About the supply of petroleum, Qamar Zaman Kaira said there was shortage of the fuel in some cities due to the closure of refineries following floods which has now been overcome. -NNI
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Wednesday. Nepra announced this reduction under fuel adjustment and on the basis of power generation cost and electricity buying price. The power generation and buying price of KESC decreased to Rs1.4 billion in June. This includes a reduction of Rs390 million in generation cost and over Rs200 million in electricity buying price.On the other hand, the price of furnace oil has also reduced to Rs27,000 per metric tonne. -Agencies
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On September 1, the apex court had ordered that Javed Qazi could no longer operate as the NAB's acting chairman. Sources said Javed Qazi had issued the new directives on September 16. The directives included the transfer order for Additional Director Abdul Hafeez from Islamabad to Rawalpindi. Javed Qazi also promoted several NAB employees and also increased the salaries of legal advisors. Sources told media that the new appointments in Islamabad include that of legal advisor Naheed Seemi and the Karachi postings include five lawyers. Earlier, the court had ordered that Qazi could not operate as acting chairman and also said that according to law, there was no position for any deputy chairman in NAB. Therefore, the decisions made by the deputy chairman do not hold any legal value. -Agencies
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and that it had been "swept away in the floods". Pagara predicted that like his maternal grandfather, Bilawal Bhutto-Zardari will one day become the General-Secretary of the Pakistan Muslim League. -Agencies
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the multitude of populace affected by the unprecedented floods. He assured the continued support of his country in dealing with the aftermath of this calamity. He said that the government and people of Libya will always stand by their Pakistani brothers. Ahmed Kamal thanked the government and people of Libya for showing compassion for their Pakistani brothers and expressed hope that this support will continue until the hardships of the flood victims are alleviated. He said that the NDMA is working to mitigate the sufferings of the flood victims and this mission will continue until the last victim is rehabilitated. -APP
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TCP has arrived at the outer anchorage of the Port Qasim on Wednesday. The vessel MV Orbit will take berth within a day and start discharging sugar immediately. Another ship, MV "Unicorn Brave" carrying 7,800 MT will berth on Thursday while one more ship MV Unicorn No-1 carrying 7000 is scheduled to arrive Karachi on Friday. In addition, containerized shipments of 44,054 MT sugar is also scheduled to arrive by September 30, 2010. TCP, which has so far received 478,155 MT through worldwide sources, has a stock of 196,000 MT after delivery to Utility Stores Corporation (USC), CSDs and four provinces. -APP
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Minister for Population Welfare Dr Firdous Ashiq Awan informed the House that a ten-year vision has been prepared to address challenges arising out of population explosion. She said a training programme for Imams and Khateebs would be initiated on the pattern of Bangladesh to involve them in advocacy for population issues. Advisor to the Prime Minister Nawabzada Ghazanfar Gul informed the House that Benazir Smart Cards have been issued in four districts of Mianwali, Multan, Miripur Khas and Sanghar. He said feedback receipt from these districts is encouraging and it has now been decided to implement the initiative in the remaining twelve districts where poverty Score Card Survey has been completed. These are Batagram, Diamir, Ghanche, Karak, Kech, Kila Saifullah, Leiah, Lakki Marwat, Musakhel, Pakpattan, Poonch and Tharparkar. He said payments through Benazir Smart Card would begin in two to three months. The house was informed that thirty-seven water filtration plants have been installed at various locations in Islamabad. Advisor to the Prime Minister Nawabzada Ghazanfar Gul told the House that filters of these plants are regularly changed after every three months. He said water is tested by the Quality Control Cell of the CDA and Pakistan Council for Research in Water Resources. Replying to another question, he said drinking water facilities have been provided in all major parks including Lake View Park, Playland, Kachnar Park, Daman-e-Koh and Marghazar Zoo by the CDA. He said there is only one general bus stand in G-9 Sector and clean drinking water is being provided at the Stand to the general public with the collaboration of contractor of flying coach service. -NNI
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international community has about the nature of the nuclear program," he added. Tehran says it is pursuing a civilian energy program, but many Western powers suspect it is seeking nuclear weapons. While attending UN meetings, German Chancellor Angela Merkel took a stern tone toward Tehran."Iran has not removed doubts" over whether its nuclear program is peaceful or not, Merkel said. And failing to comply with UN resolutions, Iran "is threatened with isolation and the pursuit of new sanctions," she warned. -Reuters
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which UN agencies say affected 21 million people and left 12 million in need of emergency food aid. Amal said more than 9,780 government schools were damaged -- 2,700 fully and 7,000 partially. The number of private schools affected -- a statistic he said was not yet available -- would push the figure beyond 10,000, he said. The UN Children's Fund has said over 10 million children have been affected by the flooding, including 2.8 million under five-year-olds. Primary school enrollment is around 57 per cent and government expenditure on education accounts for just 2.1 per cent of Gross Domestic Product. The overall adult literacy rate is 57 per cent and Pakistan has three years to meet a Millennium Development Goal target of 88 per cent. But many of the flood-affected areas have far worse rates -- for example in rural parts of southwestern province Balochistan female literacy can be as low as seven per cent, Amal said. "Already before the floods, they were lagging behind... If 9,000 schools are partially damaged and 2,000 schools fully damaged you need a huge investment in education to re-activate it," he warned. The UN Office for the Coordination of Humanitarian Affairs said a further 5,563 schools are still being used to shelter about 567,000 people displaced in the crisis. -Agencies
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PPP has Global mkt-access vital Kashmir issue no future, Pagara predicts to national security: FM settlement under UN resolutions sought ISLAMABAD: President Asif Ali Zardari on Wednesday telephoned President AJK President Zulqernain Khan and discussed with him host of issues with special focus on lingering Kashmir dispute. President Asif Ali Zardari during a telephonic conversation with the AJK President said that Kashmir solution is undoubtedly imperative adding no solution is acceptable to people of Kashmir which is not under UN resolutions.
No Kashmiri would bow down his/her head to the Indian oppression at all. Unless the Kashmiri aspirations are met vis-Ă -vis Kashmir dispute, the fire of movement would never die, he added. He appealed to the United Nations to recognise the present situation of occupied Kashmir and take notice of latest mayhem orchestrated by Indian troops in the AJK. "The need of the hour is to utilise UN mechanisms and
unfreeze the UN package on Kashmir," Zardari told AJK President. President in the end expressed his deep shock and grief over the loss of innocent children in an accident of a school van in the suburb area of Muzaffarabad in Garhi Dupatta. At least 32 people including school children drowned in River Jhelum when a school bus leading from Muzaffarabad to Ghari Dhupatta plunged into River Jhelum. -Online
Rs368bn realised thru privatisation: minister ISLAMABAD: The Senate was informed on Wednesday that 367.553 billion rupees were realised through privatisation of sixty public sector entities since 2001. Minister for Privatisation Waqar Ahmad told the House in a written reply during question hour that of this over 227 billion rupees were transferred to the government for debt retirement and poverty alleviation and about 109 billion rupees as payments to development financial institutions against their shares in privatised units. He said 17.5 billion rupees were paid to employees on account of golden handshake,
Floods damage 10,000 schools ISLAMABAD: The flood crisis has damaged more than 10,000 schools, affecting several million pupils and requiring massive investment in a nation struggling with literacy, the UN warned Wednesday. Torrential rain began falling in northern Pakistan in July and the floods have since moved slowly south, wiping out villages and farmland, and affecting an area roughly the size of England. "Five to six per cent of all schools have been damaged by the floods. This means that between 1.5 to 2.5 million students have been affected," Umar Amal, an official with UNESCO, told a news conference. "That number can rise and it will rise," he said, unable to estimate how much it would cost to repair the damaged infrastructure. The United Nations has issued a record two-billion-dollar appeal to cope the disaster, See # 24 Page 11
Security forces kill 10 militants PESHAWAR: Pastwana area of FR Peshawar has been cleared through a search operation during which 10 militants were killed, a local TV channel reported Wednesday. According to sources of security forces, raids against terrorists continue in different areas of FR Peshawar while Pastwana area has been declared clear. The security forces recovered 25 toy bombs, mortars and explosives prepared for use in suicide attacks during the operation. They said 10 militants were taken out during the search operation while three security men were martyred and four more sustained injuries. The security forces are presently in the process of clearing Pakhai area in FR Peshawar. -Agencies
9.5 billion rupees were paid as liabilities of privatised units and over 4.3 billion rupees was the privatisation cost. Finance Minister Dr Abdul Hafeez Sheikh told the House that there was a challenging economic situation and the government is mobilising necessary resources to address the challenge. He said current expenditure of the government has been frozen at the level of last year and efforts are being made to reduce domestic borrowing. The Finance Minister said we are talking about selfreliance and opposing foreign loans but at the same time we
are not willing to pay more taxes. He said the successive governments failed to tax the elite and now efforts are being made to make them pay. He indicated the possibility of one time tax to raise money for reconstruction of the flood affected areas. Replying to supplementaries, he said the government was committed to Higher Education and assured that education of Pakistani students abroad would not suffer because of the financial crunch. Similarly, funds would also be provided for the ongoing projects. See # 22 Page 11
KARACHI: Pakistan's People Party has no poetical future and the party has been inundated in the floodwaters, said Pir Pagara chairman PML-functional. Speaking to media representatives on Wednesday after meeting a delegation of the Pakistan Muslim League (Q), Pagara said the next prime minister will be from his party. He said that the GHQ was responsible for the splitting up of the Pakistan Muslim League. Replying to a question, he said that he welcomes former president Pervez Musharraf into politics, adding that Musharraf will have to decide whether he will face the courts or not. Pagara said the Pakistan People's Party had no future See # 19 Page 11
Libya chips in 450 tonne food as relief ISLAMABAD: As a gesture of goodwill and sharing in this hour of need, the government of Libya provided 450 tonnes of food items including rice, pulses, milk, and clean drinking water bottles. The Libyan Ambassador to Pakistan, Ibrahim Al-Abid Mukhtar handed over the consignment to Member Administration & Finance, National Disaster Management Authority (NDMA), Ahmed Kamal in a ceremony here at Rawat, says a statement issued here by the Authority. Ibrahim Al-Abid Mukhtar lauded the unflinching commitment of NDMA with the fast track and timely provision of relief and rescue activities to See # 20 Page 11
NEW YORK: Giving Pakistani products concessionary access to US and other world markets is not just an issue of economy but it is imperative for the national security, said Foreign Minister Makhdoom Shah Mahmood Qureshi. "Enhanced access for Pakistani products, with all the liberating effects of freer trade and commerce, should be seen as a strategic imperative," he emphasised. Speaking at the Council on Foreign Relations, he said for the United States, for Europe and for the rest of Asia, opening up markets to Pakistani exports is not an economic issue; it is a national security issue." "The opening of markets to Pakistan will accelerate and
catalyse the process of societal transformation in our part of the world," he explained. "Without firing a single bullet, we will score an important and perhaps decisive victory in the struggle for hearts and minds." The calculus is simple; the arithmetic clear, he underscored, asking the Council on Foreign Relations to conduct a cost-benefit analysis of such a policy option. Qureshi was confident of a long-term Pakistan-US partnership to the benefit of both nations. The United States, he said, fully understands that only an economically and politically stable Pakistan can contain the threat of terrorism; and is in the national interest of the United
States and of world peace. "Working with the Obama Administration in an elevated Strategic Dialogue over the last year, we have redefined a mature, sustained, long-term economic and political partnership. Our partnership is based on shared values, common goals and common interests." During a meeting on the sidelines of the United Nations General Assembly session, FM Qureshi and his Kyrgyzstan counterpart Ruslan Kazakbaev agreed to boost cooperation between their countries. Kazakbaev expressed sympathies on the tragic loss of life and extensive devastation caused by floods in Pakistan, according to a press release issued by the Pakistan Mission to the UN. -Agencies
US, India likely to strike mega defence deal
TCP to sell 50,000 MT sugar in open market
NEW DELHI: India and the United States are likely to sign a 3.5-billion-dollar defence deal, the biggest ever between the two countries, a report said Wednesday. The agreement will see the Indian Air Force buy 10 C-17 Globemaster transport aircraft that are expected to replace the ageing fleet of Russian Ilyushin IL-76, the The Economic Times newspaper said, without citing sources. The deal, which is in its final stages, is likely to be signed in
November when US President Barack Obama visits India. In February, New Delhi announced a 32-billion-dollar defence budget, a four per cent increase on 2009, when spending was hiked by a quarter as the country seeks to modernise its armed forces. A top air force official earlier stated that India's air force is just a third the size of rival China's and far short of the aircraft required to meet the security challenges facing the country. -Reuters
KARACHI: Trading Corporation of Pakistan (TCP) will sell 50,000 metric tonnes of imported sugar in open market through auction. According to TCP official here on Wednesday, the Economic Coordination Commission (ECC) of the Cabinet has directed the corporation to offload 50,000 MT imported sugar in the open market through auction. He said TCP will float tenders for auction soon. Meanwhile, a ship carrying 30,000 metric tonnes of sugar f o r See # 21 Page 11
Six powers mull UN embargoes against Iran NEW YORK: The six powers seeking to curb Iran's nuclear ambitions prepared to meet Wednesday to review the latest UN sanctions against Tehran and mull its appeals to enter negotiations. The New York meeting of the socalled P5-plus-1 -- the permanent five UN Security Council members plus Germany -- comes as Iran said it was ready to discuss its nuclear program soon. The talks were to involve US Secretary of State Hillary Clinton and her counterparts from the other five nations involved: Britain, China, France, Russia and Germany. The United States has pressed hard for full enforcement of UN Security Council sanctions but has also left the door open to talks over Iran's nuclear program and other issues. Washington argues that the sanctions are biting, putting pressure on Tehran to return to negotiations. To the extent that Iranian President Mahmoud Ahmadinejad is interested in talks, "all we would do is encourage him to call Lady (Catherine) Ashton and provide a date and a location," State Department spokesman Philip Crowley said. Ashton is the EU high representative, who is the main point of contact between Iran and the P5-plus-1. Ahmadinejad, in New York to attend the UN General Assembly meeting, told
media that his country was ready to resume talks with world powers over its program to enrich uranium. The UN sanctions had also damaged the chances for an improvement in USIranian relations, he added. He blamed international politics for the growing tensions over the nuclear program. "Iran's nuclear case is a political case," the New York Times quoted him as saying. "Otherwise, why would it be essential for the details of our nuclear program be made available to the media?" The six powers met with Iran in Geneva in October 2009 and agreed on a nuclear fuel swap deal, which had been designed to build confidence as world powers pressed Iran to halt uranium enrichment. But the agreement has since stalled and in June the UN Security Council approved a fourth round of sanctions against the Islamic republic, which in turn said it would suspend talks until September. "We are prepared to constructively engage Iran and would hope that Iran will be prepared to have the same kind of meeting that occurred last year," Crowley said, referring to the Geneva meeting. Washington hoped the Iranians would go further and "actually commit themselves to try to address the concerns the See # 23 Page 11
Bomb attack takes ten lives in Tehran TEHRAN: The wives of two Iranian military chiefs were among 10 killed Wednesday in a bomb attack on a military parade in the northwestern Kurdish town of Mahabad, a senior official told a local news agency. "The bomb exploded 50 metres (yards) from the parade stand and killed 10 people including the wives of two senior military commanders of Mahabad," Provincial Governor Vahid Jalalzadeh told the agency. He added that 20 people had been injured, with "four in critical condition." Jalalzadeh had earlier told the news
agency that nine people died in the attack, most of them women and children. The attack took place as Iran marked the 30th anniversary of the start of the eight-year Iran-Iraq war with a series of army parades across the country. Western Iran, which has a sizeable Kurdish population, has seen deadly clashes in recent years between the Iranian security forces and Kurdish rebel groups, mainly the Party of Free Life of Kurdistan (PJAK) operating from bases in neighbouring Iraq. Reuters
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