International Karachi, Monday, September 27, 2010, Shawwal 17, Price Rs12 Pages 12
Facing life threats from powerful elements: Altaf Economic Indicators
41.98 -43.90 0.78 2389
Yearly(Jul, 2010 up to 23-Sep-2010) Monthly(Sep, 2010 up to 23-Sep- 2010) Daily (23-Sep-2010) Total Portfolio Invest (17 Sep-2010)
NCCPL (U.S $ in million)
FIPI (24-Sep-2010) Local Companies (24-Sept-2010) Banks / DFI (24-Sept-2010) Mutual Funds (24-Sept-2010) NBFC (24-Sept-2010) Local Investors (24-Sept-2010) Other Organization (24-Sept-2010)
1.64 -6.17 1.26 -1.06 -1.14 4.17 1.30
Global Indices Close
Change
KSE 100
9,909.45
42.65
Nikkei 225
9,471.67
94.65
Hang Seng
22,119.43
71.72
Sensex 30
20,045.18
184.17
SSE COMP.
2,591.55
2.84
FTSE 100
5,598.48
51.40
Dow Jones
10,860.26
197.84
GDR update $.Price PKR/Shares 2.60 111.61 17.30 148.52 2.00 42.93 1.70 36.49 9.58 32.90
Money Market Update 12.69% 12.82% 12.79% 13.00% 12.67% 12.82% 12.96% 13.28% 13.35% 13.42% 13.50% 13.63% 13.78% 13.88% 14.10%
22-Sep-2010 22-Sep-2010 22-Sep-2010 30-Jul-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010 24-Sep-2010
Commodities Crude Oil (brent)$/bbl 78.87 Crude Oil (WTI)$/bbl 76.49 Cotton $/lb 99.93 Gold $/ozs 1,298.10 Silver $/ozs 21.40 Malaysian Palm $ 864.70 GOLD (NCEL) PKR 35,815 KHI Cotton 40Kg PKR 7,341
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 80.70 Canadian $ 82.40 Danish Krone 15.00 Euro 113.70 Hong Kong $ 11.00 Japanese Yen 0.998 Saudi Riyal 22.80 Singapore $ 63.95 Swedish Korona 12.10 Swiss Franc 84.90 U.A.E Dirham 23.30 UK Pound 134.30 US $ 86.05
Sell (Rs)
81.70 83.50 15.40 115.30 11.40 1.023 23.00 64.95 12.60 85.90 23.50 135.90 86.35
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to press. -APP
Profit repatriation down 3.4pc in 2M Ahmed Siddique KARACHI: Repatriation of profit by the foreign companies has dropped 3.4 per cent in first two month of the fiscal year 2011, according to the State Bank of Pakistan data on sector wise repatriation of profit. From July to August 2010, the repatriation of profit by foreign companies in Pakistan falls to $100.9 million as against $104.4 million witnessed in the corresponding period last year. Fall in repatriation of profit is mainly driven due to contraction in earnings of foreign companies operating in the country primarily due to slowdown in local economy and bad law & order, TFD analyst said.
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
81.63 83.07 15.38 114.57 11.06 1.015 22.88 64.61 12.46 87.11 23.36 134.64 85.85
81.82 83.26 15.41 114.84 11.08 1.017 22.93 64.76 12.49 87.31 23.41 134.95 86.03
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
31°C 34°C 33°C 33°C 29°C 33°C
MIN
17°C 25°C 23°C 23°C 6°C 24°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
During the period under review, profit repatriation on account of foreign direct investment (FDI) stood at $85.7 million which represents 84.9 per cent of total repartition while foreign portfolio investment (FPI) stood at $15.2 million (15.1 per cent of total repartition), he added. Telecommunications sector remained the major contributor to this outflow in terms of dollar, as their companies sent $47 million abroad against $34 million in 2MFY10. Similarly, repatriation of profit by the financial business rose to $16 million against $4million during the same period last year. Furthermore, power sector witnessed repatriation of $10 million against $4.7 million in See # 11 Page 11
Unmanned spy-plane snuffs out 7 in NWA PESHAWAR: Suspected US drone aircraft carried out missile strikes on a house and a vehicle in North Waziristan on Sunday, killing seven alleged militants, Pakistani intelligence officials said. The US is now suspected of conducting 19 such attacks this month, the most intense barrage since the strikes began in 2004. Most have targeted Datta Khel, part of the North Waziristan tribal area that is dominated by militants who regularly stage attacks against Nato troops in Afghanistan. In the first strike Sunday, a drone fired three missiles at a See # 12 Page 11
SC may take aim at 2008 KSE crash
Zardari calls urgent party meet today at Aiwan-e-Sadr
letter that taking the benefit of this crisis, some brokers with the support of KSE, SECP and CDC have staged drama of their default, sold the investor's shares present in their sub-accounts and have ran through investors' money. It was also included in the letter that some brokers have sold all the shares present in their CDC accounts after which they declared themselves as defaulter and then escaped from the country taking the investors money with them and now they are enjoying luxurious life abroad. Investors had appealed the Chief Justice to take suo moto on the issue.
ISLAMABAD: President Asif Ali Zardari summoned meeting of PPP parliamentarians party today (Monday) to review prevailing political situation in the country. According to details President Asif Ali Zardari being co-chairman of PPP has summoned parliamentarian party meeting in President House on Monday (today). Discussion and review on prevailing political situation of the country would be held and strategies would be formed to tackle prevailing political situation of the country while the meeting would be participated by members' parliament and senators of PPP. -Agencies
Affected investors knock apex court door
Staff Reporter KARACHI: Some of the investors of the stock market have knocked on the doors of Supreme Court for the investigations of the 2008 stock crisis and to get their money back from the defaulted brokers. According to news report circulating in the media, investors wrote a letter to the Chief Justice of Pakistan Iftikhar Mohammad Chaudhry, mentioning that stock markets had been crashed through a preplanned manner in 2008 causing investors billion of rupees of loss. It is also mentioned in the
Inter-Bank Currency Rates Symbols
NATO container set on fire
See on Page 12
Special Correspondent/ Agencies
SCRA(U.S $ in million)
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)
See on Page 12
l Premier talks to journalists, moots various issues l Says govt intact, democracy stable
Portfolio Investment
Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
See on Page 12
Australian activists close down largest coal port
SC can’t re-write constitution: PM
$16.63bn 12.79% $3.56bn $6.25bn $(2.69)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Foreign Debt (Jun 10) Rs 4705.40bn Domestic Debt (Jul 10) $100.90mn Repatriated Profit (Jul- Aug 10) 4.55% LSM Growth (Jul 09 - Jun 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 170.63mn Population
Forex Reserves (17-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10)
Index
Man arrested in PIA plane bomb scare released
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Sunday said Supreme Court of Pakistan was not entitled to amend the constitution, only Parliament has this prerogative to write, rewrite or amend the constitution. PM affirmed that Parliament would defend the democracy, media reported. Prime Minister, while talking to senior journalists and columnists in the PM House here, said the apex court could only explain the constitution, but could not amend it, while the Parliament has an authority to do so. Extra-constitutional steps will not be tolerated, Gilani added, and affirmed that the Parliament would safeguard the constitution and democracy. About the summary sent by the Law Ministry on reopening of Swiss cases, he said the Supreme Court has to look into many issues including article 248 before moving forward. He said," it would be against the national honour and Pakistan's sovereignty to hand over your president to Swiss courts". He said people and the media should sue the corrupt politi-
OGDC, Parco, FBR officers among beneficiaries
Final action against NRO-blessed ordered ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has forwarded list of 73 NRO beneficiaries to the Ministry of Law and Justice for examination and final action. Most of these persons have been still holding important offices. Sources of Law ministry have divulged that this list contains names of officers of various departments including five of Port Qasim, 14 of OGDCL, 1 each of Pak Arab Refinery, Ministries of Minority and Trade, 5 of CDA, 24 of FBR, 2 of Housing and Construction and 20 of Auditor General of Pakistan. The name of NRO-blessed include Director Custom Nawaz Butt, Assistant Collector Mumtaz Changezi, Inspector Custom Khalid Aziz, Director Javed Iqbal Mirza, Superintendent Custom Muhammad Salim, Assistant Collector Khizer Iqbal, Asif Majeed, Principal appraiser See # 8 Page 11 cians in courts, rather than leveling 'baseless' allegations against them. Gilani ruled out the rumors and speculations that his government is going to be collapsed. "My government is not going tomorrow and day after tomorrow. Those who think and predict so will face disappointment, all such deadlines about my government has passed and been proved false." He asked PML-N chief Nawaz Sharif and other democratic forces to discourage those, who were conspiring
KSE during last wk
Offshorers bag $5.17mn shares Net inflow reaches $377mn YTD Ghulam Raza Rajani KARACHI: Local bourses continued to tempt foreign investors in the outgoing week as overseas investors have made a net investment of $5.17 million, as per the National Clearing Company of Pakistan Limited (NCCPL) data. During the week, KSE 100Index down 1.4 per cent or 143.52 points. While investors preferred to remain sideline due to no positive outcome on margin trading system meeting, along with the expected rise in interest rates in the upcoming monetary policy which triggered selling in the market. Lately, the news regarding government's decision that it
may impose further taxes to increase revenue for flood affectees further dampened the sentiments. Foreign investors decided for buying fresh position as they bought shares worth $12.1 million and sold $6.93 million, resulting in net buying of $5.17 million during the last week. Furthermore, other organisations and individuals remained on the buying side with shares worth $2.18 million and $1.87 million respectively. On the other hand, biggest weekly selling were witnessed from companies which sold $53.75 million of shares in the local bourse against the buying of $45.61 million, thus turning See # 10 Page 11
against democracy. The premier urged media and political opponents to let his PPP-led government complete the five-year tenure, saying 'no one will be allowed to enter from back-doors'. PM Gilani told journalists that he had held a meeting with Justice Iftikhar Muhammad Chaudhry few days back, and revealed that his sitting with Army chief General Ashfaque Parvez Kayani was also expected soon. To a question about See # 9 Page 11
Donors' conference goes to Capital LAHORE: Donors' conference venue had been changed from Lahore to Islamabad owing to security concerns and now that would be held on September 30. Reliable sources informed that participants of the donors' conference have refused to attend the conference in Lahore owing to security concerns and suggested to convene the conference in Islamabad as a result the venue of donors' conference has been changed from Lahore to Islamabad. It was worth mentioning that approximately nine ambassadors from 24 countries, representatives of 12 UN agencies and international NGOs, 104 representatives from business community and 214 members of 20 UK donors' agencies will participate in the donors' conference. -APP
Separatist leader terms Chidambaram offers as hoodwink
Geelani gives no ear to India’s sweet-talk SRINAGAR: The separatist leader who has organised months of protests in Indianadministered Kashmir dismissed Sunday an offer from the India government for fresh talks and a security review in the state. The proposals were put forward by Home Minister P Chidambaram after he led an all-party mission last week to the Muslim-majority region, which has been shaken by proindependence protests and strict curfews since June. "It is a time-gaining exercise and unrealistic. It is aimed to hoodwink the international community," Syed Ali Shah Geelani told reporters in
Srinagar. "If rulers in New Delhi believe that by releasing a few students and providing ex gratia relief to the families of martyrs they can reduce the alienation (of Kashmiris), they are wrongly mistaken," he said. Chidambaram's eight-point plan was the first major initiative by the government to end clashes between stone-throwing crowds and security forces in which 107 civilians have been shot and killed. The home minister said a group of "interlocutors" would be appointed to reach out to Kashmiris in a bid to calm the protests, the largest since a separatist insurgency erupted in
1989. Most of those killed have been young men and teenagers shot by police and paramilitary troops firing live ammunition and rubber bullets. Chidambaram said the state government would be told to free 255 protesters jailed for throwing stones at security forces. Authorities will also consider reducing the security presence in the heavily militarised Kashmir valley, and will review some areas of emergency military law imposed in the region. Rights groups have long pushed for repeal of the Armed Forces Special Powers
Act, which gives security forces the power to open fire, detain suspects and confiscate property. "We think these steps should address the concerns of different sections of Jammu and Kashmir, including (those of) the protesters," said Chidambaram. Moderate separatist said they were discussing their response to the government package. Kashmir is divided between Pakistan and India, which both claim the region in full. The dispute over the region has triggered two of the rival nations' three wars since partition of the subcontinent in 1947. -Reuters
2
Monday, September 27, 2010
World Tourism Day
Gilani upbeat on tourism reflourishing in Pakistan Robust tourism vital for Pak: Zardari
HYDERABAD:Former Vice Chancellor Sindh university Mazhar ul Haq Siddiqui addressing to the participants during Sindh REhabilitation and Reconstruction Conference organized by Sindh Taraki Pasand Party.-APP
Pakistan receives aid from China KARACHI: The Chinese Government has sent 2000 Tents weighing 84 tonnes for the flood affectees of Pakistan by a special cargo plane which landed at Karachi Airport here on Sunday. The relief goods were handed over to the representative of Provincial Disaster Management Authority, Sindh by Wang Qihui Commercial Consular, Chinese Consulate General Karachi. According to the representative of the PDMA the relief goods would be dispatched in the flood affected districts of Sindh for distribution among the flood affectees.-APP
MONDAY Time Programmes 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:15 14:00 14:30 15:05 15:30 16:00 16:05 17:00 17:05 18:15 19:00 19:05 19:30 20:00 20:05 21:00 22:05 23:00
Agenda 360 (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Bara ka Para News Power Lunch News Mang Raha Hay Pakistan Akhri Sauda Bazaar News Tesri Nazar News Ghar Ka Kharch Karobari Dunya News Tax Time Uff TV (Rpt) News Islamabad Say Pakistan Aaj Raat Doosra Pehlu News
TV PROGRAMMES MONDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere 11:05 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:05 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:03 The Anchor 21:00 News 22:05 Manzil 23:05 Faisla Aap Ka
Govt imparts education to flood-hits KARACHI: Sindh Home Department is providing full assistance to the volunteers imparting education to the flood affected children and women at the camps located at Hawks Bay area and Shams Degree, Sher Shah here. This was informed to Sindh Home Minister, Dr Zulfiqar Ali Mirza in a report envisaging role of Provincial Home Department in PsychoSocial rehabilitation of the flood victims in collaboration with various NGOs/dedicated volunteers, said a statement issued on Sunday. The report which was prepared by Consultant on Home Affairs, Sharafuddin Memon revealed that Women Development Foundation in collaboration with Rotary Club of Karachi South running four literacy centers for elder females and an informal school for the younger children at the camp for flood victims in the Hawks Bay area. "The literacy centers have already enrolled more than 100 females whereas the informal school has 25 toddlers admitted, the report disclosed. The report further added that the program also included a personal care and grooming component to help the elder participants read and search a newspaper for jobs and other information that can assist them in everyday life. Consultant on Home Affairs also highlighted the contribution of education centers being operated by Happy Home School at
another flood affected camp at Shams Degree Collage, Sher Shah. "Students of the Happy Home School not only generated fund by their own means to buy the books and stationery for the education centers but also volunteered to serve as the teachers for their education centers. The Management of the Happy Home School had their own students trained for this purpose and also entrusted then the target to monitor in order to make sure that people enrolled are learning to read and write properly", the report added. Sharfuddin Memon further informed to the Home Minister that the students, staff and management were also running a health and hygiene program in assistance with the Provincial Home Department. "As a part of this programme, inhabitants of the camps have already received a personal health and hygiene kit which includes things like antiseptic soap, comb, tooth paste/brush etc. Moreover, Murshid Hospital Paramedical staff also remained co-operative as they escorted, line after line of children to washing area to conduct hand washing, nail clipping and hair dressing sessions, he added. "The Happy Home schools have also engaged the school sports staff in the programme who are providing the camp residents with various physical development activities," the report concluded.-APP
LAHORE: Children stranding on media of Egerton Road to take bath in water of a tanker which is watering plants.-Online
Sattar asks US to free Dr Afia
ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani on Sunday said the government was committed to bringing the country back on the world tourism calculus as a great tourist destination, which it once was. The prime minister said for last few years, the tourism industry has suffered on account of incidents of terrorism that resulted in the reduction of international tourists. "For all these reasons, my government has extended full support and attention to tourism. The country's National Tourism Policy should be a broad mix of public-private partnership. The theme on this year's World Tourism Day 'Tourism and Biodiversity' is very apt and reminds us of our collective responsibility to protect our nature and to promote the real image of Pakistan in the comity of nations," the prime minister said in his message on the occasion of World Tourism Day. "We are celebrating World Tourism Day at a time when the need for enhanced interaction and engagement among people and nations could not be greater. The day reminds us of huge vistas of opportunities for increasing people-to-people contacts and engaging with one another for building bridges. Tourism links people and helps build better understanding among nations and cultures. Sustainable tourism is
also essential for the preservation and enhancement of the cultural and natural heritage of our country. Tourism is not only a source of income of people and countries. It is much more than just being an economic sector," Prime Minister Gilani said. Earlier President Asif Ali Zardari reiterated the government's resolve to promote tourism in the country and share its benefits with the world. In his message on the occasion of World Tourism Day, the president said the theme of this year's Tourism Day "Tourism and Biodiversity" is most appropriate. "Tourism revenues resulting from the enjoyment of this biological diversity, often located in the world's less developed regions, are a significant source of income and employment for local communities," the president said. "It is this relationship between tourism and biodiversity and the resulting positive impacts on local livelihoods, development and poverty alleviation that must set the tone for sustainable tourism development," Zardari said, adding: "A robust tourism industry is vital not only for healthy economic activity but also for building ties with other countries and people of the world." He said the events like the World Tourism Day offer us an opportunity to give a serious thought to promoting tourism in the country.-NNI
KARACHI: Muttahida Qaumi Movement (MQM) leader Dr Farooq Sattar has said that United States should release Dr Aafia Siddiqui and defunct her punishment. He declared the US court verdict as inhumane which has escalated antiAmerican sentiments among the Muslims across the world peculiarly in Pakistan. Talking to Media persons here in Karachi at the residency of Dr. Aafia's sister, Dr Farooq said that President Obama should release Dr Aafia by using his special powers. He said that United States has engrafted a new history by announcing barbarian punishment of 86 years incarceration to Dr Aafia Siddiqui. As a reaction LAHORE: Allama Nasir Abbas delivering the resolution for the Shuhda of Karbala the whole nation is Gamay Shah, Meezan Chowk Quetta and target killing in Karachi during the protesting over her punChehlum arranged by Tehreek-e-Wilaa-o-Azaa Wa Azmat-e-Saadaat.-App ishment decision, therefore, US government should review her decision and immediately release Dr Aafia. Government should take strict notice against the decision and should raise her voice for her release at international level. Dr. Sattar said, "If MQM were in power, then definitely it breaks up all diplomatic relaKARACHI: Inspector of other law enforcement to eliminate dacoits. tions with US".-Online He advised the offiGeneral of Sindh Police, agencies to assist the Sultan Salahuddin Baber police to maintain peace cials to perform their duties with out any fear Khatak on Sunday direct- in the city. The Sindh Police Chief and favor and strive to ed the Capital City Police Officer (CCPO), Karachi asked the participants to root out the crimes. The participants of the to pay special attention direct the Zonal DIGs to maintain tranquility in and TPOs to visit their meeting observed that respective jurisdictions abduction of ransom is the metropolis. The Sindh Police Chief and prepare security plan one of the big problem in QUETTA: Unknown persons have set on fire an oil said this while presiding on daily basis so as to Sindh and more work is needed in this regard. container near Mastung, over a high-level meet- maintain peace. The meeting also disHe also directed for which was carrying oil for ing regarding law and cussed the overall law strict vigilance on all order, said a statement. NATO Forces. and order situation in entry and exit points in The meeting was Informed sources said that NATO oil tanker attended by the Capital Karachi and special Sindh province and which was on its way to City Police Officer attention be also paid on express pleasure over Afghanistan from Karachi. (CCPO), Karachi, the security arrangements at decrease in kidnapping However, some unidenti- Regional Police Officer all sensitive areas in the for ransom incidents in interior Sindh. fied men have burnt oil (RPO), Hyderabad, DIG city. The IGP Sindh said the He also called for tanker near Mastung area head quarter and other attention on the security staff of the police staas container was heading concerned officials. Speaking on the occa- at all public places tions be asked to help towards Afghanistan from Karachi carrying supplies sion, Sultan Salahuddin including shopping cen- people in resolution of Baber Khatak directed ters, amusement parks, their problems. for NATO Forces stationed He observed that prothe concerned officials to mosques, imambargahs in Afghanistan. However, no loss of life work day and night to and madarasas in the tection of life and property of people and mainhas been reported yet while prove that Karachi is a city. The IGP Sindh called tenance of peaceful envipolice has registered case peaceful city. He said the provincial upon the officials con- ronment are among top against the unknown persons and started search government has also cerned to devise such a priorities of the Police acquired the cooperation strategy which can help department.-APP operation.-Online
IGP directs to beef up security measures in Khi
NATO container set ablaze
PaCCS likely to close down Staff Correspondent KARACHI: After five years of successful tax reform in Pakistan, it is imminent that PaCCS will be shut down at the end of this month because government of Pakistan/Federal Board of Revenue (FBR)/Ministry of Finance has failed to sign an agreement with Agility. It is learned that FBR has once again requested Agility to continue PaCCS for two more months. But at this time, Agility may not extend PaCCS because this is the third time FBR has asked for extension without giving any logical reason for another extension instead reaching an agreement or negotiate on the issue. The industry stakeholders have expressed deep concern on FBR misbehavior and stated that PaCCS closure would bring abrupt losses in terms of short collection of revenue to government along side adding another high raise in the cost of doing business. The dwell time will increase and many signatures would be required to clear single consignment. FBR plans to replace Pakistan Automated Customs Clearance System (PaCCS) may lead country to stone age because FBR has no capacity (human resources) to launch fully automated, paper less and corruption free system. In this scenario, FBR move towards termination would adversely affect the national exchequer and severely affect the genuine importers and traders of Pakistan. After the shut down of this corruption-free software, the discretionary powers of Customs officials, the contact between the tax payers and tax collectors, the lack of transparency will all return to FBR.
Small dams critical to contain floods: MPA HYDERABAD: Citing predictions of environmental experts regarding almost a decade-long sequence of recurrent floods in Pakistan, Sindh Minister for Fisheries has underscored the need of building 'small dams' in the country. "As periodic floods are expected to recur during the coming 9 years, advantages of small dams will be twofold; excessive water will be stored and rivers will be prevented from being deluged by floodwater," provincial minister Zahid Bhurgari opined here on Sunday during a panel interview
with APP. In view of such predictions, he said, the height of protective embankments would be increased by at least 6 feet besides their reinforcement to thwart flood-triggered devastation in the future. The minister maintained that timely action of Sindh government, in view of the approaching flood, not only saved invaluable human lives but also prevented larger areas of the province from going under water. He, however, expressed dismay over the performance of the irrigation departments, specially
their miscalculation about the quantity of the coming floods. "Contrary to the flood level of close to 1 million cusecs, we, in Hyderabad, were told that around 600,000 cusecs water would pass through Kotri Barrage," he lamented. About the ongoing registration of IDPs in the district, Zahid informed that the process would be completed in two phases in a month's time, whereby, in the first phase IDPs at relief camps would be registered and, subsequently, those IDPs who were staying privately in the city would be covered.
He estimated their number at around 40,000. In reply to a question regarding complaints of confusion in distribution of Watan Cards to the IDPs, the minister explained that the government was giving priority to those IDPs whose areas had been inundated by the flood in contrast to those who shifted to the relief camps in fear of submersion of their areas. "So far NADRA has registered about 4,000 people while 450 Watan cards have also been issued," he informed, adding that every day as many as 800 or more IDPs
were being registered at Niaz Stadium where NADRA had set up 22 counters for the purpose. The government had also put in place water and food arrangements for IDPs who were brought through buses to the registration point, he added. Zahid further apprised that the government was catering for the food requirements of over half of the IDPs at relief camps in Hyderabad while Saylani Trust, a NGO, had been providing daily meals to approximately 27,000 IDPs. To a question about reports of inconsistencies
in NADRA records, the minister admitted that the records of people of some areas, predominantly riverbed occupants, had been found missing, however, the government had taken notice of the issue and directed NADRA to rectify it by upgrading its data. He, however, noted that another factor behind the said occurrence was the changing of status of the districts in Sindh. He was of the view that a majority of the IDPs were from such areas which were although not flooded but actually remained in the grip of
submersion which led to exodus of people from there. Responding to another question, Zahid maintained that the government was heedful of the harm caused to the learning process owing to occupation of schools and colleges by IDPs and that it was pondering over plans to transfer the IDPs to other places as to resume education process. The minister informed that Rs 70 million had been given to District Government Hyderabad by the provincial government for relief operations.-APP
3 Monday, September 27, 2010
Asian currencies
Greenback weekly outlook
Most strengthens, led by Indian rupee
US dollar likely to remain under pressure
SINGAPORE: Asian currencies climbed last week, led by India's rupee, as global funds pumped more money into the region's developing nations to profit from the world's fastest economic growth. Funds investing in Asia excluding Japan equities took in the biggest amount in 15 months during the week ended Sept. 22, while those focused on Indian shares recorded the highest net inflows in almost three years, according to research firm EPFR Global. The yuan climbed to its strongest level since 1993 as US President Barack Obama criticized China for using an undervalued currency to gain an unfair trade advantage. The rupee rose 0.4 per cent last week to 45.66 per dollar, buoyed by the government's decision on Sept. 23 to increase the cap on foreign bond holdings. Taiwan's dollar advanced 0.4 per cent to NT$31.62 as government reports showed pickups in industrial output and export orders for August. India said Sept. 23 it would allow overseas investors to double holdings of government bonds to $10 billion and raised the limit on
investment in corporate debt by a third to $20 billion. The move will help offset the currentaccount deficit, said Ashutosh Raina, head of foreign-exchange trading at HDFC Bank Ltd. China's yuan appreciated 0.2 per cent to 6.7079 per dollar in the first two days of the week, before markets closed for a holiday in Shanghai. Twelve-month non-deliverable forwards gained 0.9 per cent to 6.5695 in Hong Kong, reflecting bets the currency will strengthen 2.1 per cent from the spot rate. That's the biggest gain projected by the contracts since June 23. Malaysia's ringgit, Asia's best performing currency this year, rose 0.3 per cent last week to 3.0930 per dollar and touched a 13-year high of 3.0873 on Sept. 23. FTSE Group, a global index provider, upgraded Malaysia to "advanced emerging market" status on Sept. 23. Elsewhere, South Korea's won climbed 0.5 per cent last week to 1,155.15, Indonesia's rupiah strengthened 0.2 per cent to 8,958 and the Singapore dollar gained 0.7 per cent to S$1.3250. The Thai baht was little changed from a week ago at 30.69. -Agencies
Canadian $ gains on data, prospect of US Fed move TORONTO: The Canadian dollar ended higher against the US dollar on Friday, supported by US data that eased fears of a sputtering economy and encouraged a move away from safer-haven assets. Investor thirst for risk was whetted by data that showed new orders for long-lasting US manufactured goods, excluding transportation, rose in August and business spending rebounded strongly. The Canadian dollar shot as high as C$1.0225 to the US dollar, or 97.80 US cents, following the release of that data, but pared gains to end the day at C$1.0256 to the US dollar, or 97.50 US cents. On Thursday, the currency finished at C$1.0340 to the US dollar, or
Soy surges over $11/bu on weak USD CHICAGO: US corn futures soared 4.5 per cent on Friday in the biggest one-day rise in two months, snapping a four-day decline amid continued worries about low US yields and as a weaker dollar fueled buying in commodities. Spot soybean futures on the Chicago Board of Trade traded above $11 a bushel for the first time since Sept. 1, 2009 while spot corn climbed back above the $5-a-bushel mark. New-crop CBOT November soybeans were up 32-1/2 cents, or 2.97 per cent, at $11.26 a bushel, a 5.2 per cent jump from a week ago. October soyoil futures were up 97 cents, 2.23 per cent, at a two-year high of 44.48 cents per lb, adding further support to soybeans. CBOT December corn rose 22-1/2 cents, or 4.51 per cent to $5.21-3/4 a bushel after earlier coming within 1/4 cent of a near two-year high of $5.23-3/4. Futures finished the week up 1.6 per cent from a week ago. CBOT December wheat was up 22-3/4 cents, or 3.26 per cent, at $7.20 per bushel after falling more than 3 per cent on Thursday. Wheat was down 2.6 per cent from a week ago. -Reuters
96.71 US cents. It was up 0.6 per cent for the week. While there was relief in the market after the release of the US data, another key factor pushing the Canadian currency higher was the overhang from a US Federal Reserve statement on Tuesday, market watchers said. The US central bank stirred markets by 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. Still, Bank of Canada Governor Mark Carney on Friday expressed concern that the Federal Reserve may be forced to take further steps to
support the struggling US economy, which is being pressured by very low inflation and high debt levels. "The takeaways from him are essentially that the Bank of Canada is going to adjust monetary policy to the Canadian story, but there are limits to how far the two interest rates can diverge from each other," said Camilla Sutton, chief currency strategist at Scotia Capital. Sutton said the Canadian dollar was also supported by rallying North American equity markets, typically a barometer of risk appetite. As well, prices for oil and other commodities were higher, while US gold futures rallied to record highs above $1,300 an ounce. -Reuters
Sugar jumps, finishes higher for 7th week NEW YORK/LONDON: Raw sugar futures settled at a seven-month high on Friday, joining a broad based commodities rally, with one large bank adding to bullishness by revising down a forecast for global sugar supplies. US cocoa futures firmed but coffee bucked the trend and reversed lower, concluding the biggest weekly percentage loss in seven weeks in a continued fall from 13-year highs. ICE October raw sugar futures jumped 0.74 cent or 3 per cent to end at 25.44 US cents per lb, with most-active March up 0.78 cent to finish at 24.40 cents, the highest settlement for the second position since February. It also marks seven straight weeks of gains. London December white sugar settled up $14.70 at $633.10 per tonne. ABN AMRO/VM Group cut its 2010/11 (Oct-Sept) global sugar surplus forecast to 1.2 million tonnes from a previous forecast of 5.14 million, due to lower output in many parts of the world and higher consumption. Dealers said the forecast helped lift sugar futures, along with a late-day push by
investor and fund buying. Mexico's planned import quota of 100,000 tonnes of sugar was seen as insufficient given the weather damage to Mexico's fields over the last two years. Market participants expected the country, traditionally an exporter, to need additional sugar. Robusta coffee futures dealing on Liffe received a boost on Thursday when Vietnam Coffee and Cocoa Association Chairman Luong Van Tu suggested Vietnam's harvest could be delayed due to adverse weather, traders then said on Friday the harvest would start in November as usual. ICE December arabica coffee futures dropped 1.05 cents to finish at $1.8060 per lb, finishing the week down 4.6 per cent, the biggest weekly losses in seven weeks. Liffe November robusta coffee fell $10 to close at $1,727 per tonne. ICE cocoa followed the commodity complex quietly higher, supported by the weaker dollar. ICE December cocoa rose $14 to finish at $2,794 per tonne, finishing the week up 1.7 per cent. Liffe December cocoa traded up 4 pounds to close at 1,883 pounds a tonne. -Reuters
NY cotton ends week up 1.7pc, near 15-year high NEW YORK: Cotton futures finished higher on Friday on investment fund and possible mill buying as the market finished the week up 1.7 per cent, near a 15-year peak, with traders looking toward the return of No. 1 consumer China to the market after a holiday break. Cotton, which surged past the $1 per lb level this week although it settled just shy of that mark on Friday, drew support during the session from a broad surge in stocks, gold and crude values and a weaker dollar. Cotton rallied to a 15-year high this week due to strong
demand, tight cotton stocks and heavy buying by investment, hedge and long-only funds who view the market as undervalued. For the fourth time in five session, cotton futures traded over $1/lb, climaxing a surge that saw the market gain over 40 per cent in value since the rally took off in late July 2010. ICE Futures US key December cotton contract gained 2.76 cents to finish at 99.93 cents per lb. On the week, the market was up 1.74 per cent. Volume stood at 15,553 lots at 1843 GMT, barely lower
when compared to the 30-day average of 15,862 lots, according to preliminary Thomson Reuters data. Analysts believe the market's next move will depend on No. 1 consumer China and No. 2 cotton producer India. Talk circulated in the US cotton trade that Beijing will hold discussions early next week about speculation in commodity markets. There was no sign of a major change in positions in the cotton market, according to data from ICE Futures US Open interest fell 1,209 lots to 235,919 lots as of Thursday.-Reuters
Investors remain on alert for Bank of Japan activity NEW YORK: The dollar is likely to fall this week after breaching several technical support levels on expectations of more monetary easing by the Federal Reserve. The US central bank said on Tuesday it stood ready to provide additional support to bolster the economic recovery. The euro and yen immediately gained on the news. The euro had its best week since late May, 2009 and the yen the best week since mid July, 2010. Any further stimulus, particularly US Treasury debt purchases, will push benchmark yields lower and further diminish the return on dollar-denominated assets. The dollar is also under pressure against the yen. However, fears the Bank of Japan will intervene to weaken the Japanese currency will limit the greenback's downside. "The best we can hope for is to cap the dollar's downtrend," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange Inc in Washington. "Soft US data will only fan concerns about the Fed's quantitative easing." But "softer-than-expected bond auctions (in Europe) or Irish bank headlines will cap the euro gains," said Esiner. Concerns that some Irish banks could default on their debt causing wider problems in the euro-zone had weighed on the euro in recent weeks though that was not apparent in the last few days. The euro rose 3.3 per cent last week against the dollar as the dollar fell 1.7 per cent against the yen. Moments after the Fed announcement, the euro/dollar broke above the 200-day sim-
Copper eyes $8,000/T on demand prospects, dlr NEW YORK/LONDON: Copper inched closer to the psychological $8,000 a tonne level on Friday, driven by expectations of further downward pressure in the US dollar and a seasonally strong fourth-quarter demand outlook. The bullish tone spread across the base metals complex, boosting aluminum to a five-month peak and its biggest weekly gain in eight weeks, lead and zinc to their loftiest levels since late April, and tin to its highest since May 2008. But volumes were light, with the world's top metals buyer China on holiday for the Mid-Autumn Festival. Desks will reopen on Monday and national holidays will resume on Oct. 1-7. Copper for December delivery rose 2.75 cents to finish at $3.6180 per lb on the COMEX metals division of the New York Mercantile Exchange, near the upper end of its range from $3.5655 to $3.6360, which marked a new high for the fourth position futures contract dating back to mid April. On the London Metal Exchange (LME), benchmark copper closed up $60 at $7,945 a tonne, after also touching a new five-month top at $7,990 a tonne. Copper stocks in LME warehouses edged up 100 tonnes to 380,225 tonnes, the latest LME data showed, but the general trend has been in decline, falling counter-cycle over summer. Aluminum ended up $25 at $2,317 a tonne, after hitting a fivemonth peak at $2,336.25 earlier. Lead gained $21 to $2,296, after touching its own fivemonth top at $2,321. Zinc ended at $2,248 against a final bid at $2,250 on Thursday, having earlier hit its most expensive since early May at $2,284.75. Nickel ended at $22,875 from a last bid at $22,700 on Thursday -- below last week's multi-month high above $23,570. Tin ended unchanged at $23,600, on the back of ongoing supply constraints from Indonesia. -Reuters
ple moving average and kept going. Long-term moving averages are strong resistance levels or once breached become long-term support. "The trend on euro/dollar
the same concerns about quantitative easing. At the same time, investors are on full alert for further intervention by the Bank of Japan to weaken the yen.
Dollar net shorts strike six-week high: CFTC NEW YORK: Currency speculators increased bets against the dollar in the latest week to their highest level since mid-August, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position rose to $14.21 billion in the week ended Sept. 21, from $13.55 billion the previous week, according to CFTC and Reuters data. That was the highest level since the total net short position hit $17.82 billion in the week ended Aug. 10. Speculators halved bets in favor of the yen, but flipped from a net short to a net long position in the euro. They also increased bets in favor of the Canadian and Australian dollars. The change in positions included those made after the Federal Reserve on Tuesday raised expectations of more monetary easing. Additional stimulus by the Fed, most likely via the purchase of US Treasury debt, will push benchmark yields even lower and further diminish the return on dollar-denominated assets. A long position is a bet that a currency will rise in value, while investors who go short expect it to fall. The CFTC data week runs from Wednesday to Tuesday and the most recent data also includes the trading day Japanese authorities sold around $1.8 trillion yen ($20.98 billion) in a bid to stem currency strength. -Reuters continues for the time being to be to the upside, and steeply so," said James Chen, chief technical strategist, at FX Solutions. "If the trend is to continue this steep ascent, a strong breakout above $1.3400 should confirm the pair's bullishness, with an upside target around $1.3800." Chen places strong downside support at the $1.3000 psychological level. The euro was last at $1.3475. YEN PRESSURE The dollar is likely to remain pressured against the yen on
The yen rose as high as 85.94 yen on electronic trading platform EBS the day after the Japanese central bank intervention on September 15. It has since eased back. The spot rate was last at 84.26 yen on Reuters data. Investors had bet that the central bank would hold the 85 level but that came and went without any action from the bank. A sudden slide in the yen against the dollar on Friday during Tokyo trading stirred suspicions of Japanese inter-
vention. But by the time New York opened for business, traders had mostly discounted official action. The yen move followed a meeting between Japanese Prime Minister Naoto Kan and US President Barack Obama in New York on Thursday where intervention was not even discussed, a sign to some the United States was taking a hands off approach. The dollar's recent declines against the yen have now breached the 50 per cent Fibonacci retracement of the rapid move from the low of 82.87 before intervention to the peak at 85.94 after intervention on electric trading platform EBS. Chen of FX Solutions said dollar/yen price action placed it squarely in the confines of a continuing downtrend extending back to the May high around 95 yen. Chen places technical support at 83 and resistance at 86. On the sidelines, investors are watching for potential US import duties on goods from countries that undervalue their currencies after a US congressional panel approved a bill on Friday. Lawmakers have long threatened legislation if China did not take action to increase the value of the yuan, and unlike the Obama-Kan talks, exchange rates were a key element of talks between Obama and Chinese premier Wen Jiabao last week. But "it will not have too much impact on currency markets," said John Doyle, senior currency strategist at Tempus Consulting in Washington. "It's more rhetorical" -Reuters
Crude oil rises in biggest weekly gain since July NEW YORK: Oil rose on Friday, marking the strongest weekly gains in two months as data showing a rise in business spending lifted markets. A rise in August business spending added to signs of a recovery in the US economy, outweighing a lackluster report on new home sales in August and boosting US stocks. Oil also was boosted by a surprise rise in Germany's Ifo index of business sentiment US crude for November delivery rose $1.31, or 1.74 per cent, to settle at $76.49 a barrel. For the week, oil rose $2.83, or 3.84 per cent, the biggest percentage rise since oil jumped $2.97, or 3.91 per cent in the week to July 23. ICE Brent November crude rose 76 cents to settle at $78.87 a barrel
on Friday, having traded as high as $79.40. Oil found support this week following comments from the US Federal Reserve, which said on Tuesday it would keep interest rates exceptionally low and that it was prepared to provide additional accommodation if needed to support recovery. "The increased odds of quantitative easing (by the Fed) adds to the expectation that the dollar will be weaker. The market seems to have priced in the high inventories and weak demand and turned its focus back to the dollar," said Phil Flynn, analyst at PFGBest Research in Chicago. The US economy's recovery from the deepest recession since the 1930s has stalled, with sluggish growth and unemployment
remaining stubbornly high, dampening expectations for a recovery in oil demand. US total petroleum inventories have soared and last week reached their highest since weekly records began in 1990, according to the Energy Information Administration. Since May, crude prices have been hemmed in between the $64.24 intraday low on May 20, the weakest front-month price since July 30, 2009, and the 2010 peak of $87.15 set on May 3. Oil analysts and brokers also eyed Tropical Storm Matthew in the Caribbean Sea, which may disrupt Mexican infrastructure but on Friday was not expected to threaten US energy operations in the Gulf of Mexico. -Reuters
Gold hits record, silver reaches 30-year peak Futures rise above $1,300 on inflation worry, Fed NEW YORK: Gold futures rose on Friday, hitting all-time highs above $1,300 an ounce as investors fretted over economic uncertainty after the Federal Reserve raised expectations to take new measures to spur growth. Silver also surged to a 30-year high on strong investment buying, with holdings of the world's largest silver-backed exchangetraded fund rising to a record high. Adam Klopfenstein, senior market strategist at MF Global unit Lind-Waldock, said renewed worries about inflation buoyed gold after US durable goods data came in stronger than expected and grain prices rallied. "Forward looking, on the inflation front, you are getting a lot of long-term investors coming into the gold market," Klopfenstein said. US gold futures for December delivery hit a record $1,301.60 an ounce, then retreated from
session highs as Wall Street rallied, with the S&P 500 stock index up 2 per cent. The benchmark contract settled up $1.80 at $1,298.10 an ounce. Spot gold rose 0.3 per cent to $1,297.30 an ounce at 1928 GMT. Bullion posted its biggest two-week gain since May. Gold has risen more than 4 per cent so far this month and hit record highs in six out of the last seven sessions. Expectations of further dollar weakness underpinned gold, as the greenback fell against a basket of currencies to its lowest level since February. Option dealers could keep selling gold options to bring in premiums from buyers, as price volatility petered out despite a rally of gold futures to all-time highs, COMEX floor traders said on Friday. Since late July, gold's 30-day implied volatility, a common risk gauge, fell to 15.5, nearly 40 per cent below this year's high at 25 in May.
Gold appeals to investors uncertain about inflation, deflation, the dollar and further Fed stimulus, said Evy Hambro, joint chief investment officer of BlackRock's Natural Resources team, which has more than $36 billion assets under management. "I think gold is quite realistic where it is right now," he said. Gold's rally to record highs generated strong investor interest in silver, which is also widely used as an industrial metal in the electronics and photography sectors. Silver , tracking gains in gold, rose 1.5 per cent to $21.45 an ounce. During the session, silver surged to its highest level since 1980 at $21.47 an ounce. Holdings of the world's largest silver-backed exchangetraded fund, the iShares Silver Trust hit an all-time high of 9,582.59 tonnes on Thursday. Platinum climbed 0.4 per cent to $1,644.50 an ounce, while palladium rose 1.6 per cent to $559.50 an ounce. -Reuters
4
Monday, September 27, 2010
Go Ahead, Mr Kardar
The Financial Daily International Vol 4, Issue 54
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Muhammad Arif
A
rowing by federal government. These propositions look quite attractive but how these would be swung is yet to be seen. The charts 1-4 provide complete details of position with regard to current budgetary borrowings and balance of payment position. The data has been collected from SBP website. As per earlier proChart: 1
fter lot of speculations that either acting governor Yaseen Khurram Shehzad, CFA Asim Abbas Ashary, CPA Anwer or the former goverProf. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA nor, Shamshad Akhtar is Zahid Bukhari SVP HBL (retd) going to be the new governor Dr. A. Hadi Shahid, FCA Ismat Sabir Muhammad Arif of SBP, Shahid Hafeez Kradar has been given the Head office charge of SBP for the next 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi three years. Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com According to press reports Email Address: editor@thefinancialdaily.com he has been appointed on the Lahore office recommendation of Defense 24- Peshawar Block, Fortress Stadium, Lahore Minister Ahmed Mukhtar. Telephone: 92-42-6675595 Fax: 92-42-6664349 Before that it was also reportEmail Address: editor@thefinancialdaily.com ed in the media that IMF is pressing to appoint an eminent economist as new governor of SBP. However, references as such do not matter much as right now he is the governor of one of the presti- jections reflected through gious institution of Pakistan budget for FY11, the deficits that controls its financial sec- against both sides were to be tor. He is now supposed to contained within the range of deliver in the most difficult 4-5 per cent of GDP i.e. times of Pakistan's "ongoing" around Rs720 billion but now it looks improbable on history. According to his profile he account of flood-led devastais a chartered accountant who tion. The losses are yet to be normally believes in financial Ever since the present government has assumed discipline through accounting estimated and different scepower it has not sincerely focused on harsh eco- skills but to tackle an econo- narios are on the cards but my is a different field that roughly speaking they can nomic realities. It enjoys the US support that helped sometimes requires out-of- reach up to the total budgetget quick loans from the International Monetary the-box thinking. Contrarily, ary outlay for FY2011 i.e. Fund (IMF) as well as the World Bank (WB) and an economist goes with his above Rs3 trillion. How the Asian Development Bank (ADB). While exter- assumptions that at times much losses would be combecome non-flexible flowing pensated through internationnal inflows provided the much needed breathing through his reliance on quan- al support is difficult to say space, failure in containing budget and striking cur- titative analysis. Basically but there is very little hope in rent account balance kept lenders uncomfortable. Shaihd Kardar seems to be a this regard. So in ultimate, a mix of both. He holds a lot of major portion of it has to be Added to this was the ongoing war against terror consultancy experience in arranged from our resources being fought within country's borders but devastat- World Bank, ADB and differ- that would push the budgeting floods exposed the non-serious attitude of the ent national and multilateral ary deficit upward. Further agencies. He also has had an the government would also regime towards the trauma faced by the nation. opportunity of heading be constrained to cut its One of the biggest concerns of the IMF has been Punjab Government as its developmental expenditure the failure to generate revenue that could support Minister of Finance. But cen- that has already been indicatlavish spending. The complaint of ordinary citizens tral bank is a different kind of ed to come down at Rs300 of Pakistan is that instead of asking the economic Chart 3: Provincial Government Borrowings Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Wake up to edged realities
managers to contain extravaganzas the IMF joined them in the campaign to squeeze the masses. The Fund insisted on removing subsidies, hiking electricity and gas tariffs and following tight monetary policy for containing inflation menace. People also feel that Pakistan deserves a little lenient attitude in the aftermath of floods because of economic downturn leading to lower revenue collection. Since all the funds pledged by the international community have not come to Pakistan, government borrowing is likely to break through the ceiling. At this moment any delay in the rehabilitation of internally displaced persons could prove fatal. Farmers have to be provided will all the necessary support to complete sowing of wheat. The IMF is cognisant of the fact that Pakistan may not succeed in achieving the GDP growth target, which wouldn't let the tax department meet revenue collection target. In such a scenario any attempt to raise electricity and gas tariff will prove counterproductive. Rising cost of doing business is fast-eroding the competitiveness of the local manufacturers rendering made -in-Pakistan products uncompetitive in the global markets. Keeping interest rates high, in an attempt to contain inflation has also proved counterproductive. In the prevailing scenario Pakistan expects the IMF to show sympathetic attitude towards the country by condoning failure to achieve the agreed targets given the devastations of the force majeure and should release the remaining tranches of the standby facility. To make Pakistan economically stronger debt servicing has to be made sustainable. Moreover the targets can't be met without achieving a minimum GDP growth target of above 5 per cent. Floods have created an opportunity to grow corn, canola, and sunflower in the arid zones which can help bring edible oil import bill down. Similarly, a little focus on sugarcane crop can help in producing above 4 million tonnes of sugar. Cotton crop can be saved from further damage by timely use of insecticides/pesticides. Floods have created opportunity to grow wheat on larger areas. All these measures can help in boosting share of agriculture in GDP and also the agro-based industries.
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.
beast whose prime burden is to carry out the monetary policy. In addition, in our country, it also caters regulations and monitoring of banking sector, forex market, reserves, payments, and settlement system. Like other developing countries it has also look into Islamic finance, microfinance, SME/infrastructure financing, and debt market developments. So, SBP has a lot of multi-sort of work to do. As mentioned, that being a chartered accountant, Shahid Kradar has indicated on his arrival that his first job is to bring financial discipline in the country. He also mentioned that he would like to bring a curb on provincial overdrafts and excessive bor-
billion from Rs600 billion plus. Some estimates budgetary deficit would go up around 7-8 per cent of GDP for this year. Newly appointed governor seems more concerned over provincial overdrafts but the figures for the last two years
outside or from the capital market without seeking permission of the federal government. As for making them independent, the issue of moral hazard comes in the way i.e. provinces have no arrangement or transparent mechanism to raise, utilise and to account for against these funds. So proper legislation and private-publicpartnership needs to be put in place in this regard.
Obviously after floods the regard neither it's his area of demands of provincial gov- work, but ironically he has to ernments would go manifold work under current turmoil and that would be a test for which is a difficult job. Anyhow this stalemate would the new governor. The first test of the gover- continue for the next two and nor would come at the end of half years or till new electhis month while announcing tions. Why because, no politmonetary policy statement ical or non-political force can for the next two months. take the risk at the moment to Most likely the people sitting come into power when econin the SBP would go for rate omy is in its worst shape and hike by quoting examples of multilateral agencies or other Chart 2: Federal Govt/Private Sector Borrowings
India, Australia and Canada where interest rates hike has been allowed, and by quoting projections of increase in CPI and core inflation under current conditions after reformed GST and floodtaxes are going to mount inflationary pressures beyond
recorded measures. Supply chain of food items has already been severely damaged and would translate into substantial increase in the prices of food items. So hike in inflationary pressure looks imminent but there also stand prospects a low GDP growth
Chart 4: Some Features of Balance of Payment
reflect that leaving Punjab aside, other provinces have remained within limits. The main issue in this regard is that as per law or constitutional provisions, provinces cannot access funds from
discount rate. Real sector needs support at the moment and it cannot be helped by curtailing aggregate demand. So in the given conditions, rationally speaking, at least SBP should hold its discount rate for the next two months. Everybody knows that main impediment in rehabilitation of our economy is ongoing instability on the political front. Governor SBP can't do anything in this
around 2-3 per cent at the most. Further it is also not understandable that when private sector credit offtake is in negative up till August figures (Chart 2) then how SBP can go for an increase in its
international stakeholders are there forcing you to make unpopular decisions in the name of stabilisation --to control deficits. Hence by taking it for granted that people of Pakistan will have to live with the current government in spite of its various ups and downs for the next two and a half years, the new governor should try to infuse some discipline in the monetary side. For this, only changing discount rate would not be enough but for getting some results he should also try to bring some structural changes in the system. One example in this regard is outdated legislations under which SBP is working. SBP Act is already with the government for its promulgation. Draft of new Securities Act is lying with the SBP for its submission to the government. There is a dire need for the revival of derivatives market, efforts to develop debt, Islamic finance, microfinance and SME markets. Margin financing is another
area that has now been approved by the KSE and is now with the government for legislation but in that product most of the risks would have to be borne by the banks. Hence expertise of the banks
regarding risk management is required to be enhanced. For this SBP needs to come up with a plan. Capacity building of SBP is another challenge for the new governor. Like other institutions, SBP is an institution that requires its structure to be built up on permanent basis. For example two important areas in the SBP i.e. reserve management and risk management is being handled without departmental heads since long. There is a long list in this regard, like training institute of SBP i.e. NIBAF which should be the backbone of the institution is being handled by those persons who are not liked by the higher management and are sent there as punishment. So how one can expect better performance from NIBAF which should be the leading training institute of the country. This attitude shows adhocism. New Governor is supposed to address these weaknesses. Concluding, one must mention that incidentally Shahid Kardar's tenure would last with four other big shots of the country i.e. President Asif
Ali Zardari, Prime Minister Yousuf Raza Gilani, Chief Justice Iftikhar Chaudhary and General Ashfaq Parvez Kayani. Media are in favour of hyping some belike rift among these four. How much they might succeed is another story but the chaos created through such an environment can affect Pakistan's economy specifically 20 million flood-hit people. In this chaotic situation SBP is required to further enhance its role by streamlining efforts of banking sector in rehabilitation efforts. Further SBP has to play pivotal role in negotiations with multilateral agencies like IMF, World Bank and ADB to plug current account deficit or to move for rehabilitation efforts. That would be a delicate task, as these agencies would stress for different conditions whether feasible or not. In these parleys the negotiating capabilities of Shaihd Hafeez Kardar would come under test. What sort of show he puts up in the parleys will only be told by the time, but as Pakistanis we should all pray for his success for it is vital at this critical time. The writer is visiting lecturer at Sheikh Zayed Sultan Institute University of Karachi and BIZTEK. He has also worked as Head of Financial Markets Strategy and Conduct Department SBP. E-mail: arifsbp@hotmail.com
Building Blocks Against Peace
A
10-month Israeli moratorium on building housing in its settlements in the occupied West Bank expires at midnight on Sunday, and the Palestinians have threatened to quit US-brokered peace talks if construction resumes. Following are facts about the settlements in the West Bank, which Palestinians seek for a state, and the moratorium: ● Some 300,000 Israelis live in more than 100 settlements. They have a separate infrastructure from adjacent Palestinian areas, and are protected by the army. ● Another 200,000 Israelis live in East Jerusalem, also captured in 1967, or in areas of the West Bank that Israel annexed to Jerusalem after the war. Many of these settlements are now integral parts of the city. ● Some 2.5 million Palestinians live in the West Bank and East
Jerusalem. Israel has annexed East Jerusalem as part of its capital in a move not recognised internationally. The Palestinians want East Jerusalem as capital of the state they intend to establish in the West Bank and Gaza Strip. ● The Israeli human rights group B'Tselem says settler activity covers 42 per cent of the area. ● Many settlers living in enclaves nearest to the cities of Tel Aviv and Jerusalem have cited cheaper housing costs as a motive. Others see themselves as pioneers exercising a biblical right of Jews to lands they call Judea and Samaria. ● Palestinian President Mahmoud Abbas says Israel must freeze settlement activity in line with a 2003 USand European-backed peace "road map", which also calls on Palestinians to curb violence against Israelis. ● In 2004, then-prime minister
Ariel Sharon announced a plan to keep swathes of some six settlements in any future peace deal. No Israeli leader has deviated publicly from that proposal, which raises the likelihood that smaller settlements housing up to about 100,000 people could be abandoned. ● Israeli Prime Minister Benjamin Netanyahu ordered the partial freeze on settlement expansion last November for a 10-month period, as a gesture to help US efforts to renew peace talks. Israel suspended plans to build an estimated 2,000 homes, but work went ahead on 3,000 projects that were already under way. ● Israel says its moratorium expires on Sept. 26, though the military order setting it in motion says it ends on Sept. 30. ● A pro-settler majority in Netanyahu's governing coalition has thus far blocked him from extending
the moratorium with threats of a political crisis, but strong public support for peace talks could help him persuade cabinet members to agree to an extension. He also may count on centrist and left-wing lawmakers to back a further hiatus in settlement activity. ● Abbas, though keen to avoid appearing weak by striking another compromise on settlements, runs the risk of appearing still weaker if peace talks launched this month founder without any chance of achieving the two-state deal long supported by his Fatah movement. ● The World Court deems settlements illegal under international law, including the Geneva Conventions, a ruling that Israel rejects. The United States and European Union have commonly viewed the settlements as obstacles to peace and urged their cessation.-Reuters
5
Sunday, September 26, 2010
US bailout watchdog will review GM IPO
Asian stocks log gain for 4th week on economic optimism
Weekly Review KSE-100 Index Opening Closing Change % Change Turnover (mn)
10052.97 9909.45 143.52 1.43 292.36
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3172.71 3096.26 76.45 2.41 16.09
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2591.49 2540.08 51.41 1.98 0.64
Major Gainers
Symbol DREL LAKST SIEM PSEL WYETH
Close
Change
525.50 241.58 1130.00 160.25 952.00
71.50 41.49 23.66 12.20 12.00
Major Losers
Symbol
Close
Change
RMPL 1285.29 ATBA 133.35 ULEVER 3998.98 NESTLE 1833.75 PPL 171.65
-188.71 -50.98 -49.28 -46.75 -40.27
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA DGKC AHSL NML SNGP
8.58 24.20 23.18 46.77 30.99
28.91 13.93 12.58 12.49 12.13
Active Issues Plus Minus Unchanged
156 245 18
Sector Updates FERTILISER
Wall Street weekly outlook
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)
NEW YORK: Rose Kuo, Executive Director of the New York Film Festival at Lincoln Center rings the closing bell at the New York Stock Exchange. -Reuters
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
US stocks eye strong Sept end NEW YORK: US stock investors will head into this week wondering if September will end as strongly as it began for the market, with manufacturing and personal income data among the top indicators on tap. The data will be watched for further clues on whether the economic recovery is still on track and to see if the market's recent rally has support. Friday's advance left the three major US stock indexes with gains for the fourth week in a row, boosting investors' confidence that the upward move will continue. The Standard & Poor's 500 index is up 9.5 per cent since the end of August. Its move above the 1,130 level on Monday represented a technical breakout that analysts said suggested further gains were likely. If the rally holds, it would make September the best month for the S&P 500 since at least March 2000, and the best September for stocks since 1939, according to Reuters' data. "Sentiment has turned sharply higher over the past few weeks after very bearish readings last month," said Michael Sheldon, chief market strategist at RDM Financial, in Westport, Connecticut. The data this week includes two manufacturing reports -- one from the Institute for Supply Management and another from the ISM-Chicago, better known as the Chicago Purchasing Managers Index. A Commerce Department report on personal income and spending is also on the
agenda. The last ISM manufacturing report "helped propel the markets higher," Sheldon said, so "any disappointment could be a setback" for stocks. Tepid demand amid a US unemployment rate of 9.6 per cent is expected to have caused a slowdown in manufacturing activity in September. The Institute for Supply Management's manufacturing index probably dropped to 54.5 in September from 56.3 in August, according to a Reuters poll of economists. A reading above 50 indicates expansion. Data this week is also expected show moderate gains in personal income and consumer spending in August, consistent with views of an economy that is on a slow growth path, but not contracting. Both reports are due on Friday. This week also brings consumer confidence data, on Tuesday, as well as the Thomson Reuters/University of Michigan's final September reading on its consumer sentiment index on Friday. The final figures on second-quarter gross domestic product will be out on Thursday, with the Reuters poll forecasting growth at an annual rate of 1.6 per cent -matching the second, or preliminary, reading on the quarter's GDP. On Friday, September domestic car and truck sales will be reported. A rise in total vehicle sales to an annual rate of 11.50 million units is seen versus August's 11.43 million. The S&P 500's move above 1,130 last week let the broad
index break out of its recent trading range. Technical analysts are watching 1,173 as the S&P 500's next level of resistance. That level represents the high following the May 6 flash crash. Another level to watch is 1,220, the S&P 500's high for this year. "What's so important about moving above a trading range is it signals a willingness to buy at higher prices. That type of evidence is supportive of further upside," said Chris Burba, short-term market technician at Standard & Poor's in New York. But "after such a huge run since late August, the odds of taking a breather here are increasing," he said. For the week, the Dow Jones industrial average ended up 2.4 per cent, while the S&P 500 gained 2.1 per cent and the Nasdaq climbed 2.8 per cent. This week also marks the end of the third quarter and options analysts expect fund managers to try to pick up some of the quarter's better performers. "A lot of option traders are anticipating window dressing, which is helping the winners of the last quarter, specifically Apple Inc, Netflix, Amazon,com and some material names, such as Freeport McMoRan and Vale," said Steve Claussen, chief investment strategist at online brokerage OptionsHouse LLC in Chicago. The earnings slate is light, with just a handful of S&P 500 companies expected to report results, including Jabil Circuit, Paychex, Walgreen and Family Dollar Stores. -Reuters
Weekly Review
Gulf stocks mkt
KSE’s 1.4pc gains sold out of fear
Arabtec surges as Dubai index hits 19-wk high
KARACHI: Bears ruled the Karachi Stock Exchange (KSE) last week as it lost more than 1.4 per cent ending below the psychological level of 10,000 points due to selling triggered by expected hike in the interest rates, fears of imposition of new taxes in the mini budget and no major outcome of the SECPKSE meeting. The benchmark KSE 100index fell 143 points, 1.43 per cent, to 9,909 points, KSE 30index dropped 258 points, 2.62 per cent, to 9,611 points and KSE all-share index slid 91 points, 1.31 per cent, to 6,930 points. Sana Hanif, analyst at JS Global Capital said that unresolved MTS issue, expectation of a rise in the discount rate by the SBP on the back of rising inflationary trend and higher Tbill yields, and fear of imposition of tax surcharge to overcome losses incurred during the floods nationwide remained the key irritants for the market. "Additionally, poor economic data such as the widening current account deficit for the two months of current fiscal year (up 49 per cent to $944 million) and staggering external debt of $55 billion put fuel to panic among investors, thus hampering market activities," she said. Index touched a highest level of 10,119 points and a lowest level of 9,813 points in the previous week. The week started with a dull session. On Monday index ended with a minor gain of 10 points as investors preferred to be on the sidelines waiting for the outcome of the meeting of SECP Chairman with KSE officials while fears of rise in the interest rates also kept the investors away from the market. But no major outcome of the said meeting and an expected increase in interest rates called the bears to the trading floor and index lost 71 and 46 points during the next two days. It should be noted that SECP gave the much awaited approval to the concept of MTS with additional risk mitigating measures a week earlier. But it didn't disclose
those additional risk mitigating measures which created uncertainty among market participants. Therefore, SECP chairman met KSE member directors and prominent brokers to discuss various issues including MTS modalities, demutualisation etc. But the post meeting press release didn't mention the amendments made in the concept paper of MTS and the timeline for its launch which forced the investor to sell their positions the next day. On the other side, investors were also worried over expected increase in the interest in the upcoming monetary policy due to be announced on Sept 29. It should be noted that the central bank has pushed up the key discount rate by 50 bps to 13 per cent in its last monetary policy in July. Bearish activities continued on Thursday also and index dropped 79 points due to selling on fears of imposition of new taxes in the mini budget. According to a news report, International Monetary Fund (IMF) said Pakistan has decided to introduce a temporary 10 per cent income tax surcharge following the floods, which might generate up to 0.4 per cent of GDP. As market was facing some continuous bearish activities it managed to take a rebound on the last day of the week as it ended 42 points up on Friday. Investor participation too remained low throughout the week as 292 million shares changed hands in the overall market which were 65 million shares less as compared to a turnover of 357 million shares week earlier. Average daily turnover stood at 58.4 million shares which were 30.8 million shares less as compared to an average turnover of 89.2 million shares a week earlier. Out of total 419 active issues, 245 declined and 156 advanced while 18 issues remained unchanged. Despite negative activities, foreign investors remained on the buying side. According to NCCPL, there was a net foreign buying of $5.1 million last week while local companies did a net selling of $8.1 million.
DUBAI: Dubai's Arabtec surged as the emirate's index reached a 19-week high, bolstered by gains on global markets and expectations for a sustained year-end rally. Arabtec climbed 6.3 per cent, trimming its year-to-date losses to 25 per cent. Drake & Scull rose 0.2 per cent to be up 3.3 per cent in 2010. Dubai Financial Market added 4 per cent and Emaar Properties gained 2.7 per cent. Dubai's index rose 1.6 per cent to 1,717 points, its highest finish since May 13, while it is up 15.7 per cent in September. Abu Dhabi Commercial Bank climbed 4.2 per cent and Aldar Properties added 2.4 per cent, helping Abu Dhabi's benchmark rise 0.7 per cent to 2,657 points. Zain slumped to a threeweek low as Kuwait's index fell for a second session since Wednesday's four-month peak. Zain dropped 3.1 per cent, trimming its gains to 17 per cent since July 4. On Thursday, the telecoms firm said it had approached banks for a $1.5 billion syndicated loan. National Industries Group and National Investments Co lost 2.6 and 2.8 per cent respectively. National Bank of Kuwait fell 1.4 per cent and Boubyan Bank slid 1.6 per cent. The index dropped 0.2 per cent and 6,824 points. Oman's Al Jazeira Services surged following gains in its investment portfolio, helping Muscat's index hit a 19-week closing high. Al Jazeira climbed 6.3 per cent to its highest finish since July 15. The index climbed 0.9 per cent to 6,512 points, its highest finish since May 18. Vodafone Qatar dominated trade as Doha's index QSI edged higher in early trade and stocks were seen making little movement until the third-quarter results season starts next month. The index climbed 0.1 per cent to 7,670 points, taking its year-to-date gains to 10.2 per cent. -Reuters
Dhiyan
INVEST FOR SHORT TO MEDIUM TERM Tariq Hussain Khan, Darson Securities Market is expected to be instable during the week due to political uncertainty and rise in interest rates will create further depression while increase in electricity tariff and imposition of flood tax in the mini budget will also have a negative impact on the economy and market as well. However, technically market is stable and has entered in the positive area and crossing 10,000 levels will create further buying which might lead the index to 10,200 points. Investors are advised to invest in cement, fertiliser, oil and textile sectors for short to medium terms. Market will be positive today.
Khurram Shehzad, Invest Cap Upside of the market will be confined in the short term because of possible increase in interest rates while market can take a dip on any major change on the political front. Investors can do trading at current levels while they can do long term investment in E&P, power, cement, fertiliser and technology sectors. A good political change, no increase in interest rates, and launch of margin trading system will be the factors that can trigger the market. Market is likely to show dull activities today.
6
Monday, September 27, 2010
Market 292,360,355
Value
9,110,489,841
Trades
192,807
Paid up Cap(mn)
Advanced Declined Unchanged Total
156 245 18 419
Current High Low Change
All Share Index
9,909.45 10,119.55 9,813.66 i143.52
Current High Low Change
KSE 30 Index Current High Low Change
6,930.43 7,068.84 6,862.89 i91.93
OIL AND GAS
INDUSTRIAL TRANSPORTATION Performance of SR Industrial Transportation Index
PE
Open
High
High Low 1,257.54 1,210.42 Total cos Defaulter cos P/BV (x) ROE (%) 3.91 37.01 Low
Close Chg
Close 1,231.85 Listed cap 65,194.15 mn Payout (%) 68.56
Change % Change -10.86 -0.87 Market cap 200-Day High 997,905.97 mn Div Yield (%) 200-Day Low 6.49 -
Last 60 days High Low
Volume
Open 714.08 Turnover 48,906 P/E (x) 5.51
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Company
Paid up Cap(mn)
High Low 718.23 668.20 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53
PE
Open
High
Low
Close Chg
Alert ! Unusual Movements
9,611.68 9,875.46 9,519.80 i258.97
Performance of SR Oil and Gas Index Open 1,242.72 Turnover 13,883,824 P/E (x) 10.56 Company
KSE 100 Index
Symbols
Volume
Close 701.95 Listed cap 3,242.17 mn Payout (%) 11.08
WorldCall Telecom Limited
Change % Change -12.13 -1.70 Market cap 200-Day High 12,785.39 mn Div Yield (%) 200-Day Low 2.01 -
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.46
Total Assets (Rs in mn)
17,566.02
406444
330.51
281.00
250
-
100
-
Pak Int Cont. Terminal XD 1092
8.42
69.99
70.10
64.62
68.59
-1.40
9747
87.86
64.62
-
20B
40
-
MA (10-day)
2.46
Total Equity (Rs in mn)
11,379.05
2140744
93.60
73.47
-
-
-
-
PNSC
5.21
38.50
39.50
37.51
38.20
-0.30
39159
41.74
34.50
30
-
15
-
MA (100-day)
3.07
Revenue (Rs in mn)
125.85 110.22 110.34 -12.63
375380
138.45
110.22 32.17 100B
31
-
5.90 203.93
203.01 189.08 193.58 -10.35
142853
207.00
183.25
125
-
-
-
Oil & Gas Development XD 43009 10.01 146.99
146.90 142.05 145.01 -1.98
3053595 153.00
133.00
82.5
-
55
-
Attock Petroleum
576
5.74 325.24
Attock Refinery
853
9.17
Mari Gas Company
735 14.95 122.97
National Refinery
800
Pak PetroleumXDXB Pak Oilfields Pak Refinery Limited
330.51 314.50 317.93 -7.31 86.90
81.12
81.82 -3.70
11950
5.38 172.43
176.00 168.70 171.65 -0.78
2881406 214.10
168.70
130
20B
90
20B
2365
6.85 237.87
240.01 230.05 232.11 -5.76
2952465 240.01
209.99
180
-
80
-
350
PSO XD
85.52
1715
-
58.98
4.47 268.68
Shell Gas LPGSPOT
226 13.89
Shell Pakistan XD
685
31.00
9.81 195.01
67.80
59.50
60.88
1.90
271.50 258.00 264.22 -4.46
61517
82.00
-
-
-
233.10
50
-
80
-
16337
40.10
27.32
-
-
-
-
198.90 190.60 191.31 -3.70
22178
244.00
190.00
330
-
40
-
29.05
AUTOMOBILE AND PARTS Performance of SR Automobile and Parts Index Open 1,070.90 Turnover 794,421 P/E (x) 3.78
-
30.84 -0.16
31.65
2306222 289.45
48.26
1321
Company
Paid up Cap(mn)
PE
Open 69.18
High Low 1,092.48 1,026.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 25.35
High
Low
71.98
66.50
Close Chg
Close 1,046.68 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change % Change -24.22 -2.26 Market cap 200-Day High 37,887.75 mn Div Yield (%) 200-Day Low 5.41 -
Last 60 days High Low
CHEMICALS Agriautos Ind
Performance of SR Chemicals Index Open 1,151.55 Turnover 40,463,690 P/E (x) 7.04 Company
High Low 1,159.25 1,121.49 Total cos Defaulter cos P/BV (x) ROE (%) 2.46 35.00
Close 1,132.48 Listed cap 52,251.88 mn Payout (%) 48.81
Change % Change -19.07 -1.66 Market cap 200-Day High 259,784.13 mn Div Yield (%) 200-Day Low 6.93 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
3924
-
23.99
24.89
22.80
23.94 -0.05
51262
27.79
21.15
-
-
-
-
200
6.31
32.00
35.70
33.50
35.44 3.44
20594
39.20
31.64
40
-
45
-
9.61
72.28
77.90
72.00
75.53 3.25
81616
82.50
66.90
90
-
15
-
173.99 163.51 167.90 -5.61
26215
185.88
155.38
40
10B
20
-
2.21
1.32
-
-
-
-
13.60
10.85
15
-
15
-
2462627 194.59
165.60
Agritech Limited Biafo Ind BOC (Pak) XD
250
Dawood Hercules
1203
Dewan Salman
3663
-
1.59
1.52
1.32
1.38 -0.21
94
4.38
11.50
12.39
11.00
11.75 0.25
Dynea Pak Engro Corp. Ltd XD
3277
Fatima Fertilizer
22000
Fauji Fertilizer
6785
7.74 173.51
8.92 178.72 -
9.63
7.14 105.99
Fauji Fert.Bin Qasim XD 9341
6.81
ICI Pakistan XD
7.09 124.11
1388
Lotte Pakistan Mandviwala Nimir Ind Chemical Sitara Peroxide
28.01
181.20 171.00 174.00 -4.72 11.74
9.27
11.68 2.05
106.25 104.21 105.02 -0.97 28.10
26.70
26.77 -1.24
124.50 118.55 119.01 -5.10
1200274 23535
6019121
1654661
6010B 40R
2010 Div BR (%) (%)
20
-
-
-
-
-
102.75 131.5
10B
75
-
12.70
1411287 113.39
2009 Div BR (%) (%)
9.02
30.65
25.80
40
-
5
-
1121880 128.30
109.50
80
-
55
-
598
1.50
1.28
1.35 -0.15
6.35
23.61
24.69
21.71
23.16 -0.45
90
-
100
20B
-
-
-
28.80
21.71
-
20
9736
-
-
5.75
5.75
4.15
4.73 -1.02
137272
6.60
4.15
-
-
-
-
3.57
4.14
4.79
3.55
4.25
0.11
15125
5.70
3.55
-
-
-
-
-
10.65
11.00
0.35
Honda Atlas Cars
1428
22174
14.50
10.05
-
-
-
Indus Motors XD
786
4.97 228.97
61387
287.00
212.29
100
-
150
-
Pak Suzuki
823
8.91
77.89
77.85
11.45
70.50
10.55
71.71 -6.18
24636
89.99
70.50
5
-
-
-
Sazgar Engineering
125
6.61
25.50
27.58
25.46
25.46 -0.04
139231
27.85
23.91
-
20B
10
20B
Transmission
117
3.63
2.25
3.25
1.53
2.03 -0.22
208983
3.35
1.53
2
-
-
-
234.44 216.00 217.90 -11.07
FOOD PRODUCERS Performance of SR Food Producers Index Open 1,445.30 Turnover 577,708 P/E (x) 28.93 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,495.66 1,391.06 Total cos Defaulter cos P/BV (x) ROE (%) 8.77 30.30 Low
Close Chg
Close 1,438.44 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change % Change -6.86 -0.47 Market cap 200-Day High 183,093.93 mn Div Yield (%) 200-Day Low 1.06 -
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Revenue (Rs in mn)
11,737.86
MA (200-day)
15.12
Interest Expense
1st Support
10.31
Profit after Taxation
60.53
10.21
EPS 09 (Rs)
2,424.42 0.003 37.85
42.00
1.01
36800
47.35
35.60
40
-
-
-
74
-
1.40
2.30
1.16
1.85 0.45
26176
3.24
1.05
-
-
-
-
Chashma Sugar
287
0.81
10.30
10.15
10.00
10.00
-0.30
7033
11.40
8.00
-
-
-
-
1st Resistance
10.55
Book value / share (Rs)
1106 72.50
1.50
1.58
1.41
1.45 -0.05
838924
1.81
1.16
-
-
-
-
Habib Sugar
600
6.04
28.22
30.44
28.01
29.30
1.08
159887
30.44
22.50
35
25B
-
-
2nd Resistance
10.69
PE 10 E (x)
10.45
PBV (x)
8.97
8.96
8.24
8.30 -0.67
92668
11.09
8.22
-
-
-
-
High Low 1,227.36 1,143.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.47
Close 1,174.55 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change -38.92 -3.21 Market cap 200-Day High 3,268.83 mn Div Yield (%) 200-Day Low 4.08 -
Last 60 days High Low
2009 Div BR (%) (%)
Open
High
Low
Close Chg
Volume
707
-
21.30
21.49
19.35
19.67 -1.63
343060
22.70
15.80
38
6.24
58.86
62.85
57.15
59.93 1.07
37657
62.85
41.21
20
-
2533.33B
411
4.73
40.00
40.50
38.10
40.00 0.00
33023
50.40
38.10
50
-
50
- 425R
200
4.52
15.62
16.98
15.50
16.09
0.47
16558
16.98
13.00
40
-
40
-
Hussein Sugar
121
-
8.10
11.49
8.00
11.48
3.38
6943
11.49
4.22
-
-
-
-
J D WSugar
490
2.18
65.00
67.00
63.99
65.15
0.15
21438
67.90
60.10
40
-
National Foods
414
22.49
53.33
56.80
45.10
47.00
-6.33
102246
65.29
41.35
-
25B
12
-
Pangrio Sugar
109
0.41
5.90
5.90
4.91
5.00
-0.90
38114
7.00
4.25
-
-
-
-
Quice Food
107
-
2.10
2.50
2.15
2.20
0.10
35500
2.80
1.60
-
-
-
-
7.40
15
ANL closed down -0.07 at 10.45. Volume was 76 per cent below average (consolidating) and Bollinger Bands were 30 per cent narrower than normal. The company's loss after taxation stood at Rs173.754 million which translates into a Loss Per Share of Rs0.41 for the half year of current calendar year (1HCY10). ANL is currently 30.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ANL (mildly bullish). Trend forecasting oscillators are currently bullish on ANL.
Shahmurad Sugar
211
Shakarganj Mills Tandlianwala UniLever Pakistan XD
15.38
0.06
20750
695
-
3.50
4.40
3.23
3.95
0.45
5965
5.16
3.02
-
-
-
-
263.64
33.90
35.50
28.86
29.00
-4.90
31526
35.50
20.44
-
-
-
-
3775.00 3998.98
-49.28
5691
4200.00
3710.00
458
-
178
-
665
-
PE 3.32 -
Open 25.49 2.20
High 25.00 2.30
High Low 1,021.30 947.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 33.10 Low 23.75 1.65
Close Chg 24.50 -0.99 2.00 -0.20
Close 972.56 Listed cap 3,596.11 mn Payout (%) 30.91
Volume 39747
31.73
41689
2009 Div BR (%) (%)
23.75
3.20
-
1.65
-
-
22.39 4048.26 4200.00
-
-
Open 1,069.25 Turnover 1,548,261 P/E (x) 2.57 Company
14.75
13.10
14.00 -0.04
14618
16.00
13.00
-
30B
-
-
1199
4.74
52.32
52.25
48.00
48.64 -3.68
98732
70.71
48.00
-
-
40
20B
Open
High
Low
Close Chg
Volume
2009 Div BR (%) (%)
-
-
2010 Div BR (%) (%)
High Low 1,110.62 999.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64
Close 1,041.08 Listed cap 3,763.71 mn Payout (%) 6.27
High
Low
Close Chg
1174
2.96
15.08
15.43
13.57
13.86 -1.22
1406153 15.95
11.41
-
10B
-
10B
231
2.77
17.00
18.80
16.11
17.00 0.00
139682
13.50
-
-
17.5
-
Tariq Glass Ind XD
Volume
Last 60 days High Low
19.12
2009 Div BR (%) (%)
2010 Div BR (%) (%)
PERSONAL GOODS Performance of SR Personal Goods Index Open 927.26 Turnover 32,710,138 P/E (x) 4.49 Paid up Cap(mn)
Ali Asghar Textile Al-Qaim Textile Amtex Limited
PE
Open
High
High Low 936.01 897.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 8.64 Low
Close Chg
Close 910.01 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change % Change -17.25 -1.86 Market cap 200-Day High 113,105.24 mn Div Yield (%) 200-Day Low 3.72 -
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
222
-
2.00
2.00
1.05
1.96 -0.04
7964
2.21
0.30
-
-
-
-
75
-
0.50
1.20
0.50
1.16 0.66
99000
1.20
0.50
-
-
-
-
4.54
17.98
18.18
16.82
16.99 -0.99
1456546
20.45
11.45
-
-
30
-
Artistic Denim
840
5.56
20.48
20.60
19.06
19.06 -1.42
5472
21.59
17.55
20
-
-
-
Azam Textile
2415 133
0.45
1.76
2.89
1.50
1.90 0.14
18835
2.89
1.35
-
-
-
-
4493 261.25
10.52
10.95
10.21
10.45 -0.07
7164139
13.40
8.55
-
-
-
-
11.50
15.75
12.50
15.75 4.25
9402
16.75
9.50
-
-
-
-
Azgard Nine Babri Cotton
29
Bannu Woolen
3.65
76
-
9.20
10.00
9.00
10.00 0.80
5596
10.50
7.50
-
-
-
3.21
3.50 -0.15
126851
4.69
2.82
-
-
-
-
Blessed Tex Mills
64
0.65
46.25
47.00
40.80
42.84 -3.41
12063
49.40
36.15
7.5
-
50
-
64.70
66.00 -2.49
556216
72.40
63.00
50
20B
17.5
-
Brothers Textile
98
-
0.58
0.73
0.31
0.50 -0.08
7027
1.50
0.10
-
-
-
-
Balochistan Glass Ltd
858
-
1.84
1.86
1.01
1.80 -0.04
12353
2.00
1.01
-
-
-
-
400
1.37
1.01
2.29
0.80
1.38 0.37
50548
2.30
0.61
-
-
-
-
Berger Paints
182
-
16.53
17.85
16.00
16.55 0.02
50643
20.00
15.42
-
-
- 122R
Cherat Cement
956
-
11.20
11.68
10.20
10.85 -0.35
30709
12.50
8.90
-
-
-
-
982 12.69
Chakwal Spinning Chenab Limited
1150
-
3.66
3.95
3.22
3.32 -0.34
107366
5.10
2.93
-
-
-
-
Colony Mills Ltd
2442
2.11
2.80
3.12
2.30
2.51 -0.29
34630
5.00
2.23
-
-
-
-
124
2.48
17.45
18.35
16.90
16.95 -0.50
5501
18.35
Crescent Fibres Ltd
7.50
-
-
-
1.80
1.30
1.65 0.00
5385
2.74
1.30
-
-
-
-
Crescent Jute
238
-
1.01
1.20
0.70
1.10 0.09
48851
2.25
0.48
-
-
-
-
-
1.50
1.56
1.30
1.47 -0.03
927927
2.20
1.30
-
-
-
-
D S Ind Ltd
600
-
1.67
1.90
1.45
1.60 -0.07
167876
2.65
1.45
-
-
-
-
DG Khan Cement Ltd
3651 33.61
25.30
25.68
23.60
24.20 -1.10
13932444 28.74
23.02
-
20R
-
20R
3.03
3.70
2.11
3.46 0.43
2.11
-
-
-
-
5263
5.15
18279
51.99
37.08
-
-
5
-
32.30
24.00
-
-
20
10B
25.45
19.35
7.5
-
-
-
Gadoon Textile
234
1.44
38.33
40.40
37.11
39.28 0.95
11931
44.50
33.66
-
-
-
-
RSI (14-day)
48.32
Total Assets (Rs in mn)
Hira Textile Mills Ltd.
716
1.43
4.38
4.50
3.79
4.00 -0.38
256387
4.61
2.52
-
-
-
-
MA (10-day)
2.70
Total Equity (Rs in mn)
0.75
3.98
3.98
3.01
3.89 -0.09
5283
4.79
2.45
-
-
-
-
MA (100-day)
2.88
Revenue (Rs in mn)
269.50 237.10 253.67 8.17
6653
269.50
185.38
15
-
-
-
MA (200-day)
3.44
Interest Expense
1st Support
2.60
Loss after Taxation
2nd Support
2.58
EPS 09 (Rs)
1st Resistance
2.67
Book value / share (Rs)
4.50
-
-
-
-
2.37
1.75
-
-
-
-
4.69
1.55
-
-
-
-
Ideal Spinning
99
2319
-
3.04
3.90
2.11
3.00 -0.04
872926
7.50
2.11
-
-
-
-
Indus Dyeing
181
581
-
59.00
60.64
56.05
59.90 0.90
66.10
56.05
- 200R
-
-
Int Knitwear XD
Kohat Cement
1288
-
6.20
6.23
5.80
6.14 -0.06
260050
7.38
5.70
-
-
-
-
Khalid Siraj
Lucky Cement
3234
6.19
71.70
72.26
68.26
68.85 -2.85
3126040
73.88
61.29
40
-
40
-
Maple Leaf Cement
3723
-
3.15
3.25
2.88
3.05 -0.10
749833
3.84
2.88
-
-
-
-
Kohinoor Ind Kohinoor Textile Masood Textile
3.35 245.50
32
4.67
9.00
9.95
8.00
9.95 0.95
10476
10.50
7.00
-
-
-
-
107
-
0.85
1.20
0.40
0.80 -0.05
39008
1.99
0.10
-
-
-
-
303
-
1.74
1.78
1.21
1.60 -0.14
158836
2.00
1.10
-
-
-
-
1455
3.59
5.90
6.17
5.50
5.78 -0.12
106101
6.30
4.00
-
-
-
-
600
1.01
21.34
22.59
20.00
21.50 0.16
23.25
19.25
15
-
- 100R
9321
2228
-
8.47
7.70
8.19 0.09
125871
8.47
5.60
-
-
-
-
0.35
-
-
-
-
Safe Mix Concrete
200
-
7.18
8.35
6.39
7.06 -0.12
11546
9.47
5.50
-
-
-
-
Mukhtar Textile
145
-
0.40
0.89
0.35
0.72 0.32
26823
0.99
0.26
-
-
-
-
Shabbir Tiles
361
-
10.10
10.70
9.10
9.99 -0.11
15050
12.23
8.10
-
-
-
-
Nagina Cotton
187
1.75
16.00
16.50
14.75
15.08 -0.92
21824
16.50
11.29
-
-
-
-
Thatta Cement
798
-
19.65
20.50
19.00
19.99 0.34
823498
21.80
17.74
-
-
-
-
50.00
44.65
46.78 -2.19
185566
51.05
31.00
-
-
20
25B
2.05
2.18
1.80
1.85 -0.20
116186
2.89
1.80
-
-
-
-
Ghani Glass
970
6.14
60.00
61.50
57.75
60.00 0.00
157833
61.50
54.65
30
10B
25
10B
MACPAC Films
389
-
2.98
3.34
2.35
3.14 0.16
5505
4.69
2.21
-
-
-
-
47
-
14.40
15.35
13.01
13.01 -1.39
34019
20.70
11.81
-
-
-
-
108162
125.96
100.00
32.5
-
-
-
844 15.15 109.97
110.00 100.00 100.00 -9.97
Mohd Farooq
189
-
2.96
Paid up Cap(mn) 215 95
PE
Open
4.96 212.93 5.30
44.77
Ghandhara Ind
213
2.33
17.45
Millat Tractors
293
7.49 573.20
High
Low
Close Chg
217.00 206.00 208.95 -3.98
14.64
-
50R
-
-
5.50
48.95
49.64
46.40
46.77 -2.18
12493424 53.14
40.81
20
-
25
45R
34.56
36.28
32.75
34.38 -0.18
16052
1.16
31232
22.76
- 632R
-
-
67533
48.50
19.49 52.29
1.38
197.30 35.25
2009 Div BR (%) (%)
2010 Div BR (%) (%)
400
-
150
-
-
20B
25
10B
48.50
44.02
45.93
18.80
14.79
14.79 -2.66
654022
20.24
14.79
-
-
-
-
595.99 572.50 584.23 11.03
573805
597.90
475.61
450
25B
650
25B
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
12.23 12.30
SILK closed up 0.01 at 2.69. Volume was 28 per cent below average and Bollinger Bands were 59 per cent narrower than normal. The company's profit after taxation stood at Rs208.072 million which translates into an Earning Per Share of Rs0.11 for the half year of current calendar year (1HCY10). SILK is currently 21.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SILK at a relatively equal pace. Trend forecasting oscillators are currently bullish on SILK.
3.67
1.43 -0.53
2547835
4.90
-
-
-
-
1.20
9.45
9.90
9.05
9.79 0.34
142423
10.68
6.91
-
-
-
-
341
5.69
33.25
35.42
33.00
34.70 1.45
51858
36.35
31.35
40
-
40
-
Sajjad Textile
213
0.27
0.32
1.30
1.30
1.30 0.98
11000
4.19
0.16
-
-
-
-
Company
From
To
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 Descon Oxychem Pak National Shipping Corp Amtex Ltd JS Global Capital Otsuka Pakistan Merit Packaging Al-Meezan Mutual Fund Habib ADM Meezan Balanced Fund Cherat Cement Clover Pakistan Gatron (Industries) Ismail Industries Cherat Papersack JS Value Fund Pakistan Refinery Karachi Electric Supply Co Ltd D G Khan Cement Pakistan Telecommunication Lucky Cement Pakistan Oilfields Invest & Finance Securities Nishat Power Shell Gas LPG (Pak)
26-Sep 29-Sep 29-Sep 29-Sep 29-Sep 30-Sep 1-Oct 2-Oct 4-Oct 5-Oct 6-Oct 7-Oct 7-Oct 8-Oct 8-Oct 8-Oct 9-Oct 11-Oct 11-Oct 11-Oct 12-Oct 12-Oct 12-Oct 12-Oct 13-Oct 13-Oct 14-Oct 15-Oct 16-Oct 18-Oct 19-Oct 19-Oct 20-Oct 20-Oct 21-Oct
2-Oct 5-Oct 5-Oct 6-Oct 6-Oct 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct 13-Oct 14-Oct 15-Oct 14-Oct 14-Oct 15-Oct 19-Oct 20-Oct 19-Oct 26-Oct 18-Oct 18-Oct 19-Oct 27-Oct 20-Oct 20-Oct 21-Oct 30-Oct 28-Oct 26-Oct 28-Oct 27-Oct 28-Oct 27-Oct
0.26
24.75
27.15
23.75
23.75 -1.00
30240
27.15
17.10
-
-
25
-
5.30
36.13
36.49
35.10
35.50 -0.63
41800
38.00
27.25
35
-
60
-
Saritow Spinning
133
0.47
2.28
2.49
1.10
2.06 -0.22
31162
2.80
1.01
-
-
-
-
Service Fabrics
158
-
0.55
0.45
0.24
0.28 -0.27
11000
1.17
0.15
-
-
-
-
Service Ind
120
194.75 181.00 183.00 -9.00
14775
240.99
176.50
200
-
-
-
-
-
-
4.71 192.00
Shahpur Textile
140
1.33
1.17
1.18
0.80
0.96 -0.21
2.26
0.25
-
Suraj Cotton
180
1.60
34.49
36.00
33.14
35.94 1.45
6652
36.20
29.50
15
-
-
-
Tata Textile
173
0.62
19.25
19.70
15.80
15.81 -3.44
18032
19.70
12.35
-
-
25
-
20
20B
20
Thal Limited XD
109.00 103.00 107.39 1.91
210447
256
5.32 105.48
203435
114.99
93.50
Treet Corp
418
0.50
40.47
41.48
38.15
39.16 -1.31
177583
49.49
37.20
-
-
-
-
Zephyr Textile Ltd
594
-
2.25
2.90
1.50
1.97 -0.28
295990
4.99
1.50
-
-
-
-
-
PHARMA AND BIO TECH Open 824.44 Turnover 769,471 P/E (x) 5.63
High Low 843.26 801.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 22.31
Paid up Cap(mn)
PE
Open
Abbott (Lab)
979
7.70
88.13
Ferozsons (Lab)
208
6.77 109.50
GlaxoSmithKline
1707
12.17
68.17
69.49
65.00
Highnoon (Lab)
165
6.37
24.20
24.50
23.40
Searle Pak
306
5.76
61.00
64.05
61.00
Company
Close 816.20 Listed cap 3,904.20 mn Payout (%) 44.54
Change % Change -8.24 -1.00 Market cap 200-Day High 27,499.74 mn Div Yield (%) 200-Day Low 7.91 -
Last 60 days High Low
2009 Div BR (%) (%)
50008
95.50
77.00
120
-
20
-
29687
124.00
96.00
10
20B
-
20B
67.40 -0.77
43466
83.77
65.00
50
-
-
-
23.43 -0.77
23415
25.79
22.10
25
-
-
-
62.17
614356
64.05
53.36
15
15B
-
-
High
Low
Close Chg
Volume
90.00
85.50
87.80 -0.33
114.00 102.02 103.19 -6.31
1.17
2010 Div BR (%) (%)
0.22
PE 10 E (x) PBV (x)
250
33
(3.224)
2.72
308
55
5,855.52 (2,902.91)
2.65
Rupali Poly Salfi Textile
196.91 5,913.32
2nd Resistance
Ravi Textile
Sana Ind
68,664.34
Pivot
Reliance Weaving
Change % Change 19.92 1.41 Market cap 200-Day High 31,320.99 mn Div Yield (%) 200-Day Low 15.61 -
Last 60 days High Low 226.10
6377285
Performance of SR Pharma and Bio Tech Index
Close 1,432.12 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
1.82
1.58
1.38
15.99 -1.16
8355
130
1.98
15.70
0.97 -0.43
1586
1.96
17.22
0.35
3516
Performance of SR Industrial Engineering Index High Low 1,456.76 1,402.31 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 38.02
17.15
1.39
Nishat (Chunian)
INDUSTRIAL ENGINEERING Open 1,412.20 Turnover 1,331,139 P/E (x) 8.42
1.40
Nishat Mills Quetta Textile
48.97
Silkbank Limited
18930
5.50
-
NCL closed down -1.16 at 15.99. Volume was 39 per cent below average and Bollinger Bands were 54 per cent narrower than normal. The company's profit after taxation stood at Rs400.039 million which translates into an Earning Per Share of Rs4.05 for the nine months of fiscal year (9MFY10). NCL is currently 15.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NCL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NCL.
36941
8562
4.46
0.43
25.43 0.93
242694
92
PBV (x)
40.42 -3.10
1734133
230
15.95
28.99 -0.91
2.70 -0.19
ECOPACK Ltd
2.96
Pivot
23.30
1.94 -0.17
2010 Div BR (%) (%)
PE 10 E (x)
40.00
4.80 -0.45
2009 Div BR (%) (%)
16.30
28.74
2.40
Last 60 days High Low
37.51
2nd Resistance
103.34
25.45
1.85
Volume
Book value / share (Rs)
44.00
4.76
Close Chg
16.15
30.90
2.88
Low
1.249
1st Resistance
24.50
2.10
High
EPS 09 (Rs)
43.52
5.40
Open
Profit after Taxation
15.60
29.90
2.11
PE
15.80
2nd Support
1.74
2.89
Paid up Cap(mn)
1,081.54
1st Support
9.67
5.25
Change % Change -25.22 -2.79 Market cap 200-Day High 32,713.50 mn Div Yield (%) 200-Day Low 9.51 -
Interest Expense
1.49
-
Close 877.03 Listed cap 3,043.31 mn Payout (%) 15.55
18.90
110
-
High Low 914.31 873.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.72 43.91
9,964.55
MA (200-day)
514
77
Open 902.25 Turnover 621,308 P/E (x) 1.63
3,102.47
Revenue (Rs in mn)
185
1760
Performance of SR General Industrials Index
12,016.81
Total Equity (Rs in mn)
16.99
Dawood Lawrencepur
6933 12.00
GENERAL INDUSTRIALS
Total Assets (Rs in mn)
16.42
MA (100-day)
Din Textile
Flying Cement Ltd
8.10
45.69
MA (10-day)
Ellcot Spinning
Fauji Cement
8031
RSI (14-day)
-
1.65
3574
-
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
-
Dewan Cement
350
Nishat (Chunian) Limited
Change % Change -28.17 -2.63 Market cap 200-Day High 5,509.07 mn Div Yield (%) 200-Day Low 2.44 -
Open
Pak Elektron
Company
Change % Change -23.41 -2.52 Market cap 200-Day High 68,188.43 mn Div Yield (%) 200-Day Low 2.64 -
Last 60 days High Low
-
PE
-
14.04
PE
11.00
Paid up Cap(mn)
-
5.86
Close 907.19 Listed cap 54,792.74 mn Payout (%) 19.04
10.61
Performance of SR Household Goods Index
-
555
High Low 943.46 890.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10
10.50
HOUSEHOLD GOODS
2010 Div BR (%) (%) 30
11.00
0.28
-
Change % Change -50.37 -4.92 Market cap 200-Day High 9,230.64 mn Div Yield (%) 200-Day Low 10.34 -
Last 60 days High Low
10.55
0 12.5R
1177
2010 Div BR (%) (%)
PE
-
Habib-ADM Ltd
Pivot
3.69
Bolan Casting
11.60
41.90
69.86
AL-Ghazi Tractor XD
18,469.71
MA (100-day)
43.00
3.65
Company
38,525.22
Total Equity (Rs in mn)
40.99
68.49
Packages Ltd
Total Assets (Rs in mn)
10.41
4.27
-
Merit Pack
52.32
MA (10-day)
186
4.68
Cherat Papersack
RSI (14-day)
AL-Noor Sugar
866
Company
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
2nd Support
1828
Pioneer Cement
Azgard Nine Limited
-
Attock Cement
Javedan Cement
0.18
-
-
13.22
WTL closed down -0.06 at 2.42. Volume was 62 per cent below average (consolidating) and Bollinger Bands were 58 per cent narrower than normal. The company's loss after taxation stood at Rs410.586 million which translates into a Loss Per Share of Rs0.48 for the half year of current calendar year (1HCY10). WTL is currently 34.9 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 moderate flows of volume out of WTL (mildly bearish). Trend forecasting oscillators are currently bearish on WTL.
-
Paid up Cap(mn)
Gharibwal Cement
PBV (x)
-
Open 930.60 Turnover 25,686,758 P/E (x) 7.22
Frontier Ceramics
PE 10 E (x)
2.40
5
Performance of SR Construction and Materials Index
EMCO Ind
Book value / share (Rs)
2.50
Pivot
6.75
675
Dadabhoy Cement
2.46
2nd Resistance
(0.570)
9.09
565
Al-Abbas Cement
1st Resistance
-
450 200
CONSTRUCTION AND MATERIALS
Company
20B
-
523.03 (490.82)
28906503
Paid up Cap(mn)
International IndXDXB
40 100
1.16
EPS 09 (Rs)
8.58 0.06
Open 1,022.93 Turnover 207,780 P/E (x) 2.99
Huffaz Pipe
63.01 131.00
2.24
Ghandhara Nissan
INDUSTRIAL METALS AND MINING
Dost Steels Ltd
78.39 209.00
2.30
8.38
Paid up Cap(mn)
Crescent Steel XD
43878 13765 110852
Ghani Automobile Ind
Performance of SR Industrial Metals and Mining Index
Company
1.32
1.50
2nd Support
9.07
Open 1,213.46 Turnover 413,740 P/E (x) 6.19
Security Paper
General Tyre XD
70.50
147.10 131.00 133.35 -50.98
-
Loss after Taxation
8.52
FORESTRY AND PAPER
Pak Paper Product
5.03 184.33
Interest Expense
2.36
2.98
551
Century Paper
5.15
101 890
2010 Div BR (%) (%)
3.73
1st Support
15142
Performance of SR Forestry & Paper Index
Company
144
Atlas BatteryXDXB Dewan Motors
2009 Div BR (%) (%)
8,408.28
MA (200-day)
BOOK CLOSURES D/B/R 25(F) 10(F) 10(I) 15(F) 60 350(F),25(B) 15 30 50 8.5(F) 40 5.5(F) 15(F) 20 17.5 20,20(B) 40(F) 11.5 -
INDICATIONS # Extraordinary General Meeting
Spot AGM/Date 21-Sep 21-Sep 22-Sep 30-Sep -
2-Oct 30-Sep 29-Sep 6-Oct 7-Oct 9-Oct 15-Oct 11-Oct 12-Oct 13-Oct 14-Oct 15-Oct 14-Oct 14-Oct 15-Oct 20-Oct 26-Oct 18-Oct 18-Oct 18-Oct 27-Oct 20-Oct 20-Oct 21-Oct 30-Oct 28-Oct 26-Oct 27-Oct 28-Oct 27-Oct
7
Monday, September 27, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,110.71 Turnover 19,669,442 P/E (x) 5.85 Paid up Cap(mn)
Company
PE
Pakistan Telecomm Co A 37740 Telecard 3000 WorldCall Tele 8606
8.78 -
Open
High Low 1,118.93 1,054.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.75 12.84
High
19.07 2.25 2.48
Low
19.19 2.35 2.54
18.15 1.80 2.31
Close Chg 18.44 -0.63 2.07 -0.18 2.42 -0.06
Close 1,073.74 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 7366873 1755138 10547408
20.22 3.18 3.30
17.20 1.80 2.30
369
4.04
29.51
30.78
27.37
27.39 -2.12
16347
31.00
27.10
40
10B
-
-
Century Insurance
457
6.15
11.00
11.04
9.90
10.94 -0.06
6694
11.95
8.30
-
-
-
-
1250 30.91
38.27
40.46
37.00
38.95 0.68
87679
55.20
35.52
40
8.7B
-
-
7.96
11.50
11.94
10.10
11.46 -0.04
38286
13.89
10.10
35
-
-
-
718 12.63
-
10
20B
EFU General Ins. XB
Change % Change -36.96 -3.33 Market cap 200-Day High 75,729.48 mn Div Yield (%) 200-Day Low 10.69 -
Last 60 days High Low
Atlas Insurance
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 -
Habib Insurance
400
IGI Insurance
72.00
73.25
68.27
71.50 -0.50
399484
79.10
66.02
35
-
14.44
14.70
13.05
13.24 -1.20
766221
19.40
12.50
30
-
-
-
PICIC Ins Ltd
350 74.00
3.19
4.16
1.66
2.96 -0.23
37661
4.16
1.66
-
-
-
-
Premier Insurance
303
4.69
9.37
9.75
8.20
9.00 -0.37
30624
10.60
8.11
20
15B
-
-
Reliance Insurance XB
252
4.45
6.50
6.80
6.45
6.50 0.00
5839
6.90
6.00
-
-
-
-
Shaheen Insurance
200
-
12.10
12.90
11.51
11.51 -0.59
40001
16.49
11.51
-14.28B
-
-
Silver Star Insurance
253
1.59
6.81
8.00
6.40
6.40 -0.41
5152
10.00
6.00
-
-
-
Pak Reinsurance
3000
-
Performance of SR Life Insurance Index
ELECTRICITY
Company Genertech Hub Power XD Japan Power KESC Kohinoor Energy Kot Addu Power Southern Electric Tri-star Power
High Low 1,171.08 1,127.86 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
Paid up Cap(mn)
PE
Open
High
Low
198 11572 1560 7932 1695 8803 1367 150
6.09 4.83 7.11 1.22 -
0.94 33.50 1.65 2.05 23.97 41.92 2.85 0.85
0.99 33.90 1.64 2.13 26.50 42.68 2.90 1.25
0.66 32.77 1.36 1.94 23.40 41.00 2.42 0.70
Close 1,132.01 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change -18.67 -1.62 Market cap 200-Day High 95,798.88 mn Div Yield (%) 200-Day Low 8.41 -
Close Chg
Volume
Last 60 days High Low
0.85 32.86 1.50 2.00 24.85 41.12 2.53 0.85
39656 7862873 234673 1762054 440026 1801412 336764 7001
1.53 37.24 2.38 2.63 26.50 44.85 3.21 1.69
-0.09 -0.64 -0.15 -0.05 0.88 -0.80 -0.32 0.00
Open 837.95 Turnover 5,546,488 P/E (x) 71.85
0.51 31.50 0.70 1.92 23.00 39.51 2.21 0.33
2009 Div BR (%) (%) 33.5 45 64.5 3
31R -
2010 Div BR (%) (%)
Paid up Cap(mn)
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance XB
850 32.85
59.38
62.90
57.50
60.44 1.06
31635
84.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 52.40
43.46
45.20
39.68
41.92 -1.54
5499778
46.00
34.50
10
-
-
50 - 7.8R 50 -
Paid up Cap(mn)
Company aSui North Gas Sui South Gas
Change % Change 171.17 12.47 Market cap 200-Day High 34,621.68 mn Div Yield (%) 200-Day Low 6.00 -
Last 60 days High Low
PE
Open
High
Low
Close Chg
Volume
5491 18.23 6712 -
28.93 22.57
31.15 26.23
28.25 22.75
30.99 2.06 26.23 3.66
12128885 31.15 3124903 26.23
25.00 15.80
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
-
-a
BANKS Performance of SR Banks Index Open 962.94 Turnover 36,889,254 P/E (x) 6.65 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.60 52.50 Askari Bank 6427 6.07 14.95 Atlas Bank 5001 1.99 Bank Alfalah 13492 10.35 8.20 Bank AL-Habib 7322 6.68 30.53 Bank Of Khyber 5004 3.10 3.31 Bank Of Punjab 5288 8.74 BankIslami Pak 5280 3.14 Faysal Bank 6091 3.09 14.04 Habib Bank Ltd 10019 6.05 97.69 Habib Metropolitan Bank 8732 5.58 20.00 JS Bank Ltd 6128 2.11 KASB Bank Ltd 9509 2.40 MCB Bank Ltd XD 7602 8.66 193.21 Meezan Bank 6983 7.27 14.95 Mybank Ltd 5304 2.15 National Bank 13455 5.30 66.33 NIB Bank 40437 2.76 Royal Bank Ltd 17180 6.55 Samba Bank 14335 1.90 Silkbank Ltd 9003 12.23 2.68 Soneri Bank 6023 5.80 Stand Chart Bank 38716 9.31 6.66 United Bank Ltd 12242 5.98 54.51
High
Low
Close Chg
52.95 51.10 51.90 -0.60 15.35 14.25 14.70 -0.25 2.10 1.56 1.65 -0.34 8.34 7.66 7.76 -0.44 31.34 30.01 31.00 0.47 3.30 2.90 3.10 -0.21 9.18 8.15 8.33 -0.41 3.65 2.74 3.24 0.10 14.44 13.25 13.39 -0.65 97.99 92.55 93.97 -3.72 20.50 18.15 18.85 -1.15 2.58 2.05 2.40 0.29 2.90 2.16 2.21 -0.19 193.35 182.61 185.75 -7.46 15.09 14.41 14.98 0.03 2.39 1.81 1.96 -0.19 66.85 62.85 63.09 -3.24 2.80 2.46 2.66 -0.10 7.00 5.86 6.47 -0.08 2.10 1.70 1.83 -0.07 2.78 2.60 2.69 0.01 6.09 5.01 5.50 -0.30 6.98 6.50 6.52 -0.14 54.30 49.90 50.80 -3.71
Volume
Change % Change -36.44 -3.78 Market cap 200-Day High 570,761.71 mn Div Yield (%) 200-Day Low 5.16 -
Last 60 days High Low
124796 59.70 958413 17.46 47432 3.00 4955290 10.25 440944 34.00 83609 4.75 5310184 11.24 442587 3.90 217362 15.95 171470 109.10 105618 24.25 1451028 3.00 35746 4.40 2250979 214.99 198760 16.50 247424 3.28 4578649 73.89 2752185 3.50 20800 13.71 575299 2.90 6277898 3.30 257197 8.50 96218 8.50 5289355 60.20
48.51 13.99 1.52 7.32 29.10 2.90 7.35 2.31 12.75 92.00 18.15 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.65 1.55 2.15 5.01 6.05 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 640.39 Turnover 2,506,991 P/E (x) 9.89 Paid up Cap(mn)
Company Adamjee Ins. SPOT
High Low 656.21 608.61 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 5.20
Close 625.21 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change -15.18 -2.37 Market cap 200-Day High 40,668.38 mn Div Yield (%) 200-Day Low 8.04 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 12.30
70.17
71.90
66.20
67.67 -2.50
1059131
89.90
64.00
2009 Div BR (%) (%) 30
10B
2010 Div BR (%) (%) 10
-
2010 Div BR (%) (%)
-
Performance of SR Financial Services Index Open 376.60 Turnover 31,524,202 P/E (x) 0.44 Paid up Cap(mn)
PE
Open
High
High Low 385.21 344.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22 Low
Close Chg
Close 359.11 Listed cap 30,336.44 mn Payout (%) 4.60
Change % Change -17.49 -4.64 Market cap 200-Day High 26,493.81 mn Div Yield (%) 200-Day Low 10.35 -
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
AMZ Ventures
225
-
0.72
0.95
0.42
0.60 -0.12
788785
1.19
0.42
-
-
-
-
Arif Habib Limited XB
450
6.81
33.23
34.00
26.40
27.32 -5.91
336883
50.12
26.40
15
25B
-
20B
23.20
23.90
22.02
23.18 -0.02
12581158
35.65
21.76
-
30
Arif Habib Securities
3750
2.29
Dawood Cap Mang. XB
150
5.53
1.04
1.85
0.86
1.05 0.01
25015
3.30
0.50
-
-
-
-
Dawood Equities
250
-
2.05
2.64
1.78
2.13 0.08
23513
3.36
1.55
-
-
-
-
2121
-
1.84
1.95
1.17
1.70 -0.14
458088
2.98
1.17
-
-
-
-
600
3.01
7.40
8.90
6.90
8.65 1.25
123468
8.90
6.90
-
-
11.5
-
Invest Bank
2849
-
0.76
0.75
0.50
0.55 -0.21
57719
1.23
0.50
-
-
-
-
Ist Cap Securities
2878
-
4.00
4.49
2.54
3.27 -0.73
532563
5.90
2.54
-
10B
-
-
Ist Dawood Bank
626
-
1.65
2.14
1.32
1.94 0.29
1452088
2.14
1.17
-
-
-
-
7633 14.41
10.55
10.68
9.64
9.94 -0.61
10911636
15.47
9.36
-243.778B 10
-
2908654
IGI Investment Bank Invest and Fin Sec
-
-
JOV and CO
508
-
3.27
3.44
2.72
2.80 -0.47
6.48
2.72
-
-
-
-
JS Global Cap
500
-
38.01
39.40
35.00
35.04 -2.97
32914
42.40
33.33
150
-
-
-
1000 12.84
6.07
6.23
5.70
5.78 -0.29
226882
8.65
5.40
-
-
-
-
-
-
-
JS Investment Orix Leasing
821
3.94
5.50
5.90
4.50
5.00 -0.50
359078
5.95
3.66
-
Pervez Ahmed Sec
775
-
1.67
1.69
1.36
1.49 -0.18
453602
2.89
1.35
-231.08R
-
-
Trust Inv Bank
586
-
2.50
2.50
1.50
2.50 0.00
25189
4.25
1.50
-
-
-
2010 Div BR (%) (%) 20 - 66R 55 -63.46R 10 -
2009 Div BR (%) (%)
FINANCIAL SERVICES
Jah Siddiq Co
High Low Close 972.36 911.43 926.50 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.89 13.45 34.35
Change % Change -15.36 -1.83 Market cap 200-Day High 8,843.68 mn Div Yield (%) 200-Day Low 4.95 -
High
Company
Close 1,543.39 Listed cap 12,202.80 mn Payout (%) 66.79
Close 822.59 Listed cap 2,290.72 mn Payout (%) 355.53
Open
GAS WATER AND MULTIUTILITIES High Low 1,546.51 1,365.39 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 11.41
High Low 870.72 786.25 Total cos Defaulter cos P/BV (x) ROE (%) 2.77 3.85
PE
Company
Performance of SR Gas Water and Multiutilities Index Open 1,372.22 Turnover 15,253,788 P/E (x) 11.14
SHCI GSPM CICL PAKT SSOM ISIL WAHN BWCL GLPL ADAMS GUSM DSML FEM GUTM FNBM BWHL FUDLM DWTM DATM IDRT ALTN FFLM MEHT SPLC NJICL FECM PKGI SITC KSBP KASBM KML JKSM UNIC SEL STJT BAPL PMRS FASM DFSM SGMLPS NOPK CPL BAWS ICL IBFL TSMF FRSM ATLH SCLL GRYL DNCC DADX YOUW NONS GATI OTSU AGIC GRAYS EXIDE ATEL NESTLE CRTM RMPL KOHP GAMON DCTL DWAE ANSS PUNO GAEL ACCM GFIL PTEC COTT HADC SCL FIMM ARPAK SFAT AASM MRNS SAPT JDMT FECS DIIL CSMD SKRS AZTM COLG BFMOD SIBL STML WAZIR SRSM FIBLM ADOS PRET ALQT HINO KOSM PPVC FZTM PAKL WYETH MIRKS ILTM BUXL PECO PSEL FPRM BATA SAIF SIEM BAFS SLYT SING SAPL FNEL CLOV MFFL ESBL SMTM SFL MTIL SANSM BHAT UPFL PRWM LEUL JOPP SGPL LPGL NAKI PAKD OLSM UVIC DWSM
LIFE INSURANCE
Performance of SR Electricity Index Open 1,150.69 Turnover 29,215,506 P/E (x) 12.38
20B
UPTO 5000 VOLUME Symbols
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,000.53 Turnover 6,710,312 P/E (x) 7.72 Company
Paid up Cap(mn)
Allied Rental AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced F. Mod Al-Mali NAMCO Balanced F. Pak Prem Fund XD Pak Strat Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund XD Prud Modaraba 1st XD Punjab Modaraba Stand Chart Mod. XD
High Low 1,044.96 984.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 4.09
PE
Open
High
Low
600 3.59 1375 2.66 210 6.49 525 2.19 780 200 1.96 300 2.77 581 760 3.86 397 5.08 1008 4.50 3180 40.50 1186 1200 2.92 184 1000 3.12 1698 3.62 3000 5.35 1000 2.49 2835 2.28 2841 1.98 872 2.11 340 454 4.87
15.00 6.70 2.79 3.75 1.20 0.49 2.55 1.75 3.41 5.97 6.00 3.15 3.13 6.20 1.19 3.42 7.29 6.50 4.80 8.64 3.97 1.10 1.64 10.12
16.60 7.05 3.44 3.89 1.36 0.76 3.00 1.80 3.74 6.50 6.14 3.25 3.35 6.50 1.22 3.42 8.00 7.00 4.84 8.91 4.00 1.15 1.83 10.30
15.25 6.72 2.55 3.00 1.06 0.38 2.10 1.66 3.37 5.50 5.90 3.10 2.85 6.01 0.65 2.25 7.00 6.50 4.51 8.26 3.70 0.76 0.72 8.25
Close 1,029.92 Listed cap 29,771.58 mn Payout (%) 104.19
Change % Change 29.40 2.94 Market cap 200-Day High 17,564.04 mn Div Yield (%) 200-Day Low 23.72 -
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
16.60 6.90 3.44 3.88 1.29 0.53 2.58 1.66 3.55 6.10 5.98 3.24 2.94 6.05 0.99 3.12 7.60 6.85 4.68 8.31 3.93 0.80 1.02 8.57
9851 167430 11011 58129 15800 37626 413432 65406 2103448 32019 287005 102851 247069 40891 5707 24700 264687 1033132 41648 176527 864630 513260 7161 164085
16.60 7.25 3.49 4.99 2.43 0.90 3.00 2.09 3.74 6.50 7.49 4.39 3.98 7.49 1.75 3.70 9.86 8.10 6.49 10.55 5.00 1.20 2.00 10.99
15 5 20 10 5 16.5
1.60 0.20 0.65 0.13 0.09 0.04 0.03 -0.09 0.14 0.13 -0.02 0.09 -0.19 -0.15 -0.20 -0.30 0.31 0.35 -0.12 -0.33 -0.04 -0.30 -0.62 -1.55
12.50 6.35 2.10 2.53 0.90 0.16 0.99 1.00 2.32 4.80 5.56 2.70 2.31 6.00 0.56 2.25 7.00 6.01 4.00 7.60 3.70 0.70 0.57 8.25
2010 Div BR (%) (%)
- 22.5 - 18.5 5 17 21 5 10 - 15.5 15 - 18.6 - 11.53 5 20 10 3 17
-
Open 2.57 7.10 51.60 108.01 3.00 73.00 44.69 23.99 67.75 11.60 5.03 3.30 1.14 21.00 7.62 30.12 5.98 0.00 0.44 4.02 11.50 1.22 61.56 0.84 53.73 2.89 6.00 123.10 83.50 2.00 2.72 7.42 5.00 22.00 17.80 12.00 38.20 25.55 3.01 4.52 25.98 161.00 1.10 25.00 37.50 1.89 16.01 101.79 2.47 1.35 1.69 22.53 1.13 10.72 44.00 30.90 10.50 63.40 146.51 17.50 1880.50 19.81 1474.00 5.50 2.05 1.00 0.50 6.00 36.50 0.21 0.50 1.51 3.02 1.80 1.05 56.08 60.99 10.94 3.00 28.42 53.50 122.80 11.95 33.40 17.50 6.50 3.00 1.00 682.99 3.70 3.10 15.50 7.00 1.60 2.00 20.90 28.34 5.49 118.98 0.99 2.52 361.32 2.33 940.00 59.99 79.17 12.93 299.99 148.05 7.50 490.00 3.14 1106.34 54.00 3.51 21.05 120.00 11.75 36.90 69.42 2.79 7.20 99.76 0.50 14.00 200.00 1020.00 20.00 1.98 8.18 0.75 10.00 15.45 114.95 1.73 3.70 1.38
High 2.95 7.00 53.00 115.65 3.50 73.00 45.79 27.51 71.00 11.98 6.00 4.30 1.19 21.00 7.75 33.15 6.00 5.50 0.75 4.44 11.50 1.40 64.63 0.86 56.73 2.99 6.99 125.00 83.94 1.70 3.73 7.51 5.50 22.25 18.20 12.90 38.20 26.25 3.01 4.52 26.99 164.89 0.86 25.00 38.74 2.87 19.04 103.90 2.65 2.70 2.59 25.70 1.50 11.50 43.99 30.18 10.70 66.45 154.97 17.50 1900.00 20.53 1475.00 6.10 1.48 1.00 0.52 6.00 38.95 0.21 0.50 2.10 3.20 1.99 1.39 58.88 64.00 10.25 3.00 29.49 53.70 124.80 16.45 34.25 19.39 6.50 3.00 1.00 743.00 3.72 3.75 15.99 7.00 1.45 2.89 21.48 29.49 5.49 124.92 1.80 2.52 375.00 1.61 961.00 62.77 83.12 14.32 305.23 160.25 8.18 503.75 3.00 1146.00 54.00 4.38 21.90 122.95 10.75 42.00 70.22 2.99 7.44 104.50 0.85 14.00 210.00 1071.00 19.90 1.85 10.99 0.75 10.00 16.45 117.99 2.04 4.00 1.74
Low
Close
2.50 5.75 47.37 108.00 3.25 69.24 44.69 22.80 65.00 11.50 5.20 2.50 1.00 20.50 6.70 28.25 5.15 4.00 0.32 3.60 10.50 1.11 59.00 0.50 52.25 2.20 6.75 115.00 76.10 1.05 1.77 5.61 4.49 21.14 17.20 10.89 35.00 24.55 2.05 3.52 22.01 157.00 0.85 23.74 35.00 0.95 16.05 95.02 1.95 1.00 1.20 23.19 0.96 11.00 38.00 28.76 9.80 56.00 140.00 16.70 1785.00 19.51 1229.00 5.35 1.43 0.80 0.50 6.00 37.10 0.21 0.34 2.00 1.55 1.49 0.85 51.30 60.99 6.94 3.00 27.50 50.35 100.00 12.55 32.95 16.39 6.05 3.00 1.00 658.36 3.70 2.10 15.99 6.41 0.50 2.00 19.88 29.00 2.50 114.00 0.89 1.50 305.00 1.60 939.99 58.00 75.57 11.93 284.95 147.70 8.00 476.53 2.01 1105.00 48.93 3.36 19.96 117.00 8.00 36.90 65.97 2.75 5.02 99.28 0.01 13.90 190.10 985.00 17.95 1.85 9.17 0.36 8.00 14.50 110.00 1.73 3.50 1.45
2.75 6.00 48.10 109.25 3.49 73.00 45.19 26.14 66.00 11.80 5.70 4.16 1.15 20.50 7.53 29.40 6.00 0.00 0.68 3.60 11.00 1.39 62.50 0.78 56.20 2.84 6.75 121.90 80.50 1.41 2.75 6.85 4.50 21.60 17.81 12.40 35.48 26.25 3.00 3.71 24.79 160.70 0.86 23.74 35.98 1.99 18.49 98.48 2.13 2.69 2.49 25.70 1.10 11.00 41.00 29.00 9.80 56.01 140.02 16.90 1833.75 19.61 1285.29 5.60 1.45 0.80 0.52 6.00 38.95 0.21 0.34 2.10 1.68 1.97 1.00 51.40 61.50 6.94 3.00 28.67 50.52 100.00 16.40 34.21 17.50 6.05 3.00 1.00 694.75 3.72 3.75 15.99 7.00 1.04 2.89 20.89 29.49 2.60 120.00 1.80 1.50 329.25 1.61 952.00 62.77 75.76 14.22 305.00 160.25 8.00 500.00 2.52 1130.00 48.93 4.09 20.10 121.95 9.50 42.00 70.22 2.89 5.76 99.28 0.35 14.00 190.25 1020.00 19.44 1.85 10.99 0.43 8.00 15.60 115.00 2.04 3.65 1.74
Change
Vol
0.18 -1.10 -3.50 1.24 0.49 0.00 0.50 2.15 -1.75 0.20 0.67 0.86 0.01 -0.50 -0.09 -0.72 0.02 0.00 0.24 -0.42 -0.50 0.17 0.94 -0.06 2.47 -0.05 0.75 -1.20 -3.00 -0.59 0.03 -0.57 -0.50 -0.40 0.01 0.40 -2.72 0.70 -0.01 -0.81 -1.19 -0.30 -0.24 -1.26 -1.52 0.10 2.48 -3.31 -0.34 1.34 0.80 3.17 -0.03 0.28 -3.00 -1.90 -0.70 -7.39 -6.49 -0.60 -46.75 -0.20 -188.71 0.10 -0.60 -0.20 0.02 0.00 2.45 0.00 -0.16 0.59 -1.34 0.17 -0.05 -4.68 0.51 -4.00 0.00 0.25 -2.98 -22.80 4.45 0.81 0.00 -0.45 0.00 0.00 11.76 0.02 0.65 0.49 0.00 -0.56 0.89 -0.01 1.15 -2.89 1.02 0.81 -1.02 -32.07 -0.72 12.00 2.78 -3.41 1.29 5.01 12.20 0.50 10.00 -0.62 23.66 -5.07 0.58 -0.95 1.95 -2.25 5.10 0.80 0.10 -1.44 -0.48 -0.15 0.00 -9.75 0.00 -0.56 -0.13 2.81 -0.32 -2.00 0.15 0.05 0.31 -0.05 0.36
4809 4778 4725 4717 4500 4483 4476 4352 4343 4150 4102 4100 3999 3661 3602 3401 3331 3184 3123 3003 3001 2934 2823 2793 2771 2736 2714 2690 2595 2511 2457 2440 2439 2402 2375 2224 2007 2001 2000 1976 1947 1914 1900 1876 1802 1779 1728 1653 1633 1506 1501 1423 1384 1353 1312 1236 1201 1188 1177 1151 1110 1109 1057 1009 1002 1000 1000 1000 1000 1000 1000 1000 902 901 878 840 802 719 705 690 687 685 660 639 606 530 500 500 494 488 456 450 416 409 401 381 373 348 340 302 301 301 300 297 291 248 232 231 213 201 186 170 162 144 116 102 101 90 81 79 74 73 55 54 50 47 42 42 40 37 31 28 25 23 20 16 13
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Hub Power Co Ltd
Nishat Mills Ltd
Company
Date
Time
Fateh Sports Wear Ltd Fecto Cement Ltd Gadoon Textile Mills Ltd Idrees Textile Mills Ltd KASB Modaraba Siddiqsons Tin Plate Ltd Fateh Industries Ltd Meezan Capital Protected Fund -I Meezan Islamic Fund Meezan Islamic Income Fund Murree Brewery Co Ltd
27-Sep 27-Sep 27-Sep 27-Sep 27-Sep 27-Sep 28-Sep 28-Sep 28-Sep 28-Sep 28-Sep
10:00 11:30 11:30 11:30 10:00 11:00 10:00 4:00 4:00 4:00 10:30
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd
Buy
*Arif Habib Ltd
AKD Securities Ltd
44.13
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
50.34
Support 1
9,839.45
9,955.75
Support 2
9,769.40
MA (10-day)
9,986.60
Resistance 1
9,953.70
MA (100-day)
9,888.62
Resistance 2
9,997.95
Technical Analysis
MA (200-day)
9,900.02
Pivot
9,883.70
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
per cent below average and Bollinger Bands were 23 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 9,953.70 and 2nd resistance level at 9,997.95,
Technical Outlook Leverage Position
42.38 25.15 25.11 27.67 24.41 24.64
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Brokerage House
Brokerage House
182.55 4,417.70 N/A N/A N/A 26.15
Technical Analysis
Rs Recommendations Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
63
Accumulate Positive
47.34 18.81 19.04 19.50 18.65 18.67
584.63 10,780.67 N/A N/A N/A 9.70
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
31.98 53.01 54.81 58.64 51.26 52.10
TFD Research
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
306.04 15,547.08 N/A N/A N/A 1.27
46
Buy
44.9
175.80 8,222.16 N/A N/A N/A 28.17
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Leverage Position
32.17 33.63 34.04 33.60 33.30 33.34
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
810.01 26,616.87 N/A N/A N/A 0.68
National Bank of Pakistan
Fair Value
Rs Recommendations
Brokerage House
14
Buy
*Arif Habib Ltd
AKD Securities Ltd
12.47
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
33.97 8.04 9.12 10.99 7.93 8.00
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Fair Value 78
Rs Recommendations Buy
64.64
Neutral
92.3
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Buy
Technical Outlook
Leverage Position
53.44 47.20 47.01 54.01 47.24 48.02
Brokerage House
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
AKD Securities Ltd
Bank Alfalah Ltd
77
Technical Analysis
Buy Positive
48
* Target price for Dec-10 & **Net Open Interest in future market
*Arif Habib Ltd
78.44
*Arif Habib Ltd
Rs Recommendations
HUBC closed down -0.64 at 32.86. Volume was 11 per cent below average and Bollinger Bands were 91 per cent wider than normal. HUBC is currently 2.2 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 HUBC at a relatively equal pace. Trend forecasting oscillators are currently bearish on HUBC.
Buy
TFD Research
Buy
Fair Value
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
Technical Outlook
Brokerage House
NML closed down -2.18 at 46.77. Volume was 29 per cent below average and Bollinger Bands were 11 per cent narrower than normal. NML is currently 13.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bullish on NML.
24.18 30.5
61.46 74.2
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
Rs Recommendations
65
United Bank Ltd
Pakistan Telecommunication Co Ltd
Fair Value
Technical Outlook
while Index will continue to find its 1st support level at 9,839.45 and 2nd * Target price for Dec-10 & **Net Open Interest in future market support level at 9,769.40. DGKC closed down -1.10 at 24.20. Volume was 20 per cent below averKSE 100 INDEX is currently 0.1 per cent above its 200-day moving age and Bollinger Bands were 25 per cent narrower than normal. average and is displaying an upward trend. Volatility is extremely low DGKC is currently 12.5 per cent below its 200-day moving average and is when compared to the average volatility over the last 10 trading ses- displaying an upward trend. Volatility is relatively normal as compared to sions. Volume indicators reflect volume flowing into and out of INDEX the average volatility over the last 10 trading sessions. Volume indicators at a relatively equal pace. Trend forecasting oscillators are currently reflect volume flowing into and out of DGKC at a relatively equal pace. bullish on INDEX. Trend forecasting oscillators are currently bullish on DGKC.
AKD Securities Ltd
Brokerage House
44
MA (5-day)
KSE 100 INDEX closed down -143.52 points at 9,909.45. Volume was 36
Rs Recommendations
674.58 5,234.73 N/A N/A N/A N/A
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
42.58 65.00 66.07 73.05 64.21 64.85
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
318.37 20,085.77 N/A N/A N/A 36.62
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
PTC closed down -0.63 at 18.44. Volume was 4 per cent below average and Bollinger Bands were 18 per cent narrower than normal. PTC is currently 5.4 per cent below its 200-day moving average and is displaying an upward 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 PTC at a relatively equal pace. Trend forecasting oscillators are currently bullish on PTC.
UBL closed down -3.71 at 50.80. Volume was 63 per cent below average (consolidating) and Bollinger Bands were 3 per cent wider than normal. UBL is currently 13.4 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 moderate flows of volume out of UBL (mildly bearish). Trend forecasting oscillators are currently bearish on UBL.
BAFL closed down -0.44 at 7.76. Volume was 73 per cent below average (consolidating) and Bollinger Bands were 58 per cent narrower than normal. BAFL is currently 29.4 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 BAFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on BAFL.
NBP closed down -3.24 at 63.09. Volume was 70 per cent below average (consolidating) and Bollinger Bands were 19 per cent narrower than normal. NBP is currently 3.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 48.70 3.40 3.30 47.23 51.60 51.25 42.13 65.10 64.20 31.96 26.65 26.00 41.67 22.70 22.25 38.50 66.60 65.55 48.80 14.50 14.30 52.32 10.35 10.20 53.10 314.95 312.00 48.71 81.15 80.45 33.97 7.70 7.60 53.78 2.85 2.50 47.29 8.10 7.90 44.82 1.40 1.35 42.38 23.75 23.30 35.69 1.30 1.25 39.01 1.70 1.45 43.66 37.50 36.00 44.76 57.95 55.50 47.73 172.05 170.10 42.49 13.15 12.95 41.61 4.70 4.55 37.04 26.60 26.45 46.84 104.45 103.85 40.24 93.00 92.05 32.17 32.70 32.50 46.69 118.40 117.80 36.34 215.95 213.95 26.60 2.75 2.70 46.03 1.40 1.35 55.85 2.30 2.20 44.21 9.75 9.60 44.69 40.90 40.65 41.69 1.95 1.90 49.26 68.30 67.70 44.19 184.05 182.30 44.45 2.95 2.90 42.58 62.90 62.75 45.69 15.80 15.60 34.93 18.00 17.70 44.76 2.60 2.50 48.63 1.40 1.35 53.44 46.30 45.85 52.69 142.70 140.40 37.77 2.35 2.20 38.19 1.40 1.30 42.88 2.05 1.95 61.91 8.05 7.95 56.71 230.20 228.30 24.01 169.50 167.40 30.44 70.55 69.35 54.72 259.75 255.25 47.34 18.15 17.85 32.26 189.80 188.25 72.33 29.95 28.90 38.82 8.15 8.00 79.20 25.50 24.75 38.89 2.00 1.90 58.50 3.45 3.00 31.98 50.15 49.45 41.46 2.35 2.30
1st 2nd Resistance 3.60 3.65 52.10 52.30 66.95 67.90 27.75 28.15 23.50 23.75 68.30 68.95 14.85 14.95 10.55 10.70 320.45 322.95 82.50 83.20 7.85 8.00 3.50 3.75 8.55 8.80 1.50 1.55 24.50 24.75 1.50 1.55 2.20 2.45 39.95 40.95 62.40 64.40 175.40 176.85 13.75 14.10 5.00 5.20 27.05 27.30 105.45 105.85 94.95 95.90 33.10 33.35 119.75 120.50 219.95 221.95 2.85 2.95 1.50 1.55 2.50 2.60 10.05 10.20 41.50 41.85 2.05 2.10 69.40 70.00 186.95 188.10 3.10 3.20 63.30 63.55 16.15 16.30 18.70 19.05 2.75 2.80 1.50 1.60 47.30 47.85 146.65 148.30 2.60 2.70 1.55 1.65 2.15 2.20 8.25 8.30 233.85 235.60 172.95 174.25 72.90 74.05 267.00 269.75 18.75 19.05 193.70 196.05 31.60 32.20 8.50 8.75 26.60 27.00 2.10 2.15 4.10 4.35 51.35 51.90 2.45 2.50
Pivot 3.50 51.80 66.05 27.05 23.00 67.25 14.65 10.45 317.50 81.80 7.80 3.10 8.35 1.45 24.05 1.40 1.95 38.50 59.95 173.50 13.50 4.90 26.85 104.85 94.00 32.95 119.15 217.95 2.80 1.45 2.40 9.90 41.25 2.00 68.85 185.20 3.05 63.15 15.95 18.40 2.65 1.45 46.85 144.35 2.45 1.45 2.10 8.15 231.95 170.85 71.70 262.50 18.45 192.15 30.55 8.40 25.85 2.05 3.70 50.70 2.40
Congress backs 1-yr flood insure program extension 8 Spending rules
Monday, September 27, 2010
Farzana Raja meets SLIC Chairman
Life cover under BISP shortly ISLAMABAD: Federal Minister / Chairperson BISP Farzana Raja meeting with Chairman State Life Insurance Corporation (SLIC) of Pakistan, Shahid Aziz Siddiqui. APP
More sick US banks given lethal injection WASHINGTON: Regulators closed two more troubled US banks on Friday, bringing the tally this year to 127. The Federal Deposit Insurance Corp said regulators closed North County Bank, Arlington, Washington. The bank had about $288.8 million in assets and $276.1 million in deposits. Washington Banking Company's subsidiary, Whidbey Island Bank, Coupeville, Washington, will assume all of the deposits. The FDIC also announced regulators closed Haven Trust Bank Florida, Ponte Vedra Beach, Florida, which had
about $148.6 million in assets and $133.6 million in deposits. First Southern Bank, Boca Raton, Florida, assumed the deposits. The failures on Friday are estimated to cost the FDIC's insurance fund a total of $104.7 million. The FDIC, which insures individual accounts up to $250,000, anticipates that the number of failures this year will exceed the 2009 total of 140, but that total assets of this year's failures will probably be lower. The agency gave an update on the overall health of the bank industry on August 31,
saying that while it sees improvements in the industry the struggling economy continues to be a factor in the reluctance of businesses and consumers to borrow. It is now mostly smaller institutions that are collapsing as they deal with problems in the commercial real estate market. Community banks tend to have higher concentrations of these loans than larger banks. The largest bank to fail since the start of the financial crisis in 2007 is Washington Mutual, which had $307 billion in assets when it was seized in September 2008. -Reuters
AIG Asia arm’s untaxed profit for 2010 maybe $2bn HONG KONG: AIA Group Ltd, the Asian life insurance business of American International Group Inc, will likely have a pre-tax operating profit of at least $2bn for the fiscal year ending on Nov 30, 2010, AIG said on Saturday. "We believe that, in the absence of unforeseen circumstances, and, on the bases and assumptions set forth below, our consolidated operating profit for the fiscal year ending 30 Nov 2010 is unlikely to be less than $2bn," the statement said. The bailed-out US insurer
plans to list AIA in Hong Kong and the initial public offering could raise about $15 billion, which would make it the biggest-ever insurance IPO and a record offering in Hong Kong. The profit forecast comes ahead of pre-marketing of the IPO which kicks off on Monday to gauge demand for the offer. The roadshows will begin on October 6, while the listing is scheduled for October 29. AIA's planned IPO comes after AIG tried unsuccessfully to sell its Asian business earlier this year to Britain's
Prudential Plc for $35.5bn. The British insurer had asked AIG to cut the price to $30.4bn, but it was turned down, leading to the termination of the agreement. Hong Kong-based AIA had about $1.84bn in pretax operating profit in 2009, Prudential said in a March filing. AIG, which is nearly 80pc owned by the US government, is disposing of assets to repay taxpayers who committed $182.3bn to prop up the insurer during the financial crisis. -Reuters
ACE in talks for NY Life Asia assets as rivals drop out LONDON: Property and casualty insurer ACE Ltd was still in talks to buy New York Life Insurance Co's NYLIN.UL assets in Asia after two rivals dropped out, Bloomberg reported. Negotiations between New York Life and Manulife Financial Corp had ended, the report said, citing people with knowledge of the matter. Primus Financial Holdings Ltd, which had bid for the Hong Kong business, isn't currently in talks, Bloomberg said. Last month, Reuters had reported that Manulife Financial, Canada's largest insurer, and ACE were among the bidders for New York Life Insurance's Hong Kong, Taiwan and South Korean assets, in a deal valued between $800 million and $1 billion. However, one bidder valued the New York Life assets for sale at about $500-$600 million, Bloomberg said on Wednesday. If the deal between New York Life and Zurich-based ACE was to materialize it would follow a series of acquisitions ACE has announced this month. Last week, ACE agreed to buy the remaining 80 per cent stake in US crop insurer Rain and Hail Insurance Service for $1.1 billion. It has also proposed to buy Malaysia's Jerneh Asia's insurance business for about $200 million, and said an agreement for the deal would be unveiled shortly. -Reuters
ISLAMABAD: Federal Minister and Chairperson Benazir Income Support Programme (BISP) Farzana Raja has said that BISP is committed to materialise the dream of Shaheed Mohtarma Benazir Bhutto for uplifting the life of poor and downtrodden segments of the society. In this connection, she said, life insurance facility would be offered to the beneficiaries of the BISP sooner or later health insurance in the next phase of the programme. Farzana Raja said this while talking to a delegation of the State Life Insurance Corporation of Pakistan headed Shahid Aziz Siddiqui, Chairman of the corporation. The delegation presented a detailed briefing of its various suggestions in regard with proposed life insurance plan for the registered families with BISP. It is worth mentioning here that the visit of the delegation was part of the efforts of the BISP to introduce life insurance facility for its beneficiaries. The facility would be offered as extension of the services of the BISP to its registered families besides monthly income support being provided to them. The delegation informed Farzana Raja that the experts of the corporation are working on various procedures and modalities of the life insurance plan and details of it would be finalised in short span of time.
The summery comprising final plan related to life and health insurance would be sent for the approval of President Asif Ali Zardari, Chief Patron and Prime Minister Yusuf Raza Gilani, Executive Patron of the BISP. Farzana Raja directed the members of the delegation to prepare final suggestion on fast track so that the facilities of life and health insurance could be offered to its beneficiaries as soon as possible. Meanwhile, Around three million poor families, enrolled under Benazir Income Support Programme (BISP) so far, are getting cash grant across the country after effective and transparent identification. At the initial stage, 2.4 million beneficiaries were registered through parliamentarians. However, the forms distribution through parliamentarians was stopped to ensure transparency and poverty survey was initiated in 16 districts on pilot basis under which 0.7 million families were found eligible for receiving cash grant, an official of BISP told APP. The `Poverty Scorecard' of international standard is being used to ascertain the number of poor families across the country, the official said. In compliance with Aghaz-eHaqooq-Balochistan, the poverty survey has been completed in the province and the data entry of deserving families is under process through NADRA. -APP
Prudential near deal to buy AIG’s Japan units NEW YORK: Prudential Financial Inc is nearing a deal to buy American International Group Inc's two life insurance units in Japan in a deal expected be worth $4 billion to $5 billion, the Wall Street Journal reported. A deal could be reached in a few days, but it could still derail, the Journal said, citing unnamed sources. Prudential has been in intermittent talks with AIG about the Japanese units -- AIG
Edison Life Insurance Co and AIG Star Life Insurance -- for a long time. Last October, AIG said it would not sell the two units, but changed its stance earlier this year. AIG, which is nearly 80 per cent owned by the US government and is trying to dispose of assets to repay taxpayers for a massive bailout, declined to comment. Prudential was not immediately available for comment. Reuters
proposed for US health insurers WASHINGTON: Health insurers should be able to exclude most federal taxes, but not all, in calculating spending rates to meet new healthcare law requirements, an insurance advisory group has proposed. Under a draft plan released on Thursday, insurers would be allowed to deduct nearly all federal and state taxes except for federal income taxes on investment income and capital gains in making their calculations. "It's written the way insurers wanted it to be written, and so that is good for the insurers," said Amy Thornton, an analyst at Concept Capital's Washington Research Group. The Healthcare law, passed in March, sets strict limits on how insurers allocate customers' premium dollars toward medical care versus administrative costs and profits, spending levels known as the medical loss ratio (MLR). MLR is seen by Wall Street as an important indicator of a company's profitability. The new limits are due to go into effect in January. Insurance companies have urged broad definitions that they say offer flexibility to provide better care while strict rules could force some to exit the market. Consumer advocates and Democrats want tighter limits to ensure that insurers spend enough on patient claims. The plan was put forth by a committee at the National Association of Insurance Commissioners (NAIC). NAIC is comprised of state insurance commissioners from across the country. NAIC spokesman Jeremy Wilkinson said the plan was a draft of what the organization intends to give the US Department of Health and Human Services (HHS). It must be finalized by the NAIC and formally adopted by HHS. Under the Healthcare law, large insurance plans must spend 85 cents of every premium dollar on health care while smaller plans can spend 80 cents on the dollar. Ipsita Smolinski, a healthcare analyst for Capitol Street, said NAIC's proposal contained no major surprises and gave insurers "a fairly generous definition" of what counts as medical expenses that can raise the quality of care. In its proposal, NAIC said medical expenses aimed at health quality "must be directed toward individual enrollees" and "should not be designed primarily to control or contain cost." NAIC released its proposal on its website. -Reuters
MS&AD convincing Asian insurers to buy stakes TOKYO: MS&AD Insurance, Japan's largest property-casualty insurance firm, is talking with several life insurers in Asia about buying a stake in them as it aims to tap the region's growing economies. "We are in talks with insurers in some Asian countries about taking stakes in them. We hope to conclude talks (with at least one of them) by the end of this financial year," Masaaki Nishikata, managing executive officer at Mitsui Sumitomo Insurance, a core unit of MS&AD, told Reuters in an interview. The company and its smaller rivals Tokio Marine Holdings and NKSJ Holdings are accelerating
their overseas expansion as Japan's 8 trillion yen ($94 billion) propertycasualty insurance market faces weak growth prospects. Insurers say a strong increase in ownership of homes and cars -- the two biggest items for insurance coverage -- is unlikely amid Japan's ageing population. "The difference in growth (between Japan and other parts of Asia) is very clear. We will grow in a growth market," Nishikata said. While MS&AD has not set a specific amount ready to spend on acquisitions, he said the firm has spent around 200 billion yen ($2.35 billion) over the past seven years on
overseas investments, and can spend around that amount over the same time frame going forward. Nishikata said given restrictions on foreign ownership, investments in Asian insurers might start with minority stakes but the firm wants to have majority stakes eventually. MS&AD was created in April through the merger of three insurance companies, becoming Japan's top property-casualty firm in terms of net premiums written. Nishikata said it has established its property-casualty business in Asia to a certain degree and now wants to expand its life insurance operations in the region, either by
acquiring local firms or teaming up with them. He said MS&AD is also interested in insurance firms in Europe and the United States, although these mature markets have less growth potential than Asia. RACE TO EXPAND OVERSEAS MS&AD bought Aviva's propertycasualty insurance operations in Asia for 65 billion yen in 2004, which propelled the Japanese company into a league of major nonlocal players in many of the region's markets. Earlier this year, it acquired a 30 per cent stake in the life insurance
business of Malaysia's Hong Leong Financial Group for 940 million ringgit ($304 million) and merged their non-life operations in the country. But Tokio Marine has been the most aggressive in the Japanese industry in overseas expansion, spending $4.7 billion to acquire US insurer Philadelphia Consolidated and 442 million pounds ($692 million) to buy Kiln, a Lloyd's of London insurer, in 2008. For the current financial year ending in March, MS&AD forecasts net profit from its overseas operations of 18 billion yen, while Tokio Marine expects its overseas opera-
tions to generate 50 billion yen. Natsumu Tsujino, an analyst at JP Morgan, said investors have been paying attention to overseas expansion by Japan's top property-casualty insurers, which has been reflected in their share prices. "In terms of price to adjusted net asset value ratio, Tokio Marine is about 0.6, whereas MS&AD and NKSJ are about 0.5," she said before the interview. "Since there are many who choose Tokio Marine for its overseas business, some investors even think the gap (between the firm and its two rivals) can get bigger," she said. .Reuters
Ferrari F1 driver Fernando Alonso of Spain leads the pack at the start of the Singapore GP
9
Monday, September 27, 2010
UK tennis star pulls out over health concerns LONDON: Britain's number one tennis player Elena Baltacha has withdrawn from the Commonwealth Games in Delhi because of concerns about disease and hygiene. The 27-year-old Scot, ranked number 50 in the world, has a liver condition linked to her immune system and pulled out of the event after reading about the outbreaks of dengue fever. "After a lot of thought and discussion, I have taken the heartbreaking decision to withdraw from the Games," she was quoted as saying by the BBC on Saturday. "Conditions in Delhi are such that going there would pose too high a risk to my health," added Baltacha who would have been a medal contender at the Games. "At the age of 27 and after many years of hard work, I am now playing the best tennis of my career and I cannot afford to jeopardise that by getting ill. "I suffer from a liver condition which is linked to my immune system and makes me susceptible to picking up infections.-Reuters
INDIA MAKES A GAME OF ITSELF
NEW DELHI: Paramilitary soldiers stand as they are briefed at the airport.-Reuters
NEW DELHI: Workers removed rain water, scraped dirt and painted walls at the Commonwealth Games Village on Sunday as India raced to address complaints of filth and hygiene a week before the start of the showpiece event. The Games were supposed to enhance India's image of a rising power, but shoddy construction, filthy accommoda-
tion and security fears have underlined governance and accountability issues, hurting the runaway pride of Asia's third largest economy. Several top athletes, including world champion sprinter Usain Bolt, have pulled out, taking away some of the shine from the event held every four years for former British colonies.
Two more Australian athletes, cyclist Travis Meyer and table tennis player Stephanie Sang, pulled out on Sunday. This comes a day after Britain's number one tennis player Elena Baltacha withdrew because of concerns about disease and hygiene. On Sunday, Indian organising committee officials met to review the work at the Games
Corruption destroying dignity of sports LONDON: Corruption in sport destroys the credibility of the afflicted game, erodes spectator support and jeopardises commercial contracts. Its particular evil, as the recent one-day cricket series between Pakistan and England demonstrated, is to fracture the unwritten contract between athlete and spectator. Sport loses all meaning if it is not played within an agreed set of rules. Distrust and rancour, including open hostility between the teams, accompanied the Pakistanis throughout their seven one-day matches against England, culminating in a clash between England batsman Jonathan Trott and Pakistan fast bowler Wahab Riaz in the nets at Lord's. The bad feeling followed the suspensions of Pakistan test captain Salman Butt and his two leading pace bowlers Mohammad Amir and Mohammad Asif after newspaper reports that they arranged for no-balls to be deliberately bowled in the fourth test against England at Lord's last month. The trio have maintained that they are innocent of spotfixing, an offence which carries a maximum life ban. They and Riaz have also been questioned by police.
Spot-fixing, or manipulating individual incidents within a match for financial gain, may not necessarily alter the outcome of a match. But it is an insidious disease which, when detected, creates a poisonous atmosphere of suspicion and distrust. Although athletics remains the central sport of the summer Olympics, it has suffered a probably irreversible slump in popularity outside its European strongholds after a series of doping scandals showed spectators could not believe what they were seeing. Its supporters could at least argue that track and field athletes take banned drugs to enhance their performances, unlike corrupt cricketers who cheat fans by taking money to deliberately under-perform. The 2000 match-fixing furore, after which international captains Hansie Cronje (South Africa), Salim Malik (Pakistan) and Mohammad Azharuddin (India) were banned for life led to a rash of ill-informed articles about the besmirching of a noble game. LORD'S BOOKMAKERS In fact the game was partly founded in gambling, as noted by cricket historian Rowland Bowen, whose 1970 book "Cricket. A History of its
Growth and Development" is a masterly riposte to some of the more sentimental nonsense peddled about the game's inherent moral superiority over other sports. "There have been always been different kinds of gambling in the game," Bowen wrote. "The harm came when individuals started backing themselves or their teams or when others started 'selling' matches. "Some attempt was made to suppress the evil, at Lord's, in the early 1820s but it cannot have been successful or permanent, for bookmakers were still at Lord's 50 and 60 years later and of course almost to the end of that time players were accused of selling matches." Former Pakistan captain Rashid Latif, who gave evidence to the Pakistan judicial inquiry into match-fixing first convened in 1998, said match-rigging had to be viewed in the wider context of acknowledged malpractices in, for example, horse racing and soccer. "To me, it (match-fixing) started from horse racing, where the jockey controls the horse," Latif said in an emailed response to questions from Reuters. "Coming back to cricket the
increasing number of Twenty20 matches has in fact raised the amount of doubts and I feel the situation has got worse from that of the 1990s." Latif, who has accepted a role as coach of Afghanistan after criticising the Pakistan Cricket Board's (PCB) handling of the spot-fixing scandal, said part of the problem was that no player could be sure of his place in international cricket. "Look, every sportsman wants to secure his future as no one can guarantee that he would be kept in the team for a certain period therefore when he is offered a sum of money which would be equivalent to accumulated earnings of the next five years then naturally he would get attracted to the offer," he said. "If a player is selfish, he would be easily trapped. And in view of my own experience a top player is more selfish then an ordinary one." Before the latest crisis erupted, the outgoing head of the International Cricket Council's (ICC) AntiCorruption and Security Unit, Paul Condon, made some prescient comments before handing over to another former policeman in Ronnie Flannagan.-Reuters
Village where masons plastered walls while workers struggled to dry out the basement of the Village which sits on the flooded plains of the Yamuna river. "All finishing work is going on in full swing," Dalbir Singh, mayor of the Games Village where the athletes will stay, told Reuters. "It's a world class facility with some minor issues and work is going on to fix those problems." Indeed, most of the 34 apartment blocs are gleaming and spacious and fitted with Italian marble. But much of what is good about the facility has been overshadowed by athletes' complaints of filth and unfinished work in some of the living quarters. While the Games finally seem to be coming together after the intervention of Prime Minister Manmohan Singh, glitches remained. BED COLLAPSE, TOBACCO SPIT The Times Now news channel said about 150 apartments out of the 1168 built for athletes were unliveable. Indian
National Jr Squash tourney kicks off PESHAWAR: National Junior Age Group Under-11 and Under-13 Squash Championship qualifying round got under way here at PAF Hashim Khan Squash Complex on Sunday. District Manager PIA and Senior Vice President Ihsanullah Khan was the chief guest on this occasion who formally inaugurated the Championship in which players from all across the country are taking part. Former World Champion Qamar Zaman, who is also Secretary of the Khyber Pakhtunkhwa Squash Association, formally inaugurated the Championship being played in two different age groups like Under-11 and Under-13. In the qualifying round Yasir of Punjab, Muhammad Hamza of Punjab, Samiullah of Punjab and Umar of Khyber Pakhtunkhwa moved to the main round of the Under-11 categories before registering victories against their respective rivals. In the 13 category, Shehzad of Punjab, Shehzad Khan of Khyber Pakhtunkhwa, Asfandiyar of Khyber Pakhtunkhwa and Aurait Khan of Punjab also took berth into the main round before playing the qualifying round.-APP
boxer Akhil Kumar was in shock when his bed caved in on Saturday. It was found the mattress had just been placed on the bed frame without any support beneath. "Labourers have done a very bad job. They had spit 'paan' (chewing tobacco) on the walls, stains of which are almost unremovable," Lalit Bhanot, secretary general of the Games organising committee, told Reuters. "We are identifying rooms which are dirty and shutting them down. But we have adequate rooms so there is nothing to worry." The Games are estimated to have cost $6 billion (3.8 billion pounds). India was awarded them in 2003 but did not begin proper preparations until two years ago. Michael Fennell, chief of Commonwealth Games Federation, has said India's image has taken a beating. Athletes from 11 countries have arrived so far and contingents from seven more nations, including New Zealand and Canada which had delayed their arrival, are expected on Sunday.
The English team, which had checked into hotels because their accommodation was not ready, began moving some support staff into the Village on Sunday. The athletes will follow on Monday. India had hoped to use the Games to display its growing global economic and political influence, rivalling neighbour China which put on a spectacular 2008 Beijing Summer Olympics. Instead, they have become a major embarrassment for the world's largest democracy, where infrastructure projects have progressed slowly and are a drag on economic growth. Desperate officials on Friday asked the Indian Army to build a temporary bridge to replace the $1.1 million footbridge that collapsed last week. The bridge, providing access to the main Jawaharlal Nehru stadium, should be finished within five days. The bridge collapse and a suspected militant attack on two foreign visitors threw the Games into crisis. An outbreak of dengue has only compounded worries.-Reuters
Watson, Katich power Aussie tour start CHANDIGARH: The Australians had a satisfactory first day of cricket on their tour of India. Two of their batsmen scored centuries without much fuss, and two others seemed on the way. On a pitch that was expectedly slow, thanks to unseasonal rains until earlier this week, Shane Watson and Simon Katich hardly looked like getting out, and Ricky Ponting and Michael Clarke followed suit with an unbroken 87-run partnership. It is unlikely now that Australia will consider splitting Watson and Katich at the top during this tour. The first day of the game didn't bring any good news for India. Not only did the tourists look in form, India's two Test bowlers - Sreesanth and Pragyan Ojha - bowled 34 overs without a wicket. Apart from bowling 13 unimpressive overs and sliding down the leg side often, Sreesanth let slip four boundaries in the field. The first of those could have been a catch at backward point. The last left him grimacing with a cramp in the calf, and he hobbled off the field, with the new ball just around the corner. However, he is likely to bowl on the second day. Ojha, too, seemed to have picked a stomach ache in the afternoon session. That Ojha,
who was strictly steady, was the pick of the bowlers says how good the day was for the Australians. The only time their balcony looked concerned - and that too mildly - was when a bus tyre went flat outside the stadium with a loud explosion. Even that ended with some in their support staff taking pictures. By then, without any explosiveness, their openers were entrenched in the middle. Katich, who was quicker than Watson, didn't make the smoothest of starts, though. He had trouble adjusting to the slowness of the pitch, and his bat face closed early on a few occasions when facing the left-arm seamer Jaidev Unadkat. Apart from that, none of three fast bowlers posed any threat. Neither of the openers was made to play straight, and neither was looking to take any risks. Katich looked more comfortable against spin than Watson. He was quick to late-cut, and flick into the leg side with both spinners turning the ball into his pads. Watson was beaten on a few occasions by Piyush Chawla's legbreaks. Ojha bowled tightly - his 21 overs went for just 23 - and had a couple of close lbw shouts against Watson, but the batsman was well forward on both occasions.-Online
Tavez scores the 1-0 winner
Man City halt Chelsea charge LONDON: Leaders Chelsea failed their first serious test of the Premier League season on Saturday when a Carlos Tevez goal gave Manchester City a 1-0 home win over the champions who were unstoppable in their opening five matches. A day after City manager Roberto Mancini suggested Chelsea's title defence would be a cruise, his side begged to differ and clinched victory thanks to Tevez's 59th minute solo goal, his fourth in his last three matches against Chelsea. Arsenal could not capitalise on defeat for their London rivals, however, as they surprisingly went down 3-2 at home to West Bromwich Albion despite two late goals from Samir Nasri. Chelsea, who failed to score in the league for the first time since last December, are top with 15 points but Manchester United can cut the gap to a point if they beat Bolton Wanderers
on Sunday. Arsenal and City have 11 with West Brom fifth on 10. Everton slumped to the foot of the table after a 0-0 stalemate at Fulham while the gloom at Anfield deepened as Liverpool drew 2-2 at home to Sunderland thanks to a highly controverisal Dirk Kuyt opener and a Steven Gerrard equaliser. After the match Liverpool fans, angry after only one win in their team's opening six matches, staged a sit-down protest against the club's American owners. West Ham United moved off the bottom with their first victory of the season, beating visiting London rivals Tottenham Hotspur 1-0. Blackpool lost 2-1 at home to Blackburn Rovers while Birmingham City versus Wigan Athletic ended scoreless. Mancini's expensively assembled Manchester City side would have fallen 10 points adrift of Chelsea had they lost the lunchtime kickoff but the
Italian won the tactical battle over compatriot Carlo Ancelotti who was critical of his players. "We didn't play how we wanted," he told Sky Sports. "We weren't able to use our quality and were too complicated. City performed well in midfield and won a lot of tackles and they deserved to win." SUBDUED CHELSEA That said, City offered precious little in attack during the first half but importantly succeeded in subduing a Chelsea strikeforce that had laid waste to defences so far this season with 21 league goals in a riproaring five-match run. Tevez was a peripheral figure as Chelsea looked the more likely side to break the deadlock but he provided one individual moment of real quality as the hour mark approached. There seemed no danger when Yaya Toure received the ball in his own half and passed to Tevez but the
Argentine was surprisingly allowed to run unimpeded towards the Chelsea goal. He jinked to the right and lashed a shot through the legs of Ashley Cole and beyond Petr Cech's despairing dive. Chelsea, for whom defender Branislav Ivanovic headed against the woodwork in the first half and Nicolas Anelka went close early in the second, never really looked like equalising and it was puzzling when Didier Drogba was substituted by Ancelotti. "It was tactical, I felt we didn't have enough pace in the attacking half," the Chelsea manager said. Mancini praised his back four. "Our four defenders played like four brothers - they were so compact and strong, and it wasn't easy," he said. "If you let Chelsea have space they will score goals, but we defended very, very well today."
Arsenal had not lost at home to West Brom for 27 years but found themselves 3-0 down as the visitors, who also missed a first-half penalty
at 0-0, scored through Peter Odemwingie, Gonzalo Jara and former Gunners player Jerome Thomas.-Reuters
BOLTON: Manchester United’s Owen heads the ball to score during Premier League match against Bolton Wanderers at the Reebok Stadium.-Reuters
10
Monday, September 27, 2010
Iran “attack� points to rising cyber warfare risk
l Experts see Stuxnet as state-backed attack on Iran l Deniability at heart of cyber war appeal l Some fear rising threat of great power cyber conflict
W
e may never know for sure whether the Stuxnet computer worm was really a state cyber strike on Iran's nuclear facilities, but hard-to-trace computer attacks look set to be a feature of 21st-century warfare. Western experts say the worm's sophistication -- and the fact that some 60 per cent of computers infected looked to be in Iran -- pointed to a government-backed attack. Some speculated Iran's first nuclear power station, at Bushehr, may have been targeted, perhaps by Israel. But proving that is another thing altogether. Analysts say most major states -- particularly China, Russia and the United States -- have invested considerably in cyber warfare and defence in recent years, but details are inherently sketchy. "Attribution is extremely difficult in cyber attacks," said Derek Reveron, a cyber warfare expert at the US Naval War College in Rhode Island. "Given how data moves around the world, determining the point of origin is difficult. Then there is the difficulty of determining if it was state-sponsored or not." That, of course, is a key part of their appeal. Russia was widely blamed for cyber attacks on Estonia in 2007 after a dispute over a statue of a World War Two Russian soldier as well as Georgia during its 2008 war. But nothing was ever proven, and some pointed to "patriotic hackers" operating independently rather than government agencies themselves. ONLINE ARMS RACE? What most experts do
agree is that the increased reliance on computer systems for essential national infrastructure means such attacks are increasingly damaging. Lights could be turned off, streets turned to gridlock by targeting traffic light control systems, satellites blinded and warships left dead in the water.
sorship, is also believed to offer some defence against cyber attacks. In his 2010 book "Cyber War", former White House cybersecurity expert Richard Clarke sketches out a nightmare scenario in which online attacks bring the US to a standstill -- and the experts can't even tell which country attacked them.
In his 2010 book "Cyber War", former White House cybersecurity expert Richard Clarke sketches out a nightmare scenario in which online attacks bring the US to a standstill -- and the experts can't even tell which country attacked them Partly as a result, cyber warfare is seen as a particularly appealing option for countries that remain far outmatched by the conventional military might of the US North Korea is seen as having particular advantages in any cyber confrontation -- its own national computer infrastructure is so outdated that there would be little if anything for South Korea or US cyber warfare experts to counter-attack against. China's "great firewall", usually associated with cen-
He says he believes the United States, China and others are already hacking into each other's critical national systems, burying "logic bombs" and other attack software in the event they are needed -- something he compares to the arms race and mechanisation that preceded World War One. "Invisibly, military units from over a score of nations are moving into a new battle space," he writes. "Because the units are unseen, parliaments and publics have not
noticed the movement of these forces... With attention divided elsewhere, we may be laying the groundwork for cyber war." Even if such a doomsday scenario never unfolds, most experts believe hacking is already taking its place alongside air strikes and special forces as tools for limited military activity. COMMERCIAL E SPIONAGE "It may prove to be a useful tool in Syria in the long term, assuming Damascus pushes ahead with its suspected nuclear program and Hezbollah is so well armed -
- it already owns more rockets than most states -- that Israel would think twice before launching air strikes ... as it did in 2007," said Maplecroft political risk analyst Anthony Skinner. However, there is no guarantee that a state subject to a cyber attack -- even if was never able to categorically prove the source -- might not retaliate in either a covert or open military way against those it is believed were responsible. It's not just about attacks. Experts say the main use of cyber capabilities by most countries is for hacking and
spying, either for counterterrorism or commercial reasons. Authoritarian emerging states such as China and Russia are both frequently accused of using state spies to help government-linked businesses -- and many analysts suspect Western countries have been guilty of the same as well. Few see that changing. "States will continue to develop more sophisticated asymmetric -- and deniable - cyber and information attacks," said Jonathan Wood, global issues analyst at Control Risks. "Some of these may be used for strate-
gic and military aims, others for commercial or diplomatic espionage." But so far, experts say cyber attacks have been limited to data theft or deletion. They have yet to come close to the physical damage of simply blowing something up the old-fashioned way. "To my knowledge, there is no case of a cyber attack leading to physical destruction," said cyber warfare expert Reveron. "It is certainly possible and drives much thinking about cyber defence. But so far, there aren't any cyber "super weapons"." -Reuters
Japan FX action won’t stop China diversification
J
apan's efforts to weaken the yen may cause China some pain as it seeks to diversify its foriegn exchange reserves into Japanese debt but Beijing has little option but to press on with the investment. China has long said it wants to diversify its foreign exchange reserves, which are mainly in dollars. With the US economy facing a slowdown and the euro zone having sovereign debt problems, Chinese reserve managers have little choice but to keep investing in Japanese assets even if Tokyo, whch intervened last week to weaken the yen, acts again. "Of course, the Chinese will have to take some pain if the yen starts weakening," said Simon Derrick, head of currency research at Bank of New York Mellon. "But even if they do, I think this process of
diversifying into yen assets will continue, because they want to put more eggs in their basket." Recent trends suggest China is buying more yen assets and moving away from US debt. Data shows Chinese net buying of Japanese debt has surpassed 1.7 trillion yen ($20.14 billion) this year, easily beating its record of 255.7 billion yen in 2005. At the same time, China has cut back slightly its vast holdings of US Treasuries, from $894.8 billion at the start of the year to $843.7 billion in June, though Beijing remains the biggest single holder of US government debt. China's forex reserves, the world's largest at $2.45 trillion, are 65 per cent in dollars, 26 per cent in euros, 5 per cent in sterling and 3 per cent in yen. With the yen appreciating more than 9 per cent this year, the shift
away from US debt to Japanese debt will have generated good returns but some of the shine could come off as the Japanese authorities try to drive the yen lower. Japan spent a estimated record $23 billion on Sept. 15 to weaken the yen, toppling it from 15-year highs against the dollar. The Japanese warned of more unilateral intervention, triggering speculation the yen could cede more ground. After Japan's last intervention, in 2004, the yen fell to a low of 121.40 yen in December from 101.67 yen in January 2005. "I don't think that the Chinese are in it with a currency view," said Derek Halpenny, European Head of Global Currency Research at BTM-UFJ in London. "They will continue buying Japanese debt even if the yen were to change course."
SHORT-TERM BILLS China bought a net 640.8 billion yen in short-term Japanese bills in July. In contrast, Chinese investors were net sellers of medium- to long-term Japanese bonds. "The Chinese are buying Japanese money market instruments and short term debt simply because of the low opportunity costs and the fact they need to deploy the cash from the sale from their US Treasuries holdings somewhere," Halpenny said. He said the cost of holding Japanese three-month t-bills worked out to 11 basis points while the cost for holding a similar tenor US instrument was around 15 basis points. But China's move to increase holdings in Japanese debt has stirred concerns among Japanese policymakers. Japan's Finance Minister
Yoshihiko Noda said it was not known why China was buying more short-term Japanese government securities but Tokyo was keeping in contact with Chinese authorities to confirm what was behind the move. Despite the rhetoric and political tension, including over a Chinese trawler captain at the heart of a territorial row between the two countries, analysts say growing trade ties between China and Japan and worries about the US economy will keep the Chinese interested. REST OF ASIA Since Japan's exports to Asia are mostly yen-denominated, it makes sense for China, a rising consumer of Japanese goods, to hold enough yen to cover months of imports. "I also think the liquidity and the depth that the Japanese bond market has is an added advantage. So the yen will remain an attraction
for the Chinese," said Gareth Berry, currency strategist at UBS, Singapore. After Japan, the next target for such flows would be Asia as China buys other regional trade partners' currencies. Australia is a potential destination but a government bond market of only about $228 billion may limit Chinese purchases. By contrast, the Japanese debt market is $9.7 trillion in size and the US market totals $9.5 trillion, Bank for International Settlements data shows. Chinese investors also increased holdings of South Korean bonds in the first seven months of the year. "The Chinese have had their nagging doubts about the US economy," said Bank of New York's Derrick. "They will take every opportunity to diversify away from the US dollar." -Reuters
Are lawmakers or lawbreakers winners of Afghan poll?
F
aint hopes that Afghanistan's fledgling parliament would hold President Hamid Karzai to account are evaporating after another violent, fraud-tainted election likely to produce an assembly as ineffective as its predecessor. Without any need to court parliament or worry that it will present a challenge to him, Karzai will again be able to essentially rule as he pleases, analysts say. The stench of graft and vote-buying surrounding the Sept. 18 poll is not likely to help perceptions of the Afghan government, either among Karzai's Western backers or the millions of Afghans who have tired of corruption and politicians they see as out only for themselves. The 2009 presidential poll helped reinforce that perception.
"It's no question a few democrats ran, men and women, but I am sure most of them will not win. A few of them, maybe they will win to make a showcase of democracy," former parliamentarian Malalai Joya said. "The same like the last parliament, most of them will be lawbreakers not lawmakers," said Joya, whose vocal criticism of former warlords in the parliament led to physical attacks and eventually a three-year suspension from the legislature in 2007. Counting is still under way after the election to decide the 249 seats of the wolesi jirga, or lower house of parliament, after nearly 2,500 candidates competed in a poll beset by Taliban violence and complaints of election violations of every stripe. The final result is not expected
until at least Oct. 30, but analysts expect a familiar pattern to last year's presidential election, which Karzai won despite having more than a third of his votes thrown out as fake. Washington considers curbing corruption in Karzai's administration integral to plans to eventually withdraw troops, the speed and scope of which is expected to be examined in US President Barack Obama's strategy review in December. Analysts say graft brews public disdain that favours the Taliban, weakens Karzai's legitimacy and crimps the government's ability to build up the institutions it needs to rule the country effectively, especially its security forces. "These parliamentary elections
were more or less like a non-event and nothing is going to change, at least structurally," Eurasia group analyst Maria Kuusisto told Reuters. GRAFT, PATRONAGE Parliament's normal modus operandi, as a body more rooted in traditional Afghan politicking than its modern legal structure suggests, is one where ethnicity, religion, patronage and ideology create ad hoc alliances. This allows for some muscle-flexing by the assembly, but there is no real bloc to present a united front against Karzai. "The parliament has, in its own sort of random way, been a body that hasn't been fully controlled, and sometimes that's meant it's a check and sometimes it has complicated things," said Martine Van Bijlert,
co-director of the Afghan Analysts Network, told Reuters. "I expect that to continue, because Afghan politics are so complicated and negotiations are constantly ongoing," she said. The wolesi jirga has stood up to Karzai before, first by rejecting a host of his cabinet nominees in December and January, then in March by voting against his decree removing one foreign observer from the Electoral Complaints Commission. But Wahid Mujdah, an Afghan writer and analyst who served in the foreign ministry under the Taliban, said the outgoing parliament had a bit more teeth than the incoming one, because the previous parliamentary election hadn't been as bad. "This was not a very fair and good
election, because some people thought of the previous election, and thought of fraud and that the ballot boxes will be stolen. With the insecurity, that meant it was not worth the risk," he said. The poll is likely to have had the lowest turnout of the four national votes since US-backed Afghan forces ousted the Taliban in 2001, with a total of about 4.3 million votes cast. There was more room for intimidation, vote-buying and misconduct by election officials in this vote versus the 2005 parliamentary poll, Mujdah said, because poor security meant fewer international observers. "I think the first parliament was better than the second will be. The quality of people won't be as good," he added. -Reuters
Abbas says no quick halt to peace negotiations
Indian security personnel patrol at a shopping arcade ahead of Commonwealth Games in New Delhi. Reuters
Tropical depression Matthew weakens, dumps heavy rain GUATEMALA: Tropical Depression Matthew weakened sharply over Central America on Sunday and spared Guatemala from major damage, but heavy rain still threatened waterlogged sugar and coffee farms. Guatemalans in the eastern jungle region waded through flooded streets carrying children and belongings on their shoulders and rescue workers worked to open roads blocked by small mudslides, but the storm's impact appeared to be light. "Up to now there have been no reports of deaths or wounded," said Alejandro Maldonado, a senior official at Guatemala's emergency services, who added that some 500 people had been evacuated from eastern towns. Rescue workers in Guatemala and the southern Mexican state of Tabasco remained on alert as river levels rose. Honduran authorities evacuated some 3,660 people from the area around the
country's main manufacturing city, San Pedro Sula, which was hit by Matthew as it powered along Honduras' Caribbean coast on Friday. Honduran factories exporting to the United States avoided flooding, but grain and banana crops were damaged as rivers burst their banks. There were few immediate details of the extent of the damage. "The floods are stretching across Sula, reaching towns and grain and banana plantations," government emergency services spokeswoman Corina Mejia said. The storm's maximum sustained winds decreased to near 25 mph (35 kph) on Sunday, the U.S. National Hurricane Center said. But it warned of continued heavy rains. Matthew could dump up to 20 inches (50 cm) of rain in some areas of southern Mexico and eastern Guatemala. Mexico's oil ports were open and operating normally on Sunday. Coffee and sugar farmers face rain on fields already
11
International & Continuation
Monday, September 27, 2010
clogged from this year's active hurricane season. Growers worry that rain from Matthew could delay the start of coffee and sugar harvests. Sugar losses might be serious because cane fields are still flooded from earlier rains. Coffee trees also risk disease and fungus from too much moisture. Central America produced 4.43 million tonnes of sugar in the 2009/10 harvest and was hoping for a larger crop this year. Matthew's rains, if they last for days, could start affecting coffee in Guatemala. Matthew reached Nicaragua's coast on Friday, moved along the Honduran Caribbean and hit Belize and Guatemala. More than 260 people have died in Guatemala so far this year in mudslides and flash floods. In 1998, Hurricane Mitch tore through Central America, killing more than 11,000 people. It was the second most deadly storm on record.-Reuters
JERUSALEM: Palestinians would not immediately end peace talks with Israel if it did not extend a 10-month limited settlement moratorium expiring on Sunday, Palestinian President Mahmoud Abbas was quoted as saying. In another sign that a way could be found out of a crisis threatening negotiations that began less than a month ago, Israeli Defense Minister Ehud Barak said there was more than an even chance the peace process would continue. Abbas has said repeatedly he would walk out of the talks with Israel unless the partial halt to building remained in place. Palestinians view Israel's settlements as a formidable obstacle to statehood. The moratorium, which Israeli Prime Minister Benjamin Netanyahu has said would not be extended, expires at midnight. Asked in an interview with the pan-Arab newspaper alHayat whether he would declare an end to the negotiations if the freeze did not continue, Abbas said: "No, we will go back to the Palestinian institutions, to the Arab follow-up committee." He was referring to an Arab League forum that gave him the go-ahead to pursue US-brokered direct peace talks with Israel that began in Washington on September 2. Nabil Abu Radainah, an Abbas spokesman, told the Palestinian newspaper alAyyam that Abbas had called for a meeting of the follow-up committee "within days" in Cairo. The al-Hayat interview, published on Sunday, was conducted on Friday. Abbas and Palestinian officials with him, due in France for an official visit on Sunday, were not immediately available for comment. President Barack Obama has urged Israel to continue the freeze, but Netanyahu, whose coalition is packed with prosettler parties, has offered only to limit the scope of renewed building. "I think that the chance of achieving a mutually agreed understanding about (a) moratorium is 50-50," Barak said in a BBC interview in New York. "I think that the chances of having a peace process is much higher." Israeli officials, including Barak, and Palestinian officials met US diplomats in New York at the weekend to try to find a solution and to prevent the much-heralded negotiations falling at the first hurdle.Reuters
China praises its growing transparency in rights report BEIJING: China cited increased government transparency via the Internet and reforms in the police and judicial sector as its main areas of progress in human rights in the past year, in a white paper released on Sunday. China has long countered what it calls Western concepts of individual rights by saying it offers its vast population improving access to basics like food, housing and education. "The overall cause of human rights has been promoted in an all-round way," said the ninth white paper on human rights published by the State Council Information Office. It cited government bodies' increasing use of websites to announce policies, seek public comment and solicit public complaints over corrupt or negligent officials. China earlier this year accused the United States of hypocrisy when the US criticized China's Internet censor-
ship and filtering of content deemed sensitive by the ruling Communist Party. Thousands of Chinese government bodies are now online, from rural townships to the powerful ministries in Beijing, offering an unprecedented amount of information to netizens. Economic policy and other topics are also increasingly a topic of debate online and in the Chinese media. But criticism of senior officials, important policies or government handling of certain sensitive matters, like disaster response or policies in minority areas is still quickly expunged by an army of censors. "China doesn't need a white paper on human rights, it needs enforcement of human rights already guaranteed by domestic and international law and an end to the official tolerance of government officials, security forces and their agents who abuse human rights with impunity," Human
Rights Watch Asia advocacy director Sophie Richardson said in an emailed statement. The white paper also praised a number of reforms of the past year. These include restrictions on police use of torture while investigating people and increased openness in the judicial process. Many of the reforms have followed netizens' outrage over wrongful convictions and deaths in custody. Procuratorial organs "resolutely prosecuted crimes infringing citizens' human rights committed by officials making use of their positions," the report said. It mentioned 478 officials who were investigated for "illegally taking people into custody," sabotaging elections, retaliation and false accusations. The report also cited central government initiatives in expanding the social security network and extending access to basic medical insurance into the countryside sectarian. Reuters
Miliband backs "cautious" deficit cuts LONDON: Britain's new opposition leader Ed Miliband said on Sunday he supported "cautious" cuts in the budget deficit, saying government plans for spending cuts were economically dangerous and could inflict huge damage on society. Miliband, who beat his older brother David by a wafer-thin margin in an election to lead the Labour Party on Saturday, also called for higher taxes on banks and said the former Labour government's backing for deregulation of banks had been wrong. Miliband, a former cabinet minister, said he accepted the need for some cuts in public spending. He said he saw the proposal on which Labour fought and lost the May election -- to halve Britain's record peacetime deficit in four years -- as a "starting point" but indicated he would give more of a role to tax rises rather than spending cuts. The Conservative-Liberal Democrat coalition, which took office in May, ending 13 years of Labour rule, has gone
much farther than Labour, setting out plans to virtually eliminate the deficit by 2015. The coalition's plans were "economically dangerous and there are warning signals in our economy," Miliband said, adding he did not agree with Prime Minister David Cameron that the Britain was out of the danger zone. "They (the coalition) want to say the only thing that matters in our society is to eliminate the structural deficit over the next four years," Miliband said in an interview with the BBC's Andrew Marr. "I don't agree with that because ... that will inflict huge damage on our communities." "Deficit reduction 'yes', but at a cautious pace and in a way that is going to help our economy not hinder it," he said. Asked about former Labour chancellor Alistair Darling's plan to cut the deficit in half over four years, Miliband said: "Broadly I think it is the right starting point. I am not going to oppose every cut that the coalition comes up with ... It wouldn't be responsible and it wouldn't be credible to say
we oppose every cut ... I will look at each of their proposals on its merits." "As far as Alistair Darling's plan is concerned, I think we should keep looking at that perhaps to see how we can improve it, so for example, I think we can do more on taxation from the banks," he said. "There will have to be reductions in public spending ... Alistair Darling's plan is our starting point as to the timing of the deficit reduction," he said. "Why is that important to take more from the banks? They caused the crisis, but also the government should be doing everything it can to protect people up and down this country who are relying on public services ...," he said. Deregulation advocated by the former Labour government was "absolutely not the answer" for the banking system, he said. "Now we've got to be reformers of the banking system, big reformers, and that is going to require a role for government in my view.".Reuters
CONTINUATION ical skepticism among Pakistanis about American motives in Continued from page 12 No #1 Dr Aafia Siddiqui was convicted of allegedly trying to kill South Asia, and this will require ceaseless engagement, energy and outreach. It will require wisdom and the ability to lisAmerican soldiers and FBI agents in Afghanistan in 2008. She was sentenced to 86 years in imprisonment on seven dif- ten. -NNI ferent counts including attempted murder. Continued from page 12 No #5 During the hearing, Siddiqui denounced the trial and said an Dr Sattar said, "If MQM were in power, then definitely it appeal would be "a waste of time. I appeal to God." breaks up all diplomatic relations with US". -Online "I want no bloodshed over my conviction and sentence," Dr Continued from page 12 No #6 Aafia, who was present in court, said after judge pronounced He cited an internal US report concerned with "inadequate of the sentence.-NNI monitoring and evaluation control." Continued from page 12 No #2 Ambassador-designate Munter agreed that further monitorNevertheless, he said, SAMA and other government depart- ing of assistance was necessary to ensure that the funds ments have been "very active" in coordinating over fiscal policy reached their intended recipients, but also expressed confito keep a rein on inflation. dence in the US Embassy in Pakistan's ability to do so. -INP Al-Rajhi forecast inflation falling off to a 5.5 percent annual rate Continued from page 12 No #7 by the end of the year. -APP not on any international no-fly lists and had cleared a secuContinued from page 12 No #3 rity check in Toronto, Canada. He did not resist when police the people of Jammu and Kashmir expect him to use his influ- took him into custody. ence to resolve the issue and exert pressure on India to acknowlInvestigators questioned the man at a police station, and he edge UN resolutions during his visit to the latter," said Sardar was later released. Attique in his appeal. Canadian police said they were investigating whether the A dispute-settled Kashmir can deliver immense peace dividends incident was a terrorism hoax. to 1.2 billion people of South Asia, he added. -Agencies Police said that no explosives had been found on the man. The alarm was raised after a woman in Canada contacted the Continued from page 12 No #4 He said the US was the first and the most in responding to authorities there from a payphone. -INP this crisis and providing more than $345 million with relief and recovery efforts so far, not to mention $50 million worth of in-kind assistance from the US military, including evacuating more than 15,000 people, delivering more than 7 million pounds of relief supplies. Ambassador designate Munter said Pakistan needs US support to overcome this terrible tragedy, and the United States will be a source of support in the years to come. He said the key point in Pak-US relationship is "We're in this for the long haul, as all of you have emphasised." He said the US will not only supply immediate humanitarian help, it will help Pakistani institutions so they will serve Pakistan well in years to come. The US will do all it can to increase transparency of the relief and recovery effort. He said while the US and international community will help, Pakistan must raise its revenues internally to pay for the needs of its people.He said there is need to overcome histor-
No #8
Continued from page 1
Sakhi Muhammad, Principal Appraiser Qazi Afzal, Assistant Commissioner Custom Javed Iqbal, Inspector Custom Sarwar Akhtar, Superintendent Custom Younas Butt, Inspector Custom Sherzad Khan, Inspector Custom Sajid Hussain, Ex-DG Housing & Works Iqbal Ahmed, Mureed Ahmad Baloch, Senior Auditor of Auditor General of Pakistan Muneeruddin, Chaudhry Abdul Razaq Bhatti, Account officer Shahamat Ali, Typist Tariq Mahmood, Senior Auditor Ali Abbas, Safdar Hussain, Ex-administer Minority Affairs Maj (R) Rashid Khan, Aleez Alam of Trade Development Authority, Riffat Askari Ex- Chairman of OGDCL, Manzoor Hussain Shah Assistant Director CDA, and two Patwri Farooq, and Muzzammil. -Online
No #9
Continued from page 1
implementation of the SC verdict on NRO and writing let-
ter to the Swiss authorities for reopening money-laundering cases against President Asif Ali Zardari, he said the president enjoys immunity. In a summary regarding reopening Zardari's cases, the government has stated that the cases have been closed and could not be re-opened; arguing that being supreme commander of armed force and part of the Parliament the president enjoys immunity. Analysts term the government attitude contempt of court and defying of the law. When asked whether or not the federal government will expel those ministers benefited from the NRO, PM Gilani pledged action against them and urged them to quit. "I urge all such ministers who benefited from the NRO, including Rehman Malik, to resign from their offices and leave the cabinet, defiantly action will be taken and the cabinet will be slashed, but let me take a break." Meanwhile during his visit to Sunday Bazar here Prime Minister said government is endeavoring to reduce the prices of daily use goods and he has directed provincial governments to make effective efforts to control the prices. He said for economic stability, political stability is imperative in the country. Gillani said that the electricity and water projects would be completed to provide hundred per cent jobs to our youth which would ultimately reduce the burden of the price hike. Furthermore, Prime Minister Yousuf Raza Gillani has decided not to appoint new ministers at newly two vacated seats in the federal cabinet. Well placed sources informed that Prime Minister has decided not to appoint new ministers at newly two vacated seats in the federal cabinet in accordance of the decision as suggested in 18th amendment to minimise the ministers' strength in the cabinet.
No #10
Continued from page 1
the net selling worth of $8.15 million. Moreover, Mutual Funds and NBFC also net ejected $2.29 million and $0.5 million respectively. Since the start of current year 2010, foreigners' net buying reached $377.1 million. While the cumulative net inflow of portfolio investment during the period of July 2010 to September 24, 2010 stood at $103.6 million.
No #11
Continued from page 1
the identical period last year. Likewise, oil and gas exploration companies have transferred $7.3 million profit/ dividend in 2MFY11 depicting an increase of 30.4 per cent against $5.6 million transferred in the same preceding period. On the other hand, major decline in repatriation came from food, chemical, trade, storage, fertilizer, textile and beverages sector. The majority of the sectors were badly affected by drop in economic growth and corporate profitability.
No #12
Continued from page 1
house in Lwara Mandi village in Datta Khel, killing three suspected militants, said the intelligence officials, who spoke on condition of anonymity because they were not authorized to talk to the media. Minutes later, a drone fired two missiles at a vehicle in the same area, killing four suspected militants, the officials said. -Agencies
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
Monday, September 27, 2010
Saudi GDP to grow at 3.5pc this yr
ISLAMABAD: Federal Minister for Interior, Senator Rehman Malik having a meeting with JUI Chief Maulana Fazal-ur-Rehman here on Sunday.-APP
AJK PM appeals to Obama to influence India on issue
Kashmir, a severable limb of India, says FO ISLAMABAD: Kashmir is not an integral part of India as it is an internationally recognised issue, said Foreign Office Spokesman Abdul Basit. Talking to a private news channel on Sunday he said the issue cannot be resolved under the constitution of India. It is an international issue and the United Nations have passed resolutions for its solution and ultimately the issue will have to be resolved in accordance with the Kashmiris aspirations. "When there will be a change in Indian policy which has been
Sweden frees suspect held in PIA flight bomb-threat STOCKHOLM: A man arrested over a bomb scare on a PIA passenger plane has been released by police in Sweden. The Boeing 777, carrying 273 people, was flying from Canada to Karachi when officials contacted the pilot to tell him about the threat. The Pakistan International Airlines aircraft was diverted to Stockholm's Arlanda airport, where it landed safely. Passengers were taken off the plane and police questioned the suspect, a Pakistani national with a Canadian passport, officials said. Police officials said the man, aged between 25 and 30, was See # 7 Page 11
Nato tanker set on fire QUETTA: Unknown persons have set on fire an oil container near Mastung, which was carrying oil for Nato Forces. Informed sources said that Nato oil tanker was on its way to Afghanistan from Karachi. However, some unidentified men have burnt oil tanker near Mastung area. No loss of life has been reported yet while police has registered case against the unknown persons and started search operation. -Online
inflexible in the past, then certainly the talks will prove beneficial between the two countries. Pakistan ever tried for resolution of all issues particularly Kashmir with India. Since June 11, there is use of brute force by India in occupied Kashmir and nearly 110 Kashmiris have been martyred within last three months for freedom. Pakistan wants Indian atrocities should be stopped", he added. To a question he said, the Kashmir issue has been under discussion between the two
countries. It was top of the agenda besides other issues in composite dialogue process but unfortunately India never seriously tried to resolve the issue. He further said, "Whenever the talk-process would be restored, we hope India would come up with realistic approach." Talks for the sake of talks will not be fruitful until result-oriented dialogue process is started, he added. Abdul Basit said India will have to change its approach and its policy towards the Kashmir
issue. Furthermore, Azad Jammu & Kashmir Prime Minister Sardar Attique Ahmed Khan, who was on a visit to United States (US) to highlight Kashmir issue on the eve of the ongoing United Nation General Assembly session, Sunday appealed the US President Barack Obama to perform his due rule in help resolving the dispute without further delay, it was officially declared. "Kashmir dispute has been a topic of election campaign of President Barack Obama and See # 3 Page 11
New envoy says US wants strong civilian govt in Pakistan
US says trust-boost key to co-success WASHINGTON: US Ambassador designate to Pakistan Cameron Munter has said that success will come in Pakistan by building confidence in and working with a strong civilian government. He was giving testimony before the US Senate Committee on Foreign Relations in Washington. He said it will be result of patient efforts on the part of the US to define and address areas of interest that America and Pakistan share.
"Our counterinsurgency against violent extremists, Pakistan's ability to achieve its full economic potential, and our commitment to social development," are the key areas of interest, Munter said. We can only achieve this common success with a strong partner in Pakistan's democratically elected civilian government. The Enhanced Partnership Act with Pakistan of 2009, which we've referred to as Kerry-Lugar-Berman, has
demonstrated that Congress supports this approach, providing generously for our efforts to build a long-term partnership between the people of the United States and Pakistan. He however said the flood waters that struck Pakistan have made the challenge more difficult. As Senator Kerry pointed out after his recent trip, the devastation created by the floods is gutwrenching; 1,700 Pakistanis have died, 20 million have been affected. See # 4 Page 11
Sattar visits Aafia Sister House
MQM pleads US to amnesty Aafia KARACHI: Muttahida Qaumi Movement (MQM) leader Dr Farooq Sattar has said that United States should release Dr Aafia Siddiqui and defunct her punishment. He declared the US court verdict as inhumane which has escalated anti-American sentiments among the Muslims across the world peculiarly in
Pakistan. Talking to media persons here in Karachi at the residency of Dr Aafia's sister, Dr Farooq said that President Obama should release Dr Aafia by using his special powers. He said that United States has engrafted a new history by announcing barbarian punishment of 86 years incarceration
to Dr Aafia Siddiqui. As a reaction the whole nation is protesting over her punishment decision, therefore, US government should review her decision and immediately release Dr Aafia. Government should take strict notice against the decision and should raise her voice for her release at international level. See # 5 Page 11
RIYADH: Saudi economic growth in 2010 could hit 3.5 per cent on the back of heavy government investment spending, the country's central bank governor said on Sunday. Mohammed al-Jasser, governor of the Saudi Arabian Monetary Authority (SAMA), said growth would surge for the oil export giant after a sparse increase of 0.6 per cent in 2009. The estimate was cautious compared to private sector projections -- in a report on Saturday, Al-Rajhi Capital forecast 2010 growth at 3.9 per cent. Government spending, mainly a 400-billion US dollar surge in investment into infrastructure, schools and the military over 2009-2013, is driving the economy of the world's leading oil supplier, according to economists. Jasser also downplayed the threat of inflation, which surged to 6.1 percent year-onyear in August and sparked a chorus of complaints from consumers, especially over higher food prices. "I think also it is premature to make conclusions this early on the trajectory of inflation," Jasser said at a news conference. He said "seasonality" -- a reference to the big spending on food that takes place during the holy month of Ramadan, which ended on September 9 -- was a component in the jump in prices. He also said the sharp rise worldwide in key food commodity prices such as wheat had been an important cause in the surge of prices. See # 2 Page 11
US denies criticising flood-funds’ misplacment ISLAMABAD: The US Embassy has clarified that neither Senator Lugar nor Ambassador-designate Cameron Munter have said that funds given for the IDPs in Pakistan have gone missing and neither official criticised funds mismanagement by the government of Pakistan. Referring to a story published in a national daily newspaper on Saturday, the Embassy said the new report mischaracterised a public exchange by Senator Richard Lugar and US Ambassador-designate to Pakistan Cameron Munter that took place during the Ambassador-designate's confirmation hearing last week. The article stated that Senator Lugar had concluded that $133 million in US aid to Pakistan went "missing," and that Ambassador Munter "confirmed the fears" that the money was "unaccounted for." A press release of the embassy said commenting on a June 2010 evaluation of aid to internally displaced persons (IDPs) in Pakistan by the US Agency for International Development (USAID), Senator Lugar emphasised the need for "adequate efforts to ensure the proper use" of US assistance to Pakistan. See # 6 Page 11
RIAZ NEWS AGENCY Cell # 0333-5373137
SHAKIL NEWS AGENCY Cell # 0333-4400472
Maulana Fazl calls on Minister
Efforts on to bring Aafia back: Malik ISLAMABAD: Federal Interior Minister Rehman Malik has assured Jamiat Ulema-e-Islam (JUI-F) chief Maulana Fazlur Rehman in a long one-on-one meeting that government is making all-out efforts to bring Dr Aafia Siddiqui back home, a private television channel reported Sunday. Maulana Fazlur Rehman said the conflict between the institutions would be hugely disastrous for the country, as the present time necessitates well thought-out steps. The meeting held in the Federal Capital reviewed the overall law and order in the country, the issues of Dera Ismail Khan and the distribution of Watan Cards among the flood affectees. "The government coalition is quite staunch," Maulana Fazl said condemning the efforts being made on the part of a certain lobby to create an air of conflict among the institutions.
Detailed Afia case verdict issued ISLAMABAD: A detailed verdict, comprising 111 pages, on Dr Aafia Siddiqui's sentencing by a US court was released Sunday, a private television channel reported. Experts said the detailed judgment has reviewed, from all aspects, the court's proceedings, leading to incarcerating Siddiqui to 86 years in prison. See # 1 Page 11 The JUI-F leader said Pakistan has a strong democracy and the efforts aimed at debilitating it would be tantamount to dividing the country.Agencies
CAA probe in Margalla Hills plane crash
Airblue hap falls on pilot ISLAMABAD: The Civil Aviation Authority (CAA) has presented the investigation report of Margalla plane crash incident to the Ministry of Defense, revealing that the crash was caused by the mistake of the pilot. According to media reports, this important information has been extracted from the recording of the black box that the control tower repeatedly told the pilot that he is heading to a wrong direction. The pilot, in
reply to the control tower, said that he can see the hills. The CAA investigation report, based on the recording of black box, further reveals that the copilot also repeatedly asked very loudly to pilot to take the plane up, but it was very late before he could had done it. On July 28, an airplane of a private air line, Air Blue, crashed into the hills of Margalla in Islamabad claiming lives of 152 passengers including the crew of the plane. -Agencies
Protests close Aussie coal port SYDNEY: Australian environment activists closed down operations at the world's largest coal port Sunday, after entering three terminals and attaching themselves to loaders, the terminal operator and the protesters said. The action by climate change group Rising Tide in Newcastle stopped operations at all three terminals operated by Port Waratah Coal Services, which normally run continuously, a company spokesman said. Rising Tide said around 50 people were involved in the protest, some entering before dawn on Sunday, abseiling down machinery and attaching themselves to loaders. Others demonstrated with banners. Annika Dean, a spokeswoman for the environment group, said the protest was an "emergency" action to highlight climate change, which she blamed for recent fires in Russia and floods in Pakistan. "We have stopped all opera-
tions in the coal port," said Dean. "These weather events are consistent with the scientific predictions for climate change. We feel like Australia's coal exports are contributing to this problem." Newcastle, just north of Sydney, is the world's largest coal export port and a major earner of foreign exchange for Australia. Port Waratah Coal Services is partly owned by mining giants Xstrata, and Rio Tinto, through its Coal and Allied subsidiary. The protest is the latest in a series of actions at the facility by the locally based Rising Tide, which has had limited success in disrupting commercial operations. Dean said she believed it was the first time the group had managed to halt all coal operations at the port. A spokesman for Port Waratah Coal Services said it would be several days before losses resulting from the action could be assessed. Reuters
China oil imports seen trebling by 2050 YINCHUAN: The former Prime Minister of the Jordan Nader Al Dahabi said here Sunday that China would import oil three times as much as the United States by 2050. Addressing as one of the keynote speakers at opening ceremony of the 2010 China Investment and Trade Fair and the first China-Arab States Economic and Trade Forum in north-western Yinchuan City, with aims to strengthen investment and
trade ties between China and the Arabic states, Nader in his speech on "From Trade to Diplomacy - The Silk Road", said that according to The New Silk Road board, instead of the US, China will dominate the growth of Arab oil export trade. "1955 saw Arab first close contact with China at a high level in the Bandung Conference, in which the Arab had Chinese full support", he noted. He said that a review of
Arab China relations in the past two decades shows that such development means quite a lot to economy in the form of complementary bilateral economic relations. "We hope the future cooperation between the two sides will not be limited to trade. We hope to strengthen cultural cooperation, based on better mutual understanding of society, education and people," said Nader Al Dahabi. Chinese Minister of
Commerce Chen Deming said at the opening ceremony of the five-day event at the capital of Ningxia Hui Autonomous Region that "The forum will certainly strengthen and deepen the traditional friendship and win-win cooperation between China and the Arabic states, as well as the Muslim regions, to realise mutual development." Wan Jifei, chairman of the China Council for the Promotion of International
Trade, said the forum was held "in the right place" because Ningxia has a large Muslim population, and the region has played a significant role in Sino-Arabic relationships over history. Ningxia is home to at least 10 per cent of China's 20 million Muslims. It has drawn up plans to expand trade and economic cooperation with the world's Muslim community. The five-day forum and fair has attracted more than
6,000 government officials and businessmen from 66 countries, regions and international organizations, including Chinese vice premier Hui Liangyu. "We welcome China's enterprises to invest in energy and water resources and also in other promising fields, including hi-tech industries, food processing and electrical manufacturing," said Jaafar Hassan, minister of Planning and International Cooperation of
Jordan, at the Summit Meeting of the forum. China had offered 116 million US dollars of interestfree and preferential loans to the country as of the second quarter this year, Jaafar Hassan said. The Chinese economy and the United Arab Emirates (UAE) are complementary to each other, said Abdullah Bin Ahmed Al Saleh, director-general of the Ministry of Foreign Trade of the UAE. Reuters
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.