International Karachi, Monday, March 7, 2011, Rabi-us-Sani 1, Price Rs12 Pages 12
Musharraf's arrest warrant sent to UK See on Page 12
Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.50bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn -1.57% 4.10% $1,051 175.36mn
(U.S $ in million)
FIPI (04-Mar-2011) Local Companies (04-Mar-2011) Banks / DFI (04-Mar-2011) Mutual Funds (04-Mar-2011) NBFC (04-Mar-2011) Local Investors (04-Mar-2011) Other Organization (04-Mar-2011)
4.84 -0.32 -5.71 -1.65 0.18 3.10 -0.44
Global Indices Close
Change
KSE 100
12,000.03
238.03
Nikkei 225
10,693.66
107.64
Hang Seng
23,408.86
286.44
Sensex 30
18,486.45
3.31
SSE COMP.
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39.33
FTSE 100
5,990.39
14.70
Dow Jones
12,169.88
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GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.09 15.86 135.53 2.00 42.73 1.70 36.32 11.63 39.75
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
23-Feb-2011 23-Feb-2011 23-Feb-2011 29-Nov-2010 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011 05-Mar-2011
13.49% 13.69% 13.86% 14.00% 13.30% 13.59% 13.76% 14.14% 14.26% 14.18% 14.20% 14.19% 14.56% 14.77% 14.97%
Commodities Crude Oil (brent)$/bbl 115.97 Crude Oil (WTI)$/bbl 104.42 Cotton $/lb 212.70 Gold $/ozs 1,428.60 Silver $/ozs 35.33 Malaysian Palm $ 1,207 GOLD (NCEL) PKR 39,022 KHI Cotton 40Kg PKR 12,860 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 85.90 Canadian $ 87.10 Danish Krone 15.60 Euro 118.80 Hong Kong $ 10.50 Japanese Yen 1.022 Saudi Riyal 22.70 Singapore $ 66.80 Swedish Korona 13.10 Swiss Franc 91.70 U.A.E Dirham 23.20 UK Pound 138.50 US $ 85.35
86.90 88.10 15.80 120.30 11.00 1.048 22.90 67.80 13.30 92.90 23.40 139.80 85.65
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
86.43 87.62 15.98 119.21 10.95 1.035 22.73 67.28 13.42 92.11 23.21 138.74 85.35
86.64 87.83 16.02 119.48 10.97 1.038 22.79 67.44 13.45 92.32 23.26 139.07 85.53
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
19°C 29°C 22°C 19°C 15°C 18°C
See on Page 12
Special Correspondent/ Agencies
195.18 -0.77 -4.35 2987
NCCPL
Index
Maulana Ahmed Madni, son laid to rest
Pak currently giving Rs139bn power subsidy WoT, a hurdle in economic reforms, IMF told
SCRA(U.S $ in million)
Total Portfolio Invest (19-Feb-2011)
See on Page 12
IMF may grant ‘yes’ to subsidies
Portfolio Investment Yearly(Jul, 2010 up to 04-Mar-2011) Monthly(Mar, 2011 up to 04-Mar-2011) Daily (04-Mar-2011)
See on Page 10
President sees Awan case as 'score setting'
Finance Minister leads decisive talks with Fund today
Economic Indicators Forex Reserves (26-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11)
England, India win their matches
MIN
8°C 17°C 10°C 9°C 11°C 9°C
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ISLAMABAD: The US Special Representative for Pakistan and Afghanistan Marc Grossman called on Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh in Islamabad. -Online
‘Pakistan rich, still economically weak’
PAC, a PPP-wing: Mirza
Billions blown on imports: Qureshi
MQM RC mulls parting ways with Sindh Govt
KARACHI: Former Foreign Minister Shah Mehmood Qureshi has said that Pakistan is rich in natural resources but billions of dollars were spent on imports in the last 60 years. Addressing at a ceremony of a private university here on Sunday he said a lot of time was wasted for getting foreign aid and that's the reason that has turned a rich country like Pakistan into a poor state. Pakistan is not a poor country but utilising the resources in right direction is needed. Pakistan's economic situation is worse but it has capable youth that can change the country's fate, he said. The former minister said, "Providing opportunities to the youth is needed now so that they could face the changing world situation as a lot of time was spent on waiting for for-
eign assistance." "The youth can bring about change and that is why that despite difficulties we are hopeful about a brighter future," he added. Qureshi said that Pakistan is passing through tough time as economy is devastated, unemployment and inflation is on its peak, and the country's financial deficit widened that affected programme of economic stability. He said that the Pakistanis working in foreign countries are precious assets for their country as they sent over 10 billion in dollars per year to Pakistan. On the current deplorable situation in the country, he said that not only the masses but a person can also bring change but will and determination is essential for it. -Online
Last Wk: Offshorers buy $2.9mn shares
Foreign bulls lift 100-Index over 12k Ghulam Raza Rajani KARACHI: After witnessing marginal net outflow of foreign portfolio investment in the country's equity market during the week ended on 25th February, offshore investors returned as net-buyers in the previous week with net investments of $2.90 million, as per the National Clearing Company of Pakistan Limited (NCCPL) data. On the other hand, KSE 100Index ended higher in the last week ending above 12,000 points level with improved volumes as investors took positions ahead of Margin Trading System (MTS) which would be launch from March
14, 2011. KSE 100-Index rose 6.9 per cent or 776.51 points at 12,000.03. During the week, foreign investors remained on the buying side as they bought shares worth $28.40 million and sold share valuing $25.51 million. Furthermore, local individuals, other organisations and NBFC remained on the buying side with shares worth $2.90 million, $0.71 million and $0.21 million respectively. On the other hand, biggest weekly selling were witnessed from local companies which sold $131.99 million of shares in the local bourse against the buying of $128.20 million, See # 7 Page 11
World Bank delegation expected in April
WB to discuss new tax reforms KARACHI: A high-ranking commission of the World Bank will reach Pakistan in the first week of April to hash out and settle various suggestions to carry out the Tax Administration Reforms Project-Two (TARP-II). The delegation would be headed by World Bank official Carlos Silvani. Federal Board of Revenue (FBR) officials said that the World Bank had earlier given its approval for TARP under which tax-to-gross domestic product ratio will be increased, automation will be introduced
and reforms will be undertaken in the new Inland Revenue department. The World Bank mission will prepare a report after reviewing the pace of the reforms project, after which the bank's board of directors will give an approval for implementation of the second phase. The visiting delegation will hold meetings with Ministry of Finance officials and other relevant authorities and will be briefed about the progress made on implementation of reformed general sales tax See # 9 Page 11
Staff Reporter/ Agencies KARACHI: Coordination Committee of Muttahida Qaumi Movement (MQM) has demanded of its party to part ways with the Sindh coalition government, in a reaction to Sindh Home Minister's announcement in which he admitted that Peoples Amn Committee (PAC) is a wing of Pakistan Peoples Party. Earlier, Sindh Home Minister, Dr Mirza announced that Peoples Amn Committee is PPP-wing and that if 'all members of PAC are criminals then it makes one too', media reported. Addressing a gathering on the occasion of death anniversary of Abdullah Murad here, Mirza said: "I announce that People's Amn Committee is People's Party's wing and if all of its members are criminals, it makes one too." He said, 'if PAC bleeds, PPP will bleed too'. "The members of PAC are our brothers and See # 11 Page 11
ISLAMABAD: Decisive round of talks between Pakistan and the IMF would begin here today (Monday) to try to remove hurdles in the release of two tranche of the Fund's $3 billion to Pakistan. In view of the precarious economic situation and difficulties of the people, it is likely that IMF would agree to the Pakistani formula over electricity tariffs and a subsidy of Rs 139 billion on electricity. Sources said during two days of talks the Pakistani team would be led by Finance Minister Dr Hafeez Shaikh while Adnan Mazarei will lead the IMF delegation. It is likely that IMF would agree on a new formula for electricity rates to be effective from first of July. If the two sides agreed to the proposal, there would be no increase in
Shaikh urges early provision of CSF ISLAMABAD: Federal Finance Minister, Dr Abdul Hafeez Shaikh met with the new US special envoy for Pakistan and Afghanistan Marc Grossman at his office here on Sunday. Finance Minister Hafeez Shaikh urged the US special envoy Marc Grossman for a timely provision of Coalition Support Funds to Pakistan. Talking to media after the meeting Marc Grossman said that the US will make certain the provision of Coalition support funds come through. -Agencies power tariffs during the current fiscal year. The sources said that IMF is not likely to press Pakistan to increase the power tariff to meet its budgetary deficit. However the Fund is pressing hard that Pakistan must meet the revenue collection target of Rs1630 billion by 30th June. However other ticklish issue is RGST, which the government has been reluctant to
impose since the beginning of the current financial year, following strong opposition from all stake holders. If the RGST is imposed through a Presidential Ordinance, the FBR is expected to generate additional revenue of Rs15 billion in the next three months of the financial year. Earlier, beginning policylevel talks on Sunday, economy See # 12 Page 11
Libya unrest goes on
ANP Gen Secy
Rebels repel raids on Sirte
Amin Khattak passes away
UK negotiating release of soldiers
KARACHI: A veteran leader of Awami National Party (ANP) Sindh Amin Khattak passed away at a local hospital on Sunday after suffering heart attack. "Amin Khattak was taken to Liaquat National Hospital at See # 6 Page 11
RAS LANUF, Libya: Forces loyal to Muammar Gaddafi on Sunday forced rebels back from areas around Bin Jawad, a town between rebel-held Ras Lanuf and Gaddaffi's home town of Sirte on which the rebels had set their sights.
Rebels had set out towards Sirte on Sunday morning from Ras Lanuf but came under heavy fire at Bin Jawad, 160 km (100 miles) from Sirte, Ibrahim Boudabbous, a fighter who took part in the rebel See # 5 Page 11
Pak-GCC
strategic dialogue begins DUBAI: Strategic dialogue between Pakistan and Gulf Cooperation Council (GCC) member countries began here Sunday during which the two sides deliberated on enhancing cooperation in defense and economic fields. The Pakistani delegation was led by Minister of State for Foreign Affairs Hina Rabbani Khar and it includes senior military and civilian officials. The GCC side was represented by representatives of all the six member countries. This was the first formal strategic dialogue between Pakistan and the GCC after US decision to suspend the dialogue with Pakistan after arrest of Raymond Davis over his involvement in the killing of two Pakistanis in Lahore. See # 8 Page 11
US lawyers meet Davis LAHORE: Two experts of US Ministry of Law and Justice met Raymond Davis at Kot Lakhpat Jail on Sunday and discussed with him matters relating to his case. The US embassy in Islamabad confirmed the meeting of US law experts with See # 10 Page 11
AVAILABLE NOW
2
Monday, March 7, 2011
Mirza orders to beef up security
Public-Pvt link proposed to run complaint centre KARACHI: The Special Branch and CID police force must be utilised at optimum level to work with all resource available to prevent acts of terrorism, said Sindh Home Minister Dr Zulfiqar Ali Mirza in a directive to IGP Sindh. "Intelligence gathering and sharing of information with Police high-ups by Special Branch and CID could play a key role to check lawlessness, acts of terrorism and target killings," he observed this in a statement while referring to the killing Maulana Ahmed Madni and his son in New Karachi on Saturday. Home Minister directed the IGP to take extraordinary security measures to protect the life and property of the masses as has been pledged by the PPP
Shahid Javed nominated to FPCCI body
KARACHI: Shahid Javed Qureshi has been nominated as chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Public Utility by FPCCI President Senator Haji Ghulam Ali. Shahid Javed Qureshi is also Vice Chairman Korangi Association and President, Pakistan Malaysia Friendship Association.-PR
leadership. Security Forces told to He was of the view that besides the police and law enforcement agencies, it was also the responsibility of the public to check movement of criminal elements in their respective areas and report the any suspicious activity to police. The Minister said that at the same time, the Police Department will form a close liaison with the politicians and Ulema of all sects to ensure effective measures to control law and order situation in the province. The Madadgar 15 and central complaint centre of the Home Department 021-99207744-8 were also available 24-hours to receive any information or complaint, the statement added.
Furthermore, Sindh Home Minister has approved a proposal for constitution of an oversight committee to operate Department's Complaint Centre on Public-Private partnership basis. According to a Home Department statement issued on Sunday, the Minister said the proposal will be submitted to Sindh Chief Minister for formal approval. The proposal was shaped by Consultant on Home Affairs, Sharfuddin Memon for making the complaint center more target-oriented and accountable. The oversight committee would be headed by Chief Minister as its Chief Patron while Sindh Home Minister as Chairman and Consultant on Home affairs as its Secretary.
The committee will have equal numbers of members both from public and private sector, it added. It further maintained that the main purpose of the committee was to ensure timely redressal of the grievances. Main functions of the committee will be to look into the complaints related police excesses, misbehavior, illegal detention and nonregistration of FIRs while it will also scrutinise the complaints pertaining to extortion, land grabbing, child/women trafficking, human rights violations etc. Moreover, the Oversight Committee will also help organise open katcheries with the DIGs, DPOs and TPOs and SHOs concerned for the respective jurisdiction, it added. APP
Pfizer Book
‘A World Without Smoking’ launched KARACHI: An antismoking coffee-table book 'A World without Smoking: One Picture is Worth a Thousand Words', by Marjorie Husain was launched at the Indus Valley Art Gallery. The book is supported by Pfizer Pakistan - a leading multinational pharmaceutical company in the country - to further its corporate commitments towards anti-smoking and tobacco control initiatives. Pfizer globally supports tobacco and cancer control initiatives under the umbrella of Global Health
Partnerships. The book is an amalgamation of anti-smoking posters that have been developed by school-going children, with an artistic description given by the author. "The book beautifully showcases the work students undertook to express their opinions with originality", stated Marjorie Husain, the author of the book. "The anti-smoking concept was introduced to create awareness and to enlist the support of the students to inform their peers as well as adults",
she said. 'A world without smoking' is an international campaign originating from The International Union against Cancer (UICC). Pfizer Pakistan took the initiative in 2009 to spread awareness regarding the adverse effects of smoking by designing projects targeting tobacco control and anti-smoking. A part of this campaign was to raise awareness amongst school going students and teenagers and a poster competition was held among various school children in 2010.-PR
BQATI delegation meets PQA chairman KARACHI: A delegation of Bin Qasim Association of Trade & Industry managing committee along with prominent industrial members held a detail meeting with Chairman Port Qasim Authority, Muhammad Shafi to discuss upon current law & order situation, completion certificate, sewerage connection & conservancy charges, deplorable roads, exorbitant water charges, removal of bushes & other important problems.-APP
KARACHI: A Group Photo of Consul General of Kuwait Nasser Reden Al Motairi , President Promotion of Arabic Zafar Iqbal, Consul General United Arab Emirates Suhail Matar Saeed Al-Ketbi and Saudi Consul General Faleh Mohammad Ruhaily at 35th Annual Convocation. -PR
KARACHI: Mr & Mrs Rafiq Godil giving away the prize of winner Group "B" in TCM Toyota's Dream Car Contest. -Staff Photo
KARACHI: Sindh Governor Dr Ishratul Ebad Khan talking to Ansar Burney and families of the Pakistanis abducted by the Somalia pirates. -APP
7th CNG moot & Expo on 24
India turning Pak into desert: PEW
KARACHI: National Forum for Environment & Health in collaboration of Ministry Petroleum, CNG Associations of Pakistan is organizing a one day 7thInternational CNG conference & exhibition on March 24 at local hotel. It is stated by Naeem Qureshi President NFEH & Chairman Organizing Committee .he was addressing at meeting of organizing committee. He said the objective of the event to develop CNG industry, awareness about latest technology, highlight of issue, challenges, Promotion of CNG as alternative & environment friendly fuel & display of machinery & equipment through expo. Naeem Qureshi told secretary petroleum chairman Ogra, DG HDIP, chairman CNG station owners Associations Malik Khuda Baksh, Chairman all Pakistan CNG Association & vice president KCCI Junaid Makda, President CNG dealers association A Sami Khan, Representative of oil Marketing companies, SSGC, President Byco Petroleum Kalim A Siddiqui, CEO Landi Renzo Alberto Barberi Would deliver their speeches/ Presentation -PR
ISLAMABAD: The Pakistan Economy Watch (PEW) Sunday said that India has stepped up its secret war against Pakistan to turn it into a desert. Pakistan, once a waterhappy-country is now facing threat of water starvation but the response of our government remains far from satisfactory, it said. President PEW, Dr Murtaza Mughal said that India continues to steal our water while all efforts by Pakistan to find an agreeable solution have proved counterproductive. The Indus Waters Treaty has failed to settle water disputes between Pakistan
AKU basketball tournament from 19th
LAHORE: Senior Vice President LCCI Shaikh Mohammad Arshad addressing a seminar “Challenged to Pakistan Economic Progress during a seminar. -PR
KARACHI: Aga Khan University (AKU) Sports and Rehabilitation Centre is organising its 10th InterUniversity Basketball (for boys) tournament commencing from Friday, March 19, 2011 at the AKU Sports and Rehabilitation Centre Gymnasium. Interested Universities are requested to contact Riaz Akbar Contractor, Chief Organizer and Manger, AKU Sports Centre at Ph: 3486 1665, 3486 1660.Fax: 3493 4294, 3493 2095. Email:riaz.contractor@a k u . e d u ; sports.centre@aku.edu latest by Friday, March 11, 2011 for registration. -PR
and India therefore, it needs to be revisited and made to order, he said. Otherwise, he warned, nothing will forestall a war between two countries. It's in the interest of US and the international community to take measures to avert a possible water war. He said that United Nations was also supporting Indian conspiracies by pumping huge funds in such controversial projects. He lamented that resolution of such important issue has been left at the mercy of few bureaucrats as politicians remain busy in their favorite hobby of mudslinging.
Dr Murtaza Mughal said that industries are being closed due to electricity and gas load shedding while insignificant issues keep all the political parties very pre occupied. No proper effort has been undertaken to combat depleting water storage capacity in Mangla, Warsak, and Tarbela dams while rental power projects remain a preference of the decision-makers which due to obvious reasons. This suicidal tendency will leave us with less water for mass consumption, irrigation, industry, and hydropower generation, said Dr Mughal. NNI
Coal can save Pak $1bn/year: experts KARACHI: An Energy Awareness Conference was held at the NED University here from March 3 to 5. It was aimed at creating better awareness about the need to shift from traditional energy resources to renewable energy. The Karachi Electric Supply Company was the lead sponsor of the conference. Addressing the NED students on the use of coal power as an alternative energy source in Pakistan, Muhammad Ammar Ali Talat, Manager Strategic Planning and Business Development, KESC, said
coal is keeping pace with consumer electricity demand and according to a recent study coal will still account for about 45 to 50 per cent of world's power generation needs until 2025. Pakistan has huge reserves of coal which offers the best solution for its energy needs. KESC has signed MoU with a Chinese company to convert two of its existing boilers at the Bin Qasim Thermal Power Station from furnace oil to coal. The conversion aims to reduce KESC reliance on furnace oil and result in cost savings for the com-
pany and consumers in the form of tariff reduction. KESC has also signed an MoU with another Chinese company for the development of Saunda-Jherruck Integrated Coal Mine and Power Plant Project. The annual production of this project will be 1.8 million tons of coal. Talking about KESC's Thar Coal Power Project, Ammar said KESC has partnered with a British company that will handle the mining part while KESC will put up a power plant of 300 megawatts which will be enhanced to 1200 megawatt in the future.-APP
TV PROGRAMMES MONDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 Headlines 11:10 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Crime Week (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Aap Ki Baat 19:00 News 19:05 Hal Kya Hai 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
Annual Review of Social Impact of the Security Crisis
Nat'l strategy urged to combat terrorism KARACHI: Political developments in the region have caused a change in the internal political and security dynamics of Pakistan with implications for its social and economic development. This issue is comprehensively addressed by the Social Policy and Development Centre in its Annual Review of Social Development in Pakistan, 2009-10 on "Social Impact of the Security Crisis." The report explores various facets of the existing security crisis confronted by the government and society and its implications for socioeconomic development in Pakistan. Systemic failure both of Institutions and social development policies initiated by respective governments and its role in breeding violence and extremism are equally responsible for the crisis. The report highlights that costs of participation in the war on terror have risen exponentially with the dislocation of economic activity, high losses of life
and property, and impact on the investment climate. In 2009-10, cost to the economy due to fall in investment and stock market capitalization was Rs367 billion. Overall, the total costs of participation in the war on terror have increased from Rs380 billion in 2007-08 to Rs840 billion in 2009-10. The report highlights that costs of war are over three times greater than the bilateral assistance forthcoming, especially from the United States. The security crisis also has fiscal implications in terms of budgetary priorities of both federal and provincial governments. Analysis of the trends in federal and provincial expenditures shows an extraordinary growth in expenditures on public order and safety during the 2000s. Security related expenditures have increased from Rs177 billion in 2000-10 to Rs800 billion in 2010-11. The sector-wise analysis of government expenditures shows that resources have been shifted away from economic
sectors such as water and power, and social sectors such as education and health. The analysis presented in the report shows that the pace of social development has slowed down. Incidence of poverty has increased from 30 percent in 2004-05 to 38 percent in 2007-08. There also appears stagnation in the indicators of education and health sectors and Pakistan is unlikely to meet most targets of MDGs by 2015. The impact of conflict on socioeconomic status of households has been analyzed in the report through a survey conducted in selected districts of Khyber-Pakhtunkhwa (Peshawar, Hangu, Bannu, Tank and Swat). A comparative analysis of poverty incidence in these areas before and after the security crises shows an increase in the poverty incidence which is now 55.8 percent. The report also highlights that economic difficulties and insecurity are the two main reasons for not sending children to
schools. Psychological distress and anxiety about the current economic and security situation is also widely prevalent. The report observes that while the state has relied on short term offensives against militants, civil society is more involved with providing social development services and supporting peace and harmony, Though there is no single and collective strategy, the civil society by and large, has demonstrated a commitment to continuing Its work even in severely affected areas. However, the need for state and society to come together, recognize the issues, accept each other's roles and come to a shared vision of what needs to be done to get out of the quagmire of terror is emphasized. The report presents several elements of a solution. There is a need for a consensus based national strategy that aims both at preventing terrorism and minimizing its effects on social development.-Agencies
3 Monday, March 7, 2011
Greenback weekly outlook
US dollar seen lower this week after jobs data USD likely to fall in coming week on rate outlook US jobs data solid but not enough for investors NEW YORK: The US dollar is likely to fall this week as investors continue to bet that interest rates in the euro-zone will rise ahead of those in the world's largest economy. US February jobs data came in a touch better than expected on Friday but disappointed investors who had hoped for an even stronger report. Investors see strong US jobs growth as necessary for the Federal Reserve to end its second round of quantitative easing and instead tighten monetary policy by raising rates. The US situation is in sharp contrast with that of the eurozone, where the zone's common currency is likely to remain supported after European Central Bank President JeanClaude Trichet strongly hinted at an interest rate rise in April, bolstering the view the ECB will tighten monetary policy before the Fed. "We had Mr. Trichet warning Thursday that the ECB is considering a rate hike and perhaps the start of a rate hike cycle," said Joseph Trevisani, chief market analyst at FX Solutions in Saddle River, New Jersey. "The US job number came in as expected and provided little direction to the market other than it did not disappoint and that will support risk appetite." For the week, the euro gained 1.7 per cent against the dollar on electronic trading platform EBS, the third straight weekly gain, while the dollar gained 0.8 per cent against the yen. A slew of technical factors also indicate investor caution on the dollar, particularly against the euro. One-month euro/dollar risk reversals last traded at -1.175 on Friday, according to Reuters
Corn rises for 5th wk; wheat rebounds CHICAGO: Corn futures set back on Friday on profit-taking after extending a 32-month high, but the market nonetheless posted its fifth straight weekly rise as US supplies remained tight. Soybeans were choppy, rallying late on concerns about labor unrest at ports in Argentina and harvest delays in Brazil. Wheat also recovered after seesaw trade. Volume was light, with trade in corn down about 20 per cent from the 30-day average. Volume in wheat and soybeans was down by roughly one-quarter to one-third of the 30-day average. At the Chicago Board of Trade, May corn ended down 83/4 cents at $7.28 per bushel. May soybeans settled up 2 cents at $14.14 per bushel and May wheat was up 8-3/4 cents at $8.32-1/4 a bushel. Corn fell as traders booked profits after the spot March contract rallied to a contract high of $7.35 a bushel, the highest spot corn price since July 2008. Yet corn ended the week higher for its fifth straight weekly gain, bolstered by concerns about tight supplies persisting into the 2011/12 marketing year. -Reuters
data, with a bias toward euro puts and dollar calls, suggesting more investors are betting the euro will fall than will rise. But that compares with late November when one-month risk reversals posted at -2.83, suggesting negative sentiment on the euro has eased substantially. The euro has already gained more than 6 per cent against the dollar since that time. Those gains pushed the euro/dollar above its 200-week moving average this past week for the first time since mid November, piercing a strong long-term resistance level. There is now little to prevent the euro's rise to $1.4283 on EBS, the November high from which it slid to $1.2860 in January but from which low it has steadily retraced higher. Stamford, Connecticut-based Faros Trading sees the euro making a move to the $1.50 level within the next three months. Nearer term, the buy signal triggered on Feb. 23 when the 12-day and 26-day moving average convergence divergence line rose above the 9-day signal line is also holding. The MACD is an indicator of shortterm momentum by focusing on exponential moving averages and closing prices. Investors were betting heavily against the dollar ahead of the jobs data and Trichet's comments. The value of the dollar's net short position rose to $34.9 billion in the week ended March 1 from $22.36 billion a week earlier, according to Commodity Futures Trading Commission data on Friday and Reuters calculations. It was the largest net short dollar position for which Reuters has data, dating back to
June 2008. Net long positions in the euro rose to 51,308 contracts, the highest since January 2008, from 45,598 contracts in the prior week. The dollar is also seen struggling against the yen as it failed to hold onto its initial gains after the jobs data. "Bernanke may be relieved to see another month of improvement in the unemployment rate, but given the underlying weakness of the report, the central bank will still argue that unemployment remains extremely high and therefore continued stimulus could be warranted," said Kathy Lien, director of currency research at GFT in New York. Bets on the yen also jumped to 41,274 contracts, only the largest since November but a big change from the 27,746 short bets last week. With talk that the Fed may even go for a third round of quantitative easing after the current phase ends in June, strong jobs growth for at least the next three months is consequently key to any dollar revival. Even ongoing political instability in the Middle East and North Africa and the threat that it may spread to Saudi Arabia, a key US ally in the region and a global oil supplier, could weaken the dollar. While the dollar has been regarded as a safe haven in times of turmoil, some investors suggest higher oil prices would push other central banks to raise interest rates to counter inflation even as the Fed maintains its stimulative monetary policy, which would again leave investors chasing yield with little choice but to sell the dollar. -Reuters
Coffee, cocoa hit new highs; sugar falls NEW YORK/LONDON: US cocoa and coffee futures vaulted to over 30-year highs Friday but profit-taking and a wave of liquidation dragged both goods into mostly negative territory by the end of the session. A virtual civil war in top cocoa producer Ivory Coast powered bean futures and a shortage of high-quality beans spurred arabica coffee. Sugar futures were hit hard as well. The volume of business in US soft commodity markets ran well below their 30-day norms, with raw sugar and cocoa about a quarter below and arabica coffee a third-below the averages, Thomson Reuters preliminary data showed. New York's May cocoa contract fell $76 to settle at $3,657 per tonne, having posted a new 32-year intra-day peak at $3,775. Liffe's May cocoa contract lost 56 pounds to finish at 2,340 pounds per tonne. ICE's May arabica coffee futures fell 1.65 cents to close at $2.728 per lb, having hit a 34year intra-day high at $2.792. London's May robusta coffee was up $8 to end at 2,390 per tonne. ICE cocoa futures rumbled to a 32-year high, despite forecasts of a surplus of cocoa beans in
the market, driven by the prospect supplies may dry up due to the Ivorian crisis. The trade was also concerned over prospects for Ivorian midcrop supplies due to the violence. "People believe the mid crop could be disrupted," said Keith Flury, a senior analyst with Rabobank in London. Constraints on bank liquidity and security fears could also dissuade Ivorian growers from harvesting, dealers said. The May/July spread in New York and London cocoa futures contracts remained at a steep premium, an indication of tight supplies or worries Ivorian cocoa may be continue to be severely constrained by the fighting there. New York's May raw sugar contract dropped 0.71 cent to close at 29.88 cents per lb. London's May white sugar futures fell $21.80 to settle at $735.70 per tonne. The sugar market is focused on the imminent start of cane harvesting in the centre-south of Brazil, the world's top sugar producer and exporter, which traders said could put pressure on sugar prices going forward. -Reuters
US cotton ends limit up at record on tight supply NEW YORK: US cotton futures finished up the 7-cent daily limit at an all-time high on Friday amid speculative buying, scarce supplies and signs that global economic growth is gathering steam in 2011, analysts said. The key May cotton contract on ICE Futures US finished locked at the high of $2.127 per lb. The session low was $2.064. For the week, the market is up 15.45 per cent, the best performance since 19.3 per cent the week ending Dec. 5. However volume was on the light side at near 22,000 lots,
about 30 per cent below the 30day norm, Thomson Reuters preliminary data showed. "The demand for cotton is improving and the world's economies are improving," said Ron Lawson, long-time cotton analyst at brokers logicadvisors.com in Sonoma, California. "We don't have a magic wand to wave this (demand crunch) problem away," he added. Analysts said the market was still trading on Thursday's strong weekly US Agriculture Department export sales report. USDA said US cotton sales last week hit 411,600 running
bales (500-lbs each), near double expectations for 200,000 to 250,000 RBs and up from 275,100 RBs the previous week. Lawson said that given the paucity of supplies to be delivered against the old-crop May and July cotton contracts, a further surge to levels approaching $5/lb cotton is in the realm of possibility. Despite the elevated cotton prices, open interest in cotton stood at 174,962 lots as of March 3, up a few hundred lots when compared to the 7-month low at 174,074 lots as of Feb. 28, data from ICE Futures US showed. -Reuters
Speculators raise bets against USD: CFTC NEW YORK: Currency speculators boosted bets in favor of the euro to the highest since January 2008 in the latest week, while bets against the dollar jumped across the board, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position rose to $34.9 billion in the week ended March 1 from $22.36 billion a week earlier, according to CFTC and Reuters calculations. It was the largest net short dollar position for which Reuters has data, dating back to June 2008. Net long positions in the euro rose to 51,308 contracts, the highest since January 2008, from 45,598 contracts in the prior week. The euro has rallied against the dollar in recent sessions as inflation-fighting rhetoric from European Central Bank officials stoked expectations eurozone interest rates will rise faster than those in the United States. Bets on the yen also jumped to 41,274 contracts, only the largest since November but a big change from the 27,746 short bets last week. Speculators reduced long positions in sterling, but they boosted bets in favor of gains in the Swiss franc, Australian and Canadian dollars. The Swiss franc hit a record high against the dollar this week as turmoil in Libya drove investors to safe-haven assets. Euro and Canadian dollar long positions in US dollar terms accounted for $16.4 billion of the total $34.9 billion US dollar short position. To be short a currency is to bet it will decrease in value, while being long a currency is a bet that its value will rise.Reuters
Copper ends lower NEW YORK/LONDON: Copper backed away from a near three-week high to end down on Friday as rising oil prices and escalating violence in North Africa eclipsed initial euphoria from upbeat employment data in the United States. A cautious tone swept across the broader market as the Libyan turmoil drove investors to seek safe-haven assets in front of the weekend. London Metal Exchange (LME) three-month copper peaked at $9,999 per tonne, its highest level since Feb. 15, when the price rallied to a record $10,190. It ended at $9,895, down $15 from a last bid of $9,910 on Thursday. Despite the negative close, it gained about 1.5 per cent on the week, snapping three consecutive weekly losses. COMEX copper for May delivery shed 0.45 cent to settle at $4.4855 per lb, after dealing between $4.4650 and $4.5540. Also weighing on the market, stocks of copper in LME warehouses last rose 1,250 tonnes to 425,300 tonnes, their highest level since last July as traders cited weakening physical demand. "We would argue that industrial metals may find it difficult to break higher in the near term as long as inventories do not register meaningful outflows again," Credit Suisse said in a note. "Spreads between Shanghai and London prices additionally hint at some moderation in Chinese demand," the note added. "However, we think that the fundamental backdrop remains broadly supportive and expect the uptrend to accelerate soon." The growing piles of metal have moved the copper curve into an $8.50 contango -- a discount for cash versus threemonth material -- from a $70 backwardation, or the premium for cash over three-month material, in mid-December. Aluminum stocks climbed 7,250 tonnes to 4,606,200 tonnes, within reach of a record high 4,640,750 hit in January 2010. Aluminum finished at $2,600, from a last bid of $2,611 on Thursday. -Reuters
Asian currencies
Mostly log gains for week, led by Korean won SINGAPORE: Asian currencies rose this past week, led by South Korea's won and the Philippine peso, on speculation central banks will tolerate appreciation and raise borrowing costs to tame inflation. Philippine central bank Governor Amando Tetangco said March 1 there was less scope to keep borrowing costs unchanged as prices rise. Bank Indonesia said a strengthening rupiah is helping to curb import costs as it refrained from a second increase in a row in the benchmark interest rate. Policy makers in Malaysia, Thailand and South Korea meet this week to review rates. "We expect all three to hike their policy rates owing to generally strong economic activity and rising core inflation pressures," Rahul Bajoria, an economist in Singapore at Barclays Plc, said. "Rising food and transport costs" are stoking inflation, he said. The won advanced 1.1 per cent this past week to 1,114.60 per dollar in Seoul. The peso
climbed 1 per cent to 43.268, Taiwan's dollar rose 1 per cent to NT$29.462, and Malaysia's ringgit strengthened 0.7 per cent to 3.0275. Indonesia's rupiah gained 0.6 per cent to 8,787. Taiwan's dollar halted a threeweek losing streak after data from the US signaled growth in the world's largest economy is gathering pace, brightening the outlook for regional exports. The currency rose to its strongest level in two weeks. Initial claims for jobless benefits fell to the lowest level since May 2008, figures showed on March 3. "The recovery outlook for the US is pretty good, and it's supporting Taiwan's dollar and other regional currencies," said Henry Lin, a Taipei-based foreignexchange trader at Taiwan Shin Kong Commercial Bank. The currency may test NT$29 this week, he said. The US jobless rate fell to 8.9 per cent in February, the lowest in almost two years, and employers added 192,000 jobs in a sign of growing confidence in the
recovery, Labor Department Figures showed in Washington. The peso rose this past week on speculation the central bank will raise its benchmark policy rate after inflation accelerated in February at the fastest pace in nine months. Consumer prices increased 4.3 per cent from a year earlier, after a revised 3.6 per cent gain in January, the National Statistics Office said in Manila. "I'm amazed at the resilience of these Asian currencies," said Tim Condon, head of Asian research at ING Groep NV in Singapore. "While it doesn't look like the turmoil in the Middle East will abate soon, the markets seem to have concluded at least for now that it won't be that big an impact." Elsewhere, China's yuan strengthened 0.1 per cent this past week to 6.5686 per dollar, according to the China Foreign Exchange Trade System. The Singapore dollar appreciated 0.5 per cent to S$1.2674 and Thailand's baht rose 0.5 per cent to 30.49. -Agencies
C$ fails to sustain rally; finishes flat on week TORONTO: The Canadian dollar steadied against the greenback and closed little changed on Friday after some data-related volatility early in the day. The currency rallied in the morning following the release of data that showed a surge in US employment last month, suggesting the US economic recovery has gathered speed. There was also a pop after Canada's Ivey Purchasing Managers Index jumped to 69.3 in February from 41.4 in January. Analysts had expected a reading of 51.7. Both rallies were shortlived. Michael O'Neill, managing director at Knightsbridge Foreign
Exchange, said the Canadian dollar failed to sustain its gains because it was being sold in cross-trading, especially against the strengthening euro. "The Canadian dollar is torn," he said. The euro has charged higher since European Central Bank President Jean-Claude Trichet hinted on Thursday at an interest rate rise in April. Against the greenback, it broke above the psychologically important $1.40 level. Support for the Canadian currency continued to come from prices for oil, a major Canadian export, which rose as intensified fighting between loyalists to Libya's Muammar Gaddafi and a
rebel army seeking to dislodge him from power spurred more worries about supply disruptions. The Canadian dollar rose as high as C$0.9699 to the US dollar, or $1.0310, but cut gains to finish at C$0.9717 to the US dollar, or $1.0291. That was up a few ticks from Thursday's North American finish of C$0.9722 to the US dollar, or $1.0286. The currency has been locked in a range of C$0.97 to C$0.98 for most of the past six sessions, with only brief forays outside that band. For the week, the Canadian dollar was little changed, up 0.03 per cent. -Reuters
Oil up on growing Libya clashes; Mideast worry Bahrain, Yemen, Oman protests raise Saudi worries NEW YORK: Brent oil prices pushed above $116 a barrel and US oil jumped more than $3 to its highest since September 2008 on Friday, as fighting in Libya worsened and protests in the Middle East intensified. Investors piled into the oil market fearing extended supply disruptions in Libya as rebels fought security forces in Ras Lanuf, a major oil terminal. And growing unrest in Bahrain and Yemen ratcheted up anxiety over Saudi Arabia, where Saudi Shi'ites staged protests on Thursday. Prices closed out a second big weekly gain with news that hedge funds and big speculators had increased their bullish bets on US oil prices by over 30 per cent in the week to March 1, taking their net long position to a record high as they braced for further turbulence in the region. "Tension in the Middle East is
like a runaway train," said Michael Hewson, an analyst at CMC Markets in London. "Once it starts, it's very difficult to stop. And if there is a danger that it impacts the supply chain, people will understandably get nervous." Brent crude futures for April delivery rose $1.18 to settle at $115.97 a barrel, having reached a high of $116.49. Brent posted a 3.4-per cent gain for the week, after rising 9.4 per cent last week. US crude for April delivery rose $2.51 to settle at $104.42 a barrel, the highest close since September 2008. West Texas Intermediate crude outpaced Brent for a third day, thanks to an upbeat US jobs report and as traders took profits on short positions in the Brent/WTI spread after it hit a record $16.91 last week. Brent's premium to its US counterpart fell $1.33 to $11.55
a barrel, based on settlement prices, continuing to retreat from last week's record $16.91. US crude late reached a high of $105.17 in after-hours trade. The US move was aided by data showing US nonfarm payrolls rose more than forecast in February, hitting a nine-month high, and the jobless rate slipped to a nearly two-year low of 8.9 per cent. News of refinery maintenance in Europe that will help offset the loss of Libyan crude also weighed on Brent. Al Jazeera television reported that an oil facility at Zueitina, south of Benghazi was damaged and on fire. The unrest that has catapulted oil prices to well over $100 a barrel, threatening to stoke inflation and endanger global growth, appeared to gather pace in countries adjacent to Saudi Arabia, the world's biggest exporter.-Reuters
Gold up 1pc; silver takes shine from oil rally, Libya NEW YORK: Gold rose above $1,430 an ounce on Friday, while silver surged 3 per cent to 31-year highs, as soaring oil prices fueled by widening clashes in Libya prompted investors to pile into safe havens. Bullion hit a record high of $1,440.10 an ounce on Wednesday, notching its fifth consecutive weekly gain on fears that Libya's escalating unrest could spread across the Arab world. "It's really all about oil, and I suspect that's going to be the pattern next week as well. Gold's uncertainty hedge and ultimate currency roles continue to be very much in place," said Bill O'Neill, partner of LOGIC Advisors. Spot gold hit a high of $1,431.85 an ounce and was up
0.8 per cent at $1,427.31 by 1908 GMT. Gold fixed at $1,427 in London. US gold futures for April delivery settled up $12.20 at $1,428.60, with volume down nearly 50 per cent from the previous session and 30 per cent below its 30-day average. The positive correlation between gold and oil has been strong of late, but its prospects appear questionable going forward. Net long positions in US gold futures contracts held by speculators rose nearly 10 per cent last week as bullion prices rallied 2.5 per cent, data from the US Commodity Futures Trading Commission (CFTC) showed on Friday. Spot silver gained 3.3 per cent to $35.31 an ounce, having earli-
er hit a high of $35.46, its loftiest price since 1980. Silver has risen on record coin buying in a tight physical market and strong demand for industrial metals as the economy recovers. The gold-silver ratio, which shows how many ounces of silver it takes to buy one ounce of gold, fell to a 13-year low, the weakest since 1998 when billionaire Warren Buffett bought 130 million ounces of silver. Holdings in the world's largest silver ETF, the iShares Silver Trust, rose to 10,794.89 tonnes by March 3, the largest since early January. Among other precious metals, platinum gained 0.6 per cent to $1,834.24 an ounce and palladium eased 0.4 per cent to $808.72. -Reuters
4 Monday, March 7, 2011
Pirates & The Sea of Profits
The Financial Daily International Vol 4, Issue 121
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
I
n 2005, the average ransom paid for the release of a ship hijacked by Somali pirates was around Honorary Advisory Board $150,000. By the end of last year, it Haseeb Khan, FCA S. Muneer Hussain Rizvi stood at $5.4 million. That means revAsim Abbas Ashary, CPA enues for the business of piracy more Khurram Shehzad, CFA than doubled every year. The 2005 to Akhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) 2010 percentage increase is a staggerDr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) ing 3,600 per cent. Muhammad Arif The ransom numbers come from the Ismat Sabir One Earth Foundation, a US think tank, Head office and help explain why the business of 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi piracy, probably the world's most profTelephone: 92-21-35311893-6 Fax: 92-21-35388428 itable, has been expanding -- despite an URL: www.thefinancialdaily.com increased international naval presence Email Address: editor@thefinancialdaily.com in the waters hounded by Somali Lahore office pirates, despite a string of plans to pro24- Peshawar Block, Fortress Stadium, Lahore tect shipping, and despite increasingly Telephone: 92-42-6675595 Fax: 92-42-6664349 exasperated statements from politicians Email Address: editor@thefinancialdaily.com and ship owners. Talking about pirates off Somalia, who killed four Americans on February 22, US Secretary of State Hillary Clinton said this week that "I'm fed up with it." Piracy is moving up Washington's list of priorities, according to her. A few weeks earlier, Ban KiMoon, the United Nations Secretary General, noted that "piracy seems to be outpacing the efforts of the international community to stem it." Ship owners agree. Early in March, five of the world's largest maritime organisations, complaining that "2,000 Somali pirates are hijacking the world's During current ongoing crushing season economy", launched an advertising campaign and a website (www. Pakistan is likely to produce above 3.8 mil- SaveOurSeafarers.com) demanding lion tonnes sugar. Due to carrying over of tougher action. The group includes the Chamber of Shipping, nearly half a million tonne stock the overall International which represents about 80 per cent of availability is expected to be above demand the world's merchant ships, and whose members operestimated at 4.2 million tonne. However, INTERTANKO, ate most of the world's tankers. experts say sugar crisis may appear this year In half page advertisements in leading newspapers, including the Wall Street also if situation is not monitored closely. Journal, the group noted that "even
Keeping the sugar sweet this season?
They add, if there is any price hike it would be the result of hoarding and profiteering by the middlemen. At present mills are selling sugar around Rs59 per kilo and retail price is hovering below Rs65 per kilo. However, it is feared that middlemen have already started accumulating the stock and are reportedly planning to jack up the price above Rs80 per kilo during Ramadan. While during last crushing season Pakistan managed to output above 3.1 million tonnes of sugar, production has already surpassed the level by mid February this year. In the aftermath of flood, sugarcane production improved across the country in general and in Sindh in particular. However, mills are under pressure for making payment to the farmers, which is forcing them to sell sugar at lower price. Keeping the scenario in view some of the millers are asking the government to grab, up to half a million tonnes, through the Trading Corporation of Pakistan (TCP) for Ramadan season. This may ease some pressure on millers but would add to the cost, normally termed the cost of intervention. Some of the quarters are still suggesting that the government should import half a million tonnes sugar to avoid price hike this year. The government was asked by the millers to allow half a million tonne raw sugar but the decision could not be made due to the pressure of sugarcane growers, who wanted to squeeze the millers as much as possible. They were asking the government to double the sugarcane support price this year and feared if import of raw sugar is allowed, their bargaining power will be reduced, and they managed to get the decision of not to import dutyfree raw sugar. Therefore, now they are demanding import of half a million tonne of refined sweetener through the TCP. To be prudent, there seems no rationale for importing refined sugar. However, to avoid the worst scenario the TCP maybe asked to import about quarter of a million tonnes of sugar, seeking Jul-Aug shipment. The import of sugar can be avoided conveniently if the government could guard the porous borders. The quantum of smuggling will largely depend on the retail prices being charged in the neighboring countries. Saving all the stakeholders is the responsibility of the government and best efforts should be made to avoid crisis this year.
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.
when caught red-handed, 80 per cent of pirates are released to attack again." The practice, known as "catch and release", figures in the risk-reward calculations of the piracy business, whose leaders are aware of the thicket of laws, regulations and jurisdictional ambiguities which has made arrest and prosecution of pirates difficult. There are no uniform rules of engagement for the warships on counter-piracy missions in the Gulf of Aden and the Indian ocean. By some definitions, an act of piracy does not begin until grappling hooks are thrown over the sides and the pirates start clambering up.
FAILURE Which is why trying to end piracy purely with sea-borne operations looks like an enterprise doomed to failure. The key to solving the problem is on land - the fact that Somalia, a failed state, is a sanctuary for pirates. No country is prepared to take action against that sanctuary, where more than 800 seafarers are currently held hostage. "The problem is being addressed right now only from the sea," Nikolas Gvosdev, a professor at the US Naval War College, said in a recent radio discussion on piracy. "We are trying to
“
The ransom numbers come from the One Earth Foundation, a US think tank, and help explain why the business of piracy, probably the world's most profitable, has been expanding -despite an increased international naval presence in the waters hounded by Somali pirates, despite a string of plans to protect shipping, and despite increasingly exasperated statements from politicians and ship owners
While the number of navy vessels on counter-piracy patrols has increased (there are about 30 warships on patrol now) so has the area threatened by pirates, who launch speedboats from mother ships up to a thousand miles from the Somali coast. So, the warships are looking for needles in a haystack. AN ENTERPRISE DOOMED TO
deter attacks. We are trying to protect ships. But the problem lies on land. It lies in villages and port cities, in ungoverned spaces where...this is a profitable business. It is essentially the main driver for revenue in Somalia." Donna Hopkins, the US government's coordinator of Counter Piracy and Maritime Security, has described piracy
as "deeply ingrained in the Somali economic and social structure" and said the problem would continue as long as there is no effective government to control territorial waters and the Somali coastline. When might that happen? Don't hold your breath. Somalia has had no effective government since 1991 when the Communist dictatorship of Mohamed Siad Barre was toppled. In the two decades since then, the country has been torn by fighting between rival warlords and militias, an Ethiopian invasion to oust Islamists, and battles between militants linked to al Qaeda and what passes for a government. In the process, Somalia earned the dubious distinction of being ranked the world's most corrupt country. It came dead last on the 2010 corruption perception index of 178 countries compiled by Transparency International, a watchdog group based in Berlin. The longer the problem festers, the more difficult it is to resolve. "As pirates become richer, they become harder to dislodge," says Roger Middleton, the author of a report on piracy by Chatham House, a British think tank. "Pirates can be chased on the ocean, but piracy can only be eradicated on land." So what to do? One way would be stepped up military action on land, following the example of a daring helicopter-born French commando raid in 2008 to capture pirates who had held 30 hostages from a French yacht. Another way would be to redouble international efforts to finally help Somalia establish an effective government to tackle the linked problems of piracy, poverty, hunger and war. Both options require what the ship owners backing the Save Our Seafarers campaign say governments around the world lack -- political will.-Reuters
Gaddafi’s Military Muscle? L
ibya's military before the insurrection was on paper made up of some 100,000 troops, more than 2,000 tanks, 374 aircraft, a small surface navy and two patrol submarines. Since the rebellion there have been defections by members of the armed forces and some military hardware has fallen into rebel hands. The level of rebel strength is difficult to ascertain, but the best equipped and trained units have remained loyal to leader Muammar Gaddafi because they are outside the regular army structure and are commanded by family members or people in his inner circle. Here are some details of Libya's armed forces, officially totalling about 76,000 active personnel, plus a reserve or people's militia of some 40,000. GROUND FORCES STRENGTH ON PAPER n Numbers: 50,000 including 25,000 conscripts. n Main Battle Tanks: 2,205, although many are thought to be inoperable. n Reconnaissance vehicles: 120. n Armoured Infantry
Fighting vehicles: 1,000. n Armoured personnel carriers: 945. n Artillery pieces 2,421 (including 444 self-propelled, 647 towed). n Mortars: 500. n Air Defence surface-toair missiles: At least 424. GROUND FORCES REALITY Even before the uprising, Libya's military strength was seen as having been seriously undermined by sanctions and neglect although Western powers had just began to sell it weapons again. Much of the equipment is seen as poorly maintained or unusable, leaving it hard to estimate genuine numbers. Analysts say Gaddafi tried to emasculate the regular army to avoid the emergence of commanders who might rival his immediate family, relying instead particularly on three loyal "regime protection" units often of his own tribe. That leaves him with what most estimate to be some 1012,000 loyal Libyan troops. The most reliable formation is seen to be the 32nd Brigade commanded by Gaddafi's son Khamis.
Repeated reports from witnesses, rights groups and others talk of African mercenaries flown in by Gaddafi to help put down the revolt. Exact numbers are impossible to obtain. In Libya's east around the city of Benghazi, regular military forces appear to have either defected to the opposition or melted away. Citizens groups also appear to have taken arms. But analysts say the opposition lacks much in the way of command and control or even any form of centralised leadership.. NAVY STRENGTH ON PAPER n Numbers: 8,000 including coast guard. n Submarines: 2 patrol submarines. n Surface vessels: 3 n Patrol and coastal ships: 14 NAVY REALITY Libya's two surviving Foxtrot class diesel submarines were delivered by the Soviet Union in the late 1980s, but outside experts have long questioned their reliability. According to IHS Jane's, in 2003 one was report-
ed to be in dry dock and one was sea going -- although unlikely to be fully operational. It suggested both might already have been abandoned. AIR FORCE STRENGTH ON PAPER n Numbers: 18,000. n Combat capable aircraft: 374. n 227 fighter aircraft, 13Mirage F1-ED, 94 MiG-25, 75 MiG-23, and 45 MiG-21. n Helicopters: 85 Support helicopters n 35 Attack helicopters AIR FORCE - REALITY Analysts estimate many of Libya's fast jets are in fact no longer airworthy. Gaddafi has so far also lost at least four aircraft in the course of this uprising with two jets defecting to Malta and the crew of a third ejecting over the desert rather than bomb opposition targets as ordered. There have been reports that rebels brought down a helicopter. OTHER FORCES There are also Air Defence Command forces which possess at least 216 surface-to-air missiles and 144 towed and 72 self propelled missiles. Again, maintenance may be an issue. Most analysts
believe Libya's armed forces would not be able to seriously threaten outside air forces attempting to enforce a no-fly zone, saying Gaddafi's defence capabilities probably lag behind those of Iraq's Saddam Hussein before the US-led 2003 invasion. The BBC reported a British RAF Hercules transport aircraft evacuating foreign nationals came under small arms fire but was not seriously damaged. Some suggested the attack might have come from opposition forces who mistook the plane for one of Gaddafi's aircraft on a bombing raid. CHEMICAL WEAPONS According to the Organisation for the Prohibition of Chemical Weapons (OPCW), Libya destroyed its entire stockpile of chemical weapons munitions in early 2004 as part of a rapprochement with the West that also saw it abandon a nuclear program. The OPCW told Reuters Libya did retain some 9.5 tonnes of deadly mustard gas at a secret desert location but no longer had the capability to deliver it.-Reuters
TALIBANATO CHRONICLES I
nsurgents are exploiting a governance vacuum in Afghanistan's remote eastern hinterland, finding funds and safe haven to fuel an escalating war against Nato-led forces. In the border province of Paktika, US and Afghan intelligence officials describe a "shadow" Taliban authority that levies taxes on the harvest of pine nuts, skims money from the salaries of teachers and runs a network of governors from over the border in Pakistan's lawless tribal belt. They mediate in disputes where the government cannot. In this province of at least 400,000 people, there are just three judges, and only one who actually lives here. Western officials say government staff lists are full and salaries being paid, but officials rarely venture to the villages due to security fears. The frustration is palpable. "When you talk to the people, when was the last time the governor was here? When was the last time the minister of education was here?" US army Captain Al Lemaire said in Yahya Khel, the most hostile district for US forces in Paktika. "Nobody knows, because they don't come here, they don't care about it. You do kind of wonder -- why are we here?" Remote, mountainous and poor even by Afghan standards, US forces say Paktika is a priority neither for them, as they battle the Taliban in their southern heartland, nor for the Afghan government. But Paktika is riddled with supply routes channeling fighters and weapons
across the border from Pakistan to feed an insurgency that is spreading from traditional Taliban strongholds in the south such as Kandahar and Helmand. Failure to entrench the central government, and reverse spiralling violence, is reinforcing doubts about the viability of a plan for the gradual withdrawal of Nato's 150,000 troops and handover of security by the end of 2014. SUPPORT ZONES Insurgent attacks in Paktika were up 137 percent last year, according to a report by the Afghanistan NGO Safety Office. "It's enemy routes, sustainment zones, support zones, so the enemy can move to those highways or up those passes," said Colonel Sean Jenkins, commander of Taskforce Currahee in Paktika. US commanders acknowledge resources are limited, even after a 30,000-strong troops surge last year. Some of those extra troops went to Paktika but most went to the south, where NATO says it has driven back insurgents ahead of an expected spring offensive by the Taliban. Under the US counterinsurgency strategy in Afghanistan, US soldiers are tasked with building up the central government and bringing it to the areas they patrol. But the priority is large towns and cities. In Paktika, villagers are being asked to shun the Taliban in favour of a government they rarely see. "Where you have civilian leadership and good governance ... makes a huge
difference," said Major General John F. Campbell, commander of NATO-led forces in eastern Afghanistan. "You can't kill yourself out of this, you've got to really build the governance and development piece up." "You can't be everywhere at once, you have to prioritise." In Yahya Khel, an Afghan intelligence officer who asked not to be named described a town that had gradually slipped from government control due to tribal feuding, corruption and neglect. The Taliban seized the opportunity, he said, and now use the large bazaar and a cowed population to provide shelter and sustenance to fighters trying to reach the nearby Highway 1, the main artery linking the capital Kabul to Kandahar. "In the beginning we had control of Yahya Khel, then step by step we lost it," he said. Lemaire's Alpha Company sacked the town's police force for stealing from the people and the local governor for cooperating with the Taliban. NEGLECTED REGION The new governor, Mohammad Sarwar, lives behind sandbags on the US base, with a satellite phone but no hot water. Insurgents have blown up the mobile phone tower and shuttered schools. Meanwhile, US forces have stepped up a campaign in eastern Afghanistan to kill or capture insurgents, offering the results as proof the tide of the war is turning.
But observers question the effect. Paktika is "one of the focus points of the ongoing strategy of hunting down the Taliban, and especially its local version the Haqqani network," said Thomas Ruttig, co-director of the Afghanistan Analysts Network (AAN) research group. "It has not changed anything," he said. "All the indicators by which security is measured are going up." Government in Paktika is "very weak and this has really been, in Afghan circumstances, a neglected region", he said. At Alpha Company's headquarters in Yahya Khel, a family tree of Taliban commanders, fighters and "facilitators" is pinned to the wall. There are more than 60 names. Three of the company's soldiers were killed in as many weeks late last year around Yahya Khel. When the third was shot through both thighs, they called in air strikes and a Hellfire missile destroyed the mosque from which they say the shot was fired. Lemaire said he expected fighting to pick up again from mid-April with the warmer weather and the return of fighters from Pakistan, using Yahya Khel and the surrounding villages as a staging ground for attacks. "The villagers are just trying to survive," said a Western official working in the region. "They don't know what's going to happen when we leave, and who's going to be in charge." "They're hedging their bets, and trying to survive."-Reuters
5
Monday, March 7, 2011
Asian stocks gain as data offset oil rise concerns
EU stocks log losses for week on rates rise expectations
Weekly Review
KSE terms it Week of the Bull
KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,223.52 12,000.03 776.51 6.92 732.49
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,283.30 3,659.85 376.55 11.47 31.33
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,718.39 2,845.42 127.03 4.67 0.51
Major Gainers
Symbol
Close
Change
ULEVER 4,700.03 RMPL 2,720.02 BATA 551.04 POL 321.20 NRL 295.71
144.61 97.30 43.73 39.31 35.75
Nawaz Ali
Major Losers
Symbol
Close
Change
UPFL 1,197.58 WYETH 980.59 PAKD 51.48 INDU 227.36 PSEL 151.75
-126.08 -31.26 -15.01 -12.93 -8.13
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NBP FFBL TRG ANL
15.98 80.57 42.69 3.47 9.53
131.43 47.69 35.84 25.84 25.60
Active Issues Plus Minus Unchanged
286 99 56
Sector Updates FERTILISER
TOKYO: Pedestrians pass before a share price board in Tokyo . -Reuters
000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
Wall Street weekly outlook
Oil to drive stocks; economic recovery seen winning day NEW YORK: Stocks will take their cues from the oil market this week as unrest rumbles through the Middle East. But so far equity investors are sanguine, believing the economic recovery wins the day. Sentiment is driving large daily swings as traders vacillate between the fear oil prices will hit consumers and derail the recovery and the euphoria that the US labor market is turning a corner. Reports of escalated fighting in Libya and protests in Bahrain, Yemen and top oilexporter Saudi Arabia rattled investors on Friday: oil rose, equities fell. "We are in such a sentiment-driven market right now and everyone is watching the equity market with one eye and oil and commodity markets with the other," said Michael James, senior trader at Wedbush Morgan in Los Angeles. Some hedge funds are trading the inverse correlations between oil and equities that have grown in recent weeks, while other investors are shifting their exposure to oil stocks and paring back in overvalued areas of the market. Through it all the S&P 500 is down less than 2 per cent from a near 3-year high hit in late February, which even bears concede is a remarkably robust performance. For the week stocks ended flat. So far the trade seems to be a reallocation of risk within equities rather than a move out of stocks altogether. Zahid Siddique, a portfolio
manager at the Gabelli Equity Trust, has used the turmoil as a chance to raise his exposure to energy stocks, which have surged with oil prices. The S&P energy sector has risen 10 per cent since the middle of January when troubles in the Arab world broke out. Since then the wider market has crept up by just a fraction of that. Over the same period Brent crude oil rose nearly 18 per cent to over $116 per barrel. "These type of crises make you refresh your portfolio and just take another look," said Siddique. "Near term we may have some volatility in the market ... although the markets could still trend higher within that." In the energy sector Siddique has added to positions in Suncor Energy, Marathon Oil, and Exxon Mobil. At the same time he has taken the opportunity to pare back positions that he believes are starting to look over priced. Those include Deere & Co and Caterpillar Inc. If oil prices spike higher, other areas of the market could start to look more vulnerable. Barry Knapp, managing director of equity research at Barclays Capital in New York, recently downgraded the consumer discretionary sector, a move he partly attributes to risks posed by higher oil prices. "If there is one sector that is particularly vulnerable, it would be the consumer discretionary sector," Knapp
said. That sector is the only cyclical sector that Knapp has underweighted as he continues to believe the economy will strengthen. "On balance we do not think that this oil price supply shock is going to be strong enough to offset the economic momentum," he said. Spending, savings and jobs data during the week continued to inspire confidence in the consumer. Although Friday's payrolls report fell short of the fireworks the market expected, many investors feel the jobs situation has finally turned. That is feeding into general optimism that the recovery is becoming self sustaining and will continue after the Federal Reserve stops its stimulative asset purchases later this year. "The game changer for this market is and continues to be the consumer," said Douglas Cote, senior market strategist at ING Investment Management in New York. "The consumer, despite 9 per cent unemployment, is setting records in not only in their incomes but their spending." That theory will be tested again this week when consumer confidence and retail sales data are published on Friday. The Reuters consensus forecast is that confidence will ease slightly in March. Any indication that consumers are less stalwart about rising energy and gasoline prices could be a warning sign. -Reuters
KARACHI: It was a bull festival at Karachi Stock Exchange (KSE) last week as it swelled up by 7 per cent closing at the psychological level of 12,000 points. The credit solely goes to leverage products launch. The benchmark KSE 100Index gained 776 points -6.92 per cent--- to close at 12,000 points, 30-Index grabbed 959 points --8.92 per cent--- to close at 11,716 points and All Share Index grew by 527 points --6.76 per cent--- to close at 8,329 points. Asad Siddiqui, analyst at InvestCap said that expectation of early MTS launch coupled with attractive levels the bargains irresistible, thus, investors went for it ravenously. The week took off with a bullroll as Monday closed 65 points up due to buying as a previous week's paring had left the levels attractive. What followed was good news, the confirmation of Margin Trading System (MTS) coming on line led bulls to binge. Further, good corporate results chiefly by National Bank blasted off buying bonanza. On the other side, successful dialogue between Muttahida Qaumi Movement (MQM) and government on petroleum prices too gave sentiments a strong lift on the last day. Rabia Tariq of JS Global said that NBP astonished investors by announcing a higher than expected cash payout of Rs7.5/share and a stock dividend of 25 per cent, along with earnings of
Rs17.6bn (EPS: Rs13.05) in 2010, flat YoY. Resultantly the stock rose 20 per cent during the week. Moreover, banking spreads data revealed average industry spreads rising by 32bps YoY to 7.57 per cent, keeping the sector in limelight as it outperformed the Index by 5 per cent. Result season is on its last legs and apart from National Bank the Bank Al-Falah, Nishat Chunian Limited and Pak Suzuki Motor Company were among the other major companies that announced their corporate earnings last week. Therefore index gained 319, 90, 62 and 238 points respectively during the next four trading days. At one moment on Friday it touched its highest intraday level of the week at 12,087 points. It should be noted that the Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Sheikh was due to visit the exchange on Saturday (Mar 5) where he was the Chief Guest at the launching ceremony of the leverage products. Volumes too remained impressive as 732 million shares traded during the week, 242 million more compared to 490 million a week earlier. Average daily turnover stood at around 146.5 million shares, 48.5 million more than an average volume of 98 million last week. Foreign investors according to NCCPL net-purchased $2.9 million stocks. Out of total 441 active issues; 286 advanced and 99 declined while 56 issues remained unchanged.
Gulf stocks mkt
Mostly track Saudi gains, but volatility remains DUBAI: Gulf Arab markets rose on Sunday, with the Dubai and Kuwait benchmarks pulling away from six-year lows to track gains a day earlier on Saudi Arabia's bourse, the region's largest. The kingdom's index rose 0.9 per cent after surging 7.3 per cent on Saturday to end a 14session losing run. "Buying is short-term and based on a market bounce, rather than a full recovery," said Walid Shihabi, Shuaa Securities chief executive. "Saudi Arabia is looking for direction and the main concerns remain." Gulf markets had tumbled in the wake of deadly unrest in Oman and Bahrain, sparking fears turmoil would spread to Saudi Arabia, with the latter's Shi'ite minority staging some small protests in the oil-producing eastern region. Some buyers have now returned, but volatility remains acute. "Gulf markets have been taking their cues from Saudi Arabia, with a very strong correlation," said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments. "This is a great opportunity to sell rather than buy -- nothing much has really changed in terms of the regional political picture. There are rumours of more protests taking place in the Gulf and March 11 will be a key day to look out for in Saudi." Dubai's index made its largest gain in four weeks, rising 2.7 per cent. Air Arabia climbed 2.2 per cent and was the most active stock, accounting for about a fifth of all shares traded. The low cost carrier's shares had slumped on fears regional turmoil would disrupt its operations and as rising oil prices likely increased fuel costs for airlines. Kuwait's index rose for a first session in four. Zain, subject to a protracted $12 billion takeover bid by the UAE's Etisalat, ended flat, having surged 4.7 per cent in the preceding session.-Reuters
Dhiyan
IT’S HOOFS & HORNS Tariq Hussain Khan, COO United Capital Securities There is a strong likelihood of bullish activities' staying put this week with index catching 400-500 points more. The expected start of Margin Trading System (MTS) from next week, decline in local petroleum prices and attractive share prices will keep the market in a positive mood. Investors are advised to take positions across the board where my top picks are FFBL, NML, MCB, PPL, POL, NCL and LOTPTA. It would be bullish today.
Saqib Hussain, Head of Corporate Sales & Portfolio Management MM Securities The ongoing rally can go on with index breasting 12,200 level. However, going forward we might see some extreme bear-brawl because, I think, Margin Trading System (MTS) would tank to the peril of the market. Moreover, failure of talks with International Monetary Fund (IMF) would be a bad news for it. However, a positive outcome of the same can make it go north while shaky economy would work the opposite. Investors are thusly recommended to 'sell on strength' and buy nothing for now. A positive “today” is forecast.
6
Monday, March 7, 2011
Market
KSE 100 Index
Symbols
Volume
732,494,524
Value
30,372,902,990
Trades
372,495
Advanced Declined Unchanged Total
286 99 56 441
Current High Low Change
All Share Index
12,000.03 12,086.58 11,077.31 h776.51
Current High Low Change
OIL AND GAS
Company
Paid up Cap(mn)
High Low 1,525.89 1,372.74 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 32.54
PE
Open
High
Low
Attock Petroleum XD 691 6.57 Attock Refinery 853 4.79 BYCO Petroleum 3921 Mari Gas Company 735 7.55 National Refinery 800 6.13 Oil & Gas Development 43009 10.46 Pak Petroleum XD 11950 7.66 Pak Oilfields XD 2365 7.40 Pak Refinery Limited 350 P.S.O XD 1715 4.92 Shell Gas LPG 226 Shell Pakistan 685 10.24
329.15 98.54 8.31 104.69 259.96 152.60 193.64 281.89 84.46 272.27 26.64 193.67
365.95 117.68 10.29 109.99 301.35 155.90 212.99 326.90 100.08 294.49 27.90 205.90
321.00 98.25 8.30 99.46 260.00 144.97 192.00 280.30 83.00 272.40 26.00 190.01
Close Chg 363.82 117.68 9.87 108.70 295.71 154.67 209.49 321.20 100.08 290.64 26.90 199.65
34.67 19.14 1.56 4.01 35.75 2.07 15.85 39.31 15.62 18.37 0.26 5.98
Current High Low Change
8,329.49 8,387.93 7,712.30 h527.32
11,716.67 11,805.49 10,663.05 h959.84
Last 60 days High Low
Volume
1314759 401.00 5991789 146.90 7569999 12.24 249783 141.65 982198 335.00 5536784 185.00 5837242 229.80 14634885 341.50 483603 122.22 2566052 317.79 9416 37.45 398867 222.00
321.00 98.25 8.20 99.46 254.00 144.97 190.10 276.50 83.00 265.00 26.00 186.83
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 670.66 Turnover 43,612 P/E (x) 5.22 Company
High Low 707.13 662.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.33 25.53
Close 693.70 Listed cap 3,242.17 mn Payout (%) 11.08
Change % Change 23.04 3.44 Market cap 200-Day High 11,974.68 mn Div Yield (%) 200-Day Low 2.12 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.54 9.17
65.62 32.04
69.68 33.45
64.55 32.00
68.00 33.00
34577 9035
76.65 39.45
Pak Int Cont.Terminal PNSC
2.38 0.96
63.00 31.00
Paid up Cap(mn)
PE
Open
High
Low
24.49 92.44 198.99 262.99 2.95 6.80 3.09 227.10 12.85 12.30 125.81 42.98 11.50 163.99 29.65 16.33 1.24 2.92 2.45 104.00 13.24 38.48
21.97 82.00 193.01 241.00 2.36 6.18 2.35 200.60 11.75 10.95 109.00 39.30 10.43 144.00 26.19 14.05 0.57 2.20 2.00 90.78 12.00 35.11
Close Chg 23.50 88.02 194.23 257.11 2.67 6.71 2.98 226.57 12.57 11.97 125.25 42.69 11.01 160.89 28.99 15.98 0.82 2.71 2.13 97.14 12.90 36.70
-0.33 2.02 1.55 14.59 0.28 0.49 0.66 24.88 0.63 1.09 15.43 3.32 0.01 17.01 2.64 1.90 -0.21 0.46 0.08 -7.16 0.96 -1.15
Close 1,691.81 Listed cap 52,251.88 mn Payout (%) 48.81
Change % Change 174.29 11.49 Market cap 200-Day High 366,251.19 mn Div Yield (%) 200-Day Low 5.19 -
Last 60 days High Low
Volume
26949 26.73 21791 103.94 158651 213.30 2231084 262.99 493378 3.74 1499815 9.25 10395403 4.24 14003390 227.10 908952 15.87 7356248 12.64 15255269 157.90 35840024 43.99 219184 13.07 1693632 163.99 8251 36.00 131432056 16.80 108832 2.45 8409861 3.17 39822 3.10 85773 131.90 349767 14.54 7160 41.99
21.58 82.00 155.26 172.00 2.34 6.00 2.26 184.71 11.75 9.16 108.00 34.60 10.43 137.00 23.07 12.70 0.57 1.51 1.55 90.78 11.81 34.50
2010 Div BR (%) (%) 60 135 25B 50 300B 60 20B 130 25B 65.5 175 5 5 25 5B 50 -
2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 970.91 Turnover 74,400 P/E (x) 5.11 Company
Paid up Cap(mn)
Century Paper Pak Paper Product Security Paper
PE
Open
High
High Low 1,022.85 953.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 7.47 Low
Close Chg
Close 1,020.00 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change 49.09 5.06 Market cap 200-Day High 2,813.08 mn Div Yield (%) 200-Day Low 4.94 -
Last 60 days High Low
Volume
2010 Div BR (%) (%) -
2011 Div BR (%) (%)
707
-
14.66
15.50
14.60
15.45 0.79
34379
19.69
14.50
-
-
-
50
8.33
38.97
40.75
36.00
36.17 -2.80
14799
48.90
36.00
2533.33B
-
-
411
6.65
35.00
37.25
34.00
37.24 2.24
25222
47.70
34.00
50
-
-
-
Open 1,121.70 Turnover 1,230,181 P/E (x) 3.97 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
High Low 1,151.47 1,084.48 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 25.35
Close 1,115.07 Listed cap 6,768.53 mn Payout (%) 20.42
PE
Open
High
Low
Close Chg
Volume
144 4.75 101 4.97 626 9.13 890 56 4.41 598 4.51 450 200 5.17 1428 786 9.84 823 11.80 150 4.06
69.00 180.05 126.47 1.58 185.05 22.00 3.55 4.24 9.74 240.29 61.90 20.95
73.25 192.00 136.89 2.07 190.33 23.48 3.80 4.40 10.75 240.00 67.00 23.07
69.45 180.00 120.30 1.55 170.11 22.39 3.05 3.71 9.52 218.00 60.00 21.00
72.50 3.50 187.23 7.18 131.48 5.01 1.94 0.36 180.00 -5.05 22.75 0.75 3.46 -0.09 3.72 -0.52 10.43 0.69 227.36 -12.93 64.29 2.39 22.51 1.56
20561 26602 63192 662921 5656 13284 59385 24616 61469 68766 203791 14882
Company
Close 1,020.45 Listed cap 3,596.11 mn Payout (%) 30.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
565
2.95
27.82
28.50
27.00
28.16 0.34
130328
Crescent SteelSPOT Dost Steels Ltd
675
Huffaz Pipe International Ind
-
1.81
2.19
1.80
2.13 0.32
Change % Change 57.91 6.02 Market cap 200-Day High 9,679.30 mn Div Yield (%) 200-Day Low 9.93 -
Last 60 days High Low 31.00
111576
24.01
3.29
2010 Div BR (%) (%) 30
1.80
-
555 460.00
13.36
14.06
13.30
13.80 0.44
65553
16.51
13.00
-
1199 18.37
45.85
51.90
46.30
50.51 4.66
181409
62.20
45.81
55
2011 Div BR (%) (%)
- 10.00 -
-
- 15.00 20B
-
Company
Paid up Cap(mn)
Adam Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd J D WSugar Mirza Sugar Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Punjab Oil XD Quice Food S S Oil Shakarganj Mills Tandlianwala
58 287 990 214 365 217 750 200 539 141 453 48 165 109 38 49 107 57 695 1177
PE
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.41 858 182 956 39.54 982 12.69 3891 3651 10.81 350 6933 5.88 502 2.12 1760 77 4003 32 1288 13126 3234 5.97 5261 2228 361 798 933.00
2.60 50.45 2.55 15.25 8.50 1.51 1.65 21.68 2.06 4.00 6.58 1.31 2.00 7.26 0.55 5.32 2.74 60.32 2.20 5.31 5.75 16.27
2.93 52.00 2.79 16.60 9.74 1.90 2.19 25.40 2.35 4.40 7.45 1.66 2.34 8.25 0.60 6.00 3.04 66.48 2.33 6.00 7.50 19.10
2.15 48.50 2.12 14.72 8.11 1.57 1.52 21.36 1.70 4.00 6.30 1.30 1.15 6.41 0.47 5.20 2.70 59.55 1.92 5.17 5.13 16.27
Close 862.64 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
2.65 50.60 2.63 16.49 9.49 1.65 1.90 24.97 2.10 4.23 7.00 1.59 2.00 7.92 0.52 5.91 2.95 66.48 2.23 5.76 6.51 18.66
179475 138035 13108 30903 80437 116204 2599481 9741296 23723 1327877 13595 417270 13037 31111 70718 123611 2085998 4924034 1649776 23847 10931 24521
3.98 63.90 4.24 24.16 11.90 2.49 3.10 32.30 4.00 5.55 8.00 2.25 3.40 9.19 0.99 7.40 3.88 78.44 3.30 7.65 9.60 19.65
0.05 0.15 0.08 1.24 0.99 0.14 0.25 3.29 0.04 0.23 0.42 0.28 0.00 0.66 -0.03 0.59 0.21 6.16 0.03 0.45 0.76 2.39
2.15 48.50 1.65 14.72 8.00 1.50 1.50 21.20 1.70 3.97 6.30 1.30 0.71 4.70 0.25 5.11 2.65 59.55 1.92 5.17 5.13 16.20
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
-
Company
Paid up Cap(mn)
Gauhar Engineering Ltd 22 Pak Elektron 1219 Tariq Glass Ind XR 231
Change % Change -6.63 -0.59 Market cap 200-Day High 41,346.73 mn Div Yield (%) 200-Day Low 5.15 -
Last 60 days High Low
Performance of SR General Industrials Index Open 888.57 Turnover 889,711 P/E (x) 2.59
High Low 944.53 868.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 43.91
Close 924.04 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change 35.47 3.99 Market cap 200-Day High 35,613.70 mn Div Yield (%) 200-Day Low 6.00 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack XR
115
2.32
51.37
50.65
47.80
50.57 -0.80
67608
83.23
47.80
20
25B
-
50R
ECOPACK Ltd
230
-
2.50
2.64
2.04
2.25 -0.25
104141
3.30
2.04
-
-
-
-
50.01
51.00 0.26
45.30
25
10B
Company
Ghani Glass MACPAC Films Merit Pack Packages Ltd
5.30
389
1.67
3.97
6.15
3.55
6.15 2.18
258254
6.15
2.50
-
-
-
-
47 16.17
30.24
31.09
29.10
29.11 -1.13
381907
33.80
20.00
-
-
-
-
119.00 105.02 115.88 7.88
338889
143.00
103.52
32.5
-
-
-
- 108.00
51.75
41237
56.45
2011 Div BR (%) (%)
1067
844
50.74
2010 Div BR (%) (%)
-
-
INDUSTRIAL ENGINEERING High Low 1,626.55 1,506.75 Total cos Defaulter cos P/BV (x) ROE (%) 3.12 38.02
Close 1,612.03 Listed cap 1,336.62 mn Payout (%) 131.49
PE 3.30 1.96
2010 Div BR (%) (%) 90 100 60 20 150 5 10
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
66
8.71
15.14
14.31
11.00
11.50 -3.64
30152
18.20
11.00
-
-
High Low 2,000.67 1,868.45 Total cos Defaulter cos P/BV (x) ROE (%) 14.10 30.30 Low
Close Chg
13.55 14.94 8.00 9.05 2.52 3.70 6.25 6.25 2.75 3.20 18.70 18.76 20.50 21.49 11.05 11.05 68.50 74.69 3.07 3.52 3240.01 3410.21 20.02 20.09 10.35 11.00 3.15 3.99 36.11 37.81 41.80 44.10 2.70 3.20 3.50 4.18 4.45 4.84 40.00 41.04
0.44 0.05 0.77 -0.34 0.16 -0.24 0.85 -0.51 5.19 0.35 2.71 -3.17 0.50 0.74 -0.20 2.30 0.20 0.58 -0.08 1.94
Close 1,932.44 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Last 60 days High Low
11031 20.50 5466 13.90 126629 5.70 11800 7.15 92551 5.59 7676 21.73 316354 36.50 5527 12.95 38837 92.50 23891 7.18 12430 3695.00 8036 27.24 5091 14.00 10099 6.99 11254 51.50 5500 47.05 80500 4.00 136500 4.75 89529 7.08 7192 44.06
13.55 8.00 2.40 5.05 2.52 17.25 20.25 11.05 68.00 2.65 2115.50 20.02 9.00 3.00 36.11 39.14 2.06 2.50 4.10 34.00
2010 Div BR (%) (%) 25 10 25 25 25B 40 7010B 12.5R 10 750 12 10 10 15 28R -
1.40 12.20 17.00
High 2.35 13.40 17.88
High Low 1,033.22 981.72 Total cos Defaulter cos P/BV (x) ROE (%) 0.24 10.64 Low 0.75 12.15 13.50
Close Chg 1.00 -0.40 13.11 0.91 14.86 -2.14
Close 1,026.27 Listed cap 3,763.71 mn Payout (%) 6.27
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
-
17115
244.95
215.00
400
-
-
-
Volume 17500 403477 183977
Last 60 days High Low 2.35 15.88 24.00
0.45 12.07 13.50
2010 Div BR (%) (%) 17.5
Company
Paid up Cap(mn)
Amtex Limited Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Chenab Limited Chenab Ltd Pref Colony Mills Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Ishaq Textile Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Quetta Textile Ravi Textile Redco Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sargoda Spinning Saritow Spinning Service Ind Shahtaj Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving ZahidJee Textile Zephyr Textile Ltd Zil Limited
2594 133 4493 33 76 76 141 1150 800 2442 238 492 31 600 99 514 57 34 110 234 635 146 222 138 716 3105 99 180 97 48 107 208 303 1300 1455 145 187 1614 3516 560 174 185 130 250 213 308 341 264 88 267 312 133 120 97 180 173 307 418 215 400 341 594 53
PE
Open
2.51 0.34 2.00 8.17 0.20 10.99 0.45 13.00 4.78 507.31 0.72 0.95 2.32 2.95 2.28 2.11 0.90 2.88 15.57 3.40 1.32 0.54 49.62 41.65 0.21 2.10 0.15 4.04 0.60 24.01 0.85 71.01 2.56 35.23 0.38 5.96 0.39 7.14 0.70 0.94 3.84 3.56 45.28 1.03 8.00 2.18 3.60 1.52 7.80 0.35 14.03 0.20 0.95 0.32 1.48 1.33 0.49 1.00 8.22 4.75 0.42 1.77 14.54 4.20 23.46 5.84 58.50 2.60 12.50 0.69 11.00 1.10 13.80 0.74 46.18 1.01 4.71 0.40 0.65 9.88 3.89 37.99 0.49 5.40 0.22 4.25 4.70 5.75 1.08 3.23 0.47 2.00 7.12 187.99 1.39 20.01 0.77 35.78 0.51 39.25 5.74 105.68 6.08 46.39 0.87 0.63 1.41 0.72 3.27 5.83 3.50 4.90 68.47
High
High Low 1,011.59 943.97 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64 Low
Close Chg
2.83 2.41 2.79 0.28 2.50 2.00 2.10 0.10 9.60 8.05 9.53 1.36 15.80 11.00 15.65 4.66 16.90 13.00 15.92 2.92 603.00 493.50 551.04 43.73 1.95 0.95 0.95 0.00 2.49 2.05 2.40 0.08 2.97 1.95 2.25 -0.70 2.63 2.00 2.60 0.49 1.14 0.62 1.00 0.10 16.00 15.00 15.67 0.10 3.40 2.45 2.50 -0.90 1.75 1.25 1.46 0.14 0.94 0.21 0.21 -0.33 45.40 39.81 42.18 0.53 2.10 1.50 1.91 -0.19 4.59 3.99 4.22 0.18 26.50 24.40 26.35 2.34 86.11 70.01 86.10 15.09 36.79 34.00 36.56 1.33 9.23 6.29 9.11 3.15 10.85 7.06 10.69 3.55 1.05 0.25 1.05 0.35 4.94 3.65 4.70 0.86 49.80 43.02 49.18 3.90 10.80 7.00 9.98 1.98 4.00 3.05 3.97 0.37 8.25 7.00 7.01 -0.79 17.47 13.50 16.00 1.97 1.24 0.86 1.01 0.06 1.59 1.00 1.00 -0.48 1.90 1.26 1.79 0.46 1.20 1.07 1.20 0.20 5.58 4.01 4.77 0.02 0.50 0.33 0.40 -0.02 16.50 15.40 16.00 1.46 27.49 22.30 27.32 3.86 66.50 58.25 65.85 7.35 16.95 12.50 16.30 3.80 14.00 10.20 13.98 2.98 14.85 13.80 14.01 0.21 46.07 41.02 41.03 -5.15 1.25 0.97 1.15 0.14 0.80 0.40 0.80 0.40 12.99 10.24 12.50 2.62 42.40 38.01 41.87 3.88 10.01 5.50 10.00 4.60 6.07 4.40 5.73 1.48 6.95 5.00 6.58 0.83 4.29 3.10 3.57 0.34 2.33 1.62 2.33 0.33 210.99 186.00 207.88 19.89 22.00 19.15 22.00 1.99 40.50 36.00 39.00 3.22 43.15 37.20 40.00 0.75 117.40 100.51 115.79 10.11 50.10 44.10 49.46 3.07 0.99 0.52 0.59 -0.28 1.70 1.08 1.33 -0.08 4.25 3.70 4.00 0.73 3.90 2.56 3.50 0.00 71.47 65.50 67.05 -1.42
Close 990.13 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Last 60 days High Low
2190243 4.69 30285 3.00 25600116 12.84 153976 15.80 114171 16.90 13954 705.00 9834 2.45 85239 3.76 144504 3.99 110488 2.97 13263 1.43 10942 23.99 9000 3.40 1196616 2.10 16165 1.10 123415 48.29 14551 3.75 77704 8.90 20694 26.50 82092 86.11 39174 36.79 211398 9.23 659199 10.85 10317 1.10 1932320 4.94 603714 55.00 5715 10.90 55179 4.00 5261 8.70 64997 18.00 66594 1.29 5001 2.50 1122699 2.00 25210 1.74 85972 5.95 5517 0.88 6551 17.10 24581926 28.04 17159302 71.89 2515477 16.95 534092 14.00 7522 15.44 6226 48.48 193987 1.98 20000 0.99 103449 12.99 51897 42.70 322659 10.01 294680 6.07 16847 7.00 37491 4.45 8006 2.89 10471 254.45 10617 22.05 52508 41.95 8031 44.10 85430 132.00 324906 63.30 5390 1.29 27679 1.99 9952 4.88 8599 4.50 10195 87.90
2.35 30 1.32 7.5 8.05 8.10 - 15B 12.76 20 493.50 280 0.95 2.05 1.72 2.00 0.32 15.00 15 1.99 1.20 0.08 35.00 5 1.50 2.90 18.90 35 49.00 70 24.50 12.5 5.02 10 6.30 10 20B 0.25 3.31 10 37.50 20 4.56 2.70 10 6.00 8 13.15 0.25 0.85 0.75 0.30 5 4.01 0.13 14.50 20SD 21.15 15 57.20 25 45R 7.00 8.50 10 10B 13.10 30 34.35 20 0.65 0.40 8.50 25SD 35.25 40 3.90 3.63 10 4.55 - 100R 1.55 5 1.00 186.00 17.50 45 33.00 50 31.52 25 100.51 80 20B 44.10 0.33 1.08 2.27 2.56 50.00 35 -
Open 827.02 Turnover 152,563 P/E (x) 5.99 Company Abbott (Lab)
High Low 869.01 824.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 22.31
Paid up Cap(mn)
PE
Open
High
Low
979
6.88
78.63
83.50
79.25
Close 852.21 Listed cap 3,904.20 mn Payout (%) 44.54
Close Chg
Volume
82.72
21608
4.09
Last 60 days High Low 112.50
78.59
2010 Div BR (%) (%) 50
4.76
43.00
47.45
45.00
47.45
4.45
20004
48.63
42.90
25
10B
-
-
Ferozsons (Lab)
250
6.08
88.01
91.25
85.00
90.00
1.99
12559
98.00
83.50
-
-
0.91
1.28
0.82
1.10
0.19
12632
2.40
0.66
-
-
-
-
GlaxoSmithKline
1707
12.84
69.02
73.75
68.65
71.38
2.36
35170
89.98
68.00
-
9.45
0.73
142092
-
-
-
-
-
-
25B325.00
-
8.29
8.72
6.84
57.12
8.11 491.49
9.50
8.25
58.69
54.27
57.10 -0.02
531.00 488.00 526.47 34.98
5849 132895
13.50
8.25
10B -
2011 Div BR (%) (%) - 200R
2011 Div BR (%) (%) -
-
Change % Change 25.18 3.05 Market cap 200-Day High 28,150.63 mn Div Yield (%) 200-Day Low 7.44 -
104
366
10 -
Performance of SR Pharma and Bio Tech Index
Bolan Casting
132
10B -
2010 Div BR (%) (%)
Dewan Auto Engineering 214 213
2011 Div BR (%) (%)
Change % Change 27.44 2.85 Market cap 200-Day High 135,440.94 mn Div Yield (%) 200-Day Low 2.47 -
5.13 224.34
Millat Tractors
-
70.50
54.27
-
568.40
466.27
650
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
32.04
Total Assets (Rs in mn)
MA (10-day)
2.42
Total Equity (Rs in mn)
41,643.27
MA (100-day)
2.83
Revenue (Rs in mn)
18,272.36
MA (200-day)
2.93
Interest Expense
12,872.36
1st Support
2.20
Profit after Taxation
2nd Support
2.12
EPS 09 (Rs)
0.171
1st Resistance
2.33
Book value / share (Rs)
10.30
2nd Resistance
2.38
PE 10 E (x)
208,118.96
Pivot
2.25
PBV (x)
691.05
0.22
NIB closed down -0.14 at 2.23. Volume was 24 per cent below average and Bollinger Bands were 56 per cent wider than normal. The company's loss after taxation stood at Rs10.112 billion which translates into a Loss Per Share of Rs2.50 for the year ended CY10. NIB is currently 24.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of NIB (mildly bearish). Trend forecasting oscillators are currently bearish on NIB.
JS Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
64.21
Total Assets (Rs in mn)
MA (10-day)
2.84
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.61
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.61
Interest Expense
1,806.71
1st Support
2.98
Loss after Taxation
(594.94)
2nd Support
2.94
EPS 09 (Rs)
1st Resistance
3.09
Book value / share (Rs)
2nd Resistance
3.16
PE 10 E (x)
Pivot
3.05
PBV (x)
32,894.92
(0.98) 9.23 0.33
JSBL closed up 0.37 at 3.03. Volume was 79 per cent below average (consolidating) and Bollinger Bands were 97 per cent wider than normal. The company's loss after taxation stood at Rs404.872 million which translates into a Loss Per Share of Rs0.66 for the nine months of current calendar year (9MCY10). JSBL is currently 16.3 per cent above 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 very strong flows of volume into JSBL (bullish). Trend forecasting oscillators are currently bullish on JSBL.
Dewan Salman Fibre Limited
Change % Change 41.01 4.16 Market cap 200-Day High 4,925.71 mn Div Yield (%) 200-Day Low 2.76 -
215
KSB Pumps
-
Change % Change 24.90 1.31 Market cap 200-Day High 280,834.11 mn Div Yield (%) 200-Day Low 0.66 -
AL-Ghazi Tractor
Ghandhara Ind
2011 Div BR (%) (%)
20B - 50.00 20B 10.00
PHARMA AND BIO TECH
Ados Pak
3.77
Open
Open 962.69 Turnover 81,391,022 P/E (x) 6.76
Change % Change 96.59 6.37 Market cap 200-Day High 33,051.34 mn Div Yield (%) 200-Day Low 16.02 -
Company
235.00 221.00 228.11
66.45 159.00 107.00 1.50 170.11 21.00 3.05 3.71 9.52 218.00 60.00 18.80
Performance of SR Personal Goods Index
Performance of SR Industrial Engineering Index Open 1,515.44 Turnover 364,780 P/E (x) 8.21
82.63 205.00 143.80 2.89 217.44 26.74 5.36 5.49 12.87 309.73 74.80 24.00
PERSONAL GOODS
-
GENERAL INDUSTRIALS
-
HOUSEHOLD GOODS
-
20R 92R -
High
Open 985.26 Turnover 608,066 P/E (x) 2.27
-
2011 Div BR (%) (%)
-
Performance of SR Household Goods Index
-
Change % Change 73.75 9.35 Market cap 200-Day High 62,917.43 mn Div Yield (%) 200-Day Low 3.09 -
Open
4.45 14.50 15.00 3.54 9.00 9.05 9.25 2.93 3.80 0.63 6.59 6.75 3.04 3.64 1.52 19.00 19.94 8.53 20.64 21.50 6.74 11.56 12.20 1.32 69.50 75.95 3.17 4.18 37.60 3407.50 3559.00 5.52 23.26 22.13 1.18 10.50 11.55 3.25 4.10 38.01 41.77 1.84 41.80 44.10 7.27 3.00 3.20 0.26 3.60 4.75 0.34 4.92 5.99 22.93 39.10 41.05
CONSTRUCTION AND MATERIALS High Low 877.43 774.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.10
2011 Div BR (%) (%)
FOOD PRODUCERS Open 1,907.54 Turnover 1,025,475 P/E (x) 46.55
Performance of SR Construction and Materials Index Open 788.89 Turnover 23,643,741 P/E (x) 6.17
-
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index High Low 1,035.69 954.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
40 15
Performance of SR Automobile and Parts Index
INDUSTRIAL METALS AND MINING Open 962.54 Turnover 505,515 P/E (x) 3.11
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Company
Open High Low 1,517.51 1,705.31 1,508.01 Turnover Total cos Defaulter cos 222,724,773 P/E (x) P/BV (x) ROE (%) 9.41 3.29 35.00
Agritech Limited 3924 23.50 23.83 BOC (Pak) 250 9.04 86.00 Clariant Pak 273 6.95 192.68 Dawood Hercules 1203 14.40 242.52 Descon Chemical 1996 2.39 Descon Oxychem Ltd. 1020 8.83 6.22 Dewan Salman 3663 2.32 Engro Corporation Ltd 3277 12.45 201.69 Engro Polymer 6635 - 11.94 Fatima Fertilizer 22000 - 10.88 Fauji FertilizerXDXB 8482 7.71 109.82 Fauji Fert.Bin Qasim 9341 8.05 39.37 Ghani Gases Ltd 725 9.66 11.00 ICI Pakistan 1388 9.19 143.88 Ittehad Chemical 360 6.39 26.35 Lotte Pakistan 15142 5.88 14.08 Mandviwala 74 1.03 Nimir Ind Chemical 1106 27.10 2.25 Shaffi Chemical 120 2.05 Sitara Chem Ind 214 8.19 104.30 Sitara Peroxide 551 5.56 11.94 Wah-Noble 90 5.65 37.85
NIB Bank Limited
Performance of SR Industrial Transportation Index
Close Change % Change 1,507.21 97.29 6.90 Listed cap Market cap 200-Day High 65,194.15 mn 1,129,865.96 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.35 -
Performance of SR Chemicals Index
Company
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,409.92 Turnover 38,005,378 P/E (x) 10.47
KSE 30 Index
Highnoon (Lab)
165
7.08
25.05
26.65
24.50
25.56
0.51
7804
30.48
24.50
-
-
2011 Div BR (%) (%) -
20B 12.50 -
-
-
IBL HealthCare Ltd
200
4.21
9.98
11.00
10.00
10.69
0.71
11370
11.00
7.16
-
-
-
-
Searle Pak
306
5.38
60.22
61.95
58.71
61.50
1.28
59504
69.00
58.50
30
-
-
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
56.68
Total Assets (Rs in mn)
15,343.38
MA (10-day)
2.64
Total Equity (Rs in mn)
(7,218.97)
MA (100-day)
2.49
Revenue (Rs in mn)
137.50
MA (200-day)
2.07
Interest Expense
1st Support
2.87
Loss after Taxation
2nd Support
2.79
EPS 10 (Rs)
(4.176)
1st Resistance
3.03
Book value / share (Rs)
(19.71)
125.73
2nd Resistance
3.11
PE 11 E (x)
Pivot
2.95
PBV (x)
(1,529.67)
(0.15)
DSFL closed up 0.66 at 2.98. Volume was 46 per cent below average and Bollinger Bands were 4 per cent wider than normal. The company's loss after taxation stood at Rs498.50 million which translates into a Loss Per Share of Rs1.36 for the half year of current fiscal year (1HFY11). DSFL is currently 43.9 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.
Nishat Chunian Power Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
43.86
Total Assets (Rs in mn)
22,703.03
MA (10-day)
15.01
Total Equity (Rs in mn)
3,649.33
MA (100-day)
14.97
Revenue (Rs in mn)
MA (200-day)
12.48
Interest Expense
1st Support
15.03
Loss after Taxation
2nd Support
14.74
EPS 10 (Rs)
1st Resistance
15.69
Book value / share (Rs)
9.93
2nd Resistance
16.06
PE 11 E (x)
3.07
Pivot
15.40
PBV (x)
1.54
0.00 0.00 (7.76) (0.021)
NCPL closed up 0.94 at 15.29. Volume was 28 per cent above average and Bollinger Bands were 20 per cent wider than normal. The company's profit after taxation stood at Rs914.231 million which translates into an Earning Per Share of Rs2.489 for the half year of current fiscal year (1HFY11). NCPL is currently 22.5 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NCPL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NCPL.
BOOK CLOSURES Company
From
To
Tariq Glass Bank Al-Habib Husein Industries # Crescent Steel Allied Bank Ltd. Tri-Pack Films Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg. Works Sazgar Engg. Works # Atlas Honda # Punjab Oil Mills # Fauji Fertiliser Bin Qasim Huffaz Seamless Pipe Ind. Indus Dye & Manufac Co # Fauji Cement # Al-Noor Sugar Mills # Indus Motor Habib Bank United Bank (Unconsolidated) Al-Ghazi Tractors Engro Corp (Consolidated) Nishat Mills (Unconsolidated) # Clarient Pakistan Hub Power (Unconsolidated) Lotte Pakistan Mari Gas Abbott Laboratories Pak Mybank Ltd. American Life Insurance # Meezan Bank Rafhan Maize Prod. DG Khan Cement (Consolidated)
07-Mar 07-Mar 07-Mar 09-Mar 10-Mar 10-Mar 11-Mar 11-Mar 12-Mar 13-Mar 13-Mar 14-Mar 14-Mar 15-Mar 15-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 17-Mar 17-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 19-Mar 19-Mar 19-Mar 21-Mar 21-Mar
13-Mar 17-Mar 12-Mar 15-Mar 16-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 26-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 25-Mar 24-Mar 25-Mar 28-Mar 23-Mar 25-Mar 28-Mar 29-Mar 28-Mar
D/B/R
INDICATIONS # Extraordinary General Meeting
Spot AGM/Date
200(R) 25-02-2011 20(F),20(B) 25-Feb 10(I) 01-Mar (F),10(B) 02-Mar20 100(F) 02-Mar 30(I) 03-Mar 15(Ii) 04-Mar 10(I) 04-Mar 10(I),10(B) 35(F) 07-Mar 15(I) 50(I) 08-Mar 40(F) 08-Mar 250(F) 08-Mar 20(F),20(B) 09-Mar 135,25(B) 10-Mar 25(I) 10-Mar 5 10-Mar 23.43(I) 30(F) 11-Mar 15(B) 11-Mar 550(F) 11-Mar 20(R) 11-Mar
17-Mar 12-Mar 16-Mar 18-Mar 22-Mar 19-Mar 21-Mar 02-Apr 21-Mar 24-Mar 22-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 24-Mar 29-Mar 25-Mar 25-Mar 28-Mar 29-Mar -
7
Monday, March 7, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,021.12 Turnover 19,159,763 P/E (x) 5.73 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,085.63 1,006.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.74 12.84
Close 1,066.41 Listed cap 50,077.79 mn Payout (%) 62.56
PE
Open
High
Low
Close Chg
Volume
78 5.60 37740 12.11 3000 1.39 8606 6175 -
66.49 17.50 1.73 2.25 2.84
63.17 18.39 2.35 2.68 3.50
51.48 17.25 1.75 2.23 2.80
51.48 -15.01 18.17 0.67 2.12 0.39 2.54 0.29 3.12 0.28
49200 11207023 5070581 2832959 825231
Change % Change 45.28 4.43 Market cap 200-Day High 73,725.60 mn Div Yield (%) 200-Day Low 10.92 -
Last 60 days High Low
2010 Div BR (%) (%)
82.39 20.65 2.67 3.45 4.65
80 17.5 1 -
51.48 17.25 1.60 2.15 2.80
2011 Div BR (%) (%)
- 15.00 -
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance
255 6.15 369 6.31 279 8.86 457 6.06 1250 400 3.13 718 8.59 791 10.56 3000 43.95 250 1.89 350 71.43 303 6.13 252 4.17 253 4.17
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy XD Kohinoor Power Kot Addu PowerSPOT Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power XD
198 11572 1560 7932 1695 126 8803 3673 3541 1367 150
Close 1,353.66 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change 98.87 7.88 Market cap 200-Day High 110,404.62 mn Div Yield (%) 200-Day Low 7.13 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.32 7.17 3.09 5.73 3.07 2.40 -
0.65 36.96 1.30 2.38 17.51 3.90 41.70 14.35 15.12 1.48 0.61
0.85 40.75 1.65 2.89 17.99 4.95 44.99 15.78 16.80 1.75 0.85
0.65 36.35 1.30 2.31 16.00 3.50 41.89 14.15 14.93 1.41 0.50
0.75 0.10 39.94 2.98 1.62 0.32 2.74 0.36 16.50 -1.01 3.95 0.05 44.63 2.93 15.29 0.94 16.45 1.33 1.73 0.25 0.56 -0.05
107583 21977819 387834 5572517 6586 13011 2036285 9545566 5545686 931529 23441
1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 2.80 1.49
0.56 35.90 1.25 2.31 16.00 3.50 39.80 14.05 14.85 1.41 0.50
2010 Div BR (%) (%) 50 15 50 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
-
10.00 10.14 -0.54 37.00 41.45 4.78 71.00 77.98 6.67 8.90 9.69 0.55 32.25 35.84 1.44 12.00 13.14 1.14 94.51 100.00 6.77 58.50 60.06 2.03 13.86 17.14 3.10 7.91 7.98 -0.02 8.85 10.00 0.50 10.17 11.34 0.89 6.20 6.80 0.60 6.27 6.71 0.31
8500 12.00 229544 42.90 10831 83.00 54905 11.99 331939 46.44 55733 15.50 23168 102.44 41577 61.80 3553799 19.40 12135 9.95 153082 11.00 44059 12.93 7702 7.15 46254 8.20
9.51 35.47 58.11 8.90 32.25 11.72 86.10 56.00 13.80 6.33 6.01 10.10 6.20 6.01
Open 673.47 Turnover 97,514 P/E (x) 5.33 Paid up Cap(mn)
Company
PE
Open
EFU Life Assurance
850 31.99
51.53
New Jub Life Insurance
627 19.35
43.90
High Low 724.55 665.11 Total cos Defaulter cos P/BV (x) ROE (%) 3.07 3.85
High
Low
Close Chg
Close 716.40 Listed cap 2,290.72 mn Payout (%) 355.53
Open 1,448.40 Turnover 3,083,182 P/E (x) 9.34 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,482.82 1,407.70 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 11.41
Close 1,465.67 Listed cap 12,202.80 mn Payout (%) 66.79
Change % Change 17.26 1.19 Market cap 200-Day High 32,740.32 mn Div Yield (%) 200-Day Low 7.15 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 12.35 8390 3.81
20.53 25.21
21.32 25.50
19.71 24.50
21.00 0.47 25.28 0.07
1349450 1733732
29.39 27.90
19.71 19.95
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open High Low Close 1,025.52 1,151.96 1,012.15 1,134.51 Turnover Total cos Defaulter cos Listed cap 166,106,166 - 257,548.02 mn P/E (x) P/BV (x) ROE (%) Payout (%) 7.95 1.11 13.94 40.49 Paid up Cap(mn)
Company
PE
Open
Allied Bank Ltd.SPOT 7821 6.54 62.05 Askari Bank 6427 6.96 12.89 Bank Alfalah 13492 7.41 9.01 Bank AL-HabibXDXB 8786 5.73 35.08 Bank Of Khyber 5004 3.89 4.03 Bank Of Punjab 5288 6.70 BankIslami Pak 5280 932.50 3.23 Faysal Bank 7327 4.46 10.94 Habib Bank Ltd 10019 8.07 116.74 Habib Metropolitan Bank 8732 7.16 22.65 JS Bank Ltd 8150 2.66 KASB Bank Ltd 9509 1.44 MCB Bank Ltd 7602 9.75 200.08 Meezan Bank 6983 8.05 17.30 Mybank Ltd 5304 2.02 National Bank 13455 7.04 67.01 NIB Bank 40437 2.37 Samba Bank 14335 1.68 Silkbank Ltd 26716 2.11 Soneri Bank 6023 31.62 5.39 Stand Chart Bank 38716 8.32 6.70 Summit Bank Ltd 7251 2.95 United Bank Ltd 12242 7.77 57.51
High
Low
Close Chg
70.00 61.05 69.35 7.30 14.90 12.91 14.62 1.73 10.70 8.75 10.00 0.99 36.95 27.22 28.19 -6.89 4.65 4.10 4.40 0.37 7.60 6.65 7.43 0.73 3.96 3.30 3.73 0.50 13.84 10.80 13.84 2.90 129.15 117.10 129.14 12.40 25.00 23.00 23.41 0.76 3.16 2.60 3.03 0.37 1.64 1.40 1.51 0.07 219.40 195.55 216.48 16.40 19.00 17.10 18.99 1.69 2.30 2.03 2.21 0.19 81.78 66.18 80.57 13.56 2.70 1.90 2.23 -0.14 1.93 1.61 1.83 0.15 2.38 2.12 2.31 0.20 6.70 5.00 6.64 1.25 7.90 6.50 7.90 1.20 3.34 2.85 3.01 0.06 66.80 57.03 66.12 8.61
Last 60 days High Low
Volume 1073645 5637717 21605754 5298533 168093 19685007 710394 1600463 1577841 567461 14629892 765641 6645815 566403 711101 47686349 25292478 806113 5314187 1337486 245839 523000 4179935
Change % Change 108.99 10.63 Market cap 200-Day High 697,049.56 mn Div Yield (%) 200-Day Low 5.09 -
74.00 19.25 11.99 39.49 4.70 10.33 4.50 16.47 129.15 29.28 3.16 2.80 250.48 20.30 3.40 81.78 3.35 2.17 3.05 8.48 9.04 4.63 70.65
61.05 12.55 8.75 27.22 3.75 6.40 3.00 10.69 112.99 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89
2010 Div BR (%) (%)
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 689.92 Turnover 6,466,640 P/E (x) 12.45 Paid up Cap(mn)
Company Adamjee Insurance
High Low 763.71 679.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20
Close 756.56 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change 66.64 9.66 Market cap 200-Day High 47,573.74 mn Div Yield (%) 200-Day Low 6.39 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.82
73.39
83.10
71.55
82.19 8.80
1888945
96.40
71.55
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
-
UP TO 5000 VOLUME
-
Symbols COST ISIL MRNS SIBL BAWS LEUL SCM TREI FPJM SALT SMCPL SAPL NATF SHNI AKGL BFMOD LPGL ADMM SANSM SZTM SHDT PGCL COTT SAPT MOON DYNO MSOT HUSI MFTM SJTM ZHCM SFWF GAMON MDTL SEL GFIL SNAI AGSML BUXL ALQT PRET DSML FIMM ICCT SHCM DINT DNCC ALICO SANE BIFO LATM JKSM FECM ATEL GOEM KHSM QUAT HWQS RCML MTIL BAPL BROT WAZIR SIEM PSEL OTSU FNBM ESBL FNEL CFL AHTM JOPP GRAYS MIRKS FECS UNIC DIIL GUTM NATM SHSML ANSS FZCM GLOT UNIM SUTM RMPL EWLA GLPL GATI PAKMI PECO CSIL ALNRS LAKST SHJS ULEVER SING HINO IDYM AASM MFFL ELCM WYETH APOT SIGL FASM SCL UPFL CWSM LIBM FPRM CLOV FZTM SHTM NPSM BAFS BHAT COLG HMIM NMBL SFL INKL MUBT HUSS ILTM BWHL DFSM KOHS GVGL FIBLM BWCL MSCL SASML TICL
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
56.31
52.00
56.31 4.78
71383
82.99
51.31
-
-
-
-
46.00
42.01
45.29 1.39
24581
49.31
39.05
15
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 317.42 Turnover 26,998,334 P/E (x) 11.56 Paid up Cap(mn)
Company
High Low 373.96 316.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91
PE
Open
High
Low
AMZ Ventures 225 1.70 Arif Habib Investments 360 4.05 Arif Habib Limited 450 16.54 Arif Habib Corp 3750 4.23 Dawood Cap Mangt. XB 150 1.24 Dawood Equities 250 533.33 First Credit & Invest Bank Ltd 650 Grays Leasing 215 IGI Investment Bank 2121 9.55 Invest and Fin Sec 600 4.84 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.86 Jah Siddiq Co 7633 JOV and CO 508 885.00 JS Global Cap 500 6.64 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 4.31 Pervez Ahmed Sec 775 4.02 Saudi Pak Leasing 452 Stand Chart Leasing 978 3.58 Trust Brokerage 100 Trust Inv Bank 586 0.56
0.49 21.00 19.31 18.97 1.26 1.35 2.99 3.25 2.02 6.22 0.47 3.01 1.44 8.26 2.69 21.29 5.19 4.01 5.90 1.34 0.69 2.26 2.90 1.31
0.93 23.96 20.18 21.66 1.90 1.94 3.25 3.50 2.30 6.99 0.70 3.39 1.75 10.05 3.98 23.10 6.02 4.97 6.28 2.09 0.69 3.00 5.88 2.00
0.43 21.00 18.31 18.75 1.10 1.50 2.90 2.25 1.90 5.73 0.48 3.06 1.50 8.26 2.66 20.80 5.30 4.05 5.30 1.35 0.60 2.25 2.90 1.31
Close Chg
Close 361.58 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change % Change 44.16 13.91 Market cap 200-Day High 16,996.30 mn Div Yield (%) 200-Day Low 3.92 -
0.75 23.80 20.18 21.66 1.29 1.60 3.25 3.00 2.10 6.00 0.70 3.24 1.63 9.75 3.54 23.10 5.77 4.48 6.21 1.93 0.61 2.65 4.90 1.99
0.26 2.80 0.87 2.69 0.03 0.25 0.26 -0.25 0.08 -0.22 0.23 0.23 0.19 1.49 0.85 1.81 0.58 0.47 0.31 0.59 -0.08 0.39 2.00 0.68
1119688 105155 465381 22688590 166518 18581 715724 26035 68714 19218 77521 212380 49114 18296688 1726634 47415 585955 47433 7982 3702604 6352 23096 48862 171091
Last 60 days High Low
2010 Div BR (%) (%)
0.95 24.85 28.00 30.20 2.10 2.75 4.00 3.50 3.90 8.98 1.09 3.95 2.04 12.85 4.49 31.50 7.40 5.43 7.19 2.50 0.97 3.00 5.88 2.00
30 11.5 10 -
0.33 16.80 18.31 18.75 1.10 1.06 2.15 0.43 1.90 5.65 0.31 2.95 1.05 8.01 2.58 20.80 5.10 3.75 5.25 1.21 0.41 1.67 1.42 0.61
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -
25R 20B 10B 55B 25B -
Change % Change 42.92 6.37 Market cap 200-Day High 8,475.17 mn Div Yield (%) 200-Day Low 4.46 -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
10 30 35 -
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,381.06 1,239.57 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 9.35
10.99 42.90 79.33 9.97 35.84 13.49 100.99 60.50 17.15 9.64 11.00 11.89 6.95 7.51
LIFE INSURANCE
-
ELECTRICITY Open 1,254.79 Turnover 46,149,698 P/E (x) 14.60
10.68 36.67 71.31 9.14 34.40 12.00 93.23 58.03 14.04 8.00 9.50 10.45 6.20 6.40
Performance of SR Equity Investment Instruments Index Open 1,363.90 Turnover 20,773,801 P/E (x) 17.58 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Prud Modaraba 1st Tri-Star 1st Modaraba Tri-Star Mutual Trust Modaraba U D L Modaraba
High Low 1,502.33 1,335.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 2.21
PE
Open
High
Low
264 1375 4.04 210 2.01 525 1.65 780 1.52 65 1.62 200 1.16 524 1.05 300 6.25 581 0.72 760 1.55 397 3.48 1008 6.16 3180 2.42 1186 1.33 283 1.89 1200 2.53 184 12.00 1000 1.94 1000 3.11 2835 3.90 2841 3.18 872 1.92 212 30.00 50 0.54 298 2.37 264 2.52
1.22 9.42 3.30 5.11 1.37 1.20 0.51 1.90 2.45 2.04 2.96 7.22 7.00 5.05 4.49 2.95 8.25 1.29 4.55 7.71 12.93 6.00 0.91 1.26 0.99 2.00 6.12
2.22 10.35 3.45 6.97 1.70 1.47 0.74 2.20 3.95 2.38 3.49 7.75 7.15 6.43 5.60 3.03 9.15 1.74 4.20 8.50 13.80 6.56 1.10 2.20 1.93 2.10 7.20
1.30 8.95 3.05 5.00 1.27 0.90 0.50 1.56 1.95 1.81 2.92 7.10 6.99 4.77 4.20 2.05 8.25 1.15 3.00 7.20 12.60 5.60 1.00 0.61 0.80 1.99 6.37
Close 1,474.14 Listed cap 29,771.58 mn Payout (%) 104.74
Last 60 days High Low
Close Chg
Volume
1.30 10.01 3.45 6.21 1.40 1.20 0.51 1.72 2.50 2.09 3.37 7.10 7.15 6.30 5.52 3.03 8.81 1.20 4.20 7.52 13.01 5.86 1.00 1.20 0.81 1.99 7.00
22799 2.34 1109574 11.50 16000 3.50 152864 6.97 16371 2.79 19018 1.99 110634 0.87 71171 2.98 20601 5.10 65064 2.57 707644 3.89 15809 9.00 16730 7.30 12645927 6.43 554337 6.61 240002 3.50 156711 10.24 27401 2.50 7300 4.73 1571760 8.83 1608525 16.49 658368 7.95 12337 1.20 5635 2.25 9824 2.00 5330 2.49 908171 7.20
0.08 0.59 0.15 1.10 0.03 0.00 0.00 -0.18 0.05 0.05 0.41 -0.12 0.15 1.25 1.03 0.08 0.56 -0.09 -0.35 -0.19 0.08 -0.14 0.09 -0.06 -0.18 -0.01 0.88
Change % Change 110.25 8.08 Market cap 200-Day High 18,964.82 mn Div Yield (%) 200-Day Low 9.26 -
1.16 7.03 2.76 3.84 1.12 0.90 0.16 1.30 1.95 1.61 2.92 6.60 6.50 4.55 4.15 1.26 6.25 1.10 2.92 6.20 10.52 5.38 0.90 0.61 0.60 1.16 5.51
2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 17 11 21 5 10 2.8 15.5 15 10 20 10 3 5 12.5
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 - 7.50
-
Open 0.35 85.90 55.75 3.03 5.50 2.21 9.50 1.30 1.26 70.00 6.50 138.17 56.95 10.55 5.75 3.33 10.16 20.00 11.88 7.00 13.84 16.68 1.15 109.00 15.49 11.00 17.79 5.51 0.61 0.42 0.75 7.53 1.17 19.64 16.80 6.80 39.05 5.50 8.41 7.87 28.80 3.00 62.40 1.49 15.90 32.46 1.50 15.50 3.50 48.00 8.38 6.70 3.03 36.00 11.00 1.00 13.25 16.00 39.64 0.59 7.09 0.35 6.16 963.08 159.88 32.35 5.99 2.01 4.95 15.06 16.00 11.54 47.82 50.49 35.16 6.01 10.00 19.35 19.00 8.10 5.00 59.75 10.00 0.48 36.23 2622.72 1.95 55.99 45.42 0.90 136.38 4.24 45.74 242.14 65.56 4555.42 22.23 128.00 273.91 24.52 68.79 2.50 1011.85 5.75 9.25 36.75 90.00 1323.66 1.50 67.00 9.55 56.41 409.93 0.37 25.00 58.00 259.00 859.90 0.95 1.41 102.87 9.00 1.05 11.43 133.99 35.59 4.20 3.40 23.50 1.62 12.67 12.85 8.45 59.20
High 0.35 90.00 56.44 3.96 5.69 3.10 9.94 1.69 1.45 72.00 6.96 149.98 57.80 11.24 6.49 4.32 14.16 21.30 12.00 7.98 14.84 18.00 1.40 112.00 16.40 11.00 17.90 7.00 0.90 0.52 0.75 7.53 1.98 18.80 17.60 6.80 41.10 6.50 10.00 8.87 29.99 3.00 63.00 1.89 15.90 33.69 1.75 16.20 4.30 48.00 7.50 6.98 2.98 38.25 11.00 1.80 13.75 17.00 41.50 0.59 8.21 0.99 7.16 1032.30 159.88 32.35 5.99 3.00 5.74 16.04 16.00 11.94 49.45 50.49 36.91 6.89 9.99 20.35 20.00 8.90 5.50 59.75 10.00 0.48 36.23 2753.85 2.45 57.99 47.49 1.08 142.00 4.48 47.25 262.00 68.83 4881.99 22.23 128.00 286.10 25.74 72.00 4.50 1040.00 5.75 9.25 36.75 90.00 1342.00 1.97 67.00 9.38 58.85 424.99 0.50 25.00 59.00 265.00 895.00 0.95 1.98 108.01 9.00 1.05 11.97 155.09 35.59 4.20 4.40 23.50 1.62 13.59 12.99 8.45 59.20
Low
Close
0.30 78.03 50.12 2.30 5.25 1.21 9.50 1.30 1.20 68.50 6.00 134.00 53.80 9.55 5.00 3.90 9.17 19.60 11.00 6.10 12.85 17.00 1.00 108.00 14.49 10.82 17.00 5.30 0.61 0.42 0.45 6.02 1.21 16.80 16.50 6.60 39.15 5.50 7.52 7.87 28.50 2.03 59.85 1.03 12.90 30.84 1.26 14.04 3.99 45.60 6.00 6.50 2.31 35.53 10.00 1.00 13.60 15.10 38.05 0.33 6.11 0.13 6.12 940.00 151.75 30.74 5.51 1.81 4.01 14.06 15.00 10.54 47.82 47.97 35.07 5.80 9.00 19.35 18.00 8.10 5.00 56.80 10.00 0.05 34.42 2451.11 1.65 53.20 43.15 0.99 129.71 3.25 43.46 242.14 65.00 4500.00 20.60 121.60 260.22 24.52 68.79 2.50 932.19 5.00 9.25 35.00 85.50 1138.00 0.77 67.00 9.00 53.62 389.45 0.15 23.75 55.10 246.10 817.00 0.50 0.76 102.87 8.00 0.25 11.43 140.68 33.82 3.20 3.40 22.33 1.22 11.67 12.85 8.00 56.50
0.30 82.13 51.82 3.01 5.25 2.10 9.90 1.30 1.24 68.50 6.71 145.00 54.00 10.39 5.00 4.32 14.16 20.47 11.93 6.99 13.81 18.00 1.39 111.52 15.99 10.82 17.81 6.09 0.90 0.50 0.45 6.02 1.21 16.80 17.60 6.60 40.55 5.50 9.00 8.87 28.83 2.50 59.85 1.03 13.90 33.41 1.75 15.02 4.03 47.98 6.50 6.50 2.75 35.75 10.00 1.80 13.75 15.10 41.49 0.36 7.21 0.40 6.12 977.00 151.75 30.75 5.85 2.39 4.95 14.06 15.00 10.55 48.00 48.31 36.91 6.01 10.00 19.35 19.96 8.90 5.50 59.70 10.00 0.05 36.23 2720.02 1.95 55.99 45.42 0.90 139.85 4.24 45.74 252.08 65.56 4700.03 21.64 128.00 273.91 24.52 68.79 4.00 980.59 5.75 9.25 36.75 90.00 1197.58 1.50 67.00 9.38 56.41 409.93 0.37 25.00 58.00 259.00 859.90 0.95 1.41 102.87 9.00 1.05 11.43 155.09 35.59 4.20 3.40 23.50 1.62 12.67 12.85 8.00 59.20
Change
Vol
-0.05 -3.77 -3.93 -0.02 -0.25 -0.11 0.40 0.00 -0.02 -1.50 0.21 6.83 -2.95 -0.16 -0.75 0.99 4.00 0.47 0.05 -0.01 -0.03 1.32 0.24 2.52 0.50 -0.18 0.02 0.58 0.29 0.08 -0.30 -1.51 0.04 -2.84 0.80 -0.20 1.50 0.00 0.59 1.00 0.03 -0.50 -2.55 -0.46 -2.00 0.95 0.25 -0.48 0.53 -0.02 -1.88 -0.20 -0.28 -0.25 -1.00 0.80 0.50 -0.90 1.85 -0.23 0.12 0.05 -0.04 13.92 -8.13 -1.60 -0.14 0.38 0.00 -1.00 -1.00 -0.99 0.18 -2.18 1.75 0.00 0.00 0.00 0.96 0.80 0.50 -0.05 0.00 -0.43 0.00 97.30 0.00 0.00 0.00 0.00 3.47 0.00 0.00 9.94 0.00 144.61 -0.59 0.00 0.00 0.00 0.00 1.50 -31.26 0.00 0.00 0.00 0.00 -126.08 0.00 0.00 -0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.45 0.00
5000 4875 4873 4458 4293 4261 4224 4046 4020 4001 3999 3737 3620 3610 3591 3550 3499 3430 3303 3290 3130 2701 2613 2570 2542 2501 2501 2236 2071 2009 2000 2000 1992 1860 1841 1825 1754 1613 1609 1601 1508 1500 1500 1482 1469 1209 1150 1135 1067 1055 1038 1031 1025 1005 1000 1000 990 956 945 898 870 809 807 716 708 706 700 690 668 656 632 611 601 562 556 555 541 530 515 503 500 500 500 500 490 443 415 409 384 322 308 302 300 251 239 228 221 142 121 113 110 110 105 101 101 100 100 92 64 59 50 44 42 31 25 23 21 19 19 19 13 11 11 6 6 5 5 3 3 3 2 1 1 1
BOARD MEETINGS Company
National Bank of Pakistan
KSE 100 INDEX
Hub Power Co Ltd
Fauji Fertiliser Bin Qasim Ltd
Date
Time
Bankislami Pakistan Ltd
07-Mar
AMZ Ventures Limited
07-Mar
4:00
Glaxosmithkline Pakistan Ltd
07-Mar
11:00
East West Life Assurance
08-Mar
4:00
East West Insurance Co Ltd
08-Mar
2:00
Askari General Insurance
15-Mar
11:00
(TFC) Pak Mobile Communi Ltd
11-Mar
10:00
Sajjad Textile Mills Ltd
12-Mar
11:30
Pakistan Tobacco Comp Ltd
16-Mar
3:00
2:00
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position 11,799.30
Fair Value
42.1
Accumulate
TFD Research
92.3
Positive
TFD Research
44.25
Neutral
TFD Research
50.3
Positive
Support 2
11,598.60
Resistance 1
12,143.65
MA (100-day)
11,559.75
Resistance 2
12,287.30
Technical Analysis
MA (200-day)
10,714.23
Pivot
11,942.95
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Technical Outlook
TFD Research
14.01
42.80 9.73 10.32 9.61 9.78 9.73
Leverage Position
62.29 38.28 36.67 35.31 39.10 38.55
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
810.01 32,351.72 N/A N/A N/A 3.04
* Target price for Jun-11 & **Net Open Interest in future market
Brokerage House *Invest Cap AKD Securities Ltd
Positive
TFD Research
Fair Value 77 71.45 78.6
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
57.97 61.66 60.31 53.35 63.38 62.38
Pakistan Oilfields Ltd
Fauji Fertiliser Co
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Buy
*Invest Cap
Hold
*Invest Cap
Accumulate
AKD Securities Ltd
120.7
Neutral
AKD Securities Ltd
322.42
Neutral
Positive
TFD Research
139.5
Positive
TFD Research
381.35
Positive
Technical Outlook 674.58 6,745.78 N/A N/A N/A 0.00
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
HUBC closed up 2.98 at 39.94. Volume was 22 per cent above average and Bollinger Bands were 20 per cent wider than normal. HUBC is currently 13.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into HUBC (mildly bullish). Trend forecasting oscillators are currently bearish on HUBC.
Hold
Leverage Position
326.94 13,957.00 N/A N/A N/A 31.74
* Target price for Jun-11 & **Net Open Interest in future market
Accumulate
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
FFBL closed up 3.32 at 42.69. Volume was 163 per cent above average (trending) and Bollinger Bands were 29 per cent narrower than normal. FFBL is currently 33.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.
Nishat Mills Ltd
Rs Recommendations
Leverage Position
65.54 40.58 36.36 32.03 41.32 41.14
* Target price for Jun-11 & **Net Open Interest in future market
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
NBP closed up 13.56 at 80.57. Volume was 146 per cent above average and Bollinger Bands were 108 per cent wider than normal. NBP is currently 17.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bearish on NBP.
Bank Al-Falah Ltd
11.5
Free Float Shares (mn) 318.50 Free Float Rs (mn) 25,661.37 CFS Shares (mn) N/A CFS Rs (mn) N/A CFS Rate N/A ** NOI Rs (mn) 131.57
Buy
Technical Outlook
Technical Outlook
Leverage Position
65.95 72.36 71.34 68.39 74.88 73.98
39
47
Rs Recommendations
AKD Securities Ltd
Support 1
11.55
Fair Value
*Invest Cap
Accumulate
53.05
Fair Value
Brokerage House
Hold
45.52
11,625.91
Brokerage House
Rs Recommendations
*Invest Cap AKD Securities Ltd
11,671.77
AKD Securities Ltd
Fair Value
Sell Reduce
MA (10-day)
*Invest Cap
Brokerage House
52.4 75.5
MA (5-day)
KSE 100 INDEX closed up 776.51 points at 12,000.03. Volume was 55 per cent above average and Bollinger Bands were 63 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,143.65 and 2nd resistance level at 12,287.30, while Index will continue to find its 1st support level at 11,799.30 and 2nd support level at 11,598.60. KSE 100 INDEX is currently 12.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.
Rs Recommendations
*Invest Cap AKD Securities Ltd
175.80 11,576.42 N/A N/A N/A 51.22
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
42.09 119.85 124.63 115.49 119.27 117.41
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
360
Hold
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)
149
466.49 58,427.54 N/A N/A N/A 51.55
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
56.98 302.11 288.09 256.40 310.66 303.60
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
107.94 34,671.28 N/A N/A N/A 219.87
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
BAFL closed up 0.99 at 10.00. Volume was 380 per cent above average (trending) and Bollinger Bands were 105 per cent wider than normal. BAFL is currently 4.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of BAFL (mildly bearish). Trend forecasting oscillators are currently bearish on BAFL.
NML closed up 7.35 at 65.85. Volume was 1 per cent below average and Bollinger Bands were 18 per cent wider than normal. NML is currently 23.4 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bearish on NML.
FFC closed up 15.43 at 125.25. Volume was 171 per cent above average (trending) and Bollinger Bands were 258 per cent wider than normal. FFC is currently 8.5 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFC at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFC.
POL closed up 39.31 at 321.20. Volume was 93 per cent above average and Bollinger Bands were 48 per cent wider than normal. POL is currently 25.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of POL at a relatively equal pace. Trend forecasting oscillators are currently bearish on POL.
RSI 1st 2nd (14-day) Support Al-Abbas Cement 46.06 2.35 2.00 Allied Bank Limited 54.78 67.25 65.10 Attock Cement 30.20 49.75 48.90 Arif Habib Corp 42.37 20.95 20.25 Arif Habib Limited 34.03 19.15 18.15 Adamjee Insurance 47.80 79.60 77.05 Askari Bank 41.46 14.25 13.90 Azgard Nine 45.63 9.05 8.60 Attock Petroleum 51.55 355.25 346.65 Attock Refinery 51.53 113.50 109.30 Bank Al-Falah 42.87 9.10 8.25 BankIslami Pak 54.58 3.50 3.25 Bank.Of.Punjab 42.08 7.20 6.95 Dewan Cement 50.63 1.80 1.70 D.G.K.Cement 44.00 24.55 24.10 Dewan Salman 56.52 2.90 2.80 Dost Steels Ltd 41.79 2.05 1.90 EFU General Insurance 41.33 34.60 33.40 EFU Life Assurance 39.58 54.10 51.90 Engro Chemical 64.55 219.00 211.45 Faysal Bank 55.35 12.95 12.05 Fauji Cement 36.39 4.15 4.10 Fauji Fert Bin 65.40 41.65 40.60 Fauji Fertilizer 42.28 121.70 118.15 Habib Bank Ltd 65.85 124.35 119.60 Hub Power 61.87 39.45 39.00 ICI Pakistan 67.51 159.35 157.75 Indus Motors 19.09 223.40 219.45 J.O.V.and CO 51.23 3.40 3.20 Japan Power 55.85 1.55 1.45 JS Bank Ltd 64.05 3.00 2.95 Jah Siddiq Co 44.21 9.40 9.00 Kot Addu Power 61.60 43.95 43.30 K.E.S.C 52.07 2.65 2.60 Lotte Pakistan 56.33 15.80 15.55 Lucky Cement 46.90 64.35 62.25 MCB Bank Ltd 50.16 212.85 209.25 Maple Leaf Cement 34.69 2.10 2.00 National Bank 65.74 78.65 76.70 Nishat (Chunian) 63.60 26.25 25.25 Netsol Technologies 53.46 22.55 21.75 NIB Bank 32.15 2.15 2.10 Nimir Ind.Chemical 60.74 2.65 2.55 Nishat Mills 57.75 64.60 63.35 Oil & Gas Dev. XD 38.79 152.10 149.50 PACE (Pakistan) Ltd. 49.38 2.75 2.65 Pervez Ahmed Sec 52.00 1.85 1.75 P.I.A.C.(A) 55.00 2.60 2.50 Pioneer Cement 38.51 5.60 5.40 Pak Oilfields 56.86 314.90 308.60 Pak Petroleum 52.96 207.00 204.50 Pak Suzuki 47.53 62.90 61.55 P.S.O. XD 56.74 283.85 277.10 P.T.C.L.A 44.90 17.85 17.55 Shell Pakistan 41.94 192.90 186.20 Sui North Gas 30.56 20.35 19.70 Sitara Peroxide 46.42 12.65 12.40 Sui South Gas 57.23 24.85 24.45 Telecard 55.79 2.00 1.85 TRG Pakistan 60.63 3.25 3.00 United Bank Ltd 58.78 63.90 61.70 WorldCall Tele 48.91 2.45 2.40
1st 2nd Resistance 2.95 3.25 70.75 72.10 51.70 52.85 22.00 22.35 20.70 21.20 83.90 85.65 14.95 15.25 9.80 10.05 369.15 374.55 119.80 121.85 10.80 11.60 3.95 4.20 7.65 7.85 2.00 2.15 25.40 25.85 3.05 3.10 2.20 2.30 36.45 37.05 57.40 58.50 230.60 234.65 14.30 14.75 4.30 4.40 43.35 44.00 127.30 129.35 131.50 133.90 40.55 41.20 163.20 165.55 233.15 238.95 3.75 3.95 1.70 1.75 3.10 3.15 10.10 10.40 45.15 45.65 2.85 2.95 16.20 16.45 67.55 68.60 219.75 223.05 2.35 2.45 82.15 83.70 27.90 28.55 23.75 24.15 2.30 2.35 2.85 3.00 66.80 67.75 156.55 158.50 2.90 3.00 2.05 2.15 2.85 3.00 5.95 6.20 327.20 333.20 212.50 215.50 66.30 68.35 295.95 301.25 18.45 18.70 206.15 212.65 21.50 21.95 13.20 13.50 25.60 25.90 2.30 2.50 3.65 3.80 67.55 69.00 2.65 2.75
Pivot 2.65 68.60 50.85 21.30 19.65 81.35 14.60 9.35 360.60 115.60 9.90 3.75 7.40 1.90 24.95 2.95 2.10 35.25 55.20 223.05 13.40 4.25 42.30 123.75 126.75 40.10 161.65 229.20 3.60 1.60 3.05 9.70 44.45 2.80 16.00 65.40 216.15 2.20 80.20 26.90 22.95 2.25 2.75 65.55 154.00 2.80 1.95 2.75 5.80 320.90 210.00 64.95 289.20 18.10 199.40 20.85 12.95 25.20 2.15 3.40 65.35 2.55
MetLife removes AIG overhang 8
Monday, March 7, 2011
Australia calamity cover to be went over TAIPEI: A man walks by the headquarters of Nan Shan Life, the Taiwan unit of US insurance giant AIG.-Reuters
UK ship insurers add Libya to high-risk list * Libyan rebel forces advance towards major oil terminal * Ship owners must notify underwriters on Libya trips LONDON: London's marine insurance market has added Libya to a list of areas deemed high risk as violence escalates in Africa's thirdlargest oil producer, a senior market official said last week. Heavily armed rebels clashed with forces loyal to Muammar Gaddafi last Friday on the outskirts of the key oil terminal of Ras Lanuf as the head of Libya's rebel council vowed "victory or death". "The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters," said Neil Roberts, a senior technical executive with the Lloyd's Market Association (LMA), which represents the interests of all underwriting businesses in the Lloyd's market. "On the issue of pricing, that's a matter for individual negotiation on a voyage-byvoyage basis. It's likely that things will change on a day-
to-day basis," he told Reuters. Overseas Shipholding Group, the world's No. 2 independent tanker company, told Reuters this week that some tanker rates had tripled as owners jack up rates and port operators struggle to load crude due to the uprising. The Joint War Committee, which groups syndicate members from the LMA as well as representatives from London insurance company market, added Libya to a list of areas it considered high risk for merchant vessels and prone to war, strikes, terrorism and related perils. Other countries on the list include Iran, Pakistan, Ivory Coast, Somalia and Yemen. The London marine insurance market plays an influential role in the global industry. "With reports of air strikes, if things go off target or even if ships are targeted deliberately, then underwriters will have quite serious concerns
about their exposure on any vessels there or trying to call there," Roberts said. "It's a reactive list, so if things improve to a point where underwriters are comfortable, then certainly Libya will come off," he said. Rebels attacked a military base on the outskirts of Ras Lanuf, a major oil port on the Mediterranean Sea, which has a refinery, pipelines and a terminal, and the army responded with artillery fire and helicopters firing machineguns. Maritime sources said there were no indications so far that tankers had been affected by violence across Libya. "If aerial forces decide to bombard shipping interests, the risk will change considerably," said John Drake, senior risk consultant with security firm AKE Ltd. "But at present, pro and anti-regime forces are not expressing any specific intent to target the international shipping sector." Reuters
Allianz’s Germany arm aims insurance growth * Sets eyes more property-casualty new business * Expects rising premiums in life insurance in 2011 * Premiums still down in motor, but situation improved MUNICH: Allianz's Germany unit expects a pickup in new property casualty business and rising premium income in life insurance in 2011. The increases should contribute to higher operating and net profits this year, said the unit, which accounts for around a quarter of the group's business. Allianz reported group results last week. In 2010 Allianz Germany posted a 2.8 per cent rise in revenue to 28.5 billion euros ($39.57 billion). Net profit at the unit rose by 300 million euros to 1.3 billion euros, helped by a rise of
about one-fifth in investment income. In the crucial motor insurance market, where Allianz and listed rivals like Axa and Generali have been fighting a price war against not-forprofit mutual insurers like HUK Coburg, Allianz registered a 5.2 per cent drop in premiums to 3.133 billion euros in 2010. Millions of Germans typically cancel their car insurance contracts in the final three months of each year, hoping to find cheaper premiums with another company for the following year. In this cancel-and-switch business, Allianz insured a net
5,000 fewer vehicles last year, which compared with a net loss of 168,000 in 2009. "We achieved a result that was only slightly in the red in the latest round of competition for clients," said Markus Riess, chief executive of Allianz Germany. However, Allianz's total number of insured vehicles fell by 300,000 to 8.16 million at the end of 2010. After years of competitive price cuts that kept Germany's 20 billion-euro motor insurance market firmly in the red, premiums have now started to firm, leading fewer customers to change insurers. -Reuters
US will again launch flood insurance overhaul WASHINGTON: Draft legislation to overhaul the US National Flood Insurance Program will be unveiled next week, said the Republican chairman of a congressional insurance oversight panel. Representative Judy Biggert told Reuters she will present the draft on March 11 at a hearing of the House insurance subcommittee she chairs, kicking off what could be a lengthy debate on a deeply troubled government program. "We want to make sure we can find some way that taxpayers aren't going to be on the line for a lot of money, which of course has been the case," Biggert said. "We've got a draft. We're working on it. We'll be bringing it up" on March 11. The draft excludes wind damage coverage -- a point of contention that wrecked the last overhaul effort in 2009. "I don't think that we have it in there ... Not so far. I'm sure that somebody will bring it up," she said. Big insurers with a stake in the NFIP debate include Allstate Corp, Travelers Cos Inc, Hartford Financial Services Group Inc and Fidelity National Financial Inc. The NFIP insures more than 5.5 million homes and businesses against floods, the most common of US natural disasters. It has been deeply in debt since the costly hurricanes of 2004 and 2005. Repeated efforts in Congress to fix it have failed. Standard homeowners' insurance does not cover flooding. This coverage must be purchased through the NFIP, which is administered by the Federal Emergency Management Agency. The program provides flood coverage through more than 90 companies that sell policies and collect premiums on the government's behalf for a fee. The premiums go to FEMA. Since 2008, the program has functioned under a series of short-term extensions. Last year, Congress let the program lapse four times, meaning new flood insurance policies could not be written and complicating thousands of real estate transactions daily in flood-prone regions. Biggert said her draft does not yet have a firm strategy for dealing with the NFIP's debt. Reuters
SYDNEY: Australia's government has ordered a review into disaster insurance and the need for a national disaster fund after recent cyclones and floods in Queensland state left the country with a clean-up bill of around A$10 billion ($10.46 billion). The review would look at insurance for flood and other natural disasters after complaints many claims were not paid, Assistant Treasurer Bill Shorten said. The review would look at the possible impact of any national government intervention in disaster insurance on the A$24 billion private insurance market, as well as the need for a national disaster fund. "We also need to ensure individuals and communities at risk of extreme weather events are aware of the risks, but are able to obtain suitable protection," Shorten said. Prime Minister Julia Gillard has imposed a A$1.8 billion one-year tax on middle- and high-wage earners to help fund the rebuilding of Queensland infrastructure destroyed by flooding and cyclones in January and February. Only 10 per cent of more than A$2 billion worth of private claims from the Queensland floods have so far been paid, more than a month after the disaster. The country's states and territories will be forced to take out insurance or create their own disaster recovery funds as part of a deal with independent lawmakers backing her minority Labor government to pass the levy in parliament. The review, to be headed by former prudential regulator John Trowbridge, would look at whether there was a case for subsidising insurance premiums for individuals and small businesses in high-risk, high-premium areas. It could also look at
whether the national government should provide disaster insurance or reinsurance to the world's twelfth largest insurance market, through some kind of national scheme. To be completed by the end of this year, the review would ensure a "more complete sharing of risk and equitable sharing of the cost of damage and loss resulting from floods and other natural disasters", Shorten said. New Zealand's government operates a disaster fund backed by a levy on insurance, but which will need replenishment after successive earthquakes destroyed much of the country's second-biggest city Christchurch, causing up to $12 billion in damage. Shorten said Trowbridge, assisted by Treasury and Finance department officials, would look at the ability of Australia's private insurance markets to offer adequate and affordable insurance cover for individuals, business and governments. "It will provide answers about how individuals and communities affected by the floods and other natural disasters are able to recover and rebuild as quickly as possible," he said. Insurers such as Insurance Australia Group , Suncorp , QBE and reinsurers together are expected to pay A$2.5 billion ($2.54 billion)in insurance claims arising from the recent floods and cyclone in the country. The costs have raised concerns that insurance premiums will rise. Lawmakers this week threatened to back tighter regulation of the insurance industry if insurers continued to drag their feet in settling claims arising from the floods in Queensland, as well as large parts of southeast Victorian state. Reuters
Health insurance for journalists on cards Staff Reporter KARACHI: Media Coordinator to Sindh government Taj Haider has said that the government believed in freedom of expression and speech and will take care of the needs of the journalists. This he said while presenting a cheque of Rs100,000 to the ailing journalist, Mehmood Ghoto, district reporter, here. Taj Haider said that Sindh government was going to introduce health insurance cards for journalists and it would definitely help reduce their problems. He stated that it was also the
responsibility of the private institutions to look after requirements of their employees and if they did so, they could be able to give a helping hand to the government. Taj Haider pointed out that democracy and journalism could not be separated and that they were inter-dependent and without healthy journalism a society could not be called a balanced society. On the occasion Suleh Baloch Bureau Chief of Daily Ibrat, Director Administration SID Tariq Hussain Khero and Director Press Information S M Iqbal were also present, says an official statement issued here said.
S&P rates AIG’s key insurance unit down NEW YORK: A property and casualty unit of bailed-out insurer American International Group Inc. was downgraded by Standard & Poor's Ratings Services. S&P said it lowered its rating by one notch -- to "A" from "A+" -- on Chartis, a core insurance business of AIG. Both ratings are investment grade. S&P said that Chartis' fourthquarter 2010 underwriting results were lower than expected. S&P's credit analyst Steven Ader said that the downgrade reflects his view that "Chartis will not be able to outperform the industry over the next one to two years." Last week, Chartis reported an operating loss of $4 billion, though parent AIG reported income of $11.2 billion for the fourth quarter. Most of AIG's income came from asset sales. The company doesn't have much to sell any more and will have to rely on its core insurance businesses going forward. AIG consists predominantly of two businesses: Chartis, and life insurer SunAmerican Financial Group. S&P said it also raised the outlook on AIG and all of its operating companies to "stable" from "negative." The ratings service said it believes the overall group will keep its competitive position while its operating performance stays consistent.
Berkshire Hathaway plans India insurance foray WASHINGTON: US-based Berkshire Hathaway Inc , the firm run by billionaire Warren Buffett, said last week it aims to enter the Indian insurance sector as a corporate agent of Bajaj Allianz General Insurance. Berkshire India, a majorityowned unit of Berkshire Hathaway will sell and distribute general insurance products in India through its online distribution portal, the company said in a statement. Berkshire's initial focus will be on motor insurance, but the company will continuously update its business model to meet the needs of the fast evolving Indian insurance sector, it said. "If the market proves receptive, the company will seek to expand its products to include health insurance, life and travel insurance and other personal lines, as well," the statement added. Omaha, Nebraska-based Berkshire has interests in property and casualty insurance and reinsurance, utilities and energy, freight rail transportation and finance. -Reuters
Bahraini, Saudi debt insurance cost on the rise RIYADH: The cost of insuring the debt of Saudi Arabia and Bahrain against default rose last week, on growing concern about political unrest in these countries. Activists in Saudi Arabia have set up Facebook pages calling for protests on March 11 and 20, while demonstrators in the Bahraini capital Manama, demanding resignation of the government, are maintaining a two-week old occupation of a central square. -Reuters
1st Kaisa poses with 2nd Magdalena, 3rd Helena during the award ceremony at the IBU Biathlon World Championships in Khanty-Mansiysk
9
Monday, March 7, 2011
Karlovic world’s fastest “server” BERLIN: Croatia's Ivo Karlovic broke the fastest serve world record when he fired a 251 kmph (156mph) blast during his country's Davis Cup tie against Germany in Zagreb, the International Tennis Federation said on Sunday. The 2.08m-tall Karlovic, back from Achilles surgery, was partnered by Ivan Dodig and produced the serve in the fourth set of their losing doubles rubber on Saturday against Philipp Petzschner and Christopher Kas. "The ITF confirmed today that Croatia's Ivo Karlovic broke the world record for the fastest serve," it said in a statement. Karlovic beat the previous mark of 249.4 kph (155mph) held by American Andy Roddick.-Reuters
Pak wins Davis Cup tie
Irish quit field all battered for India go ballistic Yuvraj's all-round show gives India victory
BANGALORE: India's Yuvraj Singh , Yusuf Pathan and captain Mahendra Singh Dhoni celebrate the dismissal of Ireland's captain William Porterfield during their ICC Cricket World Cup group B match.-Reuters
Shakib fires back at critics
HONG KONG: Pakistan won Davis cup tie by defeating Hong Kong in reverse singles the other day. Matches of reverse singles in connection to Asia Oceania zone group II Davis Cup fixture were contested between Pakistan and Hong Kong. Pakistani tennis star Isamul Haq beaten his opponent player Martin Saier 3-6, 6-7, and 67 in the matches. Haq not only won of the match but also ascertain victory of Pakistan against Hong Kong. The next round would be played against South Korea on July 8. Country's ace tennis player Aqeel Khan clinched his singles tie as Pakistan managed to level Hong Kong 1-1 on the opening day of three-day Asia Oceania zone group II Davis Cup fixture.-Online
WC leggies honour Shane Warne's legacy Monitoring Desk DHAKA: The success of Shahid Afridi and Imran Tahir at the World Cup has laid to rest fears that the art of legspin had died with the retirement of the charismatic Shane Warne. Warne, probably the greatest leg-spinner to grace the sport, fooled batsmen with his wizardry and guile before retiring in 2007 with 708 Test and 293 one-day wickets for Australia. But his legacy lives on with Pakistan captain Afridi, South Africa's Tahir and even Canada's portly Balaji Rao proving wrist spinners remain a force to reckon with in limited-overs cricket. The inspirational Afridi has zoomed to the top of the World Cup bowling charts with 14 wickets in three matches, including two five-wicket hauls and a return of 4-23 in the third. Pakistan-born Tahir, who was drafted in for the World Cup after qualifying to play for South Africa, has met with immediate success with seven wickets in his first two matches for the Proteas. Even Rao, who turned out for Tamil Nadu in Indian domestic cricket before migrating to Canada, has starred with six wickets with his crafty mix of leg-spin and googly.
Recordboard Most Runs Players Mat Runs Strauss-England 4 280 Villiers-South Africa 3 266 Sangakkara-Sri Lanka 4 241 Most Wickets PlayersMat Wkts BBI Afridi-Pakistan 3 14 Tahir-South Africa 3 11 Roach-West Indies 3 10
HS 158 134 92
Ave SR 70.00 104.47 133.00 107.69 120.50 87.95
Ave Econ 5/16 5.21 2.60 4/38 8.90 3.84 6/27 8.80 3.91
DHAKA: Under-fire Bangladesh captain Shakib Al Hasan attacked some of the country's former top cricketers on Sunday for their criticism of his team following their humiliating defeat to West Indies. "I feel really bad when I see the former cricketers talk like common fans," Shakib said in his column in Bengali daily Prothom Alo on Sunday. "They understand a lot, have played a lot and went through this kind of situation a lot of times. It is really disappointing," he said. Bangladesh, facing a rampant West Indian attack, were all out for their lowest ever one-day international total of 58 in their third Group B game in a nine-wicket defeat on Friday, sparking an angry reaction from their fans. Former cricketers, including ex-skippers Aminul Islam, Khaled Mahmud and Habibul Bashar, also criticised the team in television talk shows and newspaper columns for what they said was irresponsible batting . "I don't like to demean anyone. But you can see in the record books who did what," Shakib said, without singling out any names.-Reuters
NEW DELHI: Yuvraj Singh registered his maiden fivewicket haul before hitting an unbeaten 50 as India beat Ireland by 5 wickets in their World Cup clash at the Chinnaswamy stadium in Bangalore on Sunday. Yusuf Pathan clobbered 3 sixes and 2 fours in his 24-ball 30 to take India to victory in 46 overs Pathan's blitzkrieg knock came after George Dockrell trapped Indian captain MS Dhoni plumb in front of the wicket to place India at 167/5 in 40.1 overs. Dhoni went for the review but could not get the decision in his favour. Dhoni added 67 runs with Yuvraj Singh for the fifth wicket before getting dis-
missed. The partnership came after Sachin Tendulkar and Virat Kohli fell in quick succession to leave India at 100/4 in 23.4 overs. Kohli was run out after a misunderstanding with Yuvraj after George Dockrell trapped Tendulkar plumb in front of the wicket. Tendulkar put up a 63-run partnership with Kohli before he tried to sweep a delivery from the left-arm spinner but missed the ball completely. After some consultation with Kohli, Tendulkar decided not to go for the review and the replays showed that the batting great was indeed out. This was after the Indian run chase got off to a bad start as Trent Johnston dismissed
Virender Sehwag and Gautam Gambhir in his alternate overs to place India at 24/2 in 5.2 overs. Johnston took an easy return catch off the leading edge of Sehwag's willow off his very first delivery. In the sixth over, Johnston had Gambhir caught by Alex Cusack at short fine-leg to give Ireland their second breakthrough. Earlier, Yuvraj Singh did a star turn with the ball to bag his maiden five-wicket haul as India bundled out Ireland for a modest 207 in their group B match. Yuvraj's figures of 5/31 are best by a left-arm spinner in the history of World Cup as Ireland were all out in 47.5 overs.-Agencies
says Hussey’s WC Minister greenshirts performing dream realised exceptionally
MUMBAI: Australian batsman Mike Hussey's World Cup dream was restored once again after he was named as a replacement for injured fast bowler Doug Bollinger on Sunday. Hussey had been named in the original 15-man squad for the February 19-April 2 tournament before being controversially removed as selectors feared he would not recover in time from a hamstring injury. The in-form 35-year-old's omission not only angered the batsman but also caused a furore in Australia. Hussey had always believed he would be fit to play most of the event despite rupturing a hamstring during the ODI series against England in January. "I'm really disappointed and a bit shocked by the news," the 35-year-old had told Fox Sports after his initial exclusion. "I tried to push my case forward. I said I would really
push (to be fit) by the second game and definitely right by the third game but it's not a risk the selectors wanted to take. "It's a pretty hard pill to swallow, that's for sure." Hussey, the older brother of David who is also part of Australia's World Cup squad, stood vindicated on Sunday. "Michael has successfully recovered from major hamstring surgery and is seen as someone who is capable of assisting Australia as we strive to win this tournament," Cricket Australia said in a statement. "His skill, experience, ability against spin and the fact that he provides a left-hand option in the middle order is seen as critical in our World Cup defence now that he has successfully recovered from injury." Bollinger was ruled out of the World Cup with a left ankle injury and subsequently returned home.-Reuters
ISLAMABAD: Federal Minister for Sports and SAFRON Engineer Shaukat Ullah said that National Cricket Team has been performing exceptionally well under the Leadership of Shahid Afridi, we are hopeful that our team would bring World Cup back home. Talking to Online on Sunday, Federal Minister for Sports and SAFRON Engineer Shaukat Ullah said that Prime Minister of Pakistan has shown great confidence in him by assigning him Sports Ministry. He would do his best to come up to his expectations. Government is serious about the development of sports in the country and competent sportsmen would be provided with the best of the facilities. Engineer Shaukat Ullah added that Prime Minister Syed Yousuf Raza Gilani would be briefed, by Sports Ministry, about the hurdles restricting the development of sports.-APP
SA bear English brunt in under-200-bout CHENNAI: A resilient England pipped South Africa by six-runs in a low-scoring World Cup Group B thriller on Sunday. Defending a meagre 171-run total, England came up with a spirited bowling display to skittle out their opponents for 165 runs in 47.4 overs to snatch a spectacular win. Stuart Broad (4-15) took the last two wickets and barring Hashim Amla (42), none of the South African batsmen could make an impact against the English bowlers who came up with a lion-hearted effort. This was after South Africa's left-arm spinner Robin Peterson (3-22) had wrecked England top order, claiming two wickets in his first over, while his in-form spin col-
league Imran Tahir (4-38) scythed through the lower order to send England packing for 171 in 45.4 overs. "We didn't think 170 was as competitive as it should be but it's proved to be just that so we're delighted," said England spinner Graeme Swann. "We knew there was a lot in the pitch for us. We knew it would turn, we knew it would keep low for the seamers and we knew how difficult it was to score
CHENNAI: England's players celebrate as they win by 6 runs in the Cricket World Cup match between South Africa and England.-Reuters
from when we batted, especially at the end. "As it turned out, their innings mirrored ours. We knew that pressure would build on the later batsmen and it was very hard to score runs at the end. "It just goes to show that if you believe you can win any game... as we proved today." South African batting line-up, which shone in victories against West Indies and the Netherlands, showed similar vulnerability to slump to 127-7 from a relatively comfortable 82-2. With South Africa losing five quick wick-
ets, a fresh life was injected in an otherwise dull match. Things further spiced up when Faf du Plessis (17) ran himself out and Michael Yardy removed Peterson to pave the way for eventually a memorable victory, made possible by Broad's late double strikes. In the morning, England captain Andrew Strauss won the toss and decided to bat first but a nightmare unfolded before his eyes at the M A Chidambaram Stadium. His South African counterpart Graeme Smith opened with Peterson, whose magical first fourover spell -- three wickets for four runs from four overs -- wrecked England's top order.-Reuters
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Monday, March 7, 2011
ECB Roars, EZone Periphery Shudders * Ireland, Greece, Spain seen most vulnerable to rate hikes * Impact will be contained if hikes are gradual, modest * Property risk for banks if mortgage arrears rise
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ulnerable euro zone countries may be able to digest a series of modest interest rate hikes without major pain, but more aggressive tightening would hit consumers and banks, putting ambitious budget goals at risk. European Central Bank President Jean-Claude Trichet surprised markets on Thursday by signalling a rise in the bank's benchmark rate, currently a record low 1.0 per cent, as early as next month to counter rising inflation in the 17-nation currency bloc. He also made clear that the ECB would not be embarking on a series of substantial rate increases. A Reuters poll on Friday showed most economists now expect three small hikes this year, taking the headline rate to 1.75 per cent The countries that are most vulnerable to the tightening cycle are Ireland, Greece and Spain -- all countries with a high percentage of floating rate mortgages, fragile banking sectors and sizable consolidation programmes in place. Removing the cushion of low mortgage rates from tens of thousands of Irish homeowners, for example, could tip many into arrears, creating a new black hole for banks already pushed to the brink by eye-popping losses on commercial property loans. "Ireland simply cannot handle an increased interest rate
burden," said Ray Kinsella, a professor of banking and financial services at University College, Dublin. "What a rate rise does is it opens up a second front in Ireland's banking crisis." Data this week from the Irish central bank showed the number of residential mortgages in arrears had jumped by over half in 2010 and that one in 10 mortgages was either in arrears or restructured due to financial distress. Around 80 per cent of Irish residential mortgages are on variable interest rates and 50 per cent track the ECB rate. Many of those loans were signed at the peak of Ireland's property boom, meaning holders are among the least able to absorb future increases. IMPACT ON INVESTMENT, COMPETITIVENESS In Spain, almost nine out of 10 mortgages are tied to the 12-month Euribor rate, which had risen over 25 basis points this year even before Trichet's hawkish news conference, adding 250 euros to the annual cost of servicing a 100,000 euro loan. But Holger Schmieding, an economist at Berenberg Bank, played down the impact of modest rate hikes on the Spanish economy, estimating the annual impact of a 50 basis point hike at 0.1 to 0.2 percentage points of gross domestic product
pward pressure on crude oil prices from European refiners scrambling to replace lost Libyan barrels will soon ease as they are now starting to cut production on top of planned seasonal maintenance. For the first time since the aftermath of the recession in 2008, refiners are cutting runs due to deteriorating margins as the Libyan revolt stokes North Sea benchmark Brent prices, which reached 2-1/2 year highs near $120 a barrel in February. The drop in refinery demand will nearly equal estimates for output lost so far in the Libyan revolt, Reuters calculations show. "The loss of Libya crude oil supply is being compensated by a loss of crude oil demand as refineries reduce runs either for planned mainte-
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nance or for economical reasons for a lack of processing margins," Olivier Jakob with Petromatrix said. Libya's Tamoil this week became the first refiner to admit to run cuts in Switzerland, adding that it was running on reserve stocks and would consider a shutdown in a few weeks if oil prices remain high. Oil traders said the trend is widespread. "Some refiners have cut back because they were sourcing oil from Libya and others because the margins are not good enough to justify. We have seen some adjustments in the Mediterranean and also in the north," said a crude trader working for an integrated European oil company. Asked whether it was resorting to run cuts, a
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sions on whether to curb the budget deficit or stimulate domestic industry. Since the start of the year, Russia's Urals oil export blend has averaged $98 a barrel, 30 per cent higher than planned in the budget. If that continues for the rest of the year, the state could earn an extra 1.5 trillion roubles ($53 billion). On the surface, that sounds like good news for the world's biggest producer, where the Economy Ministry estimates that each $10 increase in the price of oil translates into 0.5 percentage points of additional economic growth. But, in a turnaround from recession-hit 2009, inflation has once again overtaken unemployment as Russians' top concern, worrying nearly two-thirds of the population
(GDP). "We're not talking about anything dramatic," he said, predicting that a pickup in global growth would fully offset the economic impact of a series of small rate increases. "If the ECB were to overreact however, say go to 2.5 per cent, then the impact would be felt. It could lop off half a point of Spanish growth." An ECB working paper dating back to 2001 estimates a rate increase of 100 basis points sustained over a twoyear time period would leave GDP in the broader euro zone one percentage point lower than its "steady state" value after three years. It describes the negative impact on GDP as "lagged and gradual", citing the depressing effect of higher rates on investment and competitiveness, based on an initial appreciation in the nominal exchange rate. The euro pushed up to a four-month high against the dollar after Trichet's news conference on Thursday and some economists predict it will rise further in the months ahead if the US Federal Reserve keeps its rates at a record low through 2011. That could hamper the ability of export-driven countries like Ireland, which is highly exposed to US demand, to rebound at a time when domestic demand is depressed by steep wage and pension cuts.
HIGHER FUNDING COSTS In Greece, an increase in euro zone rates will translate into higher funding costs for banks which have grown dependent on the ECB for liquidity after losing access to interbank funding because of the country's sovereign debt crisis. ECB funding to Greek banks has risen to 95 billion euros, or about 19 per cent of the banking system's total assets. A quarter-point rate
increase by the ECB would mean 237 million euros of additional interest expense for Greek lenders. Analysts say the hit on their net interest income (NII) can be partly mitigated by asset-side re-pricing. But given that a large share of loans are floaters, higher borrowing rates could have a negative effect on nonperforming credit, which is rising as the economy enters its third straight year of recession.
"There is bound to be an impact, especially now that household budgets are stressed and every euro counts," said the head of credit at a large Greek bank who requested anonymity. In Portugal, the country that is most at risk of a euro zone bailout following the rescues of Greece and Ireland last year, economists said a series of small rate increases could crimp exports and weigh on consumers whose debt levels
are high, but would be tolerable. The impact on Italy will be mitigated by low private sector debt levels. "I don't think you'll find anyone who would cut their forecasts for Italian growth this year or next on the basis of the more aggressive rate hikes expected from the ECB," said Unicredit economist Marco Valli. "A potential oil shock is a far more significant threat to growth." -Reuters
Libya Supply Gap Narrowing spokesperson for Europe's biggest refiner Total said only, "Total fully adapts its refining tool to market conditions." SHUTDOWNS Analysts said that even complex refineries, which are configured with advanced systems and normally profitable, have suffered from the sharp rise in crude oil prices, and that significant improvement is unlikely in the short term. "In February, the Brent (gasoline) cracking margin in northwest Europe was the worst in our record. It was deeply negative," WoodMackenzie's senior analyst Jonathan Leitch said, referring to complex margins. "We forecast that it will improve in March but not by enough to prevent economic
run cuts." The refining margin is the difference between prices of crude prices versus the resulting refined product. Leitch estimated Brent cracking margins averaged minus 10 cents per barrel in January and minus $1.10 in February. It may recover to plus 10 cents in March, but that still is below the average of plus $2.70 in the first quarter of 2010, he said. Traders said run cuts would take at least 250,000 barrels per day (bpd) of crude distillation capacity offline in March. On top of this, planned maintenance in March is likely to take about 510,000 bpd of processing capacity offline, according to Reuters calculations. The scale of the planned shutdowns may be greater,
given that the Reuters calculation does not include the impact on crude distillation units from secondary unit shutdowns. Together with temporary run cuts, the outage totals about 760,000 bpd this month, or 6 per cent of Europe's total capacity, Reuters calculations show, nearly matching the Libyan shut-ins of between 800,000 and 1 million bpd. European refiners are already struggling to make profits because of competition from giant Asian plants and from cheaper gas, but many are reluctant to shut capacity permanently. Temporary closures during times of poor margins are one way of taking losses off the balance sheet in the short term in the hope that business conditions improve.
The risk of further production losses in Libya and the spread of political unrest to other parts of the Middle East and north Africa are propping up oil prices. But some analysts and traders say the lost European demand could offset the market impact from reduced Libyan supply, capping gains on physical crude prices. Substitutes for mostly light, sweet Libyan oil such as the Nigerian benchmark grades may have peaked. "We are seeing crude oil differentials in Europe not that strong considering the amount of production we lost from Libya, Brent in a flat structure and differentials in the Mediterranean quite weak still," said Jakob. Brent crude oil futures moved from a backwardation structure in February, with spot supplies prices at a pre-
mium to forward-dated futures contracts, to around breakeven this week, suggesting more comfortable supplies. Traders said discretionary run cuts may lower European utilisation rates to around 70 per cent, near the lowest point in the 2008 recession, from a current average of about 85 per cent. Run cuts have been deepest in the Mediterranean area, where refiners have been most directly hit by the Libyan supply disruptions, they said. Many refineries in Italy -the top buyer of Libyan grades -- do not have the flexibility to use replacement oil from Iran and Saudi Arabia. Some do not have contracts to buy on a term basis from Saudi Arabia, which does not sell in the spot market. -Reuters
CAN RUSSIA RESIST OIL LURE ussia is basking in the glow of high oil prices, tempting politicians to spend more ahead of elections, but only the unpopular move of keeping a tight grip on the budget can cure voters' biggest worry -- high inflation. This poses a tough challenge for Alexei Kudrin, a 10-year veteran at the helm of the Finance Ministry whose prudent policies helped see Russia through the last economic crisis but won him many enemies amongst politicians who would rather lure voters with low taxes and high spending. Already, powerful Prime Minister Vladimir Putin has delayed the decision on Russia's long-term economic strategy until after the election, putting off tough deci-
according to independent pollsters Levada. And for fighting inflation, the mix of high oil prices and upcoming elections, is bad news. Although inflation is a global problem, prices in Russia are rising faster than in any of its BRIC emerging market peers, and almost twice as fast as in China. As an oil producer, Russia is less exposed than crude consumers to the direct shocks from energy prices. For it, the inflationary risk from oil comes instead from the extra cash that floods into the economy as it earns more from exports. "Coordination of fiscal and monetary policy will be critical. To the extent that both policies are pushing in the same direction, they may be
able to keep a lid on inflation and stop it from escalating into double digits," said Zeljko Bogetic, lead economist for Russia at the World Bank. "It will be wrong to relax the fiscal stance and go on a spending spree, but ... there is clearly a risk of this with high oil prices and the elections coming up." HARD REALITY VS PROMISES The central bank admits that it would be very tough to keep inflation on target, at no more than 7 per cent this year after a severe drought pushed up the 2010 reading to 8.8 per cent. It has turned its full arsenal against inflation, raising interest rates and reserve requirements and loosening its control on the rouble to allow faster currency appreciation.
The full-scale onslaught from the central bank -- even as seasonal trends allow a fall in monthly inflation in February -- could signal that it is aware of the price pressures that may soon emerge from pre-election pledges, said Julia Tsepliaeva, chief economist for Russia and CIS at BNP Paribas. Kudrin wants to cut borrowing by 500 billion roubles and stash away 700 billion roubles in the sovereign Reserve Fund. Putin has given his agreement, but at the same time he has already started doling out promises of cash, like the pledge of 4 billion roubles of farm equipment subsidies. "The contradiction is ... between the national leader's wish to reach all the goals at the same time and the hard
reality," economists at the Development Centre thinktank in Moscow's influential Higher School of Economics said in a report. The reality, argues Kudrin, is that by spending the extra oil cash Russia only strengthens its dependence on 'black gold' -- the very tie it has pledged to break to avoid becoming a hostage of commodity prices during the next global crisis. "We talk a lot about how we need to get rid of our oil and gas dependency. For now, we are not succeeding," Kudrin told an economic forum in the Siberian city of Krasnoyarsk, lamenting his failure to persuade state monopolies to pay higher taxes or to push through a proposed increase in the pension age.
Oil and gas accounted for 48 per cent of 2010 budget revenues of 7.9 trillion roubles -up from 37 per cent 5 years earlier. Weaning Russia off this dependency by not spending the oil cash would be a painful process and one Putin is unlikely to risk given his popularity ratings have already started to edge lower from near-80 per cent to the still respectable low-70s. "In the past, Kudrin never succeeded in containing the budget and preventing the government from increasing spending at such a time," said Tsepliaeva at BNP Paribas. "Some waves of populism before elections are unavoidable and extra budget spending ahead of the vote is always inflationary." -Reuters
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International & Continuation
Monsday, March 7, 2011
Sudan Fresh blow to PM New Irish regime South sets terms for north as Japan foreign will stick to EU, debt help minister resigns IMF programme DUBLIN: Ireland's new government will stick to the fiscal targets laid down in an EU/IMF rescue package, a source familiar with the coalition deal agreed between the two main political parties said on Sunday. Ireland's prime minister inwaiting Enda Kenny is under huge pressure to persuade European partners to cut the cost of the 85 billion euro (73 billion pound) bailout and the coalition agreement, clinched after midnight, seems designed to curry favour with the fiscally conservative Germans. Kenny's centre-right Fine Gael party has persuaded junior partner, the centre-left Labour party, to drop its demand that Ireland be given an extra year to get its budget deficit under control and to agree that the bulk of the adjustment should be achieved through spending cuts, said the source. The new government will aim to shrink the shortfall from nearly 12 per cent of Gross Domestic Product (GDP) currently to below an EU limit of 3 per cent by 2015, a deadline already okayed by Brussels last year amid concerns spluttering growth would prevent Dublin meeting an original target date of 2014. The source, who declined to be named because the two parties have yet to publish their programme for government, also said Fine Gael's financespokesman, Michael Noonan, would be the administration's financeminister. A spokesman for the Labour party declined to comment. No one from Fine Gael was immediately available to comment. Analysts said investors would welcome Noonan's appointment given Fine Gael's pro-business, low-tax creden-
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tials and said the policy agreements between the two parties were in line with expectations. "I wouldn't see anything there that would scare the markets, scare Europe, scare the IMF or change anything very substantially going forward," saidEoin Fahy, chief economist, Kleinwort Benson Investors. "The fact that there will be a Fine Gael finance minister will be taken positively and should be because the ministry has a very large control over the small items, and not necessarily just the big picture macro stuff. VERY SHORT HONEYMOON Kenny, a former primary school teacher whose only previous government experience was as minister for tourism and trade, has less than three weeks to persuade European partners to relax the terms of their 40 billion euro plus worth of loans as part of a Europe-wide deal on the debt crisis at a summit on March 24-25. Kenny fears the deal will bankrupt the former "Celtic Tiger" economy but his pleas got a cool response from fellow European centre-right leaders at a summit in Helsinki last week, where he was told that there would be "no free lunches." His coalition agreement with Labour party leader Eamon Gilmore does however strike the right notes for Europe. Kenny has secured a deal that will see two thirds of the fiscal adjustment come from cutbacks rather than the 50/50 split between spending cuts and tax increases favoured by Labour, the source said. There will be no new taxes on work and the government
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will try to sell non-strategic state assets to shore up its finances. The two parties have compromised on job cuts in the public sector with some 25,000 positions set to be culled, roughly midway point between the 18,000 targeted by Labour and the 30,000 eyed by Fine Gael. The fiscal deadline, the split between cutbacks and tax increases and the number of public sector jobs set for the chop all chime with the fouryear austerity plan published by the outgoing government, and endorsed by the EU and the IMF, late last year. The similarities with the policies of such an unpopular administration, which was roundly routed in the election for its handling of the economic crisis, were inevitable given the straitjacket imposed by the EU/IMF bailout but they will not prove popular with voters who were seeking change. Labour party members, in particular, will be aggrieved that the leadership has given ground on job cuts and the fiscal timetable. "I suspect that when people see the reality of a programme for government that they will inevitably be disappointed," said Eoin O'Malley, a lecturer atDublin City University. "You can be almost guaranteed that there will be a very, very short honeymoon period for the new government." The coalition deal will be formally approved by the two parties later on Sunday. The new government will meet for the first time on Wednesday when parliament is recalled.Reuters
ADDIS ABABA: South Sudan will help the north get relief on around $38 billion in debt, as long as the north "cooperates" on a border dispute and other issues in the countdown to the country's split, a southern official said. Sudan's oil-producing south is due to separate from the north on July 9 after its people overwhelmingly voted to secede in a referendum in January -- a vote promised in a 2005 peace deal that ended decades of north-south civil war. The sides remain at loggerheads over a list of issues ahead of the split, including ownership of the disputed Abyei border area, the scene of clashes in recent days, and the handling of the country's crippling debt. South Sudan has already said it plans to introduce its own currency after the division and will need the cooperation of its old civil war foe to redeem the old Sudanese pounds circulating in its system. "We are ready to join the north in joint efforts for debt relief," said Pagan Amum, secretary general of the south's ruling Sudan People's Liberation Movement (SPLM), at the end of a week-long meeting with northern leaders in Ethiopia. "But our participation is conditional to the cooperation of the north in all the other areas including Abyei, as well as also assuming the redemption of the Sudanese currency as we change the currency," he told Reuters. Both sides had agreed to send a joint team to the spring meetings of the World Bank and the International Monetary Fund to campaign for debt relief, said former South African President Thabo Mbeki, who organised the meeting in the Ethiopian resort town of Debre Zeit. "We are not dealing with an ordinary routine case of debt forgiveness," Mbeki told reporters in Addis Ababa.Reuters
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Thousands of people including students of seminaries and advance, said. "Last night, Gaddafi's forces took the opportuniUlema, relatives and family members attended the funeral ty to enter the homes of the people of Bin Jawad," he told Reuters, prayers. The SSP sitting chief Maulana Alam Tariq lead the funer- adding that when the rebels advanced this morning "Gaddafi's forces attacked with aircraft and shot from on top of the houses." al prayers. -Agencies He said rebels withdrew and were regrouping in Ras Lanuf. Continued from page 12 No #2 Dozens of rebel vehicles armed with heavy machineguns ECP has formally informed PPP in this regard. The seat was arrived in Ras Lanuf from the west, where rebel fighters had earvacant after the murder of former Federal Minister for Minorities lier reported the attack by Gaddafi loyalists in Bin Jawad. During Affairs Shahbaz Bhatti. The sources told Online that in November the fighting, Libyan forces said they had shot down a helicopter. 2007 PPP had provided a list to Election Commission for general Three rebel fighters told Reuters they had seen it falling into the elections in which the second priority of the party after Shahbaz sea, but no further details were available. One fighter, returning Bhatti was Dr Kathumal Jiwan, whereas third preference of the wounded from the frontline town of Bin Jawad said, Gaddafi loyparty was Javed Michael. alists had attacked with machineguns and rocket-propelled The second in the priority list of PPP was Dr Kathumal Jiwan, grenades (RPGs). Asked what he had seen, he replied: "Death." latter he was elected member of Senate by his party. Distraught, he would not say any more. The source revealed that under clause 6 of Article 224 of the "They have RPGs, and machineguns," added Mansour constitution in which it was clearly mentioned that after falling Mayloud, another fighter. "There's been an attack on Bin Jawad." reserve seat vacant for minority, the next priority of the winning But the rebels were still clearly in control of Benghazi and the party would automatically be elected on that seat so Javed key oil complex of Ras Lanuf, which they took on Friday night. Michael has been declared newly elected Member of National "They're all rebels here," a witness in Ras Lanuf said. A warplane Assembly. It is pertinent to mention here that President Asif struck Ras Lanuf on Sunday but no one was hurt. Britain has a Zardari after the killing of Shahbaz Bhatti announced that the seat small diplomatic team in the Libyan city of Benghazi, Defence would be given to any family member of Shahbaz Bhatti. -Online Secretary Liam Fox said on Sunday. He declined comment on a report Libyan rebels had captured a British special forces unit. "It's Continued from page 12 No #3 "We will never forgive the blood shed by our innocent Afghans not difficult to take Sirte," Colonel Bashir Abdul Gadir told who were killed by NATO forces," said protester Ahmad Baseer, Reuters. "I think 70 per cent of regular people are with us there, but a university student. "The Kunar incident is not the first and it will they have asked us not to go into Sirte fearing heavy battles. We're not be the last time civilian casualties are caused by foreign going to wait till they call us to let us know when they are ready." "We have a lot of people in Sirte and they are ready to join with troops. All we can do is protest and condemn it." Dozens of women were also among the protesters, a rare occur- us," he said, adding: "We brought down a jet in Ras Lanuf and a rence in a country where women are largely banned from public helicopter in Nawfaliyah." Rebels in eastern Libya have captured life. Using loudspeakers, some of the women chanted: "We don't members of the British special forces, but the group are being treated well and the issue will be resolved shortly, a source in the want Americans, we don't want the Taliban, we want peace." Civilian casualties caused by Nato-led and Afghan forces hunt- rebel movement said on Sunday. Britain was on Sunday negotiating insurgents have again become a major source of friction ing to secure the release of a special forces' unit believed to have between Karzai and his Western backers, even though UN figures been captured by rebels in the eastern Libyan city of Benghazi, a human rights activist said. -Reuters show that more than three-quarters are caused by insurgents. In the latest attack by insurgents, 12 civilians were killed on Continued from page 1 No #6 Sunday when their vehicle was hit by a roadside bomb in southaround 1 pm after he complained of chest pain," said a eastern Paktika province, governor Mohebullah Sameem said. spokesman of ANP Qadir Khan on Sunday. Talking to APP he said There have been at least four incidents of civilian casualties by that the chest pain turned to be a heart attack to the 60-year-old foreign troops in eastern Afghanistan in the past two weeks in politician. He said the ANP has announced three-day mourning which Afghan officials say more than 80 people died. and added that no final decision has yet been taken for his burial International concern has grown considerably and the fallout as relatives said that they were waiting for the arrival of his brothfrom the recent incidents is even threatening to hamper peace and ers. Sindh Chief Minister, Syed Qaim Ali Shah, has expressed reconciliation efforts, with a gradual drawdown of the 150,000 deep sorrow and grief at the demise of Amin Khattak, General foreign troops in Afghanistan to begin in July. Civilian casualties Secretary of Awami National Party Sindh. In a condolence mesin Afghanistan rose 20 per cent to 6,215 in the first 10 months of sage, Qaim Ali Shah said that the deceased devoted his entire life 2010 compared with 2009, according to UN figures. Those caused for the cause of democracy and served the people. He prayed to by foreign and Afghan troops accounted for 12 per cent of the Almighty Allah to rest the departed soul in eternal peace and grant total, an 18 per cent drop, but it is those which rile Afghans most. courage and fortitude to the bereaved family to bear this irreparaWhile they do not condone them, many Afghans say militant ble loss. Adviser to the Sindh Chief Minister, Rashid Hussain attacks would not happen if international troops were not in Rabbani, and Special Assistant, Waqar Medhi, have also condoled Afghanistan. Many Afghans blame both sides. "Killing civilians, the demise of Amin Khattak. -Agencies whether it is the Taliban or foreign forces, is a crime," said proContinued from page 1 No #7 tester Shahla Noori. "Both the Taliban and Americans are responthus turning the net selling worth of $3.79 million. sible for the killings of thousands of civilians," she said.-Reuters Moreover, banks and mutual funds also net ejected $2.13 milContinued from page 12 No #4 lion and $0.79 million respectively. He maintained that the order also barred judges of the superior Continued from page 1 judiciary including the chief justices, from taking oath under the No #8 provisional constitutional order (PCO). Sources said the delegates considered a Pakistani proposal for It was also applicable to other state functionaries as well. -APP establishment of a 'Security Bloc' and increase in trade volume. The
TOKYO: Japanese Foreign Minister Seiji Maehara resigned on Sunday to take responsibility for accepting donations from a foreign national, adding to unpopular Prime Minister Naoto Kan's troubles as he battles to keep his own job. Maehara, a security hawk who favors close ties with the United States and has criticized China's defense build-up, had been seen as a key contender to succeed Kan if the prime minister bows to pressure to step down himself. Maehara's resignation deepens the impression of a government in disarray as Kan fights to keep his own Democratic Party (DPJ) from splintering and avoid calling a snap election while trying to enact budget bills in a deeply divided parliament. The stalemate is blocking the passage of bills needed to implement a $1 trillion budget for the fiscal year from April, and Maehara said he had feared his scandal would only worsen the deadlock if he clung to his post. "The budget deliberation in the upper house for fiscal 2011/12, an urgent issue, is at a crucial stage," Maehara told a news conference after meeting Kan. "I cannot let parliamentary deliberations get delayed through my political funding problem." The political impasse is also keeping Kan from getting opposition help on fis-
cal reforms, including a rise in the 5 per cent sales tax, that he argues are vital to fund the costs of a fastaging society and curb public debt now twice the size of the $5 trillion economy. Kan, whose voter ratings have slid to around 20 per cent, himself faces calls from within his own fractious party to resign, while opposition parties are pushing him to call a snap election that the Democrats could well lose. His health minister, Ritsuo Hosokawa, is also under fire for the government's messy handling of efforts to help housewives who mistakenly failed to pay their pension premiums. Although Maehara's resignation is bad news for Kan, it may not necessarily hasten his exit. "It's impossible for him to call a snap election. Momentum will build for Kan to resign," said Nihon University political science professorTomoaki Iwai. Iwai added, however, that Kan was unlikely to quit without assurances from opposition parties that they would help enact the stalled budget bills, something they might well be unwilling to provide, especially ahead of nationwide local elections in April. HOTSEAT GETS HOTTER Opposition parties were quick to turn up the heat on Kan. "We will take issue with
the prime minister's responsibility in having appointed him (Maehara)," Kyodo news agency quoted main opposition Liberal Democratic Party (LDP) policy chief Shigeru Ishiba as saying after reports that Maehara wanted to quit. Kyodo added that the LDP would step up its push for an election for parliament's powerful lower house, a poll that the ruling Democratic Party is in danger of losing if held soon. The second-biggest opposition party, the New Komeito, echoed the criticism. "The Kan government has lost the confidence of the people. There can only be a resignation of the entire cabinet or a dissolution of the lower house," New Komeito leader Natsuo Yamaguchi was quoted as saying byKyodo news agency. An election, however, would not resolve the problem of a divided parliament since no single party would hold a majority in both houses, no matter who wins. Maehara had admitted on Friday accepting donations from a Korean resident of Japan, but said he had done so unknowingly. Taking political donations from foreign nationals is illegal if done intentionally. On Sunday, Maehara said he had received a total of 250,000 yen ($3,000) from the donor between 2005 and 2010.-Reuters
US warns citizens on Yemen as protests swell out big SANAA: The United States warned citizens in Yemen on Sunday to consider departing as protests seeking the ouster of President Ali Abdullah Saleh gather momentum, saying the security risk in the impoverished state was extremely high. Tens of thousands of protesters have camped out in many major Yemeni cities, their tone hardening daily, and protests turned to clashes in the town of Ibb on Sunday when government loyalists attacked protesters with sticks and stones. "The Department (of State) urges US citizens not to travel to Yemen. US citizens currently in Yemen should consider departing," the US State Department said in a travel warning. "The security threat level in Yemen is extremely high due to terrorist activities and civil unrest." The growing Yemeni protests, and a series of defections from Saleh's allies, have added pressure on Saleh to end his three-decade rule. Neither side appears willing to compromise. Protesters want Saleh to step down by the end of this year, if not sooner, while the president is sticking to an earlier pledge to leave office only when his current term ends in 2013. Yemen, a neighbour of Saudi Arabia, was teetering on the brink of failed statehood
even before recent protests, with Saleh struggling to cement a truce with Shi'ite rebels in the north and quell a secessionist rebellion in the south. Analysts say the recent protests, inspired by unrest that has toppled the leaders of Egypt and Tunisia and sparked an insurrection in Libya, may be reaching a point where it will be difficult for Saleh, an astute politician, to cling to power. "The country is on the brink of imploding," said Dubaibased security analyst Theodore Karasik. "This popular uprising is going to hit some kind of crescendo and you might have an outbreak of more violence. We might be looking at a Libya situation emerging in Yemen." UNREST BUBBLING The US State Department said its ability to help US citizens in a crisis could be restricted, and that evacuation options would be "extremely limited" due to a lack of infrastructure, geography and security concerns. It authorised the voluntary departure of the family members of US embassy staff and non-essential personnel. "The US government remains concerned about possible attacks against US citizens, facilities, businesses, and perceived US and Western interests," the US statement said, adding that al Qaeda's
Yemen-based arm continued to be active in Yemen. Yemeni protests, relatively peaceful in recent days, turned to violence in the town of Ibb when Saleh loyalists marched on an anti-government protest site where thousands were camped out, attacking antigovernment demonstrators with stones and batons. At least 36 people were injured, six critically, including a leader of the youth protest movement, a protest leader and witnesses said. Clashes were continuing. Protesters say they are frustrated with corruption and soaring unemployment in Yemen where 40 per cent of its 23 million people live on $2 a day or less and a third face chronic hunger. Elsewhere in Yemen, gunmen shot dead a high ranking intelligence officerin a marketplace in the southern town of Zinjibar, a local official said. Theofficer, Abdel-Hamid al-Sherbani, was one of around 50 security officers thought to be on an al Qaeda hit list. In the province of Maarib, east of the capital Sanaa, suspected al Qaeda militants killed four police officers in a shooting ambush, a local official said. The police vehicle had been delivering supplies to forces in the city ofMaarib when the attack occurred.Reuters
GCC consists of Saudi Arabia, Kuwait, Oman, Qatar, Bahrain and the United Arab Emirates. -Agencies
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(RGST) - which is to replace the present general sales tax system. The delegation will also review the fastest sales tax refund system to be introduced by FBR to speedily settle tax claims which in some cases remain blocked for months.
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Raymond Davis, involved in the killing of two Pakistanis in Lahore. It said the US experts Bruce Sward and Hollis are the officials of the US Department of Law and Justice, who are here to provide legal assistance to Davis. However, the embassy refused to give any details about the expected meeting of the US experts with the relatives of the three Pakistanis who were killed by the US officials in Lahore. Meanwhile, Waseem Shamshad, brother of deceased Faheem, said that he had heard about the arrival of some US officials or legal advisers in Pakistan. "Although we have heard that they will meet us, no one has contacted us so far," he added. He said his family and the family of other deceased Faizan would never forgive the accused. "We just want Davis to be punished under the law because we will never forgive him at any cost," Waseem added. -INP
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Monday, March 7, 2011
Zardari expresses concern over indictment of Awan
President sees Awan case as score-settling ISLAMABAD: Co-chairman Pakistan Peoples Party Asif Ali Zardari has expressed grave concerns over the indictment of federal law minister Babar Awan in a case of robbery and attempted kidnapping registered against him more than twelve years ago. A court in Rawalpindi, Punjab Saturday indicted Babar Awan after the Federal Minister personally appeared before it and pleaded not guilty claiming also that the charges were baseless and politically motivated. Spokesperson Farhatullah Babar said that the PPP Co-Chairman termed the pursuit of over twelve years old politically motivated case against the federal law minister by the Punjab prosecution as "an unfortunate and glaring abuse of judicial processes for settling scores with a
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Pak soldier found alive after 41yrs ISLAMABAD: A Pakistani soldier, Abu-Bakr, earlier declared as martyred during Indo-Pak war of 1970 in (then) East Pakistan, has been found to be alive and in prison after 41 years of passage. Talking to a private TV channel, the brother of the Pakistan Army soldier, Ahmad Shah has said that his brother Abu-Bakr had been earlier declared as a martyr, and after being informed the household had also been issued his pension to parents of the soldier, till 1995. He said that after receiving the good news of his being alive, he had contacted the Bangladesh embassy, who while confirming the existence of imprisoned Pakistani soldier, has assured of his sooner release to Pakistani officials. -Online
political opponent even as lip service was paid to democratic values, pluralism and judicial independence". Babar Awan was defense lawyer of Asif Ali Zardari when the case was instituted against him. The PPP Co-Chairman also expressed the hope that civil society, the bar bodies and enlightened public opinion will take serious notice of it and condemn the pursuit of twelve years old case for political ends through brazen abuse of the judicial processes., he said. The Co-chairman also said that the PPP stands by all its workers who have rendered sacrifices for democracy and human rights. The Party will protect its workers from political harassment and intimidation, the Co Chairman said. ISLAMABAD: President Online Asif Ali Zardari has called a meeting of Pakistan Peoples Maulana Ahmed Madni, son laid to rest Party (PPP) members of the Punjab Assembly tomorrow (Tuesday) at the Aiwan-eSadr. The president will discuss the political situation in Punjab with the Punjab Assembly members. Opposition Leader in Punjab KARACHI: Citing the killing of citizens to cooperate with law Assembly Raja Riaz and PPP Maulana Ahmed Madni and recent enforcers to curb on violence inciparliamentary leader in Punjab violence in Karachi, Home Minister dents. He said citizens must take heed Zulfiqar Gondal will seek Sindh Dr Zulfiqar Mirza Sunday of terrorists and immediately inform guidance from the president directed IG Sindh to take extraordinary help-line 15 in any case of emergency, about the future PPP strategy measures to ensure safety of citizens. criminal activity, etc. so to avoid untoin Punjab. -Agencies Taking notice of recent incidents of ward incidents. target killings in Karachi whereby Meanwhile, renowned religious Maulana Ahmed Madni and his son leader and organiser of Jamia Abu-Bakr were killed on Saturday Muhammadia Maulana Ahmed Madni night, home minister directed special and his son were laid to rest in Sakhi branch and CID officials to strictly Hassan graveyard in the city on maintain surveillance of alleged target Sunday. killers and anti-state elements. Maulana Ahmed Madani, brother of He told he has continuously been slain Sipah-e-Sahaba Pakistan (SSP) ISLAMABAD: President of maintaining links with religious and Chief and MNA Azam Tariq along Tajikistan Imom Rehmanov political leadership to discuss law and with his son Abu-Bakr was killed Ali arrives here Monday order situation of Karachi. He reiterat- after unidentified armed men opened (today) on three-day state visit ed safety of citizens is the top most fire at their vehicle in New Karachi for talks with President Asif agenda of provincial government. locality on late Saturday night. Ali Zardari and Prime Minister Zulfiqar Mirza also requested from See # 1 Page 11 Yousuf Raza Gilani focusing on further strengthening bilateral ties and new avenues of cooperation. The Tajikistani President Imom Rehmanov Ali and Commander-in-Chief of Saudi Armed Forces, Hussain Abdullah is due to arrive here in Islamabad today, on their says Petraeus’ apology not enough official visits to Pakistan. Both would be meeting KABUL: Afghan President Hameed ing banners bearing pictures of bloodKarzai told the commander of US and covered dead children they said were President Asif Ali Zardari, PM, Nato forces in Afghanistan, General killed in air strikes by foreign forces. Yousuf Raza Gilani, chairman David Petraeus, on Sunday that civilThe protest came five days after nine Senate and Speaker Assembly, ian casualties in the almost decade-old Afghan boys were gunned down by Dr Fehmida Mirza, separately, war were "no longer acceptable." two attack helicopters as they collected and discourse of bilateral and mutual ties between their At a meeting in Kabul, Karzai told firewood in eastern Kunar province. Petraeus his apology for the inadverThe incident, in a volatile area that respective countries and tent killing of nine children last week has seen a recent spike in foreign mil- Pakistan. The Tajik President would be in a Nato air strike was "not enough", itary operations, prompted a rare pubKarzai's office said in a statement. lic apology from the top two U.S. mil- accompanied by his delegations of ministers, Hundreds of people chanting "Death itary officers in Afghanistan. to America" protested in Kabul on President Barack Obama also Parliamentarians, and traders. Meanwhile during his 3-day Sunday against a spate of civilian casual- expressed "deep regret" over the ties caused by international forces, a sign killings to Afghan President Hamid official visit, the Saudi of the simmering anti-Western emotion Karzai and the United Nations called Commander-in-Chief would be among many ordinary Afghans. for a review of air strikes by foreign meeting COAS, Gen Asfhaq The demonstrators marched through forces in Afghanistan. Pervez Kayani and various the centre of the capital, some carrySee # 3 Page 11 political leaders. -Online
PPP Punjab MPAs meet tomorrow
Khi gets thicker security blanket
KARACHI: Deputy Convener MQM Dr Farooq Sattar lights candles during a condelence reference for slain federal minister for Minorities Affairs Shahbaz Bhatti, organised by MQM at Karachi Press Club.-Online
SC hears case for not complying with Nov 3, 2007 order
Musharraf's arrest warrant sent to UK ISLAMABAD: Federal Investigation Agency (FIA) has dispatched arrest warrant against former President Pervez Musharraf to Pakistani High Commission (HC) in London. According to a private TV channel Musharraf could be declared as proclaimed offender if his arrest was not made possible, while confiscating his properties is also likely. FIA had requested time for arrest of the former president during hearing of the assassination case of Benazir Bhutto, two times prime minister of Pakistan. Hearing of the case of late Bhutto is
being held in Adiala jail. Following the order of the court, the warrant for his arrest was sent to the commission. Meanwhile, Supreme Court today will take up an application seeking initiation of contempt proceedings against all those persons outside judiciary including former president Pervez Musharraf and former prime minister Shaukat Aziz who had not obeyed the November 3, 2007 restraining order issued by a seven-member bench at that time. Justice Javed Iqbal, the senior most Judge of the apex court, will take up
the issue in his chamber. Abdul Razzaq, a resident of Abbottabad, through his counsel Muhammad Aslam Ghuman, had moved a petition against former president Pervez Musharraf, Shaukat Aziz and others. He had prayed that all the respondents be summoned and given exemplary punishment for violating the apex court's November 3, 2007 restraining order which barred the former head of state and the then premier from undertaking any action which was contrary to the independence of judiciary. See # 4 Page 11
Tajik President due today
Karzai decries civilian deaths
Javed Michael elected on Bhatti's seat
Pope eulogises Bhatti's sacrifice VATICAN CITY/ISLAMABAD: Pope Benedict XVI on Sunday expressed "great concern" over the crises in several African and Asian countries, mentioning Pakistan and Libya in particular. Speaking after the weekly Angelus prayer in St Peter's Square at the Vatican, the head of the Roman Catholic Church urged that the "moving sacrifice" of Pakistan's murdered Catholic minorities' minister, inspire "courage and commitment to strive for religious freedom for all men." Shahbaz Bhatti, a vocal opponent of Pakistan's Islamic blasphemy law and promoter of interfaith dialogue,
was shot dead in broad daylight in Islamabad on Wednesday. Bhatti had defied death threats after the assassination of another political moderate who wanted to reform the legislation, which critics say is often misused to settle personal scores against vulnerable minorities. "I follow with great concern the tensions in several countries in Africa and Asia in these days," the pope said in Italian. Benedict then sent his thoughts and prayers to those caught up in the crisis in Libya, "where recent clashes have caused numerous deaths and a growing humanitarian crisis."
In his first official reaction to the crisis since the uprising against Libyan leader Moammar Qaddafi began, the pontiff said: "To all the victims and those who find themselves in distressing situations I send my prayers." "I ask for help and aid for the affected peoples," Benedict said. Meanwhile, Election Commission of Pakistan (ECP) has declared Javed Michael from Pakistan Peoples Party successful on the reserved seat for minorities in National Assembly. However notification might be issued on Monday. See # 2 Page 11
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