International Karachi, Friday, January 21, 2011, Safar-ul-Muzaffar 16, Price Rs12 Pages 12
Aisam in 2nd round of Australian open
Tunisian government approves amnesty bill Top judge doubts Khi state of affair
See on Page 12
Sindh govt not consulted for operation: Mirza
See on Page 12
See on Page 10
Government, PML-N 1o-point agenda meeting
Economic Indicators Forex Reserves (15-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.28bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $287.9mn -4.69% 4.10% $1,051 174.93mn
Joint group to set POL prices Write-off loan issue to be reviewed Sat; PSM Board Oked Body set up to review gas crisis; SOEs overhaul mooted
Portfolio Investment
Special Correspondent/ Agencies
SCRA(U.S $ in million)
186.38 -9.01 -7.88 3057
Yearly(Jul, 2010 up to 19-Jan-2011) Monthly(Dec, 2010 up to-19-Jan-2011) Daily (19-Jan-2011) Total Portfolio Invest (7 Jan-2010)
NCCPL (U.S $ in million)
FIPI (20-Jan-2011) Local Companies (20-Jan-2011) Banks / DFI (20-Jan-2011) Mutual Funds (20-Jan-2011) NBFC (20-Jan-2011) Local Investors (20-Jan-2011) Other Organization (20-Jan-2011)
2.25 -1.85 -2.65 -0.04 0.88 0.81 0.60
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,411.87 10,437.31 24,003.70 19,046.54 2,683.66 2,677.65 5,879.64 11,771.71
Change -165.74 -119.79 -415.92 68.22 7.52 -80.44 -97.06 -53.58
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)
$.Price PKR/Shares 2.60 111.41 21.25 182.11 2.00 42.85 1.70 36.42 11.20 38.39
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12-Jan-2011 12-Jan-2011 12-Jan-2011 29-Nov-2010 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011
13.37% 13.50% 13.73% 14.00% 13.27% 13.62% 13.75% 14.10% 14.21% 14.22% 14.23% 14.26% 14.61% 14.81% 14.98%
Commodities *Crude Oil (brent)$/bbl 96.42 *Crude Oil (WTI)$/bbl 88.39 *Cotton $/lb 148.42 *Gold $/ozs 1,348.20 *Silver $/ozs 27.78 Malaysian Palm $ 1,220 GOLD (NCEL) PKR 37,965 KHI Cotton 40Kg PKR 10,717
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.70 Canadian $ 85.50 Danish Krone 14.00 Euro 115.15 Hong Kong $ 10.90 Japanese Yen 1.038 Saudi Riyal 22.25 Singapore $ 66.10 Swedish Korona 12.20 Swiss Franc 86.50 U.A.E Dirham 23.30 UK Pound 136.20 US $ 85.95
Sell (Rs)
85.70 86.50 14.70 116.17 11.00 1.138 23.00 67.10 12.30 87.10 23.50 138.00 86.30
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
85.23 85.94 15.45 115.11 11.00 1.035 22.83 66.49 12.90 89.48 23.31 136.40 85.70
85.43 86.14 15.48 115.38 11.03 1.037 22.88 66.64 12.93 89.69 23.36 136.72 85.88
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
16°C 28°C 17°C 22°C 10°C 16°C
MIN
00°C 11°C 04°C 04°C -03°C 03°C
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KARACHI: Ranger personnel standing alert to avert any untoward incident during a demonstration of angry employees of KESC (inset) KESC employees stage a demonstration. -Online
Khi electric supply co ends 4000 jobs
KESC workers go on fiery rampage Staff Reporter/ Agencies KARACHI: About 4000 sacked employees of Karachi Electric Supply Company (KESC) staged a violent protest at the Headquarters of the Company damaging office furniture and setting on fire several vehicles. The employees, which a KESC spokesman described as redundant staff, were issued notices for termination from service on Wednesday night ransacked the office of Managing Director of KESC, damaged window panes of vehicles and set on fire to several vehicles parked out side the office. Spokesperson of KESC Aisha Ahrabi told a private TV channel that the company has decid-
ed to fire more than 4000 employees under voluntary separation scheme (VSS). She said this was redundant not technical staff, mostly sanitary workers, security guards, drivers, bill distributers and office assistants. She said the KESC offered its 4500 employees Voluntary Separation Scheme (VSS) whose date of validation expired on January 15. She said 375 employees accepted the offer while rest of the sacked employees will be paid all their statutory dues along with one month's salary. About the protest, she said the enraged employees threatened the staff inside and they were seeking protection from police and provincial government. She said the objective of See # 11 Page 11
Branchless banking is future of financial sector: Kardar
SBP sees scope for e-banking KARACHI: Governor State Bank of Pakistan Shahid Hafeez Kardar Thursday said that branchless banking is future of the country's financial sector. This opens up great opportunities for banks to tap into the un-exploited potential by bringing the unbanked segment of the society into the financial system, he said while speaking as the chief guest at a signing ceremony between United Bank Ltd and Shore Bank International Ltd (SBI) to support the UBL's branchless banking initiative (UBL Omni) here. Kardar said the central bank was willing to make regulatory framework for branchless banking more flexible to broaden the scope of the financial
services in line with its Financial Inclusion Strategy. He said that SBP had been in the forefront in introducing a compact regulatory framework for branchless banking as Pakistan was one of the few countries in the world where branchless banking took off as a result of the Branchless Banking Regulations issued by SBP in March 2008. However, Shahid Kardar said, the Central Bank was open to ideas and suggestions from the private sector to make this framework more conducive in order to expand the financial outreach in the country. Branchless banking has a huge potential to reach the unbanked and underserved segment of the population, he said See # 12 Page 11
57 projects await govt green signal ISLAMABAD: The Central Development Working Party (CDWP) is likely to approve about five dozen development projects worth billions of rupees with special focus on the development of Balochistan province for which 26 development schemes would be given approval. The meeting of CDWP is scheduled to be held here on Friday on January 21. Deputy Chairman of the Planning Commission of Pakistan Dr Nadeem-ul Haq and Chief Minister of Balochistan Nawab Aslam Raisani will jointly chair
the meeting. "The CDWP meeting would focus on various projects of Balochistan to help immediate development of the province for the welfare of its people," official sources told APP here. The sources added that out of the 26 development projects for Balochistan, the CDWP is likely to approve three projects in Food and Agriculture sector, two in health, six in Industries and Commerce, ten in transportation, five in water resources, three in physical planning and housing, one in See # 13 Page 11
50 dead in Iraq as suicide blasts rock holy city KARBALA: A spate of explosions across Iraq on Thursday killed at least 50 people, most of them in twin suicide car bombings in the Shiite Muslim holy city of Karbala, the third major attack in as many days. The attacks mostly targeted pilgrims marking a Shiite holy day, and were the latest in a series of bombings that have shattered a relative calm in Iraq following the formation of a new government last month. Prime Minister Nuri alMaliki blamed the Karbala attacks on "takfiris," an Islamic term for apostates but used by the premier to mean anti-Shiite Al-Qaeda militants. In Karbala, home to the shrines of two revered Shiite imams, a pair of suicide bombers detonated vehicles packed with explosives 20 minutes apart, the head of Karbala provincial council Mohammed Hamid al-Mussawi said. The first attack struck on the northern outskirts at around 3:00 pm (1200 GMT), with the second occurring at around 3:20 pm some 15 kilometres (nine miles) south of the city. "At least 45 people, including women and children, have been killed and 150 have been wounded," he said. A medical official at Karbala's Al-Hussein General Hospital said the dead included four children and 20 women. He added that 20 people were killed in the first blast, with the remainder in the second one. Reuters
SC gets FBR report on Nato trucks ISLAMABAD: Federal Board of Revenue (FBR) has submitted its report about Nato containers in the Supreme Court of Pakistan. According to the sources, the FBR report about Nato containers was submitted in the apex court on Thursday. The list of forty-four officers including former three chairmen of the FBR, Custom, Levies forces and other institutions was also submitted in the Supreme Court. These officers had performed duties on various posts from first January 2007 to December24, 2010. The names of former FBR chairmen including Sohail Ahmad, Abdullah Yousuf and Ahmad Waqar were in the list. The hearing of the Nato containers case will be held in the Supreme Court on January 27. Agencies
ISLAMABAD: Federal Government has announced to establish a Committee to review the prevailing gas and power load-shedding in the country whereas it was also decided to set up a joint-group to devise the mechanism for the changes in petroleum products prices. These views were expressed by Finance Minister Abdul Hafeez Shaikh after meeting with PML-N delegation, who met under the chair of Ishaq Dar to moot 10 point agenda given to the government to implement in 45-days. Talking to the media, Shaikh said that a committee to review gas and power load shedding has been set up whereas a joint working group has also been decided to overlook POL price mechanism, added that names for these two committees would be finalized soon. Shaikh told the media that
during the meeting the proposed Board to govern Pakistan Steel Mills has also been settled down, whereas consultations with SBP Governor regarding the written-off loans would be conducted on Saturday. Finance Minister said that government would not wait till 45 days to implement the points agreed upon. Shaikh said that next round of talks would be held on January 26. Earlier, the third meeting of the Cabinet Committee on Restructuring of eight Public Sector Enterprises was held here Thursday with the Federal Minister for Finance Dr Abdul Hafeez Shaikh in the chair. The meeting deliberated upon and finalized the already submitted proposals to the Committee by the concerned ministries for the re-structuring of the Board of Directors of the Pakistan Steel Mills, Pakistan Railways and National Transmission and Distribution
PIA flying into profit zone: MD
PIA revenue up at Rs107bn 'No contract with Turkish Airlines' ISLAMABAD: Managing Director Pakistan International Airlines (PIA) Captain Mohammad Ejaz Haroon said that Airlines revenue rose to Rs107 billion from 70 billion in 2010. Addressing a press conference here at Benazir Bhutto International Airport, he said "We will soon introduce new destinations or increase flights in the East to expand our network mainly to compete with other airlines," he said. He said PIA has top professionals team which is working day-and-night for the progress of the organisation.
Talking about the proposed PIA-Turkey Airlines agreement, he said PIA is planning to set up its first regional hub in Turkey to expand its worldwide network to compete other carriers. The MD said the proposed agreement is subject to approval by the two governments. "We will expand our network and introduce new destinations to make PIA a profitable entity. He said PIA passengers will have access to more than 130 destinations through Istanbul hub and they can avail even See # 7 Page 11
FX reserves hit record $17.28bn Staff Reporter KARACHI: Country's foreign exchange reserves rose to a record $17.28 billion in the week ending January 15, up from $17.09 billion in the previous one, the central bank said on Thursday. Reserves held by State Bank of Pakistan (SBP) rose to $13.66 billion from $13.44 billion in the week ending January 15, while those held by commercial banks fell to $3.62 billion from $3.65 billion, said Syed Wasimuddin, chief spokesman of the central bank. "The main reason for increase in foreign exchange reserves is
due to the rise in remittances received from overseas Pakistanis," said Wasimuddin. According to official data, remittances rose 17 percent to $5.3 billion in the first six months of fiscal year 2010/11 (July-June). Pakistan's foreign exchange reserves previously hit a record high in the week ending January 1 as the country received more than $633 million from the US for providing military and logistical support to fight Islamist militancy. In May, Pakistan received $1.13 billion -- the fifth tranche of an $11 billion International Monetary Fund bailout program.
Qamar to hold additional charge of Ports and shipping
PM summons Gabol to Isb ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani had contacted Nabeel Gabol by telephone and asked him that he should have contacted him and party leadership before tendering resignation. According to private TV channels, PM Gilani had made telephonic contact with Gabol
and said that he should have taken party leadership and him into confidence and then he should have decided to resign from his office. "When raid was conducted at his home he should have directly contacted Rehman Malik or him as he was member of CEC See # 10 Page 11
Companies said a statement issued by the Ministry of Finance. The proposals that were submitted emphasized for seeking more involvement of private sector, members of the civil society and the best minds to get the job done. The Board of Directors as proposed will be autonomous in its nature to formulate policy of the respective enterprises so that they may be made financially and technically viable and self-reliance. It was also decided that the CCOR on PSEs meeting shall be held regularly on weekly basis to know the ongoing work and development in this regard. Their restructuring proposals shall be submitted to the Cabinet for further discussion, and for the final approval by the Prime Minister. Federal Minister for Water and Power Raja Pervaiz Ashraf, Minister for Railways Ghulam See # 14 Page 11
ARL seeks changes in pricing mechanism SINGAPORE: Attock Refinery Ltd (ARL) plans to upgrade its refinery in northern Pakistan over the next two years by adding new units to produce more gasoline and feed a growing national supply deficit, the company's chief executive said on Thursday. The $100 million upgrade to build an isomerization and a preflash unit will stall the company's naphtha exports in favor of more valuable gasoline, Adil Khattak, told Reuters on the sidelines of the Asia Refineries conference in Singapore. For Attock, the investment in the two units will increase production of "a more added-value product, so that would be adding into our profits," he said. Attock earlier this month invited bids to build the units at its 45,000-barrel-per-day (bpd) refinery in northern Pakistan that will take capacity to more than 55,000 bpd by the end of 2013. See # 8 Page 11
Pak plans high-sulphur fuel oil import from Kuwait ISLAMABAD: Pakistan State Oil (PSO) plans to buy 1 million tonnes of high-sulphur fuel oil from Kuwait Petroleum Corp (KPC) for delivery this year, a PSO spokesperson said on Thursday. "PSO is in the process of concluding a deal for the purchase of a part of the total amount, at 750,000 tonnes, on 30 days of credit," the spokesperson said. "We will pay a premium of $15.50 per tonne to the market price," she added. Pakistan imports about 80 percent of its oil. It spent $5.46 billion on the import of 6 million tonnes of petroleum products and 3.7 million tonnes of crude oil in the first six months of the 2010/11 (July-June) financial year. PSO has bought up to 1.08 See # 9 Page 11
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Friday, January 21, 2011
Interest rate already highest in world
FPCCI's concerns over coming SBP monetary policy KARACHI: Khalid Tawab, Vice President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed serious reservations about the State Bank of Pakistan's (SBP) new Monetary Policy to be announced on January 29, wherein it is expected that the discount rate will be raised by a further 50 basis points.
Orix Leasing maintains credit rating Staff Reporter KARACHI: The Pakistan Credit Rating Agency (PACRA) has maintained the long-term entity rating of ORIX Leasing Pakistan Limited (OLP)- at 'AA' (Double A), and the shortterm rating at 'A1+' (A one plus). The ratings for the term Finance Certificates (TFCs) of PKR 2,500mln and PKR 5,000mln have also been maintained at 'AA+' (Double A plus). These ratings denote a very low expectation of credit risk emanating from a strong capacity for timely payments of financial commitments. The ratings of OW reflect its robust business profile emanating from its leading position in leasing industry, established brand, diverse product portfolio, and strong management quality. ORIX Leasing Pakistan Limited (OLP) is the largest leasing company in the country with a network of 35 offices in 30 cities.
He said the SBP continues to operate a tight monetary policy despite the clear evidence that such policy strangulates investment and trade activities in Pakistan and has hampered the growth of manufacturing in Pakistan. Although manufacturing sector growth has begun to recover this year, it is still lower than FY07 and FY08 levels, due to lower bank credit to the pri-
vate sector of Rs.112.90 billion, as compared to Rs.369.85 billion in FY08. He further said that an interest rate of 14 per cent is one of the highest in the world, compared to India at 6.25 per cent' China at 5.56 per cent, Thailand at 1.5 per cent and South Korea at 2.25 per cent. Moreover, the banking spread in Pakistan is 7.6 per cent which is the highest in the world.-NNI
Sindh Wildlife Dept acquires GIS node KARACHI: "The Sindh Wildlife Department is now equipped with the modern tools and techniques in the Geographic Information System (GIS), which in future will help the department to conserve wildlife of the province through improve planning and management interventions" , said Mushtaq Ali Memon, Secretary Forests and Wildlife, Government of Sindh. He expressed these views at the inauuration ceremony
of the GIS node in Sindh Wildlife Department, established with support of the Pakistan Wetlands Programme, WWF Pakistan. Dr. Ghulam Akbar, the National Programme Managere of the Pakistan Wetlands Programme, while briefing on the importanceo of the GIS node, stated that "the initiative will be instrumental in carryng out scientific assessments of the protected areas in Sindh". -NNI
TV PROGRAMMES FRIDAY
KARACHI: Naveed A Khawaja of EBM presenting souvenir to a participant at Safe Food Conference 2011.-Staff photo
FRIDAY
16:15 17:05 (Rpt) 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Akhri Sauda Mang Raha Hay Pakistan (Rpt) Karobari Dunya Ghar Ka Kharch Chai Time News Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Siyasat Mana Hai News
Rehman Malik calls on Governor KARACHI: The federal Interior Minister, Rehman Malik, on Thursday called on Sindh Governor, Dr. Ishratul Ebad Khan, at Governor House here. He discussed the prevailing law and order situation and various other matters with the Governor, says an official statement. The Governor and the Interior Minister made it clear that action would be taken against those involved in crimes and acts of terrorism, without any discrimination and pressure and that such elements would be taken to task. It is the duty of the government to maintain the law and order and protect the lives and property of the people, it was further pointed out in the statement.
Chinese national injured
HYDERABAD: Samsung recently opened state of the art customer service plaza for its mobile phone customers in Hyderabad with its authorized service partner Teletec.-Staff photo
Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30
ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Company LTD (PTCL) has won Best Consumer Choice Award 2010 for its product "EVO", that is the fastest wireless broadband service with the widest coverage, in over 100 cities of the Pakistan. Pakistani consumers have chosen EVO a world class and exclusive device as a recipient of, Consumers Choice Award in the category of Best Wireless Broadband. Federal Minister Makhdoom Amin Faheem presented the shield to SEVP South Abdullah Youseff in Karachi. The Consumers Choice Award is celebrating its 6th successful year in the country and has become the most recognized and prestigious event of the country's business calendar. PTCL has always laid special focus on delivering the best to its customers by providing the most affordable means of communication and a truly reliable and technology wise superior network. With the substantial market share, loyal subscriber base and the recognition as the only integrated telecommunications service provider, PTCL continues to set excellence benchmarks in the Telecom Industry of Pakistan.-Online
Staff Reporter
KARACHI: Telzoon Kisat, New CEO Orix Leasing Pakistan Ltd., Humayun Murad, Director & Advisor on the Board of PACRA’s maintaining of Orix ratings announcement, Shaheen Amin, MD Saudi Orix Leasing present at the occasion.-Staff Photo
Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
EVO wins Consumer Choice Award
LAHORE:Tetra Pak Pakistan Managing Director, Azhar Ali Syed delivering his keynote speech at the Young Leaders and Entrepreneurs Summit 2011 (YLES) held at LUMS. Staff Photo
KARACHI: Two motorcycle riders opened fire on a Chinese Embassy employee while he was leaving bank with huge sum of money in Clifton area here on Thursday. As per details, two motorcyclists opened fire at Honda City car AKY/191 of Chinese Embassy near Schon Circle in Clifton, injuring a Chinese national seriously. The injured has been shifted to Aga Khan Hospital. According to the police, the suspects wanted to rob off the Chinese Embassy employee who had just come out of the bank with the huge sum of money.-Online
ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani talking with Ghulam Bibi Bharwana and Sajjad-ulHassan, MNAs at PM House.-APP
Speakers for single ministry of power, water, petroleum ISLAMABAD: Speakers at a seminar on " Pakistan's energy sector: challenges and prospects," stressed the merger of ministries of petroleum and natural resources and water and power into a single ministry to effectively address the country's energy needs. Former Pakistan Petroleum Minister Usman Aminuddin addressing the moot organized by Institute of Policy Studies(IPS) said the
Alternative Energy Development Board should also be abolished besides a single ministry. He said that energy efficiency by legislation, exploration, development of alternative energy sources and centralizing the energy under one source is the panacea for Pakistan's energy challenges. He stated that Pakistan had sufficient natural resource to meet the cur-
rent challenges in the energy sector if right policy is adopted. Referring to Pakistan's heavy dependence on imported energy, he noted that the world reserves were depleting rapidly and there is a need to identify and exploit the alternative energy sources. "The daily demand worldwide is about 86.5 million barrel with overall supply of 91 million barrel.-APP
Korean envoy calls on Afridi
Pak, Korea to enhance bilateral ties I S L A M A B A D : Ambassador of the Republic of Korea Choong Joo Choi called on Federal Minister for Environment Hameed Ullah Jan Afridi in his office here on Thursday. During the meeting matters pertaining to mutual interest especially related to Environment sector came under discussion.
Federal Minister said that Pakistan gave due importance to the environmental issues. He said that global warming and climate change were major threat for the whole world. Pakistan was raising its voice at national and international level about its concerns on this core issue, he said and added that
Pakistan has adopted various significant steps to promote pollution free environment in the country. Briefing the Ambassador about initiatives taken by the Ministry of Environment, he said that solid waste management, energy crunch, forestry and water management were some of the areas that need special concentration.-NNI
‘Society should play role to curb crime against women’ KARACHI: Advisor to Chief Minister Sindh on Information Sharmila Faruqui has expressed her concern over the growing incidents of sexual assault against women and children in the society and stressed the need to bring change in the mind set of the society to curb these
heinous crimes. She was talking to a delegation of women here in her office on Thursday. She said that government has taken many steps to protect women and children and 18th Amendment had given protection to the rights of women and children, however, all seg-
ments of the society had to work together to support the government in its noble cause. She added that those who targeted women and children for malafide intentions, could not be declared human beings. They were worst than animals.-Online
ISLAMABAD: Air Chief Marshal Rao Qamar Suleman, Chief of the Air Staff Pakistan Air Force and Air Chief Marshal Sir Stephen Dalton, Chief of the Air Staff Royal Air Force during a General Salute at Air Headquarters.-APP
Biztek job fair KARACHI: Institute of Business and Technology (Biztek) hosted a job fair in its main campus, Ibrahim Hydri Road, Korangi Creek Thursday. Some of the multinational and local companies participated namely, Pak Qatar Takaful, Standard Chartered, KASB Bank, Ernest &Young, GSK Turkish Airlines, Arif Habib Investments, EFU, HRS Global, Salim Agencies, Shapes, Quebee, FAP Terminals, Gizelle Communications, People, Hire Labs, Rozee PK and JS Bank. Biztek aims at to present this grand event as an opportunity for different organizations and employers to meet their talented students and offer them internships and jobs according to their strategic fit.-PR
Jobs on merit: Sharmila TFD Report KARACHI: Advisor to Chief Minister Sindh on Information Sharmila Faruqui has said that Pakistani young people are second to none in talents in the world and it is a need of hour that the capabilities of our young people should be utilized in the right direction and the present democratic government has initiated many training programmes besides providing them jobs on merit in public sector. This she said while talking to a delegation of youths comprising different districts of Sindh here in her office Thursday.
IGI Invest launches Fund Select Portal TFD Report KARACHI: IGI Investment Bank Limited has introduced "Fund Select Portal". This is a unique web based portal facilitating both corporate and retail investors with on-line access to information concerning their investment and the industry. The announcement was made in a Press conference in Karachi. "It is my privilege and honor to introduce the Fund Select Portal. This web portal is just another milestone we have achieved in our attempt to be the best at what we do. Reducing the burden on our work force and increasing efficiency for our clientele is the aim of this portal, thus streamlining all aspects of real time access to financial information for our clientele," said Syed Javed Hassan, Managing Director and Chief Executive of IGI Investment Bank Ltd. The portal allows clients online access to details on their mutual fund investments as well as information related to the industry. The purpose behind providing this web based portal is to facilitate investors with an automated tool to reduce and eventually eliminate the need to call or seek Investment Advisory personnel for information regarding their investments.
3
Friday, January 21, 2011 Top Economic Events
Dollar gains vs euro as jobless claims fuel demand Stellar China GDP stokes rate-tightening speculation NEW YORK: The dollar gained against the euro on Thursday as stronger-thanexpected US labor market data buoyed demand for the greenback, but growing confidence in Europe's ability to defuse its debt crisis should limit gains. High unemployment and a lackluster housing market are the biggest obstacles to the US economy's recovery. The path of US Federal Reserve monetary policy largely relies on labor market conditions, so signs of improvement tend to increase expectations of higher interest rates. US initial jobless claims fell more than expected last week and showed their biggest decline since February. The greenback rose as high as 82.69 yen, the day's peak, on electronic trading platform EBS from 82.36 yen before the data. The euro fell 0.1 per cent against the dollar to $1.3452, according to Reuters
data, after hitting a two-month high on Wednesday of $1.3539. Sentiment lately has favored the single currency, with the dollar underperforming the euro in seven of the past nine sessions. The euro is up 0.5 per cent so far this year, largely because of persistent demand from sovereign accounts, as investors give euro-zone officials time to make progress on finding a sustainable solution to its debt crisis. Investors have grown more optimistic that EU officials could finally be working on a plan to address debt problems in the bloc's peripheral countries. Officials are said to be mulling a plan that would allow the European Financial
Stability Facility (EFSF), the bloc's bailout fund, to directly purchase or help finance the purchase of government debt
from troubled euro-zone nations. The Financial Times Deutschland on Thursday said euro-area finance ministers discussed a plan to ease pressure on Greece by allowing it to buy back its own debt using credits from the EFSF. Technical analysts said the single currency would be supported around $1.3435, its 100-day moving average, while upward resistance was seen at
Asian currencies
Weak equities, stronger dollar press won, peso Indonesian central bank spotted supporting rupiah SINGAPORE: The South Korean won and the Philippine peso led declines in Asian currencies on Thursday, as weaker equities and a stronger dollar made traders close some shortterm bets. Foreign investors have been selling stocks and bonds in countries where inflation risks are perceived to be high, weighing on the currencies of Indonesia and the Philippines and reflecting more selectiveness on where to invest in Asia. The won fell as investors covered dollar-short positions with a central bank official saying the Bank of Korea expects consumer inflation in
January to accelerate from December. The won came under further pressure as foreign investors turned to net sellers of local stocks and from importers' dollar demand for settlements. Foreign investors sold a net 147.3 billion won worth of stocks with the benchmark KOSPI ending down 0.43 per cent. They bought a net 3.2 billion won in the prior session. The Philippine peso slid as offshore investors sold the local currency on continuous fund outflows and as local players reduced dollar-short positions. Weaker stocks in Manila and
Sterling under pressure as $ rallies LONDON: Sterling fell against the US dollar and the euro on Thursday after the greenback rallied on strong US housing numbers and some large real money accounts reallocated funds away from the pound to the single currency. Also weighing on sterling was a mixed UK industrial trends survey that highlighted the dilemma facing Bank of England policy-
makers. Sterling was down 0.8 per cent against the dollar at $1.5864, off a high of $1.6010 and a eight-week high of $1.6060 struck earlier this week. Stoplosses were triggered after the pound fell past $1.5910 and then $1.5900, traders said. The dollar rallied broadly after US existing home sales surged more-than-expected in December while jobless claims fell sharply, suggesting an US recovery was on track Against the euro, the pound fell, with the single currency trading up 0.45 per cent at 84.55 pence, after advancing to as high as 84.80 pence. At the session highs, it broke past resist-
ance at its 200-day moving average around 84.62 pence and the 55-day moving average around 84.72. Traders cited decent buying in the euro/sterling pair by an UK clearer on behalf of a real money account. "It was partly a dollar move, but there was a sell-off in sterling also which drove it lower," said Michael Hewson, markets analyst at CMC said.
"We had seen nine successive days of gains in cable and positions were looking overstretched. It is a healthy correction but I don't think it can fall past $1.58 in the short term," The pound has been well supported since higher-than-forecast UK inflation data on Tuesday caused investors to bring forward expectations for when the BoE will hike rates, with a 25 basis point rise fully priced in by around mid-year. However, they say market watchers are wary that a weak economy and harsh austerity measures to come mean a rate hike is not a done deal. -Reuters
softer Philippine bonds also soured sentiment. The central bank may step in to stem the peso's weakness, dealers said. The Indonesian rupiah fell on continued outflows in the local stock and bond markets, although dealers said the central bank was spotted selling dollars to stem the rupiah's fall at 9,070 per dollar. Foreign investors are expected to continue to sell stocks and bonds in the country unless the country takes any action to contain inflation, traders said. A Jakarta-based dealer said the rupiah has room to weaken to as soft as 9,100 per dollar in a near term. -Reuters
Swiss franc inches up against euro ZURICH: The Swiss franc inched up against the euro on Thursday as the single currency took a breather after hitting a one-month high against the franc in the previous session. Investors are also awaiting a speech later on Thursday from Swiss National Bank chief Philipp Hildebrand for more insight into its position on the franc's strength, which has sparked concern among business leaders in the exportdependent nation. Swiss Economy Minister Johann Schneider-Ammann stressed on Wednesday that only the SNB could influence the exchange rate in the near term. The euro has made a tentative recovery recently as investors have become more confident about moving into it after solid bond auctions in Spain and Portugal and on talk that German officials were drafting contingency plans in case Greece defaults or needs to restructure its debt. At 0829 GMT, the franc was up 0.3 per cent against the euro compared to the New York close, trading at 1.2831 per euro. Against the dollar, the franc was slightly higher at 0.9537 per dollar. -Reuters
Aussie falls on risk aversion; CPI weighs on NZ dollar WELLINGTON/SYDNEY: The Australian dollar fell on Thursday on risk aversion following weaker equities and commodities, while benign inflation data in New Zealand weighed on the kiwi. The high-yielding Aussie $0.9963, having fallen as low as $0.994, well off a two-week high of $1.0077 set overnight. The currency lost steam after the S&P 500 index suffered its biggest decline in nearly 2 months and commodities fell, prompting some short-term players to cut long positions. The currency also lost ground on the yen at 81.85 yen, having earlier fallen to a near oneweek low at 81.67 yen. Analysts, though, are still bullish on the Aussie over the medium term. "We expect it to be stronger once markets start to focus again on fundamentals such as strong major trading partners growth, strong commodities prices and high relative interest rates," said Spiros Papadopoulos, senior economist at the National Australia Bank.
He expected the Aussie to hit $1.05 by the middle of the year. In the past few sessions, the Aussie has been recovering from a sell-down from a 28-year peak around $1.0250 on Dec. 31, following heavy floods in Queensland and China's move to tighten policy. Immediate support for the Aussie is at around $0.9924 with resistance at $1.0083, the 61.8 per cent retracement of $1.0257 to $0.9803. The Aussie made strong gains against its New Zealand counterpart, rising to a one-week high of NZ$1.3044. The kiwi took a double knock, retreating in the face of the stronger US dollar and data showing benign inflation pressures, which further cemented the view that rate rises will be later rather than sooner. It fell to a one-week low of $0.7636, after it had fallen steadily to $0.7645/50 following the inflation data, and then being driven to the session low as the US dollar was bought. -Reuters
Yuan slips, no quick appreciation seen down slightly from Wednesday's 6.5824, after China's central bank set the daily mid-point for the yuan at a record high of 6.5883, only two pips up from Wednesday's 6.5885. The yuan has risen 3.66 per cent since its mid-June depegging. Dealers said a sharp yuan rise would attract large fund flows into the Chinese market, so hot money and inflationary pressure would compel the People's Bank of China to resort to more domestic tools such as interest rates and reserve requirements. Consumer prices rose 4.6 per cent in December from a year earlier, slowing from a 28-month high of 5.1 per cent in November but staying above forecasts for a steeper fall to 4.4 per cent. Benchmark one-year dollar/yuan NDFs were bid at 6.4720, little changed from Wednesday's close of 6.4600. Their implied yuan appreciation in a year's time fell slightly to 1.80 per cent from Wednesday's 1.99 per cent. Reuters
Indian rupee retreats as shares recover MUMBAI: The Indian rupee retreated from its lowest level in 7 weeks on Thursday as a late pull-back in shares and a reversal in the dollar's gains versus majors prompted banks to liquidate long positions in the US unit. The partially convertible rupee closed at 45.53/54 per dollar, off the day's low of 45.71 -- its weakest since Dec. 1, and 0.2 per cent below Wednesday's close of 45.45/46. "Bids were seen from oil firms and with weak equities, the rupee touched over 1 month lows in the earlier part of the session," said Vikas Chittiprolu, a senior foreign exchange dealer with Andhra Bank. "However, smart recovery in equities and the euro's rise against the dollar helped the rupee rise from its lows in late trade," he added. Foreign funds have sold shares worth a net $717 million so far in 2011 until Wednesday after buying a record $29.3 billion in 2010.
Source NZD JPY EUR GBP GBP CAD CAD EUR
Events Retail Sales m/m All Industries Activity m/m German Ifo Business Climate Retail Sales m/m Prelim Mortgage Approvals Core Retail Sales m/m Retail Sales m/m Belgium NBB Business Climate
Source
Events
CNY CNY CNY CNY CNY CNY EUR GBP USD EUR USD USD
CPI y/y GDP q/y Fixed Asset Investment ytd/y Industrial Production y/y PPI y/y Retail Sales y/y German PPI m/m CBI Industrial Order Expectations Unemployment Claims Consumer Confidence Existing Home Sales Philly Fed Manufacturing Index
Forecast 1.3% 0.2% 110.0 -0.2% 49K 0.6% 0.5% 3.3
Previous -2.5% -0.2% 109.9 0.3% 48K 0.9% 0.8% 3.1
Actual
Forecast
Previous
4.6% 9.8% 24.5% 13.5% 5.9% 19.1% 0.7% -16 404K -11 5.28M 19.3
4.7% 9.3% 24.9% 13.5% 5.6% 18.9% 0.5% -1 422K -12 4.88M 20.7
5.1% 9.6% 24.9% 13.3% 6.1% 18.7% 0.2% -3 441K -11 4.70M 20.8
Previous Day
$1.3570, the 50-per cent retracement of the euro's November-to-January slide. Higher-yielding currencies, including the Australian and Zealand dollars, were the day's biggest losers, falling 1.2 per cent and 1.5 per cent versus the dollar respectively. The Australian dollar is particularly sensitive to the performance of the Chinese economy as Australia is a major supplier of natural resources to China. Speculation of higher Chinese rates tends to weaken the Aussie as such action would cool growth, decreasing demand for resources. The dollar rose 0.1 per cent versus a currency basket to 78.739 from a two-month low of 78.303 hit on Wednesday. Data on US December existing home sales to be released at 10:00 a.m., expected to show an increase month over month of 4.8 per cent, may sway US dollar sentiment. -Reuters
SHANGHAI: China's yuan ended slightly lower against the dollar on Thursday, offseting a record high fixing, underlining market scepticism that China will accelerate Chinese currency gains after the Hu-Obama meeting. US President Barack Obama urged Chinese President Hu Jintao to let the value of China's yuan currency rise, but the Chinese leader was quiet on the currency at a news conference in Washington. The mid-point hit record highs three times this week. But the rises have been tiny, a mere eight pips higher, showing the PBOC has no intention of cutting the yuan loose, traders said. Dealers expected the yuan would likely pull back or largely track the US dollar index's movements after the Chinese president's US trip. Dealers said the yuan's slight fall was also caused by major state-owned firms or investors buying dollars for their own requirements. The yuan in the spot market closed at 6.5854 per dollar,
Time 2:45 9:30 14:00 14:30 14:30 18:30 18:30 19:00
Traders said dollar demand from oil firms, the largest buyers of dollars in the domestic currency market, also weighed on the rupee. One-month offshore nondeliverable forward contracts were quoted at 45.85, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and the United Stock Exchange closed at 45.58. While those on the MCX-SX at 45.5825. The total traded volume on the three exchanges was an average $6.4 billion. -Reuters
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3476 1.3524 0.9628 0.9633 1.5932 1.6007 1.0020 1.0029 0.9895 1.0005 111.5400 111.5000 0.8471 0.8473 1.2971 1.2973 131.7200 131.9800 86.0000 86.2600 1348.5500 1370.8900
Bid 1.3474 0.9624 1.5927 1.0015 0.9890 111.5000 0.8468 1.2966 131.6700 85.9400 1347.7500
Low 1.3421 0.9529 1.5910 0.9952 0.9875 110.3400 0.8416 1.2816 130.7100 85.8100 1344.7600
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 20/01/2011 A USD GBP CAD EUR JPY O/N 0.23688 0.55813 0.95417 0.65500 SN 0.09375 1WK 0.25375 0.57063 1.00000 0.67188 0.10350 2WK 0.25625 0.57563 1.03667 0.67813 0.11063 1MO 0.26000 0.59875 1.09250 0.71875 0.12188 2MO 0.28313 0.65875 1.15000 0.82500 0.15000 3MO 0.30313 0.77563 1.23750 0.94938 0.18875 4MO 0.34500 0.85750 1.30083 1.01938 0.24313 5MO 0.40125 0.96188 1.36000 1.10813 0.30000 6MO 0.45469 1.07750 1.43417 1.19688 0.34750 7MO 0.50813 1.15600 1.50333 1.24938 0.39625 8MO 0.55875 1.24188 1.57667 1.30500 0.44313 9MO 0.61438 1.32375 1.64167 1.35563 0.48750 10MO 0.66750 1.40188 1.73083 1.40625 0.51438 11MO 0.72125 1.47188 1.81583 1.45125 0.54125 12MO 0.78031 1.54000 1.90667 1.49813 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan Swiss National Bank The Reserve Bank of Australia Federal Reserve European Central Bank
1-Mar-2011 10-Feb-2011 25-Jan-2011 17-Mar-2011 1-Feb-2011 n/a n/a
8-Sep-2010 5-Mar-2009 19-Dec-2008 12-Mar-2009 2-Nov-2010 16-Dec-2008 7-May-2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 4.75% 0.25% 1%
Division of National Bank of Pakistan (NBP) KARACHI, January 20,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.80 136.72 115.38 86.14 89.69 85.43 12.93 1.04 14.73 66.64 15.48 22.88 11.03 13.03 306.06 28.11 65.56 23.56 23.36 0.08 2.81
85.60 136.40 115.11 85.94 89.48 85.23 12.90 1.04 14.69 66.49 15.45 22.83 11.00 13.00 305.34 28.04 65.40 23.51 23.31 0.08 2.80
85.42 136.09 114.84 85.71 89.25 85.01 12.87 1.04 14.65 66.31 15.41 22.77 10.97 12.96 304.54 27.97 65.23 23.44 23.24 0.08 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 20, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.80 12.90 12.95 13.00 13.37 13.42 13.45 13.65 13.80 14.10 14.22 14.22 14.25 14.25 14.25 14.26 14.26 14.27 14.60 14.80
12.60 12.75 12.80 13.00 13.34 13.45 13.55 13.55 13.72 14.00 14.20 14.22 14.20 14.35 14.35 14.25 14.16 14.26 14.60 14.75
12.50 12.65 12.90 13.04 13.39 13.44 13.49 13.55 13.72 14.00 14.22 14.23 14.22 14.34 14.35 14.25 14.17 14.27 14.55 14.75
12.50 12.70 12.90 13.08 13.40 13.44 13.48 13.65 13.77 14.00 14.23 14.24 14.25 14.28 14.30 14.30 14.15 14.25 14.65 14.90
12.60 12.75 12.90 13.05 13.40 13.35 13.40 13.55 13.70 14.05 14.25 14.22 14.20 14.30 14.35 14.26 14.20 14.26 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.55 12.70 12.85 13.00 13.40 13.45 13.50 13.60 13.75 14.00 14.20 14.22 14.24 14.30 14.35 14.30 14.16 14.25 14.70 14.90
12.59 12.74 12.88 13.03 13.38 13.43 13.48 13.59 13.74 14.03 14.22 14.23 14.23 14.30 14.33 14.27 14.18 14.26 14.61 14.81
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
-0.28 0.81 0.15 0.71 0.17 -0.36
0.94 -0.28 0.61 0.23 0.62 0.67
0.94 0.14 0.59 0.62 0.77 0.60
0.88 0.60 0.83 0.93 0.70 0.50
0.59 -0.40 0.30 0.53 0.05 -0.12
USD/CAD USD/CHF
0.41 0.12 0.17 0.64 -0.03 -0.36
0.87 0.44 0.48 -0.45 -0.17 0.44
-0.72 -0.84 -0.08 -0.70 0.00 0.22
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)20/01/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.30
12.80
12.50
13.00
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.65
14.15
13.70
14.20
JSBL
12.50
13.00
12.70
13.20
13.00
13.50
13.40
13.65
13.60
13.85
13.65
14.15
13.85
14.35
13.90
14.40
ASPK 12.40
12.90
12.55
13.05
12.80
13.30
13.35
13.60
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
CIPK
12.40
12.90
12.60
13.10
12.80
13.30
13.45
13.70
13.65
13.90
13.70
14.20
13.90
14.40
14.10
14.60
DBPK 12.30
12.80
12.45
12.95
12.65
13.15
13.20
13.45
13.40
13.65
13.50
14.00
13.55
14.05
13.60
14.10
FBPK 12.40
12.90
12.60
13.10
12.80
13.30
13.40
13.65
13.55
13.80
13.65
14.15
13.80
14.30
13.90
14.40
FLAH 12.45
12.95
12.65
13.15
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HBPK 12.30
12.80
12.50
13.00
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 12.25
12.75
12.55
13.05
12.55
13.05
13.35
13.60
13.45
13.70
13.60
14.10
13.75
14.25
13.80
14.30
NIPK
12.50
13.00
12.80
13.30
13.25
13.75
13.50
13.75
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
HMBP 12.30
12.80
12.60
13.10
12.70
13.20
13.35
13.60
13.50
13.75
13.55
14.05
13.60
14.10
13.70
14.20
SAMB 12.35
12.85
12.70
13.20
12.85
13.35
13.45
13.70
13.60
13.85
13.60
14.10
13.75
14.25
13.85
14.35
MCB
12.25
12.75
12.50
13.00
12.65
13.15
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.75
14.25
NBPK 12.25
12.75
12.55
13.05
12.75
13.25
13.30
13.55
13.40
13.65
13.50
14.00
13.65
14.15
13.75
14.25
SCPK 12.20
12.70
12.40
12.90
12.70
13.20
13.35
13.60
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
UBPL 12.40
12.90
12.65
13.15
12.75
13.25
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.70
14.20
AVE
12.84
12.58
13.08
12.77
13.27
13.37
13.62
13.50
13.75
13.60
14.10
13.71
14.21
13.80
14.30
12.34
4 Friday, January 21, 2011
One may smile & be a villain too!
The Financial Daily International Vol 4, Issue 159
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Antidumping probe by Turkey Reportedly, Turkey believes that textiles and clothing exported by some countries including Pakistan are affecting its domestic industry. One of the ways to discourage cheap imports is imposition of antidumping duty after proving that imports from a country or certain group of countries are causing material injury to the domestic industry. Pakistani exporters have overreacted to the news and want the government to come to their rescue rather than proving that the dumping allegations are incorrect. Let it be very clear that the exporters will respond to the call notice themselves the government of Pakistan will not because it should not. On top of this the case has to be decided on merit rather than lobbying. According to Pakistani exports, at present Turkey is importing around $350 million textile products from Pakistan but bulk of this -amounting $237 million-- comprises of fabrics. To begin with the export under threat is too small and mostly makes up intermediate products, which should be discouraged to avoid the importing countries becoming Pakistan's competitors in the finished goods markets. This case also needs to be investigated for underinvoicing suspecting Pakistani exporters' covertly importing these products at dirt cheap prices depriving the country of huge foreign exchange. Secondly, there is nothing to get upset about as antidumping duty just can't be imposed by any importing country unless it is proved that: 1) the goods being imported fall in the category of identical goods and 2) the imports have caused material injury to the domestic industry of the importing country. However, the only fear could be that Turkey might impose provisional antidumping duty while the investigations proceed. Since , in another scenario, many other countries are involved they can collectively persuade Turkish government not to impose any provisional antidumping duty till investigations are completed. Pakistani exporters have to prove they are not charging Turkish importer a price which is substantially lower than the price at which similar items are being sold in Pakistan. The only catch may be that Pakistani exporters may not be taking cotton at today's rate and honouring those contacts entered with the overseas buyers when cotton was selling at nearly half the current price. Since the phasing out of textile quota one of the tools available to the importing country to discourage low cost imports is to prove dumping has been carried out and then impose antidumping duty to protect the domestic industry. If Pakistani exporters receive the call notice they have to prove that neither they are underpricing their exports nor the government is providing any hidden subsidy. Rather than trying to hide behind the government the industry must learn to stand on its feet and play the game according to global rules.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
F Z Khan
O
ne may smile and smile and be a villain. All what they project and design does not always turn out to be in their favour. The latest findings of the Samjhauta Express bombing on February 18, 2007 have proved it to be so. And one has hundred-and-one reasons to believe that the Mumbai attacks were not only stage-managed and that also no Pakistani non-state actor, even the individual called Ajmal Kasab, was involved. Let us briefly count on fingers the events that led to Indian officials' conclusion that the twice-weekly Samjhauta Express Dehli-Lahore train service was bombed, around midnight on 17-18 Feb 2007 when it passed Diwana station near Panipat. Bombs were set off in two carriages which killed 68 people, almost all Pakistanis, injuring more than 200. AFP: six bombs were planted in different bogies; two set off, four were defused. Investigators found evidence of suitcases with IEDs and flammable material. Inside a suitcase a digital timer encased in transparent plastic was packed alongside a dozen plastic bottles containing fuel oils and chemicals. After the bombings, eight unaffected carriages were allowed to continue onwards to Lahore with passengers. Feb 20 (2007): An unnamed Indian Home Ministry official said involvement of Kashmiris or Hindu extremists could not be ruled out. Delhi TV, citing intelligence sources, said the blasts might have been linked to an attack on commuter trains in Mumbai last July that left 185 dead. Indian police said Lashkar-e-Taiba (LeT) was behind the Mumbai train blasts in July that killed 185 people (AFP). Indian Intelligence officials said the bombing was a carefully planned attempt to destabilize India-Pak peace process. Two suitcases recovered from the train held clues that justified such a line of reasoning. Indian authorities released sketches of two suspects. Indian police blamed Pakistan-based LeT and JeM (Jaish-e-Muhammad). Feb 21: Indian home ministry pointed towards Islamic terrorism. 22 Feb: Indian Foreign Minister Mukherjee told a joint news conference with Mr Kasuri that the bombing of train would be probed according to the "law of the land" and the findings would be shared with Pakistan when the officials of the joint anti-terror mechanism between the two countries meet in Islamabad on March 6 (2007). 22 Feb: Even though most of the victims were Pakistani, Indian police said Islamic extremists were prime suspects. 24 Feb: Indian
President said India wanted better ties with Pakistan but the peace process would only bear fruit if Pakistan fully curbed "cross-border terrorism". Indian IG said an investigation was in full swing and police quizzed a Karachi resident, Usman Mohammed, who was aboard the train. "He was in the compartment from where IEDs were recovered," Kumar told a news conference. Usman Mohammed said he threw one of the suitcases off the train. After modifications in identity kit, six persons, evidently Muslim, were arrested in Bikaner and a Pakistan national was taken into custody from Bulandshahr near Delhi.
“
Let us briefly count on fingers the events that led to Indian officials' conclusion that the twice-weekly Samjhauta Express Dehli-Lahore train service was bombed, around midnight on 17-18 Feb 2007 when it passed Diwana station near Panipat. Bombs were set off in two carriages which killed 68 people, almost all Pakistanis, injuring more than 200.
"Among them were Saira Taj Mohammad and Salman Ahmed, who were said to resemble one of the suspects in the two sketches, put out by the Haryana Police." Express India reported that JeM had threatened bomb attacks on railways and bus terminals in Delhi. 25 Feb: Outlook said intelligence
4 March: Although New Delhi would provide Islamabad "enough details" to pinpoint the role of alleged Pakistan-backed terrorist outfits in the blasts on Mumbai suburban trains and last month's DelhiAttari Express, the report said India was afraid that "hard evidence" in the hands of rival intelligence agen-
Outlook said intelligence agencies in India were trying to get a fix on the identity of the mastermind, the needle of suspicion was veering towards rogue elements within Pakistan's spy master, and not a stray Fidayeen unit as it seemed at first. agencies in India were trying to get a fix on the identity of the mastermind, the needle of suspicion was veering towards rogue elements within Pakistan's spy master, and not a stray Fidayeen unit as it seemed at first. Reports forwarded to the National Security Advisor had warned of the "emerging threat" from a band of "fringe" ISI officers operating beyond their brief. "The sophisticated circuitry in the bombs indicated the involvement of the people who have access to resources, who work for a state-run organization like ISI. It was not a
A State of Conspiracy Theories This is with reference to the sad murder of parents of honourable Supreme Court Justice Javed Iqbal. Although the tragic incident was shocking for the Pakistani nation but it is pathetic that without any investigation or solid probe, some of our leaders and journalists were speculating that state institutes could be involved in such a brutal murder. Asma Jehangir is President of SC lawyers association and known human rights activist but this is not the first time the lady gave statement without any evidence and said that "there were certain speculations about the tragic incident which should not be ruled out". Icing on cake was done by preacher of true investigative jour-
simple petrol bomb as is commonly perceived," an intelligence official said. The physical planting of the bombs on the train might have been carried out by locals, but the planning spoke of people who had a more than amateurish degree of training in assembling explosives and carrying out terrorist operations. March 3: India's intelligence agencies seem to think that a phone call from Delhi to Azad Kashmir just after the attack could provide an important lead. The Times of India quoted a home ministry official as saying the call had been recorded and could hold "the key to the entire puzzle". (Reuters)
nalism (Ansar Abbasi) who crossed all the limits and said "Murder of Justice Iqbal's parents seems, to create a confrontation between Judiciary and country's agencies". Since the SC is hearing the sensitive case of missing person but our drawing room experts usually love to stir up conspiracy theories without giving a blink to the implications. Such people never speak for Pakistan's stance on Kashmir issue. If such people are advocate of HR violations why do they always limit themselves to the items which go against Pakistan and totally ignore Samjhota Express and Swami Asimananda, the atrocities in Kashmir and Indian state terrorism? Hamid Waheed, Rawalpindi
cies could be misused or tampered with. "There is always a chance of tampering with the technical evidence (intercepts) which point fingers at Pakistan-based terror outfits. Concrete details comprising phone numbers and web server data can be changed any time to suit the perpetrators' claim," the Times quoted an unnamed senior official as saying. It said the official had been part of a high-level team working to finalize the agenda for the forthcoming meet. The Times quoted its sources as saying that since the Mumbai police had already filed the charge-
sheet in the commuter train blasts case, India would share a bit more information with Pakistan "indicating involvement of Pakistani citizens in planting the bombs in the trains." The suspected hand of 'rogue ISI' will figure prominently in the talks between RAW chief Ashok Chaturvedi and his British counterpart John Scarlett, then in India. Sources said Scarlett would share information about an ISI group unofficially helping the Taliban in Afghanistan. The British were said to have offered greater access to intelligence on the ISI to help the investigations into the Samjhauta Express blasts. The Samjhauta bombing was followed by an attack on the Mecca Masjid, Hyderabad's old city, that left 14 dead in May 2007; and famous Muslim shrine in Ajmer, Rajasthan was targeted by bomb attacks in October 2007. In September 2008, three bomb blasts killed 37 people in the Muslimmajority city of Malegaon. Muslims were attending prayers when the bombs exploded which injured more than 125 people. But despite earnest efforts of the official Hindutva members, no clues gathered to implicate Muslim community members, LeT or JeM men or any ISI-back Pakistan-based group. Former police official Mushrif's best-seller "Who killed Kurkure" however disclosed it all, which led to the investigations into finding the role of Indian army's serving Lt Col Srikant Purohit, a Major under his command, Swami Amritanand Dev and Pragya Singh Thakur. Rajasthan's Anti-Terrorist force also arrested Devendra Gupta, Chandrashekhar and Vishnu Prasad in this connection. Sadhvi Pragya Singh Thakur's motorcycle was used to explode the bomb. Lt Col Prasad Shrikant Purohit was charged with involvement in helping, funding, training and arming the Hindu terror groups. He during interrogation also disclosed that he had also provided the RDX for Mecca Masjid blasts but the ATS was asked not to make it public as the Hyderabad police had detained Hizbul Jihad-e-Islami suspects. Now in the latest development, Swami Aseemanand has finally confessed on record his own involvement along with many others in the blasts. He said that the Malegaon site was chosen because the local administrator wanted to be part of Pakistan during partition. About the Ajmer blast, Swami Aseemanand said the blast was intended to deter Hindus from going to the shrine. Look at the somersaults of Indian government, ministry and police officials, and then draw a conclusion as if this is the all extending hand of the Indians for peace?
BJP'S Tiranga Yatra Recently BJP has announced to launch 'Tiranga Yatra' on the republic day, an Indian flag hoisting movement in occupied Kashmir in the name of nationalism. Apparently, the motives of the exercise are to build up political pressure on Congress however the results would be quite sarcastic. Since recent months in Kashmir were tense to an extent that added lives of 112 innocent Kashmiris, mostly teenagers to the total of 93,544 extra judicial killings. BJP's Tiranga mission will not only boost the Kashmiris' struggle for self determination but it may have implications that can bring more carnage of innocent civilians at the hands of occupied forces as the fanatic saffron politics will surely laud the atrocities under occupation. While the terror net of RSS extremists is exposed in investigation of Samjhota express, Malegaon and Ajmair bombing
and probe of many religious and political saffron activists has come to the surface but no one is taking responsibility of arrested 32 guiltless young Muslims, who are ruined on the false charges of same bombings. Now these forces want to hide in disguise of nationalism and the venue is land of Kashmiris. Hurriyet leader, Syed Ali Gilani has demanded of the United Nations to set up a tribunal to penalize those who have been involved in the human rights violations in occupied Kashmir. The UN should listen to the SOS call of Kashmiris and discard any attempt of Indian government and politicians to portray the struggle of self determination as terrorism. When will global leaders differentiate that who is terrorist a barehanded civilian or occupied force with state of the art weaponry? Jehanzeb Javed, Islamabad
How to resolve issue of fake degrees? The print and electronic media has written and spoken millions of words but the issue of fake degrees of MNAs and MPAs is unresolved even after nine months. The problem lies in the procedure adopted for verification that is long-winded and never-ending due to deliberate delays. What may be done now? The Supreme Court may revise its order and issue instructions on
the following lines: The court may order every legislator to approach his University and Board of Secondary Education for verification. He should submit his application in writing personally, through a representative or a courier service. The Registrars of universities and Secretaries of Boards may examine their records to find out the results. Since many universities and
boards will be involved, each will deal with a small number of applications and determine genuineness in a matter of days. The Registrars of Universities and Secretaries of Boards will submit the results of their verifications directly to the Election Commission (not through legislators). The whole process should be complete in 15 days. On the 16th day, the
Election Commission may submit its report to the Supreme Court, giving the list of legislators, whose degrees and certificates have been verified. The Supreme Court may declare that all other legislators are no longer members of Parliament or Provincial Assemblies. It may also order that the Election Commission send the list of the disqualified
to Provincial Police officers (IGPs), asking them to get cases registered and challans submitted to District and Sessions Judges within seven days. With fake degrees already proven, the judgments may be given after only a few hearings. In a matter a few weeks, the case of fake degrees and certificates will be closed. Muhammad Abd al-Hameed
5
Friday, January 21, 2011
South East Asian stocks
European shares fall for 2nd day; miners down
Singapore posts biggest drop in two months
KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,577.61 12,411.87 165.74 1.32 183.61
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,936.12 3,835.60 100.52 2.55 8.15
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,107.52 3,075.24 32.28 1.04 0.15
Major Gainers
Symbol WYETH RMPL NESTLE ULEVER FZTM
Close
Change
1,030.00 2,217.98 2,856.13 4,589.00 399.33
45.75 35.38 30.46 11.83 6.83
Major Losers
Symbol UPFL MTL NRL BATA SRVI
Close
Change
1,115.00 528.23 310.64 647.00 228.60
-45 -15.46 -12.01 -10.97 -9.4
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA BOP FFBL ANL NML
15.25 9.33 41.97 10.87 68.41
49.74 12.29 11.97 7.49 6.84
Active Issues Plus Minus Unchanged
104 272 20
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
NEW YORK: A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange. -Reuters
MCB, AHI strike AMCs merger deal KARACHI: The Muslim Commercial Bank (MCB), sponsors of MCB Asset Management Company Limited and Shareholders of Arif Habib Investments Limited have signed the Shareholders' Agreement for the proposed merger of their Asset Management Companies. According to a press release issued on Thursday the shareholder agreement was signed by the two companies in presence of Mian Muhammad Mansha and Arif Habib, who also signed the agreement on behalf of Arif Habib Corporation Limited. M U Usmani, President MCB Bank signed the agreement in the presence of Ali Munir, SEVP of MCB Bank. The two groups had initiated the deal with an in-principle
understanding by signing an MoU a few months ago. Further formalities such as submission of legal applications to regulators have followed. On January 19, the two parties finalised their understanding and agreement on all legal, financial and commercial terms and concluded by signing a Shareholder Agreement. The merged entity is likely to have risk-averse products such as money market and government securities funds, capital protected funds, somewhat higher yielding fixed income funds, and higher risk reward options such as hybrid funds and stock market funds. Investors will have access to these products through branch networks of MCB and other large commercial banks.-NNI
Indian shares rise as banks rebound MUMBAI: Indian shares pulled back from an early slide and climbed 0.4 per cent on Thursday as investors covered short positions in financial stocks that had fallen sharply over the past three weeks. Sentiment was helped after data showed food inflation eased for the second straight week in January, tracking lower fruit and vegetable prices. Still, the outlook remained hazy with the central bank widely expected to raise key interest rates by 25 basis points next Tuesday. The 30-share BSE index closed 0.36 per cent or 68.22 points higher at 19,046.54, with 16 of its components in the green. In the broader market, losers
and gainers were almost equal in number on low volume of 277 million shares. Financials led the rise in anticipation of good quarterly profits. Higher loan demand and fee income are expected to have boosted earnings, analysts said. The banking sector index closed up 1.7 per cent after falling nearly 10 per cent since the start of January. Export-driven Wipro rose 0.6 per cent ahead of its quarterly earnings on Friday. The company is expected to report a 9.6 per cent rise in profit. Bigger rivals Tata Consultancy and Infosys Technologies gained 1.5 per cent and 1.1 per cent respectively. -Reuters
China, HK fall on tightening fears HONG KONG/SHANGHAI: China and Hong Kong shares fell on Thursday as technically overbought large-caps fell prey to profit-taking and the latest economic data from China pointed to further policy tightening. Hong Kong's Hang Seng, Asia's top performing major market this year, fell 1.7 per cent, tracking a broad decline in regional markets. Disappointing earnings from Goldman Sachs and weak housing data from the US hit appetites for riskier assets, knocking 1 per cent off the S&P 500 index overnight. Heavyweight HSBC slipped 2.1 per cent, the biggest drag on the Hang Seng, as investors took money off the table. Heavy buying since the start of
the year had taken the stock's relative strength index to above 76. A RSI above 70 indicates a security is overbought. China's key stock index slipped nearly 3 per cent. Financials led losses with the sub-sector index down 2.9 per cent to its lowest since September last year. The final set of 2010 economic data, released on Thursday showed China's growth soaring past expectations while inflation slowed just a touch. The People's Bank of China has taken a slew of steps since October to dampen inflation, including raising official rates twice and bank reserve requirement ratios four times, which have severely curbed liquidity in the money market.Reuters
FCIBL rating reaffirmed Staff Reporter
KARACHI: JCR-VIS Credit Rating Company (JCR-VIS) has reaffirmed medium to longterm entity rating of First Credit and Investment Bank Limited (FCIBL) at 'A-' (Single A Minus) and short term entity rating at 'A-2' (A-Two). Outlook on the medium to long term rating is 'Stable'. The ratings incorporate strong sponsor backing of FCIBL and Conservativeness of the capital structure. To maintenance the credit rating in the prevailing difficult environment for the financial sector, particularly for the investment banks, can be attributed to risk absorption capacity of the FCIB. Originally incorporated as a private limited company in 1989, FCIBL was converted into investment bank in 2004. It was listed at Karachi Stock Exchange in 2008. Majority shareholders of the FCIBL are National Bank of Pakistan and WAPDA. The increase in Bank's investment was mostly due to investment in Government Securities, TFCs and Financing.
Nikkei down after US earnings, China data TOKYO: Japan's Nikkei average fell on Thursday as weakerthan-expected earnings by key US technology and banking firms, strong Chinese growth data and a weaker dollar prompted investors to lock in profits. The S&P 500 suffered its biggest decline in nearly two months on Wednesday as Goldman Sachs posted a 53 percent drop in profit on a tumble in trading revenue and Wells Fargo's fourth-quarter profit came below some analysts' estimates. Foreign investors were net buyers of Japanese equities last week for the 11th straight week, with buying at a 9-month high, data showed on Thursday, but market players said the trend could be nearing its end since the Nikkei has gained 14 percent since the start of November. "The Nikkei may be entering a small, healthy correction. After US earnings some people are worried that estimates for Japanese firms to post strong profits may have been a bit over the top," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. The benchmark Nikkei ended down 1.1 percent or 119.79 points at 10,437.31. The broader Topix index shed 1 percent to 927.19. Reuters
KSE still a bear country Nawaz Ali KARACHI: Bearish activities continued at the Karachi Stock Exchange (KSE) for the third day which ended below 12,500 points level decreasing by 1.32 per cent due to selling in oil and banking stocks after a fall in global stock markets. The benchmark KSE 100Index closed at 12, 411 points after losing 165 points - 1.32 per cent-- while KSE 30-Index fell by 210 points -1.7 per cent- and KSE All-Share Index dropped by 111 points -1.28 per cent-- to close at 12,115 points and 8,609 points respectively. "Investors booked profits across the board as regional capital markets fell", said Ahsan Mehanti, Director Arif Habib Investments. Concerns over rising fiscal deficit affected investor sentiment, he added. Though, market began the day on a positive note with 19 plus points, but the index failed to go beyond the intraday high of 12,616 points (+ve 38 points) as sell-off in international stock markets and weak economic situation of the country invited selling pressure in the market which wiped off the gains and index went down into the red zone. Global markets slumped as Goldman Sachs Group's profit failed to beat estimates and Chinese economic data fanned concerns that monetary policy will be tightened. Therefore index after show-
ing some resistance finally came under control of bears due to continued selling in oil, banking, and textile stocks which ultimately increased the index losses where at about 1:51 PST it touched the lowest level of the day at 12,387 points (-ve 190 points). Foreigners however remained on the buying side where according to NCCPL data they did a net-buying of $2.25 million on Thursday. On the local side, banks and companies did a net-selling of $2.65 and $1.85 million respectively while NBFCs and individual investors did a netbuying of $0.88 and $0.81 million respectively. Lotte Pakistan stood as the volume leader with 49.74 million shares followed by Bank of Pakistan with 12.29 million shares and Fauji Fertiliser Bin Qasim with 11.97 million shares. According to an expert there were rumors in the market that the dividend payout by Lotte Pakistan would be lower than expected therefore the scrip remained under pressure and closed Rs0.94 down near its lower circuit. Investor participation witnessed a marginal decline as 183.6 million shares traded in the overall market which is 4.4 million less as compared to a turnover of 188 million shares on Wednesday. Out of total 396 active issues 272 declined and 104 advanced while 20 issues remained unchanged.
ANNOUNCEMENTS Company Dandot Cement Latif Jute
Period 1st Qtr Half Yearly
Div/Bon/Right -
PAT (Rs in mn) -120.56 0.57
EPS(Rs) -1.27 0.15
US stocks late-morning
Wall St falls for 2nd day NEW YORK: US stocks fell on Thursday as upbeat economic data on jobs and housing failed to offset a selloff in the technology and materials sectors. Technology stocks were weighed by networking/cloud computing companies after F5 Networks Inc gave a gloomy outlook, while energy and material stocks were pressured by a sharp decline in crude oil prices. The Dow Jones industrial average dropped 74.13 points, or 0.63 per cent, at 11,751.16. The Standard & Poor's 500 Index was down 9.72 points, or 0.76 per cent, at 1,272.20. The Nasdaq Composite Index slid 32.31 points, or 1.19 per cent, at 2,693.05. The decline came a day after Wall Street suffered its worst drop in nearly two months on disappointing results from banks. Investors were concerned the slump may grow worse. Crude oil futures fell 2.8 per cent to $88.35 a barrel. Alcoa Inc was the biggest decliner on the Dow, falling 2.5 per cent to $15.66, while Exxon Mobil Corp gave up 1.4 per cent to $77.14. -Reuters
Miners dump FTSE to 5-wk low LONDON: Britain's top share index sank to its lowest closing level in more than five weeks on Thursday, weighed down by mining stocks on concerns over potential further monetary tightening by China and its impact on demand. The FTSE 100 closed down 108.79 points, or 1.8 per cent, at 5,867.91, its lowest close since Dec. 13. Miners were the standout fallers, tracking metal prices lower after soaring growth data from China, the world's biggest consumer of raw materials, heightened fears of interest rate rises there. Traders said Burberry , off 4.1 per cent, was being hurt by the luxury goods group's exposure to China. -Reuters
Dhiyan
DHEDHI READS RECOVERY Aqeel Karim Dhedhi, Chairman AKD Group Market outlook is bullish where we would see the index touching 14,000 levels soon and that rally would be driven by the banking sector. Therefore investors are recommended to park money in banking stocks where top picks are NBP and HBL. As far as triggers are concerned the launch of Margin Trading System (MTS), decision on Reko Dik, and decline in international oil prices would spark off rallies in the market. Market is likely to recover today.
Mohammad Imran, Vice President Arif Habib Limited Continuous foreign flows and good corporate results in oil, fertiliser, and banking sector are expected to push the positive momentum ahead with index moving in a range of 12,300-12,800 points. The recent profit-taking activity may fuel investors risk appetite. Introduction of leverage product would provide an impetus for the market. Investors are advised to accumulate fundamentally strong scrips in energy and fertiliser sectors. Market is likely to remain in the positive zone today.
6
Friday, January 21, 2011
Market
KSE 100 Index
Symbols
Volume
183,611,218
Value
7,572,331,079
Trades
86,035
Advanced Declined Unchanged Total
Current High Low Change
104 272 20 396
All Share Index
12,411.87 12,615.49 12,387.08 i165.74
Current High Low Change
8,609.45 8,747.50 8,595.04 i111.93
OIL AND GAS
Company
Paid up Cap(mn)
PE
Attock Petroleum 691 6.57 Attock Refinery 853 7.72 BYCO Petroleum 3921 Mari Gas Company 735 17.62 National Refinery 800 4.60 Oil & Gas Development 43009 11.66 Pak Petroleum 11950 9.01 Pak Oilfields 2365 7.85 Pak Refinery Limited 350 P.S.O 1715 5.10 Shell Gas LPG 226 Shell Pakistan 685 11.05
Open 377.75 142.82 11.12 134.04 322.65 173.30 225.65 337.74 110.86 305.43 33.00 217.33
High 384.60 143.00 11.25 135.00 323.50 173.97 226.40 339.80 116.40 306.39 33.00 219.00
High Low 1,633.25 1,597.24 Total cos Defaulter cos P/BV (x) ROE (%) 3.78 32.54 Low 376.25 136.50 10.92 129.50 306.52 171.50 220.00 331.00 114.00 300.00 32.60 212.75
Close Chg 379.49 1.74 137.76 -5.06 10.95 -0.17 130.06 -3.98 310.64 -12.01 172.32 -0.98 221.46 -4.19 332.49 -5.25 116.40 5.54 301.26 -4.17 32.66 -0.34 215.39 -1.94
Current High Low Change
KMI 30 Index Current High Low Change
12,115.84 12,376.76 12,089.79 i210.00
20,244.53 20,695.86 20,208.81 i384.43
Last 60 days High Low
Volume 628845 2429747 1175622 168046 412074 914488 1429757 1965965 352147 963090 2603 93204
398.89 146.90 12.49 141.65 333.89 185.00 229.80 341.50 116.40 317.79 40.28 222.00
290.00 93.60 10.49 117.00 208.12 150.92 184.00 233.80 74.51 262.00 32.00 182.05
% Change -1.20 5-Day High 1,639.46 5-Day Low 1,606.34
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Company
Paid up Cap(mn)
Open 746.17 Turnover 394,697 P/E (x) 5.71 Company
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
1092 1321
PE 7.49 40.22
Open 72.12 37.67
High 75.72 38.00
High Low 776.32 729.84 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 25.53 Low 70.50 36.86
Close Chg 74.90 2.78 37.00 -0.67
Close 765.59 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 388264 6433
Change 19.41 Market cap 13,315.67 mn Div Yield (%) 1.94
Last 60 days High Low 77.77 39.45
67.25 32.36
PE
Open
High
Low
23.95 102.00 189.88 209.00 3.23 8.69 3.20 214.50 14.71 12.42 150.90 42.46 50.00 12.05 156.70 16.33 1.87 1.95 2.39 13.64 12.77 38.20
23.00 100.00 177.80 200.01 2.95 8.30 3.01 209.50 14.24 12.10 147.50 41.40 48.50 11.51 151.87 15.19 1.40 1.75 2.15 13.42 11.07 38.01
Close Chg 23.11 101.01 178.46 200.76 2.98 8.33 3.03 210.41 14.45 12.27 148.57 41.97 50.00 11.70 152.27 15.25 1.40 1.79 2.31 13.50 12.48 38.05
-0.09 -0.99 -8.68 -7.28 -0.03 -0.06 -0.09 -1.21 0.04 0.04 -1.54 -0.17 -1.00 -0.31 -2.71 -0.94 -0.10 -0.10 -0.12 0.00 0.71 -0.45
Close 1,570.40 Listed cap 52,251.88 mn Payout (%) 48.81
Change -20.05 Market cap 350,137.63 mn Div Yield (%) 5.05
Last 60 days High Low
Volume 60392 24544 24119 52920 57776 87807 1035025 2585329 512778 3935612 4662532 11972404 521 64938 119372 49742104 235 486805 2123 112878 1101 1300
24.85 103.94 209.98 215.00 3.74 9.25 4.24 222.80 15.87 12.64 156.11 43.99 51.00 13.07 158.49 16.49 2.50 2.74 3.40 14.69 12.77 41.99
20.26 75.00 149.72 165.73 2.11 3.92 1.47 174.70 13.00 9.16 106.01 30.18 39.00 11.00 123.50 10.07 0.80 1.36 1.80 10.00 8.51 32.00
% Change -1.26 5-Day High 1,617.42 5-Day Low 1,570.40
2010 Div BR (%) (%) 15 40 40 95 17.5 20 55 50
-
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,190.33 Turnover 80,203 P/E (x) 6.06 Company
High Low 1,195.13 1,172.90 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,184.71 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.46 6.71
17.79 44.50 44.01
17.95 45.00 44.00
17.60 43.51 43.28
17.90 0.11 44.01 -0.49 43.50 -0.51
74106 993 5104
Century Paper Pak Paper Product Security Paper
Change -5.62 Market cap 3,283.06 mn Div Yield (%) 4.17
Last 60 days High Low 19.69 48.90 47.70
15.28 39.00 38.00
2010 Div BR (%) (%) 2533.33B 50 -
% Change -0.47 5-Day High 1,227.62 5-Day Low 1,184.71 2011 Div BR (%) (%) -
Open 1,329.72 Turnover 375,390 P/E (x) 4.66 Paid up Cap(mn)
PE
Open
Agriautos Ind 144 5.83 79.63 Atlas Battery 101 5.73 198.04 Atlas Engineering Ltd 247 25.32 27.01 Atlas Honda 626 9.56 132.00 Baluchistan Wheels Ltd. 133 6.14 34.40 Dewan Motors 890 2.30 General Tyre 598 20.70 24.05 Ghandhara Nissan 450 3.29 4.90 Ghani Automobile Ind 200 7.19 4.61 Honda Atlas Cars 1428 - 12.23 Indus Motors 786 6.69 301.90 Pak Suzuki 823 11.03 70.74 Sazgar Engineering 150 4.20 22.63
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Metro Steel Siddiqsons Tin
PE
565 4.53 675 555 9.36 1199 11.74 310 785 10.72
Open 28.61 2.61 15.28 57.38 9.50 9.99
High 29.20 2.98 15.50 58.00 10.50 10.70
Low 28.50 2.60 14.95 55.11 10.50 9.35
Close Chg 28.97 2.70 14.97 56.36 10.50 9.43
0.36 0.09 -0.31 -1.02 1.00 -0.56
Close 1,083.67 Listed cap 3,596.11 mn Payout (%) 30.91
Change -11.42 Market cap 10,490.75 mn Div Yield (%) 8.60
High
High Low 1,327.00 1,286.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 25.35 Low
Close Chg
Last 60 days High Low
Volume 128538 141188 22503 23403 697 8607
30.60 3.39 16.51 62.20 10.50 10.70
24.00 2.50 12.85 44.00 5.61 8.19
2010 Div BR (%) (%) 30 40 7.5
20B -
2011 Div BR (%) (%) -
Company
Paid up Cap(mn)
Chashma Sugar XD 287 Crescent Sugar 214 Dewan Sugar 365 Faran SugarSPOT 217 Habib SugarXDXB 750 Habib-ADM Ltd 200 Hussein Sugar 121 J D W SugarSPOT 490 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza SugarSPOT 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio SugarSPOT 109 Premier Sugar XD 38 S S Oil 57 Sanghar Sugar XD 119 Shahmurad SugarSPOT 211 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177 Wazir Ali 80
PE
Close 1,298.32 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -31.40 Market cap 47,479.85 mn Div Yield (%) 4.38
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.37 858 182 3257 956 25.00 982 14.15 3891 3651 123.33 350 3.57 6933 15.03 502 3.78 1760 77 2319 1288 13126 3234 6.67 5261 1.26 2228 200 361 798 448.50
3.24 61.19 2.61 21.01 15.53 11.00 1.81 2.19 30.20 4.00 5.07 7.35 1.85 1.59 6.73 6.26 3.60 75.27 2.75 6.84 6.99 8.55 17.99
3.44 61.65 2.77 22.06 15.00 11.10 2.05 2.42 30.50 3.20 5.15 7.25 1.94 2.47 7.49 6.34 3.77 76.20 2.80 7.00 7.30 8.06 17.94
3.15 60.30 2.45 21.10 14.54 11.00 1.82 2.06 29.20 3.00 4.95 7.25 1.83 1.52 5.73 6.25 3.45 74.02 2.70 6.82 6.03 8.00 17.10
Close 983.96 Listed cap 54,792.74 mn Payout (%) 19.04
Change -16.51 Market cap 69,645.15 mn Div Yield (%) 2.43
Close Chg
Volume
Last 60 days High Low
3.20 60.50 2.75 21.35 15.00 11.00 1.84 2.09 29.60 3.00 4.96 7.25 1.86 1.61 6.02 6.26 3.51 74.27 2.71 6.88 6.90 8.00 17.94
31306 18215 281 29160 479 5700 30213 366749 4268469 16610 333527 5362 153801 203 20247 22704 6615402 945608 217285 13687 2009 5031 501
3.98 65.99 4.24 24.16 24.80 12.75 2.49 3.10 32.30 4.00 5.55 8.20 2.25 5.00 9.19 8.70 3.88 79.98 3.30 8.50 7.95 9.60 22.24
-0.04 -0.69 0.14 0.34 -0.53 0.00 0.03 -0.10 -0.60 -1.00 -0.11 -0.10 0.01 0.02 -0.71 0.00 -0.09 -1.00 -0.04 0.04 -0.09 -0.55 -0.05
2.80 57.60 1.10 15.00 14.02 10.00 1.31 1.43 26.60 2.27 4.72 5.05 1.60 1.18 2.70 5.80 2.79 70.75 2.66 6.52 5.25 6.30 17.02
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,068.60 Turnover 203,594 P/E (x) 2.94 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films
PE
Open
High
High Low 1,079.84 1,045.85 Total cos Defaulter cos P/BV (x) ROE (%) 1.29 43.91 Low
Close Chg
115 2.67 76.10 78.00 74.55 75.02 230 2.60 2.71 2.57 2.68 1067 4.83 52.52 53.44 52.55 52.60 389 3.00 3.10 2.68 3.00 47 62.90 26.15 27.45 25.00 25.16 844 66.56 133.77 132.80 129.00 129.79 82 10.03 1210.74 1240.00 1200.00 1216.00 300 9.86 140.12 141.90 135.00 135.19
-1.08 0.08 0.08 0.00 -0.99 -3.98 5.26 -4.93
Close 1,053.52 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 29717 57509 4701 1495 57906 12351 114 39801
Change -15.08 Market cap 39,351.61 mn Div Yield (%) 5.28
Last 60 days High Low 83.23 39.72 3.30 1.82 56.45 45.30 4.05 2.20 27.90 16.05 136.74 101.00 1381.00 1128.00 141.90 100.00
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
% Change -1.41 5-Day High 1,076.90 5-Day Low 1,053.52 2011 Div BR (%) (%) -
-
Company
Paid up Cap(mn)
AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB Pak Engineering
PE
Open
215 5.52 235.10 104 - 44.85 214 1.21 213 11.68 13.00 132 7.25 61.38 366 6.91 543.69 57 416.64 148.00
High
Low
Close Chg
235.00 229.30 230.57 45.50 45.00 45.33 1.40 0.74 1.20 12.76 12.52 12.61 62.75 59.11 60.56 545.99 526.07 528.23 149.99 142.50 149.99
-4.53 0.48 -0.01 -0.39 -0.82 -15.46 1.99
5441 2501 504 21000 4199 61639 206
90 100 25 20 150 10
2011 Div BR (%) (%)
20B 20B
-
-
High
Low
Close Chg 0.02 -0.60 -0.10 -0.26 0.35 -0.35 -1.00 1.10 -0.35 -1.93 0.05 -0.57 30.46 -0.41 0.84 -0.12 -1.53 -0.10 -0.71 -0.25 -0.21 -0.38 -1.25 -0.45
Close 1,775.29 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 0.16 Market cap 250,028.97 mn Div Yield (%) 0.72
Last 60 days High Low
10725 15.47 8.50 2000 7.15 5.00 2507 5.59 1.50 10285 21.73 19.00 104137 36.50 22.00 6228 13.00 11.69 237 13.65 9.00 26825 92.50 71.00 13920 68.49 52.60 1347 68.22 48.11 14753 7.18 4.55 665 75.50 40.00 156 2949.55 1830.00 1514 27.30 17.51 7502 14.84 9.00 8710 6.99 4.25 7200 53.81 34.29 3000 3.89 3.00 39490 15.01 12.01 7052 13.50 9.85 332 100.26 56.01 39709 7.88 4.06 2520 42.52 29.00 585 8.95 4.80
2010 Div BR (%) (%)
% Change 0.01 5-Day High 1,775.29 5-Day Low 1,708.23 2011 Div BR (%) (%)
10 25 25 25B 40 7010B 12.5R 35 20B 15 20B 10 12 450 12 10 10 15 10 -
-
-
Company
Paid up Cap(mn)
Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind Towellers Ltd
High Low 1,145.69 1,084.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
PE
Open
High
Low
106 1219 3.70 341 20.22 231 2.45 170 -
5.60 15.20 18.54 21.17 4.52
6.50 15.35 19.40 21.00 4.10
5.40 14.62 17.55 20.40 3.52
Close Chg 5.90 14.67 18.00 20.50 3.52
0.30 -0.53 -0.54 -0.67 -1.00
Close 1,092.68 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 29435 204222 784 22601 325
Change -37.65 Market cap 5,122.99 mn Div Yield (%) 2.05
Last 60 days High Low
2010 Div BR (%) (%)
11.49 15.88 20.79 22.50 20.00
17.5 -
5.20 12.90 16.51 15.90 3.52
10B -
% Change -3.33 5-Day High 1,159.84 5-Day Low 1,092.68 2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,012.69 Turnover 16,537,146 P/E (x) 7.12 Company
Paid up Cap(mn)
Ali Asghar Textile AL-Qadir Textile Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Din Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulshan Spinning H M Ismail Hira Textile Mills Ltd Ibrahim Fibres Ideal Spinning Idrees Textile Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Spinning Moonlite (PAK) Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Ravi Textile Redco Textile Reliance Weaving Saif Textile Sally Textile Samin Textile Sargoda Spinning Saritow Spinning Service Ind Shadman Cot Shahtaj Textile Suraj Cotton Taha Spinning Thal Limited Treet Corp Tri-Star Poly Zil Limited
222 76 2594 840 4493 76 76 64 400 1150 316 124 238 492 600 514 57 204 110 234 635 222 120 716 3105 99 180 43 303 509 1300 22 145 1596 3516 560 174 185 250 213 308 264 88 267 312 133 120 176 97 180 41 307 418 215 53
PE 17.75 9.27 6.47 0.48 5.36 0.86 0.50 37.47 0.65 3.65 49.41 0.15 0.55 0.61 0.75 4.20 0.88 0.72 3.88 0.63 3.99 0.23 0.45 1.92 5.87 3.13 0.71 1.07 0.62 0.39 0.21 4.46 0.53 0.31 7.83 2.07 0.90 5.22 9.33 3.63
Open
High
High Low 1,015.69 1,000.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 8.64 Low
Close Chg
1.13 0.80 0.71 0.71 -0.42 8.00 9.00 7.02 7.02 -0.98 4.09 4.37 4.05 4.08 -0.01 23.30 23.50 23.02 23.28 -0.02 11.17 11.39 10.67 10.87 -0.30 13.97 13.90 13.27 13.75 -0.22 657.97 650.00 635.00 647.00-10.97 59.10 62.00 57.00 57.01 -2.09 1.20 1.45 1.05 1.15 -0.05 3.06 3.14 3.04 3.04 -0.02 991.40 1000.00 981.00 998.13 6.73 13.80 14.10 14.10 14.10 0.30 1.13 1.13 0.90 0.97 -0.16 19.10 19.05 19.00 19.00 -0.10 1.88 1.90 1.80 1.80 -0.08 42.48 42.00 41.36 42.00 -0.48 2.35 2.01 1.60 2.01 -0.34 26.10 25.49 25.10 25.49 -0.61 20.20 20.65 20.10 20.10 -0.10 71.43 71.00 68.55 68.55 -2.88 29.01 30.45 27.56 29.20 0.19 7.20 7.25 7.21 7.21 0.01 0.87 0.94 0.50 0.94 0.07 4.00 4.00 3.55 3.83 -0.17 49.73 49.58 48.25 49.32 -0.41 8.00 7.66 7.40 7.40 -0.60 3.56 3.70 3.60 3.67 0.11 14.20 14.50 14.00 14.00 -0.20 1.56 1.80 1.50 1.62 0.06 2.25 2.68 2.10 2.68 0.43 1.24 1.74 1.24 1.25 0.01 11.20 12.20 12.20 12.20 1.00 0.44 0.52 0.41 0.41 -0.03 23.74 23.89 23.00 23.10 -0.64 71.23 71.70 67.67 68.41 -2.82 9.18 9.75 9.08 9.25 0.07 9.90 9.75 9.75 9.75 -0.15 14.00 14.00 13.28 13.98 -0.02 1.48 1.59 1.38 1.40 -0.08 0.90 0.61 0.60 0.61 -0.29 9.20 9.90 8.80 8.81 -0.39 5.09 4.99 4.85 4.90 -0.19 4.15 4.15 4.15 4.15 0.00 5.99 5.56 5.21 5.35 -0.64 2.50 2.75 2.69 2.75 0.25 2.44 1.91 1.90 1.91 -0.53 238.00 244.00 227.02 228.60 -9.40 12.00 11.39 11.39 11.39 -0.61 19.40 19.40 19.40 19.40 0.00 39.95 39.99 38.50 39.99 0.04 3.00 4.00 2.05 3.02 0.02 123.17 124.00 121.00 122.13 -1.04 59.06 60.88 58.05 58.57 -0.49 0.86 0.66 0.52 0.52 -0.34 55.92 55.49 54.00 54.17 -1.75
Close 1,006.60 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -6.09 Market cap 139,741.82 mn Div Yield (%) 2.34
Last 60 days High Low
1001 1.50 5003 9.00 180972 7.95 16490 24.59 7489370 12.32 1506 14.84 410 747.48 1400 63.20 5244 2.00 76983 3.90 269 1020.00 1000 14.65 14414 1.38 10100 23.99 49917 2.37 921 47.00 1000 3.75 133 27.54 279 21.78 4012 71.43 282 33.19 1838 10.30 5001 1.39 38725 4.88 37285 50.00 1003 8.74 4000 4.45 300 19.24 130810 2.00 1398 3.72 3101 1.81 434 13.01 1328 0.95 928234 25.14 6839425 71.89 61503 10.50 500 11.25 6007 15.50 324354 1.98 1000 1.45 2230 11.50 73906 6.85 1000 5.75 5000 7.93 15220 3.50 1999 2.89 3415 276.50 1000 12.90 1200 20.00 502 41.00 1149 4.00 46826 132.00 129942 63.30 6001 1.50 301 59.25
2010 Div BR (%) (%)
0.61 3.00 10 4.00 30 19.10 20 9.20 10.82 20 469.95 45.25 50 0.56 5 2.94 740.00 8.41 10 0.16 17.89 15 1.52 36.10 5 0.85 23.52 20 10B 17.51 35 38.30 70 22.62 12.5 6.30 10 20B 0.39 3.31 10 34.98 20 2.85 2.60 10 13.25 1.10 1.52 0.16 5 4.50 0.14 19.55 15 50.25 25 45R 5.61 8.00 10 10B 12.51 30 1.26 0.55 8.01 25SD 3.55 3.57 10 5.11 - 100R 1.50 5 1.00 169.00 7.00 15.61 45 29.00 50 2.05 86.50 80 20B 43.50 0.42 42.30 35 -
% Change -0.60 5-Day High 1,017.93 5-Day Low 1,006.60 2011 Div BR (%) (%) -
-
200.00 42.90 0.21 10.55 58.55 444.00 142.50
2010 Div BR (%) (%) 150 25 650 100
10B 25B -
% Change -2.49 5-Day High 1,628.07 5-Day Low 1,541.36 2011 Div BR (%) (%) -
-
933.39
MA (10-day)
1.62
Total Equity (Rs in mn)
(252.05)
MA (100-day)
1.57
Revenue (Rs in mn)
MA (200-day)
1.68
Interest Expense
1st Support
1.50
Loss after Taxation
2nd Support
1.35
EPS 09 (Rs)
1st Resistance
1.80
Book value / share (Rs)
2nd Resistance
1.95
PE 10 E (x)
Pivot
1.65
PBV (x)
0.00 14.92 (300.50) (9.917) (8.32) (0.19)
KOIL closed up 0.06 at 1.62. Volume was 135 per cent above average and Bollinger Bands were 45 per cent narrower than normal. The company's loss after taxation stood at Rs13.075 million which translates into a Loss Per Share of Rs0.43 for the 1st quarter of current fiscal year (1QFY11). KOIL is currently 3.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KOIL (mildly bullish). Trend forecasting oscillators are currently bearish on KOIL.
Flying Cement Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
54.40
Total Assets (Rs in mn)
5,548.30
MA (10-day)
1.80
Total Equity (Rs in mn)
1,598.52
MA (100-day)
1.89
Revenue (Rs in mn)
MA (200-day)
2.14
Interest Expense
1st Support
1.86
Loss after Taxation
2nd Support
1.79
EPS 10 (Rs)
1st Resistance
1.97
Book value / share (Rs)
2nd Resistance
2.01
PE 11 E (x)
Pivot
1.90
PBV (x)
80.62 28.12 (172.17) (0.978) 9.08 0.20
FLYNG closed up 0.01 at 1.86. Volume was 3 per cent below average and Bollinger Bands were 51 per cent narrower than normal. The company's loss after taxation stood at Rs28.864 million which translates into a Loss Per Share of Rs0.16 for the 1st quarter of current fiscal year (1QFY11). FLYNG is currently 13.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FLYNG at a relatively equal pace. Trend forecasting oscillators are currently bearish on FLYNG.
NetSol Technologies Limited
Open 976.79 Turnover 60,001 P/E (x) 7.53 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
9.30 106.17 6.84 91.40 14.69 82.32 7.78 28.49 7.24 9.18 12.49 155.75 5.68 65.71
High
High Low 980.38 961.31 Total cos Defaulter cos P/BV (x) ROE (%) 1.68 22.31 Low
Close Chg
106.80 105.00 106.15 -0.02 92.75 90.00 90.51 -0.89 82.50 81.00 81.66 -0.66 29.00 28.05 28.08 -0.41 9.25 8.52 8.98 -0.20 158.00 149.00 157.01 1.26 63.95 63.00 63.15 -2.56
Close 969.88 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 8078 675 12064 1124 8214 241 29600
89.88 82.20 69.00 23.50 7.16 116.00 59.00
64.75
Total Assets (Rs in mn)
MA (10-day)
22.58
Total Equity (Rs in mn)
3,337.21
MA (100-day)
19.14
Revenue (Rs in mn)
1,845.02
MA (200-day)
23.14
Interest Expense
3,980.15
1st Support
22.60
Profit after Taxation
951.86
2nd Support
22.10
EPS 10 (Rs)
12.217
1st Resistance
24.00
Book value / share (Rs)
2nd Resistance
24.90
PE 11 E (x)
2.19
Pivot
23.50
PBV (x)
0.54
24.80
42.83
NETSOL closed down -1.10 at 23.11. Volume was 266 per cent above average (trending) and Bollinger Bands were 314 per cent wider than normal. The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11). NETSOL is currently 0.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NETSOL (mildly bullish). Trend forecasting oscillators are currently bullish on NETSOL.
Crescent Steel & Allied Products Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
65.59
Total Assets (Rs in mn)
MA (10-day)
28.14
Total Equity (Rs in mn)
2,622.61
MA (100-day)
25.55
Revenue (Rs in mn)
3,704.39
MA (200-day)
26.39
Interest Expense
4,436.30
121.91
1st Support
28.60
Profit after Taxation
416.55
2nd Support
28.20
EPS 10 (Rs)
7.378
1st Resistance
29.30
Book value / share (Rs)
46.45
2nd Resistance
29.60
PE 11 E (x)
4.53
Pivot
28.90
PBV (x)
0.62
CSAP closed up 0.36 at 28.97. Volume was 141 per cent above average and Bollinger Bands were 117 per cent wider than normal. The company's profit after taxation stood at Rs90.081 million which translates into an Earning Per Share of Rs1.60 for the 1st quarter of current fiscal year (1QFY11). CSAP is currently 9.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into CSAP (bullish). Trend forecasting oscillators are currently bullish on CSAP.
BOOK CLOSURES Company
From
To
Chashma Sugar Mills The Premier Sugar Mills National Savings Banks Pangrio Sugar Mills Fecto Sugar Mills Thal Ind. Corp Baba Farid Sugar Mills Al-Noor Sugar Mills Shahmurad Sugar Mills Quetta Tex Mills # KASB Securities # D.M. Textile Mills # Adam Sugar Mills Faran Sugar Mills Sakrand Sugar Mills Bawany Sugar Mills
21-Jan 21-Jan 21-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 23-Jan 23-Jan 24-Jan 24-Jan
30-Jan 30-Jan 29-Jan 31-Jan 29-Jan 28-Jan 29-Jan 02-Feb 02-Feb 29-Jan 28-Jan 31-Jan 30-Jan 31-Jan 31-Jan
D/B/R 10 10 10 15 50 10 25 25 -
Spot AGM/Date 13-01-2010 13-01-2010 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan -
31-Jan 31-Jan 31-Jan 29-Jan 28-Jan 29-Jan 28-Jan 28-Jan 29-Jan 28-Jan 31-Jan 29-Jan 27-Jan 31-Jan 31-Jan
# Extraordinary General Meeting
Change -6.91 Market cap 32,495.75 mn Div Yield (%) 5.92
Last 60 days High Low 112.50 94.90 89.98 30.48 9.36 158.00 69.00
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
INDICATIONS
Performance of SR Pharma and Bio Tech Index
Change -39.37 Market cap 33,482.18 mn Div Yield (%) 15.74
Last 60 days High Low 244.95 49.50 2.40 14.60 78.80 568.40 310.00
65.75 151.50 15.00 96.00 29.40 1.20 21.00 4.12 4.01 10.80 228.00 66.75 17.92
2010 Div BR (%) (%)
% Change -2.36 5-Day High 1,332.88 5-Day Low 1,298.32
PHARMA AND BIO TECH
Close 1,541.36 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
-
Total Assets (Rs in mn)
HOUSEHOLD GOODS
INDUSTRIAL ENGINEERING High Low 1,588.61 1,530.19 Total cos Defaulter cos P/BV (x) ROE (%) 3.18 38.02
Open
Open 1,130.33 Turnover 257,464 P/E (x) 3.06
Performance of SR Industrial Engineering Index Open 1,580.72 Turnover 95,523 P/E (x) 8.35
-
49.37
Performance of SR Household Goods Index
-
% Change -1.65 5-Day High 1,026.43 5-Day Low 983.96
41990 82.63 6767 204.40 7705 28.36 2193 143.80 500 36.72 216359 2.89 2404 26.74 14204 5.67 14613 5.75 17753 13.40 13817 309.73 29965 77.90 7120 23.10
High Low 1,814.56 1,737.78 Total cos Defaulter cos P/BV (x) ROE (%) 12.91 30.30
0.95 9.38 10.38 9.25 9.40 7.00 6.40 6.40 6.40 3.81 3.99 3.61 3.71 3.86 19.47 19.50 19.21 19.21 5.16 22.60 23.00 22.50 22.95 11.16 12.40 12.25 12.05 12.05 - 11.95 11.00 10.95 10.95 2.98 83.03 85.00 82.00 84.13 3.32 56.55 58.00 56.00 56.20 4.11 51.25 51.10 49.00 49.32 5.94 6.19 5.71 5.99 21.51 58.22 59.95 57.50 57.65 31.37 2825.67 2949.55 2800.00 2856.13 3.40 24.20 25.00 23.01 23.79 - 10.53 11.53 10.26 11.37 6.15 6.15 5.95 6.03 4.03 42.95 41.50 41.00 41.42 0.26 3.10 3.00 3.00 3.00 1.07 12.80 12.10 12.01 12.09 7.06 11.05 11.10 10.75 10.80 - 68.20 71.60 64.79 67.99 5.89 5.70 5.50 5.51 375.09 42.51 42.50 40.39 41.26 7.95 8.95 7.50 7.50
CONSTRUCTION AND MATERIALS High Low 1,013.48 976.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 7.10
-
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
FOOD PRODUCERS
Performance of SR Construction and Materials Index Open 1,000.47 Turnover 13,100,736 P/E (x) 7.82
79.99 77.00 77.00 -2.63 199.00 191.00 191.91 -6.13 28.36 28.36 28.36 1.35 131.99 128.52 131.88 -0.12 32.68 32.68 32.68 -1.72 2.39 2.21 2.22 -0.08 24.99 23.72 24.01 -0.04 4.99 4.70 4.74 -0.16 5.49 4.60 4.60 -0.01 12.45 12.11 12.19 -0.04 298.00 290.00 293.30 -8.60 71.70 69.01 69.28 -1.46 22.60 22.00 22.50 -0.13
Open 1,775.14 Turnover 311,751 P/E (x) 42.60
-
% Change -1.04 5-Day High 1,118.41 5-Day Low 1,083.67
40 15
2011 Div BR (%) (%)
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING High Low 1,120.28 1,063.67 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 33.10
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Performance of SR Industrial Metals and Mining Index Open 1,095.09 Turnover 324,936 P/E (x) 3.60
% Change 2.60 5-Day High 765.59 5-Day Low 717.01
AUTOMOBILE AND PARTS
Company
High Low 1,603.72 1,559.65 Total cos Defaulter cos P/BV (x) ROE (%) 3.39 35.00
Agritech Limited 3924 8.37 23.20 BOC (Pak) 250 13.88 102.00 Clariant Pak 273 6.82 187.14 Dawood Hercules 1203 8.32 208.04 Descon Chemical 1996 3.01 Descon Oxychem Ltd. 1020 8.39 Dewan Salman 3663 3.12 Engro Corporation Ltd 3277 11.56 211.62 Engro Polymer 6635 - 14.41 Fatima Fertilizer 22000 - 12.23 Fauji Fertilizer 6785 10.77 150.11 Fauji Fert.Bin Qasim 9341 7.92 42.14 Gatron Ind 384 2.68 51.00 Ghani Gases Ltd 725 8.86 12.01 ICI Pakistan 1388 8.58 154.98 Lotte Pakistan 15142 5.45 16.19 Mandviwala 74 1.50 Nimir Ind Chemical 1106 1.89 Shaffi Chemical 120 2.43 Sitara Peroxide 551 14.67 13.50 United Distributors 92 - 11.77 Wah-Noble 90 7.32 38.50
Kohinoor Industries Limited
Performance of SR Industrial Transportation Index
Close Change 1,606.34 -19.54 Listed cap Market cap 65,194.15 mn 1,232,336.11 mn Payout (%) Div Yield (%) 55.94 4.82
Performance of SR Chemicals Index Open 1,590.44 Turnover 71,549,281 P/E (x) 9.67
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,625.89 Turnover 9,359,966 P/E (x) 11.61
KSE 30 Index
2010 Div BR (%) (%) 20 30
20B -
% Change -0.71 5-Day High 989.66 5-Day Low 969.88 2011 Div BR (%) (%) -
-
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television Pak Hotels P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 8.6 54.5 3.53 90 1.3 141.79 47 292.67 118.04 31.01 20.51 39.51 2.51 47.68 3.32 24.21
High 9.6 54.1 3.6 92 1.13 148.87 47.74 296.99 119.5 32.4 21.53 41.48 2.48 48.98 3.42 24.4
Low Close 8.5 54 3.36 86.1 1.1 134.71 47 285 114.25 31 20 37.54 2.4 46.05 3.1 23
9.51 54.1 3.4 86.89 1.12 145.02 47.74 294 117.08 31.04 20.8 37.79 2.42 46.11 3.13 23.11
Change 0.91 -0.4 -0.13 -3.11 -0.18 3.23 0.74 1.33 -0.96 0.03 0.29 -1.72 -0.09 -1.57 -0.19 -1.1
Vol 11089 501 978379 8834 6500 239624 110 125 252712 15050 97235 230 95001 1297 1137518 1966871
7
Friday, January 21, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,181.57 Turnover 4,537,751 P/E (x) 6.24 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,193.69 1,143.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.88 37740 12.94 3000 0.66 8606 6175 -
80.00 20.03 2.22 2.90 4.01
80.00 20.20 2.30 2.97 4.08
79.00 19.35 2.19 2.82 3.56
79.01 19.41 2.22 2.86 3.66
Close 1,147.94 Listed cap 50,077.79 mn Payout (%) 62.56
Volume
-0.99 -0.62 0.00 -0.04 -0.35
1253 3793834 321368 421296 447895
Change -33.63 Market cap 79,260.03 mn Div Yield (%) 10.03
% Change -2.85 5-Day High 1,198.06 5-Day Low 1,147.94
Last 60 days High Low
2010 Div BR (%) (%)
98.99 20.65 2.67 3.45 4.65
80 17.5 1 -
76.50 18.21 2.12 2.40 3.35
2011 Div BR (%) (%)
-
-
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Shaheen Insurance Silver Star Insurance United Insurance XB
204 6.64 369 6.20 279 9.32 457 6.88 121 1250 400 3.21 718 16.70 791 16.39 3000 45.74 250 1.82 350 303 6.48 252 4.08 200 253 4.66 400 2.30
Paid up Cap(mn)
Company
PE
Genertech 198 Hub Power 11572 7.00 Japan Power 1560 KESC 7932 Kohinoor Power 126 2.68 Kot Addu Power 8803 5.24 Nishat Chunian Power Ltd 3673 3.62 Nishat Power Ltd 3541 28.63 S G Power 178 Sitara Energy Ltd 191 3.39 Southern Electric 1367 Tri-star Power XD 150 -
Open 0.90 39.72 1.84 3.01 4.59 44.12 16.82 18.00 0.99 18.89 2.22 0.89
0.95 39.85 1.84 3.10 4.56 44.41 17.20 18.49 0.80 18.36 2.25 1.10
Low 0.76 38.06 1.72 2.95 4.24 43.00 16.34 17.60 0.80 17.89 2.19 0.82
Close Chg 0.84 38.24 1.73 2.98 4.40 43.11 16.51 17.75 0.80 18.18 2.19 0.84
Close 1,330.12 Listed cap 95,369.29 mn Payout (%) 104.13
Change -40.97 Market cap 109,413.88 mn Div Yield (%) 7.06
Last 60 days High Low
Volume
-0.06 -1.48 -0.11 -0.03 -0.19 -1.01 -0.31 -0.25 -0.19 -0.71 -0.03 -0.05
12127 3114529 482048 926103 11900 870865 450744 1561484 500 2011 174806 24705
1.18 41.20 2.25 3.55 5.39 45.85 18.01 18.70 1.65 19.60 2.80 1.75
0.73 33.15 1.50 2.07 4.01 39.00 12.10 13.05 0.50 17.89 2.05 0.75
2010 Div BR (%) (%) 50 50 20 -
Open 864.28 Turnover 34,996 P/E (x) 5.83
% Change -2.99 5-Day High 1,407.79 5-Day Low 1,330.12 2011 Div BR (%) (%)
7.8R -
-
-
Company Sui North Gas Sui South Gas
High Low 1,651.90 1,588.74 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 11.41
Close 1,598.54 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.34 3.37
28.89 23.03
28.99 23.05
27.89 22.16
28.01 -0.88 22.35 -0.68
280674 216640
34.75 29.15
25.71 19.95
% Change -3.01 5-Day High 1,657.24 5-Day Low 1,548.85
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.75 71.37 Askari Bank 6427 8.66 18.48 Bank Alfalah 13492 14.32 11.36 Bank AL-Habib 7322 8.09 37.75 Bank Of Khyber 5004 5.40 4.10 Bank Of Punjab 5288 9.29 BankIslami Pak 5280 990.00 4.10 Faysal Bank 7309 4.98 15.71 Habib Bank Ltd 10019 7.68 124.49 Habib Metropolitan Bank 8732 8.28 27.76 JS Bank Ltd 8150 2.46 KASB Bank Ltd 9509 2.03 MCB Bank Ltd 7602 10.30 239.32 Meezan Bank 6983 10.20 19.04 Mybank Ltd 5304 3.11 National Bank 13455 6.66 77.78 NIB Bank 40437 3.05 Samba Bank 14335 2.02 Silkbank Ltd 26716 2.71 Soneri Bank 6023 7.44 Stand Chart Bank 38716 12.62 8.28 Summit Bank Ltd 5000 4.22 United Bank Ltd 12242 8.00 68.86
High
High Low Close 1,236.51 1,189.60 1,195.37 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.19 13.94 40.49 Low
Close Chg
186590 620130 1673210 1180518 20049 12289510 85433 138372 54899 197876 245676 727222 1325614 271047 114612 2612790 976359 94522 1405160 42667 34623 71681 1849755
Change -25.32 Market cap 717,673.50 mn Div Yield (%) 4.74
Last 60 days High Low
Volume
71.99 69.00 69.45 -1.92 18.80 18.15 18.19 -0.29 11.55 11.06 11.17 -0.19 38.00 37.45 37.53 -0.22 4.39 4.05 4.05 -0.05 9.93 9.21 9.33 0.04 4.18 3.86 3.96 -0.14 15.98 15.40 15.43 -0.28 125.25 122.83 123.03 -1.46 29.10 27.00 27.09 -0.67 2.59 2.40 2.43 -0.03 2.11 2.01 2.05 0.02 241.89 231.20 232.44 -6.88 19.45 18.65 19.27 0.23 3.40 3.02 3.03 -0.08 78.25 76.00 76.24 -1.54 3.10 2.92 2.94 -0.11 2.06 2.01 2.02 0.00 2.78 2.60 2.65 -0.06 7.58 7.27 7.29 -0.15 8.44 8.20 8.20 -0.08 4.20 4.01 4.04 -0.18 69.07 67.78 68.07 -0.79
74.00 19.25 11.93 39.49 4.70 10.59 4.50 17.10 128.97 29.28 3.00 2.80 250.48 20.30 3.40 80.61 3.35 2.65 3.05 8.48 9.04 4.63 70.65
54.50 14.96 9.03 31.44 2.76 8.10 3.00 14.01 100.05 19.30 2.32 1.95 198.60 14.50 1.90 63.53 2.59 1.51 2.50 6.24 6.15 2.70 53.15
% Change -2.07 5-Day High 1,241.92 5-Day Low 1,195.37
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-
-
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 26.47
Open 91.36
High 93.95
High Low 819.09 791.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.70 5.20 Low 90.00
Close Chg 91.33 -0.03
2504 12351 7749 1305 5643 127862 12376 7500 700 1290118 1007 1731 4250 2000 700 1001 2500
12.75 40.00 83.00 12.00 5.82 48.63 15.50 99.88 61.80 19.40 8.50 10.75 12.93 7.68 14.53 8.20 7.40
10.00 32.10 50.10 9.65 3.10 39.48 10.60 80.00 53.38 14.00 5.56 2.43 9.00 6.15 11.65 6.01 4.75
10 10 -
25R 10B 20B -
-
UP TO 100 VOLUME
-
Close 799.37 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 2361673
Change -4.47 Market cap 49,186.99 mn Div Yield (%) 5.93
Last 60 days High Low 96.35
66.50
% Change -0.56 5-Day High 826.44 5-Day Low 799.37
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
High Low 878.82 841.67 Total cos Defaulter cos P/BV (x) ROE (%) 3.66 3.85
Close 845.07 Listed cap 2,290.72 mn Payout (%) 355.53
Change -19.21 Market cap 9,895.60 mn Div Yield (%) 3.74
Symbols APOT FANM SASML MLCFPS KSTM AASM ILTM SALT ULEVER MUCL MFFL ALNRS MUBT HINO PGCL MEHT ARPAK SITC FECS HADC UPFL CLOV AZAMT GRYL DMTM OLTM ASIC RMPL GVGL FZTM KOHS DIIL ICL MFTM FECM IDEN WYETH BUXL BAWS DCM CSUML GUSM JKSM KASBM SJTM YOUW AGSML BAPL BCML CML CSM IDYM ISIL KOHE KTML MDTL NJLIC PRET PSEL PTEC STML
% Change -2.22 5-Day High 895.00 5-Day Low 845.07
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500
6.02
18.00
18.00
17.00
18.00 0.00
310
19.85
16.03
-
-
-
-
EFU Life Assurance
850 40.20
74.45
2010 Div BR (%) (%)
2011 Div BR (%) (%)
75.00
70.73
70.75 -3.70
34685
86.95
62.75
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 417.96 Turnover 6,023,267 P/E (x) 11.85 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Cap Assets Leasing Dawood Equities Escorts Bank First National Equity IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing Trust Brokerage
High Low 431.50 406.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
PE
Open
High
Low
225 1.45 360 3.82 450 13.53 3750 4.97 107 1.16 250 441 575 2121 15.19 600 780.00 2849 3166 626 0.63 7633 508 500 7.52 1000 28.13 1000 821 4.64 775 452 978 5.50 100 -
0.64 18.40 26.97 28.32 1.45 2.08 2.50 7.29 2.60 7.96 0.72 3.39 1.84 11.60 4.01 28.31 6.86 4.96 6.35 2.06 0.79 2.66 2.49
0.75 19.40 27.30 29.05 1.49 2.24 2.49 7.40 2.75 8.89 0.86 3.50 1.81 11.99 4.09 29.58 7.10 4.98 6.31 2.16 0.80 2.68 3.47
0.60 18.66 26.30 26.91 0.51 2.05 2.31 7.34 2.40 7.60 0.60 3.22 1.75 11.31 3.91 27.75 6.70 4.70 6.26 2.01 0.66 2.50 1.49
Close Chg 0.64 19.40 26.51 27.01 1.49 2.06 2.49 7.38 2.43 7.80 0.63 3.25 1.75 11.40 3.97 27.97 6.75 4.70 6.31 2.05 0.79 2.64 2.39
0.00 1.00 -0.46 -1.31 0.04 -0.02 -0.01 0.09 -0.17 -0.16 -0.09 -0.14 -0.09 -0.20 -0.04 -0.34 -0.11 -0.26 -0.04 -0.01 0.00 -0.02 -0.10
Close 410.54 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 601 180897 71568 5206697 101 46002 1389 961 4836 11102 33407 19110 14410 5182907 182499 5273 70806 13708 928 155426 218 1505 25579
Change -7.43 Market cap 19,109.50 mn Div Yield (%) 3.28
Last 60 days High Low
2010 Div BR (%) (%)
0.95 19.98 28.95 30.20 2.49 2.75 3.80 10.70 3.90 8.89 1.09 4.49 2.25 14.05 5.38 32.37 7.59 5.43 7.29 2.70 0.97 3.00 3.75
30 11.5 10 -
0.33 16.00 24.40 22.80 0.51 1.28 2.00 6.57 1.50 6.16 0.53 2.95 1.05 9.54 2.20 25.11 5.80 3.86 5.02 1.68 0.46 2.25 1.42
% Change -1.78 5-Day High 444.07 5-Day Low 410.54 2011 Div BR (%) (%)
20B 20B 10B -
-
-
Company
Paid up Cap(mn)
1st Fid Leasing Allied Rental AL-Meezan Mutual F. B F Modaraba B R R Guardian Mod. Constellation Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba I B L Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba
PE
264 600 1375 75 780 65 524 581 760 397 1008 202 3180 1186 1200 184 250 125 1000 2835 2841 872 340 454 212 50 264
9.38 3.25 7.23 2.37 3.93 3.41 12.56 0.69 2.50 2.78 6.03 19.36 71.88 19.46 7.27 17.60 6.02 5.50 2.03 9.09 7.45 2.30 4.71 3.78 1.72
Open 1.60 15.30 8.76 3.60 1.75 1.53 2.15 2.19 3.54 8.50 7.00 2.12 5.90 5.50 7.75 1.95 6.24 1.04 7.24 14.32 6.90 1.01 1.40 9.75 1.34 0.95 6.12
High Low 1,423.94 1,380.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21
High 1.80 15.35 8.70 3.60 1.75 1.99 2.59 2.38 3.50 8.45 7.00 2.50 6.00 5.50 7.76 2.18 6.50 1.44 7.34 14.34 6.75 1.01 1.49 9.65 1.40 1.40 6.14
Low 1.50 15.35 8.67 3.60 1.57 1.50 1.96 2.15 3.35 8.06 6.99 1.62 5.75 5.38 7.55 1.76 6.20 1.01 7.00 14.05 6.50 1.01 1.40 9.50 1.10 1.06 6.05
Close Chg 1.50 15.35 8.67 3.60 1.73 1.50 2.01 2.17 3.50 8.34 7.00 2.13 5.75 5.45 7.56 1.76 6.50 1.10 7.00 14.18 6.56 1.01 1.41 9.60 1.40 1.36 6.05
-0.10 0.05 -0.09 0.00 -0.02 -0.03 -0.14 -0.02 -0.04 -0.16 0.00 0.01 -0.15 -0.05 -0.19 -0.19 0.26 0.06 -0.24 -0.14 -0.34 0.00 0.01 -0.15 0.06 0.41 -0.07
Close 1,391.80 Listed cap 29,771.58 mn Payout (%) 104.74
Change -23.49 Market cap 18,784.21 mn Div Yield (%) 8.06
Last 60 days High Low
Volume 2510 500 24494 2859 8450 656 153670 18203 436671 6364 61669 489 4114329 1300049 35031 10808 1206 3007 118900 71696 128296 424 610 16896 4300 1968 4915
2.00 16.00 9.15 4.20 2.79 1.99 2.98 2.39 3.60 9.00 7.10 3.69 6.10 5.56 8.25 2.50 7.74 2.00 7.80 15.06 7.14 1.20 2.54 10.29 3.90 2.45 6.55
1.18 14.01 6.05 2.89 1.00 0.93 1.05 1.30 2.56 5.11 5.95 1.06 2.65 2.31 5.15 0.61 4.50 0.46 5.25 7.90 3.52 0.81 0.50 8.50 0.95 0.86 4.71
2010 Div BR (%) (%) 22.5 18.5 0 17 11 21 3 5 10 15.5 10 3 10 20 10 3 1 17 12.5
% Change -1.66 5-Day High 1,418.25 5-Day Low 1,391.13 2011 Div BR (%) (%)
10B -
-
4.50 3.15 9.50 5.00 0.60 31.99 137.27 65.00 4577.17 14.30 81.44 52.75 1.29 132.64 27.00 66.80 12.15 119.60 31.74 0.69 1160.00 73.21 2.63 2.41 7.94 2.00 16.00 2182.60 28.00 392.50 3.17 10.61 27.91 1.20 2.61 14.00 984.25 12.50 5.50 1.50 3.45 7.00 6.20 1.78 1.24 1.64 5.50 7.80 11.59 2.51 0.66 194.95 74.90 19.03 5.32 32.20 43.63 27.87 172.00 2.00 25.99
High 4.50 3.18 9.50 5.00 0.90 30.52 131.00 62.00 4675.00 15.00 82.99 51.99 1.00 134.00 28.20 69.80 11.15 121.48 30.25 0.69 1201.00 74.95 2.63 2.50 8.90 2.20 15.00 2273.95 28.00 409.00 3.51 11.61 26.56 1.35 2.90 14.00 1030.00 13.49 6.00 1.75 3.75 7.50 6.99 2.70 0.57 1.60 6.50 8.34 11.40 2.90 0.66 200.00 76.99 19.03 5.35 30.59 45.80 29.25 174.99 2.34 26.45
Low
Close
4.50 3.18 9.50 5.00 0.63 30.50 131.00 62.00 4452.00 15.00 82.99 51.99 1.00 128.00 25.66 64.00 11.15 120.00 30.16 0.52 1110.00 70.07 2.20 1.51 7.50 2.20 15.00 2190.00 26.60 388.00 3.51 10.11 26.52 1.00 2.90 14.00 1030.00 11.64 5.02 1.50 3.32 6.85 5.30 1.82 0.41 1.26 6.50 8.34 11.40 2.60 0.66 199.95 76.99 19.03 5.35 30.59 45.80 29.25 174.99 2.34 26.45
4.50 3.18 9.50 5.00 0.90 30.50 131.00 62.00 4589.00 15.00 82.99 51.99 1.00 133.75 25.66 64.03 11.15 121.48 30.16 0.67 1115.00 70.08 2.57 2.50 7.50 2.20 15.00 2217.98 26.60 399.33 3.51 10.12 26.56 1.00 2.90 14.00 1030.00 12.95 5.02 1.75 3.32 6.85 6.15 1.82 0.57 1.60 6.50 8.34 11.40 2.60 0.66 199.95 76.99 19.03 5.35 30.59 45.80 29.25 174.99 2.34 26.45
Change
Vol
0.00 0.03 0.00 0.00 0.30 -1.49 -6.27 -3.00 11.83 0.70 1.55 -0.76 -0.29 1.11 -1.34 -2.77 -1.00 1.88 -1.58 -0.02 -45.00 -3.13 -0.06 0.09 -0.44 0.20 -1.00 35.38 -1.40 6.83 0.34 -0.49 -1.35 -0.20 0.29 0.00 45.75 0.45 -0.48 0.25 -0.13 -0.15 -0.05 0.04 -0.67 -0.04 1.00 0.54 -0.19 0.09 0.00 5.00 2.09 0.00 0.03 -1.61 2.17 1.38 2.99 0.34 0.46
100 100 100 99 95 91 90 90 86 78 51 50 40 33 29 22 20 18 15 15 14 13 11 11 10 10 9 9 8 7 7 6 6 6 5 5 5 4 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Low
Close
FFC-JAN
150.81
151.25
147.70
149.00
-1.81 3816500
NML-JAN
71.34
71.60
67.90
68.67
-2.67 2383000
FFBL-JAN
42.37
42.50
41.40
42.07
-0.30 1589000
POL-JAN
339.04
340.50
331.71
333.56
ENGRO-JAN 212.96
215.39
210.40
211.15
NBP-JAN
Performance of SR Equity Investment Instruments Index Open 1,415.29 Turnover 6,529,078 P/E (x) 20.20
Open
FUTURE CONTRACTS Symbols
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
NON LIFE INSURANCE Open 803.84 Turnover 3,842,979 P/E (x) 13.41
0.23 -0.55 0.95 0.01 -0.18 -1.86 -0.80 -0.61 0.80 0.21 -0.38 -0.27 0.17 0.08 0.04 0.30 0.28
Paid up Cap(mn)
Company
Change -49.53 Market cap 34,131.38 mn Div Yield (%) 6.57
Paid up Cap(mn)
Open 1,220.69 Turnover 26,146,634 P/E (x) 8.55
10.95 39.00 82.00 11.01 3.87 41.35 13.50 90.02 60.80 17.84 7.71 9.70 11.98 6.65 12.04 7.50 7.00
American Life
Company
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,648.07 Turnover 497,314 P/E (x) 10.17
10.32 38.90 81.00 10.87 3.82 41.05 13.50 90.00 60.00 17.65 7.65 9.61 11.72 6.55 12.00 7.10 7.00
Performance of SR Life Insurance Index
High Low 1,380.52 1,323.59 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 9.35
High
10.95 39.74 82.50 11.44 4.49 43.67 13.67 91.00 60.99 18.34 8.15 9.70 12.00 6.65 12.05 7.50 7.12
LIFE INSURANCE
ELECTRICITY Performance of SR Electricity Index Open 1,371.09 Turnover 7,631,828 P/E (x) 14.74
10.72 39.55 81.05 11.00 4.05 43.21 14.30 90.63 60.00 17.63 8.09 9.97 11.81 6.57 12.00 7.20 6.72
78.17
High
Change
-5.48 -1.81
Vol
916000 521500
78.00
76.10
76.58
-1.59
425000
ANL-JAN
11.21
11.46
10.75
10.94
-0.27
373500
DGKC-JAN
30.32
30.58
29.50
29.74
-0.58
369000
PSO-JAN
307.10
306.15
301.00
302.62
-4.48
MCB-JAN
240.36
241.80
232.55
233.30
-7.06
AICL-JAN
92.02
94.40
90.50
91.36
-0.66
184000
BOP-JAN
9.35
10.35
9.35
9.37
0.02
161500
PPL-JAN
226.92
227.00
220.55
221.43
-5.49
157500
PTC-JAN
20.19
20.20
19.30
19.51
-0.68
99500
LUCK-JAN
75.87
75.98
74.30
74.76
-1.11
55000
UBL-JAN
69.43
68.60
67.90
68.09
-1.34
33000
NETSOL-JAN 24.39
24.65
23.18
23.23
-1.16
29500
OGDC-JAN
-
Open
305500 222000
172.67
172.05
171.50
171.57
-1.10
19000
NCL-JAN
23.52
23.50
23.45
23.50
-0.02
5500
HUBC-JAN
40.00
39.55
38.65
38.65
-1.35
4500
ZERO VOLUME Symbols AABS BILF
Open 101.85
High
Low
Close
97.99
97.99
97.99
Change
Vol
-3.86
0.00
1.67
1.60
1.60
1.60
-0.07
0.00
DYNO
11.37
11.24
11.24
11.24
-0.13
0.00
FCIBL
3.05
3.00
3.00
3.00
-0.05
0.00
FZCM
74.99
72.00
72.00
72.00
-2.99
0.00
GAMON
2.35
2.25
2.25
2.25
-0.10
HWQS
21.95
21.80
21.80
21.80
-0.15
JVDC
62.00
60.99
60.99
60.99
-1.01
0.00
LEUL
1.75
1.78
1.78
1.78
0.03
0.00
LPGL
13.86
13.48
13.48
13.48
-0.38
0.00
NATM
12.10
13.00
13.00
13.00
0.90
0.00
NMBL
1.71
1.69
1.69
1.69
-0.02
0.00
RCML
42.99
-0.31
5.45
5.20
5.20
5.20
-0.25
124.80
124.80
124.80
-0.20
0.00
SIBL
3.11
3.15
3.15
3.15
0.04
0.00
TATM
35.90
34.11
34.11
34.11
-1.79
0.00
TRIBL
2.00
1.99
1.99
1.99
-0.01
0.00
SFL
42.99
42.99
0.00
125.00
SANE
43.30
0.00
0.00 0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd
32.06
Support 1
12,327.45
MA (5-day)
12,572.62
Support 2
12,243.05
MA (10-day)
12,456.68
Resistance 1
12,555.90
MA (100-day)
10,902.92
Resistance 2
12,699.90
Technical Analysis
MA (200-day)
10,475.65
Pivot
12,471.50
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
KSE 100 INDEX closed down -165.74 points at 12,411.87. Volume was 73 per cent above average and Bollinger Bands were 44 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,555.90 and 2nd resistance level at 12,699.90, while Index will continue to find its 1st support level at 12,327.45 and 2nd support level at 12,243.05. KSE 100 INDEX is currently 18.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Fair Value
Rs Recommendations
TFD Research
29.1
71.83 40.24 32.38 30.58
Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,721.61 ** NOI Rs (mn) 118.90 Mean 41.99
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations Buy
Negative
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
76.18 141.62 113.87 111.56
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 55,444.82 89.49 149.27
* Target price for Jun-11 & **Net Open Interest in future market
age (trending) and Bollinger Bands were 312 per cent wider than normal.
and Bollinger Bands were 51 per cent wider than normal.
ing that FFBL is currently in an overbought condition.
ing oscillators are currently bullish on NML.
volatility over the last 10 trading sessions. Volume indicators reflect mod-
Pakistan Telecommunication Co Ltd
Brokerage House
36.85
Positive
TFD Research
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
24.7
Buy
*Arif Habib Ltd
50
Buy
*Arif Habib Ltd
Buy
AKD Securities Ltd
44
Buy
AKD Securities Ltd
Positive
TFD Research
Positive
TFD Research
30.5
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
National Bank of Pakistan
24.04
Technical Outlook
Technical Outlook
indicating that FFC is currently in an overbought condition.
Hub Power Co Ltd
48.49 19.59 19.08 19.42
585.00 11,354.84 15.44 19.75
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
50.85 39.29 35.53 34.77
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
85
Hold
61.96
Neutral
92.3
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
44.9
810.01 30,974.71 3.54 38.97
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
54.63 77.87 67.87 68.23
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.44 24,278.19 118.07 77.07
* Target price for Jun-11 & **Net Open Interest in future market
DGKC closed down -0.60 at 29.60. Volume was 19 per cent below aver- PTC closed down -0.62 at 19.41. Volume was 93 per cent above average HUBC closed down -1.48 at 38.24. Volume was 69 per cent above aver- NBP closed down -1.54 at 76.24. Volume was 39 per cent below average age and Bollinger Bands were 38 per cent narrower than normal.
and Bollinger Bands were 9 per cent narrower than normal.
age and Bollinger Bands were 62 per cent wider than normal.
and Bollinger Bands were 25 per cent wider than normal.
DGKC is currently 10.0 per cent above its 200-day moving average and is PTC is currently 0.0 per cent below its 200-day moving average and is dis- HUBC is currently 10.0 per cent above its 200-day moving average and is NBP is currently 11.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is extremely high when compared to the displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect moderate flows of volume into PTC (mildly bullish). Trend forecast- reflect moderate flows of volume into HUBC (mildly bullish). Trend fore- reflect moderate flows of volume into NBP (mildly bullish). Trend forecastcasting oscillators are currently bearish on DGKC.
ing oscillators are currently bullish on PTC.
casting oscillators are currently bullish on HUBC.
Time
21-Jan 21-Jan 22-Jan 22-Jan 22-Jan 23-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 25-Jan 25-Jan 25-Jan 25-Jan 25-Jan 25-Jan
10:00 10:30 11:00 3:00 11:00 3:30 12:00 10:00 2:00 2:00 2:00 2:00 4:00 3:00 11:30 13:00 2:30 10:30 11:30
ing oscillators are currently bullish on NBP.
TECHNICAL LEVELS Company
Technical Outlook 175.80 12,026.47 90.21 69.75
Date
Ideal Energy Limited Pakistan Tobacco Co Ltd. Invest Capital Investment Husein Industries Limited Invest Capital Investment Bank Ltd Siemens (Pakistan) Engineering Co Shaheen Insurance Company Ltd. Hinopak Motors Limited Pakistan Petroleum Ltd Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund-1 Meezan Balanced Fund Sindh Abadgar's Sugar Mills Mirpurkhas Sugar Mills Ltd Kohinoor Sugar Mills Ltd WorldCall Telecom Limited Mitchell's Fruit Farms Ltd. International Industries Limited Atlas Honda Limited
Accumulate
114.33
tors are currently bullish on FFBL. Momentum oscillator is currently indicat-
displaying an upward trend. Volatility is high as compared to the average
TFD Research
* Target price for Jun-11 & **Net Open Interest in future market
164.1 122.1
Leverage Position
59.07 69.11 54.73 52.10
Fair Value
*Arif Habib Ltd AKD Securities Ltd
Technical Outlook
erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla-
*Arif Habib Ltd
182.55 5,403.47 58.24 29.88
Brokerage House
Buy Neutral
NML is currently 31.3 per cent above its 200-day moving average and is FFC is currently 33.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFC (bullish). Trend forecasting reflect moderate flows of volume into NML (mildly bullish). Trend forecast- oscillators are currently bullish on FFC. Momentum oscillator is currently
AKD Securities Ltd
Leverage Position
74.2
TFD Research
* Target price for Jun-11 & **Net Open Interest in future market
Buy
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
59.97
FFBL closed down -0.17 at 41.97. Volume was 164 per cent above aver- NML closed down -2.82 at 68.41. Volume was 46 per cent above average FFC closed down -1.54 at 148.57. Volume was 266 per cent above aver-
Buy
44.78 30.53 27.68 26.90
Fair Value
Negative
FFBL is currently 37.3 per cent above its 200-day moving average and is
37
Technical Analysis
AKD Securities Ltd TFD Research
age (trending) and Bollinger Bands were 139 per cent wider than normal.
43.29
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Brokerage House
Sell Accumulate
Technical Outlook
AKD Securities Ltd
*Arif Habib Ltd
Rs Recommendations
37
AKD Securities Ltd
62.78
Fauji Fertiliser Co
Nishat Mills Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 48.25 3.10 2.95 53.10 68.30 67.15 35.16 60.00 59.45 54.15 26.25 25.50 50.27 26.10 25.70 58.58 89.55 87.80 60.01 17.95 17.75 58.32 10.55 10.25 75.37 375.60 371.75 60.32 135.20 132.60 55.06 10.95 10.75 57.45 3.80 3.70 43.55 9.05 8.75 46.38 1.95 1.85 44.78 29.05 28.45 50.11 2.95 2.90 50.35 2.55 2.40 39.03 40.35 39.40 39.38 69.30 67.90 60.89 208.45 206.45 54.20 15.20 15.00 44.96 4.90 4.80 71.83 41.40 40.90 76.18 147.10 145.60 54.54 122.15 121.30 50.85 37.60 36.95 59.67 150.50 148.80 71.37 289.55 285.75 48.63 3.90 3.80 50.18 1.70 1.65 40.81 2.35 2.30 44.21 11.15 10.90 53.99 42.60 42.10 54.02 2.90 2.85 62.25 14.85 14.45 44.45 73.45 72.65 53.76 228.45 224.50 37.54 2.70 2.65 54.63 75.40 74.60 49.32 22.75 22.45 64.75 22.60 22.10 47.59 2.90 2.80 41.51 1.70 1.65 59.07 66.80 65.25 52.19 171.25 170.15 58.57 3.00 2.90 46.37 2.00 1.90 51.27 2.40 2.35 45.04 6.80 6.70 71.53 329.05 325.65 55.73 218.85 216.20 41.05 68.30 67.30 56.19 298.70 296.15 48.49 19.10 18.80 65.35 212.40 209.45 53.19 27.60 27.20 50.92 13.40 13.30 54.16 22.00 21.65 47.42 2.20 2.15 41.34 3.30 3.20 58.68 67.55 67.00 52.79 2.80 2.75
1st
2nd
Resistance 3.35 3.55 71.30 73.15 61.35 62.15 28.40 29.80 27.10 27.70 93.50 95.70 18.60 19.05 11.30 11.70 383.95 388.45 141.70 145.60 11.45 11.75 4.15 4.30 9.75 10.20 2.30 2.55 30.35 31.05 3.15 3.25 2.90 3.15 43.00 44.65 73.60 76.45 213.45 216.45 15.80 16.20 5.10 5.20 42.50 43.00 150.50 152.40 124.55 126.10 39.40 40.50 155.35 158.45 297.55 301.75 4.05 4.15 1.80 1.90 2.55 2.65 11.85 12.25 44.00 44.90 3.05 3.15 16.00 16.75 75.65 77.00 239.15 245.85 2.80 2.85 77.65 79.10 23.65 24.20 24.00 24.90 3.05 3.15 1.90 2.05 70.85 73.30 173.70 175.05 3.35 3.55 2.15 2.20 2.50 2.55 7.00 7.10 337.85 343.25 225.25 229.00 71.00 72.70 305.10 308.95 19.95 20.50 218.65 221.95 28.70 29.40 13.60 13.75 22.90 23.40 2.30 2.35 3.55 3.70 68.85 69.60 2.95 3.05
Pivot 3.25 70.15 60.80 27.65 26.70 91.75 18.40 11.00 380.10 139.10 11.25 4.00 9.50 2.20 29.75 3.10 2.75 42.00 72.15 211.45 15.60 5.00 41.95 149.00 123.70 38.70 153.60 293.75 4.00 1.75 2.45 11.55 43.50 3.00 15.60 74.85 235.20 2.75 76.85 23.35 23.50 3.00 1.85 69.25 172.60 3.20 2.05 2.45 6.90 334.45 222.60 70.00 302.55 19.65 215.70 28.30 13.50 22.50 2.25 3.45 68.30 2.90
8
Friday, January 21, 2011
Qatar Islamic Bank nets QR1.33bn full year profit
Ajman Bank brings banking to UAE's rural communities
Court ‘beheads’ Nat’l Bank
LONDON: The headquarters building of Britain's Barclays Bank is seen in London. Reuters
'Sukuk sales, so far, not enough to invest inflows of cash'
AMCs hot on Islamic debt Monitoring Desk KARACHI: Asset management companies (AMCs) in Pakistan are urging the government to increase offerings of Islamic debt, saying a 13-fold rise in Sukuk sales this year isn't enough for them to invest inflows of cash. The central bank plans to auction 45 billion rupees ($525 million) of three-year sukuk in the domestic market on March 1 and another 55 billion rupees in the three months ending June 30. The sales will take the total for the fiscal year to 189 billion rupees, compared with 14.4 billion rupees in the previous 12 months. Pakistan's Islamic banking assets climbed an average 30 per cent annually in the past four years to 411 billion rupees as of June 2010, 6 percent of
the financial industry's total, according to a central bank estimate in October. Pakistan aims to double that share to 12 per cent by 2012 and plans to issue two more Shariah banking licenses that will take the total to seven, the monetary authority said in October. "The government has relied too much on the conventional debt market without realising how much liquidity is in the Shariah-compliant industry," Sajjad Anwar, who helps manage the equivalent of $187 million at NBP Fullerton Asset Management Ltd, a unit of the nation's biggest lender National Bank of Pakistan, said in a January 11 interview from Karachi. "Islamic funds and banks are just waiting." Pakistan needs to finance a budget deficit that may reach 6 per cent of gross domestic
product, or 1 trillion rupees this fiscal year, exceeding the government's target of 4 per cent, according to a report from the State Bank of Pakistan on October 25. The shortfall was 6.3 per cent last year, according to data on the Finance Ministry's website. The yield on the three-year debt will rise to 13.89 per cent from 13.39 per cent at the prior offering on December 13 as the central bank may increase interest rates to temper inflation, said Karachi-based Abdullah Ahmed, treasurer at Meezan Bank Ltd., the nation's biggest Shariah-compliant lender. "In an environment when everyone is expecting a hike in interest rates, the demand for such paper will remain high," Ahmed said in an interview on January 12. "Islamic banks are desperate to deploy their funds."
HBL makes all sorts of pilgrimages easier Special Correspondent KARACHI: Habib Bank Limited has launched HBL AlZiarat Account for intending Hajj and Umra pilgrims with Takaful coverage, a unique product among the Islamic modes of banking available in the market. A ceremony in this regard was held at Habib Bank Plaza where the President Zakir Mahmood along with Islamic Banking Head Mohammad Aslam. They hoped to have a positive and encouraging response from the pilgrims. HBL being the largest private sector bank in the country with over 1,400 branches at home, HBL Islamic Banking has also
increased its operation to 19 Islamic Banking dedicated branches across Pakistan offering Islamic Banking products and services from 206 branches of commercial retail, commercial and corporate centres directly linked to the dedicated Islamic Banking branch of the concerned region. HBL having the concept of Islamic economic system with welfare of the society being the main principle introduced this account and hoped that the noble cause and deeds always being rewarded by Almighty Allah. The bank's officials said that it is an immense desire of every Muslim to perform Umra and Hajj.
However, in the current environment of high cost it is not possible for every one to perform this noble religious ritual whereas the Habib Bank's new account would enable them to avail this facility which is initially being offered through 225 branches of the bank. More branches would be added to this facilitation. To avail this product the intending pilgrims would join the saving scheme by opening HBL Al-Ziarat Account with any of these branches and this account will be opened in the Islamic Banking branch of HBL through either dedicated Islamic Branch or through 206 spoke branches nearest to the intending pilgrim.
Banks told to open Home Payment Remittances Centers
Heartening news for home remitters ISLAMABAD: The State Bank of Pakistan (SBP) has allowed all the banks to open dedicated Home Remittance Payment Centres (HRPC) with immediate effect. The decision has been taken by the SBP keeping in view the rising trend in the home remittances and their importance for the economy. According to a circular issued here, for the purpose of opening
of dedicated Home Remittance Payment Centres, the State Bank has decided to enhance the scope of Permanent Booths as given in Paragraph-22 (Chapter-2) of the Branch Licensing Policy (BLP) which was revised in terms of BPRD Circular No.15 of 12th October, 2007. In this regard, the SubParagraph (iv) as "Payment to Home Remittance beneficiaries via cash, demand draft and pay
orders. In addition, such Home Remittance Payment Centers (permanent booths) would also be allowed to perform the functions of Sales & Service Centers as mentioned in Paragraph- 19 of the BLP" has been added to Paragraph-22 (Chapter 2) of BLP with immediate effect. All other instructions on the Branch Licensing Policy shall remain unchanged, the Circular added.NNI
WikiLeaks data land ex-banker in new probe ZURICH: Police will question former banker Rudolf Elmer on Thursday over possible fresh breaches of Swiss bank law for giving data to WikiLeaks this week, a day after he was found guilty of violating bank secrecy. Authorities have 48 hours from Elmer's arrest to decide whether they have grounds to hold him in custody for longer, state prosecutor Peter Pellegrini said on Thursday. "Mr Elmer was arrested yesterday and will be questioned by us today," Pellegrini said. Elmer helped bring WikiLeaks to prominence three years ago when he used it to publish secret client details. On Monday he handed over new data to the website, which has annoyed US authorities by releasing thousands of confidential State Department cables. Elmer was taken into custody by police on Wednesday evening, hours after he was convicted of breaching strict banking secrecy by passing on private client data and of threatening employees at his former firm Julius Baer. A decision on whether to detain Elmer further would depend on whether the state had a case against him and whether there was a risk of him taking flight, Pellegrini said. Elmer was held for a month in 2005 when he was arrested on the charges that led to Wednesday's prosecution -which did not concern WikiLeaks. His wife and daughter live near Zurich. A source who spoke to Elmer's wife Heidi after his arrest said she reported that police arrived at their residence in a village outside Zurich with a search warrant and a warrant for Elmer's arrest. Lucius Blattner, whose firm represented Elmer in Wednesday's proceedings, said his firm would again represent the former banker in the case of further legal action. On Wednesday, the court sentenced Elmer to a fine of 7,200 Swiss francs ($7,505), suspended for two years, without giving reasons, which will be presented in a written judgement. The defence will decide whether to appeal within 10 days. Switzerland's bank secrecy helped it build a $2-trillion wealth management industry but the laws have come under intense global attack in recent years, with neighbouring Germany buying secret data from informants to track down tax evaders.-Reuters
ISLAMABAD: The Supreme Court, declaring the appointment of Ali Raza as President of National Bank of Pakistan (NBP) null and void, ordered him to relinquish his post with immediate effect. The ruling was given by a three-member Supreme Court bench headed by Chief Justice Iftikhar Muhammad Chaudhry on Friday. In his application, petitioner Muhammad Idrees argued that Ali Raza's term as NBP chief was extended for the fourth consecutive time in violation of banking laws. He said that one can get an extension only once under the prevailing laws. The petition said that according to the rules Raza's term could be extended only twice but former president of Pakistan Pervez Musharaf extended the term for the third time by an ordinance. It called the act unconstitutional. The petition stated that the ordinance was made part of law under the finance act and was not approved by the parliament hence the extension was a violation of the Banking Nationalisation Act 1994.
The apex court, therefore, directed Raza to surrender his post with immediate effect. The SC also ordered the Capital Development Authority (CDA) to reclaim land allegedly occupied by Leader of the House in the Senate Nayyar Hussain Bukhari. CDA Chairman Imtiaz Inayat submitted a report which said that it has reclaimed 300 canals of the land in Bani Gala, while 20,000 acres of CDA land is still under illegal occupation. The apex court disposed of the case, after ordering CDA to take all possible actions to reclaim the land.-Agencies
2010 deposits up 18.5pc
Rs5.1tn lying in bank deposits Ahmed Siddique KARACHI: State Bank of Pakistan has released the combined balance sheet of all scheduled banks in Pakistan as of December 31, 2010 which was the last weekend of the outgoing year. According to data, total deposits in the CY10 (January to December), increased by 18.5 per cent to Rs5.12 trillion as compared to Rs4.3 trillion at the beginning of year 2010. Similarly, in the fourth quarter of the calendar year (4QCY10) the deposits surged 8.7 per cent QoQ compared to the decline of 1.2 per cent in the previous quarter (July-September-10). In sharp contrast to the deposit performance, gross advances also grew but by 6.8 per cent to Rs3.49 trillion as on December 31, 2010 against Rs3.27 trillion at beginning of 2010.
Similarly, provisioning grew by 27.2 per cent to Rs339 billion against Rs267 billion recorded at the start of 2010. That's why net advances steadily rose by 5 per cent to Rs3.15 trillion from Rs3.01 trillion during the period. Due to deteriorating quality of assets, amid alarmingly high NPLs, banks preferred to grow their investment portfolio rather than lending the money to borrowers. This is evident from the fact that investments grew by hefty 27.8 per cent to Rs2.1 trillion comparing with Rs1.65 trillion in CY09. IDR ratio surged nearly 41 per cent from 38 per cent at CY09. Furthermore, overall balance sheet size of the sector improved 13.4 per cent as total assets reached Rs6.78 trillion in 9MCY10 from Rs5.97 trillion at CY09.
SCBP declared best debt house of 2010 KARACHI: The Standard Chartered Bank Pakistan (SCBP) has once again won the "Asset Triple A Award" for "Best Debt House in Pakistan" for 2010. This is the third year in a row that Standard Chartered has won this accolade. A press release issued here said that award was recognition of SCBP's superior structuring and distribution capabilities, and reinforces its dominant leadership position in the capital markets of Pakistan. Commenting on the recognition Mohsin A Nathani, Chief Executive Officer, Standard Chartered Bank Pakistan said, "The Best Debt House award is a testament to the exceptional performance that the Bank has
achieved across its business in the country. In the last 12 months, the Bank has introduced innovative products and services and continued to meet its customer and clients' finance needs, thereby filling the gap that some other banks had left in the market." The "Asset Triple A Awards" is Asia's defining recognition for excellence in the industry. Into its second decade, the perception and appreciation of The Triple A's has gone from strength to strength. The Bank was competing with some of the largest local players in the Banking Industry and has won this award on the basis of its competence and commitment to the customers.NNI
Except USD, FCYs export unbanned Staff Reporter KARACHI: The State Bank of Pakistan has allowed export of UK Pound Sterling, Euro and UAE Dirhams, except US dollar. According to a circular of SBP issued here said that under Paragraph 3 of FE Circular No 4 dated May 09, 2008 whereby exchange companies were disallowed to export cash in UK Pound Sterling, Euro and UAE Dirhams. "It has now been decided to withdraw the said instructions with immediate effect", a SBP statement said. The exchange companies established under F E Circular No 9 of 2002 will, therefore, be allowed to export all types of FCYs other than US dollars as per prescribed procedure and declaration at SBP-Customs Joint Booths located at Jinnah Int'l Airport, Karachi and Allama Iqbal Int'l Airport, Lahore. The exchange companies shall, however, ensure to receive the equivalent US dollars against exported currencies in their foreign currency accounts maintained with banks in Pakistan within 3 working days. Evidence to this effect should immediately be submitted to this department against each shipment. Other instructions related to the subject matter shall, however, remain the same, the Bank statement said.
FMFB-P takes home CGAP award ISLAMABAD: The First Microfinance Bank Ltd Pakistan (FMFB-P), an institution of the Aga Khan Agency for Microfinance, has been awarded a certificate of recognition in the silver category for reporting on social indicators to the Microfinance Information Exchange (MIX) by the World Bank affiliated, CGAP (Consultative Group for Assisting the Poor), in the year 2010. This is the second consecutive Social Performance Reporting Award won by FMFB-P, says a statement of the bank issued here. The award was initially launched in 2009 by CGAP together with its partners the Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF). The award is designed to promote greater transparency in social performance reporting of Microfinance Institutions (MFIs) and recognises the efforts of MFIs in establishing a strong social performance outlook within their organisation.-APP
LONDON: Former Swiss banker Rudolf Elmer holds two CDs containing data during a press conference at the Frontline Club.-Reuters
9
Friday, January 21, 2011
Oil falls over $2 on US stocks, China inflation
European vegetable oil prices
Unexpected EIA, API stock build fuels bearish sentiment
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil prices at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11 1005.00-20.00, Feb11 1005.00-20.00, Mar11 1015.00-10.00, Apr11 1018.00-15.00, May11/Jul11 1023.00-14.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1075.00-5.00, May11/Jul11 1060.00-15.00, Aug11/Oct11 995.00-10.00, Nov11/Jan12 1000.00-10.00, Feb12/Apr12 1010.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1480.00-10.00, Apr11/Jun11 1465.00-5.00, Jul11/Sep11 1470.00-20.00, Oct11/Dec11 1380.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1540.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1265.00-5.00, Feb11 1265.00-5.00, Mar11 1265.00-5.00, Apr11 1260.00, Apr11/Jun11 1252.50-7.50, Jul11/Sep11 1230.00-10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Mar11 1295.00, Apr11/Jun11 1277.50. PALMOIL: RBD dlrs tonne fob Malaysia Mar11 1240.005.00, Apr11/Jun11 1222.507.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1250.00-5.00, Apr11/Jun11 1232.50-7.50, Jul11/Sep11 1207.50-7.50. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1210.00-10.00, Feb11 1210.00-10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 2300.00+0.00, Jan11/Feb11 2200.00-50.00, Feb11/Mar11 2170.00+20.00, Mar11/Apr11 2160.00+20.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Dec10/Jan11 2250.00, Jan11/Feb11 2200.00+10.00, Feb11/Mar11 2170.00+0.00, Mar11/Apr11 2165.00. -Reuters
LONDON: Oil prices fell to as low as $88 a barrel for the first time in 10 days, sliding by over $2 as concerns about high US inventories and Chinese inflation outweighed positive US jobless data. US crude futures fell by nearly around $2.35 per barrel to $88.51 per barrel by 1649 GMT, while ICE Brent futures for March were down by $1.80 at $96.36 per barrel. The March spread between the two grades hovered close to $7 as the unusually wide Brent premium persisted following figures from the Energy Information Administration (EIA). US crude stocks unexpectedly rose 2.62 million barrels in the week to Jan. 14, the EIA report showed, against expectations of a 600,000 barrel draw. But the surprise increase was smaller than reported by the American Petroleum Institute (API) after the close on Wednesday. The API reported a 3.5 million barrel rise in crude inventories, against an expected draw of 600,000 barrels.
Tokyo, Shanghai rubbers at record high TOKYO: Key Tokyo and Shanghai rubber futures hit record highs on Thursday as speculators bet heavily on strong demand and supply shortages in the future. The key Tokyo Commodity Exchange rubber contract for June delivery settled down 0.4 per cent, or 1.7 yen, at 465.7 yen per kg after striking a record high of 470.4 yen. The most active Shanghai rubber futures contract for May delivery climbed as high as 40,220 yuan ($6,110) per tonne on Thursday, exceeding the previous peak of 39,980 yuan hit the day before. The contract closed up 210 yuan at 40,130 yuan, with volume inching up to 788,972 lots. Japanese traders have said TOCOM futures could hit 500 yen in the next month as the wintering season begins in producing countries, causing reduced output. Bad weather over the past few months has delayed the stocking of rubber needed during the wintering season, adding to supply concerns, they have said. -Reuters
US oil prices pared losses following the EIA release, recovering by around 50 cents from lows of $88 per barrel. The market was in negative territory for most of the day, but losses were modest until after the start of US trading hours when crude began plunging. "What we are seeing now
is the impact of the US market opening after the release of the Chinese statistics during the night," said Christophe Barret from Credit Agricole. "A very strong impact in crude stocks was relatively bearish. The Transatlantic pipeline (outage) is finished, so there is room to pressure the market to go down," he added. St r o n g e r- t h a n - e x p e c t e d Chinese growth data spurred concern on Thursday about tighter monetary policy, prompting a sell-off in equities led by emerging markets.
Worries about China overshadowed a positive US initial jobless claims report, showing claims had fallen more than expected last week. The decline was the widest since February last year, erasing a holiday-related spike to show a trend toward a healthier labour market remained intact. The unexpected stock build in both the API and EIA reports has compounded bearish sentiment about global demand, and analysts have argued the recent oil market rally may have run out of steam. Analysts say a persistently weak US dollar has helped offset bearish signals from the world economy and global supply. But the US dollar was up by more than 0.5 per cent versus other currencies following the jobless report, helping to spur oil prices lower. The potential for measures to slow Chinese growth resulting in a hard landing for investors is one of the major worries cited by analysts heading into 2011. -Reuters
US cotton higher, but off session peak NEW YORK: US cotton futures finished higher Wednesday on investor and speculative buying inspired in part by a weak dollar, dealers said. Fiber contracts also seemingly tracked the early strength and late weakness of grains prices as players awaited a US government report on cotton export sales, they said. The key March cotton contract on ICE Futures US climbed 3.50 cents to settle at $1.4894 per lb, dealing from $1.4776 to up its 5.00-cent limit at $1.5044. Trading volume of around 22,200 lots was about 15 per cent above the 30-day norm, Thomson Reuters preliminary data showed. Jobe Moss, an analyst for brokers and merchants MCM Inc in Lubbock, Texas, said he feels there is more downside risk to cotton prices in the weeks ahead although the March contract 'seems con-
tent' to stay in a band for now between $1.40 and $1.50. Sharon Johnson, senior cotton analyst at Penson Futures in Atlanta, said cotton appeared to track initial strength in corn futures in Chicago but weakened when the corn market slid. Traders said the market may have also derived some inspiration from stronger Chinese cotton prices. May cotton futures on the Zhengzhou Commodity Exchange last traded at 29,390 yuan per tonne, up 510 yuan on the day. On Thursday, the market will be looking at the US Agriculture Department's weekly export sales report to see if the recent robust pace of Chinese cotton buying has slackened. Cotton brokers expect total US cotton sales to range between 300,000 and 400,000 running bales (RBs, 500-lbs each), against sales in last week's report of 357,600 RBs. -Reuters
Copper falls on dollar, China policy concerns LONDON: Copper fell to its lowest in around a month on Thursday as the dollar rose on US jobless and home sales data and concerns deepened about China tightening its monetary policy, which would soften demand for metals. Three-month copper on the London Metals Exchange, fell to $9,281 a tonne and closed at $9,355, from a last quote of $9,570/$9,575 a tonne on Wednesday. Copper struck a record $9,781 a tonne on Wednesday, bolstered by tighter world supply due to supply uncertainty and falling ore grades in major producing countries such as Chile. But the metal, used in power and construction, on Thursday ignored a surge in US home sales and a bigger than expected fall in jobless claims, which suggest an economic recovery is on track. "The jobless claims and home sales should have helped provide some support, but I think the move is still primarily driven by worries about monetary tightening in China," Standard
Chartered analyst Daniel Smith said. "That is still in the forefront of people's minds." Data on Thursday showed China's annual gross domestic
Shanghai copper declines Shanghai's benchmark third-month copper futures contract fell 1,290 yuan to 71,610 yuan a tonne. product growth sped up in the fourth quarter of 2010, to 9.8 per cent from 9.6 per cent in the third quarter. While on the surface this should bode well for base metals demand, investors focused instead on the likelihood strong growth will prompt China to tighten its monetary policy. This could curb the country's buying
power. "So risk is being taken off the table in all markets," Stephen Briggs, a commodities analyst at BNP Paribas in London, said. Copper's losses spread through the metals complex. Battery material lead closed at $2,437 a tonne from $2,531, and zinc was $2,330 a tonne from $2,390. Copper stocks at LME warehouses last fell 1,225 tonnes to 380,525 tonnes, edging back from a recent rise that has slightly dented sentiment towards demand. LME lead stocks continued to rise, last climbing 2,425 tonnes to 264,350 tonnes. Tin was last quoted at $26,950/$27,000 a tonne from $26,900 and nickel closed at $25,750 a tonne from $25,655. Aluminium was $2,408 a tonne from $2,408. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 19 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1250
January (3rd Wednesday)
1310
1255
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 19 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2251 2252 2225 2230 2155 2165 2155 2165
2444 2445 2467 2468 2522 2527 2560 2565
9787 2649.5 9788 2650 9755.5 2617 9756 2618 9475 2535 9485 2540 9040 2480 9050 2485
26190 26200 26195 26200 25475 25575 24575 24675
TIN
ZINC NASAAC
27200 2425 27225 2427 27055 2442 27060 2442.5 26475 2465 26525 2470 2440 2445
2400 2410 2445 2450 2470 2480 2525 2535
HYDERABAD: Farmers and business traders dealing onions at the wholesale market in Hyderabad. -Agencies
ICE cocoa climbs on supply woes LONDON: Cocoa futures jumped to 5-1/2-month peaks on Thursday after failed mediations in top grower Ivory Coast and a fire in a Dutch cocoa factory added to fears about possible supply disruptions. Coffee and sugar slumped, tracking a setback in many other commodity markets after stronger-than-expected Chinese growth data raised the prospect of tighter monetary policy in the world's secondlargest economy. Cocoa traders were watching developments in Ivory Coast where a mediator said talks to resolve a disputed election had failed, raising the possibility of harsher sanctions or military force that could disrupt cocoa shipments. ICE May cocoa rose $46 or 1.5 per cent to $3,161 a tonne at 1614 GMT after touching $3,186, the highest level for the second month contract since Aug. 4. May cocoa on Liffe was up 42 pounds or 2.1 per cent to 2,084 pounds per tonne, after hitting 2,095 pounds a tonne, the peak since Aug. 10. Raw sugar slumped to a 21day low as the potential for tighter Chinese monetary policy knocked crude oil and other commodity markets. ICE March raw sugar was down 0.7 cent or 2.1 per cent at 30.53 cents a lb, after dipping to 30.04 cents per lb, its lowest since Dec. 30. London March white sugar fell $13.00 to $758.60 per tonne, the lowest in 13 days. Traders said sugar would remain range-bound as long as concerns about the crop outlook in key producers India and Australia persisted. Coffee futures followed commodities lower, with the March contract on ICE dipping to a trough of $2.2635 per lb, its lowest since Dec. 21. It stood down 1.85 cents or 0.8 per cent at $2.3065 a lb. Liffe robusta coffee futures were off $24 or 1.1 per cent at $2,095 a tonne, but were still close to $2,185, the highest for the benchmark second month since Sept. 2008. Traders predicted the market was poised to go higher given underlying tight supplies of arabicas. -Reuters
Gold slides to 2-mth low as USD recovers LONDON: Gold prices extended early losses to fall below $1,350 an ounce on Thursday, hitting their lowest in two months, as the euro surrendered gains to turn negative versus the dollar, and as investment demand waned. Gold's slide and losses in other commodities also weighed on silver, which slipped nearly 5 per
tance of the US stock market during this relentless rally over the last couple of months. If we see a deeper correction now, I think that almost all asset classes will struggle to make any upside progress." Holdings in the SPDR Gold Trust, the world's largest goldbacked exchange-traded fund, continued to decline, falling to
cent to a seven-week low. Spot gold fell as low as $1,342.65 an ounce, its weakest since Nov. 19, and was bid at $1,346.45 an ounce at 1605 GMT, against $1,370.05 late in New York on Wednesday. US gold futures for February delivery fell $24.00 to $1,346.20. The precious metal fell in early trade after Chinese inflation data showed price pressures were growing more than expected and could prompt the government to step up its approach to tightening monetary policy. This also sparked losses in industrial commodities like oil and copper and rattled the stock markets, with equities falling on both sides of the Atlantic. "Gold is struggling, very much so," said Saxo Bank senior manager Ole Hansen. "ETF positions continue to be scaled back. "We have forgotten the impor-
1,251.433 tonnes on Jan, 19, its lowest since May 2010. Elsewhere silver, which rose by more than 80 per cent in price last year due largely to continuous investment, also came under pressure following another outflow of metal from top silver ETF iShares Silver Trust. Silver was last down 4.1 per cent at $27.58 an ounce and has fallen around 11 per cent so far this month, putting it on track for its largest monthly slide since June 2009. The metal is tracking gold's losses, as both suffer from a dearth of investment demand and gains in the dollar. Platinum meanwhile fell after two consecutive days of rallies that took the price to its highest since July 2008. Platinum was at $1,797.99 an ounce against $1,830.99, while palladium was at $800.47 against $811.97. -Reuters
Indian sugar extends losses for a 5th day MUMBAI: India sugar prices extended losses for a fifth session on Thursday, weighed by higher supplies from millers, analysts and dealers said. The most-traded M-grade sugar contract for February delivery on India's National Commodity and Derivatives Exchange (NCDEX) closed down 0.67 per cent at 2,784 rupees per 100 kg, after hitting contract low of 2,767 rupees. The contract had shed 2.5 per cent in the previous four sessions. "Supply side is good as this is a crushing season, and basically outlook is weak due to higher production estimates,"
said Chowda Reddy, chief analyst with JRG Wealth Management. Sugar may trade in the range of 2,770-2,805 rupees, said Reddy. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.3 per cent to 2,717.25 rupees per 100 kg. India has made available 1.7 million tonnes of non-levy sugar for January, higher than 1.5 million tonnes it had released for December, the government said in a statement last month. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal
government on a monthly basis. Mills usually pay farmers a large chunk of the cane price immediately after harvesting or within a fortnight. The Indian Sugar Mills Association, a producers' body, had forecast 2010/11 output at 25.5 million tonnes, up from 18.8 million tonnes in the previous year. India's sugar output is seen at 8.4 million tonnes as at Jan. 15 in the current season from October, a senior government official said reinforcing expectations of a higher output following a good cane harvest. Reuters
National Commodity Exchange Ltd Trading Summary Date
20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011 20-Jan-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 20JA11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
92.80 93.92 93.94 29.39 29.39 1373.10 1376.20 1376.60 1374.50 1376.50 1377.40 38250.00 38204.00 38218.00 38057.00 38176.00 44389.00 44389.00 39265.00 39307.00 39321.00 39237.00 39251.00 45057.00 45146.00 45000.00 45075.00 45175.00 3331.00 3363.00 5181.00 86.14 85.39
93.00 93.92 93.94 29.46 29.39 1379.10 1379.50 1380.30 1378.50 1376.50 1377.40 38272.00 38204.00 38218.00 38057.00 38176.00 44389.00 44389.00 39265.00 39307.00 39321.00 39237.00 39251.00 45129.00 45178.00 45194.00 45097.00 45175.00 3340.00 3372.00 5181.00 86.18 85.39
90.85 92.15 93.29 28.18 28.19 1357.70 1357.90 1359.00 1358.10 1357.80 1357.80 37708.00 37637.00 37655.00 37600.00 37609.00 43856.00 43856.00 38668.00 38708.00 38722.00 38736.00 38654.00 44433.00 44480.00 44496.00 44512.00 44418.00 3331.00 3363.00 5178.00 86.14 85.37
90.92 92.20 93.29 28.18 28.19 1357.20 1357.80 1358.50 1357.20 1357.80 1357.80 37627.00 37637.00 37655.00 37600.00 37609.00 43856.00 43856.00 38668.00 38708.00 38722.00 38736.00 38654.00 44433.00 44480.00 44496.00 44512.00 44418.00 3340.00 3372.00 5178.00 86.18 85.37
Traded Volume in lots 400 87 297 1,882 3,353 2,883 139 29 3 3 1 6 20 -
Previous Settlement Price 91.62 92.81 93.84 28.60 28.61 1367.10 1367.90 1368.80 1367.10 1367.90 1368.80 37965.00 37974.00 37993.00 37937.00 37946.00 44249.00 44249.00 39010.00 39052.00 39066.00 39080.00 38996.00 44832.00 44880.00 44896.00 44912.00 44816.00 3331.00 3363.00 5181.00 86.14 85.39
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 90.92 83 92.20 31 93.29 28.18 69 28.19 1357.20 1,259 1357.80 3,362 1358.50 2,612 1357.20 17 1357.80 1358.50 37627.00 28 37637.00 1 37655.00 37600.00 2 37609.00 43856.00 43856.00 38668.00 38708.00 38722.00 38736.00 38654.00 44433.00 3 44480.00 11 44496.00 44512.00 5 44418.00 45 3340.00 3372.00 5178.00 86.18 85.37 -
Switzerland's Gruenenfelder speeds down the famous Streif downhill course during downhill World Cup race in Kitzbuehel
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Friday, January 21, 2011
Nadal blows Sweeting away at Oz Open MELBOURNE: Rafael Nadal stretched his Grand Slam winning streak to 23 matches as he overpowered American qualifier Ryan Sweeting to reach the third round at the Australian Open on Thursday. The world number one cruised through 6-2, 6-1, 6-1 in 1hr 42min to set up a third round encounter with either Spanish Davis Cup teammate Feliciano Lopez or Australian teenager Bernard Tomic. The Spanish left-hander's serve was much improved from his opening round win over Brazilian Marcos Daniel and he came up with 36 winners, 21 of them off the forehand. Nadal's Grand Slam streak goes back to his victory at the French Open last June and takes in his wins at Wimbledon and the US Open. The Spanish top seed is bidding for his fourth straight major title to complete a noncalendar year Grand Slam. Only Don Budge and Rod Laver have held all four titles at the same time. Nadal is also chasing his second Australian Open title and 10th Grand Slam title overall. At last September's US Open he became the youngest man in the Open Era to achieve a career Grand Slam. Nadal broke Sweeting twice to take the opening set in 29 minutes, sealing the set with a 209 kilometres (130 miles) per hour ace. The world number one maintained the pressure on Sweeting, breaking him three times in the second set.-Agencies
Triumph a huge boost, Waqar says KARACHI: Pakistan coach Waqar Younis has termed the Test-series win against New Zealand a huge boost for his side after the recent onslaught of scandals and poor performances. The former captain said the team is coming to the right track and the victory will bolster his side’s confidence ahead of the One-Day International (ODI) series against New Zealand and the World Cup. Pakistan cricket has been in the headlines for all the wrong reasons ever since the spot-fixing scandal surfaced last year. The team also lost against England in all formats, and wicket-keeper Zulqarnain Haider running away in Dubai added to the side’s miseries. “The team has suffered a lot in the past few days and the Test-series victory, after such a long time, has come as a huge boost,” Younis told The Express Tribune. “All the players showed responsibility and their positive body language designed the victory.” Younis also showered praise on captain Misbahul Haq saying the seasoned batsman led the team from the front. “He performed both as a captain and batsman for which he deserves all praise. I am inspired with his decision making during the series.” “Now our performance in the upcoming ODI series will set our tone for the World Cup.” Team manager Intikhab Alam said Misbah’s performance as captain set a precedent for the team. “The players all conducted themselves with care but the captain’s performance was simply exemplary,” said Alam while defending the team’s defensive strategy on the final day. “Winning the series was our top priority so the cautious strategy was key.”
Runaway gloveman Haider says cashless Monitoring Desk LONDON: Former Pakistani wicketkeeper Zulqarnain Haider, who fled the team hotel in Dubai hours before the final one-day international against South Africa last year, said on Thursday that he has run out of money. Haider told the British media that the Pakistan Cricket Board (PCB) is withholding 15,000 pounds in wages from him. The cricketer had fled from Dubai to the UK due to death threats he received while the Pakistan cricket team were MELBOURNE: Vera Dushevina of Russia plays a stroke during her second round women's singles match against Samantha Stosur of Australia on the fourth day of the Australian Open tennis tournament.-Reuters
Pak players enter Fed Tennis Cup after a decade ISLAMABAD: Pakistani female tennis players will participate in the forthcoming Fed Cup to be held at Thailand after the gap of more than one decade. President Pakistan Tennis Federation (PTF) Syed Kaleem Imam and Secretary PTF the Mumtaz Yousaf have nmade a detailed programme for youngsters in grooming them to an extent that they are able to match the finest players in the game at international level. Last women team which participated in the Fed cup was
way back in 1999 and thereafter no heed was paid by the previous administration in grooming the female tennis players particularly at the grass root level, says a press release issued here. PTF has brought a radical change in PTF and after decade women tennis is scheduled to participate in the forthcoming Fed Cup. Pakistan youngsters U-14 team is also being sent to Myanmar for participation in the ITF 14 and Under Asian Tennis Championships 2011
from where the potential players are selected by ITF for grooming and all this being done within a short span of time of about a month or so and that too with meager monitory resources. PTF has made public a four years plan schedule towards promotion of the game enabling the players to prepare themselves accordingly for the competitions. Pakistan team comprise Ushna Suhail, Sara Mehboob, Sara Manzoor and Saba Aziz.APP
Ricky should give up captaincy: Hussain Monitoring Desk MELBOURNE: Former England captain Nasser Hussain has said Ricky Ponting can still make runs and regain his lost form like Sachin Tendulkar if he gives up Australia's captaincy. Ponting failed with the bat during Australia's recent Ashes humiliation, returning a dismal 113 runs at an average of 16.14, including a highest score of 51 not out in the second innings of the first Test at the Gabba. The figures compare poorly both with his Test career figures of 12,363 runs at 53.51, including 39 centuries, and his career return against England.
"He has given so much to Australian cricket that he deserves the chance to show he can score runs again without the burden of captaincy," Hussain writes of Ponting in the February Ashes Souvenir issue of The Wisden Cricketer magazine. "This must have taken so much out of him - not just on the field, where he went from leading one of the greatest sides of all time to captaining an ordinary team, but also off it," he said. Hussain suggests that Ponting will be a driven man in the Test arena, FOX Sports reports. "I don't think he would want
to go out on this note. He had a bad couple of months: he failed to regain the Ashes, didn't get any runs and had an argument with an umpire. It's not how he would want to finish," Hussain writes in The Wisden Cricketer. Hussain likens Ponting's situation to that of Sachin Tendulkar, who has been in career-best form after a lean period with the bat. "Ricky's batting record in the last year was not great, and it may be, of course, that age has simply caught up with him. But I would like to see him play on for a while and try to perform the way Tendulkar has over the past two years after his dip in form," he writes.
Clarke stands by his ‘steady’ batting SYDNEY: Michael Clarke, Australia's stand-in captain, has defended the way he batted during the first one-day international against England at the MCG. Australia won the match by six wickets with Shane Watson hitting an unbeaten 161, but Clarke's 57-ball 36 threatened to stall the run chase and increased the pressure on his partner. The home supporters were clearly unimpressed as they booed Clarke when he played a dot ball and cheered when he got off strike. It continued a difficult summer for Clarke, whose popularity has taken a severe hit following off-field issues and a slump in form. Following the Ashes series, where he scored 193
runs at 21.44, and made his Test captaincy debut at Sydney, he retired from Twenty20 cricket so he could focus on his batting in the longer formats. Clarke is currently filling the No. 3 role that will be Ricky Ponting's when he recovers from a broken finger, and he stood by his performance. "What's important for me as the captain of this team right now is to do whatever it takes to help Australia win every game of cricket we play," Clarke said. "I thought throughout that period when I was batting with Watto that it was important to get a partnership. "We thought in those conditions both Swann and Yardy
were going to be quite tough to score off, so we had to be patient throughout that middle period. When I first walked out to bat, the ball was reverse-swinging a little bit. "It wasn't the easiest of conditions to walk out and just smack it. Watto was playing an amazing knock and my role was to get up the other end and try not to lose wickets, try to build a partnership. We put on a hundred-run partnership which helped us set up the game." The first ODI followed two Twenty20 matches where quick scoring was far more evident and Clarke suggested the fans needed to adjust to a change in tempo. -Reuters
Aisam-partner in 2nd round of Australian open LAHORE: Pakistan top tennis star, Aisam ul Haq together with Indian Rohan Bophanna moved into doubles second round of Australian Open 2011 Grand Slam Tennis Championship en route to a simple 6-3,6-0 win over Brazilian pair of Andre Sa and France Ferreiro on Thursday. Pak-Indian duo struck excellent tennis with coordination and planning to outplay their rivals in all departments of the game, said the information made available here.-APP
Bagai to lead all-green Canadian side in WC LONDON: Ashish Bagai will lead a young 16-member Canadian squad to the 2011 World Cup, and Rizwan Cheema will be his deputy. Apart from Bagai, seamer Henry Osinde and allrounder John Davison are the two other players in the side with prior World Cup experience. The team features seven players who have come through Canada's youth programs, including six who have represented the country at the under19 level - Zubin Surkari, Nitish Kumar, Hiral Patel, Ruvindu Gunaskera, Parth Desai, and Hamza Tariq. -Reuters
Inter are favourites, says Ranieri ROME: Following a fifth straight victory under new boss Leonardo, Inter Milan must be considered the favourites to win the Italian league title, according to Roma coach Claudio Ranieri. The 3-2 success over Cesena on Wednesday moved Inter above Roma on goal difference in fourth place in the league. They trail leaders and arch city rivals AC Milan by six points but have a game in hand on all the other title contenders. Added to their two wins at the Club World Cup with Rafael Benitez at the helm, it is now seven wins in a row for the reigning treble holders, and that is enough for Ranieri to consider them and not Milan the team to beat. "Inter are the scudetto favourites, all the others have to measure themselves against them," he said after his side dumped Roman neighbours Lazio out of the Italian Cup.APP
playing a series against South Africa in November 2010. Haider arrived in England and immediately claimed asylum in order to gain entry to the country. “This country is very humane, very co-operative, and there are very nice people here and there are very good rules here for my safety. That’s why I came here,” he said. Later in a press conference with the media, the ex wicketkeeper claimed he was approached by a person who had asked throw the fourth and the fifth ODIs between the two
playing countries. He also insisted that he had no knowledge of any other players being involved in match fixing or if they had been approached like him. “I think the best way is to record all the players’ phones and all their activities,” he added. He also expressed contentment that his wife Shazia and daughters, Zahra and Fizza, will be joining him soon. The player is currently in process of a deal with the Kent-based Lashings World eleven and is hopeful that it will come through.
FIFA quashes winter WC talk BERNE: FIFA has quashed talk of a winter World Cup in 2022, saying it has no plans to change the international calendar and that any switch of dates would have to be proposed by the Qatari hosts. Qatar has already said it wants to stage the tournament in the summer as presented in its bid. "Any potential move of the 2022 FIFA World Cup from a summer to a winter period would have to be initiated by the football association of Qatar and would have to be presented to the FIFA Executive Committee," FIFA said in a statement. "At this stage there are no concrete plans to change the international match calendar." The statement appeared to mark a U-turn by football's governing body as FIFA president Sepp Blatter said this month that he expected the tournament to be staged in the winter. Blatter's comments echoed those of other leading figures including UEFA president Michel Platini, who even suggested that Qatar could co-host the event with some of its neighbours.
But Mohammed Bin Hammam, the Qatari president of the Asian Football Confederation, said the 2022 World Cup hosts would resist efforts to reschedule the tournament. "We submitted a bid suggesting we are going to be ready in June and July. And we said we are going to face all the challenges and we are going to meet all the requirements," Bin Hammam told Sky News last week. "Our focus is June, July. It is never our interest to change one week beyond June and July." Blatter's comment led to suggestions that FIFA was effectively changing the rules as the contest for the 2022 World Cup, in which Qatar beat Australia, the United States, Japan and South Korea, was based around a June-July tournament. U.S. media called for the contest to be staged again if the tournament was moved from its original spot. Qatar has insisted that the fierce summer heat will not be a problem as all its stadiums will be air-conditioned.Reuters
Rawalpindi women cricket trials today RAWLAPINDI: The trails to select the Rawalpindi district women cricket team to contest inter-district women cricket championship due today (Friday) will be held at Pindi Cricket Stadium Rawalpindi.
All participants have been advised to report to coach Shahid Javed and Sajid shah at 3:00 pm, while week long training camp will also be held of selected players.Online
MELBOURNE: Caroline Wozniacki of Denmark poses with Australian cricketers Peter Siddle and Aaron Finch after receiving a cricket lesson during day four of the 2011 Australian Open .-Reuters
China's sizzling end to 2010 calls for tighter policy BEIJING: China finished 2010 with a bang, its growth soaring past forecasts and inflation slowing less than expected, numbers that could prod the government to intensify its easy-does-it approach to tightening. Evidence of robust growth may give officials confidence to take more aggressive steps to quell price pressures, from stricter lending curbs to interest rate rises, as rising food costs in recent weeks suggest inflation will rebound in coming months. China's annual gross domestic product growth sped up in the fourth quarter to 9.8 per cent from 9.6 per cent in the third quarter, the National Bureau of Statistics (NBS) said on Thursday, defying expectations for a slowdown to 9.2 per cent. "Inflation pressure is intensifying into January and the tightening pressure will intensify, especially considering the stronger-than-expected fourthquarter GDP growth," said Isaac Meng, economist with BNP Paribas in Beijing. Full-year growth picked up to 10.3 per cent from 9.2 per cent in 2009. With President Hu Jintao on a state visit to the United States, the figures served as a powerful reminder that despite controversy about China's vast trade surplus, its economy is far from dependent on exports. Domestic investment and consumption contributed 9.5 per centage points to its growth last year, while net exports added just 0.8 per centage point. Consumer prices in December rose 4.6 per cent from a year earlier, slowing from a 28-month high of 5.1 per cent in November but staying above forecasts for a steeper fall to 4.4 per cent. Other important data for December, from factory output to investment, painted a picture of stable expansion, showing that the world's second-largest
economy was not overheating despite the surprise jump in growth. Although the growth and inflation figures had been published in advance by local media, China's main stock index shed 2.9 per cent as investors viewed the strong set of data as bolstering the case for tightening. China has officially raised banks' required reserves seven times since the start of last year, with its most recent increase taking effect on Thursday. But it has increased interest rates only twice during that time and some analysts warn that more forceful moves are needed. The government is still debating the extent of credit curbs, and reports in recent days have pointed to Beijing imposing a lower ceiling on bank lending than some investors had expected. "Beijing still has more work to do to keep the economy on an even keel," said Brian Jackson, an economist with Royal Bank of Canada in Hong Kong. "Risks are skewed to more aggressive action." A Reuters poll showed that economists expect two interest rate rises in the first half of 2011. To keep banks from skirting restrictions on credit growth, the Chinese banking regulator said on Thursday that lenders must bring all of their off-balance-sheet loans sold to trusts back onto their books this year. In a sign that the various stabs at tightening are starting to bite, China's benchmark short-term money market rate spiked 194 basis points on Thursday, heading for its biggest single-day rise on record as the latest required reserves increase took effect. To ease the tight market liquidity, the central bank conducted reverse repurchase agreements with selected banks, sources told Reuters. Weekly food price move-
ments had long pointed to a decline in inflationary pressure in December, but many analysts also reckoned that any slowdown in inflation could be temporary. December's data showed a clear slackening in price pressures as monthly inflation eased to 0.5 per cent from 1.1 per cent in November. A drop in food price inflation to an annual rate of 9.6 per cent in December from 11.7 per cent in November was the main reason for the decline. But price pressures could pick up in January, because harsh winter weather could compound a surge in demand with the Lunar New Year holiday falling earlier in the calendar this year than in 2010. Indeed, food price data compiled by the commerce ministry shows vegetables and meat have become more expensive since the start of the year. "Growth momentum remains strong. However, inflation is the key focus of the market. It will be a challenging year for China to battle inflation," said Dongming Xie, China economist at OCBC Bank in Singapore. Currency appreciation is another potential tool in Beijing's tightening kit. It has nudged the yuan higher against the dollar over the past week, but dealers see the mini-burst of appreciation as politically motivated to try to soften US criticism of China's currency policy during Hu's state visit. Analysts expect appreciation of just 5 per cent this year, with Hu himself saying that inflation was hardly the most important factor in determining the exchange rate. Ma Jiantang, chief of China's statistics agency, said he was confident that China would be able to control inflation in 2011 and that steps to limit the amount of cash in the economy would be instrumental to taming price pressures.-Reuters
India food inflation falls but RBI action seen NEW DELHI: India's food inflation eased for the second straight week in January, tracking lower fruit and vegetable prices, but accelerating headline inflation in December is likely to put pressure on the central bank to raise rates at a policy review next week. India's food inflation quickened to a one-year high late last month as unseasonal rains hurt the summer harvest of vegetables such as onions, potatoes and tomatoes. The country battled doubledigit food inflation through most of 2010, the highest rate of any major Asian economy. Spiralling food and fuel prices, a political minefield, have damaged voter confidence in the government, threatening its prospects in upcoming state elections this year. The food price index rose 15.52 per cent and the fuel price index climbed 11.53 per cent in the year to Jan. 8, government data on Thursday showed. In the prior week, annual food and fuel inflation stood at 16.91 per cent and 11.53 per cent. The primary articles price index was up 17.03 per cent in the latest week, compared with an annual rise of 17.58 per cent a week earlier. The 5-year swap rate was down 2 basis points to 8 per cent following the latest inflation figures, but rose back to previous levels as rate hike concerns and a hawkish policy stance weighed. Analysts expect food prices to moderate by February, but they would still remain high. "The build-up of food inflation will take two months to dissipate. So, it will moderate in January and February and we expect food inflation at 10-12 per cent by March," said Abheek Barua, chief economist at HDFC Bank. "I expect the RBI (Reserve Bank of India) to continue to be hawkish and continue with its rate hikes as non-food primary product inflation is sticky and can have pass through effect into wages and general prices," Barua said.Reuters
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Prime Minister of Pakistan Syed Yousuf Raza Gilani in resolving the political and law & order issues. The meeting was informed that all the said provincial and federal components of administration are working in full harmony. Furthermore, Rehman Malik said that terrorists are destabilising the country and he will not allow anyone to disturb the Karachi peace. Talking to host of journalists, he said that some religious groups are supporting the terrorists and dividing the nation. He opined that anti-Pakistan elements are targeting Pakistan since last 63 years. He said that security forces foiled the plan of terrorism in Sindh Assembly. Malik said that he came to Karachi on the directives of President and Prime Minister. Interior Minister said he and Home Minister Sindh Zulfiqar Mirza are not aware from recent running operation in Karachi. On the other hand, Sindh Home Minister Dr Zulfiqar Mirza said Rangers did not consult with the Government of Sindh for an operation in Karachi. Mirza said while replying to a question in Sindh Assembly that the Chief Minister nor to himself in the capacity of provincial Home Minister was taken into confidence by Rangers for the recent operation in Karachi. Sindh Home Minister added that all Rangers operations in Karachi are being conducted without any consultation with the provincial government.
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Court further said that our eyes are not closed. The court ordered the secretary establishment division to present details of contract employees appointed on key posts. The court adjourned the case hearing to Jan 27. -Agencies
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Rs284.00 million. The Committee after due scrutiny recommended the acceptance of the lowest bid to the Chairman, Capital Development Authority who approved the same being the competent authority in this case. -APP
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International & Continuation
Friday, January 21, 2011
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challenges but has been able to confront the same because of its policy of political reconciliation as well as representation of PPP in all the four provinces and regions of the country. The leader of the Fata delegation, Haji Munir Khan Orakzai, MNA said that the elected representatives from FATA had supported and would continue to support the government on its efforts to improve the conditions of the people in the backward areas.-Agencies
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daily service for more than 100 destinations in Europe, the US and South America. He said that PIA staff will be present in Turkey to help and assist passengers. Haroon said the passengers will continue their journey on one ticket and will not need to get another ticket at Turkey. He said the national flag carrier's management will take every step for the best interest of the Airline and the country. Captain Haroon said he has always preferred to protect the employees' rights, adding he was also working for regularization of daily wages employees. He alleged that vested elements were trying to create issues from non-issues to gain political mileage. -Agencies
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Bids must be submitted by May and a winner and final investment decision is expected by July or August, Khattak said. But the existing pricing regime in Pakistan discourages the construction of new refineries and the gasoline deficit may keep growing, Khattak said. "The prices are determined by the government, so the pricing mechanism does not give enough return on investment to the potential investors in the refinery," he said. "We are having negotiations with the government for some positive change in the price mechanism. Unless that happens, I don't expect any new investment to come into new refinery projects." -Reuters
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million tonnes of utility fuel oil, for January to March delivery, traders said this week. -Reuters
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statement that the report from a private intelligence-gathering as well", PM stated. Sources told PM had directed Rehman company was unfounded. He calls the story "more propaganda, Malik that he should immediately ascertain from Chief Minister part of the rumor-war launched by the enemy." He says Taliban Sindh and provincial interior minister Zulfiqar Mirza as to why leader Mullah Mohammad Omar has no heart issues. -Online house of member of CEC was raided. Continued from page 12 Sources stated PM had asked Gabol to immediately reach No #5 Opposition parties, and even some members of the ruling coali- Islamabad and contact him and apprise him of his reservations. tion, fiercely oppose IMF-recommended reforms, saying they will Meanwhile Federal Minister for Petroleum and Natural Resources, hurt ordinary Pakistanis. But that will only prolong their suffer- Syed Naveed Qamar is expected to be given the additional charge ing. Pakistanis have watched the price of tomatoes jump 30 . 21 of Ports and Shipping portfolio, after resignations of Babar Ghouri per cent in December. Cooking oil was up 4.17 per cent and as the Federal Minister and Nabil Gabol as the State Minister. eggs rose by 10 per cent over the previous month , official figContinued from page 1 No #11 ures show. Mrs. Ashraf walked through an Islamabad market carthe voluntary separation scheme is to make the organization rying a plastic bag with a few chicken breasts, now a luxury item efficient and financially viable by closing non productive secfor the mother of five married to a government employee "We can tions. Peoples Workers Union said that they would continue to only afford to buy this once a month. The government should raise raise their voice against forcible action taken by the administramy husband's salary," she said, a move that would further drain tion. Earlier, Karachi Electric Supply Company (KESC) has state coffers. The IMF -- which is keeping Pakistan's economy decided to forcibly lay off at least 4000 employees as a cost-slashafloat with a $11 billion loan that averted a balance of payments ing move to make the utility more viable. crisis in 2008 -- says only bold reforms can really help Pakistanis, According to spokesman, the company offered its employees by strengthening the economy in the long run.-Agencies
US home sales surge, jobless claims decline WASHINGTON: US home resales jumped more than expected in December despite bad weather as sellers cut prices while jobless claims fell sharply last week, offering some hope for the economy's two key trouble spots. Existing home sales soared 12.3 per cent to an annual rate of 5.28 million units, the National Association of Realtors said on Thursday, far surpassing forecasts for a rise to 4.85 million. However, sales were down 2.9 per cent from a year earlier. In another report, applications for new jobless benefits posted their biggest decline in nearly a year, erasing a holiday-related spike to show a steady if slow improvement in the labor market. Claims retreated to 404,000 from 441,000 in the prior week, the Labor Department said. "Most of the reports today were fairly good. For anyone skeptical about the US recovery, these should ease concern," said Kathy Lien, director of research at GTF Forex in New York. A report on Mid-Atlantic
manufacturing showed a modest pullback, but its details showed some underlying strength. The Phiadelphia Fed's index of regional factory activity dipped to 19.3 in January from 20.8 in December. Prices paid jumped sharply as global commodity prices remained high. The new orders index more than doubled to 23.6, while the survey's employment index, though still soft, reached its highest level since April 2006. Yet another report showed an index of leading economic indicators spiking up 1 per cent, above forecasts for a 0.6 per cent gain. US stocks pared losses while bond prices extended their losses after the surprisingly upbeat housing data. The rebound in home sales came despite a bout of bad winter weather across many parts of the country last month. A jump in mortgage rates may have forced some buyers into the market by raising concern of even further increases, said Lawrence Yun, chief economist at the NAR. Yun said he expects 2011
sales to total around 5.2 million units, with prices remaining stable. Sales in September 2005 peaked above an annual rate of 7 million units, as the housing bubble reached fever pitch. They hit a 15-year low below 4 million units in mid2010 after the market collapsed, triggering a widespread financial crisis. Median home prices in December fell to $168,800, down from $170,200 in November and the lowest since February 2010. That was in part because properties considered "distressed" accounted for 36 per cent of sales, up from 33 per cent in November. The US economy has been growing for over a year, having emerged in the summer of 2009 from its deepest recession in generations. Gross domestic product expanded 2.6 per cent in the third quarter, not enough to put a significant dent on the nation's elevated 9.4 per cent jobless rate. A weak job market could thwart housing activity further by denting consumer confidence.-Reuters
UK factory price hikes fuel inflation fears LONDON: British manufacturers expect to raise prices at their fastest rate since before the recession despite a fall in orders, raising concerns inflation will remain high for months to come, a survey showed on Thursday. The Confederation of British Industry survey will worry the Bank of England after data this week showed consumer inflation accelerated to almost double the bank's 2 per cent target, as well as fuelling calls for higher rates. CBI chief economic advisor Ian McCafferty said the BoE faced one of the toughest challenges in its history as it tries to sustain the fragile recovery and convince the public that high inflation will not last forever. Inflation has been more than a per centage point above the BoE's target throughout 2010, and is not forecast to return to target until early 2012. Asked if this had undermined the bank's credibility, he said: "There are clearly some concerns. The Bank of England probably faces the most difficult set of decisions of its life. "We do need to see them explain exactly, and perhaps in more detail, the challenges that they are facing," he told a news conference. "The more communication we see from the bank explaining these
issues, the greater its credibility will be." Despite inflationary pressures, McCafferty said he expected wage deals to remain relatively low in 2011, avoiding the risk of a wage-price spiral at a time of tax rises and public cuts. "We are likely to see an edging up in the average earnings data as we go through this year," he said. "Wage growth will remain relatively subdued." EXPORT ORDER SLOWDOWN The pick-up in price expectations came despite a surprise fall in the total orders balance to -16 in January from -3 in December, the CBI Industrial Trends survey showed. The decline was driven by a slowdown in export orders, but the CBI said the balance remained above its long-run average of -18. In addition, firms still expected to raise output in the coming months. Moreover, companies expected to ramp up prices in the coming three months at their fastest pace since August 2008, with a domestic prices expectations balance of +31. "Manufacturers seem to be having considerable success in passing on chunky price rises to customers," said Samuel Tombs of Capital Economics, who reckons that translates
into factory gate inflation of around 6 per cent in the coming months. "The survey will no doubt add to fears that CPI inflation will be slow to fall from its high rate later this year." UK consumer price inflation leapt to an 8-month high of 3.7 per cent in December, fuelling speculation the BoE will be forced to raise rates from a record low of 0.5 per cent as early as May. The CBI's more comprehensive quarterly survey of firms, published at the same time, showed that firms expected their unit costs to rise and planned to raise prices even faster. Unit costs and domestic prices were expected to rise at their fastest pace since 2008, with export prices seen going up at their fastest since 1995. There was little market reaction to the survey and analysts said the future looked less certain after a period where stockbuilding and export demand had supported factory output. "The concern is that manufacturers will find life more difficult in 2011 as stock rebuilding draws to a close, tighter fiscal policy weighs down on domestic demand, and problems in the euro zone threaten foreign orders," said Howard Archer, economist at IHS Global Insight.-Reuters
voluntary separation scheme (VSS); however, they declined to comply. Consequent upon this, these employees were forced out of the employment, reported a private TV channel. These sacked employees are non-core workers. The spokesman said over 3500 employees have gone over full length of 25-year term of their employment.
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and added that the branchless banking certainly will help people to take better advantage of the banking facilities at affordable cost.He said that Pakistan's financial sector was experiencing a dynamic transition led by the increasing uptake of branchless banking solutions and this was the new frontier and the only affordable solution for the financial inclusion. He was of the view that it would be outlandish to regard physical establishment of branches i.e. bricks and water as the way forward to provide financial services to the poor. This transition can be witnessed through a basic comparison of number of bank branches versus branchless banking outlets, he said and added that existing network of 13,000 branchless banking outlets has already surpassed the total branch network of around 10,000 bank branches in less than two years. There are hundred million mobile phone users in a country in which almost half the population is literate, is evidence enough that even such disadvantaged sections are adept at using this technology. Therefore, it will only be the poverty and limitation of our imagination to provide products and services that will be the constraints, given the versatility of technology and the rapid shrinking of the costs of information and communication technology, SBP Governor added. Kardar pointed that cost of setting up of a conventional banking branch was 76 times higher than using third party agents to bring the unbanked into the financial system while using mobile phones halves costs further. He stressed upon the commercial banks to focus and devise new branchless banking products as it would not only help them improve their market share but also serve a larger portion of the population living in rural and far-flung areas.-Agencies
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environment and two projects in Higher Education Commission for the province. The sources added that some of the projects would be approved for Balochistan on Friday included provision of fisheries infrastructure on Balochistan coast, poverty alleviation through enhancement of agriculture productivity (Progressive replacement of 100 bulldozers for land development work in Balochistan), construction of 50-bed hospital at Pasni including cost of medical equipment, operationalization of Shaikh Khalifa Bin Zayed Federal Hospital (SKBZFH) Quetta, Bostan industrial estate Bostan Phase-I, Expansion/improvement of industrial estate, Dera Murad Jamali, construction of Expressway on East bay of Gwadar and establishment of Castor oil solvent extraction plant with refinery to convert the commercial grade castor oil to BSS grade at Uthal district Lasbela, construction of delay action dam in Balochistan and provision of ground water for development of industrial sector in the province. -Agencies
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Ahmad Bilour, Minister for Law Dr Babar Awan, Minister for Industries and Production Mir Hazar Khan Bijrani, Minister of State for Finance Hina Rabbani Khar, Deputy Chairman Planning Commission, Secretary Finance, Secretary Water and Power, General Manager Railways and other concerned officials of the ministries and divisions attended the meeting.
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Malik, Mirza, Qaim
Trio moot Khi law & order, operation Terrorists destabilising country, says Malik
Sindh govt not consulted for operation: Mirza Staff Reporter/ Agencies KARACHI: A high-level meeting was held to review the law and order of the province particularly Karachi which was attended by Chief Minister Sindh Syed Qaim Ali Shah, Federal Interior Minister Rehman Malik and Sindh Home Minister Dr Zulfiqar Mirza at Chief Minister House. The meeting discussed the current law and order situation prevailing particularly in Karachi and expressed satisfaction of measures so far adopted and results being achieved. The meeting reviewed the decisions and actions for improvement of law and order and decided to make further concerted and strict measures to combat the activities of criminals, terrorists and anti-state elements. Chief Minister Sindh and Home Minister Sindh lauded the assistance being extended
by Federal Government for combating the situation and ensure the law and order in all parts of the Karachi in letter and spirit, particularly the efforts of Rehman Malik. It was decided that All Parties Conference (APC) on provincial level will be held on January 26 at Chief Minister House to ascertain and discuss the law and order situation of the province particularly in Karachi which is economic hub of the country and gateway to Pakistan. The Conference will discuss all aspects to this effect and will suggest way and means for improving the atmosphere and law and order conditions particularly in Karachi. The meeting lauded and appreciated the role of police and Rangers and Interior Ministry in this regard particularly the efforts being made by Sindh Home Minister and Sindh Police for crushing the
criminal activities of anti-social elements and maintaining the peace in prompt ways. It was also decided that there will be close coordination and liaison among Chief Minister Sindh, Interior Minister and Sindh Home Minister who will regularly meet after every fortnight. Interior Minister said that Federal Government department agencies and Rangers will promptly coordinate the Sindh Home Department and Sindh Government for measures being following and implemented in the province. The three leaders resolved to keep peace in Sindh particularly the Karachi at every corner and strict action will be taken against the culprits, which will continue without any discrimination. They also appreciated the guidance of the President of Pakistan Asif Ali Zardari and See # 1 Page 11
CFP asks whether IG Sindh on contract to kill
Top judge questions lawlessness in Khi ISLAMABAD: Chief Justice Iftikhar Mohammad Chaudhry said Karachi's deteriorating situation is due to absence of command, adding that is IG Sindh on contract, as only in the month of January 75 people were killed in Karachi. The CJP made these remarks during the hearing of Hajj corruption case on Thursday. A 6member bench led by CJP heard the hearing. During the course of the hear-
ing CJP reprimanded the FIA officials for not probing the Hajj corruption case transparently and summoned Attorney General and FIA authorities. The court told the Attorney General that the appointment notification of head of investigation team is illegal and he is a powerless man. During the hearing the court again asked the federal govt to conduct a transparent probe into the Hajj scandal. Court said that DG FIA
Waseem Ahmed has damaged the case as he is not a regular employee but is a contract employee. CJ during the hearing conversing with the Attorney General asked have you seen the deteriorating situation in Karachi; it is due to absence of command. He asked is IG Sindh on contract, has he been giving the contract to kill as 75 people have been killed in month of January alone. See # 2 Page 11
18-inch pipeline blown up
B’stan to remain gas-less for 3 days KARACHI: Due to the blowing up of 18-inch high pressure transmission gas pipeline near Hajano village in the Tangwani area of District Kashmore about 34 kilometers downstream from Sui, the gas supply to Balochistan would remain suspended for 2-3 days. According to SSGC spokesman, the pipeline was carrying 110 million cubic feet gas daily (mmcfd) from Sui gas field to SSGC's pipeline system at Shikarpur, for its onward transmission to the entire Balochistan. Subsequent to incident, the effected section was isolated
immediately. At the same time, an emergency response team rushed to the site from Shikarpur to inspect the situation. SSGC is managing the smooth and uninterrupted gas supply to Balochistan but a shortfall of about 30 mmcfd gas would be faced, as a result of the incident, resultantly the gas supply in Balochistan will be curtailed to all customers, except domestic for 2-3 days, he said. The recent sabotage activity took place just after 7 days, when on last Thursday i.e. January 13, 2011 another blast occurred on the same gas
pipeline near Jafarabad. Four sabotage incidents had occurred at the same place i.e. 'Tangwani' area, since 2003. He said SSGC condemns such acts of insurgency which are clearly against the interest of the people of Balochistan resulting in too many hardships for the inhabitants during an extremely cold weather. As a model utility, committed to provide world-class service SSGC reiterates that it will spare no effort to maintain uninterrupted supply of natural gas to its valued domestic, commercial and industrial customers. -Online
KARACHI: Governor Sindh Dr Ishrat-ul-Ebad, Sindh Chief Minister Syed Qaim Ali Shah, Interior Minister Rehman A Malik chairing a meeting of PPP & MQM at CM House here on Thursday.-APP
MPAs lodgings
CDA says tender processed transparently ISLAMABAD: The spokesman of the Capital Development Authority has strongly contradicted a media report relating to an award of contract of the project "Construction of 104 additional suites for members of the Parliament". The spokesman said that the aspersion that Prime Minister Gilani got this contract awarded to a friend is totally baseless, malicious and an effort to malign the exalted office of the Prime Minister. While laying down the facts of the case, the spokesman stated that the PC-1 of the said project was approved by the Ecnec in its meeting of January 21, 2010 for Rs2908.369 million. The applications for pre-qualifications of the engineering construction firms registered in no limit with PEC were invited through leading newspapers as well as through CDA and PPRA websites. As a result 38 construction firms applied for pre-qualification. After the scrutiny by the Committee, five firms namely Habib Rafiq Ltd, Mughals Pakistan Ltd, Shahzaman Pvt Ltd, Guarantee Engineers and Associated Constructor were pre-qualified. The Committee keeping in view the nature of the project was particular in ensuring that the firms having requisite experience, expertise and financial soundness are pre-qualified. The pre-qualification process and the results were also shared with the House and Library Committee headed by Deputy Speaker National Assembly. The tenders were invited from amongst the pre-qualified firms out of which four firms namely Habib Rafiq (Pvt) Ltd, Mughals Pakistan, Shahzaman Pvt Ltd. and Guarantee Engineers participated in the bid. The spokesman said that Habib Rafiq (Pvt) Ltd was the lowest bidder followed by another internationally reputed firm Mughals Pakistan Pvt Ltd, which was the second lowest bidder and the cost difference between the first and the second bidder had been of See # 3 Page 11
Gilani announces Rs30mn for every member
Fata lawmakers get uplift funds ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has approved provision of Rs30 million for each MNA representing Fata for identification of public welfare projects which should directly benefit the common man in the region. He asked the Fata MNAs to work out the details of specific projects along with their exact financial implications. Prime Minister was talking to a delegation of Fata MNAs led by Haji Munir Khan Orakzai which called on him at the PM House here on Thursday. Prime Minister assured the Fata delegation that the Government would streamline the procedure of prompt disbursement of funds for the development projects of Fata region. As regards long over due demand of the elected representatives of Fata for the construction of Fata House in Islamabad, the Prime Minister announced that he would him-
self lay down the foundation stone at the earliest. The Prime Minister stressed upon the MNAs from Fata to extend complete support to the government with respect to eradication of Polio from the Fata region. He asked them to create awareness among the people about this fatal decease affecting the children in the area. Prime Minister reiterated government's intention to interact with all the parties and groups in the Parliament on national challenges confronting the country prior to the next Session of the Assembly. He further assured that he would direct the financial team of the government to brief the Members of the Parliament from Fata on the financial situation and due consideration would be accorded to their proposals. The Government, he added, is continuously confronting the See # 6 Page 11
Omar in Khi
ISI rejects TWP report RAWALPINDI/ KABUL: Pakistan Army and Taliban have rejected The Washington Post report of medical treatment of Afghan-Taliban Mullah Mohammad Omar at Karachi. An ISPR spokesman strongly contradicted the news item appeared in local and international media about the medical treatment of Afghan Taliban Mullah Omar at Karachi. In a statement, he said news is unfounded and concocted to serve vested interests. The Washington Post had reported on Wednesday citing the intelligence network, which runs under the auspices of a private company The Eclipse Group as saying that Omar was "rushed" to a hospital in Karachi by the ISI after suffering from a heart attack on Jan 7. Meanwhile a Taliban spokesman has also rejected a report that the group's one-eyed leader was treated for a heart attack in a Pakistani hospital. Zabiullah Mujahid said in a See # 4 Page 11
NA body summons IG FC to explain
APML Symbol
Nato pays Rs35k per vehicle to Pak
Musharraf fails to get 'Eagle'
ISLAMABAD: National Assembly Standing Committee on SAFRON was told that Pakistan Army is receiving illegally sum of Rs35000 per container from Nato for clearing containers on Torkham border. The committee expressing its anger has summoned IG FC in this connection. The meeting of National Assembly Standing Committee for SAFRON, held here on Thursday, was presided by the Committee Chairman Sajid Hussain. Additional Secretary Fata Habibullah told the committee that the regular transportation of Nato containers is badly damaging the road system in Fata while the government has no funds for reconstruction of the roads. He said that if the roads are not repaired immediately the road system would be destroyed completely. He further said that on aver-
age 220 Nato truck are entering in Afghanistan daily via Torkham border and the committee recommended to impose toll tax on Nato containers so that the amount could be expend on reconstruction of roads. The Committee was told that there is no jail in Fata and the prisoners are being kept in judicial lock up. The building of the lock up is in dilapidated condition and could collapse anytime. The committee has been told that proper legislation is needed for construction of the jail while Fata Secretariat has no funds for the project. Secretary Fata delivered briefing about educational activities in Fata. He said that Cadet College is being established in Wana and Fata Secretariat has rented a building in this connection and classes would be started in April. -Agencies
ISLAMABAD: Election Commission of Pakistan has rejected to allot the symbol 'eagle' to former President Pervez Musharraf political party All Pakistan Muslim League (APML) as his party symbol. According to sources, Pervez Musharraf had submitted the application in ECP after his party was registered and requested it to allot him eagle as his party symbol. However before the ECP could allot the symbol, President Musharraf had started using the symbol on the party flag and for his publicity campaign. Sources further revealed that ECP had already allotted eagle as party sign to a little known (Freedom) political party and thus had rejected Musharraf's application. ECP has decided to take action against Musharraf Party under the section 5 of order 2002 of ECP. -Online
Rising inflation adds to list of Pak woes ISLAMABAD: Pakistan's crippling inflation rate has left trader Mohammad Farouk with a painful task at the end of each day -- throwing out a large quantity of his fruits and vegetables because it's too expensive to sell. Soaring prices also mean he often has to purchase stocks on credit from wholesalers. "We can't make money anymore because prices have been high for so long," said Farouk, sitting beside other idle merchants, warming their hands over a fire burning in a large
can. "We are losing big profits. I wish the government would help. They are just stuffing their pockets with the country's money." Pakistan is saddled with a long list of troubles. A Taliban insurgency, rampant poverty, corruption and power cuts are just a few. Inflation is fast becoming one of the most potentially explosive problems for the unpopular government. Pakistan's central bank increased its key policy rate to 14 percent in November, its
third consecutive hike in six months because of persistent inflation due primarily to government borrowing from the State Bank of Pakistan. Other factors fuelling prices include the damage caused by the summer floods, estimated at around $10 billion, to crops and related industries. At the same time, wages have not kept pace with prices rises, making it harder for ordinary Pakistanis to survive. According to some statistics, more than 60 pct of the population lives on less than $2 a day.
It's not just ordinary Pakistanis who are frustrated. Pakistan's economic lifeline -the International Monetary Fund (IMF) -- is losing patience with what it sees as an intransigent political leadership. Inflation stood at single digits for many years. But Pakistanis have been hit with an average inflation rate of 15 percent over the past three fiscal years . Economists say reckless government policies are likely to keep it high. Cash-strapped Pakistan
finances its deficit through heavy borrowing from the central bank, which is then forced to print money. Uncontrollable forces, like a spike in global commodities prices, add to inflationary pressures. Pakistan's consumer price index rose 15.46 percent in December from a year earlier. The Pakistan Peoples Party (PPP)-led government doesn't have the political courage to take measures such as imposing a new sales tax demanded by the IMF to ease the fiscal
deficit, analysts and economists say, making it impossible to tame inflation. The administration set a dangerous precedent this month. To lure back an estranged ruling coalition partner and appease opposition parties, it reversed a fuel price hike, angering ally Washington, which says Pakistan must have economic and political stability to support its global war in militancy. The decision will force the government to fund subsidies by again borrowing from the
central bank. That will fuel inflation and further expose the government to criticism from its political enemies, who sense an opportunity for scoring points but who have offered no alternatives. "The opposition and some of the PPP's coalition partners have now woken up to the reality that economic issues are very popular populist issues in Pakistan and are very useful sticking points against the current government," said Eurasia Group analyst Maria Kuusisto. See # 5 Page 11
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