International Karachi, Saturday, January 1, 2011, Muharram-ul-Haram 25, Price Rs12 Pages 12
Plea filed in SC seeks Malik’s disqualification
Strike against amendment in blasphemy law
See on Page 12
MQM, 'N' leaders kick up fresh fuss
See on Page 12
Accord with China for hybrid cottonseeds
See on Page 12
See on Page 12 Economic Indicators $16.42bn Forex Reserves (27-Dec-10) 14.44% Inflation CPI% (Jul 10-Nov 10) $8.88bn Exports (Jul 10-Nov 10) $15.37bn Imports (Jul 10-Nov 10) $(6.49)bn Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 10) $(504)mn $4.43bn Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Nov 10) $746mn Rs 495bn Revenue (Jul 10-Nov 10)
Stern warning issued to Pakistan on budget deficit
Happy New Year 2011
IMF toughens monitory tone
$58.41bn Foreign Debt (Sep 10) Rs 5296.7bn Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) $287.9mn -2.81% LSM Growth (Oct 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.45mn Population
‘Economy far worse than earlier realised’ Leaders not willing to take hard steps: official
Portfolio Investment SCRA(U.S $ in million)
193.24 Yearly(Jul, 2010--30-Dec-2010) Monthly(Dec, 2010--30-Dec-2010) 30.52 -0.76 Daily (30-Dec-2010) 2878 Total Portfolio Inv (24 Dec-2010)
NCCPL (U.S $ in million) FIPI (31-Dec-2010)
4.67
Local Companies (31-Dec-2010)
7.67
Banks / DFI (31-Dec-2010)
-4.36
Mutual Funds (31-Dec-2010)
-1.58
NBFC (31-Dec-2010)
-1.49
Local Investors (31-Dec-2010)
0.50
Other Organization (31-Dec-2010)
-5.40
Global Indices Index
Close
Change
KSE 100
12,022.46
9.00
Nikkei 225
10,228.92
115.62
Hang Seng
23,035.45
36.11
Sensex 30
20,509.09
120.02
ADX
2,719.87
17.59
SSE COMP.
2,808.08
48.51
FTSE 100
5,899.94
71.07
*Dow Jones
11,550.03
19.68
*Last Updated 20:00 PST
GDR update Symbols
$.Price PKR/Shares 111.31
MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 23.51
201.29
UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70
42.81
HUBC (1 GDR= 25 Shares) 10.85
37.16
T-Bills (3 Mths) 29-Dec-2010
13.20%
T-Bills (6 Mths) 29-Dec-2010
13.41%
T-Bills (12 Mths) 29-Dec-2010
13.73%
Discount Rate
29-Nov-2010
14.00%
Kibor (1 Mth)
31-Dec-2010
13.37%
Kibor (3 Mths)
31-Dec-2010
13.46%
Kibor (6 Mths)
31-Dec-2010
13.62%
Kibor ( 9 Mths)
31-Dec-2010
13.98%
Kibor (1Yr)
31-Dec-2010
14.12%
P.I.B ( 3 Yrs)
31-Dec-2010
14.16%
P.I.B (5 Yrs)
31-Dec-2010
14.22%
P.I.B (10 Yrs)
31-Dec-2010
14.26%
P.I.B (15 Yrs)
31-Dec-2010
14.53%
P.I.B (20 Yrs)
31-Dec-2010
14.73%
P.I.B (30 Yrs)
31-Dec-2010
14.88%
Commodities *Crude Oil (brent)$/bbl 92.50 *Crude Oil (WTI)$/bbl 89.35 *Cotton $/lb 146.01 *Gold $/ozs 1,414.00 *Silver $/ozs 30.71 Malaysian Palm $ 1,227 GOLD (NCEL) PKR 38,873 KHI Cotton 40Kg PKR 9,645 *Last Updated 20:00 PST
Open Mkt Currency Rates Buy (Rs)
Sell (Rs)
Australian $
84.90
85.40
Canadian $
84.90
85.60
Danish Krone 15.10
15.20
Euro
112.10
112.30
Hong Kong $ 10.70
10.80
Japanese Yen 1.038
1.065
Saudi Riyal
22.85
23.05
Singapore $
64.60
64.80
Swedish Korona 12.10
12.80
Swiss Franc
87.00
87.20
U.A.E Dirham 23.20
23.30
UK Pound
132.25
132.45
US $
85.70
85.90
Inter-Bank Currency Rates Symbols
Buying TT Clean Australian $ 87.13 Canadian $ 85.69 Danish Krone 15.28 Euro 113.93 Hong Kong $ 11.02 Japanese Yen 1.052 Saudi Riyal 22.86 Singapore $ 66.60 Swedish Korona 12.68 Swiss Franc 91.35 U.A.E Dirham 23.33 UK Pound 132.34 US $ 85.62
Selling TT & OD 87.33 85.89 15.32 114.19 11.05 1.054 22.91 66.75 12.71 91.56 23.39 132.65 85.80
Weather Forecast CITIES MAX-TEMP ISLAMABAD 19°C KARACHI 27°C LAHORE 14°C FAISALABAD 18°C QUETTA 10°C RAWALPINDI 11°C
Petroleum products' price up by 5.4-9.2pc
New Year in with POL pains POL price hike worldwide phenomenon: Kaira Ghulam Raza Rajani
36.39
Money Market Update
Symbols
SYDNEY: Fireworks light up Sydney Harbour at the stroke of midnight to welcome in the year 2011.-Reuters
MIN 6°C 9°C 5°C 6°C -10°C 1°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
KARACHI: On the New Year’s ever Oil and Gas Regulatory Authority (OGRA) revised the prices of petroleum products for the next month hiking them by 5.4 to 9.2 per cent, with effect from today (Saturday). According to the notification petrol price has been increased by Rs6.71 per litre from Rs72.96 to Rs79.67 per litre. Similarly, high sped diesel (HSD) has been made expensive by Rs4.25 per litre to Rs82.58 per litre from Rs78.33 per litre. Furthermore, HOBC has gone costlier by Rs7.69 from Rs86.67 to Rs94.36 per
litre, kerosene oil from Rs70.95 to Rs74.99 and light diesel oil from Rs66.61 to Rs70.97 per litre. MS 79.67 6.71 72.96 HOBC 94.36 7.69 86.67 KERO 74.99 4.04 70.95 LDO 70.97 4.36 66.61 HSD 82.58 4.25 78.33 TFD analyst says this hike is in line with the rise in oil prices in the international market as average monthly price of crude oil likely remained at $87.95 per barrel (Arab Light) in December 2010 against $83.7 per barrel in November, a surge of 5.1 per cent MoM. However, further adjustments in prices were also made
due to increase in petroleum levy. On the other hand, Federal Minister for Information and Broadcasting Qamar Zaman Kaira Friday said that petroleum prices have not been increased in Pakistan only, rather worldwide. Talking to a private news channel he said the government does not set the petroleum prices as these are adjusted under a set formula which was in place prior to the election of present government. Prices are fixed by Oil and Gas Regulatory Authority (OGRA), an autonomous regulatory body, he See # 13 Page 11
Zardari re-urges top businessmen to invest in infrastructure
President tapping local investment Staff Reporter KARACHI: President Asif Ali Zardari Friday held a meeting with leading members of the stock exchange on private sector's participation in infrastructure projects here at Bilawal House Karachi. Briefing newsmen, the Spokesperson to the President Farhatullah Babar said that in his meeting with the entrepreneurs the President urged leading stock brokers to make full use of the recently concluded currency swap agreement with China and other
countries to enhance Pakistan’s trade and generate employment. The meeting was part of a series of brainstorming sessions the President has been having with the entrepreneurs to discuss ways and means to enhance private sector's participation in national development through raising local equity and participation, he said. The meeting was attended by Aqeel Karim Dhedhi, Arif Habib, Arif Bokhari, Bashir Jan Muhammad, Nasir Bokhari, Muhammad Ali
Taaba, and Hussain Lawai among others besides senior federal and provincial officials. The President said that the private sector can beneficially invest in infrastructure projects on build, operate and own (BOO) basis by raising equity from the country's stock exchanges. He said that infrastructure projects in communication sector was most feasible for such investment and asked the entrepreneurs to give the proposal a serious thought. See # 9 Page 11
WASHINGTON: The International Monetary Fund (IMF) has issued a stern warning to Pakistan to take immediate measures for reducing its swelling budget deficit. According to the Wall Street Journal, a senior Pakistani government official has said the international donor has written a letter to President Asif Ali Zardari, urging him for immediate fiscal belt-tightening measures as the country's economy is far worse than previously realised. IMF's representative in Pakistan Paul Ross declined to comment on the letter but said Pakistan needs at least 8-10 per
SBP resets EFS rate at 10pc for now KARACHI: State Bank of Pakistan (SBP) Friday said it has decided that rate of refinance under Export Finance Scheme EFS applicable from January 1, 2011 and onward till further instructions shall be 10 per cent per annum. Also, the commercial banks have been directed to ensure --when financing exporters for availing refinance facilities under EFS-- their maximum margin/spread stays under 1 per cent per annum. The financing facilities under Part-B (Export Sales) of See # 6 Page 11
MQM public meeting in Lhr soon LAHORE: Muttahida Qaumi Movement (MQM) chief Altaf Hussain Friday announced his party will hold a public meeting in Lahore soon. In a telephonic address to party's Punjab office bearers, APMSO workers and students of Punjab University, Hussain See # 8 Page 11
cent growth just to absorb the annual increase in its labour force and reduce poverty, the newspaper said. "It is extremely important for Pakistan to achieve higher growth to fight poverty and provide jobs for some two million people entering the job market every year," he said. Currently, Pakistan is under the burden of more than $53 billion foreign debt despite the repayment of over $6 billion in the last three years, Minister of State for Finance Hina Rabbani Khar informed the National Assembly last week. The IMF withheld $3.5 billion in 2010 from its total $11.3 billion loan package for Pakistan in a bid to pressure the country to take action. The IMF hasn't disbursed any loans to Pakistan since May, other than $450 million in IMF
flood relief, and neither have other donors. The US has been trying to help the IMF pressure the government to make changes. The government has tried to convince donors to wave off its debt and provide more economic aid in exchange for help in the war in Afghanistan. The country called in the IMF in 2008 amid a balance-of-payments crisis. The fund's support was supposed to end Dec 31 but the IMF Monday extended the loan by nine months to give Pakistan more time to implement reforms. Pakistan's budget deficit is already 6 per cent, above a 4 per cent target, due to its failure to bring in a general sales tax and curb expenditures, which Pakistan had promised to the IMF in return for lending. See # 4 Page 11
No plan to sell Pakistan Post, IESCO, PSM: Sen Waqar
SOEs to be given new lease on life ISLAMABAD: The government intends to turn around the state owned entities (SOEs) endeavoring to add value to them through a totally transparent/open process by taking on board all the stakeholders. This was stated by the Minister for Privatisation Senator Waqar Ahmed Khan chatting informally with the media persons here on Friday. Certain elements, for their ulterior motives and politically motivated interests are misleading the workers of SOEs about government's turnaround
plan, which was never meant to sell off our precious national assets in haste or at a throwaway price, he added. The government was determined to improve existing infrastructure of these entities and get optimal production by capacity building without retrenchment of a single worker by associating private sector through Public Private Partnership (PPP) mode, he added. The government would also provide fresh jobs through the expansion of these See # 5 Page 11
NSS sweetens its profit rates ISLAMABAD: National Savings Schemes (NSS) has increased the rate of profit on NS Schemes with effect from January 1, 2011. A statement of Directorate of National Savings issued here Friday said the federal government has taken this initiative after following an uptrend in the interest rates. This move, it added, is in line with the government policy of offering competitive market-based rates to NSS investors. Giving the details of the rates, the statement said that the rates for Special Savings Certificates, Regular Income
Certificates and Defence Savings Certificates have been enhanced from existing 12.13 per cent, 12.36 per cent and 12.60 per cent to 13.33 per cent, 13.44 per cent and 13.55 per cent per annum respectively. The profit rate of Savings Accounts has also been boosted from 8.75 per cent to 9 per cent p.a., while the rates on schemes of Pensioners Benefit Accounts and Bahbood Savings Certificates have been jacked up from 14.64 per cent to 15.36 per cent in line with the policy of offering subsidised rates to specialised segment of the society.-Agencies
Reconciliation policy to help resolve issues: PM
Need loophole-free anti-terror laws: PM B'stan uplift govt's New Year resolve ISLAMABAD: Prime Minister Yousuf Raza Gilani Friday called for an effective legislation against terrorism. During an address to the National Assembly, Gilani lamented that the prevailing anti-terrorism laws are not effective for those held under it get themselves bailed out easily to restart their nefarious acts.
"Islam is a religion of peace and does not allow violence. It's a wrong notion being attached to Islam", the PM asserted. He called upon the politicians to abstain from mudslinging and urged the media to act responsibly. He sought help from the parliamentarians to make appropriate laws to curb terrorism and appealed to the PML-N and MQM leaders to show maturity. The prime minister pointed out that most terrorists walked away due to lack of adequately strong laws. He said that foreign media was trying
to taint the image of Pakistani institutions with canards. Taking the National Assembly into confidence on the news items reported by foreign media about security agencies of the country, he said security agencies have no need to violate human rights. "If our agencies have to violate human rights then they would have asked us in meetings to make the antiterrorism law ineffective," he asserted. "I will not blame the judiciary but we have to improve the Anti-Terrorism Act," he said adding that terrorists
have killed thousands of innocent people and personnel of security agencies. He called for making the anti-terror aw more effective to ensure zero tolerance for anti-state elements. He said media also have a major responsibility in this regard and it should report facts so that the facts may not be distorted. Earlier Prime Minister Gilani said that the passage of the 19th Amendment from the both Houses of the Parliament with consensus of all the political parties is yet another feather in the cap of democratic institu-
tions. He said that the policy of mutual consultation and reconciliation has provided a solid base to the future democratic culture of the country, which would pave the way for the overall development of the country and help resolve major national issues. He was talking to parliamentarians who called on him at the Parliament House Chamber here. The prime minister said that it's the duty of all the public representatives to focus upon the uplift of their respective See # 7 Page 11
2
Saturday, January 1, 2011
MPAs told to stay in Karachi
Major reshuffle foreseen in Sindh KARACHI: President Asif Ali Zardari who is also the co-chairman of Pakistan Peoples Party (PPP) has directed all his party MPAs to stay in Karachi till he leaves for Islamabad, it is learnt. President Asif Ali Zardari issued this directive while chairing the meeting of Provincial Ministers and MPAs here at Bilawal House. A member of Sindh assembly told on the condition of anonymity that President has directed all MPAs to remain in city as he can call meeting of MPAs again. He said that President Zardari is taking keen interest in the issues of Sindh in comparison to his last
many visits to Karachi. He said that President's current visit is considered very important. A provincial office- bearer of PPP too held same opinion regarding President's visit to Karachi. He said he foresee major reshuffle in the cabinet and up to very high ranks of Sindh government. Political observers attach importance to the visit of President Asif Ali Zaradri to Karachi. According to them he has come here to end the deadlock between Muttahida Qaumi Movement and Pakistan Peoples Party which started after the harsh statement of Provincial Home Minster Dr. Zulifqar Mirza regarding the MQM.
He has held many meetings of the party leaders, Ministers, and MPAs to discuss the issues in detail. President Asif Ali Zardari, who came to Karachi on Dec 25 went to Garhi Khuda Buz Bhutto next day and returned on Dec.28 He held a meeting with party ministers and MPAs, Speaker and Deputy Speaker Sindh Assembly. President Zardari also held two meetings with Muttahida Qaumi Movement delegation, one at Governor House and another at Bilawal House. He held a meeting with Chief Minister Sindh Syed Qaim Ali Shah, Pir Mazahar-ul-Haq and Dr Zulifqar Ali Mirza on Dec 30.-PPI
LAHORE: Shops seen closed on the call of Tahafuz Namoos Risalat (PUBH) in the provincial capital. -Online
TV PROGRAMMES SATURDAY
PACRA upgrades BoK rating Staff Reporter
Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere Maya Kay Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:00 News 23:03 Awam Ki Awaz
SATURDAY Programmes Chai Time (Rpt) Smithsonian Documentry 10:05 Dilkash Pakistan 10:30 Sara jahan(Rpt) 11:15 Karobari Duniya(Rpt) 12:00 News 12:05 Siyasat Mana Hai (Rpt) 13:00 AM News 13:05 Islamabad Say (Rpt) 14:00 News 15:00 News 15:05 Doosra Pehlu (Rpt) 16:00 News 16:05 Filmi Samaa(rpt) 16:30 Red Carpet (Rpt) 17:00 News 17:05 Aap Ka Paisa (Rpt) 17:30 Pakistan This Week 18:00 News 18:05 Sara jahan(Rpt) 18:30 Dilkash Pakistan 19:00 News 19:30 Tijarti Dunia 20:00 News 20:05 Kamyab 21:00 News 21:05 Teesri nazar 22:00 News 22:05 Agenda 360 23:05 Music Scene 23:30 Uff Tv 0:00 News
KARACHI: The Pakistan Credit Rating Agency (PACRA) has upgraded long-term entity rating of Bank of Khyber (BoK) to "A-" (Single A minus) [previous: BBB+ (Triple B Plus)], while maintaining short-term entity rating at "A2" (A two). The ratings denote low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments. The ratings reflect Bank of Khyber's strong association with the Government of Khyber Pakhtunkhwa , a major shareholder in the bank. GoKP has demonstrated its support by agreeing to inject fresh capital to the tune of PKR 3bln in the bank. The flow of funds is
expected soon, which, while ensuring compliance with regulatory requirements, will have a positive impact on the risk absorption capacity of the bank. Meanwhile, expanding outreach of the bank is expected to aid envisaged growth. Nonetheless, the bank's limited institutional profile in terms of small size, lack of brand equity, and constrained operating environment would remain key challenges. The ratings would remain dependent on efficient utilization of new funds in strengthening the bank's earning and risk profile. Meanwhile, the management's ability to effectively implement its overall business strategy and strengthening of systems and procedures would remain critical.
Time 8:00 9:05
KARACHI: Chief Executive Global brand Marketing Meiji Pakistan Aziz Saboor receiving Consumer Choice Award from federal Commerce
KARACHI: Newly elected FPCCI President Haji Ghulam Ali snapped alongwith Chairman Businessmen Panel Tariq Sayeed and others after taking charge at FPCCI House.-Staff Photo
'POL price hike to cripple economy' KARACHI: The trade and industry has termed the unjustified increase in POL prices as "extortion" from the general public which is meant to ruin the economy. The Patron In-Chief and Chairman, Korangi Association of Trade and Industry (KATI), S M Muneer and Johar Ali Qandhari along with Vice Chairmen, Salim Zaman and Shahid Javed Qureshi said in a statement that government has once again taken a cruel act of increasing POL prices. They said that the government's move is just like stabbing in the back of the country's economy. "At that juncture when the oil prices had gone to the world's highest at $147 per barrel, the prices of POL did not cross the level of Rs60 per litre and now when the oil prices are prevailing at less than $80 per barrel the present government has brought the prices to over Rs80 per litre, which is sheer injustice to the nation and the economy", Qandhari said adding that it clearly shows the POL price increase in Pakistan has no relation with the international oil prices especially when the country produces about 20 tom 25 per cent oil indigenously.
ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani talking to a delegation of Senators from Balochistan who called on him at Pm House.-APP
Qutubuddin Plan to attract joins The investment in Punjab Financial Daily Staff Correspondent
LAHORE: The Lahore Chamber of Commerce and Industry and the Punjab Board of Investment and Trade (PBIT) will conduct joint economic, sectoral and country-specific studies to formulate a joint action plan for attracting new investment in the province. The decision was taken at a meeting between the LCCI President Shahzad Ali Malik and Chief Executive Officer Punjab Board of Trade and Investment Sadaat Muzaffar here at the Lahore Chamber of
Commerce and Industry on Friday. Director General LCCI R&D Dr Amjad Bashir was also present in the meeting. Both sides also agreed to constitute a joint core working group to evaluate and reinforce the partnership between the two organizations. It was also decided that a regular consultation mechanism would also be evolved to ensure result-oriented research studies to the stakeholders. The Lahore Chamber of Commerce and Industry has taken two special strategic initiatives for promoting Pak-China and PakTurkey trade and invest-
ment during 2011. LCCIPBIT Working Group will identify sectors, opportunities and locations in Punjab where investment from these two important trading partners could be attracted for creating new economic activities in the province. Speaking on the occasion, the LCCI President Shahzad Ali Malik said that research was critical to taking a strategic approach to planning or economic growth and improved productivity. It is only through economic growth and improved productivity that we could create employment opportunity, he added.
'Pension to retired employees top priority'
KBCA police station to start in a fortnight
Staff Reporter Lahore: Finance Director LESCO Abid Latif Lodhi has said that pension cases of retired employees are being finalized on top priority basis. He was addressing 81th farewell ceremony hosted in the honor of retired employees at LESCO headquarters. Abid congratulated retired employees for their honorable retirement from service. On the directions of Chief Executive LESCO Saleem Akhtar, pension cases of retired employees were disposed off immediately so that retiring employees may not suffer at their retirement, he added.
Samsung attracts bloggers to Galaxy Tab Staff Correspondent KARACHI: Samsung Electronics, a global market leader and award-winning innovator in consumer electronics, semiconductors and telecommunications, in collaboration with Mobilink Pakistan, launched the P1000 Galaxy Tab, a compact tablet computer in Pakistan. A special "Samsung bloggers Meetup" was held to highlight "More Possibilities on the Go!" provided through the Samsung Tab. The informative event was held Friday, at the "Bistro 201" CafĂŠ in Lahore. Popular bloggers from all over Pakistan expressed their enthusiasm during the Meet-up. The Samsung bloggers Meet-up provided a deeper insight about the capabilities and advantages of the Tab, which provides a world of new possibilities for the bloggers and individuals on the go. In Pakistan, the Mobilink Indigo brand fully enables this versatile innovation and on purchase of the Samsung Galaxy Tab; Mobilink will provide free GPRS for 3 months over their network as well as a complimentary leather book cover.
Senior journalist, Qutubuddin has joined The Financial Daily International as Deputy Editor. He brings with over 40 years of experience in print and electronic media and has been member of executive committee of APNS and CPNE for over a decade. He had held important editorial positions in various newspaper and TV organisations. -Ed
LAHORE: Girls taking part in a ceremony on the eve of New Year night. -Staff Photo
NIB Bank helps in flood relief operation Staff Reporter KARACHI: A team of Serving Hands Organization organized a 2- day Winter Rescue Flood Relief Medical Camp dedicated to SHAIKH JASSIM BIN
ALI AL-THANI, Modern Electrical Supplies Co. of Doha Qatar and NIB Bank for the flood hit areas of Sehwan and Dadu. Thousands of blankets, comforts, jackets for adults and children, winter head cover, warm socks
and huge quantity of medicines were distributed to the needy. Doctors, lady doctors, paramedical staff, volunteers and officials of Serving Hands Organization provided medical assistance to the victims.
FPCCI urges govt to rescue trade, industry KARACHI: The government should change its priorities to rescue trade and industry from prevailing economic crises, President of FPCCI Haji Ghulam Ali has said. Speaking at a dinner hosted by Honorary ConsulGeneral of Mozambique, Khalid Tawab, he said that the government had no time for business community and was busy with political parties to settle internal issues. He said that his party JUI has rejected RGST in senate
and now it will oppose it in National Assembly as well. He said that the government should give up luxury expenditure on non-development works and adopt austerity measures. Vice President FPCCI, Khalid Tawab said that the country was facing serious economic crises and added that newly elected president of FPPCI has capability to take up business community issues with government and get them resolved. Referring to RGST, he
said that if it was implemented it will further cripple economic conditions. Former president FPCCI and leader of business community, S.M.Munir expressing concern over indifferent attitude of Islamabad over ailing economic conditions, said that they are taking no remedial measure for recovery. He said that the business community wants that democratic setup should prevail as worst democracy is better than dictators. NNI
Recall of SRO for import of used cars hailed Lahore: The former LCCI Senior Vice President and a former Executive Committee Member of Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Tahir Javaid Malik has hailed the Commerce Ministry decision to withdraw December 8 SRO regarding used cars import under
personal baggage, gift and transfer of residence schemes. In a press statement issued here Friday, Tahir Javaid Malik said the decision would go a long way and local vending industry would get a new lease of life. He said that the permission to allow five-year old cars was bound to damage local vendor industry.
He said vendors warmly welcome the decision of Commerce Ministry as it was a step in right direction. He said that the vendors were deeply concerned that new entrants could be allowed to import 100 per cent CKD parts at 5 per cent, 10 per cent and 20 per cent rates of duties in the first, second and third years respectively.-PR
KARACHI: The police station of the Karachi Building Control Authority (KBCA) will be operational in 15 days. This was informed at a meeting chaired by the Chief Controller of KBCA, Manzoor Qadir, on Friday. The SHO of the KBCA police station informed the meeting that necessary facilities have been made available. He further stated that the KBCA police station will be operational in 15 days time. The Chief Controller of KBCA said that this police station would help in curbing the illegal constructions in the metropolis. He further announced that the illegal construction in the city would not be tolerated at any cost.
JSIL declares interim dividends for JSIF, JSCF KARACHII: The Board of Directors of JS Investments Limited (JSIL), the Management Company of JS Income Fund (JS IF) and JS Cash Fund (JS CF), approved interim dividends for JS IF and JS CF for the half year of FY 2011, ended December 31, 2010. A pay out of Rs. 2.00 per unit was approved for the Unit Holders of JS IF, which takes the total payout for the current fiscal year to Rs. 4.00 per unit, while an interim payout of Rs. 2.00 per unit was approved for the Unit Holders of JS CF, which takes the total payout for the current fiscal year to Rs. 4.00 per unit. Unit Holders who have opted for cash payout will receive cash payment while Unit Holders who have opted for bonus units were allocated units at the ex-net asset value at the close of business on December 27, 2010. The above entitlement will be paid to the Unit Holders, whose names appeared in the register of Unit Holders at the close of business on December 27, 2010.
3 Saturday, January 1, 2011
Dollar falls broadly, but edges up on the year
Previous Day
1.5 per cent against a basket of major currencies, though it was half a per cent lower on Friday, pulled down as the greenback hit a seven-week low against the yen and a record low against the Swiss franc. Still, analysts expect continued strong global growth, a more durable US economy and lingering worries about Europe to lead to dollar gains in early 2011. "We're still facing a lot of uncertainty next year, but the US economic data is starting to turn for the better, and I think that will spark dollar gains, particularly against the yen," said Boris Schlossberg, research director at GFT Forex. He said higher US bond yields and
Japan's increased reliance on debt will eventually put pressure on the yen, which neared 80 per dollar earlier this
year, just shy of a post-World War II high of 79.75 yen set in 1995. The dollar was last at 81.21 yen, down 0.4 per cent from late Thursday. Traders tied much of the dollar's losses this week to thin volume and year-end positioning, with many investors taking profits on extended bets against the euro that have built up over recent months as fears of a euro-zone debt crisis grew.
The euro's repeated refusal in recent weeks to hold below a 200-day moving average, now at $1.3085, has also contributed to recent gains. Traders cited buying by Asian central banks and real money accounts, while option barriers are reported at $1.3400. The euro has lost nearly 7 per cent against the dollar and about 18 per cent against the yen in 2010. It is likely to stay under pressure as an estimated 150 to 200 billion euros in euro-zone sovereign bonds hits the market in the next two months. The dollar set a record low against the Swiss franc of 0.9322 on Friday while the euro traded at 1.2515 francs after hitting a record low of 1.2398 Thursday. Australian dollar, which rose 13 per cent against its US counterpart in 2010 and 22 per cent against the euro. It was trading at $1.0175 on Friday, near a 28-peak of $1.0198 touched on Thursday. -Reuters
Yuan ends 2010 with a
Asian currencies
Taiwan dollar near 13-yr flourish, up 3.6pc on yr high; S’pore dollar surges SINGAPORE: The Taiwan dollar is hovering at 13-year high against the US dollar on Friday as foreign investors and exporters continued to sell the greenback, while Singapore dollar extended gains against the US dollar to end the year 8.3 per cent higher. The Taiwan dollar rose even after the central bank moved to raise the reserve requirement ratio for Taiwan dollar passbook deposits held by foreign investors. "I think even though it could have a little impact (from the central bank's move) in the short term, it would be very
difficult to change the trend in the long term," said one dealer at a foreign bank in Taipei, referring to the upward trend in the Taiwan dollar. The Taiwan dollar strengthened to as firm as 29.120 versus the US dollar, compared with its previous close of 30.217. On Thursday, it hit 29.080, the strongest since Oct 1997. But the Taiwan dollar may erase gains later as the Taiwan central bank regularly intervenes near the end of the session. Singapore dollar extended gains as investors continued to sell the greenback despite pos-
Stg gains vs dollar; 2011 seen tough LONDON: Sterling gained against the dollar in thin trade on Friday, helped by a survey showing an unexpected rise in UK house prices and by euro/dollar buying. Against the euro, sterling steadied though it remained weak and near seven-week lows after steep losses on Thursday which traders attributed to year-end related
2011 could bring more bad news on the UK economy, with government spending cuts and a hike in value added tax expected to hit consumer spending and increase unemployment. Sterling has fallen around 4 per cent against the dollar in 2010 and gained just under 3 per cent versus a euro under pressure due to the euro-zone debt crisis. The
euro/sterling buying. Lender Nationwide said UK house prices rose 0.4 per cent in December, the first rise since May, confounding forecasts for a 0.3 per cent fall. But the housing market outlook remains uncertain, with data on Thursday showing a 0.6 per cent house price fall in November. Sterling was up 0.65 per cent at $1.5520, with traders saying stop loss orders were triggered on the break of $1.5510. It had support above its 200-day moving average at $1.5405 and a 3-1/2 month low of $1.5345 hit earlier this week. The euro edged up 0.1 per cent to 86.20 pence, near a sevenweek high of 86.45 pence hit in early trade. There are concerns
pound has stayed mostly within well-worn ranges, with the euro not falling below 80 pence and sterling/dollar in a range between $1.4228-$1.6459. Against growth-linked currencies like the Australian dollar and perceived safe havens like the Swiss franc and yen, sterling has performed poorly. This is expected to continue in 2011. Sterling hovered close to a record low of 1.4392 Swiss francs touched on Thursday and a near two-year low of 125.44 yen. It also hit a fresh three-decade low of 1.9936 New Zealand dollars and was near a multi-year low against the Australian dollar. -Reuters
itive overnight data there. The US dollar was quoted as low as S$1.2848 intraday, with its fall accentuated by low volumes. "Yesterday's (US) data was positive and surprised some on the upside, but some concerns remain about the US budget deficit, which is causing some investors to go short on the US dollar," said Saktiandi Supaat, a currency strategist with United Overseas Bank. Market players expect Singapore's stock-market and currency to extend their gains next year on the back of continued growth in the economy. -Agencies
Swiss franc hits record vs dollar SYDNEY/SINGAPORE: The Swiss franc touched a record high against the dollar on Friday and was within reach of a record peak against the euro, though trade was thin on the last trading day of the year. "Fundamentally, we think dollar/Swiss should be around parity in one-month's time and euro/Swiss around 1.30, but fundamentals don't really come into it when investors are scared about sovereign risk," said Gareth Berry, G10 FX strategist for UBS in Singapore. The dollar set an all-time low of against the Swiss franc of 0.9343 francs on trading platform EBS. With that fall, the dollar dipped below support at around 0.9355, where a trendline drawn off the dollar's lows in December 2008, November 2009, and October 2010, now lies. The dollar later pared its losses to stand at 0.9375 franc, up 0.3 per cent from late US trading on Thursday. The euro edged up 0.3 per cent versus the Swiss franc to 1.2458 francs, having dropped to a record low of 1.2398 francs the previous day. Reuters
Aussie, Kiwi dollars cement gains for 2010 WELLINGTON/SYDNEY: The Australian dollar stayed in sight of a 28-year high against the greenback on Friday, and looked set to close the year as one of the best performing major currencies, while its New Zealand counterpart held close to a five-week peak. Trading, however, was extremely light with most local investors already on holiday and others squaring off before the year end. "They're random moves with very little liquidity in the market and just transactional things knocking it around," said ANZ senior dealer Alex Sinton. The Aussie was last at $1.0174, having traded in a slim range between $1.0152 and $1.0178 on the day. It peaked at a 28-year high of $1.0198 on Thursday, before a bout of profit-taking pulled it back. "There is selling interest in $1.02-even and buyers at $1.0130. But there's not a lot of interest," a trader at a US investment bank said. This month alone the Aussie has risen around 6 per cent versus the greenback, taking the year's
gain to about 13 per cent. It is seen headed even higher in 2011, with some eyeing $1.05, bolstered by strong commodity prices like iron ore, Australia's top export, and expectations for further interest rate hikes by the Reserve Bank of Australia. Markets are pricing in about 50 basis points worth of hikes to the 4.75 per cent cash rate over the next 12 months On the year, it was up 22 per cent against the euro, 19 per cent versus sterling but barely changed against the yen. The Aussie, which hit a 10-year high around NZ$1.3505 last week, was currently at NZ$1.3163. The kiwi has been a solid but less spectacular performer in 2010 compared with the Aussie, having gained around 6 per cent against the greenback this year. It last traded at $0.7714, after drifting in a tight $0.7704-$0.7719 range in local trade. The kiwi was up 15 per cent against the euro, and 11 per cent against sterling, but down nearly 7 per cent on the yen. -Reuters
SHANGHAI: China's yuan ended 2010 on a strong note, pushing past 6.59 per dollar on Friday to close the year up 3.6 per cent and fanning hopes that it will see even more gains next year. The currency closed at 6.5897 per dollar, capping nine trading days that saw it rise 1.3 per cent from a recent low and giving a decisive close to the year after the currency zig-zagged from mid-October to mid-December. The yuan's strength came after the People's Bank of China (PBOC) set its mid-point at a record high for the second straight day, signalling the central bank may be engineering a fresh leg of yuan appreciation ahead of the visit by Chinese President Hu Jintao to the United States in mid-January. But the central bank also sent a signal that coming rises in the yuan would not be drastic, as the fixing was just two pips higher than Thursday's. China-based traders expect the yuan to rise about 2 per cent in
the first quarter of 2011. For all of next year, it could gain around 6 per cent as Beijing uses currency appreciation as a tool to fight consumer inflation, which hit a 28-month high in November, they said. Dealers said offshore forwards , which imply yuan appreciation of less than 1 per cent against the dollar in three months, are underestimating the yuan's potential and so present a window to short dollars in contracts out to one year. Three-month one-year nondeliverable dollar/yuan forwards (NDFs) fell to 6.5657 in late trade from Thursday's 6.5670, implying yuan appreciation in three months' time of 0.87 per cent. That's up from 0.85 per cent but lags by far the 2 per cent rise foreseen by onshore traders in the first quarter. Benchmark one-year NDFs were bid at 6.4318 from Thursday's close of 6.4508. Implied yuan appreciation in a year's time rose to 2.97 per cent from 2.66 per cent. -Reuters
Indian rupee up 4.1pc in 2010; outlook mixed MUMBAI: The Indian rupee posted its best single-day gain in three weeks on Friday, while it rose 4.1 per cent on the year, boosted by record foreign fund investments into Asia's third largest economy. The partially convertible rupee closed 2010 at 44.70/71 per dollar, up 0.55 per cent from its Thursday close of 44.95/96, making it the rupee's best singleday rise since Dec. 7. The unit rose to as high as 44.6550 earlier in the day, its highest in three weeks. Foreign institutional investors (FIIs) have bought $758 million worth of shares in the last five trading sessions until Thursday, taking total investments in 2010 excluding the last trading session, to a record $29.2 billion, on top of the $17.5 billion pumped in last year. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 44.9150,
Events
Actual
Forecast
Previous
EUR EUR GBP GBP GBP GBP CAD
French Industrial Production m/m Italian Industrial Production m/m PPI Input m/m Trade Balance DCLG House Price Index y/y PPI Output m/m New Housing Price Index m/m
0.70% -0.50% 2.60% -7.6B 9.10% 1.00% 0.10%
0.70% 0.50% 1.00% -7.4B 8.00% 0.50% 0.30%
-1.70% -1.10% 1.40% -7.9B 9.70% 0.40% 0.50%
Currencies Rate
Yen hits seven-week high; some see losses ahead in 2011 NEW YORK: The dollar fell broadly on Friday as investors closed their books on 2010 but still managed to end a volatile year a bit firmer than where it began, leaving some gearing up for a rally in early 2011. The euro rose Friday 0.8 per cent to at $1.3386, extending its recovery from a 2010 low beneath $1.19 -- its worst showing since early 2006. But it was still set to end the year down almost 7 per cent against the dollar, hurt by a debt crisis that engulfed Greece and Ireland, rattled Portugal and Spain and even sowed doubts about the currency's future. The yen, however, rose some 12 per cent against the dollar this year as long-term US interest rates fell and markets feared a sluggish US recovery was running out of steam. The dollar fell 0.4 per cent to 81.21 yen on Friday. For the year, the dollar up about
Source
with the total traded volume on the two exchanges at $2.8 billion. One-month offshore nondeliverable forward contracts were at 44.89, weaker than the onshore spot rate. Traders had mixed views about the rupee's fortunes in 2011 with some expecting the equity market rally to continue attracting larger foreign fund inflows, while others cited the deteriorating fiscal condition and high inflation as reasons that could put off investors. -Reuters
Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3385 1.3399 0.9325 0.9393 1.5605 1.5605 0.9977 1.0004 1.0195 1.0192 108.7200 108.8800 0.8577 0.8645 1.2479 1.2539 126.7500 126.7500 87.1300 87.2100 0.9357 0.9394 1415.0800 1414.4000 30.7900 30.7200
Bid 1.3383 0.9321 1.5600 0.9972 1.0190 108.6700 0.8573 1.2473 126.6700 87.0600 0.9348 1413.2900 30.6700
Low 1.3288 0.9323 1.5426 0.9960 1.0155 108.3200 0.8575 1.2423 125.7400 86.7000 0.9341 1404.7100 30.4400
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 31/12/2010 A USD GBP CAD EUR JPY O/N 0.25188 0.56500 0.89500 0.60625 SN 0.10000 1WK 0.25438 0.57250 0.98500 0.53625 0.10600 2WK 0.25656 0.57750 1.05000 0.58500 0.11500 1MO 0.26063 0.59250 1.10000 0.71000 0.12625 2MO 0.28250 0.64688 1.15000 0.81750 0.15375 3MO 0.30281 0.75750 1.23167 0.93875 0.18813 4MO 0.34750 0.84000 1.30000 1.00875 0.24413 5MO 0.40250 0.94438 1.36667 1.09313 0.30125 6MO 0.45594 1.05000 1.44333 1.18313 0.34750 7MO 0.50813 1.12750 1.51333 1.23188 0.39750 8MO 0.55938 1.21125 1.58333 1.28563 0.44313 9MO 0.61250 1.29188 1.65000 1.33438 0.48750 10MO 0.66625 1.37250 1.72500 1.38563 0.51313 11MO 0.72063 1.44125 1.80667 1.42938 0.53750 12MO 0.78094 1.50938 1.89833 1.47250 0.56625
Major Central Banks Overview Central Bank Bank of England European Central Bank Swiss National Bank The Reserve Bank of Australia Bank of Canada Federal Reserve Bank of Japan
Next Meeting
Last Change
January 13, 2011 January 13, 2011 March 17, 2011 February 1, 2011 n/a n/a n/a
March 5, 2009 May 7, 2009 March 12, 2009 November 2, 2010 September 8, 2010 December 16, 2008 December 19, 2008
Current Interest Rate 0.50% 1% 0.25% 4.75% 1% 0.25% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, December 31,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.90 132.65 114.19 85.89 91.56 87.33 12.71 1.05 14.59 66.75 15.32 22.91 11.05 13.03 305.10 27.86 66.24 23.62 23.39 0.08 2.86
85.70 132.34 113.93 85.69 91.35 87.13 12.68 1.05 14.56 66.60 15.28 22.86 11.02 13.00 304.39 27.79 66.08 23.57 23.33 0.08 2.85
85.51 132.03 113.66 85.46 91.11 86.90 12.65 1.05 14.52 66.42 15.24 22.80 10.99 12.97 303.59 27.52 65.91 23.50 23.27 0.08 2.84
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 31, 2010
KASB 0-7days 13.00 8-15dys 13.10 16-30dys 13.10 31-60dys 13.15 61-90dys 13.23 91-120dys 13.35 121-180dys 13.40 181-270dys 13.58 271-365dys 13.70 2-- years 14.00 3-- years 14.18 4-- years 14.20 5-- years 14.22 6-- years 14.25 7-- years 14.26 8-- years 14.26 9-- years 14.20 10--years 14.28 15--years 14.50 20--years 14.60 30--years 14.70
BMA 12.90 12.95 13.05 13.08 13.23 13.40 13.42 13.47 13.69 14.00 14.18 14.20 14.23 14.27 14.30 14.00 13.98 14.25 14.50 14.75 14.85
ELXIR 13.00 13.00 13.10 13.10 13.21 13.28 13.35 13.49 13.65 13.95 14.18 14.22 14.25 14.27 14.29 14.10 14.00 14.25 14.50 14.70 14.85
GSL 13.00 13.00 12.95 13.08 13.21 13.25 13.35 13.52 13.66 13.95 14.15 14.17 14.20 14.24 14.30 14.12 14.18 14.25 14.55 14.80 15.00
ICSL 12.75 12.85 12.95 13.05 13.10 13.20 13.30 13.45 13.65 13.90 14.11 14.20 14.21 14.30 14.35 14.00 14.20 14.22 14.55 14.75 15.00
JSCM AvgRate 12.75 12.90 12.85 12.96 13.00 13.03 13.00 13.08 13.22 13.20 13.28 13.29 13.38 13.37 13.50 13.50 13.70 13.68 14.00 13.97 14.15 14.16 14.18 14.20 14.22 14.22 14.25 14.26 14.30 14.30 14.20 14.11 14.00 14.09 14.28 14.26 14.55 14.53 14.75 14.73 14.90 14.88
Currencies Correlation EUR/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD
week month months months year years
0.62 0.07 0.13 0.81 0.56 0.27
-0.01 0.49 0.84 0.34 0.39 0.53
0.92 0.04 0.86 0.91 0.74 0.48
-0.28 0.66 0.86 0.71 0.66 0.73
0.17 0.76 0.77 0.85 0.78 0.79
0.54 0.57 0.45 0.84 0.51 0.31
USD/CAD USD/CHF -0.70 -0.60 0.12 -0.71 -0.26 -0.15
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)31/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.90
13.40
12.80
13.30
12.90
13.40
13.20
13.45
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
13.60
13.00
13.50
12.85
13.35
13.20
13.50
13.45
13.70
13.50
14.00
13.70
14.20
14.00
14.50
ABPL
13.10
ASK
ASPK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
CIPK
12.80
13.30
12.85
13.35
12.90
13.40
13.30
13.55
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
DBPK 12.60
13.10
12.65
13.15
12.70
13.20
12.90
13.20
13.10
13.35
13.30
13.80
13.50
14.00
13.60
14.10
FBPK 12.75
13.25
12.80
13.30
12.80
13.30
13.25
13.50
13.40
13.65
13.55
14.05
13.65
14.15
13.85
14.35
FLAH 12.80
13.30
12.80
13.30
12.85
13.35
13.20
13.45
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
HBPK 12.80
13.30
12.85
13.35
12.95
13.45
13.20
13.45
13.35
13.60
13.45
13.95
13.60
14.10
13.75
14.20
HKBP 12.90
13.40
12.85
13.35
12.90
13.40
13.10
13.40
13.30
13.55
13.40
13.90
13.60
14.10
13.70
14.20
NIPK
13.00
13.50
13.10
13.60
13.30
13.80
13.50
13.75
13.60
13.85
13.70
14.20
13.75
14.25
13.80
14.30
HMBP 12.80
13.30
12.85
13.35
12.90
13.40
13.25
13.50
13.35
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 12.75
13.25
12.80
13.30
12.90
13.40
13.35
13.60
13.50
13.75
13.50
14.00
13.65
14.15
13.75
14.25
MCBK 12.75
13.25
12.70
13.20
12.80
13.30
13.10
13.40
13.30
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK 12.75
13.25
12.80
13.30
12.80
13.30
13.20
13.45
13.30
13.55
13.50
14.00
13.65
14.15
13.75
14.25
SCPK 12.65
13.15
12.65
13.15
12.75
13.25
13.10
13.35
13.25
13.50
13.45
13.95
13.50
14.00
13.70
14.20
UBPL 12.85
13.35
12.90
13.40
12.90
13.40
13.20
13.45
13.35
13.60
13.50
14.00
13.65
14.15
13.70
14.20
AVE
13.30
12.82
13.32
12.87
13.37
13.21
13.46
13.37
13.62
13.48
13.98
13.62
14.12
13.73
14.23
12.80
-0.46 0.04 -0.24 -0.77 -0.56 -0.49
4 Saturday, January 1, 2011
Software Exports
The Financial Daily International Vol 4, Issue 141
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board S. Muneer Hussain Rizvi
Haseeb Khan, FCA 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
Living with or without IMF Cognizant of the inability of the elected regime of Pakistan to arrive at consensus with other coalition partners regarding imposition of RGST, IFM has agreed to extend the stand by arrangement from 23 to 36 months. This provides and opportunity to the government to redefine its strategy without upsetting the lender of the last resort. While one group of experts insists that Pakistan should meet all the conditions to remain under the supervision of the IMF, the other group wants the government to come up with its own homegrown plan. They even go to the extent of saying that Pakistan should very politely tell the IMF that it does not need the remaining tranches. To be precise no group can be termed wrong because the recommendations are supported by appropriate arguments. Remaining under the IMF supervision is perceived good because it demands meeting certain targets and deviation could lead to delay or suspension of future disbursements. It is feared that if no such supervision is there economic managers may loose the focus and start condoning the deviations. The group suggesting that Pakistan should forego the remaining tranches is also right. It says that now Pakistan has enough foreign exchange reserves and can mobilize the needed funds through dollar denominated bonds and Sukuks at competitive rates from the international markets. They also say that irrespective of any external pressure Pakistan should improve tax to GDP ratio by withdrawing various tax exemptions, checking blatant tax evasion and following good governance at each level, particularly in the tax collection regime. The taxation policy should be based on cardinal principal that all sorts of income, irrespective of the sources should be taxable and should also be directly linked with the paying ability of the individuals. There is also the need to plug evasion going on with the connivance of tax collection regime. Experts also say that the IMF has not been doing justice with the population at large by condoning lavish spending of the government. The elected representatives being part of treasury as well as opposition endorse dismal allocations for education and health and slash development budget but hardly bother to contain non-developmental expenditure. While IMF's decision needs to be appreciated because it provides time to Pakistani authorities to complete the reforms for enhancing tax collection through appropriate policy framework, the policy planners must come up with a homegrown plan rather than living on the borrowed money. It is true that living within available resources is difficult but it is certainly better than living on borrowed money. It is Pakistan's choice to opt for lavish spending of borrowed money or to live within means to protect its sovereignty; nothing comes free of cost in this world.
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.
Shabbir Kazmi
L
ately The New York Times published an interesting article on the state of IT innovation in India. Going through the article reveals that while India continues to be a low-cost destination for outsourcing, Indian companies are not being able to truly innovate and create compelling new products. Within India, there appears to be an overwhelming focus on being a low cost body shop for western businesses while the environment remains unfriendly to innovation and risk. Years ago, as India made entry with a big bang, many analysts wondered whether India would eventually "learn the business" sufficiently to start producing innovating product focused companies that could scale. It appears that despite over 20 years of providing low-cost development services, the answer is still no. May be the situation has emerged because the skills required for creating a low cost software are very different from those required to create compelling and innovative products. While implementing vision of another person developer need not think about the product, its market acceptability and even the utility. Instead all the attention is focused simply on preparing a product as fast as possible and as cheaply possibly. Software product development requires a lot of creativity and it appears from the Indian experience, that this
creativity is hardly allowed to develop or flourish. One needs to find if the scenario in Pakistan is also the same or there are some visible differences. It is also necessary to learn from the Indian experience. Without going into too many details it may be said many Pakistani software developers and exporters are also tying to replicate the Indian model. One way or the other they have accepted their inadequacies or do not wish to take the risk of developing their own products. According to an expert, "In recent times, I have hardly spoken to an IT entrepreneur in Pakistan whose goal is to build a services company. Everyone
focus on products and innovation is able to deliver dividends and create fastgrowing, globally competitive software businesses. However, to achieve this target the developers will have to work hard at their own and depend the least on any government support. Technology savvy people can't be produced over night. It is similar to that Pakistani business schools churn out hundreds of MBAs every year, they become good executive but only a few entrepreneurs are developed, a person who is willing to invest his money, assume a calculated risk and them working hard to achieve his/her ultimate objectives. Ironically, when one talks
“
Though, a few technology parks have been established particularly in Karachi, the buildings look 'haunted houses'. Most of the buildings are still devoid of necessary infrastructure or the cost being charged is prohibitively excessive
is talking products. Now that enterprise software is not as hot as it used to be back in the early 2000s, thanks to open source alternatives and a resistance amongst Fortune 500 companies to freely spend on multi-million dollar licenses, applications with a broader consumer appeal are back in the limelight. This is precisely where the Pakistani software industry appears to be focused." These are all very promising and positive signs, but there is a long way to go. In the coming years it will become clear if the Pakistani software industry's new
about creating a manufacturing facility and a tangible product, many of the financiers are willing to invest or extend credit. However, when it come to financing software, an intangible product very few are willing to take any risk. In the absence of venture capital funds in Pakistan mobilizing funds for a software development company becomes the most serious problem. Interestingly Pakistani IT companies do not face much problem in creating the infrastructure. Thanks to availability of secondhand hardware now they can assemble their own servers, create effi-
cient and fast working networks. Availability of DSL facility, though the cost is still high has made transfer of data speedy as well as dependent. However, all the efforts are bogged down due to frequent electricity outages, high electricity tariff and rampant piracy. Though, most of the critics hate piracy but are also of the consensus that unless cost of original software is brought down getting rid of piracy will be very difficult. Some of the critics say that cost of a 'tailor made' or proprietary program is high because it can't be marketed to general public. They also say that unless Pakistani developers and enterprises have confidence on each other, software development contracts would continue to go to offshore companies. Software developers have a valid point they say, "the technology uses 'building blocks' and often a software is being developed at many places and finally, a product is assembled somewhere in another country. They believe unless they get a full project their input is not more than a dignified data entry company. This is a point where India excels. Bulk of its export proceeds consist of data entry cost. However, as long as dollars are flowing in not too many people bother about how. Though, a few technology parks have been established particularly in Karachi, the buildings look 'haunted houses'. Most of the buildings are still devoid of necessary infrastructure or the cost being charged is prohibitively excessive. Some of the analysts are of the view that proceeds of software are hardly recorded as exports mainly because of no documentation are done. One of the reason stated for not locating office in technology parks is an attempt not be noticed. Though, such attempts are made to avoid paying tax, but the excuse seems very weak because all exports are zero taxes.
Iran-India crude oil trade
Payments Impasse Resolved I
ran said on Friday that an oil payments impasse with India had been resolved by changing the currency of settlement, according to its Fars news agency, which would preserve a trade in crude worth $12 billion a year. Central bank officials from Iran and India met in Mumbai on Friday in an effort to keep the oil trade running, and forcing New Delhi to strike a delicate balance between its energy needs and its global diplomatic interests. "By changing the currency for oil transaction between Iran and India the problem was solved," Iran's deputy oil minister, Ahmad Khaledi, was quoted as saying by the semi-official Fars. The Reserve Bank of India (RBI) said last week that oil trade payments to Iran could no longer be settled using a longstanding clearinghouse system run by regional central banks, and Tehran has refused to sell oil outside the old set-up. This week, the RBI extended the move to apply to all current account transactions. The White House, which wants governments to stop
dealing with Iran because of its nuclear program, praised the move, which came less than two months after President Barack Obama's trip to India on which he pledged to help boost New Delhi's global role. A spokeswoman with the Indian central bank did not have an immediate comment on Friday.
leave refiners scrambling for expensive alternative sources of crude. "We are extremely hopeful that this impasse will be resolved shortly as Indian companies every week get crude supplies from Iran," B. Mukherjee, head of finance at state-run Hindustan Petroleum Corp, told Reuters earlier on
yen, Indian Oil Secretary S. Sundareshan suggested on Thursday. South Korea pays for Iranian crude using the won. Payments could also be routed through a third-country central or commercial bank. An economy growing at about 9 per cent a year has made India the world's fourthlargest importer of crude. Iran is its second largest supplier after Saudi Arabia. Indian oil importers get 90 days credit for payment so they are covered for old transactions, but future shipments would be in jeopardy if the matter had not been resolved. India buys about 400,000 barrels per day of Iranian crude, settling payments through the Asian Clearing Union, a system created in the 1970s by central banks in South Asia and Iran to clear trade payments between them. Critics say the scheme is opaque to the monitoring of
Indian officials and traders had been hopeful of a quick resolution to the payments row that could have disrupted about 13 per cent of its oil imports and leave refiners scrambling for expensive alternative sources of crude "In order to not allow Americans and Europeans to create any problem, we said let's do our business in other currencies like (Emirate) dirham or (Japanese) yen," Khaledi was quoted as saying. Indian officials and traders had been hopeful of a quick resolution to the payments row that could have disrupted about 13 per cent of its oil imports and
Friday. Other importers of Iranian crude include state-run Indian Oil Corp and Mangalore Refinery and Petrochemicals Ltd and privately-run Essar Oil. U.N. sanctions on Iran do not cover oil sales. ALTERNATIVES India and Iran could agree to settle deals in Iran's rial or another currency such as the
flows into Iranian organizations against which the United States has sanctions, as settlements are made on a net basis every two months. Suspending Iranian imports when global crude prices are at near two-year highs and when Indian inflation is uncomfortably high would be costly for India. India and Iran have longstanding ties but analysts say irritants and a new strategic thinking are prompting New Delhi to adopt a more nuanced and assertive policy. New Delhi's interests are increasingly tied with the United States, and it is also mindful of Arab concerns over Iran's nuclear ambitions. "When it comes to Iran, India can ignore pressure from the US and noises from Israel, but it cannot ignore concerns from the Arab countries," said P.R. Kumaraswamy, head of West Asian studies at New Delhi's Jawaharlal Nehru University. "In a very subtle way, India is sending a message that its closeness with Iran will not affect relations with other Middle Eastern countries."Reuters
Harsh Words Won’t Mar US Russia Ties T
he United States suggested on Thursday that an extended prison term for Russian former tycoon Mikhail Khodorkovsky was an abuse of justice, and a senior US official said it may impede Russia's entry to the World Trade Organization. Despite the harsh US words, analysts said the treatment of Khodorkovsky and his co-defendant, Platon Lebedev, was unlikely to undercut a White House effort to work with the Kremlin where it can on strategic and security issues. A Russian judge ordered Khodorkovsky jailed until 2017 after being convicted of theft and money laundering. The case was seen in the West as a test of the rule of law in Russia and by many analysts as a political vendetta against an adversary of Russian Prime Minister Vladimir Putin. Once Russia's richest man and head of Yukos, a now defunct major oil company, Khodorkovsky is in the final year of an eight-year sentence imposed after a politically charged fraud and tax evasion trial during Putin's 2000-08 regime. In the latest trial, prosecutors said he and Lebedev stole nearly $30 billion in oil from Yukos subsidiaries through price mechanisms and laundered some of this. Khodorkovsky's lawyers called the charges an absurd pretext to keep him in
jail. U.S. officials said the case raised serious questions about Russia's commitment to the rule of law. "We remain concerned by the allegations of serious due process violations, and what appears to be an abusive use of the legal system for improper ends, particularly now that Khodorkovsky and Lebedev have been sentenced to the maximum penalty," said State Department spokesman Mark Toner. When Khodorkovsky and Lebedev were convicted on Monday, US Secretary of State Hillary Clinton said their second trial raised serious questions about the apparent selective application of the law. "Simply put, the Russian government cannot nurture a modern economy without also developing an independent judiciary that serves as an instrument for furthering economic growth, ensuring equal treatment under the law and advancing justice in a predictable and fair way," Toner added. RUSSIA'S WTO BID A senior official of President Barack Obama's administration suggested the new sentence will make it harder for Russia to join the WTO. "It is not going to help their cause, it is only going to complicate their cause," the
official, who spoke on condition of anonymity, told Reuters. "The WTO is a rules-based, rule of law organization. Most countries around the world do not look at this verdict as a demonstration of the deepening of the rule of law in Russia. It will definitely have an effect on Russia's reputation." However, US officials say helping Russia join the WTO will remain a priority for the Obama administration next year. Obama has strongly backed Russia's campaign for WTO membership, which would boost foreign investment in that country. Putin has said he expects Russia to join the WTO in 2011. Asked if Obama would call Russian President Dmitry Medvedev to discuss the verdict, the senior US official said: "They have spoken about this case repeatedly in previous meetings. I suspect next time they talk this will be a subject." The official said the verdict was unlikely to affect the Obama administration's efforts to reset relations with Moscow. "We are going to pursue our interests across the board and not link our cooperation on Iran to what is happening with Khodorkovsky. That is another aspect of our relationship. "That said, promoting the rule of law
and advancing democracy in Russia is also a goal of the Obama administration. Regarding that goal, this feels like a setback." Matthew Rojansky, deputy director of the Russia and Eurasia Program at the Carnegie Endowment for International Peace, said there was nothing the United States could do to prevent Khodorkovsky from being removed from Russia's political scene. "They have this very explicit dual track policy which says we are going to do business, we are going to keep working together where we have shared interests, but we are going to speak out loudly ... on our areas of disagreement," he said. However, he said perceived Russian backsliding on democracy and human rights could make it harder to make progress in other areas, particularly where the US Congress is concerned. "In the next two years you'll see a bit of a rebalancing of that (dual-track approach) in the Obama administration's policy," said Heather Conley, director of the Europe program at the Center for Strategic and International Studies think tank. Conley said this may be partly driven by the US House of Representatives, where Republicans take control in January.Reuters
5
Saturday, January 1, 2011
European shares end the year up 7.3pc
World stocks end 2010 at over 2-year highs
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Market sustained 12,000 level
12,031.46 12,022.46 -9.00 -0.07 144.26
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,730.62 3,733.01 2.39 0.06 5.61
ISE-10 Index Opening Closing Change % Change Turnover (mn)
Nawaz Ali
3,012.43 3,016.70 4.27 0.14 0.38
Major Gainers
Close
Change
SIEM 1,253.51 RMPL 2,109.87 ULEVER 4,360.17 BATA 689.15 DAWH 198.36
Symbol
26.51 23.87 16.67 16.51 6.50
Major Losers
Symbol
Close
Change
NESTLE 2,374.86 WYETH 1,051.70 NRL 273.79 SHEZ 116.31 LAKST 289.92
-59.81 -48.3 -6.57 -5.77 -5.58
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA ANL NBP NML FATIMA
13.70 9.66 76.82 64.17 11.28
22.50 11.62 10.04 6.10 5.63
Active Issues Plus Minus Unchanged
186 177 18 Colombo: A stock broker works in front of stock board at the Colombo Stock exchange. Reuters
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
Indian shares up 17pc in 2010 NEW DELHI/MUMBAI: Indian shares rose more than 17 per cent in 2010, to be among the best-performing major Asian markets this year, after closing 0.6 per cent higher on Friday, with most investors expecting the rally to continue. Record foreign fund inflows of $28.7 billion powered the annual gains in the main index, which rose to its highest close in about seven weeks on the last day of the year, and market participants were optimistic a rapidly growing economy would continue to attract money into local equities. But, key risks for the markets in 2011 are inflationary pressures that may lead to the central bank raising rates aggressively and continued political stalemate that could push policy making into limbo. "There are challenges going ahead and 2011 definitely won't be a smooth ride for the domestic and global economy, but we (India) are better placed," said Jayesh Shroff, a fund manager at SBI Mutual Fund, which manages about $9 billion of funds. "Globally, we continue to face the challenges of sovereign defaults, especially in Europe. As long as the global economy remains stable, there are enough funds to be deployed in capital markets." The main 30-share BSE index ended up 0.59 per cent or 120.02 points at 20,509.09 on Friday, with 22 components closing in the green. The index added about 5 per cent in December, its first monthly rise since September. It was its eighth straight quarterly rise, after it added 2.2 per cent in the December quarter. In the year to Dec. 29, which is the latest available
data, foreign institutional investors were net buyers of $28.7 billion of Indian equities, compared with $17.5 billion pumped in 2009. "Global investors' exposure to emerging markets is lower (than developed markets), but Brazil, Russia and India are likely to attract larger flows within this," said Deven Choksey, managing director at K.R. Choksey Shares & Securities. "With around 9 percent of GDP growth for several years to come, I think the Indian market will continue to attract strong foreign inflows," he said. The main stock index rose 17.4 per cent in 2010, after surging 81 per cent in 2009. It is seen rising to 23,350 by end-2011, which would be a 14 per cent gain from current level, a Reuters poll showed this month. Indian shares performed better than the MSCI allcountry world stock index in 2010 and were in line with the gains in the MSCI Emerging Markets Index. In Asia, India outperformed peers such as Hong Kong, China and Japan but lagged Indonesia and Korea. India's No. 2 motorcycle maker Bajaj Auto surged 75 per cent in 2010 to be the top gainer in the benchmark stock index, followed by car and commercial vehicles maker Tata Motors, which gained 65 per cent on improving finances. Anil Ambani group firms, led by Reliance Communications, were up on reports that the billionaire has rebranded the group's corporate logo by dropping his name and keeping only "Reliance," which dealers said could possibly lead to closer ties between him and brother Mukesh Ambani. Reuters
ANNOUNCEMENTS Company Shahmurad Sugar
Period Yearly
Div/Bon/Right PAT (Rs in mn) 10% D 32.25
EPS(Rs) 1.53
FTSE up 9pc in 2010 LONDON: Weaker commodity stocks and banks dragged Britain's top shares lower in thin volumes on the last day of 2010, but the index ended December and the year in firmly positive territory. The FTSE 100 closed 71.07 points or 1.2 per cent lower at 5,899.94 on Friday, after a third day of losses as investors locked in profits made so far this year. The index had scraped above 6,000 just before the Christmas break. The index closed provisionally 0.7 per cent lower, but fell further after some aggressive selling in the auction period prior to the official close. The index gained 6.7 per cent in December and 9 percent in 2010. It was down 0.9 per cent on the week after four consecutive weeks of gains, but has gained 23.2 per cent since touching a low for the year at the start of July. Daily trading volume was under 25 per cent of the 90-day moving average. Miners were the biggest drag on the index, giving up some of the chunky gains made in 2010. They still managed to close the year almost 28 per cent higher after a 108 per cent gain in 2009, bolstered by record high metal prices. TIGHTER POLICY The sector has been hampered on lingering concern about implications of tighter monetary policy in China after the world's most populous country raised interest rates on Christmas day. "News that China raised rates has prompted a feeling from some that a correction that was likely to be seen at some point next year may come earlier than expected," said Giles Watts, head of equities at City Index. "There's a realisation that the gains may have been a bit frothy and some may be looking to take profits ahead of the curve." Some miners like Rio Tinto were also hurt by flooding affecting operations in Australia. Rio Tinto lost 2.1 per cent. UK macroeconomic data further underlined the choppy nature of Britain's recovery as first time since May. Numerous previous indicators had shown house prices falling. Reuters
KARACHI: Karachi stock exchange witnessed some mix activities on the last day of 2010 ending lower due to profit booking by the local institutional investors despite continued interest of foreigners. It should be noted that KSE100 index gained 28 per cent during the calendar year crossing 12,000 levels after July 2008 despite weak economic situation, political uncertainty and deteriorating law and order situation in the mega city however volumes remained on the low. The activities were mainly driven by the foreign investors which did a net buying of $515 million during the year mainly in energy stocks. The benchmark KSE-100 index lost 9 points to close the last session of the year at 12,022 points, KSE all-share index fell by 3 points to close at 8,359 points while KSE 30index remained unchanged at 11,588 points. "Profit taking witnessed by the institutional investors", said Ahsan Mehanti, Director Arif Habib Investments. Rising fiscal deficit, CPI inflation and political uncertainty affected the market sentiment despite foreign interest throughout the day, he added. After a positive opening of the day at 12 points up, market showed some mix activities throughout the day moving on both sides of the index between 12,082 points (+ve 51) and
11,978 points (-ve 53). Though, interest of foreign investors remained intact, locals stayed mainly on the selling side. According to analysts they liquidated positions mainly in oil stocks following decline in international oil prices and institutional selling was due to last day of the year. However, buying was seen in banking stocks on hopes of some good December ending corporate results and higher payouts. Further, the warning given by IMF to Pakistan to reduce its budget deficit also kept the investors cautious, therefore market finally closed the day on a negative note. According to NCCPL they did a net buying of $4.67 million on Friday. On the local investors; other organizations, banks, and mutual funds did a net selling of $5.39, $4.36 and $1.58 million respectively while companies did a net buying of $7.66 million. Volumes were slightly higher as 144.2 million shares traded during the day which was 4.2 million shares more as compared to a turnover of 140 million shares a day earlier. Lotte Pakistan emerged the volume leader with 22.5 million shares followed by Azgard Nine with 11.62 million shares and National Bank with 10.04 million shares. Out of total 381 active issues; 186 advanced and 177 declined while 18 issues remained unchanged.
SECP Chairman meets KSE Board Staff Reporter KARACHI: The newly appointed Chairman of Securities & Exchange Commission of Pakistan (SECP) Muhammad Ali met the members of the Board of Directors of Karachi Stock Exchange. According to sources, the first meeting with new SECP Chairman lasted for several hours. The issues pertaining to conflicts with non-member directors, appointment of mem-
ber chairman and Margin Trading System (MTS) were some of the major issues that were discussed. One of the member director told TFD that, SECP Chairman assured the directors that SECP would try to ask the finance ministry for approval of MTS in a week. The meeting was also attended by some members of the new board. It should be noted that new Board would start functioning from today January 01, 2011.
US stocks early-trade
Wall St edges lower on yr-end profit taking NEW YORK: US stocks edged lower on Friday, the last trading day of the year, as investors took profits after a recent rally that has the S&P on track for its best December performance in nearly two decades. The benchmark index has gained 6.6 per cent so far this month, closing Wednesday at its highest level since Sept. 8, 2008, and has risen in 17 of the last 21 sessions. The index is on course for its biggest December gain since 1991, when it rose 11.2 per cent. From its July low the S&P has risen 23 per cent, boosted by improving economic data, positive earnings reports and stimulus measures by the US Federal Reserve. Investors will closely watch a host of data next week for any incentives to take profits or extend the rally. "We had a nice year, as far as percentage up, really good numbers for the year," said Terry Morris, senior vice president and senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania. "It's just drifting and it's entitled to a pullback. Then it will be like someone turned the switch on Monday." The Dow Jones industrial average dropped 26.22 points, or 0.23 per cent, to 11,543.49. The Standard & Poor's 500 Index lost 2.72 points, or 0.22 per cent, to 1,255.16. The Nasdaq Composite Index dipped 10.18 points, or 0.38 per cent, to 2,652.80. Volume is expected to remain weak as the US government and many businesses are closed on Friday on observance of the New Year's holiday. Drugstore chain CVS Caremark Corp agreed to buy Universal American Corp's Medicare prescription drug business for about $1.25 billion. Universal American surged 35.8 per cent to $19.84, while CVS slipped 0.3 per cent to $34.90. US-listed shares of IMAX Corp jumped 12 per cent to $30.07 after Britain's Daily Mail reported that Sony Corp might bid at least $40 per share for the big-screen movie company. Reuters
HK shares ends year below 10-year average HONG KONG/SHANGHAI: Hong Kong and Shanghai stocks gained ground in the last trading day of 2010, with a stronger yuan fuelling demand for Chinese assets. Hong Kong shares edged higher in a shortened session on Friday for a third consecutive gaining session, ending the year up 5.32 per cent but below the 10-year average gain of about 7.6 per cent. The Hong Kong market lagged its main regional competitor in Singapore, where stocks rose 11 per cent in 2010. "Too many IPOs had hit overall market performance for the year as they soaked up quite a bit of liquidity," said Ample Capital analyst William Lo. The benchmark Hang Seng Index ended Friday up 0.16 per cent at 23,035.45, its highest year-end close since 2007. The index posted a gain of 0.12 per cent for the month and finished the week up 0.88 per cent, its best weekly gain in five weeks. The China Enterprises Index of top locally listed mainland Chinese companies gained 0.84 per cent to 12,692.43, ending
the year down 0.8 per cent. The index finished the month 0.98 per cent lower, but was 2 per cent higher on the week, its best week in two months. The yuan hit a high against the U.S. dollar on Friday, surpassing 6.60 per dollar for the first time since it's revalued in 2005. BANKS, INSURANCE STOCKS UP IN SHANGHAI Chinese stocks rebounded close to 2 percent on Friday in thin trading and an upbeat holiday mood, finishing off a lacklustre year with the hope that 2011 will treat equity investors better. The benchmark Shanghai Composite Index rose 1.76 per cent on the day to 2,808.08 points as stocks rose across the board, but the index still fell by 14.3 per cent on the year, making it one of the world's worst performers this year as policy uncertainty cast a shadow over the market. "The last-day rebound could partly reflect investor optimism toward stocks in the new year as some have already started
building positions," said Zhang Fan, strategist at Tebon Securities in Shanghai. "Stocks are likely to rise next year as tightening fears have been priced in." But some worry that a slew of tightening measures that are likely to be front-loaded in the first half of 2011 could weigh on the market, with the latest Reuters fund poll showing that fund managers are cutting their suggested equity weightings over the next three months. Still, fund managers expect the Shanghai index to rise about 6 percent during the first quarter of 2011, as they suggest more exposure to financial and energy stocks, according to the poll. "Yuan appreciation plus higher interest rates, will inevitably boost money inflows next year," said Tebon Securities' Zhang. "With China likely to maintain real estate curbs, the stock market is the most attractive place to go, especially when valuations of blue-chip stocks are near historic lows." Reuters
6
Saturday, January 1, 2011
Market Volume
144,263,032
Value
6,089,522,149
Trades
68,715
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
186 177 18 381
All Share Index
12,022.46 12,083.20 11,979.88 i9.00
Current High Low Change
KSE 30 Index
8,359.31 8,399.69 8,327.99 i3.54
Current High Low Change
KMI 30 Index Current High Low Change
11,588.24 11,671.92 11,559.41 i0.73
19,071.59 19,208.89 19,013.34 i26.73
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,549.92 Turnover 6,465,450 P/E (x) 11.34 Company
KSE 100 Index
Symbols
PE
Open
Attock Petroleum 691 5.79 332.97 Attock Refinery 853 6.99 125.66 BYCO Petroleum 3921 - 11.55 Mari Gas Company 735 16.93 125.01 National Refinery 800 4.06 280.36 Oil & Gas Development XD 43009 11.56 170.45 Pak Petroleum 11950 8.83 216.97 Pak Oilfields 2365 6.99 298.12 Pak Refinery Limited 350 - 108.44 P.S.O 1715 5.00 295.01 Shell Gas LPG 226 - 33.85 Shell Pakistan 685 10.68 207.36
High 337.90 127.20 11.67 126.99 282.00 171.75 219.90 300.80 109.40 298.40 34.49 208.80
High Low 1,564.75 1,542.60 Total cos Defaulter cos P/BV (x) ROE (%) 3.69 32.54 Low 331.50 124.02 11.25 124.50 272.20 170.25 216.30 294.30 107.02 293.63 33.56 207.65
Close Chg 334.52 124.68 11.27 124.97 273.79 170.83 217.15 295.96 107.72 295.18 33.83 208.22
1.55 -0.98 -0.28 -0.04 -6.57 0.38 0.18 -2.16 -0.72 0.17 -0.02 0.86
Close Change 1,549.11 -0.81 Listed cap Market cap 65,194.15 mn 1,202,905.77 mn Payout (%) Div Yield (%) 55.94 4.93 Last 60 days High Low
Volume 304447 1565204 691652 33273 182748 529082 913384 1689864 17058 1213545 1140 15705
374.20 137.20 12.49 128.90 282.00 171.75 221.75 300.80 114.50 299.20 40.28 209.89
287.99 79.23 10.05 107.00 200.00 144.61 171.60 231.01 55.00 262.00 29.10 182.05
% Change -0.05 5-Day High 1,549.92 5-Day Low 1,525.15
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Open 754.98 Turnover 8,663 P/E (x) 5.80 Company
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
1092 1321
PE 7.28 41.25
Open 72.50 38.57
High 73.90 39.00
High Low 756.78 751.59 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53 Low 71.00 37.76
Close Chg 72.75 0.25 37.95 -0.62
Close 752.39 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 2907 8663
Change -2.60 Market cap 13,206.45 mn Div Yield (%) 1.91
Last 60 days High Low 77.77 41.00
60.05 32.36
Company
Company
Paid up Cap(mn)
High Low 1,424.43 1,387.87 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 35.00
PE
Open
High
Low
Agritech Limited 3924 8.66 Bawany Air 68 67.67 BOC (Pak) 250 12.51 Clariant Pak 273 7.00 Dawood Hercules 1203 8.22 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 10.65 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.12 Fauji Fert.Bin Qasim 9341 6.74 Gatron Ind 384 2.30 Ghani Gases Ltd 725 8.70 ICI Pakistan 1388 8.13 Lotte Pakistan 15142 4.89 Mandviwala 74 Nimir Ind Chemical 1106 Sitara Chem Ind 214 10.47 Sitara Peroxide 551 14.40 Wah-Noble 90 6.95
23.05 8.68 91.04 182.44 191.86 2.97 8.19 2.94 11.46 191.62 14.50 10.94 127.89 36.30 43.84 11.55 144.82 13.75 1.88 2.07 128.00 13.44 37.07
24.01 9.42 92.00 185.95 200.99 3.04 8.50 3.13 11.45 196.00 14.64 11.34 128.25 36.69 43.90 11.55 146.15 14.11 2.08 2.10 128.99 13.82 36.20
22.50 8.10 91.00 182.00 192.00 2.90 8.05 2.85 11.00 191.65 14.25 10.77 125.26 35.69 42.82 11.41 144.00 13.60 1.66 1.97 126.51 13.20 36.10
Close Chg 23.90 8.12 91.10 183.00 198.36 2.92 8.16 2.99 11.20 193.81 14.27 11.28 125.86 35.73 42.83 11.49 144.24 13.70 1.89 2.00 127.75 13.25 36.13
0.85 -0.56 0.06 0.56 6.50 -0.05 -0.03 0.05 -0.26 2.19 -0.23 0.34 -2.03 -0.57 -1.01 -0.06 -0.58 -0.05 0.01 -0.07 -0.25 -0.19 -0.94
Close 1,399.04 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 182504 15305 10349 24940 250107 8102 90926 2746372 4000 2994854 214584 5629712 989516 3705395 176 13200 413638 22495086 30326 665049 760 115081 1400
Change -6.61 Market cap 317,268.14 mn Div Yield (%) 5.61
24.85 13.25 94.20 185.95 200.99 3.74 9.25 4.24 13.79 200.88 15.20 11.39 128.50 38.05 46.59 13.85 146.80 14.11 2.75 2.74 139.40 14.69 46.25
20.26 7.73 72.00 149.72 163.55 1.90 3.41 1.30 9.15 173.30 12.90 9.16 104.90 27.02 38.03 10.91 116.00 8.39 0.80 1.30 101.00 8.00 32.00
% Change -0.47 5-Day High 1,405.65 5-Day Low 1,388.58
2010 Div BR (%) (%) 5 15 40 15 40 95 17.5 20 55 25 50
10R 5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,187.43 Turnover 64,204 P/E (x) 5.98 Company
High Low 1,226.13 1,162.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,183.40 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.92
16.73 45.30
17.30 46.80
16.75 43.70
16.85 0.12 44.86 -0.44
61314 2885
Century Paper Security Paper
Change -4.03 Market cap 3,280.40 mn Div Yield (%) 4.23
Last 60 days High Low 19.89 47.70
15.28 38.00
% Change -0.34 5-Day High 1,217.35 5-Day Low 1,183.40
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Paid up Cap(mn)
High Low 1,208.67 1,183.36 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 25.35
PE
Open
High
Low
Agriautos Ind 144 5.77 Atlas Battery 101 5.69 Atlas Honda 626 9.06 Baluchistan Wheels Ltd. 133 6.36 Dewan Motors 890 Exide (PAK) 56 4.64 General Tyre 598 19.48 Ghandhara Nissan 450 3.42 Ghani Automobile Ind 200 6.41 Honda Atlas Cars 1428 Indus Motors 786 5.76 Pak Suzuki 823 11.12 Sazgar Engineering 150 3.90
75.08 192.73 124.02 32.21 2.40 197.90 23.38 5.02 4.20 11.28 252.30 70.34 20.95
76.99 193.40 125.00 33.82 2.50 199.90 23.50 5.15 5.20 11.63 254.00 71.30 21.00
75.90 189.00 122.50 33.00 2.22 188.11 22.55 4.85 4.10 11.25 250.01 69.71 20.31
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 4.30 675 555 9.76 1199 12.47 785 10.40
Open 27.30 2.72 15.80 59.47 9.22
High 28.45 2.75 16.05 61.90 9.20
Low 27.30 2.55 15.60 58.00 9.15
Close Chg 27.51 2.70 15.61 59.85 9.15
0.21 -0.02 -0.19 0.38 -0.07
Close 1,094.17 Listed cap 3,596.11 mn Payout (%) 30.91
Change 4.58 Market cap 10,747.33 mn Div Yield (%) 8.94
Open 1,708.83 Turnover 231,683 P/E (x) 36.36 Company
Paid up Cap(mn)
Adam Sugar 58 AL-Noor Sugar 186 Bawany Sugar 87 Chashma Sugar 287 Clover Pakistan 94 Colony Sugar Mills 990 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 Mithchells Fruit 50 Mubarik Daries 28 National Foods 414 Nestle Pakistan 453 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177
Close Chg
Last 60 days High Low
Volume 464138 16454 10800 176691 800
28.45 3.39 16.25 62.20 10.07
24.00 1.93 12.25 44.00 8.00
2010 Div BR (%) (%) 30 40 7.5
20B -
2011 Div BR (%) (%) -
-
PE
Close 1,194.87 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 0.77 Market cap 43,371.60 mn Div Yield (%) 4.71
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Javedan Cement Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.64 858 182 14 956 24.43 982 13.15 3574 3651 125.71 6933 15.21 1760 77 2319 581 145 9.75 1288 13126 3234 6.81 5261 1.33 541 3.10 2228 200 361 798 472.00
3.25 62.72 3.05 23.45 14.50 10.81 1.88 2.16 29.96 5.16 1.81 2.20 7.96 59.25 8.80 6.40 3.23 75.11 2.88 4.15 6.61 6.74 8.30 17.98
3.70 63.50 3.16 23.45 14.85 10.75 1.98 2.49 30.60 5.23 1.89 2.45 8.65 60.00 7.80 6.51 3.32 76.18 2.95 4.22 6.85 7.50 9.00 18.91
3.15 61.30 2.56 23.00 13.60 10.75 1.65 2.18 30.01 5.01 1.80 2.09 7.80 56.30 7.80 6.40 3.20 75.00 2.86 4.22 6.52 6.15 8.00 18.00
Close 1,010.11 Listed cap 54,792.74 mn Payout (%) 19.04
Change 6.04 Market cap 72,852.29 mn Div Yield (%) 2.61
Close Chg
Volume
Last 60 days High Low
3.47 63.11 3.06 23.01 14.50 10.75 1.71 2.24 30.17 5.02 1.80 2.41 8.33 59.97 7.80 6.46 3.21 75.79 2.87 4.22 6.77 7.30 8.48 18.88
122600 19273 9411 23332 4516 800 1002 917608 5502690 388355 120007 3708 13393 2452 490 2100 581362 681098 54847 1500 65236 33904 3743 23014
3.98 65.99 4.24 24.16 15.50 12.75 2.49 3.10 32.10 5.55 2.25 5.00 9.19 63.00 11.50 8.70 3.79 79.98 3.30 8.89 8.58 7.50 9.60 22.24
0.22 0.39 0.01 -0.44 0.00 -0.06 -0.17 0.08 0.21 -0.14 -0.01 0.21 0.37 0.72 -1.00 0.06 -0.02 0.68 -0.01 0.07 0.16 0.56 0.18 0.90
2.80 57.60 1.10 14.01 7.91 9.51 1.31 1.30 23.40 4.52 1.70 1.18 2.70 56.05 4.80 5.50 2.71 69.20 2.51 3.21 6.52 5.25 6.30 17.51
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
% Change 0.60 5-Day High 1,018.65 5-Day Low 1,004.06 2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,035.12 Turnover 762,971 P/E (x) 2.87 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,054.49 1,022.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 43.91 Low
Close Chg
Cherat Papersack 115 2.76 78.29 79.01 77.08 77.41 ECOPACK Ltd 230 2.19 2.69 2.20 2.57 Ghani Glass 1067 4.53 49.80 49.95 49.15 49.30 MACPAC Films 389 3.11 3.50 3.01 3.02 Packages Ltd 844 65.95 128.72 131.00 127.50 128.61 Siemens Engineering XD 82 10.34 1227.00 1260.00 1210.00 1253.51 Tri-Pack Films 300 8.91 124.02 125.98 122.00 122.16
-0.88 0.38 -0.50 -0.09 -0.11 26.51 -1.86
Close 1,038.51 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 3.39 Market cap 39,340.51 mn Div Yield (%) 5.42
Last 60 days High Low
37808 83.23 34.00 197375 3.30 1.80 3232 61.10 45.30 18410 4.05 1.60 401804 136.74 100.11 86051 1381.00 1120.00 18280 128.70 98.10
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
% Change 0.33 5-Day High 1,044.18 5-Day Low 1,025.52 2011 Div BR (%) (%) -
-
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB Pak Engineering
PE
Open
66 1.10 17.00 215 5.44 226.85 104 - 43.16 214 1.42 213 10.83 11.53 132 7.20 60.63 366 6.54 498.11 57 694.42 255.03
High
High Low 1,556.00 1,538.93 Total cos Defaulter cos P/BV (x) ROE (%) 3.19 38.02 Low
Close Chg
17.49 17.00 17.00 0.00 228.50 226.30 227.00 0.15 44.80 44.00 44.10 0.94 1.74 1.25 1.31 -0.11 11.70 11.51 11.70 0.17 61.95 59.31 60.11 -0.52 502.00 498.22 499.78 1.67 250.00 242.30 249.99 -5.04
Close 1,547.84 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Last 60 days High Low
1010 2747 560 66242 10760 4069 38015 121
20.85 238.99 51.99 2.40 14.80 87.15 504.45 324.80
14.12 200.00 41.50 0.21 10.55 59.31 390.00 233.00
76.99 194.75 128.90 36.72 2.89 208.95 25.24 5.67 5.75 13.40 282.45 77.90 26.00
65.75 136.10 94.00 28.67 1.20 136.00 21.00 4.03 4.00 9.65 216.49 66.75 17.92
2010 Div BR (%) (%) 90 100 25 60 20 150 10
2011 Div BR (%) (%)
20B 20B
-
-
High
High Low 1,745.24 1,679.28 Total cos Defaulter cos P/BV (x) ROE (%) 11.02 30.30 Low
Close Chg
Close 1,703.51 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -5.32 Market cap 225,450.43 mn Div Yield (%) 0.84
Last 60 days High Low
30599 18.20 11.15 12525 53.02 39.25 2008 6.73 0.86 11379 15.47 8.50 1314 78.22 42.61 6562 5.70 2.60 3314 5.59 1.11 10089 21.73 18.30 66266 36.50 28.50 1420 16.50 11.90 19525 89.89 64.61 2256 68.49 50.50 755 68.22 51.01 3502 7.18 4.20 820 79.00 61.50 500 4.00 2.00 25342 75.50 39.01 128 2550.00 1820.02 18574 14.84 11.05 1501 6.99 4.25 3004 53.81 32.50 3011 14.70 13.00 2021 13.50 9.93 4126 7.88 3.75 1000 36.75 28.00
% Change -0.31 5-Day High 1,720.04 5-Day Low 1,703.51
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 15 25 25 25B 40 0 12.5R 35 20B 15 20B 10 12 450 10 10 -
-
-
Company
Paid up Cap(mn)
AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,138.89 1,120.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64
PE
Open
High
Low
115 3.62 90 106 1174 3.54 341 22.70 231 2.45
31.99 11.99 6.52 14.10 19.91 20.81
33.58 12.98 7.40 14.37 20.79 20.70
33.58 11.99 6.50 14.00 20.20 20.51
Close Chg 33.58 12.98 7.40 14.04 20.20 20.52
1.59 0.99 0.88 -0.06 0.29 -0.29
Close 1,126.81 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 102 101 5502 95259 1064 17910
Change 5.01 Market cap 5,124.88 mn Div Yield (%) 2.06
2010 Div BR (%) (%) 150 25 650 100
10B 25B -
Last 60 days High Low
2010 Div BR (%) (%)
35.00 17.98 11.49 15.09 20.79 21.40
-20B 20R - 10B 17.5 -
23.00 7.55 6.10 12.90 16.51 15.90
2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,011.28 Turnover 22,199,516 P/E (x) 6.86 Company
Paid up Cap(mn)
Amtex Limited Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Chenab Limited Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Hafiz Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Kohinoor Ind Kohinoor Textile Liberty Mills Masood Textile Mehmood Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Salman Noman Samin Textile Sana Ind Sargoda Spinning Saritow Spinning Service Ind Service Textile Shadman Cot Shahtaj Textile Shahzad Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zil Limited
3139 4493 33 76 76 141 1150 238 492 600 514 34 110 234 635 146 12 716 3105 100 99 180 181 184 303 1455 226 600 150 145 187 1596 3516 560 174 185 130 250 308 341 42 134 55 312 133 120 44 176 97 180 180 173 307 418 400 53
% Change 0.11 5-Day High 1,547.84 5-Day Low 1,539.56
High Low 1,022.90 1,000.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64
PE
Open
High
Low
9.20 0.47 0.47 5.71 0.34 4.56 51.14 0.18 0.61 0.72 4.20 1.31 7.79 0.73 3.31 0.47 3.86 3.19 0.95 3.59 3.31 2.11 0.71 0.83 1.89 5.51 3.07 0.76 1.13 0.62 0.64 4.52 2.12 5.08 3.50 0.52 0.33 8.22 1.40 0.30 0.79 0.32 5.57 9.56 0.52 3.74
4.44 9.88 12.50 13.02 672.64 1.41 3.08 0.95 22.85 1.82 44.52 6.02 20.30 68.50 27.89 6.10 19.00 3.95 41.14 1.75 5.40 3.35 321.88 6.03 1.58 5.19 59.97 20.25 60.95 0.44 16.10 22.53 63.66 9.04 10.36 14.80 36.18 1.41 9.23 36.40 4.60 5.97 46.58 2.44 2.30 239.90 0.51 8.62 19.12 5.25 35.50 33.00 127.91 60.75 1.70 55.50
4.60 10.10 12.55 13.40 696.50 1.41 3.29 1.19 23.99 1.89 45.40 5.90 20.50 68.30 29.28 6.99 19.00 3.95 42.49 1.90 6.40 3.55 334.90 6.20 1.97 5.24 62.96 20.00 58.25 0.78 16.75 23.20 65.80 9.55 10.40 14.75 37.98 1.59 9.90 37.00 5.50 6.10 47.00 3.43 2.00 244.00 0.40 9.00 19.25 5.01 36.85 34.65 132.00 61.75 1.99 56.50
4.01 9.48 11.50 13.00 670.00 1.26 3.07 0.77 22.60 1.80 43.45 5.50 19.31 65.50 27.50 6.89 19.00 3.90 40.00 1.20 4.56 3.55 305.79 5.75 1.54 5.00 61.00 20.00 58.25 0.44 16.17 22.50 63.81 9.01 10.40 14.74 37.98 1.37 9.10 36.00 4.45 6.10 45.00 2.55 2.00 237.11 0.40 7.65 19.20 5.00 35.00 33.00 122.00 60.00 1.35 54.00
Close Chg 4.05 9.66 11.53 13.40 689.15 1.26 3.12 0.78 23.72 1.83 43.47 5.90 20.05 66.04 29.24 6.89 19.00 3.90 42.14 1.26 5.50 3.55 328.20 6.20 1.59 5.02 62.96 20.00 58.25 0.78 16.17 22.72 64.17 9.10 10.40 14.74 37.98 1.51 9.10 36.00 5.00 6.10 46.04 2.69 2.00 240.04 0.40 7.71 19.21 5.00 35.27 33.03 130.25 60.05 1.50 55.89
-0.39 -0.22 -0.97 0.38 16.51 -0.15 0.04 -0.17 0.87 0.01 -1.05 -0.12 -0.25 -2.46 1.35 0.79 0.00 -0.05 1.00 -0.49 0.10 0.20 6.32 0.17 0.01 -0.17 2.99 -0.25 -2.70 0.34 0.07 0.19 0.51 0.06 0.04 -0.06 1.80 0.10 -0.13 -0.40 0.40 0.13 -0.54 0.25 -0.30 0.14 -0.11 -0.91 0.09 -0.25 -0.23 0.03 2.34 -0.70 -0.20 0.39
Close 1,011.79 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 0.51 Market cap 135,597.86 mn Div Yield (%) 2.43
Last 60 days High Low
528303 17.21 11615059 12.32 9504 18.75 20000 14.50 904 747.48 7038 2.80 126200 3.90 25530 1.38 17435 23.99 205719 2.37 10039 47.00 501 7.44 2155 22.25 4108 71.40 6920 29.28 101 8.86 500 19.00 10500 4.88 224848 42.75 5077 2.70 2194 7.29 2000 5.35 3420 350.15 211 9.50 25920 2.00 16002 6.06 510 62.96 1000 22.24 2000 68.80 1008 0.95 5494 17.50 1917658 25.14 6098304 65.80 5235 10.45 2000 11.25 1002 19.25 1105 47.00 15530 2.30 1614 12.00 3604 38.10 3700 5.50 16620 8.69 110 48.95 3052 3.43 91001 2.99 1862 276.50 4000 0.75 30515 15.00 2301 21.90 501 9.48 251 38.52 172 36.40 1059648 132.00 56772 63.30 2004 2.00 503 58.99
2010 Div BR (%) (%)
4.00 30 9.48 8.10 - 15B 9.50 20 436.00 0.58 3.02 0.16 17.89 15 1.44 36.10 5 1.80 17.21 35 38.30 70 19.99 12.5 5.01 10 17.00 3.35 10 34.05 20 0.30 2.02 2.60 10 209.03 50 4.05 20 5B 1.01 4.51 54.55 30 18.01 15 100R 51.46 60 0.14 12.80 20SD 16.13 15 45.95 25 45R 5.16 7.65 10 10B 12.51 30 25.80 20 1.29 8.01 25SD 31.25 40 1.80 5B 5.11 - 100R 27.50 60 1.40 5 1.10 169.00 0.14 7.00 15.61 45 3.76 5 29.00 50 15.25 25 86.50 80 20B 37.25 0.86 36.00 35 -
% Change 0.05 5-Day High 1,012.37 5-Day Low 1,005.61 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index Open 1,003.31 Turnover 112,269 P/E (x) 7.80
2011 Div BR (%) (%) -
-
1.73
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.61
Revenue (Rs in mn)
MA (200-day)
1.96
Interest Expense
1st Support
1.50
Loss after Taxation
2nd Support
1.35
EPS 10 (Rs)
1st Resistance
1.90
Book value / share (Rs)
2nd Resistance
2.15
PE 11 E (x)
Pivot
1.75
PBV (x)
2,731.94 691.43 (449.11) (2.878) (6.68) (0.25)
JPGL closed up 0.02 at 1.69. Volume was 2,378 per cent above average (trending) and Bollinger Bands were 8 per cent wider than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 13.6 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 JPGL (mildly bullish). Trend forecasting oscillators are currently bearish on JPGL.
Al-Abbas Cement Industries Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
56.87
Total Assets (Rs in mn)
MA (10-day)
3.31
Total Equity (Rs in mn)
1,717.44
MA (100-day)
3.32
Revenue (Rs in mn)
5,923.91 2,982.69
MA (200-day)
4.79
Interest Expense
351.21
1st Support
3.20
Profit after Taxation
121.81
2nd Support
2.90
EPS 09 (Rs)
1st Resistance
3.75
Book value / share (Rs)
2nd Resistance
4.00
PE 10 E (x)
Pivot
3.45
PBV (x)
0.666 9.39 0.37
AACIL closed up 0.22 at 3.47. Volume was 274 per cent above average (trending) and Bollinger Bands were 21 per cent narrower than normal. The company's loss after taxation stood at Rs211.951 million which translates into a Loss Per Share of Rs1.16 for the 1st quarter of current fiscal year (1QFY11). AACIL is currently 27.6 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 very strong flows of volume into AACIL (bullish). Trend forecasting oscillators are currently bearish on AACIL.
Sui Southern Gas Company Limited
% Change 0.45 5-Day High 1,126.81 5-Day Low 1,113.59
PHARMA AND BIO TECH
Change 1.72 Market cap 32,809.69 mn Div Yield (%) 15.66
Last 60 days High Low
Open
Open 1,121.80 Turnover 119,938 P/E (x) 3.04
Performance of SR Industrial Engineering Index Open 1,546.12 Turnover 123,565 P/E (x) 8.40
2863 4990 673 475 408770 163 10116 13012 1002 38170 6834 15210 5420
7,598.16
MA (10-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index High Low 1,023.01 991.75 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10
1.12 -2.26 0.96 1.61 -0.12 -1.65 -0.78 -0.10 -0.10 0.32 0.17 -0.52 -0.05
% Change 0.06 5-Day High 1,194.87 5-Day Low 1,175.69
Total Assets (Rs in mn)
HOUSEHOLD GOODS
CONSTRUCTION AND MATERIALS Open 1,004.06 Turnover 8,542,562 P/E (x) 7.29
76.20 190.47 124.98 33.82 2.28 196.25 22.60 4.92 4.10 11.60 252.47 69.82 20.90
1.13 17.20 18.20 18.00 18.20 1.00 3.69 50.50 53.02 50.10 50.57 0.07 5.60 5.67 4.61 5.00 -0.60 1.00 12.99 13.50 12.40 12.41 -0.58 12.00 74.50 78.22 71.50 73.43 -1.07 3.39 3.49 3.21 3.23 -0.16 3.58 3.80 3.44 3.60 0.02 4.18 20.70 21.73 19.67 20.84 0.14 7.49 33.70 33.80 33.10 33.31 -0.39 11.75 12.36 12.69 12.65 12.69 0.33 2.97 85.00 89.25 84.00 88.71 3.71 3.40 59.74 59.50 57.00 57.52 -2.22 4.30 54.15 54.85 51.50 51.60 -2.55 0.62 6.04 6.70 5.90 6.09 0.05 9.02 71.00 74.54 72.00 74.26 3.26 3.00 4.00 4.00 4.00 1.00 25.90 71.91 75.50 69.25 69.41 -2.50 26.09 2434.67 2463.00 2312.94 2374.86 -59.81 - 12.91 13.30 11.91 11.98 -0.93 0.89 6.19 6.40 6.10 6.10 -0.09 8.62 44.88 46.98 42.80 46.98 2.10 1.03 14.36 14.40 14.00 14.40 0.04 7.16 11.96 11.80 10.96 10.96 -1.00 5.90 6.88 5.50 5.53 -0.37 309.09 34.00 34.00 34.00 34.00 0.00
-
% Change 0.42 5-Day High 1,094.17 5-Day Low 1,069.71
-
47.81
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 1,127.20 1,073.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 33.10
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 1,089.59 Turnover 668,883 P/E (x) 3.46
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,405.65 Turnover 34,963,607 P/E (x) 8.69
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,194.10 Turnover 507,708 P/E (x) 4.34
Japan Power Generation Limited
% Change -0.34 5-Day High 754.98 5-Day Low 738.03
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
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
9.62 109.84 6.58 88.10 15.86 88.53 8.02 29.00 6.62 8.25 11.30 141.00 5.40 60.49
High
High Low 1,016.32 985.02 Total cos Defaulter cos P/BV (x) ROE (%) 1.74 22.31 Low
Close Chg
112.50 109.30 109.74 -0.10 87.50 86.00 87.13 -0.97 89.50 86.32 88.19 -0.34 28.94 27.99 28.94 -0.06 8.97 8.00 8.21 -0.04 142.50 142.00 142.00 1.00 62.75 60.00 60.01 -0.48
Close 997.07 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 33610 2393 69933 811 1039 214 4236
112.50 113.00 89.98 29.50 9.00 146.40 64.50
85.10 82.20 66.50 23.50 7.00 115.90 59.50
48.70
Total Assets (Rs in mn)
MA (10-day)
20.94
Total Equity (Rs in mn)
MA (100-day)
22.85
Revenue (Rs in mn)
MA (200-day)
20.85
Interest Expense
110,759.62
5,015.89
1st Support
20.51
Profit after Taxation
4,399.15
2nd Support
19.57
EPS 10 (Rs)
6.554
1st Resistance
21.99
Book value / share (Rs)
20.97
2nd Resistance
22.53
PE 11 E (x)
3.23
Pivot
21.05
PBV (x)
1.02
14,072.35 127,613.53
SSGC closed up 0.85 at 21.42. Volume was 85 per cent above average and Bollinger Bands were 61 per cent narrower than normal. The company's profit after taxation stood at Rs1.113 billion which translates into an Earning Per Share of Rs1.66 for the 1st quarter of current fiscal year (1QFY11). SSGC is currently 2.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SSGC at a relatively equal pace. Trend forecasting oscillators are currently bearish on SSGC.
MacPac Films Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
47.44
Total Assets (Rs in mn)
MA (10-day)
3.31
Total Equity (Rs in mn)
MA (100-day)
2.96
Revenue (Rs in mn)
MA (200-day)
3.39
Interest Expense
1st Support
2.90
Loss after Taxation
2nd Support
2.71
EPS 09 (Rs)
1st Resistance
3.39
Book value / share (Rs)
2nd Resistance
3.69
PE 10 E (x)
Pivot
3.20
PBV (x)
1,001.39 (41.39) 133.07 48.70 (109.64) (2.819) (1.06) (2.84)
MACFL closed down -0.09 at 3.02. Volume was 91 per cent above average and Bollinger Bands were 28 per cent wider than normal. The company's loss after taxation stood at Rs5.82 million which translates into a Loss Per Share of Rs0.15 for the 1st quarter of current fiscal year (1QFY11). MACFL is currently 14.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MACFL (bullish). Trend forecasting oscillators are currently bullish on MACFL.
BOOK CLOSURES Company
From
To
Adil Textile Mills Atlas Bank BOC Pakistan Buxly Paints # Shadman Cotton Mills # Ellcot Spng Mills # Prosperity Weaving Mills # Mehran Sugar Mills Habib Sugar Mills Lakson Tobacco # Nagina Cotton Mills # Sindh Abadgar's Sugar Mills Pangrio Sugar Mills Thal Ind Corp Mirza Sugar Mills D.M Textile Mills # Kohinoor Sugar Mills Arif Habib Investments #
1-Jan 3-Jan 11-Jan 11-Jan 12-Jan 14-Jan 14-Jan 14-Jan 15-Jan 18-Jan 19-Jan 19-Jan 22-Jan 22-Jan 22-Jan 24-Jan 1-Feb
7-Jan 10-Jan 17-Jan 19-Jan 18-Jan 20-Jan 20-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 31-Jan 28-Jan 31-Jan 31-Jan 7-Feb
D/B/R 25.25(B) 10 10 15 10 -
Spot AGM/Date 24-Dec 7-Jan 14-Jan 14-Jan -
7-Jan 17-Jan 19-Jan 18-Jan 20-Jan 20-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 31-Jan 28-Jan 31-Jan 31-Jan 31-Jan 7-Feb
INDICATIONS
Change -6.24 Market cap 33,646.53 mn Div Yield (%) 5.71
Last 60 days High Low
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
2010 Div BR (%) (%) 20 30
20B -
% Change -0.62 5-Day High 1,003.31 5-Day Low 989.49 2011 Div BR (%) (%) -
-
# Extraordinary General Meeting
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 P.I.A.C.(A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies
Open 8.43 54.82 3.62 91.6 1.58 122.08 50.32 295.5 111.03 29.68 22.71 2.33 49.01 2.8 18.38
High 9.43 54.82 3.72 94 2.38 125.96 50.25 308.5 111.01 31.16 23.84 2.32 51.4 2.8 19.35
Low Close 9.01 54.82 3.51 87.04 1.6 115.98 49.99 282 110.12 29.5 21.58 2.22 47.5 2.71 18.35
9.43 54.82 3.57 93.94 1.82 116.31 49.99 289.92 110.23 29.95 23.55 2.26 49.14 2.73 19.13
Change 1 0 -0.05 2.34 0.24 -5.77 -0.33 -5.58 -0.8 0.27 0.84 -0.07 0.13 -0.07 0.75
Vol 1328 500 1198888 168 20500 881 350 1500 2364 1303 42656 92784 1724 368785 1811464
7
Saturday, January 1, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,151.74 Turnover 4,755,841 P/E (x) 6.22 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,177.29 1,137.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.93 37740 12.95 3000 0.66 8606 6175 -
80.00 19.51 2.27 2.79 3.66
79.80 19.89 2.30 2.99 3.78
79.05 19.29 2.20 2.75 3.60
79.80 19.42 2.21 2.90 3.64
-0.20 -0.09 -0.06 0.11 -0.02
Close 1,148.83 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 151 3621609 166113 967968 61317
Change -2.90 Market cap 79,323.04 mn Div Yield (%) 10.07
115.00 20.12 2.69 3.45 4.25
76.50 18.21 1.95 2.32 3.35
% Change -0.25 5-Day High 1,151.74 5-Day Low 1,135.29
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
-
-
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Shaheen Insurance Silver Star Insurance
204 6.67 369 6.13 279 7.61 457 7.04 1250 400 3.35 791 15.99 3000 41.67 250 1.69 350 303 6.17 252 4.05 200 253 4.38
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric
Close 1,291.97 Listed cap 95,369.29 mn Payout (%) 104.13
Change 12.21 Market cap 105,413.59 mn Div Yield (%) 7.48
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 6.85 1560 7932 1695 12.10 126 2.82 8803 4.94 3673 3.53 3541 26.18 191 3.45 1367 -
0.86 37.15 1.67 2.69 21.25 4.50 40.52 15.87 16.11 18.50 2.17
1.09 37.72 2.00 2.87 22.31 5.00 42.00 16.50 16.49 18.50 2.34
0.80 37.11 1.60 2.65 21.00 4.50 40.51 15.80 15.95 18.50 2.19
0.81 -0.05 37.41 0.26 1.69 0.02 2.81 0.12 21.78 0.53 4.62 0.12 40.68 0.16 16.09 0.22 16.23 0.12 18.50 0.00 2.23 0.06
111067 1748393 4846257 3308957 29995 5479 146091 2099119 2330580 3993 162629
1.45 38.10 2.25 3.29 25.25 5.69 42.00 16.50 16.70 23.49 2.80
0.60 32.75 1.20 1.98 17.95 4.01 38.35 10.75 11.56 17.98 2.05
% Change 0.95 5-Day High 1,291.97 5-Day Low 1,267.19
2010 Div BR (%) (%) 50 15 50 20 -
2011 Div BR (%) (%)
7.8R -
-
-
Open 1,490.84 Turnover 1,179,112 P/E (x) 9.45 Company Sui North Gas Sui South Gas
High Low 1,535.48 1,465.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 11.41
Close 1,526.89 Listed cap 12,202.80 mn Payout (%) 66.79
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.96 3.23
26.74 20.57
26.80 21.59
26.50 20.11
26.74 0.00 21.42 0.85
76503 1102609
34.75 30.23
26.25 19.95
% Change 2.42 5-Day High 1,532.75 5-Day Low 1,473.03
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,190.40 Turnover 27,042,182 P/E (x) 8.51 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.82 70.50 Askari Bank 6427 8.42 17.50 Atlas Bank 5001 1.64 Bank Alfalah 13492 14.37 11.41 Bank AL-Habib 7322 7.81 35.84 Bank Of Khyber 5004 5.73 4.31 Bank Of Punjab 5288 9.92 BankIslami Pak 5280 907.50 3.61 Faysal Bank 7309 5.03 15.64 Habib Bank Ltd 10019 7.62 124.74 Habib Metropolitan Bank 8732 8.87 28.68 JS Bank Ltd 8150 2.58 KASB Bank Ltd 9509 2.59 MCB Bank Ltd 7602 10.13 227.81 Meezan Bank 6983 8.94 16.83 Mybank Ltd 5304 2.96 National Bank 13455 6.71 75.92 Network Mic Bank 300 1.65 NIB Bank 40437 3.08 Samba Bank 14335 2.01 Silkbank Ltd 26716 2.66 Soneri Bank 6023 8.30 Stand Chart Bank 38716 13.23 8.68 Summit Bank Ltd 5000 3.96 United Bank Ltd 12242 8.02 68.02
High
High Low Close 1,211.04 1,180.30 1,191.64 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.19 13.94 40.49 Low
Close Chg
71.24 69.90 70.15 -0.35 17.89 17.35 17.69 0.19 1.78 1.61 1.63 -0.01 11.50 11.15 11.21 -0.20 37.63 35.50 36.26 0.42 4.50 4.21 4.30 -0.01 10.10 9.78 9.81 -0.11 3.75 3.42 3.63 0.02 16.47 15.40 15.59 -0.05 125.29 121.50 121.94 -2.80 29.28 28.25 28.99 0.31 2.60 2.47 2.58 0.00 2.60 2.50 2.51 -0.08 230.15 227.25 228.54 0.73 17.00 16.80 16.90 0.07 3.10 2.70 2.81 -0.15 77.97 76.25 76.82 0.90 1.60 1.60 1.60 -0.05 3.10 2.90 2.95 -0.13 2.04 1.95 1.96 -0.05 2.72 2.60 2.62 -0.04 8.48 8.00 8.31 0.01 8.85 8.39 8.60 -0.08 4.00 3.80 3.81 -0.15 68.94 67.75 68.23 0.21
Last 60 days High Low
Volume 380290 924079 37588 1438094 1807738 31655 997947 646010 1191524 697308 82586 112841 6300 1056781 183029 67344 10040279 1400 1047250 28011 944865 932312 43467 55357 4343484
Change 1.23 Market cap 724,816.54 mn Div Yield (%) 4.76
71.24 18.10 2.55 11.50 37.63 4.70 10.59 3.88 17.10 125.29 29.28 3.00 2.90 230.15 17.00 3.10 77.97 2.40 3.18 2.65 3.08 8.48 9.04 4.23 70.65
50.00 14.23 1.50 8.20 30.75 2.57 8.00 2.77 13.01 93.00 18.02 2.25 2.16 187.26 14.05 1.90 62.58 0.62 2.50 1.51 2.50 5.05 6.15 2.40 51.50
% Change 0.10 5-Day High 1,191.64 5-Day Low 1,153.61
2010 Div BR (%) (%)
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 784.13 Turnover 1,432,783 P/E (x) 13.03 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 25.36
Open 88.00
High 89.50
High Low 796.30 775.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.68 5.20 Low 87.25
Close Chg 87.50 -0.50
Close 782.95 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 762403
Change -1.17 Market cap 48,508.92 mn Div Yield (%) 6.10
Last 60 days High Low 91.75
63.05
% Change -0.15 5-Day High 784.13 5-Day Low 775.57
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
Paid up Cap(mn)
American Life East West Life EFU Life Assurance New Jub Life Insurance
-0.19 -0.87 -0.53 0.26 -0.23 0.05 1.13 -0.06 -0.61 -0.08 -0.09 -0.11 0.58 0.00
15577 3486 702 1215 25072 12930 4053 563235 705 34055 167 4933 1159 3000
12.75 39.90 70.75 12.00 48.63 14.45 60.90 17.20 8.50 8.30 12.00 7.70 14.53 8.17
10.00 28.52 47.50 9.42 34.76 10.04 52.25 12.86 5.50 1.85 8.00 6.15 11.65 6.01
10 -
25R 10B -
-
UP TO 100 VOLUME
-
Symbols POAF UNIC RMPL FCONM GVGL COLG IGIIL DINT SHCI FECM WYETH SJTM HINO IFSL ULEVER FZTM HUSS SASML ADMM HADC TSMF CML KOHS MERIT EMCO FNEL TREI AKGL MFTM BROT FFLM AZAMT GSPM PPP RCML PRET KML TICL PHDL CWSM DKTM TSPL PTEC FUDLM SLCL ESBL SIBL GUTM HAJT KSTM KOSM SALT SLYT SHTM BAFS FECS HWQS SHJS DADX BIFO ICL PGCL NOPK
High Low 926.69 883.52 Total cos Defaulter cos P/BV (x) ROE (%) 3.75 3.85
PE
Open
High
Low
500 6.02 455 850 42.86 627 30.93
19.00 2.89 73.59 46.90
18.00 3.84 77.26 46.70
18.00 2.90 72.10 45.10
Close 909.37 Listed cap 2,290.72 mn Payout (%) 355.53
Change -3.82 Market cap 10,334.73 mn Div Yield (%) 3.65
Close Chg
Volume
Last 60 days High Low
18.00 2.90 75.44 46.09
500 310 9937 1959
19.85 4.62 86.95 49.31
-1.00 0.01 1.85 -0.81
% Change -0.42 5-Day High 924.19 5-Day Low 895.50
2010 Div BR (%) (%)
16.03 2.08 57.15 39.95
-
2011 Div BR (%) (%)
20R -
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 409.82 Turnover 2,727,229 P/E (x) 11.11
High Low 415.68 403.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
Paid up Cap(mn)
PE
Open
High
Low
AMZ Ventures 225 Arif Habib Investments 360 Arif Habib Limited 450 Arif Habib Corp 3750 Dawood Cap Mangt. XB 150 Dawood Equities 250 First Credit & Invest Bank Ltd 650 Grays Leasing 215 IGI Investment Bank 2121 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Stand Chart Leasing 978 Trust Brokerage 100
1.48 3.50 13.27 4.58 1.73 13.58 18.31 0.68 7.58 27.83 5.05 5.92 -
0.69 17.96 26.38 25.49 1.70 1.94 3.15 1.70 2.96 0.75 3.50 1.85 11.17 4.06 28.28 6.64 4.42 6.80 2.15 0.65 2.85 1.70
0.80 18.50 26.73 25.73 1.95 1.90 4.00 2.40 2.99 0.95 3.66 1.94 11.26 4.20 29.10 6.85 4.95 6.90 2.24 0.70 2.84 2.20
0.53 17.71 26.00 24.80 1.32 1.80 3.00 1.01 2.90 0.71 3.48 1.89 10.81 3.99 28.00 6.50 4.45 6.85 2.06 0.55 2.60 1.75
Company
Change 36.05 Market cap 32,653.77 mn Div Yield (%) 7.07
11.00 38.53 67.00 11.27 44.04 14.05 59.33 16.25 7.16 8.01 11.41 6.60 13.40 7.05
LIFE INSURANCE
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
11.00 38.50 67.00 11.03 43.50 13.70 57.30 16.18 7.00 7.90 11.27 6.50 12.20 7.05
Open 913.19 Turnover 12,706 P/E (x) 10.50
Performance of SR Electricity Index High Low 1,311.37 1,276.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 9.35
12.00 39.50 70.75 11.35 44.70 14.05 59.59 16.65 8.50 8.10 11.50 6.68 13.49 7.05
Performance of SR Life Insurance Index
ELECTRICITY Open 1,279.76 Turnover 14,792,562 P/E (x) 13.91
11.19 39.40 67.53 11.01 44.27 14.00 58.20 16.31 7.77 8.09 11.50 6.71 12.82 7.05
Close Chg 0.65 17.76 26.01 24.89 1.94 1.80 3.26 2.11 2.93 0.78 3.56 1.89 10.90 4.00 28.21 6.68 4.47 6.87 2.14 0.55 2.84 1.75
-0.04 -0.20 -0.37 -0.60 0.24 -0.14 0.11 0.41 -0.03 0.03 0.06 0.04 -0.27 -0.06 -0.07 0.04 0.05 0.07 -0.01 -0.10 -0.01 0.05
Close 406.57 Listed cap 30,336.44 mn Payout (%) 99.56
Change -3.25 Market cap 19,069.80 mn Div Yield (%) 3.31
Last 60 days High Low
Volume 22156 90892 35602 798698 1503 501 18898 11504 33305 7313 85261 5000 2009363 124036 3225 135017 4506 1425 150453 4452 1187 485
0.95 19.98 28.95 27.02 2.14 2.69 4.50 2.90 3.00 0.97 4.80 2.40 14.05 5.38 34.90 7.59 4.95 7.29 2.70 0.90 3.00 3.75
% Change -0.79 5-Day High 413.63 5-Day Low 405.62
2010 Div BR (%) (%)
0.45 13.00 24.40 20.90 1.05 1.51 2.15 0.18 1.35 0.44 3.16 1.05 8.80 1.96 24.25 5.10 3.50 4.70 1.41 0.46 2.05 1.70
30 10 -
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS
Company
Paid up Cap(mn)
AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Nat Bank Modaraba Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Safeway Mutual Fund Stand Chart Modaraba Trust Modaraba
High Low 1,378.17 1,299.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 2.21
PE
Open
High
Low
1375 6.93 210 4.83 525 1.85 780 4.11 200 1.43 524 9.38 581 0.63 760 2.26 397 2.75 1008 5.78 3180 69.38 1186 17.04 283 1.21 1200 7.21 184 15.10 1000 6.45 250 6.09 125 4.80 1000 1.91 2835 8.49 2841 7.28 872 2.50 545 5.31 454 4.56 298 3.37
8.15 3.25 4.29 1.79 0.65 1.62 2.00 3.24 8.15 6.78 5.52 4.60 1.40 7.50 1.41 3.96 6.25 1.21 6.60 12.91 6.34 1.00 6.24 9.41 1.99
8.49 2.90 4.74 2.79 0.87 1.68 2.02 3.23 8.24 6.70 5.60 4.90 1.70 7.68 1.55 4.24 7.19 1.34 6.70 13.40 6.74 1.14 7.00 9.33 1.75
7.81 2.90 4.38 1.55 0.57 1.49 2.00 3.10 7.50 6.70 4.61 4.56 1.26 7.30 1.50 3.27 6.09 0.46 6.50 13.00 6.35 0.91 5.31 9.21 1.75
Close 1,350.17 Listed cap 29,771.58 mn Payout (%) 104.74
Change 11.95 Market cap 18,215.23 mn Div Yield (%) 8.22
% Change 0.89 5-Day High 1,350.17 5-Day Low 1,312.30
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
8.31 2.90 4.58 1.81 0.57 1.50 2.00 3.16 8.24 6.70 5.55 4.77 1.65 7.50 1.51 4.13 6.58 0.96 6.56 13.25 6.41 1.10 5.31 9.31 1.75
161453 1899 34156 18915 3611 103310 25115 57980 5300 2500 1620547 3490308 124802 35800 8010 25201 73000 6593 30571 557497 285392 5093 3006 2561 10852
8.59 3.80 4.74 2.79 1.10 2.37 2.28 3.88 8.49 7.00 5.60 4.90 2.23 8.25 2.18 4.24 7.75 2.00 7.18 13.40 6.74 1.19 8.49 10.00 3.45
18.5 5 2.2 0 1.2 17 11 21 5 10 2.8 15.5 15 10 3 10 20 10 3 18.2 17 5
0.16 -0.35 0.29 0.02 -0.08 -0.12 0.00 -0.08 0.09 -0.08 0.03 0.17 0.25 0.00 0.10 0.17 0.33 -0.25 -0.04 0.34 0.07 0.10 -0.93 -0.10 -0.24
5.85 2.10 2.70 0.90 0.16 0.86 1.30 2.56 5.11 5.80 2.65 2.31 1.26 5.15 0.56 2.26 4.50 0.30 4.52 7.90 3.50 0.81 5.31 7.81 1.15
2011 Div BR (%) (%)
-
-
High 10.35 7.20 2180.00 1.99 28.00 924.00 96.89 26.90 2.78 2.76 1056.00 1.49 131.90 7.20 4449.99 400.00 11.00 9.75 24.35 0.84 1.57 2.60 5.50 25.00 3.00 8.80 2.00 6.45 1.49 0.80 1.75 2.66 7.00 48.48 36.45 28.30 2.94 81.26 38.14 1.17 3.20 1.07 2.49 6.15 2.02 2.79 4.18 18.63 0.94 0.80 1.19 61.90 4.39 0.34 60.79 49.51 19.90 80.15 18.51 56.99 34.50 22.05 26.00
Low
Close
10.35 6.37 1993.00 1.12 28.00 917.00 94.70 25.40 2.60 2.76 1050.00 1.48 131.90 6.78 4320.00 382.50 11.00 9.75 23.00 0.55 1.56 2.30 5.00 24.49 2.31 8.80 2.00 6.45 1.30 0.26 1.74 2.06 7.00 46.70 36.45 28.30 2.01 81.26 34.52 1.17 1.60 1.05 2.35 6.15 2.02 2.79 4.18 18.63 0.94 0.79 1.19 61.90 4.39 0.34 60.79 49.51 19.90 80.15 18.51 56.99 34.50 22.05 26.00
10.35 6.80 2109.87 1.25 28.00 923.00 96.89 26.90 2.71 2.76 1051.70 1.48 131.90 7.19 4360.17 400.00 11.00 9.75 23.50 0.70 1.56 2.55 5.08 24.49 2.90 8.80 2.00 6.45 1.38 0.69 1.74 2.64 7.00 47.13 36.45 28.30 2.94 81.26 35.73 1.17 3.20 1.05 2.35 6.15 2.02 2.79 4.18 18.63 0.94 0.79 1.19 61.90 4.39 0.34 60.79 49.51 19.90 80.15 18.51 56.99 34.50 22.05 26.00
Change
Vol
0.45 0.13 23.87 0.08 0.00 -2.00 1.17 0.22 0.31 -0.03 -48.30 0.99 -1.07 0.19 16.67 -1.00 0.01 1.00 -0.01 -0.04 0.17 -0.03 -0.67 0.59 -0.39 0.00 -0.18 0.95 0.58 0.20 0.27 0.17 -0.58 -0.32 0.55 1.30 0.71 -4.27 -0.60 0.00 0.60 0.05 0.22 0.14 0.99 0.10 0.77 -0.95 0.54 0.05 0.00 2.90 0.00 0.00 2.89 2.35 1.00 -4.21 -0.80 1.88 0.10 0.00 0.92
100 53 48 42 40 39 38 38 36 35 33 31 31 30 30 29 25 20 17 13 11 11 11 11 11 10 10 10 9 7 5 5 5 5 4 3 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
NBP-JAN 76.36 ANL-JAN 10.00 NML-JAN 64.14 DGKC-DEC 30.00 DGKC-JAN 30.04 NML-DEC 63.65 NBP-DEC 75.99 POL-JAN 299.54 FFBL-JAN 36.55 ANL-DEC 9.90 FFBL-DEC 36.37 ENGRO-JAN 192.92 PTC-JAN 19.60 POL-DEC 298.41 LUCK-DEC 75.20 LUCK-JAN 75.57 PSO-JAN 296.64 MCB-DEC 227.81 MCB-JAN 228.10 PPL-JAN 217.84 ENGRO-DEC 191.55 PPL-DEC 216.99 UBL-JAN 68.60 OGDC-JAN 169.56 AICL-JAN 88.83 AICL-DEC 88.44 PSO-DEC 295.22 FFC-JAN 128.97 OGDC-DEC 169.95 BOP-JAN 10.05 NETSOL-JAN 18.63 BOP-DEC 9.92 PTC-DEC 19.65 FFC-DEC 128.00 UBL-DEC 68.01 HUBC-JAN 37.66 NCL-JAN 22.46 HUBC-DEC 37.10
Performance of SR Equity Investment Instruments Index Open 1,338.22 Turnover 6,693,666 P/E (x) 19.79
Open 9.90 6.67 2086.00 1.17 28.00 925.00 95.72 26.68 2.40 2.79 1100.00 0.49 132.97 7.00 4343.50 401.00 10.99 8.75 23.51 0.74 1.39 2.58 5.75 23.90 3.29 8.80 2.18 5.50 0.80 0.49 1.47 2.47 7.58 47.45 35.90 27.00 2.23 85.53 36.33 1.17 2.60 1.00 2.13 6.01 1.03 2.69 3.41 19.58 0.40 0.74 1.19 59.00 4.39 0.34 57.90 47.16 18.90 84.36 19.31 55.11 34.40 22.05 25.08
-
High 78.49 10.15 65.90 30.59 30.70 66.38 78.00 302.00 36.60 10.03 36.20 197.00 20.00 300.50 75.98 76.20 299.60 230.00 230.95 220.50 195.85 226.50 69.25 170.95 89.70 88.80 297.50 128.00 171.75 10.10 19.50 9.96 19.80 127.85 69.00 37.55 23.10 37.20
Low
Close
76.74 9.58 64.25 30.00 30.15 63.75 76.25 295.61 35.99 9.43 35.65 193.00 19.45 294.55 75.10 74.99 296.00 227.75 227.99 217.00 191.50 216.60 68.25 169.50 88.00 87.00 294.30 126.60 170.50 9.95 18.70 9.70 19.20 126.00 68.00 37.50 23.00 37.20
77.38 9.79 64.55 30.20 30.38 64.40 76.82 297.31 36.01 9.62 35.69 195.01 19.54 295.98 75.69 75.82 296.75 228.88 228.97 217.87 194.22 216.99 68.83 169.85 88.16 87.25 295.19 126.89 171.14 9.98 19.29 9.70 19.20 126.03 68.60 37.53 23.10 37.20
Change
Vol
1.02 1276000 -0.21 1005000 0.41 985000 0.20 600500 0.34 583500 0.75 490000 0.83 422000 -2.23 413500 -0.54 398000 -0.28 349500 -0.68 270000 2.09 235000 -0.06 192000 -2.43 187500 0.49 180500 0.25 166000 0.11 150000 1.07 143000 0.87 126500 0.03 106000 2.67 103000 0.00 98500 0.23 90500 0.29 83000 -0.67 77500 -1.19 53000 -0.03 50500 -2.08 44000 1.19 43500 -0.07 42500 0.66 38500 -0.22 26000 -0.45 20500 -1.97 19000 0.59 19000 -0.13 17000 0.64 12000 0.10 8000
ZERO VOLUME Symbols
Open
High
Low
Close
KHTC
25.69
26.97
26.97
26.97
1.28
SHDT
13.50
13.40
13.40
13.40
Change -0.10
Vol 0.00 0.00
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Nishat Mills Ltd
Company
Date
Time
JDW Sugar Mills Ltd Sanghar Sugar Mills Ltd Al-Abbas Sugar Mills Ltd Haseeb Waqas Quetta Textile Mills Ltd Baba Farid Sugar Mills Ltd Husein Sugar Mills Ltd Dewan Sugar Mills Ltd Alfalah GHP Principal Protected Fund Alfalah GHP Principal Protected Fund II Crescent Sugar Mills & Distillery Ltd Unilever Pakistan Limited Unilever Pakistan Foods Ltd
3-Jan 3-Jan 3-Jan 3-Jan 4-Jan 4-Jan 4-Jan 5-Jan 6-Jan 6-Jan 6-Jan 14-Feb 17-Feb
11.00 11.30 5.30 9.00 11.00 11.30 11.30 3.30 4.00 4.00 10.30 2.30 2.30
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
77.91
MA (5-day)
Leverage Position Support 1
11,939.54
Brokerage House
11,973.80
Support 2
Fair Value
Rs Recommendations
82.1
Buy
AKD Securities Ltd
Neutral
TFD Research
*Arif Habib Ltd AKD Securities Ltd
61.96
TFD Research
11,925.20
92.3
11,886.61
Resistance 1
12,077.15
MA (100-day)
10,562.09
Resistance 2
12,131.85
Technical Analysis
MA (200-day)
10,319.90
Pivot
12,028.50
RSI (14-day) MA (10-day) MA (100-day)
78.92 73.11 66.48 68.33
per cent above average and Bollinger Bands were 3 per cent wider than MA (200-day) normal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
59.97
Buy
*Arif Habib Ltd
Positive
74.2
Free Float Shares (mn) 318.44 Free Float Rs (mn) 24,462.89 ** NOI Rs (mn) 187.01 Mean 76.74
* 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)
66.18 62.84 51.67 51.31
175.80 11,281.08 98.61 64.36
* Target price for Jun-11 & **Net Open Interest in future market
Fauji Fertiliser Bin Qasim Ltd
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
AKD Securities Ltd
56.82
Accumulate
AKD Securities Ltd
TFD Research
78.44
Positive
TFD Research
*Arif Habib Ltd
72.5
70.85 65.99 57.05 56.98
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value 34.7 32.06 29.1
306.04 20,881.45 16.30 68.24
* Target price for Jun-11 & **Net Open Interest in future market
54.03 36.24 30.86 30.06
Rs Recommendations
Brokerage House
Sell
AKD Securities Ltd
Accumulate
TFD Research
43.29
Buy
TFD Research
36.85
Fair Value
Rs Recommendations
24.04 30.5
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
* 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)
53.01 19.31 19.01 19.52
Leverage Position
53.00 30.27 26.99 26.95
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,507.52 42.52 30.19
* Target price for Jun-11 & **Net Open Interest in future market DGKC closed up 0.21 at 30.17. Volume was 33 per cent above average and Bollinger Bands were 46 per cent narrower than normal. DGKC is currently 12.0 per cent above 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 moderate flows of volume into DGKC (mildly bullish). Trend fore-
Engro Corporation
Brokerage House
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
176
Sell
238.8
Buy
208.75
Neutral
Technical Outlook
Technical Outlook 326.94 11,681.51 90.27 36.10
Positive
Technical Analysis
TFD Research
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
AKD Securities Ltd
casting oscillators are currently bearish on DGKC.
Negative
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Buy
Pakistan Telecommunication Co Ltd
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
ing oscillators are currently bullish on NML.
indicating that NBP is currently in an overbought condition.
United Bank Ltd
Rs Recommendations
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value 42
Technical Outlook
Leverage Position
resistance level at 12,077.15 and 2nd resistance level at 12,131.85, while NBP closed up 0.90 at 76.82. Volume was 174 per cent above average NML closed up 0.51 at 64.17. Volume was 51 per cent above average and Index will continue to find its 1st support level at 11,973.80 and 2nd sup(trending) and Bollinger Bands were 25 per cent wider than normal. port level at 11,925.20. Bollinger Bands were 25 per cent narrower than normal. KSE 100 INDEX is currently 16.5 per cent above its 200-day moving average NBP is currently 13.5 per cent above its 200-day moving average and is NML is currently 25.1 per cent above its 200-day moving average and is and is displaying an upward trend. Volatility is relatively normal as compared displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to to the 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 INDEX (mildly bullish). Trend forecasting reflect very strong flows of volume into NBP (bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently oscillators are currently bullish on NBP. Momentum oscillator is currently reflect moderate flows of volume into NML (mildly bullish). Trend forecastindicating that INDEX is currently in an overbought condition.a
Brokerage House
Fair Value
Positive
Technical Outlook
MA (10-day)
KSE 100 INDEX closed down -9.00 points at 12,022.46. Volume was 49
Brokerage House
585.00 11,360.69 11.19 19.53
* 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)
57.14 194.57 179.98 185.11
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 28,583.40 152.66 193.27
* Target price for Jun-11 & **Net Open Interest in future market
UBL closed up 0.21 at 68.23. Volume was 266 per cent above average FFBL closed down -0.57 at 35.73. Volume was 67 per cent above average PTC closed down -0.09 at 19.42. Volume was 139 per cent above average ENGRO closed up 2.19 at 193.81. Volume was 150 per cent above aver(trending) and Bollinger Bands were 26 per cent wider than normal.
and Bollinger Bands were 23 per cent narrower than normal.
UBL is currently 19.7 per cent above its 200-day moving average and is FFBL is currently 18.9 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 high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into UBL (mildly bullish). Trend forecasting oscillators are currently bullish on UBL. Momentum oscillator is current- erate flows of volume into FFBL (mildly bullish). Trend forecasting oscillaly indicating that UBL is currently in an overbought condition.
tors are currently bullish on FFBL.
and Bollinger Bands were 56 per cent narrower than normal.
age (trending) and Bollinger Bands were 28 per cent wider than normal.
PTC is currently 0.5 per cent below its 200-day moving average and is dis- ENGRO is currently 4.7 per cent above its 200-day moving average and is playing a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely high when compared to 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 PTC (mildly bullish). Trend forecast- reflect volume flowing into and out of ENGRO at a relatively equal pace. ing oscillators are currently bearish on PTC.
Trend forecasting oscillators are currently bullish on NGRO.
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 56.87 3.20 2.90 77.99 69.60 69.10 51.11 61.80 60.45 51.68 24.55 24.20 46.21 25.75 25.50 60.49 86.65 85.85 67.03 17.40 17.10 37.63 9.40 9.15 62.84 331.40 328.25 59.42 123.40 122.10 65.19 11.10 10.95 67.99 3.45 3.25 52.23 9.70 9.60 53.75 2.10 2.00 53.00 29.90 29.65 55.81 2.85 2.70 40.75 2.60 2.45 49.20 43.45 42.90 46.56 72.60 69.75 57.14 191.65 189.45 62.84 15.15 14.75 47.26 4.95 4.85 54.03 35.40 35.05 73.76 124.65 123.45 66.00 120.55 119.10 64.66 37.10 36.80 66.48 143.45 142.65 48.23 250.30 248.15 50.54 3.90 3.85 47.81 1.50 1.35 48.41 2.50 2.40 44.21 10.70 10.55 57.75 40.10 39.55 62.55 2.70 2.55 65.95 13.50 13.30 51.53 75.15 74.50 72.58 227.15 225.75 44.23 2.85 2.80 78.92 76.05 75.30 53.60 22.40 22.10 58.53 18.55 17.95 52.04 2.85 2.80 55.80 1.95 1.90 66.18 63.40 62.60 68.14 170.15 169.45 38.04 2.70 2.65 45.17 2.05 1.95 46.05 2.20 2.15 39.60 6.55 6.40 66.16 293.25 290.50 66.17 215.65 214.20 43.54 69.25 68.70 64.73 293.10 290.95 53.01 19.15 18.95 64.32 207.65 207.05 36.76 26.55 26.40 46.01 13.00 12.80 48.70 20.50 19.55 43.19 2.20 2.15 33.53 3.50 3.40 70.85 67.70 67.10 53.09 2.75 2.65
1st
2nd
Resistance 3.75 4.00 70.95 71.75 64.00 64.85 25.50 26.05 26.50 27.00 88.90 90.35 17.95 18.20 10.00 10.35 337.80 341.05 126.60 128.50 11.45 11.65 3.80 3.95 10.00 10.20 2.40 2.60 30.50 30.85 3.15 3.25 2.80 2.85 44.65 45.30 77.75 80.10 196.00 198.15 16.25 16.90 5.15 5.30 36.40 37.05 127.65 129.45 124.30 126.70 37.70 38.00 145.60 146.95 254.30 256.15 4.15 4.25 1.90 2.15 2.65 2.70 11.15 11.45 41.60 42.55 2.90 3.00 14.00 14.30 76.30 76.85 230.05 231.55 2.95 3.00 77.75 78.75 23.10 23.50 19.55 19.95 3.05 3.20 2.05 2.15 65.35 66.60 171.65 172.45 2.80 2.85 2.25 2.35 2.30 2.35 6.90 7.05 299.75 303.50 219.25 221.40 70.85 71.85 297.85 300.50 19.75 20.15 208.80 209.35 26.85 27.00 13.65 14.05 21.95 22.50 2.30 2.35 3.70 3.80 68.85 69.50 3.00 3.10
Pivot 3.45 70.45 62.65 25.15 26.25 88.10 17.65 9.75 334.65 125.30 11.30 3.60 9.90 2.30 30.25 3.00 2.65 44.10 74.95 193.80 15.80 5.10 36.05 126.45 122.90 37.40 144.80 252.15 4.05 1.75 2.55 11.00 41.05 2.80 13.80 75.65 228.65 2.90 77.00 22.80 18.95 3.00 2.00 64.60 170.95 2.75 2.15 2.25 6.70 297.00 217.80 70.30 295.75 19.55 208.20 26.70 13.40 21.05 2.25 3.60 68.30 2.90
8
Saturday, January 1, 2011
Singer Teena Marie dies
T
MUMBAI: Katrina Kaif, Akshay Kumar and director Farah Khan attend the Premiere of the Hindi film 'Tees Maar Khan' in Mumbai. -Reuters
Kabhi Khushi Kabhie Gham Part 2?
H
e brought together the three biggies of Hindi cinema - Amitabh Bachchan, Shah Rukh Khan and Hrithik Roshan - in his blockbuster hit Kabhi Khushi Kabhie Gham in 2001 and filmmaker Karan Johar is now pitching for a sequel to the family saga, reveals Big B. "Karan Johar and we talk of cinema and other lighter moments. His visit to Goa and the sudden impulse to do a sequel to Kabhi Khushi Kabhie Gham, for he felt that all the relevant characters were still around and 'how'," Big B posted on his blog. "It would be a story on the growth of the brothers and the problems that arise because of their independent understanding and working of the business empire of the father, a split within them and so on," he added. Also starring Jaya Bachchan, Kajol and Kareena Kapoor, the movie was the highest grossing Indian film in the overseas market. An active blogger, Amitabh has now left his decision for the Part II on the fans' discretion. "I tell him I shall run a reaction to this on my blog and seek information on its feasibility. So what does everyone feel? Yes or no? (sic)... Tel me tell me tell me...no," he wrote.
Monster budgets scupper likely blockbusters
I
t has been a bad year for Bollywood in 2010 and industry analysts are blaming exorbitant movie budgets for scuppering the chances of many potential blockbusters. With film budgets soaring to 800 million rupees and stars averse to pay cuts, high acquisition costs and massive marketing budgets have added to industry woes, leading to more turkeys at the box-office. "Studios alone have lost more than 300 crore (three billion rupees) this year, mainly because budgets have been so high that it is difficult to recover costs, especially in a market where the first week decides the film's fate," says C. Sridhar of 4sight, a company which analyses box-office success. Films like "Raavan" and "Kites" and "Guzaarish" were big budget projects and hyped aggressively but didn't find favour with audiences. But smaller films like "Band Baaja Baaraat" made a profit and the industry is getting a lesson in math. "If 'Guzaarish' was made on a budget of 35 crore (350 million rupees) or so, it would have recovered money,
because it earned more than that in box-office revenues, both in India and overseas," says Vajir Singh, Editor, Box Office India. Singh says that only five percent of the 180 films released in 2010 made a profit. The biggest hit of the year was Salman Khan's "Dabangg", followed by "Golmaal 3". Smaller films like "Udaan", "Peepli Live" and "Love Sex Aur Dhokha" also recovered money, proving that good content and smart production budgets could prove effective for Bollywood. Studios like Reliance Big Pictures are now looking at coproducing films rather than acquiring them like they did with "Raavan" and "Kites". "Till about a year ago, the model in the industry was acquisition where the studio would enter the scene once the film was completed. We are not following that model at all," says Sanjeev Lamba of Reliance Big Pictures. The studio is now eyeing coproduction deals and is involved in the scripting, casting process and funding the movie.
eena Marie's last album, "Congo Square," was titled after a historical meeting place for slaves in New Orleans, featured a tribute to Martin Luther King's widow and also song "Black Cool," written for President Barack Obama. No matter that Marie, 54, was white. The R&B legend revered and fully immersed herself in black culture — and in turn was respected and adored by black audiences, not only for her immense soulful talents, but for her inner soul as well.
"Overall my race hasn't been a problem. I'm a Black artist with White skin. At the end of the day you have to sing what's in your own soul," she told Essence.com in an interview last year while promoting "Congo Square." That album would turn out to be her last. The self-proclaimed "Ivory Queen of Soul," whose many classic hits included "Lovergirl," Square Biz" and the scorching duet "Fire and Desire" with mentor Rick James, was found dead in her Pasadena home on Sunday at the age of 54. Authorities said her death appeared to be of natural causes. In an interview last year, Teena Marie said she had successfully battled an addiction to prescription drugs; she had been performing over the last year. "We feel extremely fortunate to have worked with a visionary who changed music in indelible ways. Our deepest sympathies go out to her family, friends and of course, millions of fans around the world."
I am very close to Ashmit: Veena
P
akistani actress Veena Malik, the latest celebrity to be booted out from the Bigg Boss house, says she has grown very close to her cocontestant, Bollywood actor Ashmit Patel. The 32-year-old actress, who got nominated seven times the maximum for any housemate on the show - thanks to her antics which included her extreme closeness to Ashmit and her confessed liking to Hrishant Goswami, says she is happy to have survived on an Indian show without being a known face here. Veena, the ex-girlfriend of Pakistani cricketer Mohammad Asif, came into the news earlier this year by claiming that she knew about Asif's match fixing scandal. "I was tired of the controversy around me and Asif so I decided that I will go away and when this show was offered I jumped to it because I could stay away from media for some months," Veena said. But instead of lying low, the Lollywood lass ensured that she generated enough headlines while on the show and her closeness to Ashmit and Hrishant helped her sustain the ordeal of being locked up in the
I
house for months. Veena, however, says she does not know about the kind of reaction her behaviour generated in the audience. "I don't know why there is so much confusion. I admit that I am very close to Ashmit. We are very close friends. I love him and he loves me. We never crossed any boundaries on the show. As far as Hrishant is concerned, I like him because he is a very handsome man. But that does not mean I am close to him. I also like Salman Khan," Veena said. The actress said she was surprised to have remained on the show for so long despite being nominated seven times and felt bad that she was evicted at this point when the show was coming to a close.
How 2010 hurt SRK, Salman fans?
W
ith a fresh start to a new calendar year on the anvil, there's hope that with the beginning of the new year, there will be the beginning of warmth in many friendships in bollywood that are in the ice stage currently. Among a long list of such personal equations, the one that tops the list is the friendship between Shahrukh and Salman. If 2010 is ending without any signs of imminent patch up between the two, the process of a patch up seems already on a roll. Going by the body of comments SRK and Salman have made about each other in the last six months, it seems the ice between the two is melting. What is more important is the fact that both the stars have refrained from taking pot-shots
The K-ladies doing it for the Bollywood!
at each other, something which used to be their favourite past time at one point of their animosity. If 2010 is ending without a formal patch up being witnessed between the two, the year 2011 comes in with a lot of hope since SRK and Salman are already warming up to each other. Now how soon will this peace deal be formalized is something we all want to witness. For the moment, the fact that SRK and Salman are moving forward to an imminent patch up is bollywood's biggest gift this New Year.
t can be called a coincidence of sorts that most of the films that have done well at the ticket window this year star heroines whose names start with the initial K. Starting with the most experienced Kajol who started the year on a high with the hit My Name Is Khan, where she was paired with her favourite co-star Shah Rukh Khan. She did disappoint a bit with her second and third release, We Are Family and Toonpur Ka Superrhero, but her super sensitive act as Mandira in MNIK saved the day for Kajol and her fans. Then comes the most successful and certainly the numero-uno heroine of Bollywood, Katrina Kaif, who has a super hit in form of Raajneeti and her latest release Tees Maar Khan too has embarked upon a historic start netting almost 40 crore during the first weekend itself, second only to the biggest Dabangg. If Katrina is there can Kareena be left far behind? Well, not at all. Kareena Kapoor may have had a bad year with her moth ridden Milenge Milenge and We Are Family failing at the turnstile but she did recover with the blockbuster Golmaal 3 thus ending the year on a high note. Last but not the least two names that might surprise quite a few, Kangna Ranaut, with her stellar performance in Once Upon A Time In Mumbaai and the hugely talented Konkona Sen Sharma with her spontaneously brilliant act in Atithi Tum Kab Jaoge? Well, so the K factor works not only for Karan Johar but also for the heroines in Bollywood.
Five reasons why Tees Maar Khan failed
F
arah Khan's Tees Maar Khan was expected to be the eagle that soared at the box office this year. Instead, it has turned out a turkey, spurned by audiences and critics. Sukanya Verma explains what went wrong with one of her favourite directors's latest film. Oh, how the mighty have fallen. With Main Hoon Naa and Om Shanti Om, Farah Khan, the choreographer-turneddirector, demonstrated her flair for dazzling aesthetics and quick-witted humour. As it turns out, both films earned blockbuster status and catapulted her in the league of the leading Hindi filmmakers. Ever since she announced her new project, Tees Maar Khan, expectations were understandably greater than ever. Moreover, thanks to the overwhelming amount of publicity generated owing to its ritzy item number, Sheila Ki Jawani, the con caper was slated to become Bollywood's grand finale to 2010. Instead of a hat trick, Farah's rights-purchased remake of Peter Seller's After the Fox was ruthlessly ravaged by audiences and critics. Expectedly, the film opened well at the box office last
weekend -- it is Akshay Kumar's best opening ever -but collections dropped dramatically after disappointment dawned. What went wrong? 1. Tacky, pedestrian writing The Kunders -- Farah's husband Shirish and his brother Ashmith -- had some nifty source material at their disposal. But instead of getting inspired, they botched it up to produce a rather pedestrian, lacklustre, sluggishly written screenplay that was preoccupied in forcibly plugging its titular character's coolness instead of providing a solid enough characterisation to root for him. 2. Tasteless humour Considering humour has such a strong identity in Farah's films and persona, the standard of comedy in Tees Maar Khan is appalling! The jokes involving an Albino, gay cops or those snide remarks on industry wallahs are much too stupid or snarky to endorse. 3. Hamming actors From Zayed Khan to Deepika Padukone, Farah is known to extract engaging performances from the rawest of stars. Here, she's got a reasonably talented bunch to work on, but the acting is completely out of
bounds. With the exception of Akshaye Khanna, everyone screams, hams, goes berserk. It's almost like an audition for a circus. 4. You call this music? Both Main Hoon Naa (Composer: Annu Malik) and Om Shanti Om (Composers: Vishal-Shekhar) boasted of some lilting music. TMK (Composers: VishalShekhar/Shirish Kunder), on the other hand, has nothing going for it barring the title track and Sheila.... Honestly, those two numbers too wouldn't have caught our attention if it wasn't for the incessant promotions on national television. The songs are oh-so-blah and boring that even Farah's vivacious choreography doesn't help. 5. What Overconfidence! With great power comes great responsibility. And though Tees Maar Khan has the gall to equate himself with Spiderman, his creators appear much too supercilious to understand the virtue of evaluation. Given the manner in which they have advertised the movie, this inferior piece of filmmaking is a reminder of why Bollywood is in dire need of self-inspection and how easily its folk allow success to sway their judgment.
9
Saturday, January 1, 2011
Oil to end 2010 up by 12pc; average near $80 Positive US data, Chinese comments cited LONDON/NEW YORK: Crude oil was set to close the year up more than 12 per cent despite a slight decline Friday, due to a resurgence in global demand, an unusually cold winter and falling inventories. Crude was also on track to average $79.60 a barrel for the year, second only to 2008's record average of $99.75. US crude slipped just below $90 on Friday as year-end profit-taking outweighed positive economic data and a drawdown in crude inventories reported in weekly US government data. NYMEX crude oil for February delivery fell 71 cents, or 0.79 per cent, to $89.13 a barrel at 1430 GMT on Friday. ICE Brent crude fell 84 cents to $92.25. "If crude continues lower, then I reckon it will be some more longs exiting. I think it's going to be tough to push the market either way, but bulls will try to push above $90 and they might try it towards end of session," said Michael Korn, President, Skokie Energy in Princeton, New Jersey. Strong demand for raw materials, especially in China, is
expected to push oil even higher next year, analysts said, although cautioning the global recovery was still fragile. US crude stocks fell for the fourth straight week, but the drawdown was less than expected and put downward pressure on prices. But the fall in gasoline stocks
was much bigger than expected on year-end holiday travel demand, possibly signaling rising consumption as the world's largest economy recovers from recession. "The latest US weekly data release show a continuation of the recent strength in oil demand," said analysts at Barclays Capital in a research note. "December is set to be the strongest month of the year in demand terms, with particularly strong indications of gasoline demand," they added. Including all products, the total US implied demand has risen to
the highest level of the year and above the levels of 2008, said Olivier Jakob from Petromatrix. It was, however, soaring demand in Asia that analysts said contributed most to healthy gains in oil and commodities in 2010. Prices in metals and soft commodities also beat records or climbed near multi-year highs. However, some analysts have cautioned against excess optimism about a continuation of the rally in 2011. "Some positive economic news from the US (such as the recent decline in initial jobless claims) at year ending should not outshine how fragile the global economic recovery is," said analysts at JBC Energy. "With non-OPEC production growth expected to slow down to some 420,000 barrels per day next year, OPEC should face the welcomed opportunity to bring on stream substantial additional volumes," JBC Energy said. "This is particularly true for the second half of 2011, when we project the demand for OPEC crude to average clearly more than 30 million barrels per day," it added. -Reuters
US cotton finishes up as year kicks the bucket NEW YORK: US cotton futures closed higher Thursday on speculative and possible mill buying as players adjusted positions one day before the end of a year in which prices charged to a 150-year high, analysts said. The key March cotton contract on ICE Futures US rose 2.41 cents to finish at $1.4284 per lb, moving from $1.3755 to $1.4443. Volume was seen around 18,200 lots, about 20 per cent below the 30-day norm of about 22,300 lots, Thomson Reuters preliminary data showed. The cotton market is on track to be one of the best performing commodities in the ReutersJefferies commodity index, up
over 78 per cent year to date as the market scaled a level unseen since the US Civil War in the 19th century. 'A lot of the volume is spread trading,' said Sharon Johnson, senior cotton analyst at commodities brokerage Penson Futures in Atlanta, Georgia. 'It takes nothing to move this market.' Analysts said most investors in cotton have abandoned their trading desk and will not return until after the New Year. 'The underlying fundamental support of strong demand is now likely to continue as cotton is still needed here and in other countries as well (in 2011),' said a report by Jack Scoville, an analyst for brokers The Price
Group in Chicago. Early weakness dragged cotton down to its lows for the day, but the market recovered on mill and speculative buying to end near the upper half of its trading range on Thursday. Cotton prices in China were slightly firmer, with the May cotton futures on the Zhengzhou Commodity Exchange last traded at 27,855 yuan per tonne, up 560 yuan on the day. The market digested the US Agriculture Department's weekly export sales report which showed US cotton sales at 277,700 running bales (RBs, 500-lbs each), above trade belief it would range from 150,000 to 250,000 RBs. Reuters
Rising oil price adds to Asia inflation headaches Asia cbanks wary of adding to rate differential with west MUMBAI: Rising oil prices present a new inflationary headache for Asia and further complicate the task of policymakers grappling with broader price pressures, an uneven growth outlook and surging dollar inflows. Central bankers in Asia are reluctant to stifle growth by raising rates and are wary of exacerbating yield differentials with western economies and Japan that would further attract potentially destabilising capital flows. At the same time, rising prices are politically fraught in countries such as India and Indonesia, which must decide between taking the fiscal hit of offsetting fuel price increases through subsidies or pass costs onto inflation-wary consumers. Inflation is also a big worry for global economic powerhouse China, whose leadership perceives rising costs of living as a threat to social peace and stability. Beijing's Christmas day rate rise -- its second in two months - underscored how its focus has shifted from nurturing growth to getting prices under control and India is expected to follow, resuming a tightening cycle that has brought six rate increases since March. Asia's No.1 and 3 economies can find comfort in signs that
growth had sufficient momentum to withstand further policy tightening, but others -- particularly those relying heavily on exports - seem less certain about next year's prospects. Yet South Korea, Indonesia, Thailand and Philippines are all also expected to tighten monetary conditions in 2011. While raising rates can do little to cap cost-driven or imported inflation, it can help cool overall demand and contain inflationary expectations stoked by a broad rally in commodity markets. A weak dollar and OPEC's evident reluctance to increase output add to the case for costlier oil in 2011. "We see broad price rises in soft commodities, hard commodities and black commodities (oil and coal), which have translated into imported inflation and imported cost increases," said Chen Xingdong, chief China economist at BNP Paribas. Demand for oil products in China, the world's No.2 consumer, rose 13.9 per cent annual-
ly in November, as millions more Chinese bought cars and industrial and petrochemical demand boomed, despite a two-year old fuel pricing system designed to ensure rising crude oil costs were passed on to consumers. In India, New Delhi this week deferred a decision on whether to lift the state-set price of diesel and cooking fuels, which would add to inflation, annoy the embattled ruling Congress party's rural base and further embolden the political opposition. The rise in global crude prices comes on top of high food prices and surging growth in many Asian economies. Chen estimated that while fuels contributed 10 per cent to China's 5.1 per cent November inflation, a 28-month high, food accounted for 74 per cent. Food prices, which like energy tend to be beyond the scope of monetary policy, jumped 11.7 per cent in China in the year to November, while India's food price index rose 14.44 per cent on the year as of Dec. 18. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 30 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 30 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2230 2240 2185 2195 2140 2150 2140 2150
2449.5 2450 2458 2460 2503 2508 2537 2542
9575 2558 9580 2559 9514 2542 9514.5 2542.5 9225 2490 9235 2495 8775 2443 8785 2448
24110 24120 24190 24195 23750 23850 22975 23075
TIN
26705 26710 26775 26800 26325 26375
ZINC NASAAC
2422 2423 2427 2430 2458 2463 2430 2435
2280 2281 2300 2310 2325 2335 2380 2390
Sugar surges, but below 30-year peak LONDON: ICE raw sugar futures rallied over 4 per cent on Friday, approaching Wednesday's 30-year peak, and were on course to end the year up by around 18 per cent, bolstered by tight global supplies. London front-month white sugar futures ended 2010 up 9 per cent year-on-year at $777.50 per tonne on Friday, compared with a close of $710.20 per tonne on Dec. 31, 2009. ICE March raw sugar futures were up 1.22 cent or 4.02 per cent at 31.60 cents a lb at 1243 GMT. They reached a peak of 34.77 cents a lb on Wednesday and then slid 10 per cent on Thursday in their biggest intraday percentage decline in more than a decade as investors squared books before year-end. ICE cocoa futures rose on Friday, underpinned by concerns that a power struggle after an election in top producer Ivory Coast could disrupt supplies to the international market. London second-month cocoa futures ended 2010 down 11 per cent year-on-year at 2,029 pounds per tonne on Friday, compared with a close of 2,271 pounds on Dec, 31, 2009. ICE second-month cocoa looked poised to end 2010 down around 8 per cent yearon-year. The contract traded $17 higher at $3,033 a tonne at 1250 GMT. London second-month robusta coffee futures rose on quality concerns in top producer Vietnam as the delayed harvest drew to a close, while ICE arabica coffee firmed and neared last week's 13-1/2-year peak. London second-month robusta coffee futures ended 2010 up 57 per cent year-on-year at $2,097 per tonne on Friday, compared with a close of $1,332 per tonne on December 31, 2009. ICE second-month arabicas appeared set to end 2010 up by around 75 per cent, underpinned by a shortage of highquality Colombian arabica beans. ICE second-month arabicas were up 1.35 cent or 0.6 per cent at $2.3905 a lb at 1245 GMT, below the Dec. 22 peak of $2.4350. -Reuters
SILIGURI: An Indian farmer works on a rice paddy field in the Milanmore village area in the outskirts of Siliguri. -Reuters
Gold racks up strongest annual gain in 3 years LONDON: Gold rose on Friday, notching up its strongest annual performance since 2007 and marking a fifth straight month of gains in December, driven by a weaker dollar and global economic uncertainty. The precious metals complex has had a stellar run this year, led by palladium's 95 per cent rise, in a broad commodities rally which has pushed up the 19-commodity Reuters-Jefferies CRB index up 15 per cent.
metals strategist at BNP Paribas. "We expect the gold price rally to continue into 2011 on the back of strong fundamentals, including inflationary pressures (notably in China), ample liquidity and concerns about the value of the dollar," she added. Traders and analysts expect gold to break above $1,500 in 2011, particularly if the dollar extends its decline, the US economy remains unable to generate enough jobs to lower unemploy-
Spot gold rose 0.6 per cent to $1,411.86 an ounce by 1305 GMT, on course for a 29 per cent annual gain and a fifth straight month of gains, the longest stretch of monthly increases since late 2001. US gold climbed 0.5 per cent to $1,412.50 an ounce. The dollar fell 0.4 per cent against a basket of currencies, having fallen by 12 per cent against the yen and by more than 9 per cent versus the Swiss franc this year. "The gold price remains well supported by a weaker dollar and solid investment demand," said Anne-Laure Tremblay, precious
ment and Europe's debt crisis is not diffused. Tempering some of the enthusiasm, holdings in the SPDR Gold Trust, the world's largest goldbacked exchange-traded fund, fell to 1,280.722 tonnes by Dec 30, its lowest since early June. Spot palladium rose 0.6 per cent to $790.28 an ounce, after rising to a nine-year high of $795.47 on Thursday. Spot silver was the second-best performer in precious metals, up 82 per cent on the year. It was trading up 0.6 per cent at $30.62, retreating from a 30-year peak of $30.88 hit on Thursday. -Reuters
Indian sugar extends losses for the 3rd day MUMBAI: India sugar extended losses for a third session on Friday as cane crushing that is gaining momentum continued to weigh on prices, along with the federal government's decision to extend stock limit for the sweetener. The most-traded sugar-M grade contract for January delivery closed 1.03 per cent lower at 2,973 rupees per 100 kg, after losing 2 per cent in the previous two sessions. Traded volumes were at 16,300 tonnes with 1,290 contracts. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety fell by 7.5 rupees to 2,847.5 rupees per 100 kg. "It is a continuation of weak sentiment after government extended stock limit for sugar," said Veeresh Hiremath, an analyst with Karvy Comtrade. "Crushing is in full swing and further weakened sentiments," said Hiremath, adding "a further fall in prices could be seen of 30-40 rupees next week." The country has allowed unrestricted exports of 500,000 tonnes of sugar on Dec. 15. India will slap a 60 per cent import tax on sugar from Jan. 1, a government source said on Friday, reflecting good output prospects from the world's top consumer of the sweetener. -Reuters
Metals end year up, solid outlooks for copper, tin LONDON: All but one of the base metals markets in Europe ended higher for 2010, with copper hitting a new record on Friday, while copper and tin were expected to attract new investment and reach new highs in 2011. Benchmark copper on the London Metal Exchange ended ring trading bid at $9,960 a tonne, compared with $7,375 a tonne at the close on Dec. 31, 2009. It earlier reached a record of $9,675. In its December forecast, Goldman Sachs said it expected prices to hit $11,000 this time next year. The commodities sector - particularly copper and gold - has been a standout performer in
2010, outperforming bonds and European shares. In the base metals markets, the biggest gainers were copper, tin and nickel. The only metal to finish down for the year was zinc. Copper is expected to steam further ahead next year on solid fundamentals of declining ore grades, a lack of new big mines and respectable growth in demand from top consumer China. Fund manager Patrick Armstrong of Armstrong Investment Managers said he expected prices to rise another 25 per cent. "I think it will benefit from backwardation and a tight physical market. That's what we look for when we go long. Copper is pretty much perfect from that
point of view," he said. The price of cash copper moved into a premium - or backwardation - against the benchmark in early November, signalling a lack of immediately available supply. The prospect of limited supply for next year has been driving gains this year, said BNP Paribas analyst Stephen Briggs. Among other base metals, tin was the outperformer for the year, with prices up by nearly 60 per cent. Constrained supply from top exporter Indonesia is expected to drive prices to new records, having reached $27,500 a tonne in November. LME tin was little changed on Friday, ending the year at $26,870 in LME rings, up 59 per
cent from end-2009. Nickel was up on Friday at $24,950 in LME rings, up some 35 per cent for the year. Prices have rallied in anticipation of a pickup in stainless steel demand, despite ample stockpiles. LME nickel stocks hit a record of 166,476 in February, and have since declined some 20 per cent. LME zinc rose slightly on the day to finish the year down 5 per cent at $2,440 per tonne. Battery material lead also rose on the day to $2,560 a tonne, up 5 per cent for the year. LME aluminium rose toward two-year highs near $2,500 a tonne on Friday and ended bid at $2,467 rings, up 11 per cent for the year. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
31-Dec-2010 CRUDE100 31-Dec-2010 CRUDE100 31-Dec-2010 CRUDE100 31-Dec-2010 SILVER - SL500 31-Dec-2010 SILVER - SL500 31-Dec-2010 GOLD 01oz 31-Dec-2010 GOLD 01oz 31-Dec-2010 GOLD 01oz 31-Dec-2010 GOLD 100oz 31-Dec-2010 GOLD 100oz 31-Dec-2010 GOLD 100oz 31-Dec-2010 GOLD 31-Dec-2010 GOLD 31-Dec-2010 GOLD 31-Dec-2010 KILOGOLD 31-Dec-2010 KILOGOLD 31-Dec-2010 TOLAGOLD50 31-Dec-2010 TOLAGOLD100 31-Dec-2010 MINIGOLD 31-Dec-2010 MINIGOLD 31-Dec-2010 MINIGOLD 31-Dec-2010 MINIGOLD 31-Dec-2010 MINIGOLD 31-Dec-2010 TOLAGOLD 31-Dec-2010 TOLAGOLD 31-Dec-2010 TOLAGOLD 31-Dec-2010 TOLAGOLD 31-Dec-2010 TOLAGOLD 31-Dec-2010 IRRI6W 31-Dec-2010 RICEIRRI 31-Dec-2010 RBD PALMOLEIN 31-Dec-2010 KIBOR3M 31-Dec-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 06JA11 JA11 JA11 10-Dec 11-Mar
US$ 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
90.70 91.25 91.50 30.79 30.81 1412.50 1413.80 1414.80 1408.00 1413.40 1414.50 38900.00 38940.00 39350.00 38942.00 38951.00 45421.00 45421.00 40025.00 40069.00 40083.00 40098.00 40011.00 46273.00 46247.00 46086.00 46103.00 46306.00 3375.00 3397.00 5259.00 86.56 85.40
90.75 91.56 92.22 30.79 30.81 1413.40 1414.70 1415.60 1412.90 1414.00 1414.50 38981.00 38991.00 39350.00 38954.00 38963.00 45435.00 45435.00 40025.00 40069.00 40083.00 40098.00 40111.00 46273.00 46247.00 46086.00 46103.00 46410.00 3382.00 3397.00 5259.00 86.56 86.22
89.05 89.98 91.00 30.36 30.71 1403.60 1404.70 1406.00 1403.60 1413.40 1414.00 38800.00 38751.00 38994.00 38942.00 38951.00 45421.00 45421.00 40023.00 40067.00 40081.00 40096.00 40011.00 46017.00 46067.00 46084.00 46101.00 46003.00 3375.00 3396.00 5258.00 86.54 85.40
89.64 90.45 91.11 30.68 30.71 1412.90 1414.00 1415.20 1412.90 1414.00 1414.00 38981.00 38991.00 39006.00 38954.00 38963.00 45435.00 45435.00 40023.00 40067.00 40081.00 40096.00 40111.00 46017.00 46067.00 46084.00 46101.00 46118.00 3382.00 3396.00 5258.00 86.54 86.22
Traded Volume in lots 177 29 3 142 1,167 996 360 11 2 16 1 2 2 2 -
Previous Settlement Price 89.79 90.65 91.34 30.65 30.68 1409.30 1410.30 1411.40 1409.30 1410.30 1411.40 38873.00 38882.00 38898.00 38845.00 38855.00 45308.00 45308.00 39913.00 39957.00 39971.00 39985.00 40000.00 45889.00 45939.00 45955.00 45972.00 45989.00 3384.00 3397.00 5259.00 86.56 86.22
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 89.64 74 90.45 43 91.11 2 30.68 68 30.71 1412.90 1,125 1414.00 1,687 1415.20 133 1412.90 8 1414.00 1415.20 38981.00 30 38991.00 9 39006.00 1 38954.00 38963.00 45435.00 45435.00 40023.00 40067.00 40081.00 40096.00 40111.00 46017.00 2 46067.00 4 46084.00 46101.00 46118.00 2 3382.00 3396.00 5258.00 86.54 86.22 -
Barcelona World Race teams cross the starting line on the coast of Barcelona
10
Saturday, January 1, 2011
Butt says full end of spot-fixing impossible KARACHI: Pakistan Cricket Board chairman Ijaz Butt believes it is impossible to completely eradicate spot-fixing not only for the PCB but also for the International Cricket Council. "To control the spot-fixing, especially prior to its happening, is almost impossible not only for the PCB but for the ICC as well," said Butt in an interview to News One channel. "It has to be an all out effort from all concerned to ensure that such wrongdoing does not occur in the future," the PCB chairman added. On the measures taken by the PCB to eradicate corruption from the game, butt, without elaborating, vowed to come down even harder on the culprits in the future. "PCB and ICC have taken a lot of steps, future plans have been drafted to pursues a policy of zero tolerance to corruption," Butt maintained. The spot-fixing scandal had rocked world cricket after a British tabloid revealed that a bookmaker Mazhar Majeed had bribed three Pakistani players -- Test skipper Salman Butt, pace duo Muhammad Aamer and Mohammad Asif -to deliberately bowl no-balls during the fourth Test against England at Lord's.-Online
ICC names teams for World Cricket League 2011 ISLAMABAD: The international Cricket Council (ICC) has named the final squads for the six-team ICC World Cricket League Division 3 tournament, to be held at Hong Kong from January 22 to 29, 2011. According to cricinfo.com, teams from Denmark, Italy, USA, Oman and Papua New Guinea will join hosts Hong Kong for the tournament. The top two sides will win promotion to Division 2,which will be staged in the United Arab Emirates in April 2011. The matches will be hosted at three grounds in Hong Kong Kowloon CC, Hong Kong CC and Mission Road. However the teams and players comprise: Denmark: Michael Pedersen (capt), Aftab Ahmed, Rizwan Mahmood, Raja Javed, Martin Pedersen, Jacob Larsen, Bashir Shah,Troels Thogersen, Bobby Chawla, Yasir Iqbal, Frederik Klokker, Carsten Pedersen, David Borchersen, Naveed Mugfal Hong Kong: Najeeb Amar (capt), Nadeem Ahmed, Irfan Ahmed, Waqas Barkat, Tabarak Dar, Khalid Butt, Asif Khan, Courtney Kruger; Roy Lansam, Mark Chapman, Nizakat Mohammad, Moner Muhammad, Adil Mehmood, Mohammad Aizaz Khan Italy: Alessandro Bonora (capt), Roshendra Abewickrama, Din Alaud, Damian Crowley, Gayashan Munasinghe, Dilan Fernando, Thushara Kurukulasuriya, Damian Fernando, Andrew Northcote, Hayden Patrizi, Peter Petricola, Michael Raso, Hemantha Jayasena, Vincenzo Pennazza Oman: Hemal Mehta (capt), Qais bin Khalid al Said, Sufyan Mehmood, Sultan Ahmed, Hemin Pratap Desai, Vaibhav Wategaonkar, Jatinder Singh, Deep Trivedi, Rajeshkumar Ranpura, Awal Khan, Syed Amir Ali, Adnan Ilyas, Zeeshan Siddiqui, Khalid Rasheed.-APP
National Games Win the End 'Play for Peace' and 'Entire Pakistan Our Pakistan' determinations PESHAWAR: 31st National Games concluded peacefully with 'Play for Peace' and 'Entire Pakistan Our Pakistan' determinations in Peshawar. Chief Guest closing ceremony Chief Minister Khyber Pakhtunkhwa Ameer Haidar Khan Hoti handed over 1st, 2nd, and 3rd position trophies to Pak army, Wapda and Navy respectively. 1500 meters race was the last event of 31st National Games. Ali Mohammed from Wapda secured first position while Farhan Ahmad and Munawer from Air Force remained 2nd and 3rd respectively. The chief minister awarded gold, silver and bronze medals to winners on victory stand. The chief minister along with President Pakistan Olympic Association Lieutenant
General Arif Hasan and President Pakistan Olympic Association Khyber Pakhtunkhwa Syed Aaqel Shah honored 31st National Games record holders women athletes Kiran and Maryam Baber with gold medals. Kiran of Pak Army and Maryam Baber from Wapda set new national records in swimming and jumping. Other events of closing ceremony included gliders' show, children band, and players march past, regional dance show, horse show, tug of war between games organizers and media and fireworks. Ameer Haidar Khan Hoti formally announced conclusion of 31st
National Games in Peshawar. Participants of
Many pundits had predicted New Zealand would be the whipping boys in only their second World Cup appearance, but Nelsen said the team's performance had showed the All Whites could compete on a global stage. The Blackburn Rovers skipper admitted he felt slightly uneasy receiving accolades for a campaign that was a team effort. "I'm not a big fan of individual honours within a team sport," he said in a statement. "Every single one of the guys did exceptionally well in South Africa, all 24 of them, so it feels a bit funny to be singled out from an amazing team effort." Golfer Bob Charles, the first New Zealander to win a major when he claimed the 1963 British Open, won the country's highest honour, the Order of
games' participants t h e other d a y, the
15
the ceremony were ANP Provincial President Senator Afraseyab Khattak, Senior Provincial Minister Bashir Ahmad Bilour, Provincial Ministers Syed Zahir Ali Shah, Mian Iftekhar Hussain, Mohammed Shuja Khan and Haji H i d a y a t Ullah Khan, President Pakistan Olympic Association Lieutenant General Arif H a s a n , General Secretary Khaliq Khan and Civil Millitary officers and large numbers of spectators.
NZealand honours All Whites after WC fairytale WELLINGTON: National football coach Ricki Herbert and captain Ryan Nelsen received New Year's Honours on Friday after New Zealand defied expectations at the World Cup in South Africa. Herbert was named Companion to the New Zealand Order of Merit in the New Year's Honours List, with Nelsen becoming an Officer of the New Zealand Order of Merit. Entering the World Cup ranked a lowly 78th in the world, the All Whites finished as the only unbeaten team after draws in the group stage against defending champions Italy, as well as against Slovakia and Paraguay. It provided a huge boost for football in New Zealand, where the sport is usually overshadowed by rugby union.
National Games in Peshawar were unique from many aspects comparing to other national games.
New Zealand. Australian rugby league veteran Steve Price said he was surprised to be named a Member of the New Zealand Order of Merit, initially believing he was the victim of a transTasman prank.Price, who helped make the New Zealand Warriors competitive in Australia's NRL before retiring this year, said he did not realise he was eligible for honours in New Zealand. The 36-year-old joked that being regarded as New Zealand's favourite Australian was almost a backhanded compliment. "You don't know if it's a good thing or a bad thing," he told The New Zealand Herald. "They say, 'you're our favourite but we don't like Aussies'."-APP
teams comprising of 7000 players f r o m Punjab, S i n d h , Balochistan, Azad Kashmir, GilgitBaltistan, Fata, Islamabad, Pak army, Pak Navy, Pakistan Air Force,
Pakistan Railway, Wapda, Police, HEC and including host province participated in the games for the first time in the history of national games. Addressing dinners in honor of
Ryder replaced by Brownlie for tour match HAMILTON: Jesse Ryder will miss the New Zealand XI's match with touring Pakistan in Whangarei after suffering an inflamed shoulder . Cricket Australians hope for result pitch at SCG Ponting's absence a 'huge loss' Anderson Michael Clarke pledges his loyalty to Ponting Black Caps capitulate in Twenty20 loss Top players come out of shadows to play Pakistan Clarke not sure thing as Australian captain Coach backed as Firebirds rue ones that got away Ponting insists he'll play test cricket again Black Caps collapse for 80, lose by 103 runs England coach credits new fitness regime Test batsman Jesse Ryder has been ruled out of the New Zealand 11 for the three-day cricket match against Pakistan in Whangarei starting on Sunday.-Online
chief minister termed holding of 31st National Games in Peshawar a success of national unity, solidarity and peace. "The people of Khyber Pakhtunkhwa haven given the message of peace to the whole country and the world by successfully holding national games in difficult and challenges circumstances." He said slogan of 31st National Games 'Play for Peace' and 'Entire Pakistan Our Pakistan' reflect the fact that people of the province by rendering life and material sacrifices, are playing role of front line contingent. The chief minister lauded efforts of Provincial Sports Minister Syed Aaqel Shah, Pak Army, security agencies and particularly people of Peshawar for successfully holding the games.
Yasir Hameed apologises to PCB KARACHI: Yasir Hameed has apologised to the Pakistan Cricket Board (PCB) for being involved in an interview, in which he was shown talking about spot-fixing and match-fixing. The interview by 'News of the World' had added fuel to the fire as just before Hameed's interview, a sting operation by the same British tabloid had led to suspension of Pakistani trio of Salman Butt, Mohammed Asif and Mohammad Aamer on suspicion of spot-fixing. Hameed met PCB Chairman Ijaz Butt and members of the integrity committee on Thursday in Lahore and insisted that even though the undercover reporter kept on pestering him with questions about match-fixing, he hardly said anything. Hameed said he was wrong to meet the reporter without permission of the team management but still maintains that he had no idea that the
newsman was taping the 'general' conversation he was having with him. "Yasir has submitted an unconditional apology to the PCB chairman and requested him for pardon. The batsman has said that he wants to be considered for national selection again," a reliable source told PTI. Hameed, who has played 25 Tests and 56 One-day internationals, was dropped from the ODI series after his interview appeared during the team's tour. "Yasir has pleaded that the undercover reporter of the NOW posed himself as a businessman interested in signing a endorsement deal with the Pakistani players. "Yasir said he mostly mumbled and nodded his head when asked if so-andso match was fixed. He has said that he was just taking part in general discussion and didn't know he was being taped," the source said.-Online
Eng ready for Khawaja debut, says Anderson SYDNEY: Strike bowler James Anderson insisted Friday that England could nullify the threat of Australian Test debutant Usman Khawaja as they seek to wrap up a series win in Sydney. Pakistan-born Khawaja, 24, is set to make his Test bow for his adopted country as injured skipper Ricky Ponting's replacement in the Sydney Test, starting on Monday. Anderson, England's leading wicket-taker with 17 scalps, believes that with a little extra information, the tourists' attack will be able to snuff out the threat from the technically gifted Khawaja. "It will be slightly new.
We've played against him and had a bit of experience against him," Anderson told reporters. "The guys have had a bit of a taste of what he's about, what his strengths are." Khawaja, top-scorer in this season's domestic Sheffield Shield competition, went cheaply for 13 and a duck playing for Australia A against the tourists in Hobart. "Hopefully, with a bit more background knowledge from a couple of the local guys like (England's Australian bowling coach) David Saker, that might help us even more," Anderson said. Anderson said despite criticism of Ponting's leadership and poor batting form, the
skipper's absence would be a "huge loss" for Australia in the Sydney Test. He said that while Ponting was in a slump, he remained an integral part of the Australian side. "He has been out of form but he's a fine player and a real wicket that we cherish and we really want to get so I think he'll be a big loss for them," Anderson said. Anderson said that England were focused on ending their 24-year series drought in Australia rather than just retaining the Ashes. "When I was growing up as a kid watching us come over here and struggle, then being involved in 2006-7, that was really tough," he said.-Online
DAVOS: President of the Spengler Cup, Pargaetzi, presents SKA St. Petersburg with the winner's trophy during the Spengler Cup ice hockey tournament.-Reuters
International & Continuation
Saturday, January 1, 2011
11
India, Iran oil payment issue far from resolved
JAKARTA: A light stream marks the number 2011 at Jakarta's downtown on January 1, 2011 during the New Year's celebrations. Hundreds of thousands of people gathered in Jakarta to mark the New Year.-Reuters
India C/A gap widens to $15.8bn in Sept qtr MUMBAI: India's current account deficit in the September quarter widened to a record high of $15.8 billion as booming domestic consumer demand sucked in imports and service sector exports suffered from weak global demand. However, robust capital inflows helped the overall balance of payments remain positive, central bank data showed on Friday. The current account deficit for the September quarter widened compared with a downwardly revised $12.1 billion in the June quarter. A recent report by Goldman Sachs said India's current account deficit may widen to a
record 4 per cent in the current fiscal year ending March from 2.9 per cent in the previous year, flagging the deficit as a risk for India. The report also said the current account gap could grow to 4.3 per cent in the fiscal year that ends in March 2012. However, India's policy makers are more optimistic, with Deputy Chairman of the Planning Commission Montek Singh Ahluwalia saying earlier that India can live with a current account gap of 3 to 3.5 per cent of its gross domestic product. Policymakers are concerned about the manner in which the current account gap is being financed.
The Goldman report suggests that increasingly India's current account deficit is being financed by short-term capital flows, which raises India's vulnerability in the external sector in the event of a reversal of capital flows. It, however, said India's foreign exchange reserves were adequate to offset temporary reversals in capital. Foreign direct investment (FDI) has fallen by over 24 per cent in the first seven months this year to $12.56 billion and analysts say FDI flows are likely to remain subdued for the rest of the fiscal year as concerns abound on the slow pace of reforms and political volatility in India.-Reuters
China aims at fast growth in tough global recovery BEIJING: The global recovery will remain difficult, but China will work to ensure that its economic growth is stable and fast next year, President Hu Jintao said in a New Year's address broadcast on state radio on Friday. Hu also reiterated that China would implement a prudent monetary policy and proactive fiscal policy, language which denotes a gradual tightening of monetary conditions alongside a sustained expansion of government spending.-Reuters
CONTINUATION No #1
Continued from page 12
Malik said news regarding a plot to assassinate Benazir Bhutto was hatched at a brigadier's House is baseless as such plots are made at terrorists dens. He said BB's murder inquiry report was not presented in PPP Central Executive Council and it was not handed over to anyone including the President. Replying to a question regarding MQM issue he said we have to work together to save the country from terrorism and instability.-Online
No #2
Continued from page 12
commission cancelled and interior minister be declared ineligible for any public office.-Online
No #3
Continued from page 12
the subject shall remain unchanged, the circular said.-PPI
No #7
Continued from page 1
constituencies. He said that the completion of ongoing development projects would bring a positive change in the lives of people in the country. Meanwhile, prime minister while talking to a visiting delegation of Balochistan Parliamentarians here at the Parliament House said that it is his government's New Year resolve to dedicate all its energies for the resolution of problems facing Balochistan. He vowed to frequent the province in 2011 to reach out to common man and inaugurate mega projects himself. He said that bringing under-developed areas of the country at par with developed areas is directly linked to the overall progress and prosperity of Pakistan hence resources allocation and prioritisation of projects shall be so adjusted to maximise economic activities and provision of opportunities over there.-Agencies
President Barack Obama's trip to India on which he pledged to help boost New Delhi's global role. "The issue has not been resolved at today's meeting. Views of all stakeholders will be taken into account, we are hopeful that it will be resolved shortly," an Indian industry source said. India owes Iran 1 billion euros currently and transactions between the two countries pending until two days ago were cleared through the existing mechanism, a source familiar with the matter said. Indian officials and traders had been hopeful of a quick resolution to the payments row that could have disrupted about 13 per cent of its oil imports and leave refiners scrambling for expensive alternative sources of crude. Importers of Iranian crude include state-run Hindustan Petroleum Corp Ltd, Indian Oil Corp and Mangalore Refinery and Petrochemicals Ltd and privately-run Essar Oil. U.N. sanctions on Iran do not cover oil sales. In a solution under discussion, banks and oil companies would put in place an alternative means of settlement for India's oil purchases from Iran, a person familiar with the matter said. South Korea pays for Iranian crude using the won. "In order to not allow Americans and Europeans to create any problem, we said let's do our business in other currencies like (Emirate)
dirham or yen," Iran's Khaledi was quoted as saying. An economy growing at about 9 per cent a year has made India the world's fourth-largest importer of crude. Iran is its second largest supplier after Saudi Arabia. Indian oil importers get 90 days credit for payment so they are covered for old transactions, but future shipments would be in jeopardy if the matter had not been resolved. India buys about 400,000 barrels per day of Iranian crude, settling payments through the Asian Clearing Union, a system created in the 1970s by central banks in South Asia and Iran to clear trade payments between them. Critics say the scheme is opaque to the monitoring of flows into Iranian organisations against which the United States has sanctions, as settlements are made on a net basis every two months. Suspending Iranian imports when global crude prices are at near two-year highs and when Indian inflation is uncomfortably high would be costly for India. India and Iran have longstanding ties but analysts say irritants and a new strategic thinking are prompting New Delhi to adopt a more nuanced and assertive policy. New Delhi's interests are increasingly tied with the United States, and it is also mindful of Arab concerns over Iran's nuclear ambitions.Reuters
Dec UK house prices see a surprise increase
1-in-5 chance for euro of lasting this decade: study
NEW DELHI: The oil trade settlement impasse between Iran and India remained unresolved on Friday, with Iran reportedly saying it had been settled but several Indian sources saying that talks would continue. Central bank officials from Iran and India met in Mumbai on Friday in an effort to keep their $12 billion in oil trade running, and forcing New Delhi to strike a delicate balance between its energy needs and its global diplomatic interests. The Reserve Bank of India (RBI) did not comment other than to say that it had met with Iranian counterparts at a technical level to discuss ways to facilitate future transactions. But Iran's deputy oil minister, Ahmad Khaledi, was quoted as saying by Iran's semiofficial Fars news agency: "By changing the currency for oil transaction between Iran and India the problem was solved." The RBI said last week that oil trade payments to Iran could no longer be settled using a long-standing clearinghouse system run by regional central banks, and Tehran has refused to sell oil outside the old set-up. This week, the RBI extended the move to apply to all current account transactions. The White House, which wants governments to stop dealing with Iran because of its nuclear programme, praised the move, which came less than two months after
LONDON: British house prices rose in December for the first time since May, providing reassurance that the property market is not falling off a cliff in the way it did in 2008. Mortgage lender Nationwide said on Friday the average price of a property rose 0.4 per cent in December, more than reversing the 0.3 per cent drop registered in November. The annual rate held steady at 0.4 per cent, leaving prices broadly flat over 2010 as a whole. Nationwide chief economist Martin Gahbauer said it would be premature to suggest that the recent downward trend had been broken on the basis of one month's figures. "Despite December's increase, house prices have fallen in four out of the last six months," he noted.
However, there was no evidence that price falls are gathering momentum. The three-month on three-month rate of decline moderated to -1.0 from -1.3 per cent in November. During late 2008 the three-month rate of change dropped as low as 5.5 per cent. With the government reining in spending, and banks reluctant to lend, Nationwide say there is little chance of a material improvement in buyer demand going into 2011. As a result, it said, the slow drift down in prices that characterised the second half of 2010 was likely to continue. "On balance, a relatively stable picture, with the possibility of a small price decline, appears the most likely outcome for 2011," Nationwide said.-Reuters
LONDON: The euro currency area has only a one-infive chance of surviving in its current form over the next 10 years because of competitive imbalances between its members, a leading British think tank said on Friday. The Center for Economics and Business Research said Spain and Italy would have to refinance over 400 billion euros ($530 billion) of bonds in the spring, potentially sparking a fresh crisis within the 16-nation euro area. "The euro might break up at this point, though European politicians are normally able to respond to a crisis," said CEBR Chief Executive Douglas McWilliams in a list of 10 forecasts for 2011.-Reuters
machinery and equipment has been allowed to encourage production of value-added products in these sectors. He said that under Continued from page 1 No #8 milk production processing and dairy production project, over two said that despite other parties' leveling various allegations hundred milk producer groups have been established besides instalagainst him, his followers were still present in Punjab. lation of one hundred and fifty milk cooling tanks.-INP He said that revolution would not emerge from any palace, it Continued from page 1 would emanate from slums. NNI No #4 Pakistan's ratio of tax to gross domestic product is below 10 per Continued from page 1 No #9 cent and many of the nation's elite pay no tax at all. The US and Farhatullah Babar quoted the President as also asking the entreIMF officials regularly point out to the Pakistani government that preneurs to consider investing in the upgradation of the Pakother countries with that level of taxation have frequently fallen Turkey railway line for fast cargo train service by raising funds into economic crisis. Only two million Pakistanis - mostly midfrom co-stock exchanges to open up new trade avenues for dle-class professionals and government workers - out of a populaPakistan with countries of the region. tion of 180 million pay tax. The IMF, the World Bank and their He said that Turkish leadership and investors had shown intermost influential members - the US, European countries and Japan est in the project which the President said was proposed to be - worry that unless Pakistan boosts tax revenue, its economy may named after the Turkish President as `Gul Train'. unravel through escalating inflation. He said that the meeting on Zulfiqarabad was informed that bids "The leaders are still not willing to take critical measures hopfor appointing management consultants for the new city had been ing that Washington would bail the country out," the senior received from five bidders and the selection of successful bidder government official said. Pakistan's $167 billion economy is would be finalised next month. lagging far behind other countries in the region. Growth is foreFazalur Rahman, the chief of the new city project, briefed the cast by the government at 2.5 per cent in the fiscal year through meeting. The briefing was attended by the CM Sindh Syed Qaim June 2011, compared with a 9.1 per cent estimate for the cur- Ali Shah, provincial ministers Zulfiqar Mirza, Agha Siraj Durrani, rent fiscal in India.-Online Murad Ali Shah, Ayaz Soomro, Sharmila Farooqui, Special Assistant to Prime Minister on Water Kamal Majeedullah, Continued from page 1 No #5 Governor State Bank of Pakistan Shahid Kardar, President NBP, entities with fresh investments, he said. and senior federal and provincial officials. The Minister categorically ruled out any outright sale of The President directed the concerned that Expression of Interest Pakistan Post Office Department, Islamabad Electric Supply Company, Pakistan Steel Mills Corporation or Pakistan Railways. (EOI) be invited at the earliest through international bidding from The apprehensions of any retrenchment of the employees of leading builders. He emphasised that the process of selection of these entities were baseless as the government has undertaken the builders and consultants should be carried out in a transparent and reinstatement of the dismissed and retrenched employees of the credible manner so that there was no room for any objection. Next meeting about the project will be held next month to take past, therefore, there never arose the question of making the exista decision about the site for the first phase of the new city project, ing workforce jobless, he added. Farhatullah Babar added. Replying to a question regarding the Pakistan Post, the Minister said that PPOD Ministry and the management have been assured Continued from page 12 No #10 that the concept to establish Post Bank would not affect other the phases of DHA. It was pointed out during the hearing that postal functions performed by PPOD including money order sys- Wateen had failed to submit documents that it was required by the tem, he added. He said that there would not be even a single ter- bench in the previous hearing. The next date of hearing in respect Malaysia: Newly crowned Miss Tourism International 2010 World Final Nathalie Den mination of any employee of PPOD, however, the concept to of the matter has been set for 13January, 2011.-APP Dekker of the Netherlands, center, 21, poses with 1st runner-up Holly Anne Visser of establish Post Bank, 100 per cent owned by government would Australia, second from right, 19, 2nd runner-up Stephany Gonzalez of Venezuela, second Continued from page 12 No #11 improve the revenues of PPOD and generate more employment from left, 20, 3rd runner-up Barbara Salvador of Philippines, right, 23, and 4th runner-up documents under the schemes. Moreover, further facilitation has Borgoljin Bayarsaikhan of Mongolia, 18, during the New Year's Eve celebrations in Petaling opportunities while enhancing human resource development probeen provided to companies by extending the schemes up to grammes.-APP Jaya, near Kuala Lumpur .-Reuters Monday. The detailed information is available in Circular No. 27 Continued from page 1 No #6 by selling tickets during 2009-10.-Online of 2010, placed at the website of SECP.-Online Scheme for financing Locally Manufactured Machinery shall Continued from page 1 Continued from page 12 No #13 No #12 also attract similar markup rate structure. said. He mentioned that previously with the petroleum prices raise, tax rate also went up but the agreement when these locomotives were purchased. The reimbursement of markup rate benefit to exporters, on "Now, the government has signed an agreement with China and present government adjusted the petroleum development levy and other charges so that people could excess performance under Part-II of Scheme, as specified in SBP get relief. These are now set at a minimum level, the minister said. Certainly the government colcircular No. 15 dated October 31, 2009, will be adjusted accord- these locomotives will be made operational soon," he added. He said that Pakistan Railways (PR) earned Rs30.624 million lects revenue from petroleum products but raising their prices doesn't enhance it much. ingly keeping in view revised markup rates. Other instructions on
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
RIAZ NEWS AGENCY Cell # 0333-5373137
Saturday, January 1, 2011
SHAKIL NEWS AGENCY Cell # 0333-4400472
Ch Nisar demands govt of more trustworthiness
MQM, ‘N’ leaders swap fresh sarcasm
KARACHI: Activists of Sunni Ittehad Council taking part in a demonstration on MA Jinnah Road against any amendment in blasphemy laws. -Online
Strike to stymie any change in blasphemy law KARACHI: A shutter down strike was observed in several parts of Pakistan Friday on the call of religious parties against any proposed amendments in the blasphemy law. A complete shutterdown was witnessed in almost all over Sindh, including Karachi as no public transport was available and commuters were facing difficulties. All the major political and religious parties, except the ruling PPP and PML-F, either gave an open or tacit support to the strike call. The Karachi Transport Ittehad, All Pakistan Oil Tankers Association, traders associations, and other transport and business organisations o supported the call. The strike was also observed
CCP gives Wateen 10 days to reply ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted 10 days to Wateen Telecom (Pvt) Limited and Defence Housing Authority (DHA) for submission of reply to the CCP show cause notice and for furnishing documents required by the bench. A statement issued by the commission on Friday said that appellate bench of CCP comprising of chairperson, Rahat Kaunain Hassan and Member (M&A), Vaddiya Khalil held hearing against the groups. Upon request and being urged by Wateen's counsel, the bench granted 10 days for submission of reply and for furnishing documents required by the bench. CCP had issued notices against Wateen's entering into an exclusive agreement for provision of telecommunication and media services for one of See # 10 Page 11
in Lahore, Gujranwala, Peshawar, Quetta, Kashmore, Hazara division and Kandhkot. Protest rallies and demonstrations were being carried out against any proposed amendments to the blasphemy law. In Karachi, protesters demonstrating on the Mauripur road blocked the intersection and suspended traffic. Moreover, a report said protesters, carrying sticks and chanting anti-government slogans, blocked traffic by setting tyres on fire in Karachi's Shirin Jinnah Colony. A police team reached the scene and persuaded the demonstrators to end the blockade, it said. Earlier, on Thursday, Federal Minister for Religious Affairs Syed Khurshid Shah appealed
to politico-religious parties to call off Friday`s strike and categorically declared that the government was not tabling any bill to amend the blasphemy law. Shah said that after his categorical statement on the floor of the National Assembly on Wednesday an attempt to bring people on the streets in the name of religion was detrimental to the country's interests. He alleged that those agitating on the issue were exploiting religion for ulterior motives. The strike call was given by the "Namoos-i-Risalat" conference held recently under the auspices of Majlis-iTahafuz-i-Khatm-i-Nabuwat.Agencies
Accord with China for hybrid cottonseeds
60pc area under Bt cotton, NA told Ads of unregistered drugs to be checked: minister ISLAMABAD: The National Assembly was informed Friday that promising varieties of cottonseed are being examined for cultivation to enhance the production of this cash crop in the country. Parliamentary Secretary for Food and Agriculture Liaquat Ali Khan informed the House that an agreement has been signed with the Chinese government for the provision of hybrid cottonseed. The testing of these varieties will require three or four years before their commercial release, added he. He said that Bt cotton is being cultivated on 60 per cent area in Punjab and Sindh provinces, which would substantially enhance production. Liaquat Ali Khan said that despite devastating floods, there is no shortage of food items in the country. New varieties of pulses are also being introduced for better
produce, he added. Going forward, Minister for Health Makhdoom Shahabuddin said that steps are being taken to check the advertisements of unregistered medicines under the Drugs Act. Necessary instructions in this regard have also been issued to the provincial authorities. He said that the government has launched awareness campaign to check the spread of hepatitis. In this connection, he said, the reusage of syringes is being discouraged and auto disabled syringes are being introduced. Minister for Livestock and Dairy Development Humayun Aziz Kurd told the House that 37 livestock farms have been set up in different parts of the country to bolster the production of milk and meat. He said that duty-free import of dairy and livestock See # 3 Page 11
More trains to retire shortly, NA told ISLAMABAD: Minister for Railways Haji Ghulam Ahamd Bilour on Friday informed the National Assembly more trains would be suspended in addition to 36 which have already been retired. Replying to supplementary question in question hour, the minister said only those trains were closed which were running in more than 50 per cent deficit. He said the government has sanctioned funds for the restructuring and rehabilitation of railways and work would be started on the project as soon as the ministry receives amount. To another question, the minister said that 69 locomotives were purchased from China in 2002 out of which 42 were out of order. He said provision of spare parts was not included in the See # 12 Page 11
SECP extends deadline of amnesty schemes ISLAMABABAD: The amnesty schemes of the Securities and Exchange Commission of Pakistan (SECP) i.e., the Companies Regularisation Scheme (CRS) and Companies Easy Exit Scheme (CEES) have been extended till Monday, January 3, 2011. According to press release issued here on Friday, the schemes were to be closed on Friday. However, due to a general strike on Friday and bank holiday on Saturday, most of the companies may not be able to submit their documents. On requests made by the stakeholders, Company Registration Offices of the SECP would be open up to 6 pm to facilitate submission of See # 11 Page 11
ISLAMABAD: Leader of the Opposition in National Assembly Chaudhry Nisar Ali Khan demanded of government to discuss with the opposition all matters of national interests before airing them on media and take notice of barbaric killings in Balochistan. National assembly session was held here in parliament house on Friday where a panel of chairman NA Abdul Qadir Patel submitted a ruling about the verbal-war between PML-N and MQM, in which he demanded abstinence from commenting on someone's personal matters along with upholding democratic traditions by practising patience and tolerance. During the proceedings, Pakistan Muslim LeagueNawaz (PML-N) and Muttahida Qaumi Movement
(MQM) once again traded hot words whereas opposition leader demanded establishment of a committee of parliamentarians to investigate what happened outside the parliament two days ago. Ch Nisar Ali Khan blamed MQM parliamentarians that they initiated the war of words and made personal statements about PML-N's leadership. During the course of his address, he demanded that parliament should be taken into confidence on issues. He drew attention to media reports pertaining to loss of human lives in Balochistan, and about which US State Department expressed reservations. He was of the view that whichever province it may be, culprits involved must be brought to courts. "If US Congress and State
Department can take notice of such incidents then why can't Pakistani government peep into this matter", Nisar said. Opposition leader further said that every party holds the right to criticise what is critiquable, but criticism should not turn into name-calling. At this juncture, MQM's leader Wasim Akhtar said media should also be included in investigations and this should be examined who kicked off the debate. Wasim Akhtar was of the view that we are not anyone's keep and this no one owns this parliament, if someone will point a finger at our leadership, we will reply befittingly. He said senior parliamentarians should behave in a way that junior members may learn from them.-Online
Incorrect recitation of Surah Ikhlas
Plea seeks Malik’s disqualification ISLAMABAD: The eligibility of interior minister Rehman Malik has been challenged in Supreme Court (SC). Petition challenging the eligibility of Rehman Malik has been filed by Tariq Asad advocate under article 184(3) of the Constitution. Federal government, chief election commissioner, chairman senate, prime minister and Rehman Malik have been made respondents in the petition. The petitioner has taken the plea that Pakistan has come into being in the name of Islam. It is obligatory for a Muslim to be fully aware of the basic tenets of Islam. He pleaded that Malik was holding a key office and by reciting Surah Ikhlas wrongly interior minister proved that he was absolutely ignorant of Islamic teachings particularly correct recitation of the Holy Quran. Retaining the office of
Malik belies BB assassination machinated at a Brig's house KARACHI: Federal Minister for Interior Rehman Malik has said that plot to assassinate Benazir Bhutto Murder was not hatched at any brigadier's house and the media should not air news that could broadcast wrong impression. Talking to media at Karachi airport on Friday, Rehman See # 1 Page 11 interior minister by such a person was sheer injustice with Pakistan and violation of Islamic tenets and constitution of Pakistan, he submitted. Under article 62 and 63 of the constitution, interior minis-
ter does not meet the stipulated educational standard. He prayed the court to declare interior minister disqualified. Talking to media men Friday later, Tariq Asad advocate said Surah Ikhlas is such a verse of the Holy Quran which is read in almost every prayer. Almost every Muslim child learns this surah by heart, he contended. His being a Muslim is also now suspicious as he doubts Rehman Malik even knows Kalma Tayyaba or Kalma Shahadat, he said. Religion is a personal matter but it is imperative for a person who holds such a high position that he upholds and fully lives up to article 62 of the constitution. The situation in Malik's case is otherwise. He requested the court to direct chairman senate to have membership of A Rehman Malik from election See # 2 Page 11
WoT is Pakistan’s war, Shahbaz says LONDON: Chief Minister Punjab Mian Muhammad Shahbaz Sharif has said that there is no doubt that the war on terror (WoT) is the war of Pakistan which we will have to win for the country’s sake. He said this while talking to a press conference here in London. He told newsmen that cor-
ruption in the country is at its peak and even pilgrims were not spared recently. PML-N leader hoped that unconstitutional change will not be ushered in, however he said in-house change is the right of parliament but it could not happen at any time. He rejected the disclosure of WikiLeaks about the contacts of PML-N with banned organ-
isations and also criticised President Asif Ali Zardari for his alleged conspiracies against him in USA. While talking on the issue of MQM’s chanting slogans against PML-N, he said he doesn't want to give any comment on that, adding, he wants to improve the political situation of the country along with other political parties.-Online
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.