International Karachi, Monday, November 1, 2010, Zul-Qa’dah 23, Price Rs12 Pages 12
ICC upholds spot-fixing bans on Butt and Amir See on Page 12 Economic Indicators
Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
BD wants more trade with Pak
See on Page 12
Petrol price reaches Rs72.69/litre, diesel at 78.33/litre
SCRA(U.S $ in million)
104.18 54.95 28.15 2532
Total Portfolio Invest (22 Oct-2010)
See on Page 12
POL prices up Rs4-7/ltr
Portfolio Investment Yearly(Jul, 2010 up to 28-Oct-2010) Monthly(Oct, 2010 up to 28-Oct-2010) Daily (28-Oct-2010)
See on Page 12
Currency war worries WTO
Ogra announces new Petroleum Products Prices
$16.88bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.92mn
Forex Reserves (22-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10)
It's time to fill US trust gap: PM
NCCPL
Staff Reporter
(U.S $ in million)
FIPI (29-Oct-2010) Local Companies (29-Oct-2010) Banks / DFI (29-Oct-2010) Mutual Funds (29-Oct-2010) NBFC (29-Oct-2010) Local Investors (29-Oct-2010) Other Organization (29-Oct-2010)
0.43 0.45 3.65 -0.99 -0.02 -3.35 -0.17
Global Indices Index
Close
Change
KSE 100
10,598.40
36.59
Nikkei 225
9,202.45
163.58
Hang Seng
23,096.32
114.54
Sensex 30
20,032.34
91.30
SSE COMP.
2,978.83
13.75
FTSE 100
5,675.16
2.73
Dow Jones
11,118.49
4.54
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.50 19.00 162.96 2.00 42.89 1.70 36.45 9.73 33.38
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.77% 13.08% 13.22% 13.50% 12.82% 12.99% 13.23% 13.61% 13.71% 13.66% 13.74% 13.84% 14.23% 14.36% 14.52%
20-Oct-2010 20-Oct-2010 20-Oct-2010 29-Sep-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010 29-Oct-2010
Commodities Crude Oil (brent)$/bbl 83.15 Crude Oil (WTI)$/bbl 81.43 Cotton $/lb 125.26 Gold $/ozs 1,357.60 Silver $/ozs 24.56 Malaysian Palm $ 984.90 GOLD (NCEL) PKR 37,052 KHI Cotton 40Kg PKR 8,788 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 84.13 Canadian $ 84.90 Danish Krone 15.00 Euro 118.50 Hong Kong $ 11.00 Japanese Yen 1.050 Saudi Riyal 23.00 Singapore $ 65.70 Swedish Korona 12.20 Swiss Franc 88.30 U.A.E Dirham 23.40 UK Pound 135.90 US $ 86.05
84.25 85.10 15.40 119.00 11.30 1.076 23.20 65.80 12.70 88.80 23.60 136.10 86.45
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
83.71 83.98 15.98 119.21 11.05 1.063 22.87 66.03 12.71 87.07 23.35 136.73 85.77
83.91 84.17 16.02 119.48 11.08 1.066 22.92 66.18 12.74 87.27 23.40 137.05 85.97
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
28°C 34°C 30°C 31°C 20°C 29°C
MIN
14°C 22°C 16°C 15°C 4°C 15°C
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SHANGHAI: Performers parade with hats shaped as pavilions during the closing ceremony of the the World Expo 2010 here on Sunday. -Reuters
Minister visits FIA, tells depts to mend affairs in 7-day
Depts given 7 days to end corruption ISLAMABAD: Interior Minister Rehman Malik has issued a 7-day ultimatum of to all public institutions to reform their corrupt selves or be ready for stricter penalties. Talking to media on the occasion of his Sunday visit to the FIA Head Quarters here, he cited a recent corruption incident in such public institutions as ministry of ports and shipping, CDA among others. He informed that a media cell had been established in FIA, and requested media sources to assist law enforcement agencies in their endeavors to uproot corruption, for
which FIA would leave no stone unturned in taking strict impartial action, regardless of any affiliations. He announced 7th Nov as a deadline for all public institutions to straighten them out, and also vowed to carry out strict operation against extortion mafia. He informed that five special reporting phone numbers had been allotted to FIA, which could be used for lodging complains or passing out information regarding corrupt elements. He also vowed to begin accountability from his very
OGDC, PPL, POL, MARI profit stand at Rs27.1bn
E&P earnings up 43.4pc in 1Q Ahmed Siddique KARACHI: Oil and gas exploration and production sector has shown a healthy growth of 43.4 per cent in their earnings during the first quarter of fiscal year 2011. Earnings of the listed companies' i.e. (OGDC, PPL, POL, & MARI) during the period were increased to Rs27.1 billion compared with Rs18.9 billion recorded during the corresponding period of last year. TFD analyst highlighted several factors for this surge in earnings, as (1) hike in well head gas prices up to 3.8 per cent, (2) surge in average price of crude oil during 1QFY11 by 8.8 per cent YoY to $74.04 a barrel (Arab Light), (3) Pakistan rupee depreciated by average 1.8 per cent on QoQ and (4) surge in other income
by 11.7 per cent to Rs1.97 billion primarily due to higher income received from investments in banks due to higher interest rates. POL and PPL were the top performers with an increase in their earnings by 56.6 per cent YoY followed by OGDC with 38.5 per cent, while Mari earning declined 14.2 per cent. Sales revenue of four listed companies has improved to Rs64.65 billion from Rs48.46 billion -- a growth of 33.4 per cent over the same period last year. Volumetric sales showed growth of 2.3 per cent to 768 thousand barrels of oil equivalent per day (kbpeod) during 1QFY11 against 751 kbpeod in 1QFY11. Gas production depicted a growth of 2.5 per cent to 4 See # 3 Page 11
FBS, Population Census, Agri Census to be merged
PBS draft bill set for perusal ISLAMABAD: The draft bill for restructuring and reorganisation of the country's statistics system would be put up for discussion during the upcoming meeting of National Assembly's Standing Committee on Finance scheduled for November 3. The bill envisages reorganisation of the federal statistical system and introduced a new entity named Pakistan Bureau of Statistics (PBS) to make it more responsive to the national requirements.
"The National Assembly's standing committee would take up and discuss the bill and other related matters during its meeting scheduled for November 3,"Secretary Statistics Division Asif Bajwa told APP here. The bill also provides for merger of FBS, Population Census Organization, Agriculture Census Organization and the Technical Wing of Statistics Division into a new autonomous entity. See # 5 Page 11
own home, and said that he saluted the suo motto action of Supreme Court regarding waiver of loans, assuring government's full support in this regard. He also announced strong actions against human smugglers and traffickers, while assuring to abide by constitutional norms in his actions. Replying to a question, he said that challan regarding the assassination of Benazir Bhutto would soon be presented in court, while he also announced a 25 per cent increase in female staffers in FIA. -Agencies
Razzaq bat-tles to victory against SA ABU DHABI: A rampant master performance by Abdul Razzaq ended the losing streak of Pakistan cricket. Razzaq hammered a blistering ton leaving Proteas stunned in the second ODI match in Abu Dhabi. South Africa managed a descent total of 286 for the loss of 8 wickets in alloted 50 overs, but it was Razzaq who flooded their party by notching 109 runs in just 72 balls to make Pakistan reach their much awaited victory. Taken to last over, with only one wicket in hand and 14 to get, it was a bit more than nailbiting finish when people witnessed one of the best ever knocks off the game. 10 sixes, 7 fours is the count of dents, permanent ones, Razzaq gave to Proteas dugout. The ball raining to all parts of grounds, and when he hit they stayed hit. Pakistan has now leveled the five match series 1-1. Agencies
18th Amendment
Committee to moot SC order ISLAMABAD: Parliamentary Constitutional Committee would review the Supreme Court interim order regarding 18th amendment today (Monday). The committee would also sent article regarding appointment of judges in the Supreme Court to the Parliament. The meeting would be chaired by its chairman Mian See # 8 Page 11
KARACHI: Where inflation is constantly on the rising trend, and prices of commodities skyrocketing, Ogra added fuel to fire by announcing an astronomical increment in the petroleum product prices. The new price of petroleum now stands at Rs72.69 per litre from Rs67.96 whereas that of diesel climbed to Rs78.33 per litre from Rs73.80. According to news, HOBC prices raised up to 86.67 per litre and kerosene oil to Rs70.95 per liter from 1st November, 2010. The announcement came late Sunday night - as was expected
due to the last day of October. According to experts, this decision of rise in prices would cause inflation to soar by 8 per cent. The rise in the petroleum prices would affect the masses while the prices of electricity, transport, railways, PIA, wheat, flour, rice, sugar, dairy products, meat and vegetables would also suffer a tremendous increase. Ogra has increased the prices of petroleum products by more than five per cent - citing the rising trend in the international market and decided to pass on the effects to the consumers. They said 7 per cent increase in the prices of crude oil was recorded in the international market during the month of October. According to the analysts, this recent surge in oil prices coupled with an anticipated large increase in natural gas prices would push the rate of inflation higher than the
Outsiders sell $2.76mn shares in KSE
Foreigners offload shares after 5mths Local cos, banks buy $10.58mn stocks Ghulam Raza Rajani KARACHI: After witnessing continuous net inflow of foreign portfolio investment in the country's equity market during last 5 months, offshore investors turned net-seller with $2.76 million worth of selling witnessed during the last week, as per the National Clearing Company of Pakistan Limited (NCCPL) data. During the week, foreign investors remained on the selling side as they sold shares worth $14.58 million and bought share valuing $11.82 million. Biggest weekly selling was witnessed from mutual funds,
selling $17.88 million worth of shares in the local bourse against the buying of $13.99 million, thus ejected $3.89 million on net basis. Moreover, NBFC, other organisations and local individuals also sold their position worth $2.03 million, $0.95 million and $0.94 million respectively on net basis. On the other hand, biggest weekly buying was witnessed from companies which bought $99.49 million of shares in the local bourse against the selling of $92.75 million, thus turned the net-buying worth $6.73 million. Moreover, banks also invested $3.84 million.
PM takes stock of LPG shortage Orders concession in bills to BISP beneficiaries Special Correspondent ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has taken notice of shortage of liquefied petroleum gas (LPG) in Punjab province. Prime Minister Syed Yousuf Raza Gilani has called a special meeting of petroleum minister, finance minister, chief minister Punjab and secre-
taries of relevant departments within two days to take measures to improve supply situation of LPG. Prime Minister directed the relevant departments to take steps to provide concession to poor people in electricity and gas bills. The concession will be provided to those who are benefiting from Benazir Income Support Programme (BISP).
KSE BoD elects acting MD today Nawaz Ali KARACHI: The board meeting of Karachi Stock Exchange to appoint the acting managing director of the exchange would be held today (Monday) at 9:30 am. It should be noted that the seat of MD became vacant
after the three-year tenure of Managing Director Adnan Afridi ended on 31st October. According to the reliable source, General Manager Operations Haroon Askari or General Manager Risk Management Shafqat Ali may be selected as an acting MD of the exchange.
budget estimate of 9.5 per cent. The inflation estimates have since been revised up to 14.5 per cent for the current year because of disruptions in the supply of food items, although consumer price indicator recorded an increase of 15.71 per cent in September. As a result of the increase, the government's revenue on oil products could go up because of flexible general sales tax. Analysts said Rupee also was devalued against dollar during this period which affected import bill as well. Keeping in view upsurge in the prices of crude oil, it was decided to scale up the prices of petroleum products. "Condemning the hike in petroleum prices, transporters and different segments of the society has expressed their displeasure over the move and termed it a 'petrol bomb' attack on poor masses by the government.
Wen says World Expo good for reform SHANGHAI: Chinese Premier Wen Jiabao said Sunday that Shanghai's World Expo had given the fast-developing country the confidence to keep pushing reform, as visitors flooded the exhibition on its final day. More than 73 million people -a record for the extravaganza -visited displays by 189 countries during the half-year culture and technology showcase that brought snapshots of the world to ordinary Chinese. "The success of the Expo has strengthened China's confidence and resolve to pursue reform and opening up," Wen told a forum at the Expo attended by Chinese and international officials on the final day. "China will unswervingly follow the path of peaceful development and stay open and inclusive. We will learn from the fine achievements of all civilisations," he said. Wen singled out several See # 4 Page 11
Nat'l Security meeting called off ISLAMABAD: National Security Committee which was summoned to review the US pressure on Pakistan to launch an army offensive in North Waziristan has been cancelled. The committee meeting to be chaired by Mian Raza Rabbani was scheduled to meet on Tuesday in the Parliament House. According to sources, the meeting has been canceled due See # 6 Page 11
MQM leaders meet President today KARACHI: A high level delegation of Muttahida Qaumi Movement (MQM) would meet President Asif Ali Zardari today at Bilawal House, media reported. According to the sources, See # 7 Page 11
2
Monday, November 1, 2010
US envoy lends a hand in relief KARACHI: US Ambassador to Pakistan Cameron P Munter and his wife Marilyn Wyatt participated in flood relief efforts conducted by Pakistan and US military and helped distribute flood relief supplies at a World Food Program distribution point in Sindh. This is the Ambassador's first trip to flood-affected areas of Sindh since arriving in Pakistan Oct 27. "It is an honour to have the chance to work with the Pakistani military and the American military together, who are working to help the Pakistani
people," said Munter. "This is a place that I think all of us will remember as a symbol and as a reality of our cooperation, what we can do when we work together, when we face problems together. And I'm very, very grateful to the Pakistanis and Americans who've done all this work," he further added. Munter arrived at the Pakistan military's Pano Aqil Cantonment in the afternoon and then flew to the Hassan Khan Jamali relief site where he and a team of Pakistani and U.S. military members unloaded approximately four tons
of food aid from two helicopters. In addition to delivering food aid, Munter and his wife Marilyn met with local flood victims. Elements of the 26th and 15th Marine Expeditionary Unit have been conducting humanitarian relief efforts from Pano Aqil Cantonment since Sept. 3, 2010. The Marines there have delivered more than 3.7 million pounds (over 1.6 million kilograms) of food and other supplies to more than 150 locations throughout Sindh Province, flying more than 450 heavy-lift helicopter sorties.-PPI
Motorway police start pro-public campaign KARACHI: Motorway Police of N-5 South Zone launched a Public friendly policing campaign on highway from Karachi to Sukkur on Sunday under the supervision of Dr.Aftab Ahmed Pathan, DIG Motorway Police N-5 South Zone. An announcement here said that during the campaign all SPs and CPOs of Motorway Police remained present on highway and briefed road users regarding the traffic rules. The challans were not issued during the campaign and the drivers
were warned and exhorted by Motorway Police officers to obey traffic law for their own safety. All Patrolling Vehicles, Education Units, Ambulances, Tow Trucks and Mobile Workshop of Motorway Police remained participated in this campaign. Officers of the Mobile Education Unit of Motorway Police briefed the drivers about the traffic rules at different locations on the highway i.e. Hotels, Petrol Pumps and other public place. Road safety banners were displayed and briefing officers of
Motorway Police distributed road safety pamphlets among the road users at all toll plazas. Candies and biscuits ere also distributed among the children and families, which were packed in special paper mentioning different road safety slogans. DIG Dr Aftab Ahmed Pathan said that the purpose of this special campaign is to educate the road users about friendly policing and traffic rules. He also said that similar campaigns would continue in the future as well.-APP
Huawei, Warid legal battle may end amicably Staff Reporter PAKISTAN: Huawei's petition case for the winding up of Warid Telecom has entered a new phase in which the parties have begun working towards an amicable settlement of the matter. There are significant steps still to be resolved and completed by Warid Telecom, but if these are expedited in a timely manner, the Parties believes there is a likelihood that the issue may be resolved in full. Meanwhile, the hearings of the petitions have been adjourned to 2nd December in the Lahore High Court Rawalpindi bench. Huawei has sought the winding up of Warid Telecom over monies owed far in excess of $100 million and defaults on monthly payments for August and September 2010.
KU aptitude tests held
KARACHI: The University of Karachi conducted aptitude tests for admission to various teaching departments. An official of the institution said that as many as 25,000 candidates appeared in these tests conducted during the last two weeks. Pro ViceChancellor of Karachi University Prof Dr Shahana Urooj Kazmi, who is also the Convener of Admission Committee, stated that aptitude tests were conducted in a very transparent manner.-APP
KARACHI: The Consul General of the Republic of Turkey Fethi Etem, and his wife hosted a reception on the Occasion of the 87thanniversary of the Proclamation of the Republic of Turkey at their residence attended by Chief Minister of Sindh Syed Qaim Ali Shah, Minister Begam Nargis N D Khan, Advisors Sharmilla Farooqui and Rashid Rabani.-Staff Photo
Mirza orders extra security for cattle mkts KARACHI: Sindh Minister for Home Dr Zulfiqar Ali Mirza has directed IGP Sindh Sultan Salahuddin Babar Khattak to ensure effective and extraordinary security measures in association with rangers for cattle market in Karachi and other parts of Sindh so as to save traders and buyers. He said that police search in a cattle market along the Super Highway
should be carried out besides deploying personnel of anti-car lifting unit and bomb disposal squad in its parking lots in order to avoid any untoward incident and stealing of vehicles. Snap checking, patrolling and deployment of personnel dressed in simple clothes must also be ensured in and around the cattle pen. The minister said isolated vehicles should be
checked while the monitoring of security by relevant SPs and SHOs must be ensured. Steps should also be taken to develop liaison with intelligence and law enforcing agencies besides ensuring exchange of information with them. He also asked CCPO Karachi to devise a comprehensive traffic plan so as to ensure traffic flow through main routes leading to cattle pens in the city.-PPI
'Protect mangrove forests for better ecosystem'
Preservation of mangroves urged MONDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 (Rpt) 18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Amnay Samnay (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Agenda 360 (Sat Rpt) News Akhri Sauda Munafa Khor Hoshiyar (Rpt) Karobari Dunya Ghar Ka Kharch Chai Time News Tax Time Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Agenda 360 (Sun Rpt) News
TV PROGRAMMES MONDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:10 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Tafteesh (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
KARACHI: Foreign secretary of Bangladesh Ambassador Mohammad Mijarul Quayes addressing during his luncheon meeting at a local hotel.-Online
Baig assures resolution of traders’ issues ISLAMABAD: Advisor of Prime Minister on Textile, Mirza Ikhtiar Baig has appreciated President Asif Ali Zardari in taking keen interest in resolving problems of business community aiming to promote business culture in the country. Talking to Radio Pakistan, the advisor informed that the President has held three meetings with the representatives of business community and multinationals in Karachi during his visits to the city.
He added President Zardari also invited new APTMA Chairman on lunch and discussed issues relating to cotton and textile with him which shows that economy of the country is quite important for him. To a question, he said there is a need of implementing existing policies instead of formulating new ones and both the President and Prime Minister, for the same reason, have formed various task forces to implement the policies.APP
Dengue toll rises to thirty-two ISLAMABAD: About 4,000 cases of dengue fever had been confirmed across the country while 32 people had died of the fever, a private television channel reported Sunday. Citing the report of National Health Department, it said that 1,870 cases of Dengue Virus had been registered in Sindh, 155 in Khyber Pakhtunkhwa and five cases in Azad Kashmir. Maximum people affected from this virus in Punjab are registered in Lahore. Dengue Surveillance Cell in Sindh is being extended and it is being associated with Sindh Blood Transfusion Authority.
KARACHI: All efforts to protect and enhance the mangroves would be taken as the depletion of mangroves' forests on coastal areas is posing great threat to ecosystem as well as lives and business of people living in the coastal areas of Pakistan, Syed Mahmood Nasir Inspector General of Forests said. He said while chairing the 3rd National Coordination Body of 'Mangroves for the Future' (MFF) in Pakistan. MFF is a regional initiative started in the aftermath of the 2004 Tsunami. He said after successful completion of its first phase, the MFF has now entered in its second phase. This has been put into effect after Pakistan was promoted from being an observer country to a full member. He informed that Pakistan had the world's sixth largest forest of mangroves situated in Indus Delta - Sindh, before independence, which has been depleting rapidly over the period of time as its
ranking plunged to 35 in the world. It covered 345,000 hectares along the entire Sindh coast but were reduced to 263,000 hectares in 1977, then to 158,500 hectares in 1990 and had shrunk to a mere 80,000 hectares in 2002; this too is being continuously depleted. Meanwhile, Aban Marker Kabraji, Regional Director IUCN Asia and Co-chair, Regional Steering Committee mentioned that thousands of mangrove restoration projects are around the world, but unique concept, effectiveness, efficiency and accountability of MFF makes it stand apart. Aban Marker Kabraji mentioned that the first tranche of $100,000 is ready to ready to be released as soon as the National Coordinating Body for MFF Pakistan has developed the guidelines for disbursement of the small grants funds to the small grants projects against certain criteria and priorities.Online
KARACHI: A pair of sacrificial animals tied at the cattle fair whose initials rates are 5 million rupees.-Online
Prolonged load-shedding irks Karachiites KARACHI: There is no respite in the curse of load shedding in Karachi, rather the menace is on further rise, making life miserable for Karachiites, while the concerned authorities and political stakeholders of ruling parties dare not ask the might Karachi Electric Supply Company (KESC) to generate sufficient electricity by running its power houses at full capacity to the cater the needs of the city. Blaming the less supply of gas from the Sui Southern Gas Company (SSGC), the KESC has increased the duration of its load shedding and majority of areas in Karachi are facing one or one and half an hour load shedding after small intervals. The menace of load shedding has badly affected the routine life and economic activities of the metropolitan. The worst suffers are people whose livelihood depends on
electricity-operated machines, like tailors who are facing a nightmarish scenario to meet the deadlines of customers, as the Eidul Azha is approaching fast. Overall the production of small and cottage industries like garments is baldy hampered due to prolonged durations of load shedding. Large and medium size industries and markets are also facing stiff challenges due to frequent power outages. The load shedding is also affecting educational institutes and hospitals. Prolonged power outages are also responsible for many problems of water supply and sewerage disposal and pumping machines of water supply and sewerage disposal run on electricity. The use of standby generators by shopkeepers, traders and workers also result in extra production and selling costs, which is finally absorbed by the consumers.
The load shedding is also badly affecting the mental health of Karachiites. Healthcare experts say frequent power outages make people anger and irksome. It affects their level of tolerance and makes them touchy and flammable. It is the common experience that people now a days in Karachi quarrel over petty issues. Strangely, the government is not intervening to come for the rescue of its citizens and save them from social, economic and mental torture of load shedding. The provision of electricity is declared as the right of life by many landmark decisions of superior judiciary, but the government, as well as, ruling and opposition political parties and rights groups are tightlipped over the violation of this basic right of citizens.-Online
Police recover 2.3kg drugs in raid KARACHI: Deputy Director, Dr J Ram Das, Excise Police South, Karachi raided on a drug point in Kashmir Colony, Mehmood Abad and recovered 2.3 kg marijuana. As per details, under the strict instructions of Provincial Minister for Excise & Taxation, Mukesh Kumar Chawla to curb the activities of peddlers from Sindh province. Director Excise, Aamir Jamil, Deputy Director and Excise Intelligence Officer, Nasir Affendi raided in Kashmir Colony at Arif's point from where the Officials arrested Mushtaq Arif the owner, while his comrade named Asif succeeded to flee away. They also recovered 2.3 kg Chars from the crime scene. In an other operation, Nasir Affendi along with the special squad raided in Gora Bhatt, Village Kamyari, seized 52 kg Heroin and arrested Ishtiaq, however, Abdul u Starr fled away. While separate cases against the culprits have been filed under Act 1997, whereas, the search operation is continued.-Online
Dengue patients receiving treatment, Dr Saghir KARACHI: Sindh Health Minister Dr Saghir Ahmed said on Sunday that special attention is being paid towards treating dengue patients in the province by ensuring the provision of diagnosis tests and mega units to them. This he said while talking to media during visit to Dengue Surveillance Cell. The minister said that test kits worth Rs7.5 million and mega unit bags worth Rs5 million are being brought for dengue patients. The minister said rapid kits are also being supplied in all districts of Sindh so that dengue patients could get test facilities timely. He stressed the need to adopt precautionary measures against dengue. The dengue patients should not involve in self-medication, he urged. Mr Saghir said there is need to establish Infections Disease Cell on constant basis so that infected people could be cured timely.-PPI
3 Monday, November 1, 2010
Asian currencies
Mostly surge for 2nd month ahead of Fed meet SINGAPORE: Asian currencies gained for a second month on speculation the Federal Reserve will pump more money into the economy, increasing the amount of funds that can be invested in higher-yielding assets. The Philippine peso led the gains as overseas investors plowed a total of $11.9 billion into stocks in India, the Philippines, South Korea, Taiwan and Thailand in October. Finance ministers from the Group of 20 nations last week pledged to allow markets to determine foreignexchange rates, rather than "competitive devaluations" aimed at supporting exports. The peso appreciated 2 per cent to 43.025 versus the US currency at the 4 p.m. close in Manila, according to prices from inter-dealer broker Tullett Prebon Plc. Taiwan's dollar climbed 1.8 per cent to NT$30.782 and the Singapore dollar advanced 1.2 per cent to S$1.2985. "The dominant factor continues to be flows into Asia and what offshore investors think of Asia as a whole," said Joey Cuyegkeng, a Manila-based economist at ING Groep NV, the largest Dutch financial services company. "The outlook continues to be quite favorable for Asia." The peso rose for a fourth month on optimism
Spec’s cut bets against USD: CFTC NEW YORK: Currency speculators reduced bets against the US dollar for a third straight week in the latest week, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position fell slightly, to $23.1 billion in the week ended Oct. 26, from a net short of $25.8 billion the previous week, according to Reuters and CFTC calculations. The IMM data also showed speculators sharply reduced bets in favor of the Canadian dollar in the latest week to 19,875 contracts from 30,740 contracts. They also slightly trimmed bets in favor of the yen, euro, sterling and Australian dollar.-Reuters
Filipinos living abroad will send more money home before the end of year holiday season, increasing demand for the currency. Overseas remittances climbed 9.8 per cent from a year earlier in August, the most in eight months, the central bank said on Oct. 15. The currency has strengthened 7.1 per cent this year, prompting policy makers to unveil measures to ease foreign-exchange outflows and relieve appreciation pressure on the peso. South Korea's won advanced 1.3 per cent this month to 1,125.16 per dollar, a second month of gains. The government predicted Asia's fourthbiggest economy will expand 6 per cent this year. The ringgit had its first monthly decline since May on speculation the central bank will prevent the currency from gaining too fast as inflows from overseas increase. It has rallied by 10 per cent this year. The ringgit dropped 0.9 per cent this month to 3.1115. It reached 3.0800 on Oct. 14, the strongest level since 1997. Elsewhere, the Thai baht advanced 1.2 per cent this month to 29.99, the Indian rupee climbed 1 per cent to 44.48 and the yuan rose 0.3 per cent to 6.6720. Indonesia's rupiah fell 0.3 per cent to 8,938. -Agencies
C$ gains on soft USD, GDP data TORONTO: Canada's dollar rose against its US counterpart on Friday, thanks to healthy economic data from both sides of the border, while doubts about further monetary easing by the Federal Reserve weighed on the greenback. The combination of the GDP data and a softer US dollar helped lift the Canadian currency to a high of C$1.0168 to the US dollar, or 98.35 US cents. Government data showed Canada's economic recovery picked up speed again in August after stalling in July. Gross domestic product climbed 0.3 per cent, bolstered by wholesale trade, manufacturing and oil and gas extraction. GDP shrank 0.1 per cent in July, the first contraction in a year. As well, US data
showed economic growth edged up as expected in the third quarter but not enough to chip away at high unemployment or change perceptions of more monetary easing from the Federal Reserve. Matthew Strauss, senior currency strategist at RBC Capital Markets, said the Canadian currency got a boost from the data, which helped to reduce investor risk aversion. The currency ended at C$1.0202 to the US dollar, or 98.02 US cents, up from Thursday's close at C$1.0215 to the US dollar, or 97.90 US cents. Camilla Sutton, chief currency strategist at Scotia Capital, said "there's a lot of risk going into the FOMC," referring to the US central bank's policy-setting meeting.-Reuters
Sterling posts weekly gains against euro, dollar LONDON: The pound advanced against the euro, heading for its first weekly gain in seven against the 16-nation single currency, after a report showed UK consumer confidence unexpectedly improved this month. The UK currency reached its strongest level against the euro in three weeks after research group GfK NOP Ltd. said its confidence index rose one point to minus 19 in October, compared with the median forecast of a drop to minus 22 in a survey of 20 economists. Mortgage approvals were little changed in September, data from the Bank of England showed. Economists had forecast a decline. Sterling erased an earlier drop against the dollar, reaching the highest in two weeks. The pound strengthened 0.6 per cent to 86.90 pence per euro as of 4:20 p.m. in London, heading for a weekly gain of 2.3 per cent, the most since the week ending June 4. It gained as much as 0.7 per cent earlier today to 86.81 pence, its strongest since Oct. 5. Sterling appreciated 0.3 per cent against the dollar to $1.6000, extending its weekly gain to 2 per cent. It reached $1.6015, the highest level since Oct. 15. It fell earlier as much as 0.4 per cent to $1.5878. The pound strengthened against 15 of its 16 mostactively traded peers last week after data released by the Office for National Statistics on Oct. 26 showed Britain's economy grew twice as fast as forecast in the second quarter. Gross domestic product rose 0.8 per cent after climbing 1.2 per cent in the previous three months. Morgan Stanley analysts advised investors to buy the pound against the yen. The pound traded at 128.86 yen, from 129.20 in New York. -Agencies
US corn up, Coffee ends at new highs, Copper hits wheat rally 3-week low sugar at 9-month top pauses NEW YORK/LONDON: data showed. ahead of Fed Raw sugar futures were finished Arabica coffee futures closed at a
CHICAGO: Corn futures on the Chicago Board of Trade rose on Friday for a fifth straight session on technical buying and talk that China may be in the market for more US corn, but wheat edged lower as traders took profits after a fiveday climb. At the CBOT, corn for December delivery settled up 3 cents at $5.82 a bushel December wheat ended down 1 cent at $7.17-1/4 a bushel. November soybeans were up 1 at $12.26 a bushel while mostactive January settled unchanged at $12.36. All three commodities advanced for the month in October, with corn up 17.5 per cent, soybeans up 10.4 per cent and wheat up 6.3 per cent. Corn posted its biggest monthly gain this year, buoyed by expectations of a tight yearend stockpile, and soybeans posted their second-highest monthly advance on strong Chinese buying. However, sources told Reuters China had rejected a cargo of US corn because of unauthorized genetically modified content, news that raised uncertainty about US shipments. -Reuters
13-year high on Friday, while the robusta market ended at a twoyear high, supported by supply concerns in key producers Vietnam and Colombia. Raw sugar closed at a nine-year top and remained in reach of the key psychological level 30 cents per lb, while cocoa bucked the trend and closed lower ahead of top grower Ivory Coast's presidential election Sunday. Arabica coffee was likely to continue higher, after closing above Thursday's settlement. Liffe January robusta coffee futures closed up $56 at $1,970 a tonne, the highest settlement for the second position since October 2008, after hitting a session high at $1,981 per tonne. ICE December arabica coffee soared 6.85 cents or 3.5 per cent to close at $2.0345 per lb, the strongest settlement for the spot contract since September 1997. The spot contract closed the month up 11.1 per cent, climbing for the fifth month in a row and made the biggest monthly percentage gain since June. The noncommcercial net long position for arabica futures rose to 40,318 lots in the week ending Oct. 26, from 36,873 lots the previous week, Commodity Futures Trading Commission (CFTC)
at a nine-month peak, as dealers noted the outlook for supplies remained tight, but end-of-themonth and week-end profit-taking knocked the market from its session highs. ICE raw sugar futures jumped 0.41 cent or 1.4 per cent to finish at 29.12 cents per lb, trading in an outside day, the strongest close for the spot contract since early February. On the week, March was up 3.19 per cent, and on the month it was up 23.34 per cent, the biggest monthly percentage gain for the contract. The noncommercial net long position fell to 156,994 lots by Oct. 26, from the previous 160,660 lots, CFTC data showed. London December white sugar closed down $7.70 at $722.60 per tonne. Cocoa prices eased on month-end profit-taking and ahead of Sunday's election in top grower Ivory Coast, which could potentially cause prices to rally in the event of civil strife. ICE December cocoa dropped $48 to close at $2,797 per tonne, down 1.7 per cent for the week. Liffe second-month March cocoa finished down 17 pounds at 1,886 pounds a tonne. The noncommercial net short position shank to 5,450 lots by Oct. 26, from 6,381 lots, CFTC said. -Reuters
Wild Oct drives US cotton to all-time highs NEW YORK: The US cotton market ended the wildest month in its history, with prices soaring to its highest level since the American Civil War in the 19th century due to a perfect confluence of strong demand, tight stocks and almost insatiable investment fund buying, analysts said. Prices of cotton in the ICE Futures US stormed to an alltime high of $1.305 per lb on Oct. 26, climaxing a three-month long rally that saw values climb nearly 80 per cent since July. 'Cotton ended its wildest month in history,' Mike Stevens, a veteran, independent cotton analyst in Louisiana said. 'There's nothing (in cotton
trading history) that compares to this (month).' The benchmark December cotton contract gained 3.58 cents to close on Friday at $1.2526 per lb. For the month of October, the key cotton contract had risen 23 per cent. It was the largest monthly gain since November 2001, according to Thomson Reuters data. The volume traded on Friday reached over 34,000 lots, about 30 per cent higher than the 30day average at 25,000 lots, the preliminary data from Thomson Reuters showed. The latest CFTC data showed that noncommercial and managed money funds increased their net long position in the US
cotton market to their highest level in nearly a month. The Mississippi Historical Society's Eugene Dattel, an economic history, said cotton prices were trading near $1.89 a lb at the height of the 1861-65 US Civil War. The cotton market jumped on Friday after news that India may possibly default on sales of 1.0 million bales to Pakistan, whose own cotton crop has been decimated by floods. In China, the Zhengzhou Commodity Exchange's May cotton contract was last traded on Friday at 27,245 yuan per tonne. The Cotlook A index was being quoted at $1.415 on Friday. -Reuters
NEW YORK/LONDON: Copper led a broader retreat in the base metals complex on Friday, falling to its lowest level in three weeks, as markets cut risk and investors turned cautious ahead of next week's pivotal Federal Reserve meeting. Despite the late-week losses, copper still managed to post monthly gains for a fourth consecutive month and rose more than 2 per cent in October Copper for December delivery on the COMEX metals division of the New York Mercantile Exchange shed 5.40 cents, or 1.4 per cent, to end at $3.7335 per lb, after dealing from $3.7875 to a three-week low at $3.7035. On the London Metal Exchange (LME), three-month copper closed down $141 at $8,199 a tonne, recovering somewhat from an earlier slide to $8,140, its lowest since Oct. 8. The bearish tone spread across the complex, with aluminum, tin and nickel all sinking to their lowest in around a month. Zinc and lead fell by some 4 per cent earlier in the session. LME inventories of copper rose by 475 tonnes to 368,500 tonnes on Friday, reflecting a slowdown in the pace of decline. However, LME stocks have fallen by a third from cycle highs above 555,000 tonnes in midFebruary. In other metals, inventories of tin and zinc also grew, data showed. Zinc stocks have jumped by over 15,000 tonnes into New Orleans this week. Aluminum fell as low as $2,305 a tonne, its lowest since Oct. 1, and closed down $2 at $2,345. Nickel closed at $22,990 a tonne, from a bid of $23,100. It earlier fell as far as $22,661, a one-month low. For the month, it shed 1.7 per cent, according to Reuters data. Lead dropped $57.50 to $2,448 a tonne, but posted gains for a second straight month in October. Zinc closed down $71 at $2,423 a tonne, but rose for the fourth consecutive month. Tin tumbled to $25,050 a tonne at one point, its cheapest since Oct. 5, before ending down $650 at $25,600.-Reuters
Signs the dollar already stabilizing
QE2 not all bad for USD if it stokes growth Relative strength in US important vs euro austerity NEW YORK: The prospect of another dose of quantitative easing from the Federal Reserve may be bad for the dollar in the short term, but some investors are already betting a US economic recovery and rising inflation will change the greenback's fortunes. Estimates on further quantitative easing range from $500 billion to $2 trillion, with the Federal Reserve expected to announce a decision at the end of its Nov. 2-3 meeting. While that's another hefty addition to the Fed's balance sheet after it cut interest rates to near zero in 2008 and then bought $1.7 trillion of longerterm securities to pull the economy out of recession, the new measures are likely to bolster growth, analysts said. "QE has already been factored into the market place," said Dean Malone, a currency director at Compass FX in Dallas, Texas. "Some hedge funds are looking at it as the Fed comes in to drive growth in the economy, and that means only one direction for the stock market and the dollar. That is strength." There are also clear technical signs that the dollar's fortunes are already changing. The euro/dollar has flirted with the $1.4000 level several times in recent days but has only managed to close above it once. That was the first and only close since January, according to Reuters data. Sell signals on several major currencies against the dollar were triggered on either Oct. 18 or 19 when the 12- and 26day moving average convergence/divergence line moved
below the nine-day signal line, according to Reuters data. Those currencies included the Australian dollar, the euro, the British pound and the New Zealand dollar. Conversely, buy signals on the dollar were triggered on the dollar the same dates against the Swiss franc and the Canadian dollar. The MACD is used in technical analysis as an indicator of short-term momentum by focusing on exponential moving averages and closing prices. The dollar will also get a boost, particularly against the euro, the second most actively traded currency, because of the relative central bank positions. EUROPEAN AUSTERITY "Once austerity measures take shape in Europe, the economy may contract relative to the US," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "The base scenario, with fiscal tightening taking place in the euro-zone, should slow down the euro's momentum and probably slow down the talk of higher interest rates, which has been a source of euro strength." The IMF on October 6 ratcheted down expectations for the United States but still forecast US economic growth at 2.6 per cent in 2010 and 2.3 per cent in 2011 compared with 1.7 per cent and 1.5 per cent for those periods in the eurozone. "The ECB is more willing to raise rates at lower growth levels while the Fed is more aggressively easing," said
David Kupersmith, head trader at Third Wave Global Investors, a global macro hedge fund in Greenwich, Connecticut. "Higher growth may mean the Fed will change its path. Higher growth will lead them to stop QE or reverse it." All of which would be good for the dollar. But additional fuel for a dollar rally comes from extreme bets against the currency, which will have to be reversed once any rally starts. While currency speculators have reduced bets against the US dollar, net short positioning on the dollar against major currencies is still at extreme levels, according to data from the Commodity Futures Trading Commission. Against Asian emerging market currencies, current market positions in eight currencies show significant short dollar positions. To be sure, the dollar is expected to be volatile until the Fed completely clarifies details of its QE program, particularly the amount. The volatility will be even greater later if the Fed does not begin to retrieve the liquidity once the economy turns around. And there is still some concern about the impact of adding more liquidity to the financial system and what comes next if it fails to provide the stimulus expected. "This is getting really low in (the Fed's) backpack of tools that they can throw at the problem," said Jeffrey Bergstrand, professor of finance at Mendoza College of Business at the University of Notre Dame. -Reuters
Oil slides on tepid growth, awaits Fed meeting Disappointing US, German, Indian data pressures oil NEW YORK: Oil prices fell on Friday after data showing tepid US economic growth in the third quarter left investors cautious ahead of expected monetary easing from the US Federal Reserve. US crude futures did post a gain for the month and the first monthly close above $80 a barrel since April. Disappointing data from Germany and India, end-ofmonth positioning and profit taking and the expiration on Friday of US November refined oil products contracts also combined to provide volatility and pressure oil, industry sources said. US crude for December delivery fell 75 cents, or 0.91 per cent, to settle at $81.43 per barrel, well above the $80.56 intraday low. Crude prices slipped 26 cents on the week, but were up $1.46 from $79.97 at the end of September.
Total crude trading volume was just over 450,000 lots with about an hour left of post-settlement trading, well below the 30and 250-day moving averages that were both more than 650,000 lots. In London, ICE Brent December crude fell 44 cents, or 0.53 per cent, to settle at $83.15 a barrel. The US economy grew at a 2.0 per cent annual rate, up from 1.7 per cent in the second quarter, the government reported, in line with expectations but not enough to reduce high unemployment. "The sentiment was that 2 per cent growth was not robust enough to get people excited and there was the disappointing consumer sentiment report," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. "But there was no follow through selling below $81 and
the market is still stuck in an $80-$84 range ahead of next week's events." India's domestic oil product sales fell an annual 1.9 per cent in September, its second straight monthly decline, government data showed on Friday. India's crude imports declined an annual 21.9 per cent to 10.94 million tonnes or about 2.67 million barrels per day in September when Indian refiners processed 10.2 per cent less oil versus a year ago. Late on Friday, a report from the Commodity Futures Trading Commission showed that money managers raised net long crude oil positions on the New York Mercantile Exchange in the week through last Tuesday. The increase came as US crude futures rose to $82.55 a barrel on Oct. 26 from $80.16 on Oct. 19. -Reuters
Gold rises 1pc as dollar slumps ahead of Fed IMF increases gold sales in September from August level NEW YORK: Gold rose 1 per cent on Friday, setting a 10-day high as a lower dollar prompted investors to buy ahead of next week's Federal Reserve meeting, at which the central bank is expected to discuss further monetary stimulus. Jitters about suspicious packages in Britain and Dubai after US and British security officials searched United Parcel Service cargo flights also prompted buying of gold. "It appears these suspicious packages found on the USbound cargo planes were responsible for the gold rally," said Bruce Dunn, vice president of trading at bullion dealer Auramet. Investors often turn to gold as a safe haven in times of geopolitical and economic uncertainty. Spot gold was up 1 per cent at $1,356.26 an ounce at 1853
GMT. US gold futures for December delivery settled up $15.10 at $1,357.60. Dunn said technical buying emerged after prices broke above $1,350 an ounce, a level where gold ran into resistance this week. US mid-term election and the Federal Reserve meeting next week also triggered shortcovering, he said. Bullion was up nearly 2 per cent on the week, resuming its rise after last week's decline snapped 11 straight weeks of gains. The International Monetary Fund sold 1.04 million ounces (32.3 tons) of gold in September, nearly a third of it to Bangladesh, an IMF spokesman said on Friday. Traders say the physical market has supported prices in recent weeks following gold's correction from record highs at $1,387.10 an ounce. Buying in
India has been relatively healthy ahead of Hindu festivals and major gold-buying events of Dhanteras and Diwali next week. Hong Kong trade data showed the flow of gold from Hong Kong to China in the first eight months of 2010 nearly double that for the whole of 2009, suggesting surging appetite for jewelry and investments. Spot silver rose 2.5 per cent to $24.58, tracking gold. COEMX futures trading volume was about 22 per cent higher than their 30-day average, after alleged silver conspiracy lawsuits filed this week against two major banks created additional buzz in the white metal. Palladium rose to a peak of $644 an ounce, its highest since May 2001. Spot palladium rose 3.1 per cent to $642.47. Spot platinum climbed 0.6 per cent to $1,697.74 an ounce. -Reuters
4 Monday, November 1, 2010
Forgotten for Good?
The Financial Daily International Vol 4, Issue 86
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
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Obama to indorse India Many self-proclaimed gurus of international relations are trying to mislead the government of Pakistan by saying the US President Barack Obama is not going to say anything to offend Pakistan during his visit to Pakistan because Pakistan is its frontline ally in war on terror. On the contrary certain experts don't rule out statements, similar to those of British prime minister. They draw this impression from Obama's decision to stay at Mumbai's Taj Hotel. Obama is likely to make a statement on war on terror from the hotel and also to say a few things certainly to please India. Obama can't afford to offend his host, particularly at a time his country is busy negotiating $10.5 billion defence contracts. Some experts say Obama can go to any extent to please India but would be a little cautious in his expressions that could annoy Pakistan, risking loss of support in Afghan war. One of the top items on the Indian government agenda is seeking US support for the UNSC membership and in return may agree to resume India-Pakistan talks on the longstanding dispute, Kashmir. However, this will not be something new, India has been participating in discussions but Hindu extremist groups' stance "another division of India on the basis of religion will not be allowed" mars all deliberations. It is the most appropriate time for these elements to pressurise the US administration, which they will. While Pakistan is making the best diplomatic effort to get a favorable statement from Obama on Kashmir issue, this may be termed hoping against the hopes. At the best, in one of the closed-door meetings the issue may pop up but in all the probability Obama is likely to ask Pakistan to take action against leaders of the banned outfit Lashkar-e-Taiba to please India. Abdul Basit, foreign office spokesman has recently commented on Obama`s visit, "We do not have any concern. Frankly speaking, the US President`s visit should help promote stability and peace in South Asia. This is what we are expecting because the US is the major power and it has influence across the world". However, some experts term the views 'wishful thinking'. They strongly believe that the US has historically given India preference over Pakistan. India is its major trading partner and Pakistan is fighting a proxy war in Afghanistan, where the US is trying to make some amicable agreement with Taliban and create a difficult situation for Pakistan. Let it be made very clear to all that India always succeeds in getting anything and everything from the US because it has proved to be the largest democracy & a budding economy as well as a regional superpower and above all it offers enormous economic benefits for the sole surviving super power. As against this, Pakistani politicians are bent upon proving their own country as the most corrupt and failed state. What do they think? Would anyone like to come on board a sinking ship?
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.
L
ess than a kilometer from the sprawling residential complex of Prime Minister Syed Yousuf Raza Gilani, villagers have to scrabble for firewood in the dirt if they want a cooked meal. Noor Pur Shahan is typical of many villages in the country, where supplies of cooking gas, clean water, electricity, classrooms, and also hope for the future, are hard to come by. Improving government services for millions of increasingly frustrated countrymen is critical for bringing economic and political stability to a country the United States sees as an indispensable ally in its global war on militancy. Many say the current system of governance only benefits political elite and the wealthy. And it's one that drives disaffected young men to join Muslim militant groups violently opposed to the government, analysts say. The administration of President Asif Ali Zardari, like many before it, is accused of being too corrupt and inept to ease widespread hardship. It denies the allegations. But in Noor Pur Shahan, where goats roam on winding roads beneath lush mountains about 8 km northeast of the capital, these denials ring hollow. "The government only looks after the rich people," said Mohammad Aleem, an elderly man with a long white beard, as he clutched his cane.
Conditions are unlikely to improve anytime soon. The cash-strapped government slashed development spending after summer floods caused nearly $10 billion in damages. Securing reconstruction funds may
Little seems to have trickled down to the poor. In the center of Noor Pur Shahan is a water purification plant inaugurated in 1963 by former military leader Ayub Khan. The water largely flows to gov-
“
Improving government services for millions of increasingly frustrated countrymen is critical for bringing economic and political stability to a country the United States sees as an indispensable ally in its global war on militancy.
not be possible unless government persuades Western donors spending will be transparent and accounted for. The International Monetary Fund, which has kept the economy afloat since 2008, wants Pakistan to implement politically sensitive economic reforms such as imposing new taxes and eliminating electricity subsidies. WHERE IS THE AID? Washington has pumped billions of dollars into Pakistan since the country joined the US war on militancy after the September 11 attacks on the United States.
ernment offices in Islamabad. That means most residents are deprived of clean supplies. Mukhtiar Hussain, a worker at the plant for 32 years, says villagers break pipes to steal water for their homes. "Things have gone from bad to worse," he said. A spokesman for the Capital Development Authority (CDA) said the government was working on an urban development programme to relocate people from places like Noor Pur Shahan so they can get better services. Critics accuse the government of
neglecting education as well, and warn that social ills will deepen. At Noor Pur Shahan's state-funded boys secondary school, over 1,000 students are taught in 12 classrooms. "There are only 20 computers and one teacher for computer studies," said principal Iqbal Khan Niazi. The facility has not had clean water for three years. There are no playgrounds. Umair Akhtar, 18, a villager, believes the army, which has ruled Pakistan for more than half of its history, would do a better job running nuclear-armed Pakistan than civilian governments, even though that would hurt the country's democratic credentials. He applied for a job in the CDA but says he has "no money to bribe people." Government may be too preoccupied with a host of problems to notice the plight of people like him. It faces stubborn Taliban insurgents who continue to carry out bombings despite army offensives, a possible showdown with the powerful Supreme Court, and relentless US pressure to help stabilise war-ravaged Afghanistan. For some countrymen, God alone is the answer. "We want to instil the fear of God in the students and want then to follow the life of the holy Prophet Mohammad. That is the answer to all problems," said Niazi, the village's school principal.Reuters
Eating Soup with a Fork A
re economists the world over using an outdated tool to measure economic progress? The question, long debated, is worth pondering again at a time when two economic giants, the United States and China, are sparring over trade, currency exchange rates and their roles in the global economy. In the run-up to US mid-term elections on November 2, politicians from both parties, for different reasons, blamed trade with China for American job losses. China responded with irritation and hit back by accusing the US of "out of control" printing of dollars tantamount to an attack on China with imported inflation. Measured by Gross Domestic Product (GDP), the United States tops the list of countries. China overtook Japan in August to become number two. Depending on whose forecasts you believe, China will overtake the United States in 2020, 2035 or 2040 and therefore turn the 21st century into the long-predicted Chinese Century. It's becoming conventional wisdom that the United States will play a reduced role on the world stage. Crystal ball gazers might do well to remember that long-range forecasts have often been wrong in the past. At the turn of the 20th century, eminent strategists predicted that Argentina
would be a world power within 20 years. In the late 1980s, Japan was seen as the next economic leader, on the strength of supposedly unstoppable progress. Forecasters extrapolated from past GDP growth rates. They are widely used to compare standards of living in one country with those in another but critics say GDP is too narrow to be a realistic indicator. Joseph Stiglitz, the Nobelprize winning American economist, has complained that world leaders
The billions it cost to clean up the Gulf of Mexico after this summer's disastrous oil spill, for example, counted towards America's GDP. Viewed solely through its lens, Robbins says, someone treated for a complicated cancer while at the same time paying steep legal fees for a divorce is someone helping make GDP look good. US, CHINA LOW ON HUMAN DEVELOPMENT INDEX Where GDP fails is as a measure of
“
The question, long debated, is worth pondering again at a time when two economic giants, the United States and China, are sparring over trade, currency exchange rates and their roles in the global economy.
make a fetish out of it and suffer from GDP-obsession. John Robbins, a liberal author, says that using GDP as a measure of overall progress makes as much sense as "using a fork to eat soup." Why? GDP, developed in the 1930s, measures the total monetary value of all goods and services. It goes up whenever money changes hands, no matter whether that money is borrowed or on what it is spent.
living standards, particularly in a country like China which is both a manufacturing powerhouse and a Third World country where more than a third of its vast (1.3 billion) population live on less than $2 a day. GDP per capita is not a particularly reliable indicator either. It measures the average (not the median) which results in distorted figures in countries with great income inequality. The Nobel-prize winning American
economist who designed the gauge in the 1930s, Simon Kuznets, did not mean it to be an indicator of a nation's overall well-being but that's how it came to be seen widely. According to Stiglitz, this tends to land politicians in a dilemma. Their goal is to boost GDP but they also face demands from citizens for policies that lower GDP, from better security to anti-pollution measures. Stiglitz chaired a commission, established by French President Sarkozy in 2008, that looked into different ways of measuring prosperity and produced a 300-page report last year that came up with a range of recommendations to measure both well-being and economic output. (The commission did not suggest dropping GDP). When, if and how widely they will be implemented is open to question. In the meantime, those dissatisfied with GDP as the principal measure can compare its country rankings with the Human Development Index, a gauge that was adopted in 1990 by the United Nations and is compiled from data on life expectancy, education and GDP per person. On the 2009 index (this year's will be released early in November) neither the US nor China fare well. The US comes in 13th place (having dropped a slot from 2008) and China at 92nd, out of 182. A long way from the top.-Reuters
Why Emerging Market Countries Have an Edge T
ony Hsieh and Sanjay Madan wrote the program to create LinkExchange over a weekend. Before the following weekend, they had more than a dozen websites participating in their ad-sharing network. Over the next several weeks they worked frantically on the project. They refined their business in real time, learning-quickly!from their mistakes. Less than a year later, the Harvard grads were offered $1 million (US) for the company. Less than a year after that, they sold it for $265 million. That was 1996. Since then, this story of development on the run has become commonplace. Hacker culture is now part of the broader culture: "beta test" is in the dictionary, and we accept innovative, albeit imperfect, beta releases even from multibillion-dollar global behemoths such as Google. We're prepared to accept flaws because the tech revolution is progressing so quickly that it is usually better to be fast, and possibly wrong, than to try to be perfect and end up being slow. By the time your flawless product is released, it will likely be obsolete. Technologists aren't the only people operating in a rapidly changing, uncertain environment. Thanks both to the tech revolution and to globalisation, that is true of all of us, includ-
ing our governments. But, as Nobel-Prize winning economist Michael Spence argued at a private equity conference in Quebec City this week, emerging-market governments seem to be better at dealing with an unpredictable, volatile world than Western ones. They are
make two types of mistakesimplementing a bad idea, and failing to act on a good one. If you are religiously minded, you could think of these as sins of commission and sins of omission. In stable times, sins of commission are probably worse. If your industry isn't
less risky than doing nothing at all. Spence thinks that emerging-market leaders understand this better than Western ones do, and he cited the examples of China's fast and big stimulus program after the financial crisis and the Indian government's willingness to act to burst asset bubbles. The effectiveness of China's governmentespecially in contrast with the paralysis of some Western nations-is often understood as evidence of the greater agility and decisiveness of authoritarian states. Spence's analysis suggests another phenomenon could be at work. Emergingmarket leadersboth the democrats and the dictators-are more accustomed than their Western counterparts to fast and disruptive change: They've experienced revolution, hyperinflation and devaluation. That may give them an edge in today's volatile global economy. Speaking at the same conference, Glenn Hutchins, cofounder and co-CEO of private
Nobel-Prize winning economist Michael Spence argued at a private equity conference in Quebec City this week, emerging-market governments seem to be better at dealing with an unpredictable, volatile world than Western ones. They are like Silicon Valley entrepreneurswilling to act swiftly, even if it means making mistakes. Leaders in the West are more like Detroit, reluctant to make bold moves until it is too late like Silicon Valley entrepreneurs-willing to act swiftly, even if it means making mistakes. Leaders in the West are more like Detroit, reluctant to make bold moves until it is too late. Part of the problem is the way we judge various types of mistakes. Spence argues that we
changing very much or if your country's economy and the world economy are on an even keel, launching an expensive new product or government program that fails is probably more damaging than missing out on a great opportunity. But in times of radical change, making a mistake is
equity firm Silver Lake in New York, said that in the corporate world the heat is shifting from Western companies to ones in the emerging markets. In the past, he said, developed Western economies were "the best crucible" for coming up with the most appealing inventions and the most effective business practices that were then exported to the rest of the world. But Hutchins, argued that emerging markets, with their rapid growth and demanding, low-income consumers, were turning out to be a tougher-and therefore betterhothouse for pace-setting companies than the West. "It used to be that to be a global company you had to forge your business model in the crucible of competition in North America," Hutchins said. "Today what you are seeing is companies that are growing up ‌ whose business models are being forged in the crucible of competition in the emerging markets." American financiers haven't been getting a lot of praise lately for their skill at capital allocation. But the speed with which the smartest investors, such as Hutchins, have grasped the shift of ideas to the emerging markets is impressive. Western politicians could do worse than to follow their example.-Reuters
5
Monday, November 1, 2010
Tokyo bourse looking into insider trading complaints
Asian stocks fall for 2nd wk ahead of Fed meeting
Bears’ week in at the KSE
Weekly Review KSE-100 Index Opening Closing Change % Change Turnover (mn)
10652.48 10598.40 54.08 0.51 664.76
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3321.49 3300.73 20.76 0.63 36.79
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2700.87 2696.46 4.41 0.16 1.01
Nawaz Ali
Major Gainers
Symbol
Close
Change
RMPL 1681.06 ULEVER 4088.67 FZTM 453.50 BATA 587.15 COLG 852.33
131.06 88.65 76.62 72.20 69.88
Major Losers
Symbol
Close
Change
SRVI ATLH LAKST EFUL SCL
207.95 103.83 327.05 67.68 47.46
-23.62 -17.14 -15.48 -10.45 -8.74
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NBP JSCL ANL AMTEX
10.28 64.61 9.88 10.85 6.27
65.77 47.43 30.36 27.05 21.18
Active Issues Plus Minus Unchanged
198 209 17
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units
HONG KONG: AIA Executive Director and Group CEO Mark Tucker (C) speaks during the trading debut of AIA at the Hong Kong Stock Exchange.-Reuters
Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Wall Street weekly outlook
Stocks’ week of reckoning arrives NEW YORK: The wait is almost over. After a two-month rally in the stock market, some investors are about to see if they get what they wished for: more Republicans in Congress and lots of cheap money. The US stock market has priced in the Republicans gaining ground in Tuesday's midterm elections, an outcome widely seen as more business-friendly, as well as the Federal Reserve pumping billions into the economy through Treasury debt purchases. The Fed's statement on Wednesday afternoon at the end of its two-day policy meeting is widely anticipated for details of the central bank's economic stimulus plan. Jobs will be a touchstone, with the high US unemployment rate figuring into the campaign rhetoric of Democrats and Republicans alike in the midterm elections. The federal government's non-farm payrolls report, due on Friday, is expected to show a gain of 60,000 jobs in October, compared with September's loss of 95,000 jobs, according to economists polled by Reuters. The US unemployment rate, however, is seen holding steady at 9.6 per cent. More earnings from S&P 500 companies and a steady stream of top-tier economic indicators will give investors more evidence of the economy's health throughout the week. A series of foreign central bank meetings also is on tap. But these numbers will serve mostly as backdrop to the outcome of the elections and the Fed meeting. With so many variables this, Wall Street professionals are unusually reticent to call the market, Only one thing seems for sure: Volatility will play a major role.
Traders expect the week to end with a swing of around 2.5 per cent in either direction, based on options activity in the SPDR S&P 500 fund. While that is not out of the ordinary, traders could see significant volatility during the week as events unfold. "It will probably be a very volatile and very active market because there are a lot of moving parts," said John Praveen, chief investment strategist of Prudential International Investments Advisers LLC in Newark, New Jersey. If there are fireworks, they will probably come after the Fed's two-day meeting. On Wednesday, the meeting will conclude with a statement. That could create a dead period for markets at the start of the week, especially if the elections' results are in line with predictions. Expectations of the size of the Fed's purchases of US government bonds have been coming down in recent days. That has kept the stock market locked in a tight range, but it has also opened the door for upside surprises. "Two weeks ago, the Fed was definitely poised to disappoint the market," said Burt White, managing director and chief investment officer of LPL Financial in Boston. "Now, it's much more balanced, and maybe even leaning toward a slight surprise." Most leading economists expect the Fed to buy between $80 billion and $100 billion worth of assets per month, according to a recent Reuters poll of primary US Treasury dealers. Estimates for how much the Fed will eventually spend varied widely, from $250 billion to as high as $2 trillion. The Bank of Japan has moved its policy meeting forward to the
KARACHI: Some limited bearish activities were observed at the Karachi Stock Exchange (KSE) last week owing to post-result-announcement profit-selling. The benchmark KSE 100Index lost 54 points to close at 10,598 points while KSE 30Index fell by 95 points to close at 10,154 points and KSE All Share Index was also down by 32 points to close at 7,382 points. Sana Hanif, analyst at JS Global Capital commenting on the market said the outgoing week was busy in terms of corporate results as majority of the heavy weights announced their earnings. Despite improved investor interest index closed tad red as they chose to book profits, she added. Index touched a highest and a lowest level of 10,772 points and 10,569 points respectively during the week. Investor participation remained impressive throughout the week as around 665 million shares traded in the overall market which is 57 million more as compared to a turnover of 608 million a week earlier. Market started the week on a bullish note with index closing at its highest level of 26 months above 10,700 points on Monday over buying in anticipation of better corporate results and on the news that United States has approved $7.5 billion for the uplift and development of 13 sector of Pakistan. However, after the companies announced their corporate results for the quarter ended Sept 30, investors preferred to book profits thus market was mainly in the grip of bears during three days out of the remaining four. Many major companies announced their corporate results during the week follow-
ing which investors preferred to offload their positions while some lower than expected corporate results like that of NBP did affect investor sentiments. However, OGDC, Kapco, NML, NCL, MCB and NPL announced higher than expected result. Other important companies that declared their results include UBL, HBL, FFBL, BAFL, and DGKC which were in line with market expectations. Along with corporate results, both positive and negative news from the economic side did have their impact on the market. On one hand there were concerns regarding economic growth mainly due to recent regional economic outlook report by IMF and upward revision in flood damages by WB and ADB while on the other the news regarding coalition support fund boosted investor confidence. Further, The SBP provided an assessment on Pakistan's economic performance in FY10 in its annual report, and projected targets for the next fiscal year. In the wake of flash floods, the central bank lowered its GDP growth rate estimate to 2-3 per cent, increased CPI forecast to 13.5-14.5 per cent, raised fiscal deficit target to 5-6 per cent and lifted the current account deficit estimate to 3-4 per cent. Investors were also cautious as they were waiting for the outcome of the meetings between International Monetary Fund (IMF) and Pakistani officials in Islamabad to discuss the possible release of the sixth tranche of an $11 billion emergency loan agreed in November, 2008. It should be noted that the policy level meeting will start today (Monday). During the last week foreign investors turned net sellers after a period of 21 weeks as according to NCCPL data they did a net selling of $2.8 million. Out of total 424 active issues 209 declined and 198 advanced while 17 kept status quo.
Gulf stocks market
Mostly falls, led by Dubai DUBAI: Dubai shares fell from a six-month high, leading a decline in Middle East markets, on investor speculation that gains are overdone given prospects for profit growth. Emaar Properties PJSC, the builder of the world's tallest tower, retreated 1.5 per cent, paring the gain for the month to 3.2 per cent. Dubai Islamic Bank PJSC fell for the fourth time in five days. Dubai's DFM General Index lost 0.7 per cent to 1,764.54 at the 2 p.m. close in the emirate. The benchmark index has gained 4.8 per cent this month and closed at a more than sixmonth high on Oct. 28. There is some "profit taking" after shares reached a six- month high last session, Adnan Haider, head of fixed income and equities at Abu Dhabi Commercial Bank. "Also, continued uncertainty in global markets," is pushing local stocks lower. The October gains left the 32 companies in Dubai's benchmark index valued at 14.7 times earnings. That compares with 12.1 times for Abu Dhabi's benchmark index and 11.8 times for the MSCI Emerging Markets Index. Asian stocks fell for a second week on concern earnings growth will slow and possible asset purchases by the Federal Reserve may disappoint investors. In Europe, stocks had the first weekly decline in four weeks. Emaar retreated to 3.85 dirhams. DIB, the biggest shariah- compliant lender in the United Arab Emirates, lost 1.6 per cent to 2.40 dirhams. The shares have gained 5.3 per cent in October. Abu Dhabi's ADX General Index and Kuwait's gauge slipped less than 0.1 per cent. Oman's MSM30 Index fell 0.4 per cent and Qatar's QE Index lost 0.1 per cent. Bahrain's measure and Saudi Arabia's Tadawul All Share Index were little changed. Egypt's EGX 30 dropped 0.2 per cent. -Agencies
end of the week, right after the Fed's meeting. Investors suspect the Japanese central bank -whose board members will meet on Thursday and Friday -- may respond by stepping up its bond purchases in reaction to the Fed. The Bank of England and the European Central Bank are also set to hold policy meetings during the week.Among the readings on the US economy expected during the week, Wall Street will watch two Tariq Hussain Khan, Head of Portfolio Management United Capital Securities reports from the Institute for Supply Technical correction would continue in the next few sessions where index Management. The ISM index on can come down to 10,450-10,480 points. Thereafter, we would see the US manufacturing for October, due revival of bullish spell which can lead the index to 11,500 points by the end on Monday, is forecast to dip to of December. Recently announced good corporate results and successful 54.0 from September's reading of Pak-US strategic dialogue had a positive impact on the market while launch 54.4, the Reuters poll showed. The of Margin Trading System (MTS) and improvement in the political situation ISM services- sector index for would also act as triggers. Investors can take positions in E&P, fertiliser, October, due on Wednesday, is seen cement, and banking sector stocks. Market would remain negative today. edging up to 53.5 from September's reading of 53.2. InTrade traders are pricing in a 45 per cent chance that Republicans will win more than 60 seats in the 435-seat House -they need to gain 39 seats to control the chamber -- and a 55.5 per cent chance that they will take the Senate. Wayne Kaufman, chief market analyst of John Thomas Financial in New York, Salman Naqvi, Head of Sales Aba Ali Habib Securities said his firm is betting stock prices will rise near-term as earn- The correction would persist weighing the index down to 10,500 points which ings beat estimates. But his firm is a strong support level. Market would rebound from that level where investors will view any sharp pullbacks in can take positions in fundamentally strong stocks like LUCK, NML, FFBL, and POL. Successful outcome of the meeting with International Monetary stocks as a buying opportunity. "We are long the market," he Fund (IMF), launch of MTS, favorable political and law & order circumstances said. "We are watching to see if and no change in the interest rate can support the market. Market would open we are going to have signs of negative today, however, we may see some improved performance during the distribution, but we are not later half. going to forecast that happening. We will be in a reactive mode, we will respond to what we see." The CBOE Volatility Index, or VIX, is still relatively low, but it has been picking up steam in the last several days. The index, a popular gauge of investor anxiety, rose 1.5 per cent on Friday to close at 21.20. -Reuters
Dhiyan
RED DAY, GREEN HOURS LIKELY
6
Monday, November 1, 2010
Market
Symbols
Volume
664,762,830
Value
20,316,898,387
Trades
347,377
Paid up Cap(mn)
Advanced Declined Unchanged Total
198 209 17 424
Current High Low Change
10,598.40 10,772.71 10,569.12 i54.08
PE
Open
4.58 296.07
High
High Low 1,370.72 1,338.32 Total cos Defaulter cos P/BV (x) ROE (%) 4.19 37.01 Low
Close Chg
Close Change % Change 1,348.15 -0.07 -0.01 Listed cap Market cap 200-Day High 65,194.15 mn 1,063,852.34 mn 1,358.03 Payout (%) Div Yield (%) 200-Day Low 68.56 6.06 1,348.15 Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
691
Mari Gas Company
735 16.12 125.94
128.90 118.51 118.96 -6.98
361615
National Refinery XD
800
233.50 211.50 220.70 10.52
1925530 233.50
183.25
125
Oil & Gas Development 43009 10.42 153.16
156.00 151.00 153.94
0.78
3090947 156.00
133.00
Pak Petroleum
99.54
3.27 210.18
303.05 296.00 297.47
1.40
1509469 374.20
287.99
250
-
300
20
103.39
0.82
10155342 103.39
73.47
-
-
-
-
106.00 32.17 100B
31
-
-
200
-
82.5
-
55
-
97.50 100.36
135.84
11950
7.60 189.15
192.90 186.00 186.85 -2.30
3477614 214.10
168.70
130
20B
90
20B
2365
6.15 243.22
247.48 241.10 242.42 -0.80
6280043 251.24
213.17
180
-
255
-
85.90
48.26
-
-
-
-
1470993 286.99
233.10
50
-
80
-
PSO
1715
Shell Gas LPG
226
Shell Pakistan
685
-
76.34
4.50 266.00 -
38.37
9.37 188.49
83.99
74.54
74.97 -1.37
272.00 265.00 265.73 -0.27 40.28
32.74
32.86 -5.51
192.00 182.05 182.62 -5.87
197856 59099
40.28
27.32
-
-
-
-
148485
237.55
182.05
330
-
40
-
Performance of SR Chemicals Index Open High Low 1,196.46 1,214.16 1,173.03 Turnover Total cos Defaulter cos 119,028,398 P/E (x) P/BV (x) ROE (%) 7.33 2.57 35.00 Paid up Cap(mn)
PE
3924
Agritech Limited Bawany AirXDXR BOC (Pak) Clariant Pak
Open
High
Low 21.54
Close Chg
22.00
23.44
21.62 -0.38
100098
25.95
-
-
-
-
10.60
8.41
8.99 -1.76
20369
15.99
8.41
-
-
5
10R
87.99
77.10
77.59 -2.22
106118
87.99
66.90
90
-
15
-
6.01 160.25
162.50 152.55 157.23 -3.02
7.01 171.00
176.00 168.50 168.98 -2.02
3277 22000 6785
-
1.56
8.99 176.23 -
9.91
7.25 109.29
Fauji Fert. Bin Qasim
9341
5.88
ICI Pakistan
1388
6.98 128.37
30.43
1.82
1.56
1.64 0.08
179.40 175.01 175.35 -0.88 10.10
9.50
9.54 -0.37
109.95 106.01 106.52 -2.77 31.50
30.18
21.15
2010 Div BR (%) (%)
79.81
273
Lotte Pakistan
2009 Div BR (%) (%)
10.75
1203
Engro Corporation Ltd
Last 60 days High Low
Volume
9.57
3663
Fatima Fertilizer
Change % Change -14.46 -1.21 Market cap 200-Day High 264,857.14 mn 1,200.05 Div Yield (%) 200-Day Low 6.66 1,181.38
68 74.92
Dawood Hercules
Fauji Fertilizer
Close 1,182.00 Listed cap 52,251.88 mn Payout (%) 48.81
250 10.66
Dewan Salman
115613
173.99
152.55
125
-
-
58839
182.00
155.38
40
10B
40
-
2.15
1.28
-
-
-
-
4567386
4931214 190.80 5796924
40
-
-
-
-
-
102.96 131.5
165.60
10B
95
-
12.04
1966599 112.35
6010B 40R
9.02
31.16 0.73
10871717 31.50
26.59
40
-
17.5
-
131.40 123.50 123.83 -4.54
2123420 131.40
109.50
80
-
55
-
3.67
10.25
10.75
10.07
10.28 0.03
65766007 10.75
6.75
5
-
-
-
74
-
1.70
2.10
0.80
1.32 -0.38
577229
3.24
0.80
-
-
-
-
1106
-
1.59
1.65
1.40
1.50 -0.09
1188467
1.70
1.16
-
-
-
-
Shaffi Chemical
120
-
2.50
2.99
1.80
2.58 0.08
37791
3.49
1.80
-
-
-
-
Sitara Chem Ind XDXB
214
113.95 106.00 109.59 0.60
44293
Sitara Peroxide
551 13.93
Nimir Ind Chemical
Wah-Noble XD
90
8.98 108.99 6.58
128.01
104.56
75
-
25
5B
11.11
13.79
12.08
12.82 1.71
5105874
13.79
7.67
-
-
-
-
38.19
39.25
34.09
34.21 -3.98
28736
46.25
34.09
50
-
50
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,147.10 Turnover 961,065 P/E (x) 5.54 Company
Paid up Cap(mn)
Century Paper Pak Paper ProductXDXB Security Paper
PE
Open
High
High Low 1,169.98 1,070.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47 Low
Close Chg
Close 1,085.43 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change -61.67 -5.38 Market cap 200-Day High 3,008.06 mn 1,140.72 Div Yield (%) 200-Day Low 4.56 1,085.43
Last 60 days High Low
Volume
2009 Div BR (%) (%) - 425R
-
18.52
18.99
16.26
16.26 -2.26
926514
21.80
16.26
50
7.88
43.15
43.48
39.50
41.00 -2.15
10259
62.85
38.61
20
-
25 33.33B
-
411
6.17
40.01
41.00
38.31
40.00 -0.01
24292
48.39
38.10
50
-
50
Close 919.57 Listed cap 3,596.11 mn Payout (%) 30.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Crescent Steel
565
3.83
25.07
25.50
24.50
24.50 -0.57
120437
28.37
23.75
-
-
30
-
Dost Steels Ltd
675
-
3.16
3.30
2.56
2.81 -0.35
452305
3.39
1.65
-
-
-
-
Huffaz Pipe International Ind
Last 60 days High Low
Volume
2009 Div BR (%) (%)
6.27
12.87
15.90
12.89
14.62 1.75
243944
16.75
12.25
-
30B
-
-
1199
4.44
47.12
47.98
45.22
45.58 -1.54
324271
70.71
45.22
-
-
40
20B
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Open 997.78 Turnover 44,394,360 P/E (x) 7.24 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,013.77 960.99 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10 Low
Close 975.31 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Change % Change -22.47 -2.25 Market cap 200-Day High 69,358.19 mn 992.98 Div Yield (%) 200-Day Low 2.63 966.92
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Al-Abbas Cement
1828
-
3.30
3.40
3.03
3.05 -0.25
127178
4.20
2.80
-
-
Attock Cement XD
866
6.14
63.51
64.20
57.75
58.30 -5.21
1236605
70.00
57.75
50
20B
Berger Paints
182
-
17.50
18.50
15.40
15.53 -1.97
179882
19.15
14.01
-
-
- 122R
Cherat Cement
956 27.11
11.18
12.42
11.00
11.93 0.75
653317
12.50
8.90
-
-
-
Dadabhoy Cement
982 11.62
1.63
1.69
1.50
1.51 -0.12
31519
2.59
1.30
-
-
-
-
Dandot Cement
948
-
2.00
2.76
1.70
2.52 0.52
185107
3.90
1.02
-
-
-
-
Dewan Cement
3574
-
328004
1.99
1.30
DG Khan Cement Ltd
3651 113.88
16422009 28.30
EMCO Ind
Fecto Cement Flying Cement Ltd
-
-
1.58
1.66
1.43
1.55 -0.03
-
-
-
-
27.92
28.30
26.60
27.33 -0.59
23.02
-
20R
-
20R
-
2.88
3.26
2.27
2.99 0.11
35145
4.70
2.11
-
-
-
-
6933 14.61
5.09
5.25
4.80
4.82 -0.27
1750451
5.50
4.51
-
-
-
-
350
Fauji Cement
- 100R 50
502
3.28
5.65
6.35
5.05
6.30 0.65
35617
6.90
4.25
-
10B
-
-
1760
-
2.02
2.20
1.85
1.90 -0.12
186180
2.29
1.74
-
-
-
-
Haydery Const
32
-
0.68
1.08
0.54
0.63 -0.05
988661
1.48
0.25
-
-
-
-
Kohat Cement
1288
-
6.39
6.50
5.80
6.15 -0.24
494779
6.60
5.50
-
-
-
-
Lucky Cement XD
3234
6.57
73.26
74.00
71.00
73.07 -0.19
3006130
74.00
62.60
40
-
40
-
Maple Leaf Cement
5261
1.33
3.09
3.19
2.75
2.85 -0.24
773338
3.48
2.51
-
-
-
-
Pioneer Cement
2228
-
8.11
8.50
7.61
7.99 -0.12
82647
Safe Mix Concrete
200
-
6.89
7.49
5.90
6.15 -0.74
160753
Shabbir Tiles
361
-
7.70
8.90
7.50
8.00 0.30
9036
8.58
6.80
-
-
-
-
9.47
5.50
-
-
-
-
11.00
7.50
-
-
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 901.26 Turnover 1,024,265 P/E (x) 2.58 Company
Paid up Cap(mn)
High Low 922.89 890.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 43.91
PE
Open
High
Low
Close Chg
Close 902.80 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change 1.54 0.17 Market cap 200-Day High 33,517.20 mn 917.28 Div Yield (%) 200-Day Low 6.02 896.20
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Cherat PapersackXDXB
115
1.83
41.70
53.19
43.05
51.39 9.69
789160
53.19
34.00
-
-
20
ECOPACK Ltd
230
-
2.36
2.49
1.98
2.00 -0.36
126776
2.75
1.70
-
-
-
-
1067
4.41
47.25
48.75
47.53
48.00 0.75
16395
61.99
45.75
30
10B
25
10B
MACPAC Films
389
-
2.63
3.00
2.20
3.00 0.37
Packages Ltd
844 51.81 108.50
Ghani GlassXDXB
Siemens Engineering
108.44 101.00 101.02 -7.48
82 10.31 1183.48 1260.00 1188.00 1249.46 65.98
5397 33299 5572
25B
4.50
1.60
-
-
-
-
123.00
98.00
32.5
-
-
-
1260.00 1040.01
900
-
900
-
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
2009 Div BR (%) (%)
2010 Div BR (%) (%)
68.42
77.77
67.25
72.91
4.49
184574
87.00
60.05
-
20B
40
-
38.90
37.25
37.68
-1.30
11972
41.00
34.50
30
-
15
-
Open 1,123.44 Turnover 2,067,409 P/E (x) 3.87 Paid up Cap(mn)
PE
Open
Agriautos Ind XD 144 5.11 68.00 Atlas Battery 101 4.66 153.69 Atlas Honda 626 7.23 120.97 Dewan Motors 890 1.48 General Tyre 598 18.89 25.24 Ghandhara Nissan 450 3.25 4.53 Ghani Automobile Ind 200 7.73 4.05 Honda Atlas Cars 1428 - 12.17 Indus Motors 786 5.30 233.78 Pak Suzuki 823 11.64 75.90 Sazgar EngineeringXDXB 150 3.82 21.04 Transmission 117 2.00 1.80
High
High Low 1,141.28 1,091.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low
Close Chg
69.50 67.00 67.50 -0.50 166.69 151.50 155.91 2.22 121.90 102.70 103.83 -17.14 1.65 1.21 1.50 0.02 24.41 21.70 21.91 -3.33 5.23 4.12 4.68 0.15 5.00 4.25 4.95 0.90 12.20 11.31 11.55 -0.62 238.68 230.01 232.00 -1.78 77.00 73.08 73.09 -2.81 21.99 19.94 20.50 -0.54 2.88 1.70 2.00 0.20
Close 1,098.43 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 23559 114323 9773 1175022 25709 390682 14325 49959 196430 53332 6278 5597
Change % Change -25.01 -2.23 Market cap 200-Day High 39,805.39 mn 1,118.41 Div Yield (%) 200-Day Low 5.28 1,098.43
Last 60 days High Low 76.98 201.70 122.51 2.09 26.70 6.10 5.55 13.22 278.99 89.99 27.58 3.25
63.01 131.00 92.00 1.16 21.70 4.03 3.55 9.65 212.29 69.25 19.50 1.53
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 80 100 5 2
90 100 20 150 10 -
20B 30B 20B -
20B 20B -
2009 Div BR (%) (%)
2010 Div BR (%) (%)
66 215 104
1.08 16.40 4.85 205.67 - 48.75
16.90 15.02 16.76 0.36 209.50 200.00 202.33 -3.34 48.00 44.15 45.54 -3.21
21358 43103 13101
21.96 227.45 51.99
14.62 200.00 36.10
20 400 -
20B
150 25
10B
Ghandhara Ind Hinopak Motor
213 11.11 13.54 124 - 118.00
13.99 12.00 12.00 -1.54 143.41 119.89 140.80 22.80
171053 35207
19.00 143.41
11.29 108.11 17.15
-
-
-
Millat Tractors XB
366
501.98 477.00 480.89 -2.09
1150064 597.90
25B
650
25B
390.00
450
RSI (14-day)
52.95
Total Assets (Rs in mn)
38,525.22
MA (10-day)
10.98
Total Equity (Rs in mn)
18,469.71
MA (100-day)
10.81
Revenue (Rs in mn)
11,737.86
MA (200-day)
13.82
Interest Expense
1st Support
10.71
Profit after Taxation
60.53
2nd Support
10.51
EPS 09 (Rs)
0.003
1st Resistance
11.20
Book value / share (Rs)
37.85
2nd Resistance
11.49
PE 10 E (x)
Pivot
11.00
PBV (x)
2,424.42
0.29
ANL closed down -0.52 at 10.85. Volume was 49 per cent below average and Bollinger Bands were 7 per cent narrower than normal. The company's loss after taxation stood at Rs173.754 million which translates into a Loss Per Share of Rs0.41 for the half year of current calendar year (1HCY10). ANL is currently 21.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ANL (bullish). Trend forecasting oscillators are currently bullish on ANL.
Nishat (Chunian) Limited
FOOD PRODUCERS Open 1,482.95 Turnover 870,715 P/E (x) 32.07 Company AL-Noor Sugar Chashma Sugar Habib Sugar Habib-ADM Ltd J D WSugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods XD Pangrio Sugar Quice Food S S Oil Shahmurad Sugar Shakarganj Mills Tandlianwala Wazir Ali
Paid up Cap(mn) 186 287 600 200 490 143 70 141 414 109 107 57 211 695 1177 80
PE 4.36 0.76 6.08 11.57 2.59 3.29 6.01 0.34 15.74 0.41 1.30 16.30 290.91 -
Open 42.00 9.07 30.00 12.13 74.43 57.00 57.00 5.19 42.51 5.01 2.35 3.00 11.40 5.33 29.00 5.40
High 43.01 9.90 30.74 12.70 80.80 59.25 60.99 5.50 43.98 5.99 2.30 3.01 11.50 6.09 32.72 7.86
High Low 1,531.75 1,461.95 Total cos Defaulter cos P/BV (x) ROE (%) 9.72 30.30 Low 41.30 8.50 29.00 12.12 75.00 55.95 57.00 4.70 42.00 5.00 2.11 3.00 11.20 4.50 29.10 5.25
Close Chg 42.94 9.45 29.50 12.50 77.44 58.75 57.12 5.45 42.18 5.01 2.16 3.01 11.25 4.51 32.00 7.86
0.94 0.38 -0.50 0.37 3.01 1.75 0.12 0.26 -0.33 0.00 -0.19 0.01 -0.15 -0.82 3.00 2.46
Close 1,514.83 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change % Change 31.88 2.15 Market cap 200-Day High 195,402.36 mn 1,514.83 Div Yield (%) 200-Day Low 0.95 1,493.10
Last 60 days High Low
63808 53374 348191 15330 42445 21616 7361 21790 24773 5976 39500 42500 16320 56041 31874 5645
45.99 11.40 32.25 16.98 80.80 59.25 65.00 5.70 65.29 6.35 3.40 3.50 11.90 6.40 35.50 8.74
39.25 8.00 25.00 11.90 60.10 48.50 54.50 3.55 39.01 4.00 1.60 2.51 7.70 3.02 24.05 4.75
2009 Div BR (%) (%) 40 35 40 40 35 25 15 -
25B 30B 10B 25B -
2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 -
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,152.43 Turnover 4,444,151 P/E (x) 2.87
Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
High Low 1,176.96 1,122.87 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 10.64
PE
Open
High
Low
Close Chg
1174 3.45 341 17.00 231 2.11
14.41 17.15 17.08
15.09 19.76 18.20
13.56 17.40 16.62
13.70 -0.71 18.02 0.87 17.66 0.58
Close 1,127.88 Listed cap 3,763.71 mn Payout (%) 6.27
Volume
Change % Change -24.55 -2.13 Market cap 200-Day High 5,362.92 mn 1,163.87 Div Yield (%) 200-Day Low 2.19 1,127.88
Last 60 days High Low
4187114 15.44 9074 24.14 241967 19.10
12.17 16.51 14.50
2009 Div BR (%) (%) -
10B 10B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
61.20
Total Assets (Rs in mn)
12,016.81
MA (10-day)
20.90
Total Equity (Rs in mn)
3,102.47
MA (100-day)
17.30
Revenue (Rs in mn)
9,964.55
MA (200-day)
18.74
Interest Expense
1,081.54
1st Support
20.53
Profit after Taxation
2nd Support
20.13
EPS 09 (Rs)
1.249
1st Resistance
21.60
Book value / share (Rs)
37.51
2nd Resistance
22.27
PE 10 E (x)
2.65
Pivot
21.20
PBV (x)
0.56
103.34
NCL closed up 0.11 at 20.89. Volume was 4 per cent below average and Bollinger Bands were 115 per cent wider than normal. The company's profit after taxation stood at Rs931.473 million which translates into an Earning Per Share of Rs7.89 for the year ended FY10. NCL is currently 11.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NCL (bullish). Trend forecasting oscillators are currently bullish on NCL.
Silkbank Limited
2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 936.51 Turnover 97,833,477 P/E (x) 6.33 Company
Paid up Cap(mn)
PE
Open
(Colony) Thal 56 0.70 Ali Asghar Textile 222 0.44 0.75 Amtex Limited XD 2415 14.25 7.49 Artistic Denim XD 840 5.03 19.51 Azam Textile XD 133 0.49 2.86 Azgard Nine 4493 271.25 11.37 Bannu Woolen XD 76 1.03 11.19 Bata (Pak) 76 4.87 514.95 Bilal Fibres 141 0.42 0.76 Blessed Tex Mills 64 0.70 45.50 Chenab Limited 1150 3.54 Colgate Palm 316 31.99 782.45 Colony Mills Ltd 2442 2.64 3.12 Crescent Jute 238 0.76 D S Ind Ltd 600 1.71 Dar-es-Salaam 80 3.00 Dewan Farooque Spin. 600 4.09 3.20 Din TextileXDXB 204 0.56 24.71 Ellcot Spinning XD 110 0.63 19.40 Gadoon Textile XD 234 0.51 39.00 Ghazi Fabrics XD 326 0.87 2.60 Gul Ahmed Textile XD 635 3.39 23.80 Gulistan Spinning XD 146 1.22 6.40 Gulshan SpinningXDXB 222 1.34 9.70 Hira Textile Mills Ltd. XD 716 0.73 4.79 Ibrahim Fibres XD 3105 3.02 36.68 Ideal Spinning 99 0.29 3.25 Idrees Textile XD 180 3.59 4.14 Indus Dyeing XD 181 2.25 223.99 Int Knitwear 32 5.77 9.50 J K Spinning 179 0.95 6.09 Kohinoor Ind 303 1.57 Kohinoor Spinning XD 1300 1.08 1.19 Kohinoor Textile 1455 3.79 5.40 Leather Up 60 2.07 1.50 Mehmood Textile XD 150 0.74 55.10 Mian Textile 221 0.45 Mukhtar Textile 145 0.49 Nagina Cotton 187 0.77 15.49 Nishat (Chunian) XD 1586 1.74 20.78 Nishat Mills XD 3516 4.44 51.71 Pak Synthetic 560 2.06 6.14 Paramount Spinning 174 1.21 10.25 Premium Textile XD 62 0.47 26.94 Prosperity XD 185 1.09 12.52 Ravi Textile 250 4.54 1.85 Reliance Weaving 308 0.67 9.49 Rupali Poly XD 341 4.27 33.50 Saif Textile 264 0.46 3.94 Sally Textile XD 88 0.22 5.12 Samin Textile XR 134 6.03 Sana Ind XD 55 2.36 30.00 Sargoda Spinning XD 312 0.43 1.81 Saritow Spinning 133 0.64 1.50 Service Ind 120 7.12 231.57 Shahpur Textile 140 0.96 0.70 Shahtaj Textile XD 97 0.83 16.41 Suraj Cotton XD 180 1.14 30.00 Taj Textile 334 0.59 Tata Textile XD 173 0.19 19.67 Thal LimitedXDXB 307 3.91 91.12 Treet Corp 418 7.08 47.30 Tri-Star Poly 215 0.53 Yousuf Weaving 400 7.35 1.10 Zephyr Textile Ltd 594 5.66 3.40
Change % Change -13.53 -0.88 Market cap 200-Day High 31,536.37 mn 1,557.72 Div Yield (%) 200-Day Low 16.36 1,518.43
Last 60 days High Low
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
High 1.90 1.05 7.95 20.50 3.45 12.32 12.38 624.00 2.00 49.87 3.74 868.00 3.20 1.29 2.24 4.50 5.15 27.54 21.13 46.76 3.90 25.50 7.39 10.30 4.85 38.92 4.00 3.70 269.45 10.99 7.50 1.69 1.45 5.95 1.94 60.00 0.70 0.70 15.80 23.55 54.27 7.25 11.25 31.03 14.88 1.89 10.50 36.00 6.20 5.75 6.80 32.88 2.50 2.84 255.29 1.00 17.90 31.90 0.60 20.25 94.40 52.14 1.02 1.30 4.90
High Low 966.45 930.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 8.64 Low 0.52 0.75 6.27 19.60 2.20 10.80 11.20 525.00 0.71 45.25 3.22 743.33 2.81 0.16 1.70 3.00 3.05 23.52 18.40 39.49 3.00 22.62 5.01 6.75 3.70 35.50 3.10 2.60 220.70 9.50 5.75 1.40 0.95 5.20 1.10 55.00 0.43 0.20 13.96 20.80 51.50 6.00 8.00 26.80 12.90 1.66 9.00 32.32 3.57 4.00 5.75 30.00 1.50 1.90 207.95 0.18 15.61 29.00 0.25 18.50 86.50 44.28 0.56 1.00 3.00
Close Chg 1.04 0.34 1.05 0.30 6.27 -1.22 20.00 0.49 2.70 -0.16 10.85 -0.52 11.85 0.66 587.15 72.20 1.57 0.81 46.50 1.00 3.23 -0.31 852.33 69.88 2.85 -0.27 0.68 -0.08 2.09 0.38 3.50 0.50 5.15 1.95 25.92 1.21 20.65 1.25 46.76 7.76 3.00 0.40 23.56 -0.24 5.53 -0.87 7.39 -2.31 3.87 -0.92 38.40 1.72 3.45 0.20 3.30 -0.84 251.62 27.63 10.90 1.40 6.25 0.16 1.49 -0.08 1.19 0.00 5.31 -0.09 1.74 0.24 60.00 4.90 0.59 0.14 0.55 0.06 15.00 -0.49 20.89 0.11 51.71 0.00 6.11 -0.03 8.26 -1.99 29.84 2.90 14.30 1.78 1.77 -0.08 9.63 0.14 34.00 0.50 5.78 1.84 4.50 -0.62 6.35 0.32 31.04 1.04 2.24 0.43 2.32 0.82 207.95-23.62 0.69 -0.01 17.16 0.75 31.85 1.85 0.43 -0.16 20.00 0.33 91.40 0.28 44.45 -2.85 1.02 0.49 1.25 0.15 4.30 0.90
Close 948.47 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change % Change 11.97 1.28 Market cap 200-Day High 121,749.63 mn 953.77 Div Yield (%) 200-Day Low 2.64 943.83
Last 60 days High Low
129006 2.00 16956 2.21 21178329 20.45 37809 24.05 153677 3.45 27047578 12.40 20948 14.00 56284 624.00 128456 2.00 16193 52.05 116716 4.61 12410 868.00 158559 3.89 106449 1.90 2200164 2.49 30002 4.50 15192 5.15 138408 30.90 14665 25.45 157937 48.30 5211 5.00 73424 25.50 6260 8.13 69668 10.30 1802705 4.88 184531 39.00 8011 4.79 13813 5.35 37205 269.50 10185 10.99 11083 10.30 65942 1.95 35595 2.00 148034 6.30 12401 2.50 5312 74.50 10425 0.98 22492 0.99 24593 17.50 18729020 23.55 19627793 54.27 78164 7.90 64500 11.25 114854 31.03 11131 21.47 450893 4.05 128429 12.00 7904 36.75 233393 6.20 92677 6.20 62631 8.69 11192 38.40 8838 2.50 9601 2.99 90869 255.29 38190 1.90 18265 21.90 24809 37.50 6000 0.80 465999 21.42 628073 112.80 2114693 52.14 5300 1.02 50615 1.89 366378 4.90
0.52 0.70 6.27 17.55 1.35 8.55 7.50 436.00 0.55 40.80 2.93 615.00 2.23 0.16 1.44 2.50 2.05 20.80 17.21 33.80 1.11 19.99 5.00 5.31 2.52 34.05 2.02 2.56 206.11 7.50 5.12 1.01 0.56 4.00 1.10 55.00 0.01 0.20 12.00 14.64 40.81 5.16 6.00 25.71 12.51 1.38 6.91 31.35 2.01 2.74 5.02 27.50 0.31 1.01 176.00 0.18 14.75 29.00 0.25 14.00 86.50 37.20 0.26 0.73 1.50
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 20 20 7.5 20 120 7.5 50 115 15B 20 10B 7.5 35 70 10 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 15 6 20 5B 5 4050.2257B 60 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 7.5 50 20 30 - 25SD 40 40 10 - 100R 35 60 5 200 20 45 15 50 25 20 20B 80 20B 4 -
Performance of SR Pharma and Bio Tech Index
Ados Pak AL-Ghazi Tractor Bolan CastingXDXB
6.29 482.98
Last 60 days High Low
PHARMA AND BIO TECH
Close 1,518.43 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Volume
Performance of SR Automobile and Parts Index
Performance of SR Industrial Engineering Index High Low 1,583.32 1,508.57 Total cos Defaulter cos P/BV (x) ROE (%) 3.06 38.02
Close Chg
38.98
INDUSTRIAL ENGINEERING Open 1,531.96 Turnover 1,435,424 P/E (x) 8.04
Low
Change % Change 30.56 4.22 Market cap 200-Day High 13,198.15 mn 762.16 Div Yield (%) 200-Day Low 3.63 734.66
7.29
2010 Div BR (%) (%)
555
High
Close 754.55 Listed cap 3,242.17 mn Payout (%) 11.08
AUTOMOBILE AND PARTS
Company
Change % Change -11.51 -1.24 Market cap 200-Day High 8,796.56 mn 937.93 Div Yield (%) 200-Day Low 10.63 919.57
Open
High Low 793.81 710.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 25.53
Azgard Nine Limited
40.96
-
Performance of SR Industrial Metals and Mining Index High Low 960.40 916.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 33.10
1321
-
INDUSTRIAL METALS AND MINING
Company
Pak Int Cont. Terminal XD 1092 PNSC
PE
2010 Div BR (%) (%)
707
Open 931.08 Turnover 1,616,035 P/E (x) 2.91
Paid up Cap(mn)
-
15142
Mandviwala
Company
Company
CHEMICALS
Company
Open 723.99 Turnover 196,546 P/E (x) 3.05
Alert ! Unusual Movements
10,154.91 10,372.42 10,139.66 i95.17
INDUSTRIAL TRANSPORTATION
853 18.25
350
KSE 30 Index Current High Low Change
7,382.41 7,503.80 7,364.49 i32.19
Performance of SR Industrial Transportation Index
Attock PetroleumXDXB
Pak Refinery Limited
Current High Low Change
OIL AND GAS
Attock Refinery
Pak Oilfields XD
All Share Index
Performance of SR Oil and Gas Index Open 1,348.22 Turnover 28,676,993 P/E (x) 11.31 Company
KSE 100 Index
Open 872.20 Turnover 683,730 P/E (x) 6.48 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Otsuka Pak Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 100 306
PE
Open
High
8.76 6.32 12.86 6.89 7.14 5.62
94.16 87.29 73.00 24.33 32.00 61.21
104.00 89.85 75.99 25.50 33.60 64.50
High Low 900.08 856.95 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 22.31 Low
Close Chg
93.00 100.00 5.84 83.00 83.63 -3.66 69.00 71.50 -1.50 24.05 24.89 0.56 30.50 32.00 0.00 60.56 62.54 1.33
Close 879.53 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 101517 29469 82798 23099 6071 422301
Change % Change 7.33 0.84 Market cap 200-Day High 29,344.46 mn 884.49 Div Yield (%) 200-Day Low 6.87 870.57
Last 60 days High Low 104.00 124.00 81.35 25.79 33.60 64.50
77.00 83.00 65.00 22.10 27.50 53.36
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
37.02
Total Assets (Rs in mn)
MA (10-day)
2.80
Total Equity (Rs in mn)
MA (100-day)
2.80
Revenue (Rs in mn)
68,664.34 196.91 5,913.32
MA (200-day)
3.20
Interest Expense
1st Support
2.60
Loss after Taxation
5,855.52
2nd Support
2.56
EPS 09 (Rs)
1st Resistance
2.69
Book value / share (Rs)
2nd Resistance
2.74
PE 10 E (x)
12.00
Pivot
2.65
PBV (x)
12.07
(2,902.91) (3.224) 0.22
SILK closed down -0.26 at 2.64. Volume was 12 per cent below average and Bollinger Bands were 22 per cent narrower than normal. The company's profit after taxation stood at Rs208.072 million which translates into an Earning Per Share of Rs0.11 for the half year of current calendar year (1HCY10). SILK is currently 17.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SILK at a relatively equal pace. Trend forecasting oscillators are currently bearish on SILK.
TRG Pakistan Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
48.27
Total Assets (Rs in mn)
2,549.61
MA (10-day)
4.12
Total Equity (Rs in mn)
2,509.06
MA (100-day)
4.02
Revenue (Rs in mn)
MA (200-day)
4.10
Interest Expense
1st Support
4.00
Profit after Taxation
2nd Support
28.92 0.10 766.33
3.94
EPS 09 (Rs)
1st Resistance
4.11
Book value / share (Rs)
2nd Resistance
4.16
PE 10 E (x)
1.988
Pivot
4.05
PBV (x)
6.51 0.62
TRG closed down -0.34 at 4.01. Volume was 52 per cent below average (consolidating) and Bollinger Bands were 54 per cent narrower than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 1.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bearish on TRG.
BOOK CLOSURES Company
From
The Royal Bank of Scotland
01-Nov
11-Nov
-
-
11-Nov
Faysal Bank
02-Nov
10-Nov
To
D/B/R -
-
10-Nov
Atlas Fund of Funds
03-Nov
10-Nov
2.20(F)
26-Oct
03-Nov
First Paramount Modaraba
03-Nov
10-Jan
18
-
28-Oct
Sapphir Fibres
04-Nov
11-Nov
-
-
11-Nov
Sapphir Textile Mills
04-Nov
11-Nov
-
-
11-Nov
Jahangir Siddiqui & Co
09-Nov
23-Nov
-
-
24-Nov
Punjab Oil Mills
09-Nov
15-Nov
28(R)
29-Oct
Biafo Industries
10-Nov
16-Nov
12.5(i)
01-Nov
-
East West Life Assurance
15-Nov
23-Nov
10R
04-Nov
-
KESC
15-Nov
28-Nov
7.80(R)
Nestle Pakistan
16-Nov
22-Nov
250(ii)
-
-
Fuji Fertilizer
21-Nov
27-Nov
-
-
-
Thal Limited
23-Nov
30-Nov
-
-
30-Nov
Fauji Fertilizer Bin Qasim
14-Dec
20-Dec
12.5(iii)
-
-
INDICATIONS # Extraordinary General Meeting
Spot AGM/Date
04-Nov
12-Oct
-
7
Monday, November 1, 2010 Atlas Insurance
FIXED LINE TELECOMMUNICATION
Century Insurance
Performance of SR Fixed Line Telecommunication Index Open 1,148.30 Turnover 13,871,833 P/E (x) 5.87 Paid up Cap(mn)
Company
PE
Pak Datacom XD 78 5.73 Pakistan Telecomm Co A 37740 12.17 Telecard 3000 0.97 WorldCall Tele 8606 -
Open
High Low 1,176.25 1,075.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.75 12.84
High
93.00 19.31 2.53 2.80
Low
98.99 19.76 2.62 2.89
89.78 18.21 2.25 2.42
Close Chg 92.79 18.25 2.27 2.45
-0.21 -1.06 -0.26 -0.35
Close 1,079.19 Listed cap 50,077.79 mn Payout (%) 62.56
6244 8491841 1774212 3599536
Change % Change -69.12 -6.02 Market cap 200-Day High 74,522.74 mn 1,156.57 Div Yield (%) 200-Day Low 10.66 1,079.19
Last 60 days High Low
Volume
120.61 19.76 2.78 2.98
EFU General Ins. XB
89.78 17.32 1.80 2.30
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Habib Insurance
369
5.25
35.00
32.10
33.00 -0.80
31668
457
7.03
11.24
11.98
10.51
11.24 0.00
330245
11.99
9.42
-
-
-
-
1250 32.98
46.21
47.39
41.55
41.55 -4.66
126134
54.22
34.76
40
8.7B
-
-
10.95
12.35
11.00
11.50 0.55
26650
13.89
10.04
35
-
-
-
400
IGI Insurance New Jub Insurance Pak Reinsurance
2.74
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy XD Kohinoor Power Kot Addu Power XD S G Power Sitara Energy Ltd XD Southern Electric Tri-star Power XD
PE
198 11572 6.12 1560 7932 1695 12.17 126 2.34 8803 4.80 178 191 3.48 1367 150 -
Open
High
0.93 34.19 1.59 2.25 24.25 4.50 39.34 0.97 19.20 2.24 0.90
1.10 34.50 2.25 2.30 25.25 4.84 41.26 1.65 19.60 2.49 1.10
Low 0.82 33.35 1.52 2.07 21.31 4.10 39.48 0.71 18.90 2.05 0.80
Close Chg 0.94 33.44 1.61 2.09 21.90 4.70 39.53 0.90 19.50 2.32 0.90
0.01 -0.75 0.02 -0.16 -2.35 0.20 0.19 -0.07 0.30 0.08 0.00
Close 1,172.05 Listed cap 95,369.29 mn Payout (%) 104.13
Last 60 days High Low
Volume 120728 3259073 1812318 2140391 48996 15557 2183421 5002 7287 5843567 57663
1.45 37.24 2.25 2.50 26.50 6.70 42.95 1.69 23.49 3.00 1.58
0.51 32.75 0.70 1.92 21.31 3.90 38.35 0.32 18.70 2.05 0.33
2009 Div BR (%) (%) 33.5 45 64.5 20 3
31R -
2010 Div BR (%) (%)
GAS WATER AND MULTIUTILITIES Open 1,703.08 Turnover 7,488,329 P/E (x) 11.24 Company Sui North Gas Sui South GasXDXB
High Low 1,864.06 1,660.74 Total cos Defaulter cos P/BV (x) ROE (%) 1.28 11.41
Change % Change 56.18 3.30 Market cap 200-Day High 37,736.51 mn 1,820.63 Div Yield (%) 200-Day Low 5.94 1,724.31
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
9.47 3.64
31.69 22.90
32.97 26.00
30.30 22.55
31.81 0.12 24.16 1.26
4014043 3474286
33.40 30.70
25.00 16.00
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open High Low Close 1,023.90 1,057.07 1,008.53 1,017.80 Turnover Total cos Defaulter cos Listed cap 129,880,491 - 257,548.02 mn P/E (x) P/BV (x) ROE (%) Payout (%) 7.16 0.96 13.45 34.35 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.38 55.53 Askari Bank 6427 7.36 15.64 Atlas Bank 5001 1.97 Bank Alfalah 13492 12.36 9.32 Bank AL-Habib 7322 6.90 32.19 Bank Of Khyber 5004 4.67 3.35 Bank Of Punjab 5288 8.65 BankIslami Pak 5280 805.00 3.17 Faysal Bank 6091 3.48 14.36 Habib Bank Ltd 10019 6.34 104.38 Habib Metropolitan Bank 8732 6.16 20.48 JS Bank Ltd 6128 2.40 KASB Bank Ltd 9509 2.50 MCB Bank Ltd 7602 8.98 203.95 Meezan Bank 6983 7.99 15.40 Mybank Ltd 5304 2.20 National Bank 13455 5.42 67.69 Network Mic Bank 300 1.00 NIB Bank 40437 2.90 Royal Bank Ltd 17180 6.42 Samba Bank 14335 2.03 Silkbank Ltd 26716 2.90 Soneri Bank 6023 6.41 Stand Chart Bank 38716 10.05 6.61 United Bank Ltd 12242 6.62 54.43
High
Low
Close Chg
57.25 54.82 55.36 -0.17 16.65 15.40 15.45 -0.19 2.08 1.70 1.71 -0.26 10.19 9.23 9.27 -0.05 32.80 31.50 32.00 -0.19 4.49 2.76 3.50 0.15 9.19 8.40 8.42 -0.23 3.59 3.04 3.22 0.05 15.11 14.05 15.11 0.75 105.99 100.05 101.55 -2.83 23.30 19.85 20.13 -0.35 2.77 2.34 2.64 0.24 2.69 2.31 2.48 -0.02 207.00 201.15 202.55 -1.40 15.68 14.86 15.10 -0.30 2.30 2.05 2.10 -0.10 70.75 64.50 64.61 -3.08 1.46 0.80 1.02 0.02 3.00 2.65 2.71 -0.19 7.86 6.25 7.25 0.83 2.12 1.92 1.99 -0.04 2.94 2.61 2.64 -0.26 7.90 6.49 7.75 1.34 6.98 6.15 6.53 -0.08 59.24 54.12 56.23 1.80
Last 60 days High Low
Volume 3412875 7521654 285771 17689582 719974 1167695 7544452 3094485 545886 865633 838409 1147307 181072 4508785 75311 505360 47428728 9038 4476029 1188007 820496 9313645 4537064 229671 11773562
Change % Change -6.10 -0.60 Market cap 200-Day High 616,727.72 mn 1,037.29 Div Yield (%) 200-Day Low 4.80 1,017.80
58.70 16.96 2.84 10.19 33.75 4.49 10.38 3.69 15.11 108.50 23.30 2.90 3.70 212.25 15.95 2.79 73.22 1.95 3.25 11.99 2.65 3.30 7.90 8.00 59.24
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 708.18 Turnover 7,882,490 P/E (x) 10.99 Paid up Cap(mn)
Company Adamjee Insurance
High Low 725.77 656.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 5.20
Close 670.23 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change -37.96 -5.36 Market cap 200-Day High 42,770.94 mn 711.32 Div Yield (%) 200-Day Low 7.24 670.23
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 20.15
74.52
76.25
66.50
69.53 -4.99
3786244
89.38
63.05
2009 Div BR (%) (%) 30
10B
2010 Div BR (%) (%) 10
-
UPTO 5000 VOLUME
-
81.00
86.69
80.01
83.00 2.00
54308
86.69
66.02
35
-
10
20B
56.92
60.50
53.81
54.84 -2.08
9999
60.50
52.21
30
20B
-
-
15.75
16.35
14.10
14.24 -1.51
3138671
18.16
12.50
30
-
-
-
-
2.70
3.80
2.62
3.14 0.44
250838
4.16
1.66
-
-
-
-
Premier Insurance
303
4.98
9.25
9.60
9.00
9.22 -0.03
59111
10.25
8.00
20
15B
-
-
Silver Star Insurance
253
1.85
7.01
7.90
6.92
7.42 0.41
30108
10.00
6.00
-
20B
-
-
United Insurance
400
1.88
6.02
7.18
5.23
5.73 -0.29
22357
7.18
4.02
-
16B
-
-
Symbols NOPK CICL KOHS PKGI FZCM ALTN CWSM GWLC DIIL DCM AGIC KML ANSS GLPL NONS FRCL MSOT FASM THCCL FNEL ISIL HAJT DLL MERIT FRSM JDMT ULEVER SHEZ KSTM AZTM PCAL PMRS ARUJ GAEL ALICO BUXL DWSM ALQT MQTM ADAMS SKFL SERF LAKST BIFO SANSM UVIC EXIDE SHCM KSBP BWHL GUTM GRYL CSIL TSMF NBF PAKL SJTM SALT TRSM SZTM SIBL FZTM FECM RMPL SAPL HUSS RICL MUCL KOHTM SKRS MFFL ICL SCLL SCL SUTM SHDT CLOV AASM BROT NESTLE SFAT CPAL MFTM FIBLM ILTM FIMM GAMON PECO DATM CRTM DKTM AKGL DWAE CFL ARM MLCFPS JUBS GATI QUET STML BAWS PHDL JVDC SLCL PGCL HWQS PSEL DYNO BGL UPFL NATM LMSM SHJS NSRM AABS BCML SFL BAFS ASFL LPGL BHAT SAPT ATEL HUSI AWTX FECS DMTM FTHM QUAT WYETH MSCL DADX TICL TOWL ICCT ISTM JATM
LIFE INSURANCE Performance of SR Life Insurance Index Open 887.16 Turnover 73,557 P/E (x) 91.73 Paid up Cap(mn)
High Low 878.85 812.88 Total cos Defaulter cos P/BV (x) ROE (%) 3.53 3.85
Close 827.36 Listed cap 2,290.72 mn Payout (%) 355.53
Change % Change -59.80 -6.74 Market cap 200-Day High 9,409.49 mn 871.21 Div Yield (%) 200-Day Low 3.88 827.36
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance XB
850 36.78
78.13
78.00
67.68
67.68-10.45
31575
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 28.19
43.45
42.80
39.95
42.00 -1.45
24965
45.20
34.50
10
-
-
Company
2009 Div BR (%) (%)
2010 Div BR (%) (%)
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 382.58 Turnover 62,496,831 P/E (x) 0.45 Paid up Cap(mn)
AMZ Ventures Arif Habib Limited XB Arif Habib Securities Arpak Int Dawood Equities Escorts Bank IGI Investment Bank Invest and Fin Sec XD Invest Bank Ist Cap Securities XB Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap XD JS Investment Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Trust Inv Bank
High Low 400.34 366.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22
PE
Open
High
Low
225 450 12.89 3750 4.27 40 7.24 250 441 2121 13.06 600 711.00 2849 3166 1.59 626 0.65 7633 508 500 7.39 1000 24.63 821 4.05 775 452 586 -
0.59 27.85 24.97 13.00 1.99 2.55 2.00 7.67 0.68 3.80 1.94 10.25 2.42 26.93 6.21 5.53 1.73 0.60 1.57
0.70 28.95 25.70 12.00 1.99 2.95 2.20 7.74 0.97 4.20 2.10 10.72 4.09 30.70 6.61 5.70 2.49 0.80 2.60
0.50 25.20 23.10 11.00 1.51 2.20 2.00 6.76 0.56 3.60 1.72 9.82 2.50 26.58 5.80 5.08 1.68 0.46 1.35
Close Chg 0.65 25.27 23.23 11.00 1.91 2.50 2.09 7.11 0.66 3.86 1.83 9.88 4.07 27.48 5.91 5.51 2.29 0.58 1.50
0.06 -2.58 -1.74 -2.00 -0.08 -0.05 0.09 -0.56 -0.02 0.06 -0.11 -0.37 1.65 0.55 -0.30 -0.02 0.56 -0.02 -0.07
Close 373.31 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 398727 731793 10897490 9553 2284904 60131 276270 16175 779194 306997 650058 30364409 10046430 165146 1179938 49687 3534184 58297 8581
Change % Change -9.28 -2.42 Market cap 200-Day High 26,495.02 mn 387.17 Div Yield (%) 200-Day Low 10.17 372.85
Last 60 days High Low
2009 Div BR (%) (%)
1.10 45.30 34.99 16.37 2.91 3.35 2.30 9.00 1.00 5.29 2.84 13.72 5.71 40.50 7.69 5.95 2.50 1.70 3.25
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 24.62 20.90 4.00 1.51 1.85 1.17 6.70 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.66 1.35 0.40 1.24
2010 Div BR (%) (%) 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-
350
Company
Close 1,759.26 Listed cap 12,202.80 mn Payout (%) 66.79
10B
PICIC Ins Ltd
50 - 7.8R 15 50 20 -
Performance of SR Gas Water and Multiutilities Index
40
718 15.40
-
Change % Change -14.79 -1.25 Market cap 200-Day High 97,043.89 mn 1,192.09 Div Yield (%) 200-Day Low 8.39 1,172.05
27.10
791 14.78
ELECTRICITY High Low 1,211.74 1,166.61 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
35.00
3000 36.51
Performance of SR Electricity Index Open 1,186.84 Turnover 85,053,988 P/E (x) 12.41
33.80
Open 1,062.96 Turnover 16,215,584 P/E (x) 6.56 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. XD AL-Noor Mod. XD Atlas Fund of F. SPOT B R R Guardian Mod. Constellation Mod. Crescent St Mod. XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba XD Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba XD Meezan Bal. Fund XD Mod Al-Mali Nat Bank Modaraba Pak Modaraba XD Pak Prem Fund Pak Strat FundSPOT Paramount Mod. XD PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st XD Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba U D L Modaraba XD
264 1375 210 525 780 65 200 524 300 581 760 397 1008 3180 1186 283 1200 184 250 125 1698 3000 59 1000 2835 2841 872 340 454 212 264
High Low 1,084.45 1,034.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 4.09
PE
Open
High
Low
8.75 5.14 4.08 1.41 2.70 3.07 1.58 7.56 5.00 0.59 1.92 2.08 5.23 36.38 10.18 1.35 5.38 11.40 6.44 1.51 11.39 7.05 6.26 1.65 5.14 4.38 2.37 7.24 4.41 4.47 2.80
1.33 6.24 2.16 3.00 1.24 1.11 0.80 1.05 4.25 1.73 2.79 5.35 5.99 3.01 2.95 1.30 5.50 1.18 6.98 1.05 7.93 7.02 7.72 5.60 8.15 3.78 0.93 1.49 8.89 1.98 5.44
1.57 6.30 2.80 3.52 1.40 1.90 0.90 1.50 5.50 1.99 2.99 6.50 6.38 3.10 3.09 2.00 5.99 2.18 7.74 1.05 8.28 7.50 8.25 5.70 8.34 3.99 0.99 1.60 9.00 1.94 5.46
1.25 6.05 2.45 3.00 1.06 0.93 0.60 1.15 4.24 1.30 2.60 5.14 5.97 2.65 2.31 1.30 5.51 0.70 6.55 0.70 7.50 6.70 7.99 5.25 8.00 3.58 0.86 1.44 8.53 0.98 4.85
Close Chg 1.40 6.17 2.45 3.50 1.19 1.35 0.63 1.21 4.65 1.88 2.69 6.25 6.07 2.91 2.85 1.84 5.60 1.14 6.95 0.83 8.20 7.33 8.01 5.68 8.02 3.85 0.90 1.52 9.00 1.70 5.38
0.07 -0.07 0.29 0.50 -0.05 0.24 -0.17 0.16 0.40 0.15 -0.10 0.90 0.08 -0.10 -0.10 0.54 0.10 -0.04 -0.03 -0.22 0.27 0.31 0.29 0.08 -0.13 0.07 -0.03 0.03 0.11 -0.28 -0.06
Close 1,060.58 Listed cap 29,771.58 mn Payout (%) 104.19
Change % Change -2.38 -0.22 Market cap 200-Day High 17,402.39 mn 1,060.58 Div Yield (%) 200-Day Low 27.94 1,056.87
Volume
Last 60 days High Low
2009 Div BR (%) (%)
112331 94118 21648 56828 22862 79149 757410 197083 332449 1657284 284033 395746 104300 4326563 2331499 36256 13611 30106 46026 8947 1573621 2485506 5355 255553 266641 377292 191632 71025 14970 20821 40734
2.24 7.25 3.44 4.50 1.67 2.99 1.10 1.50 5.50 2.00 3.88 6.80 7.44 3.70 3.98 2.00 7.00 2.18 8.45 1.40 9.86 8.10 9.45 5.99 10.05 4.98 1.20 2.00 10.99 7.12 6.99
5 20 10 15 16.5 10
1.01 5.85 2.10 2.53 0.90 0.90 0.16 0.76 0.99 1.30 2.32 4.80 5.56 2.65 2.31 0.52 5.30 0.56 6.15 0.30 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 0.50 4.71
2010 Div BR (%) (%)
- 18.5 5 2.2 0 1.2 17 11 21 5 10 2.8 - 15.5 10 3 - 18.6 - 11.53 18 10 20 10 3 1 17 - 12.5
-
Open
High
23.50 50.91 5.24 6.07 51.66 11.00 1.43 3.59 14.89 1.41 11.95 2.70 4.07 67.86 12.98 4.80 21.04 32.75 22.10 8.50 74.97 0.31 40.00 17.06 19.75 18.40 4000.02 93.85 0.75 0.56 53.85 36.25 4.49 0.20 17.50 10.87 1.80 3.50 9.10 12.51 1.20 0.30 342.53 40.04 13.90 3.02 148.00 10.95 76.56 30.20 18.89 2.00 3.30 2.00 2.99 3.95 0.97 28.50 2.14 5.26 2.50 376.88 2.14 1550.00 134.79 12.19 6.61 10.95 1.35 3.23 67.77 26.49 2.48 56.20 32.00 9.60 49.48 31.97 0.39 1942.10 5.10 1.99 1.00 2.84 90.00 43.21 1.51 300.00 0.32 20.87 1.25 4.50 0.54 10.32 14.50 4.03 2.47 43.79 30.94 18.99 1.40 37.54 60.00 2.40 18.65 22.00 150.00 11.60 1.70 1000.00 9.65 3.25 65.00 17.19 96.99 15.00 116.68 50.83 4.13 19.24 180.50 90.05 17.00 9.99 85.00 44.99 3.50 113.00 7.51 801.00 8.12 23.83 68.50 20.00 0.81 5.00 3.00
23.50 53.80 6.20 6.97 51.40 11.00 2.00 3.55 14.95 1.54 11.50 3.68 5.07 71.50 13.65 5.00 21.40 31.48 22.00 9.94 77.00 0.98 41.00 18.06 20.00 18.40 4099.97 97.90 0.94 2.55 54.99 36.50 5.00 0.45 18.50 11.71 1.80 5.64 10.24 13.99 1.20 0.48 347.98 43.78 14.00 3.02 155.50 12.50 76.56 34.00 19.79 2.89 4.30 2.45 2.98 2.95 1.49 29.92 2.39 5.26 3.23 457.05 2.47 1733.55 138.85 12.00 6.61 11.95 1.20 3.35 70.99 27.48 2.69 56.29 32.10 11.50 54.25 31.99 0.69 2044.00 5.10 1.99 0.95 2.90 94.50 50.00 1.51 305.00 0.36 23.90 1.25 6.25 0.78 10.32 14.90 7.89 3.94 45.95 32.99 18.99 1.40 40.80 61.00 2.39 20.40 22.00 150.00 13.25 1.85 1050.00 9.70 4.00 66.90 17.19 96.50 16.90 120.80 56.01 4.13 24.00 189.00 94.30 19.88 10.39 89.00 47.18 4.70 113.00 9.00 810.00 7.13 25.02 69.00 20.00 0.99 5.89 4.00
Low
Close
20.00 51.00 3.60 5.85 45.01 10.00 0.71 3.00 12.28 1.40 10.04 1.90 5.00 66.00 12.70 2.01 20.00 29.00 19.02 6.84 72.01 0.31 37.00 16.51 19.50 18.40 3876.00 93.00 0.74 0.56 52.00 34.45 4.50 0.45 17.50 10.66 1.52 3.00 7.50 12.60 0.91 0.39 321.00 39.75 13.70 2.70 148.00 9.95 70.50 30.20 17.85 1.03 3.15 1.60 2.50 1.95 0.51 29.92 1.30 3.76 2.51 380.01 1.73 1549.00 125.33 10.98 6.41 10.25 0.52 3.30 63.95 24.50 2.30 47.46 32.06 9.55 51.00 27.72 0.39 1900.01 4.10 1.99 0.95 1.06 94.50 45.37 1.51 285.19 0.32 20.85 1.25 4.90 0.54 8.41 14.50 3.51 2.94 41.33 29.45 16.00 1.40 35.67 57.11 2.39 18.65 21.90 142.57 11.25 1.69 1000.00 8.70 1.13 64.75 16.00 95.00 15.00 119.99 50.83 3.13 20.22 185.00 89.80 17.00 9.40 85.00 44.83 3.50 113.00 7.51 801.00 7.13 25.02 69.00 20.00 0.81 5.00 3.00
21.89 52.00 3.60 6.12 50.00 10.00 1.76 3.03 12.28 1.54 10.95 2.59 5.07 66.00 12.85 3.80 20.00 30.98 19.50 9.63 75.89 0.50 39.97 17.50 19.98 18.40 4088.67 96.00 0.80 2.55 52.00 36.50 5.00 0.45 18.09 10.66 1.76 5.61 8.10 13.99 0.95 0.39 327.05 39.75 13.80 3.02 152.00 11.50 70.61 34.00 18.80 1.03 4.00 1.60 2.94 1.96 0.51 29.92 2.17 5.00 2.53 453.50 2.47 1681.06 134.00 12.00 6.51 11.50 1.20 3.30 65.54 27.48 2.59 47.46 32.10 9.56 51.00 27.72 0.69 1973.48 4.10 1.99 0.95 1.06 94.50 49.99 1.51 291.48 0.36 23.75 1.25 4.90 0.75 10.30 14.50 7.89 3.46 41.33 29.45 16.00 1.40 37.37 59.85 2.39 19.24 21.90 142.63 11.84 1.85 1000.00 8.70 1.13 66.90 16.00 95.00 16.90 119.99 54.95 3.13 24.00 189.00 89.80 19.88 9.90 89.00 47.00 4.70 113.00 9.00 810.00 7.13 25.02 69.00 20.00 0.99 5.89 3.00
Change
Vol
-1.61 1.09 -1.64 0.05 -1.66 -1.00 0.33 -0.56 -2.61 0.13 -1.00 -0.11 1.00 -1.86 -0.13 -1.00 -1.04 -1.77 -2.60 1.13 0.92 0.19 -0.03 0.44 0.23 0.00 88.65 2.15 0.05 1.99 -1.85 0.25 0.51 0.25 0.59 -0.21 -0.04 2.11 -1.00 1.48 -0.25 0.09 -15.48 -0.29 -0.10 0.00 4.00 0.55 -5.95 3.80 -0.09 -0.97 0.70 -0.40 -0.05 -1.99 -0.46 1.42 0.03 -0.26 0.03 76.62 0.33 131.06 -0.79 -0.19 -0.10 0.55 -0.15 0.07 -2.23 0.99 0.11 -8.74 0.10 -0.04 1.52 -4.25 0.30 31.38 -1.00 0.00 -0.05 -1.78 4.50 6.78 0.00 -8.52 0.04 2.88 0.00 0.40 0.21 -0.02 0.00 3.86 0.99 -2.46 -1.49 -2.99 0.00 -0.17 -0.15 -0.01 0.59 -0.10 -7.37 0.24 0.15 0.00 -0.95 -2.12 1.90 -1.19 -1.99 1.90 3.31 4.12 -1.00 4.76 8.50 -0.25 2.88 -0.09 4.00 2.01 1.20 0.00 1.49 9.00 -0.99 1.19 0.50 0.00 0.18 0.89 0.00
4973 4932 4764 4704 4640 4501 4100 4006 3741 3731 3520 3503 3500 3458 3402 3214 3207 3204 3097 2839 2762 2700 2591 2527 2500 2500 2343 2140 2115 2101 2014 2001 2001 2000 1715 1714 1697 1645 1614 1612 1500 1500 1496 1443 1380 1331 1243 1200 1188 1174 1130 1118 1041 1023 1005 1001 1001 1000 968 960 958 847 761 746 658 636 629 530 508 500 472 453 425 357 308 305 290 251 238 207 200 175 162 161 160 160 150 147 138 131 122 102 101 101 101 99 88 82 72 69 61 41 37 32 29 27 22 21 21 19 18 14 13 13 12 11 8 6 6 5 4 4 3 3 3 2 2 2 2 2 1 1 1 1 1 1 1
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Bank Al-Falah Ltd
Nishat Mills Ltd
Company
Date
Time
Mandviwala Mauser Plastic Ind Ltd TRG Pakistan Limited Hinopak Motors Ltd. Dewan Salman Fibre Limited
01-Nov 02-Nov 04-Nov 06-Nov
5:30 6:00 12:00 11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day) MA (5-day)
Brokerage House
Leverage Position
66.83
Support 1
10,558.10
10,659.88
Support 2
10,517.80
Fair Value
*Arif Habib Ltd
78
AKD Securities Ltd
AKD Securities Ltd
Positive
TFD Research
Technical Outlook
10,649.70
MA (100-day)
10,008.17
Resistance 2
10,701.00
Technical Analysis
MA (200-day)
10,005.50
Pivot
10,609.40
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
*Arif Habib Ltd
44
Rs Recommendations
Free Float Shares (mn) 318.37 Free Float Rs (mn) 20,569.69 CFS Shares (mn) N/A CFS Rs (mn) N/A CFS Rate N/A ** NOI Rs (mn) 81.12
* Target price for Dec-10 & **Net Open Interest in future market NBP closed down -3.08 at 64.61. Volume was 325 per cent above average (trending) and Bollinger Bands were 10 per cent narrower than normal. NBP is currently 2.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bullish on NBP.
United Bank Ltd
Brokerage House
Buy
*Arif Habib Ltd
Fair Value 77
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
23.60
24.00
23.35
Adamjee Insurance
48.24
67.35
65.20
70.85
72.15
68.65
Askari Bank
54.23
15.30
15.15
15.70
15.95
15.55
Azgard Nine
52.95
10.65
10.50
11.15
11.45
11.00
Buy
Attock Petroleum
34.30
295.80
294.15
299.30 301.15 297.65
Attock Refinery
70.08
98.85
97.35
102.65 104.90 101.10
Bank Alfalah
55.19
9.05
8.85
9.65
10.00
9.45
BankIslami Pak
50.81
3.10
3.00
3.40
3.55
3.25
Bank Of Punjab
49.73
8.25
8.10
8.70
9.00
Dewan Cement
49.82
1.45
1.30
1.65
1.75
1.55
DGK Cement
63.08
26.95
26.60
27.70
28.10
27.35
Dewan Salman
58.17
1.60
1.55
1.75
1.80
Dost Steels Ltd
Rs Recommendations
AKD Securities Ltd
10.25
Accumulate
TFD Research
14.01
Positive
Technical Outlook
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
175.80 9,090.61 N/A N/A N/A 239.55
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
55.19 9.41 8.87 10.35 9.69 9.71
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
674.58 6,253.34 N/A N/A N/A N/A
8.55
1.65
61.50
2.75
2.65
2.90
2.95
2.80
EFU General Insurance 50.26
40.90
40.30
42.80
44.10
42.20
EFU Life Assurance
48.12
65.90
64.15
71.20
74.75
69.45
174.20
14.75
14.45
NML closed unchanged at 51.71. Volume was 70 per cent below average (consolidating) and Bollinger Bands were 5 per cent narrower than normal. NML is currently 0.3 per cent above 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 moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
4.75
4.65
4.95
5.05
4.85
Fauji Fert Bin
72.09
30.50
29.80
31.65
32.20
31.00
Fauji Fertilizer
44.68
105.95
105.35
107.15 107.85 106.60
Habib Bank Ltd
54.94
100.55
99.55
102.65 103.75 101.65
Hub Power
43.58
33.20
32.95
ICI Pakistan
51.10
122.65
121.40
125.90 128.00 124.70
Indus Motors
55.82
230.50
229.00
234.00 236.00 232.50
JOV and CO
75.61
3.40
2.75
4.40
4.75
Japan Power
53.03
1.60
1.55
1.70
1.75
JS Bank Ltd
60.34
2.55
2.45
2.70
2.80
2.60
Jah Siddiq Co
44.21
9.75
9.60
10.10
10.30
9.95
Kot Addu Power
39.65
39.35
39.20
39.85
40.20
39.70
KESC
47.60
Lucky Cement
57.97
72.50
71.90
MCB Bank Ltd
61.10
201.15
199.70
Maple Leaf Cement
45.31
2.75
2.60
2.95
3.10
2.85
National Bank
46.43
63.45
62.25
66.90
69.15
65.70
Nishat (Chunian)
61.20
20.50
20.10
21.60
22.25
21.20
Netsol Technologies
50.42
18.45
18.25
19.00
19.35
18.80
NIB Bank
42.26
2.60
2.50
2.85
3.05
Nimir Ind.Chemical
54.30
1.45
1.35
1.55
1.65
1.50
60.29
51.30
50.95
52.30
52.85
51.90
Brokerage House
AKD Securities Ltd
Positive
TFD Research
Technical Outlook
Fair Value 33
Accumulate
Pakistan Telecommunication Co Ltd
32.06 29.1
Rs Recommendations
Brokerage House
Buy
AKD Securities Ltd
Accumulate
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
72.09 30.40 28.19 29.53 30.55 30.84
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
326.94 10,187.40 N/A N/A N/A 13.04
33.85
15.45
34.25
14.95
33.60
3.75 1.65
2.20
2.30
2.15
73.45
73.80
72.85
204.00 205.40 202.55
2.75
24.04
Buy
Nishat Mills
Positive
Oil & Gas Dev XD
68.48
152.40
150.90
PACE (Pakistan) Ltd.
58.77
3.05
2.95
3.25
3.40
3.15
Pervez Ahmed Sec
71.34
1.95
1.55
2.60
2.85
2.20
PIAC(A)
55.97
2.20
2.05
2.55
2.75
2.40
Pioneer Cement
50.13
7.65
7.35
8.25
8.50
7.95
Pak Oilfields
54.28
241.45
240.50
243.95 245.45 243.00
Pak Petroleum
51.08
186.15
185.40
187.45 188.00 186.70
Pak Suzuki
42.80
72.45
71.80
PSO XD
47.30
264.65
263.60
PTCLA
30.5
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
1.95
15.30
Rs Recommendations
Technical Outlook
Leverage Position
2.00
176.15 177.00 175.60
Fair Value
Neutral
Technical Outlook 306.04 17,208.91 N/A N/A N/A 45.45
22.70
174.80
*Arif Habib Ltd
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
23.00
43.04
78.44
66.35 54.99 54.56 57.70 56.56 56.68
47.33
70.15
56.82
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
25.50
Arif Habib Securities
47.44
TFD Research
182.55 4,989.08 N/A N/A N/A 29.69
58.90
26.30
Fauji Cement
AKD Securities Ltd
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
55.70
61.85
25.80
Faysal Bank
Buy
63.08 27.08 25.49 27.01 27.05 27.45
57.45
60.10
24.70
Engro Chemical
Positive
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
56.40
55.95
25.00
* Target price for Dec-10 & **Net Open Interest in future market
Buy
Leverage Position
53.95
57.15
37.19
BAFL closed down -0.05 at 9.27. Volume was 43 per cent above average and Bollinger Bands were 28 per cent wider than normal. BAFL is currently 10.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL.
43.29
Technical Analysis
54.65
27.57
Arif Habib Limited
* Target price for Dec-10 & **Net Open Interest in future market
36.85
Leverage Position
14
61.36
Attock Cement
Buy
Fauji Fertiliser Bin Qasim Ltd
Rs Recommendations
Fair Value
1st 2nd Pivot Resistance 3.20 3.35 3.10
Allied Bank Limited
Positive
Leverage Position
60.29 52.10 47.15 51.54 52.41 52.89
TFD Research
Technical Analysis
59.97
Brokerage House *Arif Habib Ltd
Buy
74.2
AKD Securities Ltd
Technical Outlook
Rs Recommendations
Technical Outlook
Leverage Position
46.43 66.47 65.61 71.59 67.20 67.63
Dera Ghazi Khan Cement Co Ltd
65
Neutral
Resistance 1
Fair Value
*Arif Habib Ltd
92.3
10,594.59
Brokerage House
Buy
Brokerage House
61.96
TFD Research
MA (10-day)
KSE 100 INDEX closed down -54.08 points at 10,598.40. Volume was 7 per cent above average and Bollinger Bands were 14 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,649.70 and 2nd resistance level at 10,701.00, while Index will continue to find its 1st support level at 10,558.10 and 2nd support level at 10,517.80. KSE 100 INDEX is currently 6.0 per cent above 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 moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
RSI 1st 2nd (14-day) Support 41.96 2.95 2.90
36.35 19.03 18.64 19.62 18.94 18.99
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
584.63 10,669.59 N/A N/A N/A 11.44
155.20 156.50 153.70
74.35
75.65
73.70
267.15 268.60 266.10
36.35
18.05
17.85
Shell Pakistan
23.15
181.25
179.85
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
Sui North Gas
55.05
31.30
30.75
18.65
19.00
18.40
DGKC closed down -0.59 at 27.33. Volume was 47 per cent above average and Bollinger Bands were 25 per cent wider than normal. DGKC is currently 1.2 per cent above 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 DGKC (bullish). Trend forecasting oscillators are currently bullish on DGKC.
UBL closed up 1.80 at 56.23. Volume was 84 per cent below average (consolidating) and Bollinger Bands were 47 per cent wider than normal. UBL is currently 2.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into UBL (bullish). Trend forecasting oscillators are currently bullish on UBL.
FFBL closed up 0.73 at 31.16. Volume was 266 per cent above average (trending) and Bollinger Bands were 24 per cent wider than normal. FFBL is currently 7.0 per cent above 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 FFBL (bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that FFBL is currently in an overbought condition.
PTC closed down -1.06 at 18.25. Volume was 20 per cent below average and Bollinger Bands were 40 per cent narrower than normal. PTC is currently 7.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bearish on PTC.
Sitara Peroxide
76.22
12.15
11.45
13.45
14.05
12.75
Sui South Gas
39.95
23.65
23.10
25.00
25.80
24.45
Telecard
46.69
2.20
2.15
2.40
2.50
2.30
TRG Pakistan
48.27
3.95
3.90
4.10
4.15
4.05
United Bank Ltd
66.35
55.85
55.50
56.75
57.30
56.40
WorldCall Tele
38.92
2.35
2.25
2.60
2.80
2.50
184.85 187.05 183.45 32.55
33.25
32.00
Indian insurers seen having stable growth 8
Monday, November 1, 2010
AIG’s crown jewel ‘AIA’ makes hot HK debut
ARLINGTON: Federal Deposit Insurance Corporation Chairman Sheila Bair speaks at a Federal Reserve System symposium. -Reuters
Title insurers soften stance as US banks stiffen theirs NEW YORK: Title insurers are trying to push legal costs associated with the foreclosure mess onto banks, but lenders don't seem willing to agree as a group to take them. That has led some title insurers to pull back on their demands and give banks the benefit of the doubt. The stakes are high for the real estate market. Without title insurance, home sales cannot happen, and the glut of foreclosed homes in the United States cannot be sold. Some title insurers have slowed underwriting policies because they are unsure how much they may have to pay for the foreclosure mess. That may be weighing on the housing market. In recent weeks, banks have come under fire for using sloppy paperwork to foreclose on homes. Title insurers protect the buyer of a home against claims that prior owners still legally own the property. If banks have improperly foreclosed, the wronged borrowers could create an influx of lawsuits that title insurers would have to defend. Banks are reluctant to sign a sort of model industry agree-
ment to take on insurers' legal costs, because it could expose them to the suggestion they did something wrong, industry representatives said. "If this is going to be done it makes more sense as a targeted solution that's mutually agreeable to the parties that are directly affected," said Bob Davis, executive vice president for mortgage, markets and public policy at the American Bankers Association, in an interview. Until now the title insurance industry has operated in relative obscurity. Most people have never heard of title insurance, unless they have bought property. The four largest national title insurers -- Fidelity National Title, First American Financial, Stewart Information Services and Old Republic International -- control 90 per cent of the market alongside much smaller independent insurance companies. Stewart, citing the model industry agreement, said it was ready to issue insurance "to purchases of foreclosed properties from institutional lenders representing that they have followed all applicable legal processes" -a signal it wants lenders to
accept the agreement before it writes policies. On the other hand, First American said on a conference call with analysts it was giving up on pushing a deal given changes the banks had made in their processes. We do not think a general indemnity is necessary," Chief Executive Dennis Gilmore said on a conference call. Analysts say the future of such an agreement is very questionable and title insurers may have to do without. "If there is no master agreement, I expect individual title insurers will negotiate with individual banks," said Jerry Bruni, who owns Fidelity National stock and oversees $425 million at J.V. Bruni and Co in Colorado Springs, Colorado. The ultimate fate of the agreement could affect the appeal of the sector to investors. With the exception of Old Republic, shares in the sector are down anywhere from 3 to 7 per cent this year, against a 10.3 per cent gain for the S&P insurance index. "There is a lot of uncertainty what's going to happen, which is why shares are where they are," Bruni said.-Reuters
PQFTL announces right shares issue KARACHI: The Board of Directors of Pak-Qatar Family Takaful has decided to further invest in the company by issuing right shares up to 33 per cent of the base capital. This was decided in the Board of Directors meeting of Pak-Qatar Family Takaful held in Doha, Qatar recently. The meeting was chaired by HE Shaikh Ali bin Abdullah Al-Thani chairman board of director and was also attend by all the members.
CEO, PQFTL P Ahmed apprised the Board on the stateof-affairs of the Company and presented the progress report; Shaikh Thani and other members of the board expressed their satisfaction and appreciated the performance so far despite the difficult socio-economic conditions of the country. Shaikh Ali bin Abdullah AlThani assured his full support to PQFTL. He said that PQFTL "has the institutional
capacity to cater to the protection and long-term investment needs of the people of Pakistan." The sponsors of Pak-Qatar, who are leading financial institutions from the state of Qatar including QNB, Masraf Al-Rayan, QIIB, QIB, QIIC, The Amwal group and German base FWU group, showed their long term commitment to the country and pledged to provide assistance to support the cause of Takaful in Pakistan.-Online
HONG KONG: AIA Group Ltd surged 17 per cent in its Hong Kong debut as investors, chasing exposure to Asia's fastgrowing life insurance business, piled into the record offering in the world's hottest IPO market. The better-than-expected listing is a relief for bailed-out insurer American International Group Inc after a two-year effort to sell its Asian unit, including a failed takeover attempt from British insurer Prudential plc. Encouraged by the first-day pop, AIG exercised the greenshoe in full, taking the IPO size to $20.5 billion (13 billion pounds). That makes it the third-biggest IPO ever, behind Agricultural Bank of China Ltd and Industrial and Commercial Bank of China Ltd. The strong start boosted AIA's market value above the $35.5 billion Prudential had initially offered for AIA in March, vindicating AIG's decision not to accept a $30.4 billion bid that followed. AIA CEO Mark Tucker will now battle it out with Prudential to grab a greater share of the $358 billion AsiaPacific life insurance market after spending about 17 years building Prudential's Asian business. Diversifying quickly into bancassurance -- selling insurance products through banks -is one of the battles Tucker has on his hands, as he drives growth at AIA after the wounds inflicted by AIG's near-collapse. "The successful IPO would turn management's full attention back to the core business. The IPO and the separation from AIG took up some of management's time," said Sally Yim, senior analyst of financial institutions group at Moody's Investor Service.-Reuters
HHS offers grants for early US insurance exchanges WASHINGTON: Five states will receive grants to design the technology needed for health insurance exchanges, the piece of health reform states have said could be a burden on them, the US Department of Health and Human Services announced. States, as well as coalitions of states, will compete for the two-year "Early Innovator" grants, which will help defray the cost of developing and implementing information technology infrastructure for establishing the exchanges, HHS said. The models developed by grant recipients will then be made available for other states to use to set up their exchanges. "The states have told us that they don't want to all have to reinvent the wheel on each aspect of the exchange," Joel Ario, HHS director of health insurance exchanges, said on a conference call with reporters. He said the grants will be awarded by Feb. 15 and will go to states that have "ambitiousyet-achievable proposals that can yield IT models that can serve as best practices." HHS has not determined how much money grant recipients will receive, Ario said, explaining that the department will look to states to determine how much their proposals would cost.-Reuters
SArabian workers in health cover fix RIYADH: Many Saudis are unaware of the regulations and provisions of the health insurance scheme that was made compulsory for domestic workers two years ago, according to a report in Al-Riyadh newspaper. For many Saudi sponsors, acquiring health insurance is a procedure that they only complete to process their workers' paperwork such as renewing or issuing iqamas. The sponsors blame insurance companies for giving them incorrect information with an eye on maximising their own financial benefits, and say they do not fulfill the provisions of signed contracts. Due to an overwhelming number of the Kingdom's seven million expatriate workers being domestic staff, the problem is widespread. Dr Hamad Al-Manie, the then minister of health, announced in 2008 a mechanism in which domestic workers such as maids and drivers would be required to have health insurance. "The ministry carried out studies and came up with two proposals to implement the mechanism. One is that the ministry would provide health insurance coverage to each worker for a premium of SR500 and then he or she would be entitled to receive medical care at all government hospitals and health clinics in the Kingdom. The second proposal involves a direct payment of SR1,200 by the worker to an insurance company, which would bear the whole treatment cost at both government and private hospitals," said Al-Manie. Abdullah Al-Bashar, a Saudi citizen, expressed his surprise at the negligence of the private sector in implementing the system. "Bringing domestic workers under health insurance coverage would be a big boost to the private sector, and thus open avenues to make more invest-
ments in this vital health sector," he said. Al-Bashar said some private companies and establishments are playing games with the insurance system. "They are paying insurance premiums not to meet the cost of treatment but for completing procedures such as the issuing and renewing of iqamas," he said, adding that this is simply like leaving members of the public in a lurch. He further underlined the need to make people fully aware of the salient features of the health insurance scheme, and to take punitive measures against those insurance companies that violate contract provisions. Muhammad Al-Mehna, another Saudi citizen, said people are now between a hammer and an anvil and that many view health insurance as an extra financial burden. "Ignorance on the part of both sponsors and workers of the provisions of the health insurance scheme is a blessing in disguise for insurance companies. Both insurance companies and private hospitals are vigilant not to provide specific information about the health coverage that comes under the scheme," he said. "Subsequently, both citizens and their workers remain totally unaware about the health care that they are entitled to under the scheme. They are therefore forced to consider health insurance premiums as an additional fee that they need to pay to issue and renew iqamas," he said. Al-Mehna urged the authorities to stringently monitor insurance companies and concerned hospitals, and take punitive action against those who fail to fulfill their obligations. Adel Abu Nama, an official at a private recruitment office, underlined the need to strictly implement health insurance regulations and take action against errant companies and hospitals.-NNI
Not a very good wk for insurance stocks TFD Report KARACHI: Last week insurance stocks at Karachi stock Exchange (KSE) saw negative activities as bears ruled supreme. The general bearish spell pretty much reduced investor participation bringing the number of traded shares to a not very heartening level. Adamjee Insurance was the
volume leader with 3.78 million shares followed by Pak Reinsurance with 3.13 million. IGI Insurance grew by Rs2 to close at Rs83 and Central Insurance by Rs1.09 to close at Rs52 to be the major gainers while EFU Life Assurance dropped by Rs10.45 to close at Rs67.68 and Adamjee Insurance by Rs4.99 to close at Rs69.53 being the major losers of the week.
Life insurance for poor soon: minister PESHAWAR: Khyber Pakhtunkhwa Labour Minister Sher Azam Wazir has said that life insurance scheme for welfare of the poor and deserving people under Benazir Income Support Programme would be initaited from November 1st, next. Talking to media persons here at his office, Labour Minister said that people were the real source of power and PPP has its roots in the masses making it the most popular party of the country. He said that the government
would continue its people friendly policies so as to pass on benefits of democracy to the common man. Sher Azam said that the PPP has a history of putting up struggle against dictatorial elements and has rendered great sacrifices for upholding democratic principles. He maintained that speculations about removal of government were mere daydreams of certain vested elements adding that the current regime would complete its constitutional term.-APP
RBS Insurance to create 160 call centre jobs GLASGOW: The insurance arm of Royal Bank of Scotland is in detailed discussions with an outsourcing company over a deal that will create over 160 call centre jobs in Glasgow. The news will come as a surprise to observers, since it flies in the face of the announcement in August that RBS Insurance is to close two Glasgow offices with the cost of 440 jobs as part of a wider consolidation ahead of a probable flotation. It has nevertheless been confirmed by two separate sources that the banking giant has been in negotiations for most of the year with Vertex, the company that was unveiled several weeks ago as the recipient of an IT outsourcing deal for Tesco Bank's mortgage operations in Glasgow that will bring 200 jobs. This was followed by an announcement by the Scottish Government last week that Vertex was to receive £1.7 million in regional selective assistance funding to create 368 jobs in the city - even though the group denied that such an announcement was imminent when it was contacted two weeks ago by the Sunday Herald. According to one well-placed source, negotiations would be "well down the line". The deals involve 4 Atlantic Quay, a 10-storey office block that overlooks the north side of the Clyde in the city centre. Vertex was last week close to signing a 10-year leasing deal for the seventh floor to house Tesco. It also has an option to lease the eighth floor, also for Tesco, and has earmarked the ground and upper ground floors for a deal with RBS. It expects to reach an agreement - which would also be for 10 years with the bank by early next year at the earliest. A further intriguing note is added by the fact that RBS is in the throes of vacating 6 Atlantic Quay, from where it has run its Direct Line operation for many years. Together with the closure of another office in St Vincent Street, it is retrenching the insurance operation to Cadogan Street, adding 200 to the existing staff to take the Glasgow total in the division to 1300. The moves are part of the wider closure of 14 offices around the UK, reducing the insurance portfolio to 13 offices after the European Union ordered the company to offload the division by 2013 as part of its investigation into state aid to the banks. RBS announced at the time that the decision would lead to the loss of 2000 jobs UK-wide. While Tesco is contracting Vertex because it does not have the IT infrastructure required to get permission from the Financial Services Authority to offer mortgages, it is not clear why RBS would be looking to outsource part of its operation. Other brands in the portfolio include Churchill, Privilege and Green Flag. A spokesman for RBS Insurance said: "Pitched against an ever-competitive market, we are constantly exploring options that will help us achieve greater cost efficiencies. However, we do not comment on speculation and have a commitment to our staff that we will always tell them first if we are announcing any changes that affect them." A spokesman for Vertex said: "We don't comment on speculation or rumour."-Agencies