International Karachi, Thursday, February 3, 2011, Safar-ul-Muzaffar 29, Price Rs12 Pages 12
Opposition criticises govt’s US visa policy
Democracy, only way ahead: Zardari Can win Afghan war sans Pak: US IMF eyes fresh start with Asia
See on Page 12 See on Page 12 See on Page 12
See Page 12
Central Bank's First Quarterly Report
Economic Indicators $17.30bn Forex Reserves (22-Jan-11) 14.61% Inflation CPI% (Jul 10-Dec 10) $10.98bn Exports (Jul 10-Dec 10) $19.13bn Imports (Jul 10-Dec 10) $(8.15)bn Trade Balance (Jul 10-Dec 10) $26mn Current A/C (Jul 10- Dec 10) $5.29bn Remittances (Jul 10-Dec 10) $1.05bn Foreign Invest (Jul 10-Dec 10) Rs 638bn Revenue (Jul 10-Dec 10)
SBP sees real GDP at 2-3pc this fiscal
$58.41bn Foreign Debt (Sep 10) Rs 5497.4bn Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) $323.6mn -4.69% LSM Growth (Nov 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 175.06mn Population
Services sector expected to contribute growth; inflation at 15-16pc Staff Reporter
Portfolio Investment SCRA(U.S $ in million)
202.60 Yearly(Jul, 2010--1-Feb-2011) 1.85 Monthly(Feb, 2010--1-Feb-2011) 1.85 Daily (1-Feb-2011) 3065 Total Portfolio Inv (21 Jan-2010)
NCCPL (U.S $ in million) FIPI (2-Feb-2011)
2.62
Local Companies (2-Feb-2011)
-0.42 0.84
Banks / DFI (2-Feb-2011)
-4.31
Mutual Funds (2-Feb-2011) NBFC (2-Feb-2011)
0.36
Local Investors (2-Feb-2011)
1.20 -0.29
Other Organization (2-Feb-2011)
Global Indices Index
Close
Change
KSE 100
12,242.39
30.99
Nikkei 225
10,457.36
182.86
Hang Seng
23,908.96
426.01
Sensex 30
18,090.62
68.40
ADX
2,624.31
SSE COMP.
2,798.96
8.27
FTSE 100
5,974.52
16.70
*Dow Jones
12,030.47
9.69
24.97
GDR update Symbols
$.Price PKR/Shares 111.11
MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 18.40
157.26 42.73
UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70
36.32
HUBC (1 GDR= 25 Shares) 10.95
37.44
Money Market Update T-Bills (3 Mths) 26-Jan-2011
13.67%
T-Bills (6 Mths) 26-Jan-2011
13.71%
T-Bills (12 Mths) 26-Jan-2011
13.88%
Discount Rate
29-Nov-2010
14.00%
Kibor (1 Mth)
02-Feb-2011
13.25%
Kibor (3 Mths)
02-Feb-2011
13.65%
Kibor (6 Mths)
02-Feb-2011
13.79%
Kibor ( 9 Mths)
02-Feb-2011
14.16%
Kibor (1Yr)
02-Feb-2011
14.28%
P.I.B ( 3 Yrs)
02-Feb-2011
14.19%
P.I.B (5 Yrs)
02-Feb-2011
14.21%
P.I.B (10 Yrs)
02-Feb-2011
14.20%
P.I.B (15 Yrs)
02-Feb-2011
14.62%
P.I.B (20 Yrs)
02-Feb-2011
14.80%
P.I.B (30 Yrs)
02-Feb-2011
14.98%
Commodities *Crude Oil (brent)$/bbl 101.87 *Crude Oil (WTI)$/bbl 91.19 *Cotton $/lb 175.05 *Gold $/ozs 1,337.60 *Silver $/ozs 28.38 Malaysian Palm $ 1,247 GOLD (NCEL) PKR 37,181 KHI Cotton 40Kg PKR 11,789 *Last Updated 20:00 PST
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $
86.20
87.20
Canadian $
86.10
87.10
Danish Krone 14.00
14.70
Euro
117.80
119.20
Hong Kong $ 11.00
11.10
Japanese Yen 1.030
1.056
Saudi Riyal
22.80
Singapore $
66.80
23.05 67.80
Swedish Korona 12.00 Swiss Franc
12.10
85.60
86.20
U.A.E Dirham 23.30
23.50
UK Pound
137.00
139.00
US $
85.85
86.15
Inter-Bank Currency Rates Symbols
Buying TT Clean Australian $ 86.61 Canadian $ 86.43 Danish Krone 15.89 Euro 118.46 Hong Kong $ 10.98 Japanese Yen 1.043 Saudi Riyal 22.80 Singapore $ 67.16 Swedish Korona 13.44 Swiss Franc 91.41 U.A.E Dirham 23.28 UK Pound 138.24 US $ 85.47
Selling TT & OD 86.81 86.64 15.93 118.74 11.00 1.046 22.85 67.32 13.47 91.62 23.34 138.56 85.66
Pro-Mubarak group clashes with govt opposers CAIRO: Supporters of Egyptian President Hosni Mubarak clashed violently with opposition protesters on Wednesday after storming their rally in central Cairo, with at least 26 people hurt, witnesses said. Partisans from both sides threw stones and set on each other with sticks and fists in Tehrir Square, the epicenter of anti-regime demonstrations, a day after the embattled president rejected demands to step down and vowed to stay on to the end of his term. Fighting took place around army tanks deployed in the square with stones bouncing off the armor, resultantly at least 10 people were injured in the first fighting. Soldiers took cover from the projectiles, and the windows of at least one army truck were broken. Some troops stood on tanks and appealed for calm but did not otherwise intervene. The clashes occurred just hours after the army urged people to go home and allow a return to normality. Amid the chaos, See # 19 Page 11
IPI gasline survey afoot ISLAMABAD: Minister for Petroleum and Natural Resources Syed Naveed Qamar Wednesday said physical survey was underway to lay gas pipeline from Iranian border to Pakistani areas under the Pak-Iran project. The government has completed the process of appointing consultants, while other preparations have almost been finalised, he said during the Question-Hour session. "The work will be started on the project as soon as the survey completes," the See # 18 Page 11
Bank holiday on Feb 5 Staff Reporter
Weather Forecast CITIES MAX-TEMP ISLAMABAD 24°C KARACHI 31°C LAHORE 25°C FAISALABAD 25°C QUETTA 17°C RAWALPINDI 25°C
CAIRO: Pro-government demonstrators march towards anti-Mubarak supporters near Tahrir Square in Cairo. Reuters
MIN 4°C 12°C 6°C 5°C 6°C 5°C
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KARACHI: State Bank of Pakistan and all offices of SBP Banking Services Corporation, including the Public Debt Offices, will remain closed on Saturday the 5th February, 2011 being public holiday declared by the Government of Pakistan on the occasion of Kashmir Day.
Govt striving to broaden tax net
Shaikh touts to retool taxation ISLAMABAD: Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh has said Pakistan needs reforms in taxation system by replacing the weak taxation machinery with efficient and vibrant tax collecting machinery for the economic prosperity of the country. "We have a weak tax collection machinery; we have a culture of corruption; we have limited incentives; we don't have the technology; so it is a combination of things," he told a private TV Channel in an interview. Finance Minister said that country needs reforms in the tax collecting mechanism, adding in the coming budget people would see
many proposals aimed at reforms in FBR in this regard. He said the government is very serious in reforms in FBR, because ratio of taxes to GDP of our country is just 10 per cent that is not sustainable. He added that in order to overcome the issue the government is holding political dialogue with various political parties aimed at taking every body on board and steps should be taken to enhance that tax to GDP ratio for the benefit of the country. Dr Hafeez Shaikh said that the main aim and objective behind the introduction of Reformed See # 14 Page 11
WTO delays vote on trade breaks for Pak
EU trade grants plan put on ice BRUSSELS: A European Union plan to grant trade concessions to Pakistan suffered a setback this week after a number of non-EU countries complained it would hurt their economies, according to diplomats and officials. A World Trade Organization committee in Geneva delayed for two months a vote that had been scheduled for Monday on allowing the EU to waive duties temporarily on some Pakistani imports to help it recover from last summer's floods, the diplomats said.
"Discussions are ongoing, but the decision to delay the vote does not bode well for the success of the waiver," one diplomat told Reuters. It was not immediately clear which countries oppose the measures, which would apply to 75 goods, from cottonsheets to textiles and ethanol, and which the EU has estimated could boost Pakistani sales by 100 million euros. There was no immediate comment from the European Commission. The proposed duty See # 15 Page 11
MoC to write exports plan ISLAMABAD: Ministry of Commerce on Wednesday directed by the Federal Government to constitute Federal Export Development and Promotion Board (FEDPB), and urged the ministry to invite proposals from various sectors of the industry. It was learnt that Prime Minister Yousuf Gilani would hold its first meeting which would be held in
March. Prime Minister also asked the Ministry of Commerce to make a presentation to the Federal Cabinet on February 9 regarding the 'Master Plan' for export promotion as envisaged for declaring 2011 as the 'Year of Exports'. Prime Minister emphasised that regional trade should be increased with See # 16 Page 11
Raymond Davis put on ECL
Will respect court ruling, PM to NA ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has assured National Assembly (NA) that government will accept the decision of the courts as it is in respect of Raymond Davis. Prime Minister Gilani said on the floor of the House that national media, parliament and courts were independent today. "We respect the judiciary. See # 17 Page 11
KARACHI: Pakistan's real gross domestic product is likely to grow between 2 and 3 per cent in the current fiscal year (FY11) due to expected better contribution by the services sector, and improvement in the performance by the commodity producing sectors, according to the First Quarterly Report of the State Bank on the State of the Pakistan's Economy which was released here on Wednesday. According to the Report, performance of the commodity producing sectors of the economy is expected to improve in months ahead. However, expectations of a recovery in agriculture will
Sherry takes blasphemy amendment bill back ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Wednesday said that Sherry Rehman has agreed to withdraw blasphemy amendment bill. Talking to parliamentary delegation here, PM Gilani said Sherry Rehman decided to withdraw the said bill in accordance with the party policy. Prime Minister urged See # 13 Page 11
depend crucially on the wheat harvest including increased production from the rain-fed - "barani" areas, and the livestock sector. Similarly, large-scale manufacturing growth is expected to turn positive again in the months ahead, as strong agri-prices support demand, and with the additional capacities coming on-line in some industries including fertiliser, cement and steel, the Report added. SBP Report said that growing macroeconomic imbalances in the economy are still quite manageable but further delay in implementing critical structural adjustments risks significantly increasing the future
Projection of Major Macroeconomic Indicators FY10 FY11 Annual plan SBP targets projections growth rates in percent GDP 4.1 4.5 2.0-3.0 Average CPI inflation 11.7 9.5 15.0-16.0 Monetaryassests (M2) 12.5 14.0-15.0 billion US Dollars Workers’s remittances 8.9 9.0 10.0-11.0 Exports (fob-Bop data) 19.7 20.0 22.0-23.0 Imports (fob-Bop data) 31.2 31.7 34.5-35.5 percent GDP Fiscal deficit 6.3 4.0 6.0-6.5 Current account deficit 2.3 3.4 1.0-2.0 costs to the economy. post-flood shocks will fade The Report pointed out away, as will part of the that inflationary pressures price rise of sugar, but the have strengthened more fiscal expansion, proposed than anticipated during the reduction in energy subsifirst half of FY11. dies, and prospects of rising "A part of this, reflecting See # 21 Page 11
Tax on rich, sugar mafia, FBR-reform
Apex court
MQM recites 9-pt rejects PCO economic agenda jurists plea
ISLAMABAD: Supreme of Pakistan Wednesday rejected the petitions of the PCO judges and issued contempt of court notices to former President Pervez Musharraf, former Prime Minister Shaukat Aziz, Corps Commanders and nine judges who took oath under the Provisional Constitutional Order (PCO). In its verdict, the See # 12 Page 11
Sattar says it would help govt get Rs1200bn more Court ISLAMABAD: The Muttahida Qaumi Movement (MQM) has presented a nine-point agenda for economic reforms here on Wednesday and said it would be presented in the second round of meeting with the economic team of the government. Addressing at a press conference in Islamabad, deputy convener of MQM, Farooq Sattar said the purpose of the
agenda was to bring reforms in the economy of the country, added time has come to tax the rich and land-lords. The MQM leader claimed that if the charter was applied, the government could get additional resources of Rs1200 billion. He further claimed that the government could get Rs200 billion by taxing landlords, Rs80 billion by taxing the See # 20 Page 11
2 Thursday, February 3, 2011
Competition law must for economic growth: CCP Chairperson Staff Correspondent I S L A M A B A D : Enforcement of competition law is a must for creating a level playing field for all businesses and ensuring economic growth by removing entry barriers and curbing anti-competitive practices in the economy. This was stated by the Chairperson, Competition Commission of Pakistan (CCP), Rahat Kaunain Hassan, while addressing a seminar on Competition Law, held at the Rawalpindi Chamber of Commerce and Industry (RCCI). On this occasion, the President RCCI Ali Raza Saeed Shah, Member CCP Abdul Ghaffar, Director General CCP Ikram-ul-Haq Qureshi, and a large number of RCCI Members were present.
LG introduces smartphone KARACHI: LG Electronics (LG) recently announced the launch of new Android smartphone, LG Optimus Black, at the 2011 International Consumer Electronics Show (CES) in Las Vegas. Providing users with a dramatically brighter 4-inch NOVA display in the world's slimmest 9.2 mm mobile device, LG Optimus Black creates a one-of-akind user experience unlike anything before. Available for the first time in the mobile market, LG Optimus Black's NOVA display is designed to be the brightest, clearest and most readable among mobile screens with 700 nits of brightness for optimal visibility. LG Optimus Black provides users with an easier and more natural experience when browsing the web, reading emails, or writing documents with higher levels of brightness and pure white tones that deliver true black and white colors for ideal handset viewing.
Baig meets Indian cotton official TFD Report KARACHI: Dr Mirza Ikhtiar Baig, Advisor to Prime Minister on Textiles accompanied by Vice Chairman APTMA Yasin Siddiq, met President of Cotton Association of India, Dhiren Sheth in Karachi and discussed the issue of non delivery of the Indian cotton purchased by Pakistani millers.
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The CCP Chairperson said that the Competition Act, 2010 is a state of the art law that adequately protects consumers from exploitative pricing collusion or other forms of cartelization, which are designed to prevent competition. The Competition Act does not prevent business firms from having or gaining a large market share for their products or services. However, the abuse of dominant position is anticompetitive and is strictly prohibited by the law. Similarly, she said, misleading consumers through deceptive marketing also draws the provisions of the Competition Act. Ms. Hassan said that since its inception in 2007, CCP has engaged in active advocacy to create aware-
ness of the competition law and encourage its voluntary compliance. "More than 60 active sessions of advocacy have been held so far while the Commission plans to engage in more knowledge-based advocacy events to educate the stakeholders and encourage them to comply with the law voluntarily." Recognizing that there was a long history of collusive business practices in certain sectors, she emphasized that the CCP supports compliance-oriented approach, and was more interested in bringing out corrective behavior in the business community as CCP's role is not to scare businesses but to discipline them. However, those in violation of the law need to be forthcoming and admit
such violations in order to seek lenient treatment. She emphasized that leniency provisions are part of the law and play a pivotal role in breaking cartels. "Undertakings should feel encouraged to invoke this provision if they desire leniency." She said under the Competition Act, 2010, the penalties imposed by CCP were deposited in the Government exchequer and not to the CCP fund directly, thus the perception of a conflict of interest was misplaced. The CCP Chairperson informed the participants of the seminar that the Commission has launched a Voluntary Competition Compliance Code to encourage the voluntary compliance of the Competition Act, 2010. A presentation was given
Tuwairqi Steel, STX Corpn to collaborate for HBI production Staff Reporter KARACHI: Tuwairqi Steel Mills Limited (TSML), a subsidiary of Al Tuwairqi Holding of the Kingdom of Saudi Arabia, and STX Corporation of South Korea have agreed to collaborate, in a bid to advance TSML's DRI Plant by producing HBI as well. The two parties have reached a consensus during a recent meeting at TSML's head office w h e r e Zaigham Adil Rizvi, Director (Projects), TSML and Sang-min HAN, Team Leader, STX Corporation signed an MoM. Under this MoM, STX will support TSML in producing HotBriquetted iron (HBI) as well from TSML's DRI Plant. HBI is a manufactured product with an identifiable production cost structure and year-round operation (no collection season like scrap), which allows producers the option to offer long-distance supply contracts. On this occasion, Sangmin HAN, Team Leader,
PAF launches 'Join PAF' website ISLAMABAD: Pakistan Air Force has launched 'Join PAF' website to facilitate potential candidates who want to join the PAF to register on-line in all cadres from their homes. This latest endeavour would go a long way in easing out the procedures for enrolment in the PAF for the youth of the country. Additionally, the web site would assist the PAF in the selection and recruitment of quality human resource to meet its requirements and challenges of 21st Century. Those desirous of joining the PAF and meet the requisite qualifications (as advertised / given in the website) may log on to www.joinpaf.gov.pk., says a PAF press release.-Online
STX Corporation said, "We foresee an export potential to South Korea, Japan and China for HBI, produced in TSML, in the range of around 0.4 MTPA - 0.5 MTPA." He informed that the use of low residual, high Fe content HBI, in combination with scrap and other metals such as pig iron, provides steelmakers more control over
their cost of liquid steel when producing any grade of steel and the ability to compete in markets that are beyond the scope of a total scrap practice. He further added that: "It is a matter of great pride for Pakistan that it would be producing one of the most preferred raw materials for quality steel making - HBI, upon the completion of the first phase of
TSML." He was of the view that currently, Pakistan is among the countries that rely mostly on imports, when it comes to heavy mechanical structures and engineering goods. "By producing high-quality steel within Pakistan, such equipment can be manufactured locally by value addition with the help of downstream industries," he concluded. Zaigham Adil Rizvi, Director (Projects), TSML said, "DRI/HBI contains around 94% iron with very little impurities, which are removable. According to the latest stat i s t i c s , DRI/HBI production, worldwide, has increased from 44 million tons in 2000, to over 56 million tons in 2010. There is a consistent growth in the production of DRI/HBI over the years, owing to its environment-friendly production processes, consistent quality of the product and above all, the most optimum utilization of the energy content (BTUs) of natural gas at around 86%.
Pak is hub of business: LCCI LAHORE: Appreciation to the best performers always promotes excellence in all walks of life and the Lahore Chamber of Commerce and Industry would continue to play its role to this regard for turning Pakistan into a hub of business and economic activities. This was stated by LCCI former President Mian Shafqat Ali while addressing an award giving ceremony arranged by LCCI Standing Committee on Paper and Paper Board to pay tributes to the best performers in different private and public sectors. Mian Shafqat Ali said that there are no two opinions about it that only strong institutions could guarantee good governance as weak institutions mean weak sys-
tem and no country could achieve its targets with weak system. Appreciating the role of police, he said police has gained high respect in the eyes of the public due to the great sacrifices they have made in tackling the acts of terrorism. He said police is now acting as a dedicated force that would go a long way in reducing crimes. The SSP Sardar Asif Ali, who spoke at length on various issues, informed the participants that City traffic police was putting in its best efforts to keep vehicular traffic on the move. It is providing necessary assistance to the government in the removal of encroachments which are the biggest hurdle in the flow of traffic.-Online
by CCP officials to the seminar participants about the Voluntary Competition Compliance Code that highlighted various aspects of the code and the benefits to be gained by business undertakings by adopting the code. The Code is aimed to ensure that undertakings achieve the overall purpose of competition law, which is to make markets competitive for the benefit of both undertakings and consumers. RCCI President while addressing the occasion lauded the role that CCP is playing to promote competition in the economy and suggested that the steps taken to raise awareness of the Competition Law should continue. At the end, questions and concerns were addressed by the Chairperson.
Switzerland to support UNGCPLN Staff Reporter KARACHI: The ConsulGeneral of Switzerland in Karachi, Didier Boschung, organized an event for the heads of the Bilateral Business Forums in Karachi to introduce to them the UN Global Compact Pakistan Local Network (UNGCPLN). The event was attended by the Business Forums of Switzerland, Japan, Belgium, USA, France, Thailand, Russia, Sri Lanka and the Overseas Investors' Chamber of Commerce and Industry. Introducing the UN Global Compact to the audience, the Swiss envoy said that launched in 2000, the United Nations Global Compact is both a policy platform and a practical framework for companies that are committed to sustainability and responsible business practices. As a multi-stakeholder leadership initiative, it seeks to align business operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption.
Growth momentum at NCEL KARACHI: NCEL's remarkable year on year growth in 2010 has further picked up speed in the new Year. After the previous monthly milestone, reached in November 2010, of more than 100,000 contracts traded at the exchange, NCEL has very rapidly achieved the next milestone. In January 2011, a total of 159,469 contracts were traded with a total value of Rs 44.5 billion. This marks a positive beginning to the year 2011 and business is expected to continue to grow rapidly. This growth has become possible because of increased investor interest, which follows from a better understanding and awareness of the benefits of a regulated futures market. Commodities, as an asset class, are now well established globally and are now finding their rightful place in the investment portfolios of domestic investors also. This is reflected in a comparison of the business volumes of NCEL vis a vis the stock exchanges in Pakistan.-PR
KARACHI: Senator Haji Ghulam Ali, President FPCCI and Andrey V' Demidov, Consul- General of Russian Federation discussing business relations between the two countries at FPCCI Head Office. Khalid Tawab, Dawood Usman Jakhura, Usman Sheikh, Vice Presidents FPCCI, Nasiruddin Sheikh, Chairman, Fairs and Exhibitions Committee and Syed Masood Alam Rizvi, Secretary-General FPCCI are also seen in the picture.-Staff Photo
SECP seminar on corporatization Staff Reporter KARACHI: The Securities and Exchange Commission of Pakistan (SECP) held a seminar on corporatization and eServices project of the SECP in Karachi in collaboration with Management Association of Pakistan. This seminar was organized as part of the SECP initiative to encourage corporatization and create awareness about the eServices project. After eServices launch in September 2008, such seminars have already been held in various cities of the country including Karachi, Lahore, Islamabad, Faisalabad, Multan, Rawalpindi and Sialkot. The seminar was attended by participants from various companies as well as corporate consultants. Ibtesam Moatisim Khan, Director, Management Information System, deliv-
ered a presentation on the "e-Services Project of SECP" and also provided solutions to the difficulties faced by the users of eServices. The significance of eServices as an easy and cost-effective mode of filing of documents with SECP and new developments in e-Services were shared. Sidney Custodio Pereira, in charge, CRO Karachi, apprised the participants of "corporatization and the role of SECP". The participants greatly appreciated the questions and answers session. They complimented the SECP on successful implementation of e-Services. Famous cricket commentator, Chishty Mujahid, now the Executive Director, MAP, expressed his gratitude to the SECP saying that MAP would continue to arrange such informative and interactive sessions with the SECP.
KESC validates commitment to superior training Staff Reporter KARACHI: ACCA has awarded Approved Employer - Professional Development status to KESC during a ceremony held at head office of KESC, in presence of leadership of both the organisations. CPD approval is the highest seal of honor awarded to ACCA employers in recognition of their commitment to provide continuous development opportunities to ACCA members. It is a highly exclusive honor awarded to few organizations of premium stature. While awarding the CPD Approved Employer Certificate, Arif Masud Mirza, Head of ACCA Pakistan commented: "It is a truly gratifying experience for ACCA to not only rekindle its Trainee Approved Employer relationship with KESC but to take it further to Professional Development
status. ACCA acknowledges the training and development opportunities offered by KESC as advanced and dynamic enough to suffice for professional learning requirement of ACCA members. We are confident that both ACCA members and KESC will benefit greatly from it." Tabish Gauhar, CEO, KESC, said: "KESC acknowledges the value proposition ACCA trainees and members bring to the organization. We are happy to invest in human capital like a forward thinking organization. We understand the significance of a capable finance function towards driving the costs down and enhancing productivity of businesses. KESC looks forward to strengthening the relationship with ACCA and we thank ACCA for awarding us the Approved Employer- Professional Development status."
SLIC secures record premium KARACHI: The State Life Insurance Corporation (SLIC)of Pakistan has successfully secured Rs 9.33 billion as First Year Premium (New Business) during the period January 2010 to December 31,2010 by showing an increase of 35 per cent as compared to last year during the same period. This was stated by Chairman State Life Insurance Corporation, Shahid Aziz Siddiqui,while talking to the media persons here. The Executive Directors and Senior Corporate Executives were also present on the occasion. Siddiqui informed that Renewal Premium also touched the figure of Rs
19.54 billion showing an increase of 28 per cent. He also stated that second and third year persistency during the same period stood at 84.71 per cent and 88.80 per cent respectively. The State Life also extended financial protection to 651,460 new families nationwide during the year 20I0 showing an increase of 24 per cent which was 525,947 policies till 2009. Siddiqui pointed out that in the year 2010 State Life has disbursed Rs 14.57 billion as Bonus to its policyholders on their with profit policies. He said that the bonus for year 2011 will be announced after the completion of actuarial valuation process. -APP
CIMA search for business leaders of tomorrow TFD Report LAHORE: CIMA global business challenge competition is open to full time undergraduates of public and private colleges and universities ideally, from a business or finance background. If so, registration for The 2011 CIMA (Chartered Institute of Management Accountants) Global Business Challenge (GBC) is open till Feb 28. (To sign up log onto www.cimaglobal.com/gbc 2011). The CIMA GLOBAL Business Challenge, which is being held in partnership with Barclays, is an international business management competition designed to bring out the best in potential, young business leaders. It provides students with a great opportunity to test the depth of their financial knowledge, gain global exposure, expand upon their competitive ability and has led to internship opportunities from well known organisations.
‘Urgent steps must to increase Pak-Indonesia trade‘ Staff Reporter KARACHI: The regulating authority must be take necessary steps to increase PakIndonesia business, emphasised the President Federation of Pakistan Chamber of Commerce and Industry Haji Ghulam Ali. He said that for improving business between Pak-Indonesia, a Memorandum of Understanding would be signed shortly. He further stated that the current century is not for was this is business and mutual cooperation's century. Talking to Rossalis R. Adenan, Consul- General of the Republic of Indonesia in Karachi at the Federation House, he stated Pakistan and brotherly country Indonesia both facing the big problems of unemployment, poverty and economical crises which we can fight by mutual cooperation and joint policy.
German author in Pakistan KARACHI: Peter Pannke, a German author and musician who has been visiting Pakistan since the 1960s is currently in the country researching for the "Landscapes of the Soul", a project launched by Goethe Institute Pakistan. He will take part in the Karachi Literature Festival (KLF) at the Carlton Hotel Karachi on Feb. 5 and 6, 2011. The main KLF programmes will be from 10 am to 6 pm. Peter Pannke will participate in a panel session on Sufism together with Dr. Juergen Wasim Frembgen (Germany), Dr. Michel Bouvin (France), and Samina Quraeshi (US/Pak) on Feb 6 from 11a.m.-12.00 p.m. The moderator will be Sadia Dehlvi (India). -PR
3
Thursday, February 3, 2011
Eurozone uncertainty hits euro, dollar still weak
Top Economic Events
Trading volume seen on light side due to winter storms NEW YORK: The euro retreated from a 2-1/2-month high against the dollar on Wednesday as signs of dissension over a euro-zone rescue plan and unrest in Egypt caused some investors to take profits on its recent rise. The currency climbed as high as $1.3861 overnight, its best level since early November, but fell after a German government official said Berlin opposed allowing a euro-zone rescue fund to buy troubled countries' debt. Traders said winter storms in the Midwest and Northeast were keeping trading ranks thin on Wednesday, while clashes in Egypt between supporters and opponents of President Hosni Mubarak injected some uncertainty into markets. A downgrade of Irish government debt also prompted some euro selling, but
analysts noted the currency remains in an uptrend and may yet test $1.40 in the weeks ahead. Dollar gains against major currencies, meanwhile, were slight, even as data showed US private employers beat expectations with 187,000 new jobs last month. Traders said a downward revision to last month's data tempered enthusiasm and failed to alter investors' conviction that US interest rates will remain low indefinitely. "The euro has come off a bit but is still looking firm, and as long as the market
expects the Federal Reserve to keep rates low and continue bond purchases, people will sell the dollar," said Hidetoshi
Yanagihara, senior currency trader at Mizuho Corporate Bank in New York. The euro traded at $1.3788, down about 0.3 per cent on the day while the dollar was up 0.2 per cent at 81.45 yen. The dollar was flat at 0.9353 Swiss francs. The next key resistance for the euro
Asian currencies
Ringgit at record peak, riding on a risk rally Rupiah, baht lag rest of emerging Asia predict a 25-basis point increase at the meeting. Trading was relatively light as some markets including China, South Korea and Taiwan were closed for the Lunar New Year holidays. Dollar/ringgit dropped below 3.05 and hit a record low amid a broader improvement in risk appetite that also knocked US dollar/Singapore dollar to an alltime low overnight. Dollar/ringgit slid to low of 3.0390, compared with its Monday's close of 3.0600. The central bank was spotted buying dollars to check the pair's falls, dealers said. Malaysia markets were closed on Tuesday for a public holiday. The ringgit has risen 1.3 per cent so far this year, the No.3
performer among emerging Asian currencies after Taiwan dollar and the South Korean won. The Philippine peso's rise has taken it beyond a trend line at 44.0600 per dollar, paving the way for a move to 43.85. Dollar/peso at 43.985, compared with its previous close of 44.215. The pair is now heading to 43.85, the previous low that the dollar/peso hit on Jan. 13. Local companies and currency investors appeared to buy dollar a few days ago but they are reversing the move, a Manilabased dealer says. The Thai baht and the Indonesian rupiah gained, helped by a broader improvement in risk taking and higher domestic equities. Inflation fears persist, though. -Reuters
Stg hits 3-mth high on rate hike prospects
Russian rouble at 9-mth high on buoyant oil
SINGAPORE: The Malaysian ringgit hit a record high against the US dollar, leading gains in other Asian currencies on Wednesday, after solid US economic data triggered an increase in demand for riskier assets. The Indonesian rupiah and the Thai baht also gained but continued to underperform their peers as investors remained unconvinced that authorities in those countries have a handle on inflation. Indonesia's central bank holds a rate-setting meeting on Friday. A slim majority of economists polled by Reuters expect the central bank to leave rates at a record low of 6.5 per cent. But a pick-up in annual inflation to a 21-month high in January prompted some economists to
LONDON: Sterling rose to its highest in three months against the dollar and gained versus the euro on Wednesday as upbeat data and hawkish central bank comments supported expectations for higher UK interest rates. Data showed British construction activity returned to growth in January, with the PMI index on the sector rising to 53.7 and easily beating forecasts for 49.9, seen
as a further sign the economy has started to rebound in 2011. Earlier, Bank of England hawk Andrew Sentance warned against delaying rate rises to tackle inflation, while Deputy Governor Charles Bean was quoted saying the bank may be forced to hike if commodity prices rise further. "The case for a rate hike is becoming more compelling and sterling is benefiting on the back of that," said Audrey ChildeFreeman, EMEA head of currency strategy at JP Morgan Private Bank. Implied interest rate futures based on overnight index swaps were almost fully priced for a 25 basis point rate rise in May, up from around 40 per cent last week
after a shock 0.5 per cent contraction in UK fourth quarter gross domestic product. Markets are also pricing in an 18 per cent chance that the BoE will hike rates as early as next week. Sterling was up 0.2 per cent against the dollar at $1.6175, having hit a three-month high of $1.6232. It came off its highs as the dollar gained ground against
the euro, though it continued to outperform most major currencies. Further gains could see it test its early November high around $1.6300, above which would mark a 12-month high. The euro fell 0.45 per cent to 85.30 pence, though it stayed above Tuesday's low of 85.10 pence, with the single currency also supported by talk of interest rates in the euro-zone rising sooner rather than later. The construction PMI followed manufacturing PMI data on Tuesday that was way above forecasts, offering further signs that the economy was rebounding in 2011 after a surprise 0.5 per cent contraction in fourth quarter gross domestic product. -Reuters
MOSCOW: The Russian rouble firmed to its strongest in nine months versus the dollar on Wednesday, cheered by $100 oil and central bank comments that interest rates could rise in coming months after being left on hold in January. By 0715 GMT, the rouble had strengthened as far as 29.45 per dollar, its best showing since May 2010. The move came as Brent crude prices held close to 28month highs above $100, promising inflows into Russia, the world's top crude producer. "Oil is the main factor for rouble appreciation," said Alexei Vorobyov, dealer at Vozrozhdeniye Bank. Russia's own Urals oil export blend averaged $93.8 per barrel last month, far exceeding the $75 level factored into this year's budget. As a result, Russia's deficit could come in at under 3 per cent of gross domestic product (GDP) this year against the originally planned 3.6 per cent, Finance Minister Alexei Kudrin said on Wednesday. Versus the euro-dollar basket, used by the central bank to monitor the exchange rate, the rouble added 10 kopecks to 34.51. Against the euro, the rouble was broadly steady at 40.73. Reuters
Indian rupee rises as stocks, euro gain MUMBAI: The Indian rupee extended gains on Wednesday supported by firm local shares and weak dollar, but eased from the day's high on dollar demand from oil importers. The partially convertible rupee closed at 45.62/63 per dollar, off the day's high of 45.54 but stronger than its previous close of 45.755/765. The unit had weakened to 46.01 on Monday, its lowest since Nov. 30. Dealers said the rupee could strengthen on Thursday on the back of the euro extending gains against the dollar.
"There is a good chance of the rupee appreciating tomorrow to 45.35/50 levels if the euro crosses 1.40 to a dollar," said Moses J. Harding, head global markets at IndusInd Bank in Mumbai. "Today, recovery made in the domestic stock market after two consecutive days of fall helped the rupee. Also, the dollar is very weak against the major currencies. These are the dominant factors," Harding said. Foreign funds were net sellers of $1.5 billion worth of shares in this year until Feb. 1
pushing the rupee down 2 per cent. Last year, a record $29.3 billion of fund inflows had helped the rupee gain 4.1 per cent. One-month offshore nondeliverable forward contracts were quoted at 45.87, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange were all at 45.8125, with the total traded volume at $3 billion. -Reutersa
was the 76.4 per cent retracement of the euro's November to January fall around $1.3950, which coincides with the 200week moving average. While US data has improved -- a survey this week showed manufacturing grew in January at its fastest pace since 2004 -- the Fed remains committed to stimulative monetary policy. An official said another round of bond purchases could even be discussed if economic recovery starts to flag. The euro, meanwhile, has been supported partly by expectations that the European Central Bank will lift interest rates sooner than the Fed does. The ECB meets this week and investors will listen for more clues on this from President Jean-Claude Trichet on Thursday. Reuters
Aussie, NZ dlrs gain as commodities rally WELLINGTON/SYDNEY: The New Zealand and Australian dollars held hefty gains on Wednesday courtesy of surging commodities and robust global economic data, with the market paying little attention so far to a massive cyclone heading for Queensland. In late trade the Australian dollar was enjoying the view at $1.0122, after climbing 1.5 per cent on Tuesday to as far as $1.0149, the highest since Jan 4. Its rally from a low of $0.9864 on Monday caught the market in a vicious short squeeze and which now has would-be bears reluctant to sell again. "It's a symptom of risk environment," said Robert Rennie, chief currency strategist at Westpac. "We have a number of metals doing particularly well; we had fresh record high for tin; the US ISM at highs since May 2004; the UK PMI was the highest in a 20 year history." "It's just risk on, risk on, risk on." A string of strong global manufacturing data augured well for continued strong demand for Australia's resource exports, notably iron ore and coal which have boasted huge prices increases in
recent weeks. "I expect the Aussie to remain in a $0.9950 to$1.0250 range," said Westpac's Rennie. "I don't think there is a particularly compelling argument to go lower but if we do it's purely on the basis of the risk environment." Support for the Aussie was seen from its Jan 24 high of $1.0023, with the currency now set to test resistance at $1.0152 and $1.0183. The New Zealand dollar has also been buoyed by commodity prices with prices at its latest dairy auction soaring 7.2 per cent -- a level that will benefit the country's farmers. On Tuesday, a survey showed prices for New Zealand's main commodity exports hit a record high in January, raising hopes that it will slowly filter through to the broader economy, which is struggling to pick up steam. The NZ dollar was firm around $0.7812, after powering to a two-month high of $0.7823 overnight. Technically, the kiwi is set to test $0.7837, the high on Nov. 22, if it can hold above key resistance at $0.7815, which may lead the way to a new trading range of $0.7800 to $0.8000. The kiwi also edged up on the Aussie to NZ$1.2929, from NZ$1.3004 on Tuesday. -Reuters
Swiss franc holds near month high vs dollar ZURICH: The Swiss franc hovered near one-month highs against the dollar on Wednesday as the greenback lost across the board after strong economic data and easing concerns about unrest in Egypt. Earlier in the session, the dollar dipped to 0.9326, the lowest since early January. The franc was last up 0.1 per cent at 0.9349 per dollar. Strong US manufacturing numbers fuelled optimism on global economic growth, with expectations of continued loose US monetary policy further encouraging risk-taking. UBS economist Reto Huenerwadel said a surprise to the downside on Swiss retail sales on Tuesday was counterbalanced by a smaller dip than expected fall in the Swiss purchasing managers' index. "We get the impression that the Swiss economy is off to a very decent start into the year '11, indeed, irrespective of the
latest strengthening of the franc," he said in a note. The greenback is in striking distance of its record low against the franc of 0.9301 hit late last year. Commerzbank technical analysts said the dollar could fall through support at this record low: "Ideally we would like to see this hold, however acknowledge that it looks exposed. Failure here will target 0.9120," they said in a note. Meanwhile, the franc was flat against the euro compared to the New York close, trading at 1.2937 per euro at 0733 GMT. -Reuters
Time 2:45 2:45 All Day 5:30 14:00 14:30 15:00 17:45 18:30 18:30 18:30 20:00 20:00
Source NZD NZD CNY AUD EUR GBP EUR EUR USD USD USD USD USD
Events Employment Change q/q Unemployment Rate Bank Holiday Trade Balance Final Services PMI Services PMI Retail Sales m/m Minimum Bid Rate Unemployment Claims Prelim Nonfarm Productivity q/q Prelim Unit Labor Costs q/q ISM Non-Manufacturing PMI Factory Orders m/m
Forecast 0.2% 6.5%
Previous 1.0% 6.4%
Source
Events
Actual
Forecast
JPY CNY GBP EUR USD USD USD
Monetary Base y/y 5.5% Bank Holiday Construction PMI 53.7 PPI m/m 0.8% Challenger Job Cuts y/y -46.0% ADP Non-Farm Employment Change 187K Crude Oil Inventories 2.6M
7.6%
7.0%
49.8 0.8%
49.1 0.3% -29.0% 247K 4.8M
1.63B 55.2 51.2 0.6% 1.00% 420K 2.1% 0.4% 57.2 -0.2%
1.93B 55.2 49.7 -0.6% 1.00% 454K 2.3% -0.1% 57.1 0.7%
Previous Day Previous
148K 2.5M
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3813 1.3863 0.9369 0.9395 1.6202 1.6231 0.9867 0.9912 1.0086 1.0132 112.5200 112.8700 0.8529 0.8577 1.2938 1.2974 131.0100 132.3100 87.0100 87.3100 1336.8000 1344.2500
Bid 1.3809 0.9365 1.6197 0.9862 1.0082 112.4800 0.8525 1.2932 131.9600 86.9500 1335.4100
Low 1.3782 0.9330 1.6131 0.9865 1.0067 112.2000 0.8517 1.2874 131.3000 86.7800 1332.9100
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 02/02/2011 A USD GBP CAD EUR JPY O/N 0.23500 0.55688 0.95833 0.78125 SN 0.11188 1WK 0.25200 0.57188 1.00000 0.82375 0.11750 2WK 0.25750 0.57688 1.03417 0.83625 0.11938 1MO 0.26300 0.60250 1.08167 0.85500 0.13000 2MO 0.28700 0.66625 1.14917 0.90625 0.15563 3MO 0.31050 0.78813 1.21333 1.02375 0.18875 4MO 0.34900 0.86750 1.27833 1.08875 0.24313 5MO 0.40700 0.97125 1.34000 1.17250 0.30125 6MO 0.46075 1.08875 1.40833 1.26375 0.34625 7MO 0.51450 1.16750 1.49167 1.31875 0.39500 8MO 0.56400 1.25188 1.56500 1.37625 0.44313 9MO 0.62050 1.33438 1.63083 1.43125 0.48750 10MO 0.67275 1.41313 1.72000 1.48000 0.51438 11MO 0.72600 1.48125 1.80333 1.52750 0.54125 12MO 0.78605 1.55000 1.89500 1.59000 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada March 1, 2011 September 8, 2010 Bank of England February 10, 2011 March 5, 2009 Bank of Japan February 14, 2011 December 19, 2008 European Central Bank February 3, 2011 May 7, 2009 Swiss National Bank March 17, 2011 March 12, 2009 The Reserve Bank of Australia March 1, 2011 November 2, 2010 Federal Reserve n/a December 16, 2008
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 4.75% 0.25%
Division of National Bank of Pakistan (NBP) KARACHI, February 02,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.70 138.56 118.74 86.64 91.62 86.81 13.47 1.05 15.05 67.32 15.93 22.85 11.00 13.07 306.71 28.16 67.02 23.53 23.34 0.08 2.78
85.50 138.24 118.46 86.43 91.41 86.61 13.44 1.05 15.02 67.16 15.89 22.80 10.98 13.04 305.99 28.09 66.86 23.48 23.28 0.08 2.78
85.32 137.92 118.18 86.21 91.17 86.38 13.41 1.05 14.98 66.98 15.85 22.74 10.95 13.01 305.19 28.02 66.69 23.42 23.22 0.08 2.77
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 02, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.65 12.75 12.85 13.15 13.38 13.50 13.54 13.62 13.75 14.10 14.18 14.18 14.22 14.23 14.24 14.25 14.26 14.27 14.60 14.80
12.45 12.60 12.80 13.10 13.35 13.50 13.56 13.65 13.70 14.10 14.25 14.25 14.28 14.30 14.30 14.25 14.15 14.27 14.45 14.60
12.45 12.70 12.85 13.13 13.40 13.47 13.55 13.66 13.74 14.15 14.25 14.26 14.27 14.30 14.32 14.26 14.19 14.28 14.60 14.75
12.40 12.65 12.90 13.20 13.40 13.52 13.63 13.71 13.75 14.00 14.25 14.25 14.26 14.28 14.30 14.30 14.20 14.28 14.65 14.90
12.95 13.00 13.10 13.35 13.40 13.55 13.55 13.65 13.80 14.05 14.22 14.22 14.23 14.30 14.35 14.23 14.20 14.25 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.60 12.70 12.90 13.20 13.40 13.50 13.58 13.65 13.75 14.00 14.22 14.20 14.23 14.27 14.33 14.25 14.15 14.24 14.70 14.85
12.58 12.73 12.90 13.19 13.39 13.51 13.57 13.66 13.75 14.07 14.23 14.23 14.25 14.28 14.31 14.26 14.19 14.27 14.59 14.78
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
-0.47 -0.43 0.02 0.44 0.75 0.48
0.48 0.95 0.79 0.60 -0.40 0.16
-0.25 0.31 0.38 0.54 0.01 -0.05
EUR/USD NZD/USD
0.54 0.86 0.85 0.81 -0.10 0.41
0.44 0.79 0.88 0.82 0.72 0.81
USD/CAD USD/CHF
0.00 0.15 0.70 0.64 0.78 0.53
-0.38 -0.04 -0.06 -0.43 -0.43 -0.41
0.34 -0.11 0.14 -0.31 -0.84 -0.63
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)02/02/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.10
12.60
12.25
12.75
12.70
13.20
13.30
13.55
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.40
12.90
12.50
13.00
12.80
13.30
13.35
13.60
13.55
13.80
13.75
14.25
13.85
14.35
13.95
14.45
ASPK 12.15
12.65
12.50
13.00
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.80
14.30
CIPK
12.50
13.00
12.50
13.00
12.60
13.10
13.40
13.65
13.60
13.85
13.80
14.30
13.90
14.40
14.10
14.60
DBPK 12.30
12.80
12.45
12.95
12.70
13.20
13.30
13.55
13.50
13.75
13.55
14.05
13.65
14.15
13.80
14.30
FBPK 12.25
12.75
12.50
13.00
12.75
13.25
13.45
13.70
13.60
13.85
13.70
14.20
13.85
14.35
13.90
14.40
FLAH 12.35
12.85
12.60
13.10
12.75
13.25
13.50
13.75
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
HBPK 12.20
12.70
12.40
12.90
12.75
13.25
13.45
13.70
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
HKBP 12.30
12.80
12.60
13.10
12.80
13.30
13.40
13.65
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
NIPK
12.40
12.90
12.75
13.25
13.00
13.50
13.35
13.60
13.50
13.75
13.55
14.05
13.65
14.15
13.70
14.20
HMBP 12.35
12.85
12.50
13.00
12.85
13.35
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 12.25
12.75
12.60
13.10
12.85
13.35
13.45
13.70
13.55
13.80
13.55
14.05
13.75
14.25
13.85
14.35
MCBK 12.10
12.60
12.50
13.00
12.70
13.20
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.15
12.65
12.50
13.00
12.75
13.25
13.40
13.65
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.10
12.60
12.35
12.85
12.70
13.20
13.40
13.65
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
UBPL 12.25
12.75
12.40
12.90
12.70
13.20
13.40
13.65
13.55
13.80
13.65
14.15
13.80
14.30
13.90
14.40
AVE
12.76
12.50
13.00
12.75
13.25
13.40
13.65
13.54
13.79
13.66
14.16
13.78
14.28
13.87
14.37
12.26
4 Thursday, February 3, 2011
MONETARY POLICY JANUARY 2011
The Financial Daily International Vol 4, Issue 171
Finding New Ways
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Muhammad Arif
Corruption C corrupts us all It may be true that prices of many items in the global markets are going up, causing cost pushed inflation in Pakistan. However, the most disappoint fact is the apathy of the rulers and the policy planners. While the elected representatives, both sitting on treasury benches and opposition are trying to take as much benefit as they can and they seem least concerned about the plight of masses. Opposition shared its responsibility by saying that it can't do any thing and rulers hold the International Monetary Fund (IMF) and multilateral financial institutions responsible for the imposition of new taxes. However, some of the groups continue to enjoy exemption from payment of taxes. They not only declare grossly understated income but club all sort of income under 'income from agriculture'. This is evident from the amount paid by the elected representatives as tax. Members of legislative say that only a limited number of people pay tax but never take into account that one or the other type of tax is collected on every thing included lifesaving drugs and food items. Government collects billions of rupees as tax on high speed diesel (HSD) mostly used in the public transport. People can still recollect those days when (HSD) price was almost one fourth of the motor gasoline price. Now diesel price is even higher than petrol. This may also be kept in mind that now petrol is mainly used by the motorcyclists because now even the most expensive cars are run on CNG. Over the last two winters CNG stations have faced mandatory closure but motorists have the capacity to store one/two days of CNG as reserves. It has become almost impossible for the people belonging to lower income strata to buy fruits and prices of vegetables are also skyrocketing. Lately, price of onions had touched Rs80/kg and many other vegetables are being sold above Rs50/kg. Prices of most of the pulses are hovering around Rs125/kg and per kg edible oil is inching towards Rs200. On top of this, sending children to schools is also becoming an unbearable burden. In such a scenario worst hit is the salaried class. Employers are not allowing increment in the name of economic downturn, retrenchments are becoming common and working hours longer. It is becoming increasingly difficult to meet the ends. This tempts even the otherwise honest person to indulge in electricity and gas pilferage, take bribes and advantage of his/her position. Since the high officials assassinate good governance anyone and everyone is tempted to follow the suit. These days honesty is considered a disadvantage not a virtue.
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.
ontrary to market expectations, SBP has decided to hold its key rate at 14 per cent at the initiation of 2011. Market was expecting 50bps increase in discount rate. This is quite refreshing though SBP has given its credit mainly to better performance of external sector. Historically SBP has followed inflation numbers mainly to postulate its monetary policy, so this is a trend not inline with its past practice and for this new SBP Governor and its Board of Directors should be hailed. In spite of this move, Pakistan economy would have to face some turbulent period. So to overcome this, Pakistan needs to enhance its growth rate that is expected to reach about 4.1 per cent in FY 2011 as compared to 2 per cent in the preceding year. As per some past studies Pakistan, would be in safe heaven if its growth rate remains above 5 per cent with inflation remaining below 9 per cent. So enough is required to be done. Right now the main threat is coming out of budgetary deficit and increase in Government debt portfolio. Only on domestic side the debt size has reached up to 5.4 trillion in FY2011 as compared to around Rs 2.5 trillion in FY2007 i.e. an increase of 116 per cent. On external side, the size is $58.4 trillion as compared to $40 billion in FY2007 i.e. an increase of 46 per cent. This increases debt servicing that has already crossed Rs800 billion Main Interest Rate 14 6.25 7 5.5 0.1 5.81 New Zealand 3.0 4.75 Australia 1.0 Canada 0.25 USA Country
Pakistan India Sri Lanka Bangladesh Japan China
ing is the implementation of RGST. For GOD sake if any body wants to generate taxes from landlords or big businessmen than first the economy is required to be documented. RGST can be fine tuned with political consensus to achieve this basic objective, however that requires no discrimination from all sectors either from agriculture or from industry or from big or small business men. Realistically Tax collection targets already set to be increased by 26 per cent in FY2011 has reached up to 13 per cent up till December, 2011 generating tax of Rs 638 billion. Hence for the remaining period of FY2011, FBR has to raise tax revenue by 35 per cent that dose not look probable. RGST if implemented today is not going to add
“
Pakistan needs to enhance its growth rate that is expected to reach about 4.1 per cent in FY11 compared to 2 per cent in the preceding year. As per some past studies Pakistan, would be in safe heaven if its growth rate remains above 5 per cent with inflation remaining below 9 per cent. So enough is required to be done
substantial amount but any how it can be a step towards documentation of the leftover sectors of the economy i.e. Services, Wholesale and Retail. Increase in head line inflation would remain one of the main threats In Pakistan as it stands highest as compared to regional countries and most of the countries in the world (Please see table in this regard). The other countries with higher inflation are Brazil (11.25 per cent), Egypt (16.2 per cent), Ukraine (15.9 per cent) and Venezuela (29.7 per cent). Some African Countries also qualify for Inflation Unemployment Rate Rate 15.7 14 8.1 8 6 5 5.8 5 0.0 (-) 4.9 4 4.1 4 6.4 2.7 5 2.7 7.6 1.85 9.8 Source: Website of world central banks
GDP Growth 4.1 9 3.5 5.3 1.1 10.3 3.1 3.4 3.4 2.5
and is going to touch Rs1 trillion. If nothing is done in near future than this would aggravate conditions further in respect of debt servicing. The budgetary deficit has moved from 4 per cent to 4.7 per cent already and is expected to elevate further. To make it stay where it is right now requires substantial steps like increase in petroleum prices in line with international market that is expected to cross $100 per barrel in near future or to deregulate the sector altogether. Since Pakistan's energy generation is dependent upon mainly on oil i.e. more than 70 per cent of electricity is generated through this mean, therefore by subsidising it, is not going to add in to budgetary deficit only but is going to increase circular debt as well. In addition public sector enterprises are still the liability of the government where apart from corruption their loses are mainly emanating from administrative cost. To resolve this issue requires political will from all political groups that have not yet elevated them above from the politics of point scoring or black mailing. This would cost to every one so rationality desires to come on one point agenda i.e. to revive the economy in the best interest of people of Pakistan. One of the issues that is being aggravated on account of point scor-
per cent in 3 month T-bill on expectation of increase in discount rate. This trend seems to stay and holding of rate in January MPS would have no effect on this. However keeping factor of budgetary deficit on increase, the government would have to approach the market rather than SBP where a ceiling has been put in place i.e. not to borrow more than Rs1290 above from the stocks as of June 2010.In December this flow was around Rs1500 so they reverted back in January to comply with this restriction. Hence market as only alternative and with inflation on rise one can expect increase in T-bill rates. Already Government has picked up from the market as of FY 2011in Tbill an amount of Rs 222 billion i.e. an increase of 16.6 per cent. This increase
higher inflation rates. In Iran, our neighboring country, the inflation is at 13.5 per cent that was 25.6 per cent last year. GDP growth in Iran has come down to 1.5 per cent with unemployment rate at 11.80 per cent of GDP. In another neighboring country Afghanistan, the inflation in the range of 26 per cent last year has now come down sharply to single digit mainly due to easing in prices of food items that constitutes the main part of CPI i.e. above 60 per cent. So globally the trend of inflation is on rise mainly in emerging economies and less in developed nations CPI in January 2011 stood at 15.7 as compared to 12.5 per cent in June 2010 on YoY basis. On average for 1HY 2011 it stands at 14.6 per cent. Overall for FY 2100, it is being projected to stand in between 15-16 per cent. Core inflation is also at 13.6 per cent as compared to 11.7 in the preceding year. Main reasons for its surge are increase in commodity and oil prices. So obviously not only gap between supply and demand sides would remain but would widen further. This would put pressure on SBP to increase its discount rate in coming months. Market is also viewing Government's constraints in this respect; hence in Tbill auctions of January they bided 90
would further elevate including Tbill/PIBs/Sukuk issues with increase in their yields. 6 M.KIBOR is also on surge with increase of 146 bp i.e. 13.9 per cent in the last year. This trend with some slow pace would continue. Last quarter was the time of WikiLeaks where every thing revealed was nothing but already known to the public. It only provided a platform to some media persons or political parties to do point scoring but that changed nothing. However it created instability particularly on economic front. Ultimately that move is now dying down. Comparison of some of the main indicators of some countries in Jan 2011- in per cent. Country Main interest Rate GDP growth Inflation Rate Unemployment Rate The comfort zone for the country has remained its external sector where current account deficit has shown surplus of $ 26 million in 1HFY2011 and of $1 billion in the balance of payment. The export receipts up to December 2010 has reached up to $11.8 billion with all time high remittances amounting $5.3 billion and $743 million as from CSF i.e. Coalition Support Fund. The import during this period remained at $19.3 billion. This has reduced the trade
be shifted from SBP reserves. In fact it only provides to meet foreign obligations. FDI has shown the weakest link right now due to security reasons and lack of infrastructure/energy. For these reasons no body is tempting to invest in Pakistan. The amount so far received is around $1.05 billion. Portfolio investment is fluctuating due to investments received from hedge funds. In FY 2011 the receipt is in positive i.e. $194 million, but Dec 2010 to January 2011 it came down. In fact portfolio investment would be termed satisfactory when it would come back to its original numbers of 2007 i.e. around Rs383 billion plus. No doubt KSE index has gone up to 12500 but it would perform better on getting its leveraged instrument i.e. Margin Financing and on completion of demutualisation process. On monetary aggregates the M2 (combination of Currency in circulation + demand deposits+ Term deposits + Foreign Currency deposits with banks. SBP target its growth to contain inflation or to boost GDP growth) growth has reached up 15.1 per cent. Growth of Reserve Money (combination of Currency in Circulation + bank deposits with central Bank + Excess reserves of banks with central Bank + Cash in tills of the banks. In fact SBP target this area leaving currency in circulation aside to manage liquidity in the market) has been 16.6 per cent till now. These numbers are lagging behind some how as to boost GDP growth they should be in combination of GDP growth targets + Inflation targets i.e. right now taking CPI as 15 per cent and GDP growth target as 5 per cent it should be 20 per cent. On the contrary to make it 16, CPI needs to come down to 7 that is not possible. Private sector growth has picked up to Rs211 billion this year from Rs199 billion last year, but one should remember that period of July to February is of credit expansion season in Pakistan. Further the rise in private sector credit off take is mainly on account of rise in overall prices. So in the coming months the pace is obviously to come down. Forward looking, next six months and FY 2012 are going to be tough for Pakistan from economic perspective. The inflation would either stay or surge. Rehabilitations of infrastructure or getting relief from energy crisis or war against terror look gigantic tasks. International scenario is also changing drastically and we should try to prepare ourselves to absorb such changes for the benefit of the country. Commodity and energy prices are going to rule the world in the coming
Right now the main threat is coming out of budgetary deficit and increase in Government debt portfolio. Only on domestic side the debt size has reached up to 5.4 trillion in FY2011 as compared to around Rs 2.5 trillion in FY2007 i.e. an increase of 116 per cent deficit. The growth in export sector mainly came from increase in prices of cotton and rice where cotton prices have increased by 108 per cent from July 2010 onward. As regards support from IMF the matter for release of last tranche would be resolved soon. However, one should always remember that IMF support is for BOP support and does not add in to market liquidity in practical sense. As part of NFA it remains part of Reserve Money but it can not
days. IMF would enter in to its third era allowing Chinese Yuan or some other currencies as part of its SDR. In this environment Pakistan would need to change its national format from a "Security State" to a "Welfare State" and in order to get it would have to overhaul its economy with lot of "Structural Changes". This is the time of realisation for doing some action for our country. The writer is visiting lecturer at KASBIT (E-mail arifsbp@hotmail.com)
“Useful Instability” This is with reference to the article "Useful Instability" (January 31) in which the author has asserted that to achieve long term instability we crave, Pakistan has to pass through an interim phase of instability in order to consolidate the gains and move towards genuine progress. And that the shortcuts taken towards maintaining stability actually undermine the desired end objectives. A decentralized Pakistan is certainly an attractive proposition in the current political chaos and polarized societal trends, where coalitions may dominate the political space. But if coalitions switch parties on a regular basis to ultimately be able to lead towards a spirit of consociationalism, as
implied by the author, then the current political regime ought to have surpassed all the previous governments. If a shared power structure accompanied by a messy situation is the long term plan that we should aim at then how does one establish that the messiness created is of the right type? And that it is the true formula for permanent stability? In this backdrop can one assume that the six decade long mess both on the political and economic quarters is leading to a permanently stable national climate? It is certainly not advisable to apply the Indian political model to Pakistan as there is nothing that the two nations share apart from certain linguistic
features and geographical location. Considering the current political chaos, permanent peace is greatly desirable and the concept of political tolerance through a shared power structure is certainly the need of the time, but this does not necessarily have to be reached after chaos, prolonged or otherwise. What we need are short term stability plans that would reverse the dangerously permeating wave of pessimism and gradually morph into long term permanent ones. The entire population and the well wishers of Pakistan are certainly ready to wait, but for that they have to be given the hope that the path adopted is the right one. Lubna Umar, Islamabad
5
Thursday, February 3, 2011
South East Asian stocks
Europe shares end up on miners; industrials weigh
Rise in weak volume; late buying boosts Bangkok
KSE-100 Index Opening Closing Change % Change Turnover (mn)
KSE turnover at 10-mth low
12,273.38 12,242.39 30.99 0.25 78.40
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,715.48 3,696.22 19.26 0.52 3.41
Nawaz Ali KARACHI: Karachi Stock Exchange shed more gains on Wednesday with volumes falling to a 10-week low as investors remained on the sidelines due to uncertainty regarding the deemed duty on refineries. The benchmark KSE 100Index fell by 30 points to close at 12,242 points, KSE 30-Index 31 points to close at 11,851 points and KSE All Share index by 21 points to close at 8,482 points level. "Local bourse observed a lackluster day as prevailing uncertainty about the deemed duty for refineries kept local investors out of active trade", said Samar Iqbal, equity dealer at Topline Securities. Despite of foreign fund managers' support, 100-Index lost around 2 per cent in the ongoing week. Absence of any trigger in the future kept investors on the
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,024.86 3,021.00 3.86 0.13 0.04
Major Gainers
Symbol RMPL IDYM SHEZ ZIL TICL
Close
Change
2,378.00 244.02 185.13 57.44 56.59
28.00 8.31 3.43 2.73 2.64
Major Losers
Symbol
Close
Change
NESTLE 3,456.09 ULEVER 4,345.00 FZTM 420.00 SIEM 1,085.00 NRL 290.49
-33.97 -27.13 -20.13 -19.99 -15.28
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA FFBL ANL FATIMA NML
15.26 40.23 10.75 11.48 64.77
15.91 5.08 3.66 3.00 2.85
India shares halt 5-day losing run
Active Issues Plus Minus Unchanged
134 238 18
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
sidelines, he added. Trading activities started positively and index soon touched an intraday high of 12,345 points (+ve 72 points). After at least two hours of bullishness, selling pressure mounted once again mainly in refinery and oil marketing stocks which nailed it down in the negative zone for the rest of the session. Therefore index during the last half an hour touched the lowest level f the day at 12,173 points (-ve 100 points) but some support at lower levels allowed it to close the session above 12,200 points with reduced red numbers . Among refiners, Attock Refinery and National Refinery closed at their lower circuit breaker while among OMC's, Pakistan State Oil and Attock Petroleum Limited shed R.7.12 and Rs6.30 respectively. There are expectations that the government may remove
TOKYO: A pedestrian uses her mobile phone before a share prices board in Tokyo here Wednesday. -Reuters
Nikkei nails biggest daily gain in 2 mths TOKYO: Japan's Nikkei average scored its biggest daily gain in two months on Wednesday with all sectors ending higher as global markets rallied on strong manufacturing data, robust US earnings and easing concerns over the Middle East. The Nikkei's rise exceeded many analysts' expectations as global macro hedge funds were detected covering short positions through large purchases of Nikkei futures, investors said. Strong earnings from delivery firm UPS Inc and drugmaker Pfizer combined with solid manufacturing data to bolster investor confidence in the corporate sector's future profitability, lifting Wall Street to its highest since June 2008. But traders were also closely watching movements in the yen, which was near one-month highs against the dollar and could put pressure on Japanese exporters. "Yesterday's demonstration in Egypt ended relatively peacefully and the cost of insuring
against a default by Egypt has decreased, showing investors are calming down a little," said Norihiro Fujito, a senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities. Embattled Egyptian President Hosni Mubarak said on Wednesday that he would not seek re-election in balloting due in September but many analysts said that may not be enough for protesters who want him to leave immediately. and The benchmark Nikkei ended up 1.8 per cent or 182.86 points at 10,457.36, the biggest daily gain since Dec. 2. At one point it rose as high as 10,479.75, piercing resistance at 10,470.13, the Nikkei 225 options settlement in January. The broader Topix added 1.8 per cent to 929.64. Fujito noted that the US manufacturing data was the strongest since May 2004, when it was followed within a month by interest rate hikes and additional increases thereafter. See # 11 Page 11
Miners, banks lift FTSE; US data helps LONDON: Banks and miners pushed Britain's top share index higher on Wednesday, lifted by further proof that the economic recovery in the United States is on track. The FTSE 100 index closed up 42.25 points, or 0.7 per cent, at 6000.07, extending Tuesday's 1.6 per cent rise. The index has recovered from a sharp dip at the beginning of the week as the focus has shifted from the political troubles in the Middle East to the health of the global economic recovery. Wednesday's strong reading on the labour market in the United States backed up strong manufacturing data on Tuesday from the world's biggest economy, and gave a steer ahead of Friday's January US jobs report. The data shored up investor appetite for riskier assets such as mining stocks, which had been dented due to See # 10 Page 11
HK stocks end Year of Tiger with a roar HONG KONG: Hong Kong stocks finished higher on Wednesday, quickly recovering from the global market stumble that followed unrest in Egypt, as investors bet that asset inflation and a stronger world economy would lift the market. The benchmark Hang Seng Index rose 1.81 per cent to 23,908.96, bringing gains for the Year of the Tiger to about 18 per cent. The local market will reopen on Monday after a long weekend to mark the Lunar New Year. Markets in mainland China reopen on Jan. 9 Gains were seen across the board with no benchmark constituent trading in the red. Financials and Hong Kong developers outperformed. "The trend of a weakening
US dollar is translating into a weaker Hong Kong dollar because of the pegged exchange rate," said Cusson Leung, head of Hong Kong research at Credit Suisse, adding that the resulting asset inflation was difficult to stop. Leung said the key theme in 2011 in Hong Kong would be inflation for consumer and asset prices. Cheung Kong (Holdings) Ltd, controlled by billionaire Li Ka-shing, surged 5.7 per cent and was the top gainer on the Hang Seng Index. Hutchison Whampoa Ltd rose 5.5 per cent and is about 5 per cent shy of its 2007 peak. Banks rose led by heavyweight HSBC Holdings Plc, up 2.1 per cent and the biggest boost to the benchmark index. Emerging markets-focused
rival Standard Chartered Plc rose 2.5 per cent. There was a broad rally in Asia on the back of a surge in US manufacturing data and strong company earnings. Stocks on Wall Street ended at their highest level since June 2008. Copper prices, often considered a barometer for global economic activity, rallied to a record high buoyed by positive data from the US and China, bullish chart patterns and a weakening US dollar. Cyclical stocks - those most directly affected by economic trends - bounced back after consolidating for a few sessions. Jiangxi Copper Co Ltd rose 3.4 per cent, while China Cosco Holdings Co Ltd rose 3.6 per cent.-Reuters
MUMBAI: The BSE Sensex snapped a five-day losing streak and rose 0.4 per cent on Wednesday, tracking a surge in overseas markets on strong data pointing to sustained global economic recovery and easing concerns about Egypt. The gains were also supported by bargain hunting, a day after the main index had slid to its lowest close in five months, extending its losses to nearly 6 per cent in five sessions. Bharti Airtel Ltd rallied as much as 3.6 per cent, erasing losses of as much as 3.3 per cent in the opening deals, on the mobile phone carrier's improved earnings outlook. The stock ended up 2.8 per cent at 323.25 rupees. Improved prospects in Africa and the launch of 3G services in India have brightened the outlook for Bharti after currency losses led to a bigger-thanexpected 41 per cent fall in the December-quarter net profit.
The benchmark 30-share BSE index ended up 0.38 per cent, or 68.40 points, at 18,090.62, after having risen as much as 1.6 per cent during the day. But 17 of the index components closed in the negative zone. The market gave up some of its gains after reports that Indian police had arrested a former telecoms minister over an alleged scam linked to awarding mobile licences, in a move that could weaken the coalition government. "The recovery today was primarily on account of strong global markets, but the fears of inflation and rising interest rates continue to put pressure on the markets," said K.K. Mital, head of portfolio management services at Globe Capital. "The overall mood is still very fragile and investors should be cautious in entering See # 9 Page 11
(7.5 per cent) deemed duty for refineries which would dent their earnings therefore the sector is under pressure for the last three sessions. Foreign investors, however supported the market with a netbuying of $2.61 million during the day. Volumes remained low throughout the day reducing to a 10-week low as 78.3 million shares traded in the overall market which is 54.4 million less as compared to a turnover of 132.7 million shares on Tuesday. Lotte Pakistan stood as the volume leader with 15.91 million traded shares followed by Fauji Fertiliser Bin Qasim with 5.08 million and Azgard Nine with 3.66 million shares. Bears took a major lead over bulls as far as the active issues are concerned as out of total 390 actives 238 declined, 134 advanced while 18 stuck to status quo.
US stocks mid-day
Wall St flat as indices struggle to extend gains NEW YORK: US stocks seesawed between modest gains and losses on Wednesday as indexes struggled to move higher a day after the Dow and S&P 500 closed at their highest in about 2-1/2 years. Investors were reluctant to make big bets on stocks even though data showed US private employers added more jobs than expected in January. "We are pushing into the technical resistance. They (indexes) have moved awfully far on the short-term, intermediate and even long-term basis," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Oregon. The Dow Jones industrial average was up 2.16 points, or 0.02 per cent, at 12,042.32. The Standard & Poor's 500 Index See # 8 Page 11
Dhiyan
GOOD BYE TO MR 12K Mohammad Imran, AVP Arif Habib Limited Moving forward, profit-taking would continue in the market and index could come down to 11,900 points level, therefore investors better wait. Any positive news regarding MTS and meeting with the International Monetary Fund would support the market while removal of deemed duty for refineries would hurt it. There would be correction in the market today.
Faisal Dhedhi, Deputy Head of Sales Al-Habib Capital Markets The correction is likely to persist in the coming days in the absence of triggers therefore if index fails to sustain the next support level of 12,000 points then it can fall down to 11,700 levels. Investors are advised to wait and stay on the sidelines. At dips they can invest in fertilizer and E&P sectors where my top picks are POL, FFC, and FFBL. Launch of Margin Trading System (MTS) and positive dialogue with International Monetary Fund (IMF) can let loose fresh rallies. Market would remain under pressure today.
6
Thursday, February 3, 2011
Market
KSE 100 Index
Symbols
Volume
78,396,155
Value
4,056,026,331
Trades
53,030
Advanced Declined Unchanged Total
Current High Low Change
134 238 18 390
All Share Index
12,242.39 12,346.02 12,172.22 i30.99
Current High Low Change
8,482.67 8,553.08 8,435.49 i21.67
OIL AND GAS
Company
Paid up Cap(mn)
Current High Low Change
KMI 30 Index Current High Low Change
11,851.88 11,958.71 11,790.36 i31.50
19,631.03 19,893.72 19,563.49 i131.77
High Low 1,588.86 1,556.92 Total cos Defaulter cos P/BV (x) ROE (%) 3.72 32.54
PE
Open
High
Low
Close Chg
Volume
380.99 127.42 10.35 128.52 305.77 171.78 211.34 327.03 103.77 290.01 31.95 208.66
382.50 127.99 10.40 129.79 305.50 173.00 214.80 330.85 105.60 291.98 32.17 210.00
365.00 121.05 10.01 126.00 290.49 171.96 209.00 322.60 98.59 281.00 30.71 202.00
374.69 -6.30 121.05 -6.37 10.05 -0.30 126.31 -2.21 290.49 -15.28 172.54 0.76 209.70 -1.64 325.64 -1.39 99.06 -4.71 282.89 -7.12 31.99 0.04 204.35 -4.31
589674 2047608 559857 17114 359048 243512 484835 1955164 49777 967169 505 29891
Last 60 days High Low 401.00 146.90 12.49 141.65 335.00 185.00 229.80 341.50 122.22 317.79 39.89 222.00
293.10 105.75 10.01 117.00 220.05 153.62 185.03 241.00 78.00 271.10 30.71 190.00
% Change -0.59 5-Day High 1,600.00 5-Day Low 1,564.72
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B115.00 - 15.00 20B 50.00 -100.00 -
-
CHEMICALS
Open 726.61 Turnover 25,122 P/E (x) 5.48 Company
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
1092 1321
High Low 730.44 708.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53
Close 713.47 Listed cap 3,242.17 mn Payout (%) 11.08
Change -13.13 Market cap 12,459.35 mn Div Yield (%) 2.02
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.94 38.12
70.41 36.26
71.00 36.05
69.00 34.61
69.39 -1.02 35.07 -1.19
12242 12880
76.65 39.45
68.00 32.36
Company
Paid up Cap(mn)
PE
Open
High
Low
43.00 94.95 203.24 201.77 2.71 7.46 2.84 10.85 214.59 12.88 10.96 147.66 40.63 11.35 141.02 13.99 15.15 1.44 2.01 2.40 117.50 13.30 14.32 37.09
44.25 95.00 213.30 203.90 2.83 7.65 2.94 10.89 217.25 12.84 11.96 149.95 40.90 11.40 141.99 13.95 15.50 1.45 2.10 2.20 117.90 13.10 14.94 37.48
44.20 92.13 198.50 199.00 2.65 6.98 2.76 10.21 212.30 12.61 11.02 147.50 40.01 11.25 138.00 12.99 14.92 1.18 1.83 2.10 113.00 13.00 13.99 36.00
Close Chg 44.20 94.33 200.48 199.57 2.68 7.00 2.77 10.80 214.40 12.67 11.48 148.27 40.23 11.30 139.15 13.57 15.26 1.35 1.86 2.20 117.90 13.05 13.99 36.40
1.20 -0.62 -2.76 -2.20 -0.03 -0.46 -0.07 -0.05 -0.19 -0.21 0.52 0.61 -0.40 -0.05 -1.87 -0.42 0.11 -0.09 -0.15 -0.20 0.40 -0.25 -0.33 -0.69
Close 1,566.43 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 500 4807 229885 37336 10765 184651 193935 553 2045768 141699 3001921 1503722 5080271 3082 400509 3308 15912560 6037 682109 5504 311 20235 120 4103
Change 0.16 Market cap 344,055.95 mn Div Yield (%) 5.10
59.20 103.94 213.30 215.00 3.74 9.25 4.24 13.79 222.80 15.87 12.64 157.90 43.99 13.07 158.49 20.95 16.49 2.50 2.74 3.40 139.40 14.69 14.94 41.99
41.11 75.00 149.72 165.73 2.16 5.42 1.47 9.15 176.85 12.51 9.16 107.25 31.15 11.00 127.00 9.99 10.20 1.01 1.36 2.03 101.00 12.70 8.51 32.00
% Change 0.01 5-Day High 1,594.58 5-Day Low 1,566.27
2010 Div BR (%) (%) 45 15 135 40 15 40 130 52.5 55 5 25 50
2011 Div BR (%) (%)
- 12.50 25B 25B 5B -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,041.16 Turnover 31,275 P/E (x) 5.24 Company
High Low 1,063.11 1,016.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.47
Close 1,033.26 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.78
15.70 37.85
16.08 38.55
14.95 37.70
15.39 -0.31 37.99 0.14
27432 3789
Century Paper Security Paper
Change -7.91 Market cap 2,864.06 mn Div Yield (%) 4.83
Last 60 days High Low 19.69 47.70
14.95 37.70
% Change -0.76 5-Day High 1,131.01 5-Day Low 1,033.26
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Open 1,270.95 Turnover 426,355 P/E (x) 4.64 Paid up Cap(mn)
High Low 1,289.02 1,243.39 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 25.35
PE
Open
High
Low
Agriautos Ind 144 5.39 Atlas Battery 101 5.90 Atlas Engineering Ltd 247 33.54 Atlas Honda 626 9.29 Baluchistan Wheels Ltd. 133 5.91 Dewan Motors 890 Exide (PAK) 56 4.89 General Tyre 598 19.91 Ghandhara Nissan 450 3.19 Ghani Automobile Ind 200 7.03 Honda Atlas Cars 1428 Indus Motors 786 6.66 Pak Suzuki 823 10.11 Sazgar Engineering 150 4.19
72.26 198.50 39.42 134.73 32.99 1.98 199.00 23.25 4.66 4.30 10.87 290.00 64.64 22.44
71.40 199.99 41.30 137.00 31.42 2.15 199.75 23.60 4.75 4.95 11.19 294.00 66.89 22.77
71.00 195.00 37.53 133.00 31.35 1.78 199.50 23.10 4.51 4.27 10.60 283.01 63.30 22.15
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 3.03 675 555 9.01 1199 18.65 785 10.23
29.03 2.60 14.50 51.57 9.00
29.11 2.56 14.50 51.60 9.45
28.99 2.51 14.40 50.05 8.81
Close Chg 29.00 2.53 14.41 51.30 9.00
-0.03 -0.07 -0.09 -0.27 0.00
Close 1,026.60 Listed cap 3,596.11 mn Payout (%) 30.91
36019 10000 887 140265 8806
31.00 3.29 16.51 62.20 10.70
Company
Paid up Cap(mn)
Adam Sugar XD 58 AL-Noor Sugar XD 186 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Habib SugarXDXB 750 Habib-ADM Ltd 200 Ismail Ind 505 J D W SugarXDXB 539 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza Sugar XD 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Premier Sugar XD 38 Punjab Oil XD 49 Quice Food 107 Sakrand Sugar 223 Sanghar Sugar XD 119 Shahmurad Sugar XD 211 Shakarganj Mills 695 Tandlianwala 1177
PE
Close Chg
Change -4.10 Market cap 9,886.92 mn Div Yield (%) 8.97
24.00 2.50 13.30 44.51 8.51
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Thatta Cement
PE
Open
High
Low
1828 866 6.71 182 14 956 22.73 982 14.23 108 948 3891 3651 118.63 6933 14.00 502 3.65 1760 77 32 1288 13126 3234 6.29 5261 1.21 2228 798 458.25
2.90 53.46 20.80 11.53 10.39 1.65 22.00 1.95 1.99 28.98 4.79 7.02 1.71 1.71 0.51 6.17 3.20 70.11 2.62 6.83 17.90
3.05 53.64 20.85 11.95 10.44 1.90 22.00 2.49 2.10 29.24 4.83 7.01 1.80 1.94 0.70 6.30 3.25 70.41 2.68 6.90 18.48
2.87 52.65 20.25 10.55 9.95 1.65 22.00 1.60 1.90 28.32 4.61 7.00 1.66 1.57 0.50 6.03 3.15 69.35 2.57 6.66 16.90
Close 927.39 Listed cap 54,792.74 mn Payout (%) 19.04
2010 Div BR (%) (%) 30 55 7.5
% Change -0.40 5-Day High 1,048.95 5-Day Low 1,026.60 2011 Div BR (%) (%)
- 10.00 20B -
Change -8.68 Market cap 65,218.36 mn Div Yield (%) 3.00
Close Chg
Volume
Last 60 days High Low
3.00 52.97 20.50 11.49 10.00 1.85 22.00 1.96 1.92 28.47 4.62 7.01 1.68 1.78 0.52 6.10 3.19 70.00 2.60 6.67 18.33
20016 3151 3021 116 62422 9966 671 5005 70891 740034 550305 7000 46305 10684 1222 24221 977065 1285080 99618 35842 18501
3.98 65.99 24.16 15.50 12.75 2.49 25.75 3.49 3.10 32.30 5.55 8.20 2.25 3.90 0.99 8.70 3.88 79.98 3.30 8.20 20.44
0.10 -0.49 -0.30 -0.04 -0.39 0.20 0.00 0.01 -0.07 -0.51 -0.17 -0.01 -0.03 0.07 0.01 -0.07 -0.01 -0.11 -0.02 -0.16 0.43
-
2.75 52.60 15.25 7.91 9.95 1.50 18.51 1.50 1.44 26.60 4.61 6.00 1.60 1.18 0.25 6.00 2.90 69.35 2.57 6.52 16.75
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
% Change -0.93 5-Day High 973.01 5-Day Low 927.39 2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,027.70 Turnover 148,697 P/E (x) 2.83 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
115 2.46 71.61 230 2.56 1067 4.78 52.50 389 3.35 47 16.19 29.36 844 65.14 128.92 300 10.06 143.29
High
High Low 1,028.86 1,006.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 43.91 Low
Close Chg
72.10 68.50 69.17 2.65 2.42 2.55 53.80 52.01 52.01 3.34 3.05 3.33 29.70 28.05 29.14 129.10 126.80 127.02 144.50 137.21 137.95
-2.44 -0.01 -0.49 -0.02 -0.22 -1.90 -5.34
Close 1,008.98 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 39182 8318 222 7312 13682 12508 67472
Change -18.72 Market cap 37,889.75 mn Div Yield (%) 5.49
Last 60 days High Low 83.23 3.30 56.45 4.05 32.45 143.00 144.50
46.02 1.82 45.30 2.40 16.90 103.52 102.51
2010 Div BR (%) (%) 20 25 -
25B 10B -
% Change -1.82 5-Day High 1,060.56 5-Day Low 1,008.98 2011 Div BR (%) (%) -
-
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB Pak Engineering
PE
Open
66 1.00 15.90 104 - 43.54 214 1.21 213 10.32 10.95 132 7.29 61.00 366 8.25 537.47 57 400.00 149.74
High
High Low 1,569.28 1,552.14 Total cos Defaulter cos P/BV (x) ROE (%) 3.21 38.02 Low
Close Chg
15.56 15.52 15.56 45.27 43.00 43.03 1.20 1.02 1.20 11.45 10.73 11.15 61.50 60.00 60.90 539.99 535.50 536.06 144.00 142.26 144.00
-0.34 -0.51 -0.01 0.20 -0.10 -1.41 -5.74
Close 1,556.23 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 2005 1811 39451 1003 1555 9551 142
-
-
Close 1,267.82 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -3.13 Market cap 46,813.16 mn Div Yield (%) 4.40
-1.10 -0.98 -1.85 -1.00 -1.57 0.02 0.59 -0.15 -0.06 0.20 -0.10 1.95 -1.14 0.01
510 17395 6010 2761 254 211076 1075 20306 42114 505 18246 91502 10679 3922
Last 60 days High Low 82.63 205.00 41.30 143.80 37.59 2.89 217.44 26.74 5.67 5.75 13.40 309.73 77.90 23.50
65.75 152.70 15.00 96.00 30.11 1.20 145.00 21.00 4.42 4.01 10.60 231.00 63.30 17.92
2010 Div BR (%) (%) 90 100 25 60 20 150 10
20B 20B
% Change -0.25 5-Day High 1,298.38 5-Day Low 1,267.82 2011 Div BR (%) (%) -
-
High Low 1,881.00 1,794.91 Total cos Defaulter cos P/BV (x) ROE (%) 13.97 30.30 Low
Close Chg
Close 1,817.08 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -12.35 Market cap 274,418.14 mn Div Yield (%) 0.66
Last 60 days High Low
1002 20.50 13.00 5200 54.00 42.95 130479 5.70 2.50 30404 7.15 5.00 46069 5.59 1.50 61572 36.50 21.35 5149 13.00 11.50 3240 81.12 68.60 2504 92.50 68.00 5155 68.49 52.60 305 68.22 44.13 5692 7.18 4.01 451 75.50 41.12 164 3570.00 1830.00 5500 27.30 17.51 104 14.84 9.00 400 53.81 34.29 500 47.05 35.50 12500 3.50 2.02 1500 3.90 2.11 2170 15.01 11.35 2007 13.50 9.00 306 7.88 4.06 300 42.52 29.03
2010 Div BR (%) (%)
% Change -0.68 5-Day High 1,856.14 5-Day Low 1,817.08 2011 Div BR (%) (%)
25 50 25 25B 40 17.5 110R 7010B 12.5R 35 20B 7.50 15 20B 10 12 450 12 10 15 28R 15 10 -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
46.52
Total Assets (Rs in mn)
MA (10-day)
2.17
Total Equity (Rs in mn)
2,081.08
MA (100-day)
2.26
Revenue (Rs in mn)
5,541.96
MA (200-day)
2.84
Interest Expense
11,457.73
1st Support
2.11
Profit after Taxation
52.68
2nd Support
2.01
EPS 10 (Rs)
0.385
1st Resistance
2.25
Book value / share (Rs)
15.23
2nd Resistance
2.29
PE 11 E (x)
Pivot
2.15
PBV (x)
987.88
0.14
SEPCO closed up 0.02 at 2.17. Volume was 39 per cent below average and Bollinger Bands were 61 per cent narrower than normal. The company's loss after taxation stood at Rs86.56 million which translates into a Loss Per Share of Rs0.63 for the 1st quarter of current fiscal year (1QFY11). SEPCO is currently 23.6 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 SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.
Dewan Farooque Motors Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
37.97
Total Assets (Rs in mn)
4,204.55
MA (10-day)
2.11
Total Equity (Rs in mn)
(747.01)
MA (100-day)
1.77
Revenue (Rs in mn)
1,025.34
MA (200-day)
1.81
Interest Expense
1st Support
1.85
Loss after Taxation
2nd Support
1.63
EPS 10 (Rs)
1st Resistance
2.22
Book value / share (Rs)
2nd Resistance
2.37
PE 11 E (x)
Pivot
2.00
PBV (x)
8.92 (437.50) (4.917) (8.40) (0.24)
DFML closed up 0.02 at 2.00. Volume was 68 per cent below average (consolidating) and Bollinger Bands were 5 per cent narrower than normal. The company's loss after taxation stood at Rs41.81 million which translates into a Loss Per Share of Rs0.47 for the 1st quarter of current fiscal year (1QFY11). DFML is currently 10.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of DFML (mildly bearish). Trend forecasting oscillators are currently bearish on DFML.
Sui Northern Gas Pipeline Limited
HOUSEHOLD GOODS
Company
Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
14.12 42.90 0.21 10.70 58.55 475.25 142.26
High Low 1,122.79 1,080.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
Close 1,098.52 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1219 3.52 341 20.96 231 2.81
14.25 19.35 23.44
14.37 18.75 24.00
13.73 18.35 23.30
13.99 -0.26 18.65 -0.70 23.47 0.03
115335 417 83532
Change -13.76 Market cap 5,209.38 mn Div Yield (%) 1.99
Last 60 days High Low
2010 Div BR (%) (%)
15.88 20.79 24.00
17.5
12.90 17.55 15.90
10B -
% Change -1.24 5-Day High 1,112.28 5-Day Low 1,087.88 2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 989.12 Turnover 8,862,747 P/E (x) 7.40 Company
Paid up Cap(mn)
(Colony) Thal Amtex Limited Apollo Textile XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Ishaq Textile Janana D Mal Jubilee Spinning Khalid Siraj Kohinoor Ind Kohinoor Textile Maqbool Textile Masood Textile Moonlite (PAK) Mubarak Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Salman Noman Samin Textile Sapphire Textile Sargodha Spinning Service Ind Shadman Cot Shahtaj Textile Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited
56 2594 83 840 133 4493 33 76 400 1150 2442 238 492 600 514 57 110 234 635 146 716 3105 180 181 97 43 325 107 303 1455 168 600 22 54 1614 3516 108 560 185 250 308 341 264 33 88 42 267 201 312 120 176 97 173 307 418 215 400 53
High Low 995.15 979.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 8.64
PE
Open
High
Low
8.82 6.13 0.36 0.45 0.49 0.55 3.44 3.30 42.94 0.15 0.61 0.79 4.09 1.24 0.70 4.08 3.75 2.37 1.55 0.24 3.63 2.29 2.01 32.50 1.97 5.56 4.39 1.11 0.65 4.76 0.42 0.30 0.20 1.74 5.24 0.93 0.75 7.31 2.50 0.38 5.13 9.11 0.40 3.84
1.28 3.97 5.50 22.01 2.64 10.96 11.00 14.12 1.25 2.95 2.50 1.00 17.50 1.66 36.97 2.00 20.00 72.00 27.12 6.35 3.71 52.12 3.60 235.71 7.91 14.75 4.19 0.60 1.42 5.05 8.50 19.48 12.49 1.10 23.57 64.24 1.00 13.17 14.00 1.42 9.25 38.39 5.60 63.99 4.40 4.49 6.49 109.00 3.65 220.40 14.25 19.30 38.40 120.22 57.63 0.54 1.57 54.71
1.38 4.01 5.75 22.10 2.65 11.14 11.50 14.60 1.74 2.95 2.55 1.11 18.00 1.80 37.00 2.00 20.00 71.95 28.47 7.19 4.00 53.50 3.45 246.27 8.60 14.75 3.25 0.74 1.59 5.29 8.25 19.48 13.49 1.30 23.99 65.84 1.00 13.50 15.00 1.40 9.89 38.89 5.50 66.75 4.10 4.90 6.29 109.00 4.45 228.80 15.25 19.10 39.90 121.00 58.63 0.60 1.46 57.44
1.28 3.78 4.50 22.00 2.10 10.60 10.25 13.61 1.00 2.85 2.16 0.90 17.00 1.55 36.25 1.99 20.00 70.00 28.40 5.55 3.70 51.51 3.45 223.95 7.90 14.75 3.20 0.45 1.37 4.90 8.25 18.48 11.50 1.20 23.50 64.14 1.00 12.91 13.50 1.30 9.25 37.25 5.25 60.80 4.01 4.00 6.00 109.00 3.15 213.00 13.70 18.50 37.00 120.00 56.90 0.43 1.16 55.70
Close Chg 1.32 3.88 5.75 22.05 2.56 10.75 11.14 14.00 1.25 2.95 2.20 1.02 17.15 1.59 36.50 1.99 20.00 71.95 28.47 6.50 3.70 51.95 3.45 244.02 8.60 14.75 3.20 0.74 1.47 5.08 8.25 19.06 13.31 1.30 23.74 64.77 1.00 13.00 14.47 1.32 9.26 37.87 5.25 65.49 4.03 4.10 6.29 109.00 3.89 213.39 13.70 18.50 39.75 120.03 57.21 0.45 1.16 57.44
0.04 -0.09 0.25 0.04 -0.08 -0.21 0.14 -0.12 0.00 0.00 -0.30 0.02 -0.35 -0.07 -0.47 -0.01 0.00 -0.05 1.35 0.15 -0.01 -0.17 -0.15 8.31 0.69 0.00 -0.99 0.14 0.05 0.03 -0.25 -0.42 0.82 0.20 0.17 0.53 0.00 -0.17 0.47 -0.10 0.01 -0.52 -0.35 1.50 -0.37 -0.39 -0.20 0.00 0.24 -7.01 -0.55 -0.80 1.35 -0.19 -0.42 -0.09 -0.41 2.73
Close 984.41 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 500 337262 601 8367 1054 3659172 1900 13507 25403 1675 6235 130 19509 34214 6401 7000 20183 2504 10001 1001 301922 104658 2000 1306 143 8000 1300 2140 16270 9488 15000 3824 175 1110 952399 2851948 1000 259006 2026 40002 17046 680 2002 3804 2150 1550 10094 2970 16850 3044 6008 3500 1740 2388 27831 841 17308 12159
Change -4.71 Market cap 137,449.14 mn Div Yield (%) 2.26
Last 60 days High Low 1.50 5.45 6.50 24.59 3.00 12.84 16.00 15.10 2.00 3.90 2.97 1.38 23.99 2.10 47.00 3.75 21.78 73.09 33.19 8.86 4.47 55.00 3.90 350.15 8.70 18.00 5.50 1.25 2.00 5.97 9.89 20.74 14.20 1.30 25.14 71.89 2.45 13.50 15.50 1.98 10.34 39.89 6.85 69.19 4.89 6.35 6.95 110.25 4.45 276.50 15.25 20.29 39.90 132.00 63.30 1.50 2.00 59.25
2010 Div BR (%) (%)
0.56 3.78 30 4.50 19.10 20 1.32 7.5 9.20 8.10 - 15B 12.30 20 0.56 5 2.85 2.11 0.32 17.00 15 1.55 36.10 5 1.45 18.51 35 44.05 70 24.00 12.5 5.10 10 3.31 10 36.00 20 2.70 10 188.01 50 4.99 8 13.25 2.30 0.25 1.10 4.81 6.10 22.5 18.00 15 100R 4.50 0.60 20.60 15 50.25 25 45R 1.00 6.01 13.00 30 1.26 8.50 25SD 31.25 40 3.90 34.50 25 3.57 10 2.01 5B 5.11 - 100R 95.96 50 1.51 5 169.00 7.00 16.35 45 22.51 25 95.01 80 20B 50.20 0.43 1.00 42.30 35 -
% Change -0.48 5-Day High 1,006.23 5-Day Low 984.41 2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH
Change -6.83 Market cap 33,717.91 mn Div Yield (%) 15.57
Last 60 days High Low 18.20 46.75 2.40 13.50 73.84 568.40 301.84
High
Open 1,112.28 Turnover 199,310 P/E (x) 3.15
Performance of SR Industrial Engineering Index Open 1,563.06 Turnover 55,571 P/E (x) 8.45
Open
-
Performance of SR Construction and Materials Index High Low 944.51 918.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.10
71.16 197.52 37.57 133.73 31.42 2.00 199.59 23.10 4.60 4.50 10.77 291.95 63.50 22.45
4.58 15.00 15.40 14.10 15.40 0.40 1.11 46.62 44.50 44.29 44.29 -2.33 6.73 2.98 3.15 2.50 2.69 -0.29 0.68 6.01 6.79 6.50 6.79 0.78 3.04 3.49 2.60 2.70 -0.34 8.73 21.89 22.29 21.50 22.01 0.12 11.56 12.05 12.48 12.00 12.48 0.43 34.74 76.86 78.98 73.02 77.82 0.96 1.24 71.63 71.99 69.75 70.00 -1.63 1.82 56.62 56.51 53.79 55.74 -0.88 2.94 46.08 47.00 44.13 47.00 0.92 4.47 5.00 4.10 4.90 0.43 20.58 55.15 57.15 55.00 55.16 0.01 37.96 3490.06 3570.00 3410.00 3456.09 -33.97 3.39 22.60 23.73 23.50 23.73 1.13 1.11 10.27 10.45 10.25 10.30 0.03 - 38.81 40.75 38.50 39.56 0.75 3.14 44.00 41.80 41.80 41.80 -2.20 6.98 3.34 3.30 3.02 3.07 -0.27 2.54 2.31 2.26 2.26 -0.28 2.21 12.00 12.10 11.70 12.00 0.00 3.34 9.79 9.99 9.26 9.75 -0.04 0.35 5.58 5.99 4.65 4.87 -0.71 363.64 39.90 40.00 40.00 40.00 0.10
CONSTRUCTION AND MATERIALS Open 936.07 Turnover 3,971,265 P/E (x) 6.34
2011 Div BR (%) (%)
Performance of SR Household Goods Index
Last 60 days High Low
Volume
-
FOOD PRODUCERS Open 1,829.43 Turnover 322,348 P/E (x) 46.10
Performance of SR Industrial Metals and Mining Index High Low 1,036.11 1,011.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 33.10
40 15
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 1,030.70 Turnover 195,977 P/E (x) 3.45
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,586.05 1,555.29 Total cos Defaulter cos P/BV (x) ROE (%) 3.35 35.00
% Change -1.81 5-Day High 733.33 5-Day Low 713.47
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Biafo Ind 200 4.80 BOC (Pak) 250 12.96 Clariant Pak 273 7.18 Dawood Hercules 1203 8.27 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 11.78 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.12 Fauji Fert.Bin Qasim 9341 7.59 Ghani Gases Ltd 725 8.56 ICI Pakistan 1388 7.84 Leiner Gelatine 75 Lotte Pakistan 15142 5.61 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 9.66 Sitara Peroxide 551 14.18 United Distributors 92 Wah-Noble 90 7.00
Southern Electric Power Co Ltd
Performance of SR Industrial Transportation Index
Close Change 1,564.72 -9.24 Listed cap Market cap 65,194.15 mn 1,209,083.17 mn Payout (%) Div Yield (%) 55.94 4.90
Attock Petroleum 691 6.77 Attock Refinery 853 4.93 BYCO Petroleum 3921 Mari Gas Company 735 17.12 National Refinery 800 6.02 Oil & Gas Development 43009 11.67 Pak Petroleum 11950 7.67 Pak Oilfields 2365 7.50 Pak Refinery Limited 350 P.S.O 1715 4.79 Shell Gas LPG 226 Shell Pakistan 685 10.48
Open 1,566.27 Turnover 21,380,869 P/E (x) 9.57
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,573.96 Turnover 6,744,297 P/E (x) 11.42
KSE 30 Index
2010 Div BR (%) (%) 25 650 100
Performance of SR Pharma and Bio Tech Index
% Change -0.44 5-Day High 1,585.78 5-Day Low 1,556.23
Open 913.62 Turnover 17,551 P/E (x) 6.66
2011 Div BR (%) (%)
10B 25B325.00 -
-
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 96 306
PE
Open
8.40 96.21 6.69 88.10 13.86 77.87 7.48 27.75 12.29 156.00 5.37 60.49
High
High Low 917.79 900.20 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 22.31 Low
Close Chg
95.90 94.50 95.89 -0.32 88.75 88.01 88.60 0.50 78.20 77.00 77.05 -0.82 27.65 27.00 27.00 -0.75 154.99 152.00 154.49 -1.51 61.75 58.70 59.69 -0.80
Close 906.67 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 202 300 3591 1100 1122 11229
Change -6.95 Market cap 30,449.86 mn Div Yield (%) 6.69
Last 60 days High Low 112.50 94.90 89.98 30.48 164.99 69.00
94.00 82.20 69.52 23.50 116.00 58.70
2010 Div BR (%) (%) 20 30
20B -
% Change -0.76 5-Day High 933.68 5-Day Low 906.67 2011 Div BR (%) (%) -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
35.44
Total Assets (Rs in mn)
MA (10-day)
27.63
Total Equity (Rs in mn)
MA (100-day)
29.33
Revenue (Rs in mn)
138,421.94
MA (200-day)
29.29
Interest Expense
4,650.15
1st Support
25.60
Profit after Taxation
2,554.56
2nd Support
25.15
EPS 10 (Rs)
4.652
1st Resistance
26.70
Book value / share (Rs)
34.06
2nd Resistance
27.35
PE 11 E (x)
7.75
Pivot
26.25
PBV (x)
0.76
18,702.08 161,629.83
SNGP closed down -0.41 at 26.05. Volume was 76 per cent below average (consolidating) and Bollinger Bands were 24 per cent narrower than normal. The company's profit after taxation stood at Rs461.458 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). SNGP is currently 11.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SNGP (mildly bullish). Trend forecasting oscillators are currently bearish on SNGP.
Japan Power Generation Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
39.17
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.68
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.63
Revenue (Rs in mn)
2,731.94
MA (200-day)
1.84
Interest Expense
1st Support
1.51
Loss after Taxation
2nd Support
1.46
EPS 10 (Rs)
1st Resistance
1.65
Book value / share (Rs)
691.43
2nd Resistance
1.74
PE 11 E (x)
Pivot
1.60
PBV (x)
(452.35) (2.899) (6.68) (0.23)
JPGL closed down -0.05 at 1.56. Volume was 37 per cent below average and Bollinger Bands were 25 per cent narrower than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 15.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into JPGL (bullish). Trend forecasting oscillators are currently bearish on JPGL.
BOOK CLOSURES Company
From
To
Mubarak Tex Mills # Husein Industries First Cap Mutual Fund # Shaheen Insurance Redeo Textiles # United Distributors # (TFC) Saudi Pak Leasing (FTC) Allied Bank Int Ind (Consolidated) Millat Tractors Ideal Energy # Olympia Spng. Weaving Mills # Shadman Cotton Mills Mehran Sugar Mills Int Industries # Fauji Fertilizer Attock Petroleum Pakistan Petroleum Pakistan Petroleum (Pref) Colgate - Palmolive # Tariq Glass Crescent Steel Pakistan Oilfields
05-Feb 06-Feb 07-Feb 07-Feb 07-Feb 08-Feb 10-Feb 14-Feb 16-Feb 18-Feb 18-Feb 18-Feb 19-Feb 21-Feb 23-Feb 24-Feb 03-Mar 03-Mar 04-Mar 07-Mar 09-Mar 15-Mar
12-Feb 12-Feb 14-Feb 14-Feb 14-Feb 14-Feb 27-Feb 24-Feb 24-Feb 26-Feb 26-Feb 26-Feb 28-Feb 01-Mar 04-Mar 09-Mar 09-Mar 10-Mar 13-Mar 15-Mar 22-Mar
D/B/R 25 (R) 15 (I) 325 (I) 5 7.5(I) 115 (I) 50 (I) 30 (I) 200 (R) 10 (I) 100 (I)
Spot AGM/Date -
09-Feb 10-Feb 14-Feb 15-Feb 14-Feb 26-Feb 26-Feb 26-Feb 24-Feb 01-Mar 10-Mar -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
Johnson & Phillips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Shifa Int.Hospitals Eye Television P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
12.64 54 3.1 92.15 181.7 31.14 19.97 2.4 43.97 2.83 24.97
12.99 54.49 3.19 96.69 187 31.5 20.1 2.48 45.96 2.95 25.4
Low Close 12.2 54 3 91.01 172.62 31.5 19.5 2.32 42.51 2.8 24.42
12.79 54.49 3.01 92.6 185.13 31.5 19.55 2.34 43.89 2.81 24.52
Change 0.15 0.49 -0.09 0.45 3.43 0.36 -0.42 -0.06 -0.08 -0.02 -0.45
Vol 3103 5897 848248 113 32300 130 1503 35311 201 175709 413933
7
Thursday, February 3, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,103.03 Turnover 2,489,234 P/E (x) 5.92 Paid up Cap(mn)
Company
High Low 1,122.99 1,088.90 Total cos Defaulter cos P/BV (x) ROE (%) 0.76 12.84
PE
Open
High
Low
Close Chg
Pakistan Telecomm Co A 37740 12.45 Telecard 3000 0.60 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
18.69 2.10 2.67 3.60
19.00 2.15 2.78 3.75
18.50 2.01 2.57 3.48
18.68 -0.01 2.03 -0.07 2.59 -0.08 3.50 -0.10
Close 1,099.15 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 733036 112888 1643310 228243
Change -3.88 Market cap 76,110.20 mn Div Yield (%) 10.57
% Change -0.35 5-Day High 1,131.76 5-Day Low 1,099.15
Last 60 days High Low
2010 Div BR (%) (%)
20.65 2.67 3.45 4.65
17.5 1 -
18.19 2.01 2.40 3.35
2011 Div BR (%) (%)
-
-
Atlas Insurance 369 5.96 Central Insurance XB 279 7.73 Century Insurance 457 6.61 Crescent Star Insurance 121 EFU General Insurance 1250 Habib Insurance 400 3.14 IGI Insurance 718 16.52 New Jub Insurance 791 16.11 Pak Reinsurance 3000 43.00 PICIC Ins Ltd 350 Premier Insurance 303 5.77 Shaheen InsuranceSPOT 200 Silver Star Insurance 253 4.11 Universal Insurance 263 -
Paid up Cap(mn)
Company
PE
Genertech 198 Hub Power 11572 6.83 Japan Power 1560 KESC 7932 Kot Addu Power 8803 5.10 Nishat Chunian Power Ltd 3673 3.54 Nishat Power Ltd 3541 27.79 Sitara Energy Ltd 191 3.22 Southern Electric 1367 -
Open
High
0.75 37.95 1.61 2.73 42.44 16.25 17.02 17.51 2.15
0.88 38.15 1.69 2.79 42.50 16.40 17.50 17.31 2.19
Low 0.71 37.10 1.55 2.64 41.90 15.90 16.67 17.20 2.05
Close Chg 0.83 37.31 1.56 2.65 42.00 16.14 17.23 17.25 2.17
0.08 -0.64 -0.05 -0.08 -0.44 -0.11 0.21 -0.26 0.02
Close 1,291.33 Listed cap 95,369.29 mn Payout (%) 104.13
Change -15.48 Market cap 106,210.77 mn Div Yield (%) 7.22
Last 60 days High Low
Volume 43231 1083118 256774 370401 185566 457439 775919 6850 239374
1.18 41.20 2.15 3.55 45.85 18.01 18.70 19.35 2.80
0.71 33.26 1.50 2.07 39.00 13.01 14.25 17.20 2.05
2010 Div BR (%) (%) 50 50 20 -
% Change -1.18 5-Day High 1,354.29 5-Day Low 1,291.33 2011 Div BR (%) (%)
7.8R -
-
Open 792.52 Turnover 49,069 P/E (x) 5.51
GAS WATER AND MULTIUTILITIES Open 1,556.38 Turnover 1,103,739 P/E (x) 9.82 Company Sui North Gas Sui South Gas
High Low 1,590.86 1,526.75 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 11.41
Close 1,552.64 Listed cap 12,202.80 mn Payout (%) 66.79
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.75 3.45
26.46 22.59
26.90 23.24
25.80 22.32
26.05 -0.41 22.89 0.30
145473 958266
34.75 25.01
25.71 19.95
2010 Div BR (%) (%) 20 15
% Change -0.24 5-Day High 1,587.05 5-Day Low 1,539.88 2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.79 69.70 Askari Bank 6427 7.93 17.19 Bank Alfalah 13492 14.29 11.35 Bank AL-Habib 7322 7.95 36.78 Bank Of Khyber 5004 5.20 4.05 Bank Of Punjab 5288 8.49 BankIslami Pak 5280 945.00 3.95 Faysal Bank 7327 4.42 14.14 Habib Bank Ltd 10019 7.79 122.33 Habib Metropolitan Bank 8732 7.94 26.44 JS Bank Ltd 8150 2.32 KASB Bank Ltd 9509 1.70 MCB Bank Ltd 7602 9.93 223.51 Meezan Bank 6983 9.81 18.82 Mybank Ltd 5304 2.65 National Bank 13455 6.66 76.30 NIB Bank 40437 2.74 Samba Bank 14335 1.90 Silkbank Ltd 26716 2.55 Soneri Bank 6023 6.93 Stand Chart Bank 38716 11.60 7.50 Summit Bank Ltd XR 7251 3.48 United Bank Ltd 12242 7.68 65.21
High
High Low Close 1,174.21 1,144.27 1,158.35 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.15 13.94 40.49 Low
Close Chg
70.00 69.21 69.88 0.18 17.45 16.20 16.66 -0.53 11.50 11.10 11.15 -0.20 37.00 36.56 36.89 0.11 4.02 3.81 3.90 -0.15 8.57 8.06 8.20 -0.29 4.08 3.76 3.78 -0.17 14.25 13.55 13.70 -0.44 125.34 120.75 124.71 2.38 26.05 25.41 25.98 -0.46 2.41 2.31 2.39 0.07 1.74 1.64 1.67 -0.03 225.99 222.00 224.06 0.55 18.64 18.50 18.55 -0.27 2.80 2.60 2.70 0.05 77.50 75.80 76.31 0.01 2.80 2.63 2.71 -0.03 1.90 1.80 1.80 -0.10 2.60 2.48 2.50 -0.05 7.29 6.91 6.97 0.04 7.54 7.07 7.54 0.04 3.55 3.40 3.41 -0.07 66.40 64.75 65.34 0.13
Change -1.35 Market cap 700,602.68 mn Div Yield (%) 4.92
Last 60 days High Low
Volume
26737 74.00 2224548 19.25 810169 11.99 49599 39.49 4689 4.70 1484139 10.59 55906 4.50 754851 17.10 416363 128.97 7608 29.28 3711 3.00 87433 2.80 538453 250.48 2600 20.30 15381 3.40 1635872 80.61 1292649 3.35 69955 2.17 886331 3.05 5582 8.48 4516 9.04 33500 4.63 360554 70.65
55.10 15.15 9.48 31.50 3.62 8.06 3.00 13.55 101.79 19.71 2.30 1.49 199.00 14.50 1.90 64.13 2.60 1.51 2.48 6.90 6.33 2.70 55.70
2010 Div BR (%) (%)
% Change -0.12 5-Day High 1,201.36 5-Day Low 1,158.35
20 - 20B - 66R 55 -63.46R 10 -
-
-
Paid up Cap(mn)
Company Adamjee Insurance Ask Gen Insurance
PE
1237 25.37 204 6.12
Open 90.19 10.02
High 90.80 10.10
High Low 783.82 753.24 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20 Low 87.00 10.10
Close Chg 87.52 -2.67 10.10 0.08
Close 762.70 Listed cap 11,111.34 mn Payout (%) 79.54
528009 500
500
-
2.26
850 36.39
65.66
627 28.11
44.04
96.40 12.75
69.51 10.00
2010 Div BR (%) (%) 10 -
% Change -1.18 5-Day High 806.34 5-Day Low 762.70 2011 Div BR (%) (%)
25R
-
-
37.49 68.03 10.58 4.72 38.83 13.20 89.05 59.78 16.77 8.82 10.67 10.19 6.62 2.81
0.39 -1.96 0.09 -0.28 -0.67 -0.10 -0.95 2.01 0.22 0.03 -0.34 -0.86 -0.38 0.01
4200 3402 4701 104 14556 17385 1088 14129 355092 9351 2812 1499 1039 205
40.00 83.00 12.00 6.30 47.90 15.50 99.88 61.80 19.40 10.75 12.93 14.53 8.20 4.00
33.00 53.00 9.65 3.10 38.50 11.01 81.10 54.00 14.30 2.73 9.00 10.05 6.01 2.21
10 10 -
10B 20B -
-
UP TO 100 VOLUME
25R -
Symbols CPMFI HAJT LEUL SMCPL GATI GWLC KOHP BAPL MFFL COLG PPP IDSM FPJM KOHE BATA AGTL BGL FECS TSPL RMPL FZTM ULEVER LIBM STCL AABS TICL TOWL HINO FNEL FZCM SPLC MDTL RUBY HUSI IBLHL CSM FECM JKSM SNAI CHAS MUKT PAKT DSML FCONM MUCL QUET DIIL FIBLM ICL MTIL PTEC AASM ALTN ATFF BAWS DINT EMCO FANM FDMF FRSM GLPL GRAYS GRYL HMIM KOHTM NBF PAKMI PASM PNGRS
High
High Low 806.39 760.61 Total cos Defaulter cos P/BV (x) ROE (%) 3.36 3.85 Low
Close Chg
Close 770.15 Listed cap 2,290.72 mn Payout (%) 355.53
Change -22.37 Market cap 9,040.74 mn Div Yield (%) 4.07
Last 60 days High Low
Volume
4.62
% Change -2.82 5-Day High 816.00 5-Day Low 770.15
2010 Div BR (%) (%)
2011 Div BR (%) (%)
2.50
2.10
2.35 0.09
31951
2.10
-
20R
-
-
66.75
63.00
64.05 -1.61
13368
86.95
63.00
-
-
-
-
44.90
41.85
41.88 -2.16
3750
49.31
40.00
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 395.59 Turnover 2,483,482 P/E (x) 11.69
High Low 401.52 382.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 0.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
225
1.36
0.74
0.70
0.58
0.60 -0.14
Arif Habib Investments
360
Arif Habib Limited
450 12.75
3.81
Arif Habib Corp 3750 Dawood Cap Mangt. XB 150 Dawood Equities Escorts Bank
4.50 1.13
19.07
19.48
19.00
19.35 0.28
Close 386.51 Listed cap 30,336.44 mn Payout (%) 99.56
Change -9.07 Market cap 18,015.84 mn Div Yield (%) 3.49
Last 60 days High Low
Volume 47468
0.95
40229
2010 Div BR (%) (%)
0.33
22.40
% Change -2.29 5-Day High 417.13 5-Day Low 386.51
-
16.00
2011 Div BR (%) (%)
-
-
20B
25.25
24.92
24.99 -0.24
21816
28.00
24.40
-
20B
-
-
25.25 1.30
24.39 1.25
24.50 -0.55 1.26 -0.18
1754159 35000
30.20 2.14
23.25 1.15
30 -
-
-
-
250
-
1.90
1.98
1.80
1.96 0.06
49511
2.75
1.28
-
2.39
2.10
2.10
2.10 -0.29
210
3.80
1.90
-
-
-
-
2.52 7.70 0.67
2.29 7.96 0.70
2.28 7.30 0.53
2.29 -0.23 7.90 0.20 0.66 -0.01
1500 807 690
3.90 8.98 1.09
2.15 6.16 0.50
11.5 -
-
-
-
3.15 1.60 10.92 3.77 26.51 6.49 4.10 6.40 1.90 1.51
3.38 1.70 11.05 3.95 26.97 6.60 4.39 6.55 1.91 1.75
3.01 1.61 10.60 3.51 25.50 6.43 4.00 6.20 1.85 1.50
3.96 2.14 14.05 4.78 32.37 7.59 5.43 7.29 2.69 2.98
2.95 1.05 9.84 3.51 25.50 5.95 3.86 5.51 1.85 1.48
10 -
10B -
-
-
3166 626 0.61 7633 508 500 6.86 1000 27.29 1000 821 4.57 775 586 2.34
3.10 1.70 10.66 3.62 25.52 6.55 4.01 6.21 1.86 1.50
-0.05 0.10 -0.26 -0.15 -0.99 0.06 -0.09 -0.19 -0.04 -0.01
42139 16538 1872879 62194 813 44041 1452 10396 104380 131392
-
-
-
441
Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Trust Inv Bank
-
-
-
-
25.23 25.05 1.44
2121 14.31 600 790.00 2849 -
IGI Investment Bank Invest and Fin Sec Invest Bank
-
EQUITY INVESTMENT INSTRUMENTS Open 1,363.04 Turnover 2,543,938 P/E (x) 19.52 Company
High Low 1,387.64 1,313.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21
Close 1,363.20 Listed cap 29,771.58 mn Payout (%) 104.74
High 3.50 0.60 1.90 7.25 46.38 7.15 4.67 8.21 82.50 955.00 43.30 9.90 1.45 19.00 630.00 234.00 2.83 35.17 0.99 2467.50 424.99 4549.99 68.98 8.10 98.00 56.64 10.20 135.45 7.32 65.00 0.69 15.71 8.20 6.60 9.99 0.73 3.05 5.80 43.50 10.47 0.54 115.00 3.50 1.50 12.50 46.18 11.95 2.05 27.69 0.64 2.00 27.09 10.89 4.72 5.00 26.58 2.95 3.39 1.91 17.40 60.96 47.50 2.01 0.80 2.50 4.18 1.00 10.13 3.81
Low
Close
3.50 0.49 1.90 7.00 46.22 6.01 4.20 8.21 76.00 924.00 40.30 8.99 1.45 18.35 620.00 230.50 2.52 32.50 0.70 2236.01 418.15 4320.01 68.88 8.10 96.00 56.00 10.00 125.00 5.83 63.00 0.69 15.71 8.20 4.60 9.05 0.55 2.95 5.80 43.50 8.95 0.33 108.01 2.01 1.00 12.50 46.18 11.93 1.55 25.51 0.40 2.00 27.02 10.89 4.72 5.00 26.58 2.95 3.30 1.91 17.40 60.96 47.50 2.01 0.80 1.68 4.17 1.00 10.13 3.81
3.50 0.49 1.90 7.00 46.25 6.96 4.40 8.21 82.10 935.01 41.04 9.00 1.45 18.90 629.00 233.99 2.80 32.51 0.93 2378.00 420.00 4345.00 68.93 8.10 97.87 56.59 10.00 125.00 5.83 63.00 0.69 15.71 8.20 5.67 9.05 0.64 2.95 5.80 43.50 9.23 0.37 114.49 2.03 1.17 12.50 46.18 11.94 1.80 27.69 0.52 2.00 27.09 10.89 4.72 5.00 26.58 2.95 3.30 1.91 17.40 60.96 47.50 2.01 0.80 1.68 4.17 1.00 10.13 3.81
Change
Vol
-0.50 -0.18 0.24 -0.30 -2.40 -0.01 0.02 -0.05 2.10 -5.07 -1.21 -0.99 -0.02 0.58 -1.00 -0.01 0.29 -0.99 0.07 28.00 -20.13 -27.13 -3.57 0.10 -3.06 2.64 0.79 -4.00 -0.99 -0.21 0.00 -1.00 1.00 0.07 -0.19 0.11 0.15 -0.25 0.89 -0.27 0.03 0.81 -0.62 -0.43 -1.00 0.00 0.99 0.20 0.91 -0.13 -0.39 -1.23 0.64 0.13 0.00 -1.27 0.06 0.10 0.00 -0.85 2.57 0.00 0.79 0.25 0.01 0.23 -0.06 -0.85 -0.27
100 100 100 90 75 75 66 58 57 54 54 53 52 52 48 40 32 31 30 28 21 21 20 18 15 15 15 13 12 11 11 10 10 8 7 5 5 5 5 4 4 4 3 3 3 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Low
Close
148.10
150.00
148.00
148.93
0.83 2224000
POL-FEB
327.47
330.75
323.50
325.70
-1.77 1903000
% Change 0.01 5-Day High 1,400.58 5-Day Low 1,363.04
FFBL-FEB
40.90
41.27
40.29
40.55
2011 Div BR (%) (%)
High
Change
Vol
-0.35
714500 648500
64.56
66.00
64.00
65.20
0.64
ENGRO-FEB 216.07
218.30
213.88
215.76
-0.31
PSO-FEB
292.39
292.05
283.00
284.73
-7.66
NBP-FEB
76.96
77.69
76.40
76.91
-0.05
322000
ANL-FEB
11.08
11.15
10.65
10.84
-0.24
221000
MCB-FEB
225.38
226.99
223.50
225.54
0.16
146500
AICL-FEB
90.91
91.49
87.50
88.25
-2.66
129500
-0.49
121000
581500 345500
PE
Open
High
Low
Close Chg
264
9.38
1.44
1.50
1.50
1.50 0.06
126
2.00
1.18
-
-
-
-
LUCK-FEB
70.57
70.50
69.75
70.14
-0.43
89000
1375
7.88
9.01
9.60
8.70
9.45 0.44
1120468
9.60
6.07
18.5
-
-
-
PPL-FEB
212.59
214.50
210.15
211.08
-1.51
88000
-
UBL-FEB
65.58
66.70
65.20
65.55
-0.03
BOP-FEB
8.58
8.60
8.20
8.20
-0.38
44500
AL-Meezan Mutual F. B F Modaraba
75
2.18
3.40
3.31
3.31
3.31 -0.09
Volume
1496
4.00
2010 Div BR (%) (%)
NML-FEB
Open
Paid up Cap(mn)
1st Fid Leasing
Last 60 days High Low
4.00 0.67 1.66 7.30 48.65 6.97 4.38 8.26 80.00 940.08 42.25 9.99 1.47 18.32 630.00 234.00 2.51 33.50 0.86 2350.00 440.13 4372.13 72.50 8.00 100.93 53.95 9.21 129.00 6.82 63.21 0.69 16.71 7.20 5.60 9.24 0.53 2.80 6.05 42.61 9.50 0.34 113.68 2.65 1.60 13.50 46.18 10.95 1.60 26.78 0.65 2.39 28.32 10.25 4.59 5.00 27.85 2.89 3.20 1.91 18.25 58.39 47.50 1.22 0.55 1.67 3.94 1.06 10.98 4.08
FUTURE CONTRACTS Symbols
Change 0.16 Market cap 18,441.52 mn Div Yield (%) 8.34
Open
FFC-FEB
Performance of SR Equity Investment Instruments Index
2.89
-
10B
-
B R R Guardian Mod.
780
3.36
1.53
1.75
1.30
1.48 -0.05
56248
2.79
1.20
0
-
-
-
Equity Modaraba
524 11.75
2.00
1.90
1.88
1.88 -0.12
4420
2.98
1.06
-
-
-
-
Golden Arrow
760
3.18
3.11
3.00
3.10 -0.08
214674
3.60
2.56
17
-
-
2.21
7.25
8.20
7.33
9.00
-
-
DGKC-FEB
NCL-FEB
29.13
29.35
28.53
28.64
48000
23.50
24.65
23.30
23.72
0.22
34500
171.24
173.50
171.05
172.28
1.04
12000
-
NETSOL-FEB 25.18
25.00
24.56
24.58
-0.60
6500 2500
OGDC-FEB
H B L Modaraba
397
2.50
7.51 0.26
1015
6.04
11
-
HUBC-FEB
38.29
37.52
37.52
37.52
-0.77
Habib Modaraba
1008
6.03
7.05
7.01
6.95
7.00 -0.05
55600
7.30
6.00
21
-
-
-
PTC-FEB
18.63
18.65
18.65
18.65
0.02
JS Growth Fund
3180 68.13
5.43
5.49
4.65
5.45 0.02
111783
6.10
2.90
5
-
-
-
JS Value Fund
1186 21.21
5.88
6.00
5.65
5.94 0.06
95723
6.20
2.74
10
-
-
-
Meezan Balanced Fund
Change -9.13 Market cap 47,241.28 mn Div Yield (%) 6.38
Last 60 days High Low
Volume
East West Life
KASB Modaraba
Performance of SR Non Life Insurance Index
Open
New Jub Life Insurance
2011 Div BR (%) (%)
NON LIFE INSURANCE Open 771.83 Turnover 958,072 P/E (x) 12.46
PE
AMZ Ventures
Change -3.74 Market cap 33,508.17 mn Div Yield (%) 6.80
PE
Paid up Cap(mn)
EFU Life Assurance
Company
Paid up Cap(mn)
Open 1,159.70 Turnover 10,737,646 P/E (x) 8.24
Company
-
Performance of SR Gas Water and Multiutilities Index
36.55 68.00 10.27 4.00 38.50 13.10 88.11 57.61 16.40 8.10 10.60 10.05 6.61 2.70
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,318.50 1,281.97 Total cos Defaulter cos P/BV (x) ROE (%) 1.35 9.35
37.50 69.99 10.97 5.99 40.50 13.20 91.89 60.00 16.90 8.90 11.40 11.00 7.38 3.25
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,306.81 Turnover 3,418,822 P/E (x) 14.42
37.10 69.99 10.49 5.00 39.50 13.30 90.00 57.77 16.55 8.79 11.01 11.05 7.00 2.80
500
ZERO VOLUME
283
1.54
2.01
2.12
2.10
2.10 0.09
502
3.50
1.26
2.8
-
-
-
Symbols
1200
2.33
7.75
8.20
7.70
8.10 0.35
544959
8.25
5.15
15.5
-
-
-
ALICO
17.00
17.05
17.05
17.05
184 13.00
1.34
1.30
1.30
1.30 -0.04
460
2.50
0.90
-
-
-
-
BAFS
59.95
56.96
56.96
56.96
-2.99
0.00
2.00
1.99
1.99
1.99
-0.01
0.00
6.21
6.20
5.99
6.06 -0.15
25000
7.74
4.50
10
-
-
-
DWTM
10.00
9.00
9.00
9.00
-1.00
0.00
1.97
6.97
7.14
6.70
6.79 -0.18
103780
7.80
5.31
10
-
-
-
HWQS
21.70
20.62
20.62
20.62
-1.08
0.00
8.69
14.16
14.07
13.50
13.56 -0.60
167745
15.06
0.00
Mod Al-Mali Nat Bank Modaraba
250
5.61
PICIC Energy Fund
1000
PICIC Growth Fund
2835
PICIC Inv Fund
CPAL
Open
High
Low
Close
Change
Vol
0.05
0.00
8.40
20
-
-
-
KHTC
35.00
34.00
34.00
34.00
-1.00
2841
6.93
6.03
6.10
5.90
6.10 0.07
6055
7.14
3.91
10
-
-
-
KML
2.85
2.80
2.80
2.80
-0.05
Prud Modaraba 1st
872
2.27
1.00
1.05
1.00
1.00 0.00
926
1.20
0.81
3
-
-
-
MFTM
1.22
1.20
1.20
1.20
-0.02
Safeway Mutual Fund
545
7.90
7.83
7.90
6.87
7.90 0.07
179
9.00
5.01
18.2
-
-
-
MSCL
13.10
13.00
13.00
13.00
-0.10
0.00
NATM
15.00
16.00
16.00
16.00
1.00
0.00
Stand Chart Modaraba
454
4.66
9.88
10.19
9.51
9.51 -0.37
1906
10.29
8.51
17
-
-
-
NPSM
24.50
25.00
25.00
25.00
0.50
0.00
50
2.50
1.29
1.49
0.60
0.90 -0.39
16004
2.00
0.60
-
-
-
-
PIAB
6.00
5.00
5.00
5.00
-1.00
0.00
264
1.74
6.10
6.20
6.11
6.11 0.01
14696
6.55
5.30
12.5
-
-
-
SFAT
7.00
6.26
6.26
6.26
-0.74
Tri-Star Mutual U D L Modaraba
0.00 0.00
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
49.74
Support 1
12,161.05
MA (5-day)
12,362.97
Support 2
12,079.75
MA (10-day)
12,396.83
Resistance 1
12,334.85
MA (100-day)
11,149.44
Resistance 2
12,427.35
Fair Value
*Invest Cap
Rs Recommendations
39
*Invest Cap
45.52
Accumulate
AKD Securities Ltd
TFD Research
44.25
Neutral
TFD Research
10,558.26
Pivot
Leverage Position
Fair Value
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.20 66.24 56.81 52.55
Fair Value
Rs Recommendations
AKD Securities Ltd
16.75
Reduce
TFD Research
23.67
Positive
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 11,386.56 68.76 64.75
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
33.71 18.10 16.22 16.11
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Bollinger Bands were 10 per cent narrower than normal.
* Target price for Jun-11 & **Net Open Interest in future market
age and Bollinger Bands were 46 per cent wider than normal.
FFBL is currently 30.0 per cent above its 200-day moving average and is NML is currently 23.3 per cent above its 200-day moving average and is AKBL is currently 3.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is high as compared to the average reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- reflect volume flowing into and out of NML at a relatively equal pace. Trend flowing into and out of AKBL at a relatively equal pace. Trend forecasting forecasting oscillators are currently bearish on NML.
Brokerage House
Fair Value
Fauji Fertiliser Co
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Hold
*Invest Cap
Hold
*Invest Cap
52.4
Sell
*Invest Cap
149
Hold
229.9
Accumulate
AKD Securities Ltd
322.42
Neutral
AKD Securities Ltd
75.5
Neutral
AKD Securities Ltd
145
Reduce
TFD Research
245.4
Positive
TFD Research
281.35
Negative
TFD Research
92.3
Positive
TFD Research
210
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
62.41 212.46 187.41 186.22
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
360
oscillators are currently bearish on AKBL.
National Bank of Pakistan
AKD Securities Ltd
*Invest Cap
147.48 31,620.05 155.71 214.64
* Target price for Jun-11 & **Net Open Interest in future market
321.37 5,354.06 N/A 16.88
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume
ing oscillators are currently bullish on FFBL.
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
58.86 327.67 271.54 248.97
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 35,150.55 616.92 326.53
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
51.10 77.03 69.20 68.34
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Neutral
Technical Outlook
Technical Outlook
Leverage Position
139.5
318.50 24,304.57 112.33 76.48
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.47 151.89 118.10 113.18
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 55,332.86 356.17 148.35
* Target price for Jun-11 & **Net Open Interest in future market
ENGRO closed down -0.19 at 214.40. Volume was 1 per cent above aver- POL closed down -1.39 at 325.64. Volume was 3 per cent below average NBP closed up 0.01 at 76.31. Volume was 62 per cent below average (con- FFC closed up 0.61 at 148.27. Volume was 6 per cent below average and age and Bollinger Bands were 29 per cent wider than normal.
and Bollinger Bands were 43 per cent narrower than normal.
solidating) and Bollinger Bands were 49 per cent narrower than normal.
Bollinger Bands were 157 per cent wider than normal.
ENGRO is currently 15.2 per cent above its 200-day moving average and POL is currently 30.8 per cent above its 200-day moving average and is NBP is currently 11.7 per cent above its 200-day moving average and is FFC is currently 31.0 per cent above its 200-day moving average and is is displaying an upward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- reflect volume flowing into and out of POL at a relatively equal pace. Trend reflect volume flowing into and out of NBP at a relatively equal pace. Trend erate flows of volume into FFC (mildly bullish). Trend forecasting oscillacasting oscillators are currently bullish on ENGRO.
forecasting oscillators are currently bullish on POL.
forecasting oscillators are currently bearish on NBP.
tors are currently bullish on FFC.
Time
Byco Petroleum Pakistan Ltd Fauji Cement Company Ltd BMA Savings Fund BMA Cash Fund Gharibwal Cement Ltd JS Value Fund Ltd BankIslami Pakistan Ltd Habib ADM Ltd Engro Polymer & Chemicals Ltd Pak Int Con Ter Ltd Zeal-Pak Ltd NetSol Technologies Ltd Pakistan State Oil Co. Ltd MCB Bank Ltd IGI Investment Bank Tri-Pack Films Ltd Otsuka Pakistan Ltd. Unilever Pakistan Ltd ICI Pakistan Ltd Kot Addu Power Company Ltd
02-Feb 03-Feb 03-Feb 03-Feb 03-Feb 03-Feb 07-Feb 07-Feb 07-Feb 07-Feb 07-Feb 09-Feb 09-Feb 10-Feb 10-Feb 12-Feb 15-Feb 14-Feb 16-Feb 16-Feb
3:00 11:00 12:30 12:30 4:30 10:30 4:00 10:30 9:30 12:00 3:00 12:00 10:00 10:30 2:00 11:00 10:30 2:30 9:30 12:30
Company
Technical Outlook
Leverage Position
Date
TECHNICAL LEVELS
Positive
Technical Analysis
Pakistan Oilfields Ltd
Rs Recommendations
78.6
Brokerage House
Buy Accumulate
FFBL closed down -0.40 at 40.23. Volume was 6 per cent below average NML closed up 0.53 at 64.77. Volume was 39 per cent below average and AKBL closed down -0.53 at 16.66. Volume was 146 per cent above averand Bollinger Bands were 36 per cent wider than normal.
Engro Corporation
Brokerage House
Rs Recommendations
71.45
Technical Outlook
12,253.55
2nd resistance level at 12,427.35, while Index will continue to find its 1st support level at 12,161.05 and 2nd support level at 12,079.75. KSE 100 INDEX is currently 16.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.
Fair Value 77
Technical Outlook
RSI (14-day) 54.29 Free Float Shares (mn) 326.94 MA (10-day) 41.28 Free Float Rs (mn) 13,152.74 KSE 100 INDEX closed down -30.99 points at 12,242.39. Volume MA (100-day) 33.57 ** NOI Rs (mn) 70.72 was 35 per cent below average and Bollinger Bands were 37 per MA (200-day) 30.97 Mean 40.44 cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,334.85 and * Target price for Jun-11 & **Net Open Interest in future market MA (200-day)
Brokerage House
Hold
AKD Securities Ltd
Technical Analysis
Askari Bank Ltd
Nishat Mills Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 43.28 2.90 2.80 49.35 69.40 68.90 13.29 52.55 52.10 37.89 24.15 23.85 36.44 24.85 24.70 40.89 86.10 84.65 33.71 16.10 15.50 48.65 10.50 10.30 56.17 365.60 356.55 36.86 118.75 116.40 48.59 11.00 10.85 47.77 3.65 3.55 23.12 8.00 7.75 38.56 1.85 1.75 36.75 28.10 27.75 40.14 2.70 2.65 39.89 2.50 2.45 28.58 38.05 37.30 25.61 62.45 60.85 62.41 212.05 209.70 28.50 13.40 13.15 31.66 4.55 4.45 54.29 39.85 39.50 61.47 147.20 146.10 57.54 121.85 119.00 41.97 36.90 36.45 35.05 137.45 135.70 65.12 285.30 278.65 34.42 3.45 3.25 39.17 1.50 1.45 42.81 2.30 2.25 44.21 10.50 10.30 41.66 41.75 41.55 40.03 2.60 2.55 56.15 14.95 14.65 34.97 69.45 68.85 43.29 222.05 220.05 33.14 2.55 2.50 51.10 75.60 74.85 54.45 23.50 23.25 60.04 24.15 23.80 36.07 2.60 2.55 49.13 1.75 1.65 46.20 64.00 63.20 51.37 172.00 171.45 45.60 2.75 2.70 35.42 1.80 1.75 45.66 2.30 2.20 39.92 6.60 6.50 58.86 321.85 318.10 40.61 207.55 205.35 26.41 62.25 60.95 34.55 278.60 274.30 37.24 18.45 18.25 39.70 200.90 197.45 35.33 25.60 25.15 39.11 13.00 12.95 57.70 22.40 21.90 33.15 1.95 1.90 29.96 2.95 2.90 41.59 64.60 63.85 39.41 2.50 2.45
1st
2nd
Resistance 3.05 3.15 70.20 70.50 53.55 54.10 25.05 25.55 25.20 25.40 89.90 92.25 17.35 18.00 11.05 11.35 383.10 391.55 125.65 130.30 11.40 11.65 4.00 4.20 8.50 8.80 2.05 2.15 29.05 29.60 2.90 3.00 2.60 2.65 40.05 41.30 66.20 68.35 217.00 219.60 14.10 14.55 4.75 4.90 40.75 41.25 149.65 151.00 126.45 128.20 37.95 38.55 141.40 143.70 296.30 300.65 3.85 4.15 1.65 1.75 2.40 2.45 10.95 11.20 42.35 42.75 2.75 2.85 15.55 15.80 70.50 71.00 226.05 228.00 2.65 2.75 77.30 78.25 24.00 24.25 25.15 25.75 2.80 2.90 2.05 2.20 65.70 66.60 173.05 173.55 2.90 3.00 1.90 1.95 2.45 2.55 6.80 7.00 330.10 334.60 213.35 216.95 65.80 68.15 289.60 296.25 18.95 19.25 208.90 213.45 26.70 27.35 13.10 13.15 23.30 23.75 2.10 2.20 3.15 3.25 66.25 67.15 2.75 2.85
Pivot 2.95 69.70 53.10 24.70 25.05 88.45 16.75 10.85 374.05 123.35 11.25 3.85 8.30 1.95 28.70 2.80 2.55 39.30 64.60 214.65 13.85 4.70 40.40 148.55 123.60 37.50 139.70 289.65 3.70 1.60 2.35 10.75 42.15 2.70 15.25 69.90 224.00 2.60 76.55 23.75 24.80 2.70 1.95 64.90 172.50 2.85 1.85 2.40 6.75 326.35 211.15 64.55 285.30 18.75 205.45 26.25 13.05 22.80 2.05 3.05 65.50 2.65
8
Thursday, February 3, 2011
Union scorns PIA deal with THY, seeks MD out
KOGASHIMA: Erupting Shinmoedake peak between Miyazaki and Kagoshima prefectures, is seen from Kagoshima airport.-Reuters
KARACHI: The Joint Action Committee of PIA Employees (JACPIAE) staging protests across the country, has demanded of the Federal Govt to categorically reject the disastrous agreement signed by Managing Director PIA within 10 days and replace him with a thorough professional who can turn around the sinking, financially crippled national asset. The union leaders said this while staging a protest at airline's head office. They said that they are not against the government but they wanted to condemn the failed and irrational policies of the PIA management that are being posed in the shape of recent agreement between PIA and Turkish Airlines.
Valencia, Malaga and Toulouse
Turkish Airlines re-schedules flights KARACHI: According to planned flight schedule, Turkish Airlines will operate its first flight to Valencia (Spain) on March 27th and the flights will take place on Tuesday, T h u r s d a y, Friday and Sunday with four times weekly service, said a press release issued here. Turkish Airlines also will start the IstanbulMalaga (Spain) route three times a week on Wednesday, Friday and Sunday and the first flight will be operated on April 27th. With the start of flights to
Valencia and Malaga, Turkish Airlines passengers will have the opportunity to travel directly to four flight destinations in
Spain after its current services to Barcelona and Madrid.
The airline will continue to expand its network with the launch of Istanbul-Toulouse (France) flights. The flights are set to begin on 16th April and will take place three times a week on M o n d a y , Wednesday and Saturday. The services to Toulouse will be increased to 4 times a week by July 3rd. Toulouse is the fourth flight destination in France after Lyon, Nice and Paris. With the addition of its new services, Turkish Airlines will operate flights to 175 destinations worldwide.PR
Air freight grows by one fifth in 2010 GENEVA: Air freight grew by over one fifth in 2010, in a sign of global economic recovery, but severe weather in Europe and North America dented passenger demand at the end of the year, the airline body IATA said on Wednesday. Both passenger and freight demand have now exceeded pre-recession levels but freight volumes have dropped 5 per cent since the peak of the postrecession restocking boom in early 2010, the International Air Transport Association said. IATA Director-General Giovanni Bisignani said the world was moving again after an unprecedented decline in aviation demand in 2009. Airlines ended the year ahead of 2008 volumes but with a
profit margin of only 2.7 per cent. "The challenge is to turn the demand for mobility into sustainable profits," he said in a statement. Demand for air cargo -- an important indicator of world trade flows -- was 6.7 per cent higher in December than a year earlier after rising 5.4 per cent in November, to show a 20.6 per cent rise for the full year, IATA's monthly traffic data showed. The World Trade Organization has projected that global trade rebounded by a record 13.5 per cent in 2010. IATA estimates that some 30 per cent of world trade by value -- more expensive goods than bulk cargos -- are moved by air. With freight demand growth
oscillating between 35.2 per cent in May and 5.8 per cent in November, the industry is heading towards a more normal growth pattern in line with historical growth rates of 5-6 per cent. Severe weather in North America and Europe dented passenger demand in December, with growth slowing to 4.9 per cent from 8.2 per cent in November. For the whole of 2010 passenger demand also rose by 8.2 per cent. IATA, whose 230 members include Lufthansa and Singapore Airlines, has forecast that airlines will make a cumulative profit in 2010 of $15.1 billion, but slowing demand will see this fall to $9.1 billion this year. Reuters
They said the MD PIA, Aijaz has Haroon attempted to force employees to support this devastating agreement to share traffic and business on European and US routes with the Turkish Airlines, the same has strongly been condemned and rejected by the office bearers of different PIA employees' Associations and Unions including, PALPA, People's Unity (CBA), PIASSA, SAEP, ATAP, FENA, Air League, United & PIACE, Joint Action Committee of PIA Employees (JACPIAE).NNI
Sialkot to Dammam PIA flights start from 3rd SIALKOT: Pakistan International Airline (PIA) will start its weekly direct SialkotDammam (Saudi Arabia) flight from February 3 from Sialkot International Airport. District Manager Pakistan International Airline, Khalid Hameed, told APP the flight would operate on every Thursday at 7pm, adding that a large number of overseas Pakistanis belonging to Sialkot, Daska, Pasrur, Sambrial, Narowal, Gujranwala and Gujrat districts would benefit from it. Khalid Hameed said that at present 11 international and four domestic flights were being operated by PIA from Sialkot.-APP
JVs let wings spread: MD PIA KARACHI: Joint ventures and commercial alliances between airlines expand their network thereby creating better revenue prospects and creation of jobs. This was stated by the Managing Director PIA, Captain Muhammad Aijaz Haroon, while addressing the employees at the airline's Head Office here on Wednesday. It is high time that we must rise above "ethnic airline level to a global one ", he said. With a limited fleet and without any effective alliance it will be hard to survive in today's cutthroat competitive environment prevailing in airline industry, he added. PIA was in talks with other airlines as well on viable Commercial Joint Venture operations and which is a routine matter in every airline, Captain Aijaz remarked. He said that to make our presence felt worldwide we are exploring various options like code sharing etc with leading carriers including Turkish Airlines who can help in expanding our network. He said that in today's competitive business environment has to know how the airline is operating; knowing its parameters and business sense. He said that we have to think of an out of box solution for the benefit of the airline. PIA's market share on international routes was on continuous decline till 2008 but with the dedicated efforts of all employees of the corporation PIA was able to increase the market share which is now around 40 %. Captain Aijaz said that sixth freedom has caused loss to the airline but there were other factors as well which the present management has identified. A marketing survey conducted at Islamabad, Lahore and
Karachi airports, revealed that besides, a large number of passengers travelling to non PIA destinations via other carriers a much higher number of passengers also travel to PIA destinations as 6th Freedom passengers mainly carried by Middle Eastern Carriers. He said that the two main factors for the success of any airline are affordable fares and convenient schedule among other factors. Captain Aijaz stated that PIA wants to provide more destinations to its passengers with convenient timings without involving major costs; this he said was only possible with commercial agreements like code sharing. He dispelled the impression that Ministry of Defence was against any joint venture/code sharing initiative if taken by PIA rather the Government is very much supportive of such initiatives which help PIA in enhancing its revenues and cost saving efforts. It is still in the proposal/discussion phase and will come into binding after the approval by the Government of Pakistan which is the owner of airline. He was of the view that the PIA-Turkish proposal if accepted will have PIA crew on Turkish airlines flights, Pakistani newspapers and reading material will be available on Turkish Airlines flights, having Pakistani staff at Istanbul transit lounges, the two airlines will handle each others aircraft at their home base, Catering services would be shared, technical handling of aircraft will also be done and engineering and training facilities of each other will be utilized at the optimum level. Captain Aijaz said that the prospective code sharing/alliance will not affect the PIA's business plan, rather it will enhance airline's profitability.- APP
SK airco goes into tailspin on fuel cost SEOUL: Korea's main flag carrier Korean Air reported an 18 per cent fall in year-on-year net profit for the fourth quarter due to a rise in fuel costs. But the airline swung to a full-year net profit thanks to a pick-up in demand for travel. Quarterly net profit fell to 69.6 billion won ($62 million) from 84.9 billion won a year earlier, the company said. Operating profit rose 23 per cent to 188.8 billion won while revenue was up 12 per cent at 2.898 trillion. Korean Air spent 911.8 billion won on jet fuel in OctoberDecember, up 16 per cent from
a year earlier due to rising world oil prices. For all of 2010 it reported a net profit of 468.4 billion won compared to a net loss of 98.9 billion in 2009. Operating profit rose sharply to 1.119 trillion won from 133.4 billion a year earlier, while revenue was up 22 per cent at 11.459 trillion. The airline this year targets an operating profit of 1.28 trillion won on revenue of 11.190 trillion. It plans to invest 2.113 trillion won in planes out of total capital spending of 2.329 trillion. APP
KARACHI: Dr M Sharif Baloch, Vice Chairman (North Zone) TAAP giving away the token of appreciation to Shahid Rashid, Federal Secretary, Ministry of Tourism, Islamabad at the time of his recent visit at TAAP Office. Mohammad Yar Khan Khichi, Controller Department of Tourist Services, is also seen in the picture.
Star Alliance up to better its awards product FRANKFURT: Frequent flyers on the Star Alliance network can now also use their miles to upgrade when travelling on Air Canada, TAM and US Airways. These member carriers are now participating in the unique Star Alliance Upgrade Awards programme, the redemption option enabling customers to use miles or points from their Frequent Flyer Programme (FFP) accounts for one-class upgrades on scheduled flights operated by the participating Star Alliance member carriers. Travellers enrolled in Aeroplan速 (Air Canada), Fidelidade (TAM) or Dividend Miles速 (US Airways) can exchange their collected miles for a Star Alliance Upgrade Award. With this award, a confirmed and ticketed booking can be upgraded to a higher class prior to travel. In order to redeem the award, customers need to contact their FFP, either by calling reservations or logging onto the web (depending on what is offered by the carrier). The upgrade is processed electronically, eliminating the need to issue paper certificates. Upgrades are permitted for one class of travel, either from Economy Class to Business Class or from Business Class to First Class*. Upgrades from certain types of fares are not possible. "Our frequent flyers have always told us that upgrading using miles across the entire alliance is one of the highest sought after benefits. Hence, by now offering Star Alliance Upgrade Awards across all flights in the Americas we further increased the attractiveness of our Alliance product," said Vice President Commercial, Star Alliance, Christopher Korenke. "We are working on getting the remaining Star Alliance member carriers into the product as soon as possible."-PR
Japanese volcano delays flights TOKYO: A series of spectacular eruptions from a volcano in southern Japan fired columns of ash and smoke thousands of metres in the air early Wednesday, with the cloud delaying some international flights to Tokyo. The 1,421-metre (4,689-feet) Shinmoedake volcano in the Kirishima range, featured in the 1967 James Bond film "You Only Live Twice", continued the series of deafening blasts which began with the start of its first major eruption for 52 years last week. After a huge explosion at 5:25 am (2025 GMT), the peak spewed fiery crimson debris and flame into a dark pre-dawn sky, before erupting again at 10:47 am, an official at the Fukuoka District Meteorological Observatory said. Several inbound international flights to Tokyo's Narita and Haneda airports, including some operated by Hong Kong carrier Cathay Pacific, were delayed Wednesday morning, airline officials said. However, scheduled flights were expected to return to normal throughout the day, operating above the ash cloud. Domestic flights and train schedules have been subject to cancellations and sport has also been affected, with three JLeague football teams forced to cancel spring training camps in the area, officials said. On Tuesday the force from a huge blast from the erupting volcano shattered windows up to 12 kilometres (seven miles) away.-Reuters
9
Thursday, February 3, 2011
European vegetable oil prices
NEW YORK: Traders of crude oil and natural gas react during trading at the New York Mercantile Exchange. The tense stand-off in Egypt dominated market concern as investors worried about the impact on oil supplies and the stability of other governments in the region.-Reuters
Raw sugar leaps to 30-yr high on cyclone LONDON: Raw sugar futures rose to the highest in three decades on Wednesday and white sugar hit a record peak as a massive cyclone hit Australia, the third-largest sugar exporter, deepening concerns about tight global supplies. Cocoa futures on ICE rose to just below their one-year peak, buoyed by the risk premium associated with turmoil in top grower Ivory Coast, while arabica coffee nudged higher, touching a fresh 13-1/2-year peak. ICE March raw sugar was up 1.79 cents or 5.3 per cent at 35.75 cents a lb at 1616 GMT after leaping to a 30-year high of 36.08 cents a lb on investor and fund buying. London March white sugar was up $34.70 or 4.2 per cent at $853.90 a tonne after soaring to a record high of $857.00 a tonne. Coffee prices were firm with arabica coffee climbing to a fresh 13-1/2 year high while robusta touched its highest in 2-1/4 years. ICE March arabicas rose 0.25 cent or 0.1 per cent to $2.4965 a lb at 1616 GMT after hitting $2.5150, the loftiest price for the first month contract since June 1997. May robusta coffee on Liffe climbed to $2,276 a tonne, its highest since Aug. 2008, before erasing gains to trade down $5 or 0.2 per cent at $2,253 a tonne. ICE benchmark March cocoa rose $40 or 1.2 per cent to $3,353 per tonne, below last week's oneyear peak of $3,420 per tonne, while London May cocoa rose 20 pounds to 2,167 pounds a tonne, below a peak of 2,269 pounds a tonne. -Reuters
Gold dips on data; Egypt underpins LONDON: Gold prices eased on Wednesday after wellreceived US economic data and a spate of upbeat corporate earnings deflected interest away from bullion on to higher-risk, higher-yielding assets. Concern over unrest in Egypt and the prospect that it could spread into the wider Middle East is continuing to put a floor on prices, though it is prompting little new buying. Spot gold was bid at $1,335.45 an ounce at 1551 GMT, against $1,340.45 late in New York on
sidelines." With confidence in the economic recovery growing and concern over euro zone sovereign debt abating, gold may lose some of its appeal as a haven, analysts say, though support remains. "In an environment of negative real interest rates, we expect gold's 'store-of-value' characteristic to keep it well supported at the $1,400-1,450 an ounce level during 2011," said Citigroup analysts in a note. "However, with signs of the
Tuesday. US gold futures for April delivery fell $5.20 an ounce to $1,335.10. Peter Hillyard, an analyst at ANZ Bank in London, said gold was lacking direction after its retreat from December's record high above $1,430 an ounce. "The sell-off seemed to illustrate that people had lost faith in gold and could see much better places to invest," he said. "(But) I don't think people want to sell it. They are fearful about what is going to happen in the Middle East, and what really is going on in the markets. "By the same token, they are wondering, if they buy it, what the upside is. So they are on the
past three years' risk-trade dissipating as confidence is seemingly restored in developed market economies, we caution that risks to our gold price outlook are probably skewed to the downside." Among other precious metals, palladium rose towards its highest in nearly a decade after upbeat car sales numbers. The majority of palladium is used in catalytic converters. Platinum was at $1,827.49 an ounce against $1,825, while palladium was at $817.22 against $819.47, having earlier matched its highest since March 2001 at $825.50. Silver was bid at $28.47 an ounce against $28.49. -Reuters
Copper steadies, but $10,000 still in sight LONDON: Copper rushed towards a record high on Wednesday, nearing $10,000 a tonne before losing momentum, but solid manufacturing data that pointed to higher demand for the industrial metal suggested gains further ahead. Three-month copper on the London Metal Exchange ended at $9,945 a tonne, flat with Tuesday's close. It earlier hit a record of $9,988.25. But trading volumes were slim, just above half the level seen on Tuesday, as the Lunar New Year week-long holiday started in China. Copper gained more than 60 per cent since last June when markets tumbled, fearing sovereign default in euro-zone countries such as Greece. "Do I think that copper will move upward through $10,000? The answer is yes," said Dennis Gartman of The Gartman Letter. "The trend is clearly upward; stockpiles are not excessive and the global economy is still for the better, not the worse. All of these things shall argue for stronger copper prices even still."
"Copper is probably going to hit $10,000 before consolidating a bit. The macro data this week was very, very bullish," said analyst Andrey Kryuchenkov at VTB Capital. HSBC's China Purchasing Manager Index data on Tuesday showed stronger growth in the country's manufacturing sector, followed by figures showing an acceleration in manufacturing in the euro-zone and in the United States, which expanded at its fastest pace in nearly seven years. Copper earlier led strong gains across the broader base metals complex, with tin hitting a record high, nickel touching its highest since May 2008, zinc at a 10-week high and aluminium near its highest since September 2008. Meanwhile, US private employers added 187,000 jobs in January compared with a
revised gain of 247,000 jobs in December, a report by a payrolls processor showed on Wednesday. Data shows that since February 2009, copper prices have tripled, while open interest has risen by 25 per cent and trade volumes by 50 per cent, suggesting a rise in short-term trading and longer-term investment. Traders said there was significant pent-up speculative demand for metals and other commodities, and that fund money could force prices to overshoot. Nickel finished at $28,000 from $27,950, aluminium was at $2,525 from $2,551. Benchmark lead ended at $2,560 from $2,535 and zinc at $2,475 compared with $2,472. Tin, which hit a record high of $30,790 earlier closed at $30,650, up from $30,155 on Tuesday. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 01 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1250
January (3rd Wednesday)
1310
1255
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 01 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2345 2355 2320 2330 2220 2230 2220 2230
2530 2531 2537 2537.5 2590 2595 2628 2633
9840 9840.5 9809 9810 9575 9585 9155 9165
2615 2620 2530 2533 2465 2470 2412 2417
27650 27655 27675 27680 26505 26605 25255 25355
TIN
ZINC NASAAC
29980 2403 29985 2403.5 29875 2429 29900 2430 29350 2435 29400 2440 2405 2410
2470 2480 2500 2510 2530 2540 2585 2595
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 1018.00+13.00, Apr11 1018.00+13.00, May11/Jul11 1018.00+8.00, Aug11/Oct11 1025.00+10.00, Nov11/Jan12 1030.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1050.00, May11/Jul11 1040.00+10.00, Aug11/Oct11 995.00+10.00, Nov11/Jan12 1000.00+10.00, Feb12/Apr12 1010.00+15.00. SUNOIL: EU dlrs tonne extank six ports option Feb11 1490.00+15.00, Mar11 1490.00+15.00, Apr11/Jun11 1475.00+15.00, Jul11/Sep11 1490.00+15.00, Oct11/Dec11 1400.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1597.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1310.00+27.50, Feb11 1315.00+30.00, Mar11 1315.00+30.00, Apr11/Jun11 1295.00+30.00, Jul11/Sep11 1275.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1305.00+25.00, Apr11/Jun11 1280.00+22.50, Jul11/Sep11 1250.00+22.50. PALM STEARIN: Dlrs tonne fob Malaysia Feb11 1270.00, Mar11 1270.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 2300.00, Feb11/Mar11 2270.00+20.00, Mar11/Apr11 2220.00+20.00, Apr11/May11 2200.00+10.00. -Reuters
Indian sugar tad down on higher supply MUMBAI: Indian sugar prices edged lower on Wednesday after millers released unsold stocks of January, dealers and analysts said. India has made available 1.62 million tonnes of non-levy sugar for February, including 300,000 tonnes unsold stocks of January, the government said in a statement on Jan. 31. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. "Millers were selling sugar at lower price. There was slight improvement in demand due to beginning of new month," said a dealer based in Vashi spot market near Mumbai. Wholesale traders stock up on food articles in the last and first week of the month to prepare for purchases by India's salaried middle class, who buy in the first two weeks of the month after receiving wages. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety nudged down by 0.15 per cent to 2,700 rupees ($59.2) per 100 kg, after losing 5 per cent last month. The most-traded M-grade sugar contract for February delivery NSMG1 on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.25 per cent at 2,763 rupees per 100 kg. -Reuters
Brent hits 28-mth high, all eyes fixed on Egypt Market worries over regime change in Mideast, North Africa LONDON: North Sea Brent crude oil futures hit a 28month high on Wednesday on worries unrest in Egypt would spread across the Middle East and north Africa, source of more than a third of the world's oil. Egyptian President Hosni Mubarak has said he will surrender power in September, angering protesters who want an immediate end to his 30-year rule. ICE Brent for March jumped 30 cents to $102.04 a barrel by 1500 GMT, after briefly touching $102.18, the highest price for a front-month contract since September 2008. US crude rose 60 cents to $91.37. "We suspect that the (as) yet unresolved political standoff in Egypt will likely keep oil prices fairly well bid, at least for the balance of the week," said Edward Meir, senior commodities analyst at brokers MF Global. Credit Suisse analysts agreed, saying price risks
would remain "skewed to the upside" as long as geopolitical tensions in Egypt remained unresolved: "We expect oil prices to ease once tensions fade due to ample global inventories." Although the unrest in Egypt has so far had no effect on transit through the Suez Canal or the Suez-
Mediterranean (SUMED) oil pipeline, shipping sources said there were major disruptions in Egypt's Alexandria and Damietta ports due to staff shortages and an absence of customs officials. At the back of many investors' minds is an unspoken worry that unrest in north Africa could fuel similar protests in bigger oil producers such as Libya or even Saudi Arabia, stirring fears of
Palm oil hits 3-year peak on supply doubts JAKARTA: Malaysian palm oil futures rose to a three-year high on Wednesday, as output jitters buoyed prices in the wake of flooding in key plantations areas and comparative vegetable oil supplies were hit by strike action. Palm oil notched its highest daily gain earlier this week, with traders expecting the market to rally further after floods in Malaysia's Johor and Sabah regions cut off access roads and brought harvesting to a standstill. The benchmark April 2011 crude palm oil contract on Bursa Malaysia Derivatives climbed 2.5 per cent at 3,905 Malaysian ringgit a tonne. Prices earlier touched 3,910 ringgit, a level not seen since March 10, 2008. "Pretty strong," said one trader. "In Malaysia, the weather is not so good in the last few days -there was flooding in the largest producing state (Sabah)."
"It caused a lot of destruction to the supply of the market and transportation," he added. Overall, traded volume stood at 5,099 lots of 25 tonnes each, compared with a total of 9,227 lots on Monday. The Indonesia Commodity & Derivatives Exchange, ICDX, April CPO futures contract was at 11,450 rupiah per kg, compared to 11,300 rupiah per kg when it opened. Market volume was 825 lots of 10 tonnes each. "Palm oil markets will be shut for the rest of the week and traders are not taking any chances with any supply-related problems in Malaysia and Argentina," said a trader with a commodities brokerage in Kuala Lumpur. The most-active Sept 2011 soyoil on the Dalian Commodity Exchange ended unchanged at 10,628 yuan on Tuesday. -Reuters
a temporary disruption to oil supplies. US crude oil stocks rose a greater-than-expected 3.8 million barrels last week, the US oil industry data said on Tuesday, while inventories at Cushing, Oklahoma, climbed 667,000 barrels. Brent's premium to US crude futures jumped to about $11 a barrel from $8.50 after the American Petroleum Institute on Tu e s d a y reported an increase in crude stockpiles at the Cushing delivery point for the US futures benchmark. Government data on inventories and demand from the Energy Information Administration follow on Wednesday at 1530 GMT. A Reuters survey of analysts forecast crude stocks to be up 2.7 million barrels, with distillate stocks slipping 700,000 barrels and gasoline inventories rising 1.9 million barrels. -Reuters
Tokyo rubber gains on oil rise TOKYO: Key Tokyo rubber futures rose on Wednesday, supported by firm oil prices, but the market was capped by the yen's rise against the dollar. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery settled up 4.6 yen, or 1 per cent, at 472.2 yen per kg, staying within sight of a record high of 484.9 yen hit last week. The Shanghai Futures Exchange will be closed from Wednesday to Feb. 8 for the Lunar New Year holidays. The most active rubber contract for May delivery closed at 41,710 yuan per tonne on Tuesday, after rising as high as 41,790 yuan, just shy of a record high of 41,850 yuan hit on Monday. Traders said an absence of players from China, the world's largest rubber consumer, during the week-long holidays may dampen incentives to push prices higher, keeping them off peaks. -Reuters
US cotton ends sharply up on speculators, China NEW YORK: US cotton futures settled higher on Tuesday for the second day running on speculative buying inspired in part by stronger Chinese prices, with no sign speculative bulls are done rallying fiber contracts. Cotton futures had risen over 22 per cent in a fresh rally that began in the middle of January, with Chinese cotton futures matching the rally in the US market. The key March cotton contract on ICE Futures US rose 3.78 cents or 2.2 per cent to settle at $1.7222 per lb, dealing from $1.6923 to daily limit up
at $1.7244. Total volume stood around 26,800 lots, about 40 per cent above the 30-day average, Thomson Reuters preliminary data showed. 'It's a one-way street for the specs,' said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. The speculative accounts are driving fiber contracts higher in part because some mills are short on supplies and they would need to cover those shorts in old-crop contracts in a few weeks' time, analysts said. Some traders said gains in Chinese cotton futures gave
the market an early boost. The key September cotton futures on the Zhengzhou Commodity Exchange hit a new lifetime peak at 33,790 yuan per tonne and was last done at 33,725 yuan, up 1,080 yuan on the day. The market's rise may also be in anticipation of some disappointment at US 2011 cotton plantings. Industry group the National Cotton Council of America will release its annual plantings survey for cotton at its annual meeting in San Antonio, Texas on Friday. Reuters
National Commodity Exchange Ltd Trading Summary Date
2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011 2-Feb-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 MY11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 03FE11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
91.60 93.80 95.33 28.26 28.24 1339.10 1337.20 1338.70 1337.20 1339.00 1338.30 37078.00 37027.00 37044.00 36990.00 36999.00 43145.00 43145.00 38082.00 38123.00 38041.00 38055.00 38068.00 44060.00 44175.00 44007.00 43725.00 43734.00 3227.00 3241.00 5352.00 86.11 85.43
92.40 94.50 95.46 28.60 28.35 1343.00 1344.00 1345.00 1337.20 1343.00 1338.30 37143.00 37027.00 37044.00 36990.00 36999.00 43145.00 43145.00 38082.00 38123.00 38043.00 38055.00 38068.00 44154.00 44200.00 44007.00 44200.00 43734.00 3227.00 3241.00 5450.00 86.16 85.43
90.32 93.20 95.33 27.88 28.24 1325.80 1326.00 1327.00 1336.30 1327.50 1336.80 36752.00 36951.00 36968.00 36915.00 36924.00 43057.00 43057.00 37990.00 38030.00 38041.00 37964.00 37977.00 43645.00 43690.00 43703.00 43614.00 43629.00 3226.00 3240.00 5352.00 86.11 85.42
90.71 93.45 95.46 28.34 28.35 1336.30 1336.80 1337.50 1336.30 1336.80 1336.80 36942.00 36951.00 36968.00 36915.00 36924.00 43057.00 43057.00 37990.00 38030.00 38043.00 37964.00 37977.00 43645.00 43690.00 43706.00 43614.00 43629.00 3226.00 3240.00 5450.00 86.16 85.42
Traded Volume in lots 326 91 223 2,846 2,621 1,169 53 8 2 5 1 5 -
Previous Settlement Price 90.89 93.69 95.68 28.66 28.67 1342.90 1343.30 1344.00 1342.90 1343.30 1344.00 37181.00 37190.00 37207.00 37153.00 37162.00 43335.00 43335.00 38234.00 38275.00 38288.00 38206.00 38220.00 43927.00 43974.00 43990.00 43896.00 43911.00 3227.00 3241.00 5352.00 86.11 85.43
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 90.71 89 93.45 66 95.46 3 28.34 50 28.35 2 1336.30 2,229 1336.80 2,032 1337.50 347 1336.30 1336.80 1 1337.50 36942.00 11 36951.00 1 36968.00 82 36915.00 1 36924.00 43057.00 43057.00 37990.00 38030.00 38043.00 37964.00 37977.00 43645.00 10 43690.00 8 43706.00 1 43614.00 7 43629.00 3 3226.00 3240.00 5450.00 86.16 85.42 -
Chinese team celebrating their gold medal at 7th Asian Winter Games Short Track speed skating competition in Astana
10
Thursday, February 3, 2011
Ponting hoping to recover for WC in time MELBOURNE: Ricky Ponting batted for the first time on Tuesday at the nets after injuring his finger during the Ashes series and said although pain is there but he is confident of recovering before the World Cup. Ponting, who had undergone a surgery to heal a fractured little finger, did some fielding parctice and faced spinners during the session with batting coach Justin Langer but did not face fast bowlers. "I think I`m going to have that [pain] for a while to tell you the truth. I don`t think it`s going to be one of those things that goes away altogether," Ponting said. Ponting is hoping that he be able to play in Australia`s two practice games before their opening World Cup match against Zimbabwe on February 21. "[I`ll] see how it pulls up in the morning and do a bit more tomorrow while the boys are out in the middle and hopefully it keeps progressing the way it has," Ponting was quoted as saying. "I`m still a few weeks way from my first game yet," he added. The World Cup, to be co-hosted by India, Sri Lanka and Bangladesh, will begin on February 19.-Online
Continue with Afridi as leader at WC: Moin KARACHI: Replacing Shahid Afridi with Misbah-ulhaq for leading the side in the World Cup would be a disastrous move, former player Moin Khan warned Pakistan Cricket Board on Wednesday. "Changing the captain and giving Misbah-ul-Haq this responsibility so close to the World Cup would have negative effects on the team," the former captain said. Suspense remains on who will be captain as PCB has delayed the decision to announce the skipper till February 4. "Why this delay? It means the board still wants to assess the performance of the team in the remaining matches of the one-day series in New Zealand or else it would have named Afridi to lead the team," former Test player Basit Ali said. But despite the uncertainty Afridi has made it clear there were no differences because of the captaincy race between him and Misbah.-Agencies
Doherty injury adds to Aussie woes SYDNEY: Spin bowler Xavier Doherty was ruled out of the last two matches of Australia's one day series against England with back pain on Wednesday, adding to their injury concerns ahead of the World Cup. The left-armer was the second spinner injured in the seven-match series after Nathan Hauritz dislocated his shoulder in the second match. "Xavier Doherty developed some back pain during the one-day game in Adelaide on Australia Day and did not train in Brisbane, which allowed his symptoms to improve," physiotherapist Alex Kountouris said in a team statement on Wednesday. "He attempted some light training yesterday in Sydney and his back was again painful. As such he is unavailable for the remaining two games of this series.-Agencies
Aus beat Eng by record one-day run chase
SYDNEY: Australia's Brett Lee, left, and John Hastings celebrate after scoring the winning runs against England during their one day international cricket match.-Reuters
Umpires, referees for WC warm-upers named DUBAI: The International Cricket Council (ICC) on Wednesday announced umpire and match referee appointments for the warm-up and group stage matches for its flagship event, the ICC Cricket World Cup 2011, which will be staged from 19 February to 2 April in Bangladesh, India and Sri Lanka. Steve Davis of the Emirates Elite Panel of ICC Umpires and Kumar Dharmasena of the Emirates International Panel of ICC Umpires and a former World Cup winner with Sri Lanka in 1996, will stand in the tournament opener which will be played between Bangladesh and India in Mirpur on Saturday 19 February. Billy Doctrove and Asad
Rauf, both from the elite panel, will be the third and fourth umpires, respectively while Ranjan Madugalle of the Emirates Elite Panel of ICC Match Referee will be the match referee. The 58-year-old Davis has so far umpired in 95 ODIs. If all goes according to plan, on 9 March in New Delhi he will become the 14th umpire to complete a century of ODIs when he will officiate in the India-Netherlands match. The 39-year-old Dharmasena, who played 31 Tests and 141 ODIs as on off-spinner for Sri Lanka from 1993-2004, has officiated in 19 ODIs to date. In the ICC Cricket World Cup 1996, Dharmasena was Sri Lanka's second most successful
bowler, along with Chaminda Vaas, with six wickets while the table was topped by Muttiah Muralidaran who took seven wickets. In the final against Australia at Lahore, Dharmasena had match figures of 10-0-47-1 as Sri Lanka won by seven wickets with 22 balls to spare. Besides Davis and Dharmasena, others who will share the on-field responsibilities in the ICC Cricket World Cup 2011 include ICC Umpire of the Year 1009 and 2010, Aleem Dar, Marais Erasmus, Ian Gould, Daryl Harper, Tony Hill, Asoka de Silva, four-time ICC Umpire of the Year Simon Taufel, Rod Tucker (all from the Emirates Elite Panel of ICC Umpires) etc.-Agencies
Vettori, Ryder injury worries for 5th ODI AUCKLAND: New Zealand captain Daniel Vettori and Jesse Ryder are injury concerns for their side's must-win fifth one-day international against Pakistan in Hamilton on Thursday. Vettori suffered a hamstring injury in the two-wicket loss in Napier on Tuesday that gave Pakistan a 2-1 lead in the series, while Ryder was a late withdrawal from that match after he suffered a bruised finger at the weekend. "We'd be pretty hopeful
about Jesse," coach John Wright told reporters in Hamilton on Wednesday. "I'm not quite so sure about Dan, I think it's just general stiffness but we'll have to have a look. "He's probably more uncertain but we've got a physio who is very experienced so we'll act on the expert's advice." New Zealand's entire World Cup squad are in Hamilton so they should be able to cope with late decisions on Vettori and Ryder, though the hosts had hoped to field their
strongest line up for the final two matches of the six-game series. "I've always believed at this level you pick your best side, that tends to solve a lot of problems because you have your best chance of winning and getting some momentum going," Wright said. "Players identify with the opportunity to play and those who miss out want to take their place, so I've always thought survival of the fittest."-Reuters
AKU Inter School Basketball tournament on Feb 4 KARACHI: Aga Khan University (AKU) Sports and Rehabilitation Centre is organizing its 9th under 19 Inter School/Collegiate Basketball (for boys) Tournament from Friday, February 4, 2011. Seventeen Teams representing reputable Educational Institutions across Karachi are taking part in the Tournament. The teams have been divided into 4 pools. The Tournament round matches will be played on league basis at the AKU Sports Centre Gymnasium. Pool 'A': St. Patrick's High School, British International School, Avicenna A-Levels School and The City SchoolGulshan A-Levels, Pool 'B': Karachi Grammar School, Creek College, KN Academy and Bay View High School. Pool 'C': The City SchoolPAF-Chapter, Meritorious College, Nixor College, South Shore School and OASYS School. Pool 'D': The Lyceum School, Generation's School, DA Public School and DJ Sindh Govt. Science College. Three matches will be played on the opening day (04.02.2011). The inaugural match will be played between Karachi Grammar School and Creek College at 2:30 PM. The Lyceum School will play against Generation's School at 3:30 PM while British International School will take on Avicenna ALevels School at 4:30 PM.-PR
SYDNEY: Australia conjured up their biggest ever successful run chase to beat England by two wickets in a thrilling sixth one-day international at the Sydney Cricket Ground on Wednesday. After a Jonathan Trott century helped England post their highest ever ODI score against Australia of 333-6, the home side batted their way into contention, needing six to win off the final over with two wickets in hand. Tailender John Hastings edged a boundary off the second delivery from youngster Chris Woakes to hand Australia victory with four balls to spare, the home side making 334-8. It was Australia's record run chase in an ODI and extended their lead over the tourists in the seven-match series to 5-1 with one game to play. Captain Michael Clarke's late season return to form continued as he smashed 82 from 70 balls to lead the unlikely chase, with late support from David Hussey, who made 38. The match seemed to be England's to lose with Australia needing 70 off 48 balls, but the pair took 16 off James Anderson's eighth over - the 44th of the innings.
They followed it up by notching 14 off Anderson's ninth as the England bowler went on to finish with a disastrous 91 runs from his 10 overs. Shane Watson, with 51 off 34 balls, got the home side off to a flying start in reply to what had the look of a match-winning total by England, before falling to the spin of Michael Yardy. Mitchell Johnson was promoted to number four and made 57 before being stumped from the bowling of Kevin Pietersen, while the recalled Callum Ferguson was run out for 46. An Australian win seemed unlikely after Trott's second century of the series helped England post what was also their highest ODI score in Australia. Trott continued his superb series by making 137, taking his haul for the series to 361 runs at 72.20, the English number three the leading scorer for either side despite his team's indifferent form. Before falling to the secondlast ball of the innings Trott was offered good support by captain Andrew Strauss, who made 63 from just 69 balls, and Ian Bell, with 45 from 32 deliveries.-Reuters
Rooney’s brace has Man United five points clear LONDON: Wayne Rooney scored twice as Manchester United remained five points clear at the top of the Premier League after a 3-1 win at home to Aston Villa on Tuesday. For much of the night it looked as if United might extend their lead but secondplaced Arsenal came from behind to beat Everton 2-1 at the Emirates and so stay in touch with Sir Alex Ferguson's unbeaten side. England striker Rooney's first minute goal -- his first in open play in the Premier League in 11 months -- gave the hosts the ideal start at Old Trafford. Rooney controlled United goalkeeper Edwin van der Sar's long goalkick downfield before unleashing a 20-yard dipping shot past Brad Friedel. The former Everton forward
then doubled United's lead on the stroke of half-time when he turned in Nani's cross from close range. "Goals always help strikers but Wayne has got a great appetite to play," Ferguson told Sky Sports. "Everyone should remember that -- we know that. "It's an inbred thing in the boy, he's got a great appetite to work and fight and he gets his rewards eventually. "The aim for us is to keep the momentum going and hopefully that gets us where we want to be." Darren Bent, a 24 million pound transfer window capture from Sunderland, gave Villa hope with a 58th minute goal before United defender Nemanja Vidic blasted an unstoppable shot into the roof of the net five minutes later.Reuters
WC will be our biggest gift to Tendulkar: India NEW DELHI: As Sachin Tendulkar gears up to play probably his last World Cup, the Mahendra Singh Dhoni-led Indian cricket team is desperate to make it a special one for him by gifting the champion batsman the trophy which has eluded the side for 28 years. In his two-decade long illustrious career, during which he has featured in five World Cups since 1992, Tendulkar has virtually every batting record under his belt but a world title is the only trophy which is missing from his cupboard. And Dhoni said his team will do whatever it takes to make it a memorable tournament for Tendulkar, who is approaching 38. "We all love him (Tendulkar)
a lot. Most probably it is his last World Cup although we all want him to play many more World Cups. But practically speaking it seems impossible," Dhoni told reporters during a promotional event. "So, that (the World Cup trophy) can be the biggest gift from the team to him," he said. "We believe in each others' talent and we have a very good team. The environment in the dressing room is very good. And if we perform to our potential we have a very good chance of winning (the World Cup)," Dhoni added. Dhoni termed the 2007 inaugural World Twenty20 title in South Africa as the biggest achievement of his captaincy career so far, but refused to
make any predictions for the upcoming mega-event. "It (World Twenty20 title) is the most memorable moment of my career since I made my debut in 2004 and it will always be there up in the league. "But I don't want to make any predictions for the (ODI) World Cup. I can only assure all that we will give our best. We play one game at a time. So at present I am just thinking about the Bangladesh game (on February 19 in Dhaka)," he said. Dhoni also hailed the format of this year's World Cup and said it is a welcome change from the 2007 edition. In this year's World Cup, 14 teams are divided into two
groups of seven from where top four from each group will qualify for the quarterfinals unlike the 2007 edition, where 16 teams first competed in a pool stage, then a "super 8" stage, followed by semifinals and a final. "It is a good format for us. It is a bit of relief from 2007. Here even if you lose a few games you have a chance to get into the quarterfinals," Dhoni said. "But it will be about playing consistent cricket. Whoever plays consistent cricket in the tournament will get into the knockout stage," he added. Four years ago in the West Indies, weighed down by the pressure of expectations, India crashed out of the World Cup
at the preliminary stage but Dhoni insisted that the present outfit is well prepared to handle the burden in the upcoming event. "Now we call pressure added responsibility. We know the expectation level is high but we are prepared for it because we knew for long that the World Cup will be held in India. Expectations is something which is beyond our control," Dhoni said. The Indian skipper was also satisfied with the 15 players he has got for the tournament. "I am really happy with the squad. I know I am the lone wicket-keeper in the team but it is not a worrying factor. If anything major happens to me, we can always bring in the
reserve wicket-keeper as it is happening in India. But one wicket-keeper gives us the liberty of having one more variation in the side," Dhoni said. "We also have variety in our bowling department. We have not got express fast bowlers but we have got decent bowlers who are very skillful," he said. Dhoni differed with England batsman Kevin Pietersen, who criticised the scheduling of the World Cup for having long gaps between matches. "It is difficult to get a perfect schedule but I am quite happy with the schedule. Some of our players have got a few niggles and the gap will help them to recover," Dhoni said.Agencies
International & Continuation
Thursday, February 3, 2011
Wen EU leaders look to China's vows lower in build momentum theinflation new year on the debt crisis BRUSSELS: European Union leaders will assess progress in tackling the year-long euro zone debt crisis at a summit on Friday, with Germany expected to lead the debate on a package of potential resolution measures. No breakthroughs are expected at the one-day meeting, with many details of the "comprehensive package" still being worked on. But policymakers are hoping the discussion will maintain momentum in resolving a crisis that has already swamped Greece and Ireland and still threatens Portugal and possibly Spain. After a year of trying to get to grips with the sovereign debt fire, officials have been heartened by relative calm in financial markets in recent weeks, but recognise that failure to agree on concrete steps before the next scheduled summit on March 24-25 could reignite the conflagration. Yields on Spanish, Portuguese, Italian and Belgium 10-year bonds have all fallen this week, and the euro has strengthened, indicating a degree of increased confidence in the market. Friday's discussions are likely to focus on the European Financial Stability Facility (EFSF), the 440 billion euro fund set up last May and used in November to bail out Ireland, with officials focused on finding ways to increase its effective size and make it more flexible. The summit will also try to build consensus among the 17 euro zone countries over the best options for resolving the crisis beyond the EFSF, such as whether to lower the interest rate on loans to Greece and Ireland, among other issues. Because of guarantees built
into the EFSF to maintain its triple-A credit rating, the fund can only lend about 250 billion euros, not the full 440 billion. If several euro zone states were to need bailouts, the fund would probably be insufficient. While the EFSF is the chief weapon in the EU's arsenal, disagreement remains over how it should best be strengthened. Germany, the EU's biggest economy and most influential decision maker, is determined to secure budgetary commitments from euro zone member states in exchange for changes to the EFSF. Among the ideas being proposed for improving the fund is to allow it to buy the bonds of distressed euro zone states, either directly in the primary market, or by lending money to states to buy back bonds, sources have told Reuters. But a German government official, briefing in Berlin ahead of the summit, appeared to close the door on such a possibility on Wednesday, saying bond-buying wasn't a viable option. "It is not in our interest that the EFSF can buy bonds," the official said, speaking on condition of anonymity. "This is not practical." The official added that Friday's summit should instead send a signal on stronger economic coordination, saying it would take no decisions on strengthening the EFSF. A discussion paper from Chancellor Angela Merkel's office last week seen by Reuters laid out a series of measures Germany wants the euro zone to adopt to improve competitiveness and increase economic coordination in the euro zone. The measures included a "debt brake" law similar to
Germany's, designed to enforce budgetary discipline, moves to raise the retirement age, rein in wage costs and develop a more level playing field on corporate taxation. The proposals are likely to form part of Friday's discussion, German officials have said, and could be included in the "comprehensive package", which Germany hopes euro zone member states will agree on by the end-of-March summit. France, which has allied itself closely to Germany during the crisis, said on Wednesday it planned to reform its constitution to introduce a "golden rule" on balancing the budget, adding weight to Germany's position. With no concrete decisions expected on Friday, officials are instead emphasising that the summit is an opportunity to ensure all euro zone members are committed to the "comprehensive package", which is emerging as once-and-for-all solution. There remains the risk, however, that Friday will underline just how far apart states remain, with Germany largely backed by the likes of France, Finland and the Netherlands, while Greece, Italy, Spain and others pull in different directions. Euro zone officials have privately expressed reservations about how slowly work is progressing and say they doubt whether a complete package can be agreed by late March. Last week, euro zone sources said EU leaders were considering holding an extra summit in early March to maintain the momentum, with too many decisions needing to be taken between now and the endMarch target for the complete package.-Reuters
BEIJING: China will fight inflation and crack down on property speculators in the year ahead, state media on Wednesday quoted Premier Wen Jiabao as saying, as the country gave a noisy, chaotic welcome to the Year of the Rabbit. In a speech marking the Lunar New Year holiday and carried in major newspapers, Wen said the government would try to keep overall consumer prices stable but cautioned China would have to deal with thorny problems in 2011. "Our way ahead will still face many difficulties and problems," Communist Party mouthpiece the People's Daily quoted him as saying. "We must ... resolve the problems that the people most care about," he added. "We must resolutely prevent prices from rising too fast ... and unswervingly do a good job of controlling the property market." The government has vowed repeatedly to tame inflation, a source of social unrest in the past and a major concern for the ruling Communist Party, which prizes stability above all else. Though inflation eased in December to an annual pace of 4.6 per cent, economists warn price pressure will continue to mount. Wen, who in previous years has spent the Lunar New Year holiday with everyone from AIDS patients to survivors of 2008's devastating Sichuan earthquake, this year visited an old revolutionary base in the poor central province of Anhui. Visits by top leaders over the Lunar New Year are typically tightly scripted events heavy on the propaganda. The official Xinhua news agency showed pictures of Wen taking a toast with happy villagers and cooking over an enormous wok, wearing a blue checked apron with a rabbit on its front.-Reuters
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The President said while we are in coalition in Punjab, let us set an example for the future by playing constructive role that strengthen the democracy and the institutions. The members present during the meeting spoke of host of issues including coalition matters, issues relating to their constituencies and issues of national importance. The President assured them that their issues concerning their constituencies would be forwarded to the Government for early redressal.. The members also expressed full confidence in the leadership of the PPP co-chairman President Asif Ali Zardari and the government of Prime Minister Syed Gilani. -Agencies
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Only principal amount of outstanding loans, as of December 31, 2009 shall qualify for subsidy. However, the Circular said that loans disbursed on or after January 1, 2010 shall not qualify for said relief and the amount of overdue/ outstanding mark-up shall also not qualify for said subsidy. The Circular said banks, DFIs and MFBs shall bear the cost of such write-offs to the extent of amount held into provision against NPLs and interest in suspense account, while the rest of the cost will be paid by the Government of Pakistan as subsidy. However, it said that the amount reimbursed by SBP-BSC (Bank), Peshawar shall be subject to on-site inspection by SBP's Inspection Department and if any amount claimed found ineligible, the same shall be required to be refunded by the concerned institutions along-with a fine of 25 per cent of amount reimbursed. "For smooth and timely implementation of the relief package, Banks, DFIs and MFBs are advised to stop recovery & accrual of mark-up of all such outstanding loans immediately and make all out efforts to publicize the Scheme through advertisements, banners and direct contact with the concerned borrowers," the Circular said.
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Asked whether US could be successful without additional Pakistani action, Rodriguez said: "I think we can." "We need them (Pakistan) to do more. We're going to encourage them to do more, because that makes it easier on what we're doing in Afghanistan," he said. "But I think it's still doable without them, you know, decreasing what they've been doing the past year." General James Mattis, head of US Central Command, praised Pakistani advances against insurgents elsewhere, telling an audience in London: "When you look at the last two years and the thousands of dead, the Pakistan military is not standing idly by."-Reuters
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About target killings in Karachi, the Interior Minister said that police powers have been given to the Rangers to check violence in the provincial Metropolis. He said anti-Pakistan forces want to destabilize the country but they would not be allowed to succeed in their nefarious designs. He said foreign hand is behind act of terrorism in Karachi. Rehman Malik said that a plan been finalized to issue electronic arms licenses to the people through NADRA. The licenses to be in the form of Smart Cards will contain the weapon numbers. He said that this system will be replicated in the provinces. The Interior Minister said that a directory containing names of all those killed in the acts of terrorism is being compiled which will be made public. He said that the terrorists are maligning the name of Islam and we will not go into negotiations with them until they surrender their arms. Rehman Malik said a 'Shuhada Fund' would be set up assist the families of those who have sacrificed their lives in the fight against terrorism. He said special facilities would be given to the families of Police martyrs. Interior Minister said Balochistan issue is a serious one and he was ready to give an in-camera briefing to the members. He said the government is being blamed for not making
efforts to improve the situation in the Province while the truth is that dialogue is taking place but it is not bearing fruits.-Reuters
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"The last reform we made in governance changed the IMF to reflect better the state of the world and in the new state of the world, Asia in general; Indonesia in particular, has a bigger role than in the past."He said his meeting with Yudhoyono was the "foundation for rebuilding a new kind of relationship among the IMF and Asia, and Indonesia in particular". Strauss-Kahn told reporters in Singapore on Tuesday that the IMF had been insensitive to local political and historical circumstances as it struggled to restore confidence in Southeast Asian economies more than a decade ago."We have drawn lessons from the way the IMF and Indonesia had worked together 10 years ago and certainly we did things right but we also did things wrong. And we have to accept this," he told reporters in Jakarta. "The experience of Indonesia has been very useful to avoid different kinds of mistakes. Though the experience has been harmful, painful for the Indonesian people ... the consequences of this is that the IMF has changed a lot."
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Security forces has boosted patrol in the Agency and checked vehicles in check posts. -Online
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On the other hand senior official Pak Army in Peshawar said that Afghan side started firing as Afghan forces fired ten mortar shells killing the security personal. He said that Pakistani security retaliated in self-defense.It is relevant to mention here that prior Nato had conducted firing at Pak-Afghan border. -Online
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was down 1.45 points, or 0.11 per cent, at 1,306.14. The Nasdaq Composite Index was up 4.45 points, or 0.16 per cent, at 2,755.64. The Dow closed comfortably above the milestone 12,000 level for the first time since June 2008 on Tuesday and the S&P also closed above the psychological hurdle of 1,300 mark for the first time since August 2008. Joseph Hargett, a strategist at Schaeffer's Investment Research, said the Dow needs to stay above 12,000 firmly as a short-term support. "The resistance (for the Dow) now resides in the 12,100-12,200 area." Investors kept an eye on the massive protests in Egypt as clashes erupted between opponents and supporters of President Hosni Mubarak. Concerns that protests would spread throughout the region have pressured equities in recent sessions. The Market Vectors Egypt Index ETF which consists of shares of companies in Egypt, fell 5.6 per cent to a session low of $17.48 after rising for two consecutive days. In earnings news, appliance maker Whirlpool Corp dropped 4 per cent to $82.06 after its profit missed estimates.Time Warner Inc and Mattel Inc rallied after both companies reported strongerthan-expected quarterly profits. Media group Time Warner gained 6 per cent to $34.24 while toymaker Mattel was up 1.5 per cent to $24.52.-Reuters
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the market in the near-term." The main index is down about 12 per cent so far this year, after having risen 17 per cent last year, as worries about surging inflation in Asia's third-largest economy led to withdrawals by overseas portfolio investors. Foreign funds were net sellers of $1.4 billion worth of shares in January, after they invested a record $29.3 billion last year.-Reuters
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fears over the impact of the political unrest in Egypt. ENRC added 3.8 per cent after the miner reported a rise in fourth-quarter ferroalloy production.
11
Banks saw good support on the back of improved investor sentiment, with Standard Chartered up 1.7 per cent. There was promising news from the Europe, where Germany and France reached a consensus on steps to boost economic coordination within the euro zone as part of a comprehensive anticrisis package that will also see the scope of Europe's bailout fund bolstered. "Investors are looking for more proper answers to all the issues that are still there from the financial crisis," said Lothar Mentel, chief investment officer at Octopus Investments. "Once they have been answered, then those doom-mongers will have a less of an argument to cause these short-term stampedes," he said, referring to recent volatility on the FTSE 100. Chipmaker CSR rose 2.9 per cent after its rival Broadcom Corp speculated that Qualcomm Inc, another chipmaker, could buy the British company to bolster its Bluetooth and FM radio range.-Reuters
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"But this time, with high unemployment, the hike may happen around April next year," said Fujito, adding that increased liquidity was helping markets to rally.-Reuters
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four-member bench of the Supreme Court headed by Justice Mahmood Akhtar Shahid Siddiqui and comprising Justice Jawad S Khwaja, Justice Khilji Arif Hussain and Justice Tariq Parvez rejected the PCO judges' petitions and summoned nine PCO judges on February 21.-APP
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religious parties to come forward with the policy to restrain the misuse of blasphemy law. Gilani made it clear that no committee was constituted to amend the said law. -APP
No #14
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General Sales Tax (RGST) was the documentation of the national economy, and bring tax evaders into tax net. "It is often argued that we are relying on indirect taxes, but in an economy both direct and indirect taxes are levied. For levying direct taxes the government needs complete data, which can be made available from documentation of the economy," he said. He said there isn't any right estimate as to how much wealth or tax able amount remained out of tax net, adding indeed big enough amount remains out of the tax net. He said former finance minister Shaukat Tareen had put the figure at Rs500 billion; but even if it is Rs300 billion or so, it is a big enough amount", he remarked. Federal Minister also said that the recently entire bureaucracy in the Federal Board of Revenue (FBR) has been reshuffled and competent officers been placed on the key posts. However, he said due to prudent economic policies of the government the foreign exchange reserves have increased to over $16 billion; fiscal deficit was reduced to 5.3 from 7.6 per cent. He said new programs were initiated for the underprivileged masses, adding important and unprecedented steps like introduction of capital gain tax were levied on the most affluent class of the country. Similarly the minimum taxable income was increased from one hundred thousand to three hundred thousand rupees per annum. "So an effort was made to reduce the burden of tax on the lower middle class people and five million people are being given targeted subsidy," he remarked. Minister said the government has taken all the political parties on board to strengthen the tax collection system. -Agencies
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suspensions affect sectors with stiff competition between Pakistan and exporters including India, Bangladesh, Sri Lanka and several Latin American countries. Indian Trade Minister Anand Sharma suggested in December that the EU should make direct aid payments to Pakistan rather than tariff cuts, but the European Commission favors trade breaks over aid handouts. EU's plan, known as a unilateral waiver, needs WTO approval and depends on unanimous backing from the trade body's 153 members. A decision to award Pakistan trade breaks via a waiver -- prompted by opposition to more direct concessions by EU states with powerful textile sectors such as Italy, Spain and France -- raised concerns the plan could be rejected at the WTO. Most of the trade concessions would be on textile products, though EU industry opposition stripped out tariff cuts for bed linen, Pakistan's main export product, imposed caps on export growth and limited the concessions to three years at most. The EU is drafting separate plans that could allow Pakistan access to long-term trade discounts from 2014 under the "GSP Plus" regime of preferential market access, though that also faces opposition within the bloc.-Reuters
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the objective to enhance export to these countries. In this context, he stressed upon the exporters to take advantage of the Free Trade Agreement signed with China which is our leading regional trade partner. He also stressed upon the exporters to benefit from the trade agreement signed with Afghanistan particularly utilization of 13 trade routes leading to Central Asian Republics. He asked the Ministry of Commerce to submit concrete proposals in this regard to ensure the implementation of trade agreements. Prime Minister particularly lauded the performance of the Pakistani exporters who despite economic difficulties and energy shortages had shown resilience and worked hard to enhance exports during the previous and current financial year. He particularly appreciated the performance of the exporters of non-traditional items, which have shown substantial increase in exports. He expressed confidence that the Pakistani exporters would continue to work with same spirit and zeal to help the country in minimizing the economic difficulties and strengthen its balance of payments. -APP
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We will uphold whatever verdict is rendered by the court in Raymond Davis case", he held. Government does not intend to introduce any amendment in blasphemy law, he announced. No legislator from our party has any such intention, he added. "I have started prime minister online program on PTV so that I could give direct reply to the questions of the people and could dispel this impression that government had any intention to amend blasphemy law", he stated. Parliament was the best forum to resolve the problems facing the minorities; he said, adding "we will invite Ulema so that if any ambiguity is found in our stance them we are ready to remove it. I had made announcement in unequivocal term in Ulema Mashaikh Conference that government had no intention to bring any change in blasphemy law", he said. He went on to say that Sherry Rehman tabled the amendment bill on private member day which was not PPP stance.-Agencies
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minster he added. He said the prices of imported gas would be determined keeping in view the rates of crude oil in international markets, which would be at around $10 to $12 per mmbtu when the time of project's completion. Responding to another question, he said during last three years no country provided free petrol to Pakistan, adding Pakistan has accelerated its efforts to explore new indigenous hydrocarbon resources. -APP
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Mubarak partisans charged in on camel and horseback. At least six riders were dragged from their beasts, beaten with sticks and taken away with blood streaming down their faces. One of them was dragged away unconscious, with large blood stains on the ground at the site of the clash. Elsewhere, an angry crowd of anti-Mubarak protesters beat at least 10 pro-regime demonstrators with sticks, a second correspondent added. The worst of the fighting was just outside the world famous Egyptian Museum, which was targeted by vandals last week. Three opposition groups said in a statement that "members of security forces dressed in plain clothes and a number of thugs have stormed Tehrir Square." The renewed violence comes despite calls by close ally the United States and other nations for Egyptian authorities to allow anti-government protests to proceed peacefully, with both sides exercising restraint.
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sugar mafia, and Rs400 billion by controlling corruption in the Federal Board of Revenue (FBR). He also urged the government o reduce its expenditures and demanded to reduce the cabinet members so that people may get facilities from that saved money. Sattar said the Afghan Transit trade, smuggling and land mafias must be stopped to work against the interests of the country. He said the IMF should not be allowed to impose more tax on poor people of the country. Farooq Sattar said it is inevitable to implement the charter of economy to avoid the Egypt-like situation in the country. Sattar said that IMF delegation told him that condition of imposing RGST was not asked by the IMF instead it was presented by Pakistani team. He said that it is demanded in the charter to impose tax on 6000 landlords, sugar mafia and the affluent class. He said that demand of land reforms and reforms in public sector enterprises were also included in the charter. He said that additional resources of worth Rs1200 billion can be attained by implementing the charter of economy.
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imported inflation will continue to drive inflationary expectations," the Report said. 'Consequently, SBP estimates for FY11 inflation have been revised upwards from 13.5 per cent to 14.5 per cent to 15.0 per cent to 16.0 percent', the Report added. The Report said that strong prices encourage farmers to invest in higher yields and support domestic demand. 'Therefore, the only sustainable way to protect low income groups from inflation is by targeted subsidies and the creation of ample employment opportunities', the Report added. 'In contrast to inflation, the current account deficit is likely to deteriorate in H2-FY11. A significantly strong growth in imports is expected to more than offset the gains from rise in exports and workers' remittances. The financing of the CAD will be challenging as inflows under financial accounts are likely to be significantly lower. In this perspective, the continuation of the structural adjustment program of IMF would be helpful in softening the external financial constraints, as well as to enhance the resilience and robustness of the economy', the Report added. SBP Report pointed out that the one bright spot in the economy, ironically helped somewhat by the floods, was the strength of the external sector. "A jump in remittances and aid flows for flood relief, helped by robust growth in exports largely due to sharp increase in the prices of cotton overshadowed the growth in imports, turning the current account for July-December FY11 to a surplus," it added. However, SBP Report said that uncertainty over the extent of damage to private and public infrastructure and the policy response to floods, direct and indirect impacts of supply disruptions, energy shortages and weak consumer & business confidence, took its toll on the domestic economy during the initial months of the fiscal year FY11. SBP Report opined that the fiscal performance remains a source of concern, given the outstanding issues with expenditure management as well as revenue shortfalls. "The implementation of fiscal reforms and elimination of subsidies in the power sector are likely to broaden the tax net and reduce distortions in the economy. While, these reforms will induce cost-push inflationary pressures in the economy, in the short run, but these will help sustain high growth in the long run," the Report added.
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PPP to continue its struggle for people’s welfare
Democracy will prevail: President ISLAMABAD: President Asif Ali Zardari said that PPP will engage itself in the politics with an eye on the future and not the politics of sloganeering only to secure mention in newspaper headlines. Addressing a meeting of PPP provincial parliamentarians from Punjab, President asked the Punjab MPs to follow this policy and not to be discouraged or distracted by negative and hostile propaganda against the Party. The meeting of PPP MPAs from Punjab was also attended by federal ministers including Nazar Gondal, Qamar Zaman Kaira, Rehman Malik, Mian Manzoor Ahmed Wattoo, Dr Babar Awan, Samina Khalid Ghurki, Rana M Farooq Saeed Khan and Raja Pervaiz Ashraf. Senator Jahangir Badar, Rukhsana Bangash and spokesperson to the President Farhatullah Babar were also present. President Asif Ali Zardari address-
ing the gathering said Pakistan Peoples Party would continue its forward march towards strengthening the democracy and state institutions following the policy of reconciliation and dialogue. The challenges that we are facing are huge ranging from economic stress to energy crisis yet equally strong is our resolve to steer the country out of difficulties, the President said. He asked Party MPs and leaders to gear up and reach out to the people in all parts of province. He said that byelections in DG Khan has been announced and asked the Party leaders to mobilize the people in support of the Party candidate. He said that ministers are barred under the election laws but the Party leaders and office bearers can visit the constituency and energize political activities. The President said that ours is a reforms oriented agenda. We will carry out reforms. We are committed
to reform the tribal areas to bring them in the mainstream of national life. He said that Kala Dhaka in KhyberPakhtunkhwa which until recently has been part of provincially administered tribal area has been merged in the settled area adding also that the process of mainstreaming tribal areas will continue. ISLAMABAD: A delegation of PPP led by Finance Minister Abdul Hafeez Shaikh called on The President said that in consultaPresident PML (Q) Chaudhry Shujaat Hussain in Islamabad.-Online tion with the people and stakeholders reforms in the FCR in tribal areas and allowing political parties and activities there have already been announced and will be implemented as soon as the security situation stabilised. Addressing the meeting, the President said that despite suffering great losses including loss of leadership we would never let the detractors deflect us from the path of fortitude and our mission to He went on to say that US had entered into the country be combring qualitative change to margin- ISLAMABAD: Opposition leader alized segments of society. in National Assembly Chaudhry embassy prior to occurrence of this piled, he remarked, but government See # 1, Page 11 Nisar Ali Khan had alleged incident had written to foreign did not heed to it, he regretted. Raymond Davis incident had taken office that non-diplomatic card be 3 US soldiers were killed on the Prime Minister Fiscal Relief Package place due to negligence of the gov- issued to Raymond Davis. This occasion of inauguration of the ernment, as it adopted a strange write up is available with me, he school in Dir. "What these foreignpolicy in issuance of visas due to pointed out. ers are doing in our country", he which the country witnessed influx Three Pakistanis had been killed questioned. of foreigners. and the federal government was Had government paid attention to Nisar said this while addressing either silent or was wavering in ambi- opposition pleas then the prevailing guity and the entire matter had been situation would have not risen, he ISLAMABAD: Muttahida National Assembly Wednesday. He charged federation brought shifted to provincial government. maintained. Qaumi Movement (MQM) the US in Raymond Davis He went on to say that pointing Our retired and serving Director Borrowings prior to Dec 31, 2009 to be waived would rejoin the Federal home Cabinet in the next week, matter that it was ready to release out the wrongdoings was job of General ISI were summoned by Staff Reporter this purpose. him but Punjab government was opposition and rectifying them American court, he said. informed sources told Online. Banks, Development Finance He said Pervez Musharraf adopted The Party that recently impediment on the way to his rather than focusing on speeches KARACHI: State Bank of Pakistan Institutions (DFIs) and Microfinance rejoined the Treasury benches release. Upon it Punjab govern- was the job of government. But gov- insulting attitude with the nation has announced a procedure for reim- Banks (MFBs) shall write off the may be given three portfolios as ment was asked by US at official ernment was not doing any such following 9/11 incident and foreign bursement of write off of loans out- entire loans outstanding as of against the two it held earlier. level that as to why it was block- thing, he said. forces penetrated into our streets. standing as of December 31, 2009 December 31, 2009 of the borrowers Sources said some of the ing his release despite the willingThe opposition invited the attention 400 houses were hired and agents against the borrowers of Malakand, of Malakand, Swat, Buner and Chitral portfolios previously held by ness of federation to grant immu- of the government four times earlier were lodged therein, he added. Swat, Buner and Chitral districts under districts, the Circular added. JUI may be given to the MQM. that the record of the foreigners who Online The Circular said loans booked in They include Housing, Science nity, he told. the Prime Minister Fiscal Relief Package to rehabilitate economic life in above-mentioned areas and also & Technology and Tourism. Khyber-Pakhtunkhwa, Federally and booked outside the Malakand, Swat, Prime Minister Syed Yousuf Provincially Administered Tribal Areas. Buner and Chitral on behalf of busi- Raza Gilani may be finalising According to a circular, issued nesses operating / located in these the reallocation of the portfolios shall also qualify. to some of his own party men as Wednesday, Ministry of Finance has districts released the budgetary allocation for See # 2, Page 11 a number of federal ministers and ministers of states would be relinquishing their offices in the next two weeks in view of shifting of divisions to the provincial governments. -Online
SBP writes off KP, Fata loans
Davis incident took place due to negligence: Nisar
Govt comes under fire over US visa issuance
MQM may rejoin Cabinet soon
US says Afghan war
winnable sans Pak Pak safe havens not a hindrance: US Gen
WASHINGTON: The United States can win its nearly 10-year-old war in Afghanistan even if neighboring Pakistan does not eradicate militants safe havens on its side of the border, a top US commander said on Tuesday. United States for years pressured Pakistan to take on insurgents who have sought refuge in Pakistani border sanctuaries of North Waziristan from where they attack Western forces in
Afghanistan. But Pakistan says it needs first to consolidate gains made elsewhere before going into North Waziristan, often called the epicenter of global terrorism. "That's not a mission-stopper in my mind," Lieutenant General David Rodriguez, deputy commander of US forces in Afghanistan, told reporters at the Pentagon. See # 3, Page 11
No difference over Davis case: Malik
Centre to address B'stan rights woes ISLAMABAD: Responding to points of order in the Senate Wednesday the Interior Minister said that the law has taken its course into the shooting incident and two cases have been registered by the Punjab Police against the accused persons. He said that the matter is subjudice and all the information will be provided to the courts. He denied report that file of Raymond Davis has been displaced and said it was in his personal custody so that no one could have access to it.
He said there is no difference between Punjab and Federal government on this issue. He clarified that Raymond Davis traveled to Pakistan on a diplomatic passport. He said visa was issued to him after clearance by the security agencies and would be dealt with according to the law. He assured the House that Federal government was not pressuring Punjab government in connection with this case. See # 4, Page 11
Fund chief says learnt from mistakes
IMF eyes fresh start with Asia JAKARTA: The IMF said Wednesday it had learnt from its mistakes during the 1997-1998 Asian financial crises and had undertaken reform to give the region's countries a greater say in how the Fund is managed. International Monetary Fund chief Dominique Strauss-Kahn said the organisation wanted a fresh start with Asia as he visited Indonesia, Southeast Asia's biggest economy, and met President Susilo Bambang Yudhoyono. Indonesia was hit hard by the Asian
crisis and the IMF remains deeply unpopular in the country of 240 million people for its tough package of austerity measures designed to pull the economy out of bankruptcy. "The main message today is simple. We have to look forward. The IMF has changed," Strauss-Kahn told reporters. "You have in front on you a new IMF where there's voting power and the voice of Asian countries has increased a lot. See # 5 Page 11
15 killed in Mohmand Agency PESHAWAR: At least three security personnel and fifteen militants were killed in a clash in Mohmand Agency on Wednesday. According to media reports, the clash erupted in the Bazai area of the agency when armed militants attacked security forces Anargai check post. Three security forces have lost their lives while four sustained injuries in the attack. Security forces retaliated with heavy firing and killed fifteen militants. Several militants were injured in the operation. On the other hand, schools and offices have been reopened as curfew lifted from Bajaur Agency. People started their activities in markets, shops and other business places. See # 6, Page 11
1 killed in Pak-Afghan border clash PESHAWAR: At least 1 security personal has embraced martyrdom and other 4 got injuries when Nato forces violated Pakistani territory here at Pak-Afghan border on Wednesday. According to private TV channel, Nato forces fired ten mortar shells on Pakistani check posts situated in North Waziristan killing the security man and injuring the other four. Commander General of 4th Battalion of Afghan Border Police, Almar Gul Mangal has confirmed the firing incident and leveled charge that first, Pakistani security force opened firing at Afghan police check posts in Gorbooz with light and heavy weapons then we r e t a l i a t e d . See # 7, Page 11