International Karachi, Thursday, March 3, 2011, Rabi-ul-Awwal 27, Price Rs12 Pages 12
Qaim Ali Shah meets President, moots affairs See on Page 12
Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.59bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn -1.57% 4.10% $1,051 175.33mn
194.59 -1.35 -1.35 2987
NCCPL (U.S $ in million)
FIPI (02-Mar-2011) Local Companies (02-Mar-2011) Banks / DFI (02-Mar-2011) Mutual Funds (02-Mar-2011) NBFC (02-Mar-2011) Local Investors (02-Mar-2011) Other Organization (02-Mar-2011)
1.84 -2.02 4.67 -2.42 -0.09 -2.16 0.20
Global Indices Index Close KSE 100 11,699.16 Nikkei 225 10,492.38 Hang Seng 23,048.66 Sensex 30 18,446.50 ADX 2,527.40 SSE COMP. 2,913.81 FTSE 100 5,922.26 *Dow Jones 12,075.05 *Last Updated 20:00 PST
Change 90.73 261.65 347.76 623.10 46.92 5.11 13.50 17.03
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.23 15.60 133.47 2.00 42.78 1.70 36.36 11.34 38.79
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
23-Feb-2011 23-Feb-2011 23-Feb-2011 29-Nov-2010 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011 02-Mar-2011
13.49% 13.69% 13.86% 14.00% 13.29% 13.59% 13.76% 14.14% 14.26% 14.18% 14.20% 14.20% 14.56% 14.77% 14.97%
Commodities *Crude Oil (brent)$/bbl 116.02 *Crude Oil (WTI)$/bbl 100.74 *Cotton $/lb 200.60 *Gold $/ozs 1,436.20 *Silver $/ozs 34.81 Malaysian Palm $ 1,183 GOLD (NCEL) PKR 39,390 KHI Cotton 40Kg PKR 12,860 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 86.10 Canadian $ 87.15 Danish Krone 15.70 Euro 117.40 Hong Kong $ 10.50 Japanese Yen 1.030 Saudi Riyal 22.70 Singapore $ 66.85 Swedish Korona 13.20 Swiss Franc 91.80 U.A.E Dirham 23.20 UK Pound 138.40 US $ 85.45
87.10 88.15 15.90 119.00 11.00 1.056 22.90 67.85 13.40 93.00 23.40 139.70 85.75
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
86.39 87.65 15.77 117.61 10.98 1.043 22.80 67.15 13.48 92.08 23.28 138.82 85.56
86.60 87.86 15.81 117.89 11.00 1.046 22.85 67.31 13.51 92.29 23.33 139.15 85.74
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See on Page 12
Engagement is way forward with Isb: Clinton See on Page 12
President, PM condemn assassination
SCRA(U.S $ in million)
Total Portfolio Invest (19-Feb-2011)
Gaddafi swears to fight till last man
Minorities MNA shot dead in Isb
Portfolio Investment Yearly(Jul, 2010 up to 1-Mar-2011) Monthly(Mar, 2011 up to 01-Mar-2011) Daily (1-Mar-2011)
See on Page 10
Taliban claims to kill Shahbaz Bhatti
Economic Indicators Forex Reserves (19-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11)
O'Brien blast shocks England
ISLAMABAD: Prime Minister Yousuf Raza Gilani consoles relatives of slain Shahbaz Bhatti outside the emergency ward of a hospital in Islamabad. -Reuters
IMF tells Pakistan to raise revenue
Govt plans 15pc flood-surcharge KARACHI: Pakistan will impose a flood surcharge of 15 per cent on income tax in order to tackle the country's widening budget deficit, a government source involved in talks with the IMF said on Wednesday. "Yes, we plan to impose the flood surcharge," the source told Reuters, declining to give details of when the surcharge might be levied. Pakistan, whose tax-to-GDP ratio is around 10 per cent, one of the world's lowest, is trying to show the IMF and other donors that it is working on ways to boost revenue. The country is dependent on foreign aid, and riven with political instability and violence. According to news reports, as well as the flood surcharge,
it plans to increase a special excise duty by 150 per cent soon after a National Assembly recess. "The proposal to increase the special excise duty on nine luxury items has been with the National Assembly since last year," said another government source. The two measures, according to media reports, would raise 46 billion rupees ($597 million) during the fiscal year 2010/11 (July-June) and increase the revenue target to 1,630 billion rupees ($19 billion). The measures will be presented to an International Monetary Fund (IMF) team that arrived in Pakistan on Tuesday to conduct the fifth review and evaluate the See # 12 Page 11
Inflation declined last fiscal, NA told
7M foreign aid tops $1 billion ISLAMABAD: A declining trend in inflation rate was reported during last fiscal year of 2009-10 with 11.7 per cent against 20.8 per cent in 200809. In a written reply, Minister for Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh apprised the National Assembly Wednesday that in year 2007-08 the inflation rate was 12 per cent. He said that total amount of foreign aids and funds received during the fiscal year 2010-11 (July-January) was 1.036 billion dollars. He added that the said aid was utilised to finance devel-
opment projects ($464 million), program loans and budgetary support ($96 million), Tokyo pledge ($149 million), earthquake ($39 million), Afghan RRA ($3 million) and floods (citizen damage compensation $10 million and others $275 million). He said in line with the State Bank of Pakistan's instructions, banks have developed their own loaning products, procedures, criteria etc. duly approved by their board of directors for credit lending to the farming community. He said that the Federal Board of Revenue (FBR) is See # 13 Page 11
Court not against foreign investment
Foreign ventures, not above law, says CJP ISLAMABAD: Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry has remarked court was not opposed to foreign investment. The CJP gave these remarks while presiding over Supreme Court (SC) 3-member bench during the course of hearing of petitions filed against awarding of mining contract in Balochistan to foreign companies in Rekodiq case here on Wednesday. "All are equal in the eyes of law and no law is meant for any specific person or company. We are not opposed to any foreign investment. But it is
essential laws of the land be kept in view in the agreements and not personal interest or whim. Foreign companies should have been awarded contract in line with laws in place in the country", CJP observed. Khalid Anwar counsel for Tethyan Copper Company argued that had Pakistan Steel Mills been privatised, nation would have suffered the loss of Rs100 billion. Decision rendered by the court in respect of hike in sugar prices has not been implemented so far, he said. Government kept on thinking See # 14 Page 11
Poison of extremism seeped into Pak: UNHR GENEVA: United Nations Human Rights chief Navi Pillay, increasingly outspoken on abuses around the world, said Wednesday that Pakistan was poisoned by extremism and urged the country to reform its blasphemy laws. Her comments were issued after the assassination of the country's only Christian minister by militants in Islamabad, just weeks after the killing of another top official seeking changes in the laws. "These murders are a tragedy for Pakistan and those who envision a future for the country centered on human rights," a statement from the South African former International Criminal Court judge said. "I hope the government of Pakistan will not only hold the killers to account, but reflect on how it can more effectively confront the extremism which is poisoning Pakistani society," she said. Minorities Minister Shahbaz Bhatti was shot in his car in broad daylight on his way to work. In Geneva, Pakistan speaks in the UN Human Rights Council for the 57-nation Organisation of the Islamic Conference (OIC), which is seeking international rules against See # 11 Page 11
ISLAMABAD: Federal Minister for Minorities Affairs Shahbaz Bhatti has been killed in an ambush in sector I-8 of the federal capital on Wednesday morning. He was 43-year-old. As per media reports, Shahbaz Bhatti was shot at by men waiting in a car for him, when he was coming out from his residence in sector I-8/3 to attend the Cabinet meeting. He was travelling in an official car but had no security escort. According to some eyewitnesses the assailants pushed the driver and a woman who was travelling with him out from the car and fired multiple shots at the minister injuring him critically. He was rushed to Shifa Hospital by his driver. But he succumbed to his injuries. Several pamphlets from a banned outfit were found from the scene saying that the federal minister was targeted due to his support for change in blasphemy law and also says that any-
PM Gilani urges in-house debate ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Wednesday strongly condemned the murder of Shahbaz Bhatti and requested the house to exhaust a session of discussion specifically on this issue. He expressed these thoughts while addressing NA session where he applauded the efforts of slain minister Shahbaz Bhatti particularly in regards to his work of inter-religious harmony. He said security of government figures has turned into a critical issue and requested from speaker to arrange an in-house discussion so to find ways to confront with aspects of such incidents in future. See # 8 Page 11 one else who favors change in killing Bhatti, with a Taliban blasphemy law he would meet spokesman saying the minister the same fate. was a blasphemer. The assassination of Shahbaz "The attackers were wearing Bhatti, minister for minorities, shawls and opened indiscrimiis the latest sign of deep politi- nate fire as they got close to the cal instability in the nuclear- minister's car," Islamabad armed US ally. police chief Wajid Durrani told Frequent militant attacks and reporters. chronic economic problems The windshield of Bhatti's car have raised fears for Pakistan's had four or five bullet holes and future. blood covered the back seat. A Pakistani Taliban militants hospital spokesman said Bhatti, claimed responsibility for See # 9 Page 11
Sindh Ombudsman told to set-up monitoring cell
ADB seeks eyes on $350mn tasks Staff Reporter KARACHI: The Asian Development Bank has sought the assistance of Ombudsman Sindh Institution for monitoring the execution of 350 million dollars projects, designed by ADB for the reconstruction of flood affected areas in Sindh. A three-member ADB delegation led by Mian Shaukat Shafi, which met Ombudsman
Sindh, Asad Ashraf Malik at his office apprised him of details of the projects. Shafi informed that 350 million dollars earmarked for repair and rehabilitation of flood affected areas in Sindh would be spent primarily on reconstruction of roads, bridges and irrigation system, destroyed by recent floods in Sindh. The leader of delegation said See # 16 Page 11
Gold at new high on Libya unrest LONDON: Gold prices surged to a new record high on Wednesday, driven by safehaven buying amid violent unrest in Libya, and as the dollar fell against major rival currencies, traders said. Gold leapt as high as $1,437.70 per ounce on the London Bullion Market. That beat the previous high of $1,434.93 that was struck late on Tuesday. Silver, meanwhile, soared to See # 10 page 11
Pakistanis on their way home from Libya: FO ISLAMABAD: Foreign Office Spokesperson Tehmina Janjua has said that many Pakistanis have arrived home while others are on way through different routes. Talking to a private news channel, Tehmina Janjua said that they were trying to evacuate maximum number of Pakistanis from Benghazi city of Libya to Turksih port of Istanbul via sea because of distance between them. "Our missions in the region have clear instructions from the Foreign Ministry to facilitate early and safe repatriation of Pakistanis," the Foreign Office spokesperson said. A comprehensive plan has been chalked out to evacuate the Pakistanis from Libya, Tehmina Janjua said. The Pakistanis reaching neighbouring countries of Turkey, Egypt, Algiers and Tunisia, will be brought to Pakistan through chartered flights, Janjua said. See # 15 Page 11
Look out for the March issue
2 Thurday, March 3, 2011
BoI reviews Pak-China MoUs today ISLAMABAD: The Board of Investment (BoI) is organising a meeting of stakeholders today (Thursday) to discuss the progress on the memoranda of understandings (MoUs) signed between the entrepreneurs of Pakistan and China during Pak-China Business Summit held in December 2010 here. According to sources, the meeting will look into the cuurent status of 18 MoUs, which were signed by the business sectors of the two countries at PakChina Business Summit during the visit of Chinese Prime Minister to Pakistan. Khalil Ahmad, ambassador at large to China, will preside over the meeting, which will be attended by BoI Chairman Saleem H. Mandviwalla and Secretary
Anis-ul-Hassnain Musavi. The meeting will also be attended by high officials of Pakistan Space and Upper Atmosphere Research Commission (SUPARCO), Alternate Energy Development Board (AEDB), National Transmission and Dispatch Company of Pakistan, Federation of Pakistan Chambers of Commerce and Industry, Ocean Gold Seafood, Lahore Business International, Pakistan Gum and Chemicals, Crescent Sugar Mills and Distillery, Gulistan Group Companies, Arsala Seafoods, Texchain International, Stone Mart, KJC UNITED, Pak Agro Oil Mills, Harmain Int'l and New Allied Electronics Industries. It is pertinent to mention here that Pakistan and China inked 22 agreements
and MoUs at Pak-China Business Cooperation Summit to boost bilateral trade and investments. The agreements and MoUs were related to development of energy sector,promotion of trade, exploration of natural resources and development of agriculture, livestock, finance and banking sectors. A $6.5 billion MoU was signed between China Three Gorges Corporation and Alternative Energy Development Board for the wind power projects and solar energy projects. The other MoUs are related to finance cooperation, frozen fish, import business, leather purchasing contract and purchasing of rapeseed meal, medical equipments donation and stone import business.-APP
KARACHI: Sitting (L to R) Asif Shahzad - DH, CMT & HRC UBL, Rizwan Ali Hamdani, Business Development Manager, Xpress Money, Hassan Raza - GE, CBG UBL Standing (from L to R): M. Hanif Ibrahim - SPM,CMT & HRC UBL, Saad Kaleem, Head Products & Sales, CMT & HRC UBL.-Staff Photo
UBL, Xpress Money to facilitate remittances TFD Report KARACHI: United Bank Limited (UBL), one of Pakistan's largest commercial bank, has signed an agreement with Xpress Money, a leading money transfer company to facilitate home remittances sent by Pakistanis living abroad. UBL and Xpress Money both have extensive network of branches with UBL having over 1,100 branches nationwide and Xpress Money having its presence in 90 plus countries. The agreement is yet another initiative by UBL to facilitate its customers in sending remittances and shows the Bank's and Xpress Money's commitments towards the government's Pakistan Remittance Initiative. By virtue of this agreement, beneficiaries will enjoy instant and free of cost service.
TV PROGRAMMES THURSDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:05 13:40 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Aap Ki Baat (Rpt) News Newsbeat (Rpt) World Cup Hangama Tonight With Jasmeen (Rpt) News News World Cup Hangama News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
LCCI appeals to govt
Stop wool export to save carpet industry Staff Correspondent LAHORE: The Lahore Chamber of Commerce and Industry has urged the government to help stop wool export to India as the massive export is not only creating an acute shortage in the local market but also pushing the carpet industry to the wall because the prices of wool have doubled in a short span of time. In a statement issued by the LCCI President Shahzad Ali Malik here Wednesday after having a meeting with a delegation of carpet manufacturers including LCCI former President Shahid Hassan Sheikh, former Executive Committee members Sohail Shamsher Ali and Mohsin Banday said that the huge increase in the prices of wool would lead to an imminent disaster of Hand knotted Carpet industry of Pakistan, which engages a labour force of more than two million
skilled workers. The LCCI President said that carpet industry in Pakistan, already fighting for its survival, was now confronted with the issues like wool shortage and high prices phenomenon. "With 100 percent increase in the prices of raw material, how the carpet industry can compete in the international market." The carpet manufacturers/exporters also requested the LCCI President to invite the attention of the government/TDAP to take serious note of the situation and control the prices of the wool to avert this disastrous situation. It was suggested that a serious action should be taken against all found hoarding/overcharging or exploiting the situation which otherwise shall not only deprive the country of big foreign exchange earnings but also add to the miseries of the labour force engaged in this business.
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani during cabinet meeting observing two minutes silence on the death of Shahbaz Bhati.-APP
GTR enters into world class tyre production Staff Reporter KARACHI: Chairman General Tyre Company Gen (Retd) Ali Kulli Khan has said that GTR has survived unethical competition from under-invoiced imports and smuggled tyres during 34 years due to commitment and dedication of GTR's employees who are treated by him as part of family. He was speaking at the launch of a new world Class passenger car tyre "Euro Klass". He said GTR is a rare corporate entity in the country that can proudly claim to have the most faithful, committed and highly skilled human resource. This, he added, is the key to GTR success. Chairman GTR said, "Many of our workers have spent more than two decades and many workers have retired after serving GTR for almost 35 years. Literally speaking, there are numerous examples of people, whose entire working span has been with GTR. -PR
Warid's special discounts on int'l roaming KARACHI: Warid Telecom continues to stand out to be the fastest growing network in not only providing the best quality International roaming footprint but also seamless data roaming coverage all across the globe. To share this season's Cricket World Cup's joy and excitement Warid brings discounted International roaming rates for all of its customers roaming in Bangladesh and Sri Lanka. Not only this, Warid is also offering the most competitive international dialing rates for calling Bangladesh, India and Sri Lanka. Now Warid customers can call Bangladesh for as low as Rs 6/min on landline and Rs 7/min on Mobile, India Rs 6/min on landline and Rs 5/min on mobile, Sri Lanka Rs 10.24/min on landline and Rs 12.14/min on mobile.-PR
Citi becomes Custodian Clearing SSUET to implement energy saving programme Member of NCCPL KARACHI: Sir Syed University of Engineering and
Technology (SSUET) has offered its technical support for the ongoing Energy Conservation Programme (CSP) of the Karachi Electric Supply Company (KESC). The offer was made by Chancellor of SSUET, Z.A. Nizami, at the physical energy conservation demonstration organized by KESC at the University campus on Wednesday. The demonstration, watched by Chancellor Z.A. Nizami, Vice Chancellor Prof Dr Syed Nazir Ahmed, Registrar Shah Mahmood Hussain, Deans of faculties besides Brig (Retd) Qamarussalam, Member Board of Governors and others, was organized by KESC's Energy Conservation Department. On the occasion Director ECD, Asif Siddiqi, briefed about salient features of the conservation programme and said the target set under the programme is to save 200 MW of electricity including 100 MW from industrial sector, 40 MW from big commercial sector, 40 MW from domestic and small commercials sector and 20 MW inhouse conservation.-APP
ISLAMABAD: Citi Pakistan has become a custodian clearing member and the settlement bank for the National Clearing Company of Pakistan(NCCPL). From April 2011, Citi will carry out clearing and settlement of its foreign investor client trades through NCCPL. This is yet another demonstration of Citi's efforts to remain committed towards shaping market developments and supporting regulatory initiatives in Pakistan.-Online
FBR moot to mull toning up taxation ISLAMABAD: The Federal Board of Revenue (FBR) will organise a two-day Chief Commissioners Conference here from March 8, aiming at strengthening the tax enforcement operation to stimulate revenue collection in the country. "Over 75 Chief Commissioners of FBR from all across the country are scheduled to participate in the conference to discuss matters relating to tightening of enforcement in field formations, including LTUs and RTOs for increasing taxes", Khawar Khurshid Butt, Member Inland Revenue of the Board, told APP Wednesday. Finance Minister Dr Abdul Hafeez Shaikh would inaugurate the conference which would also be addressed by FBR Chairman Salman Siddique. Khawar Khurshid Butt said that the FBR had made senior level transfers and postings in
the first week of February in order to bring efficiency and improvement in the performance of tax administration. This reshuffling in the FBR, he said, would help understand the current situation and future strategy of the FBR and lauded the efforts of former Chairman FRB Sohail Ahmed for introducing Inland Revenue Service (IRS) in FBR. He further said that FBR has introduced IRS and officers in grades BS-19, 20 and 21 of known integrity and honesty have been posted purely on merit basis in different departments of the organization. He reiterated that the FBR would never tolerate corruption and inefficiency in the organization, adding action would be taken against such persons. Replying to a question, he said that there was no political pressure on the FBR for transfers
and postings of the officials. He also thanked the Prime Minister for giving a free hand to the FBR authorities for the posting of its officials of known integrity on key posts. He was of the view that 50 per cent tax collection came from withholding tax. The conference would help FBR devise a strategy to strengthen the tax collection system. He observed that nine lakh persons despite holding National Tax Numbers (NTN), were not paying taxes. He added the FBR would make efforts to identify and locate these non- filers and bring them under the tax net to enhance revenues for the country. He expressed the hope that despite challenges the FBR would be able to collect Rs.1,630 billion revenues during the current financial year.APP
SCB profits boosted by emerging markets TFD Report KARACHI: Standard Chartered Bank (SCB) has announced a 19% rise in annual profits, and said it has had a record start to 2011. Pre-tax profits for 2010 came in at $6.1 billion, up from $5.1 billion the previous year. The bank said most of its markets across Asia, Africa and the Middle East had returned to strong economic growth. Standard Chartered is based in London but more than four-fifths of its profits come from Asia and other emerging economies. Profits in the Middle East doubled last year, and chief executive Peter Sands said he did not expect political unrest in the region to have a negative impact on the bank. "[This profit] is not really under threat - we still see substantial opportunities for growth in the
Middle East. Much of the turmoil is happening in North Africa and we are not present in North Africa," he told BBC Radio 4. He was also confident that the Chinese market would keep growing. "The underlying drivers of growth in China are extremely resilient," he said. "There is a risk of bubbles within China, in property prices for example, but do I think China itself is a bubble? No." Standard Chartered said it lent more last year, with total lending rising by nearly $45 billion or 22 per cent. Mortgage lending rose by 23 per cent to $71 billion, while lending to small and medium-sized businesses was up 32 per cent to nearly $18 billion. The bank said the size of its bonus pool had "increased modestly" to $1.19 billion
in 2010 from $1.1 billion in 2009. It added that the full implementation of the bank levy in the UK would cost it about $180 million after tax this year. While the bank said its Asian market was growing strongly, it said the West still faced a "deleveraging challenge", and the company remained "relatively cautious" about the outlook for the world economy this year. "We're certainly in a global recovery but it's a very polarised recovery and vulnerable to shocks," the bank said. It warned that the biggest external challenge it faces is regulation, with different changes being applied by different national regulators. "Rather than seeing increasingly global coordination and consistency of regulation, we are seeing increased fragmentation and unilateral action."
Wastewater treatment plant of Navy inaugurated Staff Reporter KARACHI: National Water Engineering (Pvt) Ltd has exclusively designed and developed a state of the art Wastewater Treatment Plant for Pakistan Navy's Western Wind Golf Club at PNAD Mauripur, Karachi. This treatment plant is one of its kind in Pakistan as it will provide 50,000 gallons per day reusable water for irrigation purpose, saving over millions of rupees to maintain the green luster of Golf Course. The treated water is 99.99% bacteria and virus free and safe for irrigation. High Ranking Navy Officials inaugurated this wastewater treatment plant at Western Wind Golf Club at PNAD Mauripur,
Wednesday. The wastewater treatment plant was designed, developed, constructed and commissioned by renowned accredited Technology Provider National Water Engineering (Pvt) Ltd. The inaugural ceremony was attended by high level navy officials, well known Industrialists, journalists and senior bureaucrats from different government departments. According to a Navy Official, we believe that wastewater treatment plant is a huge national strategic asset as water has become really scarce, and if the need arises due to any kind of urgency, this treated water can be further recycled and treated to make into consumable water with fraction of a cost.
According to Jamaal Hassan, CEO of National Water Engineering (Pvt) Ltd, the treatment plant is a national strategic asset and Navy has taken fruitful efforts to develop a treatment plant that will use its treated water for greenery of the area, saving millions of rupees in direct potable water cost which is already scarce in the city. The treated water meets all the NEQS requirements as directed according to Environmental law. The devotion shown by Pakistan Navy to develop the treatment plant proves that they are fully devoted to their responsibilities and belief not only in securing us from potential Sea threats but also are promoter of national prosperity for the people of Pakistan.
Japanese grant for SWCKD ISLAMABAD: The Government of Japan has decided to grant financial support of $ 86,029 to the Social Welfare Council Kuri Dolal (SWCKD) for the Construction of Concrete Link Road in Gujar Khan, District Rawalpindi, Punjab. According to a press release issued here on Wednesday, the agreement for the project was signed on Wednesday at the Japanese Ambassador's residence here between Jota Yamamoto, Charge d'affairs of the Embassy of Japan and Farrukh Abbas Qureshi, President of the SWCKD. The grant will be utilized for constructing the 2.7 kilometer concrete link road including side drains and safety walls as a protection from the floods and damage caused by rain water and landslide, in Kuri Dolal, Gujar Khan. At present, the inhabitants of this locality are facing severe problems, due to the unpaved and uneven passage. The situation becomes more aggravated in the rainy season, as no vehicle can go on this route. Especially, travel for women, small children, the elderly and the ill is troublesome. Through successful completion of this project, vehicles will be able to run smoothly and public transportation will link the villages for increased access to education, medical services, and business activities. This project will help in facilitating 650 households (around 5,000 individuals). At the signing ceremony, Yamamoto stressed that infrastructural improvement and rural development is one of the priority areas in the Japanese assistance policy towards Pakistan. He also emphasised that this project would help the local community to increase daily activities and improve their quality of life in the future.-NNI
3
Thursday, March 3, 2011 Top Economic Events
Euro rises to near 4-mth high versus US dollar Swiss franc hits record on Middle East, Africa turmoil NEW YORK: The euro rose to a near four-month high versus the dollar on Wednesday and looked set to extend gains on growing expectations interest rates in the euro-zone will rise earlier than those in the United States. The Swiss franc soared to a record high versus the dollar as Libyan leader Muammar Gaddafi launched an offensive against rebels, sending investors to seek safety in the Swiss currency. The European Central Bank holds its policy meeting on Thursday. With oil prices trading above $100 a barrel and euro-zone inflation well above target, investors expect the ECB to sharpen its anti-inflation rhetoric. After struggling to break above key resistance at $1.3862, its high for the year to date, the euro pierced that level as North
American trading got under way. The euro could make a run toward $1.40 should the ECB strike a hawkish tone on inflation, analysts said. "The market seems to want to own euros right now," said Greg Salvaggio, senior vice president of capital markets at Tempus Consulting in Washington. "The perception is growing in the market that the ECB will certainly be hiking rates sooner than the Fed and that's really underpinned the euro for the time being." The euro climbed as high as $1.3868, its strongest level since Nov. 9, before easing slightly to trade at $1.3863, up 0.7 per cent
on the day. The dollar index last fell 0.6 per cent to 76.627, after hitting its lowest since early November of 76.614.
The US currency has been unable to benefit from the recent spike in risk aversion amid political tensions in the Middle East and North Africa, prompting some investors to question whether the dollar has lost its safe-haven status. The dollar has come under pressure as investors focused on the view that higher
oil prices would push other central banks to raise interest rates to counter inflation even as the Federal Reserve maintains its stimulative monetary policy. However, some analysts said if tensions deteriorate, concerns about the impact of soaring oil prices on the global economy could erode investor appetite for risk and help the dollar regain its safe-haven status. "If there is no resolution to the crisis in the Middle East oil prices will stay elevated and people will stop focusing on the inflationary impact. The euro is in favor now but in two to three weeks it could be the dollar," said Simon Derrick, currency strategist at Bank of New York Mellon. The dollar fell 0.2 per cent to 81.69 yen. It also lost 0.7 per cent to 0.9223 Swiss franc, after hitting a record low of 0.9224 franc. -Reuters
Yuan ends lower Rangebound despite oil; ahead of key meeting Asian currencies
rate freeze may hit won Peso down 0.4pc; cbank signals rate hike SINGAPORE: Asian currencies stayed in their recent ranges on Wednesday though the Philippines peso slid despite higher oil prices, but they may come under pressure if the regional policymakers do not take more steps to stem inflation, analysts said. The South Korean won is particularly likely to weaken below its recent range if the Bank of Korea does not raise interest rates even after the country's consumer inflation in February rose faster than expected to hit a 27-month high, they said. "KRW could worry us if the central bank doesn't act to contain rising inflation. The central bank's caution can be per-
ceived as being behind the curve and putting the economy at risk," said Christopher Gothard, head of FX for Brown Brothers Harriman in Hong Kong. "If the central bank doesn't push rates higher that could see a break of the 1135 level, threatening 1155/60," said Gothard, adding he prefers the Indonesian rupiah and the Singapore dollar to the won. The won lost 0.7 per cent against the dollar in February while the rupiah gained 2.7 per cent. Dollar/won was barely changed as exporters such as shipbuilders and auto makers sold the pair for settlements. Dollar/peso rose as local investors covered dollar-short
Stg rises to 13-mth high vs $; lags euro LONDON: Sterling rose to a 13-month high versus a broadly weaker dollar on Wednesday as the US unit struggled with expectations that US interest rates would stay than those in the UK and most other G10 economies. The dollar index skidded to its lowest levels since November as markets continued to short the currency after recent comments
from Federal Reserve Chairman Ben Bernanke did little to alter the view that US official rates would be on hold at current ultra-low levels for a protracted period. But the pound lagged the euro as investors positioned for hawkish talk from ECB President Jean-Claude Trichet at his press conference on Thursday after the bank's policy meeting. With oil prices trading above $100 a barrel and euro-zone inflation well above target, investors expect the ECB to sharpen its anti-inflation rheto-
ric. The euro traded up around 0.3 per cent versus sterling at 85 pence. The shared currency also rose to a year-to-date high versus the dollar. The pound was helped by above-forecast data from the UK construction sector which added to views that the economy is rebounding, following on from a strong manufacturing survey on
Tuesday. The headline activity index rose to 56.5 in February from 53.7 in January, confounding analysts' forecasts for a fall to 52.9. Data on Tuesday showed the manufacturing sector holding at a record level on Tuesday. Sterling rose above $1.6300 versus the dollar after the data and later triggered stop-losses through $1.6330 en route to $1.6344, its highest since January 2010. It was last at $1.6335, up around 0.5 per cent on the day. -Reuters
positions on higher oil prices, though its gains were limited by remittance flows, dealers said. Investors are keeping an eye on the central bank's next move especially as it abandoned its dovish stance, saying the scope for keeping rates steady has narrowed with inflation expectations on the rise, signalling a rate increase may come as early as this month. But Philippine Finance Secretary said a policy rate was not necessary given current conditions. If the central bank does not increase interest rates, dollar/peso may rise more as the market has already begun to price in an increase, a Manila-based dealer said. -Reuters
Russian rouble hits 26-mth highs MOSCOW: The rouble firmed to its highest levels since late 2008 on Wednesday after Russia widened its trading band to both deter speculators and allow more room for currency appreciation to help fight inflation. The rouble firmed 33 kopecks or 1 per cent to hit a 26-month peak of 33.31 against the euro-dollar basket, according to Reuters data. It also appreciated to its strongest level against the dollar since December 2008 at 28.39, adding 31 kopecks or 1.1 per cent on the day. "Non-residents were selling foreign currencies heavily as some of them couldn't react to the central bank's decision yesterday," said a dealer at a major Western bank in Moscow. The central bank announced the widening of the floating band by 0.5 roubles on either side -- to 32.45-37.45 roubles against the basket -- after the market closed on Tuesday, but it said it had already been running that range during the day's session. Against the euro, the rouble added 35 kopecks or 0.9 per cent to 39.32, its strongest point since Jan. 12. -Reuters
NZ$ burned by rate fever, hits 19-yr low on Aussie WELLINGTON/SYDNEY: The New Zealand dollar skidded to 10-week lows versus the greenback and a 19-year trough against its Australian counterpart on Wednesday after New Zealand's Prime Minister said he would welcome a cut in domestic interest rates. The kiwi dollar fell more than 1 per cent to $0.7385 as stops were triggered and as the market sold the currency against the Australian dollar. It last traded at $0.7406. "The kiwi was soft beforehand, but when you combine a negative equity market, high oil price, risk off globally, and then the Prime Minister saying he expects a rate cut, it's all very, very ugly," said Daniel Brdanovic, senior manager Treasury at HSBC. With Australian rates seen holding steady at 4.75 per cent, before rising later in the year, the spread between Aussie and NZ yields blew out to historic highs. That sent the Aussie dollar flying to a 19-year high of NZ$1.3669, with heavy stop-loss buy orders triggered on the break above
$1.3570. The Aussie has risen more than 4 per cent against the kiwi so far this year on diverging outlooks for rates between the two countries. "Aussie/kiwi historically travelled under NZ$1.30, but now NZ$1.40 seems a fairly reasonable target," said Michael Turner, strategist at RBC. "There are risks that credit quality is called in question and the rate outlook remains in favour of other currencies over the kiwi, so NZ$1.40 is not out of the question." The steep drop in the kiwi, however, dragged the Aussie down against a generally firmer US dollar, leaving it at $1.0098, down from an early high of $1.0157. Latest data showed Australia's economy grew a solid 0.7 per cent last quarter as business boosted investment even as consumers reined in their spending, a benign mix for inflation that favours steady interest rates. Interbank futures imply a 50-50 chance of a move by August and are not fully priced for a hike until November, and a total tightening of 28 basis points is implied for the next 12 months. -Reuters
SHANGHAI: The yuan ended slightly lower versus the dollar on Wednesday after the People's Bank of China set a weaker mid-point, signalling it may not be willing to let the yuan rise too much ahead of a crucial political session. Chinese leaders will begin to gather in Beijing on Thursday for the annual parliamentary session typically held in the first half of March. This year's meeting is particularly important as China will map out plans for its economic development and reforms over the next five years from 2011 to 2015, with the government expected to elaborate on a shift from growth that is reliant on exports to one that is solidly based on domestic consumption. With policymakers being mostly occupied by the event, few expect the PBOC to usher in major policy moves, such as a sharp quickening pace of yuan appreciation, traders said. But as the country appears set to adjust its economic structure, the importance of a previous strategy to keep the yuan's value at a relatively low level to protect exports will gradually be phased out from this year on, traders said. Spot yuan ended at 6.5727 to the dollar, down from Tuesday's
close of 6.5703 and has risen 3.85 per cent since its depegging in June 2010. It is still within arm's reach of its record trading high of 6.5654 hit on Feb. 21. Before trading began, the PBOC fixed the yuan's midpoint at 6.5736 versus the dollar, slightly weaker than Tuesday's 6.5706, which was only one pip from the fixing's record high of 6.5705 also hit on Feb. 21. Some traders believed the yuan might move narrowly around 6.57 per dollar for the coming two weeks during the parliamentary session but they retained the forecast for the yuan to rise 5 to 6 per cent for all 2011. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4120, marginally up from 6.4100 at Tuesday's close. Their implied yuan appreciation in a year's time fell to 2.52 per cent from 2.55 per cent. For the past couple of months, NDF-implied yuan appreciation has persistently lagged market expectations of a 5 to 6 per cent rise in 2011 partly because hedge funds, the main players in forwards, cut back exposure to Asian markets in favour of dollar assets as the US economy recovers, traders said. -Reuters
Swiss franc rises ZURICH: The Swiss franc rose against the euro on Wednesday as investors took refuge in the safe haven currency while global stock markets dipped on worries that soaring oil prices could hurt recovery prospects. The franc was also supported by strong Swiss growth data and a rise in the purchasing managers' index on Tuesday, which prompted markets to brace for an earlier interest rate hike. "Strong Swiss data and a risk-off atmosphere supported the franc overnight," said Credit Suisse analyst Marcus Hettinger. The franc was up 0.1 per cent against the euro compared to the New York close, trading at 1.2783 per euro at 0755 GMT. "Risk aversion is back. Stocks were sold as oil pumped higher again. The Swissie, the yen and gold benefits from this," SEB technical analysts wrote in a note, adding a move below 1.2728 would argue for another push down. The franc was 0.1 per cent higher against the dollar at 0.928 per dollar, but still off last Thursday's all-time high of 0.9230. Investors worried by unrest in North Africa and the euro-zone
debt crisis have pushed the franc to record levels against the dollar and euro in recent months, prompting concerns the strong currency could dampen the Swiss recovery. But forward-looking indicators, such as the KOF economic barometer, have indicated growth is still robust and the Swiss National Bank has also begun to sound less dour on growth. The central bank holds a news conference on detailed annual results on Thursday ahead of its next monetary policy meeting on March 17. "With the economic pre-conditions as favourable as they are, we do not expect the SNB fall back behind the ECB in a tightening environment to say the least," said UBS economist Reto Huenerwadel. -Reuters
Time 5:30 12:00 3rd-4th 14:00 14:30 15:00 15:00 17:45 18:30 18:30 18:30
Source AUD EUR GBP EUR GBP EUR EUR EUR USD USD USD
Source
Events
JPY AUD GBP EUR USD USD CAD CAD USD
Events Trade Balance German Retail Sales m/m Halifax HPI m/m Final Services PMI Services PMI Retail Sales m/m Revised GDP q/q Minimum Bid Rate Unemployment Claims Revised Nonfarm Productivity q/q Revised Unit Labor Costs q/q
Forecast 1.53B 0.5% -0.6% 57.2 53.8 0.4% 0.3% 1.00% 394K 2.6% -0.6%
Previous 1.98B -0.3% 0.8% 57.2 54.5 -0.6% 0.3% 1.00% 391K 2.6% -0.6%
Actual
Forecast
Previous
Monetary Base y/y 5.6% GDP q/q 0.7% Construction PMI 56.5 PPI m/m 1.5% Challenger Job Cuts y/y 20.0% ADP Non-Farm Employment Change 217K RMPI m/m 0.3% IPPI m/m 0.2% Crude Oil Inventories
6.4% 0.6% 53.0 1.1%
Previous Day 5.5% 0.1% 53.7 0.8% -46.0% 189K 4.2% 0.8% 0.8M
178K 3.1% 0.5% 1.1M
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 1.3860 1.3868 0.9229 0.9289 1.6302 1.6323 0.9727 0.9774 1.0156 1.0157 113.2900 113.3900 0.8503 0.8501 1.2788 1.2817 133.2800 133.7400 88.5800 88.6600 1436.8000 1437.5000
Bid 1.3857 0.9225 1.6297 0.9723 1.0152 113.2500 0.8500 1.2785 133.2300 88.5300 1436.0800
Low 1.3744 0.9227 1.6218 0.9715 1.0087 112.5600 0.8466 1.2758 132.8700 88.1600 1427.9000
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 02/03/2011 A USD GBP CAD EUR JPY O/N 0.2235 0.55625 0.97167 0.46125 SN 0.10938 1WK 0.2485 0.57563 1.00050 0.64750 0.11375 2WK 0.2540 0.58313 1.03883 0.74250 0.11813 1MO 0.2600 0.61250 1.08083 0.81938 0.13375 2MO 0.2860 0.68250 1.14583 0.91625 0.15563 3MO 0.3095 0.80250 1.21400 1.04750 0.19125 4MO 0.3505 0.88375 1.28250 1.13063 0.24313 5MO 0.4085 0.99063 1.34833 1.22063 0.30000 6MO 0.4615 1.10875 1.41717 1.32625 0.34750 7MO 0.5150 1.18950 1.50250 1.39250 0.39625 8MO 0.5683 1.27513 1.59083 1.45438 0.44563 9MO 0.6208 1.35638 1.67250 1.52438 0.49000 10MO 0.6745 1.43938 1.76000 1.58000 0.51688 11MO 0.7260 1.50750 1.84917 1.64125 0.54250 12MO 0.7863 1.57625 1.94083 1.70125 0.57000
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Last Change
April 12, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 3, 2011 May 7, 2009 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, March 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
85.70 139.15 117.89 87.86 92.29 86.60 13.51 1.05 15.26 67.31 15.81 22.85 11.00 13.04 307.89 28.19 63.53 23.53 23.33 0.08 2.81
85.50 138.82 117.61 87.65 92.08 86.39 13.48 1.04 15.23 67.15 15.77 22.80 10.98 13.01 307.17 28.12 63.38 23.48 23.28 0.08 2.80
85.25 138.39 117.24 87.42 91.84 86.17 13.44 1.04 15.19 66.97 15.73 22.74 10.95 12.97 306.36 28.05 63.21 23.42 23.22 0.08 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 02, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.75 12.80 12.90 13.10 13.34 13.48 13.60 13.62 13.78 14.15 14.18 14.20 14.20 14.24 14.26 14.25 14.22 14.22 14.50 14.75
12.80 12.85 12.95 13.14 13.36 13.47 13.62 13.67 13.80 14.12 14.18 14.20 14.19 14.25 14.25 14.25 14.17 14.19 14.60 14.70
12.80 12.88 12.95 13.12 13.37 13.48 13.60 13.68 13.79 14.05 14.19 14.19 14.21 14.25 14.27 14.23 14.17 14.20 14.60 14.75
12.80 12.88 13.00 13.20 13.38 13.50 13.64 13.68 13.80 14.05 14.17 14.19 14.22 14.23 14.25 14.23 14.22 14.18 14.55 14.90
12.80 12.85 12.95 13.15 13.35 13.48 13.60 13.68 13.78 14.05 14.18 14.22 14.20 14.30 14.35 14.23 14.20 14.20 14.60 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 12.75 12.85 12.95 13.15 13.36 13.45 13.61 13.65 13.75 14.05 14.15 14.19 14.18 14.25 14.30 14.19 14.16 14.18 14.50 14.75
12.78 12.85 12.95 13.14 13.36 13.48 13.61 13.66 13.78 14.08 14.18 14.20 14.20 14.25 14.28 14.23 14.19 14.20 14.56 14.77
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
-0.76 0.64 0.30 0.55 0.84 0.41
0.57 -0.25 0.65 0.43 -0.57 0.16
-0.67 -0.40 -0.05 0.32 -0.05 -0.04
0.74 0.48 0.86 0.75 -0.19 0.36
EUR/USD NZD/USD -0.30 0.44 0.87 0.79 0.74 0.79
USD/CAD USD/CHF
-0.65 -0.26 0.29 0.61 0.86 0.46
0.70 -0.57 -0.70 -0.54 -0.63 -0.33
0.43 -0.36 -0.32 -0.45 -0.90 -0.59
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)02/03/2011 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 12.50
13.00
12.60
13.10
12.70
13.20
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.70
13.20
12.85
13.35
12.95
13.45
13.40
13.65
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 12.60
13.10
12.75
13.25
12.85
13.35
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
CIPK
12.55
13.05
12.65
13.15
12.75
13.25
13.40
13.65
13.60
13.85
13.70
14.20
13.90
14.40
14.10
14.60
DBPK 12.55
13.05
12.70
13.20
12.75
13.25
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.80
14.30
FBPK 12.50
13.00
12.70
13.20
12.75
13.25
13.35
13.60
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.60
13.10
12.75
13.25
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.60
13.10
12.70
13.20
12.85
13.35
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.60
13.10
12.70
13.20
12.80
13.30
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.50
13.00
12.75
13.25
13.05
13.55
13.25
13.50
13.40
13.65
13.45
13.95
13.50
14.00
13.60
14.10
HMBP 12.65
13.15
12.85
13.35
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 12.50
13.00
12.70
13.20
12.85
13.35
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.60
13.10
12.70
13.20
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.40
12.90
12.60
13.10
12.70
13.20
13.30
13.55
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.50
13.00
12.55
13.05
12.65
13.15
13.25
13.50
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.60
13.10
12.70
13.20
12.75
13.25
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
13.06
12.71
13.21
12.79
13.29
13.34
13.59
13.51
13.76
13.64
14.14
13.76
14.26
13.86
14.36
12.56
4 Thursday, March 3, 2011
The Financial Daily International
Price of a Bite to Eat
Vol 4, Issue 197
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Muhammad Irfan Arshad
A
ffordable and nutritious food, a basic human right, is a very reasonable and sagacious goal for Asim Abbas Ashary, CPA Khurram Shehzad, CFA any government but is far from being Akhtar M. Zaidi, FCA met in developing countries like Prof. Zakaria Sajid (KU) Dr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) Pakistan. Soaring food prices and falling purchasing power is mocking Muhammad Arif Ismat Sabir our social and political stability resultHead office ing in sparking riots and civil distur111-C, Jami Commercial Street 11, Phase VII, DHA Karachi bance. It is the poorest of poor who Telephone: 92-21-35311893-6 Fax: 92-21-35388428 have to spend more than 80% of their URL: www.thefinancialdaily.com meager income on food. Leap in prices Email Address: editor@thefinancialdaily.com is affecting poor's food in terms of Lahore office quantity, quality and spending as well. 24- Peshawar Block, Fortress Stadium, Lahore They have reduced their food intakes Telephone: 92-42-6675595 Fax: 92-42-6664349 by forgoing spending on health and Email Address: editor@thefinancialdaily.com education and selling their assets. Upper Middle class consumer is shifted to cereals based diet away from higher quality food groups, meat, dairy products and vegetables. This is much alarming situation as World Bank President Robert Zoellick warned G20 leaders in a recent summit at Paris that the world is reaching a danger point where soaring food prices threaten further political instability. This is a time This year Pakistan may succeed in export- to move from talk to action. This is a time to make right policy choice that ing over half a million tons wheat and also ensure food accessible to the most in achieving 25 million tons product target may vulnerable and simultaneously helping but there are concerns about emerging producers to raise their output and shortfall and skyrocketing flour prices in increase their income. Many factors contribute to the drathe country. The country may have ample matic increase in food prices. At interwheat but its price may not be affordable. national level, it is because of expanThe single largest factor responsible for sion in bio fuel and record increase in prices. In Pakistan, it is due to dishike in wheat prices is skyrocketing crude oil tortionary policy responses leading to oil prices. However, added to this will long decline in agricultural investment decline in cultivable area due to the rising resulting in limited capacity to produce that has put food and feed in menpopulation. The sooner the policy makers more ace. Primarily higher food prices should Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Food security
come up with a strategy to meet the emerging challenges the better it will, else be ready to face outburst of anarchy in the country. Historically, Pakistan has been producing sufficient wheat to meet the local demand, but failure to contain its smuggling forced the country to import it. With the growing population the country need to produce more but increasing areas under wheat cultivation is not possible and increase yield is the key to maintaining food security. One of the inputs required is optimum use of nutrients but persistent hike in fertilizer prices is adding to the cost of production. Added to this has been rising cost of diesel used in tractors and trucks. Pakistan needs to focus on protecting and preserving wheat produced in the country. Lately fears have been expressed that standing wheat crop of suffering from various types of pest attacks. It was also being said this year certain varieties have been cultivated which are more susceptible to such attacks. Experts fear if corrective measures are not taken immediately the country made not succeed in achieving production target. To protect wheat for rainy days there is also a dire need to construct modern storage silos. Experts say up to one-fourth of the quantity produced is destroyed due to inadequate storage facilities. One of the reasons for opting for wheat export was that if it is not exported it would go stale ultimately. Since commodities are also skyrocketing it is necessary to save each kilogram of wheat produced in the country. Along with this there is also a need to plug highly porous borders. Along with wheat Pakistan will have to focus on increasing local production of edible oil. At an average country spends over two billion dollars on import of edible oil. In this regard Pakistan will have to focus on increasing production of canola, sunflower and corn. It must be kept in mind that increase in production of these three oil seeds can make the country self sufficient in edible oil. Experts even say that by focusing on agriculture Pakistan can save billion of dollars spent on import of food items but also earn foreign exchange by exporting value added goods. However, to achieve food security fertilizer and pesticide prices must be contained and availability of water be ensured. If all this is not done Pakistan may also suffer from food shortage.
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.
have been good news for the farmer as it increases the funds of producer for more investment, but it matters only when there are specialized skills, improved technology, easy and affordable access to quality inputs. Unfortunately all these things are missing in Pakistan. Our farmers are far distanced from modern technology; nothing is extended to the farmers regarding efficient and cheaper production technologies. Prices of key inputs like energy and fertilizer are increased many folds than price of produce. Necessary rural infrastructure, institutions, marketing linkages, income diversification interventions and storage facilities are lacking here. Lowest rural saving mobilization and limited access to credit coupled with unconstructive agriculture credit system is putting poor farmer under permanent debt. Policy measures need to be targeted that should be non distortionary and positive towards agricultural investment. Policy Measures to encounter food prices may be categorized into two types. First there are Short-term measures commonly exercised in terms of import of food items from open world market that attempt to sluggish prices of food and increase food availability. But those are just emergency measures to control food prices for a limited time period. Second there are Mid-Term and long term policy measure that aims to boost agriculture produce by supporting producers both technically and financially. This is the only long run and widely used policy to address the strategic food security ensuring the provision of reasonably priced and healthful food supplies to the citizens. Regretfully, in Pakistan, only short term policy measures are taken to some
extent but medium and long-term measures are totally neglected. There is a need for complementarities and consistency between both of the measures. This calls for a right policy choice to increase food supplies. The best policy should follow a twin-track approach by boosting agriculture production through support to investment in agriculture sector, ensuring safety net for poor consumer, managing markets and stocks, overcoming supply side constraints and institutional weaknesses. This will require educating farmers in modern production and marketing techniques, better crop management and farm practices, affordable access to key inputs, establishment of across border marketing chains, reducing produce taxes, providing subsidies on inputs so that farmer's confidence may be revived to seize the opportunity to invest and raise their production. Supply shocks also contribute to the rapid swing in food prices. Generally these shocks result from drought, hoarding against expectations of further rise in prices, import/export restrictions, cropping patterns, emerging bio fuel factor, appreciation of US dollar. Import of food is most expensive and extravagant approach to ensure surplus supply that has never been a wise option for developing countries including Pakistan. High transport cost, poor infrastructure, transport, communication services and marketing margins stab economy of developing countries adversely to import commodities into domestic market and also affect the balance of payments. Long run expansion in supply is primarily driven by technological advancement, which reduces cost and minimizes risk ensuring food supply
faster than population growth. We have failed to materialize supply responses and technology is limited to research papers only. This is the only reason for price hike in Pakistan and there is a need to promote supply response through crucial strategic and policy issues. We have to reduce excessive role of speculation and all the stakeholders including farmer, processor, retailer and commercial trader must be brought on board through vivid regulations. Finally, we should import technical and policy assistant instead of food product itself. Productivity-led approach to increase food supply will have a tri-fold effect on our economy. It will sluggish the food prices; it will increase farm income; it will also ensure a positive change in rural economy leading to poverty reduction. There is a strong need to develop a system that offers farmers a mean of earning a decant income that is comparable to their fellow citizens. This necessitates more funds for this sector. Expertise is required on commodity market and trade issues. The need to protect consumer from higher food prices must be balanced against maintaining incentives for productivity- raising investment and supply responses. The government will have to opt for out of box solutions and enthusiastic pursuit to develop agriculture sector as promotion of agriculture is the only and most effective tool for eradication of poverty and terrorism. Writer is a Credit & VO Help Officer National Program for Food Security & Productivity Enhancement (Crop Maximization project-II) Ministry of Food and Agriculture, Government of Pakistan
New US Playbook for ME T
he Obama administration, seeking to counter criticism it has struggled to keep pace with turmoil sweeping the Arab world, is crafting a new U.S. strategy for the region and will roll it out in coming weeks. President Barack Obama has ordered senior aides to forge a policy he hopes will keep him on the right side of history as popular revolts shake the region but will not burn bridges with important autocratic allies like Saudi Arabia. White House aide Michael McFaul told Reuters that Obama recognizes there is no "cookie cutter" approach to the fast-moving events shaking the Middle East and North Africa but that broad principles are guiding his emerging strategy. Inside the White House, a small group of pro-democracy advisers is gaining greater influence over Obama's thinking as the policy takes shape after uprisings toppled longstanding leaders in Tunisia and Egypt and as unrest hits Libya and other countries. But Obama's push for reform will be tempered by a desire to preserve longtime partnerships with Arab governments considered crucial to U.S. interests on everything from fighting al Qaeda to containing Iran to securing vital oil supplies. The Middle East upheaval
poses Obama's biggest foreign policy challenge two years into his presidency. Worstcase scenarios include the violence spiraling out of control or a global recession brought on by spikes in oil prices. "The key is to strike the right balance and make sure that fundamental change is encouraged without chaotic situations erupting," said Brian Katulis, an expert at the Center for American Progress who has been consulted by the White House. Obama and his aides have urged meaningful reform in private phone calls with Middle Eastern leaders, telling them "it's in their own interest to be responsive to their people," a senior administration official said. One foreign diplomat welcomed Obama's rhetorical restraint, saying it indicated a recognition that democracy is "not like instant coffee" and cannot be imposed from outside. But Obama, who has not spoken publicly on the Middle East situation since last week when he condemned Libyan leader Muammar Gaddafi's violent crackdown on protests, may be looking for a chance for a policy speech to put his personal stamp on his stillevolving strategy. "We'll be articulating a strategy in coming weeks," the senior official said.
FLAT-FOOTED OR AHEAD OF CURVE? Critics say the Obama administration was caught flat-footed by the explosion of popular rage in the Middle East and North Africa and has seemed content to play catch-up as unrest has spread from one country to another. Obama aides insist he has been ahead of the curve, citing his June 2009 speech in Cairo in which he reached out to the Muslim world and pledged to support those who yearn for political freedoms. Human rights groups said he did not go far enough. An administration official said Obama first asked his advisers last summer to study political reform in the Middle East and, in the aftermath of Tunisia's uprising, he ordered them to formulate a broader strategy for the region's unrest. Players include McFaul, a Stanford University professor and Russia expert who has extensively studied the fall of communism in Eastern Europe, and Samantha Power, a longtime Obama aide known for her writings on genocide and human rights. Also part of the inner circle are National Security Adviser Tom Donilon and Obama's main wordsmith Ben Rhodes, a deputy national security adviser, and three key Middle East hands -- Dennis Ross, Puneet Talwar and Dan Shapiro.
A team is preparing a primer on democratic transitions, using models such as Eastern Europe, Indonesia, the Philippines and South Korea that will help guide the thinking of the administration and of Middle Eastern reformers. "We're not saying 'here's the blueprint.' But what we want is to lay down some principles," the senior official said. Obama aides made clear they had no intention of reviving former President George W. Bush's "freedom agenda," which they said was an ill-conceived effort to dictate democratic change that was tainted by the 2003 invasion of Iraq. For now, the Obama administration is trying to tailor its approach country by country, ranging from low-key prodding for reform by U.S.-allied Bahrain to demands for the immediate exit of Gaddafi, who has a tortured history with Washington. In an article in Foreign Policy magazine, Aaron David Miller, a former Middle East adviser to Democratic and Republican administrations and now a scholar at the Woodrow Wilson International Center, likened the U.S. challenge to "a giant game of whack-a-mole," where it confronts one problem only to see another one pop up. MANY LEVERS Obama has faced mixed reviews for his handling of Libya, with some critics fault-
American Rambo weeps They say "Don't celebrate the death of foes because even friends are not immortal". This is not an attempt to celebrate the discomfort in which Americans, in general, and Raymond Allen Davis, in particular, finds himself entangled but writing a letter with such title is to serve a food for thought. From the day Raymond Davis' saga started unfolding itself each coming day brings new developments and international capitals are abuzz with the sounds and furies in last ditch efforts to seek immunity for what they call him Davis. It was really perturbing and one can't help sympathizing after knowing that "He (Davis) was seen sobbing last Sunday after Carmella left the jail. He talked to his family on Carmella's cell
phone". Anyone who is blessed with a human heart would pray that may God protect everyone from such a ghastly situation. At the same time it should be an eye opener for Raymond Davis and his alike and must help realising the US that what would be situation of those unarmed and unfed Iraqis which were crucified on the alter of Weapons of Mass Destruction? How did the wailing of those Afghans go into abyss whose entire village disappeared from the face of the earth? What could be worst than to be an inmate of Guantanamo. Bay and Bagram jail? What is the plight of those Kashmiris whose mothers lost their eyesight in the wait of their sons? How hapless those tribals are who have become prey to unending
and futile drone strikes. What a most unkindest cut of all it would be when Fahim and his widow took their last breath? The innocent victims of US aggression must also break into tears when the hegemonic designs of America knocked at their doors. It has been proved that Raymond Davis has killed the two Pakistani citizens in cold blood but America is putting all efforts to get Davis out of this whirlpool even if it has to launch another "Operation Eagle Claw". It would really suit its superpower status if it learns to respect the sentiments of other nations. And once the US learns the sorrows of other nations, no Raymond Davis will suffer from such sobbing. Malik Aamir Saleem, Sargodha
ing him for not being more outspoken on Gaddafi's crackdown and waiting until last weekend to demand that he leave. "America should lead," Republican Senator John McCain told CNN last Sunday as he criticized the president's approach to the turmoil in Libya and other Middle Eastern countries. White House aides said the caution in Obama's rhetoric last week was driven by concern Americans in Libya were in harm's way and that the United States had been primed to take a tougher line once they were evacuated. Behind the scenes, the administration was putting its focus on rallying a coordinated international response on Libya that included sanctions and asset freezes. Washington also has moved warships and planes closer to Libya but has stopped short of threatening military action. While rhetoric can sometimes be an important tool, McFaul said, it is only one of many levers the United States can use to advance its aims for the region. "Our goal is motivated by a set of principles about what we are seeking to advance: to reduce the violence, to have respect for universal rights and to push forward a reform process," McFaul said. Reuters
Advertisements at what cost? Northrop Frye said "Advertising - a judicious mixture of flattery and threats." Today we are beleaguered and fraught with the nuisance of advertising all the time. From Internet to television, from newspaper to roadside, we are fluxed with all sorts of advertising. One fails to understand what all these meant for. Every niche of life is filled with adds, on a busy road, at a traffic signal, when you are anxiously waiting for green light, a little guy will just throw inside your car some pamphlets, if you manage to read these pamphlets, it will blow your mind out of your skull, written in sultry language, pointing out such diseases and weaknesses one cannot narrate in seven veils, but here all these are being healed openly at special costs. No Ethics, no values, no downward parameters. No doubt, we all are guilty of going beyond limits, but the question is should not these adds, being done in bad taste, be checked? Those who print shabby ads have no moral values? Is it only the responsibility of State to control all sorts of stupidities? An ethical code must be followed strictly to curb down these sorts of ads as these are increasing in number quickly and having negative impact on youth. IFTIKHAR SHAEEN MIRZA, ISLAMABAD
5
Thursday, March 3, 2011
South East Asian stocks
European shares fall further on Libya conflict
Markets fall as oil price woes hit confidence
KSE-100 Index Opening Closing Change % Change Turnover (mn)
KSE greens on MTS greetings
11,608.43 11,699.16 90.73 0.78 143.29
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,498.49 3,534.22 35.73 1.02 4.77
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,772.55 2,808.54 35.99 1.30 0.15
Major Gainers
Symbol
Close
Change
BATA POL LAKST SIEM ILTM
574.99 317.13 252.08 991.35 155.09
23.34 10.84 9.94 8.19 7.38
Nawaz Ali
Major Losers
Symbol
Close
Change
ULEVER 4,521.96 NESTLE 3,384.10 INDU 225.67 APL 351.16 PAKD 57.03
-160.16 -16.14 -8.28 -4.06 -2.99
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NIB LOTPTA TRG JSBL FFBL
2.27 15.67 3.31 3.10 41.00
19.95 17.11 13.94 10.57 6.10
Active Issues Plus Minus Unchanged
137 132 101
Sector Updates FERTILISER
TOKYO: A woman walks past an electric quotation board flashing the Nikkei key index of the Tokyo Stock Exchange.-Reuters
000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
PRICES (Ex-Refinery)
Rs
MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
Nikkei falls; most of wk gains gone TOKYO: Japan's Nikkei average fell more than 2 per cent, erasing most of the gains made over the past three days as a climb in oil prices and uncertainty in the Middle East prompted investors to take profits. But Yahoo Japan surged after sources said Yahoo Inc is in advanced talks to transfer its 35 per cent stake in Yahoo Japan to Softbank Corp, a deal that could be worth as much as $8 billion. Futures-led selling pushed down the benchmark, although it has still gained 2.6 per cent since the beginning of the year and some 14 per cent since last November. "Before Nikkei 225 futures and options settlement next week, hedge funds sold futures as they expect them to settle lower than current levels," said Hiroichi Nishi, general manager at Nikko Cordial Securities. "It's a futures-led
sell-off." Analysts said that in view of the market's run-up in the last three days, it was only natural that profit-taking emerged in futures when the Nikkei broke support around 10,580-10,600. The benchmark Nikkei dropped 2.4 per cent, or 261.65 points, to 10,492.38 and the broader Topix lost 2.2 per cent, to 942.87. Oil vaulted over $116 per barrel on Wednesday as concerns rose that escalating tensions in Libya would spread in the Middle East and disrupt fuel supplies. "It makes sense to take some risk off the table," said Stefan Worrall, director of equity at Credit Suisse. Yahoo Japan rose as high as 34,600 yen, ending up 3.7 per cent at 32,300 yen after people with knowledge of the discussions said a deal could come within a few weeks. See # 18 Page 11
FTSE closes off lows on banks, crude
Composite. "Investors are taking into account oil prices, unstable situations in the Middle East and Africa, and yesterday's lower manufacturing activity reading. Profit-taking was definitely a contributing factor to this morning's decline," said Zhang Qi, an analyst at Haitong Securities in Shanghai. Some investors have become more optimistic about the outlook for Chinese shares, after last year's underperformance and subsiding inflation fears offer opportunities to pick up bargains. According to Thomson Reuters data, the H-share index in Hong Kong was trading at a multiple of about 9.4 times its forecast 12-month forward earnings, its lowest in two years. A trader at a large European
Wall Street gains pared as oil spikes NEW YORK: Stocks cut gains on Wednesday and were expected to remain tethered to the ups and downs of oil prices, which surged as fighting in Libya intensified. Oil was the main factor behind Tuesday's sharp selloff, in which the Dow fell nearly 170 points in heavy volume. Among Wednesday's advancers were cyclical stocks, which took the brunt of the previous day's selling. Technology shares .GSPT led the S&P 500 higher, climbing more than 1 per cent, helped by a broker upgrade of the semiconductor sector. "We're taking a breather, waiting for the next foot to fall in the oil markets," said Nicholas Colas, chief market strategist at the ConvergEx Group in New York. "The market is looking 3-4 months out, trying to figure out what these higher oil prices will do to consumer spending." The Dow Jones industrial average lost 16 points, or 0.14 per cent, to 12,040. The Standard & Poor's 500 Index slipped 0.9 point to 1,305. The Nasdaq Composite Index gained 6 points, or 0.2 per cent, to 2,742. Helping the market, US private employers added far more jobs than expected last month in what could be a positive sign for Friday's nonfarm payrolls data. Employment agency Monster Worldwide Inc gained 1.4 per cent to $17.07. The Dow Jones US business training and employment agencies index rose 1.3 per cent. Texas Instruments Inc gained 4 per cent to $36.39 after JPMorgan upgraded the semiconductor sector, including Texas Instruments, saying an inventory correction was nearing an end and demand appeared to be improving. The Philadelphia semiconductor index X rose 2 per cent. Libyan leader Muammar Gaddafi launched an offensive against rebels. Brent crude oil futures prices extended gains to more than $2 and moved above $117 a barrel.-Reuters
LONDON: Rallying banks boosted by results from Standard Chartered helped Britain's top share index pare losses on Wednesday, but the index still closed lower as geopolitical concerns continued to dog sentiment. The FTSE 100 closed down 20.87 points, or 0.4 per cent, at 5,914.89, as lingering political ANNOUNCEMENTS concerns in the Arab world con- Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs) Yearly 20%(B),40%(D) 242.66 6.57 tinued to dent confidence and Atlas Insurance Yearly 20%(B) 2,818.04 3.23 rising oil prices threatened to Habib Metro Bank SilkBank Limited Yearly -1,131.15 -0.49 derail the global economic Genertech Half Yearly -13.42 -0.68 recovery. Taj Textile Half Yearly -25.68 -0.77 The index has lost ground in eight of the last nine sessions. "There have been some pretty beaten up stocks in the last few days and the early weakness has allowed some bargain Mohammad Siddique Dalal, Chairman Dalal Securities hunters to tentatively buy into stocks," Angus Campbell, head As the levels are attractive and Margin Trading and System (MTS) of sales at Capital Spreads, is about to launch, I think positive activities would bear on ahead and said. index can touch 12,000 level. However foreign selling, political See # 17 Page 11
Dhiyan
A POSITIVE MIX
HK, China mkts down; thin vols mean no panic HONG KONG: Hong Kong shares fell on Wednesday as investors cut risk while hedge funds took the opportunity to build bearish positions on large caps, betting that turmoil in the Middle East would weaken markets. Overall turnover on the Hong Kong stock exchange was its lowest this week, however, suggesting investors were not rushing for the exits as relatively resilient mainland markets underpinned investor confidence. The benchmark Hang Seng ended the day down 1.5 per cent, snapping a three-day upward streak. The China Enterprises Index of top Hong Kong-listed mainland companies fell only 0.8 per cent helped by a mild 0.2 per cent drop on the Shanghai
KARACHI: The Margin Trading System (MTS) welcome party Wednesday pared some more Karachi Stock Exchange (KSE) gains but the main index failed to sustain 11,700 points level owing to eleventh hour profit-taking. The benchmark index ended higher mainly due to buying in oil and banking stocks. KSE 100-Index closed at 11,699 level gaining 90 points while KSE 30-Index made 76 points and KSE All Share Index jumped by 58 points to close at 11,387 and 8,127 points respectively. "Bullish sentiment continued amid better corporate earnings and expected launching of MTS", said Samar Iqbal, equity dealer at Topline Securities. It should be noted that the Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Sheikh would visit the exchange on March 5 and would be the Chief Guest the launching ceremony of much awaited Margin Trading System (MTS). National Bank of Pakistan closed at its upper circuit breaker after a healthy payout announcement. While Pakistan oil Fields also kept its upward drive on the back of one of its exploration operator's optimistic forecast, Samar added. Following the previous day's mega bull run, the session got off with 25 positive points. But
after the first trading hour, the news regarding the killing of a federal minister in Islamabad invited some selling pressure which wiped off the early gains sending the index into the negative zone where at about 10:54 a.m. it touched an intraday low of 11,536 points (-ve 72 points). Thereafter in the next couple of hours it saw some mix activities moving on both sides. However, renewed buying activities at lower levels recalled green numbers and during the last half an hour the index touched its highest level of the day at 11,715 points (+ve 106) but failed to sustain 11,700 level at the end of the day due to some profit-taking at higher levels. Foreign investors, according to NCCPL data they did a netbuying of $1.83 million on Wednesday. Investor participation stayed bit lower as 143.2 million shares exchanged hands -9.8 million shares less as compared to 153 million traded a day earlier. NIB Bank was the volume leader with 19.95 million shares followed by Lotte Pakistan with 17.11 million and TRG Pakistan with 13.94 million shares. Though index closed upwards but the active issues showed a balanced look as out of total 370 actives 137 advanced and 132 declined while 101 issues remained unchanged.
US stocks mid-day
investment bank said hedge fund activity stood out as "shorts clutter the top of the pad", referring to trading desks' order books, but there was no sign of long-only funds panicking. Still, investors are likely to wait for a pullback in US stocks, the top performers this year, to play out before putting funds aggressively into local markets. Property developers were weaker across the board with the sector sub-index in Shanghai down 1.1 per cent while the Hang Seng property index fell 2.2 per cent. Hong Kong developers gave up Tuesday's gains after the Hong Kong Monetary Authority warned of an earlierthan-expected cycle of interest rate increases.-Reuters
uncertainty and higher oil prices may hurt sentiments but index wouldn't go below 11,500 points. Investors are advised to adopt 'buy on dips' and 'sell on strength' strategy and invest in oil and fertiliser stocks. Market would remain positive today.
Muhammad Ahsan Rasheed, Director Research AMJ Growth With market in an oversold region and MTS launch around the corner, it seems the index would touch 11,900 points level. The local and international political ‘can of worms’ has depressed foreigners’ appetite and corporate results season is over, thus there are chances volatility might stay put for sometime. Investors are advised to take positions with stop loss and trade within the limit while they should not hold positions overnight. Bluechip stocks of banking and oil sectors are better for short term investment. Market outlook is mixed today.
6
Thursday, March 3, 2011
Market 143,291,234
Value
5,427,991,920
Trades
64,040
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
137 132 101 370
All Share Index
11,699.16 11,719.46 11,536.98 h90.73
Current High Low Change
KSE 30 Index
8,127.64 8,139.71 8,018.36 h58.40
Current High Low Change
KMI 30 Index Current High Low Change
11,387.43 11,407.11 11,204.89 h76.75
19,348.87 19,413.38 19,038.12 h121.30
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,458.33 Turnover 9,964,764 P/E (x) 10.31 Company
KSE 100 Index
Symbols
Volume
High Low 1,493.62 1,448.80 Total cos Defaulter cos P/BV (x) ROE (%) 3.36 32.54
Close Change 1,485.46 27.13 Listed cap Market cap 65,194.15 mn 1,114,610.61 mn Payout (%) Div Yield (%) 55.94 5.43
PE
Open
High
Low
Close Chg
Volume
Attock Petroleum XD 691 6.35 Attock Refinery 853 4.55 BYCO Petroleum 3921 Mari Gas Company 735 7.33 National Refinery 800 5.90 Oil & Gas Development 43009 10.31 Pak Petroleum XD 11950 7.64 Pak Oilfields XD 2365 7.31 Pak Refinery Limited 350 P.S.O XD 1715 4.79 Shell Gas LPG 226 Shell Pakistan 685 10.34
355.22 108.63 9.12 107.31 283.54 149.43 205.47 306.29 91.99 281.77 26.00 200.84
357.99 112.98 9.97 109.48 286.99 152.83 210.25 319.85 95.95 283.90 27.30 202.99
345.80 108.70 9.01 105.00 276.50 150.00 202.13 304.00 92.10 276.75 27.00 199.51
351.16 -4.06 111.69 3.06 9.63 0.51 105.54 -1.77 284.67 1.13 152.43 3.00 208.89 3.42 317.13 10.84 94.89 2.90 282.97 1.20 27.30 1.30 201.72 0.88
240922 2213878 2030706 50532 244487 636319 1660399 4501700 81611 318830 2951 13135
Last 60 days High Low 401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 37.89 222.00
321.00 98.25 8.20 99.46 254.00 144.97 190.10 272.20 83.00 265.00 26.00 186.83
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
% Change 1.86 5-Day High 1,485.46 5-Day Low 1,406.37 2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 687.68 Turnover 12,571 P/E (x) 5.12 Company
High Low 693.16 666.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53
Close 689.77 Listed cap 3,242.17 mn Payout (%) 11.08
Change 2.09 Market cap 11,852.09 mn Div Yield (%) 2.16
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.54 8.91
67.64 32.25
68.00 32.87
65.10 32.00
67.99 0.35 32.08 -0.17
11420 1151
76.65 39.45
Pak Int Cont.Terminal PNSC
63.00 31.00
Company
Company
Paid up Cap(mn)
High Low 1,634.66 1,593.41 Total cos Defaulter cos P/BV (x) ROE (%) 3.22 35.00
PE
Open
High
Low
Agritech Limited 3924 23.12 BOC (Pak) 250 9.03 Clariant Pak 273 6.98 Dawood Hercules 1203 14.25 Descon Chemical 1996 Descon Oxychem Ltd. 1020 8.61 Dewan Salman 3663 Dynea Pak 94 5.82 Engro Corporation Ltd 3277 11.77 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerXDXB 8482 7.26 Fauji Fert.Bin Qasim 9341 7.74 Ghani Gases Ltd 725 9.67 ICI Pakistan 1388 9.13 Ittehad Chemical 360 6.22 Leiner Gelatine 75 Lotte Pakistan 15142 5.76 Nimir Ind Chemical 1106 25.60 Sitara Chem Ind 214 8.12 Sitara Peroxide 551 5.53 Wah-Noble 90 5.54
24.33 88.45 196.71 256.12 2.65 6.62 2.66 11.00 214.38 12.40 11.97 118.51 41.33 11.25 154.52 27.55 11.16 15.53 2.56 95.55 13.01 36.27
23.21 92.44 196.25 257.80 2.87 6.70 2.72 10.82 215.10 12.60 12.10 119.60 41.65 11.30 162.24 28.90 12.16 15.80 2.64 99.00 13.00 36.78
23.12 85.25 194.51 251.60 2.54 6.40 2.51 10.82 211.27 12.13 11.70 116.40 40.81 10.80 158.00 26.19 12.16 15.05 2.47 90.78 12.50 35.11
Close Chg 23.12 88.00 195.15 254.44 2.60 6.54 2.66 10.82 214.27 12.45 11.99 118.03 41.00 11.02 159.78 28.26 12.16 15.67 2.56 96.31 12.83 36.03
-1.21 -0.45 -1.56 -1.68 -0.05 -0.08 0.00 -0.18 -0.11 0.05 0.02 -0.48 -0.33 -0.23 5.26 0.71 1.00 0.14 0.00 0.76 -0.18 -0.24
Close 1,616.52 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 4480 2260 16877 193929 24014 260533 762933 500 1909427 149206 961029 1828705 6098760 65536 574032 5851 244 17105469 670052 18108 75101 1552
Change -2.54 Market cap 352,617.43 mn Div Yield (%) 5.31
26.73 103.94 213.30 259.48 3.74 9.25 4.24 11.98 222.80 15.87 12.64 157.90 43.99 13.07 162.24 36.00 19.90 16.80 3.17 131.90 14.54 41.99
21.58 82.00 155.00 172.00 2.34 6.00 2.23 10.06 184.71 11.75 9.16 108.00 34.60 10.66 136.50 23.07 9.15 12.56 1.50 90.78 11.81 33.41
2010 Div BR (%) (%) 60 135 25B 50 300B 15 60 20B 130 25B 65.5 175 5 5 25 5B 50 -
% Change -0.16 5-Day High 1,619.07 5-Day Low 1,517.51 2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 973.95 Turnover 5,217 P/E (x) 5.04 Company
High Low 1,009.34 978.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 7.47
Close 974.98 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.56 6.25
14.90 37.13 35.00
15.30 37.80 36.60
14.90 37.00 35.31
14.94 0.04 37.13 0.00 35.00 0.00
4700 171 346
Century Paper Pak Paper Product Security Paper
Change 1.03 Market cap 2,689.66 mn Div Yield (%) 5.01
Last 60 days High Low 19.69 48.90 47.70
14.50 37.00 34.00
2010 Div BR (%) (%) 2533.33B 50 -
% Change 0.11 5-Day High 1,008.76 5-Day Low 963.20
Paid up Cap(mn)
Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
High Low 1,150.02 1,093.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35
PE
Open
High
Low
101 4.98 626 8.99 890 56 4.44 598 4.56 450 1428 786 9.77 823 10.31 150 3.97
187.24 131.39 1.85 177.80 23.10 3.27 10.10 233.95 65.05 22.00
189.00 132.39 1.80 186.68 23.35 3.49 10.49 238.98 66.80 22.00
186.00 128.11 1.63 170.11 23.00 3.29 10.11 222.26 63.05 22.00
Close Chg
Close 1,111.32 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -19.37 Market cap 41,173.83 mn Div Yield (%) 5.30
Last 60 days High Low
Open 1,929.19 Turnover 147,581 P/E (x) 46.54 Company Bawany Sugar Colony Sugar Mills Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Ismail Ind J D W Sugar Mehran Sugar XD Mirpurkhas Sugar Mirza Sugar National Foods Pangrio Sugar Premier Sugar XD Quice Food S S Oil Tandlianwala Wazir Ali
Paid up Cap(mn) 87 990 365 217 750 200 324 505 539 157 84 141 414 109 38 107 57 1177 80
PE 7.78 1.55 8.32 7.32 20.13 1.29 1.69 3.02 9.70 6.82 0.25 22.93 -
Company
Paid up Cap(mn)
Crescent SteelSPOT Dost Steels Ltd Huffaz Pipe International Ind XD
PE
565 2.92 675 555 450.00 1199 18.07
Open 27.83 2.03 13.40 49.61
High 28.15 2.09 13.70 51.90
Low 27.50 2.03 13.31 48.55
Close Chg 27.95 2.04 13.50 49.70
0.12 0.01 0.10 0.09
Close 1,008.05 Listed cap 3,596.11 mn Payout (%) 30.91
Change 2.62 Market cap 9,548.40 mn Div Yield (%) 9.97
Last 60 days High Low
Volume 46800 15501 2900 59427
31.00 3.29 16.51 62.20
24.01 1.80 13.00 45.81
2010 Div BR (%) (%) 30 55
% Change 0.26 5-Day High 1,008.05 5-Day Low 962.54 2011 Div BR (%) (%)
- 10.00 - 15.00 20B -
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.42 858 182 14 956 36.08 982 12.46 3891 3651 10.21 6933 5.74 502 2.07 1760 77 32 1288 13126 3234 5.67 5261 2228 200 361 798 908.50
2.56 50.95 2.43 15.80 8.41 9.00 1.62 1.81 23.63 4.14 7.00 1.57 2.00 0.47 5.64 2.86 63.36 2.23 5.54 6.50 6.02 17.23
2.59 50.99 2.16 15.90 9.25 8.80 1.88 1.88 23.90 4.19 7.25 1.59 2.19 0.60 5.99 2.86 63.50 2.27 5.78 6.49 6.50 18.20
2.25 49.00 2.16 15.30 8.99 8.65 1.61 1.75 23.25 4.05 6.75 1.45 2.00 0.50 5.50 2.79 61.90 2.10 5.70 6.00 5.50 17.90
Close 825.09 Listed cap 54,792.74 mn Payout (%) 19.04
Change -3.53 Market cap 60,379.43 mn Div Yield (%) 3.56
Company
Paid up Cap(mn)
Close Chg
Volume
Last 60 days High Low
2.42 50.71 2.16 15.90 9.00 8.66 1.62 1.82 23.58 4.13 6.84 1.50 2.00 0.50 5.75 2.80 63.09 2.17 5.74 6.00 5.51 18.17
17938 17142 500 11729 1101 8001 1497 57630 835281 285060 1381 24493 1501 5092 6635 164101 793840 222923 771 2902 1005 12050
3.98 64.40 4.24 24.16 15.50 12.00 2.49 3.10 32.30 5.55 8.00 2.25 3.40 0.99 7.40 3.88 78.44 3.30 7.65 7.95 9.60 20.20
-0.14 -0.24 -0.27 0.10 0.59 -0.34 0.00 0.01 -0.05 -0.01 -0.16 -0.07 0.00 0.03 0.11 -0.06 -0.27 -0.06 0.20 -0.50 -0.51 0.94
2.25 48.50 1.46 14.72 7.52 8.00 1.50 1.50 21.20 3.97 6.30 1.30 0.71 0.25 5.11 2.65 59.55 1.92 5.17 5.52 5.50 16.20
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 920.07 Turnover 310,061 P/E (x) 2.60 Company
Paid up Cap(mn)
Cherat Papersack XR Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films
PE
Open
High
High Low 944.53 906.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 43.91 Low
Close Chg
115 2.22 49.61 50.00 48.10 48.30 -1.31 1067 5.29 51.19 51.20 50.10 50.85 -0.34 389 4.00 4.15 4.00 4.15 0.15 47 16.58 31.09 30.90 30.00 29.85 -1.24 844 - 115.05 119.00 113.25 116.32 1.27 82 10.05 983.16 1032.30 974.00 991.35 8.19 300 8.28 136.99 137.00 135.50 136.50 -0.49
Close 923.41 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 3.34 Market cap 35,412.44 mn Div Yield (%) 5.97
Last 60 days High Low
11100 83.23 26629 56.45 605 4.19 7006 33.80 257106 143.00 159 1353.73 7455 144.50
47.80 45.30 2.50 19.25 103.52 915.00 111.25
2010 Div BR (%) (%) 20 25 32.5 900 100
25B 10B -
% Change 0.36 5-Day High 923.41 5-Day Low 888.57 2011 Div BR (%) (%) -
50R -
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,551.18 Turnover 40,068 P/E (x) 8.10 Company
Paid up Cap(mn)
Ados Pak AL-Khair Gadoon AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XD Pak Engineering
66 100 215 104 214 213 132 366 57
PE
Open
9.40 13.41 5.75 5.09 222.75 4.74 45.01 0.90 7.58 8.60 6.84 57.10 7.87 505.05 - 136.38
High
High Low 1,578.85 1,545.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.08 38.02 Low
Close Chg
12.41 12.41 12.41 -1.00 6.49 5.00 5.22 -0.53 227.50 224.00 226.33 3.58 47.25 46.45 47.23 2.22 1.20 0.97 0.90 0.00 8.85 8.60 8.64 0.04 57.50 54.51 57.10 0.00 513.99 503.01 510.96 5.91 139.85 139.85 139.85 3.47
Close 1,570.25 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 2112 690 1207 7889 271 596 199 26802 300
Change 19.08 Market cap 32,391.52 mn Div Yield (%) 16.23
Last 60 days High Low 18.20 6.50 244.95 48.63 2.40 13.50 70.80 568.40 301.84
12.41 5.00 215.00 42.90 0.21 8.25 54.27 466.27 129.57
2010 Div BR (%) (%) 400 25 650 100
% Change 1.23 5-Day High 1,570.25 5-Day Low 1,515.44
-
5.69 3.28 3.50 19.94 21.49 12.00 15.10 86.90 73.99 54.75 49.49 3.40 55.00 4.00 37.81 3.00 4.45 40.00 6.20
Low 5.25 2.66 2.75 19.94 20.50 12.00 15.10 79.06 70.50 51.10 48.00 3.07 54.60 3.60 37.81 2.90 3.90 40.00 6.20
205.00 143.80 2.89 217.44 26.74 5.36 12.87 309.73 74.80 24.00
159.00 107.00 1.50 170.11 21.00 3.05 9.52 222.26 60.00 18.80
Close Chg 5.25 3.11 2.99 19.15 20.96 12.00 15.10 82.13 72.87 51.82 48.31 3.40 55.50 3.80 39.79 3.00 4.06 41.04 6.12
0.00 0.18 -0.02 0.00 0.11 0.01 -0.90 -1.09 1.94 -1.17 -2.18 0.15 0.00 -0.20 0.00 -0.15 -0.69 0.00 0.00
Close 1,894.61 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 2003 16521 49063 150 23216 500 500 3070 2474 725 542 6122 135 1309 299 16000 27000 372 102
Diamond Ind Hussain Industries Pak Elektron Tariq Glass IndSPOT
High Low 1,012.37 996.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 10.64
Open
High
Low
90 22.73 106 1219 3.19 231 2.22
10.00 5.51 12.79 17.01
9.48 6.37 12.78 17.10
9.00 6.36 12.55 16.55
100 60 20 150 10
20B - 50.00 20B 10.00
-
Change -34.58 Market cap 275,537.01 mn Div Yield (%) 0.66
Last 60 days High Low 6.73 5.70 5.59 21.73 36.50 12.95 23.62 90.00 92.50 68.49 68.22 7.18 75.50 6.99 52.25 4.00 4.75 44.06 8.95
2.51 2.40 2.52 17.25 20.25 11.50 14.71 68.60 68.00 51.10 44.13 2.65 42.61 3.00 36.11 2.06 2.50 34.00 5.90
% Change -1.79 5-Day High 1,933.35 5-Day Low 1,894.61
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 25 25B 40 10 17.5 110R 7010B 12.5R 35 20B 7.50 15 20B 10 12 10 10 -
-
Close Chg 10.00 6.36 12.66 16.80
0.00 0.85 -0.13 -0.21
Close 1,005.83 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 190 530 15605 21803
Change -4.71 Market cap 4,938.68 mn Div Yield (%) 2.57
208,118.96
Total Equity (Rs in mn)
41,643.27
2.84
Revenue (Rs in mn)
18,272.36
MA (200-day)
2.95
Interest Expense
12,872.36
1st Support
1.90
Profit after Taxation
2nd Support
1.50
EPS 09 (Rs)
0.171
1st Resistance
2.70
Book value / share (Rs)
10.30
2nd Resistance
3.10
PE 10 E (x)
Pivot
2.30
PBV (x)
691.05
0.22
NIB closed down -0.33 at 2.27. Volume was 1,098 per cent above average (trending) and Bollinger Bands were 26 per cent wider than normal. The company's loss after taxation stood at Rs10.112 billion which translates into a Loss Per Share of Rs2.50 for the year ended CY10. NIB is currently 23.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of NIB (mildly bearish). Trend forecasting oscillators are currently bearish on NIB.
JS Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
68.54
Total Assets (Rs in mn)
32,894.92
MA (10-day)
2.79
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.60
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.61
Interest Expense
1,806.71
1st Support
3.04
Loss after Taxation
(594.94)
2nd Support
2.94
EPS 09 (Rs)
1st Resistance
3.20
Book value / share (Rs)
2nd Resistance
3.26
PE 10 E (x)
Pivot
3.10
PBV (x)
(0.98) 9.23 0.34
JSBL closed up 0.06 at 3.10. Volume was 2,722 per cent above average (trending) and Bollinger Bands were 91 per cent wider than normal. The company's loss after taxation stood at Rs404.872 million which translates into a Loss Per Share of Rs0.66 for the nine months of current calendar year (9MCY10). JSBL is currently 18.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into JSBL (bullish). Trend forecasting oscillators are currently bullish on JSBL.
TRG Pakistan Limited
% Change -0.47 5-Day High 1,028.45 5-Day Low 985.26
Last 60 days High Low
2010 Div BR (%) (%)
15.84 10.39 15.88 24.00
17.5
7.55 4.60 12.07 16.00
10B -
2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 981.80 Turnover 12,147,451 P/E (x) 5.62 Company
Paid up Cap(mn)
Ahmed Hassan Amtex Limited Apollo Textile XD Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Textile D S Ind Ltd Dar-es-Salaam Data Textile Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Globe (O.E) Gul Ahmed Textile Gulistan Spinning Gulistan Textile Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Textile Latif Jute Masood Textile Moonlite (PAK) Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Sargoda Spinning Service Ind Shadman Cot XD Shahtaj Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving ZahidJee Textile Zahoor Cotton Zil Limited
144 2594 83 133 4493 33 76 76 141 1150 2442 124 492 600 80 99 514 57 34 204 110 188 234 47 635 146 190 222 138 716 3105 99 180 48 107 303 1455 36 600 22 145 187 1614 3516 560 174 130 250 308 341 264 88 312 120 176 97 180 173 307 418 215 400 341 99 53
PE
Open
1.80 16.00 2.61 5.75 0.33 2.00 8.59 0.18 12.80 0.44 14.45 4.99 551.65 0.72 0.95 2.26 1.89 2.29 0.91 15.06 2.76 15.25 1.65 3.00 0.30 50.75 44.02 0.17 2.00 0.14 4.40 0.83 32.46 0.56 25.20 0.97 59.75 0.77 75.24 4.07 11.00 2.51 35.49 0.34 7.82 0.55 19.35 0.36 9.14 0.30 0.82 3.82 3.28 45.62 0.93 8.99 1.98 3.63 0.34 14.53 0.19 0.95 1.55 7.81 4.80 49.20 8.38 1.90 17.79 - 15.49 0.42 1.71 15.50 3.91 24.47 5.53 62.73 2.42 14.16 0.61 11.47 0.77 41.69 1.06 0.62 11.88 3.64 39.18 0.40 7.01 0.18 5.00 1.05 3.45 6.79 194.62 2.71 15.90 1.33 20.01 0.77 39.42 0.50 39.15 5.61 111.25 5.82 47.10 0.87 0.53 1.19 0.72 4.00 0.45 4.91 68.07
High
High Low 989.81 971.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 8.64 Low
Close Chg
15.00 15.00 15.00 -1.00 2.70 2.52 2.67 0.06 5.00 5.00 5.75 0.00 2.38 2.00 2.02 0.02 8.75 8.40 8.68 0.09 13.80 13.80 13.80 1.00 15.45 15.45 15.45 1.00 579.23 560.00 574.99 23.34 0.96 0.95 0.95 0.00 2.35 2.30 2.31 0.05 2.50 2.10 2.15 -0.14 16.04 14.40 15.06 0.00 15.60 15.00 15.01 -0.24 1.75 1.41 1.50 -0.15 2.03 2.03 2.03 -0.97 0.94 0.21 0.21 -0.09 44.00 43.00 43.14 -0.88 1.50 1.50 1.50 -0.50 4.49 4.03 4.05 -0.35 32.55 32.55 32.46 0.00 25.90 25.00 25.00 -0.20 59.70 59.70 59.70 -0.05 79.00 74.50 78.12 2.88 10.50 10.00 10.00 -1.00 35.90 34.25 35.86 0.37 8.35 7.40 8.25 0.43 20.35 20.35 19.35 0.00 9.97 8.50 9.85 0.71 1.05 0.25 1.05 0.75 4.30 3.85 4.10 0.28 45.50 44.00 45.38 -0.24 9.50 7.99 8.99 0.00 3.65 3.60 3.60 -0.03 15.53 15.53 15.53 1.00 1.04 0.86 0.96 0.01 1.63 1.45 1.56 0.01 4.80 4.20 4.53 -0.27 7.38 7.38 7.38 -1.00 17.75 17.00 17.79 0.00 15.69 15.68 15.69 0.20 0.40 0.33 0.40 -0.02 16.00 15.49 15.50 0.00 25.61 23.70 25.39 0.92 63.25 61.10 62.31 -0.42 15.16 14.70 15.14 0.98 12.47 12.18 12.40 0.93 43.77 43.00 43.03 1.34 1.07 1.05 1.06 0.00 12.49 11.41 11.98 0.10 39.90 38.75 39.14 -0.04 8.01 7.01 8.01 1.00 5.00 4.52 4.82 -0.18 4.29 3.30 3.50 0.05 199.98 196.00 198.32 3.70 14.90 14.90 14.90 -1.00 21.00 19.15 21.00 0.99 40.10 38.70 39.42 0.00 41.05 39.15 39.15 0.00 113.74 109.99 113.03 1.78 47.80 46.90 47.41 0.31 0.77 0.52 0.52 -0.35 1.13 1.11 1.13 -0.06 4.00 4.00 4.00 0.00 0.45 0.45 0.45 0.00 71.47 67.20 67.20 -0.87
Close 984.42 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 2.62 Market cap 131,493.01 mn Div Yield (%) 2.97
Last 60 days High Low
632 17.95 335544 4.80 101 6.50 9839 3.00 2364923 12.84 13407 14.00 3750 15.45 471 705.00 9498 2.45 3793 3.76 35371 2.97 156 16.04 1145 23.99 78920 2.10 1000 4.00 8060 1.10 2599 48.29 551 3.75 13376 8.90 200 32.55 2566 25.95 450 76.24 11823 79.00 1000 13.75 22411 35.90 9192 8.35 495 28.26 74769 9.97 4213 1.10 317301 4.47 13641 55.00 214 10.90 4000 3.90 19000 18.00 3012 1.29 2498 2.00 1172 5.95 500 10.99 199 20.74 1500 17.50 5010 0.88 1038 17.10 4962235 28.04 2942153 71.89 595692 15.16 22095 12.75 1503 48.48 11218 1.98 23610 12.49 4653 42.70 100654 8.01 26237 5.83 527 4.45 1600 276.50 500 17.68 6467 22.05 9200 41.95 300 44.10 3658 132.00 46159 63.30 4820 1.29 1500 1.99 982 4.88 500 0.87 1453 87.90
% Change 0.27 5-Day High 984.42 5-Day Low 962.69
2010 Div BR (%) (%)
15.00 2.35 30 4.50 1.32 7.5 8.05 8.10 - 15B 12.60 20 493.50 280 0.95 2.05 2.00 11.26 10 15.00 15 1.20 1.20 0.08 35.00 5 1.50 2.90 25.10 20 10B 18.90 35 51.24 100SD 49.00 70 10.00 10 24.25 12.5 5.02 10 17.44 10 6.30 10 20B 0.25 3.31 10 37.50 20 3.63 2.70 10 13.15 0.25 0.75 4.01 6.01 17.00 15 100R 4.50 0.13 14.50 20SD 21.15 15 57.20 25 45R 6.85 8.50 10 10B 34.35 20 0.65 8.50 25SD 35.25 40 3.90 3.63 10 1.55 5 186.00 7.00 17.35 45 33.00 50 31.52 25 100.51 80 20B 44.10 0.33 1.05 2.27 0.45 50.00 35 -
2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index Open 850.68 Turnover 8,170 P/E (x) 6.12
2011 Div BR (%) (%)
10B 25B325.00 -
5.25 2.93 3.01 19.15 20.85 11.99 16.00 83.22 70.93 52.99 50.49 3.25 55.50 4.00 39.79 3.15 4.75 41.04 6.12
High
High Low 1,953.79 1,868.45 Total cos Defaulter cos P/BV (x) ROE (%) 14.10 30.30
PE
-
% Change -0.43 5-Day High 828.63 5-Day Low 788.89
Open
Open 1,010.54 Turnover 38,229 P/E (x) 2.44
CONSTRUCTION AND MATERIALS High Low 835.46 811.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 7.10
1876 4310 129318 179 1010 2001 18535 14024 46901 2409
2011 Div BR (%) (%)
Total Assets (Rs in mn)
2.50
MA (100-day)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index Open 828.63 Turnover 2,469,692 P/E (x) 5.35
0.42 -1.92 -0.07 3.47 -0.10 0.12 0.30 -8.28 -0.30 0.00
2010 Div BR (%) (%)
32.85
MA (10-day)
Performance of SR Household Goods Index
-
INDUSTRIAL METALS AND MINING High Low 1,035.69 991.02 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
187.66 129.47 1.78 181.27 23.00 3.39 10.40 225.67 64.75 22.00
% Change -1.71 5-Day High 1,145.41 5-Day Low 1,102.93
RSI (14-day)
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index Open 1,005.44 Turnover 124,678 P/E (x) 3.10
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
2011 Div BR (%) (%) -
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,619.07 Turnover 29,743,618 P/E (x) 9.19
-
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,130.70 Turnover 220,626 P/E (x) 3.85
NIB Bank Limited
% Change 0.30 5-Day High 689.77 5-Day Low 668.51
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company Abbott (Lab) GlaxoSmithKline Highnoon (Lab) Otsuka Pak Searle Pak
Paid up Cap(mn) 979 1707 165 100 306
High Low 853.69 839.39 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 22.31
Close 842.75 Listed cap 3,904.20 mn Payout (%) 44.54
PE
Open
High
Low
Close Chg
Volume
6.78 12.63 7.03 7.54 5.40
81.80 71.92 24.68 32.35 61.80
83.11 71.50 25.40 30.76 61.95
81.50 70.21 24.75 30.74 60.25
81.53 -0.27 70.24 -1.68 25.39 0.71 30.75 -1.60 61.80 0.00
2191 2186 2900 500 308
Change -7.93 Market cap 27,779.91 mn Div Yield (%) 7.27
Last 60 days High Low 112.50 89.98 30.48 35.70 69.00
78.59 68.00 24.50 30.74 58.50
% Change -0.93 5-Day High 850.68 5-Day Low 827.02
2010 Div BR (%) (%) 50 30
-
2011 Div BR (%) (%) 15 -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
57.95
Total Assets (Rs in mn)
1,072.73
MA (10-day)
2.84
Total Equity (Rs in mn)
1,015.70
MA (100-day)
3.68
Revenue (Rs in mn)
MA (200-day)
3.92
Interest Expense
1st Support
2.75
Loss after Taxation
2nd Support
2.26
EPS 10 (Rs)
1st Resistance
3.54
Book value / share (Rs)
2nd Resistance
3.84
PE 11 E (x)
Pivot
3.05
PBV (x)
0.72 0.07 (1,616.83) (4.195) 2.64 1.26
TRG closed up 0.66 at 3.31. Volume was 518 per cent above average (trending) and Bollinger Bands were 82 per cent wider than normal. The company's loss after taxation stood at Rs41.79 million which translates into a Loss Per Share of Rs0.12 for the half year of current fiscal year (1HFY11). TRG is currently 15.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bearish on TRG.
Telecard Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
53.29
Total Assets (Rs in mn)
9,610.12
MA (10-day)
1.93
Total Equity (Rs in mn)
3,400.99
MA (100-day)
2.23
Revenue (Rs in mn)
2,414.18
MA (200-day)
2.45
Interest Expense
530.45
1st Support
1.99
Profit after Taxation
698.46
2nd Support
1.83
EPS 10 (Rs)
2.328
1st Resistance
2.21
Book value / share (Rs)
11.34
2nd Resistance
2.27
PE 11 E (x)
1.37
Pivot
2.05
PBV (x)
0.18
TELE closed up 0.06 at 2.08. Volume was 58 per cent above average and Bollinger Bands were 30 per cent wider than normal. The company's profit after taxation stood at Rs226.904 million which translates into an Earning Per Share of Rs0.76 for the half year of current fiscal year (1HFY11). TELE is currently 15.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TELE at a relatively equal pace. Trend forecasting oscillators are currently bearish on TELE.
BOOK CLOSURES Company
From
To
Pakistan State Oil Pakistan Petroleum Pakistan Petroleum (Pref) Central Insurance # Colgate - Palmolive # Picic Growth Fund Picic Invt Fund Picic Energy Fund Shabbir Tiles & Ceramics # Tariq Glass Bank Al-Habib Husein Industries # Crescent Steel Allied Bank Ltd Tri-Pack Films Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg Works Sazgar Engg Works # Atlas Honda # Fauji Fertiliser Bin Qasim Fauji Cement #
03-Mar 03-Mar 03-Mar 03-Mar 04-Mar 05-Mar 05-Mar 05-Mar 06-Mar 07-Mar 07-Mar 07-Mar 09-Mar 10-Mar 10-Mar 11-Mar 11-Mar 12-Mar 13-Mar 13-Mar 14-Mar 15-Mar 16-Mar
10-Mar 09-Mar 09-Mar 10-Mar 10-Mar 12-Mar 12-Mar 12-Mar 12-Mar 13-Mar 17-Mar 12-Mar 15-Mar 16-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 22-Mar
D/B/R
Spot AGM/Date
50(I) 23-02-2011 50(I) 23-02-2011 30(I) 12.50(I) 25-02-2011 7.5(I) 25-02-2011 10(I) 25-02-2011 200(R) 25-02-2011 20(F),20(B) 25-02-2011 10(I) 01-Mar 20(F),10(B) 02-Mar 100(F) 02-Mar 30(I) 03-Mar 15(II) 04-Mar 10(I) 04-Mar 35(F) 07-Mar -
10-Mar 10-Mar 12-Mar 17-Mar 12-Mar 16-Mar 18-Mar 22-Mar 19-Mar 21-Mar 21-Mar 22-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Lakson Tobacco Shifa Int.Hospitals P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 51 2.65 93.32 0.7 158 242.14 31.01 2.5 2.7 22.27 1.4
High 53 3.35 97 1.1 163.95 253.5 31.01 2.7 2.83 22.6 1.83
Low Close 51.5 2.56 94.99 1 155.1 249 31.01 2.46 2.6 21.8 1.25
53 3.31 97 1.07 162 252.08 31.01 2.66 2.81 22.08 1.25
Change 2 0.66 3.68 0.37 4 9.94 0 0.16 0.11 -0.19 -0.15
Vol
1294 13938089 4601 86500 11769 246 1000 301464 432998 481075 10101
7
Thursday, March 3, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,054.52 Turnover 2,411,056 P/E (x) 5.64 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
Open
78 6.20 37740 11.88 3000 1.37 8606 6175 -
High Low 1,070.25 1,026.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.72 12.84
High
60.02 17.95 2.02 2.50 3.12
Low
57.31 18.19 2.11 2.59 3.50
57.02 17.55 1.89 2.35 2.91
Close Chg 57.03 17.82 2.08 2.58 3.18
-2.99 -0.13 0.06 0.08 0.06
Close 1,050.10 Listed cap 50,077.79 mn Payout (%) 62.56
Change -4.42 Market cap 72,507.68 mn Div Yield (%) 11.10
Last 60 days High Low
Volume 12218 946990 736077 715771 357111
82.39 20.65 2.67 3.45 4.65
57.02 17.25 1.60 2.15 2.80
% Change -0.42 5-Day High 1,060.37 5-Day Low 1,021.12
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
- 15.00 -
-
Ask Gen Insurance Atlas Insurance
255 369
6.59 6.22
10.68 38.92
10.95 40.86
10.00 38.50
10.87 0.19 40.86 1.94
5799 93419
12.00 40.86
9.51 35.47
-
25R 20B
-
-
Central Insurance XB Century Insurance
279 457
8.60 5.78
75.00 9.19
75.70 9.86
71.60 9.25
75.67 0.67 9.25 0.06
559 3001
83.00 11.99
58.11 8.90
10 -
10B -
-
-
EFU General Insurance Habib Insurance IGI Insurance
1250 400 718
3.01 8.52
33.87 12.49 98.81
34.46 12.69 100.50
32.25 12.31 99.00
32.97 -0.90 12.66 0.17 99.15 0.34
70442 14216 3461
46.89 15.50 102.44
32.25 11.72 86.10
30
55B
-
-
New Jub Insurance Pak Reinsurance
791 10.54 3000 39.46
60.00 15.12
60.00 15.44
59.99 14.90
60.00 0.00 15.39 0.27
331 417577
61.80 19.40
56.00 13.80
35 -
25B -
-
-
PICIC Ins Ltd Premier Insurance
350 74.07 303 5.94
10.00 10.94
11.00 11.00
9.05 10.80
10.37 0.37 10.99 0.05
44980 18000
11.00 12.93
6.01 10.10
-
-
-
-
Shaheen Insurance
200
-
10.32
10.90
10.29
10.39 0.07
2500
14.20
9.41
-
-
-
25R
Silver Star Insurance United Insurance XB
253 400
4.10 1.97
6.70 6.01
6.60 6.80
6.60 6.50
6.60 -0.10 6.01 0.00
2000 122
8.20 7.80
6.01 5.12
-
-
-
-
Performance of SR Life Insurance Index
Performance of SR Electricity Index
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy XD Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power XD
198 11572 1560 7932 1695 126 8803 3673 3541 1367 150
High Low 1,332.95 1,301.37 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 9.35
Close 1,316.04 Listed cap 95,369.29 mn Payout (%) 104.13
Change 4.36 Market cap 107,812.84 mn Div Yield (%) 7.46
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.08 7.36 2.93 5.63 3.05 2.41 -
0.65 38.60 1.46 2.57 16.07 3.50 43.70 15.06 16.27 1.56 0.75
0.78 39.25 1.49 2.59 17.00 4.00 44.00 15.48 16.70 1.62 0.82
0.65 38.50 1.41 2.51 16.43 3.75 42.60 14.80 16.00 1.55 0.50
0.67 0.02 38.66 0.06 1.47 0.01 2.55 -0.02 16.92 0.85 3.75 0.25 43.86 0.16 15.19 0.13 16.49 0.22 1.59 0.03 0.56 -0.19
37429 477861 81768 213104 1384 650 277803 1705859 904544 193251 14510
1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 2.80 1.49
0.56 35.90 1.25 2.30 16.00 3.50 39.51 14.05 14.85 1.41 0.50
% Change 0.33 5-Day High 1,316.04 5-Day Low 1,254.79
2010 Div BR (%) (%) 50 15 50 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
-
Open 694.07 Turnover 3,072 P/E (x) 5.24
Open 1,419.37 Turnover 615,256 P/E (x) 9.24 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,443.46 1,407.73 Total cos Defaulter cos P/BV (x) ROE (%) 1.05 11.41
Close 1,419.40 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 11.68 8390 3.76
19.81 25.02
20.19 25.40
19.75 24.71
19.85 0.04 24.98 -0.04
131554 483702
29.39 27.90
19.71 19.95
% Change 0.00 5-Day High 1,451.59 5-Day Low 1,419.37
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,095.41 Turnover 49,526,907 P/E (x) 7.86 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.30 66.65 Askari Bank 6427 6.91 14.20 Bank Alfalah 13492 12.87 9.71 Bank AL-HabibSPOT 7322 7.24 36.31 Bank Of Khyber 5004 5.49 4.15 Bank Of Punjab 5288 7.44 BankIslami Pak 5280 842.50 3.48 Faysal Bank 7327 4.13 11.80 Habib Bank Ltd 10019 7.63 122.15 Habib Metropolitan Bank 8732 7.30 24.83 JS Bank Ltd 8150 3.04 KASB Bank Ltd 9509 1.60 MCB Bank Ltd 7602 9.64 212.80 Meezan Bank 6983 7.63 18.00 Mybank Ltd 5304 2.20 National Bank 13455 6.56 71.59 NIB Bank 40437 2.60 Samba Bank 14335 1.70 Silkbank Ltd 26716 2.26 Soneri Bank 6023 27.48 6.11 Stand Chart Bank 38716 10.62 6.72 Summit Bank Ltd 7251 3.11 United Bank Ltd 12242 7.37 62.60
High
High Low Close 1,117.82 1,081.52 1,101.63 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.10 13.94 40.49 Low
Close Chg
67.20 64.56 66.76 0.11 14.74 14.00 14.51 0.31 10.14 9.65 10.04 0.33 36.42 35.45 35.61 -0.70 4.15 4.10 4.12 -0.03 7.55 7.20 7.36 -0.08 3.47 3.30 3.37 -0.11 12.80 11.96 12.79 0.99 124.50 120.50 122.18 0.03 25.00 23.80 23.88 -0.95 3.16 3.00 3.10 0.06 1.55 1.50 1.51 -0.09 216.00 210.60 213.98 1.18 18.00 17.75 18.00 0.00 2.19 2.10 2.19 -0.01 75.16 74.75 75.16 3.57 2.70 1.90 2.27 -0.33 1.75 1.65 1.75 0.05 2.38 2.15 2.33 0.07 5.99 5.57 5.77 -0.34 6.99 6.70 6.90 0.18 3.10 2.95 3.00 -0.11 63.44 61.75 62.72 0.12
Last 60 days High Low
Volume 66040 2565730 2424710 563125 10078 2719380 213308 582392 154199 222884 10566902 93792 1470936 126003 45953 5277063 19946860 39340 1794493 73512 28701 91172 541504
Change 6.22 Market cap 670,307.53 mn Div Yield (%) 5.15
74.00 19.25 11.99 39.49 4.70 10.38 4.50 16.47 128.97 29.28 3.16 2.80 250.48 20.30 3.40 80.61 3.35 2.17 3.05 8.48 9.04 4.63 70.65
61.05 12.55 8.75 34.10 3.75 6.40 3.00 10.69 112.13 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.86 56.89
% Change 0.57 5-Day High 1,101.63 5-Day Low 1,025.52
2010 Div BR (%) (%)
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 50 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 717.97 Turnover 958,317 P/E (x) 12.03 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 22.80
Open 77.06
High 79.00
High Low 732.47 708.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 5.20 Low 76.51
Close Chg 78.67 1.61
Close 724.37 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 281908
Change 6.40 Market cap 46,060.61 mn Div Yield (%) 6.61
Last 60 days High Low 96.40
71.55
% Change 0.89 5-Day High 724.37 5-Day Low 689.92
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
Change -7.42 Market cap 8,152.75 mn Div Yield (%) 4.50
% Change -1.07 5-Day High 698.33 5-Day Low 673.47
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
American Life
500
5.02
15.50
16.00
15.00
15.00 -0.50
501
19.85
14.50
-
-
-
-
EFU Life Assurance
850 29.97
53.48
54.00
52.70
52.75 -0.73
2554
86.40
51.31
-
-
-
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
FINANCIAL SERVICES Performance of SR Financial Services Index Open 345.90 Turnover 2,934,955 P/E (x) 11.49 Paid up Cap(mn)
Company
Change 0.03 Market cap 31,857.16 mn Div Yield (%) 7.23
Close 686.65 Listed cap 2,290.72 mn Payout (%) 355.53
Paid up Cap(mn)
Company
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
High Low 703.02 678.44 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 3.85
High Low 353.59 336.21 Total cos Defaulter cos P/BV (x) ROE (%) 0.22 0.91
PE
Open
High
Low
225 1.32 360 3.84 450 15.53 3750 3.95 150 1.13 250 520.00 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.09 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.82 Jah Siddiq Co 7633 JOV and CO 508 780.00 JS Global Cap 500 6.31 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 3.89 Pervez Ahmed Sec 775 4.10 Trust Brokerage 100 Trust Inv Bank 586 0.56
0.59 21.98 19.16 20.62 1.11 1.63 3.02 2.03 0.54 3.29 1.63 9.23 3.18 22.49 5.84 4.36 5.60 2.04 3.90 1.99
0.65 22.70 19.24 20.88 1.87 1.72 3.00 2.20 0.59 3.26 1.75 9.39 3.28 22.59 5.80 4.49 6.15 2.05 4.90 2.00
0.43 21.75 18.80 19.96 1.10 1.56 3.00 2.00 0.48 3.12 1.54 8.96 2.99 21.65 5.55 4.11 5.70 1.89 4.00 1.98
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities
Close Chg 0.58 22.58 18.95 20.23 1.18 1.56 3.00 2.00 0.52 3.12 1.55 9.12 3.12 21.97 5.67 4.36 5.60 1.97 4.90 2.00
-0.01 0.60 -0.21 -0.39 0.07 -0.07 -0.02 -0.03 -0.02 -0.17 -0.08 -0.11 -0.06 -0.52 -0.17 0.00 0.00 -0.07 1.00 0.01
Close 341.31 Listed cap 30,336.44 mn Payout (%) 99.56
Change -4.59 Market cap 16,096.94 mn Div Yield (%) 4.16
Last 60 days High Low
Volume 266536 23889 27995 2057431 132001 1002 83500 10005 7015 60299 11818 1430199 210187 2032 48216 302 144 664221 37879 1200
0.95 24.85 28.00 30.20 2.10 2.75 4.00 3.90 1.09 3.95 2.04 13.39 4.49 31.50 7.40 5.43 7.19 2.50 4.90 2.00
% Change -1.33 5-Day High 345.90 5-Day Low 317.42
2010 Div BR (%) (%)
0.33 16.80 18.31 18.75 1.10 1.06 2.15 2.00 0.31 2.95 1.05 8.01 2.58 20.80 5.10 3.75 5.25 1.21 1.42 0.61
30 10 -
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,425.58 Turnover 6,780,467 P/E (x) 18.85 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Capital Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali PICIC Energy F.SPOT PICIC Growth F.SPOT PICIC Inv FundSPOT Stand Chart Modaraba Tri-Star Mutual U D L Modaraba
PE
264 1375 3.93 210 1.92 525 1.60 780 1.68 65 1.88 200 1.23 524 1.07 300 7.50 760 1.46 397 3.48 1008 6.03 3180 2.19 1186 1.17 1200 2.45 184 12.00 1000 3.40 2835 3.99 2841 3.38 454 4.87 50 0.54 264 2.52
Open 1.22 9.81 3.25 6.05 1.45 1.22 0.63 1.67 2.45 3.17 7.23 7.00 5.79 5.02 8.65 1.27 8.23 13.50 6.24 9.50 0.99 6.90
High Low 1,441.04 1,396.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21
High 2.22 9.75 3.30 6.00 1.70 1.39 0.73 1.95 3.00 3.20 7.12 7.00 5.75 5.19 8.55 1.74 8.43 13.48 6.39 9.55 1.29 7.19
Low
Close Chg
1.30 9.61 3.15 5.90 1.45 1.30 0.54 1.75 2.90 3.02 7.10 7.00 5.45 4.80 8.40 1.20 7.75 13.20 6.14 9.55 0.80 6.61
1.30 9.75 3.30 6.00 1.55 1.39 0.54 1.75 3.00 3.18 7.10 7.00 5.69 4.88 8.53 1.20 8.24 13.34 6.22 9.55 0.81 7.00
0.08 -0.06 0.05 -0.05 0.10 0.17 -0.09 0.08 0.55 0.01 -0.13 0.00 -0.10 -0.14 -0.12 -0.07 0.01 -0.16 -0.02 0.05 -0.18 0.10
Close 1,417.82 Listed cap 29,771.58 mn Payout (%) 104.74
Change -7.76 Market cap 18,926.46 mn Div Yield (%) 8.63
Last 60 days High Low
Volume 21832 19801 10200 2001 7851 15000 2119 53005 7500 61001 1500 1000 5211679 35591 26507 3842 243704 105809 52513 1247 9722 886966
2.34 11.50 3.50 6.97 2.79 1.99 0.87 2.98 5.10 3.89 9.00 7.30 6.17 6.61 10.24 2.50 8.83 16.49 7.95 10.63 2.00 7.19
1.16 6.99 2.76 3.84 1.12 1.00 0.16 1.30 2.45 2.92 6.40 6.50 4.40 4.15 6.00 1.00 6.10 10.52 5.25 8.51 0.60 5.51
% Change -0.54 5-Day High 1,425.58 5-Day Low 1,363.90
2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 17 11 21 5 10 15.5 10 20 10 17 12.5
24.52 5.50 45.74 2.50 36.75 4682.12 11.00 3400.24 1.99 1.12 37.63 1.30 14.50 8.05 2.14 9.01 3.50 10.50 89.00 56.41 1.50 2.06 20.67 5.23 1.20 72.45 259.00 1.95 2.10 39.64 11.54 0.98 2.28 5.83 44.99 147.71 0.90 5.99 409.93 273.91 99.45 36.91 1.26 128.00 0.36 1.41 6.27 1257.48 37.40 7.21 2.95 2.49 2.09 45.42 11.43 2.01 68.79 0.61 21.07 17.00 6.69 1.00 14.25 2507.35 11.99 141.14 8.40 8.10 41.00 8.08
High 25.74 5.50 47.25 3.50 35.00 4779.88 11.45 3410.00 2.09 1.14 39.47 1.69 14.10 8.06 2.30 9.09 3.90 10.70 89.00 57.00 1.50 2.10 21.00 5.69 2.20 71.65 255.00 2.25 1.85 41.50 11.94 1.05 2.95 6.74 45.40 155.09 1.06 6.75 418.99 260.99 104.00 35.07 1.45 124.95 0.37 1.50 6.95 1309.99 38.25 7.73 2.16 2.44 2.20 47.49 11.97 2.84 72.00 0.90 21.89 17.90 7.69 1.05 14.85 2619.99 12.00 146.00 8.33 8.88 39.15 7.08
Low
Close
25.74 5.50 47.25 3.50 35.00 4500.00 10.66 3240.01 2.08 0.62 36.21 1.69 13.60 8.05 2.19 9.09 3.90 10.00 89.00 53.62 1.07 1.70 19.81 4.45 1.44 71.65 255.00 2.25 1.80 41.50 10.54 0.86 2.50 5.73 43.05 150.00 1.06 5.30 400.00 260.99 94.49 35.07 1.44 124.95 0.37 1.20 6.95 1200.00 38.25 7.73 2.16 2.44 2.20 47.49 11.97 2.84 72.00 0.90 21.89 17.90 7.69 1.05 14.85 2619.99 12.00 146.00 8.00 8.88 39.15 7.08
24.52 5.50 45.74 3.50 36.75 4521.96 11.00 3384.10 1.99 1.12 37.63 1.30 14.50 8.05 2.14 9.01 3.50 10.50 89.00 56.41 1.50 2.06 20.67 5.23 1.20 72.45 259.00 1.95 2.10 39.64 11.54 0.98 2.28 5.83 44.99 155.09 0.90 5.99 409.93 273.91 99.45 36.91 1.26 128.00 0.36 1.41 6.27 1257.48 37.40 7.21 2.95 2.49 2.09 45.42 11.43 2.01 68.79 0.61 21.07 17.00 6.69 1.00 14.25 2507.35 11.99 141.14 8.33 8.10 41.00 8.08
Change
Vol
0.00 0.00 0.00 1.00 0.00 -160.16 0.00 -16.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 0.00 0.00 0.00
100 100 100 100 100 70 61 60 57 53 52 52 51 51 51 50 50 44 40 30 24 21 16 14 11 10 10 10 10 10 9 9 8 7 7 5 5 4 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 - 7.50
Open
AASM AGSML ALNRS ELCM FASM ULEVER NONS NESTLE TRSM CJPL AKDCL TREI ADAMS CHAS SHCI STPL ZTL IBLHL FEROZ CLOV CWSM EMCO ADMM SGML FTSM AGIL BHAT EWLA LEUL RCML JOPP MWMP SCLL IFSL NJLIC ILTM PAKMI SMTM FZTM IDYM PAKT FECS FPJM HINO MTIL NMBL RICL UPFL ATEL BAPL CLCPS ECOP FDMF GATI HUSS KML MFFL MFTM NOPK PGCL PICTPS PMI PRWM RMPL SANSM SAPL SASML SHSML SNAI TOWL
LIFE INSURANCE
ELECTRICITY Open 1,311.68 Turnover 3,908,163 P/E (x) 13.95
UP TO 100 VOLUME Symbols
Low
Close
POL-MAR
305.45
Open
318.80
303.50
316.31
MCB-MAR
191.99
194.98
188.80
194.06
ANL-MAR
-
High
Change
Vol
10.86 1253500 2.07
8.68
8.78
8.47
8.71
ENGRO-MAR 178.89
179.00
176.33
178.58
-0.31
458500
38.55
37.95
38.10
-0.31
369500
63.04
63.25
61.31
62.42
-0.62
347500
DGKC-MAR
23.51
23.80
23.02
23.62
0.11
343000
NBP-MAR
71.60
75.18
75.18
75.18
3.58
316000
BOP-MAR
7.50
7.55
7.30
7.47
-0.03
245000
FFC-MAR
118.73
119.50
116.40
118.16
-0.57
227500
PSO-MAR
284.01
286.01
278.50
284.50
0.49
202500
PPL-MAR
205.71
209.00
202.50
208.22
2.51
170500
AICL-MAR
77.92
79.70
77.05
79.03
1.11
64500
NCL-MAR
24.42
25.39
23.71
25.08
0.66
62500
OGDC-MAR 149.46
151.98
149.01
151.90
2.44
FFBL-MAR
38.41
NML-MAR
0.03
655500 489000
36000
LUCK-MAR
63.05
63.00
62.00
63.00
-0.05
27000
UBL-MAR
62.00
62.80
61.00
62.65
0.65
22000
NETSOL-MAR 22.48
22.44
22.10
22.27
-0.21
17500
HUBC-MAR
38.67
38.98
38.50
38.59
-0.08
11500
PTC-MAR
18.15
17.95
17.92
17.94
-0.21
7000
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
MDTL
18.80
17.81
17.81
17.81
-0.99
PSEL
159.88
159.71
159.71
159.71
-0.17
0.00
UDPL
13.31
13.06
13.06
13.06
-0.25
0.00
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Pakistan Oilfields Ltd
National Bank of Pakistan
Company
Date
Time
Shell Pakistan Ltd Standard Chartered Bank The Bank Of Khyber Bank Alfalah Ltd Pak Suzuki Motor Co Ltd Karim Cotton Mills Ltd JS Bank Ltd Bankislami Pak Ltd AMZ Ventures Ltd Glaxosmithkline Pak Ltd
03-Mar 03-Mar 03-Mar 03-Mar 04-Mar 04-Mar 05-Mar 07-Mar 07-Mar 07-Mar
10:00 3:00 11:30 6:00 3:30 10:30 11:30 4:00 4:00 11:00
TECHNICAL LEVELS Company
RSI 1st 2nd (14-day) Support 30.67 2.25 2.10 Allied Bank Limited 45.86 65.15 63.55 Attock Cement 30.01 49.45 48.25 Arif Habib Corp 31.59 19.85 19.45 Arif Habib Limited 22.50 18.75 18.55 Adamjee Insurance 38.66 77.10 75.55 Askari Bank 39.92 14.10 13.70 Azgard Nine 35.03 8.45 8.25 Attock Petroleum 44.14 345.30 339.45 Attock Refinery 43.79 109.25 106.85 Bank Al-Falah 43.44 9.75 9.45 BankIslami Pak 39.45 3.30 3.20 Bank.Of.Punjab 39.64 7.20 7.00 Dewan Cement 45.74 1.75 1.70 D.G.K.Cement 33.13 23.25 22.95 Dewan Salman 45.02 2.55 2.40 Dost Steels Ltd 36.68 2.00 1.95 EFU General Insurance 22.21 32.00 31.00 EFU Life Assurance 24.33 52.30 51.85 Engro Chemical 53.21 212.00 209.70 Faysal Bank 44.99 12.25 11.70 Fauji Cement 28.76 4.05 4.00 Fauji Fert Bin 54.99 40.65 40.30 Fauji Fertilizer 32.87 116.40 114.80 Habib Bank Ltd 51.63 120.30 118.40 Hub Power 54.24 38.35 38.05 ICI Pakistan 66.47 157.80 155.75 Indus Motors 16.61 218.95 212.25 J.O.V.and CO 39.33 3.00 2.85 Japan Power 44.70 1.40 1.35 JS Bank Ltd 68.28 3.00 2.95 Jah Siddiq Co 44.21 8.95 8.75 Kot Addu Power 57.18 43.00 42.10 K.E.S.C 42.26 2.50 2.45 Lotte Pakistan 53.53 15.20 14.75 Lucky Cement 33.97 62.15 61.25 MCB Bank Ltd 47.12 211.05 208.15 Maple Leaf Cement 26.97 2.10 2.00 National Bank 54.87 74.90 74.60 Nishat (Chunian) 54.11 24.20 23.00 Netsol Technologies 45.51 21.70 21.35 NIB Bank 32.95 1.90 1.50 Nimir Ind.Chemical 57.64 2.50 2.40 Nishat Mills 46.91 61.20 60.05 Oil & Gas Dev. XD 33.53 150.65 148.90 PACE (Pakistan) Ltd. 47.07 2.65 2.50 Pervez Ahmed Sec 53.60 1.90 1.80 P.I.A.C.(A) 53.34 2.50 2.35 Pioneer Cement 37.81 5.70 5.65 Pak Oilfields 54.51 307.45 297.80 Pak Petroleum 52.25 203.95 198.95 Pak Suzuki 49.43 62.95 61.10 P.S.O. XD 49.66 278.50 274.05 P.T.C.L.A 38.40 17.50 17.20 Shell Pakistan 44.53 199.85 197.95 Sui North Gas 18.53 19.65 19.50 Sitara Peroxide 44.90 12.55 12.30 Sui South Gas 55.38 24.65 24.35 Telecard 53.30 1.95 1.80 TRG Pakistan 57.63 2.80 2.30 United Bank Ltd 47.67 61.85 60.95 WorldCall Tele 51.02 2.45 2.25 Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
42.98
Support 1
11,584.30
MA (5-day)
11,471.92
Support 2
11,469.40
MA (10-day)
11,660.00
Resistance 1
11,766.75
11,522.68
Resistance 2
11,834.35
MA (100-day)
Fair Value
Rs Recommendations
10,696.94
Pivot
Fair Value
*Invest Cap
52.4
Sell
*Invest Cap
75.5
Accumulate
AKD Securities Ltd
322.42
Accumulate
TFD Research
44.25
Neutral
TFD Research
92.3
Positive
TFD Research
381.35
Positive
Technical Outlook Technical Analysis
Leverage Position
Brokerage House
Buy
*Invest Cap AKD Securities Ltd
Positive
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.92 60.99 59.94 53.23
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
175.80 10,954.09 49.74 62.35
* Target price for Jun-11 & **Net Open Interest in future market
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.50 23,938.30 105.39 74.17
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
54.60 301.46 286.50 255.52
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 34,231.95 196.72 311.82
* Target price for Jun-11 & **Net Open Interest in future market
NBP closed up 3.57 at 75.16. Volume was 14 per cent above average and POL closed up 10.84 at 317.13. Volume was 114 per cent above average Bollinger Bands were 92 per cent wider than normal.
and Bollinger Bands were 59 per cent wider than normal.
NBP is currently 10.1 per cent above its 200-day moving average and is POL is currently 24.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indica- to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. tors reflect volume flowing into and out of POL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP.
Trend forecasting oscillators are currently bearish on POL.
Fauji Fertiliser Co
Engro Corporation
Rs Recommendations
Hold
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
11.55
Hold
*Invest Cap
Hold
*Invest Cap
11.5
Buy
AKD Securities Ltd
229.9
Accumulate
AKD Securities Ltd
120.7
Accumulate
Positive
TFD Research
245.4
Positive
TFD Research
139.5
Positive
14.01
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
54.99 71.22 71.00 68.28
* Target price for Jun-11 & **Net Open Interest in future market
Technical Outlook
Technical Outlook Technical Analysis
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
360
Technical Outlook
Technical Outlook
Bank Al-Falah Ltd
Buy
78.6
Rs Recommendations
AKD Securities Ltd
77
TFD Research
Fair Value
Accumulate
71.45
*Invest Cap AKD Securities Ltd
Brokerage House
Hold
39
11,651.85
Rs Recommendations
Rs Recommendations
45.52
Nishat Mills Ltd
Brokerage House
Fair Value
AKD Securities Ltd
*Invest Cap
RSI (14-day) 54.89 Free Float Shares (mn) 326.94 MA (10-day) 40.41 Free Float Rs (mn) 13,404.48 KSE 100 INDEX closed up 90.73 points at 11,699.16. Volume was 6 MA (100-day) 36.07 ** NOI Rs (mn) 25.45 per cent above average and Bollinger Bands were 74 per cent wider MA (200-day) 31.91 Mean 41.20 than normal. As far as resistance level is concern, the market will * Target price for Jun-11 & **Net Open Interest in future market see major 1st resistance level at 11,766.75 and 2nd resistance level FFBL closed down -0.33 at 41.00. Volume was 3 per cent above average at 11,834.35, while Index will continue to find its 1st support level at and Bollinger Bands were 38 per cent narrower than normal. 11,584.30 and 2nd support level at 11,469.40. KSE 100 INDEX is currently 9.4 per cent above its 200-day moving FFBL is currently 28.5 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely displaying a downward trend. Volatility is extremely high when compared high when compared to the average volatility over the last 10 trading to the average volatility over the last 10 trading sessions. Volume indicasessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are tors reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL. currently bearish on INDEX. MA (200-day)
Brokerage House
43.38 9.86 10.29 9.62
674.58 6,772.76 N/A 9.89
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
53.17 212.57 194.87 187.34
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
149
Hold
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
210
147.48 31,600.88 95.58 213.76
* 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)
32.62 125.95 124.29 115.41
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
466.49 55,059.50 53.39 118.14
* Target price for Jun-11 & **Net Open Interest in future market
NML closed down -0.42 at 62.31. Volume was 36 per cent below average BAFL closed up 0.33 at 10.04. Volume was 12 per cent below average and ENGRO closed down -0.11 at 214.27. Volume was 16 per cent below aver- FFC closed down -0.48 at 118.03. Volume was 6 per cent below average and Bollinger Bands were 21 per cent wider than normal.
Bollinger Bands were 117 per cent wider than normal.
age and Bollinger Bands were 14 per cent wider than normal.
and Bollinger Bands were 284 per cent wider than normal.
NML is currently 17.1 per cent above its 200-day moving average and is BAFL is currently 4.4 per cent above its 200-day moving average and is ENGRO is currently 14.4 per cent above its 200-day moving average and FFC is currently 2.3 per cent above its 200-day moving average and is disdisplaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely high when compared is displaying a downward trend. Volatility is extremely high when compared playing a downward trend. Volatility is extremely high when compared to volatility over the last 10 trading sessions. Volume indicators reflect volume to the average volatility over the last 10 trading sessions. Volume indica- to the average volatility over the last 10 trading sessions. Volume indica- the average volatility over the last 10 trading sessions. Volume indicators flowing into and out of NML at a relatively equal pace. Trend forecasting tors reflect volume flowing into and out of BAFL at a relatively equal pace. tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend reflect volume flowing into and out of FFC at a relatively equal pace. Trend oscillators are currently bearish on NML.
Trend forecasting oscillators are currently bearish on BAFL.
forecasting oscillators are currently bearish on ENGRO.
forecasting oscillators are currently bearish on FFC.
1st 2nd Resistance 2.60 2.75 67.80 68.80 51.45 52.20 20.75 21.30 19.20 19.45 79.60 80.55 14.85 15.15 8.80 8.95 357.50 363.85 113.55 115.40 10.25 10.45 3.45 3.55 7.55 7.70 1.90 1.95 23.90 24.25 2.75 2.85 2.10 2.15 34.20 35.45 53.60 54.45 215.85 217.40 13.10 13.35 4.20 4.25 41.50 42.00 119.60 121.20 124.30 126.40 39.10 39.55 162.00 164.25 235.70 245.70 3.25 3.40 1.50 1.55 3.20 3.25 9.35 9.60 44.40 44.90 2.60 2.65 15.95 16.25 63.75 64.45 216.45 218.95 2.25 2.35 75.30 75.45 26.10 26.80 22.50 22.95 2.70 3.10 2.65 2.75 63.35 64.35 153.50 154.60 2.90 3.00 2.05 2.15 2.75 2.85 5.80 5.85 323.30 329.50 212.05 215.20 66.70 68.60 285.65 288.35 18.15 18.50 203.30 204.90 20.10 20.35 13.05 13.30 25.35 25.70 2.15 2.25 3.60 3.85 63.55 64.35 2.65 2.75
Pivot 2.40 66.15 50.25 20.35 19.00 78.05 14.40 8.60 351.65 111.10 9.95 3.40 7.35 1.80 23.60 2.65 2.05 33.25 53.15 213.55 12.50 4.10 41.15 118.00 122.40 38.80 160.00 228.95 3.15 1.45 3.10 9.15 43.50 2.55 15.50 62.85 213.55 2.20 75.00 24.90 22.15 2.30 2.55 62.20 151.75 2.75 1.95 2.60 5.75 313.65 207.10 64.85 281.20 17.85 201.40 19.95 12.80 25.05 2.05 3.05 62.65 2.50
8
Thursday, March 3, 2011
PIA finalises, submits its business plan
5-yr PIA losspile high at Rs67.3bn KARACHI: Etihad Airways donated two Pearl Business Class return tickets to London to the "V Need U" local charity group working for community rehabilitation in the flood-affected areas of interior Sindh. Seen in the photo is cricket legend Wasim Akram handing over the ticket to the raffle winner at Rahat Fateh Ali Khan's fundraising concert held recently at the Acton House, residence of the British Deputy High Commissioner in Karachi.-Staff Photo
Etihad, Virgin Blue strike a services’ JV LAHORE: Etihad Airways, the national airline of United Arab Emirates (UAE) has created an alliance with Australiabased Virgin Blue Group of Airlines, which has launched its inaugural V Australia flight from Australia to Abu Dhabi, becoming the first Australian carrier to operate to the Middle East in 20 years. The new V Australia Abu Dhabi service and Etihad Airways will now offer a total of 27 weekly services between Abu Dhabi and Australia - including doubledaily services between Abu Dhabi and Sydney, daily Melbourne-Abu Dhabi flights and six frequencies per week between Abu Dhabi and
Brisbane. Etihad Airways Chief Executive Officer James Hogan said: "V Australia is the first Australian airline ever to serve the United Arab Emirates. It is certainly a reflection of the growing strength and relevance of the Australia-UAE relationship. The increased capacity into Australia will help us in achieving greater commercial scale, driving higher loads and yields". It has paved the way for further development, improving the offer of choice and convenience to our clients". Virgin Blue CEO and Managing Director John Borghetti said. "The award-
winning V Australia service provides a high-quality, competitive travel option for travelers. Etihad is successfully promoting Abu Dhabi as a budding destination for Australian tourists and a stepping stone to Europe and beyond. A home-grown Australian service to the Middle East will help build upon those efforts. This partnership will enhance our extensive Australian domestic network and Pacific Blue's network in New Zealand, the Cook Islands, Fiji, Tonga and Vanuatu. Customers can benefit from fully reciprocal Etihad Guest and Velocity frequent flyer programs along with lounge and service benefits".-Agencies
Venezuela fancies touristry treaties ISLAMABAD: Impressed by the immense potential of Pakistan in its tourism sector, the Ambassador of Venezuela David called for initiating joint ventures and MoUs between the two countries to promote this industry. David said this during his visit to Pakistan Tourism Development Corporation (PTDC) here . He highlighted the need to sign a Memorandum of Understanding (MoU) on tourism cooperation between the two countries to strengthen bilateral tourism relations. The Ambassador invited Pakistan to participate in the International Tourism Exhibitions being held in Caracas in September this year. He added that plans may be initiated for operating flights between Pakistan and Venezuela
through Tehran, which is already linked. In 2010, Venezuela received one million tourist from all over the world. The Ambassador said that Venezuela has three universities, which are offering master’s degrees in tourism and hospitality. Secretary Tourism Shahid Rashid briefed the envoy on different tourism attractions of Pakistan. He said there are countless opportunities for investors as government is providing a number of incentives to private sector for investment in tourism sector. Pakistan is providing visa-onarrival facility to 24 countries whereas Venezuela is placed in category-A of visa policy and its citizens may obtain one month tourist visa for Pakistan. Secretary said the government has signed MoUs on tourism
Malaysian Air profit beats mkt consensus KUALA LUMPUR: Malaysian Airline System, the country's national carrier, on Friday reported an operating profit that improved several times over the previous year even as its net profit declined by 65 percent. Airlines, which were among the worst hit by the financial crisis, have recovered in 2010 as the improving economy and business environment contributed to greater air travel. "We were able to see a strong rebound in 2010 due to added capacity through increased frequencies, new destinations and stronger international revenue from higher seat factor and yield," Malaysian Airlines chief executive Azmil Zahruddin said. Malaysian Airlines reported a fourth quarter net profit of 225.9 million ringgit, down from 640.1 million ringgit a year ago, although the previous year's figures were inflated by the derivative gains from its fuel hedges. In the fourth quarter, Malaysian Airlines reported an operating profit of 137 million ringgit, which is several times higher than its operating profit of 29 million ringgit in 2009. The fourth quarter net profit exceeded a forecasted net loss of 65.3 million ringgit, according to a consensus of 18 analysts tracked by Thomson I/B/E/S. Its full year net profit of 234.5 million ringgit also exceeded an estimated full-year net profit of 191.9 million Malaysian ringgit. Azmil said that going for-
cooperation with 22 countries for promotion of tourism. A draft of MoU will be sent to relevant authorities for review and signing the agreement in order to explore new opportunities for promotion of tourism and learn from the experience of Venezuela in tourism sector including the field of training in hospitality and tourism. Tayyab Nisar Mir, Manager (Publicity & Promotion) said measures will be taken to increase coordination and communication between private and public sectors and to develop public - private partnerships. He said seven historical sites of Pakistan have been declared as World Heritage Sites by UNESCO. A documentary of tourist attractions of Pakistan was also shown to the visiting envoy of ward, the carrier will be Venezuela. APP impacted by the high cost of fuel, which has gone up sharply recently owing to political tensions in the Middle East. "Fuel cost will remain a major expense," Malaysian Airlines managing director and chief executive Azmil Zahruddin said. "It is difficult to predict how the price will behave over the course of the year. At this point, we have restructured our hedge levels to 25% of fuel requirements at US$88/ bbl WTI for 2011, in line with our peers." The carrier's rival, AirAsia, expressed similar concerns over fuel costs after reporting record profit numbers for its last fiscal year. Seven out of 18 analysts tracked by Thomson have a Buy or Strong Buy call on the stock at an average target price of 2.22 ringgit per share. KARACHI: Arif Suleman CEO Scantha Cargo Services GSA Thai Airways Int, MAS' share price 2.13 percent on Friday ahead of its Pakistan receiving Special Award from Pichai Chunganuwad, Managing Director of Thai Airways Int in Bangkok Thailand for achieving highest Sales in Pakistan for 2010.-Staff Photo earnings report. Reuters
ISLAMABAD: Minister for Defence Chaudhry Ahmad Mukhtar said that the Pakistan International Airlines Corporation (PIAC) suffered a loss of Rs67.31 billion till the third quarter of last year, after the deduction of taxes. Replying to a question raised by Syed Zafar Ali Shah of Pakistan People’s Party in the Lower House during the question-hour session, he informed that the corporation suffered a loss of Rs11.69 billion in the first three quarters of last year, as against the total loss of Rs5.82, it suffered in the year 2009. He said that the PIAC suffered Rs12.76, Rs13.40 and Rs36.14 in the years 2006, 2007 and 2008, respectively. The minister said steps were being taken to make the PIAC profitable. He said the PIA had finalised and submitted its business plan, which was a strategic roadmap for the next five years. The management, in the business plan commits itself to strengthening culture of ethics and compliance, aggressive revenue growth through efficient marketing plans and implementation of stringent cost control measures resulting in substantial savings over the period plan, he said. To another question asked by PML-N's Shireen Arshad
Khan, the minister said the national airline was only operating to 27 countries out of more than 250 around the globe. "The reason for not flying to other countries is that it is not economically viable. The airline goes to any destination where it finds the deployment of its limited fleet is beneficial to the carrier," he said. The minister said efforts were being made to improve security system to stop entry of irrelevant persons at the airports throughout the country, adding that Airport Security Force (ASF) was vigilant to prevent illegal activities there. He said the Director General of ASF was supervising an inquiry being conducted over the incident in which a boy managed to stow away in the landing gear of the plane and fell on the rooftop of a house in Lahore some days back. Ahmad Muktar said the Ministry of Defence was also looking into a proposal to double the strength of ASF to improve its efficiency, however "we are taking maximum work with limited force." To a supplementary question, he said Rs20 were being charged from each visitor at Islamabad airport to avoid entry of irrelevant persons and ensure improved security system there. APP
Advisory for KP tourism in place PESHAWAR: The provincial government of Khyber Pakhtunkhwa has constituted Swat Tourism Advisory Group to coordinate, guide and facilitate flood recovery and tourism sector planning and development initiatives in militancy and flood torn district Swat, sources in the Department of Sports, Culture, Youth Affairs, Tourism, Archaeology and Museums Department told media. The Swat Tourism Advisory Group would comprise the representatives from both public and private sectors with Secretary, Sports, Culture and Tourism Department, Khyber Pakhtunkhwa. Representatives from public sector will be included Secretary Relief Rehabilitation Settlement, Managing Director Sarhad Tourism Corporation, District Coordination Officer (D.C.O) Swat, In Charge Civil Military Liaison Cell Swat, Provincial Chief, Smeda, In Charge Paithom, Abbottabad, Conservator Forest Malakand, General Manager PTDC Motel, Flashman Rawalpindi, Project Director, Malakand Development Authority, Swat and Representative of Environment Protection Agency (EPA). Private sector and donors on the group will be represented by Mohammad Afzal, chairman, Tourism Committee, Sarhad Chamber of Commerce & Industry (SCCI), Zahid Khan, president, Hotel Association, Said Nawab, president Hotel Association, Upper Swat, Zahoor Durrani, Member PATO/Sehrai Tourism Services, Attaullah Suvastu Gallery Swat, Aftab Rana, president, Sustainable Tourism Foundation, Mrs Kabir, owner
Mountain Inn guest house, Mingora, Swat, Promila Izak, Tourism Information Expert, Shaukat Sharar, environment experts, representative of civil society, Swat, Mujahid Saleem Farooqi, Economic Growth Specialist, USAID, Peshawar, Matiullah Khan, president Pioneer Skiing School, Swat, Adnan Sher, Office Director, USAID FIRMS Project or his representative and other coopted in case of requirement. The group will act as a coordinating and recommendatory thinktank to the provincial government of Khyber Pakhtunkhwa for flood recovery and tourism sector planning and development initiatives in district Swat, review and finalize Swat district's tourism sector recovery and development strategy developed by USAID FFIRMS Project or add activities to the tourism strategy and will prioritize activities for implementation in the tourism sector. The advisory group will recommend additional technical assistance as needed, to USAID for approval, serve as a knowledge management function including disseminating best practices and keep liaison amongst the stakeholders, ensure inclusive consultation involving all stakeholders is carried out to revive and strengthen tourism sector in Swat. The group will suggest recommendation, prioritize activities and place them before competent forum for approval, coordinate, create synergies and review progress of the stakeholders working in tourism sector, highlight sectoral issues and suggest solution to the concerned organizations for addressing issues.APP
Emirates ups fares due to oil price hike DUBAI: Emirates airline , one of the Arab world's largest carrier, has hiked its fares across all sectors, as it's unable to absorb soaring oil prices, the company said in a statement on Tuesday. Emirates said the increase in fares differs by markets and routes, declining to give any more details on how much the fares were hiked. "We have an active fuel risk management programme but with such market volatility it is impossible to fully absorb the impact of soaring oil prices," an Emirates spokeswoman said in the statement. Brent crude held steady near $112 a barrel on Tuesday as investors remained cautious about Middle East supplies even as Saudi Arabia ramped up production to cover a drop in Libyan exports. Rising oil prices will hurt profitability of airlines operating in the Middle East North Africa region, analysts say. Reuters
Nat’l carrier’s affairs need transparency: Senate panel ISLAMABAD: The Senate Standing Committee on Defence and Defence Production on Tuesday underlined the need of transparency in the promotion process and recommended that merit and seniority principle be observed while giving promotion and new appointments in Pakistan International Airline (PIA). The committee, which met under the chairmanship of Senator Lt. Gen. ss(Rtd) Javed Ashraf here, was briefed on the share of Khyber Pakhtunkhwa in employments in PIA and system of appointments besides details of appointments made in 2010 on share of Kyber Pakhtunkhwa with local domicile. The committee discussed flights schedule from Kyber Pakhtunkhwa to various cities and ratio and comparison of the
fares of PIA for destinations in Kyber Pakhtunkhwa with other cities of country. The committee recommended that advertisements must be published in local and national languages in the leading newspapers of the country and province. The committee suggested that flights be started on daily basis from Peshawar to Lahore via Islamabad. Managing Director PIA Nadeem Khan Yousafzai responded that the PIA would consider the suggestion. Members of the committee sought complete details of employees of PIA (grad-wise) working in Kkyber Pakhtunkhwa and those on the Board of Directors. The committee also suggested that flights be re-operated from Swat/Mangora as security situation was satisfactory there. Among others who attended the meeting were Syed Faisal Raza Abidi, Sardar Ali Khan, Syed Tahir Hussain Mashhadi, Haji Muhammad Adeel, Raja Muhammad Zafar-u-Haq, Senator Jan Muhammad Khan, Prof Khurshed Ahmed and Tariq Azim Khan.-APP
9
Thursday, March 3, 2011
Sugar rallies powered by oil; cocoa eases
AHMEDABAD: Farm labourers plant paddy seedlings in a field near Dholka, some 30kms from Ahmedabad. -Agencies
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 985.00-1.00, Apr11 990.00, May11/Jul11 995.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1040.00+20.00, Aug11/Oct11 992.00+12.00, Nov11/Jan12 1000.00+12.00, Feb12/Apr12 1005.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1435.00+20.00, Jul11/Sep11 1445.00+20.00, Oct11/Dec11 1400.00+20.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1560.00+5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1237.50+17.50, Mar11 1237.50+17.50, Apr11/Jun11 1237.50+22.50, Jul11/Sep11 1210.00+20.00, Oct11/Dec11 1205.00+25.00. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11/Jun11 1290.00. PALMOIL: RBD dlrs tonne fob Malaysia Apr11/Jun11 1235.00+25.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11/Jun11 1242.50+25.00, Jul11/Sep11 1207.50+37.50, Oct11/Dec11 1187.50+30.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Mar11 960.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2095.00-20.00, Mar11/Apr11 2085.00-5.00, Apr11/May11 2080.00+0.00. Reuters
Copper up on dollar, but sentiment fragile LONDON: Copper edged up on Wednesday, clawing back earlier losses as the dollar weakened and after upbeat jobs data, but concern high oil prices might hit global growth through inflation kept sentiment sober. Three-month copper on the London Metal Exchange, untraded at the close, was last bid at $9,889 a tonne from $9,885 at Tuesday's close. Helping copper bounce off a session low of $9,786.25, the dollar fell against a broad currency basket. That garnered some metals support from nonUS investors. The euro rose to a near fourmonth high and the Swiss franc hit a record high versus the US currency. But sentiment remained weak due to unrest in North Africa and the Middle East. Brent crude neared $118 a barrel as forces loyal to Libya's leader Muammar Gaddafi battled rebels over major towns in the oil-exporting country. "A lot of people are watching what's going in Libya and the Middle East," Alex heath of RBC Capital Markets said. "There is a continuing fear that energy and oil supplies are going to be disrupted." Supporting the mood, however, a report showed US private employers added 217,000 jobs in February, beating analysts' expectations. Copper stocks rose 3,275 tonnes, the latest data showed, bringing LME inventories to 423,550 tonnes, their highest since mid-July 2010. Stocks have climbed by a fifth since mid-December, mostly
into LME locations in Asia as metal is diverted from Chinese ports that are already well-supplied. "Stockpiles at exchanges remain elevated after sizeable inflows in January and February," said Credit Suisse Private Banking in a note. "Accordingly, we expect
Shanghai copper rises Three-month copper on the London Metal Exchange rose $15 to $9,875 a tonne by 0719 GMT, having recovered from $9786.25 earlier. Shanghai's most active copper contract ended higher too, up 1 per cent at 74,700 yuan. industrial metals to have further upside once inventories start to drop more convincingly again." Aluminium output from top producer China could rise by 24 per cent this year to 20 million tonnes, an official of the China Nonferrous Metals Industry Association said. Global aluminium supply this year is expected at around 45 million tonnes. This is some one million tonnes more than this week's estimate from Aluminum Corp of China Ltd, the world's most valuable aluminium company. Aluminium closed at $2,603 a tonne from $2,610 at the Tuesday close. The power-intensive metal hit a 2-1/2 year peak the day before at $2,617.25. Zinc was at $2,480 a tonne from $2,515, while lead stood at $2,564 from $2,555. Stainless steel material nickel was at $28,600 a tonne from $28,775 and tin was at $31,600 from $32,200. -Reuters
Oil jumps after Libyan air strike near oil terminal EIA report shows Cushing stocks up over 1.1mn barrels NEW YORK: Oil rose on Wednesday as escalating violence in Libya threatened the OPEC nation's oil infrastructure and markets braced for a potential prolonged disruption. Prices jumped to close in on fresh 2-1/2 year highs on news that fresh airstrikes hit Brega, about 2 kilometers (1.2 miles) from a Libyan oil terminal, after Muammar Gaddafi launched a land and air offensive to retake territory in Libya's east. "It looks like an attack fairly close to what is one of Libya's largest storage and export terminals," said Andy Lebow, trader at MF Global in New York. "It's hard to say if the Libyan government is trying to target oil infrastructure in the east or
whether they're just targeting rebel held areas, but the market's reacting to this threat either way." Brent crude traded up $1.89 to $117.31 a barrel. Brent hit a 2-1/2 year high near $120 a
barrel on Feb. 24 on the Libyan crisis. US crude futures rose $2.21 to $101.84 a barrel at 1645 GMT.
The head of Libya's oil company, Shokri Ghanem, told Reuters the nation's problems could push prices over $130 a barrel if they persist. Crude earlier pared gains after the release of US oil inventory data from the Energy Information Administration showed inventories at the C u s h i n g , Oklahoma delivery point for the New York Mercantile Exchange's oil futures, contract hit a record high. Total inventories of both crude and refined products fell, however. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 01 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 01 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2379 2380 2365 2375 2325 2335 2325 2335
2581 2582 2612 2613 2680 2685 2720 2725
9907 9908 9919 9920 9840 9850 9515 9525
2568 2573 2559 2560 2500 2505 2453 2458
28870 28875 28850 28900 27625 27725 26425 26525
TIN
ZINC NASAAC
32300 2491 32350 2491.5 32375 2518 32400 2520 32140 2558 32190 2563 2557 2562
2550 2551 2570 2580 2615 2625 2670 2680
LONDON: Sugar futures rallied fuelled by a jump in oil prices on Wednesday, while cocoa eased after a volatile session a day earlier and arabicas were steady, supported by tight supply of Colombian beans. "It's all to do with oil and what's going on in the Middle East," a veteran sugar futures dealer said. The focus of the sugar market was on the nomination of vessels to pick up around 965,000 tonnes of mainly Brazilian sugar said to be delivered to US-based trade house Cargill against the ICE March expiry, dealers said. "The pace of nominations will be keenly monitored," said James Kirkup, head of sugar brokerage at ABN AMRO (Markets) UK Ltd. He said the March delivery could be construed as bearish as the tonnage was at the top end of expectations. ICE May raw sugar futures traded up 0.91 cent or 3.1 per cent, at 30.17 cents a lb at 1449 GMT, below the 30-year high of 36.08 cents a lb hit a month ago. London May white sugar was up $21.60, or 3.1 per cent at $729.00 per tonne. Dealers focused on the start of the new centre-south Brazilian cane harvest, with trade house Czarnikow raising its 2010/11 global sugar deficit forecast to 3.7 million tonnes from its previous forecast for a deficit of 2.8 million tonnes. "Sugar is tight and will remain tight for the coming quarter until Brazil, the world's largest producer, begins its harvest," said Nick Penney of broker Sucden Financial. Cocoa prices edged down after volatile trading the previous session when prices suddenly sank over 11 per cent before trimming losses. ICE May cocoa traded down $16, or 0.4 per cent, at $3,604 a tonne at 1447 GMT, below the 32-year high of $3,712 a tonne touched on Tuesday. Liffe May cocoa was down 18 pounds or 0.8 per cent to 2,307 pounds per tonne in light volume of 3,830 lots. Coffee prices were steady to easier, but dealers said losses were capped by a lack of origin selling in both markets. ICE May arabica coffee was unchanged at $2.6930 per lb at 1450 GMT. Liffe May robusta coffee traded down $23 or 1 per cent at $2,361 per tonne in slim turnover of 3,600 lots. -Reuters
Gold hits record above $1,437 as Mideast simmers Silver hits fresh 31-year high; largest ETF reports inflow LONDON: Gold hit a record high above $1,437 an ounce on Wednesday as violence in the Middle East and North Africa supported interest in the precious metal as a haven from risk, and as US oil prices jumped above $100 a barrel. Spot gold was bid at $1,435.65 an ounce at 1522 GMT against $1,433.70 late in New York on Tuesday, having earlier peaked at an all-time high of $1,437.97. The metal fixed at $1,435.50 an ounce at 1500 GMT. US gold futures for April delivery rose $5.10 to $1,436.30, after hitting a record $1,439 earlier. Gold is building on a 6 per cent rise in February, its biggest one-month climb since August. This came on the back of unrest that unseated leaders in Tunisia and Egypt before spreading to Libya, Bahrain,
Yemen, Oman and elsewhere. "(There is) a combination of reasons for (the rise in) gold, but primary at the moment are strong oil and weak equities -basically geopolitical," said Simon Weeks, head of precious metals at the Bank of Nova Scotia. "I think we see $1,450, and that's probably enough," he
added. "Any good news from the Middle East will see a pullback to $1,400." Muammar Gaddafi launched an offensive to retake territory in Libya's east on Wednesday, sparking a rebel warning that foreign armed forces might be needed to "put the nail in his coffin" and end his long rule. Violence in the region cooled appetite for assets seen as high-
Palm oil climbs, tracks crude higher JAKARTA: Malaysian palm oil futures rose more than 2 per cent before easing on Wednesday as traders eyed growing demand for biodiesel while tension in the Middle East boosted crude oil. Palm oil is less likely to be channeled into biofuels due to a lack of government subsidies, but mandates in Brazil and the United States may see more soyoil taken up, which leaves palm oil to lead the food sector. The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives added 1.2 per cent to 3,590 Malaysian ringgit ($1,183) a tonne. Earlier, prices rose to a high at 3,629 ringgit -- a level not seen since Feb. 22. "The palm oil market is firming," said one trader. "It is tracking crude oil ... The Malaysian palm oil is tracking external markets." "It's Middle East tensions," he added. "The price of
crude oil is uncertain and firm ... Today they follow crude oil." Overall palm oil volumes were at 21,861 lots of 25 tonnes each from the usual 14,966 lots on Tuesday. Benchmark palm oil prices have been extremely volatile in recent weeks, touching a near three-year high at 3,967 ringgit on Feb. 10, before falling to a three-month low at 3,336 in late February. Seasonally heavy rains have stalled harvesting in top producers Indonesia and Malaysia, and this is also supporting prices. ICDX's May CPO futures contract was at 10,450 rupiah ($1.186) per kg, compared to 10,360 rupiah per kg when it opened. Market volume was 1,966 lots of 10 tonnes each. In other vegetable oils, the most-active Sept 2011 soyoil on the Dalian Commodity Exchange was at 10,380 yuan versus an open at 10,188 yuan. -Reuters
er risk, like stocks, and boosted so-called safe havens like German government bonds, the Swiss franc and gold. It also fuelled further gains in oil. Rising oil prices are set to support gold, analysts said. Elsewhere silver rose to a peak of $34.88 an ounce, its strongest level since early 1980, before edging back to $34.78 an ounce against $34.66. Holdings in the world's largest silver exchangetraded fund, the iShares Silver Trust, rose to 10,693.68 tonnes on March 1, their highest since Jan. 14. The trust reported a slight recovery in its holdings last month after they posted their biggest ever one-month fall in January. Meanwhile platinum was at $1,858.73 an ounce against $1,838.49, while palladium was at $821.08 versus $814.47. -Reuters
Tokyo rubber slips on profit-taking BANGKOK: Tokyo rubber futures ended slightly lower on Wednesday as players took quick profits after initial gains that tracked a rise in crude oil, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery slipped 1.2 yen to settle at 475.9 yen ($5.82) per kg. "Prices rose higher, on the back of oil prices, to a level where players could make a profit," one dealer said. Brent oil extended gains on Wednesday as tension in Libya ratcheted up, spurring fears other producers in the Middle East and North Africa could face similar revolts. The most active Shanghai rubber contract for May delivery fell 505 yuan to settle at 38,860 yuan per tonne. Dealers said TOCOM rubber could rebound on Thursday after prices found a major support level at 475 yen per kg. Reuters
US cotton ends up but off session highs NEW YORK: US cotton futures closed higher Tuesday on speculative buying but profit-taking knocked the market back after it rose the daily limit, analysts said. Open interest in cotton futures fell to its lowest level in 7 months as investors rotated out of cotton although market fundamentals still were seen as bullish given tight supplies and steady demand going forward. The key May cotton contract
on ICE Futures US rose 2.37 cents to finish at $1.936 per lb, trading from $1.9157 to the 7cent limit up at $1.9823. Last week, the contract hit a record top at $2.1176 per lb. Open interest in the market hit a 7-month low at 174,074 lots as of Feb. 28, data from ICE Futures US showed. Volume traded Tuesday though stood about 32,300 lots, some 3 per cent over the 30-day norm, Thomson Reuters preliminary data
showed. Mike Stevens, a long-time independent cotton analyst in Mandeville, Louisiana, said "the vast majority" of the move down from the intra-day highs in cotton futures came from profit-taking. He said cotton was ripe for a session where investors took cash off the table because of limit-up moves in the market over the past few sessions. Stevens and other analysts said the bullish fundamentals
which have inspired cotton to reach record highs are still present in the market so any setback may well be brief. Analysts said the market will be turning its attention to the US Agriculture Department's weekly export sales data on Thursday to gauge fiber demand. Next week, the focus will be on the USDA's monthly supply demand report and then its potential plantings data at the end of the month. -Reuters
National Commodity Exchange Ltd Trading Summary Date
2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011 2-Mar-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 03MA11 MA11 MA11 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
97.91 99.67 100.44 34.43 34.34 1423.00 1424.00 1424.50 1423.00 1423.00 1424.00 39211.00 39225.00 39227.00 39299.00 39184.00 45690.00 45690.00 37250.00 40332.00 40245.00 40259.00 40274.00 46327.00 47018.00 46554.00 46880.00 46310.00 3327.00 3342.00 5252.00 86.25 85.78
100.63 102.33 102.22 34.72 34.74 1436.00 1437.00 1436.30 1434.10 1434.80 1434.80 39494.00 39506.00 39521.00 39466.00 39478.00 46033.00 46033.00 40571.00 40614.00 40629.00 40542.00 40556.00 46657.00 47160.00 47205.00 47175.00 46640.00 3327.00 3342.00 5350.00 86.26 85.79
97.45 99.42 100.44 34.43 34.24 1419.20 1419.00 1420.00 1419.90 1424.00 39200.00 39212.00 39227.00 39173.00 39184.00 45690.00 45690.00 37250.00 40332.00 40245.00 40259.00 40274.00 46327.00 46377.00 46277.00 46293.00 46310.00 3301.00 3316.00 5252.00 86.25 85.78
99.78 101.49 102.22 34.72 34.72 1434.10 1434.80 1435.60 1434.10 1434.80 1434.80 39494.00 39506.00 39521.00 39466.00 39478.00 46033.00 46033.00 40571.00 40614.00 40629.00 40542.00 40556.00 46657.00 46707.00 46724.00 46624.00 46640.00 3301.00 3316.00 5350.00 86.26 85.79
Traded Volume in lots 689 344 82 1,963 1,650 1,060 29 2 4 4 2 2 5 7 26 -
Previous Settlement Price 100.26 102.01 102.73 34.57 34.59 1430.40 1431.10 1431.90 1430.40 1431.10 1431.90 39390.00 39401.00 39417.00 39362.00 39374.00 45911.00 45911.00 40466.00 40509.00 40524.00 40437.00 40451.00 46534.00 46584.00 46601.00 46501.00 46517.00 3327.00 3342.00 5252.00 86.25 85.78
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 99.78 78 101.49 34 102.22 34.72 34.72 21 1434.10 1,500 1434.80 1,671 1435.60 653 1434.10 1434.80 1435.60 4 39494.00 2 39506.00 82 39521.00 39466.00 39478.00 46033.00 46033.00 40571.00 2 40614.00 40629.00 40542.00 40556.00 46657.00 12 46707.00 4 46724.00 5 46624.00 20 46640.00 1 3301.00 3316.00 5350.00 86.26 85.79 -
Spanish King Juan Carlos greets MotoGP rider Jorge Lorenzo of Spain as former motorcycle racer Angel Nieto looks on during a gathering at Zarzuela Palace
10
Thursday, March 3, 2011
Asif appeals against ban LAHORE: Mohammad Asif has joined Salman Butt and Mohammad Amir in filing an appeal against his ban from the game with the Court of Arbitration for Sport (CAS) in Lausanne, Switzerland. Butt and Amir announced their appeals last month, while Asif had been silent on the subject, but the court has said it has received appeals from all three players. "The Court of Arbitration for Sport (CAS) has registered the appeals filed by Mohammad Asif, Mohammad Amir and Salman Butt against the International Cricket Council (ICC) Anti-Corruption Tribunal's decision of 5 February 2011," a statement on the CAS website said. According to the statement, the players and the ICC will "first exchange written submissions and will then be heard at a hearing, the date of which will be fixed at a later stage". The court also said it will not issue any further comments on the procedure until "a panel of arbitrators has been constituted and a procedural calendar established." The three Pakistan players were found to be guilty of orchestrating three preplanned, deliberate no-balls during the Lord's Test against England last August, and were given sanctions ranging from five to 10 years by an independent tribunal headed by Michael Beloff QC after a full hearing in Doha, Qatar in early January, with the verdicts being handed down on February 5. As captain at the time, Butt received the stiffest sentence, a 10-year ban, though it comes with a suspended portion of five years. Asif received a seven-year ban, with two year's suspended, while Amir was given a straight five-year bans with no suspended sentence.-APP
Chelsea return maybe a spring board to some greater things LONDON: Should Chelsea achieve their ultimate goal of winning the Champions League in May they might look back at the second half of Tuesday's 2-1 Premier League win over Manchester United as the moment they got their mojo back. At halftime Chelsea trailed to Wayne Rooney's drilled shot and had been outplayed on their own turf by the team all set to steal their championship crown. United seemed to be heading for their first Stamford Bridge victory in nine years, a sevenpoint lead in the standings and a massive 18-point lead over the Londoners. If they had lost, Carlo Ancelotti's side would have remained fifth and in danger of the unthinkable -- missing out on a place in the Champions League for the first time since 2002. Maybe that was in their minds as they set about the second half in a far livelier mood. The safety-first passes that took all the momentum out of their attacks in the first half were replaced with balls into space and Chelsea's fans got behind them. David Luiz levelled after 54 minutes and, after gradually forcing United back as they wrested control of the midfield, Frank Lampard's 79thminute penalty won it.-Reuters
Dark horse Irish kick Eng in teeth O'Brien smashes fastest WC ton to beat England BANGALORE: Kevin O'Brien smashed the fastest ever World Cup century to propel Ireland to a stunning three-wicket win over England in a Group B match on Wednesday. An astonishing knock by O'Brien, who clobbered 13 fours and six sixes to reach three figures in only 50 balls, helped the Irish to live up to their reputation as giant-killers as they overhauled England's total of 327-8 with five balls to spare. It was the highest successful run chase in the tournament. Four years after beating Pakistan in the group stage in the Caribbean, the Irish repeatBANGALORE: Ireland's Kevin O'Brien hits a six during their ICC Cricket World Cup group B match against England.-Reuters
The station added a local businessman had placed an $18,000 bet on Sri Lanka losing the game. Sri Lanka's cricket authorities angrily denied the allegations and Jayawardene was considering legal action against the station for implying he was guilty of corruption, the BBC said. Indian media also reported that Australia's slow start in their innings against
Recordboard Most Runs Players Mat Runs HS Andrew Strauss-England 3 280 158 Virender Sehwag-India 2 210 175 Ian Bell-England 3 183 81 Most Wickets Players Mat WKts BBI Shahid Afridi-Pakistan 2 9 5/16 Johnson-Australia 2 8 4/19 Kemar Roach-WIndies 2 7 6/27
Ave 93.33 105.00 61.00
SR 105.66 126.50 92.89
Ave 5.55 6.50 9.85
Econ 2.77 2.81 4.18
Afridi warns of complacency Monitoring Desk COLOMBO: Pakistan captain Shahid Afridi is warning against complacency as his team look to maintain their winning start to the World Cup against minnows Canada on Thursday. Pakistan, whose World Cup build-up was characteristically chaotic, beat joint hosts Sri Lanka by 11 runs following their opening victory over Kenya. Another two points against Canada will go a long way towards ensuring their quarterfinal place, but Afridi said his team must guard against complacency that had cost them dearly in the past. "If we think Canada is easier then I fear complacency might creep in, so we have to be at our best and carry on the good work," said Afridi. The skipper has led from the front, taking nine wickets -the highest tally in the World
Cup so far. Afridi said the team was in high spirits after beating Sri Lanka on Saturday. "We had a very good win against Sri Lanka, but we still need to take every match seriously, more so against a team who we don't know," said Afridi. Pakistan have played Canada just once before in the World Cup, beating them by eight wickets in England in 1979. "We have tried to gather some video footage of their initial matches but we are not bothered about that. After this match, we have New Zealand so we must win this one and then think about future games," said Afridi. Left-arm spinner Abdur Rehman will sit out the Canada match after suffering a muscle injury against Sri Lanka and is likely to be replaced by off-spinner Saeed Ajmal.
MOHALI: South African pace bowler Dale Steyn and his spin colleague Imran Tahir have passed fitness tests and will be available for Thursday's World Cup match against the Netherlands, the team management said on Wednesday. Steyn was nursing a bruise while Tahir had a respiratory tract infection. "Dale Steyn and Imran Tahir passed their respective fitness tests on Wednesday and are fit for selection for the Group B encounter," the team said in a statement. "The team physiotherapist, Brandon Jackson, has given the green light to the players who were carrying a few niggles from the past few days," manager Mohammed Moosajee was quoted as saying in the statement. "Dale and Imran bowled at 100 percent effort this afternoon and are available for selection."-Agencies
Zimbabwe was "scrutinised by the International Cricket Council anti-corruption and security unit" speculation laughed off by Australia's Brad Haddin. Former Pakistan Test captain Salman Butt and pacemen Mohammad Asif and Mohammad Aamer last month received lengthy bans on charges of corruption relating to last year's Lord's Test against England.-Agencies
Shoaib could be benched in Canada match COLOMBO: Pakistan are thinking of resting opening fast bowler Shoaib Akhtar for Thursday's Group A World Cup match with Canada, coach Waqar Younis said. Shoaib has been well disciplined so far in his spells in the first two matches of the World Cup and helped to record an 11run win against co-hosts Sri Lanka by taking the wicket of in-form Mahela Jayawardene in the early stages. "So far, we have not decided the team. We are thinking about it but I can't give a confirmed answer until tomorrow," Waqar told a pre-match news conference in Colombo when asked whether the team would rest Shoaib, the 'Rawalpindi Express'. "Then again you want to get the rhythm going, momentum going. So you don't want to give him too long a rest because it's hot and you need to get used to that. So I am not sure about that." Pakistan have joined the favourites after beating Sri Lanka on Saturday but a shock first-round exit in the last World Cup after defeat by Ireland has left them for ever guarded against complacency against the so-called minor teams like Canada. "We have seen in the past World Cups, teams have been taken easy and then you lose matches and that costs you a hell of a lot of time and things," the former Pakistan fast bowler said.-Reuters
score 113 runs in 63 balls and his knock helped produce the first upset in this year's showpiece. He was run-out -- the only way he could fall -- with 11 runs still required off as many balls. However, John Mooney (33 off 30 balls) kept his head and with three required to win off the last over, smashed a boundary to spark off the Irish celebrations. Ireland's victory also throws Group B, which includes India, West Indies and South Africa, wide open. O'Brien came to the crease with almost half his side back in the pavilion with Ireland struggling on 106-4 in the 23rd over.Reuters
Steyn, Tahir pass fitness tests for SA
No more fixing talk, Waqar tells media COLOMBO: Pakistan coach Waqar Younis Wednesday insisted the World Cup was clean and urged an end to talk about match-fixing in cricket. His comments come after Sri Lankan state TV channel ITN speculated over whether Sri Lanka's Mahela Jayawardene and Thilan Samaraweera may have "changed the game" by getting out cheaply in their team's defeat against Pakistan.
ed the feat to dent England's hopes of progressing into the knockout stages of the 2011 tournament. "When you are 111-5 I just said to myself, we could just potter around and get 220 off 50 overs for eight or nine and the game would have been pretty boring to watch and it wouldn't have been anything to watch on TV," a grinning O'Brien said clutching his man of the match trophy. "I just chanced my arm and said I'm going to be as positive as I can and I got a few away and didn't look back really." The 26-year-old O'Brien dismantled the English bowling to
BCCI sounds off big against review system NEW DELHI: The Indian cricket board on Wednesday wrote a letter to the International Cricket Council (ICC), complaining about the "inadequacy" of the umpire referral system being used in the World Cup. The board (BCCI) also said it resented the governing body's general manager Dave Richardson's criticism of India captain Mahendra Singh Dhoni, who had criticised the technology on Sunday. "The inadequacy of the
UDRS has been exposed in the CWC 2011. The group stage match between India and England was a case in point which clearly brought out the inadequacy of the system," BCCI secretary N Srinivasan wrote in his letter to ICC chief executive Haroon Lorgat. "ICC in consultation with Hawkeye formed playing conditions which specifies when the umpire can rely on Hawkeye and when he cannot. This itself is an admission on the question of reliability of the
system including ball tracking technology." The UDRS debate stemmed from Ian Bell's apparent let-off for leg before in England's thrilling World Cup Group B tie against India Sunday. India captain Mahendra Singh Dhoni criticised what he called the "adulteration of technology with human thinking." Richardson was subsequently quoted in the Indian media as saying Dhoni would not have criticised UDRS had he been aware of the rule.-Reuters
Malinga says picked up lot from Waqar, Wasim COLOMBO: Sri Lanka fast bowler, Lasith Malinga, who became the first bowler in World Cup history to take two hat-tricks, has said that he learnt to bowl his deadly yorkers by watching Pakistan's legendary pair of Wasim Akram and Waqar Younis. Malinga ran through the hapless Kenya batting to take a career best 6 for 38 runs, and pick up the Man-of-the-Match award, as the opposition crumbled under
his assault for a mere 142 runs. "This is a slow pitch and bouncers will not work so I decided to go for yorkers," Malinga said. "I didn't have any idea of how to bowl a yorker when I first came into the national team but I was taught how to bowl them by Champaka Ramanayake and Rumesh Ratnayake (two former Sri Lanka fast bowlers). "I also watched Wasim Akram and Waqar Younis bowl
and I learnt a lot from them." Malinga missed his side's opening two matches with a sore back, but came back strongly to take the wickets of Tanmay Mishra, Peter Ongondo and Shem Ngoche with successive, full, swinging deliveries, with the latter two having their stumps rearranged. His hat-trick was spread over two overs - the last ball of his seventh and the first two balls of his eighth.-Reuters
Aus economy picks up; commodities to spur boom SYDNEY, March 2 (Reuters) - Australia's economy grew a solid 0.7 percent last quarter as businesses boosted investment even as consumers reined in their spending, a benign mix for inflation that favours steady interest rates. That was up from just 0.1 percent in the third quarter while annual growth in gross domestic product (GDP) held at 2.7 percent, keeping the resource-rich country on track for its 20th straight year without a recession. Damage from flooding and Cyclone Yasi will take a toll on this quarter, with Treasurer Wayne Swan estimating growth could be reduced by a full percentage point. Yet analysts remain confident that growth will quicken over the next few years as Chinese and Indian demand for commodities fuels a oncein-a-century boom in trade and mining investment. "This year will get off to a soggy start, but with a big rebound in the second half," said Stephen Walters, chief economist at JPMorgan. "It is going to seem really sluggish and then it is going to be the biggest boom you have ever known." The fourth-quarter GDP figures were in line with market expectations. For now, investors concluded the mix of consumer caution and rising business investment would allow the Reserve Bank of Australia (RBA) to keep its cash rate at 4.75 percent for a few months yet. The central bank has already led the developed world by raising rates by 175 basis points and considers itself ahead of the game on inflation. Interbank futures imply lit-
tle risk of a move until late in the year, with August a 50-50 proposition and a hike to 5 percent not fully priced in until November. The central bank still expects annual economic growth to sprint ahead to 4.25 percent by the end of this year, largely thanks to a record expansion in business investment. There were early signs of this trend in the fourth quarter of last year as business spending on machinery added 0.3 percentage points to the rise in GDP. A buildup in inventories added another 0.8 percentage points to growth, making up for falls in the previous two quarters. Government spending also added to growth, helping compensate for another soft quarter of household consumption. Australian consumers have been unusually frugal in the last couple of years as the shock from the global financial crisis led many to save more. The savings ratio held up at 9.7 percent in the fourth quarter, near a decade high. Should this caution persist, a big unknown, it would lessen pressure for further rises in interest rates. For all of 2010, the real value of goods and services produced amounted to A$1.3 trillion, or A$58,142 for every man woman and child in the nation of 22.5 million. That's above the U.S. per capita income of $42,773 (A$42,350). The income side of GDP looked strong again with a hefty 90,600 jobs created in the quarter, brisk wages growth and an historically high terms of trade. Indeed, the terms of trade, or the ratio of export to import prices, rose a further 1.1 per-
cent in the fourth quarter to be a huge 22 percent higher for the year. This is showering cash on the economy through higher profits, investment, employment, wages and tax receipts. The impact shows best in nominal GDP which grew 1.2 percent in the quarter and 8.8 percent for the year, a furious pace usually only enjoyed by developing nations. The boom looks set to continue with Australian commodity prices climbing to new peaks in the last two months and mining firms revising up already ambitious spending plans. Australia's official commodity forecaster this week predicted export earnings from resources would rise 29 percent in the year to June 2011, and a further 14 percent the following year to reach a staggering quarter of a trillion dollars. The agency also believes earnings would keep climbing until at least 2015/16, when they would reach A$290 billion. Seeking to make the most of sky-high prices, miners have embarked on a record-breaking investment spree. Spending is set to rise 58 percent in the year to June, and then a further 38 percent in 2011/12 to reach A$76 billion. "The buoyant business investment story and its call on labour looks more convincing and our own forecasts are for a return to a doubledigit pace of investment this year and next," said Su-Lin Ong, a senior economist at RBC Capital Markets. "Accordingly, we remain of the view that the RBA will remain pre-emptive in its approach and our base case is for further modest tightening this year."-Reuters
Euro zone PPI sees record monthly increase BRUSSELS: Euro zone producer prices rose in January at the highest rate in the history of the single currency, data showed on Wednesday, further testing the inflation-fighting credentials of the European Central Bank. The European Union's statistics office Eurostat said prices at factory gates in the 17 countries using the euro rose 1.5 percent month-on-month in January for a 6.1 percent yearon-year rise. The latter figure was the highest since September 2008. Economists polled by Reuters had expected a monthly rise of 1.0 percent and an annual gain of 5.6 percent. The jump in producer prices, which translate into consumer price increases unless absorbed by intermediaries and retailers, was chiefly driven by a 3.2 percent monthly increase in energy costs, which translated into 12.5 percent annual rise. ECB policymakers are to due to meet on Thursday, and with euro zone inflation well above its target, markets expect the central bank to sharpen its antiinflation rhetoric. Howard Archer, chief economist at IHS Global Insight, said he expected the ECB would not raise interest rates from a record low of 1.0 percent until the final quarter of 2011. "However, we acknowledge that there is a growing risk that the ECB could hike rates before the fourth quarter," he said in a note issued after the PPI release. Excluding construction and energy costs, January producer prices rose 0.8 percent monthon-month, the data showed. The figures confirm price pressures in the earlier stages of the production process. "The latest growth and inflation figures will stir an interesting discussion at Thursday's meeting of the Governing Council, to say the least," said Peter Vanden Houte, Chief Economist at ING Belgium.Reuters
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President Zardari asked MPAs to ensure transparency in every move and not to annoy their coalition partners. He said that he has been avoiding responding to the criticism of adversaries for the sake of the country's interest. Shazia said that President reiterated that PPP was a political force and its doors were open for all the political forces. Referring to split with PML (N) in Punjab, the President said that PPP did not part ways with PML (N) and we tried to go along with them as much as we can. Sharmila Farooqui said that the president suggested MPAs to be careful in their statements and utterances to avoid reaction from negative forces. He told MPAs that their performance was being watched and monitored. "I have been monitoring your performance and ascertaining how many times you visit your constituencies" he added.
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Apparently not satisfied with Mattis' response, Webb said: "The concerns that I have is that if we are funding programs that they otherwise would be funding or they are able to take that money in order to increase their nuclear arsenal, it's not a healthy situation for the region and for us, in my view". At the same Senate Committee hearing, Admiral Eric T Olson, Commander of US Special Operations Command noted that Pakistan needs to do more in this war against terrorism, even though it has taken considerable steps in this regard. "I would say in many ways Pakistan is behaving as a great ally and taking much risk upon their selves. But there is perhaps more that can be done. I think that the seniorlevel dialogues that are taking place are very productive in this regard," he said. "While US-Pakistan military cooperation has improved in some respects, the Pakistani army has not yet gone after the sanctuaries for the Haqqani Network in North Waziristan or the Afghan Taliban in and around Quetta, Pakistan," he said. "Part of the reason these groups exist is together with Pakistan we helped create some of them," he said. "Especially telling is the number of junior officers they've lost, indicating an aggressive effort against these areas," Mattis said. "But I think, too, it is the most difficult terrain I have ever operated in my 39 years in uniform. And the Pakistan military's movement against these folks is continuing. -Online
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Moreover, on another petition filed by Siddique, LHC Chief Justice Ijaz Chaudhry remarked as to why the United States government should be made a party to the case. The court subsequently adjourned the petitions' hearing to March 14.-Online
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But rebels, backed by mutinous army forces and their weapons, have managed to repel those attacks and held on to Zawiya so far. Also Wednesday, warplanes bombed an ammunition depot on the outskirts of the rebel-held eastern city of Ajdabiya, about 40 miles northeast of Brega and 85 miles south of Benghazi on the Mediterranean coast. Libyan forces have launched repeated airstrikes during the two-week revolt but all of them have been reported to target facilities that store weapons in areas controlled by the rebellion. However, some air force pilots have said they bailed out because they were ordered to bomb civilians. Gaddafi's son Saif-al-Islam has repeatedly denied that airstrikes have been used against civilians though he has acknowledged bombing weapons depots. Gaddafi supporters also have said they were in control of the city of Sabratha, west of Tripoli, which has seemed to go back and forth between the two camps in the past week. -Agencies
11 US private sector adds jobs in February
International & Continuation
Thursday, March 3, 2011
had reported he was continuously receiving threats from fanatic elements and he made a request to government to provide him a bulletproof vehicle. While the assassination was carried out, security guards were not accompanying Shahbaz Bhatti because he refused to take them with him. Following his statements pertaining to amendments in blasphemy law, fanatic groups had sternly reacted warning government to take notice of such statements, otherwise be ready to face the music. -Online
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Justice Iftikhar said that issue of law and order in Balochistan has become very sensitive and we can not sit silent over it. Attorney General submitted a detailed report about the steps taken by the federal government in Balochistan. Chief Justice directed the federal and provincial governments to work jointly for improvement of law and order in the province. The court also summoned the Chief Secretary Balochistan in next hearing with a written statement. The hearing of the case was adjourned till March 8. -INP
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"We also had a difficulty with them regarding what was called the Pressler amendment. You know, Admiral Mullen is fond of saying that every single soldier in the Pakistani military knows what the Pressler amendment was, and not a single American soldier does, because it had such an impact on ending training and ending militaryto-military relationships, and again, to our detriment." She also highlighted Pakistan's anti-militant success over the last two years. "If you look at what they have done since the last time I testified before this -- first time I testified before this committee in early '09 and I said then that the Pakistanis were ceding territory to the terrorists, they were not going after them in their own country with their own military, that's been 180 degrees. They have taken a lot of losses. They have pursued those extremists who are attacking them. They have worked with us to go after extremists who are attacking our troops and our interests. "But it is a constant calculation about how best to work with the Pakistani government." Pakistan, she noted, has "a lot of internal pressures that make it difficult for them, but I would say, sitting here testifying before this committee, that in the last two years, we've made progress, but we have a long, long way to go before we can see the kind of stability that we think is necessary for the region and for American interests." -Agencies
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Premier also expressed condolence remarks for his heirs and said government equally shares the grief of his demise. He said government would also call in a meeting of parliamentary leaders to discuss the security issues of political leaders of all parties. He further said cabinet's defense committee would also take up this issue so to take all the stakeholders on board pertaining to steps taken. Following request of PM Gilani, Speaker NA Fehmida Mirza announced that discussion on this issue would be held on today's (Thursday) session. -Agencies
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who had spoken out against the anti-blasphemy law, received several wounds. Bhatti was traveling without security, having left two police escorts at home, Durrani said. "There was no protection when he left the house," the police chief said. "There was just a private driver with him. We don't know about the minister's thinking, but we had provided him two escorts because he was under threat." Al Qaeda-linked Pakistani Taliban militants, fighting to bring down the state, had called for Bhatti's death because of his attempts to amend the law. A militant spokesman, Sajjad Mohmand, said they had killed him. Continued from page 12 No #5 "He was a blasphemer like Salman Taseer," Mohmand said by It is pertinent to note some of the close aides to Shahbaz Bhatti
NEW YORK: U.S. private sector employers added more jobs than expected last month in a sign of steady improvement in the labor market, ahead of the closely watched non-farm payrolls report from the U.S. Labor Department on Friday. Employers added 217,000 jobs in February, the ADP Employer Services report showed on Wednesday, above expectations for a rise of 175,000. January's figure was revised higher by 2,000 to 189,000. Economists said the private-sector hiring indicates improvement in the labor market, though they noted the month-to-month changes in ADP's report are not always good predictors of Friday's larger jobs numbers. "The rise in ADP in February, taken with other indicators like claims and (Institute for Supply Management) employment, is consistent, we reckon,
with official private payrolls rising by about 250,000," Ian Shepherdson, chief U.S. economist at High Frequency Economics wrote in a research note. Shepherdson said he now expects overall payrolls to rise by 225,000, up from his previous forecast of 200,000. Economists polled by Reuters forecast Friday's report will show a rise in private sector payrolls of 190,000 and a rise of 185,000 in overall nonfarm payrolls. U.S. stocks moved up slightly after the start of trading. Earlier on Wednesday, data showed the number of planned layoffs at U.S. firms rose in February to its highest level in 11 months as government and non-profit employers let workers go. While the ADP private sector payrolls data and the U.S. Labor Dept data for private payrolls generally
trend in the same direction over time, in the short term there are often discrepancies. Gains in the service sector helped fuel the rise in private employment, ADP said, along with improvements in the goods producing and manufacturing sectors. "In our data set, at this point there is just an unambiguous signal that payroll employment has picked up," said Joel Prakken, chairman of Macroeconomic Advisers LLC, which jointly developed the private-sector hiring report with ADP. Construction employment fell in February, however. Prakken said data in recent months suggests job losses in that sector have bottomed out. Later on Wednesday, investors will get a snapshot of the health of the U.S. economy when the Federal Reserve's Beige Book of economic conditions is released.-Reuters
telephone from an undisclosed location. Furthermore, President Asif Ali Zardari and Prime Minister Syed Yusuf Raza Gilani have strongly condemned the assassination of the Federal Minister for Minorities Affairs, Shahbaz Bhatti. PM visited the local Al-Shifa hospital, where Bhatti's body had been transferred soon after his assassination. He ordered an inquiry into the incident, and said such acts would not deter the government's resolve to fight terrorism and extremism. President Zardari, who is presently in Karachi, immediately sought a report of the incident. -Agencies
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$34.90 an ounce, which marked the highest level in 30 years. "Gold hit a new record high again today as risk aversion took hold in the market as Libya looked like descending in to civil war," said analyst Ian O'Sullivan at financial betting group Spread Co."The weaker dollar is helping to lift the price of gold, as well as the usual high demand for safe haven buying with the current Middle East situation and inflation concerns. "Silver also hit a new 30 year high as the demand for silver also continues unabated." A struggling US unit can make dollar-priced commodities like gold and silver cheaper for buyers holding rival currencies. The precious metals draw strength in times of geopolitical turmoil because they are regarded by many investors as a safe haven. -APP
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"defamation of religion" that opponents say could be used in the same way. Pillay, who was earlier dismissed as "pawn" of the West by Zimbabwe in the 47-member Human Rights Council, urged Pakistan's government to honor the courageous stand of the two dead men by supporting them on blasphemy. "To do otherwise will encourage similar acts of violence and lawlessness as a means of scaring governments off from making much needed human rights reforms," she said. "Experience around the world has shown that blasphemy laws often become a doubleedged sword," she said. They were open to abuse "and lead to violations of freedom of expression, freedom of religion, and ultimately the right to life." -Reuters
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country's performance for the possible release of a sixth loan tranche, delayed since August last year. The team is expected to stay until March 8. The two measures could be an alternative to a key condition for the release of the sixth tranche: the implementation of a reformed general sales tax (RGST). The IMF and international donors are demanding Pakistan tax more of its economy. Neither government nor IMF sources would comment on the RGST, which has stalled in parliament. -Reuters
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presently in the process to amend SRO 165 (1)/2010, dated 10-03-2010 to sort out the issues hindering sanction of legal refund claims due to the difference in tax paid on purchases vis-Ă -vis tax charged on supplies. He said a clarification regarding admissibility of Rule 34 of the Sales Tax Rules, 2006 is also being issued by the board to remove confusion prevailing in certain quarters regarding the mode and procedure of its payment. He said the scope of expeditious refund system has been extended to the entire country including Regional Tax Offices established at Peshawar and Abbottabad to ensure payment of admissible sales tax refund to exporters within seven days. -APP
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for several years to work on Sandak Project but it was not implemented, he stated. Now the agreement was reached with Chinese company and it was running successfully, he said. Khalid contended that a Chinese company carried out the Sandak Project after a Pakistani company failed and the project was closed for six years. About Rekodiq case Khalid Anwar contended BHP Company had not filed any application seeking any relaxation in rules and on the other hand such application was given by BDA. The Chief Justice questioned the issue of relaxation of mining rules on the dictation of company. He said that they had mentioned that laws should not be persons-specific or company-specific. "In Sandak Project, no rules were relaxed. Various projects are going on in different parts of the country including Kohat, Khyber-Pakhtunkhwa, from Sherani to Bela in Balochistan, but there is not a single precedent showing such relaxation," he added. The hearing has been adjourned till Monday. -Agencies
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Foreign Secretary Salman Bashir has directed Pakistan's Ambassador Athar Mahmood in Tunisia, Seema Naqvi in Egypt and Tariq Azizuddin in Turkey directing them to take care of Pakistanis who reach in their countries after fleeing Libya, she said. Janjua said that the Pakistan government would pay the travelling expenses of the deserving Pakistanis. The Spokesperson said the task-force set up at the Foreign Office for the evacuation of Pakistanis from Libya was working round the clock. She said that the Foreign Secretary was in constant touch with the missions in Tripoli, Cairo, Algiers, Tunisia and Turkey. -APP
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that ADB would put in place a monitoring cell for efficient and transparent utilisation of funds and this cell would operate in close coordination with the Ombudsman office for achieving the desired results. The Ombudsman Sindh Asad Ashraf Malik appreciated the help being rendered by ADB for the flood affected region and assured them of his full cooperation and assistance within the legal framework of Ombudsman Act. The Ombudsman agreed to provide technical assistance if ADB provides required funds for engaging qualified personal. Asad Ashraf Malil further said that Ombudsman's regional offices could also assist ADB in the matter. Mian Shaukat Shafi and Principal Social Development Specialist of the resident mission in Pakistan Rumani Jayewardene appreciated the gesture of Ombudsman to help them in the efficient monitoring of the proposed projects. Javed Ishrat Secretary, Ombudsman Secretariat was also present in the meeting.
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"This indicates there is decent support for the FTSE which continues to face considerable headwinds from the unrest in the Middle East which is keeping oil prices inflated." The FTSE closed off its session low of 5,865.92 as Standard Chartered, up 4.6 per cent, and some short-term technical support helped limit losses. Profit at Standard Chartered jumped 19 per cent in 2010 and the Asia-focused bank said it was off to a record start this year as China, India and other Asian markets boomed. The results sparked a rally in banks with Lloyds Banking Group and Barclays up 1.6 and 0.4 per cent respectively. Technical factors have prevented sharper falls in the short term, but point to weakness further ahead, Nicole Elliott, technical analyst at Mizuho Corporate Bank said. "There is decent support between 5,800 and 5,850," she said, adding that it had limited the downside since early December. "Trouble is I think that since then we have also formed a 'rounded top', so pressure for a break below here is increasing," she said.-Retuers
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"Investors may be assuming that there will be a premium to the current Yahoo Japan share price when they are sold," said Makoto Kikuchi, chief executive officer at Myojo Asset Management Japan. "If the deal is finalised, it means that Yahoo Japan will completely be under Softbank's umbrella. While Softbank focuses on its mobile phone business, Yahoo Japan will likely strengthen its Internet and cell phone content businesses so there will likely be synergy."-Reuters
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CM Qaim, MPAs call on President
Govt won't bow down to terror: Zardari Staff Reporter/ Agencies KARACHI: President Asif Ali Zardari said Wednesday that Shahbaz Bhatti fell victim to the negative mindset and intolerance that also took the lives of Shaheed Mohtarma Benazir Bhutto and Punjab Governor Salman Taseer. Talking to PPP members of Sindh Assembly at Bilawal House, he said that this is the war of ideology and reiterated that PPP adheres to the vision of Shaheed Mohtarma Benazir Bhutto of political reconciliation. "We have to fight this mindset and defeat them. We will not be intimidated nor will we retreat", he vowed. Briefing the newsmen about the meeting, provincial Minister for Energy Shazia Marri and Sharmila Farooqui of PPP's women wing said that the meeting was convened by the President to review development work and follow up of rehabilitation in flood affected areas. Sindh Chief Minister Syed Qaim Ali Shah, Acting Governor Sindh Shehla Raza, PPP legislators and senior offi-
cials attended the meeting. The meeting observed one minute silence to pay tribute to the departed soul of Shahbaz Bhatti. Shazia Marri said that the President told legislators that Peoples Party is the party of moderate approach and the people with negative mindset were trying to push it back. He focused on the spirit of reconciliation and urged the MPAs to follow the spirit espoused by Shaheed leader. The President advised the MPAs to expedite the development work in their areas and solve the problems of their constituencies. While praising all political parties in the country, the President said that they have extended the support to the government in legislation process including the passage of 18th Amendment despite their different manifestos. The President expressed his desire to serve the people without entering into any confrontation with political forces and resolve the problems of the people with the smile. See # 1 Page 11
Pentagon to make sure funds don't go into N-program
Aid to Pak comes under US scanner WASHINGTON: The US has a strong fund tracking system to make sure that Pakistan does not use any direct US money to strengthen its nuclear program, a top Pentagon official told lawmakers who expressed concern over American aid money to Islamabad given reports that the country has doubled its atomic stockpile "I'm confident there is no direct funding going to their nuclear program because of my confidence in tracking the cost we are reimbursing them for now," General James N Mattis, Commander of the US Central Command said at a Congressional hearing convened by the Senate Armed Services Committee.
Thursday, March 3, 2011
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Fauzia, Sherry security stepped up ISLAMABAD: Federal Government Wednesday beefed up the security of several other prominent political liberalists including Sherry Rehman and Fauzia Wahab following the brutal killing of Federal Minister for Minority Affairs, Shahbaz Bhatti. According to media reports, after the assassination of Shahbaz Bhatti, security of former Federal Information Minister, Sherry Rehman and PPP's former Secretary Information, Fauzia Wahab was a significant question. Federal government, viewing the circumstances and intermittent threats being received from the extremists, tightened the security of both PPP workers. See # 5 Page 11
Top court summons CS B'stan ISLAMABAD: Supreme Court of Pakistan Wednesday summoned the Chief Secretary Balochistan to submit reply over the issue of worsening law and order situation in the province. The SC bench headed by Chief Justice Iftikhar Muhammad Chaudhry heard the petition regarding poor law and order situation in Balochistan and role of the security forces and provincial government to deal with the situation. Chief Justice Iftikhar Chaudhry in his remarks said that the judges, lecturers and professors were being kidnapped in Balochistan. He said that maintenance of law and order is not the responsibility of judiciary. He said the court did not need a political statement but the factual position. See # 6 Page 11
The statement came after lawmakers expressed concern over recent reports that Pakistan has doubled its nuclear weapons and the stockpile has crossed the 100-figure mark. "Obviously, they have their own funding, and whether or not they would spend some of that elsewhere, if we weren't reimbursing," Mattis said. Senator Jim Webb said while Pakistan may not be using US money directly to fund its nuclear program but expressed apprehension that American assistance in other areas LONDON: Pakistan could could have helped the country divert become the UK's biggest aid recipient by 2015, reported the BBC. its own money. Plans unveiled by the See # 2 Page 11 International Development Secretary Andrew Mitchell indicate aid could more than double, reaching ÂŁ446m ($726m) a year. But Pakistan's government will have to introduce real reforms in order to secure the funding, officials say. They say authorities should push for the extra investment by tackling corruption and tocol on access to diplomat. According to a news item, the US introducing economic reforms had withdrawn from the optional pro- like broadening the tax base. "If Pakistani politicians are tocol to Vienna Convention on failing to pay their own taxes, Consular Rights Proposed in 1963. the aid will get harder to justiThe applicant said the then secretary of state Condoleezza Rice had fy," one official said. informed UN Secretary-General Kofi Half of the spending will be Anan about her administrative deci- on education, one of Pakistan's sion to withdraw from the protocol in greatest weaknesses. a letter of March 7, 2005. In response, Islamabad said it The applicant said America intended to was raising more taxes from its move ICJ during the pendency of the cur- wealthiest citizens and urged rent petition and there was possibility that improved access to EU markets to either the US or Pakistan might take such boost Pakistan's economy. -Online action which could ultimately oust the jurisdiction of this court on the matter. See # 3 Page 11
TRIPOLI: Libyan President Moammar Gaddafi gestures to his supporters during a speech here on Wednesday. -Reuters
Engagement is way forward with Isb: Clinton
US says ties with Pak like walking a tightrope WASHINGTON: The United States' on-again, off-again relationship with Pakistan over past several decades has been to Washington's detriment, Secretary of State Hillary Clinton said in an emphasis on pursuing stable bilateral ties. Clinton believed in an appearance before a key Congressional panel that a combination of civilian and military engagement with Pakistan provides the way forward in the US relations. "I do think it's fair to say that our onagain, off-again relationship going back 30, 40 years has been to our detriment," she reminded members of the House Foreign Affairs Committee amid lingering row over status of CIA contractor Raymond Davis, who is under detention since killing two Pakistanis in Lahore
last month. "There's nothing easy about this. And striking the right balance is a constant calculation, but we think that we have no way forward other than to continue to engage both civilian and military with the Pakistanis," Clinton said. She was responding to a question by Congressman David Cicilline, who wanted to know how the administration balanced its interest in strengthening US relationship with Pakistan and at the same time deal with the extremism threat along its Afghan border. Her remarks on the Capitol Hill, where Clinton advocated the significance of US assistance for Pakistan and Afghanistan, appeared to be part of an attempt to ease tensions that emerged in the US Pakistan relationship after early rhetoric on
Raymond Davis episode. The top American diplomat said the US ties with Pakistan should be seen in a historical context. "We enlisted the Pakistani people and government in our efforts to push out the Soviet Union out of Afghanistan, which was one of the contributing factors to the fall of the Soviet Union. Then we accomplished that and we left. And we left them with jihadis and with drugs and with -- awash in guns and money. And unfortunately, we saw some of the results that flowed from that." Clinton also referred to the harm wrought by the Pakistan-specific Pressler Amendment on bilateral relations when the US imposed discriminatory sanctions on Islamabad in the 1990s. See # 7 Page 11
Pak may top UK aid list
Davis Case
LHC admits plea on media reports LAHORE: Lahore High Court (LHC) admitted for formal hearing a petition requesting the court to make media reports regarding Raymond Davis part of the case record. According to media reports, petitioner Advocate Muhammad Azhar Siddique had stated that media reports regarding Davis' status should be made part of the record in the diplomatic immunity case so that the court's verdict takes various aspects of the case into consideration. The applicant referred to various news items and reports in foreign media with respect to the US government's intention that it had withdrawn from Vienna Convention having pro-
Rebels fight Gaddafi forces over oil port
Gaddafi swears to fight till last man TRIPOLI: Strongman Moamer Gaddafi vowed on Wednesday that he would never step down as Libyan leader because he was "not a president to resign, or a king to step off the throne." Gaddafi appeared at a televised public rally in Tripoli among loyalists of his regime as rebels fought back his forces east of the capital. Meanwhile, witnesses say government opponents are fighting forces loyal to leader Moammar Gaddafi for control of a key oil installation and airstrip on the coast of rebel-held eastern Libya. They said the oil facility in the town of Brega had earlier on Wednesday fallen in the hands of a pro-Gaddafi
force that arrived in the area in a huge convoy from the regime stronghold city of Sirte to the west. Gaddafi's forces are escalating a counteroffensive after government opponents over the past two weeks seized control of the eastern half of the country and several cities and towns in the western half near the regime stronghold in the capital Tripoli. On Tuesday, loyalists pushed back rebels from towns near Tripoli where Gaddafi appears to be in full control. They also kept up military operations for a second straight day to try wrest back Zawiya, the city closest to the capital which is in the hands of government opponents. See # 4 Page 11
Pak, China initiate missile boats JV
BEIJING: Pakistan and China have embarked on a joint venture for the construction of two missile carrier boats in the Chinese port city of Tianjin. Under the joint venture signed between Pakistan Navy and China Shipbuilding and Offshore International Company, two boats capable of carrying missiles would be manufuctured simultaneously in Pakistan and China. Vice Admiral Tanveer Faiz Ahmed was the chief guest at the keel laying ceremony in China. The second boat would be built at Karachi Shipyard and Engineering Works. The boat would be equipped with the latest weapons. Their sensors would be an important addition to the fleet of Pakistan Navy. -APP
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