International Karachi, Wednesday, November 3, 2010, Zul-Qa’dah 25, Price Rs12 Pages 12
Global crises have cost 30 million jobs: IMF Economic Indicators
Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
CS Punjab given Nov 10 deadline
See on Page 12
Justice Qazilbash quits
See on Page 12
Replying in House PM rules out mid-term polls
$16.88bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.95mn
Forex Reserves (22-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10)
Blasts kill at least 62 across Baghdad
PM says won’t dissolve NA Army would not impose martial law, committed to save Constitution
Portfolio Investment
Special Correspondent
SCRA(U.S $ in million)
104.72 55.50 0.54 2532
Yearly(Jul, 2010 up to 29-Oct-2010) Monthly(Oct, 2010 up to 29-Oct-2010) Daily (29-Oct-2010) Total Portfolio Invest (22 Oct-2010)
NCCPL (U.S $ in million)
FIPI (02-Oct-2010) Local Companies (02-Oct-2010) Banks / DFI (02-Oct-2010) Mutual Funds (02-Oct-2010) NBFC (02-Oct-2010) Local Investors (02-Oct-2010) Other Organization (02-Oct-2010)
1.19 -1.93 2.41 1.03 -0.82 -1.58 -0.30
Global Indices Index Close KSE 100 10,681.87 Nikkei 225 9,159.98 Hang Seng 23,671.42 Sensex 30 20,345.69 ADX 2,763.66 SSE COMP. 3,045.43 FTSE 100 5,759.56 *Dow Jones 11,187.93 *Last Updated 20:00 PST
Change 143.60 5.26 18.48 9.94 39.76 8.59 84.40 63.31
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)
$.Price PKR/Shares 2.60 111.51 19.00 162.98 2.00 42.89 1.70 36.46 9.79 33.59
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
20-Oct-2010 20-Oct-2010 20-Oct-2010 29-Sep-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010
12.77% 13.08% 13.22% 13.50% 12.67% 12.99% 13.22% 13.62% 13.71% 13.65% 13.74% 13.83% 14.21% 14.34% 14.50%
Commodities *Crude Oil (brent)$/bbl 85.33 *Crude Oil (WTI)$/bbl 83.83 *Cotton $/lb 134.26 *Gold $/ozs 1,354.70 *Silver $/ozs 24.83 Malaysian Palm $ 1,004.00 GOLD (NCEL) PKR 37,440 KHI Cotton 40Kg PKR 8,895
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.00 Canadian $ 84.30 Danish Krone 15.00 Euro 118.80 Hong Kong $ 10.85 Japanese Yen 1.052 Saudi Riyal 22.80 Singapore $ 66.10 Swedish Korona 12.30 Swiss Franc 88.30 U.A.E Dirham 23.30 UK Pound 136.50 US $ 85.70
Sell (Rs)
86.00 85.30 15.40 120.70 11.09 1.078 23.00 67.10 12.80 88.80 23.50 137.50 86.00
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.55 84.65 16.00 119.33 11.06 1.065 22.87 66.51 12.84 86.50 23.35 137.68 85.78
85.75 84.84 16.04 119.61 11.09 1.067 22.92 66.66 12.87 86.70 23.40 138.00 85.96
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
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IMF annoyed at slow reforms KARACHI: The International Monetary Fund has expressed its displeasure and concerns over slow pace of energy sector reforms and revised general sales tax in Pakistan, officials said on Tuesday. IMF and Pakistani officials are meeting to discuss the release of the sixth tranche of an $11 billion emergency loan agreed in November, 2008, which has kept the economy afloat. "Though things are not very good, it is still too early to say
whether the sixth tranche is in danger," said a government source. If the IMF does not approve the release of the sixth tranche other donors would be hesitant to provide aid or loans as well, which would threaten Pakistan's economic stability. "Staying in the IMF programme has a lot of signalling value to other donors, that the country is on the right track and is subject to quarterly reviews," said Asif Qureshi, director at Invisor Securities
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Ltd. The reforms are politically sensitive for the unpopular government which faces a host of problems, including an insurgency. Failure to enact the reforms could undermine efforts to secure reconstruction aid and pile more pressure on the economy, which was already fragile before the disaster. Underlining concern about the pressure on the economy, the Senate, parliament's upper See # 14 Page 11
Steps afoot to resolve issue: Hina
US midterm
Pepco blamed for circular debt
Americans go to polls
Special Correspondent ISLAMABAD: State Minister for Finance Hina Rabbani Khar nominated Pepco as the core department responsible for circular debt, which continued to face frequent ups and downs. Responding to a point of order in the National Assembly Tuesday, Hina said massive reforms were introduced to figure out the issues of Pepco, which started yielding desired results. The minister admitted income tax primarily impacted salaried class, however, she said direct tax accounted for
Rs527 billion during last year, which were up to 40 per cent of the total revenue. Hina espoused the proposal for imposition of taxes on everyone, arguing unless such taxation took place moral responsibility was not going to happen in the country. For this to take place, she said provinces had been authorised to carry out taxation. MNA PML-Q Marvi Memon feared country's security and sovereignty was compromised after Kerry-Lugar Bill, which enshrined supervision of Americans in each department See # 15 Page 11
Rs10bn allotted for agri-loans
SBP set to revive flood-hit farming KARACHI: In line with the Government of Pakistan policy for revival of agriculture activities and SBP relief measures for improving access to financing in flood affected areas, it has been decided to launch a concessional financing scheme through banks for agri-production/ working capital finance to Farmers and Small & Medium Enterprises (SMEs) in districts affected by recent flood as
notified by National Disaster Management Authority. Under the scheme financing will be provided at affordable/ concessional mark-up rates through banks/ DFIs for which Rs10 billion has been allocated. According to the SBP plans, agricultural credit shall mean only farm credit for meeting the production/working capital requirements. Banks shall provide See # 16 Page 11
Ebad intervenes; KESC assures better supply
Weather Forecast CITIES
Meeting with Fund for sixth loan tranche
Tanzeel ur Rehman
Inter-Bank Currency Rates Symbols
KARACHI: President Asif Ali Zardari chairing a high-level meeting to discuss alternative energy options for Pakistan, at Bilawal House. -APP
Khi traders jump strike-call-track Shiraz Ahmed KARACHI: Karachi industrialists have postponed an announced shutdown after Sindh Governor Dr Ishrat-ul
Ebad's assurance of better power supply, media reported Tuesday. Earlier, Sindh Governor chaired a meeting, which See # 17 Page 11
WASHINGTON: Americans went to the polls on Tuesday for Congressional elections that are expected to hand to the Republican party and significantly diminish the Democratic majority in the Senate, an outcome that will be seen as a repudiation of the Obama administration's first two years in office. As polling booths opened across the country on Tuesday morning, pundits were looking to turn-out for clues of whether the expected Republican "wave" will amount to a tsunami or more of a gentle lapping. "It's not a question of if, but how much," said David Hoppe, a former senior Republican aide in the Senate. Turn-out in midterm elections is generally a third lower than in presidential years, with those who do vote tending to be older and whiter, giving Republicans an advantage. See # 4 Page 11
SAfrica beat Pak by 2 runs DUBAI: Pakistan fell short of 2 runs to fetch a consecutive win against South Africa here Tuesday in Abu Dhabi Stadium. Proteas managed to hold Pakistan at 226, winning the third One-day with 2-1 lead in the series. Amla declared man-of-thematch due to his unbeaten 119. Earlier, Shahid Afridi won the toss the put South Africa into batting-test and managed to hold the upper hand through out the match, where Proteas struggling entire match managed to put on 228 runs on the scoreboard. Hashim Amla hit a battling unbeaten hundred as South Africa recovered to post 228 for the loss of nine wickets in See # 19 Page 11
ISLAMABAD: "I shall not dissolve the National Assembly whatsoever, and army will not impose the Martial law. We are committed to protect the Constitution and the Parliament, but ready for improvement if there was any positive contribution by the Opposition.” Prime Minister Raza Gilani expressed these views while answering queries in National Assembly on Tuesday. PM ruled out the possibility of mid-term elections or imposition of martial law, and said those talking of these options were in fact conspiring for the dismemberment of the country. Speaking on a point of order by PML-N member Hanif Abbasi, PM Gilani said midterm elections could only be held if he dissolves the Assembly or army imposes martial law. He said being Prime Minister having the powers to dissolve the National Assembly he will
never take this step rather he will go to any extent to protect the Parliament. Prime Minister said a handful of people are talking about Charter of Pakistan while on the other hand they are talking of martial law. He made it clear that those who desire for a martial law will never succeed in their designs as Pakistan Army is pro-democracy and will never impose martial law. He said the people talking of martial law should keep in mind that Pakistan Army will never indulge in conspiracies to impose martial law. He said those who desire dissolution of national assembly are not sincere with the nation and the country and are in fact conspiring to dismantle the country. He said he has offered to get brief about Charter of Pakistan and the Government is ready to talk on it but will never support mid-term election or martial law. He said those who are talking of midterm elections should see the results of the bye-elec-
tions and can also judge their popularity graph in the coming local body's elections. Prime Minister said political parties present in the national assembly enjoy public support and the government fully respect mandate of this political leadership. He said we are elected people and enjoy confidence of the masses and the parliament is the only forum to resolve national issues. He, however said the government is ready to sit with the opposition and talk to improve the situation in the country including improving governance. Meanwhile talking to media men, Prime Minister Gilani said that when the list of NRObeneficiaries will be provided to them then it will formally be handed over to the Supreme Court. PM said that the national players must be given full priorities as they are an asset. He said that they are heroes of the country and must be See # 9 Page 11
US Pakistan business community to raise $150mn
Pak businessmen in US mull donor's conference Special Correspondent NEW YORK: Representatives from the US Pakistan Business Council, International Medical Corps & Business Civic Leadership Center presided over the closing bell in support of Pakistan Flood Relief visited NASDAQ Market Site in Times Square on October 29. Mr. Najeeb Ghouri, Qaiser Madad, Shoeb khotawal,Dr. Asif Mehmood and Waqar Ali Khan were the prominent businessmen and community activists who played the key role in the event while Najeeb addressed the occasion. Najeeb in his address said that we will get the benefit of Nasdaq trade-screen and closing-bell ceremony at New York Stock Exchange and will go for
a sequel, this time by organising a donors' conference in January 2011, to help out the flood-affected people in Pakistan. The US Pakistan business community expecting some $150 million in fund-raising through this proposed donors' conference.
President gives nod to wind energy projects
Rs22 billion for Sindh approved Staff Reporter KARACHI: President Asif Ali Zardari has approved Rs22 billion for reconstruction of roads and bridges damaged by floods in Sindh. President gave the approval in a high-level meeting regarding reconstruction of damaged roads. Briefing to the media after the meeting, Arbab Alamgir told that 650 kilometer roads and 40 bridges were affected and Rs22 billion required for the reconstruction. He said that the plans of reconstruction of affected roads and bridges have been presented to President and he has directed to start the reconstruction work in province. He further said that affected roads have been restored on temporary basis however the duration of two years are
required for complete construction work of roads. Meanwhile, chairing another high-level meeting regarding alternative energy, President gave green signal to build wind energy projects in maximum number to overcome energy crisis in the country. Minister for water and power Pervaiz Ashraf, information minister Qamar Zaman Kaira, chairman Nepra, Khalid Saeed, chairman Wapda, Shakeel Durrani and other officials attended the meeting. The meeting also accorded approval to allocate 13000 acres land for alternative energy in Sindh. Talking to media, after the meeting, minister for water and power Raja Pervaiz Ashraf said the matters related to alternative energy were discussed in the meeting and it was decided See # 13 Page 11
The business community also decided to approach Committee Encouraging Corporate Philanthropy (CECP) who has more than 175 CEOs members - representing 150 major corporations. The US Pakistan business community also aims to invite See # 10 Page 11
Employees Fund Bill passes Senate ISLAMABAD: Senate on Tuesday passed the Federal Employees Benevolent Fund and Group Insurance Act, 1969. Nawabzada Ghazanfar Ali Gul, Advisor to the Prime Minster presented the Bill further to amend the Federal Employees Benevolent Fund and Group Insurance Act, 1969 [The Federal Employees Benevolent Fund and Group See # 11 Page 11
JCR-VIS downgrades UGIF Staff Reporter KARACHI: JCR-VIS Credit Rating Company Limited (JCRVIS) has revised the Fund Stability Rating (FSR) of United Growth & Income Fund (UGIF) See # 12 Page 11
2
Wednesday, November 3, 2010
Chief Secretary Sindh presides first board meeting
Sindh Bank all set for launch Bank will open 50 branches by year 2011 end; Bank set up with Rs10bn paid up capital Staff Reporter KARACHI: The first meeting of the Board of Directors of Sindh Bank was held here Tuesday under the Chairmanship of Ghulam Ali Shah Pasha, Acting Chief Secretary Sindh who is also the chairman of the Board of Directors of Sindh Bank. Welcoming the Board members, the Secretary Finance Department Sindh, Siddique Memon outlined the objectives and need for establishing this Bank and said that this Bank aims at improving the economy of the Sindh in particular and of country in general by introducing quality banking products services specially designed to cater for the needs of small entrepreneurs and farmers in order to equip them with much needed micro finance for their small business /investments, in addition the Bank will also provide normal banking services, he added. The Secretary further elaborated that this Bank
is being set up with a paid up capital of Rs10 Billion and is being establish in commemoration of Shaheed Mohtarma Benazir Bhutto who was also the first lady Prime Minister of Muslim World. He also said that the
of Sindh as the bank's first President/CEO who has vast banking experience of four decades and has remained President/CEO of various financial institutions of the country. The Secretary, Finance also informed that the bank will,
ing on the occasion congratulated the Board members and stated that the NOC for the said Bank has been issued by SBP and the Bank has also been incorporated with Securities and Exchange Commission of Pakistan.
karachi: Acting Chief Secretary Sindh, Ghulam Ali Shah Pasha presiding over the first Board Meeting of Sindh Bank here Tuesday.-Staff Photo
establishment of the said Bank is a commendable achievement of the present government and further that Bilal Sheikh has been appointed by Government
by the year end, establish five branches initially viz three in Karachi, one in Hyderabad and one at Naudero. Chief Secretary Sindh, Ghulam Ali Pasha speak-
He also said that Bank is being set up on the desire of the President of Pakistan and further stated that the said Bank will open 50 branches in the
country by the end of year 2011 with one branch in every district of Sindh Province and one each in every province of Pakistan. Pasha also pointed out that Sindh Bank will also provide affective services in flood relief activities also in collaboration with nation building departments; while the President and Chief Executive of Sindh Bank Bilal Sheikh assured the participants of the meeting that he and other officials of the bank will provide every facility and assistance to bank customers in order to help them in achieving their objective through micro financing so that their socioeconomic progress is uplifted. The meeting was attended amongst others by Mohammad Ishaq Lashari, Additional Chief Secretary (Dev.) Planning & Development Department who is also Director of the Bank, Javed Mehmood Director and by other senior officials of Finance Department, Government of Sindh.
President KCCI chairs AGM
PWA expenses top Rs45mn/yr Staff Reporter KARACHI: The annual expenditure of Patients' Welfare Association has exceeded Rs 45 million as presented in the audit report on Tuesday, November 2, 1010 during the 31st Annual General Meeting of the association in Arag Auditorium, Dow Medical College. The event presided by Mohammad Saeed Shafiq, president KCCI. PWA which is an independent non-political organisation run by the students of Dow Medical College has been working since 1979 for the provision of quality assured medical services free of cost to the patients of Civil Hospital Karachi. During the fiscal year June 2009-July 2010 , a total of 80510 fully screened blood bags were dispatched from the blood banks, diagnostic test requirements of over 43,000 patients were met, 11,353 patients benefited from the Drug Bank and a further 3532 patients from the follow up clinics. The services of PWA Blood Bank with regard to the provision of free of cost platelets and mega unit platelets for the patients of dengue were also highlighted.
WEDNESDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 (Rpt) 18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Akhri Sauda Tax Time (Rpt) Karobari Dunya Ghar Ka Kharch Chai Time News Aap Ka Paisa Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Kamyab (Rpt) News
TV PROGRAMMES WEDNESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News
AKU moot on ethical issues on 5th KARACHI: The Aga Khan University (AKU) is organising its 14th National Health Science Research Symposium on November 5. An official of the institution said here Tuesday that this year's theme is ethical issues in education, research and health care. Dr Farhat Moazzam, Chairperson, Centre of Biomedical Ethics and Culture, SIUT, will be delivering the keynote address on the occasion. Dr Rashid Jooma, Chairman, National Bioethics Committee will be the chief guest. The main focus of the experts in the conference would be on how a physician has moral obligations towards his patient based on the physicianpatient relationship. Ethical responsibilities regarding confidentiality of a patient's health record and other important ethical issues in education and research will also be covered in the conference, it was further pointed out. -APP
Warid Glow patrons inter-school games LAHORE: GLOW Pakistan's premium cellular youth brand by Warid - sponsors 3rd inter-school and inter-collegiate games. The games were organised by Punjab Olympic Association. The event took place on Monday at Punjab Stadium. Inauguration was done by Sardar Zulfiqar Ali Khosa, senior advisor to Chief Minister Punjab and Amer Aman, Head of Sales Warid Telecom. The event was witnessed by over 5000 people. The participation was made by over 225 schools and colleges from both
private and government sector. Glow has sponsored this event to promote youth talent and to inculcate their interest in games. Warid has always been a forerunner in promoting such events and will continue to promote. -PR
Speakers deliberate fire safety measures KARACHI: Speakers at a full-day conference on "Fire Safety" urged the government and concerned departments to strictly ensure the presence of "emergency exits" and fire extinguisher in every industrial, commercial and residential complex to for the safety of people. They noted that City District Government Karachi, Karachi Building Control Authority and other concerned departments are according approvals to
building without ensuring that safety measures are taken in the site plan according to the existing laws. The conference is being jointly held by City District Government, National
Health awareness seminar HYDERABAD: Liaquat University of Medical and Health Sciences Jamshoro is organising a daylong seminar today on "The role of media in health Awareness". According to Media Coordinator Dr Saroop Bhatia, the seminar will be held at the Video Conference Hall of IT Department Liaquat University where eminent journalists from Karachi and Hyderabad will highlight the importance of media in health awareness among the masses. Among others, the Vice Chancellor LUMHS Prof Dr Naushad Ahmed Shaikh, Dr Tahir Shamsi, Prof Munir Ahmed Junejo, Prof Faisal Ghani Siddiqui, Prof Hussain Bux Kolachi and Rehistrar Muhammad Saleh Rajar will also deliver lectures on the occasion. -APP
TAG Heuer celebrates 150th year
Khuda Zameen Se Gaya Nahi' won best drama, best writer awards KARACHI: The debut production of CRS Public Relations, 'Khuda Zameen Se Gaya Nahin', has won two awards in 'Best Drama' and 'Best Writer' categories at recently held 9th Lux Style Awards here at a local hotel. Khawar Azhar, the executive producer of this mega drama serial and COO, CRS Public Relations received the award of 'Best Drama Serial' while Asghar Nadeem Syed won the 'Best Writer Award'. Executive Producer Khawar Azhar while receiving the award said, "We at CRS perceive media as an instrument capable of bring-
ing positive change in the society and this is what precisely we have done in this project". 'Khuda Zameen Se Gaya Nahin' had the honor of having been selected for five categories of nomination which itself is a unique record considering the fact that no other production/serial was nominated in five categories. Winning of two awards at 9th LSA clearly endorsed that the popularity of the play cuts across all sections of society as people associated the characters with their loved ones fighting back for peace in Pakistan. -PR
Tetra Pak receives Asian CSR awards KARACHI: Tetra Pak, world's leading food processing and packaging company, won laurels for the country at the recently held Asian CSR Awards 2010 in Kuala Lumpur by winning the Excellence Award in the Poverty Alleviation category. The prestigious Award was given for Tetra Pak's entry entitled Dairy Hub: A Community Dairy Development Programme, described as a 'significant achievement' by the organisers, the Asian Institute of
Management (AIM), Philippines. In the 5 categories covered by the Asian CSR Awards, a total of 141 entries from 99 companies in 15 countries were received. "We are happy to receive this award. We believe that with the help of our customers we will make this project play a vital role in poverty alleviation and in improving the quality of life of the small dairy farmers," remarks Azhar Ali Syed, Managing Director Tetra Pak Pakistan. -PR
KARACHI: The Odyssey of Pioneers, the first world tour of an electric roadster ended with a cortege of artists and celebrities who came together for the occasion. Amongst them, Leonardo DiCaprio, who launched the tour NEWS-PHOTOS six months ago in Basel, HRH Prince Albert II of Monaco and Bernard Arnault, President of the LVMH Group, all committed to the same sustainable development goal. The festivities organised for TAG Heuer's 150th anniversary were brought to an impressive KARACHI: Chairman KATI, Syed Jauhar Ali Qandhari preclose. senting shielf to Deputy Director General EOBI Javed Iqbal. Driven by Elon Musk, VC Shahid Javed Qureshi, Director EOBI Javed Shaikh, M Yousuf, and Kashif Ali Khan also present. -Staff Photo Chairman and cofounder of Tesla Motors, the TAG Heuer Tesla Roadster made its entry into the Atrium at 22 av. Montaigne, applauded by over 400 guests. Jean-Christophe Babin, TAG Heuer's CEO, was there to also welcome Alain Prost, Jean Todt, Antoine Arnault and Gérald de Palmas, Cécile de LISBON: M Arif Balagamwala in Portugal World Philatelic Menibus. Exhibition 2010 Lisbon receiving gold medal in Pakistan "If I count all the Postal Stationary 1947-63 from Pedro Vaz Pereira Chairman World Records of which of EU Federation of Philatelic Associations. -PR we are so proud, I reach a total of over 50 patents, which means that every two or three years we have created a milestone in the history of watch making, declared Jack Heuer, Chairman of the brand. -PR
Samsung launches 12.2 mega pixel camera
Forum of Environment and Health (NFEH) and Fire Protection Association of Pakistan with the aim to promoted awareness about fire hazards and their pre- KARACHI: Samsung vention and safety.-PR Electronics announced its latest 12.2 mega-pixel Load-shedding increases production cost: IMC PL-90 digital camera featuring a built-in USB connector that enables direct connection with a computer without additional wires or cords. The PL90's integrated USB connector allows content to be shared easily, with the camera's plug Tauseef Mallick Indus Motor Company He said that the auto trous for the industry, he and play capabilities, said that prolonged load- industry is already crip- commented. including the Auto-install KARACHI: Indus Motor shedding is not only pled by increase in input Indus Motor Company intelli-studio software, Company Ltd (IMC) has increasing costs, but is cost due to the fast dimin- appeals to the authorities, to and instant access to any expressed deep concern also playing havoc with ishing value of rupee review the schedule of computer via the USB. over 8-hour daily electric- the production cycle and against Yen and US dollar, load-shedding as it is causIn addition, the PL90 ity load-shedding which forecasting process, rise in cost of raw materi- ing immense loss to the built-in USB connector is causing immense harm which in turn is increas- als and ever increasing production cycle and is also allows consumers to to the automobile manu- ing pressure on an indus- vendor costs. causing delays in vehicle charge the battery withfacturing industry. try already suffering from The harsh cycle of load- delivery schedule to the out a separate power A spokesperson of multiple challenges. shedding could be disas- customers. cord. -PR
Carmakers face heat of prolonged power cuts
CRS debut drama bags 2 Lux awards
KARACHI: Administrator SITE Town Imran Aslam being breifed about the spray machine to be used in drive against dengue in the city. -Staff Photo
KARACHI: Rafiq Rangoonwala CEO, Cupola Pakistan (Pvt.) Ltd, receives 1st Global CEO Excellence Award from Federal Minister for Petroleum & Natural Resources Naveed Qamar.-Photo Imran Sharif
PARIS: The first owner of the Monaco 24 Calibre 36, a concept watch inspired by racing cars and it was handed to Leoardo Dicaprio on stage by TAG Heuer’s CEO, Jean Christoper Babin. -PR
3
Wednesday, November 3, 2010
USD falls before Fed; Aussie at 28-year high
Swiss franc near 12-wk low vs euro
Aussie hits parity vs greenback for 2nd time since 1983 NEW YORK: The US dollar fell on Tuesday after a surprise interest rate hike from Australia and positive euro-zone economic news but analysts warned of a possible rebound if the Federal Reserve disappoints markets at the end of its policy meeting on Wednesday. Investors also awaited the results of US midterm elections on Tuesday and some analysts said a Republican win could be positive for the US currency on hopes for more fiscal austerity and reduced government regulation. But most investors have looked past elections and instead focused on a two-day meeting by the Federal Open Market Committee, which looks set to announce a second round of monetary easing on Wednesday. Markets widely expect the Fed to commit to
buying at least $500 billion in Treasury debt in the coming months. Much uncertainty surrounds the scope and pace of purchases, however, as well as the level of commitment by
policymakers. Analysts said the risk of a dollar recovery is building since the currency has sold off 8 per cent against a basket of currencies since September on expectations of the Fed printing more money via large purchases of US government debt. Short speculative dollar positions have stayed above $20
billion in recent weeks. In midday trading, the dollar index, which tracks the greenback against a basket of six currencies, was down 0.8 per cent at 76.687. The euro traded
as high as $1.4052 on EBS, buoyed by a pick-up in eurozone manufacturers' output. Traders, however, were skeptical that the euro will be able to sustain gains above this level given renewed worries about the region's sovereign debt issues. Ashraf Laidi, chief market strategist at CMC Markets in
Asian currencies
Broadly firmer ahead of Fed meet Laggard ringgit to catch up if Fed goes more aggressive SINGAPORE: The Taiwan dollar and the South Korean won led Asian currencies higher on Tuesday on expectations they will benefit if the Federal Reserve decides to buy more bonds and unleash more cheap money. Asian currencies that have underperformed over the past two months, such as the Malaysian ringgit and Indonesia rupiah, may catch up with the other currencies if the Fed decides to buy more than the $500 billion that many in the market expect, analysts said. On the other hand, outper-
forming currencies such as the Taiwan dollar and the won could be vulnerable to profit taking if the Fed decides to be less aggressive. The Taiwan dollar closed Tuesday at 30.699/USD after extending a rally to 27-month highs in early trade, rebounding from a suspected central bank move earlier in the day. Taiwan's currency hovered around 30.52/USD in early trade. Taiwan's central bank would step up intervention if easing in the United States caused hot money to flow into the Taiwan dollar, which would
hit exporters, analysts say. The Philippine peso opened at 43.00/USD, courtesy of the suspected central bank action, after overnight NDF closing suggested a lower open around 42.80-42.82. The peso has since rose to 42.76/USD, with dollar sellers plentiful. The central bank is suspected to be stalling peso gains but should give way towards higher levels. NDFs are trading at slight discount due to heavy selling pressure offshore. The 1-month NDF was last at 42.78-42.88/USD. Reuters
Stg hit by soft data, sovereign sales
Taiwan dollar nearly flat on cbank move
LONDON: Sterling fell sharply versus the euro on Tuesday after UK construction PMI data came in softer than market forecasts, and with sovereign selling putting additional pressure on the pound. Activity growth in Britain's construction sector slowed more than expected in October to its weakest in eight months, a survey of purchasing man-
agers showed on Tuesday. The Markit/Chartered Institute of Purchasing and Supply construction PMI fell to 51.6 in October from 53.8 in September, against expectations for a more modest easing to 53.0. "The purchasing managers survey indicates that construction activity is losing momentum and the economy will not be able to rely on a significant growth contribution from the sector going forward, unlike in the second and third quarters," said Howard Archer,
chief UK economist at IHS Global Insight. Sterling fell sharply after the release, initially shedding around 40 pips versus the euro. In afternoon trade the euro was up 1 per cent on the day at 87.45, having slipped to a fourweek low on Monday of 86.52. Traders said strong demand from a major European sovereign account for euro/sterling
looked to be a key factor behind sterling weakness on the day. The dollar was down broadly versus a currency basket but sterling failed to take advantage, trading with slight losses at $1.6014 after dropping back to a session low of $1.5962 in morning trade. The Bank of England's November monetary policy decision, due on Thursday, was not expected to contain any surprises, despite MPC member Adam Posen's call in October for fresh easing steps. -Reuters
TAIPEI: Taiwan's central bank intervened on Tuesday to hold the local currency nearly flat a day ahead of an expected Federal Reserve decision on monetary easing that could see the Taiwan dollar rise to record levels. The Taiwan dollar closed at T$30.709 on Tuesday compared to its Monday final price of T$30.695. Both prices follow suspected central bank selling of the local currency to rein in intraday levels as high as T$30.45 and among the strongest since mid2008. The currency had traded flat most of Tuesday compared with pre-intervention levels a day ago. The US Federal Reserve is widely expected to announce on Wednesday a second round of monetary easing, and markets are pricing in a commitment to buy at least $500 billion in Treasury debt over coming months to spur a flagging economy. The authority has bought nearly $6 billion in US dollars since Sept. 27, according to an IFR Markets survey of traders. -Reuters
Australian dollar leaps after surprise RBA rate rise SYDNEY/WELLINGTON: The Australian dollar bounded a cent higher on Tuesday to again threaten parity with the US dollar after the Reserve Bank of Australia (RBA) surprised with a rate rise and signalled more were likely. Seconds after the RBA raised interest rates by 25 basis points to 4.75 per cent, the Australian dollar tore higher to $0.9981, from $0.9885. It was on course to test resistance at its 28-year high of $1.0004, hit on Oct 15. The move only heightened the contrast with the Federal Reserve which is widely expected to ease policy further on Wednesday, stretching the gap between two-year yields to the widest since early 2008 at 466 basis points. In explaining the hike, the RBA said price pressures could build up as Australia enjoys its biggest trade boom in nearly 60 years. But after being caught off guard by the RBA's rate moves this month and last, the market seemed cautious in pricing in further rate rises for now. Many had thought the RBA would not
hike on Tuesday after a benign inflation report last week. Interbank futures showed investors saw a 30 per cent chance of rates rising to 5 per cent by February. The Australian dollar shot up as far as NZ$1.3069, from NZ$1.2908 before the rate decision. For the day, it was up 1.28 per cent, its biggest daily gain in 14 months. Against the US dollar the kiwi was up at $0.7662, after it touched a 27-month peak of $0.7693 in offshore trade. "The dominant theme is US dollar weakness," said Westpac senior currency strategist Imre Speizer. "The (domestic) economic indicators have picked up a little, but they're a minor part of the story really." The kiwi was unmoved by local data showing relatively muted wages pressures in the third quarter, with the labour cost index rising 0.6 per cent on the previous quarter for an annual rate of 1.6 per cent, which was just above expectations. -Reuters
London, said the S&P 500 stock index's inability to break through the 1,195 level suggests euro/dollar will be unlikely break out of its $1.411.42 congestive resistance. "The intermarket dynamics (are) increasingly set up for a stabilizing greenback and reluctant equities," he said. The Australian dollar hit a peak of US$1.0025, the highest since the currency was floated in 1983. The Reserve Bank of Australia raised its cash rate by 25 basis points to 4.75 per cent as a preemptive strike against inflation. The dollar edged up 0.3 per cent to 80.75 yen, though it was still close to the record low of 79.75 yen set in 1995. The risk of Japanese intervention to weaken the yen was expected to mount if the dollar slips below 80 yen. -Reuters
ZURICH: The Swiss franc was set to retest the previous day's 12-week low against the euro, with the common currency also gaining against the dollar as investors took positions before the US Federal Reserve meets on Wednesday. "From here all eyes on international financial markets will be on the upcoming FOMC announcement," UBS economist Reto Huenerwadel said in a note. The franc was little changed against the euro compared to the New York close, trading at 1.3785 per euro at 0815 GMT and off an intra-day low of 1.3823. The franc was up 0.2 per cent against the dollar at 0.9886 per dollar. Analysts at Commerzbank said euro/Swiss was poised to reach an initial target of 1.3882/1.3925, with a break through this level leading to 1.4000 and then 1.4310/35. -Reuters
Yuan logs 2nd biggest rise since depegging SHANGHAI: Spot yuan closed up on the dollar on Tuesday and scored its second biggest single-day rise since its mid-June depegging as the market remained bullish over the short-term prospect of Chinese currency appreciation. Amid a slew of political events in November that are set to raise the yuan's upside potential, the market shrugged off a weaker mid-point fixing by the People's Bank of China before trading started, a move apparently aimed at dampening enthusiasm for another round of yuan appreciation. The PBOC has kept a lid on the mid-point since midOctober after it let the yuan appreciate more than 2 per cent versus the dollar in six weeks in the currency's quickest pace of appreciation since its landmark revaluation in July 2005. That move has come about from increasing expectations for yuan appreciation in light of heavy US pressure on the Chinese authorities, particularly ahead of US mid-term elections. On Monday, two sets of indicators on manufacturing activity -- China's Purchasing Managers' Index (PMI) --
showed that the country's economy continues to power ahead in October. Among major political events in November, US President Barack Obama and Chinese President Hu Jintao will discuss the global economy and trade among other issues when they meet on Nov. 11 on the sidelines of the G20 summit in Seoul. The yuan closed at 6.6777 versus the dollar, up 0.36 per cent from Monday's close of 6.7015, the biggest one-day gain other than June 21 -- the first trading day after the PBOC depegged it from the dollar on June 19. Since the depegging, the yuan has risen 2.22 per cent. The PBOC set the mid-point, or its reference rate from which the yuan can rise or fall 0.5 per cent in a day, at 6.6925 on Tuesday, slightly weaker than Monday's 6.6886. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) fell to 6.4450 bid late on Tuesday from 6.4490 at Monday's close, with their implied 12-month yuan appreciation rising to 3.84 per cent from Monday's 3.72 per cent. -Reuters
Indian rupee gains on cbank rates hike MUMBAI: The Indian rupee ended higher on Tuesday as the dollar's losses versus major units, mild gains in stocks and rate hike decision by the central bank. India's central bank raised interest rates for the sixth time this year to try to tame stubbornly high inflation but said there was little chance of another increase in the near term. The Reserve Bank of India (RBI) raised its lending and borrowing rates by 25 basis points each, as expected by most analysts, and pledged to remain vigilant about inflation, which at 8.6 per cent is well above policymakers' comfort level. "Clearly, the RBI plans to pause in its tightening cycle at least until H1 2011 but they can't be complacent given an economy on a strong footing, and both actual inflation and expectations are high," said Sean Callow, senior currency
strategist at the Westpac Institutional Bank in Sydney. The rupee ended at 44.37/38 per dollar, above 44.47/48 at close on Monday, tracking mild gains in stock, dollar losses versus major and rate hike decision by the central bank. Traders expect the Coal India refund demand to prevent any sharp rise in the rupee this week. Coal India's almost $3.5 billion IPO, the country's largest was 15 times covered mostly by foreign investments. The shares will be listed on Thursday. -Reuters
Top Economic Events Time 5:30 13:15 3rd-8th 14:30 17:15 19:00 19:00 19:30 23:15
Source Events AUD Building Approvals m/m CHF Retail Sales y/y GBP Halifax HPI m/m GBP Services PMI USD ADP Non-Farm Employment Change USD ISM Non-Manufacturing PMI USD Factory Orders m/m USD Crude Oil Inventories USD Federal Funds Rate
Forecast 0.3% 1.4% 0.4% 52.4 21K 53.5 1.3% 1.7M <0.25%
Previous -4.7% 0.1% -3.6% 52.8 -39K 53.2 -0.5% 5.0M <0.25%
Source
Events
JPY AUD EUR GBP
Monetary Base y/y Cash Rate Final Manufacturing PMI Construction PMI
Actual
Forecast
Previous
6.4% 4.75% 54.6 51.6
5.6% 4.50% 54.1 53.1
5.8% 4.50% 54.1 53.8
Previous Day
Currencies Rate Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.4053 1.4055 0.876 0.8767 1.3739 1.382 113.43 113.45 0.9777 0.993 1.0092 1.0161 1.6037 1.6079 129.44 129.63 0.9999 1.0022 1.4187 1.4184 82.60 82.67 1356.16 1359.16 24.88 24.92
Bid 1.4052 0.8762 1.3735 113.38 0.9773 1.0088 1.6033 129.38 0.9994 1.4179 82.54 1355.28 24.85
Low 1.3882 0.8656 1.3689 111.841 0.9766 1.0084 1.5965 128.97 0.9868 1.4065 81.14 1350.33 24.57
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 02/11/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55375 1.02667 0.63750 SN 0.09438 1WK 0.24828 0.55563 1.05167 0.71500 0.10688 2WK 0.25000 0.56000 1.07667 0.74875 0.11250 1MO 0.25375 0.56875 1.10750 0.80688 0.12750 2MO 0.26859 0.62750 1.15750 0.86438 0.15438 3MO 0.28594 0.74038 1.21333 0.98750 0.19563 4MO 0.33500 0.82475 1.27583 1.04500 0.28125 5MO 0.39625 0.92625 1.33083 1.13125 0.33688 6MO 0.44563 1.02875 1.40500 1.22625 0.39625 7MO 0.49350 1.10375 1.46167 1.27563 0.45750 8MO 0.54125 1.18600 1.54333 1.32313 0.50375 9MO 0.59313 1.26688 1.60667 1.37438 0.55375 10MO 0.64750 1.34250 1.68167 1.41875 0.58125 11MO 0.70281 1.41000 1.76000 1.46125 0.60938 12MO 0.76038 1.47913 1.84500 1.50563 0.63688
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Dec 07 2010 Nov 04 2010 Nov 05 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 02,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.96 138.00 119.61 84.84 86.70 85.75 12.87 1.07 14.67 66.66 16.04 22.92 11.09 12.86 306.06 27.76 65.58 23.61 23.40 0.08 2.88
85.75 137.68 119.33 84.65 86.50 85.55 12.84 1.06 14.63 66.51 16.00 22.87 11.06 12.83 305.35 27.70 65.53 23.56 23.35 0.08 2.87
85.56 137.37 119.05 84.42 86.28 85.32 12.81 1.06 14.60 66.33 15.96 22.81 11.03 12.80 304.55 27.62 65.36 23.49 23.29 0.08 2.86
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 02, 2010
CMKA
BMA
INVSR
0-7days
11.80
11.50
11.70
11.80
11.80
11.70
8-15dys
12.00
11.85
11.95
GSL 12.00
ICSL 12.00
JSCM AvgRate 11.95
11.96
16-30dys
12.20
12.20
12.15
12.20
12.25
12.20
12.20
31-60dys
12.42
12.42
12.45
12.40
12.45
12.45
12.43
61-90dys
12.67
12.67
12.68
12.67
12.70
12.67
12.68
91-120dys
12.85
12.75
12.80
12.85
12.85
12.82
12.82
121-180dys
12.95
13.02
12.97
13.02
13.00
13.02
13.00
181-270dys
13.10
13.07
13.05
13.12
13.10
13.10
13.09
271-365dys
13.15
13.10
13.18
13.22
13.20
13.20
13.18
2-- years
13.38
13.30
13.40
13.40
13.40
13.40
13.38
3-- years
13.65
13.65
13.65
13.65
13.60
13.70
13.65
4-- years
13.70
13.70
13.72
13.68
13.73
13.73
13.71
5-- years
13.72
13.72
13.74
13.74
13.75
13.74
13.74
6-- years
13.75
13.75
13.75
13.75
13.75
13.75
13.75
7-- years
13.75
13.75
13.75
13.76
13.75
13.75
13.75
8-- years
13.78
13.80
13.75
13.77
13.75
13.80
13.78
9-- years
13.80
13.80
13.77
13.65
13.80
13.85
13.78
10--years
13.80
13.78
13.82
13.90
13.85
13.85
13.83
15--years
14.20
14.20
14.20
14.20
14.20
14.25
14.21
20--years
14.35
14.35
14.35
14.35
14.30
14.35
14.34
11.72
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
0.35 -0.12 0.76 0.29 0.17 -0.11
-0.95 -0.68 0.69 0.56 0.92 0.82
0.87 -0.11 0.76 0.64 0.85 0.48
0.04 -0.09 0.86 0.38 0.84 0.75
-0.95 0.05 0.89 0.05 0.60 0.51
USD/CAD USD/CHF
-0.75 -0.33 0.75 0.34 0.15 -0.08
0.30 -0.53 -0.82 -0.52 0.15 0.17
-0.54 -0.57 -0.61 0.00 -0.17 -0.06
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)02/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABPL
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN
1160
12.10
11.70
12.20
12.15
12.65
12.75
13.00
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
1160
12.10
1175
12.25
12.15
12.65
12.75
13.00
13.05
13.30
13.20
13.70
1330
13.80
1350
14.00
ASPK
1160
12.10
1180
12.30
12.15
12.65
12.70
12.95
12.90
13.15
13.10
13.60
1320
13.70
1330
13.80
CIPK
1145
11.95
1170
12.20
12.10
12.60
12.60
12.85
13.00
13.25
13.10
13.60
1320
13.70
1330
13.80
DBPK
1160
12.10
1180
12.30
11.95
12.45
12.65
12.90
12.90
13.15
13.15
13.65
1325
13.75
1335
13.85
FBPK
1150
12.00
1165
12.15
12.00
12.50
12.65
12.90
13.00
13.25
13.10
13.60
1315
13.65
1340
13.90
FLAH
1165
12.15
1175
12.25
12.20
12.70
12.75
13.00
12.95
13.20
13.10
13.60
1320
13.70
1330
13.80
H B P K 1165
12.15
1185
12.35
12.25
12.75
12.75
13.00
13.00
13.25
13.10
13.60
1320
13.70
1335
13.85
H KB P 1160
12.10
1175
12.25
12.25
12.75
12.70
12.95
12.95
13.20
13.10
13.60
1320
13.70
1330
13.80
N I P K 1135
11.85
1175
12.25
12.50
13.00
12.80
13.05
12.85
13.10
12.95
13.45
1300
13.50
1310
13.60
HMBP 1165
12.15
1180
12.30
12.40
12.90
12.80
13.05
13.00
13.25
13.15
13.65
1320
13.70
1330
13.80
SAMB 1170
12.20
1190
12.40
12.25
12.75
12.80
13.05
13.00
13.25
13.15
13.65
1325
13.75
1335
13.85
MCBK 1150
12.00
1180
12.30
12.15
12.65
12.80
13.05
13.05
13.30
13.20
13.70
1330
13.80
1350
14.00
NBPK
1170
12.20
1185
12.35
12.10
12.60
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
1330
13.80
SCPK
1150
12.00
1175
12.25
12.10
12.60
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
1335
13.85
UBPL
1160
12.10
1190
12.40
12.20
12.70
12.70
12.95
13.00
13.25
13.15
13.65
13.20
13.70
1335
13.85
AVE
1159
12.09
1178
12.28
12.17
12.67
12.74
12.99
12.97
13.22
13.12
13.62
13.21
13.71
1333
13.83
4 Wednesday, November 3, 2010
Thereâ&#x20AC;&#x2122;s no time for subterfuge in Kashmir
The Financial Daily International Vol 4, Issue 88
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr Ghulam Nabi Fai
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir
nce again, Kashmir is giving proof that it is not going to compromise, far less abandon, its demand for Azaadi (freedom) which is its birthright and for which it has paid a price in blood and suffering which has not been exacted from any other people of the South Asian subcontinent. Compared to the sacrifice Kashmir has had to endure, India and Pakistan themselves gained their freedom through a highly civilized process. That is a most poignant truth. But even bitterer is the contrast between the complex and decades-long agony the Kashmir issue has caused to Kashmiris, Pakistan and even India. No sleight of hand is required, no subtle concepts are to be deployed, and no ingenious deal needs to be struck between an Indian and a Pakistani leader with the endorsement of the more pliable Kashmiri figures. The time for subterfuge is gone. All that is needed is going back --- yes, going back --- to the point of agreement which historically existed beyond doubt between India and Pakistan and jointly resolving to retrieve it with such modifications as are necessitated by the passage of time. That point of agreement is the one India as well as Pakistan, each independently, brought to the United Nations Security Council when the Kashmir dispute was first internationalized. In fact, the Council itself took that point as the basis of the resolutions it later formulated. The point was one of inescapable
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Averting total economic collapse Secretary Finance, Salman Siddique, has informed the special committee of the Public Accounts Committee (PAC) that the entire economy might collapse, leading to international default, if the power sector debt and other economic issues were not resolved through immediate structural reforms in public sector entities. He urged the government to immediately take 'undesirable' measures to improve the performance of public sector enterprises (PSEs) which are consuming billions of rupees to turn loss. Some quarters termed his assertions as realistic portrayal but others see them as brazenness of those who have failed in managing the national kitty in an efficient manner. Earlier the finance minister has also expressed similar sentiments and the highest ranking official of his minister says the same. One wonders if the angels would come to mend the departmental irregularities often crossing the line of blatant corruption. It is ministry of finance which has to ensure that other ministries adhere to budgets and if there are certain variations then there must be an understandable rationale for them. There can't be two opinions that the mounting budget deficit is the outcome of extravaganza. Experts have repeatedly said that squeezing the already taxpayers is proving counter productive and public resentment is on the rise because some of the quarters are just not willing to pay taxes. These are the people who have the majority in legislative bodies who refuse to impose any tax on their fraternity. Similarly, mounting losses of public sector enterprises are the result of gross inefficiencies, violation of good governance and above all no accountability of the senior management which is mostly appointed politically. The recent reports about National Insurance Corporation provide more than sufficient evidence that everyone has a share in the booty. These can't be termed circumstantial defaults as they are a manifestation of constant misappropriation of mega funds. The taxpayers have a right to ask the economic managers a basic question which is, who authorises this corruption and extravaganza? Around the world the governments prepare their budgets keeping in view the given or foreseeable future economic situation. In difficult times some belttightening has to be done. It is on record that even Queen Elizabeth of United Kingdom had, once, agreed to forgo some of her entitlements when her country needed her to do so but in a poor third world country like Pakistan politicians' and bureaucrats' demands are skyrocketing. One does not hesitate for a second in saying that economic managers and the rulers of Pakistan are responsible for the present dismal economic performance. To enjoy the luxuries they are borrowing more and more while finding novel ways of mounting burden on taxpayers. The role of opposition and Public Accounts Committee, headed by none other than Chaudhry Nisar Ali, has been failing grossly because they have not been more than silent spectators. Who will right the wrong? Maybe angels will.
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.
O
â&#x20AC;&#x153;
principle- -- that the future status of the State of Jammu and Kashmir shall be decided by the will of the people of the State as impartially ascertained in conditions free from coercion. The two elements of a peaceful settlement thus are 1) the demilitarization of the State (i.e. the withdrawal of the forces of both India and Pakistan) and a 2) plebiscite
pleaded that it was no longer bound by the agreement. India put forward ample arguments to justify the somersault. But even though the arguments were legal or quasi-legal nature, India rejected a reference to the World Court. This is how the dispute became frozen with calamitous consequences for Kashmir most of all, with heavy cost for Pakistan and with none too happy results for India itself. Despite the passage of decades, nothing has been irretrievably lost. The principle that the disposition of the territory in dispute must be in accordance with the will of its people can still be implemented as truly as it would have been in 1950. As a matter of fact, it can be done better now because we are not as oblivious now as all sides seemed to be earlier of the unique heterogeneity of the State of
The two elements of a peaceful settlement thus are: 1) the demilitarisation of the State (i.e. the withdrawal of the forces of both India and Pakistan), and 2) plebiscite supervised by the United Nations. supervised by the United Nations. With propositions of such clarity and character accepted, what room was left for the dispute to linger on? This question is bound to evoke divergent answers and it entails the risk of reopening old recriminations. However, it would be disingenuous to avoid it altogether. It is apparent from the record of the Security Council that India articulated the principle, accepted the practical shape the Council gave to it and freely participated in negotiations regarding the modalities involved. However, when developments inside the State made chances of Indian winning the plebiscite, it changed the stance and
â&#x20AC;&#x153;
without constraint not only from India or Pakistan but also from one dominant region within the State on another, we are not likely to commit the fallacy of one-size-suits-all. The plan of action that would ensure for all components of the State as it existed on 15 August 1947 equal representation and equal freedom to decide whether to continue the status quo or to opt for a new dispensation is not difficult to work out. It can be done by a joint committee composed of the rightly qualified people from India and Pakistan who would consult Kashmiri representatives and also, as necessary, experts from the United Nations. What is visualized here is not a charade to be enacted by the respective Foreign Offices and the pretense of a so-called peace process, which merely means the bureaucratization of the dispute. What is desperately needed is an affirmation by the Indian and Pakistani leadership at the highest level of the necessity of taking new measures to effect the settlement of the dispute within a reasonable time frame. To that end, India and Pakistan must together prepare a plan for the demilitarization of the State with safeguards for security worked out together. Confidence that a real peace process is being launched would be inspired by the ending of repressive measures within the Indian-controlled area by both the federal and the state authorities. If sincerity is brought to the process in place of cheap trickery, the dawn of peace will glow as never before over the subcontinent. *Dr. Ghulam Nabi Fai is the Executive Director of the Washingtonbased Kashmiri American Council.
What is desperately needed is an affirmation by the Indian and Pakistani leadership at the highest level of the necessity of taking new measures to effect the settlement of the dispute within a reasonable time frame. Jammu and Kashmir --- one of the most bizarre products of British colonialism. Recognizing the existence of several different ethnicities, each with its own history and its affiliations, and the right of each to determine its future
Hurdles in attracting foreign investment Tarique Khan Javed
F
oreign investment provides the much needed capital for any developing country and Pakistan can't be an exception. There is an old saying that foreign investment is like migratory birds in search of safe heavens. It is consensus that the following factors have made Pakistan an unsafe and unattractive destination for migration and investment: 1. Lack of land reforms already undertaken in the neighboring countries. 2. Non-regularisation of Katchi Abadies and Goths
in towns and cities of Pakistan. 3. Regressive Taxation System whereby 80% taxes are collected from poor, while the rich are not taxed. 4. Resort to printing of currency notes to meet payment requirements of the government leading to decline in purchasing power of the already oppressed poor. 5. Over regulation and control by the federal and provincial governments thus strangulating business enterprise and creating man-made shortages. 6. Slow and expensive
legal system which is beyond the reach of common man and which favors the rich against the poor. 7. Lack of freedom to choose lifestyle, as available elsewhere in the world, including Muslim countries like Malaysia, Egypt, UAE, Bahrain etc. Many foreign investors consider the black laws of Zia-ul-Haq era a major impediment. 8. Continued tension with India and Afghanistan, which not only means huge military expenditure but also loss of business due to security threats. Based on the observations
of civilized world, we feel that the 8 hurdles mentioned above should have not existed had real democracy was allowed to function in the country since independence. Above stated man-made hurdles can be removed in a properly functioning democracy, as political parties would normally compete with each other to improve, quality of life of voters and in the process will of the people prevail over in foreign policy as well as economic policies. Removal of these manmade hurdles can make Pakistan into a normal coun-
try where not only overseas Pakistanis, but others would prefer to migrate and invest in Pakistan. Realistically speaking the above hurdles will take a long time to remove, however one measure can bring immediate result in selected areas of the country, following the Chinese model of free economic zones. Overseas Pakistani and other investors will make investment in these zones to take advantage of low labor cost in the country. This will end unemployment and poverty within a timeframe of 10-15 years. Author is President of OPIF
Republicans poised for big gains in US mid-term polls A
fter a long and bitter campaign, Americans cast their votes on Tuesday in elections that could sweep Democrats from power in Congress and slam the brakes on President Barack Obama's legislative agenda. Anxiety over the stumbling economy and discontent with Obama has propelled Republicans to the threshold of huge gains that could give them a majority in the House of Representatives and perhaps even the Senate. "The Democrats' economic plan is not working," said Miami retiree Peter Ruiz after exiting a polling station where he voted for Republicans despite backing Obama two years ago. "We need to try something else." Opinion polls and independent analysts project Republican gains of at least 50 House seats, far more than the 39 they need to take control and topple Democratic House Speaker Nancy Pelosi from power. The nonpartisan Cook Political Report estimates that more than 90 previously safe Democratic-held House seats are in danger. Republicans are also
expected to make big gains in the Senate, although it will be more difficult for them to pick up the 10 seats they need for a majority. Polls were open in the U.S. East Coast and Midwest and will start to close at 6 p.m. EDT, but it will be hours or possibly days before results are known in many crucial races. All 435 House seats, 37 of the 100 Senate seats, and 37 of the 50 state governorships are at stake in Tuesday's voting. Obama won office two years ago with the hope he could lead the United States out of a deep economic crisis, but persistently high unemployment and a gaping budget deficit have turned many voters against him. The public mood gave rise to the Tea Party, a loosely organized conservative movement wary of Obama that backs smaller government, lower taxes and reduced spending. Obama's signature overhaul of the U.S. healthcare system, a decades-long goal for Democrats, has prompted a backlash.
"They're trying to ruin all the healthcare," said Sharon Krumins, a doctor at Walt Disney World, as she left a polling station in Winter Park, Florida. Republican control of even one chamber of Congress would likely spark a long bout of legislative gridlock, weakening Obama's hand in fights over the extension of soon-to-expire income-tax cuts and passage of comprehensive energy or immigration bills. Gridlock and Market Cheer "We can expect very substantial Republican gains leading to super-gridlock for two years," said University of Virginia political science professor Larry Sabato. Markets opened higher as investors cheered the prospect of Republican gains. "That's biasing the positions toward being long, particularly into areas like finance," said Rick Meckler, president of LibertyView Capital Management in New York. Republican candidates have pushed an agenda of spending cuts and at least a partial repeal of Obama's healthcare and Wall Street reforms, but
Obama could veto their efforts. Mindful of recent defeats, Republicans have acknowledged that they will need to win back the public's trust if they are returned to power. "It is not the American people saying: 'We love you, Republicans.' It's the American people saying: 'Republicans, we'll give you another chance,'" Haley Barbour, chairman of the Republican Governors Association and also the governor of Mississippi, said on MSNBC. Dozens of races are considered too close to call. Candidates in both parties launched a frenetic round of last-minute campaign stops and fundraising appeals on Monday. The election will determine which party holds the upper hand as legislative districts are redrawn at the state level following the 2010 census. Voters on Tuesday will also weigh in on a variety of topics: in California, for example, they could approve a measure that would legalize possession of marijuana. Harry Reid in Trouble
In perhaps the country's most high-profile race, Senate Democratic leader Harry Reid is embroiled in a neck-and-neck reelection fight with Tea Party favorite Sharron Angle in Nevada. The race could hinge on how many voters pick the "none of the above" option on the Nevada ballot. To win a Senate majority Republicans need to string together wins in seven of eight tight races in California, Washington, Nevada, Wisconsin, Colorado, Pennsylvania, Illinois and West Virginia. Democrats mounted a huge get-out-the vote operation to ensure supporters made it to the polls. They were encouraged by their lead among early voters in some key states. Roughly 3 out of 10 voters had already cast their ballots by election day, according to George Mason University political scientist Michael McDonald. In a final push, Obama was due to give Election Day interviews to radio stations in Los Angeles, Chicago, Las Vegas and Jacksonville, Florida. -Reuters
5
Wednesday, November 3, 2010
South East Asian stocks
European shares hit 6-mth closing high; Fed eyed
KSE takes an upturn as turnover tax a downturn
KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,538.27 10,681.87 143.60 1.36 108.16
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,280.67 3,320.55 39.88 1.22 7.89
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,673.72 2,711.91 38.19 1.43 0.21
Major Gainers
Symbol
Close
Change
RMPL 1,679.60 SIEM 1,285.00 WYETH 815.00 ULEVER 4,069.99 BATA 586.11
71.24 46.01 36.91 32.49 27.91
Major Losers
Symbol
Close
Change
IDYM SRVI HINO PAKD GLPL
246.00 187.69 127.50 83.76 64.81
-12.94 -9.87 -6.45 -4.4 -3.19
Top 5 Volume Leaders
Symbol
Close Vol (mn)
TRG AMTEX LOTPTA NML BOP
4.30 5.34 10.34 51.89 9.43
10.58 5.59 5.55 5.16 5.13
Active Issues Plus Minus Unchanged
231 146 21
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Philippines at new peak; other mixed awaiting QE
Nawaz Ali KARACHI: Reacting to the news of reduction in turnover tax bulls thronged Karachi Stock Exchange (KSE) on Tuesday pushing the index up to near 10,700 points ---a gain of 1.36 per cent. The benchmark KSE 100-index increased by 143 points (1.36 per cent) to close at 10,681 points, KSE 30-Index by 170 points (1.69 per cent) to close at 10,259 points and KSE All Share Index rose by 92 points (1.27 per cent) to close at 7,433 points.
"Local bourse cherished the long awaited decision of turnover tax by buying", said Samar Iqbal, equity dealer at Topline Securities. According to a news report, the federal government has reduced turnover tax from one per cent to 0.5 per cent for refineries, oil marketing companies (OMCs), gas companies, and any category of taxpayer having annual turnover of over Rs1 billion. Further, the government has also allowed 80 per cent rebate on payment of turnover tax by the pharmaceutical distributors, distributors of fast moving consumer
Indian shares steady; cbank move hits realty BANGALORE: Indian shares were little changed after the central bank raised short-term interest rates by an expected quarter-point on Tuesday and indicated a pause in the near term. Property stocks fell with DLF and Unitech shedding more than 3 percent each after the central bank raised the risk provisioning to rein in a jump in asset prices. The Reserve Bank of India (RBI) raised its lending and borrowing rates for the sixth time this year and said it would remain vigilant about inflation that remains above its comfort level.. The bank also said the likelihood of further rate actions in the immediate future was relatively low. "They have done a good job and it gives the market comfort that liquidity will not be affected. There may be some kneejerk reaction, probably in banking and real estate sector stocks, but I expect the market to stabilise after that," said Deven Choksey , managing director, KR Choksey Shares & Securities. The 30-share BSE index closed down 0.05 percent, or 9.94 points, at 20,345.69, with 17 of its components losing ground. State Bank of India was up 0.2 percent, while ICICI Bank was barely changed.
Neeraj Dewan, director of Quantum Securities in New Delhi, said a two-day U.S. Federal Reserve meeting that ends on Wednesday would set the trend for the stock market. The Fed is widely expected to ease monetary policy and trigger more fund flows to emerging markets such as India. "The industrial output is picking up. Earnings for most large cap companies have been very good. As long as there is no negative from the U.S. Fed meet, we have a case for a short-term rally," Dewan said. India's manufacturing sector expanded in October at a much faster pace than in September, supported by strong output and a sharp rise in new business, a purchasing managers' index (PMI) showed on Monday. Record foreign fund inflows of $24.8 billion this year have lifted the benchmark BSE index 16.5 percent year-to-date. Leading automobile makers - Maruti Suzuki , Mahindra &amp; Mahindra and Tata Motors -- dropped 0.8 percent to 1.4 percent on concerns costlier loans may dampen consumer spending. ACC gained 4.2 percent to 1,056.95 rupees, after India's No. 2 cement producer said on Monday shipments in October rose 13.6 percent from a year earlier to 1.92 million tonnes. See # 7 Page 11
ANNOUNCEMENTS Company Ayesha Textile Int.KnitwearXD Johnson & Philips Mandviwala Nazir Cotton Prud Mod.1st XD S.G.Fiber S.G.Power Sardar Chemical Shakarganj Food Suraj CottonXD
Period 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr
Div/Bon/Right PAT (Rs in mn) 1.023 -3.542 0.453 -13.042 -2.688 9.736 -9.942 -1.717 1.814 -0.015 200.487
EPS(Rs) 0.73 -1.10 0.08 -1.77 -0.12 0.11 -0.66 -0.10 0.30 -0.01 11.14
goods and of fertilisers. Following the news market started the day with 44 positive points. Henceforth, bulls remained on the floor and continued buying across the board mainly in oil and refinery stocks followed by banking sector. Buying was also seen in fertiliser stocks over permission of 80 per cent rebate on payment of turnover tax. Therefore during the last moments of the session index touched an intra-day high of 10,695 points (+ive 157 points) and called it a day thereabouts. Pakistan State Oil (PSO) which is likely to be the major benefici-
Corporate earnings propel FTSE LONDON: Strong corporate earnings hoisted Britain's top shares by more than 1 per cent on Tuesday, led by energy stocks after BP and BG Group results and ahead of the outcome of the eagerly awaited US Federal Reserve policy meeting. At the two-day meet in Washington which started on Tuesday, the Fed will consider the prospect of further quantitative easing. Markets are pricing in a commitment to buy at least $500 billion in Treasury debt over the coming months to spur a flagging economy. The FTSE 100 closed up 62.81 points, or 1.1 per cent, at 5,757.43. The index has risen 1.4 per cent this week ahead of the Fed meeting. "(Equities) are well placed. Yields on equities are very high and not just dividend but earnings yields as well," said Mark Slater, chief investment officer of Slater Investments Ltd. "If you invert the price earnings of your average FTSE 100 company you are getting somewhere between an 8 and 10 per cent earnings yield, you're not going to get that on a prime property or any kind of bond and you have got some protection against inflation." Energy stocks added the most points to the index after strong earnings from BP, up 1.8 per cent, and BG Group up 3.4 per cent. Oil explorer Tullow Oil climbed 4.1 per cent, helped by crude rising almost 1 per cent as the dollar sagged on QE hopes. Miners, which were higher on Monday after stronger-thanexpected Chinese manufacturing data, were in demand See # 8 Page 11
China stocks down; HK flat ahead of Fed HONG KONG/SHANGHAI: Shanghai shares edged lower on Tuesday, pulling back from a six-month high, while banks helped Hong Kong's benchmark post modest gains ahead of a Federal Reserve meeting. China's key stock index ended 0.3 per cent lower with market players seen paring some long bets in financials which had run up in recent weeks but participation in the markets remained strong with turnover near a 10-year high. The Hang Seng index rose 0.1 per cent and faces an important resistance at around 23,800, a level that has proved to be a strong hurdle to cross since mid-October. The Shanghai Composite has gained 15 per cent since the start of last month on strong volume as investors piled into financials on optimism over
China's growth and into materials as a weaker dollar pushed up prices of commodities. After strong gains and a break above the pyschological 3000level, some analysts expect consolidation at current levels. "The key factor is the Federal Reserve meeting tonight," said Zhang Yanbing, analyst at Zheshang Securities in Shanghai. CHINA BANKS TIP HK HIGHER Turnover in Hong Kong slipped about 22 per cent from the daily average seen over the past month with market players awaiting the reaction of overseas markets to further asset purchases by the Fed and the US mid-term elections. The benchmark closed 14 points higher at 23,671.4, taking a breather after posting its biggest single-day percentage
gain on Monday. A further upmove in the Hang Seng could see the index breach the 61.8 per cent retracement level of its entire slide over the course of the financial crisis, opening the way for a strong rally into yearend, traders said. "We are still upbeat on the outlook for Hong Kong because of earnings prospects," said Louis Wong, research head at Phillip Securities. "The market is just taking a pause as investors are sidelined ahead of the FOMC meeting." "The US market may break out of its sluggish mode this week, and if there is an upside breakout, Hong Kong will test 24,000 at the end of this week or early next week." Larger rival Industrial and Commercial Bank of China rose 1.3 per cent.-Reuters
ary of this decline remained in the limelight throughout the day closing at its upper circuit while other refinery stocks too remained buoyant. Apart from the news of reduction in turnover tax, rise in international oil prices to near $84 a barrel and foreign interest as well triggered the buying activities. As per the NCCPL data, foreign investors did a net-buying of $1.18 million on Tuesday. Local banks and mutual funds carried out a netbuying of $2.41 million and $1.02 million respectively while companies and individual investors did a
net-selling of $1.93 million and $1.57 million respectively. Investor participation too remained impressive throughout the day as 108.1 million shares traded in the overall market which is 27.6 million better as compared to a turnover of 80.5 million shares on Monday. TRG Pakistan was the top most traded stock with 10.58 million shares followed by Amtex 5.59 million shares and Lotte Pakistan with 5.55 million shares. Out of total 398 active issues 231 advanced, 146 declined, and 21 remained unchanged.
Nikkei ends flat, but off 7-wk lows
Japan’s Topix hits 19-mth closing low TOKYO: Japan's broad-based Topix index fell to its lowest close in 19 months on Tuesday as the yen's strength against the dollar hurt shares of exporters such as automakers, while weakness in financial shares weighed on confidence. The benchmark Nikkei average hit a seven-week low but analysts said the Topix has been hit particularly hard by a downbeat performance in the banking sector on worries about stricter global banking regulations, and by a series of equity financings including defensive stocks such as Tokyo Electric Power Co. Top lender Mitsubishi UFJ Financial Group posted its lowest close since April 2003, while Sumitomo Mitsui Financial Group, Japan's No.3 bank, hit its lowest in about seven years, before recouping ground to end the day slightly higher. So far this year the Topix has lost nearly 12 per cent, roughly in line with MSCI Japan. That compares with a gain by the Standard & Poor's 500 Index of about 6 per cent in the same period, and a rise by the MSCI index of Asia-Pacific stocks outside Japan of about 13 per cent. "What's triggered the recent selling of Japanese stocks is not really worries about the economy or earnings. Rather, it's the strong yen and a number of equity financings including
those by companies that had been considered 'defensive' stocks," said Soichiro Monji, chief strategist at Daiwa SB Investments. The Topix ended the day down 0.02 per cent at 803.12, its lowest finish since April 2009. The benchmark Nikkei added 0.1 per cent to 9,159.98, after falling as low as 9,123.62, its lowest intraday level since Sept. 9. "Japanese banking shares are also pressured by Basel, as they are part of the global banking sector," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities. "With uncertainty over the outlook for European banking shares remaining, it may be inevitable that those shares are taken out of portfolios." Overseas investors have been only tepid buyers of Japanese equities over the past few months, having bought a net 40.8 billion yen ($506.6 million) in Japanese shares from late August until late October, according to the Ministry of Finance's weekly capital flows data. On Tuesday the overall mood remained cautious, with many investors seen reluctant to take fresh positions before the outcome of the Federal Reserve's meeting on Nov. 2-3 and US midterm elections, and as See # 6 Page 11
US stocks mid-day
Wall St up on polls hopes; Fed eyed NEW YORK: Stocks rose on Tuesday with the most gains coming from sectors expected to benefit from a rebalancing of power in the US Congress. As voters line up to cast their ballots in the midterm elections, most polls show right-leaning Republicans will regain control of the House of Representatives, while President Barack Obama's Democrats could struggle to maintain their majority in the Senate. Health insurers, a sector hurt by the Democrats' push to reform healthcare, were among the top performers in the session. Still, it will be very difficult, if not impossible, for Republicans to make good on their promise to repeal the healthcare law. Humana Inc shot up 3.4 per cent to $60.70. That sharp gain was in contrast to the stock's more muted gains on Monday, when it rose less than 1 per cent after posting a quarterly profit that blew past Wall Street's targets. An index of health insurers' stocks gained 2.5 per cent. "I don't know to what extent a change in the makeup in Congress can actually achieve anything like that, but the (Republicans') pledge is they are going to pare back or dial back the new healthcare legislation," said Robbert Van Batenburg, head of equity research at Louis Capital in New York. "The president still has veto power, but having said that, could actually generate some sort of relief for some of the healthcare names." The Dow Jones industrial average rose 74.34 points, or 0.67 per cent, to 11,198.94. The Standard & Poor's 500 gained 8.64 points, or 0.73 per cent, to 1,193.02. The Nasdaq Composite added 21.02 points, or 0.84 per cent, to 2,525.86. The Fed is expected to announce a program of asset purchases on Wednesday, following a two-day meeting. Expectations that the Fed will inject at least $500 billion into the US economy are mostly built into stocks' recent rally, according to many market participants. For a special report, see http://link.reuters.com/pyb23q. The US benchmark S&P 500 has advanced about 13 per cent since the start of September on hopes of further Fed action.-Reuters
Dhiyan
IT’S BULLISH; IT’S BEARISH Zia Shaafi, Senior Equity Dealer & Technical Analyst Pearl Securities Due to technical correction the index could come down to 10,200 levels. However if it manages to sustain 10,700 or 10,900 points level then we can see new highs down the line. Investors are advised to book profits in the overbought market and wait for dips for new investments. Increase in T-bill yields would hurt the market as it increases the chances of a hike in the SBP discount rate in the upcoming monetary policy. Market would be negative today.
Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth
Market outlook is positive where it would sustain at 10,568 points level and may touch 10,773 points level in the coming days. Investors are therefore advised to avail the trading opportunities in fertiliser and telecommunication sectors with stop-loss orders. No change in interest rate in the monetary policy, start of Margin Trading System (MTS) and peaceful law & order situation would also support the market. Positive activities would continue today.
6
Wednesday, November 3, 2010
Market 108,157,621
Value
3,897,720,771
Trades
63,159
Paid up Cap(mn)
Advanced Decline Unchanged Total
Current High Low Change
231 146 21 398
PE
High Low 1,369.47 1,353.55 Total cos Defaulter cos P/BV (x) ROE (%) 3.32 32.54
Close Change 1,365.77 25.35 Listed cap Market cap 65,194.15 mn 1,075,360.72 mn Payout (%) Div Yield (%) 55.94 5.49
Close Chg
Volume
Attock PetroleumXDXB 691 5.22 293.32 Attock Refinery 853 5.93 100.80 BYCO Petroleum 3921 - 10.51 Mari Gas Company 735 16.79 118.49 National Refinery XD 800 3.32 218.39 Oil & Gas Development 43009 10.48 153.87 Pak Petroleum 11950 7.68 184.61 Pak Oilfields XD 2365 5.78 239.32 Pak Refinery Limited 350 - 74.83 P.S.O 1715 4.68 263.19 Shell Gas LPG 226 - 32.15 Shell Pakistan 685 9.82 182.34
304.00 105.84 11.51 124.41 226.50 155.30 189.49 245.44 78.57 276.34 33.75 191.45
297.98 103.66 10.81 118.55 218.00 154.27 186.40 241.99 78.57 273.00 33.00 191.45
301.49 8.17 105.84 5.04 11.51 1.00 123.88 5.39 224.17 5.78 154.95 1.08 188.82 4.21 244.61 5.29 78.57 3.74 276.34 13.15 33.75 1.60 191.45 9.11
582267 2823765 4275335 80802 194217 584627 961386 1994673 11668 811200 6004 20548
Last 60 days High Low 374.20 105.84 12.10 133.60 233.50 156.00 214.10 251.24 85.90 280.99 40.28 237.00
% Change 1.89 5-Day High 1,365.77 5-Day Low 1,340.42
2009 Div BR (%) (%)
2010 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
300 31 200 55 90 255 80 40
20 20B -
CHEMICALS Performance of SR Chemicals Index Open 1,186.45 Turnover 13,496,740 P/E (x) 7.49 PE
Open
High
High Low 1,209.47 1,187.67 Total cos Defaulter cos P/BV (x) ROE (%) 2.62 35.00 Low
Close Chg
Close 1,205.26 Listed cap 52,251.88 mn Payout (%) 48.81
Change 18.81 Market cap 269,359.68 mn Div Yield (%) 6.52
Last 60 days High Low
Volume
22.69 21.90 21.90 -0.35 9.49 8.06 8.97 0.07 159.79 157.55 157.60 -0.23 170.06 169.10 169.89 0.89 2.34 2.11 2.18 0.01 6.10 5.70 5.85 0.15 1.72 1.55 1.59 -0.03 178.60 175.40 178.20 3.29 13.80 13.28 13.46 0.19 9.68 9.50 9.60 0.04
557 25.38 353 14.94 1510 173.99 2893 182.00 57345 2.98 575298 6.20 220471 2.03 1868647 190.50 1169115 15.20 262252 11.80
21.15 8.02 152.55 155.38 1.78 3.20 1.28 165.60 10.62 9.02
Fauji Fertilizer Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Ittehad Chemical XD Lotte Pakistan Mandviwala Nimir Ind Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-Noble XD
109.50 108.01 109.45 1.55 31.60 31.00 31.56 0.67 12.49 12.10 12.30 0.17 129.25 124.50 128.47 4.37 28.75 26.13 26.13 -1.37 10.44 10.14 10.34 0.22 1.85 1.46 1.77 0.09 1.50 1.37 1.40 -0.05 108.50 107.00 107.02 -2.48 13.50 12.60 13.25 0.71 9.50 9.43 9.45 -0.92 34.20 33.50 33.64 -0.34
733350 111.12 1940010 31.60 128280 13.85 394256 131.40 4005 34.12 5553719 10.75 52643 3.24 168098 1.66 350 127.20 677154 13.79 2000 17.88 3905 46.25
102.96 131.5 26.59 40 7.41 109.50 80 21.00 15 6.75 5 0.80 1.16 104.56 75 7.67 9.22 10 33.50 50
6785 7.93 107.90 9341 5.95 30.89 725 9.32 12.13 1388 7.24 124.10 360 9.75 27.50 15142 3.69 10.12 74 1.68 1106 1.45 214 8.77 109.50 551 14.40 12.54 92 - 10.37 90 6.47 33.98
% Change 1.59 5-Day High 1,205.26 5-Day Low 1,181.38
2009 Div BR (%) (%)
Agritech Limited 3924 7.93 22.25 Bawany AirXDXR 68 74.75 8.90 Clariant Pak 273 6.02 157.83 Dawood Hercules 1203 7.04 169.00 Descon Chemical 1996 2.17 Descon Oxychem Ltd. 1020 5.70 Dewan Salman 3663 1.62 Engro Corporation Ltd 3277 9.79 174.91 Engro Polymer 6635 - 13.27 Fatima Fertilizer 22000 9.56
2010 Div BR (%) (%)
125 40 10B 6010B 40R - 27.5R 10B 10B -
5 40 40 -
10R -
95 17.5 55 5 25 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,070.52 Turnover 31,312 P/E (x) 5.44 Paid up Cap(mn)
Century Paper
PE
Open
High
High Low 1,082.05 1,053.44 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47 Low
Close 1,064.98 Listed cap 1,186.83 mn Payout (%) 25.28
Close Chg
Volume
Change -5.54 Market cap 2,951.31 mn Div Yield (%) 4.65
Last 60 days High Low
707
-
15.75
16.20
15.66
16.11 0.36
28358
21.80
15.28
Pak Paper ProductXDXB 50 Security Paper 411
7.69 6.02
40.00 39.99
40.00 39.99
39.99 39.00
40.00 0.00 39.00 -0.99
594 2360
62.85 48.00
38.61 38.10
2009 Div BR (%) (%) - 425R 20 50
Company
PE
Open
High
High Low 934.85 898.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 33.10 Low
Close Chg
Close 916.24 Listed cap 3,596.11 mn Payout (%) 30.91
-
Change 2.42 Market cap 8,706.83 mn Div Yield (%) 12.85
Last 60 days High Low
Volume
-
% Change 0.26 5-Day High 934.81 5-Day Low 913.83
2009 Div BR (%) (%)
3.86 -
24.69 2.68
25.25 3.00
24.20 2.78
24.70 0.01 2.90 0.22
5086 121645
28.33 3.39
23.75 1.65
-
-
30 -
-
Huffaz Pipe International Ind
555 1199
8.69 9.38
13.88 45.00
14.50 46.00
13.50 44.00
13.90 0.02 45.02 0.02
58761 46542
16.75 70.71
12.25 44.00
-
30B -
40
20B
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
Company
Paid up Cap(mn)
Close 976.86 Listed cap 54,792.74 mn Payout (%) 19.04
Change 11.69 Market cap 69,561.69 mn Div Yield (%) 2.64
% Change 1.21 5-Day High 976.86 5-Day Low 965.17
Close Chg
Volume
Last 60 days High Low
3.00 58.00 15.31 10.75
3.08 60.35 15.35 11.40
0.08 2.35 0.15 0.23
1356 87152 4039 5219
4.20 69.99 18.50 12.50
2.80 57.60 14.01 8.90
50 -
20B -
1.69 2.29 1.60 27.85 3.45 4.92 6.00
1.68 2.10 1.53 26.90 2.98 4.80 6.00
1.68 2.29 1.59 27.72 3.22 4.84 6.00
0.03 -0.56 0.06 0.84 0.66 0.04 0.00
12500 20035 31800 4852556 1515 214952 3806
2.20 3.12 1.99 28.30 4.70 5.50 6.90
1.30 1.02 1.30 23.02 2.11 4.51 4.25
-
20R 10B
-
20R -
1.78 2.80
1.94 3.23
1.74 2.90
33344 141
2.20 5.00
1.74 1.91
-
-
-
-
3.40 0.79 6.10 2.97 71.81 2.77 8.04 6.02
3.40 0.84 6.29 3.03 73.39 3.00 7.96 6.45
2.70 0.60 6.10 2.94 71.50 2.81 7.60 6.00
6505 34359 53762 759002 702381 287624 8412 3114
7.25 1.48 6.50 3.65 74.00 3.40 8.58 9.47
2.11 0.25 5.50 2.60 62.60 2.51 6.80 5.50
40 -
-
40 -
-
PE
Open
High
Low
Al-Abbas Cement Attock Cement XD Berger Paints Cherat Cement
1828 866 6.35 182 956 25.91
3.00 58.00 15.20 11.17
3.13 60.85 15.85 11.40
Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement
982 12.92 948 3574 3651 115.50 350 3.83 6933 14.67 502 3.13
1.65 2.85 1.53 26.88 2.56 4.80 6.00
Flying Cement Ltd Frontier Ceramics
1760 77
-
2319 32 1288 13126 3234 5261 2228 200
6.56 1.33 -
Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Safe Mix Concrete
1.77 -0.01 2.90 0.10 3.10 0.67 6.10 2.99 73.03 2.85 7.96 6.00
-0.30 -0.12 0.00 0.02 1.22 0.08 -0.08 -0.02
2009 Div BR (%) (%)
2010 Div BR (%) (%) - 100R 50 - 122R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 915.09 Turnover 327,092 P/E (x) 2.61 Company
Paid up Cap(mn)
PE
Open
High
High Low 943.78 908.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
Cherat PapersackXDXB 115 1.69 49.13 50.00 46.70 47.50 ECOPACK Ltd 230 2.10 2.29 1.94 2.18 Ghani GlassXDXB 1067 4.57 48.25 49.90 47.30 49.73 Packages Ltd 844 54.62 106.07 109.50 106.50 106.50 Siemens Engineering 82 10.60 1238.99 1285.00 1224.00 1285.00 Tri-Pack Films 300 7.59 103.45 104.25 104.00 104.09
Ados Pak AL-Ghazi Tractor Ghandhara Ind Hinopak Motor Millat Tractors XB
16,973.94 16,989.25 16,622.60 h351.34
-1.63 0.08 1.48 0.43 46.01 0.64
Close 932.86 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 17.77 Market cap 34,757.86 mn Div Yield (%) 5.95
Last 60 days High Low
193316 53.19 34.00 7348 2.69 1.70 12576 61.99 45.75 109205 123.00 98.00 2043 1285.00 1040.01 2594 106.00 91.00
% Change 1.94 5-Day High 932.86 5-Day Low 896.20
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 900 -
10B -
25B 10B -
Close 744.92 Listed cap 3,242.17 mn Payout (%) 11.08
Change 7.06 Market cap 13,049.17 mn Div Yield (%) 1.92
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.17
70.83
72.85
70.60
71.71
7451
80.90
0.88
60.05
AUTOMOBILE AND PARTS Performance of SR Automobile and Parts Index Open 1,094.58 Turnover 530,513 P/E (x) 3.88 Company
High Low 754.07 736.02 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 25.53
Paid up Cap(mn)
PE
Open
Agriautos Ind XD 144 5.08 67.01 Atlas Battery 101 4.67 154.68 Atlas Engineering Ltd 247 17.63 19.88 Atlas Honda 626 7.27 104.00 Dewan Motors 890 1.50 General Tyre 598 18.49 21.55 Ghandhara Nissan 450 3.40 4.80 Ghani Automobile Ind 200 6.80 4.20 Honda Atlas Cars 1428 - 11.27 Indus Motors 786 5.37 231.19 Pak Suzuki 823 11.79 73.90 Sazgar EngineeringXDXB 150 3.70 20.24 Transmission 117 2.09
High
High Low 1,119.20 1,092.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low
Close Chg
67.30 67.00 67.00 -0.01 157.30 154.25 156.43 1.75 19.74 18.88 19.74 -0.14 108.00 101.20 104.43 0.43 1.58 1.42 1.48 -0.02 21.55 21.00 21.45 -0.10 5.00 4.70 4.90 0.10 4.35 4.15 4.35 0.15 11.35 11.16 11.26 -0.01 237.00 233.00 235.32 4.13 76.00 73.00 74.02 0.12 20.70 19.77 19.83 -0.41 2.70 1.80 1.80 -0.29
Close 1,104.80 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Last 60 days High Low
1188 73.01 5673 195.80 503 19.88 236 122.51 217705 2.08 3900 26.70 70601 6.09 4902 5.55 3349 12.98 88193 266.99 128257 88.99 3799 27.58 2207 3.25
63.01 131.00 16.25 92.00 1.16 21.00 4.03 3.55 9.65 212.29 69.25 19.50 1.53
Open 1,505.06 Turnover 208,724 P/E (x) 32.98 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar793 AL-Noor Sugar 186 Chashma Sugar 287 Colony Sugar Mills 990 Crescent Sugar 214 Habib Sugar 600 Habib-ADM Ltd 200 Ismail Ind XD 505 J D W Sugar 490 Mirpurkhas Sugar 70 Mirza Sugar 141 National Foods XD 414 Noon Sugar 165 Quice Food 107 S S Oil 57 Shahmurad Sugar 211 Tandlianwala 1177 Unilever Foods 62
PE
Open
High
High Low 1,511.23 1,489.54 Total cos Defaulter cos P/BV (x) ROE (%) 9.99 30.30 Low
Close Chg
10.77 6.00 6.67 5.60 5.60 4.36 44.75 42.95 42.90 42.90 0.77 9.45 9.75 9.40 9.50 3.93 3.85 3.60 3.85 11.85 6.65 6.50 6.25 6.28 6.19 29.80 30.05 29.65 30.00 11.81 12.60 12.79 12.70 12.76 33.87 75.99 75.89 73.00 75.86 2.59 79.38 79.00 77.00 77.34 5.94 58.42 59.00 56.00 56.50 0.35 5.20 5.60 5.00 5.54 15.67 42.05 42.40 41.20 42.00 - 12.38 12.50 12.50 12.50 2.16 2.11 2.10 2.11 0.30 3.40 3.55 3.55 3.55 16.04 11.25 11.10 11.00 11.07 290.00 30.85 32.00 29.35 31.90 14.05 1050.00 1050.00 1030.00 1048.18
-0.40 -1.85 0.05 -0.08 -0.37 0.20 0.16 -0.13 -2.04 -1.92 0.34 -0.05 0.12 -0.05 0.15 -0.18 1.05 -1.82
Close 1,507.09 Listed cap 11,335.33 mn Payout (%) 30.57
Paid up Cap(mn)
PE
Open
66 1.09 16.75 215 4.91 202.13 213 10.42 11.00 124 - 133.95 366 6.27 475.29
High
Low
Close Chg
Volume
17.00 16.94 16.98 0.23 205.74 203.00 205.00 2.87 11.70 10.55 11.25 0.25 127.57 127.26 127.50 -6.45 482.70 478.00 479.38 4.09
2001 1724 96584 150 119827
Last 60 days High Low 21.96 227.45 18.98 143.41 597.90
2009 Div BR (%) (%)
14.62 20 200.00 400 10.55 108.11 17.15 390.00 450
25B
2010 Div BR (%) (%) 40
-
% Change 0.93 5-Day High 1,107.18 5-Day Low 1,094.58 2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 100 5 - 20B 2 -
90 100 20 150 10 -
20B 20B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
31.64
Total Assets (Rs in mn)
7,496.79
MA (10-day)
22.75
Total Equity (Rs in mn)
7,051.71
MA (100-day)
24.88
Revenue (Rs in mn)
9,467.39
MA (200-day)
27.17
Interest Expense
1st Support
20.51
Profit after Taxation
2nd Support
20.06
EPS 09 (Rs)
4.056
1st Resistance
21.80
Book value / share (Rs)
41.61
2nd Resistance
22.64
PE 10 E (x)
11.62
Pivot
21.35
PBV (x)
5.55 687.29
0.50
KOHE closed down -0.98 at 20.91. Volume was 544 per cent above average (trending) and Bollinger Bands were 37 per cent wider than normal. The company's profit after taxation stood at Rs76.061 million which translates into an Earning Per Share of Rs0.45 for the 1st quarter of current fiscal year (1QFY11). KOHE is currently 23.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of KOHE (mildly bearish). Trend forecasting oscillators are currently bearish on KOHE.
TRG Pakistan Limited
Volume
Last 60 days High Low
250 11.70 31369 45.99 13179 11.40 505 4.49 13000 7.60 25472 32.25 3000 16.98 102 77.70 501 80.80 120 62.77 20560 5.70 971 65.29 1140 13.65 4500 3.40 2500 3.55 3005 11.90 88091 35.50 211 1071.00
3.26 39.25 8.00 2.40 5.50 25.00 11.90 54.00 60.10 54.50 3.55 39.01 10.20 1.60 2.51 8.00 25.25 816.00
% Change 0.13 5-Day High 1,514.83 5-Day Low 1,497.25
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 35 40 15 40 25 50 15 340
40 17.5 110R 0 12.5R 12 350 -
25B 10B 25B 10B -
HOUSEHOLD GOODS Open 1,115.33 Turnover 169,642 P/E (x) 2.80 Company
Paid up Cap(mn)
High Low 1,135.20 1,113.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 10.64
PE
Open
High
Low
AL-Abid SilkXBXR 115 2.77 Diamond Ind 90 Gauhar Engineering Ltd 22 Pak Elektron 1174 3.37 Singer Pak 341 21.37 Tariq Glass Ind 231 2.05
26.34 12.98 0.45 13.29 18.02 17.00
26.75 13.85 0.47 13.65 19.02 17.49
25.03 11.98 0.40 13.30 18.95 16.90
Close Chg 25.68 12.74 0.45 13.38 19.02 17.14
-0.66 -0.24 0.00 0.09 1.00 0.14
Close 1,120.16 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 356 128 4000 94439 142 70576
RSI (14-day)
59.01
Total Assets (Rs in mn)
2,549.61
MA (10-day)
4.16
Total Equity (Rs in mn)
2,509.06
MA (100-day)
4.01
Revenue (Rs in mn)
MA (200-day)
4.11
Interest Expense
1st Support
4.15
Profit after Taxation
2nd Support
3.94
EPS 09 (Rs)
1st Resistance
4.56
Book value / share (Rs)
2nd Resistance
4.76
PE 10 E (x)
Pivot
4.35
PBV (x)
25.03 11.11 0.15 12.17 16.51 14.50
2009 Div BR (%) (%)
Company
Paid up Cap(mn)
AL-Qadir Textile XD Amtex Limited XD Artistic Denim XD Azam Textile XD Azgard Nine Bannu Woolen XD Bata (Pak) Bilal Fibres Chenab Limited Chenab Ltd Pref Colony Mills Ltd Crescent Jute Crescent Textile XD D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Din TextileXDXB Ellcot Spinning XD Faisal Spinning XD Fazal Cloth Gadoon Textile XD Ghani Value Glass XD Gillette Pakistan Gul Ahmed Textile XD Hira Txt.Mills Ltd. XD Ibrahim Fibres XD Idrees Textile XD Indus Dyeing XD J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Textile Maqbool Textile XD Masood Textile XD Mehmood Textile XD Mian Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) XD Nishat Mills XD Pak Synthetic Paramount Spin.XDXB Premium Textile XD Ravi Textile Reliance Weaving Rupali Poly XD Salfi Textile XD Sally Textile XD Samin Textile XR Sargodha Spinning XD Service Ind Shadman Cot Shahpur Textile Shahtaj Textile XD Shahzad Textile XD Shams Textile XD Sunrays Textile XD Suraj Cotton XD Tata Textile XD Thal LimitedXDXB Treet Corp Tri-Star Poly ZahidJee Textile Zephyr Textile Ltd Zil Limited XD
76 2415 840 133 4493 76 76 141 1150 800 2442 238 492 600 99 514 600 34 204 110 100 188 234 75 192 635 716 3105 180 181 179 43 107 303 1455 168 600 150 221 145 187 1586 3516 560 174 62 250 308 341 33 88 134 312 120 176 140 97 180 86 69 180 173 307 418 215 341 594 53
PE
Open
4.61 12.14 5.27 5.42 19.46 0.34 2.40 - 10.33 0.49 12.85 4.86 558.20 0.47 1.36 3.15 1.61 4.39 2.84 0.79 4.13 22.57 1.90 0.55 46.71 39.93 5.15 5.45 0.11 4.60 0.54 25.50 0.61 20.70 0.75 31.89 0.99 50.00 0.53 49.09 8.70 31.50 - 68.00 3.62 24.73 0.75 3.85 2.99 39.18 3.59 3.25 2.20 258.94 1.06 7.00 0.27 17.43 0.74 1.46 3.79 5.20 2.09 7.26 2.03 19.01 0.73 57.00 0.50 0.40 0.76 14.70 1.73 20.28 4.45 51.06 2.04 6.00 0.60 8.95 0.47 31.00 1.72 0.68 9.95 4.18 32.49 0.15 31.41 0.21 4.64 5.32 6.87 0.40 1.81 6.43 197.56 2.09 11.50 0.82 0.51 - 17.01 0.30 4.01 0.56 16.00 0.49 33.70 0.72 31.03 0.21 21.00 4.11 91.97 7.80 46.67 0.72 0.29 2.76 5.59 4.30 2.96 43.99
High
Low
Close Chg
5.50 5.49 5.50 0.89 5.48 4.72 5.34 0.07 19.89 19.50 19.50 0.04 2.90 2.31 2.45 0.05 10.68 10.45 10.53 0.20 13.85 13.85 13.85 1.00 586.11 555.01 586.11 27.91 1.75 1.67 1.75 0.39 3.40 3.25 3.33 0.18 2.61 1.21 1.86 0.25 2.92 2.81 2.81 -0.03 0.75 0.60 0.75 -0.04 21.45 21.45 21.45 -1.12 2.00 1.80 1.86 -0.04 0.50 0.50 0.50 -0.05 39.85 38.99 39.70 -0.23 6.45 6.00 6.39 0.94 3.60 3.60 3.60 -1.00 26.00 25.10 25.27 -0.23 21.47 19.80 20.00 -0.70 32.40 30.30 30.32 -1.57 52.50 47.50 52.50 2.50 51.50 48.00 48.33 -0.76 33.07 33.07 33.07 1.57 68.00 64.76 64.81 -3.19 25.96 25.00 25.21 0.48 4.15 3.80 4.00 0.15 38.45 37.60 38.02 -1.16 3.30 3.30 3.30 0.05 246.27 246.00 246.00-12.94 7.00 6.00 6.98 -0.02 18.43 16.43 16.44 -0.99 0.74 0.74 0.74 0.00 1.59 1.45 1.54 0.08 5.50 5.18 5.30 0.10 8.26 7.10 7.51 0.25 19.70 19.25 19.25 0.24 59.85 59.84 59.85 2.85 0.59 0.45 0.50 0.00 0.94 0.50 0.58 0.18 15.20 14.06 14.90 0.20 21.20 20.38 20.79 0.51 52.75 51.21 51.89 0.83 6.05 6.00 6.03 0.03 8.25 8.15 8.25 -0.70 29.50 29.50 29.50 -1.50 1.75 1.66 1.67 -0.05 10.48 9.10 9.67 -0.28 33.30 31.60 33.30 0.81 32.98 32.98 32.98 1.57 4.99 3.64 4.17 -0.47 6.75 5.90 6.38 -0.49 2.20 2.05 2.05 0.24 187.69 187.69 187.69 -9.87 11.50 11.50 11.50 0.00 0.89 0.50 0.59 0.08 17.35 17.00 17.19 0.18 5.01 5.01 5.01 1.00 17.00 17.00 17.00 1.00 35.36 32.04 32.04 -1.66 31.95 31.50 31.95 0.92 22.05 22.00 22.05 1.05 96.56 91.25 96.19 4.22 49.00 47.65 49.00 2.33 0.95 0.80 0.80 0.08 3.30 2.00 2.16 -0.60 4.50 4.00 4.25 -0.05 44.50 43.51 44.16 0.17
Close 944.16 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 2000 5587131 436 4104 588909 7339 36927 5002 27800 963004 1001 7001 101 304397 200 1380 49100 300 113 2554 101 600 11665 500 102 5882 495061 1004 500 675 103 5660 525 26995 16482 703 520 5551 9005 9124 893 2046830 5163482 1731 110 15000 72631 7604 506 1500 104 18234 1675 615 2000 22055 2024 141 473 1097 4100 5600 527128 162319 5800 208 2000 1804
7.5 -
10B 10B -
Change 3.78 Market cap 121,127.55 mn Div Yield (%) 2.52
Last 60 days High Low 7.00 20.45 24.05 3.45 12.32 14.00 624.00 2.00 4.32 2.61 3.70 1.90 27.00 2.49 0.96 50.00 6.45 4.70 30.90 25.45 34.95 52.50 51.50 38.20 73.00 25.96 4.88 40.30 5.35 269.50 10.30 20.50 1.99 1.95 6.30 11.55 22.88 74.50 0.98 0.99 17.50 23.55 54.27 7.72 11.25 31.03 3.80 12.00 36.75 32.98 6.20 8.69 2.50 255.29 15.00 1.90 21.90 9.48 18.99 35.36 37.50 22.05 112.80 52.14 1.02 4.00 4.90 48.75
Open 865.11 Turnover 84,229 P/E (x) 6.92
2010 Div BR (%) (%)
Company
150 650
Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 200 306
High Low 884.60 875.04 Total cos Defaulter cos P/BV (x) ROE (%) 1.54 22.31
2.50 4.72 17.55 1.35 8.55 7.50 436.00 0.55 2.93 1.21 2.23 0.16 17.89 1.44 0.02 37.00 2.05 1.52 20.80 17.21 24.55 41.00 33.80 26.70 57.50 19.99 2.52 34.05 2.56 206.11 5.12 9.95 0.25 1.01 4.00 3.25 18.51 55.00 0.01 0.20 12.00 14.64 40.81 5.16 6.00 25.71 1.38 6.91 31.35 20.50 2.74 5.02 0.31 176.00 8.00 0.18 14.75 3.25 15.00 30.03 29.00 14.02 86.50 37.20 0.26 2.00 1.50 33.00
PE
Open
High
Low
8.68 6.63 12.84 6.83 6.81 5.67
96.70 83.63 70.81 24.31 8.14 62.05
99.25 87.81 71.85 24.70 8.45 63.15
98.98 83.90 71.00 24.55 8.30 62.60
Close 881.55 Listed cap 3,904.20 mn Payout (%) 44.54
Close Chg
Volume
98.99 87.81 71.40 24.65 8.45 63.00
2300 23161 913 4154 5671 48005
2.29 4.18 0.59 0.34 0.31 0.95
2009 Div BR (%) (%)
-20B 20R - 10B 17.5 -
77.00 83.00 65.00 22.10 6.10 53.36
% Change 0.40 5-Day High 953.77 5-Day Low 940.38 2010 Div BR (%) (%)
10 30 20 20 7.5 20 120 15 5 20 10B 7.5 35 7.5 50 -100SD 70 8 400R 25 5 - 12.5 10 20 10 15 20 5B - 22.5 15 15 100R 4050.2257B 60 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 7.5 50 - 25SD 40 40 25 10 - 100R 5 200 20 45 5 20 10 15 50 25 20 20B 80 20B 4 40 10B 35 -
6.51 0.66
TRG closed up 0.20 at 4.30. Volume was 365 per cent above average (trending) and Bollinger Bands were 54 per cent narrower than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 5.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bearish on TRG.
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
45.23
Total Assets (Rs in mn)
3,356.84
MA (10-day)
4.29
Total Equity (Rs in mn)
1,312.24
MA (100-day)
3.83
Revenue (Rs in mn)
3,116.91
MA (200-day)
3.86
Interest Expense
263.53
1st Support
3.85
Profit after Taxation
248.83
2nd Support
3.65
EPS 09 (Rs)
3.478
1st Resistance
4.20
Book value / share (Rs)
18.34
2nd Resistance
4.35
PE 10 E (x)
0.75
Pivot
4.00
PBV (x)
0.22
HIRAT closed up 0.15 at 4.00. Volume was 263 per cent above average (trending) and Bollinger Bands were 6 per cent narrower than normal. The company's profit after taxation stood at Rs94.915 million which translates into an Earning Per Share of Rs1.33 for the 1st quarter of current fiscal year (1QFY11). HIRAT is currently 3.4 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into HIRAT (mildly bullish). Trend forecasting oscillators are currently bearish on HIRAT.
JS Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
66.17
Total Assets (Rs in mn)
MA (10-day)
2.57
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.53
Revenue (Rs in mn)
32,894.92 2,527.30
MA (200-day)
3.25
Interest Expense
1,806.71
1st Support
2.61
Loss after Taxation
(594.94)
2nd Support
2.47
EPS 09 (Rs)
1st Resistance
2.84
Book value / share (Rs)
2nd Resistance
2.93
PE 10 E (x)
Pivot
2.70
PBV (x)
(0.980) 9.23 0.30
JSBL closed up 0.11 at 2.77. Volume was 81 per cent above average and Bollinger Bands were 7 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 14.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into JSBL (mildly bullish). Trend forecasting oscillators are currently bullish on JSBL.
BOOK CLOSURES Company
From
First Paramount Modaraba 3-Nov Atlas Fund of Funds 3-Nov Sapphire Fibres 4-Nov Sapphire Textile Mills 4-Nov Pakistan Strategic Allocation Fund 4-Nov TeleCard 6-Nov Punjab Oil Mills 9-Nov Jahangir Siddiqui & Co 9-Nov 1st Punjab Modaraba 9-Nov Biafo Industries 10-Nov Amtex Limited 12-Nov Karachi Electric Supply Corp. 15-Nov East West Life Assurance 15-Nov Nestle Pakistan 16-Nov Fauji Fertilizer Co 21-Nov Thal Limited 23-Nov Sui Northern Gas Pipelines 24-Nov Sui Southern Gas Pipelines 24-Nov Fazal Cloth Mills 26-Nov East West Insurance Co 1-Dec
To
D/B/R
10-Nov 10-Nov 11-Nov 11-Nov 10-Nov 12-Nov 15-Nov 23-Nov 15-Nov 16-Nov 23-Nov 28-Nov 23-Nov 22-Nov 27-Nov 30-Nov 30-Nov 30-Nov 3-Dec 7-Dec
18 2.20(F) 1 28R 1 12.5(i) 7.80(R) 10R 250(ii) 20(iii) 20 100(SD) 10(B)
Spot AGM/Date 26-Oct 29-Oct 29-Oct 1-Nov 1-Nov 4-Nov 4-Nov 5-Nov -
28-Oct 3-Nov 11-Nov 11-Nov 12-Nov 12-Oct 24-Nov 15-Nov 23-Nov 30-Nov 30-Nov 30-Nov 29-Nov -
INDICATIONS
Change 16.44 Market cap 29,355.88 mn Div Yield (%) 6.44
Last 60 days High Low 104.00 124.00 80.15 25.79 9.00 64.50
1.988
2010 Div BR (%) (%)
Performance of SR Personal Goods Index High Low 951.59 930.73 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 8.64
0.10 766.33
% Change 0.43 5-Day High 1,163.87 5-Day Low 1,115.33
PERSONAL GOODS Open 940.38 Turnover 16,247,409 P/E (x) 6.63
28.92
Hira Textile Mills Limited Change 4.83 Market cap 5,323.89 mn Div Yield (%) 2.24
Last 60 days High Low 35.00 19.70 0.50 15.43 24.14 18.80
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Household Goods Index
% Change 0.62 5-Day High 1,541.45 5-Day Low 1,509.28
25B
% Change 0.96 5-Day High 762.16 5-Day Low 737.87
2009 Div BR (%) (%)
Change 2.03 Market cap 195,599.37 mn Div Yield (%) 0.93
PHARMA AND BIO TECH Change 9.37 Market cap 31,492.05 mn Div Yield (%) 17.06
20B
Kohinoor Energy Limited
FOOD PRODUCERS
Performance of SR Pharma and Bio Tech Index
Close 1,518.65 Listed cap 1,336.62 mn Payout (%) 131.49
-
Alert ! Unusual Movements
Performance of SR Food Producers Index
INDUSTRIAL ENGINEERING High Low 1,533.01 1,514.06 Total cos Defaulter cos P/BV (x) ROE (%) 2.93 38.02
2009 Div BR (%) (%)
Change 10.21 Market cap 40,053.69 mn Div Yield (%) 5.26
Performance of SR Industrial Engineering Index Open 1,509.28 Turnover 220,296 P/E (x) 7.71 Company
KMI 30 Index Current High Low Change
10,259.89 10,274.87 10,089.18 h170.71
PE
2010 Div BR (%) (%)
565 675
High Low 985.33 957.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092
-
2533.33B 50 -
Crescent Steel Dost Steels Ltd
Open 965.17 Turnover 7,120,467 P/E (x) 7.22
Company
2010 Div BR (%) (%)
INDUSTRIAL METALS AND MINING Open 913.83 Turnover 232,034 P/E (x) 2.41
Open 737.87 Turnover 7,452 P/E (x) 5.77
% Change -0.52 5-Day High 1,110.95 5-Day Low 1,064.98
Performance of SR Industrial Metals and Mining Index
Paid up Cap(mn)
Current High Low Change
INDUSTRIAL TRANSPORTATION
Low
Company
KSE 30 Index
7,433.40 7,443.69 7,340.53 h92.87
Performance of SR Industrial Transportation Index
High
Paid up Cap(mn)
Current High Low Change
OIL AND GAS
Open
Company
All Share Index
10,681.87 10,695.50 10,538.27 h143.60
Performance of SR Oil and Gas Index Open 1,340.42 Turnover 8,071,157 P/E (x) 10.19 Company
KSE 100 Index
Symbols
Volume
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change 1.90 5-Day High 881.55 5-Day Low 865.11 2010 Div BR (%) (%) 20 30
20B -
# Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables 52.2 TRG Pakistan Ltd. 4.1 Murree BreweryXDXB 73.57 Shakarganj Food 0.95 Shezan Internat.XD 94.19 Lakson Tobacco 318.18 Pak Tobacco 112.5 Shifa Int.Hospitals 27.07 Eye Television 20.23 P.I.A.C.(A) 2.28 AKD Capital 57 Pace (Pak) Ltd. 2.85 Netsol Technol.XD 18.6 Pak Telephone 2
High 51.25 4.55 73.29 1.05 94.87 333.9 113 27 20.8 2.35 56.88 2.93 19.13 2.3
Low Close 51 4.14 72.2 1.05 92.26 320 112.5 26 19.53 2.21 54.15 2.81 18.65 1.76
51.1 4.3 73.23 1.05 94.87 327.9 112.59 26.48 20.8 2.33 54.25 2.88 19 1.77
Change -1.1 0.2 -0.34 0.1 0.68 9.72 0.09 -0.59 0.57 0.05 -2.75 0.03 0.4 -0.23
Vol
500 10582657 14950 2000 214 108 4100 263 1110 93634 5602 405410 443179 198
7
Wednesday, November 3, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,080.18 Turnover 4,364,683 P/E (x) 5.93 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A TelecardSPOT WorldCall Tele Wateen Telecom Ltd
High Low 1,119.19 1,085.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.76 12.84
PE
Open
High
Low
Close Chg
78 5.17 37740 12.55 3000 0.71 8606 6175 -
88.16 18.26 2.41 2.42 3.40
87.50 18.90 2.55 2.55 3.59
83.76 18.40 2.35 2.42 3.40
83.76 18.83 2.40 2.49 3.56
-4.40 0.57 -0.01 0.07 0.16
Close 1,110.10 Listed cap 50,077.79 mn Payout (%) 62.56
Change 29.93 Market cap 76,782.20 mn Div Yield (%) 10.55
Last 60 days High Low
Volume 6353 3424572 442742 491016 137020
120.61 19.76 2.77 2.98 5.59
83.76 17.32 1.80 2.30 3.38
% Change 2.77 5-Day High 1,127.18 5-Day Low 1,079.19
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB IGI Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
369 5.33 279 6.24 457 6.69 1250 718 15.68 3000 37.23 350 303 5.08 253 4.34 400 1.89
33.65 53.95 11.34 39.81 82.62 14.05 2.69 9.20 6.61 5.50
Paid up Cap(mn)
Company
PE
Open
High
Low
Genertech 198 Hub Power 11572 6.14 Japan Power 1560 KESC 7932 Kohinoor Energy XD 1695 11.62 Kot Addu Power XD 8803 4.80 Nishat Chunian Power Ltd 3673 3.00 Nishat Power Ltd 3541 23.45 Sitara Energy Ltd XD 191 3.42 Southern Electric 1367 Tri-star Power XD 150 -
0.99 33.24 1.52 2.19 21.89 39.47 13.40 14.18 19.25 2.16 0.80
0.98 33.70 1.65 2.27 22.19 40.00 13.79 14.68 19.20 2.32 1.75
0.82 33.41 1.51 2.10 20.90 39.40 13.41 14.23 18.26 2.17 0.89
Close 1,167.35 Listed cap 95,369.29 mn Payout (%) 104.13
Change 5.15 Market cap 96,708.56 mn Div Yield (%) 8.37
% Change 0.44 5-Day High 1,186.78 5-Day Low 1,162.20
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.84 33.55 1.61 2.14 20.91 39.53 13.66 14.54 18.31 2.20 0.95
2101 171596 155792 647266 100717 435579 750787 2973265 25403 200377 364134
1.45 37.24 2.25 2.50 26.50 42.95 14.85 16.10 23.49 2.90 1.75
33.5 45 64.5 20 3
-0.15 0.31 0.09 -0.05 -0.98 0.06 0.26 0.36 -0.94 0.04 0.15
0.51 32.75 0.70 1.92 20.90 38.35 9.50 9.25 18.26 2.05 0.33
Open 835.90 Turnover 20,285 P/E (x) 86.99
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,726.32 Turnover 415,831 P/E (x) 11.22 Company Sui North Gas Sui South GasXDXB
High Low 1,777.98 1,738.11 Total cos Defaulter cos P/BV (x) ROE (%) 1.28 11.41
Close 1,748.66 Listed cap 12,202.80 mn Payout (%) 66.79
Change 22.35 Market cap 37,526.77 mn Div Yield (%) 5.95
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
9.47 3.60
31.32 23.65
32.18 24.40
31.61 23.77
31.81 0.49 23.91 0.26
232006 183825
33.40 30.70
25.00 16.00
% Change 1.29 5-Day High 1,820.63 5-Day Low 1,726.32
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
20 15
25B
BANKS Performance of SR Banks Index Open 1,007.50 Turnover 17,611,496 P/E (x) 7.32 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.40 55.14 Askari Bank 6427 7.34 15.13 Atlas Bank 5001 1.70 Bank Alfalah 13492 12.04 9.20 Bank AL-Habib 7322 6.90 31.90 Bank Of Khyber 5004 4.93 3.63 Bank Of Punjab 5288 8.56 BankIslami Pak 5280 825.00 3.40 Faysal Bank 6091 5.32 16.11 Habib Bank Ltd 10019 6.37 100.78 Habib Metropolitan Bank 8732 6.12 20.02 JS Bank Ltd 6128 2.66 KASB Bank Ltd 9509 2.45 MCB Bank Ltd 7602 9.03 199.86 Meezan Bank 6983 7.94 15.01 Mybank Ltd 5304 2.01 National Bank 13455 5.63 63.90 Network Mic Bank 300 1.01 NIB Bank 40437 2.61 Royal Bank Ltd 17180 6.99 Samba Bank 14335 1.89 Silkbank Ltd 26716 2.58 Soneri Bank 6023 7.42 Stand Chart Bank 38716 10.05 6.70 Summit Bank Ltd 5000 2.75 United Bank Ltd 12242 6.55 55.36
High
High Low Close 1,031.96 1,006.63 1,022.21 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low
Close Chg
56.50 54.96 55.56 0.42 15.60 15.12 15.41 0.28 1.79 1.65 1.72 0.02 9.59 9.16 9.39 0.19 32.09 31.70 32.00 0.10 3.70 3.60 3.70 0.07 9.56 8.55 9.43 0.87 3.40 3.21 3.30 -0.10 17.00 16.40 16.49 0.38 102.01 101.00 101.95 1.17 20.25 19.70 20.00 -0.02 2.79 2.56 2.77 0.11 2.48 2.36 2.47 0.02 204.87 200.85 203.65 3.79 15.00 14.95 15.00 -0.01 2.09 2.00 2.07 0.06 65.10 64.16 64.41 0.51 1.30 1.10 1.10 0.09 2.70 2.60 2.65 0.04 7.17 6.60 6.75 -0.24 1.94 1.80 1.80 -0.09 2.73 2.50 2.63 0.05 8.00 7.01 7.78 0.36 6.70 6.40 6.53 -0.17 2.90 2.70 2.82 0.07 56.25 55.37 55.78 0.42
Change 14.71 Market cap 617,458.22 mn Div Yield (%) 5.53
Last 60 days High Low
Volume
283718 57.25 771460 16.65 46503 2.84 1374168 10.19 146853 33.75 24802 4.49 5129022 10.05 322515 3.69 717234 17.00 70924 108.00 56164 23.30 366401 2.90 3366 3.70 926598 207.00 2500 15.95 39508 2.75 3352904 71.25 4001 1.90 546586 3.25 181514 11.15 139981 2.65 2499780 3.30 457106 8.00 8456 8.00 103011 3.70 139432 59.24
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
% Change 1.46 5-Day High 1,037.29 5-Day Low 1,007.50
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 20B - 66R 55 -63.46R 10 -
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company Adamjee Insurance
High Low 686.80 658.52 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 5.20
Close 680.31 Listed cap 11,111.34 mn Payout (%) 79.54
Change 17.69 Market cap 43,352.40 mn Div Yield (%) 7.19
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 20.50
68.73
71.79
68.00
70.71 1.98
581565
85.62
63.05
2009 Div BR (%) (%) 30
American Life EFU Life Assurance XB
% Change 2.67 5-Day High 693.49 5-Day Low 662.62 2010 Div BR (%) (%)
10B
10
-
-0.15 0.94 -0.64 1.99 1.88 0.47 0.55 0.20 0.38 0.25
2009 102 3704 39343 1055 609921 114 3305 4001 1000
35.00 64.90 11.99 52.61 86.69 17.69 4.16 9.91 9.50 7.18
27.10 47.37 9.42 34.76 66.02 12.50 1.66 8.00 6.00 4.02
40 20 40 35 30 20 -
10B 25B 8.7B 15B 20B 16B
10 10 -
UP TO 100 VOLUME
10B 20B -
Symbols
High Low 837.43 817.44 Total cos Defaulter cos P/BV (x) ROE (%) 3.35 3.85
Close 837.43 Listed cap 2,290.72 mn Payout (%) 355.53
Change 1.53 Market cap 9,421.90 mn Div Yield (%) 4.09
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500 5.72 850 38.36
18.09 64.30
17.10 67.51
17.10 62.75
17.10 -0.99 67.51 3.21
153 20091
20.45 82.99
% Change 0.18 5-Day High 849.48 5-Day Low 827.36
2009 Div BR (%) (%)
17.10 51.25
2010 Div BR (%) (%)
5513.33B
-
-
FINANCIAL SERVICES Open 369.01 Turnover 12,661,105 P/E (x) 43.20 Paid up Cap(mn)
Company
High Low 385.20 366.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 0.91
PE
Open
High
Low
225 1.48 360 3.21 450 12.70 3750 4.33 150 1.34 250 First Credit & Invest Bank Ltd 650 12.92 IGI Investment Bank 2121 13.63 Invest and Fin Sec XD 600 675.00 Invest Bank 2849 Ist Cap Securities XB 3166 Ist Dawood Bank 626 0.67 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 7.26 JS Investment 1000 25.50 KASB Securities 1000 Orix Leasing 821 4.56 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Sec Inv Bank 514 12.36 Stand Chart Leasing 978 5.15 Trust Inv Bank 586 4.48
0.69 16.16 25.03 22.83 1.50 1.97 3.05 2.04 7.20 0.65 3.79 1.97 9.62 4.80 27.37 5.90 4.02 5.53 2.40 0.55 2.53 2.48 2.34
0.71 16.49 25.50 23.74 1.55 2.09 3.10 2.19 6.98 0.84 3.99 1.99 10.00 5.38 28.00 6.19 4.28 6.25 2.65 0.63 3.09 2.48 2.98
0.61 16.01 24.60 22.85 1.32 1.81 3.00 2.10 6.56 0.60 3.65 1.85 9.68 4.10 26.55 5.90 3.91 5.60 2.23 0.63 2.50 2.30 2.75
AMZ Ventures Arif Habib Investments Arif Habib Limited XB Arif Habib Securities Dawood Cap Mangt. XB Dawood Equities
0.65 16.31 24.89 23.53 1.50 1.98 3.10 2.18 6.75 0.75 3.71 1.87 9.88 4.17 27.01 6.12 4.10 6.20 2.33 0.63 3.09 2.47 2.87
-0.04 0.15 -0.14 0.70 0.00 0.01 0.05 0.14 -0.45 0.10 -0.08 -0.10 0.26 -0.63 -0.36 0.22 0.08 0.67 -0.07 0.08 0.56 -0.01 0.53
Volume 232738 2709 216092 2740599 1724 34614 12502 68808 2480 138284 15466 21670 3493736 3933366 2212 281967 9089 206887 1221223 170 3001 30304 3929
Change 7.18 Market cap 26,714.83 mn Div Yield (%) 2.30
% Change 1.94 5-Day High 376.18 5-Day Low 369.01
Last 60 days High Low
2009 Div BR (%) (%)
1.10 19.80 42.50 32.40 2.25 2.91 4.50 2.30 9.00 1.00 5.29 2.84 12.92 5.45 40.30 7.44 4.95 6.25 2.70 1.70 3.75 2.95 3.25
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.60 20.90 0.50 1.51 2.00 1.17 6.56 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.40 1.65 1.50 1.24
2010 Div BR (%) (%) 20B 20B 10B -
High
2.80 13.99 55.99 11.51 20.05 43.84 1972.85 1608.36 20.85 2.49 778.09 67.60 1.31 4.51 7.21 58.89 845.01 9.75 1.20 4.83 19.49 3.01 17.95 1.96 45.30 41.29 45.90 10.75 41.70 76.89 47.85 30.50 299.00 8.00 6.00 57.45 4037.50 444.50 20.20 0.90 36.00 1.34 1.05 15.90 0.95 1.00 14.30 1.00 9.84 47.84 12.00 5.45 36.50 63.57 8.00 4.85 37.68 33.49 2.46 7.96 12.00
2.84 14.00 56.57 12.49 19.07 43.00 1989.00 1688.00 19.90 2.88 815.00 67.60 1.84 5.10 7.50 58.95 865.00 9.80 1.55 5.25 19.49 3.01 17.95 1.96 46.90 43.29 44.87 11.30 43.65 79.40 50.24 30.75 310.00 7.30 6.50 54.58 4069.99 466.72 20.19 1.34 34.20 1.30 1.05 16.50 1.79 1.04 14.40 1.65 10.84 48.49 11.90 5.95 38.00 60.57 8.89 5.30 37.68 34.70 2.60 7.00 12.00
Low
Close
2.84 14.00 53.38 11.50 19.05 43.00 1950.01 1650.00 19.90 2.06 815.00 67.60 1.21 4.20 7.35 58.89 845.00 9.80 1.44 5.25 19.49 3.01 17.90 1.96 43.29 39.50 44.87 11.30 43.65 76.60 45.50 29.00 299.00 7.00 5.16 54.58 4015.06 422.29 20.00 0.53 34.20 1.30 1.05 16.50 1.79 1.04 14.40 1.40 9.50 47.99 11.90 5.75 37.98 60.57 7.00 4.85 37.68 34.69 2.50 7.00 12.00
2.84 14.00 56.57 11.85 19.06 43.00 1980.00 1679.60 19.90 2.06 815.00 67.60 1.29 4.87 7.35 58.89 847.00 9.80 1.44 5.25 19.49 3.01 17.90 1.96 46.89 42.04 44.87 11.30 43.65 76.61 47.00 30.75 299.00 7.30 5.58 54.58 4069.99 466.72 20.10 0.94 34.20 1.30 1.05 16.50 1.79 1.04 14.40 1.40 9.50 47.99 11.90 5.75 37.98 60.57 7.00 4.85 37.68 34.69 2.50 7.00 12.00
Change
Vol
0.04 0.01 0.58 0.34 -0.99 -0.84 7.15 71.24 -0.95 -0.43 36.91 0.00 -0.02 0.36 0.14 0.00 1.99 0.05 0.24 0.42 0.00 0.00 -0.05 0.00 1.59 0.75 -1.03 0.55 1.95 -0.28 -0.85 0.25 0.00 -0.70 -0.42 -2.87 32.49 22.22 -0.10 0.04 -1.80 -0.04 0.00 0.60 0.84 0.04 0.10 0.40 -0.34 0.15 -0.10 0.30 1.48 -3.00 -1.00 0.00 0.00 1.20 0.04 -0.96 0.00
100 100 66 58 51 41 32 32 30 26 24 18 14 14 11 11 11 10 10 10 10 10 10 10 10 6 6 5 5 5 5 4 4 4 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
High
Low
Close
DGKC-NOV
27.08
28.00
27.07
27.84
0.76
583000
NML-NOV
51.51
52.77
51.60
52.21
Change 0.70
453500
Vol
NBP-NOV
64.40
65.35
64.59
64.85
0.45
350000
EQUITY INVESTMENT INSTRUMENTS
POL-NOV
240.55
246.50
242.97
245.82
5.27
262000
ENGRO-NOV 175.35
179.49
176.99
179.06
3.71
239000
Performance of SR Equity Investment Instruments Index
MCB-NOV
200.18
204.80
201.00
203.86
3.68
180000
BOP-NOV
8.67
9.67
9.04
9.51
0.84
175500
PSO-NOV
264.22
277.43
277.00
277.43
13.21
115500
PPL-NOV
185.59
190.40
187.60
189.78
4.19
87500
AICL-NOV
68.84
72.00
69.05
70.99
2.15
71000
FFBL-NOV
31.00
31.75
31.28
31.65
0.65
57000
ANL-NOV
10.31
10.70
10.40
10.51
0.20
50000
NCL-NOV
20.40
21.42
20.65
21.11
0.71
40000
LUCK-NOV
71.81
73.24
71.83
73.17
1.36
38000
PTC-NOV
18.43
19.00
18.50
18.95
0.52
35000
OGDC-NOV 153.05
154.20
153.50
153.79
0.74
7500
FFC-NOV
108.07
108.50
108.50
108.50
0.43
3000
69.55
0.00
0.00
71.52
1.97
0.00
AKBL-CNOV 15.31
0.00
0.00
15.59
0.28
0.00
ATRL-CNOV 102.01
0.00
0.00
107.05
5.04
0.00
ANL-CNOV
10.45
0.00
0.00
10.65
0.20
0.00
BAHL-CNOV 32.28
0.00
0.00
32.37
0.09
0.00
Open 1,049.23 Turnover 2,851,422 P/E (x) 19.45 Paid up Cap(mn)
Company
Close Chg
Close 376.18 Listed cap 30,336.44 mn Payout (%) 99.56
Open
SSML ADAMS NJICL DYNO PGCL NJLIC NESTLE RMPL NOPK ESBL WYETH MFFL FCONM SGML GSPM MRNS COLG FNEL CWSM SAIF NCLNCP GFIL MERIT PAKL SCL GATI BCL AGIC BIFO BOC GRAYS QUET PECO STCL GUSM BAFS ULEVER FZTM THCCL SGPL PHDL FEM AATM BCML DKTM KOSM PRWM COTT HUSI BTL HUSS PNGRS PMRS SHJS MLCFPS KOHP PNSC OTSU SHCI WAZIR ARPAK
Performance of SR Financial Services Index
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 662.62 Turnover 1,246,190 P/E (x) 11.06
Paid up Cap(mn)
Company
2010 Div BR (%) (%)
31R -
33.50 54.89 10.70 41.80 84.50 14.52 3.24 9.40 6.99 5.75
LIFE INSURANCE
ELECTRICITY High Low 1,178.61 1,161.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
33.49 53.15 10.70 39.65 83.00 14.25 2.70 9.22 6.65 5.75
Performance of SR Life Insurance Index
-
Performance of SR Electricity Index Open 1,162.20 Turnover 5,391,441 P/E (x) 12.44
34.00 56.64 11.49 41.80 84.50 14.75 3.49 9.50 6.99 5.75
1st Fid Leasing AL-Meezan Mutual F. XD Atlas Fund of Funds XD B R R Guardian Mod. Crescent St Mod.XD First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba XD Habib Modaraba I B L Modaraba JS Growth Fund JS Value Fund Meezan Bal. Fund XD Mod Al-Mali NAMCO Bal. Fund Pak Modaraba XD Pak Oman Advantage XD Pak Prem Fund Pak Strat FundSPOT Paramount Mod. XD PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st XD Punjab ModarabaSPOT Stand Chart Modaraba Tri-Star Mutual U D L Modaraba XD
264 1375 525 780 200 300 581 760 397 1008 202 3180 1186 1200 184 1000 125 1000 1698 3000 59 1000 2835 2841 872 340 454 50 264
High Low 1,084.96 1,042.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21
PE
Open
High
Low
8.44 5.21 1.26 2.91 1.58 12.50 0.60 1.93 2.04 5.30 2.04 37.38 10.04 5.29 9.00 4.83 3.95 11.39 7.20 6.45 1.69 5.50 4.61 2.05 7.24 4.41 3.67 1.58
1.23 6.16 3.34 1.24 0.68 5.25 1.70 2.70 5.76 6.10 1.90 2.74 2.71 5.40 1.00 3.00 0.83 11.48 8.15 7.52 8.25 5.65 8.00 3.75 0.85 1.55 8.99 1.66 5.35
1.43 6.29 4.00 1.32 0.74 5.24 1.90 2.76 6.19 6.15 1.90 3.08 3.00 5.88 1.00 3.49 0.79 10.48 8.25 7.55 8.60 5.80 8.65 4.17 0.90 1.55 9.00 1.33 5.60
1.25 6.15 3.11 1.11 0.57 5.00 1.70 2.66 6.00 6.10 1.50 2.86 2.72 5.45 0.90 2.43 0.79 10.48 8.17 7.41 8.25 5.70 8.26 3.85 0.90 1.20 9.00 1.11 5.50
Close 1,066.07 Listed cap 29,771.58 mn Payout (%) 104.74
Change 16.84 Market cap 17,517.14 mn Div Yield (%) 8.37
Close Chg
Volume
Last 60 days High Low
1.35 6.25 3.13 1.28 0.63 5.00 1.89 2.70 6.13 6.15 1.90 2.99 2.81 5.50 0.90 3.09 0.79 10.48 8.20 7.49 8.25 5.80 8.58 4.06 0.90 1.52 9.00 1.32 5.55
7555 4616 10001 45507 109552 18001 120340 163306 16400 1021 338 70820 382417 63001 115 7990 1075 106 137441 496145 8200 51400 838580 178153 3001 2210 1000 94121 18995
2.24 7.25 4.50 1.67 1.10 5.50 2.00 3.88 6.80 7.44 2.90 3.70 3.98 7.00 2.18 3.69 1.40 13.98 9.44 7.99 9.45 5.99 9.93 4.94 1.20 1.94 10.99 2.87 6.99
0.12 0.09 -0.21 0.04 -0.05 -0.25 0.19 0.00 0.37 0.05 0.00 0.25 0.10 0.10 -0.10 0.09 -0.04 -1.00 0.05 -0.03 0.00 0.15 0.58 0.31 0.05 -0.03 0.01 -0.34 0.20
% Change 1.60 5-Day High 1,066.07 5-Day Low 1,049.23
2009 Div BR (%) (%)
1.01 5.85 2.53 0.90 0.16 0.99 1.30 2.32 4.80 5 5.56 20 1.06 2.65 2.31 10 5.30 0.56 2.25 5 0.30 7.05 9.605 7.00 6.01 6.55 15 4.00 7.60 3.50 0.70 0.57 7.75 16.5 0.95 4.71 10
2010 Div BR (%) (%)
- 18.5 2.2 0 1.2 17 11 21 5 10 - 15.5 15 3 - 1.04 - 18.6 - 11.53 18 10 20 10 3 1 17 - 12.5
-
AICL-CNOV
109.19
0.00
0.00
110.70
1.51
0.00
KAPCO-CNOV 39.94
FFC-CNOV
0.00
0.00
39.98
0.04
0.00
ZERO VOLUME Symbols
Open
High
Low
Close
AABS
96.75
95.00
95.00
95.00
-1.75
AZTM
2.55
2.25
2.25
2.25
-0.30
BGL
1.85
1.75
1.75
1.75
-0.10
0.00
BHAT
191.90
190.90
190.90
190.90
-1.00
0.00
BWCL
23.20
23.00
23.00
23.00
-0.20
0.00
FANM
2.31
2.35
2.35
2.35
0.04
0.00
FECM
2.47
2.45
2.45
2.45
-0.02
0.00
FECS
44.65
42.43
42.43
42.43
-2.22
0.00
FNBM
7.04
6.99
6.99
Change
Vol 0.00 0.00
6.99
-0.05
0.00
FTSM
1.90
1.75
1.75
1.75
-0.15
0.00
GUTM
18.80
18.57
18.57
18.57
-0.23
0.00
HICL
11.49
11.40
11.40
11.40
-0.09
0.00
KASBM
1.36
1.40
1.40
1.40
0.04
0.00
KML
3.49
2.94
2.94
2.94
-0.55
0.00
LPGL
22.80
21.66
21.66
21.66
-1.14
0.00
MFTM
0.97
0.90
0.90
0.90
-0.07
0.00
NPSM
20.50
20.49
20.49
20.49
-0.01
0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Pakistan Telecommunication Co Ltd
Company
Date
Time
Hinopak Motors Ltd. Dewan Salman Fibre Limited Nadeem Textile Mills Limited The Pakistan General Co Ltd Insurance Pakistan Premier Fund Limited
4-Nov 5-Nov 6-Nov 8-Nov 8-Nov
12:00 5:00 6:30 10:00 4:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
68.07
Support 1
10,581.60
MA (5-day)
10,631.54
Support 2
10,481.30
MA (10-day)
10,621.68
Resistance 1
10,738.85
MA (100-day)
10,031.87
Resistance 2
10,795.80
Fair Value
*Arif Habib Ltd
65
AKD Securities Ltd
Buy
59.97
TFD Research
Rs Recommendations
74.2
10,012.31
Pivot
43.29
Buy
Positive
TFD Research
36.85
Positive
Brokerage House
Fair Value
Leverage Position
Buy
*Arif Habib Ltd
61.96
Neutral
AKD Securities Ltd
92.3
Positive
TFD Research
*Arif Habib Ltd
78
AKD Securities Ltd
Brokerage House
TFD Research
Technical Analysis 46.15 66.26 65.64 71.41
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 20,506.02 66.67 64.39
* Target price for Dec-10 & **Net Open Interest in future market
182.55 5,060.28 29.60 27.34
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
* Target price for Dec-10 & **Net Open Interest in future market
currently bearish on POL.
25.00
Arif Habib Securities
50.23
23.00
22.50
23.90
24.25
23.35
Adamjee Insurance
51.77
68.55
66.40
72.35
73.95
70.15
Askari Bank
53.19
15.15
14.90
15.65
15.85
15.40
Azgard Nine
48.46
10.40
10.30
10.65
10.80
10.55
Attock Petroleum
39.21
298.30
295.15
304.35 307.20 301.15
Attock Refinery
76.38
104.40
102.95
106.55 107.30 105.10
Bank Al-Falah
57.28
9.15
8.95
9.60
BankIslami Pak
52.90
3.20
3.10
3.40
3.50
3.30
Bank.Of.Punjab
67.85
8.80
8.15
9.80
10.20
9.80
9.20
9.40
Dewan Cement
52.89
1.50
1.45
1.60
1.65
1.55
D.G.K.Cement
63.89
27.15
26.55
28.10
28.45
27.50
Dewan Salman
53.64
1.50
1.45
1.70
1.80
Dost Steels Ltd
62.16
2.80
2.65
3.00
3.10
2.90
EFU General Insurance 51.43
40.35
38.95
42.50
43.25
41.10
69.10
70.70
65.90
1.60
64.35
61.15 174.20
16.25
16.05
Fauji Cement
44.90
4.80
4.75
4.90
4.95
4.85
Fauji Fert Bin
72.23
31.20
30.80
31.80
32.00
31.40
DGKC is currently 2.8 per cent above its 200-day moving average and is PTC is currently 3.9 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to playing a downward trend. Volatility is extremely high when compared to
179.40 180.60 177.40 16.85
17.25
16.65
Fauji Fertilizer
62.32
108.50
107.50
109.95 110.50 109.00
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
Habib Bank Ltd
55.81
101.30
100.65
102.30 102.65 101.65
reflect very strong flows of volume into DGKC (bullish). Trend forecasting reflect volume flowing into and out of PTC at a relatively equal pace. Trend
Hub Power
46.58
33.40
33.25
oscillators are currently bullish on DGKC.
ICI Pakistan
62.42
125.55
122.65
130.30 132.15 127.40
Indus Motors
60.63
233.20
231.10
237.20 239.10 235.10
forecasting oscillators are currently bearish on PTC.
Engro Corporation
Brokerage House
Fair Value 33 32.06 29.1
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Neutral
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.23 30.66 28.29 29.54
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
205
Buy
238.8
Buy
208.75
Positive
326.94 10,318.18 11.24 31.26
* Target price for Dec-10 & **Net Open Interest in future market Bollinger Bands were 14 per cent wider than normal.
indicating that FFBL is currently in an overbought condition.
33.70
33.85
33.55
J.O.V.and CO
66.97
3.70
3.25
5.00
5.85
4.55
Japan Power
52.80
1.55
1.45
1.65
1.75
1.60
JS Bank Ltd
66.17
2.50
2.85
2.95
Jah Siddiq Co
44.21
9.70
9.55
10.00
10.15
9.85
Kot Addu Power
40.01
39.30
39.05
39.90
40.25
39.65
K.E.S.C
51.13
2.05
2.00
2.25
2.35
2.15
Lucky Cement
56.46
71.90
70.75
73.80
74.55
72.65
MCB Bank Ltd
60.91
201.35
199.10
Maple Leaf Cement
46.37
2.80
2.70
2.95
3.10
2.90
National Bank
46.15
64.00
63.60
64.95
65.50
64.55
Nishat (Chunian)
59.26
20.40
19.95
21.20
21.60
20.80
Netsol Technologies
54.80
18.75
18.45
19.20
19.40
18.95
NIB Bank
40.30
2.60
2.55
2.70
2.75
2.65
Nimir Ind.Chemical
45.89
1.35
1.30
1.45
1.55
1.40
Nishat Mills
59.90
51.15
50.40
52.70
53.50
51.95
Oil & Gas Dev. XD
71.17
154.40
153.80
2.65
2.70
205.40 207.15 203.10
155.40 155.85 154.85
PACE (Pakistan) Ltd.
47.20
2.80
2.75
2.95
3.00
2.85
Pervez Ahmed Sec
69.82
2.15
2.00
2.55
2.80
2.40
P.I.A.C.(A)
56.11
2.25
2.15
2.40
2.45
2.30
Pioneer Cement
49.44
7.70
7.50
8.10
8.20
7.85
Pak Oilfields
56.37
242.60
240.55
246.05 247.45 244.00
Pak Petroleum
54.85
187.00
185.15
190.10 191.35 188.25
Pak Suzuki
47.61
72.70
71.35
P.S.O. XD
60.20
274.10
271.90
P.T.C.L.A
48.31
18.50
18.20
Shell Pakistan
51.92
188.25
185.05
Sui North Gas
54.60
31.55
31.30
32.15
32.45
31.85
Sitara Peroxide
75.69
12.75
12.20
13.65
14.00
13.10
Sui South Gas
39.63
23.65
23.40
24.30
24.65
24.05
Telecard
53.27
2.30
2.25
2.50
2.65
2.45
the average volatility over the last 10 trading sessions. Volume indicators
TRG Pakistan
59.01
4.10
3.90
4.50
4.75
4.35
reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore-
United Bank Ltd
60.89
55.35
54.90
56.25
56.70
55.80
casting oscillators are currently bearish on ENGRO.
WorldCall Tele
42.70
2.45
2.35
2.55
2.60
2.50
Technical Outlook
Technical Outlook
FFBL is currently 8.3 per cent above its 200-day moving average and is NBP is currently 3.2 per cent below its 200-day moving average and is dis- POL is currently 5.7 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is extremely high when compared to the playing a downward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very reflect very strong flows of volume into FFBL (bullish). Trend forecasting reflect volume flowing into and out of NBP at a relatively equal pace. Trend strong flows of volume into POL (bullish). Trend forecasting oscillators are oscillators are currently bullish on FFBL. Momentum oscillator is currently forecasting oscillators are currently bullish on NBP.
59.75
25.90
176.20
TFD Research
and Bollinger Bands were 2 per cent narrower than normal.
55.65
62.60
25.40
80.21
Bollinger Bands were 26 per cent narrower than normal.
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
54.91 176.40 178.22 185.61
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
131.09 23,361.08 97.86 176.78
* Target price for Dec-10 & **Net Open Interest in future market
NBP closed up 0.51 at 64.41. Volume was 49 per cent above average and POL closed up 5.29 at 244.61. Volume was 89 per cent above average FFBL closed up 0.67 at 31.56. Volume was 12 per cent above average and ENGRO closed up 3.29 at 178.20. Volume was 118 per cent above averBollinger Bands were 18 per cent narrower than normal.
57.20
61.45
24.10
54.91
Positive
* Target price for Dec-10 & **Net Open Interest in future market
584.63 11,008.68 4.79 18.60
56.40
56.90
24.50
48.65
AKD Securities Ltd
107.94 26,402.40 113.23 242.84
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
54.15
58.60
35.43
Faysal Bank
Buy
Leverage Position
Leverage Position
48.31 18.92 18.65 19.61
54.85
39.23
Arif Habib Limited
Engro Chemical
296.6
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Positive
61.92
Attock Cement
EFU Life Assurance
*Arif Habib Ltd
56.37 241.58 228.64 231.38
30.5
Fauji Fertiliser Bin Qasim Ltd
Rs Recommendations
Buy
Allied Bank Limited
DGKC closed up 0.84 at 27.72. Volume was 65 per cent above average PTC closed up 0.57 at 18.83. Volume was 117 per cent above average and
Buy
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
24.04
1st 2nd Pivot Resistance 3.15 3.20 3.05
and Bollinger Bands were 7 per cent wider than normal.
261
281.35
Leverage Position
63.89 27.23 25.58 26.96
Rs Recommendations
Technical Outlook
* Target price for Dec-10 & **Net Open Interest in future market
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
TFD Research
Technical Outlook
Pakistan Oilfields Ltd
Rs Recommendations
Brokerage House AKD Securities Ltd
Buy
AKD Securities Ltd
10,638.55
National Bank of Pakistan
44
Rs Recommendations
Buy
Technical Outlook Technical Analysis
Fair Value
*Arif Habib Ltd
RSI (14-day) 59.90 Free Float Shares (mn) 175.80 MA (10-day) 52.15 Free Float Rs (mn) 9,122.26 KSE 100 INDEX closed up 143.60 points at 10,681.87. Volume was MA (100-day) 47.28 ** NOI Rs (mn) 154.78 45 per cent above average and Bollinger Bands were 4 per cent nar- MA (200-day) 51.38 Mean 51.73 rower than normal. As far as resistance level is concern, the market * Target price for Dec-10 & **Net Open Interest in future market will see major 1st resistance level at 10,738.85 and 2nd resistance NML closed up 0.83 at 51.89. Volume was 104 per cent above average level at 10,795.80, while Index will continue to find its 1st support and Bollinger Bands were 24 per cent narrower than normal. level at 10,581.60 and 2nd support level at 10,481.30. KSE 100 INDEX is currently 6.7 per cent above its 200-day moving NML is currently 1.0 per cent above its 200-day moving average and is disaverage and is displaying an upward trend. Volatility is extremely playing an upward trend. Volatility is relatively normal as compared to the high when compared to the average volatility over the last 10 trading average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently reflect very strong flows of volume into NML (bullish). Trend forecasting oscillators are currently bullish on NML. bullish on INDEX. MA (200-day)
Brokerage House
RSI 1st 2nd (14-day) Support 44.37 3.00 2.95
age and Bollinger Bands were 63 per cent narrower than normal. ENGRO is currently 3.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to
75.70
77.35
74.35
277.45 278.55 275.25 19.00
19.20
18.70
197.85 204.20 194.65
8
Wednesday, November 3, 2010
Telenor now ACCA certified employer
ACCA to moot future of accountancy Staff Reporter
KARACHI: A group photo of ACCA and Telenor officials after a ceremony where the latter was declared an ACCA approved employer.-Staff Photo
KU-ites lectured on Pak political stability KARACHI: A seminar on Pakistan's quest for political stability was held at Karachi University Campus here. The moot was organised by the institution's Department of International Relations at its premises. Former chief Justice of Sindh High Court, Justice (Retd) Wajihuddin Ahmed, was the speaker on the occasion. He said the people of Pakistan are the real custodians of the country and the surest means to political stability and strength. He threw light upon the historical evolution of Muslim political consciousness in South Asia as Muslims were able to form a state of their own. It was a vindication of their devotion and sacrifices. Justice Ahmed opined that
political stability had been an elusive thing for Pakistan because since the very establishment of Pakistan, the "seeds of instability had been sown." He also gave an exhaustive overview of the political and constitutional history of Pakistan. Justice Ahmed was of the view that some autocratic mindsets managed to get into the power corridors. The real needs and realities were disregarded. Had Pakistani political elite been mature it would have avoided the debacle in 1971, he opined. Justice Ahmed was of the view that even democracy in Pakistan had had a fragile history. True democracy, he added, needed a real environment of toleration.
Businessmen urged to come forward
Edu sector needs investment: Ebad KARACHI: The Sindh Governor, Dr Ishratul Ebad Khan, has emphasised the need of investment in the education sector. This is essential for steering the country out of difficulties and to attain a better place in the comity of nations. He was speaking as chief guest at the inaugural ceremony of Sardar Yasin Malik Professional Development at the University of Karachi. The inaugural ceremony was held at the Governor House here. Ebad also laid emphasis on the public private partnership and active participation of the business community in the education sector. "We need to enhance the academic standard and foster awareness regarding education," the Governor said and added that it is a fact that democracy brings
stability but education is the real essence of democracy. He stated that the country very much needs the promotion of education. Ebad urged the business community to invest in the education sector as it will bring to fore positive results. Sindh Education Minister, Pir Mazhar ul Haq, appreciated the setting up of a body for the teachers training. He was of the view that such bodies were very much needed in the province. Vice-Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiqui, also spoke on the occasion. Deputy Speaker of Sindh Assembly, Shahla Raza, former chief justice Saeed-uz-Zaman Siddiqui and MNA Wasim Akhtar also attended the ceremony.-APP
Int’l conference on inclusive edu starts ISLAMABAD: A two-day international conference organised by Federal College of Education started Tuesday with the aim to get an undersigned commitment from the government and other stakeholders to make all schools friendly and inclusive for disabled children. Delegates from Norway, Canada, Thailand and Indonesia along with federal and provincial ministers and secretaries of education are participating in the conference. At present, over six million children in Pakistan are deprived of education due to various forms of disability and special education sector does not have the capacity to accommodate them. Talking to APP, Director Federal College of Education
(FCE) Prof Rafique Tahir, who has taken an initiative of setting up a National Resource Centre for Inclusive Education within the college, said that without enrolling disabled students, it is difficult for Pakistan to achieve 100 per cent literacy rate and Millennium Development Goals (MDGs). He said every child has a right to education but children with disabilities are treated differently as they are put in special educational institutions. Inclusive education takes care of needs of children with disabilities like slow learning and low vision and is aimed at bringing all the children into schools irrespective of their class, gender and economic background.-APP
Dictatorship has obstructed a genuine growth of democracy in Pakistan and hence political stability. Justice Ahmed outlined certain factors that, if implemented, could revolutionise Pakistani society: the movement for the civil rights of people should continue, compulsory primary education is a must, efforts should be made to lower corruption level, our exports should be more than our imports. He said that the sense of insecurity is largely responsible for corruption. This insecurity can be diluted by providing people certain constitutional guarantees. The chairperson thanked the audience and the chief guest and presented the Department's logo as a souvenir to the chief guest. -APP
Etihad Air sponsors UK students’ Pakistan visit Staff Reporter
KARACHI: Etihad Airways, the national airline of the United Arab Emirates, has sponsored a recent expedition of a team of British students from Off-screen Expeditions, a UK-based non-profit organisation, to fly to Pakistan to assist in developing UKPakistan relations. Exploring the North Western region of Pakistan in hopes of a better understanding of the country's culture and customs, the team of 18-21 year old photographers, artists, musicians and a fashion designer met with local students, artists, social entrepreneurs, religious scholars and politicians, transcending the commonly held notions about Pakistan in the UK and other countries; which they characterised as 'cricket, curry and terrorism'. Amer Khan, Country Manager for Pakistan at Etihad Airways, said: "We are delighted to work with Offscreen Expeditions on this project. At the crossroads between east and west, Etihad Airways is well placed to promote cross cultural exchange and understanding between people and nations. Sponsoring this team of talented students is a perfect way to encourage and support the much needed cultural dialogue and awareness, and we look forward to witnessing the positive outcome the project will bring."
KP cabinet approves IT uplift project PESHAWAR: The provincial cabinet of Khyber Pakhtunkhwa has approved a project for promotion of information technology under which call centres, IT Cities and IT Parks would be established across Khyber Pakhtunkhwa. The meeting of the provincial cabinet was held here in the cabinet room of the civil secretariat with Chief Minister Ameer Haider Khan Hoti in the chair. Provincial ministers and administrative secretaries attended the meeting. It was 28th meeting of the ANP led present cabinet of the provincial government. The agenda of the cabinet meeting was the promotion of information technology, provision of technical education to one thousand students in standard technical education institutions. Under the project information technology would be utilised in all sectors to promote the See # 2 Page 11
KARACHI: Association of Chartered Certified Accountants Pakistan is organising Accountancy Futures Symposium on 24-25 November here. This unique event will contribute to the forward agenda of the profession, business and society at large, said an official statement here. The statement underlined that in response to the challenges presented to the accountancy profession by this new business environment, ACCA's Accountancy Futures Symposium has four areas of focus - access to finance, audit and society, carbon accounting, and narrative reporting. This unique event will contribute to the forward agenda of the profession, business and society at large, said the statement. The economic, political and environmental climate has
exposed shortcomings in the way public policy and regulation have developed in areas such as financial regulation, financial reporting, corporate transparency, climate change and assurance provision. In response to the challenges presented to the accountancy profession by this new business environment, the statement added. It went on to say that more and more businesses demand from their finance function the ability to think about the future of the business, scan the horizon for business opportunities, design new business models and contribute to the innovation of products, services and processes. It added as businesses position themselves through unique value propositions to gain competitive advantage, the war for talent will increase. Pakistan with a growing young population of Generation “Y” must appreciate the aspirations
of both youth and employers, to leverage on this, the symposium features a special session Generation Y: Realising the Potential as well, the statement revealed. Meanwhile, Telenor Pakistan has climbed up the ACCA professional ladder, by gaining a higher ACCA approved employer status. With this rekindling of partnership, Telenor proved it mettle as a dynamic organisation working for the benefit, and continuous professional advancement of its employees, said a statement issued here. 'The experience that the ACCA trainees achieve within Telenor, coupled with an ethics module provides an exceptional platform for professionals to excel in their careers', said Arif Masud Mirza, Head of ACCA Pakistan, in a ceremony held for awarding the Platinum level Approved Employer status to Telenor.
KFC 7th Annual Teachers Convention
Laurels cascade on star pedagogs M Imran Sharif KARACHI: More than 50 notable luminaries were honoured at the 7th Annual Teachers' Convention organised by KFC Pakistan in Karachi. It was an evening of radiance and warmth as glowing tributes and salutations were paid to teachers, representing various educational institutions. Approximately 800 nominations were received from across the country, and the participation of teachers was immense at the Convention that was put together to honor See # 1 Page 11
Education Expo 2010 kicks off in Capital ISLAMABAD: HR Consultants (Pvt) Ltd has launched a two-day Education Expo 2010 here for the students seeking guidance in securing admission to foreign universities. Representatives of the foreign universities including UK, Australia and Canada set up their stalls where many students filled admission forms and some appeared for interviews. Representative of HR Consultants said that HR Pakistan has been providing safe, challenging, life-changing study abroad experience to students and professionals as well. He said they provide complete assistance to students for admission to a foreign university and visa filing at the respective embassy or high commission. Complete visa filing and documentation is assisted by HR after verifying educational
records, financial background and motivation of the students to study in foreign universities. They also provide free pre-evaluation and all students are encouraged to complete HR pre-evaluation form and provide required documents so that their profile can be effectively judged. He said IELTS or TOEFL is a prerequisite for admission to most of the foreign institutions. However, there are if the students have a Level 3 proficiency in English or possess a GCE Certificate. "I have visited stalls of various foreign universities and this expo provided a real opportunity to meet with university representatives and obtain information," said a visitor Fatima. HR Pakistan has set up offices in major cities including Islamabad, Rawalpindi, Lahore, Faisalabad, Peshawar and Karachi.-APP
AIOU aims rural women’s literacy ISLAMABAD: Education of women is the top priority of Allama Iqbal Open University (AIOU) and all sorts of facilities in this regard will be extended to women residing in rural areas of the country. Prof Dr Nazir Ahmed Sangi, Vice Chancellor AIOU said this here on Tuesday while addressing the concluding ceremony of 12day workshop for 'Master Trainers' organised in collaboration with the institute of Literacy and Mass Education AIOU, Ministry of Education and Pakistan Initiative for Mother and New Born (PAIMAN) USAID. He said that university in this regard has taken initiatives by
selecting five districts of Balochistan i.e., Zhob, Lasbaila, Sibi, Jafarabad and Gwadar for training of women teachers and lady health workers. Prof Dr Rehana Masror, Dean Faculty of Education while speaking on the occasion said that mortality of mothers and newborn babies is too high in rural areas of Balochistan, adding "there is a dire need to train Lady Health Workers and Lady Teachers in such parts of the country." Later, Mrs Zahid Qazi, Coordinator of the project highlighted the importance of the workshop for students and its impact in their skills, said a news release issued today.-APP
9
Wednesday, November 3, 2010
Oil jumps after Libya talks of $100
European vegetable oil prices
Caution before US Federal Reserve decision LONDON: Oil jumped more than $1 per barrel on Tuesday after OPEC member Libya said oil producers would find prices of $100 a barrel more comfortable because of higher food prices and a weaker dollar. Benchmark US crude for December rose to a high of $84.14, up $1.19, before slipping back to trade at around $83.94 by 1445 GMT, adding to gains of nearly 2 per cent on Monday. ICE Brent climbed 70 cents to $85.32. Shokri Ghanem, chairman of Libya's National Oil Corp, told Reuters he thought oil prices would get closer to $100 by the end of the year. Ghanem, the top oil official for Libya, said the dollar had fallen and prices of the other commodities had risen. "I think that we can get closer to $100. There is a sort of tacit compensation for the
Tokyo rubber gains 1.4pc BANGKOK: Tokyo rubber futures ended 1.4 per cent higher on Tuesday as fears of a drop in supply in producing countries spurred buying, but gains were capped by profit-taking, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for April delivery rose 4.7 yen, or 1.4 per cent, to settle at 331.9 yen ($4.12) per kg. It rose to an intra-day high of 334.6 yen before profit-taking set in. The most active Shanghai rubber futures contract for May delivery ended 635 yuan higher to settle at 32,055 yuan per tonne. Tokyo rubber futures are expected to hit a two-year high by the end of November, pushed up by strong demand from tyre makers at a time when adverse weather has caused supply problems in Southest Asia, a Reuters poll showed. Indian rubber is likely to extend gains into a seventh week as unseasonable rain in Kerala, the key producing state, limits supplies, dealers said. -Reuters
increase in the prices of the other commodities. The price is inching up and I think it will be closer to $100," Ghanem said. The Libyan official's comments came a day after top oil exporter Saudi Arabia shifted upwards from a price range of $70-$80 it has backed for around two years, saying oil at
between $70 and $90 a barrel was comfortable for consumers. Michael Guido, director of hedge fund sales at Macquarie Bank in New York, said he thought the price spike was triggered by the Libyan comments. The Libyan comments came ahead of an expected decision
by the Federal Reserve on Wednesday to pump more money into the US economy in what economists expect will be a second round of "quantitative easing", also known as QE2. For much of this year, crude oil prices have been stuck between $70 and $80 per barrel, a range that OPEC has said for the past two years it has seen as ideal for both producers and consumers. But on Monday Saudi A r a b i a appeared to raise this range. Naimi's comments were understood to signal the world's top oil exporter could allow prices to climb as high as $90. Adding to the nervous mood for oil markets were reports of an explosion at an oil pipeline in Yemen, which local officials blamed on suspected militants.- Reuters
NY cotton limits up; China demand strong NEW YORK: US cotton futures Monday at 28,510 yuan per ended the daily limit up on tonne, having hit a lifetime Monday as speculative funds peak of 28,585 yuan. "The Chinese are the main and investors bought aggressively due to strong cotton prices in drivers here," said Ron China and early weakness in the Lawson, cotton expert at commodities brokerage logicadvidollar, analysts said. in Sonoma, Cotton hit its session high sors.com early as the dollar slid and stayed California. "We haven't seen there even as the US currenNY cotton early-trade cy firmed against the euro The benchmark December cotton and yen after stronger man- contract was at a record $1.3263/lb at ufacturing data, though 1128 GMT. those gains in the dollar were fleeting. Currency markets enough demand destruction (in are bracing for more monetary cotton)." Analysts noted that the bulk easing from the Federal Reserve of the US cotton harvest has this week. The benchmark December already been sold, another faccotton contract increased the tor that has buoyed prices. The 4.00-cent daily limit to finish at United States is the world's $1.2926 per lb. The session biggest cotton exporter. Zhang Hongzhou, analyst low was at $1.258. The total amount traded was with Galaxy Futures Ltd, said slightly below average. Cotton China's cotton mills had been volume reached 24,000 lots, booking orders of US cotton, about 7 per cent below the 30- with signed imports of more day average of 26,000 lots, than 1.0 million tonnes for next Thomson Reuters preliminary year. Cotton hit a record in October, rising more than 20 data showed. In China, the Zhengzhou per cent that month and nearly Commodity Exchange's May 80 per cent since the start of the cotton contract last traded on rally in July. -Reuters
Copper up on soft dollar, focus turns to Fed LONDON: Copper rose on Tuesday as the dollar fell and on signs demand could be improving in top metals consumer China as well as in Europe, while focus shifted to US elections and a Federal Reserve meeting. Three-month copper on the London Metal Exchange closed at $8,435 a tonne, up from a close of $8,300 on Monday. The metal used in power and construction closed up over 1.5 per cent, but remains below last month's highs of $8,554, which was the highest since July, 2008. Aluminium also finished up over 2 per cent, nearing the highest level since late April. "All the planets have lined up for copper," said David Thurtell, an analyst at Citi. "There have been some very encouraging numbers out in the last 24 hours," he added. "The outlook is more favourable than it's been for a couple of months in terms of very important forward indicators." Supporting the demand outlook for metals, a survey on Tuesday showed euro-zone manufacturers boosted output
in October at a faster pace than previously estimated. Investors eyed the US Federal Open Market Committee, which on Tuesday begins a two-day meeting on interest rate policy in Washington.
Shanghai copper falls Three-month copper on the London Metal Exchange rose $13 to $8,313 by 0709 GMT. Benchmark thirdmonth Shanghai copper fell 210 yuan to 63,370 yuan. Open interest in LME copper and lead reached new highs in October, while aluminium open interest was well below recent highs, and zinc open interest has been in decline since early June. Investors were also watching the US Congressional elections on Tuesday, which could be important in terms of fiscal policy for the next two years.
Aluminium ended at $2,430 a tonne from $2,372. It is closing in on its five-month peaks from mid-October at $2,459. The metal has vaulted a number of short-term chart signals such as the 10- and 30-day moving averages, which, alongside dollar weakness and higher power costs, has attracted the attention of funds, said Alex Heath of RBC. Zinc was at $2,453 a tonne from $2,449. Stocks of zinc at LME warehouses rose by 4,225 tonnes to 632,225 tonnes, the highest since January 2005, LME data showed. Battery material lead was at $2,485 a tonne from $2,465 a tonne. LME lead inventories jumped 2,725 tonnes to their highest in more than ten years, above 200,000. Tin closed at $25,800 a tonne from $25,600 a tonne and nickel finished at $23,475 a tonne from $23,245. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 01 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1245
1185
October (3rd Wednesday)
1160
1125
November (3rd Wednesday)
1170
1125
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 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
2220 2230 2200 2210 2135 2145 2135 2145
2368.5 2369 2397 2398 2445 2450 2490 2495
8335 2472 8339 2472.5 8330 2495 8335 2496 8170 2448 8180 2453 7775 2413 7785 2418
23255 23260 23370 23375 22875 22975 20975 21075
TIN
ZINC NASAAC
25915 2445.5 25920 2446 25875 2470.5 25900 2471 25375 2492 25425 2497 2440 2445
2271 2272 2319 2320 2305 2315 2355 2365
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Dec10/Jan11 871.00, Feb11/Apr11 876.00+3.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 865.00-5.00, May11/Jul11 870.00-5.00, Aug11/Oct11 855.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1385.00+5.00, Apr11/Jun11 1365.00+5.00, Jul11/Sep11 1390.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1312.50+7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1055.00-5.00, Dec10 1045.005.00, Jan11/Mar11 1042.505.00, Apr11/Jun11 1042.505.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1077.50, Jan11/Mar11 1075.00. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1032.50+0.00, Jan11/Mar11 1030.00+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1040.00+0.00, Jan11/Mar11 1037.50+2.50, Apr11/Jun11 1040.00+0.00, Jul11/Sep11 1040.00-2.50. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 1015.00+0.00, Dec10 1015.00+0.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 915.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1435.00-10.00, Nov10/Dec10 1435.00-10.00, Dec10/Jan11 1435.00-10.00, Jan11/Feb11 1435.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters
Indian sugar rises on festive demand MUMBAI: India's spot sugar rose for a fifth session on Tuesday supported by ongoing festival demand, dealers said. "There was good demand today also....this will continue till Diwali," said a trader at Vashi, a major trading centre. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose 0.56 per cent to 2,665 rupees ($60.06) per 100 kg. Market participants said the prices were also supported by Uttar Pradesh government's decision to increase the state advisory price for sugarcane by 40 rupees to 205 rupees. India is likely to take a decision on sugar exports after the second week of November, Farm Minister Sharad Pawar said. He said the country is likely to produce 25 million tonnes of sugar in 2010/11. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing, industry and government officials told Reuters. -Reuters
WEST BANK - PALESTINE: Palestinian policewomen help farmers in harvesting their olive trees in the village of Iraq Burin, near the West Bank city of Nablus. -Agencies
European gold gains ahead of Fed
Sugar hits 30-yr peak on tight supply
LONDON: Gold rose in Europe on Tuesday towards the previous session's near two-week high, as the dollar retreated ahead of the outcome of the US Federal Reserve's hotly anticipated policy meeting due on Wednesday. Spot gold was bid at $1,353.95 an ounce at 1608 GMT, against $1,350.25 late in New York on Monday. US gold futures for
said. Indian gold consumers continued to buy ahead of the key Dhanteras festival, which celebrates prosperity. It is swiftly followed by the Diwali festival of light, another key gold-buying occasion for the world's biggest bullion consumer. "The footfall is increasing by day," said Ashish Pethe of
December delivery rose $3.80 an ounce to $1,354.50. At the two-day meet in Washington, the Fed will consider the prospect of further quantitative easing. Markets are pricing in a commitment to buy at least $500 billion in Treasury debt over the coming months to spur a flagging economy. "People are convinced that QE will be substantial. (They are) buying the rumour," said VTB Capital analyst Andrey Kryuchenkov. "The Fed does not want to disappoint the market." If the Fed's purchase is smaller than $500 billion, the dollar could stage a relief rally, which would put gold under pressure, analysts
Mumbai retailer Waman Hari Pethe Jewellers. "We hope Dhanteras would be better than last year, but the proportion of bullion sales to jewellery sales would definitely be higher." Silver was bid at $24.77 an ounce against $24.60, off the previous session's 30-year high of $25.03 an ounce. Data from the US Mint showed its silver bullion coin sales were up nearly 20 per cent in the first 10 months of this year from a year before, to 28.1 million ounces from 23.4 million. Platinum was at $1,714.24 an ounce against $1,706, while palladium was at $644.65, extending earlier losses, against $649 the day before. -Reuters
LONDON: Sugar futures surged to a 30-year high on Tuesday, bolstered by concerns over tight global supplies and whether India will allow exports of the sweetener. Concerns over excessive rain in Vietnam helped to lift robusta coffee, which traded below two-year highs, while arabicas rose due to worries over tight supplies from Colombia and stood at below last week's 13year peak. The sugar market is awaiting a decision by India, the world's number two sugar producer after Brazil, on whether it will permit exports to relieve pentup physical demand. A decision is not expected until after the second week of November. ICE front-month March raw sugar futures stood at 30.25 cents, up 0.80 cent or 2.7 per cent, at 1528 GMT, having earlier touched a 30-year high of 30.64 cents a lb. London front-month white sugar futures touched a ninemonth high of $756.60 per tonne, before losing some ground to stand at $751.10 per tonne, up $17.10 or 2.3 per cent, in modest volume of 2,764 lots. Arabicas rose, helped by a softer dollar as the market consolidated near Friday's 13-year top. The arabicas market has been supported by years of lower than expected production from Colombia. ICE December arabica futures rose 0.55 cent, or 0.3 per cent to $1.9825 per lb. January robustas stood $1 higher at $1,929 a tonne. ICE December cocoa was up $28 or one per cent at $2,787 per tonne, while London March cocoa was up 20 pounds or 1.07 per cent to 1,888 pounds per tonne. -Reuters
Palm oil eases; weather worries on KUALA LUMPUR: Malaysian palm oil futures eased from a 27month high on Tuesday on some profit-taking although concerns over a strong monsoon season hitting yields lingered. A weaker US dollar against a basket of currencies limited losses in palm oil that is priced in the greenback, making the commodity cheaper. Higher US crude oil also lent support for palm oil and other vegetable oil prices. Malaysian palm oil prices are starting to pick up, gaining 16 per cent so far this year compared with US soyoil's 23 per cent rise and China's soyoil 19 per cent gain because of a weaker dollar and, now, weather concerns. January 2011 crude palm oil futures on the Bursa Malaysia Derivatives Exchange rose as much as 1 per cent to 3,106
Malaysian ringgit ($1,004) per tonne -- a level unseen since July 28, 2008. But the contract gave up gains to settle 2 ringgit lower at 3,090 ringgit per tonne. Overall traded volume stood at 12,719 lots of 25 tonnes. "There was some profit-taking as the market has gone up fast but fundamentals of heavier rain possibly hitting production and strong overseas markets are intact," said a trader with a foreign commodities brokerage. In Asian trade hours, US soyoil for December delivery was flat but supported by a weaker US dollar, prospects of continued strong demand from China for soybeans and higher crude oil. The most active September 2011 soyoil on China's Dalian Commodity Exchange edged 0.2 per cent higher. -Reuters
BD tea edges higher DHAKA: The average price of Bangladeshi teas edged up to 197.31 taka ($2.80) per kg at the weekly auction on Tuesday, brokers said. About 1.70 million kg were sold at the sale, leaving 2.43 per cent of the offer to be carried back. Different grades were sold between 170 taka and 234 taka per kg in the auction. -Reuters
National Commodity Exchange Ltd Trading Summary Date
02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010 02-Nov-2010
Commodity
Contract Date
CRUDE100 DE10 CRUDE100 JA11 CRUDE100 FE11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD NO10 GOLD DE10 GOLD JA11 Kilo GOLD NO10 Kilo GOLD DE10 Tola Gold50 NO10 Tola Gold100 NO10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 04NO10 Rice IRRI - 6 NO10 RBD Palm Olein NO10 KIBOR3M 10-Dec KIBOR3M 11-Mar
Price Quotation
Open
High
Low
Close
US$ 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 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
82.40 83.14 85.00 24.93 24.89 1360.00 1361.70 1362.10 1359.30 1360.60 1361.20 37416.00 37614.00 37599.00 37545.00 37554.00 43802.00 43792.00 38652.00 38601.00 38613.00 38626.00 38639.00 44416.00 44357.00 44089.00 2402.00 3391.00 4521.00 86.72 86.18
84.15 84.74 85.18 24.93 24.89 1362.00 1362.00 1363.10 1361.60 1360.60 1361.20 37573.00 37614.00 37599.00 37545.00 37554.00 43802.00 43792.00 38652.00 38601.00 38613.00 38626.00 38639.00 44416.00 44357.00 44372.00 2402.00 3391.00 4521.00 86.76 86.18
82.37 83.06 83.62 24.54 24.89 1349.50 1350.40 1351.00 1351.00 1358.70 1358.70 37416.00 37499.00 37516.00 37463.00 37471.00 43696.00 43696.00 38555.00 38593.00 38517.00 38529.00 38542.00 44304.00 44348.00 44089.00 3302.00 3314.00 4495.00 86.72 85.84
83.92 84.62 85.18 24.87 24.89 1357.50 1358.70 1359.50 1357.50 1358.70 1358.70 37490.00 37499.00 37516.00 37463.00 37471.00 43696.00 43696.00 38555.00 38593.00 38517.00 38529.00 38542.00 44304.00 44348.00 44260.00 3302.00 3314.00 4495.00 86.76 85.84
Traded Volume in lots 183 30 1 277 1,152 1,003 212 26 2 1 5 -
Previous Settlement Price 83.17 83.87 84.44 24.75 24.78 1354.80 1355.70 1356.70 1354.80 1355.70 1356.70 37440.00 37449.00 37466.00 37412.00 37421.00 43637.00 43637.00 38505.00 38543.00 38467.00 38479.00 38492.00 44244.00 44288.00 44201.00 3378.00 3391.00 4521.00 86.72 85.85
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 83.92 83 84.62 15 85.18 24.87 71 24.89 1357.50 490 1358.70 1,161 1359.50 219 1357.50 4 1358.70 1359.50 37490.00 45 37499.00 8 37516.00 37463.00 1 37471.00 43696.00 43696.00 38555.00 38593.00 38517.00 38529.00 38542.00 44304.00 44348.00 44260.00 3302.00 3314.00 4495.00 86.76 85.84
Traditional sports to be promoted: Jakhrani
10
Wednesday, November 3 , 2010
Ponting set to miss opening ODI with SLanka MELBOURNE: Skipper Ricky Ponting said Tuesday he will miss Australia`s opening one-day international against Sri Lanka at the Melbourne Cricket Ground to attend a family funeral. Ponting said he would travel to his home town of Launceston in Tasmania for his grandmother`s funeral following her death at the weekend. Michael Clarke will lead the Australian team in Ponting`s absence in Wednesday`s ODI. "I will be flying out tomorrow morning to attend the funeral and then flying straight back to the ground tomorrow afternoon," Ponting told reporters. "I wanted to be here yesterday and today to maximise my time around the team and get my preparation right for the coming games." Ponting said Australia were yet to finalise their team for the opening match of the threegame series against Sri Lanka because of uncertainty over the weather. Showers have been forecast for Wednesday`s day-night game. But Ponting confirmed that Tasmanian spinner Xavier Doherty would make his international one-day debut in the match. Australia need to find form ahead of the opening Brisbane Ashes Test against England on November 25, having lost their last five international games. Sri Lanka thrashed Australia by seven wickets in a Twenty20 match in Perth on Sunday. It was Australia`s first home defeat in 11 T20 matches. -Online
Thwarted Giants legends find peace in Series title ARLINGTON: At long last, generations of legendary San Francisco baseball stars have a championship to celebrate, thanks to the young Giants squad that finished off Texas on Monday in the 106th World Series. From Willie Mays to Barry Bonds and Willie McCovey to Will Clark, those who found glory but no crown in a Giants uniform cheered a 3-1 victory that gave San Francisco a 4-1 triumph in Major League Baseball's best-of-seven final. The Giants had not won a World Series title since 1954, four years before they moved the San Francisco, where supporters took to the streets in celebration just as past and present stars reveled in Texas. "It's amazing," said Giants pitcher Tim Lincecum, who won the first and last games. "A lot of guys have been waiting for this day. All these Giant greats, they're saying thank you to us. That's awesome." Giants manager Bruce Bochy welcomed heroes from bygone days into the locker room during the championship quest, adding a sense of purpose from the past for a young team that proudly wore such labels as "castoffs" and "misfits". "I'm living a dream," Bochy said. "It's so hard to describe. It has never been done there for all our great teams. "They were in the clubhouse. They were pulling for these guys. They wanted them to win. That support meant a lot to these guys." Putting himself among the legends of the sport was Edgar Renteria, the 35-year-old Colombian shortstop who in 1997 singled in the Series-winning run for the Florida Marlins in the 11th inning of the seventh game.-Agencies
We've been declared guilty without any evidence: Butt
ICC not against Pak, says Mani DUBAI: A former president of the International Cricket Council blamed Pakistan cricket authorities for the state of the game in the country and denied the ICC was picking on Pakistan. "ICC is not against Pakistan, it's Pakistan Cricket Board (PCB) which is against their cricket and has not sorted out their problems, forcing the ICC to take the matters in its hands," Pakistani Ehsan Mani told. "The way PCB is being run, it is only to protect the position of one person," said Mani, ICC president 20032006, without specifically naming under fire PCB chairman Ijaz Butt. "The PCB should have taken the lead and sorted those things out," Mani told media. "It is because we are not capable of doing it that the ICC has said we will step in. I know some of the people on the (ICC) committee and they seriously have Pakistan's cricket at heart, I've got no doubt about that," said Mani. Mani said the PCB had plenty on its plate. "Domestic cricket, schools' cricket, clubs' cricket -- I hear there are quite a lot of issues in domestic cricket in Pakistan which needed to be addressed," he said. "You will always find that the boards with the best systems, like Australia and India, their teams will always do better because the team selection, the selection of the selectors, is a whole process. "At the moment our system... it is only at the whim of one person. You will only get a board as good or bad as its chairman." Pakistan's suspended Test captain Salman Butt is furious with not just the ICC but also the PCB for the way the spot-
fixing case against him and the pace duo of Mohammad Asif and Mohammad Aamer is being handled as he feels they have been "declared guilty without any evidence". According to PTI, Butt went on air on several television channels shortly after returning from Dubai after attending the ICC appeal's tribunal hearing which rejected his appeal and that of his teammate, Mohammad Aamer against their suspensions. "I have no choice now but to now plead my case like this. Initially we didn't say anything because we didn't have any direct interaction with the ICC and the Pakistan Cricket Board was handling things on our behalf. Also we were bound by the code of conduct we had signed with the Pakistan board. But now after having seen from close range the way the ICC is handling our cases, I am disappointed," he said. Butt said he was a bit disappointed by the attitude of the PCB. "I don't know why they are doing this but no one from the PCB has even bothered to give us a call or find out what is happening with us. We have no choice but to now plead our cases ourselves and let the people know what we feel is happening," he said. Butt said he was surprised at the tribunal decision because the ICC's anti-corruption unit had shown no other evidence except for the video and reports of the British tabloid 'News of the World'. "They have shown us no evidence at all and yet they rejected our appeals without giving any reason why they were doing it. I can only say this is a biased decision and they are trying to corner us and Pakistan cricket," he said.
Tiger sniffs out new territory as world number two LONDON: For the first time in more than five years, Tiger Woods became reacquainted with life away from the number one spot in the official world rankings. The 14-times major champion was deposed by Britain’s Lee Westwood when the world rankings were released on Monday, but Woods can return to the top should he win this week’s WGC-HSBC Champions event in Shanghai. For the moment, though, the 34-year-old American is well aware that a mediocre 2010 season without a single victory would eventually result in one outcome. “As far as the ranking is concerned, yeah I’m not ranked number one,” Woods told reporters on Monday. “In order to do that, you have to win tournaments and I didn’t win this year.” Speaking after he had played an exhibition match with Japan’s Ryo Ishikawa at Yokohama Country Club, Woods said he was adjusting to not being the top-ranked player. “As far as emotions go, it is what it is,” he added. “You have to win in order to become number one in the world and you have to win a lot to maintain it. This is the way it goes.” Woods had been the game’s leading player for the previous 281 weeks, and a total of 623 in
his career, before he was finally toppled by Englishman Westwood. The American’s private life unravelled amid sordid revelations of serial philandering at the end of last year, an unexpected chain of events that led to the break-up of his marriage and erratic tournament golf. His aura of invincibility on the course was severely dented and he ended his 2010 PGA Tour campaign without a victory for the first time since joining the circuit in late 1996. In many ways, it was something of an anti-climax when Woods was dethroned by Westwood, who was at home nursing a lingering calf injury after competing only three times since he finished second at the British Open in July. The Englishman became only the fourth player to become world number one without winning a major title, and many feel third-ranked German Martin Kaymer is a worthier candidate after clinching this year’s US PGA Championship. Although Westwood has been a model of consistency over the last two years with four finishes of third or better in the majors, Kaymer has triumphed six times in that period, including four victories on the European Tour this season. -Reuters
Butt said he got a feeling there was a conspiracy against Pakistan cricket. "You can see what is happening with Pakistanis the world over now. It is the same in our case. It is strange that someone is supposed to be considered innocent unless proven guilty. But in our case we have been declared guilty without any evidence and are now being told to prove ourselves innocent," he said. "If anyone or someone has anything to show we were indeed involvement in corruption they should bring it forth." Butt stated that he was angry that the ICC had not removed the suspensions although there was no evidence produced at the hearing. "Basically they have stopped us from playing in our prime and stopped us from earning our livelihood and this is unacceptable to us," said. "I can only feel this is a move to defame Pakistan cricket." The left-handed opener said he had decided to speak up now because he wanted the people to know what was happening. "Basically now it is not an issue of just three players but of Pakistan which is being defamed through us. The government should also look into." Asked about the players' links with alleged bookie Mazhar Majeed, Butt said, "Majeed was a well known agent not only for us but for other players as well and he also owned a football club. He brought us sponsorship and endorsement deals. We were friends with him. I don't know why he has made these allegations." "Hundreds of our fans come to meet with us and get our photographs or autographs taken that does not mean we know them," he added. -Agencies
SAfrican paceman Makhaya Ntini retires DURBAN: South Africa fast bowler Makhaya Ntini has formally retired from international cricket, the 33-year-old said in a statement on Tuesday. The paceman, who played the last of his 101 tests in December 2009 but has been out of favour with the national selectors ever since, will make one final appearance in a Twenty20 international against India in Durban on Jan. 9. “It has been a wonderful journey for me to represent my country,” Ntini said in a statement. “I have so many great memories, which I will carry with me for the rest of my life.” Ntini made his South Africa debut in a one-day international in 1998 and retires having taken 390 test wickets, with best figures of 7-37, and 266 wickets in 173 ODIs. Nicknamed the ‘Mdingi Express” after the village of his birth in the Eastern Cape, Ntini will continue to play domestic cricket. “My career is by no means over; it just means that internationally my time has come to hang up my boots. Domestic cricket is thriving at the moment, and I want to be a part of the set up, as a player, for as long as possible,” he said. -Reuters
DUBAI: South Africa's Hashim Amla raises his bat after scoring a half-century during their third one-day international cricket match against Pakistan in Dubai. Reuters
1st KP Games with girls’ events start PESHAWAR: Mardan Region dominated the opening day in the female event of the First Khyber Pakhtunkhwa Games which got under way here at different venues inside Qayyum Sports Complex. Secretary Khyber Pakhtunkhwa Olympic Association Zulfiqar Butt was the chief guest Butt formally inaugurated with three female events in the first phase. The 12 female games which are part of the Khyber Pakhtunkhwa Games, with 24 male events, will be organized in four different phases. Director Sports (Women) Ms. Rashida Ghaznavi, Coaching Ms. Gul Nar (Mardan), Shehnaz (Bannu), Ms. Najma (Peshawar), Assistant Director Sports Jamshed Baloch and large number of players and spectators were also present on this occasion. Similar type of Games were earlier held with the names of Khyber Games in way back 1981-82, followed by Sarhad Games in 2003-2004 and now Khyber Pakhtunkhwa, in which players are competing in all the games affiliated with Olympic Association. The male events will be starting from November 5, 2010 with the events like Badminton, Table Tennis and Volleyball. Mehvish of Hazara Region took the oath on behalf of all the players vie for the top honor in the Games. All the 24 events including 12 games for female are part of the Games to be organized in four different phases. Each event will be of three-day durations so that the players competing in different events would be provided accommodation facilities in the hostels at Qayyum Sports Complex, Organizing Secretary of the Games Kifayatullah informed. The Khyber Pakhtunkhwa Games is test-trial for selecting
various teams through competitions so that to ensure transparency and merit in selection, he added. All the districts have been divided in seven different regions but every district players would through their respective Regions. In Peshawar Regions Charsadda, Nowshera has been included as in Kohat Region district like Karak, and Hangu, in Bannu Region Lakki Marwat, in Dera Ismail Khan district like Tank, in Abbottabad districts like Haripur, Mansehra, Kohistan, Batagram, District Swabi in Mardan Region, in Malakand Region district like Buner and Swat, Sangla, Upper Dir, Lower Dir and Chitral have been included. Khyber Pakhtunkhwa Sports Board has allocated the funds for the Games. Earlier, in the athletics Shabana of Mardan won the first gold medal in 100m race, Sundas of Bannu got silver and Asma took the bronze medal, in Discuss throw Hina got gold medal, followed by Sumbal of DIKhan, Muskan of Mardan, in 800m Sumbal of DIKhan, Qurat-ul-Ann of Peshawar, Muskan of Mardan, in Javelin throw Muskan of Mardan, Sundas Naz of Kohat and Safina Ali of Kohat, in 4X100 Mardan got first, Peshawar got second and Kohat claimed third. Baseball: Bannu team beat DIKhan by 7-3 and Hazara outclassed Malak and by 11-1, now Mardan will face Kohat and Hazara will clash against Bannu. Badminton: Abbottabad, Peshawar, Bannu and Mardan took berth into the semi-finals of the badminton event as Peshawar beat Kohat by 2-1, Bannu beat Dera Ismail Khan by 2-1 in their respective matches. -APP
Maldives leaves for China for tournament LAHORE: Maldives U23 team coach Mauroof Ahmed alias Maattey omitted Mohamed Arif, Mukhthar Naseer and goal keeper Athif as Maldives U23 team left for Malaysia as part of their preparation to the upcoming 16thAsian Games Football Tournament. Maldives will play against either Malaysia senior or U23 team before heading to China for the 24 team tournament. Arif and Nasser missed as two over-age players and Athif missed because Imran and Faisal were called in as team goal keepers. Naseer, best known for dribbling skills and fast speed, currently plays forVictory SC in the Maldives and he becamne Maldives hero with the winning goal for the Maldives against India in the final of the SAFF Championship2008. From Thoddoo, Alif Alif Atoll, he was first noticed while playing forRasdhoo football team in zone football tournament by Laszlo Kiss and he brought Mukhtar to Valencia. Online
Golf tourney in Sialkot from 4th SIALKOT: All arrangements have been finalized for holding 15th Allama Iqbal Open Golf Tournament which would start from November 4 to 7 here at the Garrison Golf Club. A large number of professionals and amateur golfers across the country would take part in the tournament. The golf tournament will be a part of the birth anniversary celebrations of the great poet and philosopher Allama Muhammad Iqbal. -APP
UK construction PMI falls to 8-mth low in Oct
India raises rates, eyes pause in tightening MUMBAI: India's central bank raised interest rates for the sixth time this year on Tuesday to try to tame stubbornly high inflation but said there was little chance of another increase in the near term. The Reserve Bank of India (RBI) raised its lending and borrowing rates by 25 basis points each, as expected by most analysts, and pledged to remain vigilant about inflation, which at 8.6 per cent is well above policymakers' comfort level. "Clearly, the RBI plans to pause in its tightening cycle at least until H1 2011 but they can't be complacent given an economy on a strong footing, and both actual inflation and expectations are high," said Sean Callow, senior currency strategist at the Westpac Institutional Bank in Sydney. The RBI lifted the repo rate, at which it lends to banks, to 6.25 per cent and raised the reverse repo rate , at which it absorbs excess cash, to 5.25 per cent. A majority of analysts polled by Reuters after the policy review said they expect one more 25 basis point rate increase by the end of the fiscal year in March 2011. The RBI's next
policy review is on Dec. 16. Both India and Australia announced rate rises on Tuesday to temper strong rebounds from the global financial crisis, in contrast to faltering recoveries in much of the developed world that are pressuring the US and Japanese central banks to relax further their already super-loose monetary policy. The US Federal Reserve is widely expected to announce on Wednesday that it will inject about $500 billion into its financial system, a measure that could ultimately prove inflationary for emerging economies such as India. TIGHTENING WAVE Several Asian central banks are tightening policy -- most lately China and Singapore -but a flood of investment money hitting emerging markets has prompted some countries, such as Thailand, to put plans for rate increases on hold. "Based purely on current growth and inflation trends, the Reserve Bank believes that the likelihood of further rate actions in the immediate future is relatively low," Reserve Bank of India Governor Duvvuri Subbarao said in his policy
review, adding later that he was speaking of a timeframe of three months. "However, in an uncertain world we need to be prepared to respond appropriately to shocks that may emanate from either the global or the domestic environment," he said. A rate move in December or January would only be in response to an unforeseen development, Subbarao told reporters. The 4-month overnight indexed swap rate fell by 12 basis points to 6.42 per cent after the RBI news to price in lower expectations for another rate this fiscal year. Still, the RBI and other policymakers expressed concern about inflation, particularly since food price pressures have failed to ease following a successful summer monsoon. They worry that food inflation, which was 13.75 per cent in midOctober, can feed price expectations and cause wider pressures to bubble in the economy. "This has emerged as a major concern," said Finance Minister Pranab Mukherjee. "The drivers of inflationary pressures are the enhancement and increase of food prices."-Reuters
LONDON: Activity growth in Britain's construction sector slowed more than expected in October to its weakest in 8 months, a survey showed on Tuesday, suggesting a key prop of recent economic growth may be starting to crumble. The Markit/Chartered Institute of Purchasing and Supply construction PMI fell to 51.6 in October from 53.8 in September, against expectations for a more modest easing to 53.0. Gilt futures shot up and the pound fell against the dollar and the euro after the figures, which suggested construction would not make as strong a contribution to growth in the last three months of 2010 as it did earlier in the year. Construction contributed about a quarter of the surprisingly robust 0.8 per cent growth recorded between July and September and around half of the 1.2 per cent growth in the second quarter, although it makes up only 6 per cent of total output. "The survey indicates that construction activity is losing momentum and the economy will not be able to rely on a significant growth contribution from the sector going forward," said Howard Archer, economist at IHS Global Insight.-Reuters
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the role of teachers in our society. Apart from the teachers present, many dignified and eminent personalities also attended the evening namely, Mehtab Akber Rashidi, Amina Saiyyid, Dr Thomas Christie, Ahmed Chinoy, Brig Rashid Siddiqui, Abbas Husain, Dr Memon & Jahan Ara Hai etc.Speaking on the occasion, Rafiq Rangoonwala CEO Cupola Pakistan Limited, said, "The pillars of our education system rest on the foundations laid by our respected educators, the esteemed teachers whose role remains vital in grooming the younger generation of the country." He added, "World over, the teachers are revered for the nobility of their endeavor and dedication. The KFC Teachers' Convention 2010 is a venture that has set a standard in its own right by honouring teachers from a platform put together specifically for this purpose." The awards were distributed in 6 categories. The categories were Educational Excellence (Institutional), Life time Achievement Award, Community Service Award, Lifetime Excellence Award, Leadership Excellence Award, Service Excellence Award, Outstanding Achievement Award and Special Service Award. The winners were selected from hundreds of nominations by an esteemed panel of educationists, who themselves are legends in the world of learning. The esteemed judges were Prof Zakia Sarwar, Dr Mohammed Memon and Abbas Hussain. The educational excellence award was given to BVS Parsi High School for service towards education for 150 years. Mrs Kermin Parakh principal of BVS was present on the occasion to receive the award. The Community Service Award was presented to Ahmed Chinoy of CPLC, whereas Life Time Achievement Award was given to Nargis Aalvi of Habib Girls School, who has served for more than 40 years in the field of education.
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Japanese markets will be closed on Wednesday for a national holiday. The dollar was trading at 80.65 yen, near a postwar historic low of 79.75 yen marked in April 1995.Trade slowed on the Tokyo exchange's first section, with 1.55 billion shares changing hands --its lowest in a week.Declining stocks outnumbered advancers 973 to 512.-Reuters
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Hero Honda, 26-per cent-owned by Japan's Honda Motor , rose 0.7 per cent to 1,852.25 rupees, after the country's top motorcycle maker reported a 42.7 per cent rise in October two-wheeler sales. In the broader market, laggards led the gainers in the ratio of 1.6 to 1 on relatively lower volume of 382.5 million shares. The broader 50-share NSE index ended up 0.02 per cent at 6,119 points.-Reuters
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once again as a weaker dollar supported metals prices. EARNINGS CHEERED Insurer Aviva rose 1.2 per cent after it revealed in-line sales for the first nine months and a bullish outlook. Imperial Tobacco, the world's fourth-biggest cigarette maker, climbed 1.9 per cent after meeting forecasts with an 11 per cent rise in annual earnings.-Reuters
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respected, added Pakistan has faced a lot of problems due to terrorism. He said that since last few years sports have suffered the most in Pakistan urging foreign teams do not visit Pakistan due to terror threats. He said that in next financial year, sports budget will be doubled. He opine that international events are not organize in Pakistan due to terrorism.He said that with the grace of God we will hold sports events while at the end of the simple but dignified Continued from page 8 No #2 ceremony he distributed cash awards among the medal holders of establishment e-government in the province. Furthermore, Common Wealth Games terming their achievements as invaluable human resource would be developed in the IT sector for the devel- and they must continue to bring laurels in the country in future too. opment of the sector under, which a total of 14000 graduates Continued from page 1 No #10 would be trained in IT sector within a period of three years.-APP
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cargoes after floods reduced domestic demand. In the tender, PSO is seeking up to three 50,000-tonne cargoes of gas oil with 0.5 per cent sulphur for November-December delivery. The tender will close on Nov 10 with bids valid until Nov 12. -Reuters
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Counting in Democrats' favour, however, the weather was forecast to be clear across large swathes of the country. Democratic voters are less likely to head to the voting booths if it is raining, analysts say. President Barack Obama made a last minute appeal for voters to go to the polls on Tuesday, with his Organising for America group sending an email from the president saying their movement for change "has always been about you". "I need you to make sure your voice is heard. Figure out when you will vote and how you will get there," he told his 2008 supporters."Tomorrow, we will wake up ready to focus on the business of keeping this country moving forward. That is a calling which requires patience and humility. Democrats are ready for this job - and for the good of the country, we hope the Republicans join us," he said.In an effort to mobilise young voters in particular, the president will on Tuesday afternoon record a radio interview with Ryan Seacrest, the popular host of "American Idol". In the swing state of Florida, polling officials reported a steady flow of voters in the first hours of voting. -Agencies
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International & Continuation
Wednesday, November 3, 2010
ambassadors of all the countries, various charitable foundations such as Bill Gates Foundation, Warren Buffet Foundation, Clinton Foundation, and major Hedge Funds to this proposed donors' conference. The theme of the donors' conference would be to urge United States that it is in the best interest of America to educate and rebuild Pakistan, and help it fight terrorism. They have a plan to invite key US Congressmen and Senators to the Conference. United States Business Council, Nasdaq President also appealed to over 3000 corporations to come forward for this donors' conference.
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Insurance (Amendment) Bill, 2010]. The bill, which was earlier passed by the National Assembly also get passed unanimously by the Senate. -APP
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Euro zone factories pick up pace in Oct LONDON: Euro zone manufacturers boosted their output in October at a faster pace than previously estimated, a business survey showed on Tuesday, with Spain and Ireland both recovering while Greece continued to struggle. The Markit Eurozone Manufacturing Purchasing Managers Index (PMI) rose to 54.6 in October, revised up from the earlier estimate of 54.1 and comfortably higher than the final reading of 53.7 for September. The survey showed factories across the currency area hired staff at the quickest rate since March 2008 last month. But worryingly for policymakers, there was still a growing divergence among member states' recovery rates. Germany once again led the upturn, with growth accelerating, and while Spain saw a return to positive territory France's factory upswing moderated as output slowed to a 14-month low.
Greek manufacturing stayed firmly in the grip of recession, with the pace of contraction accelerating as output, jobs and new orders fell but Ireland saw a modest return to growth. Financial markets were little moved by the numbers. "It is welcome news to see euro zone manufacturing picking up in October and the sector looks like it can make a decent contribution to GDP growth in the fourth quarter," said Howard Archer at IHS Global Insight. "The concern is that going forward it will be held back by inventory corrections drawing to a close in some countries, slower global growth and domestic demand being limited in most euro zone countries by tighter fiscal policy increasingly kicking in." SLOWING While still firmly above the 50 mark that divides growth from contraction, the headline reading is still some way off April's post-recession high of
57.6. Manufacturers reported improved output last month and they took on staff at the fastest rate in around 2-1/2 years, the survey of about 2,000 companies showed. But euro zone unemployment is still running at more than 10 per cent and any optimism over manufacturing may also be tempered by surveys on the services sector on Thursday, expected to confirm a picture of slowing growth. A Reuters poll of economists published last month showed the 16-nation euro zone economy growing 1.6 per cent in 2010, before slowing to 1.4 per cent next year as countries step up budget austerity measures. The uneven economic recovery will force the European Central Bank to keep interest rates on hold at their record low of 1.0 per cent until fourth quarter of next year, a Reuters poll last week predicted.Reuters
Australia cbank rate rise surprises, more seen SYDNEY: Australia's central bank surprised markets by raising its key cash rate to a two-year high of 4.75 per cent on Tuesday, saying a modest tightening was needed as a pre-emptive strike against inflation. The local dollar shot a cent higher after the Reserve Bank of Australia (RBA) lifted rates by 25 basis points at its monthly policy meeting. The central bank had already led
the developed world in hiking 150 basis points between October and May. "The board concluded that the balance of risks had shifted to the point where an early, modest tightening of monetary policy was prudent," RBA Governor Glenn Stevens said in a statement. Many investors had thought the central bank would skip a hike for a sixth straight month, given data out last
week had shown core inflation had moderated to 2.5 per cent, in the middle of the RBA's long-term target band of 2 to 3 per cent. The move also stood in sharp contrast to loose policy in major developed nations and comes just a day before the Federal Reserve is expected to announce a fresh phase of quantitative easing in the face of unbearably high unemployment.-Reuters
its duty to supply electricity to the citizens. KESC should not observe unscheduled load-shedding.
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house, passed a non-binding resolution on Tuesday urging international financial institutions including the IMF, World Bank and Asian Development Bank, to reschedule Pakistan's debt to allow the government to divert resources to flood-affected areas.The last IMF review was completed in May and the review for the release of the sixth tranche has been delayed since August over several issues, such as an increase in power tariffs and the implementation of a reformed general sales tax (RGST). -Agencies
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or sector. She said violence in Karachi had been spiraled out of control yet political forces were looking for what she ridiculed "third, forth or fifth hand" behind this unrest. Marvi voiced concerns over outbreak of Dengue Fever, shortage/ theft of water, flood-victims' situation, attack on Sherry Rehman's house in Karachi, terror attack on police in Swabi. She questioned the tax reforms and said it was disappointing to learn that certain international players were insisting on such move that could otherwise have been purely devised by the country. PML-N MNA Zafar Ali Shah, on his point of order, slammed the officials of Wapda for their malpractices with electricity bills of domestic consumers, which he said, were easily increased or decreased by mere reversing or advancing metres.
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agri-loans to farmers as per their Lending Policy approved by their Board of Directors and SBP Rules & Regulations. Tenure of the crop production loans and repayment of the principal amount will be based on the cropping cycle up-to a maximum period of one year. Banks may provide short-term loans to SME borrowers, as defined in Prudential Regulations for SMEs in Flood Affected Districts for a maximum period of one year.Refinance under the scheme shall be provided to the banks at 5 per cent. The banks shall be permitted to charge a maximum spread of 3 per cent p.a. from the borrowers, therefore credit to SMEs/ farmers will be available at 8 per cent p.a.Mark-up shall be paid on quarterly basis in case of financing to SMEs. However, mark up on agri-loans shall be paid on half yearly basis.
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decided to immediately take steps for normalising provision of electricity in the industrial areas. An official statement said that the meeting was held at the Governor House. It said that Dr Ishrat directed the concerned officials to take concrete measures to ensure provision of required electricity to the industries. He stressed that there should be planning on permanent basis in this respect so as protect the country's economy from any loss. The Governor asked the officials of the Karachi Electric Supply Company (KESC) to present a plan for provision of electricity keeping in mind initially the next six months' requirements. Expressing his discontent and displeasure over the lengthy power outages in the industrial areas the governor directed the KESC officers and other concerned authorities to work on emergency basis to provide the industrial zones with uninterrupted power supply. The governor said during the meeting that the matter of electricity shortage should be resolved in order to save the country from incurring huge economic losses. The MD of SSGPL, who also participated in the meeting, assured the governor of enhanced supply of gas to the KESC on priority basis whereas the MD KESC also assured the governor of reduced power outages in the industrial as well as in the residential areas. The statement said that during the meeting Dr Ishrat talked to Federal Minister for Finance, Dr Abdul Hafiz Shaikh, and Minister for Petroleum, Naveed Qamar, for the resolution of on going electricity problem and provision of furnace oil to the KESC for its resolution. It said that both the federal ministers assured that they would take steps in this regard.
to 'BBB+ (f)' from 'A(f)' stated a press note issued by the rating agency. The note says that the revision in rating incorporates the heightened risk profile of the fund. Within the TFCs portfolio carried by UGIF, a sizeable amount of investments can be characterised as high credit risk. By virtue of its categorisation as an Aggressive Income Fund, UGIF is allowed by policy to invest in sub-investment grade instruments as well; such investments howContinued from page 12 No #18 ever expose the fund to greater degree of credit risk. Judicial Commission to be relieved of this responsibility. The Chief Justice of Pakistan has accepted The rating agency discloses that return of the fund in recent his resignation and has initiated the process of consultation with two most senior Judges of the months has depicted considerable volatility on account of fluctu- Supreme Court as required under the Constitution for nominating a suitable substitute in his place.-NNI ation in prices of TFCs, while some downside deviation in return Continued from page 12 No #5 Continued from page 1 has also been contributed by the provisions taken against non-perNo #19 why MQM is walking out from the Assembly session. forming assets. With significant redemption pressure faced over their 50 overs. Furthermore, member of the National Assembly and senior leader the last year, proportion of corporate debt instruments carried by 27-year-old from Durban, Amla stood of Pakistan Muslim League (N) Mohammad Pervez Malik has the fund in relation to net assets has enhanced to almost 63 per like a rock to score his fifth hundred in 13 termed the recent massive hike in petroleum prices as "Ogra terror- cent by end-September 2010.At present, the fund manager may matches and sixth overall to help South ism" and said that this hike will affect trade, industry, agriculture have limited room to alter the asset allocation mix. While local Africa stage a fight back as they slumped sector and masses badly, adding that his party would call a long- secondary market for TFCs is already underdeveloped, mar- to 57 for three in 15th over after Shahid march if the decision is not taken back. He warned the government ketability of non-performing and restructured instruments carried Afridi won the toss and put them into bat that Pakistan Muslim League-N will not be playing silent spectator in the fund may be even lower.Liquid assets comprised 30 per first on a fresh track. on the issue. He was talking to a delegation of industrialists here on cent of net assets at end September 2010, providing some cushion Pakistan bowled and fielded smartly and Tuesday. The delegation of businessmen while showing concern in case of further redemptions in the fund. most of the time kept South Africans over government's decision said that they were extremely disapunder pressure but it was Amla which Continued from page 1 pointed with the recent heavy increase in POL prices. No #13 proved a big headache for the Pakistan They said that the POL price hike will cripple the entire indushow much land would be required in this respect would be pro- team. Speedster Shoaib Akhtar bowled try as it was already facing gas and electricity load shedding vided by Sindh government. Sindh had reservoirs of alternative superbly and emerged as the most successThey further said that the industry is using oil as fuel to run the energy and we are striving to highlight them at national and inter- ful bowler by snapping up 3 wickets for 39 factories due to unabated load-shedding by SNGPL. Increases in national level, he pointed out.Alternative energy issue was also runs in ten overs. Muhammad Hafeez POL prices would further increase the cost of production and our discussed in USA, he said, adding US secretary of state Hillary grabbed two wickets for 34 runs in nine products would become uncompetitive in the international mar- Clinton had approved installation of power project with capacity overs off off-spin and leg-spinner Shahid ket. The delegation urged the PML-N to play a comprehensive of 150 megawatt through US aid. About load-shedding in Afridi claimed two wickets for 53 runs in Karachi, he said "I warn KESC to increase power production. It is his quota of ten overs. -Agencies role to save the industrial sector from complete destruction.
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MQM stages token walkout from National Assembly’s session
POL price-hike echoes in House PML-N threatens government of long march, urges reversal of decision Special Correspondent/ Agencies ISLAMABAD: The members of National Assembly have demanded the government to take back the notice of increment in the petroleum products prices, steps should be taken to restore peace in Karachi, the distribution of Watan Cards should be made transparent, Harassment of the members of the Assembly should be stopped and a case should be filed against the people who gathered outside Sherry Rehman's house for assault.
During the session of National Assembly, MPs showed their concerns on increasing incidents of kidnapping and target killing in Karachi and Balochistan and said that anti-state elements are damaging the peace of country. They forced the government to take bold steps for instability and protection of the mass her on Tuesday Sherry Rehman while addressing the National Assembly told the house that last week angry mob gathered outside her house in Karachi, and burnt her effigies.
It never happens in a democratic setup. The Sindh government has still not taken any action in this respect, she also that she has not boycotted the policy of the party, she was threatened not to appear in a local TV channel. Abid Sher Ali also shared his views and said that incidents of target killing has been taking place for the past one month in Karachi despite the presence of Rangers and police, and nothing has been disclosed or shared by Interior Minister , inflation is on the rise and killing the poor man.
Ghaus Bukhsh Mehr said that the many affectees of the flood are yet to receive the Watan cards; the government should take measures to ensure the effective distribution of the cards. Hanif Abbasi said that the present government has failed in providing security to the people, and soon the people will hold the rulers accountable of their wrong doings, he also said that since 1970, the rulers have instigated the wrath of the innocent people. Waseem Akhtar said that Baloch nation is facing the dif-
ficult circumstances nowadays. He demanded from government to inform us about the person who is making the policies related Balochistan. Waseem Akhtar further said we have grave concerns on the sense of deprivation and kidnapping young people in Balochistan. Meanwhile, Muttahida Qaumi Movement (MQM) staged token walkout from session of National Assembly (NA) to protest hike in price of petroleum products and nonavailability of job quota. Member NA Waseem Akhtar
told the assembly said that increase in prices of petroleum products would also badly affect the rates of daily commodities and it would aggravate the problems of the masses. He said that the country is already passing through worst kind of financial crunch and there is no reason to increase further prices of petroleum products. He said that the government even did not taken its' allies into confidence over this important decision, so that's See # 5 Page 11
Missing Persons Case
CS Punjab given Nov 10 deadline ‘Govt must adopt legal ways’
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talks with Federal Minister for Privatisation, Waqar Ahmed Khan during meeting at PM House here on Tuesday.-PPI
Govt asked to sell sugar in open mkt ISLAMABAD: Federal Secretary, ministry of industries and production (MoIP), Abdul Ghaffar Soomro has asked the ministry of commerce (MoC) to issue necessary instructions to Trading Corporation of Pakistan (TCP) for an immediate release of sugar in the open market so that the increasing trend of sugar prices can be arrested. Federal Secretary MoIP, while, giving reference of the meeting of the ministerial committee's unanimous decisions on sugar which held on 26-102010, has written letter to secretary ministry of commerce Zafar Mahmood on Monday, which says that the sugar price
is increasing in the market when the new crushing season has already started. Therefore, for the implementation of the ministerial committee's decisions, ministry of commerce may please issue necessary instructions to TCP for devising the requisite mechanism. The ministerial committee's decision was that "0.25 million tonnes out of the existing imported sugar stocks with TCP be off-loaded in tranches of 50,000 tonnes every ten days through open auction to highest bidder till December 15, 2010". Prime Minister and Cabinet have to be briefed on these
measures in detail and therefore the implementation mechanism along with details chalked out by TCP may be conveyed to this ministry as soon as possible, the secretary writes in his letter. In response to letter, the TCP has informed the MoIP that they have suggested three options to secretary commerce ministry regarding mechanism for disposal of 50,000 MT sugar every ten days, with the request that approval of either of the option may please be conveyed to TCP positively by November 3, 2010 so that press advertisement can appear on the morning of November, 4. -APP
Mukthar answers questions in Senate
New planes for PIA await Cabinet nod ISLAMABAD: Chaudhry Ahmed Mukhtar, Minister for Defence on Tuesday informed Senate that there is a proposal under consideration for purchase of new aircrafts for Pakistan International Airlines. Responding queries in Senate during the Question Hour, he said that the decision would be undertaken after its approval from the Cabinet which is subjected to the availability of funds.
He informed the House that PIA has not made any increase in domestic fares for its passengers for last three years. He said every commercial organisation prices its products according to the market conditions and the decision to adjust the fare are based purely on commercial consideration. The prime motive of each such decision is to promote traffic, maximise revenue and
the development of routes, he maintained. Ahmed Mukhtar while giving details of the payment of salary and allowances to Executive Pilots said that Rs65.31 million have been paid to them from January to June 2010. He informed the House that PIA has at present only one hotel contract with PC Hotel Dubai for stay of its air crew. -APP
Indus Motor prices take Rs29,000 jump Ghulam Raza Rajani
KARACHI: In order to cover its rising cost of doing business Indus Motor Company (IMC) has once again hiked vehicles prices, it is learnt. According to sources, IMC has jacked up the prices by around Rs29,000. Consequently Toyota GLI and XLI would now be selling for Rs1.479 million and Rs1.354 million respectively. This is the fourth raise in car prices this year. As per analysts through these hikes auto assemblers are passing the impact of rising yen on to the consumers so that margins could be maintained. As far as volumetric sales are concerned, Indus sales and production surged by 13.1 per cent and 15.2 per cent 11,792 units, and 12,186 units respectively in the 1QFY11.
Pak sells Nov naphtha to Glencore SINGAPORE: National Refinery Ltd (NRL) and Attock Refinery Ltd (ARL) sold 30,000 tonnes of naphtha for November 7-9 loading to Glencore at marginally higher premiums, reflecting a stronger market, traders said on Tuesday. The state-owned refiners sold the volumes to the Western trader at 16 cents a barrel premium to Singapore spot quotes on a free-on-board (FOB) basis. That compares to the 10 cents a barrel premium it had fetched in first-half October for 35,000 tonnes scheduled for Oct 18-20 loading. Naphtha sentiment was strong due to robust demand from Taiwan, Japan and South Korea in the last few days. Cracks, the premiums/losses obtained from refining Brent crude into naphtha, were at a 7-½ month high of $154.68 a tonne premium on Monday. -Reuters
ISLAMABAD: Supreme Court of Pakistan Tuesday directed Chief Secretary Punjab Nasir Mehmood Khosa to recover the 11 missing people by November 10 and apprise it over compliance. The apex court was hearing a petition against the alleged abduction of Dr Niaz Ahmed, Mazharul Haq, Shafiq-ur Rehman, Mohammad Aamir, Abdul Majid, Abdul Basit, Abdul Saboor, Shafique Ahmed, Said Arab, Gul Roz and Tehseenullah from Adiala jail. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday resumed hearing of a case moved by Attiq-ur Rehman related to the 11 persons accused of terrorist activities and after High Court's acquittal verdict went missing from Adiala Jail premises. During course of hearing, Chief Justice asked Chief Secretary Nasir Mehmood Khosa that give justification for his home secretary's admission expressing his helplessness in recovering the missing persons. Chief Secretary said that they would recover the missing persons soon and prayed for some
time. Special branch official presented a daily situation report (DSR) before the court, after going through it the CJ said that this report showed what happened with prisoners in the custody. The CJ also snubbed the Additional Attorney General KK Agha by saying that you had told us that government contacted all departments included secret agencies but they declined their possession. But this report showed the things other way round. Our priorities are recovery of missing persons rather than sending police personnel to jail”, CJP observed. Additional Attorney General had given statement about these persons being not in the custody of intelligence agencies. Giving such statements in future be avoided, CJP said. “When legal way is there then as to why the illegal courses be adopted”, Justice Ramday remarked. Chief secretary told the court police was mobilizing all its resources for recovery of these 11 persons. The report would be presented in the court as soon as it was received from IG Punjab on this count, he said. The court adjourned the hearing till November 10. -APP
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Judicial Commission
Justice Qazilbash quits ISLAMABAD: Justice Ali Hussain Qazilbash, former Judge of the Supreme Court of Pakistan, who was nominated as Member of the Judicial Commission of Pakistan has tendered resignation due to health reasons. In his letter addressed to the Chief Justice of Pakistan/Chairman, Judicial Commission of Pakistan, Justice Qazilbash conveyed his deep gratitude to the Chief Justice of Pakistan for conferring on him the privilege to be nominated as Member of the Commission to serve a national cause by being involved in the process of nominating judges of the superior court. However, the nominated judge conveyed his regrets for his inability to undertake the assignment due to acute heart ailment, and requested the Chief Justice/Chairman, See # 18 Page 11
PR mulls fares hike ISLAMABAD: Pakistan Railways has asked the federal government to provide the subsidy on the fares or to allow the department as it could raise traveling charges. A private TV channel quoting sources in the Pakistan Railways informed that the department has to pay Rs50 million to Pakistan State Oil and with the increase in petroleum products, the debt burden would be huge. The Pakistan Railways asked the government to announce subsidy or it will announce raise traveling fares. -Online
PSO resumes gas oil imports SINGAPORE: Pakistan State Oil (PSO) is set to resume spot gas oil imports this month as it sought up to 150,000 tonnes of supplies via tender, a document on its website showed Tuesday. The state-owned oil company delayed in August the delivery of a few fuel oil and gas oil See # 3 Page 11
RBI raises rates by 25bps MUMBAI: Reserve Bank of India (RBI) - India's central bank -- raised interest rates for the sixth time this year Tuesday to tame stubbornly high inflation but said there was little chance of another increase near term. RBI raised its lending and borrowing rates by 25 basis points each, as expected by most analysts, and pledged to remain vigilant about inflation, which at 8.6 per cent is well above policymakers' comfort level. The RBI lifted the repo rate, at which it lends to banks, to 6.25 per cent and raised the reverse repo rate, at which it absorbs excess cash, to 5.25 per cent. 'Based purely on current growth and inflation trends, the Reserve Bank believes that the likelihood of further rate actions in the immediate future is relatively low,' Reserve Bank of India Governor Duvvuri Subbarao said in his monetary policy review. -Reuters
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