International Karachi, Tuesday, January 4, 2011, Muharram-ul-Haram 28, Price Rs12 Pages 12
Kayani inaugurates Military College in Sui
Save-cards to be used on time: Malik
See on Page 12
Aitzaz rules out threat to govt
See on Page 12
Shahzain, cohorts jailed
See on Page 12
See on Page 12
President assures Prime Minister of Party's full support
Economic Indicators $16.42bn Forex Reserves (27-Dec-10) 14.44% Inflation CPI% (Jul 10-Nov 10) $8.88bn Exports (Jul 10-Nov 10) $15.37bn Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) $(6.49)bn Current A/C (Jul 10- Nov 10) $(504)mn $4.43bn Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Nov 10) $746mn Rs 495bn Revenue (Jul 10-Nov 10)
Zardari vows to back Gilani
$58.41bn Foreign Debt (Sep 10) Rs 5348.6bn Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) $287.9mn -2.81% LSM Growth (Oct 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.45mn Population
MQM differences will be removed at any cost, says Zardari PM telephones Altaf Hussain, says 'N' won't let govt fall
Portfolio Investment SCRA(U.S $ in million)
Staff Reporter / Agencies
195.39 Yearly(Jul, 2010-31-Dec-2010) Monthly(Dec, 2010-31-Dec-2010) 32.67 2.15 Daily (31-Dec-2010) 2878 Total Portfolio Inv (24 Dec-2010)
NCCPL (U.S $ in million) FIPI (3-Jan-2010)
0.44
Local Companies (3-Jan-2010)
-11.71
Banks / DFI (3-Jan-2010)
8.24
Mutual Funds (3-Jan-2010)
0.79 1.19
NBFC (3-Jan-2010) Local Investors (3-Jan-2010)
-3.63
Other Organization (3-Jan-2010)
4.68
Global Indices Index
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201.22 42.80
UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70
36.38
HUBC (1 GDR= 25 Shares) 10.70
36.63
Money Market Update T-Bills (3 Mths) 29-Dec-2010
13.20%
T-Bills (6 Mths) 29-Dec-2010
13.41%
T-Bills (12 Mths) 29-Dec-2010
13.73%
Discount Rate
29-Nov-2010
14.00%
Kibor (1 Mth)
03-Jan-2011
13.30%
Kibor (3 Mths)
03-Jan-2011
13.46%
Kibor (6 Mths)
03-Jan-2011
13.64%
Kibor ( 9 Mths)
03-Jan-2011
13.99%
Kibor (1Yr)
03-Jan-2011
14.13%
P.I.B ( 3 Yrs)
03-Jan-2011
14.18%
P.I.B (5 Yrs)
03-Jan-2011
14.23%
P.I.B (10 Yrs)
03-Jan-2011
14.26%
P.I.B (15 Yrs)
03-Jan-2011
14.53%
P.I.B (20 Yrs)
03-Jan-2011
14.74%
P.I.B (30 Yrs)
03-Jan-2011
14.90%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl
95.70 92.20
*Cotton $/lb
145.68
*Gold $/ozs
1,420.70
*Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
31.00 1,227 39,096 9,645
Weather Forecast CITIES MAX-TEMP ISLAMABAD 8°C KARACHI 26°C LAHORE 10°C FAISALABAD 10°C QUETTA 16°C
MIN 1°C 9°C 4°C 7°C 4°C
LAHORE: PM Gilani walks with chief of the PML-Q Shujaat Hussain in Lahore. -Reuters
Exports decline 11pc YoY in Dec
Cement sales fall 7pc in December Ahmed Siddique KARACHI: Country's cement offtake continue their decline in the month of December as it fell by 6.9 per cent YoY to 2.49 million tonnes against 2.68 million tonnes in the same period last year due to winter session and higher cement prices. According to the data released by All Pakistan Cement Manufacturers Association (APCMA), local cement dispatches declined 5.2 per cent to 1.79 million tonnes against 1.88 million tonnes previously. While, exports figures considerably fell 10.8 per cent to 708k
tonnes versus 794k witnessed in December 2009 mainly due to lower cement prices globally around $48 per tonne. On the other hand, cumulative cement dispatches decreased 11.2 per cent to 14.74 million tonnes in 1HFY11 against 16.6 million tonnes in same period last year. Furthermore, local dispatches declined 8.3 per cent to 10.11 million tonnes in 1HFY11 against 11.02 million tonnes in 1HFY10. Similarly, exports too fell 17 per cent to 4.63 million tonnes compared with 5.58 million tonnes in 1HFY10.
Parliament can withdraw any tax: Qamar
Ending POL levy to cost govt Rs5bn ISLAMABAD: Minister for Petroleum and Natural Resources Naveed Qamar said on Monday that withdrawal of petroleum levy would impact economy by Rs5 billion. Speaking in the National Assembly on petroleum prices, Naveed said, "the House is sovereign and it can impose or remove any tax." The petroleum levy was also approved by the previous parliament, he said.
However, he added that earlier the tax was not fixed but during the 2009 budget it was fixed by the parliament and Rs 8 per litre was being charged on diesel and Rs10 on petrol under the head. He said if the tax was withdrawn it would have an impact of Rs 5 billion on the economy and the government would have to cover it by exploring other avenues. Naveed said that those who See # 15 Page 11
CM chairs Sindh Bank BoD meeting KARACHI: Chief Minister Sindh Syed Qaim Ali Shah has said objectives of Sindh Bank is to help the people and common man in their efforts to boost-up agriculture productivity and industrial sector aimed at to have development in backward areas and accelerate economic activity there. This he observed while presiding over a meeting of Board of Directors of Sindh Bank at Chief Minister House. Syed Qaim Ali Shah said that concerted efforts be made to enhance and spread maximum branches of the Bank in every nook and corner of the country particularly in the province of See # 14 Page 11
Political crisis hits KSE Staff Reporter KARACHI: Pakistani stocks fell Monday after the secondlargest party in the governing coalition joined the opposition, depriving the government of a majority and raising the prospect of an early election. The Karachi Stock Exchange's benchmark 100share index was down 1.44 per cent at 11,849 points, with turnover of 91.1 million shares. At one point of time the KSE 100-index has gone down more See # 16 Page 11
KARACHI: President Asif Ali Zardari telephoned Prime Minister Yousuf Raza Gilani on Monday and talking about the latest situation assured him of full support of the Party. Spokesperson to the President Farhatullah Babar said "The Pakistan Peoples Party and Co-Chairman President Asif Ali Zardari have full confidence in Prime Minister Syed Yousuf Raza Gilani and solidly stand behind him in foiling any attempt to destabilise the coalition gov-
PM Gilani says elected unanimously LAHORE: Prime Minister Syed Yousuf Raza Gilani said that he never enjoyed majority in the National Assembly but he was elected as Prime Minister unanimously, adding that he wants the strengthening of institutions, democracy See # 9 Page 11 ernment." In a statement, spokesperson
MQM, JUI-F walk out from Lower House
POL-price-talk rules the House Govt starts mulling to cut down POL prices ISLAMABAD: The Muttahida Qaumi Movement (MQM) and the Jamiat Ulema Islam-Fazl (JUI-F) staged a walk-out from the National Assembly on Monday in protest against recent raise in petroleum prices. They urged the government to immediately withdraw its decision as it had added to the miseries of people. Asif Hasnain of MQM said that the government should
immediately withdraw the increase in petroleum prices. MQM's parliamentary leader Haider Abbas Rizvi said that there were certain reasons due to which the party had taken a crucial decision to sit on opposition benches. The people were not in a position to bear recent hike in petroleum prices. He said, "We have time and again persuaded the coalition See # 11 Page 11
Gilani, Shahbaz discuss political turmoil
‘N’ refuses to bail out govt LAHORE: Pakistan Muslim League (PML-N) Quaid, Mian Muhammad Nawaz Monday said that in the ongoing political scenario his party would not shoulder government, nor it would support any unconstitutional change.
He was talking to Chief Minister Punjab Mian Muhammad Shahbaz Sharif at breakfast hosted by him, at his Raiwind residence. Nawaz Sharif gave the Chief Minister guidelines for See # 13 Page 11
to the President Farhatullah Babar said that while reposing full confidence in his ability as Leader of the House, President also expressed firm hope that Prime Minister Yousuf Raza Gilani will complete his five year term, the manipulations against him notwithstanding. The President also telephoned the Prime Minister and talking about the latest situation assured him of full support of the Party. Farhatullah Babar also debunked reports in a section of the media that sought to portray See # 10 Page 11
Ready for polls: Musharraf DUBAI: Former president Pervez Musharraf said his newly formed party was prepared for possible early elections as the government in Islamabad scrambles to save its ruling coalition. Musharraf, who launched the All Pakistan Muslim League (APML) in October, said he will return to Pakistan" before the next election". "We are ready to contest elections," Musharraf told reporters at his apartment in Dubai. "A little more time would be useful, as we are a new party. However, we will definitely try if the elections come early." Prime Minister Yousuf Raza Gilani's government lost its parliamentary majority on Sunday when the Muttahida Qaumi Movement (MQM) announced it would go into opposition over fuel price policies. The opposition has not yet sought a no-confidence vote against Gilani in parliament but analysts say that is the biggest worry for the government. The next election is not due until 2013. "For the government to See # 12 Page 11
2
Tuesday, January 4, 2011
SHC issues notices to CDGK
Ban on weekly 'bachat bazars' challenged KARACHI: Sindh High Court Monday issued notices to City District Government Karachi over disallowing organizing 22 weekly Bachat Bazars in New Karachi. A division bench, headed by Justice Mushir Alam, also directed CDGK Law Officer Manzoor Ahmed to file comments on next date of hearing. New Karachi Meena Bazaar Hawkers Association had approached SHC through its General Secretary Sher Muhammad. He impleaded Administrator Karachi,
CDGK District OfficerIII Bachat Bazaar and Price Control, Enterprises and Investment Promotion Department, TPO New Karachi, SHOs of Bilal Town, Khwaja Ajmer Nagri and New Karachi police stations as respondents. He submitted the association was holding 100 Bachat Bazaars in 11E, R4, 5-E, 5-B/3, 11-I, 11-F & 5-G Sectors of New Karachi for many years. Hundreds of hawkers used to earn livelihood through these fair markets, which were meant to provide essential commodities to
citizens at comparatively fair prices. He submitted that Bachat Bazaars were being organized on Sunday, Monday, Tuesday, Wednesday, Thursday, Friday and Saturday on alternate days in different low income localities of city. In New Karachi, petitioner used to organize 22 Bachat Bazaars and regularly paid Rs 15000 per month for each Bazaar to CDGK. But, Enterprises and Investment Promotion department unlawfully inflated monthly fee for holding Bachat Bazaar.-APP
KARACHI: MNA Khushbakht Shujat (center) adressing a press conference in Karachi. On her right is Shujat Ali Baig of HBL which is one of the sponsors of 26th PIA National Women Hockey Championship.-Staff Photo (Story on P-10)
Summit- Atlas banks merge TV PROGRAMMES TUESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:10 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Tafteesh (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
KARACHI: From January 1, Summit Bank Ltd (formerly Arif Habib Bank Ltd) and Atlas Bank Ltd officially merged and start operating as a single bank under the name of Summit Bank. The completion of the legal merger means that the two banks can now make accelerated progress in integrating their activities. With effect from the merger date, they will be allowed to exchange and share client information and can start technical migration of client data. The proposed management appointments' previously announced also officially took effect. Hussain Lawai, President and CEO of Summit Bank, has issued the following statement: "1st January onwards, the legal merger is a reality. Summit Bank and Atlas
Bank amalgamate to form a single entity. I have great admiration for the tireless efforts that we have seen on a daily basis from colleagues and I am pleased by the trust that clients have continued to place in us. We have managed to turn the two banks into a single business unit in a very short time. We now look forward for the effective data migration of the two banks, enabling us for smooth operations of the combined entity." As a result of the legal merger, all the rights and obligations of Atlas Bank will transfer to Summit Bank by operation of law under universal title. Atlas Bank will cease to exist on the merger date. The merger also means that all the branches and subsidiaries of Atlas Bank will be renamed as branches and subsidiaries of Summit Bank.
TUESDAY Time 8:00
Programmes Amnay Samnay (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Agenda 360 (Sat Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Munafa Khor Hoshiyar (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Agenda 360 (Sun Rpt) 0:00 News
KARACHI: Meezan Bank inaugurated its 222nd branch at SITE. Picture shows Irfan Siddqui, President and CEO Meezan Bank Ltd. with other officials inaugurating the branch present at the ocasion.-Staff Photo
KARACHI: Tariq Qaddusi, Director Manufacturing, Raja Adeel, head of sales and Supply Chain and Agha Mohsin, Head of customer services presenting the winning trophy to Farhan Mujtaba, captain of the winning team of Dawlance Inter department Cricket Tournament 2010.-Staff Photo
Traders reject fuel price hike KARACHI: Central leader of Supreme Council of Traders (SCOT) Imran Baghpati has said that traders reject the wrong economic policies of government and demand immediate withdrawal of hike in fuel prices. In a statement here Monday, he said the traders have lost trust on the sitting government and they are not ready to accept its explanations. He said every time fuel prices on raised on the pretext of increase of rates in international market, but the peoples are not benefited when fuel prices slump in the global market. He showed concern that the government is getting heavy loans from State Bank of Pakistan on daily basis. He said the government is spending precious money of taxpayers recklessly. Imran Baghpati said the low growth is not the real cause of economic crisis but it is the wrong policies of government dictated by World Bank and International Monetary Fund (IMF). He said that ever increasing gap between government revenue and expenditure would destroy the economy, besides discrediting the present government.-PPI
POL price increase stabbing in back: BQATI Staff Reporter KARACHI: The trade and industry bodies continue to condemn the increase in petroleum products prices calling it unjustified and asserting that it will ruin the economy. Bin Qasim Association of Trade and Industry (BQATI) Patron-in-Chief / Founder President, Mian Muhammad Ahmed and Founder Vice President, Usman Ahmed condemning the increase said that the government has once again taken a cruel act by increasing POL prices. The government's move is just like stabbing in the back of the economy, they said. "At a time when oil prices had gone to the world's highest at $147 per barrel, the domestic POL prices did not cross the level of Rs.60 per litre and now when oil prices are hovering around $80 per barrel, the government has brought the prices to over Rs.80 per litre, which is sheer injustice to the nation and the economy," Mian Ahmed said. It clearly shows that the POL price increase in Pakistan has no relation with the international oil prices, especially when the country produces around 20 tons, or 25 percent, oil indigenously, Mian Ahmed said.
Partial sun eclipse on Jan 4 Karachi: Pakistan Meteorological Department (PMD) says a partial eclipse of sun will be visible in Europe, North Africa and Central Asia, including Pakistan, on Tuesday January 4. A PMD spokesman on Monday said the eclipse will begin at 11:40 PST and end at 16:01 PST. The greatest eclipse will be at 13:51 PST and greatest magnitude will be 0.86.PPI
KARACHI: Chief Minister Sindh Syed Qaim Ali Shah presiding over the meeting of Sindh Bank at Chief Minister House.-Online
To save the industry
FPCCI leaders demand argent remedial measures Staff Reporter KARACHI: The Federation of Pakistan Chambers of Commerce and Industry has strongly urged the Government to cut down its spendings and take corrective measures to contain the POL products charges and take war footing measures to overcome the rising electricity and gas shortfall as it has created new threats to the future survival of businesses and the overall economy .
this was stated by President of FPCCI Senator Haji Ghulam Ali, Tariq Sayeed, former President FPCCI, S.M.Muneer and Vice Presidents Khalid Tawab, Dawood Usman Jhakurra,Usman Shaikh and Akber Khan in a meeting to discuss the recent increase by (OGRA) at Federation House, Karachi. President FPCCI Senator Haji Ghulam Ali said the Government has to work out long term plans for
POL, energy solution and revenue generation instead of resorting to unwise short cuts that will have long lasting negative impact on overall economy. He said that the industrialists were repeatedly demanding to bring down the electricity, gas, petroleum product and interest rate to single digit so that ailing industry would be able to recover from depression. But this adverse decision would only cause severe damage to the economy.
Circular railway to be revived by japanese firm KARACHI: Advisor to Chief Minister Sindh on Information Sharmila Faruqui has said that the government is serious for the revival of Karachi Circular Railway Project with the cost of $1.558 billion and a Japanese company will finance more than 93 percent cost of the project on easy installments. Talking to various delegations here in her office Monday, she said the route length of the project is more than 43 km and 0.689
million passengers were estimated to travel daily and the circular train would pass through 24 stations. Sharmila added that the present democratic Government was fully aware of traffic problems of Karachi and the revival of Karachi Circular Railway Project was the need of the hour and it would help reduce the problems of traffic. She said the Karachi Circular Railway Project would be completed till
2014 and all necessary measures had been taken in that regard and this project would benefit millions people of Karachi. She hoped that the revival of the project would also reduce pollution in the city and completion of the project would mean the completion of another promise, committed by Pakistan peoples' Party to the people. Sharmila Faruqui said that Karachi circular Railway Project would be a gift to the people of Karachi.-APP
First Habib Modaraba receives Award from SAFA KARACHI: South Asian Federation of Accountants (SAFA) in its Summit 2010 held in Nepal awarded a "Certificate of Merit Award" to First Habib Modaraba for "Best Presented Accounts" and "Corporate Governance Disclosures" for the year 2009. This award has been given from the category of Non-Banking Financial Sector. SAFA is an Apex
Body of South Asian Association for Regional Co-operation (SAARC) and a Regional Grouping of International Federation of Accountants (IFAC). SAFA represents over 170000 accountants having membership of the national chartered accountancy and management accountancy institutions in the South Asian countries namely Bangladesh, India, Nepal,
Pakistan and Sri Lanka. This is a great achievement not only for FHM but also for entire Modaraba and leasing sector. The recognition of Certificate of Merit Award by SAFA acknowledges the strong commitment of FHM for promotion of best business practices and good governance within the FHM while maintaining the financial discipline.
KARACHI: Consumer Association of Pakistan Organize Consumer Choice Awards. Photograph show Fahad Qadir, Public Affairs & Communications Manager Coca-Cola Export Corporation, receiving the award from Federal Minister for Commerce & Industry Makhdoom Amin Fahim.-Staff Photo
LABARD to train PPAF's beneficiaries Staff Correspondent LAHORE: Lahore Businessmen Association for Rehabilitation of the Disabled (LABARD) has agreed to impart training to Pakistan Poverty Alleviation Fund (PPAF) projects' beneficiaries and their families who have certain disabilities and are living in and on the outskirts of Lahore city. The decision to this effect was taken at a roundtable meeting between PPAF Chief Operating Officer Kamran Akbar and LABARD President Mohammad Pervaiz Malik and General Secretary LABARD Bushra Aitazaz Ahsan at a local hotel here. Bushra Aitzaz Ahsan, General Secretary, Muhammad Saeed Khan, Joint Secretary, Imtaiz Pervaiz, Arshad Nasar, Shaista Pervaiz Malik and Naghmana Javed were also present on the occasion. PPAF would request its partner organizations in and around Lahore to send their borrowers who are Persons with Disabilities (PWDs) in their respective areas to the LABARD Vocational Training Centre at Shadman, Lahore, so that they could become independent bread winners for themselves and their families.
ETIHAD’s attractive rewards for premium guests KARACHI: Etihad Airways, the national airline of the United Arab Emirates, is rewarding its premium guests who book Diamond First or Pearl Business class tickets between now and January 31, 2011, with a complimentary stopover and stay at either the luxurious Qasr Al Sarab Desert Resort or the Yas Hotel in the UAE. Experience the full fivestar treatment from journey to destination, with Diamond First Class guests being able to choose from three nights' free accommodation at either the Qasr Al Sarab Desert Resort or two nights' free at The Yas Hotel including limousine transfers. Pearl Business class guests can opt for either two nights' complimentary accommodation at the Qasr Al Sarab Desert Resort or one night at The Yas Hotel including limousine transfers, including limousine transfers for Pearl Business class guests. Guests will experience premium travel in the world's leading airline First class or the World's Best Business Class with the award-winning flat bed, enjoying a personal Food and Beverage manager and over 600 hours of entertainment on some of the widest screens in the sky.-PR
3
Tuesday, January 4, 2011
Oil above $92, expects economic growth US and Brent futures reach highest since October 2008 LONDON: Oil climbed above $92 on Monday to its highest since October 2008, spurred on by expectations economic recovery will boost energy demand and as market bulls set their sights on $100 a barrel. US crude was 86 cents higher at $92.24 a barrel by 1438 GMT, off a session high of $92.39. It settled at $91.38 on Friday, marking an annual gain of around 15 per cent and the highest year-end price since 2007, when the market was ascending to the all-time high of nearly $150 a barrel touched in July 2008. Brent was up $1.04 a barrel at SILIGURI - INDIA: Farmer ploughs his field at a village on the outskirts of Siliguri, in India's eastern state of West Bengal. -Reuters $95.79, off an intraday peak of $96.07. Trade was thinned by a public holiday in the United Kingdom but could take direction later on Monday from a survey by the Institute for Supply Management (ISM) -- a measure of US national factory activity. The data was expected to show a slight expansion in the manufacturing sector, reinforcNEW YORK: The euro ral- York. positive. the euro rose 0.8 per cent ing the view the economy in the lied broadly but was slightly Declining US bond yields He also expects further loss- against sterling to 86.35 pence world's largest oil consumer is lower against the dollar on have also weighed on the US es in the euro starting this and gained 0.4 per cent versus strengthening, which could Monday as US stocks rose, dollar, Bennenbroek added, week "until the market is satis- the yen to 109.06 yen. though gains were likely tem- indirectly benefiting the euro. fied with the outcomes for The euro hit a high of porary given doubts about the Benchmark 10-year yields hit Portugal and Spain." $1.3396, after reaching session ability of euro-zone members a high of 3.4395 on Monday, Anderson added that the cur- lows around $1.3250. It last to tap bond markets. but slipped to 3.3362 by mid- rency market will more or less traded at $1.3373, little Traders said the euro found day. have the same theme as last changed on the day. bids around the $1.3305 area. Rising yields tend to support year, "with the euro being sold The dollar rose 0.5 per cent Thinned trading due to holi- the greenback as they reflect off because of the euro-zone against the yen to 81.53 yen, LONDON: Gold rose to its days in Tokyo and London stronger growth. They also debt crisis." having touched an eight-week highest in nearly a month in added to volatility in the euro, enhance the attractiveness of The euro ended 2010 around low of 80.93 yen on trading Europe on Monday, within $10 which now trades as a 17- some dollar-denominated 6.5 per cent lower against the platform EBS earlier on of its record high, and silver and palladium hit multi-year peaks, country unit after Estonia assets to investors. dollar, its biggest annual drop Monday. gained full membership on Jan Many analysts though see since 2005, weighed down by The dollar was down slightly driven by pent-up demand on the 1. continued strength in the dol- a debt crisis that hit Greece against the Swiss franc to first trading day of 2011. While a firm dollar limited "Arguably, there's increased lar and further downside for and Ireland. 0.9328 francs, after dropping risk appetite with US stocks the euro. Investors are further worried to an all-time low of 0.9301 on gains, expectations for more bad news on euro-zone debt, conup. I think that is having a posGreg Anderson, senior cur- about Spain and Italy, which Friday. itive impact on the euro, which rency strategist, at CitiFX in later in the spring will be huntThe euro was flat against the cerns over potential inflation in can be positively correlated New York, said markets are ing for buyers of 400-billion Swiss franc at 1.2480 francs, developing economies and an with equities," said Nick "expecting further US eco- euros in debt as maturing still some distance away from increased focus on the US deficit Bennenbroek, head of FX nomic outperformance in the bonds fall due. its record low at 1.2398 francs are set to maintain surging demand for gold, analysts said. strategy at Wells Fargo in New first quarter" which is dollarIn midday New York trading hit last week. -Reuters Spot gold rose to a peak of $1,423.57 an ounce, its highest Asian currencies since early December, and was bid at $1,419.90 an ounce at 1440 GMT, against $1,419.45 late in New York on Friday. "Considering the overall MUMBAI: Sugar prices in expectations for the rally to conIndia were steady in thin voltinue, I could see a new high ume trade on Monday as firmMUMBAI: Indian soyoil soon, as momentum will try to ness in overseas markets offset SEOUL: The Taiwan dollar bouncing back from a level hit futures ended steady on take it higher," said Ole Hansen, weak local demand and accelerhovered around a 13-year high at the close of trade on Friday Monday after hitting their senior manager at Saxo Bank. ated cane crushing, dealers said. and the South Korean won hit a following central bank's inter- highest level in more than "Once that has been met, I In Kolhapur, a key market in six-week peak, leading overall vention. 33 months as profit-taking would be a bit cautious, as the top-producing Maharashtra gains in Asian currencies, as The spot and NDF markets saw outweighed a rally in palm bow has been strung pretty far state, the most traded S-variety out on most markets, and we eased by 1 rupee to 2,850 investors resumed buying assets some short covering in the US oil, analysts said. in the region on the first trading dollar, but traders expect the Soybean futures edged have the risk of a correction rupees ($63.76) per 100 kg. Taiwan dollar to test the resist- lower due to weakness in the before the uptrend continues." The most-traded sugar-M day of 2011. Asian currencies are expected ance level of 29 per the US dollar. US soy futures, while rapeUS gold futures for February grade contract for January delivThe currency strengthened to seed edged higher. delivery fell 90 cents an ounce to ery closed 0.07 per cent lower at to stay firm thanks to continued 2,976 rupees per 100 kg. inflows of funds attracted by as firm as 29.090 per the US "Profit-taking pulled down $1,420.50. European trade is the region's strong growth dollar, a notch weaker than expected to remain quiet, with "Demand was weak for the past soyoil. Local soyoil supply 3-4 days, but millers were not prospects and optimism about 29.080 hit last Thursday, its has improved due to soy- London still on holiday. Pradeep Unni, a senior analyst lowering prices expecting prices US recovery and its positive strongest since Oct 1997. crushing," said at Richcomm Global Services in The central bank is expected bean to gain from higher international impact on Asian exporters, anato intervene later to prevent the Prasoon Mathur, analyst at Dubai, said fresh highs in gold market," said a member of the lysts and dealers said. were likely this year, with an ini"The outlook for the US econ- Taiwan dollar from ending local Religare Commodities. Bombay Sugar Merchants Malaysian crude palm oil tial target seen at $1,455-$1,480, omy improved much, which trade stronger than 30 versus Association (BSMA). US sugar futures finished their means the brighter outlook for the US currency, dealers and hit a new 33-month high on after trade in the metal was becalmed over the Christmas Monday as robust demand export-oriented Asian analysts said. most volatile year in three The won rose 0.9 per cent as chases tightening supplies holidays. decades at a near 30-year high on economies such as Taiwan and "The fundamentals are driving Friday. India has asked sugar South Korea. That will attract investors built up dollar-short and investors continue to mills to register for unrestricted more funds to Asia," said Kim positions on healthy economic place bets on commodities the price, and those fundamensugar exports from Monday, a Song-yi, an economist at HSBC data and firm Seoul shares. after a strong performance tals remain fear-driven," he said. "Gold (steps) into the New The won found more support last year. government statement said, a in Hong Kong. Year with all its current fundaThe HSBC/Markit purchasing as South Korean bonds received step that could help mills make February soyoil on India's timely payment to cane growers managers' survey for South a lift by Pyongyang's call for an National Commodity and mentals intact ... sovereign debt by taking advantage of the cur- Korea showed export orders end to the confrontation with Derivatives Exchange rent high global prices. grew in December at the fastest Seoul, urging dialogue after one (NCDEX) ended down 0.08 Sugar output in India's top pace since June 2010. of the most violent years on the producing Maharashtra state A similar survey for Taiwan divided peninsula since the per cent at 651.55 rupees per 10 kg, after rising to 656.3 rose by 10.9 per cent to 2.45 also showed a sharp rise in 1950-53 Korean War. million tonnes in the first three export orders in December, The local currency was set- rupees earlier, the highest months of 2010/11 season that according to HSBC. tled at as firm as 1,125.0 per level for the second-month began on Oct.1, a government The Taiwan dollar surged dollar in the domestic trade, the contract since March 17, KUALA LUMPUR: official told Reuters on over 4 per cent against the US strongest since Nov. 22. - 2008. Monday. -Reuters February soybean finished Malaysian crude palm oil hit a dollar on foreigners' buying and Reuters 0.43 per cent lower at new 33-month high on Monday 2,452.5 rupees per 100 kg, as robust demand chases tightwhile rapeseed for January ening supplies and investors delivery rose 0.78 per cent continue to place bets on commodities after a strong performto 574.15 rupees per 20 kg. ance last year. In the Indore spot market, Palm oil prices, which rose soyoil eased by 0.35 rupee 42.2 per cent in 2010, are underat 633.15 rupees, while soypinned by heavy rains lashing MUMBAI: The Indian rupee er in the day below 44.70 level Naik said, adding he expects the bean ended steady at 2,343 oil palm estates in Malaysia and had a muted start to 2011, ending and some FII inflows which rupee to move in a 44.40-45.20 rupees per 100 kg. Indonesia and dry weather in unchanged on Monday as posi- could be custodial flows towards range this week. Rapeseed area in soyoil-producing Argentina. tive factors including higher the enhanced debt limit. But post In the currency futures market, Rajasthan went up 24 per Traders said demand for palm local shares, capital inflows and that it has been a quiet day," said the most traded near-month dolfirm Asian peers were offset by Rohan Naik, head of forex trad- lar-rupee contracts on the cent to 2.7 million hectares, oil will lift prices as China importer dollar demand and ing at Standard Chartered Bank. National Stock Exchange and while the current weather stocks up for the Lunar New global dollar gains. Foreign institutional investors MCX-SX closed at 44.9225 and conditions have boosted year holidays in early February The partially convertible rupee (FIIs) have bought about $896 44.9200, respectively, with the yield prospects for the coun- and other Asian countries need ended at 44.70/71 per dollar, flat million worth of shares in the total traded volume on the two try's main winter oilseed to top up their inventories. from Friday's close. It moved in last six trading sessions until exchanges at $4.2 billion. "Short term, there is bullish crop. a tight range of 44.65-44.78. Friday, taking total investments One-month offshore nonIn the Jaipur spot in potential for palm oil and 4,000 On Friday, the rupee had post- in 2010 to a record $29.3 billion, deliverable forward contracts Rajasthan, the country's top ringgit is not a far-fetched idea," ed its best single-day gain in compared with the $17.5 billion were at 44.94, weaker than the rapeseed producer, price said a trader with a foreign comthree weeks, while it rose 4.1 per pumped in 2009. onshore spot rate. was down 0.3 rupee to 581.2 modities brokerage. cent in 2010, compared with 4.7 "Rupee will track Asian curThe one-year onshore forward rupees per 20 kg. -Reuters "Demand is set to recover for per cent in 2009. rencies, stocks mostly. The non- premium closed at 261.75 palm oil and even in a quiet "There was some dollar farm payroll data will also be points, compared with 257.25 month like December, there are demand from oil importers earli- watched," Standard Chartered's points on Friday. -Reutersa indications that buying will
Euro rallies against most currencies on US stocks Worries about euro-zone debt continue to haunt euro
drive up energy demand. "Traders will be looking at the string of US economic numbers coming out this week to see if they can sustain the strong price moves in December. Overall, we expect the market to be well bid. How bid? Well, it depends on the data," said Geoff Howie, markets strategist at MF Global in Singapore. Data for Asia and Europe showed factory growth eased slightly in Asia in December, while export orders picked up in Europe. Commodities as a whole embarked on a compelling rally in September. It continued throughout the final months of last year, driven by expectations of quantitative easing and a weakened US dollar, which tends to boost dollar-denominated commodities. The dollar rose against a basket of currencies on Monday, partly offsetting the bullish implications for the oil market of any economic recovery in the United States. The Organization of the Petroleum Exporting Countries helped to stoke bullish sentiment by saying the market was still well supplied and that it
Gold hits 1-mth high as 2011 gets underway
Indian sugar ends steady
Taiwan $, won up on foreign fund flows
India soyoil ends flat; soybean falls
risk, macro uncertainty, concerns over currency stability, mediumterm inflation fears as the US Federal Reserve implements Quantitative Easing II, geopolitical tensions and low interest rates." These worries can work both ways for gold. A weaker euro, and consequently stronger dollar, typically pressures gold prices, but concerns over sovereign debt are set to support demand for the metal as a haven from risk. "(We look) for the gold market to start out 2011 on a strong note," said MF Global in an endof-year report. "Support may come from a resumption of investment inflows and a renewed focus on European sovereign debt issues." "Background support will be offered by quantitative ease, and improved (jewellery) demand," it added. "Negative factors will linger in the background as well but should be shelved in the midst of fresh investment this week." Among other precious metals, silver hit its highest since 1980 at $31.22 an ounce against $30.86 as investors continued to pick up the metal as a cheaper proxy for gold. Platinum was at $1,779.74 an ounce against $1,767.50, and palladium at $802 against $799.50, having earlier touched its highest since March 2001 at $803 an ounce. Palladium and silver were among the best-performing precious metals last year, up 97 per cent and 83 per cent respectively. Autocatalyst metal palladium is seen as the surer bet for 2011, however, on expectations its market balance will tighten. -Reuters
would not implement any formal change in output unless it saw a convincing shift in the balance of supply and demand. Some analysts agreed the rally was speculative. "It does not make sense on a fundamental basis," said Olivier Jakob of Petromatrix. "The structure of the market is telling a different story from the flat price." US crude futures have been stuck in a stubborn contango, whereby prompt oil is cheaper than that for later delivery, a market condition that encourages storage. Traders, however, said there was momentum to move higher as new money was expected to enter the market at the start of the year and that in the short term there was little choice but to follow it. "The answer is to go with it or you'll lose money," said one trader who could not be named. Prices could still falter before the next move higher, possibly correcting to $83.85 per barrel, based on a wave pattern and a channel technique, according to Wang Tao, Reuters market analyst for commodities and energy technicals. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 1045.00, Mar11 1050.00, Apr11 1050.00, May11/Jul11 1050.00, Aug11/Oct11 1055.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1125.00, May11/Jul11 1100.00, Aug11/Oct11 1020.00, Nov11/Jan12 1030.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1500.00, Apr11/Jun11 1470.00, Jul11/Sep11 1490.00, Oct11/Dec11 1400.00. LINOIL: Any origin dlrs tonne extank Rotterdam Jan11/Feb11 1382.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1312.50, Feb11 1307.50, Mar11 1302.50, Apr11/Jun11 1280.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1310.00, Mar11 1310.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1265.00, Mar11 1265.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1275.00, Mar11 1275.00, Apr11/Jun11 1270.00, Jul11/Sep11 1252.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1900.00, Feb11/Mar11 1890.00, Mar11/Apr11 1890.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00. Reuters
Palm oil scores new 33-mth high on supply concerns
Indian rupee flat on mixed cues; seen ranged
rebound," the trader added. The benchmark March 2011 crude palm oil contract on Bursa Malaysia Derivatives rose almost 2 per cent to 3,861 ringgit ($1,249) per tonne, a level unseen since March 2008, before settled at 3,852 ringgit ($1,249.230). Overall traded volumes almost doubled at 14,768 lots of 25 tonnes each, compared with the usual 15,000 lots after the long-weekend. Heavy rains lashed mainland Malaysia's east coast over the weekend, bringing floods to some areas within a key oil palm producing state of Pahang although traders said there was no immediate impact. But the prospects of floods have lifted palm oil prices and offset declining palm oil exports although the pace of the fall has slowed in December, which signals a recovery is on the cards. Cargo surveyor Intertek Testing Services reported a 15
per cent drop in Malaysian palm oil exports for December compared with declines of up to 24 per cent for December 1-15 with China leading the recovery. A Reuters analysis showed Malaysian palm oil is poised to rally to 4,247 ringgit per tonne in the first quarter, as per its wave pattern and a Fibonacci projection analysis. "Investment money is likely to be another driver for palm oil, since the agriculture complex did well last year. Also there is strong weather play across the world to back up the argument," said another Malaysian trader. US soyoil for January delivery edged 0.1 per cent higher in Asian trade hours as earlier supply-driven gains were erased by the stronger US dollar. China's agriculture markets were shut on Monday for public holiday and will reopen the following day. -Reuters
4 Tuesday, January 4, 2011
New Mandate for Microfinance Banks
The Financial Daily International Vol 4, Issue 144
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Saving the govt a collapse With the withdrawal of support by MQM to the PPP-led coalition government and decision to sit on opposition benches, continuity of the tenure of PM seems in doldrums. All eyes are set on Nawaz Sharif. Will his party present a no-confidence move against the PM to usher much talked about 'in-house change'? While most of the political pundits are sitting with their fingers crossed, the most likely expected move of PML-N seems no where to be find at the time of balloting, even if it is secret and not by raising hands. Despite being the worst critic of the present government, alleging it of corruption, violation of good governance, nepotism and whatnot, PML-N has been playing the role of 'friendly opposition' unwilling to make any move which could become a threat for the survival of the government. In the changed circumstances with JUI-F and MQM the opposition led by PML-N has attained majority and can remove the sitting PM and elect a new incumbent of choice. However, it is not likely to go to that extent and let the PPP once again gain sympathies on the grounds of dismissal of its government. Political pundits also have the consensus that Mian Sahib will not accept installation of any of its followers to take the hot seat for half-atenure. Besides, prevailing malice, estranged relationship with the International Monetary Fund, ebbing economy, and mounting pressure on Pakistan from the US to do more against the militant groups particularly, supported by the religious groups are not going to improve by any such move. Therefore, the new leader of the house will be treading on quicksand, which could mar the probability of a 'sweeping victory'. PML-N could only attain a significant number of seats if PPP loses its vote bank. Though, Mian Sahib and members of his party are desperate to take the reins it suffers from gross inadequacies i.e. very limited vote bank outside Punjab and particularly in Sindh. In fact the second largest political party of Sindh, MQM has neither enjoyed cordial relationship with PML-N nor is there a chance of any patch-up. The vehement statements of the leaders of both the parties made against each other indicate the level of tolerance for each other. Neither the PML-N would like to demand mid-term not would be appreciated by the establishment and army. The question arises if local bodies' election were shelved due to precarious law & order situation, then how could the general election be held? It maybe true that certain elements have been trying to push Pakistan towards anarchy but all the political forces must try not to become their tools. The differences, which have appeared among the coalition partners, are surmountable with better understanding and open hearts. It is necessary that present government completes the term but certainly by following good governance, supremacy of law and better understanding among all the political parties.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
Shabbir Kazmi
G
overnor State Bank of Pakistan (SBP), Shahid Kardar, had said in September last year that the floods - the biggest natural calamity in the country's history - provided an opportunity for the banking industry to increase financial inclusion, diversify its products on sustainable basis and play its due role in rebuilding the national economy. However, some of the analysts say that the present scenario does not bode well for the SBP agenda on financial inclusion as a significant proportion of the flood-hit population could be pushed below the poverty line. Already excluded will have little access to formal financial services to rebuild their asset base. The SBP wants the financial institutions, particularly micro finance banks (MFBs) to come forward and play their due role in rebuilding of the affected areas as the government would not be able to do it alone. The SBP has revised the minimum capital requirement for MFBs and also allowed the existing players to raise their minimum paid-up capital in a phased manner over the next three years. According to the Circular the MFBs will maintain a minimum paidup capital (free of losses) of not less than Rs300 million if licensed to operate in a specified district instead of Rs100 million; Rs400 million if licensed to operate in a specified region instead of Rs150 million. Similarly, it will be necessary for a bank to hold capital at Rs500 million if licensed to operate in a specified province instead of Rs250 million. If a bank is licensed to operate at national level will be
required to maintain minimum capital of one billion rupees instead of Rs500 million prescribed in past. The Circular further said that institutions, which do not meet the revised benchmark, are required to enhance their paid-up capital (free of losses) according to the following transitional arrangement: A microfinance bank operating at national level will have to increase its minimum paid-up capital to Rs600 million by end 2011, to Rs800 million by end 2012 and one billion rupees by end 2013. The SBP has launched Rs10 billion concessional financing schemes for SMEs and agricultural sector, allowing banks and DFIs rescheduling of loans in the flood affected areas. The financing scheme is for one year, with a mark-up
possibility of recovery exists. For all such rescheduled/restructured loans and advances, MFBs may defer loan provisioning up to December 31, 2011. However, classification of such loans will be made as per criteria laid down in the relevant PRs. The SBP has made it clear that current relaxation is available for loans and advances which have become non-performing since July 1, 2010 in the affected areas identified by NDMA, and loans/advances classified before this date shall not qualify for this relaxation. Under the scheme, financing will be provided at affordable/concessional mark-up rates through banks/DFIs. All categories of farmers comprising owners, owner-cum-tenants and tenants of the specified areas will be eligible for
“
The high incidence of non performing loans indicates that local lenders not only lack the expertise but are also not adequately equipped with the infrastructure and systems towards loans repayments for any borrowed amount
of 8 per cent per annum, and banks have been instructed to evaluate loan applications in five working days. However the relief would be only for the borrowers of flood affected areas, identified by the National Disaster Management Authority (NDMA) and, under the relief package, banks may defer loan payment for a maximum one and a half year. The central bank has issued three different circulars for these relief packages. According to SBP circulars banks/DFIs and microfinance banks are encouraged to reschedule/restructure Agriculture SME and microfinance loans/advances loans to such borrowers, as per existing Prudential Regulations (PRs) for Agriculture, SME Financing and MFBs, where the
agricultural loans under the scheme. However, agricultural credit means only farm credit for meeting the production/working capital requirements, as defined under the Prudential Regulations for Agriculture Financing. Banks are encouraged to arrange, for insurance, the loans provided under the scheme and Mandatory Crop Loan Insurance for five major crops, viz wheat, rice, cotton, sugarcane and maize, to avoid risk of losses due to natural calamities. Tenor 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, while the borrowing limit of farmer will be fixed by the bank, keeping in view
credit requirements, cash flows, repayment capacity, risk profile of the borrower, etc. Under the scheme, banks may provide short-term loans to SME borrowers, as defined in Prudential Regulations for SMEs in flood affected districts. However, banks will follow their lending policies approved by their Board of Directors and SBP rules & regulations. Banks will provide short-term loans for working capital requirements of SMEs for a maximum period of one year. The borrowing limits of SMEs will be fixed by the banks, keeping in view credit requirements, cash flows, repayment capacity, risk profile of the borrower, etc within the maximum limit prescribed under Prudential Regulations for SMEs. Refinance under the scheme will be provided to the banks at 5 per cent per annum. The banks shall be permitted to charge a maximum spread of 3 per cent from the borrowers; therefore credit to SMEs/farmers will be available at 8 per cent. The high incidence of non-performing loans indicates that local lenders not only lack the expertise but are also not adequately equipped with the infrastructure and systems towards loans repayments for any borrowed amount. Helping the subsistence farmer is even more difficult because of their fairly large number, which requires higher level of automation. One cannot overlook the fact that small farmers' access to institutional credit is still limited. This fact becomes a source of concern since small farmers account for 80 per cent of aggregate land holding. According to Agriculture Census 2000, small farmers are those farmers who have land holding of up to 20 acres or less. The major reason for the poor credit access to small farmers is nonavailability of financial infrastructure in rural areas and the poor performance of provincial governments in documentation of land titles. Therefore, there is a dire need to extend the outreach of bank branches to improve access to institutional credit as well as to exploit huge base of small depositors in these areas.
Debt limit cut could prove fatal A
fight over the budget loomed on Sunday as a top aide to President Barack Obama warned of catastrophic consequences if Republicans follow through on threats to reject an increase in the nation's borrowing limit. Republicans, who will take control of the House of Representatives this week, are demanding spending cuts to curb the $1.3 trillion budget deficit and several have said they would oppose a higher debt ceiling if Obama does not agree to a range of painful cuts. White House economic adviser Austan Goolsbee accused Republicans of "playing chicken" with the nation's financial credibility. "This is not a game. You know, the debt ceiling ... is not something to toy with," Goolsbee told the ABC News program "This Week." "If we hit the debt ceiling, that's ... essentially defaulting on our obligations, which is totally unprecedented in American history." "The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008," he said. Without a vote by Congress to raise the limit on government borrowing, the Treasury Department could bump up
against the current $14.3 trillion debt limit. Treasury has estimated the limit could be reached during the first or second quarter of this year. Republican Rep. Michele Bachmann of Minnesota told CBS' "Face the Nation" Republicans were not looking to shut the government down but they do want to cut spending so the debt limit does not have to be raised "continually." "At this point, I am not in favor of raising the debt ceiling," Bachmann s a i d . "Congress has had a big party the last two years. They couldn't spend enough money and now they're standing back, folding their arms ... taunting us about how are you going to go ahead and solve this big spending crisis?" "To not raise the debt ceiling could be a default of the United States on bond and Treasury obligations," said Republican Senator Lindsey Graham of
South Carolina. "That would be very bad for the position of the United States in the world at large," Graham said. "But this is an opportunity to make sure the government is changing its spending ways." Graham, speaking on NBC's
cult choices on spending cuts when he unveils his budget next month but also said it was important not to "skimp" on investments like education. "We are going to have to make, in the medium run, a series of tough choices, and the president's not afraid to do that, and I think you will see in his budget that he's willing to," Goolsbee said. Obama plans to unveil his annual budget proposal in mid-February. After their triumphs in November congressional elections, Republicans have vowed to roll back federal spending to 2008 levels, with exceptions for the elderly, US troops and veterans. The debt ceiling vote gives them some leverage in the budget debate but Republicans run the risk of getting blamed if the issue stirs turmoil in world markets. Acknowledging that risk, incoming House of
Republicans, who will take control of the House of Representatives this week, are demanding spending cuts to curb the $1.3 trillion budget deficit and several have said they would oppose a higher debt ceiling if Obama does not agree to a range of painful cuts "Meet the Press," said he would not vote to raise the debt ceiling unless spending is cut back to 2008 levels. "The last election was about change, change that really will make us something other than Greece," he said. INVESTMENTS Goolsbee, chairman of the White House Council of Economic Advisers, said Obama is willing to make diffi-
Representatives speaker John Boehner has said it would be the responsibility of Congress to deal with the debt ceiling "as adults." While signaling an openness to some budget cuts, Obama has also indicated he will defend what he sees as crucial priorities and has listed education and investment in research and development among those. "If you're going to go skimp on important investments that we need to grow, you're making a mistake," Goolsbee said. He said it was important not to "conflate" the short-term deterioration in the budget picture and long-term budget challenges. Goolsbee blamed the short-run fiscal problems on the economic crisis that Obama inherited when he took office. "The reason the deficit is big this year is because we're coming out of the worst recession since 1929. That's the reason. The longer-run fiscal challenge facing the country is important," he said. The White House economist said he saw some encouraging signs in the U.S. labor market, including a recent drop in claims for unemployment insurance. The US jobless rate, at 9.8 per cent in November, was a key factor behind Democrats' midterm election losses.-Reuters
Taliban at their Strongest T
he number of Afghan police killed during 2010 fell about seven per cent to 1,292, the government said on Monday, despite violence spreading across the country as the war entered its tenth year. Foreign military and civilian casualties are at record levels despite the presence of about 150,000 Nato-led troops, with 2010 the bloodiest year on record since the Taliban were ousted by US-backed Afghan forces in late 2001. Ministry of the Interior spokesman Zemari Bashary said 2,447 Afghan police were wounded, while 5,225 insurgents were killed and 949 wounded. He said the government did not have a toll of insurgent casualties for 2009. There was a total of 6,716 security incidents in 2010, such as ambushes, roadside bombings, suicide bombings and rocket attacks, Bashary said. The Taliban are at their strongest since
they were ousted after they refused to hand over al Qaeda militants, including Osama bin Laden, after the September 11, 2001, al Qaeda attacks on the United States. The insurgency has spread out of its traditional strongholds in the south and east over the past two years into once peaceful areas of the north and west. The north in particular has become a deadly new front in the war. The Interior Ministry said 2,043 civilians were killed and 3,570 wounded but it again did not have a toll for 2009. The United Nations has said 2,412 civilians were killed and 3,803 wounded between January and October last year -- up 20 percent from 2009. The Defense Ministry said 821 Afghan soldiers were killed last year. It also did not have a toll available for 2009. Brigadier General Josef Blotz, a spokesman for the Nato-led
International Security Assistance Force (ISAF), said the high number of casualties among Afghan security forces "is a testament to their sacrifice, to their efforts, to their commitment, they're fighting for their country." He also noted the high number of civilian casualties. Blotz said a surge in the number of foreign troops fighting in Afghanistan last year had led to an expected upturn in violence "but obviously this is a necessary step, a necessary phase in the overall strategy." "Before it gets better, unfortunately is has to get worse and this is what we saw toward the end of 2010," he said. Foreign forces suffered record deaths in 2010, with 711 troops killed, roughly two thirds of them American, according to monitoring website www.iCasualties.org. It was by far the deadliest year of the conflict for foreign
troops, up from 521 deaths in 2009, previously the worst year of the war. A war strategy review released by US President Barack Obama last month found US and Nato forces were making headway against the Taliban and al Qaeda but serious challenges remain. It said the Taliban's momentum had been arrested in much of Afghanistan and reversed in some areas. Nato leaders agreed at a summit in Lisbon in November to end combat operations and hand security responsibility to Afghan forces by the end of 2014. Obama has promised to begin withdrawing US troops from July 2011. But critics say the 2014 target set by President Hamid Karzai is too ambitious and that there are shortcomings in Afghanistan's security forces, and that setting a target to begin withdrawing troops only emboldens the insurgents.Reuters
5
Tuesday, January 4, 2010
South East Asian stocks
Europe stocks start new year with broad rally KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,022.46 11,849.46 173.00 1.44 91.18
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,733.01 3,632.39 100.62 2.70 4.87
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,016.70 2,985.23 31.47 1.04 0.44
Major Gainers
Close
Change
NESTLE 2,421.00 COLG 934.57 LAKST 295.46 SAPT 106.00 FZTM 404.00
Symbol
46.14 11.57 5.54 4.99 4.00
Mostly firmer; Malaysia at record; S'pore outperforms
Politicals spoil KSE’s New Year party Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) Monday started 2011 on a red note as hugger-mugger politics and tottering economy both spurred heavy selling eroding gains worth 1.4 per cent . The benchmark KSE 100Index ended at 11,849 points after declining by 173 points
--1.44 per cent-- while KSE 30Index fell by 197 points -1.71 per cent-- and KSE All-Share Index dropped 123 points -1.48 per cent-- to close at 11,390 and 8,235 points respectively. “In the beginning of the New Year investors saw their wealth eroding by 1.4 per cent as the political tension increased after MQM parted ways with the coalition government”, said
Samar Iqbal, equity dealer at Topline Securities. It should be noted that the Karachi's ruling party, MQM, decided to sit on the opposition benches on Sunday. However, some institutional support on lower levels helped 100-Index close above 11,800 points level. It seems for next few days politics will rule the sentiments of local bourses,
Close
Change
SIEM 1,202.54 ULEVER 4,315.21 IDYM 311.90 BATA 675.00 SRVI 229.26
-50.97 -44.96 -16.3 -14.15 -10.78
Meezan Bank branch network up at 222
Staff Reporter KARACHI: Meezan Bank Ltd (MBL), the first and largest Islamic Bank in Pakistan, has achieved yet another milestone by establishing a branch network of 222 branches in 63 cities across Pakistan within a short span of 8 years, said a statement issued here on Monday. MBL now stands amongst the
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NBP KESC DSFL FFBL
13.43 74.08 2.96 2.89 35.08
11.55 7.39 6.17 4.31 4.08
Active Issues Plus Minus Unchanged
Sector Updates FERTILISER 000 tonnes
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
10 largest banks in Pakistan in terms of branch network. President and CEO MBL Irfan Siddiqui in his statement said that the bank started operations 8 years ago with the vision to "establish Islamic banking as banking of first choice" and to provide quality banking services in a Shariah-compliant manner to every citizen of Pakistan at their doorstep. At that time it See # 7 Page 11
Indian shares start year firmly
70 291 18
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
investors were also concerned over the plummeting economy in the country. Therefore the losses got further aggravated and little more than an hour after the opening bells index tested its lowest level of the session of 11,763 points (-ve 259) due to continued selling pressure almost across the board. See # 5 Page 11
MBL becomes 10th largest local bank
Major Losers
Symbol
Samar added. The first trading session of the New Year started with a heavy loss of 101 points reflecting the impact of the recent political happenings thus investors preferred to take exit from the market. Experts said that correction was already expected but the ongoing political situation gave it a ready reason to fall. Further,
KARACHI: Trading screen shows a dismal trend at the Karachi Stock Exchange here on Monday.-Reuters
Shabbir Kazmi
December 30, 2010 will get 1.2813 additional units at the ex- dividend NAV of Rs50.73, while an Income Unit holder will get a Cash Dividend of Rs0.65 per unit. On the other hand a Growth Unit holder having 100 units of MCF as at December 30, 2010 will get 2.498 additional units at the ex-dividend NAV of Rs50.04, while an Income Unit holder will get Cash Dividend of Rs1.25 per unit. A Growth Unit holder having 100 units of MIIF as at December 30, 2010 will get 1.9861 additional units at the ex-dividend NAV of Rs50.35 while an Income Unit holder will get Cash Dividend of one rupee per unit.
"Local retailers benefited from strong Christmas sales in Hong Kong, mainly because of the relaxed immigration policy for tourists from China and the weak Hong Kong dollar," said Kingsway Group retail analyst Eva Chun in Hong Kong. Wharf is rated a "buy" or "strong buy" by 13 of 19 analysts covering the company with the remaining six rating it a "hold", according to data from Thomson Reuters Starmine. A stronger yuan has put more purchasing power in the hands of mainland tourists to Hong Kong. China's yuan ended 2010 on a strong note, up 3.6 per cent on the year, fanning hopes that it will see even more gains in the coming year.
NEW YORK: US stocks rose on Monday, lifting the Nasdaq 100 to a 10-year high, as investors bet a 2010 rally would continue in the new year and factory and housing data pointed to a strengthening recovery. The Institute of Supply Management's manufacturing survey grew for a 17th straight month in December, adding to recent evidence the recovery was picking up steam, while the Commerce Department said construction spending increased to its highest level since June. "We are starting the year off on the right note here. Everybody's back and suddenly everybody realizes that the economy is pretty good," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco. "There is a lot of money in cash, a lot of money in bonds that would like out of bonds, and it's only natural with the economic improvement it's finding its way to equities." The Dow Jones industrial average gained 108.79 points, or 0.94 per cent, to 11,686.30. The Standard & Poor's 500 Index gained 15.44 points, or 1.23 per cent, to 1,273.08. The Nasdaq Composite Index jumped 46.63 points, or 1.76 per cent, to 2,699.50. The Nasdaq 100 hit an intraday high of 2264.71, it's highest level since February 2001. Marc Pado, US market strategist at Cantor Fitzgerald & Co in San Francisco also pointed to the "January effect" boosting stocks as fund managers are no longer engaged in window dressing and focusing on stocks they find attractive versus names that have done well for the year. "You get to the first day of the new quarter, new year. It's an opportunity to invest in some names that you won't have to See # 6 Page 11
Dhiyan
OUTLOOK IS REDDISH
HK shares move up; Holiday spending helps HONG KONG: Hong Kong stocks kicked of 2011 with a firm start as robust holiday spending provided a lift for shares of mall and casino operators, and energy stocks extended a recent strong run on the back of steady oil prices. Hong Kong's benchmark Hang Seng Index rose for a fourth successive session, ending up 1.7 per cent with every constituent of the index closing higher on the day. Turnover remained light, however, with several financial markets in Asia, including Shanghai, closed. Optimism over retail sales and rising office rentals in Hong Kong lifted commercial property developer Wharf (Holdings) Ltd 3.8 per cent to a record high.
Wall Street opens 2011 higher on data, Jan effect
MUMBAI: Indian shares start- 449.25 cent/lb ($9,904 a ed 2011 on a firm footing, tonne), extending 2010's 33 per climbing nearly 0.3 per cent on cent gains on expectations of Monday, with metal producers sustainable growth in top metal leading the gains as investors consumer China. placed bets that the base metals "There are no immediate negrally was here to stay. atives for metal stocks," Neeraj Firm world stocks also sup- Dewan, director of Quantum Securities. ported the gains. US copper futures rallied 1 "The pack has been performMSF the first Shariah compliant open-end government per cent on the first day of trade ing well on optimistic metals See # 8 Page 11 of the new year to a record securities fund in Pakistan ANNOUNCEMENTS with a net asset value Period Div/Bon/Right PAT (Rs in mn) EPS(Rs) Rs8,399 million offered an Company Yearly 10%D 45.55 1.41 annualised return of 10.76 Haseeb Waqas Sanghar Sugar Yearly 15%D 134.43 11.25 per cent for half year ended J.D.W.Sugar Mills Yearly 70%D 10%B 1240.40 28.20 December 31, 2010. MCF the first Shariah compliant open end money market fund in Pakistan with a net asset value of Rs6,305 million offered an annualised return of 10.61 per cent return for half year ended December 31, 2010 MIIF the first and the largest Shariah compliant open-end income fund with an asset of Rs3,029 million offered an annualised return of 8.73 per Khalid Waheed, CEO Hum Securities cent for half year ended The current bearish trend is likely to continue in the coming days. Given the December 31, 2010.
Al Meezan offers interim dividend for three funds KARACHI: Al Meezan Investment Management Limited (Al Meezan) Monday announced the second interim dividends for its three fixed income funds, a hand. As per details dividend for Meezan Sovereign Fund (MSF) would be Rs0.65 per unit, Meezan Cash Fund (MCF) Rs1.25 per unit, and Meezan Islamic Income Fund (MIIF) Rs1 per unit. The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. A Growth Unit holder having 100 units of MSF as at
US stocks mid-morning
Some market players see the rising yuan as one tool Chinese policymakers may use to curb inflation, which hit a 28-month high in November and prompted an interest rate rise on Dec. 25. Analysts say rising inflation, in China as well as in the rest of Asia, is a main risk in 2011 prompting some investors to take a cautious view on equities for the year. Investor guru Jim Rogers said there is a risk of China tightening monetary policy too aggressively because such measures have a lag effect. "There will be more tightening in China. They have a problem with inflation. They'll keep tightening and then they'll go too far like all governments," said Rogers.-Reuters
circumstances there's a likelihood of index's losing 500-600 points owing to inflated levels. In addition to that, economic and political chaos would also worsen the situation. Investors are advised to adopt 'buy on dips' and 'sell on strength' strategy. In this regard they should buy at 2nd support levels with stop loss and then sell at 1st resistance levels. Buying can be done in December-ending companies like banking and fertiliser sectors. Market would remain negative today.
Khurram Schehzad, Head of Research Invest Cap Topsy-turvy political would continue to drive the market down and we would see some more bearish activities in the days ahead. However, the correction would be an opportunity for the investors who missed the previous rally as the future outlook of the market is still positive. Also there isn't any issue with the fundamentals and they are still attractive. Invest in oil, power and fertiliser sectors as these are also expected to announce good corporate results. Market would be range bound today.
6
Tuesday, January 4, 2011
Market Volume
91,184,978
Value
4,288,636,680
Trades
60,721
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
70 291 18 379
All Share Index
11,849.46 12,022.46 11,761.28 i173.00
Current High Low Change
KSE 30 Index
8,235.43 8,359.31 8,181.35 i123.88
Current High Low Change
KMI 30 Index Current High Low Change
11,390.58 11,588.24 11,311.90 i197.66
18,804.61 19,071.59 18,664.50 i266.98
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,549.11 Turnover 6,647,403 P/E (x) 11.04 Company
KSE 100 Index
Symbols
PE
Open
Attock Petroleum 691 5.75 334.52 Attock Refinery 853 6.72 124.68 BYCO Petroleum 3921 - 11.27 Mari Gas Company 735 16.34 124.97 National Refinery 800 4.00 273.79 Oil & Gas Development XD 43009 11.47 170.83 Pak Petroleum 11950 8.75 217.15 Pak Oilfields 2365 6.96 295.96 Pak Refinery Limited 350 - 107.72 P.S.O 1715 4.96 295.18 Shell Gas LPG 226 - 33.83 Shell Pakistan 685 10.36 208.22
High 334.90 122.99 11.25 124.00 273.00 170.25 217.00 297.49 107.00 294.50 34.00 207.00
High Low 1,546.48 1,503.52 Total cos Defaulter cos P/BV (x) ROE (%) 3.59 32.54 Low 325.01 118.45 10.90 119.36 267.00 165.12 212.01 288.26 102.52 289.00 32.31 200.00
Close Chg 332.15 119.82 10.97 120.59 269.86 169.54 215.25 294.66 103.43 293.17 33.00 202.09
-2.37 -4.86 -0.30 -4.38 -3.93 -1.29 -1.90 -1.30 -4.29 -2.01 -0.83 -6.13
Close Change 1,535.69 -13.42 Listed cap Market cap 65,194.15 mn 1,192,513.91 mn Payout (%) Div Yield (%) 55.94 5.07 Last 60 days High Low
Volume 242958 2002514 847030 49119 166242 477819 1024822 1777845 33218 817029 2886 52951
374.20 137.20 12.49 128.90 282.00 171.75 221.75 300.80 114.50 299.20 40.28 209.89
287.99 79.23 10.05 107.00 200.00 144.61 172.50 231.01 55.00 262.00 29.10 182.05
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
% Change -0.87 5-Day High 1,549.92 5-Day Low 1,525.15 2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Open 752.39 Turnover 23,508 P/E (x) 5.61 Company Pak Int Cont.Terminal PNSC
Paid up Cap(mn) 1092 1321
PE 7.08 39.42
Open 72.75 37.95
High 72.50 38.40
High Low 752.27 718.51 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53 Low 69.50 36.06
Close Chg 70.78 -1.97 36.27 -1.68
Close 729.62 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 13635 9873
Change -22.77 Market cap 12,769.55 mn Div Yield (%) 1.97
Last 60 days High Low 77.77 41.00
60.05 32.36
Company
Company
Paid up Cap(mn)
High Low 1,392.27 1,362.72 Total cos Defaulter cos P/BV (x) ROE (%) 2.99 35.00
PE
Open
High
Low
Agritech Limited 3924 8.48 Bawany Air 68 64.25 BOC (Pak) 250 12.34 Clariant Pak 273 6.80 Dawood Hercules 1203 7.98 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 10.47 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 8.95 Fauji Fert.Bin Qasim 9341 6.62 Ghani Gases Ltd 725 8.58 ICI Pakistan 1388 7.96 Lotte Pakistan 15142 4.80 Mandviwala 74 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 10.29 Sitara Peroxide 551 13.95 Wah-Noble 90 6.90
23.90 8.12 91.10 183.00 198.36 2.92 8.16 2.99 11.20 193.81 14.27 11.28 125.86 35.73 11.49 144.24 13.70 1.89 2.00 22.05 2.71 127.75 13.25 36.13
23.40 8.00 90.40 180.50 196.96 2.88 8.24 3.20 11.00 193.30 14.28 10.99 124.99 35.60 11.65 143.89 13.58 1.80 2.04 23.15 2.50 126.00 13.25 37.69
22.75 7.16 89.10 175.00 191.19 2.71 7.90 2.62 11.00 190.00 14.01 10.56 122.60 34.75 11.30 140.50 13.24 1.50 1.91 22.00 2.40 125.50 12.70 35.70
Close Chg 23.40 7.71 89.84 177.94 192.47 2.76 7.95 2.89 11.00 190.47 14.15 10.67 123.51 35.08 11.33 141.30 13.43 1.56 1.95 22.00 2.47 125.50 12.83 35.90
-0.50 -0.41 -1.26 -5.06 -5.89 -0.16 -0.21 -0.10 -0.20 -3.34 -0.12 -0.61 -2.35 -0.65 -0.16 -2.94 -0.27 -0.33 -0.05 -0.05 -0.24 -2.25 -0.42 -0.23
Close 1,372.62 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 25402 3083 19621 19710 161808 29634 121071 4311380 500 1421463 156284 468484 957492 4084677 13527 117519 11545218 9221 302255 540 1210 3180 133521 202
Change -26.42 Market cap 310,312.39 mn Div Yield (%) 5.72
24.85 12.75 94.20 185.95 200.99 3.74 9.25 4.24 13.79 200.88 15.20 11.39 128.50 38.05 13.85 146.80 14.11 2.75 2.74 23.15 3.40 139.40 14.69 46.25
20.26 7.16 72.00 149.72 163.55 1.90 3.41 1.31 9.15 173.30 12.90 9.16 105.00 27.30 11.25 116.00 8.39 0.80 1.30 17.01 1.80 101.00 8.00 32.00
2010 Div BR (%) (%) 5 15 40 15 40 95 17.5 55 25 50
10R 5B -
% Change -1.89 5-Day High 1,405.65 5-Day Low 1,372.62 2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,183.40 Turnover 51,132 P/E (x) 5.89 Company
High Low 1,202.60 1,145.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,161.02 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.85 6.76
16.85 47.13 44.86
17.14 48.45 45.50
16.32 45.00 43.50
16.68 -0.17 46.00 -1.13 43.78 -1.08
48685 425 2022
Century Paper Pak Paper Product Security Paper
Change -22.37 Market cap 3,218.30 mn Div Yield (%) 4.29
Last 60 days High Low 19.89 48.90 47.70
15.28 38.61 38.00
2010 Div BR (%) (%) 2533.33B 50 -
% Change -1.89 5-Day High 1,194.23 5-Day Low 1,161.02 2011 Div BR (%) (%) -
-
INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index Open 1,094.17 Turnover 95,466 P/E (x) 3.39 Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 4.15 675 555 9.46 1199 11.95 785 10.23
Open 27.51 2.70 15.61 59.85 9.15
High 27.00 2.72 15.41 58.50 9.00
High Low 1,073.24 1,049.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 33.10 Low 26.30 2.55 15.00 57.15 9.00
Close Chg 26.56 2.63 15.13 57.35 9.00
-0.95 -0.07 -0.48 -2.50 -0.15
Close 1,055.58 Listed cap 3,596.11 mn Payout (%) 30.91
Change -38.59 Market cap 10,350.83 mn Div Yield (%) 9.13
Last 60 days High Low
Volume 16228 29300 15300 33589 1049
28.45 3.39 16.05 62.20 10.07
24.00 1.93 12.25 44.00 8.00
2010 Div BR (%) (%) 30 40 7.5
20B -
Paid up Cap(mn)
PE
High Low 1,199.90 1,167.27 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 25.35
Open
High
Low
144 5.61 76.20 101 5.63 190.47 626 8.91 124.98 890 2.28 56 4.41 196.25 598 18.69 22.60 450 3.31 4.92 1428 - 11.60 786 5.77 252.47 823 10.86 69.82 150 3.86 20.90
75.01 189.00 123.80 2.26 196.00 22.49 4.93 11.65 254.20 71.49 20.75
74.00 185.00 118.74 2.06 186.44 21.54 4.76 11.30 249.00 68.01 19.90
-
CONSTRUCTION AND MATERIALS
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
High Low 1,006.40 974.79 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10
PE
Open
High
Low
1828 866 6.56 858 182 14 956 24.07 982 13.15 948 3574 3651 121.04 350 3.88 6933 15.09 1760 77 2319 32 1288 13126 3234 6.59 5261 1.29 541 3.20 2228 200 361 798 456.25
3.47 63.11 3.06 23.01 14.50 10.75 1.71 2.45 2.24 30.17 2.90 5.02 1.80 2.41 8.33 0.70 6.46 3.21 75.79 2.87 4.22 6.77 7.30 8.48 18.88
3.45 62.98 3.08 22.73 14.95 10.65 1.87 2.12 2.25 29.79 3.50 5.12 1.90 2.80 8.29 0.70 6.30 3.24 75.45 2.89 4.35 6.85 7.33 9.15 18.25
3.10 61.01 2.65 22.11 13.55 10.25 1.71 2.12 2.10 28.75 2.50 4.91 1.75 1.75 7.51 0.60 6.25 3.10 73.00 2.75 4.22 6.55 6.40 8.00 17.88
Close 983.81 Listed cap 54,792.74 mn Payout (%) 19.04
Change -26.30 Market cap 71,064.78 mn Div Yield (%) 2.66
Close Chg
Volume
Last 60 days High Low
3.21 62.29 2.77 22.32 13.61 10.59 1.71 2.12 2.16 29.05 3.26 4.98 1.80 2.20 8.29 0.70 6.30 3.14 73.31 2.78 4.35 6.62 7.25 8.15 18.25
2101 13541 3589 44209 2286 17285 501 1300 185548 2817044 1620 342186 28082 2941 551 8205 9100 754545 1640080 206707 1792 22034 4099 2193 752
3.98 65.99 4.24 24.16 15.50 12.75 2.49 3.49 3.10 32.10 3.99 5.55 2.25 5.00 9.19 1.08 8.70 3.79 79.98 3.30 8.89 8.58 7.50 9.60 22.24
-0.26 -0.82 -0.29 -0.69 -0.89 -0.16 0.00 -0.33 -0.08 -1.12 0.36 -0.04 0.00 -0.21 -0.04 0.00 -0.16 -0.07 -2.48 -0.09 0.13 -0.15 -0.05 -0.33 -0.63
2.80 57.60 1.10 14.01 7.91 9.51 1.31 1.11 1.30 23.40 2.27 4.52 1.70 1.18 2.70 0.42 5.50 2.71 69.20 2.51 3.21 6.52 5.25 6.30 17.51
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,038.51 Turnover 445,795 P/E (x) 2.81 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,049.06 1,000.73 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 43.91 Low
Close Chg
Cherat Papersack 115 2.62 77.41 77.00 73.54 73.66 -3.75 ECOPACK Ltd 230 2.57 2.50 2.37 2.47 -0.10 Ghani Glass 1067 4.54 49.30 49.89 48.71 49.44 0.14 MACPAC Films 389 3.02 3.49 2.80 2.90 -0.12 Packages Ltd 844 65.68 128.61 132.30 123.10 128.07 -0.54 Siemens Engineering XD 82 9.92 1253.51 1238.90 1200.00 1202.54-50.97 Tri-Pack Films 300 8.77 122.16 123.99 119.10 120.28 -1.88
Close 1,019.70 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change -18.81 Market cap 38,494.09 mn Div Yield (%) 5.53
Last 60 days High Low
75487 83.23 34.00 53709 3.30 1.81 4438 61.10 45.30 7023 4.05 1.60 186871 136.74 100.11 85989 1381.00 1120.00 32228 128.70 98.10
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Abbas Sugar 174 AL-Noor Sugar 186 Bawany Sugar 87 Chashma Sugar 287 Colony Sugar Mills 990 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Ismail Ind 505 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 Mithchells Fruit 50 Mubarik Dairies 28 National Foods 414 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 S S Oil 57 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Sind Abadgar 104 Tandlianwala 1177 UniLever Pakistan 665
PE
Close Chg
% Change -1.81 5-Day High 1,039.16 5-Day Low 1,019.70 2011 Div BR (%) (%) -
-
Close 1,182.04 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -12.84 Market cap 42,892.04 mn Div Yield (%) 4.83
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB Pak Engineering
PE
Open
66 1.06 17.00 215 5.38 227.00 104 - 44.10 214 1.31 213 10.33 11.70 132 7.24 60.11 366 6.49 499.78 57 683.25 249.99
High
Low
Close Chg
16.51 16.50 16.50 -0.50 230.00 224.00 224.75 -2.25 44.50 44.50 44.50 0.40 1.35 1.00 1.20 -0.11 11.26 11.15 11.16 -0.54 60.49 59.00 60.49 0.38 499.99 490.00 496.18 -3.60 262.00 240.00 245.97 -4.02
2200 2030 702 25943 13600 1220 65221 173
Last 60 days High Low 76.99 194.75 128.90 2.89 208.95 25.24 5.67 13.40 282.45 77.90 26.00
65.75 136.10 94.00 1.20 136.00 21.00 4.03 9.65 217.00 66.75 17.92
2010 Div BR (%) (%) 90 100 60 20 150 10
2011 Div BR (%) (%)
20B 20B
-
-
High
High Low 1,732.63 1,663.68 Total cos Defaulter cos P/BV (x) ROE (%) 11.71 30.30 Low
Close Chg
Close 1,689.40 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -14.11 Market cap 226,564.99 mn Div Yield (%) 0.79
Last 60 days High Low
1032 10.91 4.06 8916 19.20 11.15 300 98.10 90.16 4981 53.02 39.25 6338 6.73 0.86 1007 15.47 8.50 4608 5.70 2.60 34902 5.59 1.25 501 21.73 18.30 111947 36.50 28.50 19025 16.50 11.69 229 81.12 68.60 12993 92.50 64.61 541 68.49 50.50 696 68.22 50.00 4140 7.18 4.20 102608 79.00 61.50 500 4.00 2.00 12161 75.50 39.01 689 27.30 17.51 589 14.84 11.05 2399 6.99 4.25 2645 53.81 32.50 12500 3.40 2.02 5000 3.89 3.00 96987 15.00 13.00 24704 13.50 9.93 1011 7.88 3.75 1521 10.50 4.75 1795 36.75 28.00 629 4610.00 3825.00
% Change -0.83 5-Day High 1,716.59 5-Day Low 1,689.40
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 25 25 25B 40 17.5 110R 7010B 12.5R 35 20B 15 20B 10 12 12 10 15 10 10 178 -
-
-
14.12 200.00 41.50 0.21 10.55 59.00 390.00 233.00
2010 Div BR (%) (%)
Company
Paid up Cap(mn)
High Low 1,134.40 1,120.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64
PE
Open
High
Low
AL-Abid Silk 115 3.80 Gauhar Engineering Ltd 22 Pak Elektron 1174 3.53 Singer Pak 341 21.91 Tariq Glass Ind 231 2.53
33.58 0.86 14.04 20.20 20.52
35.25 0.65 14.10 19.50 21.25
34.00 0.65 13.90 19.50 20.00
Close Chg 35.25 0.65 14.00 19.50 21.13
1.67 -0.21 -0.04 -0.70 0.61
Close 1,130.06 Listed cap 3,763.71 mn Payout (%) 6.27
150 25 650 100
10B 25B -
-
-
160,013.18
MA (10-day)
2.32
Total Equity (Rs in mn)
(20,772.84)
MA (100-day)
2.25
Revenue (Rs in mn)
MA (200-day)
2.52
Interest Expense
1st Support
2.20
Loss after Taxation
2nd Support
2.09
EPS 09 (Rs)
1st Resistance
2.46
Book value / share (Rs)
2nd Resistance
2.61
PE 10 E (x)
Pivot
2.35
PBV (x)
94,563.77 9,243.77 (5,822.43) (2.720) (8.92) (0.26)
PIAA closed up 0.03 at 2.29. Volume was 92 per cent above average and Bollinger Bands were 20 per cent narrower than normal. The company's loss after taxation stood at Rs11.693 billion which translates into a Loss Per Share of Rs4.79 for the nine months of current calendar year (9MCY10). PIAA is currently 9.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PIAA at a relatively equal pace. Trend forecasting oscillators are currently bullish on PIAA.
Dewan Salman Fibre Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
52.72
Total Assets (Rs in mn)
16,668.04
MA (10-day)
3.13
Total Equity (Rs in mn)
(5,909.01)
MA (100-day)
1.89
Revenue (Rs in mn)
Volume 193 10000 323235 300 85441
1.93
Interest Expense
1st Support
2.60
Loss after Taxation
2nd Support
2.32
EPS 09 (Rs)
1st Resistance
3.18
Book value / share (Rs)
2nd Resistance
3.48
PE 10 E (x)
Pivot
2.90
PBV (x)
Company
Paid up Cap(mn)
Amtex Limited 3139 Artistic Denim 840 Azgard Nine 4493 Babri Cotton 33 Bannu Woolen XD 76 Bata (Pak) 76 Chenab Limited 1150 Colgate Palm 316 Crescent Fibres Ltd 124 Crescent Textile 492 D S Ind Ltd 600 Dawood Lawrencepur 514 Dewan Farooque Spinning600 Dewan Mushtaq Textile 34 Gadoon Textile XD 234 Ghani Value Glass 75 Gul Ahmed Textile 635 Hajra Textile 138 Hira Textile Mills Ltd. 716 Ibrahim Fibres 3105 Ideal Spinning 99 Idrees Textile 180 Jubilee Spinning 325 Khurshid Spinning 132 Kohinoor Ind 303 Kohinoor Mills 509 Kohinoor Textile 1455 Mehmood Textile 150 Moonlite (PAK) 22 Nishat (Chunian) 1596 Nishat Mills 3516 Paramount Spinning 174 Prosperity 185 Ravi Textile 250 Rupali Poly 341 Saif Textile 264 Salfi Textile 33 Salman Noman 42 Sapphire Textile 201 Sargodha Spinning 312 Service Ind 120 Shadman Cot 176 Shahtaj Textile 97 Thal Limited 307 Treet Corp 418 Zil Limited 53
High Low 1,022.38 990.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64
Maple Leaf Cement Factory Limited
PE
Open
High
Low
Close Chg
Volume
9.20 6.40 0.51 0.45 5.60 35.08 0.65 4.34 48.98 2.91 0.16 0.74 7.11 4.17 0.73 3.15 0.46 3.91 3.57 0.70 1.84 5.36 0.75 1.12 4.43 0.34 0.29 2.25 0.90 0.50 7.85 1.28 5.37 9.23 3.55
4.05 23.50 9.66 11.53 13.40 689.15 3.12 923.00 13.11 23.72 1.83 43.47 4.50 5.90 66.04 28.00 29.24 0.94 3.90 42.14 5.50 3.55 2.57 1.60 1.59 2.94 5.02 58.25 5.50 22.72 64.17 10.40 14.74 1.51 36.00 4.50 61.90 5.00 101.01 2.69 240.04 7.71 19.21 130.25 60.05 55.89
4.12 23.35 9.61 12.50 12.90 700.00 3.10 950.00 14.11 22.55 1.89 45.00 3.61 5.39 68.25 28.00 29.98 1.10 4.00 40.90 6.50 3.70 2.50 1.50 1.70 2.85 5.19 57.20 6.50 22.69 63.45 10.25 14.71 1.48 36.65 4.24 63.00 6.00 106.00 2.70 241.00 7.05 19.60 132.00 61.25 55.00
4.01 22.35 9.24 10.60 12.90 655.00 3.01 881.00 13.00 22.55 1.71 41.30 3.61 5.33 65.00 27.00 28.00 0.45 3.90 40.04 5.00 3.49 2.49 1.50 1.50 2.20 4.82 57.20 4.50 21.95 62.00 10.24 14.70 1.40 35.25 4.00 58.90 5.00 95.96 2.25 228.04 7.05 19.10 124.60 57.26 53.10
4.05 0.00 23.04 -0.46 9.34 -0.32 12.43 0.90 12.90 -0.50 675.00-14.15 3.02 -0.10 934.57 11.57 14.11 1.00 22.55 -1.17 1.72 -0.11 41.63 -1.84 3.61 -0.89 5.33 -0.57 67.50 1.46 27.00 -1.00 29.00 -0.24 0.90 -0.04 3.91 0.01 40.07 -2.07 5.36 -0.14 3.60 0.05 2.49 -0.08 1.50 -0.10 1.66 0.07 2.20 -0.74 5.00 -0.02 57.20 -1.05 6.40 0.90 22.10 -0.62 62.41 -1.76 10.24 -0.16 14.71 -0.03 1.45 -0.06 35.26 -0.74 4.20 -0.30 63.00 1.10 5.32 0.32 106.00 4.99 2.60 -0.09 229.26-10.78 7.05 -0.66 19.16 -0.05 125.58 -4.67 57.97 -2.08 53.11 -2.78
276474 3355 2763390 9000 149 790 132344 262 10020 220 148056 35395 1000 3500 907 117 989 14004 14160 56239 5004 3900 1872 500 18898 280 2533 1000 5844 676320 2806363 500 2400 16227 1505 10500 276 20610 1135 3602 9977 9500 2000 718949 329604 530
Last 60 days High Low 17.21 24.59 12.32 18.75 14.50 747.48 3.90 960.00 14.99 23.99 2.37 47.00 8.00 7.44 71.40 41.20 29.98 1.10 4.88 42.75 7.29 4.65 5.50 3.00 2.00 3.68 6.06 68.80 11.99 25.14 65.80 11.25 19.25 2.30 38.10 6.85 68.90 6.00 115.76 3.43 276.50 15.00 21.90 132.00 63.30 58.99
Open 997.07 Turnover 51,304 P/E (x) 7.24 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
9.38 109.74 6.57 87.13 15.29 88.19 8.04 28.94 6.06 8.21 11.22 142.00 5.40 60.01
High
High Low 994.38 968.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.62 22.31
4.00 19.10 9.24 8.10 9.50 436.00 3.01 680.00 8.41 17.89 1.44 36.10 3.00 1.80 38.30 26.70 19.99 0.30 3.35 34.05 2.02 2.60 2.47 1.00 1.13 1.52 4.51 51.46 4.50 16.80 46.62 7.65 12.51 1.29 31.25 3.10 23.68 2.01 89.80 1.40 169.00 7.00 15.61 86.50 37.25 36.00
Low
Close Chg
109.45 106.80 107.04 89.00 85.00 87.00 86.99 84.52 84.99 29.10 28.00 29.03 8.24 7.51 7.52 145.00 141.00 141.01 60.50 59.30 60.05
-2.70 -0.13 -3.20 0.09 -0.69 -0.99 0.04
Close 975.33 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 18808 2415 17793 7639 198 101 4350
2010 Div BR (%) (%) 30 20 20 10 15 5 70 25 12.5 10 20 10 60 15 25 10 30 40 25 50 5 45 80 35
15B 45R 10B 5B 20B -
Change -21.74 Market cap 32,812.16 mn Div Yield (%) 6.15
Last 60 days High Low 112.50 113.00 89.98 29.50 9.00 146.40 64.50
Fundamental Highlights As on Jun 30, 2010
MA (10-day)
2.92
Total Equity (Rs in mn)
MA (100-day)
2.99
Revenue (Rs in mn)
MA (200-day)
3.43
Interest Expense
1st Support
2.71
Loss after Taxation
2011 Div BR (%) (%)
2nd Support
2.66
EPS 10 (Rs)
1st Resistance
2.85
Book value / share (Rs)
2nd Resistance
2.94
PE 11 E (x)
Pivot
2.80
PBV (x)
-20B 20R - 10B 17.5 -
Change -9.49 Market cap 133,575.35 mn Div Yield (%) 2.50
88.00 82.20 66.50 23.50 7.00 115.90 59.30
2010 Div BR (%) (%) 20 30
20B -
(0.18)
Total Assets (Rs in mn)
2010 Div BR (%) (%)
-
-
% Change -0.94 5-Day High 1,011.79 5-Day Low 1,002.30
(16.13)
DSFL closed down -0.10 at 2.89. Volume was 89 per cent above average and Bollinger Bands were 66 per cent wider than normal. The company's loss after taxation stood at Rs246.014 million which translates into a Loss Per Share of Rs0.67 for the 1st quarter of current fiscal year (1QFY11). DSFL is currently 50.0 per cent above 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 very strong flows of volume into DSFL (bullish). Trend forecasting oscillators are currently bullish on DSFL.
38.82
Last 60 days High Low
Close 1,002.30 Listed cap 47,070.70 mn Payout (%) 16.68
(17.017)
RSI (14-day)
PERSONAL GOODS Open 1,011.79 Turnover 8,120,271 P/E (x) 6.67
2,050.22 (6,233.79)
% Change 0.29 5-Day High 1,130.06 5-Day Low 1,115.35
35.25 0.90 15.09 20.79 21.40
23.00 0.20 12.90 16.51 15.90
4,169.62
MA (200-day)
Technical Analysis Change 3.24 Market cap 5,135.70 mn Div Yield (%) 2.06
Performance of SR Personal Goods Index
% Change -0.73 5-Day High 1,547.84 5-Day Low 1,536.55 2011 Div BR (%) (%)
Total Assets (Rs in mn)
HOUSEHOLD GOODS
26,094.94 4,134.21 13,630.51 2,059.48 (2,583.96) (7.08) 9.70 0.29
MLCF closed down -0.09 at 2.78. Volume was 11 per cent above average and Bollinger Bands were 3 per cent wider than normal. The company's loss after taxation stood at Rs618.798 million which translates into a Loss Per Share of Rs1.49 for the 1st quarter of current fiscal year (1QFY11). MLCF is currently 18.9 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 volume flowing into and out of MLCF at a relatively equal pace. Trend forecasting oscillators are currently bearish on MLCF.
IGI Investment Bank Ltd
2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
Change -11.29 Market cap 32,575.91 mn Div Yield (%) 15.83
Last 60 days High Low 20.85 238.99 51.99 2.40 14.80 83.49 504.45 324.80
5100 16806 1960 474132 1146 2902 3502 28408 12256 22887 611
PHARMA AND BIO TECH
Close 1,536.55 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Open
Open 1,126.81 Turnover 419,171 P/E (x) 3.05
INDUSTRIAL ENGINEERING High Low 1,556.24 1,516.76 Total cos Defaulter cos P/BV (x) ROE (%) 3.16 38.02
-2.20 -1.99 -2.03 -0.06 -9.68 -0.92 -0.16 -0.21 0.14 -1.60 -0.22
% Change -1.07 5-Day High 1,194.87 5-Day Low 1,175.91
Performance of SR Household Goods Index
Performance of SR Industrial Engineering Index Open 1,547.84 Turnover 111,099 P/E (x) 8.31
74.00 188.48 122.95 2.22 186.57 21.68 4.76 11.39 252.61 68.22 20.68
11.54 6.00 6.00 5.50 6.00 0.00 1.19 18.20 19.20 18.80 19.20 1.00 7.41 94.90 94.90 90.16 90.35 -4.55 3.73 50.57 51.40 49.00 51.13 0.56 5.00 5.99 4.20 5.00 0.00 1.03 12.41 13.00 12.10 12.74 0.33 3.23 3.64 2.62 3.40 0.17 3.60 4.10 3.51 3.79 0.19 4.26 20.84 21.19 20.20 21.19 0.35 7.36 33.31 33.25 32.30 32.77 -0.54 11.02 12.69 12.40 11.69 11.90 -0.79 34.11 76.00 78.90 72.20 76.41 0.41 3.16 88.71 92.50 86.00 89.00 0.29 3.41 57.52 58.00 57.00 57.80 0.28 4.17 51.60 50.50 50.00 50.00 -1.60 0.61 6.09 6.70 5.83 6.00 -0.09 9.47 74.26 77.97 75.50 77.97 3.71 4.00 3.00 3.00 3.00 -1.00 24.63 69.41 67.00 65.94 66.01 -3.40 3.54 26.00 27.24 24.70 24.76 -1.24 - 11.98 11.61 11.50 11.61 -0.37 0.92 6.10 6.75 6.01 6.28 0.18 8.19 46.98 46.70 44.64 44.64 -2.34 2.20 2.13 2.12 2.12 -0.08 0.28 3.50 3.30 3.30 3.30 -0.20 1.27 14.40 15.00 13.50 14.32 -0.08 6.51 10.96 10.10 9.96 9.96 -1.00 5.53 6.39 5.10 5.46 -0.07 5.05 9.75 10.50 10.00 10.50 0.75 322.73 34.00 35.50 34.00 35.50 1.50 20.14 4360.17 4449.89 4251.12 4315.21 -44.96
2011 Div BR (%) (%) -
-
48.54
FOOD PRODUCERS Open 1,703.51 Turnover 477,973 P/E (x) 38.66
% Change -2.60 5-Day High 1,010.11 5-Day Low 983.81
-
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
2011 Div BR (%) (%)
Performance of SR Construction and Materials Index Open 1,010.11 Turnover 6,108,192 P/E (x) 7.15
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
% Change -3.53 5-Day High 1,094.17 5-Day Low 1,055.58
-
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,399.04 Turnover 23,408,929 P/E (x) 8.53
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,194.87 Turnover 569,714 P/E (x) 4.23
Pakistan International Airline Corp Ltd
% Change -3.03 5-Day High 754.98 5-Day Low 729.62
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
% Change -2.18 5-Day High 1,003.31 5-Day Low 975.33 2011 Div BR (%) (%) -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
63.27
Total Assets (Rs in mn)
8,260.69
MA (10-day)
2.89
Total Equity (Rs in mn)
1,669.86
MA (100-day)
2.18
Revenue (Rs in mn)
MA (200-day)
2.35
Interest Expense
1st Support
2.50
Loss after Taxation
2nd Support
2.11
EPS 10 (Rs)
1st Resistance
3.59
Book value / share (Rs)
2nd Resistance
4.29
PE 11 E (x)
Pivot
3.20
PBV (x)
844.20 667.45 (199.37) (0.94) 7.87 18.97 0.37
IGIBL closed down -0.02 at 2.91. Volume was 25 per cent below average and Bollinger Bands were 12 per cent wider than normal. The company's profit after taxation stood at Rs8.928 million which translates into an Earning Per Share of Rs0.04 for the 1st quarter of current fiscal year (1QFY11). IGIBL is currently 23.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IGIBL (bullish). Trend forecasting oscillators are currently bullish on IGIBL.
BOOK CLOSURES Company
From
To
BOC Pakistan Buxly Paints # TRG Pakistan Shadman Cotton Mills # Kohinoor Mills # Mybank Ltd. # Summit Bank # Ellcot Spng Mills # Prosperity Weaving Mills # Mehran Sugar Mills Dawood Lawrencepur # Habib Sugar Mills Lakson Tobacco # Nagina Cotton Mills # Sindh Abadgar's Sugar Mills Shahtaj Sugar Mills Fecto Sugar Mills Al-Noor Sugar Mills Pangrio Sugar Mills Thal Ind Corp Mirza Sugar Mills Adam Sugar Mills
11-Jan 11-Jan 12-Jan 12-Jan 13-Jan 13-Jan 13-Jan 14-Jan 14-Jan 14-Jan 15-Jan 15-Jan 18-Jan 19-Jan 19-Jan 20-Jan 22-Jan 22-Jan 22-Jan 22-Jan 22-Jan 23-Jan
17-Jan 19-Jan 20-Jan 18-Jan 20-Jan 19-Jan 19-Jan 20-Jan 20-Jan 21-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 01-Feb 29-Jan 02-Feb 31-Jan 28-Jan 31-Jan 31-Jan
D/B/R 25.25(B) 10 50 10 15 10 25
Spot AGM/Date 07-Jan 14-Jan 14-Jan -
17-Jan 19-Jan 20-Jan 18-Jan 20-Jan 20-Jan 20-Jan 20-Jan 20-Jan 21-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 27-Jan 29-Jan 28-Jan 31-Jan 28-Jan 31-Jan 29-Jan
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 54.82 3.57 93.94 1.82 110.23 29.95 23.55 2.26 49.14 2.73 19.13 2.35
High 53.1 3.57 90.6 1.79 110.5 29.95 24.5 2.5 51 2.77 19.65 2.12
Low Close 53 3.37 90 1.25 109.56 29.9 22.38 2.24 46.69 2.65 18.71 2.12
53.1 3.45 90 1.36 110.5 29.9 23.79 2.29 47.58 2.67 19.01 2.12
Change -1.72 -0.12 -3.94 -0.46 0.27 -0.05 0.24 0.03 -1.56 -0.06 -0.12 -0.23
Vol 200 1120755 1776 25500 27237 3788 17454 259937 3084 287901 881608 200
7
Tuesday, January 4, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,148.83 Turnover 2,138,743 P/E (x) 6.11 Paid up Cap(mn)
Company
High Low 1,150.08 1,118.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84
PE
Open
High
Low
Close Chg
Pakistan Telecomm Co A 37740 12.83 Telecard 3000 0.65 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
19.42 2.21 2.90 3.64
19.50 2.21 2.80 3.68
18.96 2.14 2.66 3.50
19.25 -0.17 2.17 -0.04 2.76 -0.14 3.52 -0.12
Close 1,136.04 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1663668 309011 475025 153769
Change -12.79 Market cap 78,468.61 mn Div Yield (%) 10.24
% Change -1.11 5-Day High 1,151.74 5-Day Low 1,135.29
Last 60 days High Low
2010 Div BR (%) (%)
20.12 2.69 3.45 4.25
17.5 1 -
18.21 1.97 2.32 3.35
2011 Div BR (%) (%)
-
-
Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance United Insurance XB
369 6.07 279 7.61 457 6.67 1250 400 3.54 718 17.20 791 15.63 3000 40.46 350 303 6.21 400 2.21
38.53 67.00 11.27 44.04 14.05 96.89 59.33 16.25 8.01 11.41 6.80
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
198 11572 6.73 1560 7932 1695 11.67 8803 4.92 3673 3.43 3541 25.92 191 3.45 1367 150 -
Open
High
0.81 37.41 1.69 2.81 21.78 40.68 16.09 16.23 18.50 2.23 1.05
0.89 37.19 1.75 3.02 22.85 40.89 15.90 16.23 18.50 2.34 1.00
Low 0.73 36.50 1.61 2.75 20.90 39.80 15.55 15.69 18.40 2.15 0.90
Close Chg 0.76 36.75 1.63 2.96 21.00 40.46 15.63 16.07 18.50 2.16 0.99
-0.05 -0.66 -0.06 0.15 -0.78 -0.22 -0.46 -0.16 0.00 -0.07 -0.06
Close 1,277.14 Listed cap 95,369.29 mn Payout (%) 104.13
Volume 57000 1693154 324341 6168732 49052 316902 176172 1688340 4100 134131 7315
Change -14.83 Market cap 104,425.51 mn Div Yield (%) 7.48
Last 60 days High Low 1.45 38.10 2.25 3.29 25.25 42.00 16.50 16.70 23.00 2.80 1.75
0.60 32.75 1.20 1.98 17.95 38.35 10.85 11.56 17.98 2.05 0.65
% Change -1.15 5-Day High 1,291.97 5-Day Low 1,267.19
2010 Div BR (%) (%) 50 15 50 20 -
Open 909.37 Turnover 23,875 P/E (x) 9.08
-
-a
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,526.89 Turnover 295,194 P/E (x) 9.45 Company Sui North Gas Sui South Gas
High Low 1,516.44 1,471.72 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 11.41
Close 1,486.21 Listed cap 12,202.80 mn Payout (%) 66.79
Change -40.67 Market cap 31,780.51 mn Div Yield (%) 7.07
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.74 3.14
26.74 21.42
26.60 21.25
25.95 20.55
25.99 -0.75 20.87 -0.55
115621 179573
34.75 30.23
25.95 19.95
% Change -2.66 5-Day High 1,526.89 5-Day Low 1,473.03
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,191.64 Turnover 18,448,347 P/E (x) 8.22 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.59 70.15 Askari Bank 6427 8.05 17.69 Bank Alfalah 13492 13.81 11.21 Bank AL-Habib 7322 7.74 36.26 Bank Of Khyber 5004 5.47 4.30 Bank Of Punjab 5288 9.81 BankIslami Pak 5280 872.50 3.63 Faysal Bank 7309 4.86 15.59 Habib Bank Ltd 10019 7.46 121.94 Habib Metropolitan Bank 8732 8.55 28.99 JS Bank Ltd 8150 2.58 KASB Bank Ltd 9509 2.51 MCB Bank Ltd 7602 9.90 228.54 Meezan Bank 6983 8.84 16.90 Mybank Ltd 5304 2.81 National Bank 13455 6.47 76.82 NIB Bank 40437 2.95 Samba Bank 14335 1.96 Silkbank Ltd 26716 2.62 Soneri Bank 6023 8.31 Stand Chart Bank 38716 13.05 8.60 Summit Bank Ltd 5000 3.81 United Bank Ltd 12242 7.71 68.23
High
High Low Close 1,182.91 1,146.39 1,158.84 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.15 13.94 40.49 Low
Close Chg
70.00 67.40 67.83 -2.32 17.59 16.80 16.90 -0.79 11.10 10.71 10.77 -0.44 36.10 35.50 35.93 -0.33 4.25 4.00 4.10 -0.20 9.70 9.40 9.42 -0.39 3.55 3.40 3.49 -0.14 15.49 14.75 15.07 -0.52 121.00 116.80 119.49 -2.45 28.38 27.74 27.95 -1.04 2.55 2.40 2.51 -0.07 2.60 2.31 2.40 -0.11 227.00 221.50 223.32 -5.22 16.89 16.46 16.70 -0.20 2.84 2.60 2.70 -0.11 76.10 73.22 74.08 -2.74 2.90 2.79 2.88 -0.07 2.05 1.80 1.87 -0.09 2.68 2.55 2.58 -0.04 8.10 7.92 8.00 -0.31 8.50 8.15 8.48 -0.12 3.89 3.40 3.55 -0.26 67.94 65.10 65.59 -2.64
Volume
Change -32.79 Market cap 697,636.47 mn Div Yield (%) 4.93
Last 60 days High Low
127600 71.24 586907 18.10 2241952 11.50 181584 37.63 35748 4.70 1365630 10.59 147289 3.88 286699 17.10 510969 125.29 12164 29.28 73845 3.00 19002 2.90 646442 230.15 45447 17.00 96213 3.10 7388361 77.97 1359318 3.18 104882 2.65 686091 3.08 130105 8.48 23501 9.04 242715 4.23 2378598 70.65
50.00 14.23 8.20 30.80 2.57 8.00 2.77 13.10 93.00 18.02 2.25 2.16 187.63 14.05 1.90 62.58 2.50 1.51 2.50 5.05 6.15 2.41 51.50
% Change -2.75 5-Day High 1,191.64 5-Day Low 1,153.61
2010 Div BR (%) (%)
Paid up Cap(mn)
Company
PE
Open
EFU Life Assurance
850 41.40
75.44
New Jub Life Insurance
627 30.79
46.09
2011 Div BR (%) (%)
7.8R -
-
-
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 775.12 750.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20
Close 757.87 Listed cap 11,111.34 mn Payout (%) 79.54
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 24.18
87.50
86.70
83.15
83.41 -4.09
554668
91.75
63.05
% Change -3.20 5-Day High 784.13 5-Day Low 757.87
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
39.90 70.75 12.00 48.63 14.95 99.88 60.90 17.20 8.30 12.00 7.35
28.76 47.50 9.42 34.76 10.04 70.30 52.25 12.86 1.85 8.00 4.55
10 10 -
10B 20B -
-
UPTO 100 VOLUME
-
Close 896.07 Listed cap 2,290.72 mn Payout (%) 355.53
Change -13.30 Market cap 10,103.11 mn Div Yield (%) 4.13
Symbols SHNI PAKD MERIT AGIC NESTLE LAKST IDYM GATI RMPL HWQS GRAYS FNEL SHJS HINO BIFO ICL LPGL MUKT BROT CJPL FIBLM PAKMI SPLC CML BFMOD GUSM SNAI GAIL UPFL CWSM KOSM SHEZ GUTM JKSM BAFS JOPP BRR AZAMT FZTM GSPM MQTM PRET SSML SHTM TATM ARUJ COTT REWM HUSI FECS KOHS CLOV DIIL PHDL
% Change -1.46 5-Day High 913.19 5-Day Low 895.50
High
Low
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
74.90
72.25
72.87 -2.57
5214
86.95
57.15
-
-
-
-
46.50
43.89
45.88 -0.21
18661
49.31
39.95
-
-
-
-
High Low 408.17 390.73 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 0.91
Close 394.04 Listed cap 30,336.44 mn Payout (%) 99.56
Change -12.53 Market cap 18,279.80 mn Div Yield (%) 3.45
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
225
1.48
0.65
0.69
0.62
0.65 0.00
11099
0.95
0.45
-
-
-
-
Arif Habib Investments Arif Habib Limited
360 3.39 450 12.76
17.76 26.01
17.60 25.99
17.21 24.76
17.21 -0.55 25.00 -1.01
3900 56358
19.98 28.95
13.00 24.40
-
20B 20B
-
-
4.41 1.65
24.89 1.94
24.70 1.85
23.90 1.85
23.98 -0.91 1.85 -0.09
702540 999
27.02 2.14
20.90 1.05
30 -
-
-
-
-
1.80 2.11
1.95 2.20
1.75 1.60
1.75 -0.05 1.60 -0.51
2.69 2.90
1.51 0.18
-
-
-
-
Arif Habib Corp 3750 Dawood Cap Mangt. XB 150 Dawood Equities Grays Leasing
250 215
IGI Investment Bank Invest Bank
2121 18.19 2849 -
2.93 0.78
Ist Cap Securities
3166 626 0.64 7633 508 500 7.26 1000 26.58 1000 821 4.78 775 514 13.48 586 2.75
3.56
3.50
3.10
1.89 10.90 4.00 28.21 6.68 4.47 6.87 2.14 4.18 1.76
1.98 10.82 3.99 28.00 6.60 4.58 6.50 2.18 3.60 1.80
1.65 10.36 3.70 26.80 6.20 4.35 6.50 1.91 3.35 1.75
Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank Trust Inv Bank
3.90 0.85
2.81 0.65
Volume
6472 5538
2.91 -0.02 0.70 -0.08
115302 158069
3.25 -0.31 -0.09 -0.48 -0.24 -1.21 -0.30 -0.10 -0.37 -0.09 -0.81 0.00
28505 2774759 230425 4174 76447 3437 4238 155938 1874 14311
1.80 10.42 3.76 27.00 6.38 4.37 6.50 2.05 3.37 1.76
Last 60 days High Low
% Change -3.08 5-Day High 409.82 5-Day Low 394.04
AMZ Ventures
Company
3.90 0.97
2010 Div BR (%) (%)
-
-
-
4.80
3.10
-
-
1.05 8.80 1.96 24.25 5.10 3.50 4.70 1.41 1.65 1.24
10 -
10B -
-
2.40 14.05 5.38 34.90 7.59 4.95 7.29 2.70 4.99 2.98
-
-
69510
1.50 0.44
2011 Div BR (%) (%)
-
Open 13.40 79.80 24.49 11.00 2374.86 289.92 328.20 42.83 2109.87 19.90 49.99 8.80 80.15 131.90 56.99 34.50 14.88 0.78 0.69 0.78 1.79 0.96 0.55 2.55 3.30 6.89 46.04 4.10 1105.00 1.17 1.19 116.31 18.63 6.20 60.79 9.43 1.81 2.64 400.00 7.00 8.60 28.30 2.00 0.34 33.03 5.25 1.21 9.10 7.40 49.51 5.08 73.43 12.98 35.73
High 13.00 79.00 23.99 11.25 2474.99 304.41 311.95 44.50 2131.91 20.49 52.40 8.80 76.15 134.00 59.20 34.50 15.88 0.50 0.58 0.88 2.69 0.96 0.55 2.65 3.21 7.49 46.00 4.45 1100.00 1.35 0.90 121.79 18.00 6.24 58.00 9.45 1.78 2.59 409.00 7.45 8.30 29.25 1.80 0.34 34.49 5.40 0.89 9.50 7.90 51.00 4.08 73.43 13.90 33.97
Low
Close
12.47 79.00 23.99 10.60 2385.00 280.06 311.90 43.44 2010.00 19.50 49.97 8.80 76.15 134.00 59.00 34.50 15.88 0.33 0.33 0.75 2.02 0.96 0.54 2.40 3.21 6.50 44.51 4.01 1100.00 1.34 0.30 115.00 18.00 5.25 58.00 8.43 1.78 2.59 404.00 7.45 8.30 29.25 1.80 0.34 34.49 5.40 0.89 9.40 7.24 47.04 4.08 73.43 13.90 33.97
12.61 79.00 23.99 10.63 2421.00 295.46 311.90 43.44 2099.65 20.49 49.97 8.80 76.15 134.00 59.00 34.50 15.88 0.49 0.42 0.88 2.02 0.96 0.55 2.54 3.21 6.97 46.00 4.45 1100.00 1.34 0.90 115.00 18.00 6.24 58.00 8.94 1.78 2.59 404.00 7.45 8.30 29.25 1.80 0.34 34.49 5.40 0.89 9.40 7.24 47.04 4.08 73.43 13.90 33.97
Change
Vol
-0.79 -0.80 -0.50 -0.37 46.14 5.54 -16.30 0.61 -10.22 0.59 -0.02 0.00 -4.00 2.10 2.01 0.00 1.00 -0.29 -0.27 0.10 0.23 0.00 0.00 -0.01 -0.09 0.08 -0.04 0.35 -5.00 0.17 -0.29 -1.31 -0.63 0.04 -2.79 -0.49 -0.03 -0.05 4.00 0.45 -0.30 0.95 -0.20 0.00 1.46 0.15 -0.32 0.30 -0.16 -2.47 -1.00 0.00 0.92 -1.76
82 50 50 36 36 23 18 15 13 11 11 10 10 10 10 10 10 7 6 6 5 5 5 5 4 4 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
FUTURE CONTRACTS Symbols
Open
NBP-JAN
77.38
High
Low
Close
Change
Vol
76.35
73.70
74.48
POL-JAN
297.31
298.50
290.00
296.01
NML-JAN
64.55
63.39
62.04
62.81
-1.74
581500
ANL-JAN
9.79
9.60
9.34
9.45
-0.34
361000
29.27
-1.11
348000
36.01
35.64
35.00
35.30
-0.71
301000
295.54
290.00
294.48
-2.27
288500
193.51
191.00
191.80
-3.21
286500
MCB-JAN
228.97
226.50
221.50
223.77
-5.20
161500
EQUITY INVESTMENT INSTRUMENTS
AICL-JAN
88.16
87.01
83.80
84.04
-4.12
130000
PTC-JAN
19.54
19.50
19.15
19.21
-0.33
113500
Performance of SR Equity Investment Instruments Index
PPL-JAN
217.87
217.00
213.00
215.60
-2.27
98500
UBL-JAN
68.83
67.15
65.50
65.83
-3.00
66000
LUCK-JAN
75.82
75.50
73.51
74.05
-1.77
54000
OGDC-JAN
169.85
169.00
166.52
168.33
-1.52
44500
FFC-JAN
126.89
124.00
123.25
124.00
-2.89
27000
BOP-JAN
9.98
9.57
9.19
9.50
-0.48
17500
NETSOL-JAN 19.29
19.40
18.75
19.23
-0.06
15500
POL-CMAR 303.68
303.68
303.68
306.16
2.48
POL-CJANW1295.82
295.82
295.82
295.36
-0.46
MCB-CMAR 234.50
234.50
234.50
232.03
-2.47
0.00
MCB-CJANW1228.43
228.43
228.43
223.85
-4.58
0.00
PPL-CMAR
222.82
222.82
223.65
0.83
0.00
Paid up Cap(mn)
Company Allied Rental
AL-Meezan Mutual F. Atlas Fund of Funds
PE
Open
High
High Low 1,344.58 1,306.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 2.21 Low
Close Chg
Close 1,322.98 Listed cap 29,771.58 mn Payout (%) 104.74
Change -27.19 Market cap 17,760.78 mn Div Yield (%) 7.86
Last 60 days High Low
Volume
% Change -2.01 5-Day High 1,350.17 5-Day Low 1,316.68
2010 Div BR (%) (%)
2011 Div BR (%) (%)
600
3.37
15.00
15.90
15.90
15.90 0.90
1000
16.00
14.01
22.5
-
-
-
1375
6.75
8.31
8.17
8.06
8.10 -0.21
54726
8.59
5.85
18.5
-
-
-
525
1.82
4.58
4.69
4.49
4.51 -0.07
310100
4.74
2.70
2.2
-
-
-
65
2.52
1.25
1.47
1.11
1.11 -0.14
2720
2.34
0.90
-
-
-
-
Crescent St Modaraba
200
1.58
0.57
0.63
0.57
0.63 0.06
25717
1.10
0.16
1.2
-
-
-
Elite Cap Modaraba
113
3.45
2.76
2.76
2.75
2.76 0.00
10000
3.09
1.73
5
-
-
-
Equity Modaraba
524
8.56
1.50
1.65
1.30
1.37 -0.13
140909
2.37
0.90
-
-
-
-
581
0.56
2.00
2.09
1.61
760
Constellation Modaraba
First Dawood Mutual F.
1.76 -0.24
34710
2.28
1.30
-
-
-
-
2.19
3.16
3.13
3.01
3.06 -0.10
220155
3.88
2.56
17
-
-
-
JS Growth Fund
3180 67.75
5.55
5.58
5.22
5.42 -0.13
1465603
5.60
2.65
5
-
-
-
JS Value Fund
1186 16.29
4.77
4.90
4.47
4.56 -0.21
105018
4.90
2.31
10
-
-
-
Golden Arrow
283
1.26
1.65
1.79
1.32
1.71 0.06
2502
2.23
1.26
2.8
-
-
1200
7.12
7.50
7.40
7.40
7.40 -0.10
1000
8.25
5.15
15.5
-
-
-
184 14.90
1.55
1.30
1.49 -0.02
2000
2.18
0.56
-
-
-
-
5.94
4.13
3.80
3.25
3.80 -0.33
6135
4.24
2.26
15
-
-
-
Nat Bank Modaraba
6.02
6.58
7.58
6.10
6.50 -0.08
135600
7.74
4.50
10
-
-
-
Paramount Modaraba
250 59
7.03
9.00 0.20
25000
7.57
18
-
-
-
PICIC Energy Fund
1000
1.85
6.56
6.60
6.21
6.35 -0.21
36500
7.18
4.52
10
-
-
-
PICIC Growth Fund
2835
8.21
13.25
13.00
12.70
12.81 -0.44
136632
13.40
7.90
20
-
-
-
PICIC Inv Fund
2841
6.86
6.41
8.80
6.25
9.00
5.90
9.00
6.04 -0.37
201790
6.74
9.45
3.50
10
-
-
-
Stand Chart Modaraba
454
4.51
9.31
9.50
9.20
9.20 -0.11
2696
10.00
7.81
17
-
-
-
Trust Modaraba
298
3.40
1.75
1.78
1.75
1.77 0.02
2010
3.45
1.15
5
-
-
-
PSO-JAN
222.82
29.88
29.00
0.00 0.00
ZERO VOLUME
-
1.51
NAMCO Balanced Fund 1000
FFBL-JAN
30.38
-1.30 1048500
296.75
Open 1,350.17 Turnover 2,922,538 P/E (x) 20.70
DGKC-JAN
-2.90 1184000
ENGRO-JAN 195.01
Meezan Balanced Fund
Change -25.08 Market cap 47,265.67 mn Div Yield (%) 6.33
High Low 912.00 869.71 Total cos Defaulter cos P/BV (x) ROE (%) 3.31 3.85
Open 406.57 Turnover 3,721,370 P/E (x) 10.87
Mod Al-Mali
Open 782.95 Turnover 953,057 P/E (x) 12.56
11524 551 5223 29977 30016 4858 302 312190 1468 1092 1070
Performance of SR Financial Services Index
KASB Modaraba
Performance of SR Non Life Insurance Index
-0.35 0.00 -0.60 -1.57 0.81 -4.16 -1.33 -0.47 -0.17 0.08 -0.05
FINANCIAL SERVICES
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
38.18 67.00 10.67 42.47 14.86 92.73 58.00 15.78 7.84 11.49 6.75
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,296.40 1,260.61 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 9.35
38.10 65.00 10.65 41.84 14.01 92.50 57.00 15.70 7.35 11.01 6.61
LIFE INSURANCE
-
ELECTRICITY Open 1,291.97 Turnover 10,619,239 P/E (x) 13.91
38.75 67.00 11.09 43.50 14.95 93.80 58.00 16.02 8.00 11.50 6.75
Symbols
Open
High
Low
Close
AKGL DINT DKTM ESBL FECTC FFLM FHAM FHBM FPJM FUDLM HUSS IDEN IFSL JDMT JVDC KHTC KSTM MFTM PKGI PMI POAF POML PSYL SCLL
6.45 26.90 3.20 2.79 7.25 1.74 6.70 8.24 1.74 6.15 11.00 10.00 7.19 16.00 59.97 26.97 0.79 1.38 7.16 1.10 10.35 47.05 9.10 2.84
6.39 26.80 3.10 2.70 7.24 1.65 6.75 8.00 1.59 6.05 10.99 11.00 6.95 15.90 59.00 28.31 0.76 1.20 7.50 1.00 9.78 44.70 8.99 2.80
6.39 26.80 3.10 2.70 7.24 1.65 6.75 8.00 1.59 6.05 10.99 11.00 6.95 15.90 59.00 28.31 0.76 1.20 7.50 1.00 9.78 44.70 8.99 2.80
6.39 26.80 3.10 2.70 7.24 1.65 6.75 8.00 1.59 6.05 10.99 11.00 6.95 15.90 59.00 28.31 0.76 1.20 7.50 1.00 9.78 44.70 8.99 2.80
Change
Vol
-0.06 -0.10 -0.10 -0.09 -0.01 -0.09 0.05 -0.24 -0.15 -0.10 -0.01 1.00 -0.24 -0.10 -0.97 1.34 -0.03 -0.18 0.34 -0.10 -0.57 -2.35 -0.11 -0.04
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Fauji Fertiliser Bin Qasim Ltd
Company
Date
Time
Quetta Textile Mills Ltd Baba Farid Sugar Mills Ltd Husein Sugar Mills Ltd Dewan Sugar Mills Ltd Alfalah GHP Principal Protected Fund Alfalah GHP Principal Protected Fund II Noon Sugar Mills Ltd Mitchell's Fruit Farms Limited Shakarganj Mills Limited Premier Sugar Mills Chashma Sugar Mills Ltd. Crescent Sugar Mills Punjab Oil Mills Limited Unilever Pakistan Limited Unilever Pakistan Foods Ltd
04-Jan 04-Jan 04-Jan 05-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 06-Jan 08-Jan 14-Feb 17-Feb
11.00 11.30 11.30 3.30 4.00 4.00 12.30 11.00 12.30 11.00 12.00 10.30 11.00 2.30 2.30
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day) MA (5-day)
Brokerage House
Leverage Position
63.76
Support 1
11,733.00
11,927.49
Support 2
11,616.55
Fair Value
*Arif Habib Ltd
*Arif Habib Ltd
Neutral
AKD Securities Ltd
92.3
Positive
TFD Research
TFD Research
Technical Outlook
11,887.19
Resistance 1
11,994.20
MA (100-day)
10,576.68
Resistance 2
12,138.90
Technical Analysis
MA (200-day)
10,329.06
Pivot
11,877.75
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
62.20 73.40 66.50 68.20
Brokerage House
Rs Recommendations
34.7 32.06 29.1
Brokerage House
Leverage Position
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
42
Buy
43.29
Buy
Negative
TFD Research
36.85
Positive
Technical Outlook
Leverage Position
48.64 36.24 30.91 30.08
Rs Recommendations
*Arif Habib Ltd AKD Securities Ltd
Technical Outlook
Free Float Shares (mn) 318.44 Free Float Rs (mn) 23,590.35 ** NOI Rs (mn) 197.64 Mean 75.06
Fair Value
Sell Accumulate
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,469.00 89.49 35.29
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
42.75 30.08 27.00 26.94
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
NBP is currently 9.4 per cent above its 200-day moving average and is dis- FFBL is currently 16.7 per cent above its 200-day moving average and is DGKC is currently 7.8 per cent above its 200-day moving average and is playing an upward trend. Volatility is extremely high when compared to the displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is low as compared to the average average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- flowing into and out of FFBL at a relatively equal pace. Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting ing oscillators are currently bullish on NBP.
oscillators are currently bullish on FFBL.
United Bank Ltd
Brokerage House
Fair Value
oscillators are currently bearish on DGKC.
Pakistan Oilfields Ltd
Bank Al-Falah Ltd
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Rs Recommendations
59.97
Buy
*Arif Habib Ltd
Buy
*Arif Habib Ltd
Buy
*Arif Habib Ltd
317.2
Hold
Positive
AKD Securities Ltd
56.82
Accumulate
AKD Securities Ltd
10.25
Accumulate
AKD Securities Ltd
296.6
Buy
TFD Research
78.44
Positive
TFD Research
14.01
Positive
TFD Research
74.2
57.37 62.88 51.77 51.34
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
72.5
Brokerage House
Technical Outlook
Technical Outlook Technical Analysis
175.80 10,971.67 97.65 63.01
* Target price for Jun-11 & **Net Open Interest in future market
182.55 5,303.07 45.44 29.44
* Target price for Jun-11 & **Net Open Interest in future market
Fair Value
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
NBP closed down -2.74 at 74.08. Volume was 98 per cent above average FFBL closed down -0.65 at 35.08. Volume was 81 per cent above average DGKC closed down -1.12 at 29.05. Volume was 32 per cent below averand Bollinger Bands were 16 per cent wider than normal. and Bollinger Bands were 23 per cent narrower than normal. age and Bollinger Bands were 35 per cent narrower than normal.
Nishat Mills Ltd
AKD Securities Ltd
Brokerage House
Buy
61.96
MA (10-day)
KSE 100 INDEX closed down -173.00 points at 11,849.46. Volume was 0.01 per cent below average and Bollinger Bands were 6 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,994.20 and 2nd resistance level at 12,138.90, while Index will continue to find its 1st support level at 11,733.00 and 2nd support level at 11,616.55. KSE 100 INDEX is currently 14.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
82.1
AKD Securities Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.98 66.00 57.13 57.01
13
Rs Recommendations
306.04 20,073.49 17.22 66.72
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
55.10 10.91 9.22 9.79
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
281.35
Neutral
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
674.58 7,265.21 N/A 10.95
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
64.20 292.42 248.46 239.36
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 31,806.23 442.56 294.09
* Target price for Jun-11 & **Net Open Interest in future market
NML closed down -1.76 at 62.41. Volume was 31 per cent below average UBL closed down -2.64 at 65.59. Volume was 98 per cent above average BAFL closed down -0.44 at 10.77. Volume was 18 per cent below average POL closed down -1.30 at 294.66. Volume was 14 per cent above average and Bollinger Bands were 24 per cent narrower than normal.
and Bollinger Bands were 8 per cent wider than normal.
and Bollinger Bands were 2 per cent narrower than normal.
and Bollinger Bands were 7 per cent narrower than normal.
NML is currently 21.6 per cent above its 200-day moving average and is UBL is currently 15.1 per cent above its 200-day moving average and is BAFL is currently 10.0 per cent above its 200-day moving average and is POL is currently 23.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect moderate flows of volume into UBL (mildly bullish). Trend forecast- reflect very strong flows of volume into BAFL (bullish). Trend forecasting reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
ing oscillators are currently bullish on UBL.
oscillators are currently bullish on BAFL.
ing oscillators are currently bullish on POL.
Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 46.11 3.05 2.90 64.45 66.80 65.80 45.41 61.20 60.10 43.64 23.70 23.40 38.63 24.50 24.00 46.86 82.15 80.85 50.10 16.60 16.30 33.43 9.20 9.05 59.16 326.50 320.80 48.74 117.85 115.90 55.10 10.60 10.45 57.89 3.40 3.35 42.68 9.30 9.20 50.17 2.10 2.00 42.75 28.60 28.15 52.72 2.60 2.30 37.11 2.55 2.45 39.28 41.70 40.95 39.42 71.80 70.70 51.24 189.20 187.95 52.63 14.70 14.35 45.40 4.90 4.80 48.64 34.70 34.30 64.59 122.40 121.30 59.50 117.20 114.90 53.29 36.45 36.10 55.77 139.90 138.50 48.43 249.70 246.75 41.99 3.65 3.55 44.23 1.55 1.50 43.61 2.45 2.35 44.21 10.25 10.05 53.11 39.85 39.30 68.18 2.80 2.65 59.94 13.25 13.10 40.90 72.40 71.45 58.93 220.90 218.45 38.82 2.75 2.65 62.20 72.85 71.60 47.35 21.80 21.50 55.67 18.60 18.20 48.67 2.80 2.75 53.25 1.90 1.85 57.37 61.80 61.15 61.85 166.35 163.15 34.67 2.65 2.60 40.03 1.90 1.80 48.54 2.20 2.10 35.01 6.50 6.35 64.20 289.45 284.25 61.66 212.50 209.75 36.71 67.00 65.75 59.48 289.95 286.70 48.25 19.00 18.70 48.32 199.05 196.05 31.06 25.75 25.55 38.49 12.60 12.40 44.03 20.55 20.20 40.69 2.10 2.05 28.99 3.35 3.25 56.98 64.50 63.35 46.15 2.70 2.60
1st
2nd
Resistance 3.40 3.60 69.40 71.00 63.15 64.05 24.50 25.00 25.75 26.50 85.70 87.95 17.40 17.90 9.55 9.75 336.35 340.60 122.40 124.95 11.00 11.25 3.55 3.65 9.60 9.80 2.25 2.30 29.65 30.25 3.20 3.50 2.70 2.80 43.35 44.25 74.45 76.00 192.50 194.55 15.45 15.85 5.10 5.20 35.55 36.00 124.80 126.10 121.40 123.30 37.10 37.50 143.30 145.30 254.90 257.15 3.95 4.10 1.70 1.80 2.60 2.65 10.70 11.00 40.95 41.45 3.05 3.20 13.60 13.75 74.85 76.35 226.40 229.45 2.85 2.95 75.70 77.35 22.55 23.00 19.55 20.05 2.90 2.95 2.05 2.10 63.25 64.05 171.50 173.45 2.75 2.80 2.20 2.30 2.45 2.60 6.80 6.95 298.70 302.70 217.50 219.75 70.45 72.70 295.45 297.70 19.50 19.80 206.05 210.05 26.40 26.85 13.15 13.50 21.25 21.60 2.20 2.25 3.55 3.65 67.30 69.05 2.80 2.90
Pivot 3.25 68.40 62.10 24.20 25.25 84.40 17.10 9.40 330.70 120.40 10.85 3.50 9.50 2.15 29.20 2.90 2.65 42.60 73.35 191.25 15.10 5.00 35.15 123.70 119.10 36.80 141.90 251.95 3.80 1.65 2.50 10.55 40.40 2.90 13.40 73.90 223.95 2.80 74.45 22.25 19.10 2.85 1.95 62.60 168.30 2.70 2.05 2.35 6.65 293.45 214.75 69.25 292.20 19.25 203.05 26.20 12.95 20.90 2.15 3.45 66.20 2.75
8
Tuesday, January 4, 2011
Skype in the jaws of Beijing watchdog BEIJING: The popular Internet telephone service Skype could be dealt a major setback in one of the world's largest markets as the Chinese government cracks down on what it called illegal Internet telephone providers. A Chinese government circular from the powerful Ministry of Information and Industry Technology called for a crackdown "on illegal VoIP (voice over Internet protocol) telephone services" and said it was collecting evidence for legal cases against them. It did not name any phone companies. Skype was still available in China through its joint venture partner TOM Online. Skype had not yet been contacted by Chinese government officials, said a Skype spokesman in the United States. The timing of a ban in one of the world's fastest growing markets could dampen investor enthusiasm for Skype as it prepares a 2011 initial public offering. The Luxembourg-based company, which has about 124 million users worldwide, is expected to be valued at about $1 billion (640 million pounds) in the IPO. The Chinese move appeared to be aimed at protecting three governmentcontrolled phone carriers -China Telecom, China Unicom and China Mobile -that provide the bulk of China's telephone services. The South China Morning Post quoted an unidentified ministry official last week as saying VoIP services could only be provided by the big three Chinese operators. China has been known to play hardball with foreign businesses. After a monthslong stand-off over censorship, China finally gave Google approval in July to keep operating its Chinese search page. Skype has 20 million users in Asia Pacific, or 16 per cent of the company's total users as of the end of June, according to a US regulatory filing. The filing did not break out China's user numbers and a Skype spokesman in the United States said he did not know how many Chinese users it had. The latest news is another setback after Skype's global service outage last week, which cast doubts on the reliability of the service. In 2005, Skype was blocked in parts of China as the government sought to ban phone calls made over the Internet.Reuters
Touchtel debuts cells KARACHI: Touchtel last week launched two upcoming cell phone models, Craze and Solo, said a handout issued here. The motto of Touchtel, an American company, is "we will remain loyal to our customers and always work for betterment and ease of communication". Touchtel has joined hands with Adroit Events and became the genesis of a unique era. it is a contemporary and intriguing venture, one of a kind in Pakistan. Adroit Event Management fused together, the brand activation of Touchtel new portable cell phone models with a spectacular fashion show. This incorporated top models at Pearl Continental Hotel Karachi.-PR
Govt powering 3G: minister
TAIPEI: A man looks at the iPhone 4 through a display.-Reuters
LAHORE: Federal Minister for Education and Information Technology Sardar Aseff Ahmed Ali last week said introduction of 3G networks, devices and services, around the world has expanded economic opportunities, both in public and private sectors. He was addressing a seminar organised by Pakistan Te l e c o m m u n i c a t i o n Authority (PTA) in collaboration with (Zhongxing Telecom) ZTE Corporation at a local hotel last week. The theme was 'To be or not to be is not the question 3G is coming". Chairman PTA, Dr Muhammad Yaseen, presided over the talk. Chief Executive Officer ZTE Pakistan Peng Aiguang, IT and telecom industry experts, CEOs of telecom companies, and media representatives attended the seminar. "It has brought around development of innovative services for consumers and greater productivity for enterprises" the minister added. He said that 3G was improving lives of citizens, bridging the "digital divide", particularly in
developing countries where teledensity and Internet penetration were low. The minister said the federal government was taking many steps to promote IT and 3G mobile services in the country. Chairman PTA, Dr Muhammad Yaseen said that by the end of 2010, there would be an estimated 5.3 billion mobile subscriptions worldwide, including 940 million subscriptions to 3G services. Access to mobile networks is now available to 90 per cent of the world population and 80 per cent of the population living in rural areas people are moving rapidly from 2G to 3G platforms, in both developed and developing countries, he added. He said that in 2010, 143 countries were offering 3G services commercially, compared to 95 in 2007 towards 4G a number of countries have started to offer services at even higher broadband speed, moving to next generation wireless platforms. "PTA will also be organising a conference on "Opportunity for all Development of 3G" on January 11, 2011, he added.APP
NSN-Motorola deal dealt delay HELSINKI: Nokia Siemens Networks' agreed $1.2 billion acquisition of Motorola's telecom network equipment arm has been delayed by the Chinese regulator, which has yet to grant permission for the deal. The chief executive of Nokia Siemens, Nokia's network gear unit, said he was working closely with the Anti-Monopoly Bureau of the Ministry of Commerce of China to finalize the clearance. "This delay is disappointing, but we're looking forward to completing the acquisition early in the New Year," Nokia Siemens Networks CEO Rajeev Suri said in a statement last week. The deal will strengthen Nokia Siemens - a joint venture between Nokia and Germany's Siemens - against its key Chinese rivals, and make it the second-largest mobile telecom gear maker ahead of China's Huawei. All other regulatory clearances for the deal which will grow Nokia Siemens business in key markets in North America and Japan, have
been obtained, Nokia Siemens said. "Nowadays Chinese approval is a pre-closing condition for many high-tech M&A transactions, and the Chinese Ministry of Commerce has previously shown that it takes its time even after other regulators clear a deal," said Florian Mueller, consultant on competition issues. "China proved in the Panasonic-Sanyo case that it stood its ground even after a deal had been cleared by the US and the EU, and insisted on additional remedies," Mueller said. In October 2009 China granted Panasonic Corp antimonopoly clearance to buy Sanyo Electric Co Ltd subject to conditions, including cutting its stake in a battery venture with Toyota Motor Corp. Motorola and NSN have had a hard time battling bigger players to win business with large telephone companies in the cut-throat mobile gear market, which is expected by analysts to decline in 2010.Reuters
KARACHI: Photo shows teams of Samsung Electronic and Mobilink with the bloggers' community at the co-launch of Galaxy Tab".-Staff Photo
KARACHI: A Group Photo of Adroit Event Management & Touchtel representatives at the launch of Touchtel’s two upcoming cell phone models, Craze and Solo.-Staff Photo
Thai co buys Hutchison units for 3G plans BANGKOK: Thailand's True Corporation Pcl said on Thursday it was buying the local CDMA mobile phone business of Hutchison Te l e c o m m u n i c a t i o n s International Ltd along with related companies. The purchase will enable True to speed up the rollout of lucrative, long-delayed 3G data services in Thailand, where it is the only integrated telecoms service provider, offering fixed and mobile phone, Internet and cable television services. True Corp shares initially rose on the news then fell. By the midday break, they were down 0.7 per cent at 7.15 baht, having touched 7.30 baht. The main index was up 0.07 per cent. True shares have risen more than 40 per cent in the past three months on speculation about the CDMA acquisition, which would give True the right to use the CDMA frequency and enable it to become the only nationwide 3G service provider in Thailand. "The deal should make True Move's business outlook clearer and improve revenue growth and the cash flow outlook," Kim Eng Securities said in a KELIVE Research note. Unlisted True Move, part of True Corp, operates Thailand's third-largest mobile network. Its existing 2G concession expires in 2013 and auctions for 3G licences for a new 2.1 GHz spectrum have been repeatedly delayed. Under the deal, its Real Move unit will buy 92.5 per cent of Hutchison Wireless Multimedia Holdings Ltd for 4.35 million baht ($144,300), True said in a statement to the stock exchange. Real Move and another unit, Real Future, will acquire another three companies related to the CDMA business, including network provider BFKT, for 1 baht each. True said the purchases of the four companies would give it a holding in BFKT subsidiaries. After the acquisition, BFKT would continue to lease a network and provide maintenance services to CAT Telecom, which would focus on providing nationwide 3G services on a super high-speed packet access (HSPA) technology, it said.-Reuters
Egyptian mobile users top 80pc CAIRO: More than 80 per cent of Egyptians will start 2011 with mobile telephones, according to latest official figures which showed cell phone subscriptions grew by nearly a quarter during the year. A state website said subscriptions as of October were 65.488 million, a rise of more than 12.5 million, or 23.6 per cent from a year earlier. Egypt is the Arab world's most populous country, with about 79 million people. In October 2009, Egypt's three mobile operators -Etisalat Egypt, Mobinil and Vodafone Egypt -- had 52.978 million subscribers. The head of the telecoms regulator told Reuters in July that Egypt was looking into options for a fourth mobile licence, including a virtual network. State-owned landline monopoly Telecom Egypt has expressed interest in a new licence.-Reuters
International
9
Tuesday, January 4, 2011
OIL NEARS $100, BUT 2008 STYLE SURGE NOT IN CARDS * OIL PRODUCTION, REFINERY CAPACITY CUSHION UP FROM 2008 * SAUDI ARABIA COULD RAISE SUPPLY TO GUARD ECONOMIC GROWTH
N
early three years to the day after oil prices first pierced $100 a barrel, they are again threatening to break triple digits on a wave of fund-led optimism, but similarities between 2008 and 2011 end there. Even the most bullish analysts are quick to recite a litany of reasons why oil will not surge to near $150 again this year. Such a sharp spike would deal the world economy a heavy blow it can ill afford. The list is long: oil companies are stepping up spending plans before supply reaches a crisis point; resource nationalism has eased; the dollar has firmed; and concerns that oil production is near peaking have subsided. By far the most compelling reasons, however, are short-term supply fundamentals: There is far more oil in storage, far more fuel capacity at refiners worldwide, and far more idle oil wells that OPEC can reactivate when it chooses, braking the market's rally in a way it could not three years ago. Analysts expect an additional 8 per cent gain in average prices in 2011, according to the latest Reuters poll, although the conditions for a "super-spike" have dissipated. "To a substantial degree, oil is not like it was then because there are bottlenecks that have been overcome both in refining and production capacity," said Edward Morse, managing director at Credit Suisse. At the same time consumer nations have since built up crude inventories, with stockpiles from members of the Organisation for Economic Co-operation and Development now at 60 days worth of demand, compared with 53 days in 2008. Oil demand growth jumped 2.2 million barrels per day (bpd) in 2010, the biggest rise in six years, and forecasts for an addition 1.5 million bpd of use in 2011, according to a Reuters poll. Although those gains will boost consumption to beyond the previous record high in 2007, supply has risen far more during the recession after a host of multibilliondollar projects -- ones that had been planned during the boom years prior to 2008 -- came to fruition. Members of the Organisation of the Petroleum Exporting Countries currently hold 5 million to 6 million bpd of spare oil production
capacity to draw on, up to three times the amount the group had at the lowest point in 2008, primarily from top exporter Saudi Arabia. While experts debate at what price -- or under what conditions - OPEC would willingly begin pumping more crude, there is little doubt that doing so would douse prices. In 2008, OPEC said it was effectively pumping flat out. "It is not in the Saudi interest to have a global economic recovery jeopardised by $100-plus oil," said Jan Stuart, a global oil economist at Macquarie inNew York. "Given the spare capacity, I don't think you are going to have the same upward spiral that you had in 2008." Saudi Oil Minister Ali al-Naimi, OPEC's most influential member, in December reiterated he pre-
ferred prices between $70 and $80 a barrel, below current $89 levels and the 26-month peak near $92 hit earlier in the month. NEW SUPPLY And while supply from outside the group is set to rise a marginal 400,000 bpd this year, about onethird the rate of 2010, there have been a host of more positive signs of late. In 2008, non-OPEC output actually fell by nearly 400,000 bpd. The wave of resource nationalism that cut international oil company access to reserves in the middle of the last decade has eased, with Venezuelaand Russia now welcoming seeking more investment from foreign companies. Globally, energy companies are expected to raise exploration spending 11 per cent next year to
the highest level in 25 years, according to a Barclays Capital forecast. That could prevent the kind of upstream supply crunch that resulted from a reluctance to invest five years ago. Further support for non-OPEC production has come from the slower decline of mature fields like Mexico's giant Cantarell, while discoveries in deepwater off Brazil have added some 26 billion barrels of exploitable reserves -- enough to fuel the entire world for about 10 months. "The big story I think in 2008 was the collapse of supply growth, as non-OPEC supply failed to grow for several years in a row," said Antoine Halff, firstvice president of research for Newedge Group in New York City. Any shortfall in 2011 could also be met by projected higher output from OPEC members such as Nigeria and Iraq, which has no formal production ceiling like other members and expects to add about 400,000 bpd of output during the year, analysts said. MIND THE RECOVERY The fury of fresh speculative money into oil from investors eager to cash in on the commodities rally that started in 2002 has also been widely blamed for oil's
2008 record run. Similarly speculators, excited by the prospect of higher fuel consumption as the economy recovers, hit a record net long position in December for crude contracts on the New York Mercantile Exchange. Analysts say investors interested in energy and commodities have become more sophisticated since 2008 when many poured cash into simple, long-only funds. According to Barclays Capital, 43 per cent of commodities investors will invest in the asset class through actively managed portfolios in 2011 to try to cash in on recovery-driven gains. US GDP growth is expected to lead the world in the new year. It is forecast to rise 2.7 per cent in 2011 after 2.8 per cent growth in 2010, according to a Reuters poll, after cratering in 2008 to negative 6 per cent at the low point. "In 2008, there were quite a few doomsayers who were warning of storms on the horizon, but nobody paid attention," Halff said. "Now the economy has been in a tentative recovery, but the concerns about the pace and stability of recovery are more widespread." REFINERY CUSHION Investments in global refining
should also help keep a lid on prices. Markets now enjoy the largest volume of spare refining capacity in 10 years due to investments in emerging economies such as India, after the buffer narrowed sharply leading up to 2008, stirring concerns about shortfalls. Refiners have also invested in more sophisticated units, allowing them to run a wider variety of crude grades to make the higher quality, lower sulfur products mandated in the United States and Europe. Companies were forced to scramble for better quality crude in 2008 to meet specifications, adding upward pressure to prices. The drop in demand caused by the recession also left nearly 1.4 million bpd of capacity shutdown due to refinery closures at the start of 2010, although some plants are now in the process of being restarted as demand picks up. Even with so many cushions in place, many experts still expect oil to climb higher in 2011 -- just not so spectacularly. "Oil will continue to go up, it's going up at a very pleasant pace, not a violent, breath-taking manner," independent investor Dennis Gartman said. -Reuters
Hard lessons for China from Japan's rise and fall S
omething strange is going on in China: economic scholars are looking to Japan for inspiration. Poring over the lessons China can learn from the country it overtook in 2010 to become the world's secondbiggest economy has long been a thriving cottage industry. In Chinese circles, the main conclusion is that Beijing must on no account fall into the currency trap that Washington laid for Tokyo and needs to resist US pressure for a sharp rise in the yuan. According to received wisdom, it was a spike in the yen at America's behest that pumped up Japanese asset prices in the late 1980s. When the bubble burst in 1990, it ushered in two decades of stagnation from which Japan has still not really recovered. Some Chinese researchers, however, have been going further back in history. They want to emulate the Income Doubling Plan
launched in 1960 by Prime Minister Hayato Ikeda, which underpinned a decade of golden growth in Japan. The China Development Research Foundation in Beijing invited a professor from the University of Tokyo just before Christmas to give a lecture on the subject. Invoking the plan is appealing because China today is at roughly the same stage of development as Japan was then. Ikeda stoked consumption by cutting taxes, bolstering welfare, raising farm prices and reducing income inequality. China needs to do the same. The problem, according to economist Ting Lu with Bank of America Merrill Lynch, is that some advocates have distorted Ikeda's plan. Somewhere along the way, his aim of doubling Japan's national income - which was easily achieved -- has mutated into a leftist goal of doubling Chinese labor income over the span of the ruling Communist Party's five-year plan for 2011-2016. "The most dangerous thing
for the Chinese government to do would be to regulate too many prices, including wages," Lu said. In the five-year plan that just ended, China wanted wages to lag just behind GDP growth. By contrast, as part of the next blueprint, to be unveiled in March, labor and household income would rise in line with or faster than overall growth, Lu said. But he said Beijing would make a rod for its back if it mandated a 20 per cent increase in the minimum wage every year. What if there was another financial crisis and costs had to be cut? "Just let the market do the job to determine people's wages," Lu said. "Migrant workers wages have been growing 20 per cent, not because of government regulation but because of supply and demand for labor." Yifan Hu, chief economist at CITIC Securities in Hong Kong, said the five-year plan would embody the spirit of Ikeda's scheme. "The Japanese plan wasn't a single idea to increase
salaries or household income, but a comprehensive plan," she said. Above all, Beijing would prioritize tax reform to put more money in people's pockets and spread national wealth more fairly. "The most important thing is to increase income, because across Asia you can see the propensity to consume is quite low no matter whether you have a good
social security network or not," Hu said. THE CURRENCY FACTOR As for the role of the exchange rate, a recent International Monetary Fund working paper finds no evidence that the yen's rise was to blame for Japan's stagnation. In fact, thanks to supportive macroeconomic policies, Japanese GDP growth had
rebounded to 7 percent by 1987, according to Papa N'Diaye of the IMF's China desk. The problem, he writes, is that Japan kept policy loose for too long. Monetary easing by the Bank of Japan after the 1987 Louvre Accord aimed at halting the dollar's fall, together with incentives to expand consumer and mortgage credit, lit a rocket under equity and land prices. On the face of it, China is now in similar shoes: credit growth, investment and property prices are all bounding ahead. But N'Diaye sees grounds for optimism that China can manage its rebalancing better than Japan did. First, China's household, corporate and government debt is much lower than Japan's was in the 1980s. Second, China is at an earlier stage of development and so can grow faster before overheating. And third, China has already started to stem the run-up in property prices. "The right calibration of policies -- including prudent monetary policy and an
increase in real interest rates - should allow China to avoid the boom-bust asset cycle that was experienced in Japan," N'Diaye writes. N'Diaye notes another big difference between Japan then and China now -- the latter's financial sector remains highly regulated. Chinese central bank governor Zhou Xiaochuan has said that interest rates could become more market-driven in the coming five years. But if China truly wants to learn from Japan, it will tread carefully. Hiroshi Shiraishi, an economist with BNP Paribas in Tokyo, said deregulation of deposit rates in Japan from the mid-1980s meant banks faced higher funding costs while demand for loans slumped after firms were allowed to issue euroyen bonds. "Financial liberalization and deregulation were by no means solely to blame for Japan's asset bubble of the late 1980s, but clearly had a significant impact on bank behavior," Shiraishi said in a recent report. -Reuters
President of AFC M B Hammam and QFF President Al-Thani walks with Asian Cup
10
Tuesday, January 4, 2011
Beckham to join Spurs on short term deal ENGLAND: David Beckham is not looking for a permanent transfer to Tottenham and any move to the north London club would only be on a loan basis, a representative for the former England captain has insisted. Beckham is keen to return to Europe during the MLS close season with a view to proving to England manager Fabio Capello he deserves a recall to the national side. Harry Redknapp confirmed on Sunday that Tottenham Hotspur are locked in talks with Beckham's parent club, Los Angeles Galaxy, about a deal for the 35 year-old after making a bid for the star last week. The Spurs manager also refused to rule out making the move permanent should Beckham's potential threemonth loan deal prove successful. A representative for the midfielder, who previously claimed he would only come back to England to sign for former club Manchester United, said Beckham was waiting to hear whether the Galaxy would sanction the deal, but insisted any move would not be a permanent basis. "At the moment we are waiting on the decision of LA Galaxy with regards to a loan move," the spokesman said.-Reuters
Sania loses ASB Classic qualifying AUCKLAND: Sania Mirza conceded a 5-2 lead in the third set tiebreaker to lose 1-6, 7-6 (7), 6-7 (5) to Germany's Sabine Lisicki in the last round of the qualifying stages for the ASB Classic. Mirza needed to win the match to gain a place in the main draw of the $220,000 tournament, an important first step in 2011 as she attempts to claw back her ranking which has dropped from a high of 27 to 141.Online
Afridi Waqar to face ICC tribunal KARACHI: Pakistan's limited-overs captain Shahid Afridi will testify at a hearing of players suspended for alleged spot-fixing despite believing he has nothing to add to his earlier testimony, a report said Monday. Afridi has been summoned to appear before the International Cricket Council's (ICC) anti-corruption tribunal for a hearing of charges against Salman Butt, Mohammad Asif and Mohammad Aamer, in Doha from January 6-11. Afrida, along with team coach Waqar Younis and security manager Khawaha Najam, who will also attend the Doha hearing -- made statements to the ICC Anticorruption Unit last month. According to Pakistani media, these statements link the suspended players to the alleged bookmaker Mazhar Majeed and allege that large sums of money were confiscated from the players' hotel rooms.-Agencies
NZ-11 stay on top of touring Pakistanis WHANGAREI: A shadow New Zealand test cricket team continued to tick all the right boxes against Pakistan in Whangarei today. A New Zealand 11, containing many of the players sure to feature in the first test starting at Hamilton on Friday, were again in a productive mood on the second day of the three-day tour match at Cobham Oval. Opener Brendon McCullum starred yesterday by making 206, and today it was the turn of the evergreen fast bowler Chris Martin to rattle Pakistan's cage as they were reduced to 234 for eight in response to the home side's first innings of 384. Martin, 36 and in his first meaningful match since the test segment of the tour of India ended in November,
sliced through the Pakistani top order as he made the new ball talk before ending the day with figures of three for 52 off 14 overs. Mohammad Hafeez, Taufeeq Umar and Younis Khan were all dispatched at minimal cost by Martin, who induced three edges behind to wicketkeeper Reece Young, as the tourists teetered at 22 for three then 39 for four before Misbah ul-haq initiated a fight back to end the day one run short of his 33rd first-class century. Misbah, another 36-year-old who has been unable to hold down a test spot, should have done enough to warrant selection for the first of two tests against New Zealand as he made 99 not out over 275 minutes, helping himself to 10 fours and three sixes.
Martin was generally happy with his day's work and said the failure of the Pakistani top order might prey on the tourists' minds as the first test approached. "I watch the guys in our dressing room and if they don't get what they need out of a warm-up game they go into that first game (test) a little bit edgy. "I know that a couple of their guys will not have had any time in the middle, they wouldn't have had a hit, so that is at least to our advantage." Misbah lacked solid support although wicketkeeper Adnan Akmal hit a breezy 35 as the two put on 57 for the sixth wicket before left-arm seamer James Franklin trapped Akmal leg before wicket.Reuters
Governor Sindh to open event: Khushbakht
26th Women’s Hockey C'ship commences today Qutubuddin Federation while addressing a ly. Participating teams would press conference at Karachi also be given best goalkeeper KARACHI: The 26th Women Press Club. trophy, best player trophy, topPIA National Hockey Two teams each from Sindh scorer trophy, and fair play troChampionship is all set to start and Punjab will participate in phy for demonstrating exemplaAUCKLAND: Maria Sharapova of Russia plays a backhand during here Tuesday (today) at Hockey the event. Ten teams taking part ry discipline. her match against Alberta Brianti of Italy.-Reuters Club of Pakistan with 10 teams in the event have been divided Fool proof security would be taking part from all over the into two groups. provided to the participating country. Under the instructions of teams and various committees The event, organised by the Pakistan Hockey Federation, have been formed to facilitate Sindh Women Hockey players over 30 years of age are the participating teams. The Association will continue up to not allowed to play in the cham- championship is being sponJanuary 12 and in the opening pionship and if any player's ID sored by PIA, National Bank match Wapda will defend its card or documents are found and Habib Ltd. title against Punjab (White). fake or altered, action would be The press was attended among Governor Sindh is likely to be taken against her and the team others by Provincial Minister the chief guest at the inaugural manager. for Women Development Monitoring Desk ceremony. This was stated here According to Khusbakht Tauqir Fatima Bhutto who is AUCKLAND: Maria Lourdes Dominguez Lino 4-6, by MNA Khusbakht Shujat, Shujat, all team managers have also President of Sindh Women Sharapova survived a late 7-6 (10-8), 6-0, while Peng MUMBAI: Indian Premier chief organiser of the event and been warned in this connection Hockey Association and Lubna change of opponent to Shuai of China advanced over League franchises, Rajasthan president and chairman, women and told to follow the PHF Baloch, Secretary, Sindh advance to the second round Swede Johanna Larsson 6-1, Royals and Kings XI Punjab, wing, Pakistan Hockey instructions in this regard strict- Women Hockey Association. of the ASB Classic as she 6-3. on Monday filed separate affiBriton Anne Keothavong davits in the Bombay High defeated Italy's Alberta Brianti Afridi to testify at ICC hearing: Report earned a comeback victory as Court affirming they had com6-2, 6-3 Monday. The Russian, who last struck she put out Edina Gallovits of plied with the condition of fura competitive ball in early Romania, 6-7 (4-7), 6-4, 6-0. nishing bank guarantees to the Sharapova has been in New Cricket Board. October in Beijing before ending her season early, faced Zealand since well before the The High court had earlier Brianti as the original oppo- New Year, preparing for the stayed the termination of connent Carla Suarez Navarro of start of 2011 and requested the tract of Kings XI Punjab and Spain withdrew due to an opening day match to test her Rajasthan Royals with BCCI. form. "My last tournament However, in case of Kings XI injury. Pakistan public criticism of his team before deciding on whether "This is the first tournament was over two months ago and the dispute would be referred to ISLAMABAD: of the year for me so you are it will be really good to get a new arbitrator as former ODI and T-20 skipper mates is not going down too he [Afridi] will lead the just looking forward to what- back playing again." Supreme Court judge BN Shahid Afridi is currently well with the decision mak- team in the World Cup. "My priority since I have Srikrishna had recused himself not assured of leading ers," sources close to PCB ever tournament you can I would be very surprised play," said Sharapova, current- been here has been to adjust to from the case. Pakistan in the forthcoming told PakPassion.net. if the Board makes a decily ranked 18th after several time and conditions. I have The source confirmed that sion regarding Afridi before While staying the termination World Cup as his performhad a couple of practices a day of contracts of these two IPL ance has not impressed Afridi's performance as the six-match series in New years of shoulder injuries. The top-seeded Russian was and think that has been really franchises, the court had asked Pakistan Cricket Board captain in the upcoming six Zealand." joined in the second round by important." them to furnish bank guaran- (PCB) members. one day matches in New In addition to the disconThe three-time Grand Slam tees to BCCI for making up third seed Svetlana "Afridi's recent perform- Zealand will determine tent regarding Afridi's pubKuznetsova, who defeated champion who once stood losses that the Board and its ances as captain have not whether he is appointed lic criticism of team mates, New Zealand's 289th-ranked number one next plays Czech players might suffer in case the the source added that there Sacha Jones 6-4, 6-2. Czech Republic's Renata Voracova - arbitrator's award goes against impressed too many Board captain for the World Cup. members and one of the "The Board will look at were strong differences of Renata Voracova beat Spain's Online them. biggest issues that is irking Afridi's personal perform- opinion between Afridi and Kings XI was asked to fur- them is his public criticism ance and also how well he some selectors regarding nish bank guarantee of $18 mil- of his team mates. Results leads the team, as well as Fawad Alam and Shahzaib lion for the players which it have not been great and the how he conducts himself, Hasan.-Online might pick up in the IPL January 8-9 player auction in Bangalore, and of $3.5 million for the BCCI. Rajasthan Royals were asked to submit $2.83 million as guarantee to the BCCI for the conSYDNEY: England relished did get the first punch in," said tract and $18 million as bank guarantee for the players. home conditions to land the Bresnan, who took 2-47. Both informed the High first blow on the groggy "Definitely, our day. I think Australians on the opening day it was very English conditions Court on Monday that this had been complied with. of the final Ashes Test at the that we got today." BCCI had terminated the conSydney Cricket Ground, paceYorkshireman Bresnan said man Tim Bresnan said on England's bowlers enjoyed tracts of the two IPL franchises, Monday. first use of the greenish SCG alleging that they had breached the agreement by changing its Bresnan followed up his six pitch after Australia's acting wickets in the tourists' Ashes- captain Michael Clarke won shareholding pattern without its consent. sealing win in last week's the toss and batted. fourth Melbourne Test to take "The first session, we In case of Kings XI, the High two wickets as England fin- bowled really well and forced Court recorded statement of ished the better in damp condi- them to play in their shell a lit- their lawyer that the shareholdtions. tle bit," Bresnan said. ing pattern of owners - Preity Australia faded after a purpose"Obviously after lunch... Zinta and industrialist Ness ful start to be 134 for four when they played a few more shots Wadia -- would not change and rain washed out play late the day. which helped us pick up a few shares would not be sold with"It's always good to get the more wickets. It was good for out the permission of the court CAPE TOWN: South Africa's Tsotsobe plays a shot during the second day first punch in and we certainly us.-Reuters or arbitrator. -Reuters of the third test cricket match against India.-Reuters
Sharapova starts year with New Zealand victory
Kings XI, Royals bank guarantee reaches BCCI
Afridi not certain to lead Pak in WC
Eng land first blow in final Test : Bresnan
US mfg grows, bolsters 2011 outlook
LONDON: A shop displays a sign saying VAT prices held in Oxford Street.-Reuters
Asian, European car makers look to 2011 growth PARIS: South Korean automakers predicted rising 2011 sales on US and China growth, while France's car market ended a negative 2010 on a high note, with drivers flocking to bag scrapping bonuses before they ran out. Carmakers are increasingly relying on growth in high-profile emerging markets like China, Brazil, Russia and India, while the US market is gradually recovering. In Spain, car sales fell for the sixth consecutive month in December, with a 23.9 per cent drop. For the full-year, sales rose 3.1 per cent. A 0.7 per cent slide in French car sales in December brought the year's decline there to 2.2 per cent, but the French car market saw 2010 out with a bang in terms of new orders, as the final scrapping bonuses spurred drivers to buy new cars. Orders placed in the final weeks of 2010 mean the French car market will have a strong start to 2011, although beyond the first quarter, uncertainty reigns. "We have good visibility for the first quarter of 2011," said Flavien Neuvy, head of the automobile industry research department at French consumer credit organisation Cetelem. "With the orders from the end of the year we know that the first three months of 2011 overall will be good ... afterwards, there is real uncertainty," said Neuvy.
He added that the end of 2011 could be difficult, and that there would be a "payback" effect in the second half of the year when the benefits of scrapping ran out once and for all. In the short term, Neuvy sounded a note of caution about margins, as carmakers offered hefty additional discounts to encourage buyers in the last weeks of the scrappage scheme. "Certainly they made a lot of marketing efforts, so we can think that will have an effect on vehicle margins. They have focused on volumes -- in France what is really important for carmakers is defending their market share." French car sales fell 2.2 per cent to 2.25 million units in 2010, carmakers' association CCFA said on Monday. "December orders were very good," said a CCFA spokesman, "but that is not necessarily reflected in sales." Car sales or registration figures lag behind orders as customers register their cars when they are delivered a few weeks after the order is placed. "The first quarter of 2011 should be rather good," the CCFA spokesman added, as orders taken in the final months of 2010 would show up then. France originally offered a scrapping bonus of 1,000 euros ($1,339), but it was gradually reduced to 500 euros before finally ending on New Year's Eve.
"It was an absolutely phenomenal month: we had a market of orders for 370,000 cars, which allows us to start the year with a very comfortable order book," Renault's commercial director for France, Bernard Cambier, told BFM radio on Monday. The French car market saw 370,000 orders registered in December, 30 per cent more than the same month last year, he said, adding that Renault itself saw orders rise "almost 46 per cent" year-on-year in December. December car sales figures showed a 5.7 per cent increase for the PSA Peugeot Citroen group, while Renault group sales fell 4.6 per cent last month, CCFA data showed. US RECOVERY Hyundai Motor Group and its affiliate Kia Motors aim to boost vehicle sales by 10 per cent this year after robust December sales, as the sector shows a gradual recovery, led by China and the United States. US car sales figures are due out on Tuesday, and December is expected to be the third straight month that US auto sales hold above 12 million vehicles on an annualized basis, capping a year of gradual recovery for the auto sector, analysts said. Hyundai said on Monday it would target sales of 6.33 million cars in 2011, up 10 per cent from 5.75 million in 2010. The auto giant did not give a breakdown of Hyundai and Kia sales targets.-Reuters
NEW YORK: US manufacturing grew for a 17th straight month in December, a report showed on Monday, extending a recent run of encouraging economic data and suggesting US growth could accelerate further in 2011. A separate report showed construction spending hit a fivemonth high in November, adding to evidence that the US economy picked up steam in the final quarter of last year after growing at a 2.6 per cent rate between July and September. Most promising for investors was the Institute for Supply Management's national factory activity index, which rose for the 17th straight month in December. The report showed new orders rose, suggesting momentum for growth ahead, though factory sector employment slipped to a nine-month low. Still, the data dovetailed with strong readings on employment and consumer spending over the last three months of 2010, prompting economists to predict a fragile US recovery may this year finally turn into self-sustaining growth. "We're (starting) off the new year on a strong foot," said Zach Pandl, US economist at Nomura Securities, adding the report "suggests the economy is accelerating and growth should be 3 per cent in the first quarter." US stock indexes held their gains after the data while the dollar pared gains against the euro and benchmark 10-year Treasury notes fell in price. A caveat for the sunny outlook remains the unemployment rate, which stood at 9.8 per cent in November and is expected to remain high for much of the year. The government's closely watched employment report due Friday is expected to show employers added 140,000 jobs last month, not enough to make much of a dent in the jobless rate. Ian Shepherdson, chief US economist at High Frequency Economics, warned as well that the ISM index tells investors little about the health of small businesses and has tended to overstate the pace of economic growth over the last three quarters. Economists at Goldman Sachs, however, said they now think signs of stronger US growth will at least dissuade the Federal Reserve from adding to a $600 billion bond-buying program when it ends in mid-2011.Reuters
CONTINUATION No #1
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government and if other political parties have any other resources and solutions to overcome financial crisis, they should identify them. He said President was working in accordance to the constitution. He said President had replied the letter of Mian Mohammad Nawaz Sharif and asked for the input of his party to find solution to the problems people and the country are facing. -NNI
No #2
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Replying to Muttahida Qaumi Movement's decision to part ways with the federal government, he said their seriousness would be judged on the issue of governorship. "Let them take a decision over leaving the governorship of Sindh province like JUI-F ministers," he said. Wasim Sajjad, Leader of Opposition in Senate and senior leader of PML-Q, to a query replied that though his party had not taken a decision over the issue, they were not opting for elections as under the current situation, the country could not afford holding of elections. -APP
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approved by the President or the governor concerned. His other objection was that a High Court in the Federal Capital would trespass the jurisdiction of the four high courts when "it orders any person performing functions within the territorial jurisdiction of the Court, in connection with the affairs of a province." The apex court was prayed to take note that while the four high courts issue direction under Article 199 of the Constitution only about their concerned province, how the IHC would make such an order about any of the four provinces. -APP
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The Anti-Terrorism Court in Quetta during its hearing of Shahzain's case had transferred his case to the Session Court, saying that his case fell under the jurisdiction of Session Court. The transfer of the case to the Session Court was termed as a success by the Counsel. On December 22, 2010, Shahzain was arrested along with 26 accomplices on charges of carrying illegal weapons by the Frontier Constabulary (FC) personnel while all the notable political figures in the country have decried the arrest of Shahzain. Shahzain has condemned the allegations of carrying illegal weaponry leveled against him and said that it was conspiracy to trap him. -Agencies
11
International & Continuation
Tuesday, January 4, 2011
some of the losses and close above 11,800 points. Investor participation stayed on the lower side as 91.1 million shares traded in the overall market which is 53.1 million shares less as compared to a turnover of 144.2 million shares on Friday. Lotte Pakistan was the top traded stock with 11.55 million shares followed by National Bank with 7.39 million shares and KESC with 6.17million shares. Activity of foreign investors too remained slow as according to NCCPL they did a net-buying of $0.44 million. Out of total 379 active issues 291 declined and 70 advanced while 18 issues remained unchanged.
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show investors your for awhile." Adding to the optimistic economic picture, the official Chinese purchasing managers' index edged down in December and fell short of forecasts, easing concerns that rising inflation would lead the government to take more steps to control growth. US stocks ended the year with double-digit gains, with the S&P 500 recording its best December since 1991. The gains marked a recovery to levels before the collapse of Lehman Brothers in September 2008. For the year, the S&P rose 12.8 per cent, the Dow Jones industrial average climbed 11 per cent, and the Nasdaq surged 16.9 per cent. From its July low the S&P has risen 23 per cent, boosted by improving economic data, positive earnings reports and stimulus measures by the US Federal Reserve. Investors returning from the holidays will closely watch a host of economic data this week for signs of improvement in the economy to justify the gains. Bank of America Corp will put aside $3 billion in the fourth quarter related to poorly underwritten mortgages it sold to Fannie Mae and Freddie Mac after the bank agreed to settle claims over the repurchase of those loans. Bank of America shares were up 4.6 per cent to $13.96. Alcoa Inc gained 4.5 per cent to $16.08 after Deutsche Bank upgraded the stock to "buy" from "hold," citing "growing optimism on both aluminum's likelihood of higher prices and a belief that Alcoa has turned the corner from an operational point of view."-Reuters
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was the smallest bank in the country and is today ranked amongst the 10 largest banks in the country. Meezan Bank offers a complete range of Islamic banking products and services which include free online banking for all Pak rupee accounts at all its branches. The bank's retail banking network is supported by 24/7 banking services that include 169 ATMs, internet banking, VISA debit card and a 24-hour Continued from page 5 No #5 call center. The Bank's VISA debit card allows its customers to Though index remained in the strong grip of bears till the clos- shop at more than 30 million outlets worldwide and withdraw ing bells but some institutional support was witnessed especially funds from their accounts from more than 1.4 million ATM's in the final hour of the session which allowed the index to reduce across the globe.
Asia factory output surges as exports boost euro zone LONDON: Factory output growth eased only slightly in Asia in December and offered an upbeat end to a fraught 2010 for the euro zone, with signs that growth in export orders was filtering through to the region's periphery. Surging new orders and a fast-improving labour market helped quicken the expansion of the single currency area's manufacturing sector for the fourth month running, purchasing managers' indexes showed on Monday. In fast-growing China and India, manufacturing expanded robustly though at a slower pace than previously, easing some concerns about possible overheating in Asia. South Korea's factories posted their biggest surge in seven months. Powerhouses Germany and France continued to lead the 16-nation single currency zone's industrial recovery. But output also grew faster in much of the area's periphery -where debt concerns continued to drive financial markets on the first trading day of 2011 -as export orders revived following steady declines in the value of the euro. "Germany remained the star
No #8
performer, seeing near-record growth, followed by France, where the PMI slipped only slightly from November's tenyear peak," said Chris Williamson, chief economist of index compiler Markit. "However, (there were) welcome signs ... in the periphery, where export sales helped boost output growth in all cases except Greece, where the rate of decline at least moderated." The US purchasing managers' index (PMI) due to be released later is forecast to rise slightly to 56.9 in December from 56.6 the previous month, which would provide further evidence that the country's recovery is gaining traction, leaving Japan and the euro zone as the global economy's prime laggards. Europe's holiday-thinned markets showed little reaction to the PMI data. With investors bracing for a heavy quarter of euro zone debt issuance, safehaven German government bonds rose while the euro resumed its slide against the dollar. "There's the question of whether things are going to blow up again with everyone having so much issuance to do
and that will lead to more stresses on the periphery," a London-based fixed-income trader said. EURO EXPORT BOUNCE The Markit Eurozone PMI, which records manufacturing activity across all the major euro area economies, rose to 57.1 in December, revised higher from a preliminary reading of 56.8 and up from 55.3 in November and nearing April's 46-month high. In Germany, manufacturers boosted their workforces at the fastest rate in at least 14 years and the headline index rose to a revised 60.7, its highest level since July. Ireland's PMI hit its highest level since May and Spain's index rose off the back of its strongest monthly surge in foreign orders in over a decade, though factory output in recession-mired Greece remained in the doldrums. The growth outlook for Europe remains modest, with cuts in public finances expected to weigh for years. Analysts polled by Reuters last month expected quarter-on-quarter growth in the euro zone to peak at 0.5 per cent over the next two years.-Reuters
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price outlook. Also, some companies hiked steel prices today." Non-ferrous metals producer Sterlite Industries, part of London-listed Vedanta, rose 3.1 per cent. Media reports said the company had raised copper prices but company officials were not immediately reachable to comment. Steel Authority of India firmed 3 per cent after the country's largest domestic steelmaker raised prices of its products by an average 1,000 rupees a tonne. Tata Steel alloy, rose 3.6 per cent on expectations it may follow suit. The 30-share BSE index rose for the fourth straight session and climbed 0.25 per cent, or 51.96 points, to 20,561.05 points, with two-thirds of its components gaining. Foreign funds poured in $29.3 billion in 2010, driving the benchmark index more than 17 per cent higher, and market participants expect the interest to continue strong in 2011.-Reuters
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and parliament and the PML-Q had supported the government on vital issues. Talking to media after meeting with PML-Q leaders Chaudhry Shujaat Hussain and Chaudhry Pervaiz Elahi on Monday, Prime Minister Gilani noted that the PML-Q had given vote to him unconditionally and he was elected as the Prime Minister unanimously.-Agencies
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as if the Prime Minister was fighting a lonely battle. "Prime Minister is not alone; he will not be left alone. The Party stands behind him through thick and thin. Let there be no doubt or mistake about it." Meanwhile, President Asif Ali Zardari, Federal Interior Minister Rehman Malik, Chief Minister Sindh Syed Qaim Ali Shah and Governor Sindh Dr Ishrat met in the Governor House to chalk out differences of MQM besides fluctuating political scenario was discussed in depth. According to sources, during the meeting reservations of MQM who have parted ways with government were discussed in length. They discussed various issues including political situation and MQM-PPP relations. He vowed that the reconciliatory policy of Shaheed Benazir Bhutto would continue and relations with MQM would be improved. He said that along with allied parties the efforts would be continued for the welfare of masses. He said that the PPP is party of poor masses and the party came into power through votes of the masses and hoped the government would complete its tenure. He also advised the CM to increase links with MQM and remove its reservations.
No #11
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government not to increase indirect taxes." JUI-F leader Maulana Atta-ur-Rehman said, "Recent raise in petroleum prices is like a bomb." He said the government could provide relief to the people if it refused to accept the decisions of World Bank and International Monetary Fund (IMF). He said if the government wanted to move ahead then it would have to take back its decision on hike in the prices of petroleum products. Furthermore, Chaudhry Nisar Ali Khan, Opposition leader in the National Assembly demanded of the government to withdraw its decision regarding increase in petroleum prices as it is beyond the capacity of the masses. Addressing on the assembly's floor during the NA session evening, he question imposition of petroleum levy and said the government was earning hugely and unduly at the cost of the common man. The House had several items on its agenda but on a suggestion by leader of the opposition Chaudhry Nisar Ali Khan and some other opposition members, it suspended the routine business to start debate on the latest increase in prices of petroleum products. Ch Nisar said people had been forced to come out on roads to protest against hike in the prices of petroleum products and acute shortage of gas and power. Earlier, Pakistan Muslim League (PML-Q) and MQM submitted adjournment motions in the National Assembly and Senate against recent hike in prices of petroleum products.-Agencies
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survive, the PML-N or the PML-Q has to support them. Such support will have a lot of consequences," Musharraf said.Musharraf said: "I must return to Pakistan well before the next elections, whenever that may be. I strongly believe the real momentum for my party will start once I reach Pakistan. So we are trying to create an environment for me to reach there." Musharraf said he did not rule out alliances with other political parties in the future. "Many parties want to be with us. But I want my party to get a simple majority in the next elections so that we do not have to rely on others." He said he had made "mistakes", including actions against the judiciary and imposing a state of emergency, but dismissed the possibility of another military takeover, saying he wanted to come to power with "the mandate of the public". -Reuters
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meeting with the Prime Minister. PML-N sources said Nawaz and Shahbaz during the meeting discussed in detail the situation in the wake of Muttahida Qaumi Movement (MQM) decision to quit the ruling coalition and sit on opposition benches. The two sides also discussed the future strategies and policies of the party to be adopted to tackle with the prevailing situation, the party sources added. Nawaz Sharif is reported to have told the Punjab Chief Minister Shahbaz Sharif that during Pakistan People Party (PPP) 32 month rule, corruption, economic crises and social injustices have touched peaks in history of the country and PMLN keeping in view the masses concerns would not give a helping hand to the government.-Agencies
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Sindh. He stressed the need to make the bank popular and said that recently he visited Federation of Chambers of Commerce and Industry where, the industrialists, traders and businessmen expressed their entire satisfaction about the Bank. Syed Qaim Ali Shah said that people of interior parts of the province are taking interest, while it will be further feasible that some industrialists and traders be inducted on Board of Directors of the Bank. President / CEO of Sindh Bank Ltd. Muhammad Bilal Shaikh in his briefing/presentation informed that the Sindh Bank under the Chairmanship of Chief Minister Sindh has started working in full swing. -APP
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were proposing the withdrawal of the tax should also suggest the alternative to meet the budget deficit which would emerge in case of its withdrawal. During the speech of Minister for Petroleum, the lawmakers of Pakistan Muslim League-Nawaz raised slogans against recent increase in petroleum prices. -APP
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that 250 points but strong support from government-own enterprises helped bourse to recover from major losses. The Muttahida Qaumi Movement (MQM) said Sunday its decision to go into Opposition had been taken because of the government's fuel prices policy.
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Kayani inaugurates Military College
Govt announces Edu City for Sui
KARACHI: President Asif Ali Zardari administering oath to newly appointed Chief Justice Islamabad High Court Iqbal Hameed-ur-Rehman at Governor House.-Online
Gas load shedding leads to industrial shutdown
Punjab faces heat of gas-cuts LAHORE: Thousands of the citizens and daily wagers in Punjab were facing inconvenience as more than 800 CNG stations in several areas of the province were closed on Monday for two days. Shortage of transports was being faced in Lahore, Multan, and Gujranwala due to closure of CNG stations. People waited for transport at bus stops for going to their workplaces, schools and colleges
but many had to turn back home after waiting for long hours. Under the National Energy Saving Plan, the Sui Northern Gas Company Limited has closed all CNG stations of Lahore, Multan, and Gujranwala from 6 am Monday for two days. Long queues of vehicles were witnessed at patrol pumps to get Petrol and diesel. CNG stations will resume gas supply from Wednesday morning at 6am.
Meanwhile the gas supply was also suspended on Monday to more than 1100 industrial units of Gujranwala for three days. As a result, thousands of workers and daily wagers remained jobless and complained that they had nothing to buy and feed their families. Production in the industries and factories has come to close due to gas loadshedding for three days. -Agencies
‘No crisis would have emerged had PM resign’
JUI-F embarks on anti-govt mission LAHORE: Secretary General of Jamiat Ulema Islam (F) Maulana Abdul Ghafoor Haideri has said that JUI (F) JUI-F has closed all avenues leading back to the govt, adding PM Gilani has lost the majority in Parliament and if he had resigned today the political situation of the country had not been in turmoil. While PML-Q chief Chaudhry Shujaat said he would make a decision after discussing the matter with his party. Talking to the media after meeting with PML (Q) chief Chaudhry Shujaat and Pervez Elahi at their residence on Monday, Haideri said that he came here for discussing the
current political situation of the country. He said that both parties decided that they will play true role of opposition in National Assembly and oppose every wrong decision of Government. He said that JUI-F has closed all avenues leading back to the govt and head Maulana Fazl-ur Rehman demanded the Prime Minster resignation after great deliberation, adding decision on Balochistan would be made after analyzing the situation there. Maulana Haideri said that political situation of country had changed with the MQM decision to sit at opposition benches in Parliament. He said
that PM lost the majority in Parliament; therefore he should resign from the cabinet. He said that JUI (F) closed its doors for government and it would not like to go back in cabinet. Maulana said that PML(N) is not playing a role as true opposition and PML(N) leaders has said time to time that PML(N) would not be made a part of any anti PM resolution in NA. PML (Q) head Chaudhry Shujaat Hussain said he will clear his stance after meeting with PM and his party leaders. Replying to a question ex chief minister Punjab Chaudhry Pervaiz Elahi said that PML(N) stop its political drama and show its position. -Online
Afghan Council reaches Pakistan to hash out peace KABUL: Members of an Afghan peace council will hold talks this week with leaders in Pakistan, a crucial player in any future Afghan peace settlement, in the latest attempt to resolve the drawn-out and costly war. A delegation led by former president Burhanuddin Rabbani would hold talks this week with Pakistani President Asif Ali Zardari and others to discuss peace efforts in Afghanistan, said Waheed Omer, chief spokesman for President Hamid Karzai. Omer said the delegation from Karzai's High Peace Council wanted to seek help from Pakistan and keep its leaders abreast of developments. "This trip is not about meeting members of the Taliban," Omer told a news conference in Kabul.
"As Pakistan has influence over the Afghan Taliban and anti-government elements who are Afghans, it can be productive in the peace process," he said. The United States has increased pressure on Pakistan to hunt down militants in a bid to turn around the war in Afghanistan, but those efforts have been complicated by a growing political crisis in Islamabad. While Afghan officials have been meeting Taliban and other insurgent leaders for at least two years, the momentum for talks grew last year after a series of media stories incorrectly said senior Taliban leaders had met Karzai's government. No serious, high-level discussions about peace have been held between the Afghan government and the Taliban,
US, Nato and Afghan officials have said, with contacts described as "talks about talks" or "networking. Interest in talks also grew in the lead-up to US President Barack Obama's review of his Afghan war strategy last month, which found US and Nato forces were making headway against the Taliban and al Qaeda but serious challenges remain. Karzai established the peace council in October. His broader peace plan includes reintegrating Taliban "foot soldiers" and finding asylum in third countries for irreconcilable leaders. Some Western leaders have said the conflict cannot be won militarily but Washington and NATO leaders however say talks will not be possible unless militants renounce the insurgency.-Agencies
Shahzain, cohorts jailed QUETTA: Nawabzada Shahzain Akbar Bugti was sent to jail along with 26 co-accused arrested on the charges of carrying illegal weapon, by the court of Judicial Magistrate number 1 on Monday. Shahzain Bugti and 26 others were produced before Judicial Magistrate Habibullah who sent them to jail on judicial remand. Talking to media persons outside the courtroom, Shahzain said that he has trust in the judiciary and hoping for justice. "All efforts and conspiracies hatched to prevent me from going to Dera Bugti would be foiled," he remarked. Advocate Mukesh Kohli, the defense counsel of Shahzain Bugti said that bail pleas were submitted to the court and will be taken up in the next hearing of the case on 6th January. See # 4 Page 11
Save-cards to be used on time: Malik KARACHI: Federal Interior Minster, Rehman Malik said that they have save cards which will be played at specific time, adding that there are various options in the politics. Talking to the media here on Monday at the Bilawal House, Senator Rehman Malik has said that their discussion with MQM will continue beyond the government over national issues. He further said that the PPP and MQM have different manifestos and vision; however soon this hype would go down. Commenting over the noconfidence motion for the Prime Minister Syed Yousuf Raza Gilani, the Interior Minister Rehman Malik said that the PM was elected unanimously and will complete his five-year term. He stated that they are standing firmly with the PM and situation would be normalised within days. Rehman Malik maintained that they respect Altaf Hussain and MQM is going to be emerged as a national party. -Online
QUETTA: Chief of Army Staff (COAS), General Ashfaq Parvez Kayani visited Sui Cantonment Monday, where inaugurated Military College Sui and also announced establishment of Education City in Sui. Governor and Chief Minister Balochistan inaugurated Academic Block and Hostel of Balochistan Public School Sui respectively. A large number of Parliamentarians, Baloch tribal elders, military officials and locals were present at the occasion. Governor and Chief Minister Balochistan appreciated the efforts of Army in bringing education and social development to remote areas of Balochistan. In his address, COAS spoke about various projects initiated by Pakistan Army, with the support of locals and the Provincial Government.
In the education field, he said that presently 22,786 Baloch students are studying in Army and Frontier Corps run educational institutions. In addition, 4,268 Baloch students are benefitting from Chamlang Beneficiary Education Program, whereas, 662 Baloch students are studying in reputed institutions of other provinces. To enhance technical skills of Baloch youth for better job opportunities, Balochistan Institute of Technical Education (BITE) managed by Pakistan Army, has thus far trained 1,673 individuals. In this regard, Gwadar Institute of Technical Education will also start functioning soon. COAS hoped that establishment of Education City at Sui will open new avenues for the development and prosperity in remote areas of Balochistan. With regard to Army's contri-
butions in development of other social sectors in Balochistan, COAS mentioned about Chamlang Project which created job opportunities for approx 74,052 locals. Besides, a 50 bed hospital is being constructed at Sui under Army's supervision and with the support of Pakistan Petroleum Limited, to improve health facilities in the area. COAS also expressed satisfaction over the results of Army recruitment drive in Balochistan whereby 3,350 young men from Balochistan have recently joined various units of Pakistan Army, thus contributing towards defence of the Motherland. COAS concluded that development and prosperity of Balochistan will contribute towards a peaceful and progressive Pakistan. Army would continue to play its part in the security of the Country. -Agencies
We want issues’ resolution: Kaira ISLAMABAD: Information Minister Qamar Zaman Kaira has said that the government wants to take along all the political forces to resolve the public grievances. Talking to media outside the parliament house here on
Monday evening, he said MQM had reservations about the statement of a provincial minister and now it was talking about price hike. He said all the reservations of MQM would be addressed. He said PPP is a political party and
PM doesn't need trust-vote: Awan ISLAMABAD: Federal Minister for Law and Parliamentary Affairs Dr Babar Awan has said that Prime Minister Syed Yousuf Raza Gilani is a unanimous prime minister of the whole nation, PPP and parliament, so neither he needs the vote of confidence, nor president will ask him for doing so. He expressed these views while talking to the journalists outside the Parliament House here in Islamabad on Monday. He said the apex court has already clarified the procedure of premier's election in Nawaz Sharif Case and as per the verdict, only president could ask the premier to take vote of confidence from the parliament. He further said while pointing out some of the fellow politicians that they kept blaming to the government, although PPP got the largest mandate and votes in country's political history. He said to criticise the hike
in petroleum prices is everyone's right, but nation does not want to re-memorize 1990's circumstances in assemblies. He claimed either PPP rules or sits on opposition benches, would always promote the reconciliatory policy. Awan said that the Pakistan Peoples Party (PPP) was promoting the national conciliation policy to strengthen democracy in the country as per vision of Shaheed Benazir Bhutto. He said that in every election from 1970 to 2008, the PPP had got more votes than others. Dr Awan said that the government was taking various steps to control inflation in the country. To a question he said that Syed Yousuf Raza Gilani was elected as Prime Minister through the constitutional process and he had no need to get vote of confidence again. Agencies
Iran plans 70MW for AfPak region TEHRAN: Iran will export 70MW of electricity to Afghanistan and Pakistan this Iranian year, which ends on March 20. Managing Director of Iran's state-run Power Supply and Distribution Company (TAVANIR) Homayoun Ha'eri said Iran plans to boost power supplies to these two neighbouring countries through its southeastern Sistan and Baluchestan province, Fars news agency reports. His company is expanding infrastructures in Sistan and Baluchestan province to the same end, the official added. He said Iran would start increasing supplies to Afghanistan and Pakistan once the 400kv transmission line, between the city of Zahedan in the Sistan and Baluchestan province and the city of Birjand
in the South Khorassan province, came online in the near future. Sistan and Baluchestan border with Afghanistan and South Khorassan province borders with Pakistan. Iran is one of the most important donors to Afghanistan, which has kept its promises to help to the reconstruction of the war-ravaged country, by building roads, power transmission lines, border stations and many other infrastructure projects to better link the two nations. Also, Iran has offered cheap electricity to Pakistan to supply the country's acute energy shortages, and the offer has been widely welcomed by the Pakistani authorities, especially those in charge of the country's bordering provinces with Iran. -Online
has always came into power with the power of the popular vote and how it could be possible that it would make any decisions against the people. The Minister said difficult decisions had been taken by the See # 1 Page 11
Aitzaz rules out threat to govt ISLAMABAD: Aitzaz Ahsan, a veteran PPP leader and member of executive committee of the party, here Monday ruled out any change in present set up even after the departure of MQM- a coalition partners in the federal government. Responding to queries of mediamen in the Supreme Court building, he said "No MNA sitting in the assembly wants that assembly should be dissolved." "The PPP government does not face any danger from the estranged coalition partners," he emphasised. He maintained that bringing about a no confidence motion against Prime Minister was not an easy task especially under the current situation. He said suppose, a no confidence motion was brought about, then each group would link its joining the coalition government conditional with inclusion of its maximum members in the cabinet. See # 2 Page 11
SC moved against naming of IHC judges ISLAMABAD: A petitioner here Monday submitted a plea with the Supreme Court of Pakistan praying that the federation and Judicial Commission, functioning for the appointment of judges, should be directed to refrain from any move to appoint judges for Islamabad High Court. Shahid Orakzai, in his petition, maintained that Article 81 had never been part of 18th Amendment but now was amended through 19th Amendment to make room for expenditures to be incurred upon IHC. In his plea, he contended that such expenditures could not be granted by the National Assembly or the provincial assembly until they were See # 3 Page 11
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