International Karachi, Thursday, November 4, 2010, Zul-Qa’dah 26, Price Rs12 Pages 12
Malik holds one-on-one meeting with Altaf
Delhi can’t rein in Kashmiris: FO
See on Page 12
Jul 31 verdict fortified democracy, says Aitzaz
See on Page 12
USA to expand Kabul embassy
See on Page 12
See on Page 12 Economic Indicators
Bill further to amend Rent Restriction presented
$16.88bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.96mn
Forex Reserves (22-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Amended Ogra Ord passes NA MNAs submit motions over PoL prices hike NDU, Vocational Education Bills deferred in NA
Portfolio Investment SCRA(U.S $ in million)
101.26 -3.46 1.20 2532
Yearly(Jul, 2010 up to 2-Nov-2010) Monthly(Oct, 2010 up to 2-Nov-2010) Daily (2-Nov-2010) Total Portfolio Invest (22 Oct-2010)
NCCPL (U.S $ in million)
FIPI (03-Oct-2010) Local Companies (03-Oct-2010) Banks / DFI (03-Oct-2010) Mutual Funds (03-Oct-2010) NBFC (03-Oct-2010) Local Investors (03-Oct-2010) Other Organization (03-Oct-2010)
4.19 0.55 -1.82 -2.15 -0.36 -0.07 -0.33
Global Indices Index Close KSE 100 10,617.65 Nikkei 225 9,159.98 Hang Seng 24,144.67 Sensex 30 20,465.74 ADX 2,761.75 SSE COMP. 3,030.99 FTSE 100 5,748.97 *Dow Jones 11,160.38 *Last Updated 20:00 PST
Change 64.22 5.26 473.25 120.05 1.91 14.44 8.46 28.34
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.31 19.05 163.12 2.00 42.81 1.70 36.39 9.71 33.26
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.69% 12.98% 13.21% 13.61% 13.70% 13.65% 13.74% 13.83% 14.21% 14.34% 14.50%
Commodities *Crude Oil (brent)$/bbl 86.10 *Crude Oil (WTI)$/bbl 84.65 *Cotton $/lb 138.73 *Gold $/ozs 1,354.00 *Silver $/ozs 24.80 Malaysian Palm $ 1,001.00 GOLD (NCEL) PKR 37,350 KHI Cotton 40Kg PKR 9,109
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.40 Canadian $ 84.30 Danish Krone 14.90 Euro 119.20 Hong Kong $ 10.85 Japanese Yen 1.062 Saudi Riyal 22.70 Singapore $ 65.90 Swedish Korona 12.30 Swiss Franc 88.20 U.A.E Dirham 23.20 UK Pound 136.60 US $ 86.55
Sell (Rs)
85.80 85.30 15.30 120.50 11.09 1.065 22.90 66.90 12.80 88.70 23.40 138.50 86.85
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.36 84.78 16.09 119.95 11.04 1.065 22.81 66.42 12.88 87.30 23.29 137.15 85.63
85.56 84.98 16.12 120.23 11.06 1.067 22.87 66.58 12.91 87.51 23.35 137.47 85.83
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
29°C 36°C 30°C 31°C 25°C 29°C
MIN
9°C 19°C 15°C 13°C 4°C 11°C
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addresing the PPP Parliamentary Party meeting at PM House. -APP
Prince Bandar says religious ministry involved
Saudi Prince writes to CJ on Pak hajj affairs’ scam Religious Affairs Ministry denies allegations KARACHI: Saudi Prince Bandar bin Khalid bin Faisal Wednesday wrote a letter to Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry alleging Pakistan's religious ministry of committing huge corruption in provision of residences to the Hujjaj at Makkah. The Saudi prince, in a letter to Chief Justice Chaudhry, accused the Federal Religious Affairs Ministry of funds' embezzlement. He addressed the CJP divulging that the Religious
Affairs Ministry rejected the Saudi offer pertaining to the residences for the 35,000 pilgrims costing just 1500 riyals, which was just 2kilometer away from Haram and committed for the lodgings costing 3400 to 3600 riyals. Chief Justice of Supreme Court, Iftikhar Muhammad Chaudhry while taking suo moto notice on the letter written to Chief Justice about alleged misuse in Hajj Affairs sought reply from the Ministry of Religious Affairs with in 15
Gilani acclaims Parliament's role
PM urges speed on Accountability Bill ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has directed the Ministry of Law, Justice and Parliamentary Affairs to expedite the drafting of Accountability Bill for presentation before the Parliament. He asked the Law and Justice Committee of National Assembly to hold frequent meetings to finalise the Accountability Bill. Prime Minister gave these directions at a meeting with
Federal Minister for Law, Dr Babar Awan, Minister for Labour and Manpower Syed Khursheed Shah, Minister for Information and Broadcasting, Qamar Zaman Kaira and Chairperson National Assembly Committee on Law and Justice, Begum Naseem Akhtar Chaudhry at PM House here on Wednesday. Prime Minister emphasised the need of taking all the stakeholders on board before See # 12 Page 11
Govt intends to buy back assets
SC seeks report on BP assets bid ISLAMABAD: Supreme Court (SC) has issued notices to federation, ministry of petroleum, OGDCL, and PPL and sought report from them till November 22 on the petition filed by former JI chief Qazi Hussain Ahmad seeking
stay against the government's move for purchasing its soldout assets from British Petroleum at inflated rate as this process will inflict loss of $800 million to national kitty. Qazi Hussain Ahmad has See # 13 Page 11
days. However, Ministry for Religious Affairs denied the allegations. Secretary Religious Affairs Agha Sarwar Qazilbash also termed the Saudi Prince's letter fake and called upon the Foreign Ministry to confirm its authenticity. Qazilbash said that the government took Rs238,000 which is 3600 riyal from each pilgrim for Hajj expenditures and there was not irregularity in the whole process. Agencies
CDWP nods Rs272bn projects ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday approved 27 projects costing Rs272 billion including foreign aid of Rs116 billion. The CDWP met here under the chairmanship of Deputy Chairman of Planning Commission Dr Nadeem-ul Haque. The meeting was attended by representatives of sponsoring agencies, provincial governments and special areas. Of the 27 projects, 13 projects in infrastructure sector costing Rs107 billion, and 11 projects in social sector costing Rs35.5 billion were approved/ recommended by the CDWP. The CDWP recommended 17 projects costing Rs168 billion to Ecnec for consideration/ approval, each costing over Rs one billion. For conservation and augmentation of water resources and to strengthen existing barrages and canals, the CDWP recommended projects like "Water Conservation and See # 11 Page 11
ISLAMABAD: National Assembly on Wednesday passed the Amended Oil and Gas Regulatory Authority Ordinance, 2002 with the majority votes of 75 to 50. Minister in charge of the Cabinet Secretariat, Nawabzada Ghazanfar Gul moved the Bill further to amend the Oil and Gas Regulatory Authority Ordinance, 2002 in the National Assembly. However, PML-N member Zahid Hamid raised objection over clause-2 of the Bill and requested to withdraw it. Amendment in the Bill was of section 3, Ordinance XVII of
6th tranche of loan linked to RGST: Shaikh
Pak fiscal deficit target up at 4.7pc ISLAMABAD: International Monetary Fund (IMF) mission in the wake of devastating floods has enhanced Pakistan's fiscal deficit target from 4 per cent of the GDP to 4.7 per cent of the GDP. "Pakistan has so far received $7.4 billion from the IMF", a senior official of the ministry of finance. He said that International Monetary Fund (IMF) review mission which was likely to conclude its talks on November 4, but it has been extended to November 6. Highlighting the governem-
Govt steps in to curb sugar price ISLAMABAD: Minister for trade and industry Mir Hazar Khan Bijarani said government is concerned over the increase of sugar prices and it is taking steps to bring the prices down. He also informed that summary of the imports of second hand vehicles has been sent to the Economic Coordination Committee. Responding to queries in NA during Question Hour session, minister for trade and com-
We must find common ground to make progress, Obama urges Republicans It is the biggest shift in power since Democrats gained 75 House seats in 1948, and it gives Republicans their largest House margin since 1928. "It's pretty clear the American people want a smaller, less costly and more accountable government," John Boehner, in line to become the next House of Representatives speaker, told reporters. "Our pledge is to listen to the American people." Voters anxious about the sluggish economy, and unhappy with Obama's leadership,
punished Democrats in midterm election, giving House control to Republicans and weakening the Democratic majority in the Senate. A notably subdued Obama told a news conference in the White House that Americans were frustrated and demanding solutions, but he acknowledged it would be difficult to find common ground. "What Wednesday told us is that no one party will be able to dictate where we go from here, we must find common ground in order to make progress on some uncommonly difficult challenges," he said.
nt's economic governance policy, he said that the government is committed to strengthening the national institutions of economic governance by promoting merit and inducting professionals as heads of organisations for good governance and check misuse of national resources of the country. The government under the plan of "Strengthening of the National Institution of Economic Governance" in the Ministry of Finance has recommended that heads of institutions like Public Sector See # 8 Page 11
Govt. to allow import of conditioned cars: Bijarani
Republicans rule House WASHINGTON: Exuberant Republican leaders promised on Wednesday to exercise their new power in Congress to roll back key portions of President Barack Obama's agenda, but Obama said voters were telling both parties to work harder to find consensus. Republicans picked up at least 60 House seats, far more than the 39 they needed for a majority that would topple Democratic House Speaker Nancy Pelosi and put Republicans in charge of House committees. Many races remained too close to call.
2002, in the Oil and Gas Regulatory Ordinance, 2002 (XVII of 2002), in section 3, for sub-section (4) the following shall be substituted, namely: "The Chairman shall be an eminent professional of known integrity and competence with a minimum of twenty years of related experience in law, business, engineering, finance, accounting, economics, petroleum, technology, public administration or management". Zahid Hamid rejected the amendment which was then put to vote, however 75 members gave vote in favor of the amendment and 50 voted against it.
Boehner and Republican Senate leader Mitch McConnell said voters had given them a mandate to roll back some of the prime accomplishments of congressional Democrats in the last two years, including healthcare and financial regulatory reforms. But split government is more likely to spark a legislative stalemate when the new Congress begins in January. Senate Democrats can block House initiatives, and Obama's weakened hand will still hold the veto pen. Republican leaders showed See # 15 Page 11
merce Bijarani said government is trying to stabilise the hike in the price of sugar. He also said that Pakistan Steel has shown deficit of Rs39 billion in the last two years. He said that we have enough capacity to meet our sugar needs till Dec 15, and the sugar mafia is creating this deficit, he also said that the utility stores are selling sugar on a control rate of Rs55/kg while the government is supplying sugar to See # 10 Page 11
Thus the Bill was passed with the majority. Furthermore, Dr Babar Awan, Minister for Law, Justice and Parliamentary Affairs introduced the Bill of Islamabad Rent Restriction in the National Assembly. The minister presented a Bill further to amend the Islamabad Rent Restriction Ordinance, 2001 [The Islamabad Rent Restriction (Amendment) Bill, 2010]. The Bill provides that every agreement between landlord and tenant shall be presented before controller for record and all payments in connection See # 7 Page 11
PSO suspends supplies to KESC KARACHI: Pakistan State Oil (PSO) suspended the supply of furnace oil to Karachi Electric Supply Company (KESC) for differences on issues relating payment, media reported Wednesday. According to the PSO officials, additional supply comprising 250,000 tonnes of furnace oil daily to the KESC was slated to begin Wednesay; however, the supply is not being restored owing to the dissent from the Company regarding the complete payment of the furnace oil to the PSO. According to the sources, the PSO was to supply the KESC with furnace oil at gas price; while, the price difference was to be paid by the Finance Ministry. It should be mentioned here See # 9 Page 11
Shujaat urges Sharif to bury hatchet ISLAMABAD: President Pakistan Muslim League-Q Chaudhry Shujaat Hussain has requested Pakistan Muslim League-N leadership to show flexibility for unification of different factions of Muslim League. Reliable sources informed See # 14 Page 11
Fed to buy $600bn in bonds WASHINGTON: The Federal Reserve launched a controversial new policy on Wednesday, committing to buy $600 billion more in government bonds by the middle of next year in an attempt to breathe new life into a struggling US economy. The decision, which takes the Fed into largely uncharted waters, is aimed at further lowering borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression. The US central bank said it would buy about $75 billion in longer-term Treasury bonds per month. It said it would regularly review the pace and size of the program and adjust it as needed depending on the path of the recovery. In its post-meeting statement, the Fed described the economy as "slow", and said employers remained reluctant to add to payrolls. It said measures of inflation were "somewhat low." "Although the committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress towards its objectives has been disappointingly slow," the Fed said. -Reuters
2 SECP revises fee structure ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has rationalised the fee structure payable to the registrar and the Commission under the sixth schedule of the Companies Ordinance, 1984 vide its SRO 996(I)/2010. Through this notification, the SECP has reduced the registration fee for physical submission of documents for incorporating a company, with nominal capital up to Rs10 million. The reduction in fee for incorporation of companies with less capital would encourage the small and medium enterprises to enter the documented corporate sector. Previously, event-based fees structure for filing of different returns was implemented. However, it was observed that practical difficulties were faced as it was complicated and complex. Now, for simplification in fees structure, a uniform rate for filing of all returns has been applied except relating to registration and modification of mortgages or charges. This rationalisation in fees structure is expected to strengthen the process of corporatization and documentation of the economy. This initiative by the SECP has been taken after consultation with the stakeholders and is being widely appreciated by them. This decision has been considered as a step towards facilitating the corporate sector, in view of the prevailing economic situation in the country.-NNI
Thursday, November 4, 2010
KP CM lauds MSSST educational activities Staff Correspondent PESHAWAR: Chief Minister Khyber PakhtunKhwa Ameer Haider Khan Hoti appreciated the Malik Saad Shaheed Sports Trust (MSSST) special Shaheed Safwat Ghayur Educational Scholarship to outstanding students of Government Educational Institutions from all over the Province. The scholarship distribution ceremony was held at Chief Minister House this morning which was attended by Senior Minister KPK Bashir Ahmad Bilour, Rahim Dad Khan, Minister Finance KPK Engr Muhammad Humayun Khan, Minister Hidayatullah, IGP KPK & Acting Chairman MSSST Fiaz Ahmad Khan Toru, Acting US Consul-General KPK Constance C Arvis, Senior Journalist & personal Friend of Shaheed Safwat Ghaur Ismail Khan, members of MSSST Board of Trustee apart from student and their family members. Speaking on occasion Ameer Haider Khan Hoti Chief Minister KPK who is
also Patron of the Trust, appreciate the efforts made by the trust in the fields of Sports so for and laud the Trust effort to encourage the outstanding students and promise for all out patronage to the Trust. The Chief Minister also increase the scholarship amount from Rs25,000 to Rs 100,000 as gesture of good well. The Officiating Chairman of MSSST and IGP KPK Fiaz Ahmad Khan Toru explain the objectives of the MSSST educational activities and lauded the MSSST members' services in healthy social, educational and sports activities. Amjad Aziz Malik Secretary MSSST welcomes the guests and explains about the activities and achievement of the Trust. He said that with in its limited resources the Trust opened more then 30-Sports Academies, Actively participates in Relief work of recent floods in the Provinces, Organize the Medical Camps and now we are awarding these scholarship among these bight students as our service to the Nation.
Rs5-10 fresh bills for public from today
Banks to issue fresh notes on Eid Staff Reporter KARACHI: Over 9,000 branches of commercial banks will start issuing fresh currency notes to the general public for the forthcoming Eid-ul-Azha from Thursday (today). For this purpose, the State Bank of Pakistan (SBP) Banking Services Corporation has made elaborate arrangements for the supply of adequate quantity of fresh currency notes to commercial banks depending upon their branch network. Each of the 16 field offices of SBP-BSC shall provide fresh currency notes to the designated branch of each commercial bank. These branches shall be responsible for delivery of these notes in quantities commensurate to the size of their branch, as per plan pre-notified to the concerned office of the SBP-BSC.
The branches of commercial banks will issue only one packet each of Rs5 and Rs 10 per person from 4th November, 2010 till the last working day before Eid-ulAzha, 2010 on production of original computerised NIC along-with a photo copy of it, for record to the visiting general public/account holders. Branches, however, may also issue a maximum of five packets each of Rs 5 and Rs10 denomination fresh notes to their corporate clients on receipts of request on the company's letter head duly signed by the authorised representative. With a view to redressing the grievances of the general public, if any, in obtaining fresh currency notes from commercial banks, the SBPBSC has established a Help Desk to entertain complaints.
18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Akhri Sauda Agri Business Karobari Dunya Ghar Ka Kharch (Rpt) Chai Time News Aap Ka Paisa Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Siyasat Mana Hai News
TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
Staff Reporter KARACHI: The Ambassador of Germany to Pakistan, Dr Michael Koch, will visit Karachi and Thatta districts in Sindh during this week. During his stay in Karachi, the ambassador will meet and exchange views with Government officials, representatives of German and Pakistani NGOs working for flood relief, as well as representatives of civil society. The Ambassador will give a lecture on "PakGerman Relations Potential & Prospects" at the University of Karachi, in cooperation with Department of International Relations.
SBP holds Islamic banking moot
THURSDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05
German envoy to visit Sindh
KARACHI: A group photo shows Shahbaz Ali Malik, President, Lahore Chamber of Commerce and Industry, M Saleem Khan Tanoli, CEO, CEMS Pakistan and others Industrialist at the 6th International Garment, Textile Machinery exhibition IGATEX 2010 at Expo Center.-Staff Photo
Edu expo attracts students ISLAMABAD: Two-day education expo 2010 by HR Consultants continued to attract the attention of the students seeking guidance in securing admission to foreign universities. Representatives of the foreign universities including UK, Australia and Canada set up their stalls where many students filled admission forms and some appeared for interviews. The students were given complete assistance for admission to a foreign university and visa filing at the respective embassy or high commission, said a visitor Kiran. Complete visa filing and documentation was assisted by HR after verifying educational records, financial background and motivation of the students to study in foreign universities, she said.-APP
ACCA holds teacher training workshop KARACHI: As part of ACCA continued efforts to develop excellence in professional accounting education and establish best practices amongst tertiary accounting education providers, ACCA Pakistan organised "Train the Trainer" workshop on Wednesday. Dr Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan and Fasi Zaka were the event facilitators. The workshop participants were faculty members of ACCA Approved Learning Partners and tuition providers in Pakistan. The participants appreciated ACCA's innovative efforts for enhancing
the capacity of professional accounting education faculty. They were of the opinion that the workshop was useful and relevant to their work as it enabled them to learn new teaching skills and methods. They opined that the workshop has energised them and they were motivated to improving students' exam performance and professionalism. Speaking at the event, Dr Afra Sajjad, Head of Education and Policy Development of ACCA Pakistan stated "Train the Trainer is manifestation of ACCA Pakistan commitment to faculty development of professional accounting education tuition providers.-APP
KARACHI: Delegation from Pakistan Chemical and Dyes Merchant Association (PCDMA) visits Karachi Chamber of Commerce and Industry headed by Chairman Muhammad Haroon Agar to discuss the growing worst situation of Law and Order in Karachi.-Staff Photo
KARACHI: The Islamabad International Islamic University and Development Finance Support Unit (DFSU) of State Bank of Pakistan organised a seminar titled "Islamic Banking and Finance in Pakistan: Issues, Challenges and Way Forward" that took place at the Faisal Mosque Campus Auditorium. Speakers at the seminar included Professor Dr Fateh Muhammad Malik, Rector International Islamic University; Saleem Ullah, Director, SBP Islamic Banking Department and Ahmed Ali Siddiqui, EVP, Meezan Bank.-PR
President says yes to Sindh Trust KARACHI: President Asif Ali Zardari has approved the establishment of Sindh Trust for registering landless farmers and giving scholarships to their children and also decided to set up monitoring cell for supervising the developmental projects. A high-level meeting was held with President Asif Ali Zardari in the chair at Bilawal House here Wednesday, which discussed in detail about the ongoing developmental projects and rehabilitation of flood hit people. President Asif Ali Zardari said that the flood
tax should be imposed after consultation with all stakeholders. Talking to the media persons after the meeting, PPP Information Secretary, Fauzia Wahab said that the president had directed regarding the imposition of flood tax and soon a bill would be presented in the House. She further said that under the directions of President, the services of Suparco would be hired to confirm the houses for flood tax. Fauzia Wahab stated that Sindh Trust would be set up for registering the farm-
ers while scholarships would also be provided to their children. She was of the view that the houses destructed in the torrent floods would also be reconstructed, adding president directed to develop a website for Zulfiqarabad. Information Secretary further informed that PPP had no plan to make alliance with any party in the local bodies act as all parties would contest elections on their own platform. Regarding meeting of President with the PML-F, she denied about commenting on the issue. -Online
IGI money market rating announced Staff Reporter
KARACHI: Khurram Mehboob, Head of Devices, Loyality and Affinity and Nauman Durrani, Operator sales Manager, Nokia Pakistan handed over the brand new Nokia N8 to Salahuddin, the first customer of Nokia N8 in Pakistan.-Staff Photo
KCCI demands more security for markets
KARACHI: JCR-VIS Credit Rating Company Ltd has assigned preliminary fund stability rating of AA+(f), Double A plus (f), to IGI Money Market Fund (IGI MMF), managed by IGI Funds Limited. IGI MMF was launched in May 2010 and is charging a management fee of 0.80 per cent on annual net assets. IGI MMF seeks to generate competitive returns with low risk portfolio. It invests in treasury bills, cash deposits, money market placements and government securities. All exposures in the fund are subject to minimum rating of "AA". The assigned rating takes into account the investment policy and reflects the actual asset allocation of the fund. The rating reflects the high degree of stability in Net Asset Value of IGI MMF. Moreover, as a money market fund, time to maturity of any asset held by the fund is capped at six months and weighted average time to maturity of net assets cannot exceed 90 days. At the endAugust 2010, short term Tbills represented 85 per cent of net assets and remaining assets were held with AA rated institutions, signifying low credit risk.
for getting KARACHI: KCCI lead- Karachi ership, showing serious resolved the problems concern over law and facing the business comorder situation, has sup- munity in the city. He agreed with the ported the demand from various markets associa- PCDMA delegation, led tions of the city that its Chairman Muhammad Rangers be deputed at the Haroon Agar that law and markets especially at order problem in the city main commercial centres. mainly at the markets and In a meeting with a del- industrial estates has egation of Pakistan become very serious. In Chemicals and Dyes the pertaining environMerchants Association in ment, it has become very his office on Wednesday, difficult to continue trade President Karachi and industrial activity. 'Bhatta mafia' has Chamber of Commerce and Industry Muhammad become serious threat to Saeed Shafiq assured the business community, that he along with his he added. Senior Vice President team of the Chamber's officials was engaged KCCI Talat Mahmood, KARACHI: Wateen with the Federal, Vice President KCCI Telecom Limited has Provincial and City Junaid Esmail Makda also recently announced its District Government attended the meeting.-APP results for the first quarter of 2010/11. It has posted revenue of Rs1.9 billion with Rs383 million positive Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) against a EBITDA loss of Rs110 million for the same period last year, said a handout issued here on Wednesday. Since the last quarter of 2010, Wateen is continuously showing a positive trend in terms of revenues and profitability. Wateen is capitalizing its unique strategic position as nationwide optic fiber operator, system integrator, broadband services provider and KARACHI: Sindh Minister for Tourism Shazia Marri speaks key LDI operator all under one umbrella.-PR during a Sindh Assembly session.-APP
Wateen posts 20pc EBITDA for 1Q FY11
3
Thursday, November 4, 2010
Swiss franc gains vs $, euro ZURICH: The Swiss franc edged higher against the euro and the dollar on Wednesday as markets awaited a US Federal Reserve announcement later in the day to outline a stimulus package to support the US recovery. Trading was subdued and recent volatility began to flatten ahead of the widely expected announcement from the Federal Open Market Committee to clarify a programme of large-scale asset purchases to shore up the flagging US recovery. "The Fed will keep its options open while limiting the amount of money it is putting to work, that is priced in. There has been some increased volatility in forex markets of late, but trading is settling down now," said UBS economist Reto Huenerwadel. The franc was 0.2 per cent higher against the euro compared to the New York close, trading at 1.3718 francs per euro at 0802 GMT. The Swiss currency was 0.1 per cent higher against the dollar at 0.9775 per dollar. -Reuters
Dollar buoyed by robust US data, but Fed looms FOMC in focus; open-ended approach key to dollar outlook NEW YORK: The dollar gained against the euro and yen on Wednesday on betterthan-expected data on private payrolls and the service sector, though trading was in tight ranges ahead of a Federal Reserve decision that was widely expected to further ease monetary policy. The much anticipated announcement by the Federal Open Market Committee later in the session may push Treasury debt yields lower and diminish the appeal of some US assets. Analysts, however, said the negative impact on the dollar may not be all that significant, with many convinced the Fed action has been pretty much priced in the last few sessions. "Seeing a strengthening dollar/yen we think could be an early sign that the Fed is not going to be as aggressive as
some people were forecasting and that they're not going to do $500 billion," said Greg Salvaggio, senior vice president for capital markets at Tempus Consulting in Washington. "One would think if the Fed
was going to do $500 billion this afternoon, you would see dollar/yen challenging 80 right now and euro/dollar in the mid-$1.41 and gold about $40 to $50 higher than where it is right now." At midday the euro was 0.2 per cent lower at $1.4011, held in a $1.4000-50 range for
Asian currencies
Steady as markets await Fed, HKD up on peg jitters respite. A Fed decision is expected later in the day. Further easing in US monetary policy could send even more speculative money flooding into higher-yielding assets in Asia. Hong Kong, with its currency peg to the US dollar and ready access to China, could be a major recipient of such "hot money". Heavy capital inflows have already pushed the Hong Kong dollar to 11-month highs in recent sessions, adding to speculation about how much longer the currency will remain pegged to the US dollar. With options markets continuing to speculate on a possible depegging, and strong foreign interest in Hong Kong stocks and property, the
Hong Kong dollar crept closer to 7.75 to the US dollar, the stronger end of its allowable 7.75-7.85 trading range. The Philippine peso again opened higher than what NDFs implied, but traders said it merely provided an opportunity to short the dollar at higher levels. The pairing quickly fell to 42.555. Continued selling interest pushed the pair down to 42.57. Dollar/won moved in a modest 1,108-1,111 range. The pair opened on its high and quickly traded below 1,110 before reportedly running into Bank of Korea bids at the lows. The pair stabilized around 1,109 but tested 1,111 once more on a modest sell-off in the Australian dollar. -Reuters
Stg climbs on data, QE chances dim
Taiwan $ hits 27-month high
SINGAPORE: Emerging Asian currencies were little changed on Wednesday, with dealers reluctant to take fresh positions ahead of a Federal Reserve policy decision which could set the longer-term tone for the ailing dollar. Markets are widely expecting the Fed to commit to buying at least $500 billion in Treasuries over five months in a bid to spur the sluggish US economy, though much uncertainty remains over the scope and pace of the asset purchases. A more ambitious shopping list could put renewed pressure on the dollar and provide more fuel for surging emerging market currencies, while a more cautious plan could offer the dollar some
LONDON: Sterling hit a ninemonth high against the dollar and rose on the euro on Wednesday after UK services PMI data was better-than-expected and reduced the prospects of more quantitative easing from the Bank of England. UK services PMI index rose to 53.2 last month from 52.8 in September, the highest reading since June and confounding analysts' forecasts of a dip. The
pound was up 0.56 per cent against the greenback at $1.6133 and climbed against the euro, paring losses from Tuesday's sell-off sparked by disappointing activity growth in Britain's construction sector. Sterling rose to as high as $1.6147, its highest since Jan. 29 and breaking past resistance at $1.6108, the peak struck on Oct. 15. Traders said Asian central banks also bought pounds. The euro was near a session low on the pound, at 87.06
Top Economic Events Time 2:45 2:45 5:30 5:30 13:15 4th-8th 17:00 17:00 17:30 17:30 17:30
pence, down 0.4 per cent for the day, with traders citing selling by real-money accounts. The surprise improvement in the services sector data is expected to weaken the hand of doves within the Bank of England's Monetary Policy Committee who have been calling for a second round of quantitative easing in the UK. "I think QE is off the table until
next year," said Michael Hewson, market analyst at CMC. "There was a sell-off after disappointing construction PMI but sterling is very susceptible to data news because of the bipolarity of the Bank of England monetary committee." The MPC begins a twoday meeting with the decision to be announced on Thursday. Sticky inflation in UK means the Bank of England is likely to keep policy on hold although there is still an outside chance of more quantitative easing. -Reuters
TAIPEI: The Taiwan dollar hit a 27-month closing high on Wednesday as the US Federal Reserve headed into a meeting that is expected to decide monetary easing and flood Asian growth-linked markets. Taiwan's currency ended at $30.65 per US dollar, its strongest final price since Aug. 1, 2008, and compared with Tuesday's close of T$30.709. The rising Taiwan dollar over the past 5-½ weeks reflects investor optimism about a widely expected Fed decision to buy at least $500 billion in Treasury debt over coming months to stoke dimming economic recovery. Ambitious easing in the United States would boost currencies in fast-growing, emerging markets such as Taiwan, as investors seek higher returns than what developed markets offer. The Taiwan dollar rose as high as T$30.375 on Wednesday before the island's central bank sold it to control market volatility. Taiwan's central bank has bought about $6 billion in US dollars since Sept. 27, according to an IFR Markets survey of traders. -Reuters
Australian, NZ dollars ease; tense before Fed decision SYDNEY/WELLINGTON: The Australian and New Zealand dollars fell from highs on Wednesday as investors took profits and shied away from taking any bold bets ahead of a much-anticipated US monetary policy meeting. Surprisingly weak Australian building approvals data gave investors another reason to sell and take profits from recent gains. The Australian dollar slipped to $0.9968, from $1.0004 before the data was released. A convincing breakthrough support between $0.9965-$0.9975 could extend a drop to $0.9945 and $0.9913. With much uncertainty around what the Federal Reserve might announce at 1815 GMT, traders were reluctant to buy or sell the currency in a big way until the meeting is out of the way. Some analysts warned investors from becoming too fixated on the $500 billion figure. Sean Keane, managing director at Triple T Consulting, argued the Fed might instead promise to buy $100 billion of bonds initially and reconsider future moves at future policy meetings to give itself room for flexibility.
If that happens, Keane said investors could be disappointed as they might interpret the move as within expectations. That would help the US dollar to rebound, lift US government bond yields and trigger a pull-back in stocks and commodities. That would spur the Australian and New Zealand dollars to retreat as well. Conversely, if the Fed offers to buy far more bonds than investors had expected, the US dollar would slide, while stocks, commodities and commodity currencies would rally. That could help the Australian dollar break above its 28-year high of $1.0025 to test $1.0236, the 161.8 Fibonacci projection of the currency's range this year. The soft Australian dollar weighed on the New Zealand dollar , which traded at $0.7720 in a narrow range amid thin volumes. It had hit a 27month high of $0.7742 overnight. Analysts have put much of the kiwi's strength of the past two weeks down to external factors, and the outcome of the Federal Reserve is seen dictating its near-term course. -Reuters
much of the session. The dollar rose 0.9 per cent against the yen to 81.13, hitting a high of 81.51 and taking out options barriers at the 80.50 level. The all-time low of 79.95 yen was still in focus
as the market stayed sensitive to the potential for fresh Japanese intervention to stem the yen's rise. Gains in dollar/yen were helped by US data showing a 43,000 rise in private sector payrolls last month, a higher-thanexpected reading for an index of services sector activity, and an
increase in factory orders. Sterling hit a nine-month high of $1.6157 after strongerthan-expected UK services sector activity data added to the view that the Bank of England may not implement more QE any time soon. Sterling last traded up 0.2 per cent at $1.6096. Traders also said liquidity had dried up since the start of the week, with one trader in London saying his turnover in the past two days had been the lowest in five years. In other currencies, the Australian dollar fell 0.4 per cent to US$0.9949, retreating from a 28-year high above parity after weak building sector data took some of the shine off the currency. The Aussie had rallied on Tuesday after the Australian central bank raised interest rates. -Reuters
Yuan up, may see more appreciation SHANGHAI: Spot yuan ended up on the dollar on Wednesday as the People's Bank of China set a much stronger mid-point, signalling Beijing may concede to the United States to let the yuan stage another leg of appreciation. The PBOC's stronger reference rate, from which the yuan can rise or fall 0.5 per cent in a day, comes ahead of a visit to Asia by US President Barack Obama during which he is expected to press China to let the yuan appreciate, among other things. Obama, who will have oneon-one talks with Chinese President Hu Jintao on Nov. 11 at a Group of 20 summit in Seoul, has called on China to allow for a stronger yuan, which US officials say is kept artificially low, hurting US jobs and competitiveness. China appears willing to consider US positions. The government is ready to work with other countries to achieve balanced economic growth and will seek to perfect its exchange rate system to increase the flexibility of its yuan currency, Chinese President Hu Jintao told the French daily Le Figaro in an interview published on Monday.
China also typically grants goodwill gestures ahead of political events that boost pressure for yuan appreciation. Ahead of the previous G20 summit in late June, the government abolished a nearly two-year peg of the yuan to the dollar on June 19. "We are optimistic that the yuan could rise to around 6.6 against the dollar by late November, in particular if the Fed decides another quantitative easing that will weaken the dollar," said a dealer at a European bank in Shanghai. The yuan closed up at 6.6761 versus the dollar from Tuesday's close of 6.6777 after the PBOC set the mid-point at 6.6818, much stronger than Tuesday's 6.6925. It has now risen 2.25 per cent since its depegging to the dollar in mid-June. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) fell to a more than one-week low of 6.4228 bid in late trade from 6.4360 at Tuesday's close, with their implied 12-month yuan appreciation rising to 4.03 per cent from Tuesday's 3.82 per cent based on Wednesday's PBOC fixing. -Reuters
Indian rupee retreats from 2-week peak MUMBAI: The Indian rupee retreated from its highest level in two weeks on Wednesday as the market was spilt on the possibility of further quantitative easing in the United States while dollar demand from importers also weighed. The partially convertible rupee closed at 44.35/36 per dollar, after touching 44.24 earlier, its strongest since Oct. 19 and marginally above its close of 44.37/38 on Tuesday. "There was lot of two-way interest today. The market is divided on quantitative easing in the US There was good dollar selling by offshore players while good onshore demand mainly from oil firms," said Ashtosh Raina, head of FX trading at HDFC Bank. Traders said rates hikes by the central bank on Tuesday, though along expected lines, would help the rupee in the medium to longer term by helping attract larger inflows. Foreign funds have so far in
2010 purchased shares worth a record $26.3 billion, in addition to last year's record $17.5 billion. One-month offshore nondeliverable forward contracts were quoted at 44.50, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.52, 44.52 and 44.5075 respectively, with the total traded volume on the three exchanges at a low $5 billion. Reuters
Source NZD NZD AUD AUD CHF GBP GBP GBP USD USD USD
Events Employment Change q/q Unemployment Rate Retail Sales m/m Trade Balance CPI m/m Halifax HPI m/m Asset Purchase Facility Official Bank Rate Unemployment Claims Prelim Nonfarm Productivity q/q Prelim Unit Labor Costs q/q
Forecast 0.5% 6.7% 0.5% 2.13B 0.7% 0.4% 200B 0.50% 437K 0.9% 0.8%
Previous -0.3% 6.8% 0.3% 2.35B 0.0% -3.6% 200B 0.50% 434K -1.8% 1.1%
Forecast
Previous
Previous Day Source
Events
CHF GBP USD USD USD USD USD
Retail Sales y/y Services PMI ADP Non-Farm Employment Change ISM Non-Manufacturing PMI Factory Orders m/m Crude Oil Inventories Federal Funds Rate
Actual
3.8% 53.2 43K 54.3 2.1% 2.0M
1.4% 0.1% 52.4 52.8 21K -2K 53.5 53.2 1.3% 0.0% 1.7M 5.0M <0.25% <0.25%
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.4160 1.4177 0.877 0.8773 1.3765 1.3768 114.23 114.79 0.9761 0.9822 1.0091 1.0115 1.6115 1.6165 130.72 131.21 0.9672 0.9746 1.4249 1.4271 83.28 83.41 1345.01 1363.93 24.75 25.03
Bid 1.4112 0.8762 1.3751 114.21 0.9763 1.0082 1.6112 130.67 0.9998 1.4237 83.22 1345.21 24.72
Low 1.3990 0.87 1.3714 112.83 0.9715 1.0065 1.601 129.04 0.9632 1.4122 82.15 1327.66 23.96
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 03/11/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55375 1.02667 0.58125 SN 0.09438 1WK 0.24828 0.55563 1.05500 0.69750 0.10688 2WK 0.25000 0.56000 1.07833 0.74250 0.11250 1MO 0.25375 0.56875 1.10750 0.80625 0.12688 2MO 0.26859 0.62750 1.15750 0.86813 0.15313 3MO 0.28594 0.73913 1.21167 0.99000 0.19625 4MO 0.33375 0.82350 1.27667 1.04750 0.28000 5MO 0.39500 0.92500 1.33167 1.13250 0.33688 6MO 0.44438 1.02750 1.40333 1.22813 0.39625 7MO 0.49225 1.10250 1.46167 1.27813 0.45750 8MO 0.54125 1.18475 1.54333 1.32563 0.50500 9MO 0.59313 1.26563 1.60833 1.37438 0.55375 10MO 0.64750 1.34250 1.68000 1.41875 0.58250 11MO 0.70281 1.41000 1.75833 1.46125 0.60938 12MO 0.76038 1.47913 1.84500 1.50563 0.63688
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Dec 07 2010 Nov 04 2010 Nov 05 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 03,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.75 137.47 120.23 84.98 87.51 85.56 12.91 1.06 14.67 66.58 16.12 22.87 11.06 12.85 305.48 27.78 66.13 23.56 23.35 0.08 2.88
85.55 137.15 119.95 84.78 87.30 85.36 12.88 1.06 14.63 66.42 16.09 22.81 11.04 12.82 304.76 27.71 65.98 23.50 23.29 0.08 2.88
85.37 136.84 119.67 84.56 87.08 85.13 12.85 1.06 14.59 66.25 16.04 22.75 11.01 12.78 303.96 27.64 65.80 23.44 23.23 0.08 2.87
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 03, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.90 12.10 12.15 12.38 12.67 12.85 12.95 13.10 13.15 13.38 13.65 13.70 13.72 13.75 13.75 13.78 13.80 13.80 14.20 14.35
11.85 12.05 12.15 12.40 12.67 12.80 13.02 13.07 13.15 13.30 13.65 13.70 13.72 13.75 13.75 13.80 13.80 13.78 14.20 14.35
11.80 12.15 12.27 12.50 12.72 12.85 13.02 13.08 13.20 13.40 13.67 13.74 13.75 13.75 13.76 13.77 13.78 13.85 14.20 14.35
11.90 12.10 12.20 12.40 12.67 12.85 13.02 13.12 13.22 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35
11.80 12.00 12.25 12.45 12.70 12.85 13.00 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.80 13.85 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.95 12.15 12.25 12.45 12.67 12.82 13.02 13.10 13.20 13.40 13.70 13.73 13.74 13.75 13.75 13.80 13.85 13.85 14.25 14.35
11.87 12.09 12.21 12.43 12.68 12.84 13.01 13.10 13.19 13.38 13.65 13.71 13.74 13.75 13.75 13.78 13.78 13.84 14.21 14.34
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.53 0.31 0.70 0.84 0.52 0.56
0.87 0.03 0.78 -0.61 0.41 0.14
-0.83 -0.70 0.68 0.23 0.45 -0.16
EUR/USD NZD/USD
-0.89 -0.01 0.88 0.06 0.60 0.50
0.84 0.31 0.84 0.86 0.88 0.77
USD/CAD USD/CHF
0.99 0.77 0.77 0.86 0.64 0.60
-0.87 -0.65 -0.81 -0.55 0.25 -0.50
0.00 -0.14 -0.53 -0.93 -0.76 -0.68
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)03/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 11.75
12.25
11.85
12.35
12.20
12.70
12.65
12.90
12.80
13.05
12.95
13.45
13.20
13.70
13.30
13.80
ABPL JSBL
ASK
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
ASPK 11.75
12.25
11.95
12.45
12.15
12.65
12.70
12.95
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
CIPK
11.70
12.20
12.10
12.60
12.30
12.80
12.80
13.05
13.10
13.35
13.20
13.70
13.25
13.75
13.30
13.80
DBPK 11.55
12.05
11.85
12.35
12.00
12.50
12.65
12.90
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.65
12.15
11.75
12.25
12.00
12.50
12.65
12.90
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
F LAH 11.75
12.25
11.85
12.35
12.25
12.75
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
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
HKBP 11.80
12.30
11.90
12.40
12.15
12.65
12.70
12.95
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.75
12.25
12.10
12.60
12.60
13.10
12.90
13.15
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 11.65
12.15
11.80
12.30
12.40
12.90
12.80
13.05
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
SAMB 11.85
13.85
HBPK
12.35
12.00
12.50
12.30
12.80
12.80
13.05
13.00
13.25
13.15
13.65
13.25
13.75
13.35
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
NBPK 11.75
12.25
11.85
12.35
12.10
12.60
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
MCBK
S CP K 11.65
12.15
11.85
12.35
12.10
12.60
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.35
13.85
UBPL 11.70
12.20
11.90
12.40
12.20
12.70
12.70
12.95
13.00
13.25
13.15
13.65
13.20
13.70
13.35
13.85
AVE
12.22
11.88
12.38
12.19
12.69
12.73
12.98
12.96
13.21
13.11
13.61
13.20
13.70
13.31
13.81
11.72
4 Thursday, November 4, 2010
Pakistan & Global Competitiveness
The Financial Daily International Vol 4, Issue 89
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: 92-21-5311893-6 Fax: 92-21-5388428 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
Facing lenders with heart Lately, Pakistan has been avoiding facing the lender of the last resort namely IMF because it failed to meet some of agreed conditions but at the same time, as well, it’s wishfully expecting an early release of remaining two tranches. Cancellation of the meeting scheduled for Tuesday also looked part of this strategy. However, the advisors forgot that last minute cancellation of a meeting of such strategic importance reflects non-seriousness of the Pakistani team. If, in the least bit, the meeting with president was a must, it should have been held earlier rather than asking the lenders to defer the scheduled meeting. President does have some charismatic powers but it’s only facts that set the tempo and shape the outcome of a meeting of such sort. It has been repeatedly reiterated that if the government can’t meet some conditions for whatever reasons, it must convey it to the lender with courage rather than putting up lame excuses later on. Lenders are fully aware of the devastations caused by the floods and should have been willing to condone the missing of some of the targets but backing out from their commitment of imposing new taxes and/or raising electricity/gas tariffs was a bad reflection on the part of economic managers. All and sundry know that the present government has failed in containing its extravaganzas and terming it a loan covenant is totally incorrect and misleading. Lenders are only demanding containing budget deficit. This could be done either by containing expenses or mobilising additional resources. Regretfully, it is the government which refuses to contain extravaganzas but is always ready to impose new taxes. It has also become a cliché owing to its repetition that rising intercorporate debt is the outcome of gross management rather than the authorities' not recovering the full cost from the consumers. Unless transmission and distribution losses are curtailed and recoveries of long outstanding receivables realised any hike in tariff will fail in improving cash flow of the utilities. The IMF is fully cognisant of the fact that Pakistan just can't achieve the GDP growth target and enhance revenue collection under the prevailing conditions. In such a scenario any attempt to raise electricity and gas tariffs will prove counterproductive. Rising cost of doing business is eroding competitiveness of the local manufacturers and also rendering made-inPakistan products uncompetitive in the global markets. Keeping interest rate high, in an attempt to contain inflation has also proved futile. It is true that the conditions are very difficult but it is also a fact that political leaders and policy planners are equally responsible for the current mess. However, very aptly, they try to pass on the blame to multilateral lenders. Burying head in the sand is a bird-brained idea which is not going to change the reality.
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.
Ehsan Mehmood Khan
G
lobal Competitiveness Report 2010-11 published by the World Economic Forum and Pakistan's GC Index therein is a true mirror image of our standing in today's globalized economy. Global Competitiveness is based on 12 pillars falling under three main categories. Pakistan's ranking in all these factors is appallingly low. Pakistan's overall ranking in Global Competitiveness Index is 123 amongst 139 countries. To add to ones' despair, Pakistan was 101 out of 133 countries last year and has dropped by virtually 20 points this year. Other than Nepal and East Timor, those behind Pakistan are all sub-Saharan countries to include Madagascar, Malawi, Swaziland, Nigeria, Lesotho, Côte d'Ivoire, Mozambique, Mali, Burkina Faso, Mauritania, Zimbabwe, Burundi, Angola and Chad. To correctly understand the context of the GC Index, its relevance for Pakistan it is important to view Pakistan's ranking in all 12 pillars. In basic requirements factor, Pakistan is ranked 132 and in its four pillars, 112 in institutions, 110 in infrastructure, 133 in macroeconomic requirements and 123 in health and primary education. In the realm of efficiency enhancers, Pakistan is ranked 95 and in its six pillars 123 in higher education and training, 91 in goods market efficiency, 131 in labor market efficiency, 73 in financial market development, 109 in technological readiness and 31 in market size. It stands 76 in innovation and sophistication and in its two pillars, 79 in business sophistication and 75 in innovation. It may be observed that virtually all pillars are directly or indirectly linked
“
with the quality and competitiveness of people, thus making a case for knowledge-based economy. It is also important to note that all these pillars have policy linkages and implications. There are two main issues that can be discussed herein: our economic efficiency and the economic priority. The problem with Pakistan's econo-
business..." Within a span of five years, the World Bank re-noted in July 2007 that, "Addressing the shortcomings of Pakistan's economic management is critical not only for restoring macroeconomic stability but also for reducing the likelihood of reversals leading to another cycle of growth giving way to stagnation." The problem is not with the size of economic "mass" of Pakistan. Primary issues f a c i n g Pakistan's economy may be summarized as: growth unpredictability because of ever-existing political uncertainly; imprudent allocation of resources; total reliance on domestic borrowings and foreign loans to make for fiscal as well as current account deficit; inability to keep pace with the modern economic trends; and near indifference of the political leadership towards economy. Today, Pakistan's economic space is marred by
It may be observed that virtually all pillars are directly or indirectly linked with the quality and competitiveness of people, thus making a case for knowledge-based economy my is that except for the decade of 1960s, it has never been able to salt away the juggernaut of our political opportunity structure. Claims and counter-claims overshadow Pakistan's economic landscape. Often it is proclaimed by the government that Pakistan is moving fast on the pathway to become Asian Tiger. Soon (with the change of the government), the Tiger hood claims vanish, and it occurs that the national treasury is empty and that Pakistan is at the verge of default. It is not only the Pakistani polity that keeps its populace budging between high hopes and deep despondencies. Even the international financial institutions are often found on extreme poles. For instance, the World Bank noted in September 2005 that "Pakistan was the top reformer in the region and the number 10 reformer globally - making it easier to start a
“
revisit our economic priorities both as a state and society. As for now, there seems to be no confusion that education is one of the last concerns of the state. In my honest view, if we do not do anything else and just invest in our people, we can enhance our global competitiveness times more than today and can find a bright socio-economic future in the near term. It is ironic to note that the nation whose tax revenue (to include both direct and indirect taxes) is estimated to be Rupees 1778.7 billion for FY 2010-11, has been allocated a peanut amount of Rupees 34.5 billion for Education Affairs Service in the annual budget. Thus, by means of simple mathematics, Pakistan's per capita education expenditure comes to virtually Rupees 191; horrifying indeed. Likewise, if we go down to expenditures on higher and lower education separately, the situation is even more awful. Education is one of the fundamental human rights in today's world and a duty on every Muslim (both male and female). People of Pakistan have started looking for extra-public educational outlets. Enrollment in private schools has already reached 30 per cent at primary level, 23 per cent at secondary level and 64 per cent at higher secondary level. Yet, over 43 per cent Pakistanis are illiterate even by our standards, let alone the standards of global competitiveness. Even under today's appalling conditions, Pakistan's is 26th largest economy of the world. If we are too poor to allocate an appropriate share from the national exchequer of this size on the luxury of education, can we divert Rupees 90 billion being spent on Benazir Income Support Programme to education sector? I leave this question for the readers to ponder upon!
Addressing the shortcomings of Pakistan's economic management is critical not only for restoring macro economic stability but also for reducing the likelihood of reversals leading to another cycle of growth giving way to stagnation rent-seeking at macro-level, opportunity-seizing at meso-level and acute despair at micro level. A lot of water has flown over our heads. It is high time that we start thinking in terms of short-term recovery, medium-term stability and long-term sustainability of our economy. That said, we also need to seriously
Obama’s midterm loss could be Netanyahu MidEast win F
or Benjamin Netanyahu, the view from Capitol Hill seemingly couldn't get much better. A US midterm election rout by the Republicans, widely seen in Israel as staunch allies, could give the Israeli leader even more incentive to resist pressure from a weakened US President Barack Obama for concessions in Middle East peace negotiations. Several Israeli political sources said on Wednesday members of Netanyahu's inner circle were cheered by the blow dealt to a Democratic president who is sharply at odds with the right-wing prime minister over Jewish settlement in the occupied West Bank. Palestinians, who broke off US-brokered direct talks with Israel in September after Netanyahu refused to extend a limited building moratorium in West Bank settlements, said they hoped Obama would stay the course in pursuing peace.
"There is no doubt that the outcome of the election has strengthened tremendously the pro-Israeli elements in the US at large, in the House of Representatives, in the Senate and throughout the political establishment," said Yoram Ettinger, a former Israeli diplomat who served in the United States. "This is going to constrain immensely the manoeuvrability of the president, who is generally pretty critical (even) negative towards Israel. Which would require the president, in my mind, to limit his pressure on Israel," he said. But some political sources said the US-educated Netanyahu was taking a more cautious view of the impact of Tuesday's vote on Obama's foreign policy and prospects for a second term. The sources said Netanyahu was well aware that Democrat Bill Clinton, who also tried to forge Israeli-Palestinian peace,
had rebounded from a Republican sweep in a 1994 midterm ballot and won re-election as president two years later. PRESSURE Under international pressure to bend, Netanyahu is also believed to be working on a possible resumption of the partial freeze of housing starts in West Bank settlements in return for a package of security-related incentives from Washington. A new moratorium could help Netanyahu avoid alienating Obama further as both Israel and the United States explore ways to deal with Iran's nuclear programme, which the West believes is aimed at producing atomic weapons, an allegation Tehran denies. Obama is widely expected, now that the election is over, to boost US diplomatic efforts to revive Israeli-Palestinian peace talks. Time could be running out: the Arab League, on Oct. 9,
gave the United States one month -- a period when the US election campaign was at a peak -- to persuade Israel to halt settlement construction or risk the complete collapse of the negotiations. Next week, Netanyahu will take a personal reading of the post-election scene during a 5day visit to the United States, where he will address a US Jewish conference and meet Vice President Joe Biden to discuss the stalled peace process. The Israeli leader also plans to give a series of media interviews and officials said he was trying to arrange a meeting with US Secretary of State Hillary Clinton. Obama will be on a trip to Asia at the time. Yasser Abed Rabbo, a Palestinian peace negotiator, voiced confidence the Republican victories would have no bearing on the White House's Middle East policy. "The American interests in the region do not change as a
result of midterm elections," he told Voice of Palestine radio. But George Giacaman, a Palestinian political scientist, said the Obama administration had already shown "great weakness" in standing up to Israel over settlements. When the White House confronted Israel last year over plans for settlement expansion on land Palestinians want for a state, Republicans seized on the dispute as a sign that Obama was weak on security issues and unfairly pressuring on a trusted ally. "Maybe there will be a period of waiting to see if the American administration plans to do some serious work but there is a great feeling of despair and hopelessness," Giacaman said. In any case, he said, "we only have one year left" before Obama devotes his attention to a campaigning for re-election in the 2012 presidential poll. Reuters
Saudis hope to revive tourism during Hajj R
ashed Abdullah displays Oriental perfumes on a glass table to late-night shoppers in his small shop in Mecca ready for what he hopes will be a sales bonanza during this month's Hajj pilgrimage. He is confident of attracting customers after fears of a swine flu outbreak kept many away last year. "This year will be the best. There is really strong demand," he said, standing behind an incense collection in one of dozens souvenir shops around the Grand Mosque in Mecca. Business has picked up in Islam's holiest city since Ramadan, the Islamic fasting month which fell in August and September when many visit Mecca. The annual Hajj is one of the world's biggest religious gather-
ings, bringing together millions of pilgrims in Saudi Arabia, the birthplace of Islam. In 2009, the number of pilgrims fell to about 2.5 million but a record 4 million are expected next week when the Hajj begins. "We wanted to come last year but friends advised us to postpone so we came this year," said Shaikh Habib, a pilgrim from India who came with four members of his family. While last year hotels had trouble filling rooms in Mecca and the nearby port city of Jeddah, where most arrive by air, this year hotels are almost entirely fully booked. "People are really interested and everyone is trying to make up for last year ... things will be much better this year," said Walid Abu Sabaa, head of the
tourism and hotels committee at the Mecca chamber of commerce. Mecca governor Khalid alFaisal said 1.5 millions foreign pilgrims had already arrived, Saudi daily al-Watan said on Wednesday. "Sales have been going well, many have arrived early," said Salah al-Maqdad who sells prayer beads and perfumes. PILGRIM TOURISM John Sfakianakis, chief economist at Banque Saudi Fransi, said foreigners were forecast to spend 8 billion riyals ($2.1 billion) during the Hajj , up from 7.2 billion last year, while locals would spend 3.6 billion riyals versus 3.3 billion riyals. "The multiplier effect from the Hajj season for the entire economy could surpass 35 billion riyals this year alone," he
said, adding last year it was 31 billion riyals. Tourism GDP would surpass 7.2 percent of non-oil GDP this year, up from 6.8 percent in 2009, and 2.8 percent of overall GDP, up from 2.6 percent last year, he estimated. Although revenues from pilgrims are small compared to the massive wealth of the kingdom because of its oil and gas resources, it helps a sector the government is developing. Faced with a fast-rising population of 18 million Saudis, the government needs to create jobs and developing tourism is one area to do that. "The main economic potential for the Hajj is encouraging pilgrims to visit elsewhere in the kingdom," said Paul Gamble, head of research at Saudi bank Jadwa Investment
in Riyadh. So far pilgrim visas are limited to visit the two holy cities of Mecca and Medina but officials have said they are working on plans to allow visits to tourist sites as well. "There are a variety of potential tourists sites in and around the Mecca region," Gamble said. Even in the evening, the floodlighted Grand Mosque -home to the Kaaba, the ancient cube-shaped shrine that Muslims around the world face when they pray -- is packed with worshippers, while dozens rest or picnic in the nearby streets. "We want to stay as long as possible and we also want to see Medina," said Shaikh Habib's brother Fairouz, after performing evening prayers in the haram.-Reuters
5
Thursday, November 4, 2010
South East Asian stocks
European shares end lower on US Fed caution KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,681.87 10,617.65 64.22 0.60 106.16
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,320.55 3,303.38 17.17 0.52 7.62
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,711.91 2,692.52 19.39 0.71 0.30
Major Gainers
Symbol
Close
Change
UPFL 1,090.00 BATA 615.41 NESTLE 2,000.00 RMPL 1,690.00 SAPT 98.45
41.82 29.30 20.00 10.40 4.25
Major Losers
Symbol
Close
Change
FZTM 443.39 ULEVER 4,052.46 COLG 832.68 IDYM 234.50 SRVI 178.46
-23.33 -17.53 -14.32 -11.5 -9.23
Top 5 Volume Leaders
Symbol DGKC LOTPTA BOP BAFL ATRL
Close Vol (mn) 26.77 10.27 9.71 9.78 109.27
9.59 8.88 8.37 7.06 4.72
Active Issues Plus Minus Unchanged
130 241 27
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
Institutional profiting robs KSE of recent gains Nawaz Ali KARACHI: As resultsâ&#x20AC;&#x2122; season is almost over and no positive triggers are in near sight Karachi Stock Exchange (KSE), after a heavy bull-run a day earlier, turned red on Wednesday mainly due staterun institutions' profit-booking. The benchmark KSE 100Index fell by 64 points to close at 10,617 points, KSE 30-Index dropped 82 points to close at 10,177 points and KSE All Share Index went down by 44 points to close at 7,388 points. "Investors opted to book profits at inflated levels in the absence of positive triggers",
said Jawad Khan, equity dealer at JS Global Capital. Market managed to continue the bullish activities during the first couple of hours of the session touching an intraday high of 10,759 points (+ve 77 points) owing to offshore investors' buying. It should be noted that index had ended with a heavy gain of 143 points on Tuesday. But bulls failed to stay there for long as profit-taking mainly by a state-run institution at higher levels wiped off the gains. Analysts said that results season that created some enthusiasm has almost ended thus profit were booked big time.
FTSE ends lower LONDON: Britain's top share index closed lower on Wednesday, with retailers weak as Next posted falling sales, while banks gained ground after Lloyds Banking Group poached Santander UK's head as its new CEO. Investors were reluctant to take big positions ahead of a Federal Reserve decision on further monetary policy easing later on Wednesday. Markets are pricing in a commitment to buy at least $500 billion in Treasury debt over five months. The FTSE 100 ended 8.46 points, or 0.2 per cent, lower at 5,748.97, having risen 1.1 per cent on Tuesday. Retailers were out of favour after Next Britain's No.2 fashion retailer, said consumers are facing near double-digit price rises for clothes next year, as it posted a slightly bigger-thanexpected fall in third-quarter sales at its shops. Its shares fell 2.2 per cent. Marks & Spencer shed 1.9
per cent, pressured as RBS repeated its "sell" rating on the stock. Tesco, Wm Morrison Supermarkets and J Sainsbury dropped 0.6 to 1.8 per cent. But the main focus was on the United States, with many traders feeling there are potential downside risks from the Fed decision, due at 1815 GMT, particularly on the back of recent strength in the markets. "(Investors) are bracing themselves for a decision on QE (quantitative easing) and are poised for a surprise number," Yusuf Heusen, senior sales trader at IG Index, said. "There is a strong feeling that there will be a "sell the number" effect given recent strong gains, hence the slide in the FTSE late this afternoon," he said. British aerospace electronics group Cobham slid 9.5 per cent after a disappointing thirdquarter update and downbeat outlook hit by US contract delays.-Reuters
ANNOUNCEMENTS
Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
Mostly up ahead of Fedâ&#x20AC;&#x2122;s QE decision
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Company I.B.L.Modaraba I.B.L.Modaraba (Colony) Sarhad Wateen Telecom Ltd TRG Pakistan Ltd. TRG Pakistan Ltd.(Consolidated)
Period Yearly 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr
Div/Bon/Right PAT (Rs in mn) 3%(F)(D) 2.127 2.956 -4.568 -317.270 -1.398 172.156
EPS(Rs) 0.110 0.160 -1.140 -0.510 -0.004 0.400
Secondly, investors stayed cautious over the outcome of International Monetary Fund (IMF)'s meeting with government officials while according to experts expectations of an increase in T-bill yields too had a negative impact on the market. Therefore index closed the day near its day's lowest level of 10,613 points (-ive 68 points) Ahsan Mehanti, Director Arif Habib Investments was of the view that expectation of a rise in T-bill yields in SBP auction today catalysed negative activities at KSE despite continuous foreign interest in oil & gas, banking, and fertiliser
KSE EOGM set for today Staff Reporter KARACHI: An extra-ordinary general meeting (EOGM) of Karachi Stock Exchange (KSE) members will be held at the bourse today (Thursday) at 4PM, it is learnt. According to sources, the meeting's agenda is to amend articles of the exchange in order to make it mandatory for the future chairman to be a broker as well for members think a See # 18 Page 11
DG FIA to visit KSE on 6th Staff Reporter KARACHI: According to a statement issued here Wednesday Waseem Ahmed, Director General, Federal Investigation Agency, will visit Karachi Stock Exchange (KSE) on Saturday, November 6, 2010. The statement added that Ahmed will join in a luncheon meeting with the management of KSE and some of its senior members which would be followed by an informal interaction with all the members the exchange. During his visit he would discuss issues pertaining to the capital markets of Pakistan and its participants.
HK at 28-mth high; small-caps hit China HONG KONG/SHANGHAI: Hong Kong shares rose 2 per cent to strike their highest levels in more than two years on Wednesday after a decisive break of major chart resistance caught traders off guard and prompted a flurry of short covering. However, the Shanghai Composite fell 0.5 per cent, weighed down by a selloff in small-cap stocks that had outperformed in a rally since early October. Hong Kong's Hang Seng index closed at 24,144.7, its highest level since June 2008, to easily outperform other Asian markets. The MSCI Asia ex-Japan index was up 0.8 per cent. The Hang Seng jumped higher after breaking through 23,800, the 61.8 per cent retracement of the market's fall during the global financial crisis. "The rally was quite fast and triggered many stop losses along the way," said Alex Wong, director at Ample Finance Group.
Banking shares, which have the heaviest weighting on the Hang Seng and have seen renewed buying interest, led the rally. ICBC, the world's most valuable lender, rose 4.5 per cent. China Construction Bank gained 2.7 per cent. ICBC's chairman said in a news conference in Bangkok that the bank was looking for acquisitions in Southeast Asia as it looks to broaden its regional footprint. Fund flows into Asia have ballooned in recent weeks as speculation about the size and duration of another round of asset purchases by the US Federal Reserve gathered steam, weakening the dollar and making regional assets more attractive. Property stocks advanced in the afternoon session, largely on short-covering, but also on expectations of more "hot money" flowing into Hong Kong. Sun Hung Kai Properties closed 6.6 per cent higher
and was the top gainer on the Hang Seng. SHANGHAI SLIPS In Shanghai, the main stock index fell further back from a six-month closing high on Monday as retail investors took some profits. An index of small-cap companies fell 1.4 per cent, underperforming the broader market's decline. However, the small-cap index is up 13.7 per cent this year, compared with a 7.5 per cent drop for the Shanghai Composite. A 14-per cent rally in the Shanghai Composite index since the start of October has drawn new investors into the market. ChiNext, China's Nasdaq style second board in Shenzen, has fallen heavily since Tuesday, after the end of a lock-up period prompted swathes of investors to shed stocks, which on average trade around 60 times 2010 earnings, almost triple the 23 times for the Shanghai market.-Reuters
sectors. Meetings of government officials with IMF would conclude on Nov 6. These meetings are taking place to discuss the possible release of the sixth tranche of an $11 billion emergency loan agreed in November, 2008. It should be noted that IMF has expressed concern about slow implementation of energy sector reforms and Revised General Sales Tax, officials said. Despite a bearish ending; foreigners' interest witnessed some improvement as according to NCCPL data they did a net-buying of $4.18 million on
Wednesday while locals were mainly on the selling side as mutual funds and banks did a net-selling of $2.14 million and $1.82 million respectively. Volumes were marginally lower as 106.1 million shares traded in the overall market -- 2 million shares less as compared to a turnover of 108.1 million shares a day earlier. D.G.Khan Cement was the volume leader of the session with 9.59 million shares followed by Lotte Pakistan 8.88 million and Bank of Punjab with 8.37 million shares. Out of total 398 active issues 241 declined and 130 advanced while 27 did not change.
Indian shares rise ahead of Fed move MUMBAI: The BSE Sensex climbed for the third session in four on Wednesday, tracking firm markets elsewhere ahead of an expected announcement by the Federal Reserve that it will pump in more stimulus to nurse a US fragile recovery. Financials topped the gainers list, a day after the Reserve Bank of India raised interest rates but said it was likely not to make further rate moves for the next three months. India's services sector expanded last month at a faster rate than in September, bringing an end to a 3-month decline in the key business activity index, a survey showed. The 30-share BSE index gained 0.59 per cent or 120.05 points to 20,465.74 points, with 21 of its components ending higher. The Sensex is around 750 points away from its all-time high seen in Januray 2008. "I don't see much downside risk to the market," said Prasanth Prabhakaran, president of retail broking at IIFL. "The quarterly results were largely in line. RBI's action yesterday was also on expected lines. Coal India money should return to the market now," he said. Coal India's $3.5 billion ini-
tial share sale, which concluded last month, generated orders of around $50 billion. The stock makes its trading debut on Thursday. Net foreign fund investment in Indian equities has totalled a record $26.1 billion year to date, driving the benchmark index 17.2 per cent higher. India, Thailand, and Singapore exchange traded funds posted the largest inflows among Asian markets in October, while China, Hong Kong, and Taiwan saw the largest outflows, TrimTabs said in a note on Tuesday. The US-based research firm expects foreign capital to continue chasing emerging markets equities against a backdrop of an expected second tranche of quantitative easing by the Fed. India's banking sector index rose as much as 1.3 per cent to an all-time high on Wednesday. Top lender State Bank of India rose 2.2 per cent while leading private sector lenders ICICI Bank and HDFC Bank gained 0.6 per cent and 0.2 per cent respectively. Vehicles maker Tata Motors gained 2.7 per cent, continuing recent momentum amid strong demand for cars in India. See # 17 Page 11
US stocks mid-day
Wall St slips on caution ahead of Fed NEW YORK: US Stock indexes ticked lower on Wednesday as investors were cautious before the Federal Reserve was expected to announce it would buy bonds in a bid to bolster the economy's mild recovery. The inverse correlation between stocks and the US dollar was evident, with swings in the value of the greenback affecting equities. The Fed statement, due at 2:15 p.m. EDT, was likely to unveil the extent and length of time of the purchases -- widely seen to total some $500 billion. Volatility was expected if the amount varied significantly from market expectations. The S&P 500 index has risen more than 13 per cent since September, helped by speculation of further Fed easing. The Dow Jones industrial average (.DJI) dipped 15.06 points, or 0.13 per cent, to 11,173.66. The Standard & Poor's 500 Index (.SPX) fell 2.66 points, or 0.22 per cent, to 1,190.91. The Nasdaq Composite Index (.IXIC) lost 8.79 points, or 0.35 per cent, to 2,524.73. The CBOE Volatility index (.VIX), known as Wall Street's "fear gauge," rose 1 per cent after ending lower on Tuesday for the first time in more than a week. The index usually moves inversely with the S&P 500, tracking option prices investors are willing to pay as a protection on the underlying stocks. The S&P 500 has recently been unable to break and hold above its 200-week moving average, now slightly above 1,193 and on a downward slope. Markets had factored in a Republican takeover of the House of Representatives following Tuesday's midterm elections, analysts said. Republicans also increased their ranks in the Senate, possibly heralding a legislative stalemate when the new Congress begins work in January. The election turned out much as expected, Setrakian said. "That's why you're seeing a muted reaction, specifically in energy and healthcare," he said. See # 16 Page 11
Dhiyan
A MIX OF MOVEMENTS SEEN Kashif Mustafa, NAMCO Market outlook is positive and may sustain at around 10,700 points level in the coming days. There are chances of its touching 11,000-mark after mid-November. Such a feat it would perform mainly due to higher international oil prices, continued foreign interest, materialisation of foreign commitments and improved political situation. Investors are therefore advised to continue their positions in oil stocks while fresh buying can be done in 1st tier banks and some oil stocks. Market would be positive today however profit-taking can be seen towards the end of the session.
Syed Faran Rizvi, Technical Analyst Invisor Securities Again market tested its 52-week high as a resistance level and fell towards 10-day moving average .We are seeing major resistance for intraday trading at 10,674 points level while closing above 10,700 points is the only way that can give strength to bulls. If the index fails to sustain at these levels then market is likely to see some technical correction which can send the index below 10,500 levels. Therefore we recommend traders to sell and order stop loss at 10,690 points level while they are advised to buy near 10,450 points in fertiliser and oil sectors. Today, the market will move both ways.
6
Thursday, November 4, 2010
Market Volume
106,159,288
Value
4,593,890,093
Trades
67,345
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
130 241 27 398
10,617.65 10,760.08 10,610.09 i64.22
PE
High Low 1,379.37 1,347.74 Total cos Defaulter cos P/BV (x) ROE (%) 3.30 32.54
Attock PetroleumXDXB 691 5.11 301.49 Attock Refinery 853 6.13 105.84 BYCO Petroleum 3921 - 11.51 Mari Gas Company 735 16.54 123.88 National Refinery XD 800 3.28 224.17 Oil & Gas Development 43009 10.42 154.95 Pak Petroleum 11950 7.56 188.82 Pak Oilfields XD 2365 5.71 244.61 Pak Refinery Limited 350 - 78.57 PSO 1715 4.61 276.34 Shell Gas LPG 226 - 33.75 Shell Pakistan 685 9.81 191.45
303.00 109.90 11.79 123.89 224.98 156.50 189.80 247.00 82.49 279.60 35.43 199.80
293.10 105.75 11.06 121.30 220.10 153.62 185.03 241.00 78.00 271.10 34.99 190.00
Close Chg 295.13 109.27 11.21 122.09 221.00 154.07 185.85 241.79 79.05 272.12 35.43 191.32
-6.36 3.43 -0.30 -1.79 -3.17 -0.88 -2.97 -2.82 0.48 -4.22 1.68 -0.13
Close Change 1,353.23 -12.54 Listed cap Market cap 65,194.15 mn 1,066,032.14 mn Payout (%) Div Yield (%) 55.94 5.51 Last 60 days High Low
Volume 620199 4721867 4302887 39748 97865 1386450 1234558 2072577 101576 1411826 11460 111848
374.20 109.90 11.79 128.90 233.50 156.50 214.10 251.24 85.90 280.99 40.28 236.95
% Change -0.92 5-Day High 1,365.77 5-Day Low 1,340.42
2009 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS Open 1,205.26 Turnover 16,602,050 P/E (x) 7.51 PE
High Low 1,214.89 1,187.64 Total cos Defaulter cos P/BV (x) ROE (%) 2.63 35.00
Open
High
Low
250 10.72 76.61 273 5.76 157.60 1203 6.95 169.89 1996 2.18 1020 5.85 3663 1.59 3277 9.77 178.20 6635 - 13.46 22000 9.60 6785 7.79 109.45 9341 5.90 31.56 384 2.31 42.04 725 9.17 12.30 1388 7.20 128.47 15142 3.67 10.34 74 1.77 1106 1.40 120 2.50 214 8.69 107.02 551 14.32 13.25 90 6.63 33.64
79.00 157.89 170.50 2.40 5.95 1.75 180.50 13.59 9.73 109.60 31.88 43.78 12.36 129.95 10.56 1.88 1.46 2.60 107.90 13.90 34.49
75.11 149.72 167.15 2.18 5.60 1.50 177.25 13.22 9.50 107.25 31.15 40.10 12.10 127.25 10.20 1.60 1.39 2.50 106.00 13.08 34.49
Close Chg 78.04 150.66 167.72 2.23 5.62 1.56 177.73 13.28 9.66 107.50 31.29 43.00 12.10 127.81 10.27 1.76 1.45 2.50 106.00 13.17 34.49
1.43 -6.94 -2.17 0.05 -0.23 -0.03 -0.47 -0.18 0.06 -1.95 -0.27 0.96 -0.20 -0.66 -0.07 -0.01 0.05 0.00 -1.02 -0.08 0.85
Close 1,191.98 Listed cap 52,251.88 mn Payout (%) 48.81
Change -13.28 Market cap 267,317.34 mn Div Yield (%) 6.50
Last 60 days High Low
Volume 2969 47839 22364 20042 198502 469634 2373580 411512 364469 358042 2463312 105 20129 257878 8877470 74610 49806 2011 245 971707 200
87.99 166.99 182.00 2.98 6.20 2.00 182.20 15.20 11.74 109.99 31.88 48.24 13.85 131.40 10.75 3.24 1.65 3.49 127.20 13.90 46.25
% Change -1.10 5-Day High 1,205.26 5-Day Low 1,181.38
2009 Div BR (%) (%)
2010 Div BR (%) (%)
66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 165.60 6010B 40R 40 10.62 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.80 20 7.41 109.50 80 55 6.75 5 0.80 1.16 1.80 104.56 75 25 7.67 33.50 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,064.98 Turnover 17,131 P/E (x) 5.47
High Low 1,079.00 1,060.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,073.20 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.06
16.11 39.00
16.30 39.50
15.71 39.30
16.19 0.08 39.30 0.30
16322 804
Century Paper Security Paper
Open 744.92 Turnover 17,675 P/E (x) 5.63 Company
Change 8.22 Market cap 2,974.31 mn Div Yield (%) 4.62
Last 60 days High Low 21.80 48.00
15.28 38.10
% Change 0.77 5-Day High 1,109.34 5-Day Low 1,064.98
2009 Div BR (%) (%) - 425R 50 -
2010 Div BR (%) (%) 50
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092
Open 916.24 Turnover 78,921 P/E (x) 2.84
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
PE
565 3.76 675 555 8.60 1199 9.36 785 10.00
Open 24.70 2.90 13.90 45.02 9.01
High 25.00 2.95 14.00 45.27 8.99
High Low 923.00 896.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.94 33.10 Low 24.00 2.70 13.30 44.51 8.80
Close Chg 24.06 2.71 13.76 44.94 8.80
-0.64 -0.19 -0.14 -0.08 -0.21
Close 902.09 Listed cap 3,596.11 mn Payout (%) 30.91
Change -14.15 Market cap 8,624.03 mn Div Yield (%) 10.87
Last 60 days High Low
Volume 18372 45503 1901 12845 300
28.16 3.39 16.75 68.50 10.80
23.75 1.65 12.25 44.00 8.00
2009 Div BR (%) (%) 10
30B -
2010 Div BR (%) (%) 30 40 7.5
Low
Close Chg
Volume
Last 60 days High Low
7.12
71.71
72.50
70.11
71.16 -0.55
17665
80.90
Open 1,104.80 Turnover 292,059 P/E (x) 3.98 Paid up Cap(mn)
PE
Company
Paid up Cap(mn)
Close 959.46 Listed cap 54,792.74 mn Payout (%) 19.04
Change -17.39 Market cap 68,453.39 mn Div Yield (%) 2.84
High
Low
Agriautos Ind XD 144 5.05 67.00 Atlas Battery 101 4.60 156.43 Atlas Honda 626 7.31 104.43 Dewan Motors 890 1.48 Exide (PAK) 56 4.15 150.89 General Tyre 598 18.53 21.45 Ghandhara Nissan 450 3.70 4.90 Honda Atlas Cars 1428 - 11.26 Indus Motors 786 5.32 235.32 Pak Suzuki 823 11.70 74.02 Sazgar EngineeringXDXB 150 3.53 19.83 Transmission 117 1.80
67.75 155.80 105.10 1.47 152.00 21.50 5.57 11.90 237.00 74.89 20.00 2.00
66.00 153.45 104.60 1.40 145.00 21.00 4.98 11.30 232.00 73.25 18.85 1.62
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Al-Abbas Cement Attock Cement XD Balochistan Glass Ltd
1828 866 858
6.25 -
3.08 60.35 1.75
3.22 60.55 1.34
2.93 59.00 1.34
3.00 -0.08 59.42 -0.93 1.34 -0.41
12014 106186 1526
4.20 69.99 2.05
2.80 57.60 1.01
50 -
20B -
- 100R 50 -
Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement
182 14 956 25.57 982 12.54 3574 -
15.35 11.49 11.40 1.68 1.59
16.04 12.29 11.40 1.84 1.55
15.25 10.50 11.25 1.55 1.46
15.90 12.29 11.25 1.63 1.49
34223 101 9381 10004 110507
18.50 14.89 12.50 2.20 1.99
14.01 10.00 8.90 1.30 1.30
-
-
- 122R -
DG Khan Cement Ltd Fauji Cement Fecto Cement
3651 111.54 6933 14.45 502 3.21
27.72 4.84 6.00
28.18 4.90 6.20
26.60 4.77 6.00
26.77 -0.95 4.77 -0.07 6.16 0.16
9588447 156264 15100
28.30 5.50 6.90
23.02 4.51 4.25
-
20R 10B
-
20R -
Flying Cement Ltd Frontier Ceramics
1760 77
-
1.77 2.90
1.97 3.80
1.77 3.02
1.78 0.01 3.02 0.12
2.20 5.00
1.74 1.91
-
-
-
-
581 1288 13126
-
59.73 6.10 2.99
60.00 6.17 3.07
57.00 6.10 2.90
58.62 -1.11 6.17 0.07 2.95 -0.04
2103 7120 1411840
66.10 6.50 3.65
56.05 5.50 2.60
- 200R -
-
-
Lucky Cement XD Maple Leaf Cement Pioneer Cement
3234 5261 2228
6.42 1.33 -
73.03 2.85 7.96
73.90 2.95 8.05
70.75 2.80 7.70
71.51 -1.52 2.85 0.00 7.99 0.03
2370798 82321 45011
74.00 3.40 8.58
62.60 2.51 6.80
40 -
-
40 -
-
Safe Mix Concrete Shabbir Tiles
200 361
-
6.00 7.30
6.44 8.30
6.00 6.30
6.00 0.00 8.30 1.00
3113 3274
9.47 11.00
5.50 6.30
-
-
-
-
Javedan Cement Kohat Cement Lafarge Pakistan Cmt.
0.55 0.80 -0.15 -0.05 -0.10
33119 116
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 932.86 Turnover 47,580 P/E (x) 2.63 Company
Paid up Cap(mn)
PE
Open
High
High Low 935.90 908.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
Cherat PapersackXDXB 115 1.65 47.50 47.99 46.02 46.30 ECOPACK Ltd 230 2.18 2.19 2.00 2.05 Ghani GlassXDXB 1067 4.48 49.73 49.99 48.50 48.70 Merit Pack 47 44.50 17.90 17.90 16.90 17.80 Packages Ltd 844 54.49 106.50 107.35 105.50 106.26 Siemens Engineering 82 10.60 1285.00 1284.50 1226.00 1284.50 Tri-Pack Films 300 7.53 104.09 103.60 103.00 103.18
-1.20 -0.13 -1.03 -0.10 -0.24 -0.50 -0.91
Close 926.96 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 18588 177 1547 3700 21267 291 2000
Change -5.90 Market cap 34,625.80 mn Div Yield (%) 5.92
Last 60 days High Low 53.19 34.00 2.69 1.70 61.99 45.75 18.39 11.81 123.00 98.00 1285.00 1040.01 106.00 91.00
% Change -0.63 5-Day High 932.86 5-Day Low 896.20
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 900 -
10B -
25B 10B -
INDUSTRIAL ENGINEERING
Company Ados Pak AL-Ghazi Tractor
Paid up Cap(mn) 66 215
PE
1.06 16.98 4.86 205.00
Dewan Auto Engineering 214 Ghandhara Ind 213 10.39 KSB Pumps Millat Tractors XB Pak Engineering XD
Open
0.65 11.25
132 8.84 73.80 366 6.24 479.38 57 827.86 299.00
High
High Low 1,532.04 1,503.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 38.02 Low
Close Chg
16.95 16.50 16.50 -0.48 205.00 202.60 202.73 -2.27
Close 1,512.08 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Change -6.57 Market cap 31,327.03 mn Div Yield (%) 16.45
Last 60 days High Low
Open 1,507.09 Turnover 154,952 P/E (x) 33.46 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd 200 J D W Sugar 490 Mehran Sugar 143 National Foods XD 414 Noon Pakistan XD 48 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 S S Oil 57 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 UniLever Pakistan 665 Wazir Ali 80
2010 Div BR (%) (%)
1451 3373
21.96 227.45
14.62 200.00
20 400
-
150
-
0.42 -0.23 11.22 -0.03
5412 56587
1.00 18.80
0.21 10.55
-
-
-
-
73.84 70.20 73.84 0.04 484.50 475.90 477.31 -2.07 299.00 295.00 298.03 -0.97
279 68190 169
88.50 597.90 324.80
70.20 390.00 284.95
35 450 125
25B -
650 100
25B -
0.63 11.70
0.21 11.00
20B
% Change -0.41 5-Day High 762.16 5-Day Low 737.87 2010 Div BR (%) (%) 40
-
Close Chg 66.65 154.02 105.00 1.47 145.04 21.50 5.33 11.33 233.06 73.49 18.92 1.85
-0.35 -2.41 0.57 -0.01 -5.85 0.05 0.43 0.07 -2.26 -0.53 -0.91 0.05
Close 1,096.90 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 1621 4988 958 4205 202 2615 199580 4021 54152 9299 8413 2002
Change -7.90 Market cap 39,790.42 mn Div Yield (%) 5.13
Last 60 days High Low 72.99 195.80 122.51 2.08 155.99 26.70 6.09 12.98 258.00 87.00 27.58 3.25
63.01 131.00 92.00 1.16 121.10 21.00 4.03 9.65 212.29 69.25 18.85 1.53
% Change -0.72 5-Day High 1,107.18 5-Day Low 1,094.58
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 80 50 100 5 2
90 100 60 20 150 10 -
20B 30B 20B -
20B 20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
47.71
Total Assets (Rs in mn)
59,223.06
MA (10-day)
2.44
Total Equity (Rs in mn)
4,958.87
MA (100-day)
2.83
Revenue (Rs in mn)
MA (200-day)
3.55
Interest Expense
1st Support
2.45
Loss after Taxation
2nd Support
2.42
EPS 09 (Rs)
1st Resistance
2.48
Book value / share (Rs)
2nd Resistance
2.48
PE 10 E (x)
Pivot
2.45
PBV (x)
5,061.63 5,490.40 (4,227.75) (4.446) 5.22 0.46
KASBB closed down -0.05 at 2.42. Volume was 352 per cent above average (trending) and Bollinger Bands were 65 per cent narrower than normal. The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 31.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KASBB at a relatively equal pace. Trend forecasting oscillators are currently bearish on KASBB.
Ghandhara Nissan Limited
PE
Open
High
High Low 1,518.35 1,500.02 Total cos Defaulter cos P/BV (x) ROE (%) 10.14 30.30 Low
Close Chg
11.62 5.60 6.04 6.04 6.04 0.44 0.69 14.00 14.00 13.00 13.04 -0.96 4.37 42.90 43.05 42.95 42.98 0.08 0.78 9.50 10.00 9.35 9.70 0.20 1.78 1.69 1.69 1.69 -0.09 6.19 30.00 30.09 29.81 30.03 0.03 11.34 12.76 12.25 12.25 12.25 -0.51 2.61 77.34 79.00 77.00 78.02 0.68 3.23 58.89 59.00 57.25 57.61 -1.28 16.04 42.00 43.60 41.12 42.99 0.99 2.78 19.90 19.60 18.90 19.48 -0.42 0.46 5.75 5.80 5.65 5.70 -0.05 6.62 37.98 36.09 36.09 36.09 -1.89 2.11 2.10 2.06 2.08 -0.03 0.33 3.55 3.89 3.89 3.89 0.34 1.00 13.90 13.90 13.80 13.90 0.00 16.30 11.07 11.25 10.90 11.25 0.18 4.87 4.99 4.36 4.99 0.12 18.92 4069.99 4094.49 4050.00 4052.46 -17.53 7.00 7.10 7.00 7.00 0.00
Close 1,506.47 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -0.62 Market cap 196,561.45 mn Div Yield (%) 0.91
Last 60 days High Low
500 11.70 3.26 6602 14.03 10.50 43500 45.99 39.25 50380 11.40 8.00 2000 2.90 1.11 18458 32.25 25.06 1000 16.98 11.90 5360 80.80 60.10 1752 59.25 48.50 3163 65.00 39.01 7805 29.87 18.90 803 6.35 4.00 1200 41.52 32.50 2000 3.40 1.60 500 3.89 2.51 214 14.90 11.50 7996 11.90 8.00 1080 6.40 3.02 233 4220.00 3710.00 200 8.20 4.75
2009 Div BR (%) (%) 10 40 35 40 40 35 30 10 15 458 -
25B 30B 25B 10B -
% Change -0.04 5-Day High 1,514.83 5-Day Low 1,497.25 2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 12 178 -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
65.71
Total Assets (Rs in mn)
MA (10-day)
4.60
Total Equity (Rs in mn)
3,392.10
MA (100-day)
5.32
Revenue (Rs in mn)
MA (200-day)
5.53
Interest Expense
1st Support
5.03
Loss after Taxation
2nd Support
4.71
EPS 09 (Rs)
1st Resistance
5.62
Book value / share (Rs)
2nd Resistance
5.89
PE 10 E (x)
3.70
Pivot
5.30
PBV (x)
0.34
698.25 2,053.96 344.95 (312.17) (6.937) 15.52
GHNL closed up 0.43 at 5.33. Volume was 718 per cent above average (trending) and Bollinger Bands were 7 per cent narrower than normal. The company's profit after taxation stood at Rs16.028 million which translates into an Earning Per Share of Rs0.36 for the 1st quarter of current fiscal year (1QFY11). GHNL is currently 3.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into GHNL (bullish). Trend forecasting oscillators are currently bullish on GHNL.
Telecard Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,120.16 Turnover 183,908 P/E (x) 3.27 Company AL-Abid SilkXBXR Diamond Ind Pak Elektron Tariq Glass Ind
High Low 1,135.10 1,109.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.35 10.64
Paid up Cap(mn)
PE
Open
High
Low
115 90 1174 231
2.83 3.36 2.02
25.68 12.74 13.38 17.14
26.25 12.89 13.80 17.48
26.25 11.74 13.26 16.80
Close Chg 26.25 12.78 13.32 16.88
0.57 0.04 -0.06 -0.26
Close 1,119.91 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 200 117 166810 16778
Change -0.25 Market cap 5,319.25 mn Div Yield (%) 1.92
Last 60 days High Low 35.00 19.70 15.43 18.80
25.03 11.74 12.17 14.50
2009 Div BR (%) (%) 7.5 -
10B -
% Change -0.02 5-Day High 1,157.30 5-Day Low 1,115.33 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
PERSONAL GOODS Performance of SR Personal Goods Index Open 944.16 Turnover 9,780,730 P/E (x) 6.35 Company
Paid up Cap(mn)
Amtex Limited XD 2415 Artistic Denim XD 840 Azam Textile XD 133 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Brothers Textile 98 Chakwal Spinning XD 400 Chenab Limited 1150 Chenab Ltd Pref 800 Colgate Palm 316 Crescent Textile XD 492 D S Ind Ltd 600 Data Textile 99 Dawood Lawrencepur 514 Dewan Farooque Spin. 600 Ellcot Spinning XD 110 Fazal Cloth 188 Gadoon Textile XD 234 Gillette Pakistan 192 Gul Ahmed Textile XD 635 Gulistan Textile XD 190 Gulshan SpinningXDXB 222 Hira Txt.Mills Ltd. XD 716 Ibrahim Fibres XD 3105 Janana D Mal 43 Kohat Textile 208 Kohinoor Ind 303 Kohinoor Mills 509 Kohinoor Spinning XD 1300 Kohinoor Textile 1455 Leather Up 60 Masood Textile XD 600 Mehmood Textile XD 150 Mian Textile 221 Nagina Cotton 187 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Premium Textile XD 62 Prosperity XD 185 Ravi Textile 250 Reliance Cotton XD 103 Reliance Weaving 308 Sally Textile XD 88 Sana Ind XD 55 Service Ind 120 Shadab Textile XD 30 Shahpur Textile 140 Shahtaj Textile XD 97 Shield Corp XD 39 Suraj Cotton XD 180 Tata Textile XD 173 Thal LimitedXDXB 307 Treet Corp 418 ZahidJee Textile 341 Zephyr Textile Ltd 594 Zil Limited XD 53
PE
Open
11.18 5.34 5.41 19.50 0.34 2.45 - 10.53 0.47 13.85 5.10 586.11 0.64 0.46 1.44 3.33 1.86 31.26 847.00 3.92 21.45 1.86 0.50 44.81 39.70 4.93 6.39 0.61 20.00 0.97 52.50 0.50 48.33 - 64.81 3.59 25.21 1.11 18.57 0.89 7.35 0.74 4.00 3.03 38.02 0.25 16.44 0.27 1.20 1.54 2.94 0.34 1.04 3.66 5.30 2.07 1.74 2.06 19.25 0.70 59.85 0.50 0.76 14.90 1.73 20.79 4.37 51.89 2.03 6.03 0.45 29.50 1.06 14.40 1.67 0.58 31.49 0.65 9.67 0.22 4.17 2.40 31.98 6.11 187.69 0.24 9.56 0.69 0.59 - 17.19 6.05 46.89 0.72 31.95 0.22 22.05 4.14 96.19 8.19 49.00 0.42 2.16 5.26 4.25 2.96 44.16
High
High Low 954.18 934.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 8.64 Low
Close Chg
5.45 4.81 4.92 -0.42 19.50 19.30 19.49 -0.01 2.80 2.48 2.48 0.03 10.75 10.21 10.30 -0.23 14.50 12.85 13.26 -0.59 615.41 605.50 615.41 29.30 0.50 0.40 0.50 -0.14 1.43 1.05 1.05 -0.39 3.65 3.34 3.60 0.27 2.48 1.72 1.92 0.06 869.99 805.02 832.68-14.32 21.00 20.38 20.38 -1.07 1.95 1.80 1.83 -0.03 0.50 0.20 0.21 -0.29 39.50 38.00 38.09 -1.61 6.15 6.00 6.11 -0.28 20.69 19.50 20.20 0.20 53.25 49.88 51.79 -0.71 48.00 45.92 46.09 -2.24 68.05 61.57 64.38 -0.43 25.47 25.00 25.00 -0.21 19.00 17.57 18.45 -0.12 7.75 7.25 7.30 -0.05 4.15 3.90 3.95 -0.05 39.70 37.00 38.58 0.56 15.45 15.44 15.44 -1.00 0.51 0.51 0.51 -0.69 1.64 1.45 1.56 0.02 3.50 2.07 2.16 -0.78 1.24 0.70 0.93 -0.11 5.45 5.10 5.13 -0.17 1.74 1.74 1.74 0.00 19.49 18.31 19.49 0.24 57.00 57.00 57.00 -2.85 0.50 0.50 0.50 0.00 14.75 14.04 14.75 -0.15 21.57 20.77 20.85 0.06 52.25 50.75 50.90 -0.99 6.02 6.01 6.02 -0.01 29.45 28.10 28.53 -0.97 14.00 13.55 13.88 -0.52 1.72 1.66 1.66 -0.01 33.00 29.92 33.00 1.51 9.99 9.15 9.26 -0.41 4.70 4.00 4.50 0.33 31.99 30.50 31.54 -0.44 186.00 178.31 178.46 -9.23 9.20 8.56 8.56 -1.00 0.70 0.50 0.50 -0.09 17.00 16.81 17.00 -0.19 49.23 45.00 49.15 2.26 32.05 32.00 32.03 0.08 23.15 22.51 23.15 1.10 97.50 95.01 96.95 0.76 51.45 50.20 51.45 2.45 3.16 2.00 3.16 1.00 4.00 4.00 4.00 -0.25 44.16 44.10 44.16 0.00
Close 940.46 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 2760067 464 765 1072558 49966 10366 5025 19005 95003 8015 1085 338 100367 11081 2027 5000 736 3059 21206 701 700 1123 2234 238833 8001 11500 199 3380 2906 5541 10042 500 206 10050 5294 500 2281726 2506919 2000 553 2454 37001 502 303 129 315 248124 1200 8501 5050 170 565 4708 67055 143094 570 1100 280
Change -3.69 Market cap 119,894.05 mn Div Yield (%) 2.63
Last 60 days High Low 20.45 24.05 3.45 12.32 14.50 624.00 1.50 2.59 4.29 2.61 885.00 27.00 2.49 0.96 49.40 6.45 25.45 53.25 51.50 73.00 25.96 24.84 10.30 4.88 40.30 20.50 1.50 1.95 3.79 2.00 6.30 2.50 22.88 74.50 0.98 17.50 23.55 54.27 7.72 31.03 21.47 3.15 33.00 12.00 6.20 38.40 255.29 11.50 1.90 21.90 60.00 37.50 23.15 112.80 52.14 4.00 4.90 48.75
4.72 17.55 1.35 8.55 7.50 436.00 0.12 0.70 2.93 1.21 615.00 17.89 1.44 0.02 37.00 2.05 17.21 41.00 33.80 57.50 19.99 17.57 5.31 2.52 34.05 9.95 0.46 1.01 1.52 0.56 4.00 1.10 18.31 55.00 0.01 12.00 14.64 40.81 5.16 25.71 12.51 1.38 21.38 6.91 2.74 27.50 176.00 7.60 0.18 14.75 43.29 29.00 14.02 86.50 37.20 2.00 1.50 33.00
2009 Div BR (%) (%)
% Change -0.39 5-Day High 950.01 5-Day Low 940.38 2010 Div BR (%) (%)
30 20 20 7.5 20 120 5 115 15B 15 5 7.5 35 -100SD 70 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 5 15 15 100R 4050.2257B 60 - 20SD - 50R 15 20 25 45R 12.5 7.5 50 20 30 20 - 25SD 10 35 60 200 10 20 45 - 30B 10 15 50 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH
% Change -0.43 5-Day High 1,541.45 5-Day Low 1,509.28
2009 Div BR (%) (%)
-
KASB Bank Limited
FOOD PRODUCERS
Performance of SR Industrial Engineering Index Open 1,518.65 Turnover 135,468 P/E (x) 7.99
60.05
2009 Div BR (%) (%)
Alert ! Unusual Movements
Performance of SR Food Producers Index
20B -
% Change -1.78 5-Day High 976.86 5-Day Low 959.46
High Low 1,116.16 1,090.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 25.35
Open
Performance of SR Construction and Materials Index High Low 988.74 945.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10
Change -3.07 Market cap 13,031.40 mn Div Yield (%) 1.97
High
CONSTRUCTION AND MATERIALS Open 976.86 Turnover 13,999,480 P/E (x) 6.70
Close 741.85 Listed cap 3,242.17 mn Payout (%) 11.08
Performance of SR Automobile and Parts Index
-
% Change -1.54 5-Day High 925.98 5-Day Low 902.09
High Low 753.44 725.10 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53
Open
Performance of SR Industrial Metals and Mining Index
Paid up Cap(mn)
16,795.35 17,065.41 16,762.75 i178.59
PE
INDUSTRIAL METALS AND MINING
Company
Current High Low Change
10,177.49 10,337.68 10,163.15 i82.40
AUTOMOBILE AND PARTS
Company
Performance of SR Chemicals Index
Company
Current High Low Change
INDUSTRIAL TRANSPORTATION
Low
Company
7,388.87 7,486.71 7,385.92 i44.53
KMI 30 Index
Performance of SR Industrial Transportation Index
High
BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Gatron Ind XD Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD
Current High Low Change
KSE 30 Index
OIL AND GAS
Open
Paid up Cap(mn)
All Share Index
Performance of SR Oil and Gas Index Open 1,365.77 Turnover 11,809,974 P/E (x) 10.15 Company
KSE 100 Index
Symbols
Performance of SR Pharma and Bio Tech Index Open 881.55 Turnover 41,691 P/E (x) 6.49 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 306
High Low 887.90 867.11 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 22.31
Close 871.73 Listed cap 3,904.20 mn Payout (%) 44.54
PE
Open
High
Low
Close Chg
Volume
8.58 6.72 12.59 6.60 5.63
98.99 87.81 71.40 24.65 63.00
99.90 92.00 71.50 24.95 62.70
97.85 86.51 69.90 23.50 62.17
97.88 -1.11 89.00 1.19 70.01 -1.39 23.81 -0.84 62.60 -0.40
2214 2545 22981 11571 2286
Change -9.82 Market cap 29,004.13 mn Div Yield (%) 6.86
Last 60 days High Low 104.00 124.00 80.00 25.79 64.50
77.00 83.00 65.00 22.10 53.36
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change -1.11 5-Day High 881.55 5-Day Low 865.11 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
49.98
Total Assets (Rs in mn)
9,719.17
MA (10-day)
2.41
Total Equity (Rs in mn)
2,838.82
MA (100-day)
2.52
Revenue (Rs in mn)
3,791.47
MA (200-day)
2.88
Interest Expense
1st Support
2.27
Profit after Taxation
44.07
2nd Support
2.18
EPS 09 (Rs)
494.14 0.147
1st Resistance
2.49
Book value / share (Rs)
9.46
2nd Resistance
2.62
PE 10 E (x)
0.70
Pivot
2.40
PBV (x)
0.25
TELE closed down -0.06 at 2.34. Volume was 94 per cent above average and Bollinger Bands were 10 per cent narrower than normal. The company's profit after taxation stood at Rs251.746 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). TELE is currently 18.4 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 moderate flows of volume into TELE (mildly bullish). Trend forecasting oscillators are currently bullish on TELE.
Dewan Cement Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
45.66
Total Assets (Rs in mn)
21,596.72
MA (10-day)
1.56
Total Equity (Rs in mn)
4,222.04
MA (100-day)
1.65
Revenue (Rs in mn)
5,682.57
MA (200-day)
2.21
Interest Expense
1st Support
1.45
Loss after Taxation
2nd Support
1.41
EPS 09 (Rs)
1st Resistance
1.54
Book value / share (Rs)
2nd Resistance
1.59
PE 10 E (x)
Pivot
1.50
PBV (x)
463.19 (163.21) (0.457) 11.81 0.13
DCL closed down -0.10 at 1.49. Volume was 3 per cent below average and Bollinger Bands were 43 per cent narrower than normal. The company's loss after taxation stood at Rs173.394 million which translates into a Loss Per Share of Rs0.46 for the 1st quarter of current fiscal year (1QFY11). DCL is currently 32.6 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 moderate flows of volume into DCL (mildly bullish). Trend forecasting oscillators are currently bullish on DCL.
BOOK CLOSURES Company
From
Sapphire Fibres 04-Nov Sapphire Textile Mills 04-Nov Pakistan Strategic Allocation Fund 04-Nov TeleCard 06-Nov Punjab Oil Mills 09-Nov Jahangir Siddiqui & Co 09-Nov 1st Punjab Modaraba 09-Nov Biafo Industries 10-Nov Amtex Limited 12-Nov Karachi Electric Supply Corp. 15-Nov East West Life Assurance 15-Nov Nestle Pakistan 16-Nov Fauji Fertilizer Co 21-Nov Thal Limited 23-Nov Sui Northern Gas Pipelines 24-Nov Sui Southern Gas Pipelines 24-Nov Fazal Cloth Mills 26-Nov East West Insurance Co 01-Dec MCB Bank 03-Dec Dawood Hercules Chemicals 07-Dec Engro Corporation (Standalone) 07-Dec Fauji Fertilizer Bin Qasim 14-Dec Oil and Gas Development Co 14-Dec
To
D/B/R
11-Nov 11-Nov 10-Nov 12-Nov 15-Nov 23-Nov 15-Nov 16-Nov 23-Nov 28-Nov 23-Nov 22-Nov 27-Nov 30-Nov 30-Nov 30-Nov 03-Dec 07-Dec 10-Dec 13-Dec 21-Dec 20-Dec 21-Dec
1 28R 1 12.5(i) 7.80(R) 10R 250(ii) 20(iii) 20 100(SD) 10(B) 30(iii) 20(ii) 20(ii) 12.5(iii) 15(i)
Spot AGM/Date 29-Oct 29-Oct 01-Nov 01-Nov 04-Nov 04-Nov 05-Nov -
11-Nov 11-Nov 12-Nov 12-Oct 24-Nov 15-Nov 23-Nov 30-Nov 30-Nov 30-Nov 29-Nov -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables 51.1 TRG Pakistan Ltd. 4.3 Murree BreweryXDXB 73.23 Shezan Internat XD 94.87 Lakson Tobacco 327.9 Pak Tobacco 112.59 Eye Television 20.8 PIAC(A) 2.33 AKD Capital 54.25 Pace (Pak) Ltd. 2.88 Netsol Technol.XD 19
High 51.25 4.38 73.5 93 329 112.8 20.5 2.4 56.96 2.89 19.3
Low Close 50 4.12 72 92 314 112.5 20.5 2.2 54.01 2.79 18.65
50.97 4.17 72.9 92 321.08 112.64 20.5 2.31 56.96 2.81 18.68
Change -0.13 -0.13 -0.33 -2.87 -6.82 0.05 -0.3 -0.02 2.71 -0.07 -0.32
Vol 606 3965282 2741 195 969 2100 1000 17576 5958 389383 497420
7
Thursday, November 4, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,110.10 Turnover 1,869,864 P/E (x) 6.00 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A TelecardSPOT WorldCall Tele Wateen Telecom Ltd
High Low 1,121.91 1,095.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
PE
Open
High
Low
Close Chg
78 4.91 37740 12.59 3000 0.70 8606 6175 -
83.76 18.83 2.40 2.49 3.56
83.00 19.00 2.53 2.52 3.59
79.58 18.65 2.31 2.40 3.37
79.58 18.89 2.34 2.45 3.44
-4.18 0.06 -0.06 -0.04 -0.12
Close 1,109.83 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 8294 728042 805301 328227 100661
Change -0.28 Market cap 76,849.34 mn Div Yield (%) 10.42
120.61 19.76 2.77 2.98 5.00
79.58 17.32 1.80 2.30 3.37
% Change -0.03 5-Day High 1,110.10 5-Day Low 1,079.19
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Ask Gen Insurance Atlas Insurance Central Insurance XB EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Silver Star Insurance
204 7.21 369 5.40 279 6.24 1250 400 2.71 718 15.68 791 15.43 3000 36.82 350 303 5.03 253 4.19
11.30 33.50 54.89 41.80 11.40 84.50 56.57 14.52 3.24 9.40 6.99
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy XD Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
198 11572 6.12 1560 7932 1695 11.56 8803 4.80 3673 2.88 3541 23.15 1367 150 -
0.84 33.55 1.61 2.14 20.91 39.53 13.66 14.54 2.20 0.95
1.09 33.74 1.62 2.20 21.30 39.89 13.59 14.74 2.25 1.13
0.85 33.31 1.55 2.10 20.80 39.50 13.01 14.25 2.12 0.95
Close 1,159.67 Listed cap 95,369.29 mn Payout (%) 104.13
Change -7.68 Market cap 95,970.04 mn Div Yield (%) 8.13
% Change -0.66 5-Day High 1,186.78 5-Day Low 1,159.67
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.98 33.44 1.55 2.12 20.80 39.51 13.14 14.35 2.16 1.05
5656 377909 79602 282809 203 201572 538865 1549407 39987 11302
1.45 37.24 2.25 2.50 26.50 42.95 14.85 16.10 2.90 1.75
33.5 45 64.5 3
0.14 -0.11 -0.06 -0.02 -0.11 -0.02 -0.52 -0.19 -0.04 0.10
0.51 32.75 0.70 1.92 20.80 38.35 9.50 9.25 2.05 0.33
31R -
Open 837.43 Turnover 40,703 P/E (x) 91.00
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,748.66 Turnover 2,778,913 P/E (x) 11.16 Company Sui North Gas Sui South GasXDXB
High Low 1,797.63 1,722.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 11.41
Close 1,745.19 Listed cap 12,202.80 mn Payout (%) 66.79
Change -3.47 Market cap 37,534.97 mn Div Yield (%) 5.98
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
9.72 3.52
31.81 23.91
33.25 24.28
32.00 23.20
32.65 0.84 23.37 -0.54
2481689 297224
33.40 30.70
25.00 16.00
% Change -0.20 5-Day High 1,814.89 5-Day Low 1,726.32
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,022.21 Turnover 23,983,030 P/E (x) 7.34 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.37 55.56 Askari Bank 6427 7.22 15.41 Atlas Bank 5001 1.72 Bank Alfalah 13492 12.54 9.39 Bank AL-Habib 7322 6.85 32.00 Bank Of Khyber 5004 5.05 3.70 Bank Of Punjab 5288 9.43 BankIslami Pak 5280 815.00 3.30 Faysal Bank 6091 5.22 16.49 Habib Bank Ltd 10019 6.40 101.95 Habib Metropolitan Bank 8732 6.17 20.00 JS Bank Ltd 6128 2.77 KASB Bank Ltd 9509 2.47 MCB Bank Ltd 7602 8.91 203.65 Meezan Bank 6983 7.75 15.00 Mybank Ltd 5304 2.07 National Bank 13455 5.62 64.41 Network Mic Bank 300 1.10 NIB Bank 40437 2.65 Royal Bank Ltd 17180 6.75 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.63 Soneri Bank 6023 7.78 Stand Chart Bank 38716 10.15 6.53 Summit Bank Ltd 5000 2.82 United Bank Ltd 12242 6.60 55.78
High
High Low Close 1,039.03 1,010.58 1,017.60 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low
Close Chg
55.95 55.10 55.30 -0.26 15.55 15.15 15.17 -0.24 1.78 1.70 1.76 0.04 9.98 9.49 9.78 0.39 32.00 31.75 31.80 -0.20 4.35 3.70 3.79 0.09 9.99 9.25 9.71 0.28 3.39 3.25 3.26 -0.04 16.45 15.96 16.18 -0.31 103.50 101.90 102.41 0.46 20.40 20.00 20.17 0.17 2.90 2.75 2.80 0.03 2.45 2.42 2.42 -0.05 205.48 200.50 200.97 -2.68 15.49 14.50 14.65 -0.35 2.10 2.00 2.00 -0.07 64.90 64.13 64.32 -0.09 1.10 1.10 1.10 0.00 2.71 2.61 2.62 -0.03 6.99 6.50 6.55 -0.20 1.99 1.51 1.84 0.04 2.70 2.54 2.63 0.00 8.00 7.47 7.63 -0.15 6.72 6.33 6.60 0.07 2.90 2.77 2.80 -0.02 57.80 55.70 56.13 0.35
Volume
Change -4.62 Market cap 615,809.39 mn Div Yield (%) 5.52
Last 60 days High Low
86360 57.25 608281 16.65 24141 2.84 7060206 10.19 142862 33.75 43963 4.49 8371850 9.99 24853 3.69 241086 17.00 629281 107.15 70869 23.30 271947 2.90 325105 3.70 873211 207.00 42559 15.95 115564 2.75 2245968 70.75 7933 1.90 442736 3.25 106748 11.15 292319 2.65 453978 3.30 516642 8.00 8719 8.00 52353 3.70 975849 59.24
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.51 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -0.45 5-Day High 1,027.58 5-Day Low 1,007.50
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 693.55 673.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 5.20
Close 683.15 Listed cap 11,111.34 mn Payout (%) 79.54
Change 2.84 Market cap 43,542.90 mn Div Yield (%) 7.06
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 20.40
70.71
71.57
69.85
70.38 -0.33
262490
82.99
63.05
2009 Div BR (%) (%) 30
10B
EFU Life Assurance XB New Jub Life Insurance
% Change 0.42 5-Day High 683.15 5-Day Low 662.62 2010 Div BR (%) (%) 10
-
0.60 0.47 0.00 1.57 0.00 0.00 0.68 -0.16 -0.23 -0.10 -0.25
395 491 300 130674 4887 2000 477 233187 5111 2315 1809
12.25 35.00 61.98 49.14 13.04 86.69 60.50 16.90 4.16 9.91 9.50
8.45 27.10 47.37 34.76 10.04 66.02 52.21 12.50 1.66 8.00 6.00
40 20 40 35 35 30 30 20 -
10B 25B 8.7B 20B 15B 20B
10 10 -
UPTO 100 VOLUME
25R 10B 20B -
Symbols NBF FANM CENI COTT NONS SEL JOPP IDYM UDPL SCLL SALT TSMF SUTM OTSU TRPOL KOHP NESTLE FZTM GVGL GRAYS IBLHL TSML ICL KASBM SPLC ISTM CJPL HADC FFLM MUKT JKSM WYETH UPFL ALTN ISIL RICL SAIF GFIL AGL PNSC MACFL SHJS MFTM BCL SHFA FCONM ALICO PPP DSML DYNO GRYL IDRT PAKL ALQT GUSM MQTM SAPT CSUML FRSM FECS MIRKS MZSM THCCL SGPL GAIL SING BIFO KCL FPRM KSTM SSML BHAT CML NCLNCP HUSI BTL FASM DNCC IDEN HINO ATEL PTEC BAPL PGCL RMPL
High Low 841.58 829.49 Total cos Defaulter cos P/BV (x) ROE (%) 3.50 3.85
Close 841.00 Listed cap 2,290.72 mn Payout (%) 355.53
Change 3.57 Market cap 9,683.74 mn Div Yield (%) 3.91
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850 40.19 627 28.19
67.51 43.00
70.88 42.00
68.00 42.00
70.74 3.23 42.00 -1.00
40326 372
82.99 45.20
% Change 0.43 5-Day High 841.00 5-Day Low 827.36
2009 Div BR (%) (%)
51.25 34.50
2010 Div BR (%) (%)
5513.33B 10 -
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 376.18 Turnover 8,496,949 P/E (x) 42.30
High Low 386.76 369.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 0.91
Close 374.37 Listed cap 30,336.44 mn Payout (%) 99.56
Change -1.81 Market cap 26,532.28 mn Div Yield (%) 2.35
PE
AMZ Ventures
225
1.36
0.65
0.74
0.58
0.60 -0.05
61532
1.10
0.42
-
-
-
Arif Habib Investments
360
3.17
16.31
16.47
16.00
16.09 -0.22
1235
18.78
13.00
-
-
-
20B
Arif Habib Limited XB 450 12.52 Arif Habib Securities 3750 4.28 Dawood Cap Mngmnt. XB 150 1.33
24.89 23.53 1.50
25.29 24.18 1.54
24.40 23.25 1.49
24.53 -0.36 23.30 -0.23 1.49 -0.01
70157 1789571 265
40.02 30.53 2.25
24.40 20.90 0.50
15 -
25B -
30 -
20B -
Open
Low
1.85 -0.13
1002
2.91
2009 Div BR (%) (%) -
250
-
441
-
2.06
2.72
2.00
2.50 0.44
4635
3.35
1.85
-
-
-
-
3.10
3.10
3.00
3.01 -0.09
120000
4.50
2.00
-
-
-
-
2121 13.50
2.18
2.19
2.15
2.16 -0.02
42972
2.30
1.17
-
-
-
-
600 660.00
6.75
6.60
6.16
6.60 -0.15
657185
9.00
6.16
-
-
11.5
-
0.75 3.71 1.87
0.82 3.79 1.95
0.60 3.60 1.85
0.67 -0.08 3.70 -0.01 1.85 -0.02
146 16086 16341
1.00 5.29 2.84
0.44 2.54 1.17
-
10B -
-
10B -
9.88
10.22
Invest Bank Ist Cap Securities XB Ist Dawood Bank
2849 3166 626
Jah Siddiq Co
7633
9.96 0.08
4114805
JOV and CO
508
-
4.17
4.48
3.80
3.87 -0.30
1212501
JS Global Cap XD
500
7.16
27.01
27.15
25.75
26.65 -0.36
JS Investment
1000 25.25
6.12
6.28
6.03
6.06 -0.06
KASB Securities Orix Leasing
1000 821
4.41
4.10 6.20
4.25 6.45
4.00 5.71
4.00 -0.10 6.00 -0.20
775
-
2.33
2.44
2.10
2.15 -0.18
Pervez Ahmed Sec
-
9.85
1.51
11.74
-
2010 Div BR (%) (%)
Escorts Bank
0.66
1.85
Volume
Dawood Equities
Invest and Fin Sec XD
1.86
Close Chg
First Credit & Invest Bank Ltd 650 12.54
IGI Investment Bank
1.98
High
Last 60 days High Low
% Change -0.48 5-Day High 376.18 5-Day Low 369.01
Paid up Cap(mn)
Company
-
-
-243.778B 10
-
5.38
1.96
-
-
-
-
40.30
24.25
150
-
-
-
188999
7.09
5.10
-
-
-
-
41167 13157
4.95 6.45
3.20 3.66
-
-
-
-
260565
2.70
1.35
-231.08R
-
-
4536
8.80
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 680.31 Turnover 644,246 P/E (x) 11.27
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 15 50 -
11.90 33.97 54.89 43.37 11.40 84.50 57.25 14.36 3.01 9.30 6.74
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,177.99 1,155.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 9.35
11.90 33.00 53.50 42.11 11.40 84.50 54.00 14.30 2.73 9.00 6.70
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,167.35 Turnover 3,076,172 P/E (x) 12.81
11.90 33.99 56.85 43.89 11.40 84.50 58.00 14.75 3.67 9.64 7.00
Open 1,066.07 Turnover 2,202,584 P/E (x) 19.74 Company
Paid up Cap(mn)
AL-Meezan Mutual F.XD Asian Stocks XD Atlas Fund of Funds XD B R R Guardian Mod. Crescent St Mod.XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba XD Habib Modaraba JS Growth Fund JS Value Fund Meezan Bal. Fund XD Mod Al-Mali Pak Oman Advantage Pak Prem Fund Pak Strat Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st XD Punjab ModarabaSPOT Stand Chart Modaraba U D L Modaraba XD
1375 900 525 780 200 524 300 581 760 397 1008 3180 1186 1200 184 1000 1698 3000 1000 2835 2841 872 340 454 264
High Low 1,076.82 1,043.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 2.21
PE
Open
High
Low
5.17 14.95 1.41 2.91 1.63 7.81 11.63 0.55 1.93 2.05 5.30 37.13 10.00 5.24 9.00 11.39 7.16 1.64 5.43 4.53 2.25 7.43 4.28 1.57
6.25 3.00 3.13 1.28 0.63 1.30 5.00 1.89 2.70 6.13 6.15 2.99 2.81 5.50 0.90 10.48 8.20 7.49 5.80 8.58 4.06 0.90 1.52 9.00 5.55
6.40 2.99 3.50 1.43 0.84 1.39 4.70 1.88 2.74 6.25 6.15 3.04 2.89 5.45 1.17 9.48 8.25 7.50 5.85 8.72 4.14 0.99 1.60 9.25 5.56
6.07 2.99 3.11 1.26 0.56 1.20 4.60 1.73 2.65 6.15 6.06 2.90 2.74 5.45 0.90 9.48 8.17 7.40 5.60 8.41 3.99 0.89 1.55 8.73 5.50
Close Chg 6.20 2.99 3.50 1.28 0.65 1.25 4.65 1.73 2.70 6.15 6.15 2.97 2.80 5.45 0.90 9.48 8.20 7.45 5.65 8.47 3.99 0.99 1.56 8.73 5.51
-0.05 -0.01 0.37 0.00 0.02 -0.05 -0.35 -0.16 0.00 0.02 0.00 -0.02 -0.01 -0.05 0.00 -1.00 0.00 -0.04 -0.15 -0.11 -0.07 0.09 0.04 -0.27 -0.04
Close 1,055.74 Listed cap 29,771.58 mn Payout (%) 104.74
Change -10.33 Market cap 17,335.80 mn Div Yield (%) 8.25
Volume
Last 60 days High Low
15464 8000 900 9450 622 18845 93000 450 66111 30024 105 43182 31363 1841 2526 409 176700 1048000 50302 435719 54912 7599 86005 5750 14999
7.20 5.80 4.50 1.67 1.10 1.50 5.50 2.00 3.88 6.80 7.44 3.70 3.98 7.00 2.18 13.98 9.44 7.99 5.99 9.93 4.94 1.20 1.94 10.99 6.99
% Change -0.97 5-Day High 1,066.07 5-Day Low 1,049.23
2009 Div BR (%) (%)
5.85 2.80 2.53 0.90 0.16 0.76 0.99 1.30 2.32 4.80 5 5.56 20 2.65 2.31 10 5.30 0.56 7.05 9.605 7.00 6.01 4.00 7.60 3.50 0.70 0.57 7.75 16.5 4.71 10
2010 Div BR (%) (%)
- 18.5 8.2 2.2 0 1.2 17 11 21 5 10 - 15.5 - 1.04 - 18.6 - 11.53 10 20 10 3 1 17 - 12.5
-
Open
High
3.09 2.35 10.7 1.4 12.5 18.31 9.8 246 9.45 2.47 32.98 1.32 32.04 34.69 0.8 4.85 1980 466.72 33.07 47 8.45 31.9 26.13 1.4 0.63 5.89 0.75 0.67 1.35 0.58 6.98 815 1048.18 10 75.86 6.99 5.25 3.01 21.9 37.68 2.9 60.57 0.9 44.87 26.48 1.29 17.1 40 3.5 11.85 1.65 3.3 1.96 5.5 5.58 7.51 94.2 3.85 19.98 42.43 56.5 5.54 20.1 0.94 4.35 19.02 43.65 10 8.25 0.74 2.84 190.9 2.81 19.49 9.5 47.99 30.32 2.29 11.8 127.5 19.74 1.77 8.97 19.06 1679.6
3.44 2.5 11.25 1 12.99 18.55 9.99 234.5 10.26 2.6 34.59 1.88 33.64 33.7 1.5 4.8 2019 490.05 34.72 48 8.99 30.55 27 2.23 0.63 6.39 0.85 0.8 1.43 0.58 7 815 1090 10.5 76.9 7.47 5.9 2.91 22.86 38.2 2.9 63.59 1.25 45 27.8 1.85 18.1 41 2.61 12.84 1.99 3.4 1.96 4.5 6.49 7.75 98.45 3.97 20.95 40.31 59 5.49 19.9 0.5 4.9 19.5 45.69 9.99 8.4 0.99 2.7 191.9 2.79 18.49 9.9 48.9 31.49 2.29 11.8 130.18 18.74 2.1 9.49 19.85 1700.85
Low
Close
Change
3 2.5 11.25 1 12.99 18.51 9.8 234.5 10.23 2.3 34.5 1.49 33.64 32.97 0.92 4.2 1980 443.39 31.5 46.65 8 30.55 26.99 1.5 0.63 5 0.85 0.79 1.27 0.16 5.98 814 1025 9.25 72.15 6.99 5.5 2.7 22.49 36.01 2.9 63.59 0.99 44 26.07 1.35 18.1 41 2.61 11.97 1.26 3.4 1.96 4.5 5.4 7.55 98.45 3.2 20.95 40.31 59 5.49 19.12 0.5 4.15 18.1 45.69 9.99 8.4 0.85 2.7 190.9 2.79 18.49 9.7 48.8 31.49 2.29 11.8 130 18.74 2.1 9 19.85 1690
3.33 2.5 11.25 1 12.99 18.55 9.8 234.5 10.23 2.5 34.5 1.5 33.64 33.7 0.92 4.8 2000 443.39 31.5 46.98 8.5 30.55 27 1.5 0.63 5 0.85 0.8 1.33 0.45 6.21 814.6 1090 9.25 75.61 6.99 5.5 2.91 22.49 38 2.9 63.59 0.99 44 26.07 1.35 18.1 41 2.61 11.97 1.27 3.4 1.96 4.5 5.4 7.65 98.45 3.97 20.95 40.31 59 5.49 19.9 0.5 4.15 19.5 45.69 9.99 8.4 0.85 2.7 190.9 2.79 18.49 9.7 48.8 31.49 2.29 11.8 130 18.74 2.1 9 19.85 1690
0.24 0.15 0.55 -0.4 0.49 0.24 0 -11.5 0.78 0.03 1.52 0.18 1.6 -0.99 0.12 -0.05 20 -23.33 -1.57 -0.02 0.05 -1.35 0.87 0.1 0 -0.89 0.1 0.13 -0.02 -0.13 -0.77 -0.4 41.82 -0.75 -0.25 0 0.25 -0.1 0.59 0.32 0 3.02 0.09 -0.87 -0.41 0.06 1 1 -0.89 0.12 -0.38 0.1 0 -1 -0.18 0.14 4.25 0.12 0.97 -2.12 2.5 -0.05 -0.2 -0.44 -0.2 0.48 2.04 -0.01 0.15 0.11 -0.14 0 -0.02 -1 0.2 0.81 1.17 0 0 2.5 -1 0.33 0.03 0.79 10.4
Vol 100 100 100 100 100 100 100 99 92 69 65 60 60 51 50 48 38 35 34 30 28 25 25 21 20 20 20 20 19 19 16 15 12 11 11 10 10 10 10 10 10 9 6 6 6 5 5 5 4 4 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
High
DGKC-NOV 27.84 PSO-NOV 277.43 POL-NOV 245.82 NBP-NOV 64.85 NML-NOV 52.21 BOP-NOV 9.51 ENGRO-NOV 179.06 LUCK-NOV 73.17 MCB-NOV 203.86 FFBL-NOV 31.65 PPL-NOV 189.78 ANL-NOV 10.51 OGDC-NOV 153.79 AICL-NOV 70.99 PTC-NOV 18.95 NCL-NOV 21.11 FFC-NOV 108.5 UBL-NOV 56.44
28.28 280 247.7 65.3 52.48 9.95 181 74 205.25 31.99 190 10.7 155.45 71.5 19.04 21.4 108.5 56.6
Low
Close
26.8 273 242.05 64.52 51.1 9.5 178.12 71.51 201 31.3 186.5 10.3 153.5 70.26 18.9 21.4 108.5 56.5
27.02 273.53 243.4 64.76 51.26 9.87 178.71 71.94 201.82 31.4 186.7 10.37 154 70.71 19 21.4 108.5 56.5
Change
Vol
-0.82 1046000 -3.9 455000 -2.42 341000 -0.09 269000 -0.95 236500 0.36 225500 -0.35 210500 -1.23 200500 -2.04 193500 -0.25 157500 -3.08 92000 -0.14 79500 0.21 61000 -0.28 25000 0.05 10500 0.29 5500 0 2000 0.06 2000
ZERO VOLUME Symbols
Open
FIBLM FNBM TRIBL PKGI ANNT
1.9 6.99 2.87 6.2 12.95
High
Low
Close
1.57 6.95 2.48 6 12.8
1.57 6.95 2.48 6 12.8
1.57 6.95 2.48 6 12.8
Change
Vol
-0.33 -0.04 -0.39 -0.2 -0.15
0 0 0 0 0
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Nishat Mills Ltd
Bank Al-Falah Ltd
Company
Date
Time
Hinopak Motors Ltd. Dewan Salman Fibre Limited Nadeem Textile Mills Limited Balochistan Glass Limited Chenab Limited Pakistan Premier Fund Limited Shadman Cotton Mills Limited The Pakistan General Insurance
04-Nov 05-Nov 06-Nov 08-Nov 08-Nov 08-Nov 08-Nov 08-Nov
12:00 5:00 6:30 4:00 10:00 4:00 6:30 10:00
TECHNICAL LEVELS Company Adamjee Insurance
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
62.82
Support 1
10,565.15
MA (5-day)
10,614.24
Support 2
10,512.60
MA (10-day)
10,634.84
Resistance 1
10,715.15
MA (100-day)
10,045.75
Resistance 2
10,812.60
Fair Value
*Arif Habib Ltd
Rs Recommendations Buy
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Technical Outlook Technical Analysis
10,016.63
Pivot
10,662.60
Brokerage House
Fair Value
*Arif Habib Ltd
33
AKD Securities Ltd
32.06
TFD Research
29.1
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Neutral
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
67.90 30.74 28.34 29.54
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
326.94 10,229.91 12.49 31.47
* Target price for Dec-10 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Accumulate
AKD Securities Ltd
14.01
Positive
TFD Research
63.75 9.54 8.89 10.28
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 6,597.37 N/A 9.66
74.2
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
53.51 52.03 47.34 51.31
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 8,948.22 155.55 51.45
* Target price for Dec-10 & **Net Open Interest in future market
and Bollinger Bands were 37 per cent narrower than normal.
2.90
2.75
3.15
3.35
3.05
59.38
54.95
54.60
55.80
56.30
55.45
Arif Habib Limited
33.73
24.20
23.85
25.10
25.65
24.75
Arif Habib Securities
48.42
23.00
22.65
23.90
24.50
23.60
Askari Bank
49.20
15.05
14.90
15.45
15.70
15.30
Attock Cement
36.60
58.75
58.10
60.30
61.20
59.65
Attock Petroleum
36.20
291.15
287.20
301.05 307.00 297.10
Attock Refinery
79.33
106.70
104.15
110.85 112.45 108.30
Azgard Nine
45.34
10.10
9.90
10.65
10.95
10.40
Bank Alfalah
63.75
9.50
9.25
10.00
10.25
9.75
Bank Of Punjab
71.00
9.30
8.90
10.05
10.40
BankIslami Pak
51.43
3.20
3.15
3.35
3.45
3.30
DGK Cement
54.25
26.20
25.60
27.75
28.75
27.20
Dewan Cement
45.66
1.45
1.40
1.55
1.60
1.50
Dewan Salman
50.99
1.45
1.35
1.70
1.85
Dost Steels Ltd
55.00
2.65
2.55
2.90
3.05
2.80
EFU General Insurance 56.26
42.35
41.35
44.15
44.90
43.10
EFU Life Assurance
54.04
68.85
67.00
71.75
72.75
69.85
176.50
175.25
9.65
1.60
53.59 41.01
4.70
4.65
67.90
31.00
30.70
the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators
Fauji Fertilizer
50.40
106.65
105.75
Faysal Bank
73.86
15.95
15.70
Habib Bank Ltd
57.20
101.70
101.00
Hub Power
44.88
33.25
33.05
ICI Pakistan
60.27
126.75
125.65
129.45 131.05 128.35
Indus Motors
55.97
231.05
229.00
236.05 239.00 234.00
JOV and CO
61.45
3.60
3.35
4.30
4.75
4.05
Jah Siddiq Co
44.21
9.80
9.65
10.15
10.40
10.00
Japan Power
49.21
1.50
1.45
1.60
1.65
1.55
JS Bank Ltd
67.37
2.75
2.65
2.90
2.95
KESC
49.61
2.10
2.05
2.20
2.25
2.15
Kot Addu Power
39.79
39.35
39.25
39.75
40.00
39.65
Lucky Cement
49.13
70.20
68.90
73.35
75.20
72.05
Maple Leaf Cement
46.37
2.80
2.70
MCB Bank Ltd
54.99
199.15
197.35
National Bank
45.78
64.00
63.70
64.75
65.20
64.45
Netsol Technologies
50.65
18.45
18.25
19.10
19.55
18.90
NIB Bank
38.78
2.60
2.55
2.70
2.75
Nimir Ind Chemical
50.20
1.40
1.35
1.50
1.55
1.45
Nishat (Chunian)
59.60
20.55
20.25
21.35
21.85
21.05
51.85
52.80
51.30
reflect very strong flows of volume into BAFL (bullish). Trend forecasting reflect moderate flows of volume into NML (mildly bullish). Trend forecastoscillators are currently bullish on BAFL.
Buy Positive
ing oscillators are currently bullish on NML.
National Bank of Pakistan
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
83
Buy
*Arif Habib Ltd
AKD Securities Ltd
105.2
Buy
AKD Securities Ltd
TFD Research
72.75
Neutral
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
49.13 72.48 68.21 70.33
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
78
Buy
129.35 9,249.82 17.39 72.30
* Target price for Dec-10 & **Net Open Interest in future market age and Bollinger Bands were 51 per cent narrower than normal.
4.85
4.95
4.80
31.75
32.15
31.45
109.00 110.45 108.10 16.45
16.70
16.20
103.30 104.20 102.60 33.70
2.95
33.95
3.00
33.50
2.80
2.85
204.15 207.30 202.30
2.65
Neutral
Nishat Mills
53.51
50.35
49.80
92.3
Positive
Oil & Gas Dev XD
65.53
152.95
151.85
PIAC(A)
54.80
2.20
2.10
PSO XD
54.68
268.95
265.75
PTCLA
49.37
18.70
18.50
PACE (Pakistan) Ltd.
44.62
2.75
2.70
Pak Oilfields
52.48
239.50
237.25
245.50 249.25 243.25
Pak Petroleum
48.94
184.00
182.10
188.75 191.65 186.90
Pak Suzuki
45.12
72.85
72.25
74.50
75.50
73.90
Pervez Ahmed Sec
61.08
2.00
1.90
2.35
2.55
2.25
Pioneer Cement
50.10
7.75
7.55
8.10
8.25
Shell Pakistan
51.63
187.60
183.90
Sitara Peroxide
74.53
12.85
12.55
13.70
14.20
13.40
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
179.75 181.75 178.50
61.96
Technical Outlook
Technical Outlook
age (trending) and Bollinger Bands were 66 per cent narrower than normal.
41.20
Allied Bank Limited
Fauji Fert Bin
45.78 66.18 65.67 71.32
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 20,477.36 66.06 64.44
* Target price for Dec-10 & **Net Open Interest in future market
FFBL closed down -0.27 at 31.29. Volume was 41 per cent above average ENGRO closed down -0.47 at 177.73. Volume was 172 per cent above aver- LUCK closed down -1.52 at 71.51. Volume was 125 per cent above aver- NBP closed down -0.09 at 64.32. Volume was 0.01 per cent below averand Bollinger Bands were 0.01 per cent narrower than normal.
70.60
Al-Abbas Cement
Fauji Cement
238.8
* Target price for Dec-10 & **Net Open Interest in future market
Positive
Pivot
Engro Chemical
*Arif Habib Ltd
131.09 23,299.47 103.74 178.42
Buy
2nd
displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is relatively normal as compared to the
Buy
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
59.97
1st
Resistance 71.35 72.30
BAFL is currently 4.8 per cent below its 200-day moving average and is NML is currently 0.8 per cent below its 200-day moving average and is dis-
Lucky Cement Ltd
Leverage Position
Rs Recommendations
65
Technical Outlook
Leverage Position
(trending) and Bollinger Bands were 9 per cent narrower than normal.
205
53.59 176.66 178.22 185.55
10.25
Fair Value
BAFL closed up 0.39 at 9.78. Volume was 277 per cent above average NML closed down -0.99 at 50.90. Volume was 1 per cent below average
Rs Recommendations
Technical Analysis
*Arif Habib Ltd
* Target price for Dec-10 & **Net Open Interest in future market
Fair Value
208.75
Brokerage House
Buy
Technical Analysis
Technical Outlook
Technical Outlook
Rs Recommendations
14
Engro Corporation
Fauji Fertiliser Bin Qasim Ltd
Fair Value
Technical Outlook
Leverage Position
RSI (14-day) 54.25 Free Float Shares (mn) 182.55 MA (10-day) 27.21 Free Float Rs (mn) 4,886.85 KSE 100 INDEX closed down -64.22 points at 10,617.65. Volume MA (100-day) 25.62 ** NOI Rs (mn) 33.52 was 65 per cent above average and Bollinger Bands were 19 per MA (200-day) 26.94 Mean 27.32 cent narrower than normal. As far as resistance level is concern, the * Target price for Dec-10 & **Net Open Interest in future market market will see major 1st resistance level at 10,715.15 and 2nd DGKC closed down -0.95 at 26.77. Volume was 217 per cent above averresistance level at 10,812.60, while Index will continue to find its 1st age (trending) and Bollinger Bands were 12 per cent narrower than normal. support level at 10,565.15 and 2nd support level at 10,512.60. KSE 100 INDEX is currently 6.0 per cent above its 200-day moving DGKC is currently 0.6 per cent below its 200-day moving average and is average and is displaying an upward trend. Volatility is extremely displaying an upward trend. Volatility is extremely high when compared to high when compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC. bullish on INDEX. MA (200-day)
Brokerage House
44
RSI 1st 2nd (14-day) Support 50.81 69.65 68.90
age and Bollinger Bands were 23 per cent narrower than normal.
155.85 157.60 154.75 2.40
2.50
2.30
277.45 282.75 274.25 19.05
19.20
18.85
2.90
2.95
2.85
7.90
197.40 203.50 193.70
FFBL is currently 7.3 per cent above its 200-day moving average and is ENGRO is currently 3.4 per cent below its 200-day moving average and is LUCK is currently 1.7 per cent above its 200-day moving average and is NBP is currently 3.4 per cent below its 200-day moving average and is dis-
Sui North Gas
59.95
32.00
31.40
33.25
33.90
32.65
displaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is relatively normal as compared to playing a downward trend. Volatility is extremely high when compared to
Sui South Gas
37.52
22.95
22.55
24.05
24.70
23.60
Telecard
49.98
2.25
2.15
2.45
2.60
TRG Pakistan
53.52
4.05
3.95
4.30
4.50
4.20
United Bank Ltd
62.83
55.30
54.45
57.40
58.65
56.55
WorldCall Tele
40.62
2.40
2.35
2.50
2.60
2.45
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 very strong flows of volume into FFBL (bullish). Trend forecasting reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- reflect moderate flows of volume into LUCK (mildly bullish). Trend forecast- reflect volume flowing into and out of NBP at a relatively equal pace. Trend oscillators are currently bullish on FFBL.
casting oscillators are currently bearish on ENGRO.
ing oscillators are currently bearish on LUCK.
forecasting oscillators are currently bearish on NBP.
2.40
8
Thursday, November 4, 2010
Emirates’ 6-month earnings skyrocket ISLAMABAD: UAE Ambassador, Ali Saif Sultan Al-Awani cuts ribbon to inaugurate the Etihad Airlines sales office during a ceremony here.-PPI
PIA 9MCY10 revenue up 16.3pc YoY
Nat’l airline earns Rs7.803bn in 9M KARACHI: Pakistan International Airlines (PIA) registered a gross profit of Rs7.803 billion for the ninemonth period ending September 30, 2010. According to a press release issued here, the 328th meeting of Pakistan International Airlines (PIA) board of directors was held at Multan under the chair of Federal Minister for Defence & Chairman PIA, Chaudhry Ahmed Mukhtar. As per details PIA raked in a total revenue of Rs74.360 billion, which was 16.3 percent higher as compared to the same period of 2009. However, loss-before-tax was Rs 10.955 billion as compared to Rs11.403 billion in the preceding year. In this regard, the engineering business contributed Rs0.78 billion, showing a healthy increase of 25% over the corresponding period last year. The board noted that oil prices remained erratic during the period under review dipping to mid-seventies (US dollars), but oil prices have again
started to rise with a barrel of crude touching $ 80.01 in October 2010. It emphasised that cost containment needs to be pursued on a priority for a turnaround to become a reality. To meet the challenges of turning around PIA the Corporation has embarked upon a comprehensive Business Plan giving it strategic direction over the next five years. A major component of this plan is PIA's commitment towards reduction in costs incurred under various heads such as human resources, fleet maintenance, revenue enhancement, and yield improvement through route rationalization. The board asked the principal stakeholders to come forward and make their contribution in terms of easing the inherited debt burden on the Corporation, provide a level playing field to the national flag carrier against regional and other international carriers, enabling an environment conducive to healthy competition which in turn would enhance
service standards and improve overall financial performance of the Corporation. It was informed that the Corporation managed to contain staff costs to levels lower than many competitors whilst at the same time it managed to recruit and retain some of the best people as a critical part of its long term objective of being a world class airline meeting customer expectations through excellent services, on-time performance, innovative products and absolute safety. The board noted that direct hajj flights to Jeddah from Multan will provide comfort and convenience to intending Hajj pilgrims of Multan and surrounding areas like Khanewal, Lodhran, Pakpattan, Sahiwal, Vehari and Rahim Yar Khan. The meeting was attended by Captain Muhammad Aijaz Haroon, Managing Director PIA, Syed Naseer Ahmed, Malik Nazir Ahmed, Javed Akhtar, Lt Gen (Retd) Syed Athar Ali, Hussain Lawai and Khawaja Jalaluddin Roomi.-NNI
Pakistan, Canada aim touristry co-ventures ISLAMABAD: Pakistan and Canada would cooperate in the field of tourism as the former wants its products promoted in this region including North American countries and the latter is keen to explore diverse cultures and scenic beauty of the South Asian country, which is also home to world's ancient civilisations, 8000er peaks and spectacular flora and fauna. Federal Minister for Tourism held meeting with Deputy Minister of Tourism of Ontario Steven Davidson and discussed various matters regarding coop-
eration of both countries in the field of tourism. The minister said this while heading Pakistani delegation at 2nd Single Country Exhibition in Toronto, Canada held recently. Pakistani and Canadian ministers agreed to continue dialogue through their missions for achieving common objectives in relevance to the tourism promotion. Canadian Minister for Citizen and Immigration Eric Houscan inaugurated the Exhibition. "There is need to hold more such exhibitions in order to
enhance business relations between Canada and Pakistan." Atta-ur-Rahman appreciated the efforts of Federation of Pakistan Chamber of Commerce and Industry to hold this exhibition and the steps taken for exploring new markets for promotion of Pakistani products. The four-day gala primarily aimed exploring new venues for the promotion of Pakistan tourism in Canada and North American Countries and to project a soft image and tourist See # 2 Page 11
Etihad opens sales office in Islamabad Staff Reporter KARACHI: Etihad Airways, the national airline of the United Arab Emirates, has opened a new sales office in Islamabad to further strengthen its presence in the country. The airline has four sales offices in Pakistan, situated in Karachi, Lahore, Peshawar and Islamabad. The opening ceremony of the office located in the Islamabad Stock Exchange building was held on November 1, 2010. Speaking on this development, Daniel Barranger Vice President of Global Sales Etihad Airways, said, "The launch of our new sales office in Islamabad will allow us to support our growing customer base in Pakistan." "There is a growing demand for Etihad flights from Islamabad which has led us to upgrade our office to offer state-of-the art facilities, providing our customers with everything to assist them in booking flights or holidays to any of our destinations across our expanding network."
Cathay pilots threaten labour action HONG KONG: Pilots at Hong Kong's Cathay Pacific are threatening to launch a work-torule labour campaign that may cause flight delays and cancellations during the busy holiday season, a report said recently. The campaign would see pilots refuse to work beyond their scheduled shifts unless management agrees to a 30 per cent pay raise over four years, the South China Morning Post said. The Hong Kong Aircrew Officers Association (HKAOA) will poll its 1,600 members next week to gauge whether they want to press on with the action, the Post said. A Cathay spokeswoman told AFP the carrier was See # 1 Page 11
KARACHI: Emirates produced a net profit of AED 3.4 billion (US$ 925 million), for the first six months of its current financial year ending 30th September 2010. This represents an outstanding 351.2 per cent increase compared to AED 752 million (US$ 205 million), for the same period in 2009. "The results for the first half of the financial year 2010-11 are incredibly robust, and reflect Emirates' success in growing customer demand, supported by investment in new aircraft, products and customer service. We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries. Our strong position today is reflective of our ability to adapt, returning us to a vigorous period of growth. With 62 new state-of-the-art aircraft ordered in the first half, we
remain well positioned to capitalise on this growth," said HH Sheikh Ahmed bin Saeed AlMaktoum, Chairman and Chief Executive, Emirates Airline and Group. Highlighting a positive shift in the aviation sector, Emirates airline has seen a marked increase in passenger traffic, carrying 15.5 million passengers and recording a strong passenger seat factor at 81.2 per cent, the highest ever for a first six month reporting period. Premium class seat factors have also risen by 2.6 percentage points, reflecting an encouraging change in the global economic outlook. Emirates SkyCargo has also seen a strong half year performance across the network, posting an increase in revenue of 48.4 per cent to AED 4.4 billion. SkyCargo continues to post steady revenue growth contributing around 17.8 per cent of the airline's transport revenue.-NNI
Virgin thrashes UK air tax hike LONDON: The Virgin Atlantic airline blasted the rise in Britain's airport departure tax being introduced Monday, warning that many families would be priced out of a holiday. Virgin Atlantic said Friday that the Air Passenger Duty (APD) hikes would make holidays "unaffordable for many", while other airlines are also fuming and tourist destinations fear a plunge in business. The tax, imposed at the point of purchase, is going up by 55 per cent for the longest flights. "Holidays are an essential part of our lives and are valued even more in these difficult economic times," said Julie Southern, Virgin Atlantic's chief commercial officer. "With passengers now being asked to pay up to 10 times more tax since APD's introduction, the annual family holiday will become unaffordable for many. "This absolutely has to be the last time that the travelling public faces APD rises." British Airways is also furious. Chief executive Willie Walsh has called the tax "a disgrace." The APD has four levels: Band A for flights up to 2,000 miles (3,200 kilometres); Band
B for up to 4,000 miles (6,450 kilometres); Band C for up to 6,000 miles (9,650 kilometres), and Band D for flights beyond that. In economy class, Band A passengers face a nine per cent rise from 11 pounds to 12 pounds (19 dollars, 13.75 euros); Band B a 33 per cent hike from 45 pounds to 60 pounds. Band C passengers face a 50 per cent rise from 50 pounds to 75 pounds, while Band D customers face a 55 per cent rise from 55 pounds to 85 pounds. Premium class passengers pay double those amounts, meaning the APD on first class flights to Australia will be 170 pounds. Gareth Williams, chief executive of flight comparison site Skyscanner.net, suggested the hikes could lead long-haul travellers to fly from airports elsewhere in Europe. "In a recent survey we found that more than three-quarters of our users would be willing to fly indirectly to save money," he said. "It could have serious repercussions for the long-haul UK aviation industry." The government is considering replacing APD with a perplane tax.-APP
Lower grade PIA workers hail revival of facilities KARACHI: The PIA Employees Unity Front has hailed measures of Advisor to Prime Minister on PIA Affairs, Senator Faisal Raza Abidi for reviving facilities for lower grade employees of the airlines. In a statement here, the Chief Organiser PIA Employees Unity Front, Khawaja Ehsan Tarani said that revival of 'son quota' and residential facilities for lower grade employees of the airlines was a step in right direction. He said that announcement of housing project, by the Advisor during his visit to PIA head office will help resolve the residential problems of lower grade employees. He said that decision of maintaining seniority of employees during their employment period is a bold step which will prove beneficial for them. The chief organiser extended full support to Senator Faisal Raza Abidi for taking keen interest in the welfare of employees and requested him to monitor implementation of these decisions, so that the workers would start getting benefits of these decisions within shortest possible time.-APP
BOC Aviation orders 30 Airbus A320 PARIS: Singapore-based aircraft leasing firm BOC aviation announced on Wednesday it had ordered 30 Airbus A320 medium-range airliners for delivery between 2012 and 2014. The company did not say how much it was paying, but the average price of the aircraft on January 30 was about 80 million dollars (57 million euros). This would point to an overall catalogue value of about 2.4 billion dollars. A bulk order however, would normally involve a discount. "The current order is timely as the aviation industry has returned to profitability and airlines are looking to add capacity," Robert Martin, BOC Aviation chief executive, said. The company said it would shortly announce its decision on the engines to be used in the aircraft. The latest order brings to 128 the number of aircraft in the A320 family that the company has ordered, 80 of which have been delivered, it added. "In the last three years, we successfully doubled the size of our fleet and have over 160 aircraft as of today." Martin said. BOC Aviation is 100-per cent owned by Bank of China.-APP
Authorities cancel travel agent’s licence ISLAMABAD: Ministry of Tourism has cancelled the license of M/s Lasani Travel & Tours Operator and directing it to close its office and remove the board of the agency. This decision has been taking after the agency failed to meet the rules and regulations set by the government for operating in travel and tour industry.-APP
Mukthar answers questions in Senate
Cabinet’s nod stands ‘tween PIA, new planes ISLAMABAD: Chaudhry Ahmed Mukhtar, Minister for Defence has informed thge Senate that there is a proposal under consideration for purchase of new aircrafts for Pakistan International Airlines. Responding queries in Senate during the Question Hour, he said that the decision would be undertaken after its approval from the Cabinet which is subjected to the availability of funds.
He informed the House that PIA has not made any increase in domestic fares for its passengers for last three years. He said every commercial organisation prices its products according to the market conditions and the decision to adjust the fare are based purely on commercial consideration. The prime motive of each such decision is to promote traffic, maximise revenue and
the development of routes, he maintained. Ahmed Mukhtar while giving details of the payment of salary and allowances to Executive Pilots said that Rs65.31 million have been paid to them from January to June 2010. He informed the House that PIA has at present only one hotel contract with PC Hotel Dubai for stay of its air crew. -APP
9
Thursday, November 4, 2010
European vegetable oil prices
MANAMA - BAHRAIN: Officials from the Directorate of Precious Metal & Gemstone Testing check the authentication of a purchase by a visitor at the Jewellery Arabia Exhibition, in the Bahrain capital of Manama. -Reuters
Sugar dips, but holds near 30-year high LONDON: Raw sugar futures on ICE reversed early gains on Wednesday and remained shy of Tuesday's 30-year high as traders eyed a forthcoming meeting of the Federal Reserve and the prospect of more US monetary easing. ICE arabica coffee and cocoa also fell as the dollar extended gains versus the euro and yen after a report showed the US services sector expanded more than expected in October. Sugar remained underpinned by low global inventories and uncertainty over the level of exports from top producers Brazil and India. ICE front-month March raw sugar futures erased early gains and were down 0.26 cent to 29.86 cents a lb at 1548 GMT, below Tuesday's 30-year high of 30.64 cents a lb. London December white sugar also reversed earlier gains and was down $4.50 to $741.00 per tonne. Arabica coffee futures on ICE were lower, below a 13year peak set in late October, while robusta coffee futures on Liffe drifted away from a twoyear high established last week. December arabica futures stood 4.55 cent lower at $1.9700 per lb, while January robustas fell $23 to $1,916 a tonne in modest volume of 3,481 lots. Cocoa futures drifted down as dealers awaited further news on the outcome of elections in top producer Ivory Coast. December cocoa on ICE eased $35 to $2,770 a tonne while March cocoa on Liffe dipped 33 pounds to 1,861 pounds a tonne. -Reuters
EU gold sheds nearly 1pc as dollar firms LONDON: Gold prices fell nearly 1 per cent in Europe on Wednesday as the dollar firmed against a currency basket, with traders nervous ahead of an announcement on monetary policy from the Federal Reserve later in the session. Spot gold slipped to a low of $1,344.50 an ounce and was bid at $1,346.70 an ounce at 1459 GMT, against $1,357.00 late in New York on Tuesday. US gold futures for December delivery eased $9.80 an ounce
val, Dhanteras, got under way, with local demand helped by the strong rupee. Traders and retailers expect volume to rise up to 20 per cent despite near-record prices as customers line up to make the most of the auspicious festival. Holdings of the world's largest gold-backed exchangetraded fund, New York's SPDR Gold Trust, slipped on Tuesday, however, by around 1 tonne to 1,292.189 tonnes. ETFs issue securities backed
to $1,347.10. A Reuters poll found on Wednesday that most leading economists expect the Fed to buy between $80 billion and $100 billion worth of assets per month under a new programme to bolster the struggling economy. Macquarie analyst Hayden Atkins said the initial euphoria over QE and its potential impact on gold had largely worn off, and that while the metal may see some support if the policy meets expectations, a major lift is unlikely. Elsewhere wholesale physical gold demand in the world's biggest bullion consumer India was healthy as the country's busiest gold-buying festi-
by physical stocks of metal. On the supply side of the market, the Xinhua news agency reported that China had found a 100-tonne gold deposit in Inner Mongolia, worth about $5.25 billion. China is the world's biggest gold miner, and its number two consumer. Silver also fell to $24.44 an ounce against $24.91, tracking gold. Holdings of the world's number one silver ETF, the iShares Silver Trust eased further from the record high they hit last month on Tuesday. Platinum was at $1,704.99 an ounce against $1,708.50, while palladium was at $638.72 against $643. Reuters
Copper sags as dollar gains after US data LONDON: Copper tumbled on Wednesday as the dollar rose on strong US economic data ahead of a Federal Reserve decision on further monetary policy easing to shore up the world's largest economy. Aluminium touched a session high of $2,449 a tonne, its highest since Oct. 14, against a backdrop of rising energy costs for the power-intensive metal, an improved technical picture and options-related short-covering. Benchmark copper on the London Metal Exchange ended down at $8,320 a tonne from $8,435 at Tuesday's close. The metal used in power and construction is within reach of $8,554, hit on Oct. 26 and its highest since July 2008. The dollar started its ascent after news of an above-consensus jobs report from the private sector in the United States. Momentum picked up after data showed the services sector had expanded at a higher-thanexpected pace. Markets are betting the US central bank will commit to buy at least $500 billion in
Treasuries over five months. A statement is due on Wednesday at 1815 GMT. The market is on Fed alert, said Andrey Kryuchenkov, an
Shanghai copper ends up Benchmark third-month Shanghai copper closed up 0.7 per cent to 63,840 yuan, while the discount for metal on the Chinese market rose to around 1,800 yuan. Shanghai zinc was little changed at 19,700 yuan. analyst at VTB capital. "If (the Fed) say $500 billion as expected ... then you'll see a pull-back to the bottom edge of the range. If it's any less than that, you'll see serious profittaking." Offsetting some of the negative sentiment, new orders received by US factories rose by more than the consensus in September.
Aluminium closed at $2,417 from Tuesday's $2,430. The metal used in transport and packaging has been helped over the past 12 to 18 months by the potential launch of aluminium exchange-traded products and financing deals, which have tied up about 70 per cent of LME warehouse stocks. Zinc ended at $2,405 per tonne from $2,453 on Tuesday after China said it would auction 50,000 tonnes of zinc ingots from its state reserves on Nov. 9 Latest LME data showed that zinc inventories fell by 75 tonnes, ending five days of builds that brought stockpiles to near six-year highs above 630,000 tonnes. Battery material lead closed at $2,435 a tonne from $2,485 on Tuesday and stainless steel metal nickel at $23,550 from $23,475 a tonne. Tin closed at $25,850 from Tuesday's $25,800. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 02 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1245
1190
October (3rd Wednesday)
1160
1130
November (3rd Wednesday)
1170
1130
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 02 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2240 2250 2215 2225 2150 2160 2150 2160
2385 2386 2412 2412.5 2460 2465 2505 2510
8395.5 8396 8418 8419 8230 8240 7840 7850
2475 2476 2494 2495 2448 2453 2413 2418
23310 23315 23500 23525 23025 23125 22150 22250
TIN
ZINC NASAAC
25900 2430.5 25905 2431 25850 2460 25900 2460.5 25375 2480 25425 2485 2428 2433
2290 2310 2310 2330 2315 2325 2370 2380
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Dec10/Jan11 863.00-8.00, Feb11/Apr11 865.00-11.00, May11/Jul11 870.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 885.00, Feb11/Apr11 865.00+0.00, May11/Jul11 874.00+4.00, Aug11/Oct11 855.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1395.00+10.00, Apr11/Jun11 1355.00-10.00, Jul11/Sep11 1395.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1310.00-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1057.50+2.50, Dec10 1050.00+5.00, Jan11/Mar11 1045.00+2.50, Apr11/Jun11 1045.00+2.50. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1080.00, Jan11/Mar11 1077.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1035.00+2.50, Jan11/Mar11 1032.50+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10 1045.00, Dec10 1042.50+2.50, Jan11/Mar11 1035.00-2.50, Apr11/Jun11 1037.50-2.50, Jul11/Sep11 1035.00-5.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 1010.005.00, Dec10 1010.00-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1440.00+5.00, Nov10/Dec10 1440.00+5.00, Dec10/Jan11 1440.00+5.00, Jan11/Feb11 1435.00+0.00, Feb11/Mar11 1435.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters
Indian sugar steadies MUMBAI: India's spot sugar prices were almost steady on Wednesday as support from ongoing festive demand was outweighed by higher prices, dealers said. Sugar had risen over three per cent in the past five sessions. "Sugar prices have risen in the past few sessions....some buyers are not interested to buy at these prices," said a trader at Vashi, a major trading centre. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. In Kolhapur, a key market in topproducing Maharashtra state, the most traded S-variety fell 0.06 per cent to 2,663.65 rupees ($60.05) per 100 kg. Market participants said the prices were also supported by Uttar Pradesh government's decision to increase the state advisory price for sugarcane by 40 rupees to 205 rupees. India is likely to take a decision on sugar exports after the second week of November, Farm Minister Sharad Pawar said. He said the country is likely to produce 25 million tonnes of sugar in 2010/11. -Reuters
Oil extends gains after EIA data, ahead of Fed LONDON: Oil prices extended gains on Wednesday to trade above $84 after US data showed oil product inventories fell sharply last week, as the spotlight remained on a Federal Reserve statement awaited later. US crude for December was 76 cents firmer at $84.66 a barrel by 1500 GMT, albeit off a six-month high of $85.04 hit earlier on We d n e s d a y. ICE Brent rose 84 cents to $86.25 a barrel. The Energy Information Agency's latest weekly data showed crude oil inventories rose more than expected last week while gasoline stockpiles fell more than forecast, giving support to oil prices. All eyes remained on Federal Reserve's FOMC policy statement due at 1815 GMT, which is expected to
detail plans for a fresh round of monetary stimulus to spur fragile economic recovery. Some oil analysts have cautioned the widely anticipated quantitative easing announcement may have already been largely priced into markets. "The risks are rather skewed to disappointment, and could limit the upside in oil prices today,"
Commerzbank oil analyst Carsten Fritsch said. "The odds are that prices will ease after the Fed announcement unless there is a big purchasing plan unveiled, as the bar is quite high for expectations." "It could be a typical case of buy rumour, sell the fact,"
Credit Agricole CIB's global oil analyst Christophe Barret said. "It's very possible you will have some sell off in prices." US crude inventories rose by a more-than-expected 1.95 million barrels last week as refinery utilization dropped, helping to reduce inventories of gasoline and distillate, according to a weekly report from the E n e r g y Information Administration on Wednesday. Analysts polled by Reuters had expected crude stocks to rise by 1.2 million barrels. Oil industry group American Petroleum Institute, in its own weekly data report released on Tuesday, said domestic crude stocks fell by 4.1 million barrels, while distillates fell 4.7 million barrels and gasoline fell 3.2 million barrels. -Reuters
US cotton at fresh high on supplies woes NEW YORK: US cotton futures finished Tuesday at a fresh all-time high on worries over tight supplies and an overnight surge in China's cotton prices, analysts said. Fiber contracts rallied to close up the permitted daily maximum of 5 cents for the second straight session as strong demand from mills combined with speculation that with a large chunk of the US 2010/11 cotton crop already sold, there will be a shortage by the spring. "The demand is there," said Mike Stevens, an independent cotton analyst in Louisiana. Cotton is the best performing commodity year to date, outshining the record-setting gold market and wheat futures, which surged higher when Russia's severe drought forced Moscow to ban grain exports
in the summer. been sold. They said most Cotton rose more than 20 per other major producers, such as cent in October and is up near- Central Asia and Brazil, have ly 85 per cent since the begin- sold their cotton as well. ning of the rally in July. The In a daily note, the ICE Futures US benchmark Commonwealth Bank of December cotton NY cotton early-trade contract closed The benchmark December cotton contract rose at $1.3426 per 3.62 cents to trade at $1.3788 per lb by 1352 lb, a record since GMT, having hit a new record high for the third the US Civil War straight session at $1.392 per lb. The session low era. The was $1.3452. exchange's daily limit will expand to 6.00 cents Australia said: "Continued strong cotton prices in China on Wednesday. The pace of business though remain the most supportive was light. Volume traded stood influence on global prices and at 19,369 lots at 1922 GMT, thus far it appears that the about a third below the 30-day higher prices are yet to suffiaverage at 25,786 lots, ciently ration demand." Thomson Reuters preliminary Further support came from data showed. market talk that India may Analysts estimate that 80 per close off its fibre exports, cent of the US cotton crop, potentially exacerbating an which is forecast at 18.87 mil- already tight global supply sitlion (480-lb) bales, already has uation. -Reuters
Palm oil barely moves ahead of Fed KUALA LUMPUR: Prices of palm oil futures made little headway on Wednesday as some traders said supply concerns were overdone even as strong monsoons hit certain estates in Malaysia. A steadier US dollar also kept palm oil from going past a 27-month high hit the previous day as investors were cautious on moving into commodities as a safeguard against inflation ahead of a US Federal Reserve policy decision later in the day. Malaysia's benchmark Jan 2011 crude palm oil futures ended 0.1 per cent lower at 3,087 Malaysian ringgit ($1,001) per tonne after briefly
revisiting the 3,106 ringgit level hit the day before. "We are looking for more cues on the impact of the monsoon weather on palm oil production," said a trader with a foreign commodities brokerage. "So far, floods are in the northern states of Malaysia, but if the monsoon comes down strongly to the central and southern states, we will have to be careful as these are the key growing areas." Overall traded volume was heavy at 16,325 lots of 25 tonnes each versus the usual 10,000 lots. Traders said volumes may fall on Thursday, signalling some position-
squaring ahead of a long weekend holiday that starts on Friday. The most active September 2011 soyoil on China's Dalian Commodity Exchange slipped 0.3 per cent. "Soyoil will hover at the high side on the support of firmer crude oil, which will maintain its upward trend in the short term," said Zhan Zhi Hong, a vegetable oil analyst for China Merchant Futures. In Asian trade hours, US soyoil for December delivery barely moved as the dollar held steady ahead of the outcome of the US Federal Reserve's policy meeting. -Reuters
National Commodity Exchange Ltd Trading Summary Date
03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010 03-Nov-2010
Commodity
Contract Date
CRUDE100 DE10 CRUDE100 JA11 CRUDE100 FE11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD NO10 GOLD DE10 GOLD JA11 Kilo GOLD NO10 Kilo GOLD DE10 Tola Gold50 NO10 Tola Gold100 NO10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 04NO10 Rice IRRI - 6 NO10 RBD Palm Olein NO10 KIBOR3M 10-Dec KIBOR3M 11-Mar
Price Quotation
Open
High
Low
Close
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
83.78 84.47 85.18 24.83 24.89 1356.40 1357.60 1358.20 1355.00 1358.70 1359.50 37449.00 37410.00 37516.00 37463.00 37471.00 43706.00 43696.00 38555.00 38593.00 38517.00 38529.00 38542.00 44304.00 44348.00 44260.00 2402.00 3314.00 4495.00 86.76 86.19
85.00 85.62 85.95 25.01 24.92 1364.00 1365.00 1366.10 1362.40 1358.70 1359.50 37524.00 37499.00 37516.00 37463.00 37471.00 43706.00 43696.00 38555.00 38593.00 38517.00 38529.00 38542.00 44304.00 44348.00 44260.00 2402.00 3314.00 4508.00 86.78 86.19
83.60 84.40 85.18 24.68 24.89 1350.60 1351.50 1352.60 1351.00 1358.40 1358.40 37449.00 37410.00 37423.00 37369.00 37378.00 43587.00 43587.00 38447.00 38486.00 38499.00 38421.00 38434.00 44180.00 44224.00 44239.00 3276.00 3288.00 4495.00 86.76 85.87
84.79 85.43 85.95 24.90 24.92 1357.40 1358.40 1359.40 1357.40 1358.40 1358.40 37397.00 37406.00 37423.00 37369.00 37378.00 43587.00 43587.00 38447.00 38486.00 38499.00 38421.00 38434.00 44180.00 44224.00 44239.00 3276.00 3288.00 4508.00 86.78 85.87
Traded Volume in lots 90 36 187 1,232 1,086 233 43 2 1 -
Previous Settlement Price 84.25 84.88 85.37 24.81 24.83 1354.40 1355.40 1356.30 1354.40 1355.40 1356.30 37393.00 37402.00 37419.00 37366.00 37375.00 43583.00 43583.00 38444.00 38483.00 38495.00 38419.00 38432.00 44175.00 44219.00 44234.00 3302.00 3314.00 4495.00 86.76 85.84
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 84.79 100 85.43 22 85.95 24.90 76 24.92 1357.40 456 1358.40 1,155 1359.40 249 1357.40 3 1358.40 1359.40 37397.00 43 37406.00 9 37423.00 37369.00 1 37378.00 43587.00 43587.00 38447.00 38486.00 38499.00 38421.00 38434.00 44180.00 44224.00 44239.00 3276.00 3288.00 4508.00 86.78 85.87 -
Octopus Paul II is pictured at the Sea Life Centre in the German city of Oberhausen
10
Thursday, November 4, 2010
Tsonga pulls out of Davis Cup final PARIS: Jo-Wilfried Tsonga has pulled out of next month's Davis Cup final against Serbia with a knee injury, the French number one said on Wednesday. "My tendon snapped once again in Montpellier," Tsonga told a press conference. Tsonga said he will miss the rest of the season, hence has ruled himself out of the Dec. 35 Davis Cup final in Belgrade. Tsonga had also not taken part in France's quarter and semi-final wins over Spain and Argentina. Captain Guy Forget is likely to rely on Gael Monfils, who won the Montpellier title last weekend, and pick his second singles player from Gilles Simon, Michael Llodra and Richard Gasquet. Tsonga, the 2008 Australian Open runner-up whose career has been blighted by injuries, was also sidelined for three months after Wimbledon with a knee problem. "I am dejected because the Davis Cup is a kid's dream. It's the biggest setback in my career along with having to pull out of the Olympic Games," said Tsonga. "The injury is less serious than last summer but the doctors told me to end my season. "I could have taken antiinflammatories but I don't know how I would have endured the pain. It would have been dishonest to my team mates."-Reuters
Injured Akmal in doubt for next ODI DUBAI: Pakistan batsman Umar Akmal has sustained ankle injury during the practice session prior to the third One-Day International in Dubai that ended his hopes of taking part in the match. Akmal twisted his ankle while playing volleyball during the training session and was lined up to replace Misbahul Haq but his lastminute injury forced his omission and the team management, instead, handed a return to the opener Imran Farhat. "To avoid an aggravation of his injury, the team management decided to leave him out," a Pakistan Cricket Board (PCB) spokesperson told media. "He was sent for an MRI scan on his ankle and we're still waiting for the reports. His future will be decided after we receive the reports."-Agencies
New women soccer coach takes charge ISLAMABAD: Pakistan Football Federation (PFF)'s President Makhdoom Syed Faisal Saleh Hayat has appointed former national men team coach Tariq Lutfi (PIA) as Coach of the National Women football team participating in the SAFF Women Championship. South Asian Football Federation (SAFF) is organising women football among its member nations from December 3-13 at Bangladeshi town Cox's Bazar. Tariq, first ever FIFA Coaching Instructor from South Asia, is currently manager of Pakistan International Airlines (PIA) football team that is third in Pakistan Premier Football League, behind WAPDA (44 pts) and Pak Army (36) with 29 points and a game in hand.-APP
Nightmare continues for Australia n Sri Lanka beat Australia by 1 wicket n Record ninth wicket stand for SL n Mathews, Malinga stage stunning comeback
MELBOURNE: Sri Lanka's Muralitharan and Mathews celebrate as Australiaâ&#x20AC;&#x2122;s captain Clarke looks on during their One Day International cricket match.-Reuters
Gilani asks for expertise in sports ISLAMABAD: Prime Minister Syed Yousaf Raza Gilani has said that the Government has prepared a comprehensive strategy for development of sports in the country. He was speaking at a ceremony held here Tuesday to distribute cash awards among winners of different sports events including recently concluded Commonwealth
Games. The Prime Minister said a record amount of 583 million rupees was earmarked in last year's budget for 47 projects for construction of sports grounds, stadium and up gradation of sports facilities. Seven projects including establishment of a Sports Medicine Centre within the premises of Pakistan Sports Complex in Islamabad were completed
during the last year. He said a high level meeting held in February this year decided to double the sports budget for the next year. Syed Yousaf Raza Gilani said a Task Force, headed by Minister for Sports, has been constituted to prepare recommendations and plan of action for improving sports facilities and promoting sports activities at different level.-APP
PCB suspends contracts of banned trio KARACHI: The Pakistan Cricket Board (PCB) has suspended the central contracts of Salman Butt, Mohammad Amir and Mohammad Asif while they are being investigated for alleged spot-fixing during the recent tour to England. A senior PCB official said the contracts were suspended in line with the International Cricket Council's (ICC) anti-corruption code. Butt and Amir's appeals against indefinite suspensions were rejected by the ICC last week. "Their contracts were active until the appeal hearing but once their initial appeals were
rejected under the ICC code we can't keep them on contracts," the PCB's Zakir Khan said.
PCB legal advisor Tafazzul Rizvi said the contracts were suspended because the players were not eligible to play for Pakistan. 'We only give contracts to
players who can play for Pakistan. Until their cases are decided... they can't get any benefits from the board in terms of contracts," he said. The PCB pays a monthly salary of about 250,000 rupees ($3,000) to players in the top grade, which included the suspended trio. Rizvi said the board had stopped paying test captain Butt and pace bowlers Amir and Asif. Amir's lawyer Shahid Karim told Reuters that under the ICC code of conduct the sport's governing body had to decide by December 2 whether to remove or retain the suspensions on the players.-Reuters
Ntini leaves a lasting legacy: Smith JOHANNESBURG: South Africa captain Graeme Smith paid tribute to Makhaya Ntini after the fast bowler announced his retirement from international cricket on Tuesday. "I am so proud of his achievements, his records speak for themselves and he leaves behind a lasting legacy for many to aspire to," Smith told reporters after his team beat Pakistan by two runs in a oneday international in Dubai. "He has been a pioneer for youngsters and has represented every South African while he donned a Proteas jersey. Makhaya epitomised what the Proteas stood for and has been a great servant to the game," added Smith. "I am most grateful to have been part of his career and successes and wish him all the best with his life after international cricket." Smith said Ntini, who captured 390 wickets in 101 tests and another 266 victims in 173 one-dayers, was always good for team morale. "He brought so much energy and laughter to the team, not forgetting that he is one of the fittest players I know, and as a captain it was always a pleasure to be able to call on him," said the opening batsman. Ntini is to carry on playing domestic cricket and will also help to develop a new generation of players through his work with a cricket academy.-Online
MELBOURNE: Angelo Mathews and Lasith Malinga put on a one-day international record 132 runs for the ninth wicket to fire Sri Lanka to a remarkable one-wicket victory over Australia on Wednesday. The Sri Lankans, who were chasing 240 for victory, looked dead and buried at 107 for eight before Mathews, who ended up with an unbeaten 77, and Malinga lit up the Melbourne night with some batting pyrotechnics to claim an unlikely victory. The partnership was finally broken when Malinga was run out for 56 with the scores level at 239, leaving 10th man Muttiah Muralitharan to hit the winning boundary. Australia have now not tasted victory in nine matches in all forms of cricket going back to July and have the Ashes series against England looming at the end of the month. It had looked like being left arm spinner Xavier Doherty's night as he took four wickets and engineered a stunning run out on his debut to put the hosts in the driving seat. Mathews and Malinga had other
thoughts, however, and they sprayed the ball around the Melbourne Cricket Ground with abandon to exceed Kapil Dev and Syed Kirmani's ninth wicket stand of 126 for India against Zimbabwe in 1983. Sri Lankan paceman Thisara Perera earlier took five for 46 but Michael Hussey belied his recent form with an unbeaten 71 as Australia rallied to 239-8. The Australians, beaten by seven wickets in a Twenty20 match against the Sri Lankans in Perth on Sunday, started expansively and were comfortable at 85-1 until Perera claimed three wickets in eight deliveries. Acting skipper Michael Clarke (27) and wicketkeeper Brad Haddin (49) went to superb catches from Kumar Sangakkara and Tillakaratne Dilshan before Cameron White was skittled for a golden duck. Doherty enjoyed his own eight-delivery spell to rival Perera's, first trapping Mahela Jayawardene leg before in his first over and having Chamara Silva caught by Shane Watson and bowling Sangakkara in successive balls in his second.-Reuters
Scandal-hit IPL fights for future NEW DELHI: The Indian Premier League revolutionised cricket when it burst onto the scene in 2008 with a highoctane blend of international star players, Twenty20 matches and Bollywood glamour. But the money-spinning tournament faces an uncertain future with some observers predicting its fourth season, due to start in April, hangs in the balance. The event has been hit by allegations of massive corruption, money-laundering and tax evasion, as well as secret deals to hide teams' real owners and even links to India's criminal underworld. Shashank Manohar, president of the Board of Control for Cricket in India (BCCI), which owns the league, said he was determined the tournament would survive -- and thrive. "The IPL is a very valuable property for us and it will not be devalued," he vowed, adding that the next edition may drop the cheerleaders and
late-night parties that characterised past matches. "The focus will be on cricket, not what happens off the field," he said. Lalit Modi, the IPL's founder, was thrown out of the sport by the BCCI in September over accusations about his conduct. The BCCI has registered a criminal case against him for the misappropriation of 4.68 billion rupees ($ 106 million) and he also faces a government probe for financial irregularities. Modi, whose brash style personified the IPL, fled India earlier this year -- and has consistently denied all the charges against him. He now lives in self-imposed exile in London, surrounded by bodyguards, as he claims his life is in danger from Mumbaibased gangsters linked to illegal gambling. Whatever Modi's fate, the IPL faces many obstacles as it hopes to make a fresh start in 2011.-Agencies
Inter outwitted 3-1 by Spurs MILAN: The chinks in Inter Milan's armour were exposed again by Gareth Bale in Tottenham Hotspur's 3-1 Champions League win over the holders as all three teams capable of reaching the next stage flopped on Tuesday. Like Inter, 2009 winners Barcelona only needed victory to go through with two games to spare but drew 1-1 at FC Copenhagen in Group D to show nothing can be taken for granted in this season's enthralling competition. Olympique Lyon's threegame winning streak and hopes of a quick passage to the first knockout round were dashed in a 4-3 defeat at Benfica in Group B, the latest in a series of European matches with goals and passion galore. Manchester United were the only group leaders who could not guarantee qualification this
week but they took a big leap towards it thanks to Darren Fletcher, Gabriel Obertan and Bebe netting in a 3-0 win at Turkey's Bursaspor. Valencia beat Rangers 3-0 to leapfrog their opponents into second in Group C. Bale made Europe sit up and take notice with his hat-trick in the 4-3 defeat at the San Siro two weeks ago and the Welsh winger added another few million to his transfer value as Inter again failed to handle his pace. "Definitely the team had a great second half," Tottenham's Italian goalkeeper Carlo Cudicini told Sky. "Bale never stops, he just runs and runs. He has incredible speed but very good technique and this helps him put all right backs in trouble. Then he has a formidable cross." Rafael van der Vaart, suspended two weeks ago, sent
White Hart Lane mad with a first-half goal after good work by Luca Modric but the Dutchman was substituted at the break with a nagging injury. Peter Crouch made sure it was an unhappy return to England for his former Liverpool manager Rafael Benitez when he slid in for the second on 61 minutes after Bale showed stunning acceleration to whip in the perfect cross. Red-hot Samuel Eto'o bagged his seventh goal of the group stage for injury-hit Inter but Roman Pavlyuchenko converted another Bale pass a minute from time as Tottenham went top on head-to-head record. In the other group game, Dutch champions Twente Enschede boosted their slight hopes of progressing with a 2-0 win at Werder Bremen.-Reuters
LONDON: Tottenham Hotspurâ&#x20AC;&#x2122;s Pavlyuchenko scores a goal against Inter Milan during their Champions League soccer match at White Hart Lane.-Reuters
Data points to US economy resuming recovery NEW YORK: The US economy appeared to be back on the recovery track, data showed on Wednesday, even as the Federal Reserve was poised to take new emergency action to boost growth. The US services sector grew for a 10th straight month in October while companies added payrolls that month after cutting them in September. Separate data showed new orders received by US factories rose more than expected in September and posted their largest gain in eight months. The data comes a day after the Republican Party won enough seats to regain control of the House of Representatives in an election seen by many as a vote on Democratic President Barack Obama's handling of the economy. Polls showed high unemployment was among voters' top concerns. US private employers added 43,000 jobs in October, more than twice as many as expected, according to payrolls processor ADP Employer Services, which developed the report with Macroeconomic Advisers LLC. September's job losses were revised to 2,000 from the 39,000 originally reported. The economy is "showing signs of stability, and what we're hoping to see is some incremental improvement," said Jeff Kleintop, chief market strategist at LPL Financial in Boston. "The employment data suggests Friday's report might be better than expected, and that's really important. This
election was about jobs, and we may actually be starting to get them." Economists expect the government's closely watched October payrolls report, due on Friday, to show the labor market still recovering only slowly from the recession. The election, which also resulted in Democrats retaining control of the US Senate, has raised the prospect of gridlock and reduced chances of further economic stimulus from Congress, beyond the possible extension of tax cuts. Wednesday's reports are the latest of a series of strongerthan-expected data on the US economy, including Monday's report showing surprisingly strong growth last month in the US manufacturing sector, and the last bits of data before this afternoon's Fed announcement. The Fed is expected to announce it will inject more money into the economy through bond purchases, despite the recent promising signs on the economy. "It looks to me like employment is improving slowly but still is weak on the manufacturing side. The market's concern about the recovery will remain and the Fed later today may look at this as still a sign they need to ease further on monetary policy," said Subodh Kumar, chief investment strategist at Subodh Kumar and Associates in Toronto. US stocks were lower at midday, while the dollar extended gains versus the euro and yen. US 30-year Treasury debt traded a point higher in price. Economists polled by Reuters expect Friday's pay-
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rolls report to show overall employment increased in October but the jobless rate held steady at an elevated 9.6 per cent. The US services sector had its 10th straight month of expansion, a report from the Institute for Supply Management showed. Its nonmanufacturing index rose to 54.3 from 53.2 in September, above the 53.5 median forecast of 69 economists. For September, the Commerce Department said orders for manufactured goods increased 2.1 per cent after being flat in August. Separate data on Wednesday showed the number of planned layoffs at US firms rose slightly in October, but the overall pace of downsizing for the year is down 62 per cent from last year, a report said on Wednesday. Employers announced 37,986 planned job cuts in October, up 2.2 per cent from 37,151 cuts in September, according to the report from consultants Challenger, Gray & Christmas, Inc. High unemployment has also been a problem for the housing market. Other data showed US mortgage applications for home refinancing loans dropped for a third straight week even as interest rates held near-record lows. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes purchase and refinance loans, decreased 5.0 per cent for the week ended Oct. 29. The four-week moving average, which smoothes the volatile weekly figures, was up 0.1 per cent.-Reuters
Bangladesh economy may grow by up to 6.3 pct DHAKA: Bangladesh's economy might grow by up to 6.3 per cent in the fiscal year to end June 2011, a senior official of the World Bank said on Wednesday, less than the government's target of 6.7 per cent. Bangladesh's economy grew by 5.8 per cent in the fiscal year to end June 2010. "A number of risks like a severe energy crisis, declining remittances, fragile global recovery and instability in the international currency market may have deep impact in achieving economic growth in the current fiscal year," said Ellen Goldstein, country director of the World Bank in Bangladesh. "Resurgence in commodity, particularly oil and food price volatility is also another key factor for the economy," she said at a briefing. Zahid Hussain, the World Bank's senior economist in Dhaka, said in recent months inflation has fluctuated between 7 to 9 per cent due to volatility in food prices. "Relevant international food prices and domestic production will have a strong bearing on food inflation in the near future," he said at the same briefing, adding that expending private credit may have stimulated demand. Despite a number of risks Goldstein said that there was room to achieve revenue targets, with export growth rebounding and letters of credit for investment and production related imports rising. Exports rose by about 30 per cent in the first quarter of the current financial year, while the import of capital machinery and industrial raw materials rose by some 49 per cent and 44 per cent respectively. Private sector credit grew some 25 per cent and revenue growth was more than 25 per cent in the first quarter of the current fiscal year, Goldstein said.-Reuters
Firm services PMI reinforces bets BoE to stand pat LONDON: Growth in British service sector activity unexpectedly quickened in October, a survey showed on Wednesday, reinforcing the view the Bank of England will opt against pumping any more stimulus into the economy for now. The headline business activity index in the Markit/CIPS PMI index rose to 53.2 last month from 52.8 in September, the highest reading since June and confounding forecasts for a dip to 52.5. The figures were the latest in a run of unexpectedly firm economic data that analysts said indicated the recovery was on a relatively firm footing, and dented already waning market speculation that the BoE might expand its quantitative easing programme as early as this week. Gilt prices fell and the pound rose to a 9-month high against the dollar as investors scaled back their bets on the chance of any monetary easing from the BoE when its two-day meeting concludes at 1200 GMT on Thursday. "It reaffirms what we already knew: there's absolutely no need for the BoE at this stage to engage in any further quantitative easing and they're very much on hold for the foreseeable future," said Peter Dixon, economist at Commerzbank. The services PMI data came after an unexpectedly robust survey of manufacturing activity and weaker construction and jobs PMI data this week, but on balance suggest Britain's economy made a solid start to the final quarter of this year. Markit said its composite PMI index rose to 53.6 in October from 53.2, below its pre-recession average, but nonetheless indicating that the risk of a double-dip recession had receded. And BoE policymakers are also likely to be concerned by news of growing inflation pressures in the services sector,
with firms ramping up their prices at the fastest pace in two years in response to increases in energy and wage costs. However, there is a risk of a slowdown further down the line, as the survey showed companies cut jobs and expectations for the year ahead fell back towards their June low on worries about the impact of government spending cuts. The improvement in October's survey was led by a rise in new business, although the expectations index fell a full point and the employment index slipped back below the 50-level that separates expansion from contraction as firms braced for tough conditions ahead. And it also showed that companies remain cautious about the outlook and want to see how the 80 billion pounds ($129 billion) of spending cuts laid out by the government last month will affect people's spending decisions, with the business expectations index down a full point from 66.2 in September. "On both output and new orders measures, rates of expansion remain soft compared to long-run averages, as companies continue to digest the true effects on the economy of the coalition government's Comprehensive Spending Review," said Paul Smith, senior economist at Markit. Finance minister George Osborne's Comprehensive Spending Review detailed plans to slash departmental budgets by around 19 per cent as the government seeks to eliminate a budget deficit of around 11 per cent of GDP over the next four years. Private companies who have government contracts are likely to be hit hard, while deep cuts to welfare spending along with a 2.5 per centage point rise in valueadded tax from January will squeeze household budgets.Reuters
Fed, ECB should await 2012 to normalise rates-OECD PARIS: Central banks in the United States and the euro zone should only return monetary policy to more normal settings in 2012 due to weak economic growth, the OECD said on Wednesday. The United States and the 16-country euro area should wait even longer to normalise interest rates if growth turned out weaker than expected, the OECD said in a set of policy recommendations. "Because of weak growth in the U.S. and euro area, and provided that inflation expectations remain well anchored, the normalisation of interest rates should only proceed in earnest from the first half of 2012, at a pace that allows monetary policy to remain accommodating," said a statement published by the Organisation for Economic Co-operation and Development. Turning to Japan, the OECD said in its recommendations that if the country remained mired in deflation then "rates could remain at current low levels throughout 2011 and 2012, and further exceptional easing should be implemented to give stimulus to the economy." Japan cut interest rates virtually to zero last month. "The immediate challenge for the monetary authorities is to get the timing for the exit from exceptional stimulus right," OECD SecretaryGeneral Angel Gurria told a news conference hours before the U.S. Federal Reserve was expected to announce plans to buy billions dollars more of government bonds with new money in a bid to revive a struggling economy.Reuters
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"disappointed" by the possible campaign, adding that it would trigger "undue anxiety" among employees during continuing pay negotiations. Joh Findlay, the union's general secretary, told the Post that Cathay pilots had been given just one pay raise in the past eight years -- in 2008 -- and that pilot salaries lag those at other international airlines.-Agencies
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destinations of the country. Pakistan Tourism's stand at the Exhibition was tastefully decorated with large posters, banners depicting Pakistan's natural beauty, unique architecture and wonderful cultural heritage, which were appreciated by every visitor to the exhibition. The documentaries on tourist attractions of Pakistan were also shown on plasma screen. The main attraction for the ladies visitors were mehndi, bangles, and dry fruit. Pakistan tourism delegation remained busy in holding meetings with their Canadian counterparts, trade professionals, tour operators, travel agents and media.-APP
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Senior officials of Suparco, Alternate Energy Development Board (AEDB) and UNDP gave detailed presentation about the work done by their organisations in the sector. Earlier, CEO, EDB Aitzaz Niazi in his welcome address assured the private sector that Board will provide all assistance to them for indigenisation of manufacturing of wind mills parts in the country.He added that 40 per cent local vendors have the capabilities to make progress in this direction according to estimates made by the Board. -APP
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petroleum products and said that the raise ultimately effects the increase in the prices of essential commodities.The Parliamentarians were of the view that OGRA raised the prices of petroleum products without any justification and demanded to revert the decision in order to save poor masses from its negative effects.Two bills pertaining to National Defence University (NDU) and Vocational Education training were deferred in the National Assembly on Wednesday for further consultation.
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Procurement Regulator Authority (PSPRA), Federal Public Service Commission (FPSC), Federal Board of Revenue (FBR), Federal Bureau of Statistics (FBS), Accountant General of Pakistan Revenue (AGPR) and State own enterprises like PIA, Pakistan Railways etc should be appointed on merit and they should be allowed to work and complete their given tenure without any political pressure, a senior official of the ministry of finance told APP. He said that besides appointing the heads of these institutions as professionals, government under the pay and pension commission report has also recommended that the employees of these organisations should be given salaries at par with the private sector employees. The senior official of the ministry of finance further said that government under the national governance plan and under its austerity drive approved by the Cabinet decided to freeze allocated funds for the financial year 2010-11 to the level of the allocations of 2009-10 except for defence and debt servicing.Replying to a question, he said that government is likely to table the Reformed General Sales Tax (RGST) during the current session of parliament and expressed the hope that it would be implemented from next year.However, he said that GST on services according to new NFC award is the right of the provinces and the government would take all provinces into confidence before imposing the RGST. -APP
DPO Dera Ghazi Khan said security system of the border line has been tightened and people will be allowed to cross border after strict checking, in this connection computerised system has been set for fingers prints of the people. He said, people of KPK would allow entry in Punjab through Continued from page 1 No #9 Dera Ghazi Khan but after taking complete record about travelers. that the Ministry asked the PSO to provide the Company with He said patrolling through boats has been started on rivers banks, in this connection, he added links road between KPK and 250,000 tonnes of furnace oil daily at gas price in a bid to overPunjab have been blocked for traffic while large number of police come the power crisis in the metropolis. force has been deployed on links road. -Online Continued from page 1 No #10 open market at Rs62/kg and the custom duty of 25 per cent on Continued from page 12 No #5 PML-Q president further added that Sharif brothers could be the import of sugar has also been lifted. Referring to Pakistan Steel, the minister informed that after Rs39 billion losses to the forgiven if they visit Gujrat. -Online entity government is trying to bail it out and make it a profitable Continued from page 12 No #6 institution. To a question, he said two fertiliser plants had been set He said how can we face the people in this situation and until up in the country during the last two years from which one has the problems of people are solved till than nothing can happen. become operational at Sadiqabad in Punjab while the other at Waseem Akhtar pointed out that Opposition did not raise the Dherki in Sindh will go into production by December this year. public issues in last two and half years such as flour, sugar and These plants, he said will produce over 2.9 million tons fertilizother problems confronting the masses and only political point er of various varieties.On this occasion minister for culture Pir scoring is being done in Assembly. He said MQM has decided to Aftab Shah Gillani said that unlike Pakistan India does not show boycott the NA proceeding until government decreases the petro- Pakistani films in their cinemas, and only those films whose proleum and daily use commodities prices. -Online duction houses are elsewhere are shown in our cinemas and the decision to show these films was only taken in order to save the Continued from page 1 No #7 cinema houses since there are no quality films being made in our with tenancy shall be made through cross cheques or with country and so far Rs29 millions have been received as permisproper receipt or acknowledgment. However, parties can sion fee. -Agencies decide to increase or not to increase the rent by agreement in Continued from page 1 No #11 writing. Productivity Enhancement through High Efficiency Parliamentarians submitted several adjournment motions in the National Assembly in order to seek permission to hold a Irrigated Systems" at a revised cost of Rs18 billion and debate on the issue of raise in the prices of petroleum products "dredging of 2 lakes, 14 canals and dredging of River Indus and inflation in the country. The members who submitted their at 3 barrages" costing Rs34.4 billion to the Ecnec for adjournment motions included Shakir Bashir Awan, Nelson approval. To overcome the power shortage in the country, the Azeem, Abid Sher Ali, Marvi Memon and others.The mem- project "Combined Cycle Power Plant by Installation of bers objected the government for increasing the prices of 320MW gas turbines & 120MW steam units at Faisalabad"
costing over Rs15 billion with the assistance of UAE was recommended by the CDWP to Ecnec for approval.To promote science and information technology projects like NTC National Security Network, ITU costing Rs 13 billion and "National Electronic Complex" costing over Rs9 billion was recommended to the ECNEC for approval. -APP
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finalising the Accountability Bill. He said that Pakistan Peoples Party believes in acrossthe-board and transparent accountability. He added that there should be no discrimination in the process of accountability. Furthermore, Prime Minister Gilani again made it clear that present Parliament is the best, adding he highly acclaimed the procedure of legislation done in free fair and transparent manner. Speaking on the floor of the National Assembly, Prime Minister Gilani opined that he welcomes the unanimous passing of constitutional amendments by the Parliament. Prime Minister Gilani said that he would also welcome every proposal aimed at solution of problems in the Parliament. He said that he respects Opposition but we need to resolve problems of the country in a positive manner.Prime Minister Gilani further said that parliament is a free body, adding that only it has got the authority to rewrite or amend the constitution besides legislation. -Agencies
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filed the petition through advocate Husnain Ibrahim Kazmi under article 184 (3). A 3-member bench of SC comprising Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry, Justice Tariq Parvez Pervez and Justice Ghulam Rabbani took up the case for hearing Wednesday. Qazi Hussain Ahmad while diverting the attention of court to this possible fraud had taken the plea government wanted to again purchase at higher cost from British Petroleum the assets it had sold out to the latter at lower cost.This act would cause loss of 800 million dollars to national exchequer. Government on the other hand is borrowing the money to purchase these assets.He prayed the court to direct DG Petroleum and OGDCL to explain as to why they have felt need to purchase the assets at higher rate.The government earlier sold out these assets at lower rates to British Petroleum and now it wants to purchase again these sold-out assets at higher cost, he added. -Online
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Online that Chaudhry Shujaat met with Senator Ishaq Dar in the chamber of Opposition leader in Senate Wasim Sajjad here Wednesday and discussed issue related to unification of different factions of Muslim League. Shujaat said Muslim League could establish governments in provinces as well as in federation if all factions became united. Mian Nawaz Sharif should show flexibility, he said, adding third force is taking benefit of differences between PML-N and Q.He also went on to say that Quaid PML-N Mian Nawaz Sharif should think about the bright future of Muslim League by forgetting the past.Expressing his views over contact between PML-Q and PPP, Chaudhry Shujaat made it clear that it was informal meeting and had no political agenda.During the meeting, Senator Ishaq Dar expressed reservation over meeting between Babar Awan and Central PML-Q Chaudhry Pervez Elahi. -Online
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little inclination to compromise with Obama and Democrats. "We're determined to stop the agenda Americans have rejected and to turn the ship around," McConnell said. "We'll work with the administration when they agree with the people and confront them when they don't." Boehner said the sweeping healthcare overhaul passed by Democrats in March would ruin the medical system and bankrupt the country. "That means we have to do everything we can to try to repeal this bill and replace it with common sense reforms to bring down the cost of healthcare." "The people in the heartland, I think it is safe to say, are fearful. They are angry. And they are feeling very strongly that the folks in Washington -- in both political parties -- don't just seem to get it," Jim Slattery, a former Democratic representative from Kansas, said at a news conference. -Reuters
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Those sectors were seen as vulnerable to more regulation under a Democratic-controlled Congress. Also, a private report showed US private employers added more jobs than expected in October.-Reuters
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GAIL (India) erased early losses and eked out a 0.1 per cent gain as the state-run gas transporter said its September quarter net profit increased by 30 per cent. Advancing shares led declining ones in a ratio of 1.3:1 in the broader market, on robust volume of 520 million shares. The 50-share NSE index closed 0.7 per cent higher at 6,160.50.-Reuters
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broker-chairman would have a better command on the market affairs. It should be noted that the issue of a broker-chairman arose after the present Chairman Zubyr Soomro expressed reservations on Margin Trading System (MTS) which was approved by KSE's board of directors.
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India should not be given 'carte blanche' on Kashmir
Delhi canâ&#x20AC;&#x2122;t rein in Kashmiris: FO
LONDON: Interior Minister Senator A Rehman Malik offering Fateha after condoling with MQM Chief Altaf Hussain for the late MQM Leader Dr Imran Farooq.-APP
Jul 31 verdict fortified democracy, says Aitzaz ISLAMABAD: Prominent lawyer leader of Pakistan Peoples Party Aitzaz Ahsan said Wednesday that July 31, 2009 decision of the Supreme Court has strengthened democracy and the parliament and blocked the ways for future military interventions for toppling elected governments. He was speaking at a seminar organised by the National Press Club to observe November 3 as Black Day, the day when former dictator General Pervez Musharraf declared emergency in 2007.
KP-Punjab border sealed DERA GHAZI KHAN: Due to possible army offensive in North Waziristan and possible terrorism acts during Moharram-ul Haram the border between Punjab and KhyberPakhtunkhwa has been sealed. According to media reports, Kashif Kanju DPO Dera Ghazi Khan told that, the border line between Punjab and KPK has been sealed in the areas of Dera Ghazi Khan for stopping the entry of terrorists in Punjab and Sindh during Moharram ul Hiram. See # 4 Page 11
No need for mid-term polls: Shujaat ISLAMABAD: President Pakistan Muslim League-Q Chaudhry Shujaat Hussain Wednesday again made it clear that there is no need at all for mid-term elections in the country. While talking to a private TV channel, Chaudhry Shujaat was of the view that country is passing through critical phase and in these circumstances midterm elections could be dangerous for the country, urging government should complete its tenure of 5 years. See # 5 Page 11
Aitzaz Ahsan said that government should appreciate the decision of the Supreme Court as now nobody could dare to subvert democracy and violate the Constitution. "This decision automatically revoked earlier decision of the Supreme Court in Zafar Ali Shah case in which it allows the dictator to amend the constitution". "This decision in fact strengthened the parliament and political system," he added. He said independent judiciary guarantees supremacy of
the parliament and rule of law in the country. Aitzaz further said that irresistible force led by lawyers, political workers, civil societies and people from all walks of life compelled Pervaiz Musharraf to come to negotiation table and quit power. He said after March 9, 2009, General (R) Musharraf targeted both judiciary and Pakistan Peoples Party as both stood formidable in the way of dictator and challenged his unconstitutional step. -APP
TTP top-gun arrested in Khi KARACHI: The Criminal Investigation Department (CID) Police here on Wednesday arrested Yousuf alias Qari, a commander of banned Tehreek-e-Taliban Pakistan (TTP), police said. The CID police had conducted a search operation in Mominabad area of Karachi. During search operation police has arrested the TTP commander Yousuf alias Qari and recovered arms and ammunitions. Senior Superintendent of Police (SSP) Omar Shahid said that Yousuf heads the military wing of Fazalullah group and he was involved in various terror attacks. -NNI
ISLAMABAD: Foreign Office Wednesday condemning the ongoing killing of innocent Kashmiris at the hands of Indian security forces said New Delhi would not be able to suppress the aspirations of Kashmiris for long. Talking to APP, Foreign Office spokesman Abdul Basit said for decades India had been telling Kashmiris and the international community that it was willing to find a political solution to the Kashmir issue. "Nevertheless, it never demonstrated the sincerity of
purpose with concrete steps. Instead, it resorted to brazen use of force to stifle the voice of Kashmiris," he said. India, however, cannot mislead the world forever, the Spokesman added. The spokesman said it was incumbent upon the international community to take strong notice of Indian atrocities and help resolve the Kashmir dispute in accordance with aspirations of Kashmiris. He said the world conscience should rise above mundane considerations and respond to
the serious human rights situation in Indian held Kashmir. The spokesman emphasised that the international community, especially the major powers should not look the other way, giving India "carte blanche" to continue killing innocent Kashmiris in blatant violation of UN Charter and Universal Declaration of Human Rights. The Spokesman added that a just settlement of the Kashmir dispute was also a 'sine qua non' for viable peace in South Asia. -APP
EDB to assist indigenous manufacturing of wind turbine
Windmills can ease power woes: EDB ISLAMABAD: Realising the need of renewable energy in view of the acute energy crisis in the country, Engineering Development Board (EDB) convened a meeting of the existing and potential manufacturers of wind mills here Wednesday. The meeting was basically aimed at assessing their capabilities and assistance required for local manufacturing of machinery and parts of wind mills to develop wind power generation in the country. The
meeting was chaired by Aitzaz Niazi, CEO EDB. The meeting was informed that 50kMW electricity can be generated at cost of 5 cents/KWH from 1046km coast from Karachi to Hyderabad having optimal wind for power generation. The cost can be reduced to 3 cents through local manufacturing of wind mills. It was considered that a great opportunity exists for the local engineering industry for indigenising the manufacturing of wind mills on account of its
requisite capabilities of existing facilities and joint ventures and consortia for which they don't have the capabilities. The meeting reviewed local manufacturing status of wind turbine components and parts. It identified areas of assistance in technical, business, tariff and policy segments required by local companies. It decided to organise an international workshop to explore local potential of wind turbine manufacturing in Pakistan. See # 3 Page 11
$500mn contract awarded
USA to expand Kabul embassy KABUL: US State Department has awarded a contract worth more than half a billion dollars to expand its embassy in the Afghan capital Kabul, a project it says will create hundreds of jobs and reflect its dedication to Afghanistan. The $511 million contract was awarded to US construction firm Caddell Construction, Inc by the US Department of State Overseas Building Operations to build an addition to the chancery and expand permanent housing, the US embassy in Kabul said. The contract will create more than 1500 local jobs and inject around $200 million dollars into the Afghan economy through employment, purchase of materials, transportation and the lease of property, it said. Wednesday's announcement draws comparisons with US behaviour in Iraq, where it unveiled plans for a massive new embassy in Baghdad in 2007, also seen as a step meant to symbolise its transition from an occupying power to an ally of a sovereign government. United States announced a civilian
"surge" last year to accompany an influx of troops to Afghanistan but the number of military personnel far outnumbers State Department officials. In December, President Barack Obama ordered an extra 30,000 U.S. troops to Afghanistan, the last of which arrived over the summer, bringing the total number of U.S. troops there to around 100,000. Other nations contribute about another 50,000 troops. Washington has tried to placate those concerns in recent months by saying the handover will be gradual and that it does not intend to abandon Afghanistan. US embassy in Kabul is already a sprawling complex in a prominent part of the city that dwarfs other diplomatic missions. Heavily fortified, the embassy also has a private road linking it to the Nato headquarters and President Hamid Karzai's palace. Based in Montgomery, Alabama, Caddell Construction, Inc has carried out many contracts for the United States government and military, building several embassies, consulates, courthouses and prisons. -Reuters
General Petraeus calls on General Kayani
US says no win MQM walks in WoT sans Pak POL prices hike
out from NA
ISLAMABAD: Muttahida Qaumi Movement (MQM) boycotted and walked out from National Assembly session in protest against price hike of petroleum products, inflation and load shedding in Karachi on Wednesday. Talking on point of order in NA session, MP of MQM Waseem Akhtar criticised the government and opposition and said that the industries of Karachi are closing, students are facing problems due to the load-shedding and people are committing suicides because of the high prices of daily use commodities. See # 6 Page 11
RAWALPINDI: General David Petraeus, Commander International Security Assistance Force (ISAF) called on Chief of Army Staff, General Ashfaq Parvez Kayani at General Headquarters on Wednesday. According to military sources, visiting dignitary remained with him for some time and discussed the matters of professional interests. General David Petraeus, Commander International Security Assistance Force (ISAF) assured the military leadership that it will keep on supporting Pakistan besides taking it into confidence on matters of mutual interest for harmony and peace in Afghanistan.
He said that without the sheer cooperation of Pakistan, US couldn't win the war against terrorism at any cost, sources said. General David Petraeus, Commander International Security Assistance Force (ISAF) highly acclaimed the services and sacrifices of Armed Forces of Pakistan terming them invincible adding we will make sure to enhance Intelligence Sharing Network between each other so that extremism and terrorism could be eliminated tooth and nail. General David H Petraeus also took in confidence COAS General Kayani on new operations against Taliban in various areas of North Afghanistan. -Online
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