International Karachi, Friday, January 7, 2011, Safar-ul-Muzaffar 2, Price Rs12 Pages 12
‘Taseer added new chapter to history’
PM in Karachi, meets Governor Sindh Pension thru banks nodded
See on Page 12
US to send 1400 extra troops to Afghanistan
See on Page 12
See on Page 12 Economic Indicators Forex Reserves (1-Jan-11) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Oct 10)
GDP Growth FY10E Per Capita Income FY10 Population
Gilani announces decision in National Assembly
$17.20bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5348.6bn $287.9mn -2.81% 4.10% $1,051 171.47mn
Govt rolls back POL price hike Parliamentary leaders taken on board; Opposition hails decision
Portfolio Investment SCRA(U.S $ in million)
Special Correspondent/ Agencies
180.20 -14.57 -23.06 2900
Yearly(Jul, 2010 up to 5-Jan-2011) Monthly(Dec, 2010 up to-5-Jan-2011) Daily (5-Jan-2011) Total Portfolio Invest (31 Dec-2010)
NCCPL (U.S $ in million)
FIPI (6-Jan-2011) Local Companies (6-Jan-2011) Banks / DFI (6-Jan-2011) Mutual Funds (6-Jan-2011) NBFC (6-Jan-2011) Local Investors (6-Jan-2011) Other Organization (6-Jan-2011)
4.35 1.42 1.25 -1.84 -0.53 -4.23 -0.43
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,323.47 10,529.76 23,786.30 20,184.74 2,752.33 2,824.20 6,055.16 11,714.11
Change 182.63 148.99 28.48 116.36 4.47 14.40 11.30 -8.78
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)
$.Price PKR/Shares 2.60 111.33 23.01 197.06 2.00 42.82 1.70 36.40 11.01 37.72
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
29-Dec-2010 29-Dec-2010 29-Dec-2010 29-Nov-2010 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011 06-Jan-2011
13.20% 13.41% 13.73% 14.00% 13.29% 13.47% 13.65% 14.01% 14.16% 14.29% 14.31% 14.35% 14.60% 14.78% 14.98%
Commodities *Crude Oil (brent)$/bbl 95.38 *Crude Oil (WTI)$/bbl 89.42 *Cotton $/lb 147.30 *Gold $/ozs 1,368.60 *Silver $/ozs 29.19 Malaysian Palm $ 1,259 GOLD (NCEL) PKR 37,975 KHI Cotton 40Kg PKR 10,395
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.90 Canadian $ 85.00 Danish Krone 15.00 Euro 113.20 Hong Kong $ 10.50 Japanese Yen 1.016 Saudi Riyal 22.55 Singapore $ 65.30 Swedish Korona 12.00 Swiss Franc 86.70 U.A.E Dirham 23.15 UK Pound 133.00 US $ 85.55
Sell (Rs)
86.00 86.00 15.10 115.10 10.60 1.042 22.70 66.30 12.70 86.90 23.35 134.60 85.85
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
85.32 85.97 15.10 112.56 11.02 1.029 22.84 66.20 12.65 88.54 23.32 132.84 85.64
85.52 86.17 15.14 112.82 11.04 1.031 22.89 66.35 12.68 88.75 23.37 133.15 85.83
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
15°C 24°C 10°C 10°C 18°C 15°C
MIN
-01°C 08°C 02°C 00°C -08°C 00°C
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing during the Assembly Session at Parliament House. APP
FX reserves hit record $17.2bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves rose to a record $17.20 billion in the week ending January 1, up from $16.42 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to $13.53 billion from $12.71 billion in the week ending Jan 1, while those held by commercial banks fell to $3.67 billion from $3.71 billion, said Syed Wasimuddin, chief spokesman of the central bank. Pakistan received more than $633 million from the US for providing military and logistical support to fight militancy,
boosting reserves, Wasimuddin said. Pakistan's reserves previously hit a record high of $17.10 billion in the week ending October 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit. Earlier the reserves got a boost in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending for flood relief and immediate foreign exchange needs. This was separate from the $11 billion IMF bailout programme, agreed in 2008. In May, Pakistan received $1.13 billion in the fifth tranche of the programme.
LPG price goes up Rs5 per kilo ISLAMABAD: LPG prices have been increased by Parco and powerful cartel of marketing companies by Rs5 per-kg despite decline in its prices at international market and by way of this hike, price of domestic cylinder has gone up by Rs60 and commercial cylinder by Rs240. The price has been raised without seeking permission from Ogra and in utter defiance of rules set by Ogra. With this upsurge, price of LPG has reached the highest level of its history in the country. LPG price has been enhanced from Rs120 per kg to Rs 125 per kilogramme in Lahore, Gujranwala and Sialkot.
In Karachi, the price has been scaled up from Rs105 to Rs110 per kilogram, in Peshawar, from Rs130 to Rs135 per kilogramme and in Rawalpindi, Kohat and Murree from Rs140 to Rs145 per kilogramme. The increase in the prices of LPG will take effect immediately. Muhammad Irfan Khokhar chairman of LPG Distributors Association Pakistan and LPG Zonal standing committee has said the increase is uncalled for and it be withdrawn immediately. He demanded of President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani and Chief Justice of Pakistan Iftikhar Muhammad See # 10 Page 11
CJ says Hajj corruption report unsatisfactory
SC orders to dig deeper into scam ISLAMABAD: The Chief Justice of Pakistan Justice Iftikhar Mohammad Chaudhry Thursday described the report of Director General FIA Wasim Ahmad into Hajj scam as unsatisfactory and ordered comprehensive investigation into the scam. During hearing of the Hajj scam case, the court observed that the Director General FIA did not take any interest while the Interior Minister got the name of the main accused removed from the Exit Control List through an SMS. It also observed that this is not a small thing and Azam Swati lost his ministry due to this scam.
Justice Khalil-ur Rahman Ramday observed that if he had been the head of DG FIA, he would have sent him to jail. Judge advised Advocate Latif Khosa not to try to turn the court into a political field. While ordering payment of 700 Riyals each to the pilgrims of Maktab -5 the seven member bench adjourned the hearing till 11th of January. Former Minister Azam Swati submitted before the court that he was not satisfied with the inquiry of the FIA and termed it as unsatisfactory. Azam Swati's lawyers said that the two witnesses in the Hajj scam Abdul Rehman and See # 12 Page 11
Aitzaz says not in Punjab Governor's race LAHORE: Former president of Supreme Court Bar Association and Pakistan Peoples Party leader Aitzaz Ahsan on Thursday ruled out his candidature for the slot of Punjab Governor. Talking to media after Qul of Salman Taseer at Governor House, he said the President, the Prime Minister and the party would decide about the new governor, adding more suitable personalities were available in the province for the slot and he was not in the race. To a question about the murder of Salman Taseer, he said that all investigation departments should jointly investigate the case and it should be transparent. "The murder should not be termed in any other manner before the result of the investigations," he added. He said that element of violence was increasing in politics, which had started during the era of General Ziaul Haq. He said that violence and suicide attacks on mosques, Imambarghas, churches and other worship places were growing, and expressed his apprehension that some elements wanted to destroy the state. "Some foreign agencies are destabilising the country through anti-state activities in Balochistan," he added. He said that tolerance introduced by 'Soofis and Aulia' was See # 9 Page 11
Pakistan Day parade cancelled ISLAMABAD: Federal government has decided to cancel the annual Pakistan Day March 23 - armed forces parade for the fourth consecutive year due to the current security situation of the country. The Pakistan Day Parade, the biggest event of the country's armed forces, which was scheduled for March 23 this year, has been cancelled by the federal govt with due consultation with Chairman of the Joint Chiefs of Staff Committee Gen Shamim Wynne and military leadership, sources said. Sources told that military leadership was of the view that since a large number of troops are deployed at the eastern and western border of the country and are engaged in war on terror thus it would not be possible to move them for Pakistan Day parade. Moreover by canceling the parade expenditures worth of million of rupees could be saved. Sources said moreover, since See # 11 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani on Thursday announced restoration of prices of POL products to the level of December 31, last year and withdrew the latest increase announced by the government. Making a policy statement on the issue in the National Assembly, he said the decision has been taken in deference to the demand of the public, parliament and the political leadership. He said the decision was arrived at the meeting of leaders of all parliamentary parties in Islamabad where they were briefed by the Finance Minister and other members of the government's economic team on the petroleum prices and the overall economic situation. Prime Minister said there was consensus in the meeting that
the latest increase should be withdrawn. He said it has also been decided that a committee consisting of leaders of parliamentary parties or their nominees would be constituted within a week to formulate a strategy on what to do when prices of oil fluctuate in the international market. He asked parliamentary leaders to nominate their representatives for the committee so that the issue is reviewed comprehensively. Prime Minister said it was due to sagacity and concern displayed by the political leadership that the issue of POL prices has been resolved through consensus. He said he was scheduled to hold consultations with the parliamentary leaders on Tuesday as decided by the House a day earlier but the meeting could not take place due to tragic assassination of Governor
Banks/ DFIs told to ensure loan limit
SBP rewrites credits rules Staff Reporter KARACHI: State Bank of Pakistan has amended certain provisions of Prudential Regulations for Consumer Financing with immediate effect. According to a Circular (BPRD Circular No 1) issued here on Thursday, State Bank has revised Regulation R-7 pertaining to Maximum Card Limit. Under the revised regulation, banks/ DFIs shall ensure that overall credit card and personal loan limit, both on secured as well as on unsecured basis, availed by one person from all banks/DFIs in aggregate should not exceed Rs5,000,000, at any point in time, subject to the condition
that the overall unsecured/ clean facilities on account of credit card and personal loan of that individual do not exceed Rs2,000,000. Similarly, in Regulation R23, a new paragraph has been added as under: "Banks/DFIs shall ensure that overall personal loan limits and credit card limits, both on secured as well as on unsecured basis, availed by one person from all banks/DFIs in aggregate should not exceed Rs5,000,000, at any point in time, subject to the condition that the overall unsecured/ clean facilities on account of personal loan and credit card of that individual do not exceed Rs2,000,000." Following the above-mentioned amendment, See # 6 Page 11
4 more ministries transfer by Feb28 Sub-dept of Ports& Shipping, Law Sources also to be transferred
ISLAMABAD: Parliamentary Commission on the implementation of 18th amendment in the second-phase has decided in principal to hand over 4 more ministries to the provinces by Feb 28. The decision to this effect was made in a meeting of the commission chaired by Senator Raza Rabbani at the Parliament House. The four ministries that would be handed over to provinces include special education, social welfare, culture, and tourism min-
istries along with their assets. Besides these ministries, the subordinate departments of three ministries which include interior ministry, ministry of law and justice and ports and shipping would also be handed over to the provinces. told Online that the decision to shift ministry of health in the second phase to the provinces has been deferred. Members of the committee have showed complete satisfaction at the pace of the proceedings. -Online
Punjab Salman Taseer. Leader of the opposition Chaudhry Nisar Ali Khan welcomed the announcement and said by doing so the government has responded to the woes of the masses. He said people were facing economic difficulties and they were unable to bear the burden of hike in prices of POL products. He also drew attention of the government towards gas loadshedding and its low pressure causing difficulties for domestic consumers. Chaudhry Nisar also regretted that immediately after assassination of the governor, some people have started describing it as a political murder. He pointed out that Mian Nawaz Sharif himself went to Rawalpindi General Hospital immediately after hearing about assassination of See # 5 Page 11
India in tears as Pakistan bans onion exports NEW DELHI: Dubbing Pakistan's decision to ban onion exports across the Wagah border as "shocking", India Thursday said the issue has been taken up with the concerned authorities in Islamabad. "It is shocking and unfortunate that Pakistan has banned onion exports to India via land route. We have urged them that the contracted quantities which were to come via the land route should be released," Commerce and Industry Minister Anand Sharma said here, reported PTI. He said the government is also exploring "all the opportunities." Authorities in Pakistan stopped 300 trucks of onions bound for India at the Wagah border, saying exports had to be curbed to control rising prices in their own country. Sharma said that state-run State Trading Corporation (STC) and PEC had contracted onions from Pakistan. "The matter has been discussed with the High Commissioner in Islamabad, who has already met the concerned officials in the neighbouring country." He said whatever decisions are taken should be implemented prospectively and the convoy of trucks should not have been stopped. Asked whether Pakistan's action was in retaliation to India restricting cotton exports, Sharma said New Delhi's decision was not aimed at Pakistan. The government has put a ceiling of 55 lakh bales on cotton exports for the current season. However, a large quantity of See # 7 Page 11
Development budget halved ISLAMABAD: Secretary Finance Dr Farooq Masood has informed the Senate Standing committee for Communication that its development budget of Rs240 billion has been reduced to Rs120 billion because of financial crunch. As per details the Standing Committee presided over by
chairman Wali Ahmed Badini was briefed by secretary finance Dr Farooq Masood that due to financial crunch the development funds of the ministries have been slashed. The committee members have protested against the decision and said they were assured by the PM that there would be
no reduction in the development fund of Balochistan. The committee took notice of the protest and summoned the AGPR in the next session to submit its report. Chairman NHA informed the committee that Rs150 million for Lawari tunnel, and Rs200 million See # 8 Page 11
2
Friday, January 7, 2011
Record handling of oilseeds at PQA
ISLAMABAD: Chief Justice Islamabad High Court along with two other judges called on Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry in Supreme Court.-APP
‘Govt to solve problems of staff’ KARACHI: Advisor to Chief Minister Sindh on Information Sharmila Faruqui has said that those institutions that take care of their employees always make progress and Sindh Information Department has always taken care of its employees. This she said while addressing as a chief guest in a ceremony here at Sindh Information department, held in honour of Deputy Director Imdad Hussain and Information Officer Abdul Wahid Memon on their retirement. The Advisor said that Sindh Information Department was one of the most important organs of the Sindh government, because it worked as a bridge between the government and the masses and its officers were also very important and they worked for the promotion of government activities.-Online
TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 11:05 Headlines 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 Awam Ki Awaz 23:00 News 23:30 24
FRIDAY 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 15:05 16:00 16:02 16:30 17:00 17:05 18:00 18:05 19:00 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 Siyasat Mana Hai (Rpt) News Akhri Suada Karobari Dunya News Ghar Ka Kharch (Rpt) News Chai Time Headlines Mang Raha Hai Pakistan Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu News Siyasat Mana Hai (Rpt) News
PML-N leader lashes out at PPP Staff Correspondent LAHORE: PML-N senior leader and Member National Assembly (MNA) Mohammed Pervez Malik has said that Pakistan Muslim League N wants the continuity of democratic system in the country but it was PPP leadership which is stumbling himself and trembling the public confidence on the democratic system by taking antination steps like hike in utility prices, massive gas and electricity load shedding, aggravating law and order situation and massive borrowing. "PML-N
wants the prosperity of Pakistani nation and would not compromise on the interests of Pakistan at any cost." In a press statement issued here Thursday, Pervez Malik said that present regime has disappointed the all segments of society and failed to show their commitment in resolving the difficulties being faced by the Pakistani nation. He said that it was the flawed policies and ghastly performance of PPP-led government which showed them this day when not a single soul was ready to support them.
He said the present regime has thrown the country in the swamp of crisis. He said that the business community and masses, on one hand, are facing prolonged electricity and gas crisis, worsening law and order situation, soaring inflation and rising corruption, while on the other, being tormented by the luxurious expenditures of the government. He said the federal government has borrowed Rs 482 billion from banking system for budgetary support during the first half of current fiscal year because of rising current expenditure.
FBR-Agility to discuss automation Staff Reporter ISLAMABAD: The Pakistan automated customs computerized system (PaCCS) enjoys aweinspiring support of the trade community across the country. The Federal Board of Revenue (FBR) has agreed to talk to Agility during this week. Agility is Kuwait-based Logistics Company and launched PaCCS in country in 2005. During the meeting, offi-
Baig's New Year gift of rice to Manila Staff Reporter KARACHI: Dr Mirza Ikhtiar Baig, Advisor, Government of Pakistan has sent 100 bags, 5kg each Pakistani Basmati rice to Manila, Philippines as New Year gift through Rice Exporters Association of Pakistan (REAP) to promote Pakistani rice in Philippines through distribution to the dignitaries and senior officials of the Rice Import Corporation, Manila. On the last visit of the Federal Advisor to Manila, he advised the Ambassador and Commercial Counselor of Pakistan in Manila to introduce and promote Pakistani Basmati rice in Philippines. Dr Baig, who is also Hon. Consul General of Yemen in Sindh on his recent visit to Sana'a, Yemen to attend 6th Session of Pak-Yemen Joint Ministerial Commission meeting was pleased with the overwhelming response received from the leading Yemeni buyers. Dr. Baig said there exists a tremendous potential of exports of Pakistani products in Yemen. Dr Baig also spoke to CEO TDAP Tariq Iqbal Puri and discussed to organize sector specific exhibitions in Pakistan throughout the year particularly textile, leather, foodstuff, light engineering goods, cutlery, sportswear, surgical instruments, carpet etc as well as to take part in the world largest exhibitions particularly Canton Fair in China.
cials of FBR and Agility will discuss the opportunities to continue PaCCS and its expansion to other terminals also. The FBR officials may ask Agility to modify the system as per the requirements of trade community. The negotiation between the officials of both companies was lauded by the trade community and termed it necessary for national kitty. The Federal Board of Revenue's multifarious efforts to meet the
KARACHI: Pakistan's first fully automated dry bulk cargo terminal FAP at PQA, has created a record by discharging 16,500 metric tons of canola oilseeds in a day, comfortably bettering the previous one day record of about 9,500 metric tons achieved at Karachi Port Trust (KPT). MV Panagiotis D carrying about 55,000 tons of Canola docked at the 11.5m draft dedicated and purposed built jetty at FAP, and the cargo of oilseed was the largest ever in one vessel to dock at any port in Pakistan. The FAP terminal has the ability to dock vessels with 14 meters of draft but the current draft is restricted to 11.5m of draft by Port Qasim Authority.-Online
LCCI greets LEJA
tax revenue target without further burdening industry and businesses are only possible if the system is automated, say traders. The manual procedures to clear Goods Declarations have kept us behind neighbors in many fields and this is main reason behind our backwardness, traders observed. The country has gained in billions of Rs from PaCCS, which might otherwise have gone into the pockets of corrupt officials. RAWALPINDI: Federal Minister for Defence, Chaudhry Ahmad Mukhtar, has directed the Civil Aviation Authority (CAA) to expedite work on New Benazir Bhutto I n t e r n a t i o n a l of both the public and pri- A i r p o r t ( N B B I A ) , vate sectors to enable them Islamabad so as to accomto purchase wheat proper- plish the project with in the ly. At present we have stipulated time. enough stocks of wheat for He gave these directions fulfilling the local while chairing a meeting in demands till the harvest of Ministry of Defence to the upcoming crop. No review the progress of restrictions on the move- NBBIA project. ment of the commodity Earlier, the Director will be imposed. The gov- General, CAA, gave a ernments of Khyber detailed presentation to the Pakhtunkhwa and Minister highlighting the Balochistan are requested financial cost and various to ensure the smooth aspects of the project.-NNI movement of commodity and discourage the interprovincial restrictions", the minister added.-APP
LAHORE: Students taking keen interest in books during Book Fair organized by the Government College University Lahore.-APP
SECP takes punitive action against firms Staff Correspondent ISLAMABAD: In order to foster a transparent and efficient securities market and to safeguard the investors' interest, the Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) took enforcement actions and penalized the market participants in grave violation of fair market practices, by issuing three orders in the month of December, 2010. As a stringent measure to restrain abusive market activities, two separate orders were issued against the Chief Executive
Officer of a listed company and its associated company, consequent to their indulgence in an associated scheme of Insider Trading in the shares of a listed company. Moreover, in another instance of market abuse and insider trading, punitive action was taken and fine was imposed against director of a public limited company who was involved in Insider trading in a listed company. The abusive activity was related to the trading by the director of the public limited company prior to its announcement regarding acquisition of a listed
company. As a part of its routine surveillance and monitoring activities, two warning letters were also issued to non-compliant members of the stock exchange for blank sales in addition to a warning letter issued to an individual investor for execution of wash trades. Furthermore, in order to safeguard the interest of small investors a show cause notice was served to a beneficial owner of a listed company for the recovery of Tenderable gain of Rs12.739 million under section 224 of the Companies Ordinance, 1984.
Staff Reporter LAHORE: The LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar have congratulated newly elected Lahore Economic Journalists Association (LEJA) President Syed Jawwad Ali Rizvi, Vice President Mian Shahid Nadeem, General Secretary Imran Adnan and Finance Secretary Rizwan Ali. In a Press statement issued here Thursday, They said that LEJA newly elected office-bearers were rich with vast experience and well aware with the issued being faced by the trade, industry and economy.
Change in aviation policy discussed
Govt to protect farmers’ interest ISLAMABAD: Federal Minister for Food and Agriculture, Nazar M. Gondal has said that the government is committed to protect the interests of the farming community and will make sure that they get the support price of Rs.950 per 40 kilogram. The minister was chairing a meeting of a committee constituted by Economic Coordination Committee to review the existing purchase policy of wheat here on Thursday. "State Bank of Pakistan (SBP) will facilitate buyers
Unfair practices
Dental Health Awareness Program
KARACHI: Inline with its policy for better child development, the Dawood Public School organized a 3-day Dental Health Awareness Program for the students of primary section at its premises. More than eight hundred girl students were educated about the dental health issues in order to sensitize them about the hazards of dental illness. The program comprised a demonstration of the correct methods of brushing the teeth and the hazards of improper brushing or no brushing at all. Brushing charts were distributed among the students to color the sun when they brush in the morning, and the moon, when they brush at night.-PR
JAMRUD: Governor Khyber Pakhtunkhwa Owais Ahmed Ghani inaugurating the Bank of Khyber, Jamrud Branch to extend the Islamic Banking facility to FATA.-Staff Photo
First branch opened at Jamrud
BoK starts Islamic banking in Fata TFD Report PESHAWAR: The Governor Khyber Pakhtunkhwa Owais Ahmed Ghani has urged all the commercial banks operating in FATA to extend loaning and financing facility to their FATA clients adding that it was unfair to keep their clients deprived of it despite getting huge deposits from them. "When they are getting handsome deposits from their clients in FATA, they must provide them with loaning facility as well", the Governor stressed while addressing the cere-
mony of opening of first Islamic Banking branch of Bank of Khyber in Jamrud, Khyber Agency. Attaullah Khan, Additional Chief Secretary Government of Khyber Pakhtunkhwa and Chairman Board of Directors BoK, Bilal Mustafa Managing Director BoK, Sikandar Qayum Secretary to Governor and Shafirullah Political Agent Khyber Agency, BoK board of directors members Maqsood Khan and Muhammad Asif , Bank's Group Head for Islamic Banking Arbab Riaz Ahmad, Group Head Credit Management Imran
Don't overbudren residents
‘No new taxes be imposed in DHA, Clifton’ TFD Report KARACHI: Keeping in view the grievances being faced by the general public due to additional tax on development work in Defence/Clifton areas, MNA Khushbakht Shujat , while re-viewing the situation during a meeting at DCRC, urged the concerned authority to refrain from imposing any new tax on residents. Besides residents of Defence, Clifton the meeting was also attended by Muqeem Alam MPA, Imran Mirza, Erum Mirza, Zubair Ahmad, Dr.
Nasir and other officials from DCRC. The meeting expressed deep concern over imposition of additional tax and it was decided that in the on going area of inflation when people are hardly able to make their daily earnings, DHA will not be allowed to further amplify the grievances being faced by the already overburdened masses. It was further resolved that they will soon come up with a feasible solution in this regards with a view to resolve the issues being faced by the angry local residents.
Samad and Group Head HRD Ayub Hamid were also present in the ceremony. The Governor appreciated the Bank of Khyber for its unique introduction in FATA by introducing Islamic Banking in tribal areas and congratulated the management of the Bank on this decision. He said it was an appreciative step particularly in the current scenario when the government was making all out efforts to revive and consolidate the socioeconomic conditions in FATA and it would certainly supplement the government efforts in this regard.
New Chairman of ICMAP, Karachi KARACHI: The Karachi Branch Council (KBC) of the Institute of Cost and Management Accountants of Pakistan (ICMAP) has elected KBC office-bearers for the year 2011. An announcement on Thursday said that Tariq Hussain has been elected as Chairman. Ehsan Elahi Vohra has been elected as Vice Chairman, Anis-urRehman as Secretary and Muhammad Yousuf as Treasurer. Other KBC members elected were: Muhammad Amir Zaheer, Imran, Ahsan Ali Syed and Syed Adnan Hussain Shah.APP
KARACHI: Syed Johar Ali Qandhari and S M Muneer presenting KATI shield to DIG East, Shoukat Ali Shah.-Staff Photo
3
Friday, January 7, 2011 Top Economic Events
Dollar edges higher as US economic outlook improves Today’s US payrolls report to set dollar's direction NEW YORK: The dollar moved higher against the euro on Thursday with further gains likely, bolstered by generally upbeat US data showing that recovery in the world's largest economy was well underway. US initial jobless claims rose more than expected in the latest week, but a decline in the four-week average to a fresh low of more than two years indicated that the labor market is also on the mend. Investors, however, are now focused on Friday's US non-farm payrolls report, which is expected to show job gains of 175,000 in December. Data on Wednesday from ADP showed US private sector employment posted a record increase last month of 297,000 jobs. Traders said should this string of positive US data continue, the euro is likely to take the brunt of the dollar's rally, bringing into focus the key $1.30 level.
"If you consider the fact that the US recovery is far better than most major economies, then that kind of spells a lower euro," said Tim O'Sullivan, chief dealer at Forex.com, a division of Gain Capital in Bedminster, New Jersey. "It is possible that the dollar is going to perform well now because of fundamentals, and the euro is bearing the weight of that right now." In early New York trading, the euro was down 0.2 per cent at $1.3127. The euro also slid below its 200-day moving average around $1.3081, suggesting further selling pressure. Forex.com's Tim O'Sullivan said if the
euro falls below $1.30 within the next few days, "we could see $1.2575 in the euro within a month."
The single currency earlier got a brief boost after Spanish newspaper El Pais reported that China was willing to buy about 6 billion euros of Spanish government debt. It barely reacted, though, to mixed economic data that showed euro-zone economic sentiment jumping in December and retail sales falling in November. While the euro is likely to struggle under
the burden of rising euro-zone government debt issuances in the coming months, investors will keep a close eye on forthcoming US data to assess the economic recovery's durability. Crucial to that recovery is the US labor market, and Friday's US non-farm payrolls report is expect to show a gain of 175,000 jobs. "A number around 200,000 would likely spur profit-taking. A positive surprise of 250,000-300,000 is needed to spur the dollar higher," one London-based trader said. Even then, the dollar's gains could be limited unless the data changes expectations about the US Federal Reserve's plan to keep its bond-buying program in place through June. The ICE Futures' dollar index, which measures the greenback's value against a basket of major currencies, was up 0.1 per cent at 80.354, a sharp turnaround from last week's 78.775 trough. -Reuters
Yuan weakens on
Asian currencies
Peso, baht down on USD weaker mid-point short covering before US data Peso down 0.2pc; muted reactions to Moody's move SEOUL: The Philippine peso and the Malaysia ringgit dipped against the US dollar on Thursday with overall Asian currencies remaining as investors covered dollar-short positions ahead of US nonfarm payroll data. "USD/Asia should stay supported as the ADP release has reinforced expectations for a strong NFP although Asian currencies will benefit from strong US economy over the medium term," said Pin Ru Tan, emerging markets forex and rates strategist at the Royal Bank of Scotland in Singapore. The peso fell against the dol-
lar as investors covered dollarshort positions amid the greenback's broad gains. Currency investors were largely unfazed by Moody's upgrade of the Philippines' rating outlook. "It is definitely good for the currency. But it could take a while before we see an upgrade," Tan of the Royal Bank of Scotland said. Moody's Investor Services upgraded the outlook on the country's foreign and localcurrency bond ratings to positive from stable, a day after the government sold $1.25 billion of global peso bonds.
The ringgit fell as declines in the euro and the Australian dollar spurred dollar short covering and interbank and leveraged names joined dollar buying. The baht tracked falls in Asian peers but found a support around 30.30 per dollar, dealers said. "I think dollar/baht will be capped at 30.30 as investors already reduced dollar-short positions already," said a Bangkok-based dealer. "Markets will hesitate to make new positions before the US job data," the dealer said. Reuters
Stg gains vs euro, shrugs off UK data
Swiss franc extends losses
LONDON: Sterling rose against a sluggish euro on Thursday as investors continued to diversify away from the single currency, while the pound was able to shrug off knee-jerk losses triggered by weakerthan-expected UK services data. Large swathes of Britain's service sector suffered their first fall in output since April 2009 last month due to snowy
weather and weak new orders, the Markit/CIPS services PMI survey showed on Thursday. British GDP probably grew by just 0.4 per cent in the last three months of 2010, lower than many economists have forecast and little more than half the 0.7 per cent recorded in the third quarter of the year, survey compilers Markit said. "There was an initial selloff in the pound but overall the market has taken the data with a pinch of salt," said Jane Foley, senior currency strategist at Rabobank. "Weather-related components make it difficult to read much into the data and the market will
be waiting to see if there's a bounce in the next month's reading," she said. The euro traded down around 0.5 per cent against the pound at 84.36 pence, close to its session lows of 84.29. It had risen to around 84.75 when the UK data was released. The euro was down 0.6 per cent against the dollar at $1.3075. Renewed concerns over the
euro-zone periphery weighed on the single currency, with the market seeing Spanish debt issuance next week as a key risk after Portugal was forced to pay higher yields in a Treasury bill auction on Wednesday. The December lows were a possible target at 83.50, while the technical outlook was weakened by Wednesday's move below the 200-day moving average at 84.85. The pound pared earlier losses to trade flat versus the dollar at $1.5515. Traders said Asian demand had helped to underpin it on the day. -Reuters
ZURICH: The Swiss franc eased further on Thursday as markets awaited Swiss consumer price data to assess whether the central bank would have to fight renewed risks of deflation or the build up of inflation pressures. Analysts at Commerzbank said speculation about an early interest rate hike could resurface and lend some support to the franc should Swiss consumer price data for December show a surprise rise. "After the upside surprise with euro-zone inflation figures, it seems likely that Swiss prices also rose more than the market expects," the analysts said in a note to clients. In a Reuters poll, analysts forecast a annual inflation rate of 0.4 per cent, up from 0.2 per cent in November. The franc was 0.1 per cent down against the euro compared to the New York close, trading at 1.2717 per euro at 0724 GMT, having dropped around 2 per cent over the last two sessions. The franc was 0.1 per cent weaker against the dollar at 0.9664 per dollar, having lost around 3.5 per cent in the last two days. The Swiss National Bank intervened massively in the first half of 2010 to fight deflationary pressures from a strong franc but dropped interventions in June, saying deflation risks had disappeared. -Reuters
Aussie, Kiwi dollars fall on USD; data mixed blessing WELLINGTON/SYDNEY: The Australian and New Zealand dollars slipped for a fourth straight session on Thursday and risked further losses as upbeat US economic data lifted the US currency across the board. The Aussie dollar slipped to a two-week low of $0.9945, shedding 2.5 per cent since New Year's eve when it struck a 28-year high at $1.0325. The currency is on its way to test $0.9920 where a break could see a retracement all the way to the Dec 16 trough of around $0.9830. Resistance is seen at $1.0020 and $1.0076, the hourly high on Jan. 5. This week's slump was triggered by a stronger US currency which received a big boost on Thursday from strong labour data and an upbeat ISM services survey. Lingering worries about widespread floods in the state of Queensland, which produces two thirds of the world's coking coal, provided another excuse to take profits on the Aussie. Analysts have tended to play down the impact of the floods on the economy and see little implica-
tion for interest rates with the market still implying a 50/50 chance of a hike by June. The floods have also added to upward pressure on coal and iron ore prices, the country's two biggest exports. "The market may be underestimating the impact on coal export prices...That should offset, at least partially, some of the lost volumes," said Grant Turley, an analyst at ANZ. "In that sense, I don't think the Aussie should fall much further," he said, adding he sees the currency stabilising around $0.9950. The greenback, which gained 1.6 per cent this week against a basket of major currencies, also dollar rose sharply on the yen to 83.24 yen. That in turn lifted the Aussie to 83.00 yen, from this week's lows just under 82.00. The NZ dollar slipped to $0.7572, from $0.7599 in early trade and a high of $0.7800 this week as investors took profits on positions built up over December. The Aussie held onto early gains, sitting around NZ$1.3165, but the pair needs to clear NZ$1.3340 to build a stronger base even as the kiwi loses steam. -Reuters
SHANGHAI: The yuan closed down against the dollar on Thursday after the People's Bank of China set a weaker mid-point, reflecting a jump in the US dollar index in global markets due to upbeat economic data. But the mere 27-pip fall in the PBOC's mid-point, or the level from which the yuan may rise or fall 0.5 per cent each day, lagged far behind a jump of 1 per cent in the dollar index on Wednesday. Dealers said that may reflect the central bank's intention not to let the yuan fall too much. Spot yuan closed at 6.6265 versus the dollar, down from Wednesday's close of 6.6190. It hit a record high of 6.5896 last week. Before trade began, the Chinese central bank fixed the yuan's mid-point versus the dollar at 6.6322, weaker than Wednesday's 6.6295. "It's natural for the yuan to retreat now after a sharp rise around year-end." said a dealer at a Chinese bank in Shenzhen.
"But the yuan's rise for the full year may not change." "The yuan may track the dollar's movement in a small trading range for now," he said. Dealers said the market had scaled back forecasts for sharp yuan appreciation in the near term after the PBOC's mid-point fixings were little changed. But they still said the yuan's appreciation over the course of the year was inevitable as China wrestles with domestic concerns such as rising inflation and asset bubbles. The market widely expects the yuan may rise 5-6 per cent against the dollar in 2011 and that its upward trajectory would be particularly strong in the first half. Benchmark one-year nondeliverable dollar/yuan forwards were bid at 6.4480, little changed from Wednesday's close of 6.4450. Their implied yuan appreciation in a year's time fell slightly to 2.86 per cent from 2.90 per cent. -Reuters
Indian rupee snaps 2-day losing streak MUMBAI: The Indian rupee snapped a two-day losing streak and rose on Thursday as custodian banks and exporters stepped up dollar sales but weak domestic shares and late gains in the dollar versus majors weighed on sentiment. The partially convertible rupee closed at 45.245/255 per dollar, off its high of 45.19 but still 0.2 per cent stronger than 45.33/34 at close on Wednesday. Earlier in the session, the rupee had dropped as low as 45.43, its lowest since Dec. 20. "There were good inflows today, and also selling from exporters, both clubbed together helped the rupee retreat from its lows," said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank. Dealers said there was a lot of dollar selling by some large foreign banks possibly inflows towards purchases of fresh debt. Foreign institutional investor (FII) limits in government and corporate debt were allotted in early December. Weak local shares also hurt sentiment, traders said. Foreign investors bought a record $29.3 billion worth of shares in 2010, compared with $17.5 billion net inflow in 2009. In the first two trading sessions of 2011, foreign
investors pumped $269.5 million into shares. India's food inflation accelerated for the fifth straight week to the highest in more than a year, reinforcing fears it has spilt over to broader prices and cementing expectations of a rate increase in January. The central bank is expected to raise rates by a total of 75 basis points in 2011, a Reuters poll of 17 analysts on Wednesday showed. One-month offshore nondeliverable forward contracts were quoted at 45.47, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 45.44 and 45.4350, with the total traded volume on the two exchanges at about $6.9 billion. -Reuters
Time 11:45 12:00 12:00 7th-8th 15:00 15:00 16:00 17:00 17:00 18:30 18:30
Source CHF EUR EUR GBP EUR EUR EUR CAD CAD USD USD
Events Unemployment Rate German Retail Sales m/m German Trade Balance Halifax HPI m/m Unemployment Rate Final GDP q/q German Industrial Production m/m Employment Change Unemployment Rate Non-Farm Employment Change Unemployment Rate
Source
Events
CHF GBP EUR EUR USD CAD USD
CPI m/m Services PMI Retail Sales m/m German Factory Orders m/m Unemployment Claims Ivey PMI Natural Gas Storage
Forecast 3.6% 0.6% 14.5B -0.3% 10.1% 0.4% -0.1% 19.1K 7.7% 159K 9.7%
Previous 3.6% 2.3% 14.3B -0.1% 10.1% 0.4% 2.9% 15.2K 7.6% 39K 9.8%
Actual
Forecast
Previous
0.0% 49.7 -0.8% 5.2% 409K 50.0
-0.1% 52.9 0.3% 1.0% 400K 53.3 -135B
Previous Day 0.2% 53.0 0.0% 1.6% 391K 57.5 -136B
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3121 1.3175 0.9646 0.9748 1.5523 1.5559 0.9957 0.9966 0.9976 1.0016 108.9700 109.6700 0.8451 0.8485 1.2655 1.2723 129.0100 129.2700 86.1400 86.3200 0.9689 0.9762 1369.6100 1379.7500 29.1100 29.5300
Bid 1.3119 0.9643 1.5518 0.9953 0.9971 108.9300 0.8449 1.2652 128.9600 86.0800 0.9682 1369.2000 29.0400
Low 1.3088 0.9614 1.5466 0.9926 0.9950 108.8200 0.8435 1.2612 128.4600 85.6800 0.9668 1367.8000 28.9300
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 06/01/2011 A USD GBP CAD EUR JPY O/N 0.24375 0.55813 0.92167 0.34250 SN 0.09438 1WK 0.25438 0.57063 0.99167 0.49875 0.10288 2WK 0.25656 0.57438 1.04083 0.55875 0.10938 1MO 0.26125 0.59000 1.09500 0.69375 0.12125 2MO 0.28250 0.64625 1.15083 0.81000 0.15000 3MO 0.30313 0.76000 1.23833 0.93313 0.18688 4MO 0.34625 0.84188 1.30833 0.99688 0.24288 5MO 0.40263 0.94813 1.37000 1.08250 0.30000 6MO 0.45719 1.05438 1.44667 1.17813 0.34750 7MO 0.51075 1.13000 1.51333 1.22813 0.39750 8MO 0.56500 1.21563 1.58917 1.28313 0.44188 9MO 0.61781 1.29750 1.66333 1.33063 0.48750 10MO 0.66969 1.37688 1.73750 1.38188 0.51438 11MO 0.72469 1.44563 1.82333 1.42438 0.54000 12MO 0.78525 1.51250 1.90167 1.46750 0.56625
Major Central Banks Overview Central Bank Bank of England European Central Bank Swiss National Bank The Reserve Bank of Australia Bank of Canada Federal Reserve Bank of Japan
Next Meeting
Last Change
January 13, 2011 January 13, 2011 March 17, 2011 February 1, 2011 n/a n/a n/a
March 5, 2009 May 7, 2009 March 12, 2009 November 2, 2010 September 8, 2010 December 16, 2008 December 19, 2008
Current Interest Rate 0.50% 1% 0.25% 4.75% 1% 0.25% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, January 06,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.85 133.15 112.82 86.17 88.75 85.52 12.68 1.03 14.51 66.35 15.14 22.89 11.04 12.96 304.55 27.95 64.95 23.58 23.37 0.08 2.84
85.65 132.84 112.56 85.97 88.54 85.32 12.65 1.03 14.47 66.20 15.10 22.84 11.02 12.93 303.84 27.88 64.79 23.53 23.32 0.08 2.83
85.46 132.54 112.30 85.75 88.31 85.10 12.62 1.03 14.44 66.03 15.06 22.78 10.99 12.90 303.04 27.81 64.62 23.46 23.26 0.08 2.82
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 06, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.85 12.90 13.00 13.02 13.22 13.30 13.35 13.50 13.68 13.98 14.20 14.20 14.25 14.30 14.33 14.35 14.35 14.40 14.55 14.70
13.00 12.95 12.95 13.05 13.23 13.35 13.45 13.48 13.70 14.00 14.32 14.30 14.38 14.38 14.35 14.15 14.15 14.32 14.60 14.75
13.00 12.95 13.00 13.17 13.27 13.34 13.43 13.54 13.70 14.08 14.25 14.26 14.28 14.32 14.38 14.18 14.14 14.32 14.55 14.75
13.00 12.95 12.95 13.15 13.26 13.40 13.50 13.70 13.80 14.00 14.30 14.33 14.35 14.38 14.40 14.38 14.15 14.33 14.65 14.90
12.90 12.90 12.95 13.05 13.23 13.25 13.30 13.45 13.65 13.95 14.35 14.22 14.23 14.30 14.35 14.15 14.20 14.31 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 13.00 12.90 12.95 13.05 13.24 13.35 13.40 13.60 13.75 14.00 14.34 14.25 14.36 14.30 14.42 14.10 14.13 14.40 14.70 14.85
12.96 12.93 12.97 13.08 13.24 13.33 13.41 13.55 13.71 14.00 14.29 14.26 14.31 14.33 14.37 14.22 14.19 14.35 14.60 14.78
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.20 0.87 0.10 0.72 0.22 -0.36
0.06 -0.84 0.55 0.17 0.65 0.66
0.62 -0.73 0.58 0.59 0.78 0.57
0.77 0.20 0.85 0.90 0.73 0.48
0.44 -0.69 0.33 0.51 0.14 -0.13
USD/CAD USD/CHF
0.60 0.58 0.10 0.69 0.04 -0.36
-0.57 -0.65 0.24 -0.59 -0.22 0.44
-0.76 -0.93 -0.31 -0.73 -0.06 0.20
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)06/01/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
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 12.75
13.25
12.70
13.20
12.80
13.30
13.20
13.45
13.45
13.70
13.55
14.05
13.65
14.15
13.70
14.20
JSBL
12.60
13.10
12.75
13.25
12.85
13.35
13.25
13.50
13.45
13.70
13.50
14.00
13.70
14.20
14.00
14.50
ASPK 12.60 CIPK
ABPL
ASK
13.10
12.70
13.20
12.80
13.30
13.20
13.45
13.40
13.65
13.50
14.00
13.65
14.15
13.75
14.25
12.70
13.20
12.75
13.25
12.80
13.30
13.25
13.50
13.45
13.70
13.60
14.10
13.70
14.20
13.90
14.40
DBPK 12.50
13.00
12.60
13.10
12.70
13.20
13.00
13.25
13.15
13.40
13.30
13.80
13.50
14.00
13.60
14.10
FBPK 12.70
13.20
12.70
13.20
12.75
13.25
13.25
13.50
13.45
13.70
13.55
14.05
13.75
14.25
13.90
14.40
FLAH 12.70
13.20
12.75
13.25
12.80
13.30
13.20
13.45
13.40
13.65
13.50
14.00
13.65
14.15
13.75
14.25
HBPK 12.60
13.10
12.70
13.20
12.80
13.30
13.20
13.45
13.40
13.65
13.50
14.00
13.65
14.15
13.75
14.25
HKBP
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
NIPK
13.00
13.50
13.00
13.50
13.25
13.75
13.50
13.75
13.60
13.85
13.65
14.15
13.70
14.20
13.75
14.25
HMBP 12.70
13.20
12.75
13.25
12.85
13.35
13.25
13.50
13.35
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 12.60
13.10
12.75
13.25
12.90
13.40
13.30
13.55
13.50
13.75
13.50
14.00
13.65
14.15
13.75
14.25
MCBK 12.50
13.00
12.50
13.00
12.60
13.10
13.15
13.40
13.30
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK 12.70
13.20
12.80
13.30
12.80
13.30
13.20
13.45
13.30
13.55
13.50
14.00
13.65
14.15
13.75
14.25
SCPK 12.50
13.00
12.60
13.10
12.70
13.20
13.10
13.35
13.25
13.50
13.45
13.95
13.50
14.00
13.70
14.20
UBPL 12.70
13.20
12.70
13.20
12.70
13.20
13.20
13.45
13.40
13.65
13.50
14.00
13.70
14.20
13.70
14.20
AVE
13.16
12.72
13.22
12.79
13.29
13.22
13.47
13.40
13.65
13.51
14.01
13.66
14.16
13.74
14.24
12.66
4 Friday, January 7, 2011
Reality not as Bleak as Perceived
The Financial Daily International Vol 4, Issue 146
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board S. Muneer Hussain Rizvi
Haseeb Khan, FCA Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
The Debt weight Inability to boost tax collection or to contain non-developmental expenditures is forcing the government to borrow more from the State Bank of Pakistan as well as commercial banks. Added to this is the rising debt servicing quantum, mainly because of International Monetary Fund's (IMF) stand by arrangement (SBA) programme. Release of the last two tranches of SBA has been deferred due to Pakistan's failure in imposing RGST. The recent effort to increase POL prices has been frustrated as the government was forced to withdraw it which it willynilly did on Thursday under pressure of allies. Now return of MQM on treasury benches is quite likely which would ease some of the pressure being mounted for an in-house change. The government attributes its substantial borrowing during the current financial year to the rehabilitation of flood affectees and delay in receipts of amounts under coalition support fund. The delay in the release of funds committed by various countries for the rehabilitation work has forced the government to resort to local borrowing. It is evident from the fact that till November-end government borrowing reached a phenomenal Rs301 billion as compared to a paltry Rs58 billion at the end of November 2009. Similarly, total outstanding debt at the end of November 2010 exceeded Rs5.1 trillion as compared to Rs4.65 trillion outstanding at end of June 2010. Over the months many efforts have been made to enhance revenue but none really materialised, including the decision to impose RGST. The government in fact got a humiliating defeat due to failure in imposing RGST at the hands of vehement opposition as well as two of the coalition partners, JUI-F and MQM. Representatives from urban areas are insisting on imposition tax on agriculture income but probability of such a move is very low. Government in an attempt to curtail budget deficit is withdrawing subsidies paid on various products, particularly on energy products, fertilisers, and food items. Resistence by opposition parties and even coalition partners may result in withdrawal of the recent hike in the prices of POL products but the question remains how will budget deficit be contained? Though, a difficult decision, the government will have to opt for the austerity to contain expenditures. Further cut in PSDP is likely to annoy the vote bank and pave way for the unceremonial defeat of both the political parties, PPP and PML-N. Unfortunately both the parties have not been able to fulfill many of the promises made during the election campaign. In the aftermath of Salman Taseer's assassination, Pakistan faces a highly unpredictable response from the US, also enjoying influence over the IMF. Either of the two outcomes can't be ruled out, enhanced support for Pakistan to curb growing militancy in the country or withdrawal of support. Whatever may be the decision it would only add to the woes of Pakistan.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
Shabbir Kazmi
I
t goes without saying that Pakistan suffers from bad perception, mainly because the local and international media has been printing/airing bad news rather than highlighting the achievements made. At present it is being said that the country suffers due to bad governance, mismanagement and corruption but Pakistan is not the only country suffering from these contentious problems. Similar stories have also hit the headlines in India. Before, forming any opinion it is necessary to look at the achievements made and also the failures. This dispassionate analysis can help in evolving future strategy to attract fresh investment for boosting GDP growth rate. Despite all the odds Pakistan has been successful in boosting per capita incomes. This is remarkable keeping in view the failure to contain population growth rate. The incidence of poverty has also been reduced significantly although the number of absolute poor remains astoundingly high. Food production has not only kept pace with the rise in population but often supply exceeds demand. Leaving aside annual fluctuations due to weather conditions the country has remained near self-sufficient in food. Pakistan has been exporting rice in large quantities and also achieved exportable surplus wheat. Food self-sufficiency has been accompanied by improved nutritional status. Daily caloric and protein intake per capita has shown constant improvement but malnourishment among children is still high. The cracks in the dualistic nature of the economy are evident from some well developed sectors and others still backward. A buoyant middle class has emerged. The use of better inputs and mechanization of agriculture has contributed in boosting share of the sector in total
GDP but policies have not always been consistent or supportive. The relatively inward-looking economic policies and high protection to domestic industries has not allowed integration of Pakistan into the world economy. Though, the situation has changed significantly over the last two decades the mind-set of the politicians and the bureaucrats has not changed. A relatively inefficient private sector has thrived more on contacts,
of the banks. The financial intermediation role in mobilizing and efficiently allocating domestic savings has been often compromised. One of the factors responsible for lower tax to GDP ratio has been the corrupt and inefficient taxation collection regime. While the policies have been driven by selected elites, masses have been forced to pay taxes through their nose, thanks to indirect taxation system. Elites have also enjoyed tax
“
The relatively inward-looking economic policies and high protection to domestic industries has not allowed integration of Pakistan into the world economy
bribes, lobbying, tax evasion and rent-seeking rather than attaining competitive and comparative advantages. The situation can be changed by promoting competition, reducing tariff and non-tariff barriers and removing constraints at entry level for newcomers. In terms of fiscal management, the record has been less than stellar. Higher f i s c a l deficit as a percentage of GDP has persisted for long and affected private capital formation. Defense expenditures and debt servicing still eat up a large chunk of revenues leaving a little to be spent on maintenance and expansion of infrastructure, basic social services and other essential services. The state of financial sector indicates certain weaknesses. Nationalization of commercial banks in seventies, the neglect of credit quality in allocation decisions, lack of competition and inadequate prudential regulations and supervision have kept the system under severe pressure and contributed to non-performing assets
exemptions, worst being income from agriculture tax exempt. On top of this non-disclosure and tax evasion have proliferated due to introduction of 'money whitening schemes' with regular intervals. According to some experts per capita income ranges f r o m 1000 to 25,000 dollars and in case of s o m e feudal l o r d s o f t e n touches 50,000 dollars. This is partly because of certain groups enjoying tax exemptions for ages. Be it capital gains made in the equities markets or all sorts of income clubbed under agriculture income has created 'blue eyed kids'. Enjoying ample wealth these groups also control legislative directly or indirectly. The numbers often create an illusion that 200 million people are leading a comfortable life. However, breach between rich and poor is widening with the passage of time, mainly because of distorted policies, particularly the taxation system in force in the country. Some of the experts say that the government hardly offers any
Though, the successive GoP have been holding 'Investment Conferences' around the world and have been spending millions of dollars the response has been disappointing
incentive for investment, particularly, for the creation of productive facilities. Though, the successive governments have been holding 'Investment Conferences' around the world and have been spending millions of dollars the response has been disappointing. The government knows very well that persistent load shedding of electricity and gas is the biggest hurdle in establishing new industrial units but little is being done to ensure uninterrupted supply at affordable cost. Though, some rental power plants have been granted permission, the whole process has run into controversy. The bottom line is that power to be purchased from these plants is unaffordable and therefore, does not provide a sustainable solution. A factor really affecting investment is growing militancy and fragile law and order situation in the country. Some of the experts have been saying openly that 'fighting the US war' for nearly three decades is the reason for growing militancy in the country. Funding of various extremists groups by some of the neighboring countries, to achieve their own ulterior motives often results in armed clashed with law enforcing agencies and even army. There is a growing perception among Pakistanis that the sole aim of the groups receiving funds from outside is to destabilize the country. Attacks on the places of worship and educational institutions are aimed at creating anarchy in the country. The imperatives of globalization and integration with the world economy dictate that the countries that are not agile and do not seize the opportunities at the right times are likely to be the looser. The encouraging factor is that the economic policy stance of Pakistan is based on liberalization of the economy. Pakistan had made a head start and let it not be distracted by those having vested interests. Pakistan's destiny depends upon the hard work, discipline and internal cohesion of its people and the vision of its leaders. Let our future generations not blame the leaders for failing to create a legacy of prosperity and hope for them.
Republicans’ Cut-softening R
epublicans took power in the House of Representatives on Wednesday with promises of a leaner, more accountable government but softened a pledge of deep and immediate spending cuts that helped them win November's election. The Republican takeover sets up potentially fierce battles in the coming months with President Barack Obama and his fellow Democrats on spending, debt and healthcare. Republican John Boehner, from a working class Ohio family of 12 children, was elected House speaker in the new Congress and warned of "hard work and tough decisions" on the economy as the United States recovers slowly from its worst recession since the 1930s. "No longer can we fall short. No longer can we kick the can down the road. The people voted to end business as usual, and today we begin carrying out their instructions," Boehner said after taking over from Democrat Nancy Pelosi. Despite the tough rhetoric, Republicans signaled they could work with Obama to avert a debt crisis in the coming months. Republican control of the House and a larger minority in the Senate ushers in a new era of divided government after election gains spurred in part by high unemployment and the large $1.3 trillion deficit. But Obama's Democrats still control the Senate and can block the Republican agenda, which includes a plan to repeal the president's landmark healthcare reform and a roll back a crackdown on Wall Street. The incoming House budget chief, Republican Paul Ryan, told
NBC's "Today" program a Republican campaign promise to cut $100 billion in spending this year had been "compromised" by the momentum of spending already under way. Republicans, under pressure from the fiscally conservative Tea Party
“
Bill Gross, manager of the world's largest bond fund, warned that "mindless" US deficit spending could result in higher inflation, a weaker dollar and the eventual loss of America's top-notch credit rating. "The problem is that politicians
Despite the tough rhetoric, Republicans signaled they could work with Obama to avert a debt crisis in the coming months.
movement that supported many of the party's candidates, promised to reduce federal spending to 2008 levels, which would trim $100 billion from the budget Obama proposed last year. But aides said the actual cuts are likely to be less than half that amount because the fiscal year will be half over by the time Republicans get a chance to affect
and citizens alike have no clear vision of the costs of a seemingly perpetual trillion dollar annual deficit," said Gross, who oversees the $256 billion PIMCO Total Return Fund. "As long as the stock market pulsates upward and job growth continues, there is an abiding conviction that all is well and that 'old normal' norms have returned. Not
Bond markets fear political gridlock could prevent Congress from raising the level of debt the country can take on, potentially making the United States default on its debt spending in March. A deal on taxes in December showed Obama and the opposition can work together but there are many thorny issues ahead. DEBT CRISIS Bond markets fear political gridlock could prevent Congress from raising the level of debt the country can take on, potentially making the United States default on its debt.
likely." Ryan, the incoming House budget chief, said he will seek spending concessions from the Obama administration in exchange for any increase in the national debt ceiling. "I'm not interested in raising the debt ceiling on the hope that a promise will be fulfilled at a later time," Ryan told MSNBC. "I'm
only interested in raising the debt ceiling if we get concessions on spending, on real controls to get our fiscal situation turned around and headed in the right direction." Ryan's comments suggested Republicans are willing to work with Obama on raising the debt level but fights could still break out before the issue comes to a head in March or April. At the White House, spokesman Robert Gibbs urged Republicans to approach the debt limit vote "in a way that's responsible and in a way that doesn't threaten the full faith and credit of our government. The No. 2 House Republican, Eric Cantor, said the party was not backing down from its pledge to cut spending but had to wrestle with a temporary resolution to fund the government that sets spending at 2010 levels until March 4. "We've got this sort of gap period that we're operating in now to take care of the next fiscal year," he told the National Journal. "So it is just sort of a formulaic challenge." The two parties are headed for their first big clash next week, when Republican House leaders plan a vote on repealing Obama's healthcare overhaul. The effort looks doomed in the Democraticled Senate but the vote could set the tone for a combative first few months. Pelosi told the opening session of the new Congress that "our most important job is to fight for American jobs." Obama will offer his own vision in the coming weeks when he makes a State of the Union speech to Congress and unveils a new budget. He could propose some form of tax reform as a way to reach a major deal with Republicans.-Reuters
5
Friday, January 7, 2011
South East Asian stocks
European shares close off 28-mth high; insurers up KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,140.84 12,323.47 182.63 1.50 144.29
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,746.99 3,763.99 17.00 0.45 6.70
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,054.38 3,132.96 78.58 2.57 0.25
Major Gainers
Symbol
Close
Change
WYETH 1,096.00 COLG 963.60 POL 318.55 FZTM 410.83 EXIDE 206.32
49.99 28.62 11.61 11.33 9.82
Major Losers
Symbol
Close
Change
RMPL 2,032.01 IDYM 267.43 PECO 228.00 BATA 646.23 NESTLE 2,440.00
-93.38 -14.07 -12 -10.43 -6.01
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA DGKC SILK FFBL LPCL
14.71 30.18 2.77 37.21 3.31
12.45 12.38 7.26 6.14 5.97
Active Issues Plus Minus Unchanged
237 130 27
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Mostly higher; Indonesia retreats from record high
Result-hopes get KSE gains rolling Nawaz Ali KARACHI: Heavy bullish activities spurred by hopes of better December-ending corporate results took Karachi Stock Exchange (KSE) as high as 12,300 points level on Thursday. The benchmark KSE 100Index jumped by 182 points 1.5 per cent-- to close at 12,323 points -its highest since June 27, 2008. KSE 30-Index jumped by 171 points -1.46 per cent-- to close at 11,888 points and KSE AllShare Index rose by 122 points -1.45 per cent-- to close at 8,551points. "Bullish sentiments continued on strong valuations in scrips across the board ahead of earnings announcement session", said Ahsan Mehanti, Director Arif Habib Investments. Foreign investors remained bullish in oil & gas, fertiliser sectors scrips on easing politi-
US data weighs on FTSE LONDON: Uncertainty on the outlook for the US economy after weak retail sales and jobs data dented commodity prices, hitting miners and energy stocks, pushed Britain's top share index lower by the close on Thursday. However gains in retailer Marks & Spencer, British Airways and technology firm ARM Holdings ensured losses were relatively muted. The FTSE 100 ended 24.35 points or 0.4 per cent lower at 6,019.51. However the blue chip is still up 2 per cent after the first three trading sessions of 2011 following a 6.7 per cent gain in December. Energy stocks were the biggest drag on the index as crude, which hit a 27-month high of $92.58 on Tuesday, slipped to below $89 per barrel. BP fell 0.5 per cent. Metals were also hit on US jobs data that showed initial weekly jobless claims for unemployment benefit had risen to 409,000 last week, outpacing the consensus forecast for 400,000. Miners fell 0.7 per cent. "The jobless data was the catalyst (for the fall), it's the first data of the year to come out and investors are thinking it could be setting a tone for the year," said Joe Rundle, head of trading at ETX Capital. See # 14 Page 11
cal crises & global economic recovery, he added Trading activities started with 27 plus points, index then remained in the grip of bulls throughout the day gradually piling up the green numbers as foreign and local institutional investors took positions mainly in oil exploration, fertiliser, and textile stocks in anticipation of some better corporate result announcements. Further, improvement in political situation and hopes of early launch of Margin Trading System (MTS) too revived investor confidence. Thusly, index at about 2:17 PST touched an intra-day high of 12,376 points (+ve 235 points). According to NCCPL data offshore investors did a netbuying of $4.34 million on Thursday. Local companies and banks did a net-buying of $1.41 and $1.25 million respectively while individual investors and
mutual funds did a net-selling of $4.22 and $1.83 million respectively. Oil stocks remained in the limelight as the leading stocks i.e. OGDC, POL, and PPL together contributed around 138 points to the benchmark index gains. Experts said that there were some rumors regarding strong payouts and discovery in Tal Block that invited investors' interest in the oil stocks particularly in Pakistan Oil Fields which ended at Rs11.61 points. Though index remained in the positive zone throughout the session but some profit-taking was witnessed at higher levels mainly by the local investors which reduced gains. Investor participation however remained on the lower side as 144.2 million shares traded during the day which is 24 million less as compared to a See # 15 Page 11
Indian shares fall on inflation woes MUMBAI: Indian markets fell for the third day on Thursday, shedding 0.6 per cent after a sharp rise in food prices heightened concerns the central bank may tighten monetary policy more harshly than expected. Financial stocks were among the big losers as higher interest rates could douse loan demand and squeeze the margins of banks. The food price index rose 18.32 per cent in the 12 months to Dec. 25, the highest in more than a year, government data showed on Thursday. The fuel price index climbed 11.63 per cent. "This number reinforces the base case scenario of a 50 basis point rate hike in January," said Hitendra Dave, head of global markets at HSBC India. "One has to be prepared now for a much larger frontloaded rate hike series than what one was expecting say a month ago." The Reserve Bank of India is scheduled to review policy on Jan. 25, and a Reuters poll on Wednesday forecast at least a 25 basis point increase in key rates. Leading lenders State Bank of India and ICICI Bank dropped 2.7 per cent and 1.6 per cent respectively. Also,
mortgage firm Housing Development Finance Corp shed 0.2 per cent. India needs to speed up its return to pre-crisis monetary and fiscal policies to help bring down elevated inflation, the International Monetary Fund said on Wednesday. The 30-share BSE index fell 0.57 per cent, or 116.36 points, to 20,184.74, its lowest close in a week. Two-thirds of its components ended lower. In the broader market, volume was low at 290 million shares on the BSE, with losers beating gainers in the ratio of 1.9:1. Oil Natural Gas Corp's slipped 3.2 per cent after Chairman R.S. Sharma said profitability in the December quarter may be hit due to higher subsidy payout to refiners and higher global crude oil prices. However, export-focused outsourcers Tata Consultancy Services and Infosys Technologies rose to record highs on an optimistic outlook for the year ahead. Analysts at BNP Paribas said in a note there was strong nearterm demand visibility for Indian IT companies. TCS and Infosys closed 1.4 per cent and 0.2 per cent higher respectively.-Reuters
HK stocks gain; Ping An hits China HONG KONG/SHANGHAI: A weak China market, dampened by shares of large cap life insurers and caution ahead of US payrolls data, weighed on Hong Kong's benchmark stock index which only just managed to hold on to gains for a seventh successive day. The Hang Seng Index rose 0.1 per cent on Thursday supported by real estate developers while banks were broadly weaker on reports that China's central bank would not set a clear loan target for the year. Shanghai's key stock index fell 0.5 per cent to 2,831.9, stuck below the 250-day moving average that has capped gains for the past six weeks. "But the market has now entered earnings season and corporate profits last year may prove to be better than expected," said a senior trader at a major Chinese brokerage in Shanghai. "So the index may be
able to break through the level soon." Ping An Insurance (Group) of China Ltd fell 4.1 per cent, the biggest drag on the Shanghai Composite, on rumours that the life insurer was planning to raise as much as 100 billion yuan ($15 billion) through a share sale. Ping An shares in Hong Kong fell 0.7 per cent. China's key stock index closed down 0.5 per cent, led by Ping An Insurance (Group) of China Ltd , while the market consolidated ahead of a crucial technical level. Ping An shares in Hong Kong, which trade at a slight discount to their historical forward price-to-earnings multiples, were a top performer among insurers in 2010, posting a 28 per cent gain, far outperforming large rival China Life's 17 per cent drop and the Hang Seng index's 5.3 per cent rise.
"Very speculative to come up with a number like this (100 billion). How much Ping An needs depends on how they want to eventually structure Shenzhen Development Bank and it's way too early to say," said a trader at Daiwa Capital in Hong Kong. Given that smaller rival PICC Property & Casualty has far more need to raise capital and strengthen its balance sheet, the trader at Daiwa said clients could look for taking a short position and bet on further declines. PICC shares closed down 1.6 per cent. Property developers in Hong Kong extended gains from Wednesday on good volume as investors were drawn by attractive valuations and on expectations that real estate prices would stay high as capital flows into Hong Kong remain steady.-Reuters
US stocks late-morning
Dow, S&P go down on shaky retail, energy shares NEW YORK: The Dow and S&P 500 dipped on Thursday as disappointing sales from top retailers dented hopes about the holiday shopping season and energy shares fell with oil prices. Telecommunications shares, including AT&T and Verizon, were among top drags on the Dow. Several big US retailers missed estimates for December sales after a post-Christmas blizzard that slowed a twomonth shopping spree, driving down consumer shares. The disappointing retail sales contrasted with Wednesday's economic data showing a much stronger-than-expected gain in private-sector jobs for December, which buoyed optimism about Friday's unemployment report from the Labor Department. The retail weakness "was both surprising and disturbing, but the fact that it was so broadly based makes me think it had more to do with weather than fundamentals," said Walter Todd, who helps manage about $900 million as chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina. Analysts noted recent market gains have put the S&P 500 in overbought territory, suggesting a temporary pullback could be in store in the near term. The S&P 500 is up about 8 per cent since the start of December. "It leaves the market vulnerable to profit-taking if there's a negative reaction to the jobs data," said Chris Burba, shortterm market technician at Standard & Poor's in New York. The Dow Jones industrial average was down 36.06 points, or 0.31 per cent, at 11,686.83. The Standard & Poor's 500 Index was down 0.3 per cent at 1272.59. The Nasdaq Composite Index was See # 13 Page 11
Nikkei at 8-mth top as US data cheers TOKYO: Japan's Nikkei climbed to an eight-month high on Thursday after the dollar jumped against the yen following robust US private-sector jobs data, while Resona surged 14 per cent on speculation it would soon launch a planned share sale. Shares of blue-chip exporters rose, with Toyota Motor Corp gaining 2.6 per cent and Hitachi Ltd rising 2 per cent, leading the Nikkei's advance after the greenback posted its best oneday gain in more than three months against the yen on Wednesday. Trading volume picked up sharply as more investors tap into riskier assets on hopes of economic recovery. Around 2.4 billion shares changed hands on the Tokyo Stock Exchange's first section, well above last week's average of around 1.3 billion. Advancing issues outpaced declining ones by 1,250 to 302. "If the weakening yen trend continues, there will likely be continuous buying in Japan stocks in the midterm," said Hidenori Suezawa, chief strategist at Nikko Cordial Securities. The benchmark Nikkei gained 1.4 per cent, or 148.99 points, to 10,529.76. That was the
highest level since its May 14 peak of 10,551.69, which now becomes its next target. The broader Topix index gained 1.4 per cent to 924.51. The Nikkei breached the psychologically important barrier of 10,500 yen after the ADP Employer Services report showed US private employers added 297,000 jobs in December, the largest ever gain, adding to evidence the US economy is on a recovery path. The jobs figures come two days ahead of the US government's closely watched and more comprehensive payrolls report for December, prompting economists to raise forecasts for that data. "Markets will now wait for US payrolls on Friday for confirmation of the strong trend. But investors will then focus more on how the US data will impact the dollar/yen rate," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management. "Investors have already taken in stride positive news from the US and will now look for new trading factors. After Friday they will immediately shift their focus to the performance of US companies as the earnings season starts next week."-Reuters
ANNOUNCEMENTS Company Dewan Sugar Crescent Sugar Noon Sugar Mills
Period Yearly Yearly Yearly
Div/Bon/Right PAT (Rs in mn) -83.478 -55.99 -200.582
EPS(Rs) -2.29 -2.62 -14.9
Dhiyan
A GREEN DAY ON TIGHT LEASH Mohammad Imran, VP Arif Habib Limited Better than expected corporate results in oil, fertiliser, textile, and banking sectors are likely to drive the market up in the positive zone. Continuous foreign inflow will also support the positive momentum. Index would be moving between 12,000 - 12,300 points this week. However, increase in discount rate, uncertain political situation, and fiscal slippages may act as negative triggers. Investors are advised to accumulate fundamentally strong scrips in oil, fertiliser and banking sectors. The market would be range bound today and we may see some profit-taking.
Faisal Dhedhi, Deputy Head of Sales Al-Habib Capital Markets The short-term outlook of the market is still bullish due to upcoming corporate result season and hopes from the new KSE BoD of launching Margin Trading System (MTS) soon. Therefore index can touch 12,400-12,500 levels in the coming days. But the political instability would be a cause of concern for the market. I advise trading at current levels in oil, gas and banking stocks where my top picks are POL, APL, MCB and ABL. However, investments should be avoided where investors are advised to wait for dips. Market would remain bullish today.
6
Friday, January 7, 2011
Market
KSE 100 Index
Symbols
Volume
144,294,030
Value
7,905,932,355
Trades
79,705
Advanced Declined Unchanged Total
Current High Low Change
237 130 27 394
All Share Index
12,323.47 12,380.01 12,140.84 h182.63
Current High Low Change
8,551.20 8,587.42 8,428.86 h122.34
OIL AND GAS
Company
Paid up Cap(mn)
PE
Current High Low Change
KMI 30 Index Current High Low Change
11,888.43 11,914.27 11,713.80 h171.15
19,707.82 19,749.34 19,399.95 h307.87
High Low 1,636.85 1,570.27 Total cos Defaulter cos P/BV (x) ROE (%) 3.75 32.54
Open
High
Low
Close Chg
Volume
346.50 131.88 11.33 128.34 284.90 181.45 228.88 321.89 107.99 298.30 34.89 208.74
341.00 127.70 11.12 122.25 275.00 172.36 221.70 307.31 105.00 293.53 33.00 206.00
344.47 3.57 130.36 1.53 11.24 0.08 128.34 6.11 283.21 6.48 178.81 6.00 226.21 4.96 318.55 11.61 106.46 0.24 294.94 0.11 33.25 -0.23 207.05 1.50
321805 4087823 564980 228888 372622 734800 2751592 4496890 29403 1382566 17820 52168
Last 60 days High Low 374.20 137.20 12.49 128.90 284.90 181.45 228.88 321.89 114.50 300.53 40.28 209.89
287.99 80.50 10.10 108.02 203.00 145.02 174.75 231.01 55.00 262.00 29.10 182.05
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
% Change 2.79 5-Day High 1,616.46 5-Day Low 1,535.69 2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Open 731.22 Turnover 86,549 P/E (x) 5.54 Company
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
1092 1321
High Low 748.51 706.26 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53
Close 720.63 Listed cap 3,242.17 mn Payout (%) 11.08
Change -10.59 Market cap 12,733.91 mn Div Yield (%) 2.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.91 40.68
70.52 37.15
72.50 37.50
68.00 36.00
69.05 -1.47 37.43 0.28
83389 3160
77.77 40.42
60.05 32.36
Open
High
Low
Agritech Limited 3924 8.63 23.00 BOC (Pak) 250 13.76 95.47 Clariant Pak 273 7.00 181.65 Dawood Hercules 1203 8.25 193.89 Descon Chemical 1996 2.84 Descon Oxychem Ltd 1020 8.58 Dewan Salman 3663 3.30 Dynea Pak 94 - 11.34 Engro Corporation Ltd 3277 10.89 194.17 Engro Polymer 6635 - 14.27 Fatima Fertilizer 22000 - 10.97 Fauji Fertilizer 6785 9.47 129.44 Fauji Fert.Bin Qasim 9341 7.02 37.02 Ghani Gases Ltd 725 9.30 11.27 ICI Pakistan 1388 8.55 148.41 Ittehad Chemical 360 12.58 33.00 Lotte Pakistan 15142 5.25 14.54 Nimir Ind Chemical 1106 1.98 Pak Gum 42 - 22.99 Shaffi Chemical 120 2.44 Sitara Chem Ind 214 10.20 128.45 Sitara Peroxide 551 14.48 13.15 Wah-Noble 90 7.00 36.42
Company
PE
24.10 100.22 184.89 202.50 2.95 8.65 3.45 11.39 199.10 14.70 11.10 131.20 37.50 12.27 152.49 33.90 14.78 2.05 24.00 2.39 127.00 13.50 36.75
23.20 96.80 181.50 193.50 2.77 8.34 3.26 11.00 194.75 14.27 10.85 128.01 36.69 11.40 148.00 31.35 14.54 1.95 21.85 2.05 124.05 13.16 36.35
Close Chg 23.81 100.20 183.00 199.01 2.90 8.48 3.34 11.01 198.28 14.56 11.07 130.73 37.21 12.27 151.79 33.71 14.71 1.96 23.70 2.35 124.42 13.32 36.38
0.81 4.73 1.35 5.12 0.06 -0.10 0.04 -0.33 4.11 0.29 0.10 1.29 0.19 1.00 3.38 0.71 0.17 -0.02 0.71 -0.09 -4.03 0.17 -0.04
Close 1,446.54 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 21820 63147 565319 460668 30412 249847 2689474 1146 3689676 647148 782568 2704571 6139151 376689 1070725 1602 12450207 249094 346 2122 102 230287 3702
Change 18.92 Market cap 326,555.87 mn Div Yield (%) 5.48
24.85 100.22 185.95 202.50 3.74 9.25 4.24 13.79 200.88 15.20 11.39 133.50 38.05 13.85 152.49 36.00 14.83 2.74 24.00 3.40 139.40 14.69 43.75
20.26 72.00 149.72 165.00 2.00 3.41 1.32 9.15 174.00 12.90 9.16 105.50 27.57 11.00 117.49 21.39 8.44 1.30 17.01 1.80 101.00 8.17 32.00
2010 Div BR (%) (%) 15 40 15 40 95 17.5 55 5 25 50
5B -
% Change 1.32 5-Day High 1,446.54 5-Day Low 1,372.62 2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,229.51 Turnover 677,174 P/E (x) 6.35 Company
High Low 1,284.01 1,225.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.47
Close 1,239.71 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.70 6.96
18.68 45.90 44.95
19.47 46.42 47.19
18.82 45.13 44.50
19.04 0.36 45.25 -0.65 45.09 0.14
595188 1544 80442
Century Paper Pak Paper Product Security Paper
Change 10.20 Market cap 3,435.27 mn Div Yield (%) 3.98
Last 60 days High Low 19.49 48.90 47.70
15.28 38.61 38.00
2010 Div BR (%) (%) 2533.33B 50 -
% Change 0.83 5-Day High 1,239.71 5-Day Low 1,161.02 2011 Div BR (%) (%) -
Open 1,213.07 Turnover 652,311 P/E (x) 4.33 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki
144 101 247 626 890 56 598 450 200 1428 786 823
High Low 1,234.90 1,207.40 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 25.35
Close 1,224.03 Listed cap 6,768.53 mn Payout (%) 20.42
PE
Open
High
Low
Close Chg
Volume
5.74 5.82 15.35 10.06 4.87 20.75 3.47 6.56 5.87 11.46
74.50 193.71 16.20 132.37 2.35 196.50 22.93 4.86 4.30 11.28 256.98 72.00
75.80 195.50 17.19 138.95 2.45 206.32 24.07 5.30 4.20 11.69 258.00 74.80
74.01 193.50 16.00 134.00 2.31 192.00 23.05 4.96 4.20 11.40 255.00 71.55
75.71 1.21 194.87 1.16 17.19 0.99 138.89 6.52 2.35 0.00 206.32 9.82 24.07 1.14 5.00 0.14 4.20 -0.10 11.57 0.29 257.21 0.23 71.97 -0.03
190 4726 902 2736 203486 108914 48232 114314 500 60390 9523 98398
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 4.24 675 555 9.64 1199 12.27 785 11.36
27.01 2.63 15.40 58.47 10.00
27.50 2.80 15.80 59.19 10.00
27.05 2.56 15.30 58.00 10.00
Close Chg 27.15 2.61 15.43 58.89 10.00
0.14 -0.02 0.03 0.42 0.00
Close 1,089.97 Listed cap 3,596.11 mn Payout (%) 30.91
Change 5.46 Market cap 10,662.59 mn Div Yield (%) 8.86
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793
PE
Last 60 days High Low
Volume 20552 61502 15919 55178 131
28.45 3.39 16.05 62.20 10.70
24.00 2.00 12.25 44.00 8.00
2010 Div BR (%) (%) 30 40 7.5
20B -
2011 Div BR (%) (%) -
Adam Sugar 58 AL-Noor Sugar 186 Ansari Sugar 244 Chashma Sugar 287 Crescent Sugar 214 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Ismail Ind 505 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Sanghar Sugar 119 Shahmurad Sugar 211 Shahtaj Sugar 120 UniLever Pakistan 665 Wazir Ali 80
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Buxly Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles
PE
Open
High
Low
1828 866 6.60 858 182 3257 14 956 25.41 982 13.23 948 3891 3651 125.75 6933 15.00 502 3.70 1760 77 2319 581 1288 13126 3234 6.74 5261 1.33 2228 200 361 -
3.16 62.02 2.99 21.96 20.05 13.60 10.95 1.85 2.50 2.24 30.14 5.00 7.00 1.75 2.00 7.97 59.75 6.38 3.20 75.11 2.88 6.90 7.00 8.70
3.44 62.95 2.99 22.19 19.10 13.70 11.20 1.86 2.51 2.40 31.00 5.10 7.19 1.85 2.30 8.00 62.00 6.75 3.57 76.10 2.99 7.09 7.20 8.99
3.17 61.71 2.70 21.65 19.10 12.75 11.00 1.70 2.49 2.26 29.90 4.91 7.00 1.75 1.71 7.50 59.00 6.31 3.27 74.80 2.80 6.83 7.00 8.16
Close 1,004.70 Listed cap 54,792.74 mn Payout (%) 19.04
Change 0.37 Market cap 71,978.10 mn Div Yield (%) 2.35
Close Chg
Volume
Last 60 days High Low
3.40 62.68 2.71 21.76 19.10 13.70 11.18 1.72 2.51 2.30 30.18 4.95 7.10 1.75 1.78 7.65 60.05 6.69 3.31 75.05 2.86 6.94 7.20 8.69
3016 19617 4978 11433 1000 502 11024 4950 3000 273793 12376648 532712 17500 133945 28783 3461 610 21739 5967592 1164903 818032 120060 505 379
3.98 65.99 4.24 24.16 25.99 15.50 12.75 2.49 3.49 3.10 32.10 5.55 8.20 2.25 5.00 9.19 62.00 8.70 3.79 79.98 3.30 8.58 7.50 9.60
0.24 0.66 -0.28 -0.20 -0.95 0.10 0.23 -0.13 0.01 0.06 0.04 -0.05 0.10 0.00 -0.22 -0.32 0.30 0.31 0.11 -0.06 -0.02 0.04 0.20 -0.01
2.80 57.60 1.10 14.12 19.10 7.91 9.51 1.31 1.11 1.30 23.52 4.52 4.25 1.60 1.18 2.70 56.05 5.80 2.71 69.20 2.66 6.52 5.25 6.30
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,032.36 Turnover 970,171 P/E (x) 1.87 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
115 2.75 76.12 230 2.78 1067 4.52 49.30 389 3.37 47 56.78 23.90 844 67.18 129.96 300 9.26 124.00
High
High Low 1,044.00 1,028.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.82 43.91 Low
Close Chg
78.25 76.50 77.08 2.90 2.70 2.82 49.59 49.05 49.21 3.88 2.75 3.24 23.00 22.71 22.71 131.74 129.00 131.01 128.20 124.50 126.98
0.96 0.04 -0.09 -0.13 -1.19 1.05 2.98
Close 1,037.97 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 98624 122643 901 1120 2009 697448 47426
Change 5.62 Market cap 39,365.53 mn Div Yield (%) 8.30
Last 60 days High Low 83.23 3.30 61.10 4.05 25.90 136.74 128.70
34.00 1.82 45.30 1.60 15.10 100.11 98.10
2010 Div BR (%) (%) 20 25 -
25B 10B -
% Change 0.54 5-Day High 1,038.51 5-Day Low 1,019.70 2011 Div BR (%) (%) -
-
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Change 10.96 Market cap 44,970.04 mn Div Yield (%) 4.72
Last 60 days High Low
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB Pak Engineering
PE
66 1.05 215 5.64 214 213 11.38 124 132 7.27 366 6.77 57 633.33
Open 16.58 236.03 1.59 11.50 128.13 61.36 509.46 240.00
High 16.40 238.90 1.85 12.40 131.00 62.90 519.99 252.00
High Low 1,572.54 1,532.46 Total cos Defaulter cos P/BV (x) ROE (%) 3.22 38.02 Low 16.32 235.00 1.40 11.51 126.10 60.01 510.60 228.00
Close Chg 16.37 235.60 1.55 12.29 129.32 60.73 517.33 228.00
-0.21 -0.43 -0.04 0.79 1.19 -0.63 7.87 -12.00
Close 1,550.57 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 500 29914 33002 102058 6531 4443 176927 371
20.65 239.89 2.40 14.80 147.89 81.78 519.99 324.80
14.12 200.00 0.21 10.55 113.00 58.81 430.50 228.00
65.75 136.40 15.00 94.00 1.20 136.00 21.00 4.03 4.00 10.20 219.10 66.75
2010 Div BR (%) (%) 90 100 60 20 150 -
% Change 0.90 5-Day High 1,224.03 5-Day Low 1,182.04 2011 Div BR (%) (%)
20B -
-
-
Low
Close Chg 0.99 0.00 -0.99 -0.10 -0.32 -0.97 0.15 0.41 0.07 -0.12 -1.62 -0.59 0.75 1.51 -0.05 -2.51 -1.00 0.01 -1.20 -0.26 0.23 0.04 -3.43 -0.50 -0.88
Volume
Change -7.23 Market cap 226,816.99 mn Div Yield (%) 0.83
Last 60 days High Low
500 9.38 4.06 5300 20.50 11.23 1500 53.02 40.00 1000 6.99 4.03 25204 15.47 8.50 1500 6.90 5.00 199763 5.59 1.25 512 21.73 18.55 110132 36.50 29.00 2032 16.04 11.69 1302 81.12 68.60 18175 92.50 65.99 17557 68.49 50.50 413 68.22 48.11 11538 7.18 4.20 8767 75.50 39.01 23965 14.84 10.03 1062 6.99 4.25 6587 53.81 32.50 293000 3.40 2.02 278 15.00 13.00 27977 13.50 9.85 265 100.26 57.00 436 4610.00 3876.00 510 8.89 4.75
2010 Div BR (%) (%)
% Change -0.43 5-Day High 1,707.64 5-Day Low 1,684.46 2011 Div BR (%) (%)
25 50 25 25 25B 40 17.5 110R 7010B 12.5R 35 20B 15 20B 10 12 10 15 10 178 -
-
-
Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,155.88 1,127.06 Total cos Defaulter cos P/BV (x) ROE (%) 0.35 10.64
Close 1,148.27 Listed cap 3,763.71 mn Payout (%) 6.27
Open
High
Low
Close Chg
Volume
1174 3.68 341 22.30 231 2.45
14.00 20.00 20.60
14.65 19.98 20.75
14.00 19.51 20.45
14.62 0.62 19.85 -0.15 20.51 -0.09
822692 700 62316
Change 16.55 Market cap 5,227.98 mn Div Yield (%) 1.93
2010 Div BR (%) (%) 150 650 100
25B -
Last 60 days High Low
2010 Div BR (%) (%)
15.09 20.79 21.40
17.5
12.90 16.51 15.90
10B -
2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,007.63 Turnover 10,632,482 P/E (x) 7.14 Company
Paid up Cap(mn)
AL-Qadir Textile Amtex Limited Artistic Denim Aruj Garments Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Brothers Textile Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Ellcot Spinning Fazal Cloth Fazal Textile Gadoon Textile XD Ghani Value Glass Gillette Pakistan Glamour Textile Gul Ahmed Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Indus Dyeing J K Spinning Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Land Mark Spinning Mohd Farooq Moonlite (PAK) Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Quetta Textile Ravi Textile Redco Textile Rupali Poly Saif Textile Salfi Textile Samin Textile Sapphire Fibre Sargodha Spinning Service Ind Shadab Textile Shadman Cot Shahtaj Textile Shahzad Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving ZahidJee Textile Zil Limited
76 2594 840 62 133 4493 33 76 76 98 1150 316 2442 238 600 514 600 34 110 188 62 234 75 192 116 635 716 3105 100 99 181 184 43 303 509 1300 1455 121 189 22 187 1596 3516 560 62 130 250 213 341 264 33 134 197 312 120 30 176 97 180 180 173 307 418 400 341 53
% Change 0.85 5-Day High 1,550.57 5-Day Low 1,536.55
High Low 1,020.67 1,003.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 8.64
Close 1,012.96 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
9.75 6.40 3.07 0.39 0.46 0.47 5.36 36.17 3.83 50.41 2.91 0.15 0.62 1.36 3.28 0.74 6.84 0.38 4.52 0.75 3.53 0.57 2.60 1.03 0.25 0.35 4.05 0.86 1.97 5.78 3.21 0.46 0.62 4.60 0.36 0.29 4.99 1.12 0.44 7.96 0.39 1.65 0.36 0.85 0.35 5.60 9.51 0.57 0.51 3.65
7.38 4.36 23.44 5.40 2.61 9.45 10.50 13.45 656.66 0.49 3.05 934.98 2.50 0.94 1.68 41.97 3.61 5.01 21.00 75.98 399.50 67.47 26.70 59.70 7.50 30.00 3.93 43.40 1.74 5.75 281.50 6.45 13.95 1.69 2.07 1.15 5.35 1.50 1.18 8.39 16.70 23.49 66.94 9.11 28.90 39.87 1.45 0.89 37.65 4.44 61.90 6.40 122.71 2.46 230.22 13.19 9.05 19.56 5.05 37.80 36.00 127.92 59.28 1.65 3.90 54.95
8.38 4.45 23.44 4.55 2.90 9.72 11.49 13.50 659.00 0.46 3.18 965.00 2.55 1.12 1.80 43.35 3.61 5.46 20.50 72.20 419.47 68.00 26.00 62.68 7.50 31.50 4.03 45.57 1.74 6.75 267.70 6.95 14.95 1.90 2.64 1.20 5.95 1.50 1.59 9.39 16.75 24.04 68.35 9.60 29.00 41.79 1.65 0.99 37.50 4.54 64.30 5.99 128.10 2.70 234.44 13.68 10.05 19.25 6.05 39.69 37.00 131.60 60.44 1.70 3.80 55.40
7.00 4.26 23.00 4.55 2.65 9.48 9.50 13.25 645.00 0.45 3.06 948.00 2.40 0.99 1.70 42.26 3.55 4.38 20.00 72.19 379.53 65.25 25.70 61.00 7.50 30.00 3.95 43.99 1.60 5.01 267.43 5.51 14.95 1.53 2.05 0.91 5.30 1.50 0.99 9.29 15.70 23.55 67.05 9.25 29.00 38.01 1.26 0.55 36.53 4.00 58.85 5.41 120.00 2.25 230.01 12.20 9.05 19.20 5.00 37.50 35.95 127.05 59.24 1.45 3.80 53.60
7.00 -0.38 4.29 -0.07 23.03 -0.41 4.55 -0.85 2.82 0.21 9.56 0.11 11.38 0.88 13.50 0.05 646.23-10.43 0.46 -0.03 3.13 0.08 963.60 28.62 2.45 -0.05 0.99 0.05 1.72 0.04 42.85 0.88 3.61 0.00 5.00 -0.01 20.50 -0.50 72.19 -3.79 410.83 11.33 67.40 -0.07 26.00 -0.70 62.24 2.54 7.50 0.00 31.47 1.47 3.99 0.06 44.92 1.52 1.74 0.00 6.75 1.00 267.43-14.07 6.76 0.31 14.95 1.00 1.64 -0.05 2.64 0.57 0.96 -0.19 5.67 0.32 1.50 0.00 1.33 0.15 9.39 1.00 16.75 0.05 23.70 0.21 67.31 0.37 9.50 0.39 29.00 0.10 38.01 -1.86 1.50 0.05 0.99 0.10 36.61 -1.04 4.45 0.01 64.30 2.40 5.99 -0.41 120.00 -2.71 2.25 -0.21 232.53 2.31 13.68 0.49 9.05 0.00 19.22 -0.34 6.05 1.00 38.04 0.24 36.57 0.57 130.97 3.05 59.70 0.42 1.65 0.00 3.80 -0.10 54.51 -0.44
605 122129 3012 300 19500 4722030 64102 1598 458 985 15512 114 4202 2551 64552 11600 500 959 1135 200 477 8262 1001 801 900 634 15001 317975 1001 11570 156 3001 947 500 170 706 569828 300 24406 868 10229 1927360 2208558 23502 4000 419 233014 5500 3003 3342 101 19949 442 2002 3103 5100 520 500 2984 22516 500 79150 76565 403 4000 1011
Change 5.33 Market cap 137,548.20 mn Div Yield (%) 2.34
Last 60 days High Low 8.50 13.00 24.59 5.50 3.45 12.32 17.85 14.50 747.48 1.49 3.90 965.00 3.33 1.38 2.37 47.00 8.00 7.44 22.20 75.98 490.05 71.40 41.20 71.50 8.25 31.50 4.88 45.57 2.70 7.29 350.15 9.50 20.50 2.00 3.72 2.00 6.06 4.00 2.08 11.99 17.50 25.14 68.35 10.45 31.03 47.00 1.99 1.45 38.10 6.85 68.90 8.00 131.50 3.43 276.50 15.09 15.00 21.90 9.48 39.69 37.00 132.00 63.30 2.00 4.87 58.99
2010 Div BR (%) (%)
3.00 10 4.00 30 19.10 20 4.10 1.32 7.5 9.20 8.10 - 15B 9.75 20 436.00 0.15 3.00 680.00 2.17 0.16 1.46 36.10 5 3.00 1.80 17.21 35 41.00 100SD 320.00 100 38.30 70 25.70 25 58.75 7.50 20.01 12.5 3.35 10 34.05 20 0.30 2.85 209.03 50 4.05 20 5B 13.25 1.25 1.52 0.16 5 4.51 1.00 0.50 4.50 12.80 20SD 17.82 15 47.31 25 45R 5.16 25.00 50 25.80 20 1.26 0.55 31.25 40 3.10 23.68 25 5.11 - 100R 94.05 15 1.50 5 169.00 7.56 10 7.00 15.61 45 3.76 5 29.00 50 16.64 25 86.50 80 20B 37.25 0.86 2.00 36.00 35 -
% Change 0.53 5-Day High 1,012.96 5-Day Low 1,002.30 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index Open 979.33 Turnover 45,753 P/E (x) 7.73
2011 Div BR (%) (%) -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
57.30
Total Assets (Rs in mn)
MA (10-day)
5.24
Total Equity (Rs in mn)
MA (100-day)
5.41
Revenue (Rs in mn)
MA (200-day)
6.11
Interest Expense
1st Support
5.35
Profit after Taxation
2nd Support
5.00
EPS 10 (Rs)
1.909
1st Resistance
6.00
Book value / share (Rs)
23.10
2nd Resistance
6.30
PE 11 E (x)
17,057.30
4.05
Pivot
5.65
PBV (x)
0.25
3,361.27 10,693.34 1,072.77 277.86
KTML closed up 0.32 at 5.67. Volume was 1,578 per cent above average (trending) and Bollinger Bands were 15 per cent narrower than normal. The company's profit after taxation stood at Rs61.882 million which translates into an Earning Per Share of Rs0.35 for the 1st quarter of current fiscal year (1QFY11). KTML is currently 7.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KTML (mildly bullish). Trend forecasting oscillators are currently bearish on KTML.
Century Insurance Company Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
59.75
Total Assets (Rs in mn)
1,151.84
MA (10-day)
11.13
Total Equity (Rs in mn)
852.00
MA (100-day)
10.81
Revenue (Rs in mn)
206.65
MA (200-day)
11.10
Interest Expense
1st Support
11.41
Loss after Taxation
2nd Support
11.11
EPS 09 (Rs)
(1.53)
1st Resistance
12.00
Book value / share (Rs)
18.63
2nd Resistance
12.29
PE 10 E (x)
7.30
Pivot
11.70
PBV (x)
0.63
0.00 (69.96)
CENI closed up 0.35 at 11.68. Volume was 1,128 per cent above average (trending) and Bollinger Bands were 34 per cent narrower than normal. The company's profit after taxation stood at Rs54.776 million which translates into an Earning Per Share of Rs1.20 for the nine months of current calendar year (9MCY10). CENI is currently 4.3 per cent above 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 CENI (mildly bullish). Trend forecasting oscillators are currently bullish on CENI.
Ghandhara Industries Limited
% Change 1.46 5-Day High 1,148.27 5-Day Low 1,126.81
PHARMA AND BIO TECH
Change 13.01 Market cap 33,694.46 mn Div Yield (%) 15.51
Last 60 days High Low
77.25 196.00 19.88 138.95 2.89 208.95 25.24 5.67 5.75 13.40 282.45 77.90
Close 1,684.46 Listed cap 11,335.33 mn Payout (%) 30.57
PE
Performance of SR Industrial Engineering Index Open 1,537.55 Turnover 353,747 P/E (x) 8.48
-
HOUSEHOLD GOODS
-
% Change 0.04 5-Day High 1,010.11 5-Day Low 983.81
High
Open 1,131.71 Turnover 885,749 P/E (x) 3.25
Performance of SR Construction and Materials Index High Low 1,028.67 994.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 7.10
-
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Open 1,004.34 Turnover 21,519,696 P/E (x) 8.10
Open
High Low 1,704.02 1,645.86 Total cos Defaulter cos P/BV (x) ROE (%) 11.11 30.30
11.54 5.01 6.00 6.00 6.00 1.20 19.40 19.50 19.10 19.40 3.65 50.99 50.00 50.00 50.00 0.24 5.10 5.00 5.00 5.00 0.98 12.40 12.99 11.92 12.08 6.90 6.00 5.90 5.93 3.66 4.00 3.40 3.81 4.02 19.59 20.30 20.00 20.00 7.52 33.38 33.50 33.16 33.45 11.20 12.22 12.22 12.05 12.10 33.39 76.41 75.00 72.59 74.79 3.16 89.79 90.50 88.50 89.20 3.52 58.89 60.00 57.50 59.64 4.34 50.49 52.89 51.26 52.00 0.62 6.20 6.42 6.15 6.15 22.61 63.11 65.00 60.00 60.60 - 11.03 11.10 10.03 10.03 0.91 6.24 6.25 6.15 6.25 8.31 46.47 48.70 44.81 45.27 2.89 3.20 2.62 2.63 1.29 14.25 14.50 14.48 14.48 6.60 10.06 10.47 9.86 10.10 - 68.74 65.31 65.31 65.31 20.27 4342.50 4359.99 4256.23 4342.00 8.56 8.30 7.60 7.68
-
% Change 0.50 5-Day High 1,094.17 5-Day Low 1,055.58
2011 Div BR (%) (%)
-
FOOD PRODUCERS Open 1,691.69 Turnover 759,641 P/E (x) 36.68
Performance of SR Industrial Metals and Mining Index High Low 1,100.22 1,080.04 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 33.10
40 15
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 1,084.51 Turnover 153,282 P/E (x) 3.49
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,454.94 1,418.54 Total cos Defaulter cos P/BV (x) ROE (%) 3.12 35.00
% Change -1.45 5-Day High 752.39 5-Day Low 720.63
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Paid up Cap(mn)
Kohinoor Textile Mills Limited
Performance of SR Industrial Transportation Index
Close Change 1,616.46 43.91 Listed cap Market cap 65,194.15 mn 1,255,380.15 mn Payout (%) Div Yield (%) 55.94 4.86
Attock Petroleum 691 5.97 340.90 Attock Refinery 853 7.31 128.83 BYCO Petroleum 3921 - 11.16 Mari Gas Company 735 17.39 122.23 National Refinery 800 4.20 276.73 Oil & Gas Development XD 43009 12.10 172.81 Pak Petroleum 11950 9.20 221.25 Pak Oilfields 2365 7.52 306.94 Pak Refinery Limited 350 - 106.22 P.S.O 1715 4.99 294.83 Shell Gas LPG 226 - 33.48 Shell Pakistan 685 10.62 205.55
Open 1,427.62 Turnover 31,616,937 P/E (x) 8.91
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,572.55 Turnover 14,476,377 P/E (x) 11.52
KSE 30 Index
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 306
PE
Open
9.55 108.69 6.55 87.04 15.39 85.05 8.15 29.02 6.82 8.00 5.40 59.63
High
High Low 993.80 978.31 Total cos Defaulter cos P/BV (x) ROE (%) 1.72 22.31 Low
Close Chg
109.74 108.05 109.00 0.31 87.50 86.50 86.75 -0.29 86.20 85.00 85.58 0.53 29.90 29.20 29.43 0.41 8.48 7.99 8.46 0.46 60.50 59.00 60.09 0.46
Close 986.85 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 3227 2556 18415 1700 5908 13888
112.50 113.00 89.98 30.25 9.00 64.50
89.88 82.20 66.50 23.50 7.16 59.00
60.19
Total Assets (Rs in mn)
MA (10-day)
11.55
Total Equity (Rs in mn)
MA (100-day)
13.44
Revenue (Rs in mn)
MA (200-day)
14.27
Interest Expense
1st Support
11.70
Loss after Taxation
1,923.44 83.73 1,313.81 83.51 (137.49)
2nd Support
11.16
EPS 09 (Rs)
1st Resistance
12.59
Book value / share (Rs)
2nd Resistance
12.94
PE 10 E (x)
(6.453)
Pivot
12.05
PBV (x)
3.93 11.38 3.13
GHNI closed up 0.79 at 12.29. Volume was 189 per cent above average (trending) and Bollinger Bands were 59 per cent narrower than normal. The company's profit after taxation stood at Rs5.766 million which translates into an Earning Per Share of Rs0.27 for the 1st quarter of current fiscal year (1QFY11). GHNI is currently 13.9 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 GHNI (bullish). Trend forecasting oscillators are currently bullish on GHNI.
Lafarge Pakistan Cement Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
52.22
Total Assets (Rs in mn)
MA (10-day)
3.26
Total Equity (Rs in mn)
9,763.73
MA (100-day)
3.03
Revenue (Rs in mn)
8,129.96
MA (200-day)
3.24
Interest Expense
19,704.24
1,230.81
1st Support
3.23
Loss after Taxation
2nd Support
3.10
EPS 09 (Rs)
1st Resistance
3.53
Book value / share (Rs)
2nd Resistance
3.70
PE 10 E (x)
Pivot
3.40
PBV (x)
(1,278.96) (0.974) 7.44 0.44
LPCL closed up 0.11 at 3.31. Volume was 310 per cent above average (trending) and Bollinger Bands were 24 per cent wider than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 2.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LPCL (bullish). Trend forecasting oscillators are currently bearish on LPCL.
BOOK CLOSURES Company
From
To
BOC Pakistan Buxly Paints # TRG Pakistan Shadman Cotton Mills # Kohinoor Mills # Mybank Ltd. # Summit Bank # Ellcot Spin Mills # Prosperity Weaving Mills # Mehran Sugar Mills Dawood Lawrencepur # Habib Sugar Mills Lakson Tobacco # Haseeb Waqas Sugar Mills Nagina Cotton Mills # Sanghar Sugar Mills Sindh Abadgar's Sugar Mills Shahtaj Sugar Mills Shahmurad Sugar Mills Fecto Sugar Mills Al-Noor Sugar Mills
11-Jan 11-Jan 12-Jan 12-Jan 13-Jan 13-Jan 13-Jan 14-Jan 14-Jan 14-Jan 15-Jan 15-Jan 18-Jan 18-Jan 19-Jan 19-Jan 19-Jan 20-Jan 22-Jan 22-Jan 22-Jan
17-Jan 19-Jan 20-Jan 18-Jan 20-Jan 19-Jan 19-Jan 20-Jan 20-Jan 21-Jan 21-Jan 29-Jan 25-Jan 25-Jan 25-Jan 31-Jan 28-Jan 1-Feb 2-Feb 29-Jan 2-Feb
D/B/R 25.25(B) 10-Jan 15-Jan 10-Jan 10-Jan 19-Feb
Spot AGM/Date 7-Jan 10-Jan 11-Jan 14-Jan -
17-Jan 19-Jan 20-Jan 18-Jan 20-Jan 20-Jan 20-Jan 20-Jan 20-Jan 21-Jan 21-Jan 29-Jan 25-Jan 25-Jan 25-Jan 31-Jan 28-Jan 27-Jan 28-Jan 29-Jan 28-Jan
INDICATIONS
Change 7.52 Market cap 33,227.52 mn Div Yield (%) 5.76
Last 60 days High Low
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
2010 Div BR (%) (%) 20 30
20B -
% Change 0.77 5-Day High 997.07 5-Day Low 975.33 2011 Div BR (%) (%) -
-
# Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) Pace (Pak) Ltd. Netsol Technologies
53.48 3.38 92 119.8 50.45 292.8 119 30.07 23.89 2.38 2.54 19.28
High 53.2 3.52 95 124.98 51 293 119.98 30.75 25.08 2.55 2.64 20.15
Low Close 53 3.37 91.11 116.21 49.5 293 116.1 29.9 23.01 2.43 2.52 19.13
53.01 3.4 91.25 122.74 50 293 116.51 29.9 24.67 2.46 2.54 20.01
Change -0.47 0.02 -0.75 2.94 -0.45 0.2 -2.49 -0.17 0.78 0.08 0 0.73
Vol 2015 1486977 5029 318 522 2050 2173 9427 38433 243506 721653 1951094
7
Friday, January 7, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,136.29 Turnover 2,230,469 P/E (x) 6.20 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,157.08 1,132.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.88 37740 13.01 3000 0.65 8606 6175 -
80.00 19.33 2.16 2.61 3.65
79.99 19.65 2.27 2.69 3.75
79.00 19.28 2.15 2.60 3.53
79.00 19.52 2.19 2.68 3.55
-1.00 0.19 0.03 0.07 -0.10
Close 1,148.29 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 3099 1157431 372115 697824 168777
Change 12.00 Market cap 79,443.27 mn Div Yield (%) 10.08
106.00 20.12 2.69 3.45 4.25
76.50 18.21 1.97 2.40 3.35
% Change 1.06 5-Day High 1,150.11 5-Day Low 1,136.04
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
-
-
Ask Gen Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance United Insurance XB
204 6.65 279 8.00 457 7.30 1250 400 3.48 791 15.64 3000 41.79 350 303 6.65 200 253 4.35 400 2.30
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric
Close 1,327.32 Listed cap 95,369.29 mn Payout (%) 104.13
Change 3.94 Market cap 109,169.98 mn Div Yield (%) 7.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 6.96 1560 7932 1695 11.56 126 2.77 8803 5.23 3673 3.73 3541 28.03 191 3.49 1367 -
0.89 37.97 1.71 3.30 20.71 4.58 42.06 16.29 17.01 18.26 2.19
0.93 38.25 1.79 3.46 20.95 4.55 43.20 17.20 17.75 18.70 2.25
0.88 37.80 1.70 3.10 20.81 4.55 42.01 16.40 17.01 18.70 2.19
0.89 0.00 37.98 0.01 1.75 0.04 3.14 -0.16 20.81 0.10 4.55 -0.03 43.01 0.95 17.01 0.72 17.38 0.37 18.70 0.44 2.20 0.01
181 993784 125392 4767486 589 340 2080253 3896019 2784531 215 85001
1.45 38.25 2.25 3.55 25.25 5.69 43.20 17.20 17.75 22.35 2.80
0.60 32.96 1.30 2.00 17.95 4.01 38.35 11.00 11.90 17.98 2.05
% Change 0.30 5-Day High 1,331.36 5-Day Low 1,277.14
2010 Div BR (%) (%) 50 15 50 20 -
Open 862.73 Turnover 63,807 P/E (x) 6.31
-
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,537.18 Turnover 513,621 P/E (x) 9.75 Company
High Low 1,589.53 1,519.37 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 11.41
Close 1,570.26 Listed cap 12,202.80 mn Payout (%) 66.79
Change 33.08 Market cap 33,587.74 mn Div Yield (%) 6.85
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.21 3.31
27.02 21.51
27.78 22.33
26.80 21.21
27.57 0.55 21.99 0.48
229011 284610
34.75 30.23
Sui North Gas Sui South Gas
25.71 19.95
% Change 2.15 5-Day High 1,570.26 5-Day Low 1,486.21
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,184.74 Turnover 26,750,228 P/E (x) 8.51 Paid up Cap(mn)
Company
PE
Allied Bank Limited 7821 6.97 Askari Bank 6427 8.27 Bank Alfalah 13492 14.38 Bank AL-Habib 7322 8.02 Bank Of Khyber 5004 5.49 Bank Of Punjab 5288 Bankislami Pak 52801015.00 Faysal Bank 7309 4.94 Habib Bank Ltd 10019 7.81 Habib Metropolitan Bank 8732 8.73 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 7602 10.02 Meezan Bank 6983 10.39 Mybank Ltd 5304 National Bank 13455 6.76 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 13.09 Summit Bank Ltd 5000 United Bank Ltd 12242 7.82
Open 71.82 17.34 11.18 37.45 4.11 9.84 3.68 15.34 124.93 28.00 2.50 2.41 226.27 18.64 2.69 76.66 2.96 1.95 2.60 7.90 8.50 3.68 65.99
High
High Low Close 1,201.26 1,177.98 1,189.88 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.19 13.94 40.49 Low
Close Chg
72.80 71.50 71.75 17.50 17.25 17.37 11.52 11.15 11.22 37.74 37.10 37.23 4.40 4.10 4.12 10.21 9.91 10.03 4.16 3.46 4.06 15.59 15.27 15.32 125.89 123.75 124.98 29.10 28.10 28.56 2.50 2.44 2.50 2.55 2.41 2.53 227.65 224.20 226.16 19.64 18.70 19.64 2.80 2.70 2.79 77.98 76.60 77.42 3.00 2.92 2.96 2.05 1.93 2.00 2.88 2.66 2.77 8.00 7.75 7.95 8.70 8.41 8.51 3.83 3.63 3.81 66.80 66.15 66.53
-0.07 0.03 0.04 -0.22 0.01 0.19 0.38 -0.02 0.05 0.56 0.00 0.12 -0.11 1.00 0.10 0.76 0.00 0.05 0.17 0.05 0.01 0.13 0.54
Volume
Change 5.13 Market cap 720,683.08 mn Div Yield (%) 4.75
Last 60 days High Low
708497 72.99 363941 18.10 3173546 11.52 85602 37.74 9161 4.70 3331121 10.59 1229090 4.16 306354 17.10 773913 126.45 144385 29.28 87831 3.00 3105 2.90 1034935 232.00 1320868 19.64 23407 3.10 5268112 77.98 254273 3.18 35845 2.65 7258595 3.05 123493 8.48 8648 9.04 94014 4.23 1205505 70.65
50.80 14.30 8.33 31.44 2.57 8.01 2.77 13.35 93.20 18.02 2.25 2.16 189.50 14.50 1.90 62.83 2.53 1.51 2.50 5.60 6.15 2.60 51.56
% Change 0.43 5-Day High 1,191.64 5-Day Low 1,158.84
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-
-
Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 25.43
Open 86.52
High 88.50
Low 87.20
Close Chg 87.73 1.21
Close 782.13 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 719383
Last 60 days High Low 91.75
63.40
EFU Life Assurance
850 41.97
73.56
627 28.54
42.82
% Change 0.54 5-Day High 782.95 5-Day Low 757.87
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
10.98 70.42 11.68 43.19 14.62 58.03 16.30 8.80 12.30 13.30 7.00 7.00
0.23 0.42 0.35 0.10 -0.05 -0.47 -0.02 -0.47 0.57 -0.12 -0.10 0.00
31850 9043 178220 17203 4503 11450 250598 30172 77896 1307 4749 3480
12.75 72.90 12.00 48.63 15.39 60.90 17.20 9.50 12.50 14.53 8.17 7.40
10.00 47.51 9.45 35.00 10.04 52.75 13.10 1.96 8.00 11.65 6.01 4.55
10 -
25R 10B -
-
UPTO 100 VOLUME
-
Symbols FIMM TRSM HUSS SASML BIFO SAPL GSPM MODAM IGIIL NESTLE GUTM BAFS HWQS JSGCL AKDCL FPJM CSUML FECS ISTM PAKMI MFFL BFMOD TOWL MLCFPS SCL DIIL KOHS MWMP ALICO MDTL PRWM AASM IDEN BAPL SGML KSTM FIBLM TSBL SHTM FFLM GUSM BAWS HADC FPRM CLCPS HUSI GATI RMPL PHDL TSMF NMBL ESBL PKGI UVIC BILF CWSM HMIM IDRT MUKT SANE SNAI STML TICL TSPL JOPP WYETH CLOV GAMON AKGL
High
High Low 887.22 855.68 Total cos Defaulter cos P/BV (x) ROE (%) 3.67 3.85 Low
Close 861.48 Listed cap 2,290.72 mn Payout (%) 355.53
Change -1.25 Market cap 10,007.08 mn Div Yield (%) 3.73
Close Chg
Volume
Last 60 days High Low
% Change -0.14 5-Day High 909.37 5-Day Low 861.48
2010 Div BR (%) (%)
2011 Div BR (%) (%)
74.40
73.52
73.87 0.31
51595
86.95
58.61
-
-
-
-
44.50
42.31
42.53 -0.29
12201
49.31
39.95
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 404.48 Turnover 3,500,406 P/E (x) 11.34 Paid up Cap(mn)
Company
High Low 410.57 401.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.57 360 3.59 450 13.30 3750 4.79 150 1.34 250 First Credit & Invest Bank Ltd 650 14.33 First National Equity 575 Grays Leasing 215 IGI Investment Bank 2121 18.06 Invest and Fin Sec 600 710.00 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.63 Jah Siddiq Co 7633 JOV and CO 508 JS Investment 1000 27.75 KASB Securities 1000 Orix Leasing 821 4.85 Pervez Ahmed Sec 775 Sec Inv Bank 514 16.00
0.65 18.25 26.16 26.30 1.50 1.90 3.20 9.00 1.90 2.81 7.00 0.75 3.09 1.75 11.02 3.98 6.68 4.74 6.58 2.02 4.00
0.69 18.29 26.65 26.65 1.50 2.00 3.44 8.46 2.50 2.99 7.10 0.70 3.37 1.95 11.17 4.30 6.71 5.00 6.60 2.14 4.00
0.58 17.91 26.01 26.00 1.50 1.91 2.80 8.00 1.51 2.62 7.00 0.70 3.00 1.76 10.96 3.90 6.62 4.70 6.60 2.00 3.50
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities
Close Chg 0.69 18.25 26.07 26.08 1.50 1.98 3.44 8.46 2.48 2.89 7.10 0.70 3.14 1.77 11.03 4.04 6.66 4.83 6.60 2.04 4.00
0.04 0.00 -0.09 -0.22 0.00 0.08 0.24 -0.54 0.58 0.08 0.10 -0.05 0.05 0.02 0.01 0.06 -0.02 0.09 0.02 0.02 0.00
Close 405.54 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 8603 21240 27092 3579433 3270 28901 3001 1619 2026 47151 5501 5000 29440 2002 2189771 878047 52403 130493 984 65826 1002
Change 1.06 Market cap 19,028.97 mn Div Yield (%) 3.39
% Change 0.26 5-Day High 406.57 5-Day Low 394.04
Last 60 days High Low
2010 Div BR (%) (%)
0.95 19.98 28.95 27.02 2.14 2.69 4.50 10.70 2.89 3.90 8.88 0.97 4.80 2.40 14.05 5.38 7.59 5.43 7.29 2.70 4.99
30 11.5 10 -
0.33 13.50 24.40 21.40 1.05 1.51 2.15 6.84 0.18 1.50 6.16 0.50 3.00 1.05 8.81 1.96 5.10 3.50 4.70 1.41 1.65
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS Open 1,346.06 Turnover 2,377,108 P/E (x) 19.04 Paid up Cap(mn)
Company
PE
Open
High
High Low 1,368.65 1,333.89 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21 Low
Close Chg
Close 1,350.61 Listed cap 29,771.58 mn Payout (%) 104.74
Change 4.55 Market cap 18,053.78 mn Div Yield (%) 8.55
Last 60 days High Low
Volume
% Change 0.34 5-Day High 1,350.61 5-Day Low 1,322.98
2010 Div BR (%) (%)
2011 Div BR (%) (%)
AL-Meezan Mutual F.
1375
7.31
8.68
8.98
8.65
8.77 0.09
169327
8.99
5.85
18.5
-
-
-
B R R Guardian Mod.
780
4.20
1.75
1.90
1.75
1.85 0.10
29944
2.79
0.90
0
-
-
-
Constellation Modaraba
Open 59.10 1.77 11.00 10.52 56.11 143.00 7.03 1.31 94.24 2446.01 20.00 58.50 21.00 27.96 47.35 1.39 3.53 46.93 7.25 1.02 80.76 3.26 5.21 5.80 92.11 13.88 3.41 1.85 18.02 48.86 14.27 38.60 12.88 8.55 6.00 0.95 1.90 1.75 0.35 1.40 6.25 5.48 0.70 8.53 2.50 6.50 43.49 2125.39 35.01 1.38 1.60 2.36 7.50 3.70 1.40 1.17 0.72 3.50 0.51 5.44 46.17 22.60 69.68 1.05 9.66 1046.01 73.51 1.53 5.43
High 61.19 1.77 10.80 10.99 53.37 144.99 7.43 1.49 95.49 2460.00 21.00 61.40 21.80 28.71 48.81 1.38 3.50 48.99 7.49 1.18 84.79 3.26 5.21 5.89 96.49 14.84 4.41 1.90 18.49 46.42 14.85 40.00 13.88 8.97 6.80 0.96 2.00 2.74 0.50 1.41 7.15 5.59 0.78 9.10 2.00 7.39 43.40 2181.98 36.76 1.40 1.79 2.75 7.40 3.82 1.60 1.44 1.10 3.64 0.84 6.00 47.00 23.73 66.20 1.10 8.70 1096.00 73.51 2.26 6.39
Low
Close
61.19 1.77 10.80 10.89 53.31 140.60 7.40 1.31 93.99 2336.00 19.66 59.00 21.00 28.63 46.67 1.38 3.26 44.59 7.25 1.15 82.00 3.26 5.21 4.81 93.99 12.88 4.00 1.62 17.61 46.42 14.00 38.99 13.88 8.75 5.28 0.96 1.61 2.74 0.32 1.41 6.50 4.60 0.61 9.10 1.72 7.00 43.40 2032.01 33.26 1.34 1.79 2.75 7.12 3.82 1.60 1.25 1.05 3.64 0.57 5.70 46.80 23.73 66.20 1.00 8.70 1096.00 73.51 2.19 6.39
61.19 1.77 10.80 10.99 53.31 143.50 7.42 1.33 94.00 2440.00 19.66 59.00 21.00 28.63 48.81 1.38 3.50 48.99 7.25 1.17 82.00 3.26 5.21 4.81 95.24 13.82 4.37 1.62 18.49 46.42 14.85 38.99 13.88 8.75 6.06 0.96 1.98 2.74 0.49 1.41 6.81 5.59 0.70 9.10 1.86 7.00 43.40 2032.01 36.76 1.34 1.79 2.75 7.40 3.82 1.60 1.25 1.05 3.64 0.57 5.70 46.80 23.73 66.20 1.00 8.70 1096.00 73.51 2.19 6.39
Change
Vol
2.09 0.00 -0.20 0.47 -2.80 0.50 0.39 0.02 -0.24 -6.01 -0.34 0.50 0.00 0.67 1.46 -0.01 -0.03 2.06 0.00 0.15 1.24 0.00 0.00 -0.99 3.13 -0.06 0.96 -0.23 0.47 -2.44 0.58 0.39 1.00 0.20 0.06 0.01 0.08 0.99 0.14 0.01 0.56 0.11 0.00 0.57 -0.64 0.50 -0.09 -93.38 1.75 -0.04 0.19 0.39 -0.10 0.12 0.20 0.08 0.33 0.14 0.06 0.26 0.63 1.13 -3.48 -0.05 -0.96 49.99 0.00 0.66 0.96
100 100 100 78 69 58 54 53 39 38 34 32 30 28 28 25 22 21 20 19 17 15 15 15 15 14 13 13 11 11 10 10 10 10 8 7 6 6 6 5 5 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index
Low
Close
FFC-JAN
130.10
131.50
128.25
131.44
1.34 2153500
POL-JAN
Symbols
308.22
322.45
308.15
319.52
11.30 1526000
30.30
31.10
30.11
30.44
0.14
699500
DGKC-JAN FFBL-JAN
Open
37.23
High
37.60
36.85
Change
Vol
37.39
0.16
668500
NBP-JAN
77.14
78.40
77.00
77.92
0.78
651500
PPL-JAN
221.88
228.40
221.51
226.47
4.59
432000
NML-JAN
66.83
67.80
66.94
67.29
0.46
397500
PSO-JAN
296.43
300.00
294.66
297.09
0.66
316000
ENGRO-JAN 195.36
200.00
195.50
199.38
4.02
304000
ANL-JAN
9.50
9.75
9.54
9.57
0.07
174500
MCB-JAN
226.82
227.78
224.65
226.96
0.14
139000
BOP-JAN
9.99
10.30
9.95
10.10
0.11
99500
UBL-JAN
66.47
67.00
66.45
66.93
0.46
69000
65
3.41
1.15
1.56
1.00
1.50 0.35
10244
1.99
0.90
-
-
-
-
Crescent St Modaraba
200
1.40
0.64
0.60
0.56
0.56 -0.08
34817
1.10
0.16
1.2
-
-
-
Elite Cap Modaraba
113
3.46
2.77
3.00
2.75
2.77 0.00
700
3.49
1.73
5
-
-
-
AICL-JAN
87.17
88.90
87.80
88.05
0.88
47500
Equity Modaraba
524 10.63
1.55
1.71
1.57
1.70 0.15
64318
2.37
0.90
-
-
-
-
OGDC-JAN
171.66
180.24
172.50
178.45
6.79
41000
-
-
-
30000
First Capital Mutual F. First Dawood Mutual F.
300
8.75
3.10
3.50
3.50
3.50 0.40
1056
5.50
2.55
-
HUBC-JAN
38.42
39.90
37.61
38.76
0.34
581
0.63
2.08
2.14
2.00
2.00 -0.08
25550
2.28
1.30
-
-
-
-
LUCK-JAN
76.00
76.50
75.22
75.50
-0.50
29500
Golden Arrow
760
2.25
3.19
3.20
3.06
3.15 -0.04
157682
3.80
2.56
17
-
-
-
PTC-JAN
19.40
19.51
19.50
19.50
0.10
25500
H B L Modaraba
397
2.57
7.79
7.70
7.70
7.70 -0.09
300
8.49
5.11
11
-
-
-
NCL-JAN
23.15
23.99
23.50
23.82
0.67
17000
Habib Modaraba
1008
5.74
6.96
6.84
6.65
6.66 -0.30
34700
7.00
5.80
21
-
-
-
NETSOL-JAN 19.48
20.30
20.00
20.20
0.72
9000
JS Growth Fund
3180 70.38
5.62
5.89
5.50
5.63 0.01
673415
5.89
2.65
5
-
-
-
JS Value Fund
1186 18.50
4.99
5.20
4.90
5.18 0.19
451962
5.20
2.31
10
-
-
-
1.26
2.8
-
-
-
1200
7.60
7.83
7.98
7.90
7.90 0.07
1800
8.25
5.15
15.5
-
-
-
NAMCO Balanced Fund 1000
283
5.78
3.62
3.74
3.25
3.70 0.08
26086
4.24
2.40
15
-
-
-
Nat Bank Modaraba
5.69
6.16
6.15
6.15
6.15 -0.01
200
7.74
4.50
10
-
-
-
Meezan Balanced Fund
Change 4.18 Market cap 48,400.36 mn Div Yield (%) 6.30
Open
New Jub Life Insurance
KASB Modaraba
Performance of SR Non Life Insurance Index High Low 790.56 776.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20
PE
2011 Div BR (%) (%)
NON LIFE INSURANCE Open 777.95 Turnover 1,339,895 P/E (x) 12.63
Paid up Cap(mn)
Company
2011 Div BR (%) (%)
7.8R -
10.55 69.99 11.40 43.05 14.61 56.50 16.25 8.31 11.80 12.60 7.00 7.00
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,345.53 1,314.25 Total cos Defaulter cos P/BV (x) ROE (%) 1.39 9.35
11.00 72.90 11.99 43.60 15.00 58.38 16.50 9.10 12.50 13.35 7.45 7.00
LIFE INSURANCE
-
ELECTRICITY Open 1,323.38 Turnover 14,733,802 P/E (x) 14.87
10.75 70.00 11.33 43.09 14.67 58.50 16.32 9.27 11.73 13.42 7.10 7.00
PICIC Energy Fund
1.25
250 1000
1.60
1.70
1.55
1.70 0.10
2016
2.23
ZERO VOLUME Symbols
Open
High
Low
Close
AABS
94.79
94.75
94.75
Change
Vol
94.75
-0.04
0.00
COTT
1.00
1.02
1.02
1.02
0.02
0.00
KHTC
31.20
32.76
32.76
32.76
1.56
0.00
KOHTM
1.05
1.06
1.06
1.06
0.01
0.00
1.98
6.74
6.85
6.77
6.80 0.06
25240
7.18
4.56
10
-
-
-
LEUL
1.60
1.65
1.65
1.65
0.05
0.00
PICIC Growth Fund
2835
8.35
13.03
13.12
12.90
13.03 0.00
296440
13.40
7.90
20
-
-
-
MQTM
8.43
8.50
8.50
8.50
0.07
0.00
PICIC Inv Fund
2841
7.43
6.49
6.64
6.40
6.54 0.05
151090
6.74
3.50
10
-
-
-
MUBT
0.75
0.80
0.80
0.80
0.05
0.00
NATM
8.05
8.10
8.10
8.10
0.05
0.00
PASM
10.00
10.10
10.10
10.10
0.10
0.00
168.00
167.99
167.99
167.99
-0.01
0.00 0.00
Prud Modaraba 1st
872
2.27
1.07
1.10
1.00
1.00 -0.07
214005
1.19
0.81
3
-
-
-
Stand Chart Modaraba
454
4.63
9.31
9.50
9.40
9.45 0.14
4595
10.29
7.81
17
-
-
-
PSEL
Tri-Star 1st Modaraba
212
-
1.39
1.35
1.35
1.35 -0.04
264
4.50
0.50
-
-
-
-
REWM
9.49
9.39
9.39
9.39
-0.10
U D L Modaraba
264
1.72
6.14
6.06
6.06
6.06 -0.08
1031
6.99
4.71
12.5
-
-
-
SKRS
3.26
3.17
3.17
3.17
-0.09
0.00
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd
*Arif Habib Ltd
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
12,182.85
MA (5-day)
12,089.30
Support 2
12,042.25
MA (10-day)
11,997.99
Resistance 1
12,422.05
MA (100-day)
10,635.50
Resistance 2
12,520.60
Technical Analysis
MA (200-day)
10,361.94
Pivot
12,281.45
RSI (14-day) MA (10-day) MA (100-day)
Technical Outlook Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
34.7 32.06 29.1
Brokerage House
Sell
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Negative
TFD Research
182.55 5,509.35 35.38 30.31
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
62.22 36.55 31.14 30.17
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value 82.1
Rs Recommendations
326.94 12,165.38 81.20 37.11
Neutral
92.3
Positive
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
70.68 74.84 66.70 67.88
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.44 24,653.95 93.69 77.17
* Target price for Jun-11 & **Net Open Interest in future market
DGKC closed up 0.04 at 30.18. Volume was 187 per cent above average FFBL closed up 0.19 at 37.21. Volume was 142 per cent above average NBP closed up 0.76 at 77.42. Volume was 36 per cent above average and (trending) and Bollinger Bands were 38 per cent narrower than normal.
Bollinger Bands were 30 per cent wider than normal.
KSE 100 INDEX is currently 19.0 per cent above its 200-day moving average DGKC is currently 12.1 per cent above its 200-day moving average and is FFBL is currently 23.4 per cent above its 200-day moving average and is NBP is currently 14.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to and is displaying an upward trend. Volatility is extremely high when compared displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecastreflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting reflect volume flowing into and out of DGKC at a relatively equal pace. reflect volume flowing into and out of FFBL at a relatively equal pace. ing oscillators are currently bullish on NBP. Momentum oscillator is currentoscillators are currently bullish on INDEX. Momentum oscillator is currently Trend forecasting oscillators are currently bearish on DGKC.
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
*Arif Habib Ltd
317.2
Hold
*Arif Habib Ltd
AKD Securities Ltd
296.6
Buy
AKD Securities Ltd
Negative
TFD Research
TFD Research
281.35
77.43 298.57 250.90 240.54
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 34,384.96 323.31 313.67
Rs Recommendations
Brokerage House
* Target price for Jun-11 & **Net Open Interest in future market
Fair Value
Rs Recommendations
Brokerage House
Fair Value
176
Sell
*Arif Habib Ltd
Buy
*Arif Habib Ltd
235.3
238.8
Buy
AKD Securities Ltd
10.25
Accumulate
TFD Research
239.15
Neutral
TFD Research
14.01
Positive
208.75
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Pakistan Petroleum Ltd
Bank Al-Falah Ltd
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
ly indicating that NBP is currently in an overbought condition.
Trend forecasting oscillators are currently bullish on FFBL.
Engro Corporation
Pakistan Oilfields Ltd
60.66 194.36 180.28 185.30
147.48 29,242.65 59.76 196.58
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.19 11.04 9.27 9.78
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations Hold Neutral
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
13
674.58 7,568.77 N/A 11.27
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
73.70 217.33 197.62 195.69
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
247.57 56,002.85 49.66 224.51
* Target price for Jun-11 & **Net Open Interest in future market
POL closed up 11.61 at 318.55. Volume was 168 per cent above average ENGRO closed up 4.11 at 198.28. Volume was 182 per cent above aver- BAFL closed up 0.04 at 11.22. Volume was 12 per cent above average PPL closed up 4.96 at 226.21. Volume was 178 per cent above average (trending) and Bollinger Bands were 12 per cent wider than normal.
age (trending) and Bollinger Bands were 24 per cent wider than normal. POL is currently 32.4 per cent above its 200-day moving average and is ENGRO is currently 7.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL. Momentum oscillator is current- reflect moderate flows of volume into ENGRO (mildly bullish). Trend forely indicating that POL is currently in an overbought condition.
casting oscillators are currently bullish on ENGRO.
and Bollinger Bands were 14 per cent narrower than normal.
(trending) and Bollinger Bands were 27 per cent narrower than normal.
BAFL is currently 14.8 per cent above its 200-day moving average and is PPL is currently 15.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very reflect moderate flows of volume into PPL (mildly bullish). Trend forecaststrong flows of volume into BAFL (bullish). Trend forecasting oscillators are ing oscillators are currently bullish on PPL. Momentum oscillator is currentcurrently bullish on BAFL.
Mubarak Textile Mills Ltd Quetta Textile Mills Ltd Colony Sugar Mills Ltd Sakrand Sugar Mills Ltd BMA Chundrigar Road Savings Fund J.K. Spinning Mills Ltd Bawany Sugar Mills Ltd Punjab Oil Mills Limited Dandot Cement Company Ltd Media Times Ltd Tandlianwala Sugar Mills Ltd Abdullah Shah Ghazi Sugar Atlas Income Fund Nadeem Textile Mills Ltd Fauji Fertilizer Bin Qasim Ltd Unilever Pakistan Limited Kot Addu Power Company Ltd Unilever Pakistan Foods Ltd
07-Jan 07-Jan 07-Jan 07-Jan 07-Jan 08-Jan 08-Jan 08-Jan 08-Jan 10-Jan 10-Jan 10-Jan 11-Jan 11-Jan 25-Jan 14-Feb 16-Feb 17-Feb
10.00 11.00 11.30 4.00 11.30 10.00 10.00 11.00 4.30 3.00 5.00 4.00 2.15 5.00 10.30 2.30 12.30 2.30
TECHNICAL LEVELS
port level at 12,042.25.
indicating that INDEX is currently in an overbought condition.
Time
Company
Index will continue to find its 1st support level at 12,182.85 and 2nd sup-
and Bollinger Bands were 14 per cent narrower than normal.
Date
Buy
61.96
Technical Outlook
Technical Outlook
Leverage Position
52.74 29.96 27.12 26.93
cent above average and Bollinger Bands were 1 per cent wider than nor- MA (200-day) mal. As far as resistance level is concern, the market will see major 1st resistance level at 12,422.05 and 2nd resistance level at 12,520.60, while
Brokerage House
Buy
43.29
Support 1
KSE 100 INDEX closed up 182.63 points at 12,323.47. Volume was 44 per
Rs Recommendations
42
AKD Securities Ltd
76.94
National Bank of Pakistan
Fauji Fertiliser Bin Qasim Ltd
Company
ly indicating that PPL is currently in an overbought condition.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah Bankislami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 53.94 3.25 3.05 72.87 71.25 70.70 48.99 61.95 61.20 59.05 25.85 25.60 48.49 25.85 25.60 58.17 87.10 86.50 57.13 17.25 17.10 39.15 9.45 9.35 69.72 341.50 338.50 64.40 128.10 125.80 61.19 11.10 10.95 75.55 3.60 3.20 56.93 9.90 9.75 56.00 2.25 2.20 52.74 29.70 29.25 63.02 3.25 3.15 36.60 2.50 2.40 45.37 42.95 42.75 43.45 73.45 73.05 60.66 195.65 193.05 55.39 15.20 15.05 43.90 4.90 4.80 62.22 36.75 36.30 74.61 128.75 126.80 67.55 123.85 122.75 65.41 37.75 37.55 73.37 149.05 146.25 55.03 255.50 253.75 52.65 3.85 3.70 52.33 1.70 1.65 43.07 2.45 2.40 44.21 10.95 10.85 75.13 42.30 41.55 64.99 3.00 2.85 72.92 14.60 14.45 48.79 74.55 74.00 61.27 224.35 222.55 45.65 2.75 2.70 70.68 76.70 75.95 60.58 23.50 23.25 67.62 19.35 18.75 52.50 2.90 2.85 53.03 1.95 1.90 69.83 66.80 66.25 78.78 173.65 168.45 32.22 2.50 2.45 40.74 2.00 1.90 59.04 2.40 2.35 49.14 6.80 6.70 77.43 309.95 301.35 73.70 222.30 218.40 55.33 70.75 69.50 60.43 292.90 290.80 54.68 19.30 19.10 56.97 205.80 204.50 49.62 27.00 26.40 49.39 13.15 13.00 53.73 21.35 20.70 43.48 2.15 2.10 29.65 3.35 3.30 59.19 66.20 65.85 43.80 2.65 2.55
1st
2nd
Resistance 3.50 3.60 72.55 73.30 63.20 63.70 26.50 26.90 26.45 26.90 88.40 89.10 17.50 17.60 9.70 9.85 347.00 349.50 132.25 134.15 11.45 11.65 4.30 4.60 10.20 10.35 2.40 2.45 30.80 31.45 3.45 3.55 2.75 2.90 43.50 43.85 74.35 74.80 200.00 201.75 15.50 15.70 5.05 5.20 37.55 37.95 131.95 133.15 126.00 127.00 38.20 38.45 153.50 155.25 258.50 259.75 4.25 4.50 1.80 1.85 2.55 2.60 11.15 11.25 43.45 43.95 3.35 3.60 14.80 14.90 75.85 76.60 227.80 229.45 2.95 3.05 78.05 78.70 23.95 24.25 20.40 20.80 3.00 3.05 2.05 2.10 68.10 68.85 182.70 186.65 2.60 2.70 2.10 2.20 2.55 2.60 7.05 7.20 324.55 330.50 229.50 232.80 74.00 76.00 297.65 300.35 19.70 19.85 208.50 210.00 27.95 28.35 13.50 13.65 22.45 22.95 2.25 2.30 3.50 3.60 66.85 67.15 2.70 2.75
Pivot 3.35 72.00 62.45 26.25 26.25 87.80 17.35 9.60 344.00 130.00 11.30 3.90 10.05 2.30 30.35 3.35 2.65 43.30 73.95 197.40 15.40 5.00 37.15 130.00 124.85 38.00 150.75 256.75 4.10 1.75 2.50 11.05 42.75 3.25 14.70 75.30 226.00 2.90 77.35 23.75 19.75 2.95 2.00 67.55 177.55 2.55 2.05 2.50 6.95 315.90 225.60 72.75 295.60 19.50 207.25 27.40 13.35 21.85 2.20 3.45 66.50 2.65
8
Friday, January 7, 2011
CEO Habib Bank meets Chief Minister Sindh
Citibank’s Vikram named in India fraud complaint ‘Rising govt spending is deficit intensive’
ADB, IFC, Citi, MCB undertake textile trade transaction
Quartet of banks weaves big deal ISLAMABAD: The Asian Development Bank (ADB), International Finance Corp (IFC), Citibank, and MCB Bank have announced their completing a landmark trade transaction which will help boost textile industry in Pakistan. The four banks have provided trade finance coverage of up to 110 million euros for Ibrahim Fibers Limited to import state-of-the-art German machinery to produce polyester staple fiber and polyester chips. The additional 650 tonnes/day capacity made possible by the transaction will more than double Ibrahim Fiber's polyester production, already one of Pakistan's highest, to 1,250 tonnes per day, said an ADB press statement received here. By providing guarantees that cover the payment risk in trade transactions, ADB's Trade Finance Programme and IFC's Global Trade Finance Programme help increase trade finance and the flow of goods to and from emerging market coun-
tries. For this transaction, IFC assumed 30 per cent of MCB Bank's risk, and ADB 19 per cent. Citibank managed the balance against the original letter of credit launched by MCB Bank. "The cover arranged by IFC, ADB, and Citibank portrays the high degree of confidence these leading global financial institutions have in MCB," said Farooq A Khan, Head of Trade Products Division at MCB Bank. "Citi is proud to be a part of this transaction. Our widespread global network across more than 100 countries enables us to leverage those relationships to promote our common agenda to support and enhance private sector investment in Pakistan," said Arif Usmani, Citibank's Pakistan Country Officer. "ADB's Trade Finance Programme supports large volumes of trade business in Pakistan on its own," said Steven Beck, Head of Trade Finance in ADB's Private Sector Operations Department. "However, cooperating with
IFC, Citibank, and MCB was key to closing this challenging deal, a transaction that will support businesses and create jobs in Pakistan," Beck added. "By responding to the shifting needs of its partner banks, IFC's Global Trade Finance Programme is helping stimulate trade flow and contributing to economic growth," said Scott Stevenson, Senior Manager of IFC's Global Trade Finance Programme. "The innovative partnership of this transaction will help stimulate one of the key sectors in Pakistan's economy." Last year, ADB's Trade Finance Programme supported over $600 million of cross-border trade in Pakistan. Over the past six months, IFC has provided Pakistani banks with $328 million in trade finance guarantees, a $125 million increase in guarantees compared to the same period last year. The trade financing helps Pakistan increase cross-border trade, and benefits many important business sectors. -Agencies
Special Correspondent ISLAMABAD: Government's expenses are consistently on the rise and if this trend goes on it will only lead to wider budget deficit. This was expressed by Governor State Bank, Shahid Hafeez Kardar while briefing Senate's Standing Committee on Finance here. Senate Standing Committee meeting was chaired by Senator Ahmed Ali Governor State Bank of Pakistan told the Committee if government expenditures remain on the higher side, then fiscal deficit may reach 6 per cent of the gross domestic product. Governor SBP informed that during the current fiscal revenues were increased by 7 per cent whereas government expenses rose by 9 per cent. Kardar added that government has borrowed Rs374 billion for its expenses from the central bank, whereas government borrowed additional Rs366 billion for the purchase of commodities and Rs368 billion extra for public sector entities. Governor central bank said that government was still paying a monthly subsidy of Rs20 billion on power while Rs29 billion annually was being spent to keep urea prices under control.
Moody's sees next 12-18mth critical
Politic-ills may plague bank sector SINGAPORE: The flare-up in political turmoil in Pakistan following the assassination of President Asif Ali Zardari's top aide Salman Taseer won't have an immediate impact on the nation's credit ratings, Moody's Investors Service said, but it warned that prolonged political instability and economic stagnation could lead to a banking crisis. "The prolonged stagnation of Pakistan's economic growth and the high political risk will be the large risks for Pakistan over the next 12 to 18 months," said Aninda Mitra, Vice President and Senior Analyst at Moody's Sovereign Risk Group. If the economic stagnation and political instability continue, "it could either cause a sovereign debt restructuring or a banking crisis to occur in Pakistan," Mitra told Dow Jones Newswires in a telephone interview. "The staying of the government for implementing tough economic reforms is currently under pressure," Mitra said.
Mitra said the Salman Taseer assassination was "symptomatic of the high political risk in Pakistan" but wouldn't impact the country's sovereign credit ratings just yet. "These kinds of events are already factored into our B3 rating. The event (assassination) itself comes as a shock to the political system but by itself, it doesn't raise the risk (of a downgrade)," Mitra said. Pakistan, plagued with large budget deficit approaching 6 per cent of gross domestic product compared with 4.7 per cent budgeted this year and a long-running terrorist insurg ency, has been dependent on foreign financial aid to keep its economy afloat. But Pakistan's failure to tackle its budget deficit by taking steps to boost revenue and slash spending has frustrated the IMF as well as other foreign donors, including the World Bank and Asian Development Bank. The US has also called on Pakistan to push harder on reforms. -Agencies
Merger of Summit, Atlas Banks turns official KARACHI: According to a handout issu ed here from January 1, Summit Bank Ltd (formerly Arif Habib Bank Ltd) and Atlas Bank Ltd have officially merged and started operating as a single bank under the name of Summit Bank. The statement added that completion of the legal merger means that the two banks can now make accelerated progress in integrating their activities. With effect from the merger date, they will be allowed to exchange and share client information and can start technical migration of client data. The proposed management appointments' previously announced also officially took effect. Hussain Lawai, President and CEO of Summit Bank, in his statement said, "1st January onwards, the legal merger is a reality. Summit Bank and Atlas Bank amalgamate to form a single entity. I have great admiration for the tireless efforts that we have seen on a daily basis from colleagues and I am pleased by the trust that clients have continued to place in us."
Exclusive interview with Ahmed Ali Siddiqui, EVP Product Development and Shariah Compliance MBL
Meezan Bank: A Role Model Interview by: Shabbir Kazmi
M
eezan Bank Ltd (MBL) has emerged as the tenth largest bank in terms of branches. It enjoys the distinction of being the first full-service Islamic bank of Pakistan. It has emerged as a role model and its efforts have been fully acknowledged locally and internationally. Its subsidiary, Al Meezan Investment has also attained the status of the largest private sector asset management company with Rs25 billion assets under management. The Financial Daily spoke to Ahmed Ali Siddiqui Executive Vice President Product Development and Shariah Compliance and & Secretary, Shariah Supervisory Board at Meezan Bank. Following are the excerpts from an exclusive
banking is backed by assets and is designed to cater a real economic transaction. On top of this more prudent risk evaluation and willingness to help the client avoiding a default in difficult times keeps the delinquency rate low. Now Islamic banking is also termed as 'ethical banking' and many of the non-Muslims are opting for it simply because the way each transaction is structured.
jurisprudence, Shariah knowledge, and accounting. One of the most read parts of Meezan's annual accounts is Shariah Advisor's report. It is virtually used as test case. Each product structure is vetted for Shariah compliance and each business financing case is reviewed thoroughly irrespective of size. In case of any ambiguity the transaction is withheld till the Shariah scholars are fully satisfied.
Meezan Bank Operations
Human Resource Constraint
Based on all the indicators used for the evaluation of performance of a bank, Meezan emerges distinguished. Its deposits and financing have increased significantly during 2010. Its network now comprises 222 branches in 63 towns and cities. The enhanced outreach allows Meezan to focus on clients and those areas which have mostly
Over the years it has been felt that one of the serious constraints in the proliferation of Islamic banking is growing acute shortage of educated and experienced manpower. Over the years business schools have been imparting education about conventional banking and finance but little has been
resource development.
Asset & Liability Products Islamic banking is often alleged of baptising the conventional products, by simply giving them an Arabic name. It is mainly because of lack of understanding. The products may look same because most of characteristics may look similar to a conventional product but its process and structure is Shariah compliant. This is due to the fact that many of the products and benchmarks used in conventional banking are better understood by the public at large and also used for comparison. Ironically, people still try to find the characteristics of a conventional product in Shariah compliant products.
Emerging Sukuk Market While the growth of deposits in Islamic banking is
About Ahmed Ali Siddiqui Ahmed Ali Siddiqui is Executive Vice President Product Development and Shariah Compliance and & Secretary, Shariah Supervisory Board at Meezan Bank. His main areas of focus include managing product development initiatives, formulation of policy guidelines, Islamic banking training, Shariah audit & review of all Bank activities along with the Shariah Advisor, and managing external product development advisory services. Siddiqui is also actively involved in Islamic banking training activities and has conducted various training sessions, corporate workshops/seminars on Islamic banking, and Islamic financial products for Meezan Bank both locally and abroad. He is also a frequent speaker on Islamic banking at National Institute of Banking & Finance, State Bank of Pakistan), TADP, Center of Islamic Economics (CIE), Karachi and IBA. He is also a member of Advisory team for CIE, Jamia Darul Uloom Karachi and a visiting faculty member at Institute of Business Administration (IBA) Karachi. Siddiqui holds a Bachelors and Masters degree in Business Administration from the IBA, Karachi with six gold medals. His areas of specialisation include MIS & Islamic Finance. His previous assignments include Car Ijarah and Islamic Housing Finance, where he served as Product Manager in both functions. interview.
Islamic Versus Conventional Banks Globally and locally Islamic banking in one of the fastest growing segments of the banking sector and without being prejudiced towards conventional banks, it is evident that during difficult times globally Islamic banks have performed better as compared to conventional banks mainly because each transaction in Islamic
remained unexposed to Islamic banking, despite having enormous latent demand.
Confidence Factor Let me share a fact with you that the strength of Meezan rests on the commitment of Management toward the cause of Islamic banking and a world-class research and product development team that works under the guidance of our Shariah Advisor Dr Imran Usmani. The research unit comprises people from all the disciplines i.e. banking,
done for Islamic banking training. Meezan Bank capitalising on its inherent strength has consented to support all major educational institutions in this regard. We not only help in developing the curriculum for Islamic finance but also provide appropriate instructors for graduate and master level course in Islamic Banking and Finance. There is consensus on the fact that outreach of Islamic banking cannot be enhanced without human
on the rise, Islamic banks also have excess liquidity and are facing the challenge to manage it profitably. While investment in Treasury Bills and Pakistan Investment Bonds by the conventional banks is very common, but Islamic banks hardly have access to similar Shariah compliant products. The recent issuance of Sukuk or Shariah compliant instruments has helped in soothing the problem. The two latest Sukuk issues by SBP amounting to Rs87 billion have pro-
vided long awaited alternative to the Islamic banks. The yield on these Sukuks is comparable to the yield offered on 6-month Treasury Bills. The added advantage is that the size of assets under management of Islamic mutual funds has also increased. Al Meezan, a fully owned subsidiary has become the largest private sector managed asset management company.
Recent Defaults of Sukuk Recent default of few companies having issued Sukuk created a doubt that there was some inherent weakness in the way transactions were structured. However, Shariah advisors strongly believe that it was the mindset of the clients that created the havoc. In addition to that, facing problems or liquidity crunch is far different from the issuers' stubbornness and their insistence on having their payments restructured at their own terms. Any company can face delinquency due to a change in circumstances but refusal to discharge contractual liability is not an appreciable act. The experience may not be very good but has certainly taught a lesson to the players to be more careful while undertaking future transactions.
Strength of Economy Performance of banks is reflective of the state of the economy of a country. Since recession is a global phenomenon, Pakistan can't be an exception. However, its woes are intensified because of hiking global prices on food items and crude oil. Added to these are ongoing load shedding of electricity and gas, precarious law and order landscape, and volatile political situation. Operations of banking sector remain robust when economy is flourishing, people's incomes are stable, savings are good, and above all new investments are made and job opportunities created. However, the positive point
is many of the factors that have plagued banking global-
increases our responsibility to provide them with the right
The Bank Story Meezan Bank started operations 8 years ago with the vision to "Establish Islamic Banking as Banking of First Choice" and to provide quality banking services in a Shariah-compliant manner to every citizen of Pakistan at its doorstep. Today it ranks amongst the 10 largest banks in Pakistan having achieved yet another milestone by establishing a branch network of 222 branches in 63 cities and towns across Pakistan within a short span of 8 years. Meezan Bank received the award for the 'Best Islamic Bank in Pakistan' by Islamic Finance News of REDmoney Group, Malaysia. The Islamic Finance News Awards aims to commend key industry players who have done their part in promoting Islamic finance across the Asian region. Meezan Bank has received a number of international and local accolades for its services, including 'Best Islamic Financial Institution in Pakistan' for 2010 and 2009 by Global Finance Magazine, New York, 'Best Islamic Bank in Pakistan' for 2009 by Asia Money Magazine, Hong Kong and 'Islamic Bank of the Year' for 2009 award by CFA Association of Pakistan. ly (worst being subprime loans) do not exist in Pakistan.
Resolution for 2011 Meezan has prepared a multi-pronged strategy for year 2011. The cornerstone of this plan is to further extend its out reach. By the end 2010 number of its branches has increased to 222. During 2011 Meezan aims at establishing another 50 branches. This requires not only massive investment in physical infrastructure but most importantly in human resource development. To enhance the number of appropriately educated and trained people Meezan has already established links with prestigious institutions including IBA, LUMS, International Islamic University and Riffah University. It is a long-drawn process, requiring commitment, and real hard work. The encouraging part is all the stakeholders particularly the clients have become keener in adopting Shariah compliant system, which
products.
Bidding Farewell to Riba Bidding farewell to Riba should be the top priority of every Muslim. It may be true that the system cannot be changed overnight but making the best effort is imperative for each Muslim. Now in Pakistan Islamic banks, takaful operators and Islamic mutual funds are operative. The objective is to provide an alternate or parallel system without disrupting the prevailing one. The real advantage is that Pakistan is not alone in this endeavor. It is benefiting from the experience of other countries. Pakistan also enjoys the support of a very proactive central bank, which is operating closely with Shariah local scholars and international entities like IFSB, AAOIFI. In may not be wrong to say that Pakistan has attained the strength to play a more active role in the proliferation of Islamic financial system among the Muslim countries.
9
Friday, January 7, 2011
Crude oil flows below $89 after US jobless data
European vegetable oil prices
Market focus still on Friday's US payroll report
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 1050.00, May11/Jul11 1055.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1105.00-5.00, May11/Jul11 1090.00+0.00, Aug11/Oct11 1015.00+0.00, Nov11/Jan12 1020.00+0.00, Feb12/Apr12 1025.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1510.00+10.00, Apr11/Jun11 1470.00+10.00, Jul11/Sep11 1500.00+10.00, Oct11/Dec11 1400.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Jan11/Feb11 1355.00-7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1295.00+0.00, Feb11 1300.00+10.00, Mar11 1290.00+5.00, Apr11/Jun11 1270.00+10.00, Jul11/Sep11 1255.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1275.00, Mar11 1275.00+5.00, Apr11/Jun11 1262.50+2.50, Jul11/Sep11 1245.00+5.00, Oct11/Dec11 1230.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1235.00+5.00, Feb11 1235.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1900.00, Feb11/Mar11 1890.00+30.00, Mar11/Apr11 1880.00+20.00, Apr11/May11 1870.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1995.00+0.00. Reuters
LONDON: Oil fell more than a dollar to below $89 a barrel after US data showed more jobless claims than expected, raising doubts about the strength of economic recovery in the world's biggest oil burner. US crude for February was down $1.40 a barrel at $88.90 a barrel at 1509 GMT, while Brent for February was 36 cents at $95.14. Both contracts weakened after a US government report said US initial weekly jobless claims for unemployment benefit had risen to 409,000 last week, outpacing the consensus forecast for 400,000. The market might, however, be more influenced by Friday's US non-farm payroll data and any dips below $90 could be quickly reversed, traders and analysts said, as they maintained a bullish outlook for US fuel demand. "We think tomorrow is going to be supportive of ongoing
recovery and greater momentum in general in the economy," said Zach Pandl, an economist at Nomura Securities International in New York. "Markets in our view are looking for a very strong confirmation of the labour market rebound." Expectations of economic recovery and with it rising fuel
demand helped to drive oil to a 27-month high of $92.58 on Tuesday, but in volatile trade, prices fell to a low of $88.10 on Wednesday. Analysts said there could be some price distortion this week as the big investment indexes rebalance their crude futures weightings. "The rebalancing period is well flagged and as such, some of the recent moves
US cotton up, off 1-wk high
Tokyo rubber busts record on oil, USD BANGKOK: Tokyo rubber futures rose for a second consecutive day to a new record high on Thursday on the strong US dollar and rising oil prices, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery rose 12 yen, or 2.8 per cent, to settle at 440.2 yen ($5.29) per kg. It rose to an intraday high of 440.5 yen, the highest ever "TOCOM prices have broken a new record above the key resistance of 440 yen, meaning that it's possible for prices to rise further again on Friday," one dealer said Oil held above $90 on Thursday as upbeat private US payroll data helped markets recover from a midweek slump on expectation for a sustained economic recovery in the world's top crude-consuming nation. The dollar held steady against the yen and the euro on Thursday, maintaining overnight gains. It could strengthen more after strong private employment data boosted sentiment ahead of Friday's US payroll numbers -Reuters
in the market are likely to reflect the anticipated rebalancing to some extent," said James Zhang, an analyst at Standard Bank Commodities Research. Earlier on Thursday, Eurozone consumer confidence and economic sentiment data painted a mixed picture, with the former slipping back in December from November's 35-month high, whilst economic sentiment spiked to a 38-month high in December. Concerns about the Euro-zone have undermined the single European currency, but the dollar pared gains against the euro following the larger-thanexpected rise in the US jobless claims. Dollar-denominated commodities become more or less expensive for non-dollar buyers depending on the relative strength of the US currency. Reuters
NEW YORK: Fund buying and system trades lifted US cotton futures on Wednesday, but late selling pulled prices off their highs as indexes rebalanced cotton holdings to align with new weightings for 2011 and some speculators grabbed profits. Cotton showed modest losses in early business, then turned sharply higher around midday as the commodities complex suddenly reversed course and rallied. Market players said they thought algorithmic trading, or quickly executed programmed trades, were behind the sudden price gains, both on Tuesday and Wednesday. Benchmark March cotton on ICE Futures US closed with a 1.42-cent gain, up 0.99 per cent, at $1.4520 per lb. The contract neared its four-cent daily move limit to set a oneweek peak at $1.4778 but quickly eased back. Volume was 9,892 for the March contract, exceeding the 8,818 contracts traded on Tuesday. Tuesday's total count also rose to 17,759 lots, an
increase over the 12,176 lots logged on Monday, according to ICE data. ICE also posted open interest for Tuesday at 207,895 during a price rally, higher than Monday's 207,460 total. May cotton ended with 2.22 cent, or 1.61 per cent, gains at $1.4011 per lb, on light volume of 2,209 lots. Mike Stevens, an independent cotton analyst in Mandeville, Louisiana noted that, 'Order flow has been pushing prices well beyond what has been traditional movement during a session.' He added, however, that, 'Conventional analysis would have taken last week's sell signals, weakness in the March/May spread and rebalancing by long-only index funds to a test of at least the $1.35 area, minimum.' Global cotton supply concerns continue to keep a bid under prices, however, with floods in Australia and dry conditions in Texas growing regions among concerns underpinning prices. Reuters
Copper slips, but strong US data comes to support LONDON: Copper slipped on Thursday as the dollar rose against the euro, but strong economic data from the United States indicating a bullish outlook for the world's largest economy helped support sentiment. Benchmark copper on the London Metal Exchange was untraded at the close, but bid at $9,470 a tonne compared with $9,540 at the close on Wednesday. The metal used in power and construction hit a record high of $9,754 a tonne on Tuesday. Traders said copper was sold as the dollar moved higher against the euro in afternoon trade. Recent data from the United States, the world's second-largest copper consumer after China, showed a surge in the number of private sector jobs, at a rate three times the level forecast. "Good macro data are supporting metals. We are pretty bullish across the board for all metals. We expect copper will touch the 10,000 level during this quarter," said David Wilson, analyst at Societe Generale.
However, undermining confidence in industrial metals markets was talk of tighter monetary policy in the United States. Copper prices jumped more
Shanghai copper rises Shanghai's third month copper contract rose 1.2 per cent to 71,610 yuan, having touched a 43-month high of 72,460 yuan on Tuesday. than 30 per cent last year and more than 140 per cent in 2009. Since the middle of November the gain has exceeded 20 per cent. Prices have been boosted by stocks of copper in London Metal Exchange warehouse, which at 379,400 tonnes are down more than 30 per cent since the middle of February. But since December 9 they have risen by more than 8 per cent. Overall, however, expecta-
tions of a copper market deficit this year, albeit small, will help buoy prices, particularly for material to be delivered sooner rather than later. LME lead stocks at 209,850 tonnes are at their highest since September 1995. Benchmark prices of battery material lead are expected to be buoyed by worries about supplies from Australia. Earlier lead jumped to $2,712.75 a tonne, its highest since May 2008. It ended at $2,656 a tonne from $2,660 a tonne on Wednesday, zinc closed at $2,455 a tonne from $2,463 and tin at $26,180 from $26,225. Aluminium used in transport and packaging earlier touched $2,519 a tonne, its highest since Sept 2008. It closed at $2,518 a tonne from $2,463 and nickel ended at $24,550 a tonne from $24,700 on Wednesday. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 05 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 05 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2285 2290 2245 2250 2205 2215 2205 2215
2444.5 2445.5 2451 2452 2508 2513 2540 2545
9460 9461 9434 9434.5 9135 9145 8690 8700
2568 2569 2540 2543 2475 2480 2430 2435
24640 24650 24700 24730 24200 24300 23400 23500
TIN
ZINC NASAAC
26090 2408 26095 2409 26050 2414.5 26100 2415 25550 2438 25600 2443 2410 2415
2315 2325 2340 2350 2365 2375 2420 2430
JIANGXI - CHINA: A worker waters the site of a rare earth metals mine at Nancheng county, Jiangxi province in China. -Reuters
Arabicas up, near 13-1/2-yr peak; cocoa remains firm LONDON: Coffee futures prices rose on Thursday, with arabicas less than 10 cents away from a fresh 13-1/2 year peak, as the market remained underpinned by a shortage of high quality washed arabica beans. Cocoa futures edged up, supported by a risk premium stemming from the disputed election in the world's top producer, Ivory Coast, on Nov. 28, while sugar fell further from last month's 30-year high, with the downside limited by tight supplies. ICE March arabicas were up 1.95 cents or 0.8 per cent at $2.3495 a lb at 1526 GMT. London March robustas were up $27 or 1.4 per cent at $2,032 per tonne in slim volume of 4,316 lots. Cocoa futures edged higher in light volumes as dealers said exports continued apace from top producer Ivory Coast, where the disputed presidential vote has sparked fears of disruption to supplies. ICE March cocoa traded up $1 or 0.04 per cent at $2,853 a tonne in modest turnover of 3,917 lots at 1527 GMT. London second-month cocoa was up 6 pounds or 0.3 per cent to 1,948 pounds per tonne in thin volume of 1,159 lots. ICE raw sugar futures extended losses as the dollar strengthened, in a technical correction to a sharp rise the previous session, amid choppy trading in commodity markets at the start of the New Year. Trade on the physical market remained slow due to the historically high prices, with raw sugar remaining near last week's 30-year peak of 34.77 cents a lb. ICE March raw sugar was down 0.99 cent or 3 per cent at 31.21 cents a lb at 1528 GMT. London March white sugar was down $17.40 or 2.2 per cent at $758.50 per tonne in light turnover of 1,549 lots. Dealers are focused on how much sugar India can export during the period before the next Brazilian crop around April. "Overall, we continue to be more friendly to the flat price in the medium term and would suggest considering playing the market from the long side on dips," said Thomas Kujawa of broker Sucden Financial. Reuters
Gold loses shine for fourth session LONDON: Gold prices fell for a fourth successive session on Thursday, under pressure from investors taking heart from the strength of the dollar following a string of data that suggested the US economy was gaining traction. Spot gold was bid at $1,372.74 an ounce at 1415 GMT, against $1,377.65 late in New York on Wednesday. US gold futures for February
said Mitsubishi analyst Matthew Turner. "There is always the fear that once the rebound in the US gets cemented and attracts higher interest rates, investors start shifting money out of gold and into equities." "This fear that government debt and deficits will require loose monetary policy for a longer time was the driving force behind gold's rally and
delivery were flat at $1,373.00. A string of robust US data have driven the dollar higher on expectations the United States may recover faster than other major economies. The numbers have raised expectations that Friday's key jobs data will be positive. A larger-than-expected rise in weekly initial jobless claims on Thursday did little to dispel this notion, putting gold under pressure against the dollar and undermining its appeal as a shelter from risk. "Really, what's behind this correction is probably the stronger US economic data,"
that hasn't changed," he said. From a technical perspective, gold's correction from the record high it hit in December is seen as potentially healthy. Investment demand for goldbacked exchange-traded funds remained lacklustre, with holdings of the world's largest gold ETF, New York's SPDR Gold Trust, dropping by nearly 4 tonnes on Wednesday to their lowest in early June. Among other precious metals, silver was at $29.30 an ounce against $29.24, platinum was at $1,729.24 an ounce versus $1,726.50 and palladium at $763.72 against $773. -Reuters
Palm oil bounces on erratic weather KUALA LUMPUR: Malaysian crude palm oil recovered on Thursday, driven by erratic weather slowing production in major vegetable oil exporting regions at a time of growing global demand. Palm oil prices were also supported by the rally in other agriculture markets on Wednesday that stoked fears of rising food prices. The United Nation's food agency said food prices hit a record high last month, outstripping levels that triggered riots in 2008. Palm oil clawed back most of its day-ago losses despite a firmer dollar, as rains continued to pound estates in Indonesia and Malaysia, stalling harvesting and tightening supplies.
The benchmark March 2011 crude palm oil contract on Bursa Malaysia Derivatives rose 1.5 per cent to trade at 3,864 ringgit ($1,259.452) per tonne. Traded volumes rose to 20,333 lots of 25 tonnes each, compared to the usual 15,000 lots. A Reuters poll showed that Malaysian palm oil stocks fell to a five-month low on laggard production and still-resilient demand. US soyoil for January delivery rose 0.7 per cent in Asian trade hours, extending gains in the previous session as tight supplies, signs of further economic recovery and strong Chinese demand boosted sentiment. The most active Sept 2011 soyoil on China's Dalian Commodity Exchange rose 2.6 per cent. -Reuters
India sugar extends losses MUMBAI: Indian sugar prices fell for a third straight day on Thursday, hammered by weak demand and higher supplies, dealers said. "Stockists and big companies were not active in the market. For the past few days demand was very weak," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased 0.18 per cent to 2,811 rupees ($62.12) per 100 kg. The most-traded M grade sugar contract for January delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended 0.96 per cent lower at 2,897 rupees per 100 kg, after hitting a contract low of 2,881 rupees earlier in the day. India has made available 1.7 million tonnes of non-levy sugar for January, higher than 1.5 million tonnes it had released for December, the government said in a statement last month. Sugar output in India's top producing Maharashtra state rose by 10.9 per cent to 2.45 million tonnes in the first three months of 2010/11 season that began on Oct.1, a government official told Reuters on Monday. -Reuters
National Commodity Exchange Ltd Trading Summary Date
6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011 6-Jan-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 06JA11 JA11 JA11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
88.41 89.43 90.07 29.25 29.26 1377.00 1378.00 1379.50 1377.40 1378.40 1379.40 37975.00 37900.00 38065.00 37697.00 38023.00 44339.00 44339.00 39103.00 39146.00 39160.00 39075.00 39089.00 45239.00 45267.00 45397.00 45306.00 45286.00 3426.00 3440.00 5323.00 86.22 85.32
90.86 91.70 92.31 29.56 29.26 1379.60 1380.70 1382.00 1378.00 1378.40 1379.40 38042.00 38051.00 38065.00 38014.00 38023.00 44339.00 44339.00 39103.00 39146.00 39160.00 39075.00 39089.00 45326.00 45306.00 45397.00 45306.00 45286.00 3426.00 3440.00 5371.00 86.22 85.32
88.17 89.19 90.07 28.60 29.05 1364.80 1366.00 1366.90 1365.00 1370.80 1370.80 37799.00 37689.00 37874.00 37697.00 37832.00 44116.00 44116.00 38896.00 38939.00 38953.00 38967.00 38882.00 44702.00 44750.00 44767.00 44783.00 44686.00 3380.00 3393.00 5323.00 86.21 85.32
90.01 91.22 92.31 29.03 29.05 1369.90 1370.80 1371.70 1369.90 1370.80 1370.80 37851.00 37860.00 37874.00 37823.00 37832.00 44116.00 44116.00 38896.00 38939.00 38953.00 38967.00 38882.00 44702.00 44750.00 44767.00 44783.00 44686.00 3380.00 3393.00 5371.00 86.21 85.32
Traded Volume in lots 293 122 335 1,903 1,969 1,475 28 3 6 3 9 3 24 10 5 -
Previous Settlement Price 90.26 91.42 92.44 29.39 29.41 1375.50 1376.40 1377.40 1375.50 1376.40 1377.40 37975.00 37984.00 37999.00 37947.00 37956.00 44261.00 44261.00 39022.00 39064.00 39078.00 39093.00 39008.00 44849.00 44897.00 44914.00 44930.00 44832.00 3426.00 3440.00 5323.00 86.22 85.32
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 90.01 74 91.22 26 92.31 3 29.03 115 29.05 1369.90 1,192 1370.80 1,685 1371.70 1,078 1369.90 11 1370.80 1371.70 37851.00 31 37860.00 15 37874.00 1 37823.00 2 37832.00 44116.00 44116.00 38896.00 38939.00 38953.00 38967.00 38882.00 44702.00 8 44750.00 2 44767.00 6 44783.00 10 44686.00 12 3380.00 3393.00 5371.00 86.21 85.32 -
Germany's Greis shoots during men's practice session at Biathlon World Cup in Oberhof
10
Friday, January 7, 2011
Collingwood retires from Test cricket LONDON: England batsmen Paul Collingwood has announced his retirement from Test cricket following the current 5th and final Ashes Test in Sydney. Collingwood, who has represented England at Test level on 68 occasions, will continue as England's Twenty20 captain and as a member of England's ODI squad, says a ECB announcement. He led England to victory in the World T20 Cup in the West Indies last year. In a statement Collingwood said: "Representing England at Test level has always been a dream of mine and I've been fortunate enough to have enjoyed some amazing highs throughout my Test career. "I'm proud of the fact that I've always given my all for the England Test team but I feel that this is the right time to leave Test cricket having reached some very special achievements, none more satisfying that retaining the Ashes in Australia. "I also feel now is the time to ensure some of the younger players are given an opportunity at Test level as we have a wealth of talent pushing for places in the England Test team. "Clearly I still feel I have a huge amount to offer England in terms of limited overs cricket and I'm looking forward to the opportunity to continue leading the Twenty20 squad and playing a significant role in England's ODI team." Collingwood, 34, made his Test debut in 2003 against Sri Lanka at Galle and has gone on to earn 68 caps. With the potential of one innings remaining in Sydney he has 4259 runs but has struggled during the Ashes with just 83 runs in six innings.-APP
PFF-KESC LFL 2011
PFF announces draws LAHORE: Pakistan Football Federation (PFF) had announced draws for the 32matches of PFF-KESC Lyari Football League 2011. The event will be comprized of 32 matches, having 24 league and eight elmination encounters. PFF has engaged in a partnership with the sponsors Karachi Electric Supply Company (KESC) to organize unique age-limit Lyari Football League, first of its kind for U15 kids, from 8-24 January 2011 at two Lyari Town's venues. Lyari Town is one of the eighteen constituent towns of the city of Karachi. It is the smallest town by area in the city but also the most densely populated town. It is bordered by the towns of SITE Town to the north across the Lyari River, Jamshed and Saddar to the east, and Kiamari to the west across the main harbor of Karachi. Lyari is known as a football hotbed in Pakistan. Many of the nation's top players come from the area. Football is so popular that unhealthy activities dip significantly during the FIFA World Cup season. The eleven Union Councils of Lyari Town namely UC-01 (Agra Taj), UC-02 (Daryabad), UC-03 (Nayabad) UC-04 (Khada), UC-05 (Baghdadi), UC-06 (Kalri), UC-07 (Bihar Colony), UC-8 (Rangiwara), UC-09 (Singolane), UC-10 (Kalakot) and UC-11 (Nawalane) - will show their mettle with Lyari Town and five outstation outfits Hub, Winder Gaddani, Uthal and Bela in 17-day show.-Online
Pak's World Cup selection flapped down Monitoring Desk
AUCKLAND: Kateryna Bondarenko of Ukraine plays a forehand during her match against Julia Goerges of Germany during day four of the ASB Classic at ASB Tennis Centre. Reuters
Pakistan to take part in Asian tenpin bowling ISLAMABAD: Pakistan tenpin bowling team will participate in 21st Asian Tenpin Bowling Championship scheduled to be held at Kalifa Club, Abu Dhabi's from January 14. Besides Pakistan, other teams participating in the event are China, Egypt, Hong Kong, Iran, Malaysia, Qatar, Singapore, Thailand, UAE, India and Indonesia. President Pakistan Tenpin Bowling Federation and
Minister of Food Khyber Pakhtunkhwa Muhammad Shuja Khan told APP that national team of Pakistan comprises Saleem Baig, Ijaz-urRehman, Khalid Saeed Butt, Muhammad Hussain, Sultan Durrani, Faisal Rizvi and Umar. Ijaz Uddin Sheikh will accompany the team as manager. He said, "Players of the national team are very excited and will earn good name by giving their best in the event."
He further said that different countries will participate in tournaments to be organised by Tenpin Bowling Federation in 2011 and the tournaments schedule of in Pakistan for February, this year. "Because of Pakistan Tenpin Bowling Federation efforts, the name of Pakistan has appeared in the game of bowling and very soon the game of bowling will make its place in Pakistan like other games such as Cricket and Hockey," he said.-APP
League 2011 Fawad Alam left out due to poor form KARACHI: One of the surprises in Pakistan's preliminary 30-man World Cup squad was the absence of batsman Fawad Alam, whose omission has been attributed to his lack of form by chairman of selectors Mohsin Khan. "We simply could not find a place for Fawad in the squad and that was down to him not being in the sort of form needed in a tournament like the World Cup," Mohsin told Pakpassion.net.
Alam scored two half-centuries in his previous eight one-day innings, but he also has four single-digit scores, including his last two knocks against South Africa in Dubai two months ago. Pakistan had announced their squad on Tuesday, a day ahead of the ICC's extended deadline for naming the 30. Shoaib Malik, the former captain, and legspinner Danish Kaneria have also been left out of the probables. Kamran
Akmal, the wicketkeeper who has been out of favour over the past few months, has been included. The PCB hasn't said so publicly but the trio have been under suspicion in the aftermath of the spot-fixing scandal that has rocked Pakistan's cricket. Akmal was the subject of an ACSU notice earlier this year but has since asked for and received a written clearance from the ICC.Online
KARACHI: Pakistan‘s selectors came under scathing attack from former players and media Thursday over the selection of a World Cup squad, saying key talent had been left out of the team. Wicket-keeper batsman Kamran Akmal was named in the preliminary squad after getting clearance from the Pakistan Cricket Board, but former captain Shoaib Malik and leg-spinner Danish Kaneria were not. Also missing from the early list of probables was Fawad Alam, which former spinner Iqbal Qasim said was a bad move. “There are two parts of the World Cup announcement, the first 30 players and then the final 15, and I think the selectors concentrated on the final squad and did not care for the 30, which is
England out for 644, lead Aussie by 364 SYDNEY: England were dismissed for 644 to hold a 364-run innings lead over Australia after lunch on the fourth day of the final Ashes Test at the Sydney Cricket Ground on Thursday. It was England's highest total in Australia and eclipsed the previous highest score of 636 at the SCG, set back in 1928-29. It took Australia's bowlers 177.5 overs and 758 minutes to finally dislodge England, who had three centurions -- Alastair Cook (189), Matt Prior (118) and Ian Bell (115). Australia have the onerous task of batting out the remaining five sessions to prevent their third defeat of the series, with England, leading 2-1, closing in on winning their first series Down Under in 24 years.APP
wrong,” Qasim told AFP. “I think Alam should have been in the initial squad, while young all-rounder Hammad Azam brought as a future prospect is nowhere,” said Qasim, who resigned as chief selector after Pakistan’s disastrous tour of Australia last year. Alam scored 337 runs in his last 11 matches with an average of 37.66. Pakistan have until January 19 to announce the final 15 for the tournament to be hosted jointly by India, Sri Lanka and Bangladesh from February 19-April 2. The English-language daily Dawn was also critical, lashing out at Alam’s omission. “The exclusion of utility player Alam is jarring. He has shown the talent to at least be on this preliminary list,” said the newspaper in its editorial.
“The PCB (Pakistan Cricket Board) obviously anticipated such queries, and chief selector Mohsin Khan chose not to face the media… Instead, the media was fed a press release,” the newspaper said. According to the averages of the domestic matches, top bowlers like Sadaf Hussain (64 wickets), Abdur Rauf (63) and Mohammad Khalil (61) were overlooked while Asad Ali (56) was included in the squad. National Urdu-language daily Jang blamed selectors for trying to replace limited over captain Shahid Afridi with the ageing Misbah-ul-Haq. “There is a lobby working to replace Afridi as captain and some selectors are behind that campaign and in selecting the probables for the World Cup Afridi’s opinion was also not taken,” wrote the newspaper.
Butt's rapid fall from grace at worst time KARACHI: Salman Butt's fall from grace came just when Pakistan believed the new captain and stylish opener could lead the embattled team for years to come. Handed the captaincy after Shahid Afridi quit following a one-sided defeat against Australia at Lord's in July, the 26-year-old Butt took little time in changing the fortunes of the team. Pakistan defeated Australia in the very next match by four wickets at Leeds - their first win over Test cricket's best team for 15 years - and hopes of a new era were high. But those hopes were short-lived as a month later several Pakistani players, including Butt, were named in an alleged spot-fixing scandal. Britain's News of the
World claimed that seven Pakistani players, including Butt, Mohammad Aamer and Mohammad Asif, took money from Mazhar Majeed to obey orders at specific stages in the Lord's Test against England. Scotland Yard detectives raided the team hotel, reportedly confiscating a huge amount of money from Butt's room. The International Cricket Council provisionally suspended the players. For many in the game Salman's alleged involvement came as a shock, but not for those who knew of his love for expensive watches and luxury cars. Salman's brilliant matchwinning hundred in a oneday match against India at Calcutta in late 2004 set his career on the right track.Online
Test series just an entree for one-dayers WELLINGTON: Cricket Australia face mammoth task to save fifth test Test series just an entree for one-dayers Collingwood to retire from tests after Ashes Catch that wasn't sparks Botham outburst Butt, Amir, Asif face lengthy bans 2006 match voted greatest ODI ever Australia's test cricket cupboard bare - Harvey Heat, humidity test Seddon Park groundsman Ajmal to miss first test against Black Caps Mark Gillespie on way back from injury Such is the seemingly all-consuming focus on the one-day World Cup, the test series between New Zealand and Pakistan threatens to be little more than an entree ahead of the standard main course diet of limited overs cricket the remainder of the summer promises. Three tests became two so a sixth one-day international between the two teams could be squeezed in as all roads lead to the subcontinent-hosted
World Cup from late-February to early-April, according to a newspaper Dominion Post. The upshot leaves New Zealand cricket followers just 10 days - weather and batting capabilities permitting - to savour the purest form of the game, starting with the first day of the first test here at Seddon Park tomorrow. But any notion the players' minds would not be on the job and instead wandering toward the World Cup was today quickly shut down by New Zealand captain Daniel Vettori. "I think the nature of cricket these days is that you change from format to format, and good players make sure they can switch and that's what we have to do," he said, adding that New Zealand's gameplan would be simple. "We competed in India because we scored big first innings runs and were able to stay in the game, so that's our first goal and bring as much
penetration as we can with the ball." The test series shapes as an intriguing one between two teams with their own issues but who have enjoyed some moderate success recently in the longer form of the game. Pakistan drew a two-test series 0-0 with powerhouse South Africa in the United Arab Emirates in November, while in the same month New Zealand earned worthy draws in two tests touring world No 1 India before capitulating in the third match. But as their rankings of sixth (Pakistan) and eighth (New Zealand) suggest, all is not well. Pakistan have brought a completely different squad to the one which drew a threematch series 1-1 here last summer, due in no small part to spot-fixing allegations which plagued them in 2010. Not present are opener Salman Butt and frontline
bowlers Mohammad Asif and Mohammad Aamer, the trio facing a six-day Independent Anti-Corruption Tribunal hearing starting in Doha, Qatar, tonight as the spot-fixing scandal nears a resolution. The trio have been charged with offences relating to alleged activity in a test against England at Lord's in August and what impact the hearing has on Pakistan's performance in the coming days remains to be seen. Asif and Aamer are missed, Asif in particular with the pace bowler consistently among the wickets here last summer on pitches that suited him to a tee. Also missing are wicketkeeper Kamran Akmal and batsman Mohammad Yousuf, once the best in the world, who were surprisingly left out of the touring party. And if the lineup that played their last test, against South Africa in November, is any indication, talented and fearless young
batsman Umar Akmal, who scored a test century on debut at Dunedin last summer, will not even make the 11. Much will hinge on captain Misbah-ul-Haq, Pakistan's fourth leader in the past year, veteran Younis Khan and inform Azhar Ali to score the bulk of the runs, while Umar Gul and left-armer Wahab Riaz will spearhead the attack, possibly with unorthodox leftarmer Sohail Tanvir, who bowls off the wrong foot, as the third seamer, though Tanvir Ahmed took claimed a sixwicket bag on debut against South Africa. Abdur Rehman is the only spin option after offspinner Saeed Ajmal returned home following the sudden death of his father on Tuesday. New Zealand, under new coach John Wright, needs to find greater consistency at test level, particularly with the bat. Wright has made it clear he expects the talented top six to
score heavily more often, and in the first innings to set up test wins. The hosts have a more settled lineup than the tourists and the 11 largely picks itself, with Brent Arnel expected to be given the third seamer role ahead of Daryl Tuffey. James Franklin, impressive in the one-day segment of the Indian tour, could mount a case for Kane Williamson's No 6 spot but it would not be a strong one. Williamson scored a century on debut in India and averaged 42.4 across the series, and with his ability to bowl offspin he could be useful on a Seddon Park wicket that is expected to dry out quickly. New Zealand start slight favourites with the bookmakers, understandably on home soil and with Pakistan missing so many frontline players, but the tourists are capable of spectacular cricket at the drop of a hat.-Online
US jobless claims up, underlying trend still down WASHINGTON: New US claims for jobless benefits moved higher last week, but a decline in the fourweek average to a nearly 21/2-year low suggested the labor market continues to improve. Initial claims for state unemployment benefits increased 18,000 to a seasonally adjusted 409,000, the Labor Department said on Thursday, above economists' expectations for 400,000. The data falls outside the survey period for the government's closely watched employment report for December, which on Friday is expected to show nonfarm payrolls jumped 175,000 after November's surprisingly small 39,000 gain. The spike in claims does little to change perceptions the economy is now on a sustainable growth path, as flagged by sturdy data on consumer spending, trade and manufacturing. Signs that the labor market was improving were underscored by the fourweek moving average of unemployment claims -- a better measure of underlying trends -- which fell 3,500 last week to 410,750, the lowest level since late July 2008. "It's telling you very clearly that the employment side of the economy is picking up, it paints a pretty definite picture that layoffs are on the way down," said Steve Blitz, a
senior economist at ITG Investment Research in New York. Growing optimism over the economy was tempered somewhat by news that many top retailers missed Wall Street's expectations for December sales, hurt by a post-Christmas blizzard on the East Coast and shoppers returning to their frugal ways after flocking to stores during the holidays. Analysts were expecting an average rise of 3.4 per cent in December sales at stores open at least a year for the 28 major retailers tracked by Thomson Reuters. LIMITED MARKET IMPACT The claims data had a limited impact on US financial markets, with investors opting to wait for the employment report. US stocks were mostly flat, while Treasury debt prices eked out modest gains. The dollar was up against a basket of currencies. The labor market has lagged the recovery, but with the economic outlook strengthening, employers are laying off fewer workers and taking on new employees. Reports on Wednesday showed the number of planned layoffs at local firms dropped to a 10-1/2 year low in December, while private sector hiring was unexpectedly robust. Seasonal factors, however, could have skewed the
data. "Given continuing evidence that the pace of growth is picking up, we should continue to see improvement in the employment picture in the quarters ahead," said Jim Baird, chief investment strategist at Plante Moran Financial Advisors in Kalamazoo, Michigan. "Nonetheless, it is still going to take years to fully restore the jobs market to pre-crisis conditions given the magnitude of job losses during the recession and the persistently high unemployment rate." The unemployment rate is expected to have edged down to 9.7 per cent in December from 9.8 per cent in November. Economists say getting the four-week moving average for new jobless claims below 400,000 is critical to reducing the lofty unemployment rate. The claims report also showed the number of people still receiving benefits under regular state programs after an initial week of aid fell 47,000 to 4.10 million in the week ended Dec. 25. The number of people on emergency unemployment benefits fell 133,625 to 3.58 million in the week ended Dec. 18, the latest week for which data is available. A total of 8.77 million people were claiming unemployment benefits during that period under all programs.-Reuters
UK services PMI hits 20-mth low in December LONDON: Large swathes of Britain's service sector suffered their first fall in output since April 2009 last month, a survey showed on Thursday, pointing to a sharp slowdown in economic growth at the end of 2010. British GDP probably grew by just 0.4 per cent in the last three months of 2010, lower than many economists have forecast and barely half the 0.7 per cent recorded in the third quarter of the year, survey compilers Markit said. Prime Minister David Cameron, seeking to soothe fears about the economy and the impact of government austerity measures, warned it would not be easy to return to strong, sustainable growth but said full recovery was within reach.. The Markit/CIPS services purchasing managers' index dropped to 49.7 in a December marked by unusually snowy weather, in contrast to forecasts that it would hold steady at November's reading of 53.0. Readings below 50 indicate contraction. Sterling weakened by about half a cent versus the dollar on the data. But the reaction on the government bond market was muted, and economists said the figures did not mean service sector contraction was inevitable in 2011, as activity had bounced back strongly from similar weather disruption in early 2010. "I'm a little surprised by the market reaction as I would have thought that it was fairly clear that the weather was going to have a substantial negative impact," said Stephen Lewis, strategist at Monument Securities. "However, looming public spending cuts will have more of an impact on services than manufacturing so there probably is some underlying weakness creeping in there."-Reuters
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from the following websites: www.cga.gov.pk; www.agpr.gov.pk; www.agsindh.gov.pk; www.agkyberpakhtunkhwa.gov.pk, and www.agpunjab.gov.pk. This option form will be sent by the pensioner to the Accounts Office form where his/her original PPO was issued, before submission of Option form to Accounts Offices, the Pensioner shall open the Account with the Bank from where he/she wants to draw his/her pension. The Pensioner is also required to produce an indemnity bound for aggregate amount equal to six months pension or authorize the bank to mark lien on his/her account to the extent of six month pension. Until completion of registration process by the Accounts Officers, the Pensioner will continue to draw his/her pension from existing system. On completion of registration, the Accounts Office will call for original PPO through concerned bank and intimate the date for which pension would be credited to bank account of the pensioner. The Controller General of Accounts has issued necessary instructions to all Accounts Office to start implementation of new procedure with effect from 1st January. -Agencies
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The President said that Taseer was killed to sharpen the polarisation in the society to derail the democratic process using the façade of religion. He expressed the hope that all the dirty hands behind the crime will be exposed and punished in accordance with the law. The supreme sacrifice rendered by Shaheed Salman Taseer will not go in vain, the President further said. The President also prayed to Allah to grant the Shaheed a high place in heaven and asked Begum Salman Taseer to convey his condolences to other members of the bereaved family. Begum Salman Taseer thanked the President saying that his words were a source of great strength in this hour of tragedy. -Online
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Maybank and Kim Eng shares both rose nearly 3 per cent on Wednesday before trading was suspended on Thursday. Shares in Kim Eng, valued at about $1.3 billion, have risen more than 35 per cent since mid-December, when reports emerged of an impending stake sale. "This position will widen our investment banking scope and reach into Southeast Asian in line with our regional aspirations," Maybank Chief Executive Abdul Wahid Omar told a news conference. Maybank, which was previously linked with another regional brokerage OSK Holdings, said it has no plans of further acquisitions in this business. Maybank has offered to buy a 44.6 per cent stake in Kim Eng from a unit of Taiwan's Yuanta Financial Holdings and the family that owns the Singapore broker for $3.10 per share, a premium of about 15 per cent to Wednesday's closing price. The deal, jointly advised by Nomura and Maybank Investment Bank, is expected to broaden Maybank's sources of overseas revenue following its entry into Pakistan, Vietnam and Indonesia to counter the impact of slowing growth in Malaysia's increasingly crowded financial market. "The Kim Eng acquisition would add about 5 per cent to Maybank's bottom-line, but it will depend on how the deal is funded. If by debt, the first year's contribution will be zero," HwangDBS Vickersbanking analyst Lim Sue Lin said.-Agencies
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International & Continuation
Friday, January 7, 2011
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instruction concerning secured personal loans (other than secured against liquid assets) mentioned in Regulation R-23 stands withdrawn, the circular added. The State Bank has also amended Regulation R-3 by adding a new provision which states as under: "Banks/DFIs may waive the requirement of 50 per cent debt burden in case a credit card and personal loan is properly secured through liquid assets (as defined in prudential regulations) with minimum 30 per cent margin." With regard to Regulation R-1 pertaining to facilities to related persons, the SBP has replaced the first paragraph of the said regulation with the following paragraph: "This condition shall not apply to the consumer financing allowed by the banks/DFIs to their employees as part of compensation package provided the detailed terms and conditions of the benefits which the banks/DFIs want to give to their employees are specifically mentioned in the Employees Service Rules/HR Policy. These employees Service Rules/HR policy should be duly approved by the Board of Directors. Further, such consumer financing to the employees should be treated as staff loans and not as general consumer loans."
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onions from Pakistan will be reaching Mumbai via the sea route. Meanwhile, STC has also approached the External Affairs Ministry, seeking its intervention in the issue. "We have written a letter to the External Affairs Ministry to intervene in this issue," a senior official said. STC and PEC were asked to import 300 tonnes and 1,000 tonnes of onions, respectively, from Pakistan to contain prices in the domestic market, which had skyrocketed to Rs 75-85/kg in retail markets across the country on December 22, 2010, and continue to rule at Rs45-70/kg in metros. -Online
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Qalat-Chaman project has been issued. Chairman planning commission has said that the commission will try its best to release the entire allocated budget for Balochistan but the finance ministry is refusing to release the funds, PM has been informed about the situation in this regard. Committee member Raja Zafar ul Haq has said that AGPR charges 2 per cent commission on the release of all the funds which is wrong. On this the committee summoned AGPR authorities in the next meeting. The committee has asked for the project report for construction of Khusha'al Bridge in the next session of CDWP. Zahid Khan informed that the 1992 project of road construction between Hasan Abdal to Mansehra is still pending and no funds have been released for the project, this will scare off Asian Development Bank as they were suppose to do the funding. -Agencies
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recognition of this region which was now being eliminated. Agencies
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Chaudhry to take notice of unjust hike in the prices of LPG and hold judicial inquiry against gas mafia for their alleged involvement in loot and plunder spree of Rs300 billion. -Online
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high profile personalities such as the president, prime minister, Continued from page 12 No #4 discontinue the valuation-advices in respect of imports. - diplomats and large number of people come to witness the parade, their security is also important. Last Pakistan Day Parade was Agencies held at Sports Complex Islamabad during the era of President Gen Continued from page 1 No #5 Pervez Musharraf in 2007. -Online Mohtarma Benazir Bhutto to express solidarity with the PPP. Continued from page 1 No #12 Similarly Chief Minister Punjab Shahbaz Sharif also rushed to Farooq are in Saudi Arabia and they are unable to get security in the Federal Government Services Hospital where the governor Pakistan. Chief Justice said that DG FIA has retired and he is on was brought after attack. The PML-N leaders wanted to attend the funeral prayers but contract employment, his job is at the mercy of the Government PPP leader Raja Riaz pointed out that it would not be appropriate. and thus was not taking interest in Hajj scam.
Asia scrambles to contain food inflation SINGAPORE: Record high food prices are moving to the top of the agenda for many Asian policymakers as the prospect of higher inflation in 2011 poses a major threat to the region's strong revival from the global financial crisis. The United Nations' food agency (FAO) said on Wednesday that food prices hit a record high last month, moving beyond levels of 2008, when riots broke out in countries as far afield as Egypt, Cameroon and Haiti. Food inflation in many Asian countries, including China and India, is already in double digits, raising fears that the price pressures could spread more broadly to other sectors and pose a threat to both economic and social stability as millions of Asians live in poverty. The FAO said sugar and meat were at their highest since its records began in 1990. Prices were at their highest since 2008 crisis levels for wheat, rice, corn and other cereals. Benchmark prices solely in Asia for rice suggested a different picture. The region's staple food now stands at $535 (ÂŁ346) per tonne -- less than half its 2008 levels of more than $1,000 a tonne that prompted several governments at the time to impose curbs on exports to protect their domestic markets. However, the fact that rice is far from the lofty levels of the 2007/2008 food crisis should offer no comfort for policymakers. "I wouldn't be terribly surprised if 2011 resembles in many ways 2008," said Frederic Neumann, regional economist at HSBC in Hong Kong. "Food price inflation could really go into double digits across the region and rise to such an extent that it undermines the purchasing power of households and as a result then
slows consumer demand and overall economic growth," he said. "And that's a problem for Asian economic growth. But really it's also a problem for the rest of the world because as the Asian consumer increasingly is helping to stabilise world demand, it's actually a challenge of wider global significance." Surging food prices have proved a trigger for social protests in the past, forcing governments to cave in to demands for action. They were a factor in the fall from power of Indonesia's long-term autocrat Suharto in 1998. Last year, wheat futures prices rose 47 per cent, buoyed by a series of weather events including drought in Russia and its Black Sea neighbours. US corn rose more than 50 per cent and US soybeans jumped 34 per cent. PRICES TO KEEP RISING Luke Matthews, a commodity strategist at Commonwealth Bank of Australia, said there was little reason to expect any let up in the global rally in food prices. "We do believe that the structural drivers behind high food prices are likely to persist for some time," he said. "We have tight stocks in the corn and sugar markets, we have world wheat stocks susceptible to turn lower with forecasts of La Nina to persist for the next 3 months or so." La Nina is a weather pattern that brings cooling temperatures, resulting in higher rainfall in Australia, a major wheat and sugar exporter, and parts of Southeast Asia. The structural drivers make food commodities and the stocks of food companies hot investment sectors this year, said Terence Wong, an analyst at brokerage DMG in Singapore. He cited vegetable grower and
processor China Minzhong and animal drug maker China Animal Healthcare as his top tips in the local market. Fan Cheuk Wan, head of Asia Pacific research at the private banking division of Credit Suisse, favours Indonesian palm oil firm Indofood Agri Resources and suggested investors avoid companies that could get hit by price controls. World Bank President Robert Zoellick urged governments in a newspaper opinion column to avoid protectionist measures as food prices rise and called upon the Group of 20 leading economies to take steps to make sure the poor get adequate food supply. Still, Asia's rapidly rising consumption as developing economies such as India, China and Indonesia emerge on the world stage is a major factor behind the rise in food prices. China, for example, is expected to buy 60 per cent of internationally traded soybeans in 2010/11, double its purchases of four years earlier. Several countries have implemented measures to try to keep food prices under control, worried about a repeat of the 2007/2008 crisis, when surging commodity prices prompted a jump in inflation and left many countries with a deep trade deficit. India's food prices rose to a one-year high of more than 18 per cent in the year to the end of December, data on Thursday showed. That, along with rising fuel prices, is the main reason analysts expect the central bank to raise rates this month. The Indian government has operated a range of measures for years to ensure stable food prices, but since last year has boosted the release of national stocks of grains and has pledged to continue with duty-free imports of crude vegetable oils.Reuters
Eurozone Dec sentiment points to healthy Q4 growth BRUSSELS: Euro zone economic sentiment jumped to a 38-month high in December pointing to healthy growth in the last quarter of 2010, but also to a growing divergence between core and peripheral euro zone countries. A monthly survey by the European Commission showed the economic sentiment in the 16 countries using the euro in December rose to 106.2 points from a downwardly revised 105.1 points in November. Economists polled by Reuters had expected a rise to 105.5. "The euro zone economy is likely to have posted healthy growth again at year-end 2010," said Christoph Weil, economist at Commerzbank. Economists said the December sentiment indicator was consistent with economic growth of 0.4-0.5 per cent quarter-on- quarter in the euro zone in the last three months of last year. "The bad news is, the euro area remains deeply split economically. Peripheral countries
cannot keep up with Germany's high pace of growth," Weil said. The divide was underscored by German data on Thursday showing the country's manufacturing orders growing at the strongest pace in 10 months in November, rising far more than economists expected mainly thanks to strong demand for durable goods coming from outside the euro zone. "It is emerging to be a very, very strong fourth quarter (for Germany)," said Rainer Sartoris at HSBC Trinkaus. "Export orders are coming above all from overseas. We are still dependent on what occurs in the emerging countries. Figures from the euro zone have a dampening effect." The Brussels data showed economic sentiment rose in December in Germany, France and Italy, but declined in Greece and Spain. This complicates the European Central Bank's decision-making on interest rates for the euro zone in 2011, economists said. With countries such as Greece, Ireland, Portugal and
Spain struggling with market pressure to bring their public finances back in order, the ECB is more likely to hold its benchmark rate at its current record low of 1.0 per cent, economists said. "The ECB will show consideration on the crisis countries in its monetary policy decisions and not raise the key interest rate in 2011," Commerzbank's Weil said. A further headache for the ECB in its monetary policy decisions will be the sharp rise of inflation expectations among consumers and businesses, the Commission data showed. Consumer inflation expectations 12 months ahead surged to an index level of 15.0 from 10.7 in November, but remained below the long-term average of 20.6, the Commission said. Eurostat data on Tuesday showed consumer inflation jumped in December to 2.2 per cent, its highest level in more than 2 years, above the ECB's target of just below 2 per cent.Reuters
He said there are serious allegations of corruption against former Director General Hajj Rao Shakeel. Chief Justice asked DG FIA as to why he did not contact Pakistani Ambassador in Saudi Arabia about the scam. He also observed that why the authorities were not allowing those who want to come from Saudi Arabia in connection with the case. Counsel for former Religious Affairs Minister Hamid Saeed Kazmi said that Azam Swati cannot give statements as he desires.Director General FIA Wasim Ahmad submitted before the court that former DG Hajj Rao Shakil is involved in a corruption of Rs200 million.
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up 3.75 points, or 0.14 per cent, at 2,705.95. Energy shares added to losses as oil prices tumbled more than 2 per cent to $88.37 a barrel. The S&P energy index fell 0.7 per cent. "We think demand for commodities should continue to improve, but in the short term there's a negative correlation between the dollar and commodities," Todd said. The dollar was up 0.7 per cent against other major currencies. Among Nasdaq gainers was Microsoft Corp, which took a big step away from its alliance with Intel Corp to team up with Britain's ARM Holdings in the red-hot tablet and smart phone arena. US-listed ARM shares rose 6.4 per cent to $23.29, Intel fell 1.3 per cent to $20.67. Microsoft was up 0.9 per cent at $28.26.-Reuters
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"It could be a reality check, with some investors thinking that the strong gains seen are not justified by the state of the economy." nvestors were closely watching the data for clues about the closely watched US nonfarm payrolls due on Friday. Payrolls likely increased by 175,000 in December, according to a Reuters poll, instead of the 140,000 expected before an independent report on Wednesday showed a record jump in private jobs last month. Diageo was a significant support for UK large-caps, up 2 per cent after the maker of Jonnie Walker and Smirnoff was initiated with a "buy" rating in a note from Citi, which painted a rosy picture for the premium spirits market. British Airways was top gainer, up 4.4 per cent after the airline said its December traffic figures would have been up without disruption caused by heavy snow.-Reuters
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turnover of 168.2 million a day earlier. Lotte Pakistan stood as the volume leader with 12.45 million shares followed by DG Khan Cement with 12.38 million shares and Silk Bank with 7.26 million shares. Out of total 394 active scrips 237 moved up, 130 went down, and 27 stayed where they were at the beginning of the session.
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12
Governor Punjab embraced martyrdom defending minorities
Zardari praises Taseer sacrifice, consoles family KARACHI: President Asif Ali Zardari has said that Shaheed Salman Taseer wrote with his blood a new chapter in the history of PPP's continuing struggle for human rights, democracy and no-discrimination. He said this while talking to Mrs Salman Taseer on the eve of the soyem of the late Governor who was gunned down by his own security guard in Islamabad. The President said that Shaheed Salman Taseer was an undaunted political leader and a
true follower of Shaheed Zulfiqar Ali Bhutto and Shaheed Mohtarma Benazir Bhutto in treading their path to martyrdom. He called a spade a spade and did not mince words in expressing what he believed to be true and right, the President said of Salman Taseer. Salman Taseer's courage and determination in espousing the causes of the marginalised sections of society and readiness to pay the highest price for it will continue to inspire many, he
said. "His defiant cry against bigotry and his loud and clarion call for defending marginalised sections of society will echo in the annals of time. Salman Taseer was an asset of the Party and did it proud, the President said." "Few possess the courage of Shaheed Salman Taseer in standing up to bigots and fanatics, and fewer still the readiness to embrace martyrdom for it", the President said. See # 2 Page 11
Maybank move aims to up revenue sources after entering into Pak, Vietnam, & Indonesia
Maybank buying Kim Eng for $1.3bn KUALA LUMPUR/ SINGAPORE: Maybank ,Malaysia's largest lender by assets, is snapping up Singapore broker Kim Eng Holdings for $1.4 billion, in a move to strengthen its grip on the regional stock broking industry and diversify the lender's source of overseas revenue. The acquisition comes as Southeast Asian markets are on a roll, with Thailand and
Indonesia ranking as the best performing major markets in Asia last year, spurred by foreign fund inflows and robust economic growth. "What Maybank wants to do is expand its stock broking operations, and it makes sense for it to acquire a company which provides immediate exposure," Vincent Khoo, UOB Kay Hian's head of research, said on Thursday.
Investment banking and stock broking are becoming increasingly important for Malaysian banks as stiffer domestic competition puts further pressure on net interest margins on its loans. Two of the best performing Malaysian banks in 2010 were CIMB Group and RHB Capital, which were top deal-makers in terms of number and value respectively. See # 3 Page 11
ISLAMABAD: Provincial Minister for Law, Rana Sanaullah said that some leaders of Pakistan Peoples Party by dubbing the assassination of Governor Punjab as 'political' are complicating the case instead of resolving it. Talking to private TV channel here on Thursday, Rana Sanaullah said Governor Punjab was killed in Islamabad thus Interior Ministry is responsible for the case and if any matters regarding this case are in Punjab than we would see. He further said that the case should not be called political assassination as it could complicate it. He said that Governor Salman Taseer raised the issue of Asia Bibi politically but unfortunately our media and religious parties air the case as religious issue. He said that Punjab government provided vehicles for security of the Governor Salman Taseer while federal capital has received foreign aid worth billions of rupees to tackle terrorism. He said that Dr Babar Awan should take notice that we have demanded several times to provide some aid to Punjab from foreign aid but to no avail. He said if the Governor was in Islamabad than federal govt was responsible for his security he should have been provided an Islamabad rangers squad. -Online
Taseer's murder
Chinese industrial group visits on 20th
China traders to explore Pakistan KARACHI: Muhammad Haroon Agar, Chairman, Pakistan Chemicals & Dyes Merchants Association, in a press statement, stated that on his invitation, a delegation of 24-member Business Tycoons of a large Chinese industrial group is visiting Pakistan on 20th January, 2011 to explore the opportunities to setup industrial base for raw-materials in the country. Agar articulated that owing to exorbitant and unprovoked additional charges of shipping lines for earning high profits and increased valuation advices, the import business is facing a persistent upshot from the rising cost of doing business to an alarming situation. Agar said that such unwarranted increase in prices of imported items and raw-material is acting as detrimental for the businesses. Agar informed that in order to shun the abusive dominance of shipping lines/ agents for claiming exorbitant charges and to attract the foreign direct investment, he has invited the group of Chinese industrialists to explore the immense investment opportunities here in Pakistan, particularly in Karachi and Sindh. The said delegation will visit Pakistan
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PPP complicating Taseer’s murder: Rana Sana
Malik briefs President KARACHI: Federal Interior Minister Rehman Malik called on President Asif Ali Zardari in Bilawal House to brief him about the investigations of Salman Taseer's assassination. Rehman Malik held a meeting with President Asif Ali Zardari here in Karachi on Thursday and discussed the investigations of Salman Taseer's murder. During the meeting, both the leaders also discussed the political situation where Rehman Malik briefed president about the MQM's reluctances to join coalition. Additionally, this has been learnt from the sources that today (Friday) Rehman Malik along with PM Yousuf Raza Gilani will also hold an important meeting at Governor House Sindh with Governor Ishratul Ebad and other MQM leaders in try to convince them to rejoin the federal cabinet. -Agencies
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KARACHI: A delegation of High Peace Council of the Islamic Republic of Afghanistan led by its Chairman and former President of Afghanistan Professor Burhanuddin Rabbani called on President Asif Ali Zardari at Bilawal House.-APP
Pak must make efforts to root out extremism
US terms Taseer death a big loss WASHINGTON: Terming the slaying of Punjab Governor Salman Taseer as a loss for Pakistan, the US has said the country has to make efforts to root out extremism and bring greater peace and stability. "This is an individual who had worked hard to promote tolerance, and his loss is a great one for Pakistan," White House Press Secretary Robert Gibbs, said. "We remain committed to the efforts that the Pakistani government is and must undertake to root out violent extremism and to bring greater peace and stability to that country and to that region of the world," he said. Gibbs was responding to questions about the assassina-
tion, which is said to be a reflection of violent extremism in the country. Meanwhile, Lawrence Cannon, the Canadian Foreign Minister, in a statement also expressed his condolences to the people of Pakistan on the assassination of Taseer. "On behalf of the Government of Canada, I extend my deepest condolences to the family and friends of Governor Salman Taseer, and to the Pakistani people, in the wake of his vicious and cowardly assassination," Cannon said. "His death is a loss to the people of Pakistan and all those who shared his commitment to the promotion of tolerance and legal reforms in that country," he said. -Online
Pension thru banks approved ISLAMABAD: In pursuance of Supreme Court's Order, the government has approved disbursement of pension, on the lines of salary payment, by direct credit to pensioner's account maintained in any scheduled bank. According to a statement issued by the AGPR here on Thursday, the new procedure has been formulated to mitigate the problems being faced by pensioner - especially elderly pensioners. "All pensioners have the option to opt for the new procedure or to continue drawing pension under existing arrangements", the statement added. It said that an option form has been devised for the pensioner, who wants to draw his/her pension through any bank. The option form can be obtained from Accountant General Offices or downloaded See # 1 Page 11
Chemicals & Dyes Merchants Association for B2B meetings and to acquire an insight about demand and supply of chemical business, he added. Agar said that a presentation will be given to the delegation about the investment opportunities available and Chinese investors will be invited to establish an industrial base in Pakistan for the items and raw-materials exported to Pakistan. While establishing the industrial base of Chinese materials exported to Pakistan, the raw-material will be available on low-cost. Agar focused that Pakistan imports from China chemicals, dyes, plastics, raw materials worth around $3 billion every year whereby a great amount of foreign exchange is exhausted in this import, therefore, motivating the Chinese investors to establish industries here in Pakistan will lead to visible enhancement in the foreign direct investment, decrease in the cost of manufacturing and saving of foreign exchange. Agar also urged the Government to eradicate the abusive dominance and cartelisation of shipping companies and See # 4 Page 11
US to send 1400 extra troops to Afghanistan WASHINGTON: The United States plans to send 1,400 additional combat Marines to Afghanistan to try to hold on to recent but fragile security gains, only months before a planned US drawdown, The Wall Street Journal reported Thursday. Violence is at its worst in Afghanistan with record casualties on all sides of the conflict and with the insurgency spreading out of traditional strongholds in the south and east into once-peaceful areas in the north and west. A review by President Barack Obama last month found US and Nato forces were making headway against the Taliban and al Qaeda but serious challenges remained. It said the Taliban's momentum had been arrested in much of Afghanistan and reversed in some areas.
The review also said the United States was on track to begin a gradual withdrawal of its troops -- now numbering about 100,000 in a total foreign force of 150,000 -- from July 2011. "The Marine battalion could start arriving on the ground as early as mid-January. The forces would mostly be deployed in the south, around Kandahar, where the US has concentrated troops over the past several months," The Wall Street Journal said, citing unnamed officials. Nato and US officials in Kabul were not immediately available for comment on the report. A boost in combat troop numbers, even if only temporary, could face opposition with members of Obama's Democratic Party, the majority of
whom are keen to see troops start coming home. The move could also encourage Republican rivals like Senator John McCain, who has argued against a 2011 drawdown date, saying it has only emboldened the militants. Under pressure to show sustainable results in the first half of 2011, the temporary boost in troop numbers could help counter any "spring offensive" by Taliban militants returning from Pakistan after the cold winter months, the report said. While fighting between insurgents and foreign troops has tended to intensify during warmer months, military commanders on the ground now speak less in terms of fighting "seasons" as both sides have stepped up their attacks throughout the year. -Reuters
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