International Karachi, Tuesday, December 7, 2010, Zil Hajj 30, Price Rs12 Pages 12
France, India seal six nuclear reactors deal
Contempt Case: Justice Sair quits bench
See on Page 12
Govt barred from amending blasphemy law
See on Page 12
Nadra updates NIC form for eunuchs
See on Page 12
See on Page 12
US envoy Munter visits KSE, addresses traders
Economic Indicators $16.74bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $203.80mn -2.58% 4.10% $1,051 171.24mn
Forex Reserves (27-Nov-10) Inflation CPI% (Jul 10-Oct 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Oct 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
US puts weight behind RGST Munter visits 'Nine-Zero'; urges MQM to back RGST Supports agri-tax but says it won’t be an easy task Urges Pak to eliminate subsidies in energy sector KSE, best market in region during Nov 2010: MD
Portfolio Investment SCRA(U.S $ in million)
172.41 9.68 8.76 3796
Yearly(Jul, 2010 up to 3-Dec-2010) Monthly(Nov, 2010 up to 3-Dec-2010) Daily (3-Dec-2010) Total Portfolio Invest (19 Nov-2010)
NCCPL (U.S $ in million)
FIPI (6-Dec-2010) Local Companies (6-Dec-2010) Banks / DFI (6-Dec-2010) Mutual Funds (6-Dec-2010) NBFC (6-Dec-2010) Local Investors (6-Dec-2010) Other Organization (6-Dec-2010)
3.45 2.03 -3.02 -0.82 -1.40 -0.08 -0.16
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,440.07 10,167.23 23,237.69 19,981.31 2,749.42 2,857.18 5,764.24 11,353.63
Change 33.41 11.09 82.83 14.38 3.84 14.75 18.92 28.46
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)
$.Price PKR/Shares 2.60 111.53 19.00 163.00 2.00 42.90 1.70 36.46 10.59 36.34
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010 06-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.18% 13.35% 13.59% 13.94% 14.09% 13.74% 13.80% 14.11% 14.38% 14.51% 14.73%
Commodities *Crude Oil (brent)$/bbl 91.37 *Crude Oil (WTI)$/bbl 89.01 *Cotton $/lb 130.25 *Gold $/ozs 1,415.60 *Silver $/ozs 29.67 Malaysian Palm $ 1,150 GOLD (NCEL) PKR 38,980 KHI Cotton 40Kg PKR 10,181
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 82.80 Canadian $ 84.60 Danish Krone 15.10 Euro 112.50 Hong Kong $ 10.90 Japanese Yen 1.022 Saudi Riyal 22.70 Singapore $ 65.00 Swedish Korona 12.20 Swiss Franc 86.85 U.A.E Dirham 23.10 UK Pound 132.00 US $ 85.65
Sell (Rs)
83.00 85.60 15.20 113.00 11.00 1.047 22.80 66.00 12.30 86.95 23.20 133.00 85.95
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
84.60 85.29 15.35 114.39 11.04 1.035 22.86 65.78 12.56 87.77 23.35 135.02 85.79
84.79 85.49 15.39 114.65 11.07 1.037 22.92 65.94 12.59 87.98 23.40 135.34 85.98
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
25°C 28°C 24°C 23°C 14°C 25°C
MIN
4°C 15°C 6°C 5°C -4°C 4°C
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KARACHI: US Ambassador, Cameron Munter ringing the bell in the Trading Hall at Karachi Stock Exchange here on Monday. -APP
SC rejects consortium plea to go ahead with bid
OGDC, PPL set to buy BP assets KARACHI: Pakistan's biggest listed firm, the Oil and Gas Development Co Ltd (OGDCL), on Monday announced it will make a joint bid for BP's assets in Pakistan with Pakistan Petroleum Ltd (PPL), added if wins, it will not seek direct involvement and will operate the acquired assets through a company, jointly owned with PPL. BP announced its plans to sell its upstream assets in Pakistan in July, as part of a $10 billion global asset sale aimed at raising cash to pay for its Gulf of Mexico oil spill. "We will bid jointly with PPL," OGDCL spokesman Basharat Mirza said. He did not give any details of the pricing. OGDCL already has some stakes in BP's Pakistan assets.
PPL is Pakistan's secondlargest listed firm by market value. BP's upstream assets and related operations, which it plans to divest, include nine producing and exploration onshore blocks and four offshore exploration blocks in the Arabian Sea, according to official sources. They contribute about 14 per cent of Pakistan's total oil production and 6 per cent of its domestic gas production. UBS analysts estimated the worth of BP's fields in Pakistan at $690 million in a research note in July. Furthermore, Supreme Court rejected the plea of the consortium to go head with BP assets bid plan where OGDC, PPL have submitted their bid here on Monday.-Agencies
Govt to borrow more from SBP
Key rate seen at 16pc this fiscal ISLAMABAD: Finance Ministry said Monday that If RGST fail to get legal cover than government would have to borrow more from State Bank of Pakistan, added that failing RGST means the budget deficit for the current fiscal would further widen. Officials further said that State Bank would have to increase the interest rate further by two per cent to 16 per cent in order to battle escalating inflation. Furthermore, Finance Minister Dr Hafeez Shaikh said that Reformed General Sales Tax (RGST) Bill is the most
talked and discussed tax in the country's history. He was talking to media at the 4th CPC Corporate Philanthropy Awards at a hotel here. He said that National Assembly Standing Committee on Finance is currently preparing its recommendations on RGST as the representatives of various political parties are still debating on it. When recommendations are finalised these will be presented before the National Assembly for voting, he added. Dr Shaikh said that the Senate Standing Committee on See # 13 Page 11
KESC tariff raised by 58 paisas/unit ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has approved an increase of 58 paisas per unit in the power tariff of Karachi Electric Supply Company. The fresh hike in power tariff has been approved for the month of October in the form of fuel adjustment charges. The raise in tariff would be applicable from January 2011. During public hearing Nepra on behalf of KESC had requested for the increase in
power tariff as part of annual fuel adjustment, Nepra approved an increase in KESC power tariff by 58 paisas per unit for the month of October. Nepra also raised its concern over performance of power plants and said that a hefty amount was spent in Bin Qasim Power Plant but desired results have not been achieved. The increase in prices of electricity would not be applicable on Life Line consumers. -Online
Mohmand bombings kill 40 PESHAWAR: Two suspected suicide bombers killed at least 40 people in an attack at the office compound of a senior government official in an area along Afghan border on Monday, officials said. "The blasts destroyed many rooms in the compound and our reports are that 40 people were killed and many wounded," a senior security official in the region said. Amjad Ali Khan, the top government See # 14 Page 11
Employees Reinstatement
President signs Bill into law ISLAMABAD: President Asif Ali Zardari Monday accorded his assent by signing "Sacked Employees (Reinstatement) Bill, 2010" into a law during a special ceremony held here at the Aiwan-e-Sadr on Monday. The signing ceremony was attended among others by federal ministers, members of Parliament, federal Secretaries, representatives of reinstated employees and other officials. Sacked Employees (Reinstatement) Bill, 2010 was passed by National Assembly and the Senate on 7th October and 10th November respectively. It became a law today after the President formally gave his assent to it. According to Presidential spokesman, addressing the gathering on the occasion, the President said that he is pleased to have signed into law today the Sacked Employees See # 10 Page 11
Muharram moon not sighted, Ashur on 17th Staff Reporter KARACHI: The moon for the month of Muharram was not sighted on Monday, which means Yaum-e-Ashur will fall on Friday December 17, 2010. Mufti Muneeb-ur Rehman, chairman of the Ruet-e-Hilal Committee, addressing the media in Peshawar, announced that no testimonies for sighting of the moon were received across Pakistan. The Muharram and new Islamic year will start on Wednesday. Earlier in the day a high-level meeting chaired by Interior Minister Rehman Malik reviewed overall security arrangements made for the month of Muharram and directed all Provincial Home See # 11 Page 11
PM arrives in Turkey ISLAMABAD/ ISTANBUL: Prime Minister Syed Yousuf Raza Gilani has reached Turkey on Monday on a threeday state visit where he will meet top Turkish leadership including President Abdullah Gul and his Turkish counterpart Recip Tayyip Erdogan. Prime Minister Gilani talking to media personnel before his departure on Chaklala Airbase said that Pakistan and Turkey enjoy profound historical and cultural relationship. Prime Minister Gilani said See # 12 Page 11
Munter meets media men, moots Pak affairs Staff Reporter KARACHI: US Ambassador Cameron Munter Monday supporting Pakistan government's endeavours to get RGST Bill approved from National Assembly, said US is hopeful that this legislation will not only be passed by the lawmakers, but will also be effectively implemented at both federal and provincial levels. He was delivering his first major speech on US-Pak economic relations at Karachi Stock Exchange (KSE) here as part of interaction with leading business chambers in Pakistan. US Consul General William Martin was also present on the occasion.
US Ambassador said Pakistan's tax-to-GDP ratio is less than 9 per cent, which is among the lowest in the world. US citizens pay around 18 per cent to the GDP and many developed countries pay upward of 30 per cent. Regarding the passage of RGST Bill, he said, "This will be an important first step of the government, allowing its capacity to raise revenue to boost its security and development." He supported the idea of including agriculture sector in the tax net as it forms the onefifth of the GDP. This, also being the political question, is not easy, he added. He said US welcomes the open, honest and difficult debate on tax revenues. He said that that the administration of President Obama is actively working with US Congress to provide market access to help Pakistani export sector. He said market access is
much better than any assistance programme that US has for Pakistan. "US Embassy and US Consulates are committed to work with US Congress to provide market access benefits to help Pakistani exporters," he said. However, he said that in the long-term, Pakistan must diversify its exports. "We welcome your ideas on how US and Pakistan might work together to promote industries whether to market outreach, technical assistance, regulatory changes or other way you might suggest." The US envoy said that Reconstruction Opportunity Zones (ROZs) will provide a window of opportunity to produce goods and export them to the United States duty free. He said USA was committed to these ROZs and the Congress will hopefully pass this bill in the coming year. See # 8 Page 11
Anti-dumping drive hits snags GENEVA: The world's trading nations reined in anti-dumping action in the first half of the year with a 29 per cent drop in probes into cheap imports, World Trade Organization data showed on Monday. China continued to be the main country targeted by such investigations although the
pace declined, while India was the top user of the anti-dumping system, according to the WTO data for the period between January and June 30, 2010. Global trade body gave no reasons for the trend as the global economy was recovering, although heightened anti-
dumping action is often taken as a sign of greater protectionist pressures. Nineteen WTO members launched 69 investigations into suspected dumping -- selling exported goods at below domestic production price -compared to 97 during the See # 9 Page 11
2
Tuesday, December 7, 2010
FPCCI slams increase in power tariff Staff Reporter KARACHI: The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has strongly condemned the further increase in power tariffs, and stated the continuous increase in electricity charges is a planned conspiracy in sabotaging the Economy of the country which will only result in halting Trade and Manufacturing activities. This was stated by Sultan Ahmed Chawla, President FPCCI in a meeting called by him to discuss the recent increase by National Electric Power Regulatory Authority (NEPRA) at Federation House, Karachi. Sultan Ahmed Chawla Said that the Economic Managers at last has realised that dependence on conditional loans was
not in the interest of country and approaching IMF was the mistake, which should not be repeated. "Seeking loans for paying back installment of past loans was out of question" argued Mr. Sultan Chawla stating that annual payment of external debts, meeting losses of National Airline PIA and Railways, burden of unproductive and nondevelopment charges and price of war against terrorism account for more than the envisaged revenue target of 1.65 trillion for the year 2010-2011. S M Muneer Former President FPCCI has strongly condemned the further increase in power tariffs , He Said that God has gifted Pakistan fertile land, strong Agriculture and Live Stock, natural resources in form of minerals, precious stones, natural gas, plentiful water resources, manufacturing
capacity to meet the domestic needs, we only need to manage our natural and human resources in a productive manner and national spirit" said Muneer suggested the Government for shifting the priorities from importbased consumption to export-led growth and more dependence on own resources. Zikarya Usman Vice President FPCCI while condemning the decision by the NEPRA said that the government regulators are compromising the economy with its hawkish decision. He said that the industrialists were repeatedly demanding to bring down the Electricity, gas, Petroleum Product and interest rate to single digit so that ailing industry would be able to recover from depression, however the adverse decision would only give severe damage to the economy.
Multinet establishes eConnect hub in Pak KARACHI: Multinet Pakistan, in collaboration with Epsilon launches eConnect, the Carrier Neutral Interconnect Platform and its ePoP services in Karachi, it has been learnt. The eConnect Hub in South Asia will effectively cater to the growing demand for the fast and cost effective exchange of voice and data traffic between local telecom operators in Pakistan while providing a managed presence for local and international Carriers. The new eConnect does not only provide a carrier neutral 'meet-me-room', it also offers access to international capacity from Karachi to Epsilon's European and Asian network. Adnan Asdar Ali, CEO, Multinet said; "Multinet is working towards taking Pakistan's fixed telecommunication market to the next level of operational and business efficiency. Epsilon's e-connect platform leverages existing investments of collaborating operators to create time and CAPEX efficiency solutions for the end business users".-PR
Samsung claims to dominate 3DTV mkt KARACHI: Provincial Advisor Sharmeela Farooqi taking to the media persons after enquiring about the health of a girl who tried to self emulate after a failed attempt of rape, at Civil Hospital.-Online
MCB sets up Isb treasury TV PROGRAMMES TUESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
TUESDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Tax Time (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Aap Ka Paisa 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Kamyab (Rpt) 0:00 News
ISLAMABAD: MCB, through its Treasury & FX Group is setting up the Bank's Islamabad Treasury office. According to a press release issued on Monday the initiative follows the developments made by the recently-opened Lahore Treasury. The Islamabad Treasury would ensure that a full product suite is provided to bank's valuable clients at their doorsteps in the nation's capital, an increasingly important financial centre. Treasury products and expertise will now be
delivered to a wider client base in a customer-friendly manner and with added convenience, bringing a personal touch while enhancing service quality to bank's clients, it said. This office will have team members experienced in the field to help strengthen existing relationships and to identify potential new ones in the region. It will also augment MCB's Wholesale, Commercial, Consumer, and Islamic Banking businesses and will extend full support in 'cross-sell' activities for the Bank's diverse product suite.-NNI
Bank of the Year award goses to NBP KARACHI: National Bank of Pakistan has been awarded Bank of the Year Award 2010. The Banker Magazine announced the most coveted award - "The Best Bank Award 2010", during an award ceremony held at London on December 02. During the award ceremony, NBP was awarded the "The Best Bank Award 2010" the award was received by Dr. Asif A.
based and is on both quantitative and qualitative assessment. According to the recently announced "The Best Bank Award 2010" by The Banker magazine of UK, NBP has excelled in performance against all the banks in Pakistan. In June 2010 The Banker Magazine published a list of Top 1000 Banks from all over the world. In that listing NBP was ranked No.1 in
Brohi, SEVP/Group Chief Operations Group. The said award is given to recognize and promote industry wide excellence in the global banking industry and it is country
Pakistan based on Strength, Size, Soundness, Profit and Performance. NBP, based on Tier 1 Capital Strength, was awarded as the Top Bank in Pakistan.-Online
KARACHI: Samsung Electronics dominated the 2010 third quarter 3D TV market in the United States, establishing an equation of '3D TV = Samsung', said a statement issued here on Monday. Samsung Electronics took an 81.9 per cent (in terms of units sold) of the US 3D TV market during the July-September period, according to NPD, a market research firm. Meaning four out of five 3D TVs sold in the US during the quarter were 'Samsung 3D TV.' In particular, the South Korean electronics giant won a complete victory in North America which represents 50.8 of the global 3D flat-panel TV market, furthering its position as a predominant player in the market. Samsung's superiority in the 3D TV market has been driven by efforts initiated with its industry-leading launch of Full HD 3D LED TV series last March, backed by the largest 3D TV line-up of trio products and a 3D total solution, which contributed to helping the company.-PR
KARACHI: Federal Minister for Finance Senator Abdul Hafeez Shaikh giving award to Mariam Shah Manger Corporate Communication PSO during Corporate Philanthropy Award 2010 organised by Pakistan Center for Philanthropy at local hotel.-APP
RGST is a prescription for corruption: PHMA M Imran Sharif KARACHI: Removal of the 2005 sales tax regime on five zero rated sectors is a prescription for corruption and disaster to economy with no gain to the national economy, this was stated by Pakistan Hosiery Manufacturers Association at a press conference held here. It was expressed that this is indeed a matter of great irony that before taking a vital decision of imposition of Reformed general Sales Tax (RGST), the government failed to consult the stakeholders as such consultations are imperative. It is really apathy that the
Government is bent on repeating the mistake of collecting sales tax and then returning which is taking the exporters to the dark ages. RGST proposes withdrawal of the 2005 Sales Tax Regime for the five zero rated sectors from 5 export oriented sectors which is against the policy of the Government, wherein any sector with 80 per cent or more of the country's production being exported cannot be subjected to Sales Tax for the simple reason to avoid depositing and refunding without any significant gain to the national exchequer. PHMA proposed that FBR
Samaa gets visibility in KFC outlets Staff Reporter DECEMBER: Cupola Pakistan and Samaa TV signed an agreement on Monday for launching Samaa Visibility program of Samaa TV in all the major cities of Pakistan at KFC outlets, said a handout issued here. Rafiq Rongoonwalla, CEO Cupola Pakistan and Imtiaz Zaidi CEO, Samaa TV signed a mutual agreement for Samaa TV visibility on 30 main branches of KFC throughout Pakistan. The ceremony was attended by Naeemuddin Syed, Executive Director New Initiative, Khurram Fayyaz, Director Distribution, Mirza Haider Baig Senior Manager
Visibility from Samaa TV and Faud Hameed Manager Marketing KFC and other officials from both organisations. Imtiaz Zaidi said the partnership with Cupola Pakistan aims to build a good relationship between both the organisations, he also emphasised on the dire need of the era that private
organisations should join hands together for the betterment of the country. Rafiq Rongoonwalla, CEO Cupola Pakistan expressed that, "Cupola Pakistan partnering with Samaa TV will open new avenues for consumers entertainment while they enjoy 'finger licking good meals'.
ISLAMABAD: Mobilink launched its new package "Jazba" on Jazz with the freedom to make subsidised calls all day and enjoying unmatched "Onnet" and "Off-Net" rates, said a handout issued here on Monday. "Jazba" brings a multitude of superior offerings encased in one simple package surpassing all previous packages and promos available in the cellular industry of Pakistan. Jazba is also enriched with high value Bundle-offers to suit the communication needs of the subscriber. Mobilink's vice-president Marketing, Bilal Munir Sheikh said; "We have launched "Such Jazba" to deliver powerpacked communication for the Pakistani youth. The launch of this package by Mobilink Jazz signifies the importance of this segment, which is vibrant and has unique needs to fulfill their communication needs. Jazba fills that need and allows our young Pakistanis the freedom to communicate with their friends and family conveniently and with ease. Also keeping in mind thee limited pockets of our youth segment the value added services and bundles make this the ideal connection for our youth today!"-PR
Sharmila visits burn victim
BQATI facing low gas pressure KARACHI: Bin Qasim Association of Trade and Industry (BQATI) area is facing deep problems due to low pressure of gas, it has been leant. Mian Muhammad Ahmed, Founder President of Bin Qasim Association of Trade & Industry, in a letter to Managing Director SSGC Dr Faizullah Abbasi, said the industries in Bin Qasim area have always proved to be most cooperative at all times but the low gas pressure was creating problems for them. "First of all, we were asked to reduce the load by 20 per cent during the period from 27-10-2010 to 0411-2010, as it was desired for the purpose of maintenance of Zamzama field. In response thereof, all the industries did reduce the Gas Pressure not only up to the required limit of 20 per cent but even more than that from 25pc to 30 per cent," said Director SSGC.
generates revenue and get funds from other sales which are not paid back instead of punishing the manufacturers-cumexporters because sales tax is taken and then given back involving large Government machinery which includes collectors, auditors and staff, for which the government has to incur huge amount of money on such overheads. We strongly feel that all the Pakistan Chambers and Exporters' Associations the major stakeholders should be consulted for increasing taxes and such consensus is imperative to bring down the rising inflation as well as increase in GDP.
Mobilink facilitates youth with new product
KARACHI: Mian Shahid, Chairman United International Group and UIC, Abu Dhabi Dewaar Group of Companes Chairman Shaikh Rashid Hiran Saeed Ul Qutmi Shairing views after singing bussiness agreement.-Staff Photo
KARACHI: Shahid Jawed Qureshi President, PMFA & Vice Chairman KATI, presenting an honorary shield to Honourable Dato’ Sari Haji Mustapha Mohamed Minister of International Trade & Industry Malaysia on the occasion of his recent visit to Karachi.-Staff Photo
KARACHI: The Advisor to the Chief Minister Sindh on Information, Sharmila Farooqui on Monday visited the Burns Ward of Civil Hospital Karachi to enquire about a girl allegedly assaulted and burnt. According to a statement issued here on Monday by the Provincial Information Department, Sharmila Farooqui said that the girl identified as Rahila was victimised allegedly
by an accused identified as Faizan. The accused has been arrested by Korangi Police on the directives of the Advisor. "The 15year-old victim is also pregnant and we would appeal justice from the court of law," she told the media after attending the victim at the Hospital. Sharmila said that the condition of the victim was very precarious and she had suffered 98 per cent burn injuries.-APP
KARACHI: Consul General of UAE for Pakistan, Suhail Bin Matar Al-Ketbi and Amer Khan, country manager Pakistan for Etihad Airways giving out Etihad Airways Pearl Business Class ticket to the airline's home-base Abu Dhabi at the UAE national day reception held in Karachi.-Staff Photo
3
Tuesday, December 7, 2010
Euro drops sharply vs dollar as debt fears dominate
Top Economic Events Time 5:01 8:30 7th-8th 14:30 14:30 16:00 19:00 Tentative 20:00
Fed Chairman Bernanke comments fails to rattle dollar NEW YORK: The euro fell sharply against the dollar on Monday, marking its first decline in four sessions, as fears about euro-zone peripheral government debt moved to the forefront, trumping dovish comments made by US Federal Reserve Chairman Ben Bernanke. The weak performance of the euro comes ahead of a meeting of euro-zone finance ministers, who are under pressure to boost the size of a rescue fund to stop a debt crisis from spreading. The euro was down 1.14 per cent at $1.3261, according to Reuters data. Traders reported an options expiry on Monday at $1.3250. IMF chief Dominique Strauss-Kahn will present a report, a copy of which was obtained by Reuters, to euro-zone finance ministers meeting in Brussels, saying more action is needed from member states. This encouraged renewed selling of
the euro after a rebound late last week took it back above $1.34, with traders citing selling by real money accounts and sovereign names. Euro/dollar "has scope to move down further, with political developments and commitment from euro-zone policymakers likely to be the focus," said Paul Mackel, director of currency strategy at HSBC. The IMF report will say the eurozone should increase the size of its 750 billion euro rescue fund and the European Central Bank should boost bond buying markedly. With the euro resuming its decline, the dollar index was up 0.5 per cent at 79.814, close to its 100-day moving
average of 80.04. The dollar also bounced on a bout of short covering as investors shrugged off comments from US Federal Reserve
Chairman Ben Bernanke that quantitative easing could be bigger than estimated. Fed Chairman Bernanke appeared in an interview on CBS-TV's "60 minutes" late Sunday and communicated his view that it is possible that US monetary policymakers increase the additional $600 billion in asset purchases announced at the last Fed meeting.
Asian currencies
Taiwan dlr, won up on Fed view; Korea woes ease Seen staying strong on better fundamentals SEOUL: The Taiwan dollar and the South Korean won led gains in Asian currencies on Monday, boosted by the prospect that the US Federal Reserve's quantitative easing could extend beyond the programmed limit of $600 billion. Asia's strong economic fundamentals compared with other regions are expected to support Asian currencies, analysts and dealers said. "I don't see any major risks here, so Asian currencies will rise gradually. There are geopolitical risks in the Korea peninsula, but few investors expect a war there," said Kim Song-yi, an economist at HSBC in Hong Kong. The Taiwan dollar rose to
30.110, its highest level in more than three weeks, as stops were tripped at the open. The won rose as high as 1,131.1 per dollar, its highest mark since Nov 23 and a level it was trading at before North Korea's artillery shelled an island in the south. South Korea started nationwide live-fire naval exercises despite Pyongyang's warnings against conducting provocative drills in disputed waters off the west coast of the divided peninsula. The local currency is expected to find support from foreign appetite for the country's stocks, analysts and dealers said. "Despite tense news, we did not see more military clashes. So, it is more likely for the won
Stg edges up vs euro before debt talks LONDON: Sterling edged higher against a broadly softer euro on Monday as investors focused on euro-zone debt problems ahead of a meeting of European finance ministers. The euro-zone ministers meet on Monday and will face pressure to increase the size of a 750 billion euro ($1,006 billion) safety net for crisis-hit members in order to halt a
debt crisis in the single currency bloc. That will be followed by a meeting on Tuesday of ministers from the broader 27-country European Union, who are expected formally to approve an 85 billion euro aid package for Ireland and discuss the reform of EU budget rules. An IMF report obtained by Reuters said the euro-zone should have a bigger rescue fund for member states in trouble. Germany rejected such a move and dismissed
calls for joint euro-zone bonds. By 1605 GMT, the euro had fallen 0.4 per cent to 84.70 pence. Support was seen around 84.00 pence and then 83.34 pence, the low hit last week, traders said. Sterling fell 0.6 per cent to $1.5685, tracking losses in the euro versus the US currency. Traders said concerns about
the stability of the euro-zone would keep the single currency weak and this would benefit the pound. Trade-weighted sterling, which tracks the pound's performance against a currency basket, rose to 80.8 on Monday, pulling away from 80.6 hit late last week, its weakest since early November. Traders will look to the Bank of England's policy meeting later this week, although analysts expect no change in policy. -Reuters
to go to 1,120 per dollar, breaking through short-term resistance lines around 1,128," said Jeong My-young, a currency strategist at Samsung Futures Inc. The ringgit gained 0.2 per cent in thin trading, ahead of a Malaysian public holiday on Tuesday. After a strong year that has pushed the ringgit up almost 9 per cent, the upside may be limited, dealers said. "It also looks like the market does not want to test the central bank at 3.08 again because that looks like the line in the sand," a trader in Kuala Lumpur said. Still, traders said they expected the market to make another attempt to breach 3.08 before the end of the year. -Reuters
Swiss franc gains vs euro ZURICH: The Swiss franc held on to most of the previous session's gains against the dollar on Monday and rose slightly against the euro, following news the US Federal Reserve could inject further funds into the economy. "Bernanke has said more QE2 is possible. That will not support the dollar," Informa Global Markets analyst Tony Nyman said, adding there had also been a report of the International Monetary Fund telling the European Central Bank it should boost its bond buying. "This looks franc positive by default and we could see a sustained break below 1.30 in euro/Swiss in the early part of the week," Nyman said, adding that 1.2850 was his first major target. The franc was up 0.4 per cent against the euro compared to Friday's New York close, trading at 1.3019 per euro at 0707 GMT. The franc was little moved against the dollar at 0.9759 per dollar. The Swiss National Bank, which in June dropped its pledge to intervene in currency markets to combat the franc's rise against the euro, will hold its next policy review on Dec. 16. -Reuters
Australian, NZD hold onto gains before policy meetings WELLINGTON/SYDNEY: The Australian and New Zealand dollars edged back on Monday as a three-session rally drew some profit-taking, though both currencies held most of their recent gains helped by expectations of extended stimulus in the Unites States. The Australian dollar was hovering around $0.9880 on Monday, having surged around 1.7 per cent to as far as $0.9938 on Friday in a major turnaround from last week's $0.9535 trough. The currency was supported by a domestic data showing a healthy 2.9 per cent rise in job advertisements in November which augured well for an upbeat reading from the official employment report due on Thursday. Analysts are looking for a solid rise of around 19,000 in employment and drop in the jobless rate back down to 5.2 per cent. Such a result would help offset a run of softer data recently and keep the Reserve Bank of Australia (RBA) on inflation watch. The RBA holds its December policy meeting on Tuesday but there is virtually no chance of them lifting the 4.75 per cent cash
rate after Governor Glenn Stevens said the market was reasonable in pricing in the next move around mid-2011. Still, the RBA's tightening bias stands in stark contrast with the US Federal Reserve. In a tv interview, Chairman Ben Bernanke said it was certainly possible the central bank could buy more than $600 bln of bonds if the economy needed it and noted it could take four to five years for unemployment to fall to more normal levels. The Aussie currency now faces major resistance around $0.9955 which marked a peak back on November 22, with support from $0.9885 below which $0.9821, the 20-day moving average. The kiwi was at $0.7633 in late local trade, after steadily drifting lower from opening levels around $0.7670. Immediate support for the kiwi was seen at $0.7451, with resistance at $0.7566. The Reserve Bank of New Zealand holds it policy meeting on Thursday and is also expected to keep rates unchanged at 3 per cent. The Aussie was a touch firmer at NZ$1.2933, after earlier nudging a five-week high of NZ$1.2976. -Reuters
More asset purchases would be negative for the dollar, but his comments failed to hurt the greenback. Analysts and traders said Bernanke's comments on QE were not too bearish given Friday's below-forecast jobs data. The euro briefly rose to $1.3380 after European clearing house LCH.Clearnet reduced the margin requirement on Irish government bonds to 30 per cent from 45 per cent of net positions of its margin rate. Latest data from the Commodity and Futures Trading Commission showed currency speculators trimmed bets against the US dollar for a fourth straight week. The dollar was up 0.25 per cent to 82.83 yen, below its session high of 82.98, but climbing off Friday's threeweek low of 82.52 yen and keeping well above the Ichimoku 'cloud' bottom around 81.70 yen. -Reuters
Yuan up in narrow trade on stronger mid-point SHANGHAI: China's yuan ended up against the dollar on Monday after the People's Bank of China set a higher mid-point in the wake of US dollar weakness. Dealers said they expected the yuan to move in a small range in coming days but could appreciate 3 to 5 per cent next year after the Communist Party decided that China would shift to a prudent monetary policy from a moderately loose stance. "The market widely thinks this is relatively a kind of tightening policy for next year," said a dealer at a European bank in Shanghai. "So the yuan will keep gradually rising in 2011." Ba Shusong, with the Development Research Centre, a cabinet think tank, said in comments published on Monday that China was expected to let the yuan's effective exchange rate rise in 2011 under the new "prudent" monetary policy. "China will increase interest rates cautiously, and it will per-
mit appropriate appreciation of the yuan in terms of effective exchange rates," Ba said. Spot yuan closed at 6.6484 versus the dollar, up from Friday's close of 6.6633 and was up 2.67 per cent since the PBOC announced a depegging in mid-June. It moved in a range of 6.6469 to 6.6529, trading around the day's mid-point of 6.6515, which was stronger than Friday's 6.6605. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. The mid-point's firmer setting lagged a 1.2 per cent drop in the US dollar index last Friday, signalling that the central bank wants to let the yuan trade in a narrow range. Offshore, one-year NDFs was at 6.5000 bid late on Monday, from Friday's close of 6.4850, with implied yuan appreciation in a year's time falling to 2.33 per cent from 2.71 per cent shown on Friday. -Reuters
Indian rupee retreats from 3-week peak MUMBAI: The Indian rupee trimmed gains on Monday, retreating from three-week highs, tracking losses in the euro and a reversal in local shares but dollar sales by exporters helped the local unit notch its fifth straight daily gain. The partially convertible rupee closed at 44.95/96 per dollar, off a high of 44.7950, which was its highest since Nov. 12 but still 0.3 per cent above 45.10/11 at close on Friday. Last week, the rupee had risen 1.6 per cent in its best weekly gain in 2 months. "It was mostly a range play today. Rupee was closely tracking movements in the equity markets and the euro. There was good importer demand sub-44.90 levels," said Ashtosh Raina, head of foreign exchange at HDFC Bank in Mumbai. "Tomorrow again direction will depend on equities and cross currency movements overnight, but 44.80 is a strong support level for the dollar, so a 44.80-45.20 range is likely," Raina said. Foreign funds have bought $638 million worth of shares over last week, latest data shows, taking net invest-
ments to a record of around $29.3 billion in 2010, on top of the $17.5 billion purchased last year. The one-year premium rose to as much as 238.75 points from 229.50 points at Friday's close. One-month offshore non-deliverable forward contracts were quoted at 45.23, weaker than the onshore spot rate, suggesting a bearish nearterm outlook. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.15, 45.1450 and 45.16 respectively, with total traded volume on the three exchanges at a moderate $6.2 billion. -Reuters
Source GBP AUD GBP GBP GBP EUR CAD GBP USD
Events BRC Retail Sales Monitor y/y Cash Rate Halifax HPI m/m Manufacturing Production m/m Industrial Production m/m German Factory Orders m/m Overnight Rate NIESR GDP Estimate IBD/TIPP Economic Optimism
Forecast
48.3
Previous 0.8% 4.75% 1.8% 0.1% 0.4% -4.0% 1.00% 0.5% 46.7
Actual
Forecast
Previous
0.4% 9.7 -6.5% 57.5
13.2 -2.9% 56.4
4.75% 0.3% 0.4% 0.3% 1.9% 1.00%
Previous Day Source
Events
AUD EUR CAD CAD
MI Inflation Gauge m/m Sentix Investor Confidence Building Permits m/m Ivey PMI
0.3% 14.0 14.9% 56.7
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 1.3299 1.3422 0.9859 0.9870 1.5685 1.5774 1.0064 1.0081 0.9897 0.9926 110.0800 111.0600 0.8479 0.8509 1.3116 1.3115 129.8100 130.6100 83.9200 85.1200 0.9805 0.9802 1416.0300 1418.7900 29.7400 29.8900
Bid 1.3295 0.9855 1.5681 1.0060 0.9893 110.0400 0.8476 1.3112 129.7500 83.8800 0.9800 1415.2300 29.6900
Low 1.3250 0.9726 1.5659 1.0025 0.9853 109.7000 0.8456 1.3004 129.6700 83.9100 0.9688 1409.7100 29.2800
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 06/12/2010 A USD GBP CAD EUR JPY O/N 0.24031 0.55563 0.98167 0.36375 SN 0.08938 1WK 0.25500 0.56188 1.02667 0.65375 0.10063 2WK 0.25750 0.56625 1.06000 0.67500 0.10563 1MO 0.26500 0.57813 1.09750 0.76500 0.11875 2MO 0.28250 0.63313 1.15167 0.85625 0.14625 3MO 0.30344 0.74375 1.22917 0.97125 0.18250 4MO 0.35031 0.82625 1.30167 1.03500 0.24563 5MO 0.40813 0.93500 1.36500 1.11625 0.30375 6MO 0.45969 1.04063 1.44167 1.20625 0.35188 7MO 0.51313 1.11688 1.50667 1.25000 0.40375 8MO 0.56438 1.20188 1.57917 1.30000 0.45063 9MO 0.61688 1.28438 1.64500 1.34750 0.49625 10MO 0.66781 1.35938 1.71000 1.39750 0.52125 11MO 0.72094 1.42813 1.80000 1.44500 0.54750 12MO 0.78250 1.49625 1.88500 1.48625 0.57625
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 07 2010 Dec 09 2010 Dec 21 2010 Jan 13 2011 Dec 14 2010 Dec 16 2010 Dec 07 2010
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, December 06,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.95 135.34 114.65 85.49 87.98 84.79 12.59 1.04 14.35 65.94 15.39 22.92 11.07 12.92 306.02 27.33 65.52 23.60 23.40 0.08 2.86
85.75 13502.00 114.39 85.29 87.77 84.60 12.56 1.03 14.32 65.78 15.35 22.86 11.04 12.89 305.31 27.27 65.37 23.55 23.35 0.08 2.86
85.56 134.71 114.12 85.07 87.54 84.37 12.53 1.03 14.28 65.61 15.31 22.80 11.01 12.86 304.51 27.20 65.20 23.49 23.29 0.08 2.85
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 06, 2010
KASB
BMA
ELXIR
GSL
ICSL
0-7days
12.40
12.40
12.35
12.30
12.50
12.35
12.38
8-15dys
12.60
12.60
12.50
12.50
12.65
JSCM AvgRate 12.50
12.56
16-30dys
12.80
12.72
12.70
12.75
12.75
12.75
12.75
31-60dys
12.90
12.80
12.88
12.85
12.85
12.85
12.86
61-90dys
13.02
13.04
13.04
13.04
13.05
13.05
13.04
91-120dys
13.25
13.15
13.15
13.18
13.15
13.10
13.16
121-180dys
13.28
13.29
13.31
13.32
13.25
13.25
13.28
181-270dys
13.45
13.40
13.45
13.50
13.45
13.30
13.43
271-365dys
13.60
13.62
13.60
13.65
13.55
13.55
13.60
2-- years
13.70
13.55
13.68
13.70
13.60
13.65
13.65
3-- years
13.75
13.75
13.75
13.75
13.70
13.75
13.74
4-- years
13.85
13.80
13.77
13.78
13.75
13.79
13.79
5-- years
13.87
13.90
13.78
13.80
13.75
13.81
13.82
6-- years
13.88
13.85
13.79
13.88
13.80
13.83
13.84
7-- years
13.90
13.90
13.84
13.95
13.80
13.84
13.87
8-- years
13.95
13.96
13.89
14.00
13.80
13.86
13.91
9-- years
13.95
13.98
13.95
14.10
13.85
13.88
13.95
10--years
14.10
14.08
14.12
14.20
14.10
14.08
14.11
15--years
14.50
14.35
14.40
14.40
14.35
14.30
14.38
20--years
14.60
14.50
14.50
14.65
14.50
14.40
14.53
30--years
14.75
14.75
14.70
14.90
14.70
14.60
14.73
Currencies Correlation USD/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
-0.93 -0.94 -0.75 -0.89 -0.62 -0.63
0.58 -0.39 -0.71 0.30 0.71 0.72
-0.46 -0.81 -0.78 -0.71 0.31 0.29
-0.05 -0.53 -0.36 -0.25 0.62 0.68
EUR/USD GBP/USD -0.76 -0.87 -0.81 -0.90 -0.07 0.00
-0.95 -0.82 -0.63 -0.89 -0.40 -0.20
NZD/USD USD/CAD -0.88 -0.85 -0.63 -0.81 -0.66 -0.62
0.77 0.83 0.56 0.52 0.17 0.57
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)06/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
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 12.10
12.60
12.35
12.85
13.00
13.50
13.15
13.40
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
12.40
12.90
12.60
13.10
12.80
13.30
13.45
13.70
13.50
13.75
13.45
13.95
13.70
14.20
14.00
14.50
ASPK 12.30
12.80
12.50
13.00
12.65
13.15
13.00
13.25
13.30
13.55
13.40
13.90
13.50
14.00
13.70
14.20
CIPK
12.20
12.70
12.30
12.80
12.60
13.10
13.10
13.35
13.50
13.75
13.60
14.10
13.70
14.20
13.75
14.25
DBPK 12.10
12.60
12.20
12.70
12.45
12.95
12.85
13.10
13.20
13.45
13.35
13.85
13.40
13.90
13.60
14.10
FBPK 12.25
12.75
12.40
12.90
12.70
13.20
13.15
13.40
13.40
13.65
13.55
14.05
13.65
14.15
13.85
14.35
FLAH 12.30
12.80
12.50
13.00
12.65
13.15
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HBPK 12.25
12.75
12.35
12.85
12.70
13.20
13.10
13.35
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HKBP 12.25
12.75
12.35
12.85
12.70
13.20
13.10
13.35
13.30
13.55
13.40
13.90
13.60
14.10
13.65
14.15
NIPK
12.30
12.80
12.55
13.05
12.80
13.30
13.15
13.40
13.35
13.60
13.40
13.90
13.45
13.95
13.50
14.00
HMBP 12.25
12.75
12.40
12.90
12.80
13.30
13.10
13.35
13.35
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 12.25
12.75
12.40
12.90
12.70
13.20
13.10
13.35
13.35
13.60
13.40
13.95
13.65
14.15
13.75
14.25
MCBK 12.10
12.60
12.30
12.80
12.60
13.10
13.00
13.25
13.30
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK 12.25
12.75
12.35
12.85
12.70
13.20
13.05
13.30
13.20
13.45
13.40
13.90
13.60
14.10
13.70
14.20
SCPK 12.15
12.65
12.35
12.85
12.60
13.10
13.00
13.25
13.25
13.50
13.45
13.95
13.50
14.00
13.70
14.20
UBPL 12.20
12.70
12.35
12.85
12.60
13.10
13.10
13.35
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
AVE
12.74
12.38
12.88
12.68
13.18
13.10
13.35
13.34
13.59
13.44
13.94
13.59
14.09
13.71
14.21
ABPL
12.24
4 Tuesday, December 7, 2010
Remember Pearl Harbor, but other lessons as well
The Financial Daily International Vol 4, Issue 120
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Too late a realisation At last, the people at the helm of affairs have registered what the experts have been advising for ages. Going through proceedings of meeting of the National Assembly standing committee on water and power reveals either those responsible for managing the energy sector are completely ignorant of how the business should be conducted or they are totally helpless before the powerful and well connected consumers. According to the details an official of the Ministry of Water and Power has suggested that keeping a check on power theft can considerably lower the electricity tariff and help in bridging cost and recovery differential. Members of the standing committee vehemently stressed the need to control power theft, instead of blithely passing on power tariff increase every month to the consumers and a member even proposed charging a fixed amount from the power consumers not paying electricity charges. The disclosures made by the officials of newly established Sukkur Electric Power Company (Sepco) are shocking. He said that the major challenge faced by Sepco includes pilferage through kunda system, poor payment culture, and inadequate help from law enforcing agencies. He also informed that employees of Sepco were being kidnapped, vehicles snatched, and officials coming under attack while performing their duties besides frequent transfers and postings due to external pressure. Any cynic may say that all these things are known to the public and the confession by the authorities is a blatant display of apathy and evasion of responsibilities. To begin with, the suggestion that keeping a check on power theft can considerably lower the electricity tariff and help in bridging cost and recovery differential looks extremely absurd. The act falls under criminal negligence because the electric utilities despite being fully aware of the quantum of theft have hardly taken any corrective measures. The proposal of charging consumers not paying bills a fixed amount highlights the apathy of consumers. It is on record that consumers belonging to certain areas have never paid the bills. It is ironical that public representatives have also been supporting such elements and trying to convince the government that any attempt to collect electricity charges could lead to civil disobedience in these areas. For the benefit of the National Assembly standing committee It is necessary to identify the present transmission and distribution (T&D) losses which hover around 40 per cent. According to sector experts these losses should not be more than 5 per cent and any quantum above this is nothing but pilferage. It could only be said with great regret that National Electric Power Company (Nepra) has disappointed the nation, can the elected representatives rectify its bad decisions. Can they?
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.
David Shribman
T
here are lessons to be learned here at Pearl Harbor. Don't put your aircraft wingtip to wingtip. Don't cluster the ships of your fleet in one harbor so closely that the group of them acquires the name Battleship Row. Don't assume that a gaggle of planes headed your way on a quiet Sunday morning is a set of your own B17s flying in from California. Do not discount an intercepted cable that reveals unusual foreign interest in an American military installation just because it is translated by a woman. All of these are important legacies from the attack on Pearl Harbor that transformed December 7th from the last day of the first week of the last month into a date that would live in infamy. Some 69 years after the attack on Pearl Harbor, the wounds here and on the American mainland are still deep, still raw. More than Antietem, more than Gettysburg, this may be, perhaps with New York's Ground Zero, the Pentagon's 9/11 memorial and Pennsylvania's Flight 93 crash site, the most moving place in the nation. Even today, December 7th is one of only one of five dates in American history -- the others are July 4th, September 11 and November 11th and 22nd that require no year in casual conversation or formal writing. You might not recognize the significance of August 15th, but if it is put down as August 15, 1945, you will immediately identify it as V-J Day. You may not remember August 9th, but if it is expressed as August 9, 1974, you'll know it was the day Richard Nixon
resigned the presidency. And perhaps the most important date in American history April 19th has been obscured in the American mind because -- please don't break my heart and tell me schoolchildren don't read this anymore -- Henry Wadsworth Longfellow opened his beloved poem by speaking, in the third line, of "the eighteenth of April, in Seventy-five," when Paul Revere made his ride, rather than of the 19th of April, 1775, when the shots rang out at Lexington and Concord. But you know what December 7th means, and so will your grandchildren. The tragedy of Pearl Harbor began when six Japanese carriers with heavy escorts sailed 4,000 miles of open seas without being detected by the Americans. The modern mind asks: How can that be? The answer is simple: For the same reason that the French did not detect the British soldiers mounting the Plains of Abraham in 1759 before the Battle of Quebec, or the British did not detect George Washington's forces preparing their Christmas crossing of the Delaware in 1776. The modern mind forgets there were no satellites then. The age of the satellite wouldn't dawn for another 16 years. For the entire sweep of history until 1957, humankind slept under only natural satellites like the moon, or planets or stars, which is why the launching of Sputnik, October 4th another signal date for you, was so disquieting to Americans, and why Soviet leader Nikita Khrushchev knew how unsettled he would make his ideological rivals by braying that "America sleeps under a Soviet moon."
But in those 16 years -- from Pearl Harbor to Sputnik -- the world would change at a dizzying rate. The United States would be transformed into the strongest military power and most powerful banker in the history of the globe. Soviet Russia would be transformed from a largely agrarian despotism into a mighty industrial power with nuclear weapons and rocket boosters capable of achieving Earth orbit (but not, as Richard Nixon would make clear in his blustery "Kitchen Debate" in Moscow two years later, able to produce a decent dishwasher). The Cold War would break out with crises in Greece, Korea, Vietnam, Hungary and elsewhere. A new scramble for influence would begin in the Caribbean and Africa. McCarthyism would rise in America and a re-examination of Stalinism would roil the Soviet Union. In those 16 years, the United States would end segregation in the armed forces and begin to integrate its schools, lunch counters and public accommodations. John F. Kennedy would be transformed from an obscure officer in the Motor Torpedo Boat Squadron Training Center into a national political figure. The Dodgers, pennant winners in Brooklyn when Pearl Harbor was attacked, would be Los Angeles-bound by the time Sputnik was launched. The British Empire would be gone, Israel would be born. So, too, would many other new nations, some of whose names, like Transjordan and Ceylon, already have disappeared. Within a month of Pearl Harbor, Country Joe McDonald and Charlie Rose would be born. Within a month of Sputnik, Louis B. Mayer and
Christian Dior would be dead. The surprise attack still aches in the American memory. But it spawned a great American awakening. So the next time you think that you are living in an era of unprecedented change, ponder how much happened in the 16 years after Pearl Harbor. Consider that programmable computers have been around for 74 years, computer games have existed for 48 years, Ethernet networking has been here for 37 years, IBM first produced a home PC some 29 years ago, Macintosh was available 26 years ago and that Windows came out 25 years ago. The great lesson of Pearl Harbor as we approach its 70th anniversary is more than military. Never again will we present so easy a target to potential adversaries. But now we need to revise our perspective, and consider that for all of the great change we are experiencing now, the greatest change in our history may have begun when 354 Japanese planes arced toward Hawaii, destroying 188 American aircraft and sinking or damaging 18 American warships in a great American tragedy and military defeat. "Pearl Harbor continues to haunt its survivors, as well as their descendants," Thurston Clarke wrote in the evocative volume "Pearl Harbor Ghosts." But as we consider what happened here, let us remember, too, how almost every ship, though not the USS Utah, USS Arizona or USS Oklahoma was put back into service, and that America recovered, and then some. Remember Pearl Harbor, but remember its other lessons, as well. Courtesy: Uexpress
Mighty-six & Iran S
ix world powers began their first talks with Iran in more than a year on Monday, hoping the meeting will lead to new negotiations over a nuclear program the West believes is aimed at making atomic bombs. On the eve of the meeting in Geneva, Iran announced what it called a major step forward in its nuclear work, signaling it is not about to back down in a long-running battle over what it insists are peaceful plans for energy production. The six powers -- Britain, China, France, Germany, Russia and the United States -- played down expectations of a major breakthrough during the Dec 6-7 discussions. Diplomats said an agreement to meet again for more substantial talks, perhaps early next year, would be a sign of progress. "We hope that the talks and the negotiations that started today continue in a constructive way and reach a positive horizon," Iranian Foreign Minister Manouchehr Mottaki told reporters during a visit to Athens. Iranian nuclear negotiator Saeed Jalili and European Union Catherine Ashton on behalf of the six powers broke for lunch after around twoand-a-half hours of talks, but it was not clear if there would be any bilateral meetings such as between Iran and the United States during the break, diplomats said. Talks will resume in the afternoon
and probably on Tuesday. Western powers want Iran to suspend uranium enrichment activity, which can produce fuel for nuclear power reactors or provide material for bombs if refined to a higher degree. A European official said the six powers expected Iran to shed light on questions about its nuclear program that had so far gone unanswered. "The choices are clear for Iran, it can face growing isolation or coop-
atomic bombs in three years' time?" he asked in comments on his website on Monday. "The United States launched wars in Iraq and Afghanistan, but did not use atomic bombs because the era of using nuclear bombs has come to an end," he said. Ali Baqeri, deputy head of Iran's delegation, said the talks would go beyond the nuclear issue and include regional security, Iraq, Afghanistan, drug smuggling and terrorism. The West has tightened sanctions
“
The surprise attack still aches in the American memory. But it spawned a great American awakening. So the next time you think that you are living in an era of unprecedented change, ponder how much happened in the 16 years after Pearl Harbor
erate," the official, who asked not to be named, told Reuters. IRAN REMAINS DEFIANT But Iranian President Mahmoud Ahmadinejad said last week the key topic of enrichment was not on the agenda at Geneva. Ahmadinejad accused the West of double standards. "You have a thousand A-bombs, (so) how is it that you are worried that Iran might be able to develop
on Iran in recent months, and Western diplomats say these are hurting Iran's oil-dependent economy. But Baqeri denied this pressure was having any effect. "There is no other choice but to hold talks ... These talks can pave the way for interaction," he told Iran's state news agency. The United States has warned of more pressure and isolation if Tehran continues its uranium enrich-
Kashmiris still waiting for justice
D
uring the recent visit of US President to India it was ensured by the clever hosts that the Kashmir issue in any way does not come up on any occasion. There are very crucial questions that world's leaders must consider seriously. The most important is that when in the late 1940's the UN gave Kashmir a status of disputed territory and right of plebiscite then it does not remain an internal matter of India. It has become a UN issue and an issue of all its member countries. India in no way could avoid it. The only answer is that the Indian govt and its security forces are crossing all limits to forcibly suppress the freedom movement in Kashmir. They are afraid that their violations of human rights may be exposed because there are some saner intellectuals, think tanks as
well as media analysts who are coming up with actual realities and showing solidarity with the Kashmiris. The last to come was Indian member of Congress Shiyaam Lal that who on Monday demanded the freedom of Indian occupied Kashmir. India is helpless to take action against them due to their international standing. The Indian Muslims and specially those in Kashmir were expecting a lot from Obama's visit. Only one sentence in their favor could have boosted their morale. But the world's largest democracy has a tradition of forgetting democratic norms and human rights when it comes to economic and military benefits with India. Itrat Fatima Department of Economics University of Karachi
ment activities. Washington says all options, including military, remain on the table and Iran's arch enemy Israel has also not ruled out a military strike if diplomatic efforts fail. Tehran's Gulf Arab neighbors are also worried about a potentially nuclear armed Iran and Saudi Arabia has repeatedly urged the United States to bomb Iranian nuclear facilities, according to leaked U.S. diplomatic documents. Iran's hardline rulers, seeking to rally nationalist support and distract attention from economic woes, remain defiant. On Sunday, Iran's nuclear energy chief Ali Akbar Salehi said Iran would use domestically produced uranium concentrates, known as yellowcake, for the first time at a key nuclear facility, cutting reliance on imports of the ingredient for nuclear fuel. The timing of the announcement appeared aimed at showing Tehran's determination to pursue its nuclear plans before talks. Last week's killing of an Iranian nuclear scientist in Tehran, which Iran has blamed on Western intelligence services, could cloud the atmosphere for dialogue in Geneva. "Americans are worse than the most dictatorial dictators," Ahmadinejad said. "They assassinate nuclear scientists because they are not strong enough to counter the Iranian nation, and think a nation will step back with the assassination of its loved ones."-Reuters
Let’s pray for sugar…
T
he shortage of sugar has imposed hardship on ordinary citizens who are forced to pay exorbitant and sky-rise prices for this essential commodity. According to reports issued by TCP sufficient quantity of sugar was available to fulfill the needs of public, but God-knows what happened to sugar as it vanished from market, either it evaporated or what common man is yet to find an answer to this. This happened due to weak management and poor co-ordination between government and private sector. This raised sugar prices to an almost impossible amount of Rs120 per kg. I wonder what the government is doing for reducing the prices (except the blame game). I hope that the owners of the sugar mills
may reduce their profit and also reduce the prices of sugar, but the problem is that most of the owners of these sugar mills are in government. On the other hand drastic flood hit half of the Pakistan in the months of August and September. This flood destroyed many crops including sugar cane. These all elements collectively make the prices of sugar very high making it very difficult for ordinary peoples to get hold of this essential commodity. This issue is very serious and its stakes at national level are very high. Instead of playing the usual blame game, a solution to it that is acceptable to all people has to be found very quickly to provide relief to the general public. Ali Zhoraiz Jaffri Karachi
5
Tuesday, December 7, 2010
South East Asian stocks
Mostly up; Foreign buying boosts Jakarta, Manila
Energy firms lift Europe shares; debt fears lingers KSE-100 Index Opening Closing Change % Change Turnover (mn)
KSE puts on green numbers
11,406.66 11,440.07 33.41 0.29 170.50
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,568.84 3,604.28 35.44 0.99 8.77
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,901.04 2,902.98 1.94 0.07 0.18
Nawaz Ali
Major Gainers
Symbol
Close
Change
WYETH 1,049.00 RMPL 2,001.65 MCB 217.27 SIEM 1,307.10 SHEZ 97.59
42.75 29.65 9.20 7.10 4.64
Major Losers
Symbol
Close
Change
NESTLE 2,166.75 ULEVER 4,085.50 LAKST 300.52 SRVI 259.09 INDU 254.24
-20.51 -19.5 -15.81 -13.63 -8.18
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DSFL LOTPTA NPL NBP TRG
2.77 12.78 16.30 69.32 3.87
26.28 12.99 11.32 9.50 8.36
Active Issues Plus Minus Unchanged
175 196 25
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459
INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Octy 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
5,481 5,172 1,514 1,340
DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
186 70 0 18
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)
4,729,932 3,011,868 1,897,426 7.57%
OIL MARKETING CO (000 tons) MS (Jul 10 to Oct 10) MS (Oct 10) Kerosene (Jul 10 to Oct 10) Kerosene (Oct 10) JP (Jul 10 to Oct 10) JP (Oct 10) HSD (Jul 10 to Oct 10) HSD (Oct 10) LDO (Jul 10 to Oct 10)) LDO (Oct 10) Fuel Oil (Jul 10 to Oct 10) Fuel Oil (Oct 10) Others (Jul 10 to Oct 10) Others (Oct 10)
PRICES (Ex-Refinery) MS (1 Nov 10) MS (1 Oct 10) MS % Chg Kerosene (1 Nov 10) Kerosene (1 Oct 10) Kerosene % Chg JP-1 (1 Nov 10) JP-1 (1 Oct 10) JP-1 % Chg HSD (1 Nov 10) HSD (1 Oct 10) HSD % Chg LDO (1 Nov 10) LDO (1 Oct 10) LDO % Chg Fuel Oil (1 Nov 10) Fuel Oil (1 Oct 10)
744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1
Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276
KARACHI: A trader reacts in front of an electronic board displaying stock prices during a trading session inside the trading hall.-Reuters
Indian shares up 0.1pc; SBI falls; Tata Steel soft MUMBAI: Indian shares notched a 0.1 per cent gain on Monday as investors continued to be optimistic about outlook for the world's second-fastest growing major economy. However, they ended off highs as European shares briefly slipped down on caution ahead of the outcome of a meeting of euro zone finance ministers. The ministers meet on Monday after an 85 billion euro aid package for Ireland failed to calm financial markets. Tata Steel , world's seventhlargest steelmaker by output surged 3.7 per cent after global miner Rio Tinto made a $3.5 billion bid approach for Africafocused Riversdale Mining . The Indian steelmaker is one of the three major stake holders in Riversdale. "Tata's 24 per cent stake would be valued at $840 million at the current bid price of 38 rupees per share, and we believe a counter bid is likely which should be even more positive for Tata," J.P. Morgan analysts said in a note. Banks tumbled on fears margins could be hit after State Bank of India said it will hike deposit rates with effect from Tuesday. Top lender State Bank of India closed 3.9 per cent lower at 2,952.85 rupees. The 30-share BSE Index rose 0.07 per cent, or 14.38 points, to 19,981.31 points, with 18 of its components closing in the green. "With economic fundamentals
in place and growth on track, India is going to stay an attractive bet," said Rakesh Rawal, head of private wealth management at Anand Rathi. India's economy had expanded 8.9 per cent in the September quarter, quicker than expected by economists, and a private survey last week showed manufacturing activity in November grew at its fastest pace in six months. "Emerging markets at large have been attracting good inflows. Ultimately, investors put in money where they can see growth," Rawal said. Foreign funds invested $29.2 billion in Indian equities so far in 2010, driving the benchmark index 14.4 per cent higher. Optimistic metal prices outlook also pushed metal makers higher, dealers said. Technical indicators suggested copper prices could rally above $9,000 a tonne in the next fortyeight hours, with the market ending a consolidation phase, Reuters technical analyst Wang Tao said. Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco gained 3.7 per cent and 2.7 per cent, respectively. Market breadth turned negative in late trade with declining shares beating advancing ones in a ratio of 1.4:1 on relatively lower volume of 337 million shares. The 50-share NSE index closed barely changed at 5,992.25.-Reuters
ANNOUNCEMENTS Company Period TRG Pakistan Ltd. Yearly TRG Pakistan Ltd. (CONSOLIDATED)Yearly
Div/Bon/Right PAT (Rs in mn) -1,616.83 -1,060.70
EPS(Rs) -4.20 -2.33
FTSE hits 3-wk high, buoyed by the oil stocks LONDON: Britain's top share index closed higher on Monday, buoyed by oil stocks after crude reached a two-year peak, while banks fell on fears over euro zone debt as EU ministers met to discuss ways of preventing debt contagion. The FTSE 100 ended up 24.96 points, or 0.4 per cent, at 5,770.28, for its highest close since Nov. 15 after a choppy session which saw the index dip to 5,728.46. Integrated oil stocks were the standout gainers after the crude price neared $90 earlier in the session. Analysts said cold weather in Europe and in parts of the United States should limit the downside for prices because of greater heating oil demand. But some weakness was seen among risk sensitive banks, with investors rattled after Moody's Investors Service cut Hungary's credit rating. Euro zone finance ministers meeting on Monday faced IMF pressure to increase the size of a 750 billion euro ($1,006 billion) safety net for debt-stricken members to halt contagion in the single currency bloc. "The UK market does appear to be outperforming many of the other continental European markets, which perhaps suggests that the UK's getting a slight boost from not being within the euro zone," said Peter Dixon, economist at Commerzbank. "I suspect the European financial ministers' meeting is See # 16 Page 11
China higher on energy shares; Hong Kong slips HONG KONG/SHANGHAI: China shares edged higher on Monday driven by energy stocks as crude oil prices held at a two-year high, while a strong trading debut by Dalian Port supported investor optimism. Hong Kong shares, which had traded in positive territory for most of the day, finished slightly lower as a mild selloff in financials dragged the benchmark Hang Seng into red on a low turnover day. The Hang Seng closed down 0.4 per cent, though oil major CNOOC rose 2.4 per cent to a record high, and conglomerate Swire Pacific was up 3.6 per cent, helping to limit losses. Turnover was thin, suggesting investors were taking a cautious approach to risky assets after a weak jobs report and lingering eurozone concerns prompted investors to take some profits after last week's 2 per cent rise. Shanghai's key stock index recouped earlier losses and rose 0.5 per cent with investors
encouraged by more clarity on the government's monetary policy. The index is down about 13 per cent this year. "China will likely raise interest rates or reserve requirements which could limit upside but once we go through several rises in reserve rates and interest rates, inflation will drop lower next year, helping the broader market to rise," said Li Feng, manager of proprietary trading at Fortune Securities in Shenzhen. The Communist Party's leaders said China will switch to a prudent monetary policy, from a moderately loose stance, a trend that was already priced in by the stock market, analysts said. The operator of north China's biggest port, Dalian Port jumped 38 per cent on its first day of trade after it raised 5.7 billion yuan ($856 million) in its downsised Shanghai public offering. Oil major CNOOC rose to record high, the biggest boost to the broader benchmark, as
KARACHI: Continued offshore interest over higher international oil prices kept Karachi Stock Exchange (KSE) in the green zone on Monday. The benchmark KSE 100Index ended 33 points up at 11,440 points while KSE 30Index gained 67 points and KSE All Share Index grew by 19 points to close at 11,061 and 7,955 points respectively. "Foreign fund managers' persistent support kept the index in a positive territory throughout the trading session", said Samar Iqbal, equity dealer at Topline Securities. NCCPL data showed foreigners net-bought equities worth $3.44 million on Monday making up December's total to $24.23 million so far. Local investors kept trimming their positions fearing a big correction as the index touched new highs, Samar said. Following a heavy buying by the foreigners in the last session, market started the day on a positive note and remained there till the closing bells as foreigners were active mainly
in banking and OGDC anticipating good upcoming corporate results . Further, the rising international oil prices crossing $89 a barrel too triggered the buying activity. Therefore index touched an intra-day high of 11,485 points (+ve 79 points) but then witnessed some profit taking particularly by the local investors reducing the green numbers. Thus, index ended the session with some clipped gains. Local investors mainly stayed on the selling side where banks, NBFCs and mutual funds did a net-buying of $3.01, $1.39 and $0.81 million respectively. Investor participation witnessed some decline as 170.5 million shares traded in the overall market - a decline of 31.5 million shares as compared to a turnover of 202 million shares on Friday. Dewan Salman stood as the volume leader with 26.28 million shares followed by Lotte Pakistan with 12.99 million shares and NPL with 11.32 million shares. Out of total 396 active issues 196 declined and 175 advanced while 25 issues remained unchanged.
Nikkei falls; volume lowest since late Oct TOKYO: Japan's Nikkei slipped on Monday after weak US jobs data and a renewed focus on US quantitative easing pushed the dollar down against the yen, spurring profit-taking in Tokyo stocks after they hit a six-month high last week. But overseas fund operators and Japanese retail investors were looking to buy on dips, limiting losses for the Nikkei, analysts said. Tokyo stocks traded in a narrow range, with volume falling to the lowest since late October, as investors took a wait-and-see stance amid a lack of fresh market incentives, analysts said. See # 15 Page 11
US stocks mid-morning
Eurozone concerns weigh on Wall Street NEW YORK: US stocks dipped on Monday with investors taking profits and looking for further action from European officials to prevent a debt crisis from spreading. Eurozone finance ministers were set to meet amid pressure to increase the size of a 750bn ($1006 billion) safety net for debt-stricken members. But Germany rejected any such move. "Even if Germany gets on board, does Germany become the benefactor of all of Europe?" said Nick Kalivas, senior equity index analyst at MF Global in Chicago. "Is it politically and economically viable for the euro?" The euro fell, pressuring equities. Stocks and the euro have moved in tandem of late, with the euro looked at as a proxy for debt concerns. The Dow Jones industrial average slipped 26,22 points, or 0,23 per cent, to 11355,87. The Standard & Poor's 500 Index eased 3,33 points, or 0,27 per cent, to 1221,38. The Nasdaq Composite Index was off 4,65 points, or 0,18 per cent, to 2586,81. Technology shares limited declines after positive brokerage comments on Cisco Systems Inc and Cognizant Technology Solutions Corp. Cisco rose 1,8 per cent to $19,41 after Oppenheimer raised the stock to "outperform," and Cognizant gained 2,2 per cent to $70,86 after Goldman Sachs boosted it to "buy." Goldman Sachs Asset Management Chairman Jim O'Neill gave a bullish view on equities at the Reuters Investment Outlook Summit, saying global equity markets are likely to see gains of up to 20 per cent through 2011.-Reuters
Dhiyan
TWO-WAY DULL-DAY TODAY Kashif Mustafa, NAMCO
Bullishness is likely to continue on these: expected MTS launch in January, hopes of good corporate results in oil and banking sectors, and overall improved political/economic situation in the country. Therefore, if index manages to sustain its key psychological barrier of 11,500 points then it can touch 11,800-12,000 points in the coming weeks. Further, improved economic and political situation would also force foreign investors to concrude oil prices were supported tinue buying. Investors are advised to go for 1st tier banking stocks. They by a weak dollar and expecta- can also invest in power and fertiliser sectors while they should hold their tions that a cold spell in the and positions in oil stocks. Market would be dull today. Europe would underpin demand. With a lack of local Asian economic data this week until China's trade data due on Friday, IPOs, new listings and merger activity would keep investors focused on the resources sector, said traders at Standard Chartered. Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Conglomerate Swire Pacific, Some range bound activities are expected in the market which has interests in property, shipping and aviation, rose 3.6 where index would be moving between 11,330 and 11,500 per cent, inching toward a points in the coming days. Here, dips would be an opportunity record high, and was the top for the investors. Foreign inflows would turn out to be the gainer on the Hang Seng. major support for the market, while upcoming corporate "I would think with property results would also trigger trade. Investors must avail the tradprices at peaks and with the ing opportunities in cement and banking stocks with their stop government clamping down, losses. Market would move both ways today. this would be a good time for them to get the IPO of their property unit out of the way," said Martin Haigh, head of trading at Standard Chartered in Hong Kong. Swire scrapped plans for a $2.7 billion listing of its property unit in May.-Reuters
6
Tuesday, December 7, 2010
Market Volume
170,500,196
Value
5,406,823,975
Trades
75,441
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
175 196 25 396
All Share Index
11,440.07 11,486.01 11,406.66 h33.41
Current High Low Change
KSE 30 Index
7,955.66 7,989.93 7,935.97 h19.69
Current High Low Change
KMI 30 Index Current High Low Change
11,061.17 11,076.46 10,988.42 h67.55
18,107.21 18,250.43 18,085.55 i35.27
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,476.90 Turnover 6,484,625 P/E (x) 10.94 Company
KSE 100 Index
Symbols
High Low 1,488.78 1,470.32 Total cos Defaulter cos P/BV (x) ROE (%) 3.56 32.54
PE
Open
High
Low
Attock Petroleum 691 5.60 Attock Refinery 853 6.62 BYCO Petroleum 3921 Mari Gas Company 735 16.25 National Refinery 800 3.91 Oil & Gas Development 43009 11.26 Pak Petroleum 11950 8.22 Pak Oilfields 2365 6.46 Pak Refinery Limited 350 P.S.O 1715 4.81 Shell Gas LPG 226 Shell Pakistan 685 10.25
323.69 123.50 11.92 119.25 266.00 166.08 202.37 275.19 92.47 286.59 36.78 197.74
326.50 125.30 12.15 122.60 270.50 167.05 203.90 277.80 97.09 289.10 37.89 201.00
321.75 117.53 11.82 119.11 262.01 166.00 201.51 273.12 91.70 284.00 36.20 197.00
Close Chg 323.36 118.10 11.89 119.96 264.11 166.49 202.02 273.73 97.09 284.15 36.55 199.79
-0.33 -5.40 -0.03 0.71 -1.89 0.41 -0.35 -1.46 4.62 -2.44 -0.23 2.05
Close Change 1,475.03 -1.87 Listed cap Market cap 65,194.15 mn 1,155,889.81 mn Payout (%) Div Yield (%) 55.94 5.11 Last 60 days High Low
Volume 156458 2942732 976901 116730 89943 1133032 455397 1078028 31605 437983 1318 41399
374.20 137.20 12.49 128.90 275.40 167.35 214.10 277.90 97.09 292.15 40.28 204.40
% Change -0.13 5-Day High 1,476.90 5-Day Low 1,457.31
2009 Div BR (%) (%)
287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 141.60 82.5 168.70 130 20B 219.05 180 48.26 243.55 50 28.05 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 732.06 Turnover 18,650 P/E (x) 5.53 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 732.82 727.25 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53
Close 727.84 Listed cap 3,242.17 mn Payout (%) 11.08
Change -4.22 Market cap 12,548.35 mn Div Yield (%) 2.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.15 36.96
71.51 34.99
71.60 35.00
71.50 33.86
71.50 -0.01 34.00 -0.99
305 18345
77.77 41.00
60.05 33.06
Company
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 8.42 Biafo Ind 200 5.04 BOC (Pak) 250 11.74 Clariant Pak 273 6.03 Dawood Hercules XD 1203 7.17 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. Ltd XD 3277 10.26 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 6785 8.29 Fauji Fert. Bin Qasim 9341 6.74 Ghani Gases Ltd 725 8.70 ICI Pakistan 1388 7.72 Lotte Pakistan 15142 4.56 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 10.40 Sitara Peroxide 551 14.66 Wah-Noble 90 6.57
23.37 45.12 85.14 158.60 172.46 2.54 7.24 2.23 11.00 185.96 14.11 10.18 113.94 35.27 11.58 138.09 12.83 1.70 1.55 2.44 130.00 13.28 33.20
23.50 46.35 86.74 162.00 173.90 2.90 8.23 3.01 10.80 187.48 14.40 10.23 115.35 35.78 11.70 139.19 13.05 1.70 1.60 2.40 127.03 13.94 34.17
23.25 44.25 84.11 157.67 172.00 2.55 7.29 2.23 10.54 186.12 14.10 9.21 114.10 35.50 11.45 137.00 12.70 1.45 1.50 2.39 126.10 13.35 33.41
Close Chg 23.25 46.35 85.44 157.72 172.85 2.84 8.21 2.77 10.70 186.80 14.16 9.47 114.35 35.71 11.48 137.03 12.78 1.64 1.55 2.39 126.86 13.49 34.16
-0.12 1.23 0.30 -0.88 0.39 0.30 0.97 0.54 -0.30 0.84 0.05 -0.71 0.41 0.44 -0.10 -1.06 -0.05 -0.06 0.00 -0.05 -3.14 0.21 0.96
Close 1,299.62 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1020 4909 2946 5120 7217 631775 2393931 26284430 14837 1526231 1131007 4557737 1659496 2678960 49706 114155 12990055 8027 209201 126 130 322718 700
Change 6.01 Market cap 286,862.86 mn Div Yield (%) 5.98
25.38 49.75 87.99 164.89 185.00 2.90 8.27 3.01 13.79 189.47 15.20 11.74 115.35 35.78 13.85 139.99 13.05 2.75 1.72 3.40 139.40 14.69 46.25
% Change 0.46 5-Day High 1,299.62 5-Day Low 1,275.44
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20.26 31.64 40 45 66.90 90 15 149.72 125 163.51 40 10B 40 1.78 3.20 1.28 9.15 15 15 168.65 6010B 40R 40 11.61 - 27.5R 9.11 102.96 131.5 10B 95 26.59 40 - 17.5 7.41 116.00 80 55 7.85 5 0.80 1.16 1.80 101.00 75 25 7.67 32.00 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,103.63 Turnover 49,392 P/E (x) 5.70 Company
High Low 1,154.31 1,105.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 7.47
Close 1,135.87 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.39 6.60
16.49 41.58 40.76
17.15 43.65 42.79
16.31 43.00 41.00
16.43 -0.06 43.65 2.07 42.79 2.03
18624 7898 22870
Century Paper Pak Paper Product Security Paper
Change 32.24 Market cap 3,148.14 mn Div Yield (%) 4.44
Last 60 days High Low 21.80 62.85 42.79
15.28 38.61 38.00
% Change 2.92 5-Day High 1,135.87 5-Day Low 1,083.91
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,179.26 Turnover 3,247,593 P/E (x) 4.27 Paid up Cap(mn)
PE
High Low 1,193.51 1,152.46 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35
Open
High
Low
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
144 5.41 70.24 101 4.78 160.68 626 7.93 107.00 890 1.52 56 4.39 191.20 598 19.40 22.22 450 3.23 4.59 1428 - 11.80 786 5.80 262.42 823 11.60 73.70 150 3.64 20.20 117 2.20
71.50 162.70 111.50 1.88 198.00 22.50 4.89 12.00 263.98 74.10 20.70 1.97
70.35 160.00 109.00 1.51 185.01 22.24 4.65 11.45 253.00 72.00 19.50 1.97
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 3.95 675 555 9.07 1199 10.58 785 10.34
24.98 2.92 14.56 50.66 9.01
25.29 3.00 14.80 52.85 9.28
24.87 2.80 14.45 50.00 9.00
Close Chg 25.27 2.93 14.51 50.80 9.10
0.29 0.01 -0.05 0.14 0.09
Close 979.07 Listed cap 3,596.11 mn Payout (%) 30.91
Close Chg
Close 1,161.28 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -17.98 Market cap 42,115.91 mn Div Yield (%) 4.78
Last 60 days High Low
36821 62710 7015 243994 1528
25.98 3.39 16.75 54.00 10.80
Open 1,593.94 Turnover 465,824 P/E (x) 35.11 Company Bawany Sugar Chashma Sugar Clover Pakistan Colony Sugar Mills Crescent Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Ismail Ind Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar Punjab Oil XD Quice Food S S Oil Sanghar Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala Thal Industries
Paid up Cap(mn) 87 287 94 990 214 365 217 600 200 505 143 70 141 414 453 48 165 109 38 38 107 57 119 211 695 1177 150
PE
Change 6.36 Market cap 9,486.39 mn Div Yield (%) 10.02
23.75 1.65 12.25 44.00 8.00
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gammon Pak Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.74 858 182 956 27.05 982 13.46 3574 3651 131.04 6933 14.91 502 3.75 1760 283 2319 32 1288 13126 3234 6.96 5261 1.33 541 3.09 2228 200 361 798 504.25
3.35 62.70 1.69 19.39 11.47 1.60 1.91 31.05 4.94 7.35 1.80 1.53 8.61 0.70 7.23 3.03 76.46 2.86 4.28 7.11 5.99 8.43 19.40
3.35 64.00 1.69 19.70 12.00 1.85 2.22 31.95 5.04 7.21 1.89 1.75 8.70 0.74 7.28 3.09 77.75 2.94 4.99 7.15 6.20 8.98 20.20
3.25 62.47 1.69 18.80 11.79 1.61 1.91 31.06 4.90 7.20 1.72 1.48 8.01 0.64 7.06 3.00 76.50 2.85 4.08 7.00 5.99 8.00 18.40
Close 1,030.67 Listed cap 54,792.74 mn Payout (%) 19.04
2009 Div BR (%) (%) 10
30B -
2010 Div BR (%) (%) 30 40 7.5
20B -
Close Chg
Volume
3.35 63.99 1.69 19.15 11.90 1.75 2.12 31.45 4.92 7.20 1.79 1.50 8.40 0.69 7.15 3.05 77.46 2.87 4.20 7.07 6.06 8.50 20.17
13289 149866 1390 11169 3201 80666 2806973 7737846 497449 1058 182576 2960 29015 24066 34300 520056 4292568 110162 1373 324359 3848 19832 10882
4.20 69.86 2.05 20.45 12.75 2.20 2.22 31.95 5.50 8.20 2.20 2.90 8.70 1.48 8.70 3.65 79.98 3.40 8.89 8.58 9.47 11.00 22.24
2.80 57.60 1.01 14.01 9.51 1.30 1.30 23.40 4.52 4.25 1.70 0.98 2.11 0.25 5.50 2.71 67.70 2.51 3.51 6.56 5.25 6.30 18.00
% Change 1.00 5-Day High 1,030.67 5-Day Low 999.33
2009 Div BR (%) (%) 50 40 9.75 -
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 958.01 Turnover 235,037 P/E (x) 2.72 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
Paid up Cap(mn)
PE
Open
115 2.81 75.06 230 2.44 1067 4.33 48.34 389 2.95 47 48.13 18.25 844 54.36 107.00 300 8.31 113.16
High
High Low 972.06 947.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91 Low
Close Chg
78.81 73.76 78.81 2.54 2.30 2.43 49.35 47.00 47.09 2.92 2.50 2.50 19.25 19.25 19.25 106.89 105.30 106.00 114.00 113.00 113.91
3.75 -0.01 -1.25 -0.45 1.00 -1.00 0.75
Close 955.45 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 167789 12556 16398 1054 2042 11286 23829
Change -2.57 Market cap 35,739.14 mn Div Yield (%) 5.71
Last 60 days High Low 78.81 3.13 61.99 3.84 19.25 111.88 115.00
34.00 1.70 45.75 1.60 11.81 98.00 96.01
% Change -0.27 5-Day High 967.66 5-Day Low 955.45
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Company
Company Ados Pak AL-Ghazi Tractor Bolan Casting
Paid up Cap(mn) 66 215 104
PE
Open
Low
Close Chg
Volume
Change -4.05 Market cap 32,576.69 mn Div Yield (%) 15.73
63.01 131.00 92.50 1.16 121.10 21.00 4.03 9.65 215.99 69.25 17.92 1.53
Low
Close Chg
Close 1,588.17 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
40 100 80 50 100 5 2
90 100 60 20 150 10 -
20B 30B 20B -
Change -5.77 Market cap 209,988.84 mn Div Yield (%) 0.87
Last 60 days High Low
1100 3.49 0.85 505 15.47 8.50 2410 70.74 33.33 1780 4.00 2.54 36547 6.65 5.00 150855 3.15 1.11 510 21.39 16.01 63075 36.00 26.25 5060 16.98 11.90 786 77.70 66.25 7734 68.49 48.50 4325 67.00 53.64 1201 6.48 4.20 5126 57.00 39.01 170 2259.00 1785.00 2893 27.30 17.51 500 14.84 10.50 6230 6.50 4.00 13101 53.81 32.50 500 41.29 34.00 1500 3.40 1.60 5000 3.89 3.00 2834 14.90 13.00 2344 13.50 8.31 147684 7.50 3.21 1503 35.50 27.50 500 81.02 61.00
Last 60 days High Low
High Low 1,086.78 1,075.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64
Close 1,079.90 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1174 231
3.45 1.95
13.66 16.12
13.85 16.90
13.55 16.20
13.69 0.03 16.31 0.19
43667 37195
Pak Elektron Tariq Glass Ind
20B 20B -
2009 Div BR (%) (%) 17.5 35 40 15 35 25 600 50 30 15 10 15 20
25B 30B 10B 25B 10B 10B 25B -
% Change -0.36 5-Day High 1,593.94 5-Day Low 1,572.34 2010 Div BR (%) (%) 15 40 17.5 110R 25 10B 15 20B 12 450 12 15 28R -
Change -4.22 Market cap 5,045.71 mn Div Yield (%) 2.31
Total Assets (Rs in mn)
15.59
Total Equity (Rs in mn)
MA (100-day)
15.01
Revenue (Rs in mn)
124,181.73
MA (200-day)
15.57
Interest Expense
4,969.92
1st Support
15.80
Profit after Taxation
1,025.35
2nd Support
15.60
EPS 09 (Rs)
1.710
1st Resistance
16.15
Book value / share (Rs)
13.81
2nd Resistance
16.30
PE 10 E (x)
8.45
Pivot
15.95
PBV (x)
1.16
9,184.46 10,102.06
MEBL closed up 0.23 at 15.99. Volume was 277 per cent above average (trending) and Bollinger Bands were 18 per cent wider than normal. The company's profit after taxation stood at Rs994.738 million which translates into an Earning Per Share of Rs1.42 for the nine months of current calendar year (9MCY10). MEBL is currently 2.7 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 very strong flows of volume into MEBL (bullish). Trend forecasting oscillators are currently bullish on MEBL.
TRG Pakistan Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
35.90
Total Assets (Rs in mn)
2,549.61
MA (10-day)
4.16
Total Equity (Rs in mn)
2,509.06
MA (100-day)
3.96
Revenue (Rs in mn)
MA (200-day)
4.21
Interest Expense
1st Support
3.70
Profit after Taxation
2nd Support
3.55
EPS 09 (Rs)
1st Resistance
4.10
Book value / share (Rs)
2nd Resistance
4.35
PE 10 E (x)
Pivot
3.95
PBV (x)
28.92 0.10 766.33 1.988 6.51 0.59
TRG closed down -0.34 at 3.87. Volume was 210 per cent above average (trending) and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs1.398 million which translates into a Loss Per Share of Rs0.004 for the 1st quarter of current fiscal year (1QFY11). TRG is currently 7.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bearish on TRG.
WorldCall Telecom Limited
Last 60 days High Low 15.43 18.80
12.82 14.60
2009 Div BR (%) (%) -
10B -
% Change -0.39 5-Day High 1,100.42 5-Day Low 1,079.90 2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 980.94 Turnover 12,954,240 P/E (x) 6.49 Company
Paid up Cap(mn)
(Colony) Thal Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Fibres Ltd D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Dewan Mushtaq Textile Dewan Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile J K Spinning Janana D Mal Kohinoor Ind Kohinoor Mills Leather Up Mehmood Textile Mian Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sargoda Spinning Saritow Spinning Service Ind Shadab Textile Shahpur Textile Shahtaj Textile Shield Corp Sunrays Textile Tata Textile Thal Limited Treet Corp Zil Limited
56 2415 840 133 4493 76 76 400 1150 2442 124 600 99 514 600 57 34 135 110 188 234 146 716 3105 100 99 180 184 43 303 509 60 150 221 145 1596 3516 560 174 62 185 250 308 341 264 88 42 312 133 120 30 140 97 39 69 173 307 418 53
PE
Open
0.91 10.48 4.62 5.85 20.60 0.34 2.65 - 11.38 0.45 12.78 5.31 643.71 0.48 1.15 3.14 3.77 2.45 0.65 12.99 1.93 0.64 45.59 38.52 4.11 5.11 0.19 2.45 0.16 4.25 3.80 0.62 20.50 0.97 48.98 0.54 47.99 1.36 6.51 0.78 4.00 3.12 38.00 1.01 0.38 4.15 3.37 3.05 1.04 5.85 0.24 14.40 1.61 3.17 2.02 1.75 0.70 57.00 0.62 0.39 1.86 22.93 5.24 62.38 2.41 7.12 0.79 10.43 0.44 29.00 1.07 14.50 1.34 0.63 8.61 4.43 35.37 0.35 4.50 0.21 3.82 1.26 2.32 0.45 2.15 0.36 2.68 8.87 272.72 0.37 14.09 0.56 0.50 - 17.67 11.08 91.78 0.55 36.70 0.33 33.90 4.44 102.97 8.94 59.10 3.51 52.50
High
High Low 993.69 975.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 8.64 Low
Close Chg
1.10 0.81 0.81 -0.10 4.75 4.57 4.61 -0.01 21.40 21.00 21.06 0.46 2.50 2.00 2.45 -0.20 11.54 10.99 11.02 -0.36 13.30 12.60 12.72 -0.06 648.00 635.00 640.35 -3.36 1.45 1.10 1.10 -0.05 3.29 3.17 3.19 0.05 2.58 2.32 2.41 -0.04 13.99 12.00 13.99 1.00 2.07 1.89 1.91 -0.02 0.50 0.21 0.35 -0.29 39.10 38.75 38.75 0.23 5.10 5.10 5.10 -0.01 2.45 2.45 2.45 0.00 5.25 4.25 5.25 1.00 4.80 4.80 4.80 1.00 21.25 20.30 20.30 -0.20 51.40 51.24 51.40 2.42 49.99 49.89 49.89 1.90 7.20 5.58 7.15 0.64 4.47 4.04 4.15 0.15 39.90 39.70 39.70 1.70 1.49 0.99 1.01 0.00 5.00 3.63 4.52 0.37 3.10 3.10 3.10 0.05 6.85 5.02 6.82 0.97 14.75 14.65 14.75 0.35 1.64 1.43 1.46 -0.15 2.96 2.20 2.96 -0.21 1.70 1.70 1.70 -0.05 59.80 57.00 57.00 0.00 0.70 0.55 0.55 -0.07 0.40 0.14 0.40 0.01 23.18 22.30 22.39 -0.54 62.28 60.91 61.04 -1.34 7.45 7.00 7.12 0.00 10.84 10.20 10.76 0.33 28.00 28.00 28.00 -1.00 15.50 13.77 14.00 -0.50 1.58 1.35 1.52 0.18 9.59 9.09 9.09 0.48 36.10 35.30 35.30 -0.07 5.20 4.30 4.35 -0.15 4.25 4.00 4.25 0.43 2.98 2.98 2.98 0.66 2.35 2.26 2.30 0.15 2.35 2.20 2.20 -0.48 276.50 259.09 259.09-13.63 15.09 13.09 13.11 -0.98 0.61 0.29 0.40 -0.10 17.97 17.35 17.36 -0.31 90.00 87.20 90.00 -1.78 36.00 36.00 36.00 -0.70 35.55 32.21 34.40 0.50 104.50 102.80 103.88 0.91 60.00 56.15 56.15 -2.95 52.99 52.00 52.51 0.01
Close 979.06 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -1.89 Market cap 128,537.83 mn Div Yield (%) 2.57
Last 60 days High Low
2001 2.00 176841 18.65 2021 24.05 25002 3.45 4255681 12.32 10710 14.50 1277 747.48 3004 2.59 41969 3.95 10774 3.33 5005 18.35 87180 2.37 203 0.90 3620 44.50 1000 8.00 5000 2.90 1400 6.88 500 8.00 1003 25.45 700 56.90 5000 52.50 3274 8.86 291835 4.88 1000 40.41 16956 1.85 68451 5.00 1000 5.35 52323 9.90 6200 20.50 77204 1.94 170 3.79 500 3.00 144 68.80 801 0.98 6181 0.95 1057297 25.14 5530945 63.18 22501 7.48 7381 11.25 4000 31.03 6093 20.50 688959 2.38 23350 12.00 624 37.25 15793 6.85 232 6.20 1850 3.11 8509 2.50 22154 2.99 43247 276.50 2600 15.09 13801 1.90 1433 21.90 943 95.55 990 36.70 503 35.55 236793 112.80 96539 60.50 1626 55.00
0.52 4.40 18.00 1.35 9.02 7.80 436.00 0.56 3.00 2.26 8.41 1.44 0.02 36.10 2.05 0.26 1.60 3.80 17.21 41.00 34.65 5.01 3.35 34.05 0.30 2.02 2.60 4.05 9.95 1.01 1.52 1.10 51.46 0.01 0.14 15.66 42.69 5.16 6.00 25.71 12.51 1.29 8.01 31.25 2.01 3.30 1.30 0.50 1.10 169.00 7.56 0.18 15.61 43.29 30.03 15.00 86.50 37.20 33.00
2009 Div BR (%) (%)
% Change -0.19 5-Day High 980.94 5-Day Low 970.48 2010 Div BR (%) (%)
30 20 20 7.5 20 120 5 10 5 7.5 35 -100SD 70 - 10B 10 10 20 10 20 4050.2257B 60 - 50R 15 20 25 12.5 - 10B 10 7.5 50 20 30 - 25SD 40 40 10 5 200 10 20 45 - 30B 10 10 25 20 20B 80 40 10B 35
5B 45R 10B 5B 20B -
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.89 227.45 51.99
14.12 200.00 40.50
20 400 -
20B
150 25
10B
Dewan Auto Engineering 214 0.78 Ghandhara Ind 213 10.39 10.91 Hinopak Motor 124 - 139.01
1.00 0.21 0.65 -0.13 11.47 11.00 11.22 0.31 141.00 133.00 133.06 -5.95
2532 12595 205
1.00 18.80 147.89
0.21 10.55 108.11 17.15
-
-
-
Millat Tractors XB
498.95 494.00 494.79 -0.60
32891
597.90
390.00
25B
650
25B
450
Performance of SR Pharma and Bio Tech Index
% Change -0.26 5-Day High 1,555.48 5-Day Low 1,541.15
13544 158 10420
6.47 495.39
16.00 15.00 15.60 219.30 218.00 218.48 45.90 43.00 45.48
Close 1,551.44 Listed cap 1,336.62 mn Payout (%) 131.49
73.00 187.90 122.51 1.88 198.07 26.70 6.09 13.40 282.45 79.50 27.58 3.25
2010 Div BR (%) (%)
PHARMA AND BIO TECH
0.60 2.05 1.48
366
1.01 15.00 5.23 216.43 - 44.00
High
High Low 1,572.78 1,547.43 Total cos Defaulter cos P/BV (x) ROE (%) 3.18 38.02
High
High Low 1,615.28 1,564.00 Total cos Defaulter cos P/BV (x) ROE (%) 10.64 30.30
Paid up Cap(mn)
Performance of SR Industrial Engineering Index Open 1,555.48 Turnover 72,368 P/E (x) 8.36
Open
Open 1,084.12 Turnover 80,876 P/E (x) 2.71
% Change 0.65 5-Day High 979.07 5-Day Low 967.95
Change 10.22 Market cap 74,400.95 mn Div Yield (%) 2.55
Last 60 days High Low
0.00 1.29 0.00 -0.24 0.43 0.15 0.21 0.40 -0.02 -0.15 -0.01 -0.03 -0.21 -0.01 -0.08 0.02 1.00 0.01 -0.08 -0.04 0.07 0.07 0.77
1200 9576 2516 3162634 2003 1501 1003 16756 37120 8502 4471 311
2009 Div BR (%) (%)
60.30
MA (10-day)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,040.72 1,017.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10
1.16 -0.55 2.44 0.20 -5.20 0.28 0.06 -0.31 -8.18 -0.88 -0.70 -0.23
2.55 3.00 3.00 3.00 0.45 1.00 13.00 13.25 12.25 12.40 -0.60 11.56 67.38 70.74 70.74 70.74 3.36 3.80 3.90 3.80 3.90 0.10 9.43 5.73 5.50 5.00 5.00 -0.73 2.69 3.06 2.54 2.88 0.19 3.46 20.50 21.39 20.50 21.39 0.89 6.98 33.93 34.19 33.30 33.87 -0.06 11.30 12.50 12.40 12.20 12.20 -0.30 32.27 72.96 74.99 69.32 72.28 -0.68 3.68 67.31 68.49 65.01 65.67 -1.64 5.32 63.35 65.90 62.80 63.84 0.49 0.40 6.10 6.40 6.25 6.35 0.25 15.98 43.26 43.45 42.61 42.83 -0.43 23.80 2187.26 2249.00 2100.00 2166.75 -20.51 3.29 23.50 24.00 22.36 23.03 -0.47 - 14.25 14.00 14.00 14.00 -0.25 0.49 6.06 6.24 5.60 6.00 -0.06 9.17 50.97 50.50 49.00 49.99 -0.98 2.95 41.29 39.23 39.23 39.23 -2.06 2.07 2.06 2.06 2.06 -0.01 0.28 3.35 3.31 3.25 3.27 -0.08 0.99 13.29 13.90 13.60 13.80 0.51 19.00 13.15 13.50 13.00 13.11 -0.04 6.32 7.29 6.48 7.19 0.87 309.09 34.00 34.01 34.00 34.00 0.00 9.77 70.03 66.53 66.53 66.53 -3.50
CONSTRUCTION AND MATERIALS Open 1,020.45 Turnover 16,855,061 P/E (x) 7.46
71.40 160.13 109.44 1.72 186.00 22.50 4.65 11.49 254.24 72.82 19.50 1.97
% Change -1.53 5-Day High 1,179.26 5-Day Low 1,161.28
RSI (14-day)
Performance of SR Household Goods Index
Last 60 days High Low
Volume
-
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 999.89 964.27 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 33.10
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 972.71 Turnover 345,053 P/E (x) 3.09
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,310.34 1,293.20 Total cos Defaulter cos P/BV (x) ROE (%) 2.86 35.00
30
Meezan Bank Limited
% Change -0.58 5-Day High 736.32 5-Day Low 727.84
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,293.61 Turnover 49,404,991 P/E (x) 8.16
2009 Div BR (%) (%)
Alert ! Unusual Movements
Open 906.07 Turnover 67,970 P/E (x) 6.76 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 100 306
PE
Open
High
8.77 100.04 6.40 84.01 13.58 75.02 7.24 26.37 6.65 8.65 7.59 34.00 5.53 61.25
101.99 84.80 75.60 26.15 8.59 34.00 62.00
High Low 918.02 898.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.51 22.31 Low
Close Chg
99.70 100.11 0.07 83.50 84.80 0.79 74.00 75.50 0.48 25.80 26.15 -0.22 8.00 8.25 -0.40 34.00 34.00 0.00 61.25 61.51 0.26
Close 911.55 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 6937 1535 5812 38234 5006 815 9578
Change 5.49 Market cap 30,381.98 mn Div Yield (%) 6.59
Last 60 days High Low 104.00 124.00 76.00 26.98 9.00 35.00 64.50
78.99 82.20 65.00 22.60 6.10 27.50 57.05
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change 0.61 5-Day High 911.55 5-Day Low 894.83 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
54.73
Total Assets (Rs in mn)
17,566.02
MA (10-day)
2.64
Total Equity (Rs in mn)
11,379.05
MA (100-day)
2.66
Revenue (Rs in mn)
MA (200-day)
3.41
Interest Expense
1st Support
2.56
Loss after Taxation
2nd Support
2.53
EPS 09 (Rs)
1st Resistance
2.68
Book value / share (Rs)
2nd Resistance
2.77
PE 10 E (x)
Pivot
2.65
PBV (x)
8,408.28 523.03 (490.82) (0.570) 13.22 0.20
WTL closed up 0.04 at 2.66. Volume was 6 per cent above average and Bollinger Bands were 23 per cent narrower than normal. The company's loss after taxation stood at Rs744.23 million which translates into a Loss Per Share of Rs0.86 for the nine months of current calendar year (9MCY10). WTL is currently 21.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into WTL (mildly bullish). Trend forecasting oscillators are currently bearish on WTL.
Dewan Sugar Mills Limited
Fundamental Highlights As on Sep 30, 2009
Technical Analysis RSI (14-day)
66.83
Total Assets (Rs in mn)
MA (10-day)
2.34
Total Equity (Rs in mn)
MA (100-day)
1.89
Revenue (Rs in mn)
6,337.59 (96.44) 2,439.05
MA (200-day)
2.09
Interest Expense
1st Support
2.64
Loss after Taxation
2nd Support
2.33
EPS 09 (Rs)
297.87
1st Resistance
3.16
Book value / share (Rs)
2nd Resistance
3.37
PE 10 E (x)
Pivot
2.85
PBV (x)
(233.58) (6.397) (2.64) (1.09)
DWSM closed up 0.19 at 2.88. Volume was 769 per cent above average (trending) and Bollinger Bands were 92 per cent wider than normal. The company's loss after taxation stood at Rs205.486 million which translates into a Loss Per Share of Rs5.63 for the nine months of current calendar year (9MFY10). DWSM is currently 29.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DWSM (bullish). Trend forecasting oscillators are currently bullish on DWSM.
BOOK CLOSURES Company
From
To
Dawood Hercules Chemicals
7-Dec
13-Dec
20(ii)
29Nov
-
Pakistan Premier Fund
7-Dec
14-Dec
D/B/R -
-
Spot AGM/Date 14-Dec
Engro Corporation (Standalone)
7-Dec
21-Dec
20(ii)
29-Nov
-
Fauji Fertilizer Bin Qasim
14-Dec
20-Dec
12.50(iii)
06Dec
-
Oil and Gas Development Co
14-Dec
21-Dec
15(i)
06Dec
-
Mirpurkhas Sugar Mills
16-Dec
30-Dec
15.20(B)
-
Siemens Pakistan
20-Dec
29-Dec
600
8-Dec
29Dec
JS Investment #
21-Dec
27-Dec
-
-
27Dec
30Dec
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co Shakarganj Food Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Pak Hotels PIAC(A) AKD Capital XD Pace (Pak) Ltd Netsol Technologies
Open 4.21 79.64 1.05 92.95 54.11 316.33 119.9 28.5 33 2.2 51.07 2.89 19.21
High 4.2 83.62 1.15 97.59 53 325 116.9 29.25 34.65 2.28 52.89 3.06 19.48
Low Close 3.8 78.51 1.15 93.01 51.54 300.52 113.91 27.51 32.51 2.2 48.52 2.84 19.05
3.87 83.62 1.15 97.59 51.55 300.52 116.9 29.15 34.65 2.2 48.53 2.93 19.13
Change -0.34 3.98 0.1 4.64 -2.56 -15.81 -3 0.65 1.65 0 -2.54 0.04 -0.08
Vol 8359430 20599 2500 214 111 7028 15701 808 157 159786 11463 1173340 192569
7
Tuesday, December 7, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,158.93 Turnover 2,521,047 P/E (x) 6.25 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
High Low 1,176.23 1,139.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.90 37740 13.01 3000 0.65 8606 6175 -
80.00 19.74 2.26 2.62 3.52
80.00 19.99 2.32 2.74 3.60
79.00 19.41 2.15 2.62 3.41
79.34 19.51 2.18 2.66 3.47
-0.66 -0.23 -0.08 0.04 -0.05
Close 1,146.39 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 1236 819156 550661 1149994 616518
Change -12.54 Market cap 79,338.59 mn Div Yield (%) 10.02
117.99 20.12 2.69 2.98 4.50
78.00 17.55 1.80 2.31 3.35
% Change -1.08 5-Day High 1,158.93 5-Day Low 1,128.56
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance
369 5.92 457 7.08 1250 400 3.00 718 16.72 791 15.68 3000 42.13 350 303 5.70 252 3.99 253 4.20
Paid up Cap(mn)
Company
PE
Open
High
Low
Altern Energy 3426 24.30 Genertech 198 Hub Power 11572 6.68 Japan Power 1560 KESC 7932 Kohinoor Power 126 2.59 Kot Addu Power 8803 4.81 Nishat Chunian Power Ltd 3673 3.40 Nishat Power Ltd 3541 26.29 Sitara Energy Ltd 191 3.44 Southern Electric 1367 -
10.10 0.81 36.41 1.84 2.34 4.79 39.69 14.99 15.77 18.51 2.18
11.10 0.90 36.68 1.84 2.47 4.26 39.80 15.80 16.70 18.50 2.19
10.69 0.78 36.35 1.72 2.30 4.17 39.51 14.60 15.68 18.45 2.12
Close 1,250.46 Listed cap 95,369.29 mn Payout (%) 104.13
Change 8.67 Market cap 102,098.54 mn Div Yield (%) 7.68
% Change 0.70 5-Day High 1,250.46 5-Day Low 1,239.12
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
10.69 0.90 36.47 1.81 2.42 4.24 39.60 15.51 16.30 18.46 2.12
502 7879 485980 23263 1123103 64305 215795 4399694 11318695 750 448923
11.88 1.45 37.05 2.25 2.50 6.10 42.95 15.80 16.70 23.49 2.90
33.5 64.5 20 -
0.59 0.09 0.06 -0.03 0.08 -0.55 -0.09 0.52 0.53 -0.05 -0.06
9.00 0.51 32.75 1.20 1.94 4.09 38.35 10.00 9.75 17.98 2.05
31R -
2010 Div BR (%) (%) 50 - 7.8R 50 20 -
37.00 10.82 45.50 12.57 90.00 58.00 16.41 6.35 10.16 6.50 6.76
37.24 11.32 45.59 12.61 90.12 58.18 16.43 6.35 10.54 6.51 6.77
-0.26 -0.01 -0.58 -0.29 -0.88 -0.32 0.00 -0.62 0.04 -0.04 -0.23
4762 902 13672 28100 1250 2497 415040 5037 201 10380 1000
37.95 12.00 48.63 13.00 92.89 60.50 17.20 8.30 10.55 7.70 8.17
27.10 9.42 34.76 10.04 68.27 52.21 12.50 1.66 8.00 6.10 6.01
Open 962.53 Turnover 10,660 P/E (x) 105.76 Paid up Cap(mn)
Company
American Life East West Life EFU Life Assurance New Jub Life Insurance
High Low 972.35 949.19 Total cos Defaulter cos P/BV (x) ROE (%) 4.07 3.85
PE
Open
High
Low
500 6.00 455 850 46.60 627 31.88
17.11 3.00 83.39 47.87
17.93 3.00 86.40 47.50
16.11 2.55 82.00 47.50
Close 953.66 Listed cap 2,290.72 mn Payout (%) 355.53
Open 1,560.23 Turnover 820,524 P/E (x) 9.68 Company
High Low 1,578.89 1,507.19 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 11.41
Close 1,527.97 Listed cap 12,202.80 mn Payout (%) 66.79
Change -32.27 Market cap 32,686.11 mn Div Yield (%) 6.90
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.99 3.22
27.32 21.89
27.65 22.15
26.75 20.95
26.86 -0.46 21.38 -0.51
135609 684915
34.75 30.70
Sui North Gas XD Sui South Gas
25.55 19.60
% Change -2.07 5-Day High 1,637.30 5-Day Low 1,527.97
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,089.29 Turnover 25,429,591 P/E (x) 7.96 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.12 62.42 Askari Bank 6427 8.04 16.85 Atlas Bank 5001 1.64 Bank Alfalah 13492 12.91 10.02 Bank AL-Habib 7322 7.40 34.01 Bank Of Khyber 5004 5.57 4.27 Bank Of Punjab 5288 9.72 BankIslami Pak 5280 842.50 3.40 Faysal Bank XB 7309 4.84 14.66 Habib Bank Ltd 10019 7.13 113.42 Habib Metropolitan Bank 8732 7.65 25.01 JS Bank Ltd 6128 2.61 KASB Bank Ltd 9509 2.74 MCB Bank Ltd XD 7602 9.63 208.07 Meezan Bank 6983 8.46 15.76 Mybank Ltd 5304 2.40 National Bank 13455 6.05 68.49 NIB Bank 40437 2.95 Royal Bank Ltd 17180 4.98 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.71 Soneri Bank 6023 7.24 Stand Chart Bank 38716 12.69 8.00 Summit Bank Ltd 5000 3.48 United Bank Ltd 12242 7.40 61.96
High
High Low Close 1,124.05 1,091.69 1,114.76 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.11 13.94 40.49 Low
Close Chg
63.30 62.60 62.93 0.51 17.20 16.84 16.89 0.04 1.69 1.56 1.66 0.02 10.17 10.00 10.07 0.05 34.50 34.10 34.35 0.34 4.40 3.94 4.18 -0.09 10.18 9.93 10.03 0.31 3.60 3.35 3.37 -0.03 15.15 14.74 15.00 0.34 115.95 113.50 114.13 0.71 25.65 25.00 25.01 0.00 2.70 2.60 2.67 0.06 2.80 2.40 2.65 -0.09 217.90 209.00 217.27 9.20 16.10 15.75 15.99 0.23 2.60 2.41 2.45 0.05 69.80 69.02 69.32 0.83 2.98 2.88 2.93 -0.02 5.00 4.63 4.67 -0.31 1.87 1.79 1.80 0.00 2.79 2.67 2.70 -0.01 7.40 7.20 7.35 0.11 8.37 8.00 8.25 0.25 3.79 3.25 3.32 -0.16 63.50 62.25 63.00 1.04
Volume
Change 25.47 Market cap 676,125.40 mn Div Yield (%) 5.08
Last 60 days High Low
62994 63.30 1033037 17.20 75104 2.55 1878082 10.19 117598 34.50 16897 4.70 3337319 10.59 114599 3.88 1032311 17.10 420721 115.95 9053 26.74 23420 3.00 89834 2.90 2871387 217.90 518544 16.32 267022 2.69 9502308 70.75 448955 3.18 129556 8.10 88308 2.65 751613 3.08 37849 8.00 56197 8.80 148378 3.80 2546831 63.50
48.51 14.10 1.50 7.65 29.10 2.50 7.56 2.70 12.85 92.55 18.02 2.00 2.03 182.61 14.05 1.81 61.50 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 2.34 5-Day High 1,114.76 5-Day Low 1,058.88
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 760.08 Turnover 1,126,203 P/E (x) 12.53 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 23.75
Open 82.18
High 83.50
High Low 769.64 752.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20 Low 81.51
Close Chg 81.93 -0.25
Close 755.52 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 643254
Change -4.56 Market cap 46,921.86 mn Div Yield (%) 6.35
Last 60 days High Low 84.45
63.05
2009 Div BR (%) (%) 30
10B
% Change -0.60 5-Day High 760.08 5-Day Low 746.44 2010 Div BR (%) (%) 10
-
10 -
UPTO 100 VOLUME
20B -
Symbols NBF FANM TRIBL CSIL FCIBL SIEM WYETH NMBL FASM SIBL PGCL FIBLM SCLL NSRM KSBP AGSML IDYM ATFF GATI FNEL GSPM HWQS RCML TOWL ULEVER COLG GRYL UNIC JDWS JOPP FZTM YOUW RMPL FRCL DSML ICL DIIL DREL AHI PKGI BILF SALT KTML CJPL PECO BAPL FNBM TRSM ESBL MQTM SNAI SHCM ZTL CRTM BTL MFTM AASM FECS SHJS KOHE TSPL PTEC ETNL EMCO AKGL ARPAK
Close Chg
Volume
Last 60 days High Low
17.93 2.90 82.01 47.50
638 1502 7420 1100
20.45 4.62 86.95 49.14
0.82 -0.10 -1.38 -0.37
% Change -0.92 5-Day High 963.51 5-Day Low 935.87
2009 Div BR (%) (%)
16.11 2.05 51.25 39.68
2010 Div BR (%) (%)
- 10R 5513.33B 10 -
-
20R -
FINANCIAL SERVICES Performance of SR Financial Services Index Open 441.03 Turnover 6,029,644 P/E (x) 10.04 Paid up Cap(mn)
Company
High Low 446.98 435.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 0.91
PE
Open
High
Low
AMZ Ventures Arif Habib Limited Arif Habib Corp Dawood Cap Mngt. XB Dawood Equities IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing
225 1.32 450 13.47 3750 4.74 150 1.17 250 2121 16.19 600 696.00 2849 3166 626 0.67 7633 508 500 8.01 1000 28.83 1000 821 5.00 775 452 -
0.58 26.48 25.72 1.55 2.00 2.65 7.90 0.65 3.50 1.90 13.18 4.18 30.17 7.03 4.41 6.50 2.32 0.57
0.60 26.80 26.14 1.31 2.49 2.89 7.45 0.81 3.53 1.96 13.39 4.30 30.00 7.05 4.60 6.80 2.40 0.63
0.52 26.30 25.67 1.31 1.90 2.56 6.90 0.60 3.50 1.84 13.01 4.10 29.25 6.90 4.40 6.51 2.21 0.60
Close Chg
Close 438.28 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change -2.75 Market cap 30,336.54 mn Div Yield (%) 3.01
0.58 26.41 25.76 1.31 1.92 2.59 6.96 0.61 3.50 1.87 13.09 4.13 29.80 6.92 4.41 6.80 2.24 0.60
0.00 -0.07 0.04 -0.24 -0.08 -0.06 -0.94 -0.04 0.00 -0.03 -0.09 -0.05 -0.37 -0.11 0.00 0.30 -0.08 0.03
77897 31791 1709261 2750 27012 35151 4211 94194 17926 75179 5341796 88039 6354 106553 36901 1001 80773 1920
% Change -0.62 5-Day High 441.03 5-Day Low 428.77
Last 60 days High Low
2009 Div BR (%) (%)
1.10 34.00 27.02 2.14 2.70 2.90 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.70 7.29 2.70 0.86
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 24.40 20.90 0.86 1.51 1.17 6.16 0.44 2.54 1.31 8.80 1.96 24.25 5.10 3.32 4.50 1.35 0.42
2010 Div BR (%) (%) 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,192.96 Turnover 7,596,715 P/E (x) 20.08
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
10B 8.7B 20B 15B 20B
Change -8.88 Market cap 10,978.15 mn Div Yield (%) 3.36
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
40 40 35 35 30 30 20 -
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,260.92 1,239.48 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 9.35
37.95 11.38 46.89 13.00 92.00 59.00 16.78 6.40 10.55 6.56 6.81
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,241.80 Turnover 18,088,891 P/E (x) 13.56
37.50 11.33 46.17 12.90 91.00 58.50 16.43 6.97 10.50 6.55 7.00
Paid up Cap(mn)
Company
1st Fid Leasing Allied Rental AL-Meezan Mutual F. B R R Guardian Mod. Constellation Mod. Crescent St Mod. Elite Cap Mod. Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Modaraba Pak Prem Fund Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Tri-Star Mutual U D L Modaraba XD
264 600 1375 780 65 200 113 524 300 581 760 397 1008 3180 1186 283 1200 184 125 1698 59 1000 2835 2841 872 340 454 50 264
High Low 1,219.55 1,190.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 2.21
PE
Open
High
Low
9.38 3.07 5.99 4.05 3.41 1.50 3.71 10.56 10.25 0.64 2.17 2.20 5.77 57.50 15.93 1.22 6.01 10.00 5.00 12.32 6.64 1.84 6.99 6.11 2.07 4.37 2.83 1.64
1.36 15.20 6.90 1.71 1.46 0.70 2.87 1.59 5.10 2.03 3.02 6.83 6.61 4.39 4.48 1.90 6.30 1.03 1.15 8.79 8.50 6.29 10.99 5.23 0.90 1.70 8.85 1.40 5.79
1.70 15.10 7.23 1.88 1.50 0.79 2.99 1.70 4.10 2.20 3.10 7.00 6.79 4.65 4.65 1.89 6.25 1.09 1.10 8.90 8.70 6.45 11.08 5.40 0.93 1.50 8.95 1.90 5.79
1.41 14.50 6.99 1.71 1.36 0.56 2.80 1.61 4.10 2.00 3.00 6.60 6.62 4.40 4.45 1.66 6.25 1.00 1.00 8.77 8.50 6.28 10.85 5.29 0.87 1.30 8.51 1.00 5.78
Close 1,206.69 Listed cap 29,771.58 mn Payout (%) 104.74
Change 13.74 Market cap 17,550.57 mn Div Yield (%) 8.10
Close Chg
Volume
Last 60 days High Low
1.50 14.50 7.19 1.78 1.50 0.60 2.97 1.69 4.10 2.01 3.04 6.60 6.69 4.60 4.46 1.66 6.25 1.00 1.00 8.87 8.50 6.34 10.90 5.38 0.91 1.38 8.92 1.02 5.79
1278 174900 352173 21942 2970 29302 1493 11055 29000 25013 66600 21076 7207 6143909 66523 515 2000 1030 101 300004 606 29906 90432 48404 134500 10855 5108 1052 17500
2.24 17.00 7.23 2.37 2.99 1.10 3.09 2.37 5.50 2.24 3.88 7.00 6.79 4.65 4.73 2.23 6.65 2.18 1.40 9.39 9.45 6.45 11.20 5.48 1.20 2.54 10.99 2.87 6.99
0.14 -0.70 0.29 0.07 0.04 -0.10 0.10 0.10 -1.00 -0.02 0.02 -0.23 0.08 0.21 -0.02 -0.24 -0.05 -0.03 -0.15 0.08 0.00 0.05 -0.09 0.15 0.01 -0.32 0.07 -0.38 0.00
1.01 14.01 5.85 0.90 0.90 0.25 1.73 0.76 1.94 1.30 2.56 5.11 5.66 2.65 2.31 0.91 5.15 0.56 0.30 7.00 7.10 4.20 7.90 3.50 0.76 0.50 7.75 0.86 4.71
2010 Div BR (%) (%)
15 4.5 5 20 10 15 16.5 10
22.5 18.5 0 1.2 5 17 11 21 5 10 2.8 15.5 3 18.6 18 10 20 10 3 1 17 12.5
-
High
3.25 3.07 1.70 4.01 3.32 1300.00 1006.25 1.50 35.99 2.90 20.70 3.53 2.60 11.17 70.00 4.78 274.95 4.20 41.30 8.98 7.55 20.75 33.99 12.90 4105.00 852.00 1.61 6.40 86.65 8.05 408.99 1.50 1972.00 2.18 2.63 28.75 11.19 639.99 17.54 6.90 1.92 55.04 5.53 0.80 291.54 8.80 6.49 1.50 2.80 7.78 38.00 9.90 3.70 19.55 46.75 1.00 24.61 40.00 95.60 18.87 1.07 2.00 22.00 3.38 5.00 15.00
3.60 3.00 1.70 4.25 3.80 1330.00 1056.56 1.40 36.75 2.58 21.10 2.53 2.70 12.17 70.00 5.78 288.60 4.20 42.52 9.00 7.64 21.78 34.50 12.00 4128.00 889.99 1.98 6.40 87.50 7.66 419.00 1.40 2066.00 2.25 2.21 28.00 10.25 639.99 17.79 6.50 1.89 57.75 5.80 0.99 301.84 9.80 6.88 1.51 2.90 7.29 39.00 10.00 4.00 18.62 47.98 1.29 24.18 42.00 100.00 19.48 1.03 2.25 21.50 3.38 5.50 16.00
Low
Close
3.60 3.00 1.70 4.25 3.80 1299.10 1000.00 1.40 34.20 2.58 21.10 2.53 2.50 12.17 70.00 4.65 274.95 4.20 39.50 8.20 7.63 20.00 34.50 12.00 4050.00 850.00 1.01 6.40 87.00 7.30 410.00 1.15 1876.00 2.00 2.21 27.32 10.23 608.00 17.79 6.10 1.15 57.74 5.76 0.80 285.00 9.15 6.87 1.51 2.84 7.29 39.00 10.00 3.99 18.62 47.98 1.25 24.01 42.00 99.00 19.48 1.03 2.25 21.50 3.38 5.50 16.00
3.60 3.00 1.70 4.25 3.80 1307.10 1049.00 1.40 34.20 2.58 21.10 2.53 2.50 12.17 70.00 5.00 278.92 4.20 41.90 8.93 7.63 21.78 34.50 12.00 4085.50 850.00 1.51 6.40 87.00 7.66 412.67 1.38 2001.65 2.13 2.21 27.41 10.25 639.99 17.79 6.50 1.52 57.74 5.76 0.80 285.00 9.80 6.87 1.51 2.84 7.29 39.00 10.00 3.99 18.62 47.98 1.25 24.18 42.00 99.00 19.48 1.03 2.25 21.50 3.38 5.50 16.00
Change
Vol
0.35 -0.07 0.00 0.24 0.48 7.10 42.75 -0.10 -1.79 -0.32 0.40 -1.00 -0.10 1.00 0.00 0.22 3.97 0.00 0.60 -0.05 0.08 1.03 0.51 -0.90 -19.50 -2.00 -0.10 0.00 0.35 -0.39 3.68 -0.12 29.65 -0.05 -0.42 -1.34 -0.94 0.00 0.25 -0.40 -0.40 2.70 0.23 0.00 -6.54 1.00 0.38 0.01 0.04 -0.49 1.00 0.10 0.29 -0.93 1.23 0.25 -0.43 2.00 3.40 0.61 -0.04 0.25 -0.50 0.00 0.50 1.00
100 100 100 100 91 83 53 52 52 50 50 45 25 25 20 18 16 14 14 11 11 11 10 10 10 7 6 6 6 6 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
% Change 1.15 5-Day High 1,206.69 5-Day Low 1,182.21
2009 Div BR (%) (%)
Open
-
Symbols
Open
High
Low
Close
NML-DEC
62.72
62.60
61.40
61.54
-1.18
826500
NBP-DEC
69.06
70.30
69.51
69.88
Change 0.82
750000
Vol
DGKC-DEC
31.09
31.80
31.11
31.57
0.48
537500
MCB-DEC
208.20
218.25
209.49
217.38
9.18
494000
POL-DEC
276.96
278.80
275.15
275.75
-1.21
263000
LUCK-DEC
77.05
77.78
0.73
192500
ANL-DEC
11.45
11.51
11.09
11.10
-0.35
137000
ENGRO-DEC 187.47
188.90
77.99
187.35
77.10
187.96
0.49
134500
FFBL-DEC
34.34
34.80
34.56
34.73
0.39
74500
AICL-DEC
82.86
83.78
82.25
82.56
-0.30
64500
PSO-DEC
288.99
290.40
286.25
286.73
-2.26
PPL-DEC
203.01
204.00
202.00
202.34
-0.67
27000
PTC-DEC
19.88
19.81
19.60
19.60
-0.28
27000
OGDC-DEC 164.36
165.00
164.50
164.50
0.14
13000
61000
UBL-DEC
61.51
63.40
63.35
63.35
1.84
13000
BOP-DEC
10.00
10.25
9.90
10.10
0.10
13000
NCL-DEC
23.60
22.85
22.85
22.85
-0.75
10000
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
AASMR
0.50
0.45
0.45
0.45
-0.05
ADAMS
16.60
16.49
16.49
16.49
-0.11
ALQT
4.05
5.05
5.05
5.05
1.00
0.00
ANNT
13.00
12.85
12.85
12.85
-0.15
0.00
ANSS
6.25
6.20
6.20
6.20
-0.05
0.00
ASFL
2.50
2.61
2.61
0.00 0.00
2.61
0.11
0.00
BAFS
61.84
60.00
60.00
60.00
-1.84
0.00
BHAT
262.25
259.99
259.99
259.99
-2.26
0.00
CICL
60.10
59.99
59.99
59.99
-0.11
0.00
CPAL
2.47
2.40
2.40
2.40
-0.07
DNCC
2.50
2.60
2.60
2.60
0.10
0.00
GAIL
4.29
4.40
4.40
4.40
0.11
0.00
HUSI
10.64
9.70
9.70
9.70
-0.94
0.00
ILTM
131.20
137.76
137.76
137.76
6.56
0.00
JVDC
59.99
59.98
59.98
59.98
-0.01
0.00
KSTM
0.75
0.74
0.74
0.74
-0.01
0.00
RUBY
3.11
3.60
3.60
3.60
0.49
0.00
0.00
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Nishat Mills Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Date
Time
Mehran Sugar Mills Byco Petroleum Limited Hala Enterprises Ltd Sigma Leasing Corporation Ltd Fauji Fertiliser Bin Qasim Ltd
7-Dec 7-Dec 8-Dec 8-Dec 23-Dec
11:00 1:00 10:30 11:00 10:30
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
79.85
Support 1
11,402.50
MA (5-day)
11,329.37
Support 2
11,364.90
MA (10-day)
11,241.66
Resistance 1
11,481.85
MA (100-day)
10,313.60
Resistance 2
11,523.60
10,147.04
Pivot
AKD Securities Ltd
resistance level at 11,481.85and 2nd resistance level at 11,523.60, while Index will continue to find its 1st support level at 11,402.50 and 2nd support level at 11,364.90.
82.1
Buy
*Arif Habib Ltd
61.96
Neutral
92.3
Positive
TFD Research
Brokerage House
Technical Analysis 65.06 66.93 66.13 69.97
Fair Value
Rs Recommendations Buy
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Leverage Position Free Float Shares (mn) 318.37 Free Float Rs (mn) 22,069.20 ** NOI Rs (mn) 91.59 Mean 69.16
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
70.76 29.26 26.49 26.86
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
MCB Bank Ltd
Rs Recommendations
182.55 5,741.19 39.17 31.38
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
Fair Value
Rs Recommendations
196.4
Brokerage House
93.9
Buy
*Arif Habib Ltd
Sell
*Arif Habib Ltd
105.2
Buy
AKD Securities Ltd
189.75
Neutral
AKD Securities Ltd
TFD Research
72.75
Neutral
TFD Research
218.18
Neutral
TFD Research
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.53 75.46 70.42 70.84
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
129.35 10,019.45 15.00 77.04
* Target price for Dec-10 & **Net Open Interest in future market
62.60
62.25
63.30
63.65
62.95
54.43
63.00
61.95
64.50
65.00
63.50
Arif Habib Corp
56.76
25.60
25.40
26.05
26.35
25.85
Arif Habib Limited
47.86
26.20
26.00
26.70
27.00
26.50
Adamjee Insurance
62.51
81.10
80.30
83.10
84.30
82.30
Askari Bank
69.44
16.75
16.60
17.10
17.35
17.00
Azgard Nine
49.87
10.80
10.65
11.35
11.75
11.20
Attock Petroleum
55.62
321.25
319.10
326.00 328.60 323.85
Buy
Attock Refinery
50.22
115.30
112.55
123.10 128.10 120.30
Positive
Bank Al-Falah
65.32
10.00
9.90
BankIslami Pak
53.42
3.30
3.20
3.55
3.70
3.45
Bank.Of.Punjab
62.02
9.90
9.80
10.15
10.30
10.05
Dewan Cement
72.95
1.95
1.75
2.25
2.40
2.10
DGK Cement
70.76
31.05
30.60
31.90
32.40
31.50
Dewan Salman
79.84
2.35
1.90
3.10
3.45
Dost Steels Ltd
Rs Recommendations
62.4
-
59.97 74.2
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
68.58 59.30 49.66 50.86
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 10,730.83 216.83 61.65
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.33 207.08 198.02 201.74
34.7 32.06 29.1
342.10 74,327.36 71.06 213.06
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
79.57 34.52 29.72 29.71
2.70
3.00
3.10
2.90
44.60
46.50
47.40
46.00
EFU Life Assurance
61.44
80.55
79.05
84.95
87.85
83.45
Engro Chemical
63.48
186.10
185.45
Faysal Bank
52.76
14.75
14.55
15.20
15.35
Fauji Cement
46.13
4.85
4.80
5.00
5.10
4.95
NML is currently 20.0 per cent above its 200-day moving average and is
Fauji Fert Bin
79.57
35.55
35.40
35.80
35.95
35.65
displaying an upward trend. Volatility is high as compared to the average
Fauji Fertilizer
69.96
113.85
113.35
volatility over the last 10 trading sessions. Volume indicators reflect very
Habib Bank Ltd
77.94
Hub Power
66.61
36.30
36.15
ICI Pakistan
64.53
136.30
135.55
138.50 139.95 137.75
Indus Motors
51.89
250.15
246.10
261.15 268.05 257.05
JOV and CO
55.11
4.05
4.00
4.25
4.40
Japan Power
62.57
1.75
1.65
1.85
1.90
JS Bank Ltd
48.48
2.60
2.55
2.70
2.75
2.65
Jah Siddiq Co
44.21
12.95
12.80
13.30
13.55
13.15
Kot Addu Power
45.99
39.50
39.35
39.75
39.95
39.65
K.E.S.C
68.01
2.35
2.25
2.50
2.55
2.40
Lotte Pakistan
76.14
12.65
12.50
13.00
13.20
12.85
Lucky Cement
61.53
76.75
76.00
78.00
78.50
77.25
MCB Bank Ltd
72.33
211.55
205.80
Maple Leaf Cement
46.90
2.85
2.80
2.95
3.00
2.90
National Bank
65.06
68.95
68.60
69.75
70.15
69.40
* Target price for Dec-10 & **Net Open Interest in future market
strong flows of volume into NML (bullish). Trend forecasting oscillators are currently bullish on NML.
Brokerage House
Fair Value 72.5
Rs Recommendations
Sell
*Arif Habib Ltd AKD Securities Ltd
56.82
Accumulate
Negative
TFD Research
78.44
Positive
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
78.08 59.82 55.65 56.97
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
306.04 19,280.83 2.28 62.68
* Target price for Dec-10 & **Net Open Interest in future market
LUCK closed up 1.00 at 77.46. Volume was 193 per cent above average MCB closed up 9.20 at 217.27. Volume was 191 per cent above average FFBL closed up 0.44 at 35.71. Volume was 40 per cent above average and UBL closed up 1.04 at 63.00. Volume was 162 per cent above average (trending) and Bollinger Bands were 4 per cent wider than normal. LUCK is currently 9.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average
(trending) and Bollinger Bands were 32 per cent narrower than normal.
Bollinger Bands were 26 per cent wider than normal.
(trending) and Bollinger Bands were 22 per cent wider than normal.
MCB is currently 7.7 per cent above its 200-day moving average and is FFBL is currently 20.9 per cent above its 200-day moving average and is UBL is currently 10.6 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 low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators
volatility over the last 10 trading sessions. Volume indicators reflect mod-
reflect volume flowing into and out of MCB at a relatively equal pace. Trend erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into UBL (mildly bullish). Trend forecasterate flows of volume into LUCK (mildly bullish). Trend forecasting oscilla- forecasting oscillators are currently bullish on MCB. Momentum oscillator tors are currently bullish on FFBL. Momentum oscillator is currently indicat- ing oscillators are currently bullish on UBL. Momentum oscillator is currenttors are currently bullish on LUCK.
is currently indicating that MCB is currently in an overbought condition.
ing that FFBL is currently in an overbought condition.
ly indicating that UBL is currently in an overbought condition.
113.10
112.10
187.50 188.15 186.80 14.95
115.10 115.85 114.60 115.55 117.00 114.55 36.65
36.85
36.50
4.20 1.80
220.45 223.60 214.70
Nishat (Chunian)
50.35
22.05
21.75
22.95
23.50
22.60
Netsol Technologies
51.61
18.95
18.80
19.40
19.65
19.20
NIB Bank
57.05
2.90
2.85
3.00
3.05
Nimir Ind.Chemical
55.02
1.50
1.45
1.60
1.65
1.55
Nishat Mills
68.58
60.55
60.05
61.90
62.80
61.40
Oil & Gas Dev. XD
73.70
165.95
165.45
PACE (Pakistan) Ltd.
Technical Outlook 326.94 11,674.97 15.35 35.57
2.65
2.80
Accumulate
Leverage Position
10.10
45.10
United Bank Ltd
Rs Recommendations
10.25
57.25
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
10.15
EFU General Insurance 54.89
Fauji Fertiliser Bin Qasim Ltd
AKD Securities Ltd
*Arif Habib Ltd
80.72
Attock Cement
NBP closed up 0.83 at 69.32. Volume was 235 per cent above average DGKC closed up 0.40 at 31.45. Volume was 94 per cent above average NML closed down -1.34 at 61.04. Volume was 52 per cent above average (trending) and Bollinger Bands were 38 per cent narrower than normal. and Bollinger Bands were 12 per cent wider than normal. and Bollinger Bands were 51 per cent wider than normal.
Lucky Cement Ltd
Fair Value
Fair Value
1st 2nd Pivot Resistance 3.35 3.40 3.30
Allied Bank Limited
Technical Outlook
Technical Outlook
KSE 100 INDEX is currently 12.8 per cent above its 200-day moving aver- NBP is currently 3.1 per cent above its 200-day moving average and is dis- DGKC is currently 17.1 per cent above its 200-day moving average and is age and is displaying an upward trend. Volatility is low as compared to the playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect modaverage volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators erate flows of volume into DGKC (mildly bullish). Trend forecasting oscillareflect very strong flows of volume into INDEX (bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is current- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- tors are currently bullish on DGKC. Momentum oscillator is currently indiing oscillators are currently bullish on NBP. cating that DGKC is currently in an overbought condition. ly indicating that INDEX is currently in an overbought condition.
Brokerage House
Brokerage House
42
Technical Outlook
11,444.25
mal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
*Arif Habib Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 33.41 points at 11,440.07. Volume was 49 per MA (100-day) cent above average and Bollinger Bands were 13 per cent wider than nor- MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 58.38 3.25 3.20
54.08
2.80
2.70
2.95
167.00 167.55 166.50 3.05
3.15
2.95
Pervez Ahmed Sec
52.90
2.15
2.10
2.35
2.45
2.30
P.I.A.C.(A)
45.54
2.20
2.15
2.30
2.35
2.25
Pioneer Cement
40.83
7.00
6.90
7.15
7.20
7.05
Pak Oilfields
67.02
271.95
270.20
276.65 279.55 274.90
Pak Petroleum
62.54
201.05
200.10
203.45 204.85 202.50
Pak Suzuki
42.12
71.85
70.85
PSO XD
55.85
282.40
280.65
PTCLA
53.89
19.30
19.05
Shell Pakistan
56.14
197.50
195.25
Sui North Gas
29.33
26.55
26.20
27.45
28.00
27.10
Sitara Peroxide
59.24
13.25
13.00
13.85
14.20
13.60
Sui South Gas
33.80
20.85
20.30
22.05
22.70
21.50
Telecard
41.51
2.10
2.05
2.30
2.40
TRG Pakistan
35.90
3.70
3.55
4.10
4.35
3.95
United Bank Ltd
78.08
62.35
61.65
63.60
64.15
62.90
WorldCall Tele
54.73
2.60
2.55
2.70
2.80
2.65
73.95
75.05
72.95
287.50 290.85 285.75 19.85
20.20
19.65
201.50 203.25 199.25
2.20
8
Tuesday, December 7, 2010
PTA issues Annual Report 2010
Teledensity hits 64.08pc ISLAMABAD: Pakistan Telecommunication Authority (PTA) has issued its Annual Report 2010 highlighting achievements and performance and an overview of the telecom sector's growth. According to report, in terms of statics, total teledensity of the country reached 64.08 per cent in FY10 showing a growth of 3.5 per cent since FY09. Pakistan mobile sector has survived tough times and telecom indicators have stabilised with timely and prudent strategies. Number of mobile users
KARACHI:- Overseas Sales Manager QMobile Gary, Famous Model Iman Ali & CEO QMobile Mian Zeeshan Pervez Akhter display “She Q55 Mobile" here in a local hotel.-Staff Photo
PTCL selloff begged secrecy, care: Shaikh ISLAMABAD: Federal Minister for Finance and Revenue Abdul Hafeez Shaikh has informed the NA committee on Information Technology and Telecommunication that privatisation of PTCL required incamera session because there were a number of matters that could have hurt the brotherly relationships of Pakistan and UAE. However, he briefed the committee about the process of privatisation process with special reference to PTCL. The minister who was previously the privatisation minister told the members that several inquiries were carried out about this privatisation transaction and the usual routine of privatisation was changed. He said Khawaja Asif, Fouzia Wahab and others were included in the privatisation committee of PTCL and other
public entities at that time. After reaching consensus, privatisation of the PTCL was decided - that was before the entity started incurring losses. The privatisation of PTCL was unique in its status because as the days of privatisation drew nearer, strong resistance erupted within the organisation. Powerful union of PTCL went a step further and created law and order situation. The committee was informed that the CEO was not included in the bidding process and No 2 of the Etisalat Company carried out all the bidding process. The Etisalat wanted to present a revised biding price. As there was a big gap between the highest bidder price and the second bidder -the Etisalat wanted to forward new proposal for the transaction of PTCL.
The minister informed the committee that the government had the right to confiscate $40 million deposit of the Etisalat, adding that it was unique and peculiar situation for the government at that time that the big bidder did not honour its commitment. "If we had allowed the company to go away, the government would have lost $1.6 billion higher bid value," he said adding that later on, it was decided to put pressure on Etisalat through of the UAE. After several negotiations and meetings, it was decided to take at least $1.6 billion initially from Etisalat and the remaining amount in different installments. After protracted negotiations, the transaction was presented in the Cabinet for approval, which got approved.-APP
India’s 85 telcos in the line of fire NEW DELHI: The Indian government will send 85 notices to telecom operators questioning their licences, the new telecoms minister said on Monday, the latest move in a telecom corruption scam that has paralysed India's parliament. Kapil Sibal took the top spot in India's telecom ministry earlier this month after Andimuthu Raja was forced to resign, accused of granting 2G spectrum and licences at low prices and, according to an official watchdog unit, possibly costing the state $39 billion in revenue. Speaking to reporters at a press conference on Monday, Sibal said many of the companies, which went through a selfcertification process, were not eligible for the 2G licences granted in 2007 and 2008. "This has serious implications for transparency of process," Sibal said. "It allows companies
to get ahead of the queue on basis of first come first served, in that they did not register first with the registrar of companies," he said. Notices will be sent to the companies mentioned in a report by the Indian government auditor, Sibal said. That report named Uninor, a unit jointly owned by Unitech and Norway's Telenor, Etisalat DB Telecom, into which Swan Telecom and Allianz Infratech later merged, Loop Telecom, Videocon Telecommunications and S Tel. Sibal said the companies would have 60 days to reply and 52 weeks to fulfill rollout obligations, failing which their licences could be revoked. Uninor said it would issue a statement later. S Tel and Videocon could not be immediately reached for comment. Loop declined comment. "Once the company receives
the show cause notice, we will seek legal counsel and respond to the notice," a senior executive at Etisalat DB said on condition of anonymity, adding the company was fully compliant with its licences and had fulfilled its minimum rollout obligations. Last week, the Supreme Court criticised Prime Minister Manmohan Singh for his apparent delay in probing the widening scandal, potentially one of the biggest to hit India. The government has resisted additional probes, saying a CBI investigation is under way. The scandal has now engulfed parliament as opposition parties have kept it shut since November 9 over demands for a full parliamentary investigation. Sibal said he did not expect foreign interest in the telecom sector to be affected by the probe.-Reuters
Brokerage takes U-turn about Zain-Etisalat deal KUWAIT: Securities Group Co, a brokerage firm that has opposed the structure of deal to sell 46 per cent of Kuwaiti telecom group Zain to Etisalat now wants to join the deal, a newspaper reported on Monday. Al-Qabas daily said, without citing sources, that Securities Group has "informed the selling consortium ... it wants to join with shares owned by its clients." Securities Group chairman, Ali al-Mousa, confirmed the report to Reuters on Monday,
but declined to provide any details. Etisalat, the Gulf's secondlargest telecom operator by market value, has bid 1.7 Kuwaiti dinars per share for a 46 per cent stake in Zain in a deal worth just under $12 billion. The bid won the backing of major Zain shareholder Kharafi Group which began gathering a consortium of shareholders to tender shares to Etisalat. But Securities Group, unhappy at not being part of the deal,
ran an advertisement in Kuwaiti papers in October, offering Zain shareholders 1.65 dinars per share to try and counter the offer. However, the bourse vetoed the bid saying it was in contravention of its regulations. Al Fawares Holding, which owns 4.5 per cent of Zain, also opposes the sale process, and has threatened to sue potential buyers of the Zain's Saudi unit, which is slated for divestment as part of the Etisalat deal.Reuters
Veil taken off QMobile’s belle cell M Imran Sharif KARACHI: QMobile has launched -the alluring, classy and stylish 'SHE' Q55 Phone, which stands as Pakistan's first mobile phone specially designed to meet the taste and trends of today's females. "SHE is much more than just a design & fashion phone," says Mian Zeeshan Akhtar, CEO QMobile. "Modern consumer buying trends are governed as much by emotion as by product specification and the QMobile "SHE" Q55 Phone impressively meets on both levels." An entirely unique, utterly desirable and yet affordable mobile phone that serves the extensive purpose of looks and features. "SHE" is Enlightened with Swarovski Element and exciting features including onetouch access to Facebook, multi-instant Messenger, a smart 2MP Camera and preloaded Opera mini browser. The "SHE" Q55 Phone is also loaded with Dual SIM GSMDual-Band and comes with a 2.4 inch (6 cm) QVGA display with a full QWERTY keypad giving it a sturdy feel when handled. Additionally, the "She" Q55 Phone has a multi format (MP3 / AMR / MIDI 1 WAV) music player with Stereo FM Radio and Bluetooth.
Nortel to sell China JV assets to Ericsson LONDON: Nortel Networks Corp, the fallen Canadian telecom giant, said it will sell nearly all assets of its Chinese joint venture to Ericsson's China unit for $50 million in cash. The joint venture -- Guangdong Nortel Telecommunication Equipment (GDNT) -- is a research, development and manufacturing firm in which Nortel's units, Nortel Networks Ltd and Nortel China, own 62 per cent. GDNT became a supplier to Ericsson after the Swedish mobile network equipment maker bought Nortel's CDMA and GSM businesses. Nortel, once North America's biggest telecommunications equipment maker, filed for bankruptcy protection in January 2009 and has been auctioning off its business in an effort to pay back debtholders. All employees of the joint venture will be offered employment with Ericsson, Nortel said in a statement. Nortel expects to close the sale in the first quarter of 2011.-Reuters
touched 100-million-mark at the end of July 2010 with mobile penetration of 60.4 per cent. Total telecom sector revenues reached Rs357.7 billion in 2009-10 with investment of over $1.13 billion showing 11 per cent growth over last year. Telecom sector revenues improved steadily in the FY10 and 6.5 per cent growth rate was witnessed. The PTA contributed Rs201.43 million to the Prime Minister's Flood Relief Fund 2010.-APP
Mobilink debuts HTC smartphone LAHORE: Mobilink is the first mobile operator to launch Windows® Phone 7 powered HTC HD7 smartphone in Pakistan. The HTC HD7 smartphone features the latest Windows® Phone 7 platform which includes cutting-edge technologies and a series of unique applications that complements the Windows® Phone 7 Hub and Tile experience. Launched under the umbrella of Mobilink's post-paid brand Indigo, the HTC HD7 smartphone is bundled with FREE GPRS for the first three months. Powered by Microsoft's latest Windows® Phone 7 platform, HTC HD7 is a cutting-edge solution offering a powerful range of innovative online services, keenly sought by high-end users, online social-networking enthusiasts, bloggers and corporate professionals alike. The Windows® Phone 7 also integrates with many popular Microsoft services such as Office in the smartphone. The HTC HD7 smartphone allows you to watch movie in
style on a huge 4.3 inch widescreen display with kickstand. With the 1Ghz processor, the HTC HD7 provides you with an exhilarating browsing experience and access to your multimedia and social network. With the 16GB built-in memory, users can store a huge library of 720p HD videos, music and games. Mobilink was the first cellular operator to launch BlackBerry in Pakistan. Providing BlackBerry Services and 360degree after sales support to thousands of Indigo customers, it is also the only operator working directly with the manufacturers RIM (Research in Motion). Mobilink was also the first cellular operator to launch the android handset, Motorola Milestone in local market earlier this year. With the launch of HTC HD7, Mobilink yet again becomes the first cellular operator to introduce the first Windows® Phone 7 platform based smartphone, the latest technology for ultimate 360 degree connectivity in Pakistan.-NNI
Motorola set to twin next month NEW YORK: Motorola has announced it will split in January into two companies, one focusing on cellphones and Internet and the other on professional equipment, in a bid to boost its performance. The telecommunications equipment giant said it would split into Motorola Mobility and Motorola Solutions on January 4, 2011. Motorola shareholders will receive one share of Motorola Mobility for every eight shares of current Motorola shares they hold, the Illinois-based company said in a statement. "This announcement marks another important milestone toward the upcoming separation that is expected to benefit Motorola, its stockholders, as well as each company's respective customers and employees," Greg Brown and Sanjay Jha, Motorola co-chief executives,
said in the statement. Brown is the future CEO of Motorola Solutions and Jha is CEO of Motorola Mobility. "We look forward to taking advantage of the opportunities before us as we begin the new year as two independent, publicly traded companies," they said. Motorola Mobility will focus on the media, mobility, Internet and computing markets while Motorola Solutions will target next-generation communications solutions to government, public safety and enterprise customers, it said. On January 4, Motorola will change its name to Motorola Solutions and will begin trading on the New York Stock Exchange under the ticker symbol MSI; Motorola Mobility will trade under MMI. Motorola shares were up 0.1 per cent in after-hours trading.-APP
Vodafone’s Polkomtel, SFR stake near sale PARIS: Vodafone is close to selling its 44 per cent stake in mobile phone operator SFR to France's Vivendi, paving the way for Vodafone buy back 5 billion pounds ($7.9 billion) in its own shares in 2011, a UK newspaper said. Analysts have valued SFR at as much as 8 billion euros ($10.74 billion). Vivendi has long been seen as a likely acquirer of telecom group Vodafone's SFR stake. Vivendi Chief Executive JeanBernard Levy said last month that taking full control of SFR was a top priority for the company. The Observer newspaper said Vodafone was also close to announcing an 800 million pound deal involving the disposal of its stake in Polish phone group Polkomtel. Four people familiar with the matter told Reuters last month that Polish media mogul Zygmunt Solorz-Zak could wade in to the multi-billion euro bid battle for Polkomtel. Sources had also told Reuters in October that Vodafone was set to appoint Goldman Sachs to advise it on a possible sale of its Polkomtel stake. Vodafone declined to comment on The Observer report.-Reuters
Nokia Ovi Store hits milestone Staff Reporter
KARACHI: According to statement issued here Nokia Ovi Store has reached 3 million downloads per day, a milestone spurred by overall global demand and a recent update that gives users of Nokia's new Symbian smartphone family a friendlier look and feel as well as more popular apps and games. The company is also gaining significant software developer momentum with more than 400,000 signing on to Nokia in the past 12 months and 92 surpassing the million download milestone for their apps. In related news, the Nokia Qt Software Development Toolkit (SDK) and the Qt SDK combined have been downloaded 1.5 million times as developers discover this approach can improve the speed and efficiency of creating apps for mobile devices, including smartphones such as the new Nokia N8, Nokia C7 and Nokia C6-01, which are shipping, and the recently announced Nokia E7.
KARACHI: Telenor Regional Director Sales & Distribution, South-1 Ahmed Nadeem Pasha along with winners of "Malaamal Campaign" Abdul Hameed (Hafsa Communication, left), and Adil Khan (Adil Communication).-Staff Photo
9
Tuesday, December 7, 2010
Oil eases after reaching 2-year high near $90
European vegetable oil prices
ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's was rarely evident in the past at 22:00 PST. SOYOIL: EU degummed few years, is likely to bring more buyers into the arena," euro tonne fob exmill 990.00, analysts at Commerzbank said Jan11/Apr11 May11/Jul11 988.00+13.00. in a report. RAPEOIL: Dutch/EU euro Other analysts are calling for oil's rally to go further due to tonne fob exmill Feb11/Apr11 signs of a tightening market 995.00+10.00, May11/Jul11 995.00+10.00, Aug11/Oct11 and falling inventories. At least five banks raised 955.00+12.00, Nov11/Jan12 their mid- or 960.00+15.00. SUNOIL: EU dlrs tonne long-term price forecasts last extank six ports option Jan11 Feb11/Mar11 week, citing 1445.00, factors such as 1420.00+5.00, Apr11/Jun11 rising demand 1385.00+5.00, Jul11/Sep11 in emerging 1410.00+10.00. LINOIL: Any origin dlrs markets, faster extank Rotterdam global econom- tonne ic growth and OPEC's reluc- Dec11/Jan12 1280.00-10.00. CRUDE PALM OIL: tance to boost output. For example, JP Morgan said Sumatra/Malaysia slrs option on Friday oil would top $100 dlrs tonne cif R'dam Dec10 Jan11 in the first half of 2011 and 1197.50+15.00, $120 before the end of 2012, 1197.50+17.50, Feb11/Mar11 predicting OPEC would be 1192.50+17.50, Apr11/Jun11 very slow to react to higher 1177.50+22.50. PALMOIL: RBD dlrs tonne prices. The Organization of the Petroleum Exporting Countries cif Rotterdam Jan11 1230.00, meets on Dec. 11. Rather than Feb11/Mar11 1222.50. PALMOIL: RBD dlrs tonne raise output to curb prices, Malaysia Jan11 OPEC is likely to roll over fob existing policy, ministers have 1185.00+22.50, Feb11/Mar11 1177.50+22.50. said. -Reuters PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11 1195.00+22.50, Feb11/Mar11 1185.00+20.00, Apr11/Jun11 1160.00+15.00, Jul11/Sep11 1142.50+17.50. COCONUT OIL: Phil/Indon 50 per cent of material are subject to exchange lending guidance, dlrs tonne cif Rotterdam which is set to ensure orderly Dec10/Jan11 1610.00+20.00, trade, more generally the large Jan11/Feb11 1610.00+20.00, Feb11/Mar11 1610.00+20.00. Shanghai copper dips CASTOROIL: Any origin Three-month copper on the dlrs tonne extank Rotterdam London Metal Exchange rose Feb11/Mar11 1925.00+0.00. 0.4 per cent to $8,762 a tonne Reuters by 0705 GMT, just over $200 short of the record $8,966 reached on Nov. 11. Shanghai copper dipped 50 yuan to 65,430 yuan.
Cold weather in US, Europe offers price support LONDON: Oil eased from a 26-month high near $90 on Monday as the dollar strengthened, countering support from higher demand caused by cold weather in Europe and parts of the United States. US crude, also known as WTI, was down 8 cents at $89.11 by 1452 GMT. It traded as high as $89.76 earlier in the session, the highest intraday since Oct. 9, 2008. Brent crude was up 11 cents to $91.53. "We've had a bit of a pullback -- $90 is being a sticking point for WTI at the moment and we had a little dip because of the euro," said Rob Montefusco, a trader at Sucden Financial. "Going forward, we might get a bit of a lift and push up again." Analysts said the cold spell in Europe and in parts of the United States should limit the downside for prices, because of greater heating demand. "The cold weather on both
Tokyo rubber surges to 3-wk high TOKYO: Key Tokyo rubber futures rose to a three-week high on Monday supported by a rise in oil prices, but a stronger yen limited their gains. The key Tokyo Commodity Exchange rubber contract for May delivery settled up 2.1 per cent, or 7.6 yen, at 378.0 yen per kg as after climbing as high as 378.8 yen, the highest for any benchmark since Nov. 11. The most active Shanghai rubber futures for May delivery rose 470 yuan to close at 32,835 yuan ($4,928) per tonne on Monday. Volume declined to 0.78 million lots from 1.2 million lots on Friday. Bridgestone Corp said it will raise prices for truck and bus tyres by an average 7 per cent effective March 1 to offset higher natural rubber prices, Jiji reported. It will be the first price increase since September 2008, Jiji said. Indian tyre makers have stopped signing new natural rubber import deals as they are getting the raw material more than 15 per cent cheaper in the local market, dealers said. India, the world's fourth-biggest rubber producer, imports mainly from Thailand, Malaysia and Indonesia. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange fell 10.7 per cent from a week earlier, the exchange said on Friday. -Reuters
sides of the Atlantic will likely prevent any meaningful declines from setting in this week," said Edward Meir, analyst at MF Global, in a report. DTN Meteorlogix, a private forecaster, expects temperatures in the US Northeast to average near to below normal over the next six to 10 days and
below normal in northwest Europe. US heating demand this week is expected to be more than 16.3 per cent above normal, the National Weather Service forecast. Oil is moving into backwardation, where prompt prices are higher than those for delivery later. The price structure, associated with tight supplies, could draw in buyers, analysts said. "This backwardation, which
Copper hits 3-wk peak on US economic outlook LONDON: Copper hit a threeweek high on Monday, with economic sentiment supported by the US Federal Reserve chairman saying more quantitative easing was possible, but a weak euro and worries about Europe's debt problems kept optimism in check. Supporting the outlook for the US economy, Federal Reserve Chairman Ben Bernanke said the central bank could end up buying more than the $600 billion in US government bonds it has committed to purchase if the economy fails to respond or unemployment stays too high. Three-month copper on the London Metal Exchange ended at $8,770 a tonne, up from Friday's last quote of $8,725/8,730 a tonne. The red metal, used in power and construction, earlier touched $8,802.50, its highest since Nov. 12 and within reach of its record high of $8,966 hit on Nov. 11. On the LME, copper volumes logged about a third of typical levels, with some 9,096 lots changing hands at 1708 GMT. Still, worries about the potential spread of debt problems in the euro-zone kept pressure on the market. Market attention was on LME stockpiles, where data since midNovember has shown one party holding between 50 and 80 per cent of the inventory. British newspaper The Telegraph reported the buyer of the material was JP Morgan. Although stake holders of over
position reflects a lack of available metal in December, said traders. The premium for cash copper remains at $46.50 a tonne although it has eased since Dec. 1 when it settled at $63.5 a tonne, its highest in just over two years. In general stocks of copper at LME warehouses have declined since February, indicating a pickup in demand and against a backdrop of tight supply. The latest data showed stocks fell 1,250 tonnes to 352,375 tonnes. Aluminium was untraded at the close but last bid at $2,305 a tonne from Friday's last quote of $2,319/2,320. Zinc ended at $2,220 from Friday's close of $2,219.5 a tonne and battery material lead closed at $2,353 from a last quote of $2,338/2,340 a tonne. Tin, which hit a near three week high at $25,750 earlier, was untraded at the close but last bid at $25,450 a tonne from $25,550, while nickel ended at $23,600 a tonne from $23,500 a tonne.-Reuters
Palm oil hits 29-mth high on weather, USD KUALA LUMPUR: Malaysian crude palm oil hit a 29-month high on Monday as a weaker dollar spurred risk-taking and on spillover support from wheat prices, which are being bolstered by concerns over Australia's grains output. Palm oil has climbed by more than a third this year, with the biggest weekly gain so far this year last week on bullish forecasts from key industry analysts at an Indonesian conference and erratic weather hitting grains and oilseed regions. Heavy rains in Australia have sparked concerns about the quality of wheat supplies, lifting US wheat futures and supporting other agricultural commodities. "The market expectation of palm oil stocks falling in November
added to the rally on tight grain supplies and the weaker dollar," said a trader with a foreign commodities brokerage. The Malaysian crude palm oil contract jumped 2.8 per cent to 3,618 ringgit ($1,150) a tonne, a level unseen since July 4, 2008, before settling at 3,610 ringgit. Traded volume more than doubled from normal to 27,666 lots at 25 tonnes each on short covering ahead of a Malaysian public holiday on Tuesday. Malaysia's palm oil stocks probably fell in November from nine-
month highs hit the previous month as output declined on heavier rains and exports climbed, a Reuters poll showed on Monday. Other vegetable oils gained on the rally in wheat. US soyoil for December delivery edged up 0.8 per cent in Asian trading hours, while the most active September 2011 soyoil contract on China's Dalian Commodity Exchange rose 1.3 per cent. Crude oil extended its rally into a fourth straight session on Monday to a 25-month high as the dollar continued to languish. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 03 2010 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 December 03 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2240 2250 2210 2220 2165 2175 2165 2175
2322 2324 2336 2337 2397 2402 2438 2443
8753 2330 8754 2330.5 8706 2350 8707 2355 8445 2308 8455 2313 8055 2263 8065 2268
23500 23505 23550 23600 23050 23150 22425 22525
TIN
ZINC NASAAC
25400 2210 25450 2211 25350 2210 25355 2210.5 24925 2243 24975 2248 2218 2223
2220 2221 2260 2270 2280 2290 2330 2340
Indian sugar snaps 5-day losing streak
MUMBAI: India's spot sugar snapped a five-day losing streak on Monday as millers refused to lower prices further, though weak demand and higher supplies weighed on sentiment, dealers said. "Demand was weak. Prices may fall further as this month's non-levy sugar quota is higher than demand," said Ashok Jain, president, Bombay Sugar Merchants Association (BSMA). The country has made available 1.5 million tonnes of nonlevy sugar for December, higher than 1.4 million tonnes it had released for November, the government said in a statement. Non-levy, or free-sale, sugar is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety edged up by 0.21 per cent to 2,774 rupees ($61.64) per 100 kg. Sugar output in Maharashtra rose by 11 per cent to 1.21 million tonnes so far in the 2010/11 season that began on Oct. 1, due to higher cane crushing, a senior industry official told Reuters. -Reuters
KOLKATA - INDIA: Traders sell fruit and vegetables on a road side market in Kolkata. -Agencies
Gold firm on Fed view, debt fears LONDON: Gold held near its highest since mid-November on Monday as speculation US authorities will have to further extend monetary easing and concerns over euro-zone debt boosted interest in the metal as a haven from risk. While strength in the US unit kept a lid on further gains in dollar-priced gold, gold hit record highs in sterling terms and Japanese yen-denominated bullion hit its highest since early 1983 as risk aversion
sour, or (by) further weakness in the greenback," said VTB Capital analyst Andrey Kryuchenkov. "Clearly investment demand is still there." "While lingering concerns over euro-zone debt issues maintain safe-haven buying, the potential for a longer than expected period of expansionary monetary policy in the US and Europe is prolonging the precious metals bull market," said Morgan Stanley in a note.
stoked broad-based gains in the metal. Spot gold was bid at $1,415.80 an ounce at 1504 GMT, against $1,414.35 late in New York on Friday. It touched a record $1,424.10 early in November. US gold futures for December delivery rose $11.20 an ounce to $1,417.40. Sterling-priced gold reached a record 904.02 pounds an ounce, while gold denominated in yen hit its highest since Feb. 1983 at 117,541 yen an ounce. Fresh concerns emerged over the stability of the foreign exchange markets after Federal Reserve Chair Ben Bernanke said on Sunday the bank could buy more than the $600 billion in US government bonds it has committed to purchase. "Gold is supported either way -- risk sentiment turning
On the investment side of the gold market, the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell to 1,298.030 tonnes on Friday. Among other precious metals, silver rose to a 30-year high at $29.90 an ounce early on Monday, and was later at $29.81 an ounce against $29.36 late on Friday. Net long positions in US silver futures held by speculators rose by 12 per cent in the week ended Nov. 30, as momentum traders jumped back into the market. Platinum was at $1,720.24 an ounce against $1,725.50, while palladium was at $762.97 against $758.40. Palladium prices have benefited from firm ETF buying in recent weeks. -Reuters
Cocoa climbs, buoyed by Ivory Coast uncertainty LONDON: ICE cocoa futures touched a four-month peak on Monday, buoyed by uncertainties over supplies due to disputed elections in top producer Ivory Coast, while raw sugar edged lower and coffee inched higher. Political uncertainty in Ivory Coast was the main driver in the market that attracted some shortcovering, but new technical buying was triggered after ICE March cocoa rose above $2,970, attracting black box and system fund dealers, the trader said. ICE second-month cocoa touched a four-month high of $3,050, up $115 or almost 4 per cent, at 1548 GMT. Liffe second-month March cocoa hit a peak of 2,030 pounds per tonne, a 3-1/2month high, before losing a little ground to stand at 2,020 pounds, up 61 pounds or 3.1 per cent, at 1546 GMT. Sugar futures edged down, underpinned by adverse weather in some producers and Indian delays on deciding on how much sugar to export during the period before Brazil's next crop in 2011. ICE March raw sugar futures were down 0.11 cent or 0.4 per cent to 29.39 cents a lb at 1551 GMT, while Liffe white sugar was up $5.20 or 0.7 per cent to $745.20 per tonne in slim volume of 1,305 lots. Liffe March robusta coffee was up $12 or 0.6 per cent to $1,876 per tonne in moderate turnover of 3,328 lots at 1554 GMT, while ICE March arabicas were up 5.10 cent or 2.50 per cent to $2.0990 per lb. -Reuters
National Commodity Exchange Ltd Trading Summary Date
6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010 6-Dec-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JA11 FE11 MA11 JA11 FE11 JA11 FE11 MA11 JA11 FE11 MA11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 MON TUE WED THU FRI MON TUE WED THU FRI 09DE10 DE10 DE10 10-Dec 11-Mar
US$ 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
88.09 88.57 88.92 28.75 28.72 1387.70 1389.00 1388.50 1388.20 1388.50 1389.80 38572.00 38400.00 38302.00 38248.00 38259.00 44624.00 44624.00 39311.00 39352.00 40000.00 39380.00 39393.00 46031.00 45876.00 45250.00 45265.00 45281.00 2402.00 3294.00 4830.00 86.54 85.55
89.76 90.17 89.91 29.95 29.81 1419.50 1420.00 1421.00 1415.40 1415.90 1415.90 39010.00 39100.00 39037.00 38983.00 38983.00 45482.00 45482.00 40111.00 40055.00 40069.00 40083.00 40097.00 46119.00 46055.00 46071.00 46087.00 46103.00 2402.00 3310.00 4890.00 86.54 85.94
87.15 87.69 88.92 28.71 28.72 1386.50 1387.00 1388.00 1388.20 1388.50 1389.80 38275.00 38287.00 38302.00 38248.00 38259.00 44624.00 44624.00 39311.00 39352.00 39366.00 39380.00 39393.00 45187.00 45234.00 45250.00 45265.00 45281.00 3287.00 3294.00 4830.00 86.53 85.55
89.26 89.64 89.91 29.80 29.81 1415.40 1415.90 1417.00 1415.40 1415.90 1415.90 39010.00 39022.00 39037.00 38983.00 38983.00 45482.00 45482.00 40111.00 40055.00 40069.00 40083.00 40097.00 46119.00 46055.00 46071.00 46087.00 46103.00 3303.00 3310.00 4890.00 86.53 85.94
Traded Volume in lots 248 91 208 1,430 2,313 1,118 30 5 20 3 2 15 -
Previous Settlement Price 89.34 89.74 90.01 29.75 29.75 1413.20 1413.80 1414.80 1413.20 1413.80 1414.80 38980.00 38992.00 39007.00 38953.00 38964.00 45447.00 45447.00 40081.00 40025.00 40039.00 40053.00 40067.00 46084.00 46020.00 46036.00 46052.00 46068.00 3287.00 3294.00 4830.00 86.54 85.93
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 89.26 87 89.64 17 89.91 29.80 58 29.81 1415.40 1,098 1415.90 865 1417.00 446 1415.40 1415.90 4 1417.00 39010.00 4 39022.00 25 39037.00 38983.00 38994.00 45482.00 45482.00 40111.00 40055.00 40069.00 3 40083.00 40097.00 46119.00 2 46055.00 10 46071.00 46087.00 10 46103.00 5 3303.00 3310.00 4890.00 86.53 85.94 -
India's Singh and Khan play soccer during a cricket practice session in Bangalore
10
Tuesday, December 7, 2010
Farhan losses in World Open squash Monitoring Desk KARACHI: Pakistan's number two squash player Farhan Mehboob was sent packing after succumbing to fifth-seed French Gregory Gaultier 3-0 in the second round of the World Open 2010 in Dammam. Mehboob, ranked 28th in the world, lost 11-6 against the French number one. He had barely hit back in the second set before Gaultier recovered to win 11-5 and then seal victory in the third set 11-4. "Gaultier is a tough nut to crack," Mehboob told. "My strategy was to contain him in the first set, and I tried my best but he has more experience than me. I tried everything. "I tried to reinforce myself in the second set but he was too strong for me. Playing with him is enjoyable and nervewrecking." This was Mehboob's third encounter with Gaultier since last year, having lost his previous two as well.
Nat’l women hockey tourney starts from Jan 4th LAHORE: The 26th edition of National Women Hockey Championship will be played from January 4-12 at Hockey Club of Pakistan Stadium Karachi. Preliminary rounds of the associations will be played from December 27 to January 1 at respective centres and preliminary round of the departments will be played from December 27 to January 1 at National Hockey Stadium Lahore. "In all 17 teams from the provinces will take part in the preliminary round of associations. Eight team from Punjab, five from Sindh, one from Khyber Pakhtunkhwa, two from Balochistan and one team from Islamabad will take part in the event", said a spokesman of Pakistan Hockey Federation here on Monday. At the end of the preliminary round two teams from Punjab, two from Sindh, one from Khyber Pakhtunkhwa, two from Balochistan and one team from Islamabad will qualify for the final round, he said. Six departmental teams will take part in the preliminary round of departments.-APP
England nears victory courtesy Pietersen ADELAIDE: Kevin Pietersen took centre stage at both ends of the fourth day of the second Ashes test on Monday by following a career best batting performance with a key Australian wicket. Pietersen added the final flourish to a magisterial double hundred in the morning sun before he was dismissed for 227 as England accumulated a huge first inning total of 620 for five declared. He then returned in the gloaming to remove vice-captain Michael Clarke with the last ball of the day for 80. Australia go into the final day on 238 for four with their last two recognised batsmen at the crease and 137 needed to make England bat again. Their main hope of forcing a draw is the weather with heavy storms forecast. Rain stopped play for just under an hour in the third session on Monday. Graeme Swann, the world's top-ranked spinner, took two wickets including Ricky Ponting for nine following the Australian captain's first ball duck in the first innnings. Pietersen then accounted for Clarke with his part-time offspin. "It's a massive bonus for us," Swann said. "Sometimes you need a bit of inspiration and who better to deliver it than KP? "We love KP, especially when he's got a double century
and gets their best player of spin out." Mike Hussey and Clarke fought a desperate rearguard action for the hosts throughout the latter part of the rain-disrupted third session and the pair looked set to resume their partnership on the final day until Pietersen came on to bowl. Clarke, who had made a solid 80, initially walked when Alastair Cook took the catch at short-leg but returned to his crease when the umpire failed to give him out. England requested a review and, to the delight of the massed ranks of the "Barmy Army" on the grass bank under the scoreboard, Clarke was walking again when the pictures clearly showed the ball hit the face of his bat. "Just want to apologise for not walking off the ground tonight when I hit the ball. I was just so disappointed, my emotions got best of me," Clarke posted on his Twitter page. Hussey, who will resume on 44 not out alongside Marcus North in the morning, said it had been a big psychological blow for a team already reeling after being outplayed for four days. "It was a bit of a kick in the guts to lose that last one," said Hussey. "(Clarke's) pretty distraught, it was a real sombre way to finish the day for us."
Wasim urges Pak to unite for WC LAHORE: Pakistani cricket hero Wasim Akram on Monday urged players, fans and the media to move on from recent high-profile problems and get behind the country to win the 2011 World Cup. "Let's forget what problems we've been going through recently and with a positive frame of mind support the Pakistan team to win next year's World Cup," Wasim said in a rallying call during a ceremony unveiling the trophy. Pakistan has been blighted by a spot-fixing crisis, player suspensions and poor governance, with one-day captain Shahid Afridi expressing a lack of confidence in preparations for the mega event.
Three key players - Salman Butt, Mohammad Asif and Mohammad Aamer - were provisionally suspended by the International Cricket Council (ICC) over accusations of spot-fixing during the tour to England in the summer. The trio appears before a ICC code of conduct tribunal in Doha, Qatar next month and face severe punishment, including lengthy bans. Key players Kamran Akmal and Shoaib Malik have also courted suspicion and not been cleared by the under fire Pakistan Cricket Board (PCB) for recent tours. Their participation in the February 19-April 2 World Cup looks uncertain.
Sajjad breaks well in World Snooker KARACHI: Pakistan's mercurial cueist Muhammad Sajjad got off to a sterling start in the IBSF World Snooker Championship in Damascus (Syria) when he beat local player Karam Fatima 4-2, according to message received here on Monday. Asian championship runnerup Sajjad chalked out a break of 108 to exhibit his class. Sohail Shahzad, who had made a promising start by routing Ibrahim Alkhder Alahmd of Syria 4-0, suffered defeat in his second match against Dutchman Roy Stolk by 4-0 margin. Pakistan's top ranked cueist Imran Shahzad beat Vinnie Calabrese (Australia) 4-2 in his match. Top four cuemen from the 16 groups will qualify for the last 64 round of the competition.-APP
MULTAN: Chief Guest Ex MPA Dr Javed Saddique Sheik shaking hand with players during First All Punjab Abdul Sattar Jajji Football Tournament at Sport Ground.-APP
England added 69 runs in nine overs in the morning session with Ian Bell hitting a sublime six on his way to 68 not out and Matt Prior adding an unbeaten 27 after being saved from an lbw dismissal by a television review. England's total was the third highest test tally at the Adelaide Oval and their second best Ashes total in Australia. Shane Watson and Simon Katich steered Australia safely through to lunch before offspinner Swann struck after the break. Katich (43), who had hobbled throughout his innings because of an Achilles heel injury and who now is a major doubt for the third test in Perth, got a faint outside edge which wicketkeeper Matt Prior snaffled. Ponting, playing in his 150th test, lasted just 21 minutes before getting a thick edge to Paul Collingwood at first slip. After Watson's departure, caught by England skipper Andrew Strauss off Steven Finn for 57, Australia's hopes were in the hands of Clarke, Hussey, North, Brad Haddin and the weather. "A couple of hours of rain will help our cause but we've got try and hang in there as long as we can," said Hussey. "Certainly, if we can draw the match, England will see that as a loss and that will be driving us."-Reuters
$1.56mn for Trescothick if sends ball out of Lord's MELBOURNE: As England fight the elements to draw first blood in the ongoing Ashes series, one of their former Test stars has got an opportunity to earn a cool $1.56 million if he can send the ball sailing over the stands of the historic Lord`s stadium. Former opener Marcus Trescothick, who remains a formidable name in the country`s county circuit after retiring from international cricket, was offered a chance to fish a million pounds if he muscles the ball over 210 feet from the Nursery End landmark at the Lord`s. The hard-hitting batsman received the offer from his bat makers Mongoose for repeating a feat that has been attained only once in the cricketing history, `The Herald Sun` reported. Mongoose said Trescothick was well-placed to repeat the record set by Australian Albert Trott, who cleared the 50-foot building during a match for Marylebone Cricket Club in 1899. The 34-year-old will be equipped with the Mongoose`s latest bat, designed for cricket`s shortest form.-Online
ADELAIDE: England's Pietersen celebrates with teammates after claiming the wicket of Australia's Clarke during the fourth day of the second Ashes cricket test.-Reuters
FIFA Club WC in Abu Dhabi
Alcohol, kissing banned in public ABU DHABI: Fans at the FIFA Club World Cup in Abu Dhabi on December 8-18 will have to abstain from drinking alcohol and kissing in public, in keeping with Muslim sensitivities, a newspaper said on Monday. "The FIFA World Cup organising committee has issued a long list of prohibitions which will be circulated among fans from outside the country, including the ban on drinking alcohol and kissing on the streets," said Emarat Al-Yom. The rules, printed on leaflets and to be distributed to fans upon arrival in the United Arab Emirates, also warned that using drugs whether in public or private
areas would result in prosecution. "We are a Muslim country that has its own customs and traditions which should be preserved. Something like this should not anger the supporters," the organising committee's spokeswoman, Shaza al-Rumaithy, told the daily. World football governing body FIFA "supports" such measures by any country hosting an international championship, she said. Italy's Inter Milan and South Korea's Seongnam are among the clubs taking part this year in the tournament for the winners of the world's continental championships.Agencies
KARACHI: Chief Guest, Faisal Sabzwari, Minister Youth Affairs Sindh, distributing prizes among children on the Annual Sports occassion of Habib Girls School. Mr Muslim Habib Trustee, Almas Bana, Nargis Alvi and Shoaib Siddiqui also seen.-Staff Photo
Serbians fete Davis Cup victory BELGRADE: Serbia's Davis Cup victory over France on Sunday topped the headlines of all daily newspapers here Monday, with photos of the players and their coach hoisting the famous silver salver trophy prominent. "The dream has come true: Serbia the champions of the world," read a huge headline over the front page of the Blic daily. "The dream of generations, to win the Davis Cup trophy, has become a reality!," the daily said. "The tennis gods definitively live in Belgrade and their names are Novak Djokovic and Viktor Troicki. Showing their best form they impressed on the French that "In Belgrade there is no giving up." Serbia, which had never won the Davis Cup before, entered Sunday's reverse singles down 1-2 after losing the doubles in five sets on Saturday, but straight sets victories for Djokovic and Troicki over Gael Monfils and Michael Llodra turned the tide. Under the title "New Musketeers are Serbian," the sports daily Sportski Zurnal said that the motto "All for one, one for all, the spirit of musketeers that has for ever been the brand of the French Davis Cup team, now belongs to Serbia." Several factors, apart from tennis skils, were crucial for such a victory, the daily said, listing a huge "patriotic charge," "strong friendship," "extreme adjustability" and "psychological quality" as the most important elements.-APP
Man United a clean sheet away from record M A N C H E S T E R : Manchester United will become the first team to go through the Champions League group stage without conceding a goal if they can keep a clean sheet at home to free-scoring Valencia on Tuesday. Their tight defence in European games has been in contrast to erratic domestic performances at the back and has often been down to promising displays by some of their younger players, who look likely to be given the responsibility once again.
United and Valencia have already qualified for the knockout round although top spot in Group C is still up for grabs. The English club, who have 13 points from five games, will win the group if they do not lose to the Spaniards, who are on 10. With United facing important Premier League matches against leaders Arsenal and champions Chelsea in the next fortnight, manager Alex Ferguson's policy of giving his youngsters a run-around in Europe looks set to continue. "We have some fantastic
young players at the back," 31year-old Wes Brown, whose place in defence has sometimes been taken by the new crop, told the club magazine Inside United. "You could play a good back five with some of them in there; Ben Amos in goal, Rafael at right back, Jonny Evans and Chris Smalling in the centre and Fabio at left back. That is the next generation." While the gamble to experiment has paid off in the Champions League, a youthful United side came crashing
down to earth last week when the holders lost 4-0 to West Ham United in the League Cup to end a 29-match unbeaten run in all competitions. FEWEST NUMBER Six clubs currently hold the record for the fewest number of goals conceded in the Champions League group stage. Ajax Amsterdam, Chelsea, Juventus (twice), Liverpool, AC Milan and Villarreal share the honour with one goal. United got some extra rest this week as Saturday's league game at Blackpool was post-
poned because of a frozen pitch, while Valencia's preparations have been less than ideal. They are still smarting from Saturday's 2-0 defeat at Real Madrid when a harsh second yellow card for midfielder David Albelda left them with a man less for the last 25 minutes. Up to then they had held Jose Mourinho's side, causing them problems by crowding the midfield and breaking quickly. The extra space worked in Cristiano Ronaldo's favour and the former
Manchester United forward scored twice in the closing stages. They were, however, boosted by news goalkeeper Cesar Sanchez had been included in the squad for the trip to northwest England. The first-choice keeper has been sidelined since last month with a calf injury but trained with the team on Sunday. Valencia, fifth in La Liga, travel to watertight United with one of the most potent strike forces, having scored 14 times in their five Champions League matches.-Reuters
More Fed bond buying “certainly possible� WASHINGTON: The Federal Reserve could end up buying more than the $600 billion in US government bonds it has committed to purchase if the economy fails to respond or unemployment stays too high, Fed Chairman Ben Bernanke said. The Fed will regularly review the policy and could adjust the amount of buying up or down depending on the economy's path, he added. In a rare televised interview, Bernanke told the CBS program "60 Minutes" the Fed's actions are aimed at supporting what is still a fragile economic recovery, dismissing critics who argue the policy will lead to future inflation. "This fear of inflation I think is way overstated," Bernanke said in the interview aired on Sunday. "What we're doing is lowering interest rates by buying Treasury securities," he said. "And by lowering interest rates, we hope to stimulate the economy to grow faster. The trick is to find the appropriate moment when to begin to unwind this policy. And that's what we're going to do." Bernanke said it would take four to five years for the country's unemployment rate, which rose to 9.8 per cent in November, to come down to what he called more "normal" levels of around 5 per cent to 6 per cent. Asked if the central bank could go beyond the $600 billion of bond buys announced at its November meeting, Bernanke said: "Oh, it's certainly possible. It depends on the efficacy of the program. It depends, on inflation. And
finally it depends on how the economy looks," he said. But he also did not rule out stopping short of the total. "We're gonna be regularly reviewing this," Bernanke said. "This is not something that we've set into automatic motion going forward. We want to continue to think about it. Whether it needs to be changed. Whether it needs to be increased or decreased or modified." The US economy grew at a modest 2.5 per cent annual rate in the third quarter, and more vigorous growth is needed to bring down unemployment. The "60 Minutes" interview is as part of a broader effort to raise the Fed chairman's public profile in order to counter critics of Fed policy -- both in Washington and within the central bank itself. NOT PRINTING MONEY The decision to offer further monetary stimulus at a time overnight borrowing costs are already effectively at zero and the banking system is awash with $2.3 trillion in Fed-created credit has proven controversial both at home and abroad. Many economists, some Republican lawmakers, and a small but vocal minority of top officials within the Fed worry that the central bank's actions are unlikely to do much to spur economic growth with borrowing costs already unusually low. Instead, they worry the massive bond purchases will lead to distortions in financial markets, potentially sparking asset bubbles in unexpected places. Some also fear, as Charles Plosser of the Philadelphia Fed has argued, the expansion of reserves could create the "kindling" that will spark inflation
in the future. But Bernanke continued to argue firmly against that view. "One myth that's out there is that what we're doing is printing money," he said. "We're not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way." While the Fed is pressing hard on the monetary accelerator, banks would have to ramp up lending for the money supply to increase -- and loan demand is still tepid. Bernanke said the Fed has both the tools and the will to withdraw liquidity from the banking system if inflation begins to dart higher, even if past experience makes some analysts skeptical. "We could raise interest rates in 15 minutes if we have to," Bernanke said in the interview, which was taped on Tuesday. "So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time." "That time is not now." Part of the rationale for Fed easing is the fear that a trend of slowing inflation could turn into an outright deflation, a damaging downward spiral in prices and wages that is particularly difficult for central banks to fight. Bernanke said the current risk of deflation was not very big, but only because the Fed had decided to act aggressively. "If the Fed did not act, then given how much inflation has come down since the beginning of the recession, I think it would be a more serious concern," Bernanke said.-Reuters
Moody’s cut Hungary close to junk, warns of risks BUDAPEST: Credit rating agency Moody's cut Hungary's sovereign rating by two notches, to just above "junk" grade, on Monday and said it may cut further if the government fails to put public finances on a sustainable footing. Hungary's government has rejected austerity and aims to close its budget deficit with hefty new taxes on banks and other businesses as well as a diversion of private pension savings into state coffers. "Today's downgrade is primarily driven by the Hungarian government's gradual but significant loss of financial strength," Moody's Investors Service analyst Dietmar Hornung said in a statement. "The negative outlook reflects the uncertainties regarding the government's financial strength, as the country's structural budget deficit is set to increase and external vulnerabilities make the country susceptible to event risk." Hungarian assets have been hit in the last month as the spreading euro zone debt crisis has driven a decline in global appetite for risk. While expected, the twonotch downgrade, which puts the Moody's rating on a par with that of rival Standard & Poor's, is another signal that markets are not happy with the government's unorthodox economic policies. "The Moody's action is in line with our view that recent economic policy decisions in Hungary resulted in a deterioration of the medium-term fiscal outlook and less predictable business environment," Piotr Kalisz at Citigroup said in a note.Reuters
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He said he appreciated Singh's effort to reach out to Pakistan, despite the Indian public opinion being "deeply shocked and traumatised" by the terror savagery. Sarkozy said that in the 21st century, the only way to ensure peace and security was to "develop together and not against another", making a reference to the European Union, where former foes now work together. The president said both France and India have the "same reading on Afghanistan". Sarkozy is on a four-day visit to India that ends Tuesday.-Online
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hearts and minds, these violations of our sovereignty take a terrible toll." The Minister said the terrorism is a toxic brew of ideology, sense of hurt and injustice and economic deprivation and marginalization. He said force will always be necessary to deal with the flare-up, but the real treatment is to address the underlying infection. Qureshi said economic deprivation has to be tackled on priority adding that a large number of Taliban cadres are in the business of fighting simply because they have no alternatives. The Minister said, "For Pakistan to be able to prevail, on behalf of the entire civilized world, we must be politically stable." He said secure and stable Pakistan required that its economy must be viable and robust. Qureshi said Europe and Pakistan have already taken the first step in this direction and thanked European leaders for working to grant Pakistan enhanced market access to the EU for three years. "We believe this will translate into greater economic activity and employment opportunity in Pakistan," he added. "I am confident that this first step would be followed by additional and concrete measures to open up trade on a longerterm basis," he said. He said the European Union action should be followed forthwith by the United States implementing trade and tariff policies that will help Pakistan grow. Qureshi said establishing a Free Trade Agreement will not only energize the Pakistani economy, but in a very real sense, protect US security interests. He said Pakistan, Afghanistan and the United States are among the main players in the fight against terrorism.
lation is not changing. The money supply is not changing in any significant way." While the Fed is pressing hard on the monetary accelerator, banks would have to ramp up lending for the money supply to increase -- and loan demand is still tepid. Bernanke said the Fed has both the tools and the will to withdraw liquidity from the banking system if inflation begins to dart higher, even if past experience makes some analysts skeptical."We could raise interest rates in 15 minutes if we have to," Bernanke said in the interview, which was taped on Tuesday. "So, there really is no problem with raising rates, tightening monetary policy, slowing the economy, reducing inflation, at the appropriate time." "That time is not now." -Reuters
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times.UAE Minister for Foreign Trade, Sheikha Lubna Al Qasimi, Chairman of Dubai Chamber of Commerce Abdul Rehman Saif Al Ghuriar, Mian Mohammed Mansha, Chairman Nishat Group, Javed Malik, President International Business Forum, Arif Habib of Arif Habib Investments would join a host of other speakers, whereas the special keynote speaker will be Chief Minister of Punjab, Mohammad Shahbaz Sharif who will also chair the inaugural session. -Agencies
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groups, to include Lashkar-e-Tayiba (LT) and Jamaatud Dawa (JuD), according to the cable.UAE security services were not familiar with the names of specific UAE-based LeT members shared by the Treasury, but promised to follow up on the information, the report said. "DSS officials were familiar with XXXXXXXXXXXX who reportedly provides funding to the Taliban/ Haqqani Network, according to US intelligence." The GDSS officials stated that they do not believe XXXXXXXXXXXX is loyal to the Taliban, and noted that he has cooperated with Pakistani authorities, as well as with Afghan President Karzai," the cable said. "They pointed out XXXXXXXXXXXX's past visits from former Guantanamo Bay detainee Mullah Zaif but noted that such visits - which may have resulted in financial support - have ceased," it said. "GDSS continues to monitor XXXXXXXXXXXX although at present they Continued from page 12 No #3 do not believe that he is a Taliban financial manager," it said. were handed over to provinces on Monday are local bodies and Mendelson suggested that he may be a pragmatist who mainrural development, zakat and ushr, population welfare, special ini- tains relationships with legitimate authorities, but insisted that the tiative and youth affairs. Parliamentary sources told Online that all US government has information that suggests he is still involved six standing committees chairmen and one parliamentary secretary with the Taliban. "During the course of the two multi-hour intellihas been affected by handing over of these ministries to provinces gence exchange sessions, GRPO and Treasury analysts walked It may be recalled that federal cabinet and parliamentary com- through the previously shared information suggesting that mission for implementation of 18th amendment had accorded Taliban- related finance officials have visited the UAE in order to approval to the transfer of these ministries to province a few days raise or move funds," it said.According to the cable, the UAE earlier. More five ministries would be devolved to the provinces security officials believe that the Taliban may draw support from till February, 3. -Agencies the sizeable Pashtun population resident in the UAE. -Agencies
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depends, on inflation. And finally it depends on how the economy looks," he said. But he also did not rule out stopping short of the total. "We're going to be regularly reviewing this," Bernanke said. "This is not something that we've set into automatic motion going forward. We want to continue to think about it, whether it needs to be changed or whether it needs to be increased or decreased or modified." The US economy grew at a modest 2.5 per cent annual rate in the third quarter, and more vigorous growth is needed to bring down unemployment. The "60 Minutes" interview is as part of a broader effort to raise the Fed chairman's public profile in order to counter critics of Fed policy -- both in Washington and within the central bank itself. The decision to offer further monetary stimulus at a time overnight borrowing costs are already effectively at zero and the banking system is awash with $2.3 trillion in Fed-created credit has proven controversial both at home and abroad. "One myth that's out there is that what we're doing is printing money," he said. "We're not printing money. The amount of currency in circu-
11
International & Continuation
Tuesday, December 7, 2010
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Sunnis, political and religious leaders would be formed in all the provinces. Snipers and sharp shooters would be deployed in the tension ridden areas, while aerial vigilance would continue from 1st to 10th of Muharram. The meeting also agreed to impose curfew in the most "tense areas" to ensure peace and tranquility for avoiding any untoward incident. Whereas, Army would be kept on stand-by to tackle any untoward incident, if takes place. An Operation Room of National Crisis Management Cell would coordinate with the provinces and share real time intelligence with the provinces and it would operate round-the-clock during Muharram. The meeting also decided that the police patrolling would be enhanced in all the provinces, Islamabad Capital Territory, Gilgit-Baltistan and AJK.It suggested that inter-provincial movement of "firebrand religious speakers" should be discouraged and they would not be allowed to deliver speeches. -APP
Merkel rebuffs IMF call to raise euro zone fund BRUSSELS: Euro zone finance ministers meeting on Monday faced IMF pressure to increase the size of a 750 billion euro ($1,006 billion) safety net for debt-stricken members to halt contagion in the single currency bloc. But EU paymaster Germany rejected any such move and also dismissed a call by two veteran finance ministers for joint euro bonds to be guaranteed by the whole euro zone. International Monetary Fund chief Dominique Strauss-Kahn was set to urge the 16-nation single currency area to boost the rescue pool and the European Central Bank (ECB) to step up its purchases of government bonds to stem the crisis, according to an IMF report obtained by Reuters. European Monetary Affairs Commissioner Olli Rehn said on arrival for the meeting that the question of upgrading the rescue fund, known as the European Financial Stability Facility, was one of the issues on the ministers' agenda.
However, German Chancellor Angela Merkel said she saw no need to increase the size of the bailout mechanism, which is deeply unpopular with voters in Europe's biggest economy. She also said European Union treaty rules did not allow for issuing common bonds, which would reduce the element of competition and the interest rate incentive for fiscal good behaviour. The ECB engineered a dip in the soaring borrowing costs of weaker euro zone states late last week by stepping up purchases of mainly Irish and Portuguese government bonds. Figures issued on Monday showed the central bank bought 1.965 billion euros worth of government bonds in the week to Dec. 3, its biggest weekly tally since the end of June. But yield spreads of countries on the euro zone periphery over safe-haven German Bunds resumed their rise on Monday, as did the cost of insuring their debt against default, and many
analysts say only sustained, massive central bank bondbuying can reverse the trend. The IMF report said a recovery in the euro zone, led by strong growth in Germany, could "easily be derailed" by renewed market turmoil, and described pressure on peripheral euro countries as a "severe downside risk". Wide differences remain among euro area governments over how to overcome the debt crisis that has already led to EU-IMF bailouts for Greece and Ireland, and now threatens Portugal, Spain and possibly Italy. Jean-Claude Juncker, chair of the Eurogroup finance ministers, and Italian Finance Minister Giulio Tremonti outlined a proposal in Monday's Financial Times for a joint sovereign bond, or "E-bond". They said this would send a signal of "the irreversibility of the euro" to citizens and markets, where some experts have started to question the future of the currency.-Reuters
ate jobs and expand your reach to regional markets as well as United States", he added. Referring to Pak-US trade, he said that during 2009, Pakistan exported goods worth $3.2 billion to USA and simultaneously US's exports stood at $ 1.6 billion with Pakistan having a trade surplus. He noted that Pakistan must eliminate government subsidies in energy sector to stop revenue drain. He said that USAID is funding to the generation and distribution companies. "Our technical experts are working closely with Pakistani officials on practical steps to solve technical inefficiencies, unsustainable tariff structure and power theft which are draining Pakistan's budget". He said Americans and Pakistani partner companies have proposals pending with the government of Pakistan to build plants to import Liquefied Natural Gas (LNG), power plant to generate electricity through winds in Gharo, Sindh and full range of other investments. Referring to revenue collection, he appreciated the efforts of President Asif Zardari, Prime Minister Gilani, Finance Minister Dr Shaikh, SBP and political leadership for the commitment to address the issue of revenue collection in the country through economic reforms legislation."This is not easy, but we hope that with our encouragement, they will move forward. This legislation is critical to enable the private sector to grow and create jobs", he observed. Munter said that with fiscal deficit at 6.3 per cent of the GDP in 2010, the government of Pakistan is unable to meet its commitment to the IMF under the October 2008 standby agreement that provided $10.7 billion in loans over two years.
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same period a year earlier.Measures taken against dumping, usually extra duties on imports fell by about five per cent, with 14 nations or trading blocs applying measures. India began 17 investigations into cheap imports, followed by the European Union (eight) and Argentina (five). Chinese exports -- mainly metals, chemicals and plastics -- were targeted the most, accounting for one third of the probes, but the number declined by 17 per cent compared to early 2009. The WTO last week ruled that anti-dumping measures imposed by the European Union on imports of Chinese metal fasteners, such as screws, nuts and bolts, were illegal, in a dispute brought in 2009. -APP
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Reinstatement Bill and congratulated all the workers who have thus been reinstated in their jobs through an Act of the Parliament. He also felicitated the Parliament for passing this law and also the Minister for Labor and Manpower and all those who made it possible. -APP
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Secretaries and IGs Police to meet with religious leaders and issue joint declarations to promote sectarian harmony in the country.
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that both the countries want Afghanistan to play its role to further strengthen these relationships at multi-dimensions and in different sectors. He said that trilateral relationships will contribute for the regional stability and peace. He intimated that President Asif Ali Zardari will also visit Turkey in near future to attend a tripartite conference hosted by the Turkey, which will be attended by Afghan President Hamid Karzai and Turkish President Abdullah Gul aiming to fortify the regional cooperation.PM Yousuf Raza Gilani said that rationale of his visit is to boost bilateral relationships emphasising at economy, trade and investment sectors. He told that both the countries will focus on finding new ways to further stabilise their relationships. -APP
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Finance had already submitted its recommendations on it after a debate. He pointed out that the basic reason of this reform is to make RGST simple, ensure that there should be "no" tax on consumer items of general public and further simplifying this law keeping in view the genuine irritants of the people. He said that another reason of introducing RGST is to reduce dependence on the outside world and create self sufficiency in financial affairs and also to secure our financial independence. Responding to a question regarding consultation on RGST, he said that discussions with business community and their chambers have been held on different occasions since last more than six months."This process is still going on as we think that the imposition of any tax without consultation with business community and without removing their reservations will be a kind of "injustice", he noted. In addition, he recalled that various representative bodies of all trade also had presented their point of view before the standing committees of the Senate and National Assembly on different occasions. -Agencies
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official in the Mohmand Agency who appeared to be the target of the attack, earlier told Reuters by telephone that it appeared to be a suicide attack. "There were two bombers. They were on foot. The first blew himself up inside the office of one of my deputies while the second one set off explosives when guards caught him." Mohmand is one of the lawless tribal regions in Pakistan's northwest. -Reuters
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"Exporters are under pressure as the yen strengthened, and that is weighing on the Nikkei. But falls are limited as we are seeing solid bargain-hunting," said Takashi Ohba, senior strategist at Okasan Securities."Underlying bullish sentiment for Japanese stocks really hasn't changed. The Nikkei still has room to rise," he said. The Nikkei closed the day down 0.1 per cent or 11.09 points at 10,167.23, while the broader Topix index rose 0.3 per cent to 881.41. Market participants said the Nikkei is expected to be supported as overseas fund operators still have not completed covering their underweight positions in Japanese shares."I think foreign funds are still underweight Japanese stocks so they still need to cover those positions as they have performed well recently," said Tomomi Yamashita, fund manager at Shinkin Asset Management. The Nikkei has sharply outperformed other major markets over the past month, including Hong Kong, Shanghai and New York's Dow Jones industrial average.Market participants said the Nikkei is likely to find support around 10,000, while resistance is seen around 10,250 -- near the six-month high reached last week. The Nikkei could be weighed down if the yen extends its recovery, analysts said. On Monday, 1.48 billion shares changed hands on the Tokyo exchange's first section, the lowest since Oct. 25 and well below last week's daily average of 1.81 billion.Fujito said the dollar's level against the yen will likely determine the Tokyo market's direction over the next few weeks, and if the dollar falls below 82 yen, the Nikkei may drop to around 10,000. US employment barely grew in November and the jobless rate unexpectedly hit a seven-month high, hardening views the Federal Reserve would stick to its $600 billion plan to shore up the anemic recovery.-Reuters
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not going to be that important, because the real big one (the EU's heads of government meeting) is on the 16th and 17th December."BP led energy stocks higher, adding 3.4 per cent, as investors welcomed further developments on the company's asset sale aimed at raising cash to pay for its massive oil spill in the Gulf of Mexico. Pakistan's Oil and Gas Development Co. Ltd. said it will make a joint bid for BP's assets in Pakistan with Pakistan Petroleum Ltd.Sentiment surrounding the British oil major was also helped after White House oil spill commission staff said on Friday that BP believes the spill's actual flow rate may have Continued from page 1 No #8 been as much as 50 per cent below the government's final estimate.A UBS downgrade to "neutral" hit "We want you to help succeed in increasing your sales and cre- Tesco, off 1.6 per cent, ahead of the retailer's third-quarter sales update on Tuesday. -Reuters
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NEW DELHI: French President Nicolas Sarkozy reacts while holding a joint press conference with Indian Prime Minister Manmohan Singh in New Delhi. -Reuters
LHC bars govt from amending blasphemy law LAHORE: Lahore High Court (LHC) has barred the government from amending the blasphemy law, till the final decision of the court in Aasia Bibi case. The court gave the orders during the hearing of a petition filed to stop the government from tabling an amendment bill in the blasphemy law 295-C. Former Information Minister Sherry Rehman has also been made a party to the petition. Notices have been issued to her and the federal government for the December 23 hearing. Meanwhile, the court extended the stay order in the Aasia Bibi's case till December 23. It declared that the government cannot proceed further on Aasia Bibi's mercy application till the set date. In an earlier hearing, the court had stalled pardon moves for Aasia Bibi, directing President Asif Ali Zardari and the governor Punjab to abstain from making any move to pardon blasphemy convict Aasia Bibi till December 6. The court today (Monday) extended the stay order till December 23. -Agencies
Malik goes over Muharram security plan ISLAMABAD: Interior Minister A Rehman Malik on Monday chaired a high-level meeting to review security arrangements for the holy month of Muharram-ul Haram. The meeting was attended by the Secretary Interior, all the Provincial Home Secretaries, Inspector Generals of Police, Director Generals of Punjab and Sindh Rangers, Inspector Generals of KhyberPakhtunkhwa and Balochistan FCs, Chief Commissioner and Inspector General of Islamabad Police besides representatives of intelligence agencies. The minister was briefed by Home Secretaries and IGPs on security arrangements made in their respective provinces to ensure peaceful observance of the holy month. The meeting decided to identify sensitive areas where mourning procession would be taken out, while no sectarian leader or any other person would be allowed to make speech fanning sectarianism. All the Home Secretaries and the IGPs have been directed to hold meetings with local religious leaders and issue joint declarations for promoting sectarian harmony. The meeting also decided that high powered committees comprising notable Shia and See # 7 Page 11
Bernanke backs bonds’ buying WASHINGTON: The Federal Reserve could end up buying more than the $600 billion in US government bonds it has committed to purchase if the economy fails to respond or unemployment stays too high, Fed Chairman Ben Bernanke said. The Fed will regularly review the policy and could adjust the amount of buying up or down depending on the economy's path, he added. In a rare televised interview, Bernanke told the CBS program "60 Minutes" the Fed's actions are aimed at supporting what is still a fragile economic recovery, dismissing critics who argue the policy will lead to future inflation. "This fear of inflation I think is way overstated," Bernanke said in the interview aired on Sunday.
"What we're doing is lowering interest rates by buying Treasury securities," he said. "And by lowering interest rates, we hope to stimulate the economy to grow faster. The trick is to find the appropriate moment when to begin to unwind this policy. And that's what we're going to do." Bernanke said it would take four to five years for the country's unemployment rate, which rose to 9.8 per cent in November, to come down to what he called more "normal" levels of around 5 per cent to 6 per cent. Asked if the central bank could go beyond the $600 billion of bond buys announced at its November meeting, Bernanke said: "Oh, it's certainly possible. It depends on the efficacy of the program. It See # 4 Page 11
Pak Business & Investment Conference in Dubai on 13th
Tycoons ready to shine UAE moot
DUBAI: Pakistan Business & Investment Conference is being organised in Dubai on 13th December 2010 in which delegates from more than 20 countries will take place. A high-level delegation of businessmen led by the Chief Minister of Punjab, Shahbaz Sharif is traveling from Pakistan to take part in this conference in Dubai which is being organised by International Business & Networking Forum (IBN Forum) in association with Dubai Chamber of Commerce and Industry and Punjab Board of Investment & Trade, said Javed Malik, President of International Business Forum. The 100 strong delegation of businessmen and top officials from Pakistan will also meet with UAE based business leaders and government officials. Speaking about the objectives of the conference, the organizer Javed Malik said in statement, Pakistan and UAE
share an excellent business relationship however there is still a lot potential to further expand these relations particularly, trade and commerce activity between the two countries. The close geographical proximity with UAE presents a wide range of possibilities particularly in trading and re-exports. The presence of Chief Minister of Punjab indicates the high importance that is being attached to the conference and big names from Pakistani business world including big names like Mian Mansha, Chairman Nishat Group, Arif Habib, Sultan Chawla, President Federation of Chamber of Commerce and Industry, as well as Chamber Presidents of different cities in Pakistan will also be coming over. This is probably one of the largest contingents of businessmen that is visiting from Pakistan to the UAE in recent See # 5 Page 11
UAE thought Delhi bolstered Taliban WASHINGTON: UAE's security officials believed that India along with Iran had supported the Pakistani Taliban and Pashtun separatists, even as US suggested that UAE was a source of funding for the militants, a diplomatic cable released by WikiLeaks discloses. The allegation by UAE officials is noted in a State Department cable which reports the details of a meeting between officials of the US Treasury Department and those of UAE's State Security Department (SSD) and Dubai's General Department of State Security (GDSS) to discuss suspected Taliban-related
financial activity in the UAE. The meeting, spread over several hours on December 1516, 2009. In the meeting GDSS officials noted Iran's support to Taliban in Pakistan, adding that it believes that India also has supported Pakistani Taliban and Pashtun separatists. The meeting from the US side was represented by Treasury Department Acting Assistant Secretary of the Office of Intelligence and Analysis Howard Mendelson. Mendelson also raised Afghanistan and Pakistanbased extremist and terrorist See # 6 Page 11
Contempt Case
Justice Sair quits bench ISLAMABAD: Supreme Court of Pakistan Monday dismissed the plea challenging constitution of the apex court bench hearing PCO judges' contempt of court case, media reported. While Justice Sair Ali heading five-member larger bench has stepped down voluntarily, and now the new bench will be constituted for the hearing of the case. Earlier, the five-member bench of the Supreme Court, headed by Justice Sair Ali, had reserved its verdict in the petition filed by PCO judges Justice Hasanat and Shabbar Raza Rizvi against the formation of the bench hearing the PCO judges' contempt of court case. The SC Monday dismissed the petition filed by PCO judges. The PCO judges had raised their objection on the presence of Justice Sair Ali, Justice Shahid Siddiqui and Justice Tariq Pervez in the bench. Agencies
Eunuchs get entrance in NIC form ISLAMABAD: The National Database and Registration Authority has updated the National Identity Card (NIC) form to include a separate box for eunuchs. In a new policy formalised by Nadra, the box added to the form includes separate checkboxes for male (Khwaja Sara) and female (Narkha) eunuchs. Thousands of eunuchs in the country will now be able to benefit from Nadra's new initiative, which has been made in accordance with court orders. The Supreme Court of Pakistan in 2009 had ordered that eunuchs be issued national identity cards specifying their gender as 'other'. Earlier, Nadra had also insisted that they be medically examined to determine their gender, which had been opposed by the community. -Agencies
Ministries formally shifted to provinces ISLAMABAD: Five federal ministries have been formally handed over to the provinces on Monday. With the handing over of these ministries the Parliamentary committees related to these ministries have also come to an end and their chairmen and parliamentarian secretaries ceased to exist. Formal notification of these ministries being handed over to the provinces has been issued. The five ministries which See # 3 Page 11
NEW DELHI: India and France Monday inked a civil nuclear pact which will pave the way for construction of French nuke reactors in the country, besides four agreements for deeper bilateral cooperation in the atomic energy sector. The agreements, including for construction of two 1650MW nuclear power reactors in the western state of Maharashtra, were signed between the two sides after delegation-level talks between visiting French President Nicolas Sarkozy and Prime Minister Manmohan Singh here. "President Sarkozy's visit is fourth in a series of high-level exchanges between India and France in last three years. This reflects importance of the strategic partnership. Discussions were wide-ranging and extremely productive," Prime Minister Singh told the media. "We made significant progress on all issues. On nuclear energy, the negotiations have paved the way for nuclear reactors at Jaitapur. Several other agreements in
Pak must fight terror strongly, says Sarkozy NEW DELHI: Calling upon Pakistan to fight terrorism with determination, French President Nicolas Sarkozy Monday appreciated India's efforts to 'stretch out its hand' towards its South Asian neighbour. "We applaud India's effort to stretch out its hand. We call upon Pakistan to fight terrorism determinedly," Sarkozy said in reply to a query on counter-terrorism cooperation at a joint press conference with Indian Prime Minister Manmohan Singh here. He pointed out that France had stood "shoulder-to-shoulder" with India in the aftermath of the 2008 Mumbai terror attack in which two French officials had also died. They were among the 166 victims. "Our cooperation on counter-terrorism is without limits," said Sarkozy. See # 1 Page 11 nuclear areas such as research and training, nuclear safety, waste management have also been concluded," he said. Singh also said France is "one of the most reliable defense partners" and "counter terror is significant area of cooperation where we are making good progress." President Sarkozy said that he has come "not simply to visit a major client, but a partner". "The signing of the two
EPRs reactors is just the beginning," said Sarkozy. The French president also reiterated France's support for India's bid for a membership to the Nuclear Suppliers Group, saying, "We support India to be part of any nuclear forum that it wishes to participate in." India and France have plans to jointly set up six nuclear power plants of 1650MW each at Jaitapur in Maharashtra at an approximate cost of $25 billions. -Agencies
Qureshi addresses Trans-Atlantic Legislators Forum
Pak has no room for terrorism: FM ‘Needed proper tools to finish fight against terror’ SAN FRANCISCO: Foreign Minister Shah Mehmood Qureshi Monday said Pakistan's armed forces and law enforcement agencies, backed by popular support, and democratic legitimacy fighting terrorism to ensure peace and security in the region. Addressing Trans Atlantic Legislators' Dialogue (TLD) forum meeting held here, the FM said, fueled by weapons and funding from Afghanistan's narco industry and others, the terrorists hijacked the valleys of Swat and Waziristan. Qureshi said, "The consensus we had so painstakingly forged among our political forces, translated into determined action against these terrorists." He said operations in Swat and Waziristan, and on-going
operations in other parts of the country, manifested a clear intent: Terrorism has no room in Pakistan. Foreign Minister said more than 30,000 Pakistanis have been killed or wounded by terrorists. "Our armed forces have suffered nearly 10,000 casualties and Pakistan has lost more soldiers in the fight against terrorism than all of the Nato nations combined, in Afghanistan," he added. He said terrorism is a global phenomenon and it needs a global response. Emphasising the need for world support, Foreign Minister said war against terrorism required that Pakistan should be given the tools to finish the fight. "We must be able to listen to terrorists. We must be able to locate them during the day and
more importantly in the night. We must be able to hit them the moment we identify them," he said. The minister said, "We must enhance each other's capability. We must improve our cooperation in intelligence gathering and analysis." He said, "We must capitalize on each other's strengths and we must be on the same page" adding that it is worse if there is suspicion and distrust. Such suspicion and distrust played into the hands of the terrorists, he added. He said the incursion by the NATO helicopters into Pakistan is one such instance. Qureshi said, "There is something extremely dissonant about allies attacking allies, and we must never allow this to happen." He said, "In the true battle of See # 2 Page 11
Trial of Mumbai attack conspirators a façade: Pillai
India distrusts Pak trial of 26/11 plotters NEW DELHI: Indian Home Secretary GK Pillai says Pakistan's efforts to prosecute those behind the 2008 Mumbai attacks are a "facade" with Islamabad concerned that senior government officials might be implicated. In an interview published in the Wall Street Journal Monday, GK Pillai said India had provided Pakistan with extensive information on the identities of key conspirators behind the attacks that killed 166 people. Some of the most compelling evidence was garnered from interrogating David Headley, a PakistaniAmerican who pleaded guilty to surveying the hotels and
other targets ahead of the assault blamed on Pakistanbased militants. Pillai said Headley had identified the voice of key conspirators from Indian intelligence intercepts and the information had been passed on to the Pakistani authorities. "I don't think they're going to do anything about it," Pillai told the Journal, adding that Pakistan's moves to advance the case are a "facade" and ignored the people in the "control room" who orchestrated the attacks. Pillai argued that Pakistan was wary of cracking down on top militants, for fear they will "sing" and implicate Pakistani government officials in the
attacks. "They just can't do it," he said. The Mumbai attacks, which began on November 26, 2008, caused carnage as 10 heavilyarmed terrorists stormed Mumbai, sparking a bloody, 60-hour siege shown live on television around the world. India sees these moves as stalling tactics and says it has handed over enough evidence to convict the accused men. Pakistan says the evidence is inadmissible in court. The Mumbai attacks continue to dog relations between India and Pakistan, whose slow-moving peace process broke down after the assault. Online
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