International Karachi, Tuesday, February 8, 2011, Rabi-ul-Awwal 4, Price Rs12 Pages 12
President to visit Japan to boost trade & ties See on Page 2
Foreign Debt (Sep 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.38bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5497.4bn $323.6mn -4.69% 4.10% $1,051 175.10mn
Portfolio Investment SCRA(U.S $ in million)
201.76 1.01 1.96 3091
Yearly(Jul, 2010 up to 4-Feb-2011) Monthly(Feb, 2010 up to-4-Feb-2011) Daily (4-Feb-2011) Total Portfolio Invest (28 Jan-2011)
NCCPL (U.S $ in million)
FIPI (7-Feb-2011) Local Companies (7-Feb-2011) Banks / DFI (7-Feb-2011) Mutual Funds (7-Feb-2011) NBFC (7-Feb-2011) Local Investors (7-Feb-2011) Other Organization (7-Feb-2011)
-0.07 -0.52 1.42 -0.37 -0.32 -0.40 0.26
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,427.36 10,592.04 23,553.59 18,037.19 2,693.00 2,798.96 6,031.49 12,092.15
Change 12.01 48.52 355.37 29.04 19.32 8.27 34.11 29.89
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)
$.Price PKR/Shares 2.60 111.06 18.49 157.96 2.00 42.71 1.70 36.31 11.46 39.16
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
26-Jan-2011 26-Jan-2011 26-Jan-2011 29-Nov-2010 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011 07-Feb-2011
13.67% 13.71% 13.88% 14.00% 13.18% 13.63% 13.76% 14.13% 14.26% 14.22% 14.25% 14.27% 14.59% 14.78% 14.96%
Commodities *Crude Oil (brent)$/bbl 100.30 *Crude Oil (WTI)$/bbl 88.84 *Cotton $/lb 172.26 *Gold $/ozs 1,350.60 *Silver $/ozs 29.21 Malaysian Palm $ 1,271 GOLD (NCEL) PKR 37,185 KHI Cotton 40Kg PKR 12,325
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 86.20 Canadian $ 86.20 Danish Krone 14.00 Euro 116.00 Hong Kong $ 11.00 Japanese Yen 1.026 Saudi Riyal 22.75 Singapore $ 66.70 Swedish Korona 12.00 Swiss Franc 85.50 U.A.E Dirham 23.25 UK Pound 137.50 US $ 85.65
Sell (Rs)
87.20 87.20 14.70 117.30 11.10 1.051 22.95 67.70 12.10 86.10 23.50 139.00 86.00
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
86.56 86.56 15.60 116.27 10.97 1.039 22.77 66.99 13.22 89.56 23.25 137.78 85.43
86.76 86.76 15.63 116.54 11.00 1.041 22.83 67.15 13.25 89.77 23.31 138.11 85.61
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
17°C 29°C 20°C 20°C 7°C 17°C
MIN
9°C 20°C 10°C 12°C -2°C 9°C
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Khi twin blasts ring alarm bell
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Egypt workers get 15pc raise
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Munter meets Zardari
Economic Indicators Forex Reserves (29-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10)
ADB sees climate migration on rise
US twists Pak arm over Davis SC moved for fair trial of US citizen ISLAMABAD: US Ambassador to Pakistan Cameron Munter had a meeting with President Asif Ali Zardari here on Monday and exchanged views for the release of American national Raymond Davis who is in custody for the GOLARCHI: Prime Minister Syed Yusuf Raza Gilani waves to people during inauguration murder of two Pakistani nationceremony of 132 KV Golarchi Grid Station at Golarchi District Badin. APP als in Lahore and other issues in the context of Pakistan-US BB Case Rejects formation of commission by SBP relations. Sources said the US Ambassador delivered a message of American leaders to the President which called for giving diplomatic immunity to Raymond Davis and his immediate release. ISLAMABAD: Supreme waiving off Rs256 billion bank RAWALPINDI: Former presiThe President told the Court of Pakistan Monday dis- loans from 1971 to 2009. agreed with the counsel for Syed Iqbal Haider, counsel dent Pervez Musharraf has American Ambassador about State Bank of Pakistan (SBP) for the SBP, apprised the bench been declared as an absconder the situation arising out of the in Benazir Bhutto murder case. suicide by the widow of Fahim that a commission be formed to that about 50000 people had According to a private TV, who was shot dead by Davis. look into the details of written- got their loans waived off durpublic Prosecutor Chaudhry He said there was great off bank loans amounting to ing the said period. resentment among the people Rs256 billion during the period He said that the prime funcof Pakistan over the act of the from 1971 to 2009. tion of SBP was that of a reguThe court instead asked the latory authority and not of a American national and the suiSBP counsel to submit details supervisory one. cide by the widow of Fahim has of the loans waived off during He said the private banks further complicated the situathe last two years. were regulated through their tion. The four-member bench boards of directors. Confrontation would comprising Chief Justice He was of the view that going Iftikhar Muhammad Chaudhry, through the details of written Justice Muhammad Sair Ali, off loans during last many Justice Ghulam Rabbani and years would be a huge task and Justice Khalil-ur-Rehman a commission should be formed Ramday resumed hearing of a to deal with the issue. suo motu notice related to See # 18 Page 11
SC scolds SBP for waiving loan
Musharraf declared absconder
He said in this atmosphere it is in the interest of both the countries to show patience. He said the matter is in the court and they will have to wait for the verdict. The sources further said that the incident should not damage the friendly and cooperative relations between the two countries. During the meeting matters relating to Pak-US relations, war on terror and situation in the region also came under discussion. Earlier, the Minister for Law and Justice Babar Awan met the President and briefed him about legal aspects of Raymond Davis case. The Law Minister informed the President in detail about legal matters involving the case. He also told the President that there was lot of resentment among the people particularly in the aftermath of the suicide of the widow of Fahim, who was killed by Raymond Davis.
be disastrous: Gilani
Gilani sees shiny future in Thar coal
Refiners 7-mnth output falls 9pc
Zulifqar said during the hearing that Musharraf would be declared as 'wanted' in the case, if he avoids as the part of the investigation. Zulifqar said both police officials, former CPO Saud Aziz and SP Khurram Shehzad, were in contacts with former president, adding both were following the orders of Musharraf. A report of Benazir Bhutto's BlackBerry mobile set was also See # 13 Page 11
ing, the only hope for the refineries to sustain their business operation is better GRMs which have remained volatile due to fluctuations in international crude oil markets, as per the research analyst of Topline Securities. He said, in long-term fate of deemed duty would be the chief factor that will determine refineries' production. Company-wise production details show that Attock Refinery (ATRL) and National Refinery Limited (NRL) were the only two refineries that depicted improvement in their NEW DELHI: India and See # 14 Page 11 Pakistan have agreed to "carry KSE BoD elects Muneer Kamal as Chairman forward" talks aimed at resuming the full-fledged peace dialogue between the countries that was suspended in the wake of the 2008 Mumbai attacks. Indian Foreign Secretary Nirupama Rao and her Pakistani counterpart Salman Bashir held talks late Sunday in Staff Reporter the Bhutanese capital Thimphu KARACHI: Chairman -- the first high-level meeting Securities & Exchange between the nuclear-armed Commission of Pakistan neighbours since July. (SECP) assured the members of "They agreed on the need for Nawaz Ali Karachi Stock Exchange that constructive dialogue the much-awaited leverage KARACHI: The Board of a product would be available at Directors (BoD) of Karachi between India and Pakistan to the exchange by the end of this Stock Exchange in its inaugu- resolve all outstanding issues," according to a joint statement ral meeting on Monday has month. See # 15 Page 11 Chairman SECP Mohammad proposed the name of Hussain Ali visited the stock exchange Lawai as the new Chairman Monday and met the general Central Depository Company body of the exchange, where (CDC), some reliable sources about 80-100 members were told TFD. See # 19 Page 11 See # 20 Page 11 ISLAMABAD: Foreign Office Sabic will also supply 60,000 MT urea spokesman, Abdul Basit said on Monday that dialogue is the only solution of all issues between Pakistan and India. KARACHI: Trading Corporation of Pakistan (TCP) has awardHe termed the meeting of ed a contract to the lowest bidder Gavilon Fertilizer for supply of Foreign Secretaries of the two 100,000 metric tonne of urea at $408.68 per metric tonne C & F. countries in Bhutan was fruitful According to TCP here Monday, the company was found the and both the countries have lowest and conforming to all technical specifications and tenrealised that dialogue is the der's terms and conditions. only way to settle all issues. Seven bidders participated in the tender and quoted prices "Two nations have pledged in ranging between $408.68 PMT to See # 16 Page 11 See # 17 Page 11 Ahmed Siddique
KARACHI: Total oil refinery production in Pakistan declined 9 per cent YoY at 4.3 million tonnes in 7MFY11, mainly led by circular debt and few refinery shutdowns amid maintenance and operational issues. In contrast, benefiting from improved refining margins, domestic refineries improved their capacity utilisation to 73 per cent in January, 2011 as compared to 69 per cent in January 2010 which led to increase in production to 714k, up 5 per cent YoY. With circular debt still grow-
Pak, India foreign secys lay new basis for dialogues
PM approves reconstitution of power cos BoDs BADIN: Prime Minister Syed Yousuf Raza Gilani said that the implementation of Thar Coal Project by Sindh government will usher in an era of prosperity in the province. Addressing a public gathering in inaugurating ceremony of grid station in Gularchi, Prime Minister said we have accomplished the Shaheed leader's commitment to give autonomy to the provinces. PM Gilani said they had addressed deprivations of the poor in a short period of time.
PM to include 20 ministers in new cabinet ISLAMABAD: During first phase of rightsizing of federal cabinet, twenty ministers are expected to be included as decided by President Asif Ali Zardari and Prime Minister Yousaf Raza Gilani after See # 11 Page 11 He said due to the successful See # 12 Page 11
Meanwhile, Supreme Court of Pakistan was moved Monday to immediately take custody of US national Raymond Davis arrested for double murder in Lahore and to ensure a fair trial instantly transfer his case to a High Court outside Punjab. A stay application asked the apex court to instruct Punjab to stop the criminal proceedings and direct the Registrar of Lahore High Court to submit the record of the murder case including any proceedings in the High Court. A petition seeking enforcement of the Fundamental Right to "a fair trial" informed the Court that the accused person was not entitled to "equal protection of law" under Article 25 and he could not invoke the jurisdiction of a High Court either to seek "equal protection of law" or "equality before law" in its true Constitutional sense. Petitioner Shahid Orakzai said the person was being See # 9 Page 11
USAID gives $20mn for Gomal Dam LAHORE: The United States Agency for International Development (USAID) has released the first tranche amounting to $20 million to the Pakistan Water and Power Development Authority (WAPDA) for Gomal Zam Dam Project. The USAID had signed an agreement with Wapda last month for providing $40 million to help complete under-construction Gomal Zam Dam Project. Had this financial assistance See # 10 Page 11
SECP head vows MTS before Mar Lawai likely to chair CDC
Talks, only way out: FO
TCP awards urea tender
Available Now
2 Tuesday, February 8, 2011
President to visit Japan to boost trade & ties ISLAMABAD: President Asif Ali Zardari in a meeting with Japanese Ambassador in Pakistan, Chihiro Atsumi at the Aiwan-e-Sadr.-APP
Plan to mark Faiz’s 100th birth anniversary Staff Correspondent ISLAMABAD: Pakistan Academy of Letters (PAL) will hold a seminar and screen a special film on great poet, Faiz Ahmad Faiz in connection with his 100th birth anniversary on February 10. State Minister for Education, Ghulam Farid Kathia will be the chief guest while Prof. Fateh Muhammad Malik, Iftikhar Arif, Ishfaq Saleem Mirza and Sarwat Mohyuddin will present their papers on the occasion.
‘shortage of skilled workers in Industrial sector’ ISLAMABAD: Chairman of the Skill Development Council (SDC) Mian Akram Farid has stressed the need of providing necessary financial resources to the Council by the government for extension of its activities as the industry is facing shortage of skilled workforce. Addressing a meeting here on Monday, Mian Akram Farid emphasized on closure of those institutes, which were involved in issuance of fake certificates and diplomas, said a press release. Only NTB and the Ministry of Labour can take action against such institutions, he added. Director General of National Training Bureau (NTB) Razia Zuberi and Chairmen of four Councils of the country were also on the occasion. The names of board of directors of the Councils were also finalized in the meeting. Mian Akram said that the Councils were trying their level best to fulfill the training needs of the industry but they were handicapped on account of limited financial resources. The NTB officials assured their full cooperation and technical support to the Councils.-APP
Qaim seeks investment in various sectors KARACHI: Chief Minister Sindh Syed Qaim Ali Shah has said that there is vast scope of investment in Sindh province and it is endevour of the government to provide infrastructure and incentives to intending investors to come and invest in various sectors particularly in development of coal and generation of power. This he observed while addressing Seminar organized by Sindh Board of Investment on Development and Investment for Livestock, Dairy, Fisheries and poultry at Karachi Expo Centre aimed at
TUESDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
sage of time. Chief Minister Sindh appreciated the efforts of Sindh Investment Board particularly the Advisor Zbuair Motiwala, with those concerted efforts, many leading businessmen are attending the seminar and visiting the exhibition. He also congratulated the organizers of the exhibition. On the occasion, Motiwala presented welcome address and said that many researchers, scholars, traders, businessmen, investors and exporters are participating in the seminar which will bring prominent results.- NNI ISLAMABAD: The fourth meeting of the Flood Commission is being held in the Cabinet Division here on Tuesday. As per decision of the Commission the representative of Sindh Irrigation and Drainage Authority (SIDA), Chairman SUPARCO, DG securities markets superviMetrological Department sion and contributes to the and representative of global effort to combat Ministry of Defence will cross-border securities marbrief the Commission. ket misconduct. An MMoU In addition to it, Shuja signatory can request other Ahmed Junejo, former signatories' cooperation to Secretary, Irrigation and deal with securities' crimes Power, Government of such as insider dealings, Sindh was also issued market manipulation, manipnotice to appear before the ulative practices and wrongCommission.- NNI ful practices by investing advisors, brokers, and other market intermediaries. The SECP's becoming signatory to this multilateral information sharing arrangement testifies to its ability to meet interna- KARACHI: Germany has tional standard for securi- donated 24 ambulances and ties enforcement coopera- other medical equipment to tion.-INP the Armed Forces of Pakistan.
Flood commission meeting today
SECP becomes signatory to IOSCO ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has become a signatory to the International Organization of Securities Commission's Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information (MMoU). This will give the SECP an edge to combat crossborder crimes and to promote financial stability in the country. The Madrid-based IOSCO is an international standard-setter for securities markets regulation and an international forum for cooperation among securities' regulators to protect investors, maintain fair, effi-
cient and transparent markets and mitigate to systemic risks. The SECP has been an IOSCO member since 1998. The organization has over 199 members from 114 jurisdictions that have committed themselves to implementing international standards of regulatory oversight and to developing strong cooperation in enforcement action against misconduct. The MMoU is an international framework for cooperation and a key implementation tool for effective enforcement. It equips the securities market supervisors to improve the effectiveness of cross-border
KARACHI: Police have arrested four terrorists involved in target killing incidents and recovering arms from their possession here on Monday. According to the local TV channel, acting on a tip, Korangi Police captured four terrorists involved in target killing from Korangi-2. Police have recovered arms from their possession as well. The captured terrorists are Zeeshan alias Shani, Ramiz Raja, Muhammad Fardeen and Noni respectively. One of the terrorists has reportedly confessed to plan murder of a private TV channel reporter Wali Khan Babar. The suspects are said to have links with a political party. Further investigation is underway. New and significant findings are expected.-Online
Korangi to become South Asia's first Green Industrial Zone Staff Reporter KARACHI: Korangi Industrial Area would be made South Asia's first ever Green Industrial Area, this was stated by Provincial Minister for Environment, Shaikh Muhammad Afzal. Addressing a luncheon meeting at Korangi Association of Trade and Industry (KATI) Shaikh Afzal urged upon the industries to comply with the environment regulations as pressure on Pakistan to make pollution free industry is mounting from world organizations. He said that industries could double their exports by turning their manufacturing units as environment friendly. He announced to
amend outdated rules and regulations would be changed. "We do not want to enforce rules and regulations by force but through persuasion", Shaikh said. He said that after 18th Amendment, the Sindh province could draft its own rules and regulations and a committee is being appointed in this regard which would also comprising representatives of Sindh's industrial associations including KATI. Afzal said that our coastal life is being destroyed rapidly due to dumping of industrial waste and release of untreated water in to the sea and all the industries should comply with the rules and regulations and ensure not to release untreated water into the sea.
decision of Japanese government for import of quality mangoes from Pakistan and said that it would further boost bilateral trade between the two countries. The President said that Pakistan produces best quality mangoes and have already gained access to the markets of US, UK, UAE, Saudi A r a b i a , Bahrain,Singapore and some other countries. He said that existing cooperation between the two countries needs to be further enhanced and asked for Japanese assistance in five broad areas including trade, development, security, energy and institution building.
CM opens livestock, dairy, fisheries & poultry exhibition KARACHI: Chief Minister Sindh Syed Qaim Ali Shah inaugurated the 2-day Livestock, Fisheries, Dairy and Poultry Exhibition and Seminar at Karachi Expo Centre, organized by Sindh Board of Investment. On the occasion, he said that our country particularly the Sindh province is agriculture oriented province and besides food items, orchards, and vegetables; it is famous for prominent breeds in cattle, dairy farming, having vast area in coastal belt with fisheries, shrimps and poultry. He said that the best breeds of animals such as Kundhi buffallows, Kamori goat, Thari cow and other animals are famous for milk and meat production.-NNI
He also urged for further enhancing the existing trade volume between the two countries. The President while commenting on investment friendly environment established by the present government said that Pakistan is a natural route for trade and energy corridors for central Asia and west Asia and invited Japanese investors to avail investment opportunities in special economic zones (SEZ) established in Pakistan exclusively for Japanese investors. The government will ensure every facility and foolproof security to local and foreign investors in Pakistan.
The President expressed the hope that his forthcoming visit to Japan will further jack up bilateral cooperation and open up new areas for trade and investment between the two countries. Chihiro Atsumi expressed the hope that Pak- Japan bilateral cooperation will touch new heights with increased trade and investment to their mutual benefit. He also assured continued support of the Japanese government in combating terrorism, rehabilitation of flood affectees and revival of the war and flood damaged economy of Pakistan.-INP
Int'l moot on Islamic Business, Finance today
ISLAMABAD: Riphah Centre of Islamic Business (RCIB), a constituent institute of Riphah International University will organize the first International Conference on Islamic Business and Finance on Tuesday at National Institute of Banking and Finance (NIBAF). Federal Minister for Finance and Economic Affairs Abdul Hafiz Sheikh will be the chief guest at the inaugural session. Deputy Governor of State Bank of Pakistan, Yaseen Anwar will be the guest of honour on the occasion. This conference will consist of eight working sessions and will be the first international conference being held in the country on the subject. The conference aimed at discussing the present state of Islamic business and finance and how and in what way it can contribute to the stability and provide opportunities to the national Out of these, the first and global economies. The event is supported by consignment comprising 12 ambulances were handed over in a ceremony held here on Monday. According to ISPR press release, Colonel Klause Wolf, Defence Attache of Germany in Pakistan formally handed over these ambulances to Brigadier Syed Shokat Ali in a simple ceremony at West Wharf. Brigadier Shokat Ali on this occasion thanked the people and the government of Germany for their assistance. He said that the equipment would significantly help in providing medical treatment to flood victims.-NNI
Germany donates 24 ambulances
KARACHI: The Ambassador of Thailand to Pakistan Marut Jitpatima visiting Fauji Akbar Portia Marine Terminals, Pakistan's first state of the art fully automated Dry Bulk Cargo Terminal at Port Qasim. Picture shows: (L-R) Col. (R) Arshad Mehmood (Manager Admin, FAP), Abdul Waheed (GM Operations, FAP), . Mubeen Ahmed Ansari (Protocol Officer, Thai Consulate), Marut Jitpatima (Ambassador of Thailand),. Ahmed Rana (Cheif Executive Officer, FAP), Udom Sapito (Consul General of Thailand), Aurangzeb Ahmed Khan (Company Secretary, FAP) and Sam McElroy (Terminal Manager, FAP).'-Staff Photo
Four target killers held TV PROGRAMMES
to enhance investment process in the province. He said that various countries including the friendly one, are coming forward to invest in various projects and the government of Iran had come forward in this regard. While handing over PakIran land documents to Consul General of Iran at Karachi Abbas Ali Abdullahi, the Chief Minister Sindh Syed Qaim Ali Shah said that there are cordial relations between Pakistan and Iran, and those brethren relations will further strengthen with the pas-
ISLAMABAD: Japanese Ambassador in Pakistan Chihiro Atsumi Monday called on President Asif Ali Zardari at the Aiwane-Sadr and discussed President's upcoming visit to Japan. Matters relating to PakJapan bilateral relations, mutual cooperation in various areas with particular focus on the promotion of trade and investment ties between the two countries also came under review. The President said that Pakistan highly values its friendly relations with Japan and regards it as vital friend and development partner. The President appreciated the recent
Islamic Development Bank Jeddah, Islamic Research and Training Institute Jeddah, State Bank of Pakistan, National Institute of Banking and Finance and Higher Education Commission of Pakistan. A number of Islamic banks in Pakistan are among sponsors of the conference. Two Pre-conference workshops on Islamic Modes of Business and Takful were held at NIBAF Islamabad on Monday. Renowned Islamic scholars and economists delivered lectures on Islamic Banking and Finance and Shari`ah issues and challenges in developing Takful products. The conference will be attended by economists and research scholars, policy makers from various public department and experts from all walks of life. The key note speakers include: Dr. Abbas Mirakhor (INCIEF, Malaysia), Dr. Hussain Hamid Hassan (Shari'ah Advisor of many institutions and member OIC Fiqh
Council), Dr. Monzer Kahf (Professor, QFIS, Qatar Foundation, Doha), Dr. Muhammad Umer Chapra, Advisor Islamic Research And Training Institute (IRTI) Jeddah, Prof.Khurshid Ahmad (Chairman IPS Islamabad). Dr Waqar Masood Khan, Secretary Finance, Dr Akram Laldin (ISRA, Malaysia), Dr Munawar Iqbal (Former Chief, Islamic Research and Traingin Institute, Saudi Arabia), Dr Zubair Hasan (Prof at INCEIF, Malaysia), Dr Muhammad Tahir Mansuri (IIUI), Omar Mustafa Ansari (Ernst & Young Ford Rhodes Sidat Hyder, Karachi), Dr Zeeshan Ahmed (Lahore University of Management Sciences), Mufti Hassan Kaleem (Shariah Advisor, Lloyds), Rustam M. Idrees (Bank Negara Malaysia), Riaz Riazuddin (State Bank of Pakistan) and Saleemullah (State Bank of Pakistan) are among the other speakers.-APP
3
Tuesday, February 8, 2011 Top Economic Events
Euro hits 2-week low vs dollar, more losses seen Euro speculative positioning more neutral NEW YORK: The euro fell against the dollar for a fourth straight day on Monday, with further weakness seen likely, as soft German industrial data prompted investors to book profits after the single currency's new year rally. The euro hit a two-week low, falling below the current 100-day simple moving average, a key support, at around $1.3532. Investors focused on $1.3500, followed by $1.3480, the 38.2 per cent retracement of the January-to-February rally. Investors sold the euro as they pared back expectations of a euro-zone rate hike in the coming months and analysts said its near-term direction would still hinge on the progress of discussions on a euro-zone debt rescue fund. David Watt, senior currency strate-
gist, at RBC Capital Markets in Toronto, said that given the euro-zone's debt problems, the euro has had a good run and overcome most of the hurdles. " B u t (European Union) realities are starting to creep back in and the reality is there is still no long-term plan to address the crisis. So I think investors are quite happy to sell into the euro's rallies." Further weakening the euro's resolve was a report showing German industrial orders fell 3.4 per cent in December, worse than forecasts for a 1.5 per cent fall, on weak demand outside the eurozone. The data highlighted the German
economy's reliance on external demand. In addition, US Treasury yields have moved higher on expectations of a stable recovery in the world's
largest economy, supporting the dollar. Friday's report showing a decline in the US unemployment rate to 9.0 per cent added to that view and raised questions over whether the Federal Reserve would keep interest rates low for a long time. "Those sentiments appear more dominant in the market at present and
Asian currencies
Rupiah at 1mth high, more tightening seen Won up 0.9pc; growing intervention caution caps gains cerns rising again," said Jonathan Cavenagh, senior FX strategist at Westpac Institutional Bank in Singapore. On Friday, Indonesia's central bank raised its benchmark interest rate by 25 basis points to 6.75 per cent on growing inflationary pressure. Asian currencies also broadly gained as dealers bought back currencies they deemed a bit oversold in the past few weeks. The South Korean won rose to a three-month high against the dollar, supported by exporters and short covering. The rupiah hit a one-month high against the dollar on buying by short-term investors.
Dollar/rupiah slid down to as low as 8,960, the lowest since Jan. 3. The pair is seen having room to fall more in the near term, potentially targeting 8,950, the 61.8 per cent retracement of the move from November to January. Dollar/rupiah will likely carve out a range between 8,950 and 9,050 in the next few months. The dollar/Philippine peso fell for a fifth consecutive session as dealers said local intraday players were selling the pair and on offshore flows. But the central bank was spotted intervening to cap falls in the pair, dealers said. Reuters
Rate view takes stg to 3wk high vs euro
Swiss franc tracks dollar lower vs euro
SINGAPORE: The Indonesian rupiah hit a onemonth high against the dollar on Monday after stronger-thanexpected economic growth in the fourth quarter triggered a spike in bond yields and attracted speculative buyers. The rupiah will probably keep rebounding, with the market a bit more confident that Bank Indonesia will cap inflation pressures after it raised policy rates on Friday, though it may not outperform other emerging Asian currencies, analysts and dealers said. "Fears are probably settled a bit compared with the first bit of the year but we are only one bad number away from con-
LONDON: Sterling rose to a three week high against the euro and against a basket of currencies on Monday on mounting expectations the Bank of England will raise interest rates by the middle of the year. The Bank of England's Monetary Policy Committee (MPC) meets on Thursday and is widely expected to keep the bank rate at 0.5 per cent.
However, investors have been pricing in a growing risk of a hike as early as this week which has lifted the pound. Markets are now fully pricing in a rate rise by May and giving a 22 per cent risk of a hike on Thursday. Speculation has been growing since the minutes of the January meeting revealed BoE policymaker Martin Weale joined Andrew Sentance in voting for a 25 basis point hike, helped also by some firmer UK data and more hawkish BoE
commentary. Traders said a report in the Sunday Times newspaper in which a "shadow" monetary policy committee -- made up of economists from the Institute for Economic Affairs think tank -- voted 5-4 to lift rates was being used as a reason to buy sterling. The euro was down 0.4 per cent at 84.07 pence, having dropped to 83.89 pence, its lowest since Jan. 19,
as investors anticipated the BoE would move faster than the European Central Bank in raising the cost of borrowing. The pound's gains against the euro helped lift sterling's tradeweighted index to 81.8, also a three-week high. Against an otherwise firmer dollar, sterling edged up 0.1 per cent to $1.6112, off a session high of $1.6186. Despite strong expectations of a rate rise, there are concerns that a such an increase could unsettle an economic recovery. -Reuters
ZURICH: The Swiss franc fell against the euro on Monday as Asian buyers bid up the single currency after Asian new year holidays, and extended a threeday losing streak against the dollar as robust US data buoyed sentiment Franc watchers will be looking out for Swiss January jobless data on Tuesday and consumer confidence and consumer prices later on Thursday, which are expected to confirm Switzerland's recovery from recession remains intact. But with no major international data releases, analysts said focus is likely to return to the euro-zone debt crisis. Markets will also pay attention to any comments from European Central Bank members on inflation expectations. The dollar was buoyed on Friday after signs of underlying strength in the US labour market boosted US bond yields, making Treasuries more attractive to investors and strengthening the greenback against major currencies. The franc rose around 0.4 per cent against the euro compared to Friday's New York close, trading at 1.3029 francs per euro at 0745 GMT. -Reuters
Australia, kiwi dollars rise with commodities SYDNEY/WELLINGTON: The Australian dollar advanced on Monday, as strong data on job ads helped offset subdued retail numbers, while the New Zealand dollar nudged up on broader US dollar softness. Surging commodities prices also helped the Aussie with copper soaring to a record high on Monday and iron ore, the nation's top export, holding near a record. A choppy session saw the Aussie slip to a session low of $1.0103 in reaction to a below-forecast retail sales number, but it quickly bounced to $1.0135 as solid job ads illustrated the underlying strength in the economy. "We saw a modest weakness after the data was released but the Aussie clawed back all its losses. Overall, the Aussie remains very well supported," said Besa Deda, chief economist at St. George Bank. Despite damaging natural disasters in Queensland and soft retail spending, the Australian economy still displays a favourable domestic outlook, she added.
The slip in the currency followed a 0.2 per cent rise in retail sales in December, below a forecast of 0.5 per cent as consumers stayed cautious. Yet, other data out on Monday showed job advertisements in newspapers and on the net climbed a strong 2.4 per cent to a two-year high in January even as flooding in Queensland hit ads in the state, suggesting any damage to the labour market would be less than many had feared. Traders attributed the extra lift to a pullback in the US dollar, with the dollar index, which tracks the greenback against a basket of major currencies, down 0.19 per cent. Support for the Aussie is now seen around $1.0083 and resistance at its Feb. 4 high of $1.0201. Interbank futures held steady as the retail and job data did little to challenge expectations that interest rates are on hold for some months to come. The Reserve Bank of Australia (RBA) left its cash rate unchanged last week at 4.75 per cent with markets pricing a 41 basis points tightening within 12 months. -Reuters
more consistent with the continued rise in US yields," said Bob Lynch, senior currency strategist at HSBC Bank in New York. In early New York trading, the euro fell 0.5 per cent to $1.3521, extending losses made after the US payrolls report on Friday. It hit a low of $1.3512 on electronic trading platform EBS. Traders said the German data triggered stop-loss orders on the downside, overtaking earlier demand from Asian firms as most Asian markets resumed trading after the lunar new year holidays. Euro positioning has also become more neutral after significant shorts taken on the currency. Currency speculators raised their bets on it for the week to Feb. 1 to the most since late October. -Reuters
Indian rupee surges; inflows, shares support MUMBAI: The Indian rupee rose to 2-½ week highs on Monday, aided by dollar inflows as well as domestic equity strength, but importer demand for the greenback due to high oil prices prevented a sharper rise. The partially convertible rupee ended at 45.4750/4850 per dollar, after rising to 45.45, its highest since Jan. 19. It had ended at 45.5950/6050 per dollar on Friday. "Good amount of flows will continue and that should support the rupee in the next couple of days. But importer's demand is also strong. The two will balance each other. Therefore, the rupee will hold the range for sometime before it breaks it," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank. Foreign institutional
investors bought Indian shares worth $49.17 million on Friday. This was the second straight session where foreigners bought shares after being net sellers in the previous five sessions. They have pulled out $1.3 billion this year until Feb. 4, on concerns over high inflation. Traders expect the rupee to be in the range of 45.3545.45 per dollar on Tuesday. One-month offshore nondeliverable forward contracts were quoted at 45.65, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollarrupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 45.6300, 45.6300 and 45.6275 respectively, with the total traded volume at $5.04 billion. -Reuters
Russian rouble hits higest since May ‘10 MOSCOW: The Russian rouble has firmed versus the euro-dollar basket on Monday beyond the psychologically important mark of 34.00, which was touched for the last time in August 2010. By the end of official trade on the MICEX exchange, the rouble was up 16 kopecks to 34.00, after briefly touching its strongest levels since late May of 33.99. "Strategically, the rouble will rise. But today, ... buyers (of foreign currency) may become active with the basket at such low levels," said Sergei Fishgoit, a dealer at Otkrytiye Bank. The prospect of increased dollar purchases from the central bank beyond 34.00 is also making the market cautious about pushing the rouble to new peaks for the time being. Dealers estimate the central bank buys up to $200 million a day at current levels, as part of its policy to smooth out excessive market volatility, but these interventions are set to if the rouble strengthens beyond 34.00. A $33 billion, three-year
privatisation drive should also ensure inflows of foreign cash into Russia after some $38 billion left the country last year. Domestically, high inflation -- with consumer prices posting their biggest monthon-month rise in two years in January -- is expected to prompt central bank interest rate hikes, boosting the rouble's yield appeal. "Higher interest rates might trigger capital inflows as well as affect the rouble bond market," analysts at VTB Capital said in a note. "In spite of the rouble's recent strong performance, we think the rouble has still some room for appreciation since the tax period is looming, pushing exporters to sell hard currency." -Reuters
Time 1:00 All Day 5:01 5:01 10:00 11:45 12:45 16:00 18:15 20:00
Source USD CNY GBP GBP JPY CHF EUR EUR CAD USD
Events Consumer Credit m/m Bank Holiday BRC Retail Sales Monitor y/y RICS House Price Balance Economy Watchers Sentiment Unemployment Rate French Trade Balance German Industrial Production m/m Housing Starts IBD/TIPP Economic Optimism
Forecast 2.2B
Previous 1.3B -0.3% -39% 45.1 3.6% -3.9B -0.7% 168K 51.9
-38% 45.6 3.5% -4.1B 0.2% 171K 52.8
Previous Day Source
Events
CNY AUD EUR EUR CAD
Bank Holiday Retail Sales m/m Sentix Investor Confidence German Factory Orders m/m Building Permits m/m
Actual
Forecast
0.2% 16.7 -3.4% 2.4%
0.5% 14.1 -1.4% 2.9%
Previous
0.4% 10.6 5.2% -10.5%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3524 1.3625 0.9571 0.9596 1.6109 1.6185 0.9881 0.9894 1.0155 1.0157 111.3200 112.1700 0.8400 0.8447 1.2944 1.3042 132.5800 133.2400 86.0100 86.2300 1350.1500 1353.0000
Bid 1.3521 0.9566 1.6105 0.9878 1.0151 111.2900 0.8397 1.2940 132.5300 85.9500 1349.4800
Low 1.3509 0.9532 1.6093 0.9860 1.0109 111.2600 0.8392 1.2934 132.2900 85.8300 1343.8000
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 07/02/2011 A USD GBP CAD EUR JPY O/N 0.23740 0.55688 0.95917 0.33125 SN 0.10813 1WK 0.25300 0.57563 1.00083 0.83000 0.11500 2WK 0.25800 0.58438 1.03833 0.83875 0.11688 1MO 0.26375 0.61250 1.08000 0.85000 0.12750 2MO 0.28800 0.67938 1.14750 0.90375 0.15438 3MO 0.31200 0.80000 1.21000 1.03063 0.19000 4MO 0.35100 0.88313 1.27667 1.09750 0.24313 5MO 0.41000 0.98625 1.34000 1.18000 0.30000 6MO 0.46285 1.10188 1.40667 1.27375 0.34625 7MO 0.51675 1.18225 1.49250 1.33000 0.39375 8MO 0.56950 1.26813 1.56917 1.38563 0.44313 9MO 0.62740 1.35000 1.63917 1.44625 0.48750 10MO 0.67925 1.43000 1.72750 1.49500 0.51438 11MO 0.73280 1.49813 1.81083 1.54625 0.54125 12MO 0.79275 1.56688 1.90000 1.60375 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada March 1, 2011 Bank of England February 10, 2011 Bank of Japan February 14, 2011 European Central Bank March 3, 2011 Federal Reserve March 15, 2011 Swiss National Bank March 17, 2011 The Reserve Bank of Australia March 1, 2011
September 8, 2010 March 5, 2009 December 19, 2008 May 7, 2009 December 16, 2008 March 12, 2009 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, February 07,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.60 138.11 116.54 86.76 89.77 86.76 13.25 1.04 14.89 67.15 15.63 22.83 11.00 13.05 305.59 28.18 65.96 23.50 23.31 0.08 2.78
85.40 137.78 116.27 86.56 89.56 86.56 13.22 1.04 14.86 66.99 15.60 22.77 10.97 13.02 304.88 28.12 65.80 23.45 23.25 0.08 2.77
85.22 137.47 115.99 86.33 89.32 86.33 13.18 1.04 14.82 66.81 15.56 22.71 10.95 12.99 304.08 28.04 65.63 23.39 23.19 0.08 2.76
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 07, 2011
KASB
BMA
ELXIR
GSL
ICSL
0-7days
12.10
12.30
12.30
12.40
12.60
12.25
12.33
8-15dys
12.55
12.70
12.50
12.70
12.85
12.60
12.65
16-30dys
12.70
12.80
12.80
12.80
12.90
JSCM AvgRate
12.80
12.80
31-60dys
13.05
13.12
13.05
13.05
13.10
13.10
13.08
61-90dys
13.35
13.35
13.38
13.38
13.25
13.35
13.34
91-120dys
13.46
13.47
13.48
13.49
13.45
13.50
13.48
121-180dys
13.50
13.50
13.55
13.58
13.50
13.58
13.54
181-270dys
13.60
13.62
13.65
13.66
13.60
13.65
13.63
271-365dys
13.70
13.74
13.76
13.70
13.70
13.75
13.73
2-- years
14.05
14.10
14.08
14.00
14.05
14.00
14.05
3-- years
14.15
14.25
14.23
14.23
14.22
14.22
14.22
4-- years
14.18
14.25
14.24
14.25
14.22
14.20
14.22
5-- years
14.22
14.28
14.25
14.26
14.23
14.23
14.25
6-- years
14.23
14.30
14.29
14.28
14.30
14.27
14.28
7-- years
14.24
14.30
14.32
14.30
14.35
14.33
14.31
8-- years
14.25
14.25
14.25
14.30
14.23
14.26
14.26
9-- years
14.26
14.15
14.20
14.20
14.20
14.21
14.20
10--years
14.27
14.27
14.26
14.28
14.25
14.26
14.27
15--years
14.60
14.45
14.60
14.65
14.55
14.70
14.59
20--years
14.80
14.60
14.78
14.90
14.75
14.85
14.78
30--years
14.90
14.75
15.00
15.10
15.00
15.00
14.96
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
-0.47 -0.70 -0.79 -0.77 -0.72 -0.81
-0.49 -0.60 0.19 -0.10 0.79 0.81
0.01 -0.64 -0.52 -0.79 0.24 0.42
-0.60 -0.70 0.03 -0.37 0.67 0.74
EUR/USD GBP/USD -0.86 -0.83 -0.51 -0.79 -0.38 0.05
-0.71 -0.83 -0.33 -0.56 -0.75 -0.23
NZD/USD USD/CAD -0.73 -0.76 -0.75 -0.78 -0.79 -0.77
0.44 -0.12 0.60 0.61 0.32 0.72
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)07/02/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.10
12.60
12.25
12.75
12.65
13.15
13.30
13.55
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.25
12.75
12.50
13.00
12.75
13.25
13.45
13.70
13.60
13.85
13.75
14.25
13.85
14.35
13.95
14.45
ASPK 12.20
12.70
12.50
13.00
12.70
13.20
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.80
14.30
CIPK
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
DBPK 12.00
12.50
12.35
12.85
12.50
13.00
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.80
14.30
FBPK 12.00
12.50
12.40
12.90
12.70
13.20
13.40
13.65
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.10
12.60
12.35
12.85
12.65
13.15
13.40
13.65
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.05
12.55
12.35
12.85
12.70
13.20
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
HKBP 12.00
12.50
12.20
12.70
12.70
13.20
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.50
13.00
12.65
13.15
12.70
13.20
13.20
13.45
13.40
13.65
13.50
14.00
13.60
14.10
13.70
HMBP 12.20
12.70
12.55
13.05
12.80
13.30
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 11.90
12.40
12.40
12.90
12.70
13.20
13.25
13.50
13.40
13.65
13.50
14.00
13.75
14.25
13.85
14.35
MCBK 12.00
12.50
12.40
12.90
12.60
13.10
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.00
12.50
12.50
13.00
12.60
13.10
13.40
13.65
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.15
12.65
12.50
13.00
12.70
13.20
13.40
13.65
13.50
13.75
13.65
14.15
13.75
14.25
13.85
UBPL 12.10
12.60
12.30
12.80
12.60
13.10
13.40
13.65
13.55
13.80
13.65
14.15
13.80
14.30
13.90
14.40
AVE
12.58
12.42
12.92
12.68
13.18
13.38
13.63
13.51
13.76
13.63
14.13
13.76
14.26
13.86
14.36
12.08
14.20
14.35
4 Tuesday, February 8, 2011
US & Our Jugular Vein
The Financial Daily International Vol 4, Issue 176
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Shumaila Raja
A
s Obama took over the reign of power from war-maniac George Khurram Shehzad, CFA Bush more than two years ago, Asim Abbas Ashary, CPA the South Asian experts pinned hope Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA that his administration would pay an Zahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA added attention towards resolving the Ismat Sabir Kashmir issue as they considered it one Muhammad Arif of the root causes of world terrorism, Head office Afghanistan's troubles and growing 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi menace of Talibanisation. American Telephone: 92-21-35311893-6 Fax: 92-21-35388428 think-tank, South Asia expert and forURL: www.thefinancialdaily.com mer policy adviser of US president Email Address: editor@thefinancialdaily.com Barrack Obama, Bruce Riedel, in his Lahore office book "The Search for al-Qaeda" 24- Peshawar Block, Fortress Stadium, Lahore observes: "In a best-case scenario, the Telephone: 92-42-6675595 Fax: 92-42-6664349 international community should seek to Email Address: editor@thefinancialdaily.com allay Pakistan's anxiety about India by resolving the underlying dispute between the two countries, which is centred in Kashmir. This would reduce the need for a nuclear arsenal or jihadist backup to compel India to withdraw from the valley. (p.141)" He further writes "(Since) India has no intention of withdrawing from Kashmir, the US quiet diplomacy initiative can bring both the countries to resolve the issue through dialogue process. Washington should be more prepared to press New Delhi to be more flexible on Kashmir. It is clearly in the US interest and also in India's interest. (142-143)" But unlike the expectations, this has For quite some time the debate about rightsiz- not happened so far, instead Kashmir is only left unattended, the Indian ing the cabinet is going on but no move has been not government and military have actively made beyond ongoing consultation with the been executing a well thought out plan coalition partners, some of them have decided to to cleanse the Muslim majority freedom movement activists. quit the government and even made request for Kashmir Hundreds of teen-age youth have been allocation of seats on the opposition benches. killed and though recently there had However, they were successfully persuaded to been an announcement by New Delhi rejoin the government and some of the minister to cut 25% troops deployed in the Held Valley, which Pakistan considered as a despite resigning have not vacated the official mere announcement, because there has residences and/or returned the officials cars. always remained a big difference The demand for rightsizing of cabinet was between what New Delhi said and what demonstrated on ground, and the Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Think out of Cabinet
based on the facts given below. 1) There was a long list of ministers, state ministers and advisors, especially after transferring of some of the federal ministries to provinces some of the ministers became redundant. 2) Performance of some of the key ministries i.e. Water & Power, Petroleum and Natural Resources, Agriculture & Food, Production and Industries, Commerce and Finance has been disappointing. Most of these have attracted corruption charges or have grossly failed to deliver. 3) Despite having a huge team costing millions of rupees per day the prime minister could not get even the appropriate recommendations, what to talk of making prudent decisions. In such a scenario the nation is right in demanding if these persons are good for nothing they must be sent home, it'll help in saving millions of rupees per day and above all clear the mess created due to trespassing and interference. Now the big question is will the prime minister succeed in reducing the number of minister, state ministers and advisors? Apparently, reducing the number seems extremely difficult but will the change in faces make any difference? Ironically, be it the selection of ministers and advisors and/or appointment of heads of entities key entities like National Insurance Corporation, Pakistan Steel Mills and Trade Development Authority of Pakistan the track record is not enviable. Since the heads were selected on the basis of 'other qualities' performance of these entities has also been far from satisfactory. The well wishers of the democratic government have been hinting towards inherent weaknesses of the regime but least has been done over the last three years and not much is expected in the remaining two years. This perception is because the elected government has failed in protecting the interest of masses. Be it the sasti roti project of Punjab Government or Benazir Income Support Programme, the expenses run into billions of rupees but beneficiaries have remained a selected few and masses have not benefited from it. A wave of anti government demonstrations have started in many countries and some of the cynics are warning of similar situation turning out in Pakistan. The point worth noting is that what's going on in Egypt is a leader-less movement and now it only remains to be seen for how long Hosni Mubarak can sustain the pressure. His exit seems eminent after having enjoyed the patronage of the sole surviving superpower.
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.
Indian army chief later clearly refuted that there was no troops reduction taking place in Kashmir. Experts believed that such an announcement was linked to the recent visit of US president Obama, which has proved to be only a face saving exercise, nothing more. Obama was expected to come up with some clear agenda on Kashmir but the visit ended with no commitment at all. Experts believe that the US had the opportunity to resolve Kashmir soon after its arrival in Afghanistan, but instead it opted to start wasting its energies by putting pressure on Pakistan for doing more in the global war against terror. It kept its gaze fixed on Pakistan only and held it responsible for providing safe sanctuaries and allowing cross border terrorism. To divide the premier institutions, the US charged that some elements within the Army and ISI were linked with Taliban. Afghan regime under Karzai egged on by India was more specific in its allegations and said that the ISI was running training camps for the militants and launching them into Afghanistan. The US and Karzai regime paid no heed to other next door neighbors of Afghanistan like Iran, China, Turkmenistan, Uzbekistan and Tajikistan from where cross border movement was more easier than from Pakistan. They ignored the fact that almost equal number of runaway alQaeda and Taliban fighters had taken refuge in Iran and neighboring three ex Soviet Republics of Central Asia where pro-Taliban Islamic movements were raging. Russia which has still not forgotten the huge trauma it suffered in Afghanistan because of US role was also keen that Afghanistan becomes a graveyard for USA. China also must not have taken kindly to CIA's discreet involvement in its southern Xingjian Province and in Tibet. Unlike proAmerica Pakistan which is also a coalition partner and frontline state to fight US dictated war on terror, Iran is antag-
onistic towards USA and desires its crushing defeat at the hands of Taliban. The main reason for overlooking all other players and singling out Pakistan is the secret plan made in collaboration with India, Israel and Britain. The US can ill-afford to ruffle the feathers of China and Iran because the two are following independent foreign policies and are not dependent upon US aid and above all are blessed with strong leadership. Pakistan on the other hand is ruled by handpicked corrupt rulers and is submerged in foreign debts. Its economy is in ruins and oxygen is being provided by US controlled IMF and World Bank to keep the country barely floating. Pakistan's economy has been deliberately enfeebled to compel its weak-willed and compliant leaders to hand over the keys of strategic assets of the country to Washington. Notwithstanding US and Israel's ardent wish to denuclearize Pakistan, the two doesn't want liquidation of Pakistan. At best the two want Pakistan to become a secular and a non-nuclear docile state ready to serve US interests in the region. India on the other hand wants decimation or as a minimum Balkanization of Pakistan since it is still not reconciled with its existence and considers it a thorn in its way to become a big power. India has been constantly poisoning the ears of US leaders and presenting Pakistan as the biggest threat to USA and the western world. Indian leaders have been convincing them that the roots of terrorism in Afghanistan lay in FATA. It has been inciting them to push forward its special forces into FATA to destroy the roots. Bright idea of safe havens in Waziristan has been transplanted into the minds of US officials so firmly that they have got transfixed with it and are convinced that until and unless the sanctuaries are destroyed either by Pakistan Army or NATO, no worthwhile results will ever be achieved by them in Afghanistan and will suffer a
defeat. Had Pakistan been peaceful as it was before 2002, and there had been fewer fatalities taking place as a result of terrorism, the accusers could have some grounds to get suspicious and hurl unsubstantiated accusations that there appeared to be some kind of linkage between Pakistan's security forces and militants? On ground, Pakistan Army, ISI and civilians have suffered heavy casualties at the hands of militants of different hues who have joined up against them. Series of terror attacks have taken place on ISI installations in Peshawar, Rawalpindi, Lahore and Multan. GHQ was also struck by the terrorists. Pakistan Army and ISI have suffered well over 3,200 casualties since the two joined the war in 2002. Injury list run into thousands with many crippled for life. List of widows and orphans is quite long. These figures are several times more than what the combined armies of 48 countries involved in counter terrorism have suffered in Afghanistan. In this backdrop nobody is trying to understand that Pakistan's main concern i.e. Kashmir solution, is addressed to settle down its dispute with India. The demand for an operation in North Waziristan cannot be met unless the situation or ground is evaluated through Pakistan's own perspective as well. Gen Kayani has time and again pointed out towards India's water offensive as well as its designs in the region. Water war has been unleashed which has a potential to make Pakistan's agriculture land as barren. All the water courses and rivers originate from Kashmir and the settlement of Kashmir is the basis of a lasting solution in Afghanistan as well. The Obama administration has to look to Bruce Riedel's conclusion that Washington will have to play its pivotal role in resolving the issue for peace in South Asia. The issue is a nuclear flashpoint which the region cannot afford.
Saudi Apprehensions S
audi Arabia is more concerned about losing allies to counter its regional adversary Iran than with the risk that upheavals sweeping Tunisia and Egypt might spread to the kingdom, diplomats and analysts say. Flush with petrodollars, the world's top oil exporter can splash out to alleviate any social tensions due to unemployment -- around 10 per cent of the Saudi work force is jobless -- and quell any unrest in the absolute monarchy, they say. But some believe the Saudi rulers would be alarmed if the United States jettisons Egyptian President Hosni Mubarak, who, like successive Saudi monarchs, has been a longtime US ally since taking power three decades ago. "The Saudis...are worried that the US has made a foreign policy mistake by appearing to give up support for Mubarak too easily," said Simon Henderson, a Washington-based Saudi watcher. For the moment, Mubarak remains in place. Protesters who have paralysed Egypt and extracted concessions unimaginable two weeks ago -among them a Mubarak pledge not run again for president in September elections and the sacking of his cabinet -- have yet to achieve their core demand that he go now. Yet the Saudis may feel that a weakened Mubarak on his way out is no longer an effective bulwark against
Shi'ite Iran. They more than share US fears that Iran is seeking nuclear weapons -- a charge Tehran denies. "Cut off the head of the snake," the Saudi ambassador to Washington, Adel al-Jubeir, quoted King Abdullah as advising US General David Petraeus in April 2008, according to a US cable released by WikiLeaks in November, referring to Iran. The kingdom, custodian of Islam's holiest sites, sees itself as a bastion of Sunni Islam, so it is also deeply concerned about wider Shi'ite influence in the region having watched the 2003 US-led invasion produce a Shi'ite-led government in Iraq. The Saudis fret that the balance could tilt further if Mubarak's impending exit leads to prolonged uncertainty in Arab heavyweight Egypt, a staunch foe of Iran. "There will be a vacuum. Egypt was a very important element for Middle Eastern stability. Saudi Arabia will have to carry the burden if there is instability or a vacuum on the political side," said Turad al-Amry, a Saudi political analyst. "What is the direction of the new regime and new government (in Egypt) and how fast can it perform business?" he asked. SPACE FOR RIVALS Egypt, shaken by anti-Mubarak protests for the past 13 days, will in any case be too focused on its internal cri-
sis to bolster Saudi efforts to counter Iran's sway, analysts say. Diplomats said Riyadh also worries that a diplomatic void left by a preoccupied Egypt will give openings to countries such as Turkey and Qatar, a smaller Gulf rival of Saudi Arabia, which both seek bigger regional roles and are on good terms with Iran. "Saudi influence will probably diminish, while others such as Qatar and Turkey who do not want an isolation of Iran like the Saudis will play a bigger role," said a Gulf-based diplomat. Riyadh will be hard-pressed to find Arab allies to replace Egypt in a conservative Sunni axis wary of Iran, analysts say. Iraq and Syria already have strong ties with Tehran. That might make Riyadh keener to ensure stability in Jordan, a Sunni monarchy also hit by street protests. "The Saudis could pump more money into Jordan," said US analyst Barak Barfi. Egypt's upheaval comes at an awkward time for the Saudi royal family. King Abdullah, is about 87 and went abroad for medical treatment in December. Crown Prince Sultan, his slightly younger brother, is also ailing. Another brother, Interior Minister Prince Nayef, is a possible candidate for future king. Eventually the throne will have to pass to a new generation of Saudi
princes. Although the king has set up a royal council to regulate succession, it is not clear how that will work. All this makes it difficult for the ageing Saudi leadership to deal with any change in Egypt, diplomats say. A week ago, King Abdullah became one of the few Arab leaders to voice open support for Mubarak. He also gave refuge in the kingdom to ousted Tunisian leader Zine alAbidine Ben Ali. The king's instinctive support for the embattled Egyptian leader revealed the extent to which Saudi foreign policy depends on long-tested personal ties. Sultan, Nayef and Foreign Minister Saud al-Faisal have also known Mubarak for decades. For these stalwarts of a once-static Arab order, US calls for Mubarak to cede "change now" awaken memories of American demands for reform in Iran before the shah was toppled in 1979. "It is evident that the US is abandoning Mubarak," said Hilal Khashan, political science professor at the American University of Beirut. "His regime has expired." This was sending shock waves to Saudi Arabia, a strategic ally of the United States since 1945, he said. "If the US pushes for change in Egypt, nervous al-Saud royals will feel pressure coming their way very soon."Reuters
Is ElBaradei Egypt’s New Face? Mohammad Mustafa ElBaradei born on 17June1942 in Cairo Egypt, one of the five children of Mustafa ElBaradei, an attorney and head of Egyptian Bar Association. El-Baradei's father supported human rights, free media for people of Egypt and so was at logger heads with government. ElBaradei got Bachelor's degree from in Law from University of Cairo in 1962 and then DAE in International Law from Geneva followed by J.S.D. in International Law from US. He started diplomatic career in 1964 which lasted for more than two decades. He also delivered lectures as he was an Adjunct Professor of International Law at New York University School of Law (1981-1987). In 1984, ElBaradei became a senior staff member of the IAEA Secretariat serving as the Agency's legal adviser (1984 to 1993) and Assistant Director General for External Relations (1993 to 1997). ElBaradei became Director General of the International Atomic Energy Agency in Vienna in 1997, He was lucky enough to be re-elected for two more four-year terms in 2001 and 2005. For the third and last term, he was elected in November 2009. During his term he focused on non-proliferation issues that included his inspection in Iraq followed by March 2003 invasion of Iraq by US. He was quite outspoken about nuclear program of Iran and commented in favour of Iran in his various interviews to different journals of different countries. Mohamed ElBaradei's did not restrict his work to nuclear verification. He concentrated on an important aspect, development through nuclear technology. ElBaradei launched a comprehensive global initiative to fight cancer known as the Programme of Action for Cancer Therapy (PACT). Once he said: "A silent crisis in cancer treatment persists in developing countries and is intensifying every
year. At least 50 to 60 per cent of cancer victims can benefit from radiotherapy, but most developing countries do not have enough radiotherapy machines or sufficient numbers of specialized doctors and other health professionals". During first year of operation, PACT undertook to build cancer treatment capacity in seven member states, using the IAEA's share of the 2005 Nobel Peace Prize Award. ElBaradei and IAEA were announced as joint recipients of the Nobel Peace Prize for their "efforts to prevent nuclear energy from being used for military purposes and to ensure that nuclear energy, for peaceful purposes, is used in the safest possible way". ElBaradei donated all his winnings to building orphanages in his home city of Cairo. He also received honorary doctoral degrees from sixteen Universities around the globe. At the end of his third term as Director General in IAEA, his life took another turn, he returned to Egypt, his homeland, facing acute political turmoil, and become voice of people. He started advocating the downtrodden people of Egypt's and became a catalyst. Now he represents those who have stood up for their rights forfeited by dictator. He is taking his nation to a transitional stage, to reach their goal of attaining democracy. The only panacea for uprising in Middle East and Africa. Such leaders can change the fate of their followers, who are fully equipped with education, knowledge, human values and potential to face and go through all odds. Indeed ElBaradei is the new Face of Egypt. IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
5
Tuesday, February 8, 2011
Middle East stocks
Singapore, Indonesia end off two-week highs
European shares hit highest close since Sept 2008 KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,415.35 12,427.36 12.01 0.10 109.02
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,791.92 3,796.34 4.42 0.12 6.23
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,791.92 3,796.34 4.42 0.12 6.23
Major Gainers
Symbol
Close
Change
RMPL 2,540.62 ULEVER 4,423.60 NESTLE 3,433.34 BATA 650.10 IDYM 270.00
120.32 37.95 27.90 7.99 7.51
Major Losers
Symbol
Close
Change
COLG LAKST FZTM AGTL TICL
925.03 270.85 415.00 236.03 59.27
-34.97 -6.9 -5 -3.72 -3.11
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NICL LOTPTA ANL DSFL NCL
3.11 16.64 11.60 3.14 26.08
30.14 14.85 6.55 5.38 3.22
Active Issues Plus Minus Unchanged
219 160 14
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Sidelinism Corners KSE Nawaz Ali KARACHI: Dull activities held Karachi Stock Exchange hostage on the first day of the week owing to sidelinism in the absence of positive triggers. Another factor was the nowhere-to-be-found confirmation regarding the launch of Margin Trading System (MTS). The benchmark KSE 100Index up by just 12 points to close at 12,427 level, KSE 30-Index was down by 10 points to close at 12,084 figure and KSE All Share index
grew by 11 points to close 8,615 mark. "Local bourse saw a very lackluster day as investors preferred to stay sidelines in the absence of any trigger", said Samar Iqbal, equity dealer at Topline Securities. The activity remained confined to sideboard stocks as 40 per cent of total volume was generated by trade in NICL and LOTPTA alone, he added. About 131.7 million shares traded during the day which is 22.7 million less as compared to a turnover of 109 million on Friday.
Nikkei hits 9-month high on US data, yen TOKYO: Japan's Nikkei average extended gains to hit a nine-month high on Monday, helped by a fall in the US jobless rate, a weaker yen against the dollar and after generally strong Japanese corporate earnings reports last week. The unemployment rate in the world's largest economy fell to a 21-month low in January, bolstering hopes for a sustained recovery and helping the Nasdaq Composite Index reach a 3year high, although fewer jobs than expected were added. Buying on Monday centred on major exporters' shares after the dollar gained against the yen on the back of Friday's jobs data and as many high-tech companies posted stronger earnings than expected last week. At 0612 GMT the dollar traded at 82.22 yen, compared with 81.58 yen in Asian trade on Friday. "The results numbers were strong, but the real reason why investors were encouraged was the long-term growth prospects presented by many companies," said Mitsuo Shimizu, deputy general manager at Cosmo Securities. Better-than-expected results or annual guidance from the likes of Sony Corp, Hitachi Ltd and Softbank Corp lifted their shares on Friday.
"Foreign buying seems to be continuing. Depending on how many companies are raising their full-year forecasts, the Nikkei may rise as high as 11,000 this month," said Masanaga Kono, chief strategist at Amundi Japan. The benchmark Nikkei ended up 0.5 per cent or 48.52 points at 10,592.04, after earlier hitting 10,644.21, its highest level since May 6. The broader Topix added 0.5 per cent to 940.43. With worries over inflation and more tightening measures prompting global investors to shift funds from emerging markets into developed economies the Nikkei has gained 3.8 per cent so far in 2011. The Standard & Poor's 500 Index has added 4.2 per cent, while Asian stocks outside Japan have advanced 0.7 per cent. Market players said large buy orders placed by foreign investors in the cash market were also detected on Monday, a sign of their renewed interest in laggard Japanese equities. "Hopes for more restructuring, and firms joining forces in overcrowded industries after last week's mega-merger in the steel sector, are also helping the mood today," said Hideyuki Ishiguro, a supervisor in the investment strategy section of Okasan Securities.-Reuters
ANNOUNCEMENTS Company Engro Polymer (Consolidated) Engro Polymer Pak.Int.Con.(Consolidated) Pak.Int.Con. Habib-ADM Ltd.
Period Div/Bon/Right Yearly Yearly Half Yearly Half Yearly Half Yearly -
PAT (Rs in mn) -770.28 -813.83 579.94 576.11 33.00
EPS(Rs) -1.22 -1.29 5.23 5.20 0.82
Market started the session with a minor gain of 4 points, thereafter it showed some rangeboundness throughout the day moving on both sides of the index between 12,454 points (+ve 39) and 12,391 points (-ve 23) as investors held their positions in the absence of triggers. According to experts, investors were also waiting for the outcome of a meeting between Karachi Stock Exchange (KSE) general body and Chairman Securities & Exchange Commission of Pakistan (SECP). Though, according
Miners propel FTSE higher LONDON: Miners lifted Britain's top share index higher on Monday, driven by record metal prices and results from Randgold. The FTSE 100 closed 53.65 points, or 0.9 per cent, firmer at 6,051.03, its highest finish Jan. 18 and marking the fourth gain in the past five trading days. "A fresh year high is being eyed with worries over the impact euro zone debt problems and the political troubles in the Middle East fading," CMC Markets head of equities Jimmy Yates said. "It will be interesting to see if traders have the mettle to see it through that level (6,090.49) and hold onto gains." Nicole Elliott, a technical analyst at Mizuho Corporate Bank, said the index was not far short of substantial resistance levels, with January's high at around 6,090 and the 2006 high of 6,137 both being watched. Miners added most points to the index, spurred by record copper prices and boosted by upbeat corporate results. Randgold Resources, up 2.6 per cent, posted a 43 per cent jump in profit and raised its dividend 18 per cent. Xstrata, set to report on Tuesday, gained 3.6 per cent, helped by bullish comment from Citigroup and Nomura. Rio Tinto, which reports later in the week, was up 2.9 per cent. Energy stocks climbed as appetite for riskier assets strengthened among investors, with BG Group 0.8 per cent higher ahead of results due on Tuesday. Can maker Rexam firmed 3.4 per cent. The company has appointed Barclays Capital to sell its beverage and specialties arm in a deal that could be worth 200 million pounds ($322 million), the Mail on Sunday reported.-Reuters
HK shares slide as crude fall hits oil cos HONG KONG/SHANGHAI: Hong Kong shares fell on Monday, with losses accelerating into the close as oil companies were hit by easing crude prices. Overall turnover remained subdued with mainland markets still closed and conviction among investors low. The Hang Seng index fell 1.5 per cent to 23,553.6, closing below a chart resistance level and failing to hold mild gains seen at the open. The index had jumped 1.8 per cent on the last trading day before the Lunar New Year holiday. Hong Kong's benchmark stock index is up 2.2 per cent so far this year, helped largely by a strong performance in the first two weeks of 2011. That rally stalled in the sec-
ond half of January as a tepid Shanghai market and a pullback in risky emerging market assets prompted profit-taking. "Client conviction is low," said a Hong Kong-based equity trader at a large US bank. "Its too high to buy and shorting is not working and that's keeping volumes low," said the trader, adding that there was talk that inflation in China in March would reach 6 per cent. Concern over rising consumer prices, in particular food, has hit emerging markets in Asia this year as funds pulled money from high inflation countries such as Indonesia and India, favouring developed markets and North Asia instead. Investors pulled $7 billion
out of emerging market equity funds in the week of Feb. 4, the biggest outflow in three years, data from fund tracker EPFR Global showed, putting a sizeable dent in the record inflows seen in this category in 2010. A dip in oil prices following the nearly 2 per cent fall in US crude futures on Friday weighed on major oil producers, which were the biggest drag on the Hang Seng index. CNOOC fell 2.9 per cent while refiner Sinopec dropped 4.2 per cent, easing from a more than two-year high. Brewers were another casualty of rising raw material costs, despite efforts by some beer makers to raise prices to pass on some of the burden to consumers. -Reuters
to television reports the launch of MTS is due by the end of this month but investors waited for some confirmation. Further, twin bomb blasts in the city in the early hours too plunged investors into caution. Experts say that we might see some improved activities moving forward on better corporate results of the bluechip companies later during the week. Pakistan State Oil and MCB Bank are the major companies that are scheduled to out their results this week. Nimir Industrial Chemical
was the top traded scrip of the day with 30.14 million shares followed by Lotte Pakistan with 14.85 million and Azgard Nine with 6.55 million. Ahmed Rauf, analyst at JS Global Capital said that NICL grew by 41 per cent and emerged as the volume leader on rumours of Management Buyout (MBO) in association with Z M Associates. Out of total 393 active issues 219 took a tour on the upside, 160 saw downside while 14 issues saw refused to go to either side.
Indian shares up; sentiments shaky MUMBAI: The BSE Sensex ended up 0.2 per cent in choppy trade on Monday as firm world equities helped them recover slightly from last week's 2.1 per cent decline, but investors were not convinced the strength in the market was here to stay. The 30-share BSE index closed 0.16 per cent, or 29.04 points, higher in choppy trade to 18,037.19, with 21 of its components advancing. The index had declined 10.6 per cent in January and is down more than 12 per cent year-to-date. "There is lack of confidence in the market. People are using any rise to sell," said Neeraj Dewan, director of Quantum Securities. Foreign funds have pulled out $1.35 billion this year until Feb. 3, on concerns over high inflation and as optimism over prospects of a US economic recovery diverted attention. "Unless there is any significant improvement on the macro front, any gains will be sold," Dewan said. Prime Minister Manmohan Singh said on Friday high headline inflation was beginning to pose a serious threat to India's high growth plans. Economic growth in Asia's third-largest economy for the 2010/11 fiscal year is estimat-
ed to grow at 8.6 per cent, a government statement said on Monday. Cipla shed nearly 3 per cent after the drugmaker reported a larger-than-expected 19.4 per cent drop in third-quarter net profit late on Friday. "While management remains upbeat about the growth prospects for the company, its time-frame for delivery of returns to shareholders may be longer than current market expectations," Emkay Global said in a note. The brokerage downgraded the stock to "reduce" from "accumulate." Cigarette-to-hotel business ITC recovered from Friday's 4.2 per cent decline and led the gains with a 2.6 per cent rise. Energy giant Reliance Industries, which has the highest weight on the main index, climbed 1.1 per cent. It had declined 2.5 per cent on Friday. Explorer Cairn India rose 1 per cent after the Indian oil secretary said on Sunday he was hopeful of finding a "positive solution" to Vedanta Resources' deal to buy a controlling stake in the unit of Cairn Energy. In the broader market, losers were 1.5 times the number of gainers in a low volume of 268 million shares.-Reuters
US stocks late-morning
Wall Street rises, has force to go higher NEW YORK: US stocks rose on Monday, lifted by merger news and solid earnings that suggested Wall Street may have the strength to rally further. The S&P 500 moved above a key short-term resistance level to its highest since June 2008 after the index ended the week with its best gain in nine weeks. "It's the absence of headline risks that is pushing the market higher. We clearly know that the Egyptian turmoil doesn't necessarily mean oil scarcity ... so momentum is moving the market higher," said Joe Battipaglia, market strategist at a private client group for Stifel Nicolaus in Philadelphia. Dow Jones industrial average was up 82.88 points, or 0.69 per cent, at 12,175.03. The Standard & Poor's 500 Index was up 10.15 points, or 0.77 per cent, at 1,321.02. The Nasdaq Composite Index was up 20.40 points, or 0.74 per cent, at 2,789.70. Diversified industrial company Danaher Corp agreed to buy medical diagnostics company Beckman Coulter Inc for about $6.8 billion and oil drilling company EnsCo Plc will buy rival Pride International Inc for about $7.3 billion. The deals provided the latest indication stock valuations are considered attractive. Danaher Corp rose 3.8 per cent to $49.79 and Beckman Coulter rose 9.8 per cent to $82.53. EnsCo fell 2.8 per cent to $52.95 while Pride International rose 16.9 per cent to $40.19. Loews Corp reported its best quarter of the year, posting a better-than-expected 16 per cent jump in profit. The stock gained 5.7 per cent to $43.78. More than 70 per cent of S&P 500 companies that have reported results so far posted better-than-expected earnings, according to Thomson Reuters data. Investors expect aggregate earnings rose 37 per cent in the last quarter, the highest estimate for that period in more than 10 months. Adding to Wall Street's image problem, Nasdaq OMX Group said on Saturday that computer hackers had infiltrated the operator of the Nasdaq Stock Exchange.-Reuters
Dhiyan
A TRADE-SICK DAY Sajid Bhanji, VP Capital Markets Arif Habib Limited
It seems as if market is going to consolidate around 12,500 points level in the short-term. Here, continued foreign buying and positively surprising corporate results could instigate bullish activities while launch of Margin Trading System (MTS) would give sentiments a further boost. Investors are recommended to take positions in oil and fertiliser stocks at dips. Market would move sideways today.
Hamad Aslam, Head of Research BMA Capital
Rangebound activities are expected to persist until the next budget while some negative news like delay in IMF tranche, rise in interest rate and imposition of new taxes might hurt the market big time. However, a result-based rally is highly likely in banking sector. Investors better go for ENGRO and FFC. Market would remain dull today.
6
Tuesday, February 8, 2011
Market Volume
109,024,853
Value
2,593,079,700
Trades
53,402
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
219 160 14 393
All Share Index
12,427.36 12,454.68 12,391.74 h12.01
Current High Low Change
KSE 30 Index
8,615.52 8,633.57 8,593.01 h11.59
Current High Low Change
KMI 30 Index Current High Low Change
12,084.39 12,130.66 12,066.77 i10.97
20,095.36 20,144.29 20,030.88 h32.76
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,582.88 Turnover 3,918,465 P/E (x) 11.54 Company
KSE 100 Index
Symbols
PE
Attock Petroleum 691 7.02 Attock Refinery 853 5.05 BYCO Petroleum 3921 Mari Gas Company 735 17.55 National Refinery 800 6.01 Oil & Gas Development 43009 11.67 Pak Petroleum 11950 7.84 Pak Oilfields 2365 7.63 Pak Refinery Limited 350 P.S.O 1715 4.92 Shell Pakistan 685 11.00
Open 387.43 121.05 10.11 129.56 283.58 172.70 215.18 331.78 97.98 289.31 215.11
High 391.50 124.48 10.28 130.75 291.99 172.97 215.90 332.50 102.87 291.80 218.00
High Low 1,590.10 1,574.59 Total cos Defaulter cos P/BV (x) ROE (%) 3.75 32.54 Low 387.00 121.25 9.93 129.00 283.60 172.16 213.70 328.35 95.01 287.60 213.25
Close Chg 388.46 123.98 10.01 129.55 290.04 172.55 214.41 331.14 102.25 290.70 214.59
1.03 2.93 -0.10 -0.01 6.46 -0.15 -0.77 -0.64 4.27 1.39 -0.52
Close Change 1,583.28 0.40 Listed cap Market cap 65,194.15 mn 1,219,604.38 mn Payout (%) Div Yield (%) 55.94 4.85 Last 60 days High Low
Volume 160650 1506429 1017061 9726 505655 33233 229883 899750 157993 401872 13273
401.00 146.90 12.49 141.65 335.00 185.00 229.80 341.50 122.22 317.79 222.00
301.00 115.25 9.80 117.00 239.00 157.00 190.50 249.25 80.61 277.52 194.00
% Change 0.03 5-Day High 1,583.28 5-Day Low 1,564.72
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B115.00 - 15.00 20B 50.00 -100.00 -
-
CHEMICALS
Open 717.52 Turnover 830,003 P/E (x) 5.50 Company
Paid up Cap(mn)
Pak Int Cont.Terminal
1092
PE 6.96
Open 69.97
High 73.46
Low 69.51
Close Chg 72.36
2.39
Close 736.92 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 829952
Change 19.39 Market cap 12,774.29 mn Div Yield (%) 2.01
Last 60 days High Low 76.65
68.00
Company
Paid up Cap(mn)
High Low 1,619.27 1,597.89 Total cos Defaulter cos P/BV (x) ROE (%) 3.45 35.00
PE
Open
High
Low
Agritech Limited 3924 8.77 BOC (Pak) 250 13.12 Clariant Pak 273 7.23 Dawood Hercules 1203 8.51 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 12.07 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.27 Fauji Fert.Bin Qasim 9341 7.82 Ghani Gases Ltd 725 8.80 ICI Pakistan 1388 8.29 Lotte Pakistan 15142 6.12 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 9.18 Sitara Peroxide 551 14.72 United Distributors 92 -
24.22 94.43 200.64 205.98 2.84 7.01 2.92 11.00 221.05 13.01 11.98 150.38 41.36 11.55 145.78 16.38 2.21 22.85 2.40 112.56 13.19 14.39
24.50 97.95 203.75 207.00 3.50 7.90 3.29 11.50 221.35 13.27 12.15 151.50 41.60 11.70 148.69 16.80 3.17 21.75 2.30 117.00 13.65 14.24
24.02 94.00 200.01 205.00 2.98 7.15 2.93 10.95 218.75 12.59 11.97 150.20 41.25 11.55 145.00 16.39 2.28 21.71 2.12 110.00 13.10 14.24
Close Chg 24.20 95.52 201.98 205.32 3.48 7.74 3.14 11.07 219.65 13.05 12.11 150.68 41.46 11.62 147.16 16.64 3.11 21.71 2.17 112.00 13.54 14.24
-0.02 1.09 1.34 -0.66 0.64 0.73 0.22 0.07 -1.40 0.04 0.13 0.30 0.10 0.07 1.38 0.26 0.90 -1.14 -0.23 -0.56 0.35 -0.15
Close 1,607.80 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 151 1123 41448 7535 1630314 698163 5375751 1500 595904 1959603 436165 700865 1380545 4151 853732 14854605 30141045 178 35374 1002 64623 110
Change 2.82 Market cap 355,316.10 mn Div Yield (%) 4.95
26.73 103.94 213.30 215.00 3.74 9.25 4.24 13.79 222.80 15.87 12.64 157.90 43.99 13.07 158.49 16.80 3.17 28.20 3.10 139.40 14.69 14.99
20.26 75.02 151.55 165.73 2.20 5.80 1.52 9.15 177.80 12.51 9.16 108.00 32.20 11.00 132.00 11.50 1.40 17.01 2.03 104.50 12.70 8.51
% Change 0.18 5-Day High 1,607.80 5-Day Low 1,566.27
2010 Div BR (%) (%) 15 135 40 15 40 130 52.5 55 5 25 -
25B 25B 5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,058.58 Turnover 3,173 P/E (x) 5.45 Company
High Low 1,070.81 1,053.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,053.91 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.76
16.05 38.40
16.44 38.38
16.10 37.82
16.10 0.05 37.83 -0.57
3000 172
Century Paper Security Paper
Change -4.67 Market cap 2,921.96 mn Div Yield (%) 4.64
Last 60 days High Low 19.69 47.70
14.95 37.70
% Change -0.44 5-Day High 1,059.35 5-Day Low 1,033.26
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 3.04 675 555 8.73 1199 18.91 785 10.23
29.55 2.55 14.41 51.51 9.00
29.49 2.95 14.50 52.89 9.00
29.00 2.43 13.81 51.60 8.89
Close Chg 29.10 2.59 13.97 52.00 9.00
-0.45 0.04 -0.44 0.49 0.00
Close 1,034.29 Listed cap 3,596.11 mn Payout (%) 30.91
26631 11365 10100 40763 14451
31.00 3.29 16.51 62.20 10.70
1,183.42
Revenue (Rs in mn)
3,875.48
Performance of SR Automobile and Parts Index
20.73
Interest Expense
303.74
1st Support
16.91
Profit after Taxation
107.20
2nd Support
16.86
EPS 10 (Rs)
5.615
Book value / share (Rs)
61.99
PE
Open
101 5.93 198.76 247 35.38 37.78 626 9.41 135.00 890 2.11 598 20.70 23.97 450 3.13 4.43 1428 - 10.88 786 6.67 290.00 823 10.49 65.39 150 4.32 23.35 117 2.00
High
High Low 1,289.03 1,269.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 25.35 Low
Close Chg
Close 1,280.19 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 8.49 Market cap 47,326.82 mn Div Yield (%) 4.30
Last 60 days High Low
Change -0.64 Market cap 9,951.48 mn Div Yield (%) 8.88
24.01 2.43 13.81 44.53 8.51
Company
Close 941.61 Listed cap 54,792.74 mn Payout (%) 19.04
Company
Paid up Cap(mn)
AL-Noor Sugar XD 186 Chashma Sugar XD 287 Colony Sugar Mills 990 Dewan Sugar 365 Habib Sugar 750 Habib-ADM Ltd 200 J D W Sugar 539 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza Sugar XD 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar XD 109 Premier Sugar XD 38 Quice Food 107 Rafhan Maize 92 S S Oil 57 Sanghar Sugar XD 119 Shahmurad Sugar XD 211 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177 Wazir Ali 80
PE
PE
Open
High
Low
Close Chg
1828
-
2.94
3.15
2.91
3.04 0.10
71207
3.98
2.75
866
6.54
52.00
52.75
51.50
51.63 -0.37
132891
65.99
51.50
Attock Cement Balochistan Glass Ltd
858
-
Cherat Cement
956 22.86
Dadabhoy Cement
982 13.31
Dadex Eternit
108
-
2.66 10.40
2.80 10.25
2.30 9.71
2.36 -0.30 10.06 -0.34
Last 60 days High Low
Volume
6750
4.24
25200
1.10
12.75
2010 Div BR (%) (%) 30 55 7.5
2011 Div BR (%) (%)
- 10.00 20B -
-
9.71
% Change -0.33 5-Day High 944.70 5-Day Low 927.39
2010 Div BR (%) (%) - 100R 50
-
-
-
-
-
2011 Div BR (%) (%) -
-
-
-
-
-
1.68
2.00
1.65
1.73 0.05
739
2.49
1.50
-
-
-
-
22.00
21.00
20.90
20.90 -1.10
260
25.75
18.51
-
-
-
-
1.50
-
-
-
-
Dandot Cement
948
-
Dewan Cement
3891
-
1.90
2.24
1.86
2.11 0.21
427179
3.10
1.48
-
-
-
DG Khan Cement Ltd
3651 122.00
29.18
29.50
29.10
29.28 0.10
272214
32.30
27.67
-
20R
-
-
Fauji Cement
6933
4.63
4.77
4.56
4.59 -0.04
543499
5.55
4.56
-
-
-
92R
Flying Cement Ltd
1760
Frontier Ceramics
77
Gharibwal Cement Haydery Const Javedan Cement
-
1.70 1.86
2.60
1.87 2.18
1.70
1.65 1.75
2.00 -0.06
1.65 -0.05 2.18 0.32
10002
3.49
69210
2.25
22834
1.60
3.01
1.18
-
-
-
-
-
-
-
2319
-
6.98
6.50
5.98
5.99 -0.99
1774
9.19
3.06
-
-
-
-
32
-
0.48
0.66
0.50
0.66 0.18
2001
0.99
0.25
-
-
-
-
-
61.45
64.52
60.00
60.09 -1.36
1662
64.52
56.05
581
Kohat Cement
6.38
2.06
-
-
-
-
1288
-
6.30
6.30
6.25
6.26 -0.04
19454
8.70
6.00
-
-
-
-
13126
-
3.26
3.30
3.20
3.27 0.01
566061
3.88
2.95
-
-
-
-
Lucky Cement
3234
6.44
71.40
71.75
71.10
71.66 0.26
117413
79.98
69.35
40
-
-
-
Maple Leaf Cement
5261
1.23
2.63
2.70
2.57
2.65 0.02
60937
3.30
2.56
-
-
-
-
Pioneer Cement
2228
Lafarge Pakistan Cmt.
Safe Mix Concrete
-
6.90 6.81
6.96 6.94
6.51 6.50
6.56 -0.34
7776
8.20
6.51
7.95
-
-
-
-
200
-
6.94 0.13
2032
5.25
-
-
-
-
Shabbir Tiles
361
-
8.76
8.60
8.10
8.33 -0.43
502
9.60
7.37
-
-
-
-
Thatta Cement
798 454.25
18.20
18.19
18.15
18.17 -0.03
4010
20.44
16.75
-
50R
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,013.42 Turnover 156,040 P/E (x) 1.91 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
115 2.52 72.76 230 2.53 1067 4.83 52.55 389 3.24 47 17.71 32.11 844 65.43 128.03 300 9.63 132.77
High
High Low 1,022.24 1,008.74 Total cos Defaulter cos P/BV (x) ROE (%) 0.84 43.91 Low
Close Chg
73.45 70.60 70.88 2.69 2.51 2.52 52.60 52.50 52.56 3.50 3.15 3.35 33.71 31.50 31.87 130.49 127.50 127.59 133.00 131.15 132.03
-1.88 -0.01 0.01 0.11 -0.24 -0.44 -0.74
Close 1,010.46 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 31857 3503 4000 9408 70928 9628 26716
Change -2.96 Market cap 37,957.11 mn Div Yield (%) 8.12
Last 60 days High Low 83.23 3.30 56.45 4.05 33.71 143.00 144.50
Company
Paid up Cap(mn)
AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB
PE
Open
215 5.65 239.75 214 1.33 213 10.58 11.34 132 7.31 61.26 366 8.49 551.40
High
Low
Close Chg
52.00 1.82 45.30 2.40 17.10 103.52 102.51
240.00 235.02 236.03 1.43 1.20 1.20 11.90 10.52 11.43 62.75 60.00 61.00 556.97 549.97 551.30
-3.72 -0.13 0.09 -0.26 -0.10
4815 67404 45130 2473 67370
2010 Div BR (%) (%) 20 25 -
25B 10B -
Change -0.50 Market cap 34,423.02 mn Div Yield (%) 15.82
Last 60 days High Low 244.95 2.40 13.50 72.55 568.40
155.25 15.00 96.00 1.20 21.00 4.41 10.60 231.00 63.30 18.70 1.31
2010 Div BR (%) (%) 100 20 150 10 -
20B 20B -
2011 Div BR (%) (%) -
-
Low
Close Chg
Close 1,833.47 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 13.50 Market cap 275,970.42 mn Div Yield (%) 0.66
17.10
2nd Resistance
17.24
PE 11 E (x)
3.18
17.05
PBV (x)
0.27
SEL closed down -0.01 at 17.02. Volume was 2,547 per cent above average (trending) and Bollinger Bands were 44 per cent wider than normal. The company's profit after taxation stood at Rs25.571 million which translates into an Earning Per Share of Rs1.34 for the 1st quarter of current fiscal year (1QFY11). SEL is currently 18.0 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 SEL (mildly bullish). Trend forecasting oscillators are currently bearish on SEL. Momentum oscillator is currently indicating that SEL is currently in an oversold condition.
Pakistan Int. Airline Corp Ltd
Last 60 days High Low
10821 54.00 40.85 501 15.47 8.70 5054 5.70 2.50 52044 5.59 1.60 204210 36.50 21.35 2621 13.00 11.50 17720 92.50 68.00 4510 68.49 52.60 201 68.22 44.13 2110 7.18 4.01 3558 75.50 41.52 304 3570.00 1830.00 461 27.30 18.00 4410 14.84 9.00 30751 6.99 3.10 2001 53.81 36.76 14000 3.70 2.02 666 2541.31 1800.00 500 3.85 2.50 3010 15.01 11.35 20658 13.50 8.80 289 100.26 51.16 129 7.88 4.06 1454 42.52 30.00 1800 8.95 5.50
2010 Div BR (%) (%)
% Change 0.74 5-Day High 1,833.47 5-Day Low 1,809.74 2011 Div BR (%) (%)
50 10 25 25B 40 7010B 12.5R 35 20B 7.50 15 20B 10 12 450 12 10 10 600 15 10 -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
66.64
Total Assets (Rs in mn)
160,013.18
MA (10-day)
2.44
Total Equity (Rs in mn)
(20,772.84)
MA (100-day)
2.29
Revenue (Rs in mn)
MA (200-day)
2.45
Interest Expense
1st Support
2.56
Loss after Taxation
2nd Support
2.33
EPS 09 (Rs)
1st Resistance
2.93
Book value / share (Rs)
2nd Resistance
3.07
PE 10 E (x)
Pivot
2.70
PBV (x)
94,563.77 9,243.77 (5,822.43) (2.72) (8.92) (0.31)
PIAA closed up 0.30 at 2.77. Volume was 958 per cent above average (trending) and Bollinger Bands were 47 per cent wider than normal. The company's loss after taxation stood at Rs11.693 billion which translates into a Loss Per Share of Rs4.79 for the nine months of current calendar year (9MCY10). PIAA is currently 13.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIAA (mildly bullish). Trend forecasting oscillators are currently bullish on PIAA.
Ghandhara Nissan Limited
HOUSEHOLD GOODS
Company
Paid up Cap(mn)
Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind
PE
106 1219 3.53 341 23.60 231 2.67
% Change -0.29 5-Day High 1,027.70 5-Day Low 1,008.98 2011 Div BR (%) (%) -
-
Open 6.88 14.18 20.00 22.30
High 6.50 14.49 21.00 22.60
High Low 1,134.57 1,101.77 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64 Low 6.01 14.00 20.50 22.10
Close Chg 6.12 -0.76 14.01 -0.17 21.00 1.00 22.36 0.06
Close 1,110.02 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 182 17581 9510 19929
Change -2.42 Market cap 5,286.64 mn Div Yield (%) 1.96
Last 60 days High Low 11.49 15.88 21.00 24.00
4.60 13.20 17.55 15.90
2010 Div BR (%) (%) 17.5
10B -
% Change -0.22 5-Day High 1,112.44 5-Day Low 1,098.52 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 990.01 Turnover 11,702,386 P/E (x) 7.51 Company
Paid up Cap(mn)
(Colony) Thal Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Chenab Limited Colgate Palm Colony Mills Ltd Crescent Textile D M Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Gadoon Textile XD Ghazi Fabrics Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd Ibrahim Fibres Idrees Textile Ishaq Textile Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Moonlite (PAK) Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Saif Textile Salman Noman Samin Textile Sana Ind Service Ind Shadman Cot Shahzad Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly ZahidJee Textile Zephyr Textile Ltd Zil Limited
56 2594 840 4493 33 76 76 1150 316 2442 492 31 600 80 514 600 234 326 146 222 716 3105 180 97 43 107 303 1300 1455 22 1614 3516 560 174 250 103 308 341 264 42 267 55 120 176 180 180 173 307 418 215 341 594 53
High Low 999.84 984.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 8.64
PE
Open
High
Low
Close Chg
8.66 6.25 0.46 0.48 5.39 29.42 3.83 3.29 41.76 2.76 0.81 0.74 1.17 0.93 0.74 4.22 3.91 1.35 0.23 0.37 3.69 2.17 5.73 4.75 0.91 0.70 0.66 5.06 0.45 2.12 4.83 3.24 7.66 2.68 0.36 0.85 0.39 5.17 9.24 0.43 4.47 4.45
1.31 3.76 22.05 11.28 10.95 13.76 642.11 2.86 960.00 2.49 17.10 2.90 1.72 1.20 35.59 3.97 70.51 3.90 5.96 7.10 3.99 53.75 3.60 8.00 14.99 0.74 1.50 1.40 5.01 14.29 25.79 66.87 13.50 11.50 1.35 41.00 9.27 38.39 5.49 4.90 6.49 43.50 221.57 13.70 7.00 39.50 40.50 121.53 57.68 0.53 2.74 3.98 63.32
1.36 3.86 22.50 11.81 11.50 14.00 670.15 2.99 925.05 2.50 17.99 2.80 1.87 2.20 36.80 3.42 74.03 4.50 6.89 7.74 4.00 54.22 3.60 8.00 14.50 0.84 1.54 1.14 5.22 15.29 26.58 67.29 14.36 12.40 1.40 43.00 9.50 40.30 5.59 5.00 6.88 43.50 225.44 14.70 6.00 39.10 41.20 122.00 59.90 0.85 3.50 3.51 66.48
1.25 3.76 22.01 11.40 10.01 13.40 621.00 2.82 925.00 2.11 17.00 2.80 1.55 2.20 35.50 3.40 72.01 4.50 5.82 7.02 3.90 53.72 3.60 7.50 13.99 0.50 1.43 0.97 4.95 14.45 25.81 66.60 13.45 11.99 1.30 40.00 9.31 38.00 5.50 5.00 5.70 42.30 221.90 14.70 6.00 38.00 40.00 120.00 57.32 0.52 3.25 3.40 66.48
1.33 0.02 3.81 0.05 22.50 0.45 11.60 0.32 11.25 0.30 13.71 -0.05 650.10 7.99 2.98 0.12 925.03-34.97 2.45 -0.04 17.11 0.01 2.80 -0.10 1.83 0.11 2.20 1.00 35.50 -0.09 3.42 -0.55 74.03 3.52 4.50 0.60 6.12 0.16 7.68 0.58 3.95 -0.04 53.74 -0.01 3.60 0.00 7.50 -0.50 14.26 -0.73 0.81 0.07 1.50 0.00 1.03 -0.37 5.17 0.16 14.82 0.53 26.08 0.29 66.81 -0.06 14.06 0.56 12.40 0.90 1.35 0.00 40.00 -1.00 9.50 0.23 40.30 1.91 5.56 0.07 5.00 0.10 5.80 -0.69 42.65 -0.85 223.70 2.13 14.70 1.00 6.00 -1.00 38.00 -1.50 40.01 -0.49 120.93 -0.60 58.05 0.37 0.85 0.32 3.27 0.53 3.40 -0.58 66.48 3.16
Close 992.20 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 2.19 Market cap 140,070.90 mn Div Yield (%) 2.22
Last 60 days High Low
1997 1.50 91279 5.28 561 24.59 6551755 12.84 1012 16.00 3667 15.10 590 747.48 10004 3.90 110 1020.00 50808 2.97 13985 23.99 2500 3.00 46739 2.10 1000 4.38 6010 47.00 1000 8.00 11996 74.03 200 5.05 11139 8.86 4479 8.50 160074 4.47 2802 55.00 2000 3.90 210 8.70 765 18.00 201 1.25 936 2.00 205 1.81 9565 5.97 12002 15.29 3218575 26.58 953756 71.89 209122 14.36 8612 12.40 47561 1.98 1352 43.30 1009 10.34 62945 40.30 7005 6.85 500 6.35 703 7.00 864 49.66 169 276.50 2203 15.25 2000 7.05 2896 41.95 151 41.20 3996 132.00 164916 63.30 461 1.49 2468 4.88 10001 4.65 1336 66.48
2010 Div BR (%) (%)
0.56 3.65 30 19.10 20 9.20 8.10 - 15B 12.30 20 580.00 2.82 837.00 2.11 16.86 15 1.45 1.55 1.20 35.05 5 3.10 45.50 70 2.80 10 5.26 10 6.30 10 20B 3.31 10 36.00 20 2.70 10 4.99 8 13.25 0.25 0.75 0.16 5 4.81 4.50 21.15 15 52.80 25 45R 6.21 8.00 10 10B 0.65 31.35 20 8.50 25SD 31.25 40 3.90 2.01 5B 5.11 - 100R 31.56 60 180.11 7.00 4.01 5 32.25 50 23.50 25 95.10 80 20B 50.50 0.43 2.74 3.01 42.30 35 -
% Change 0.22 5-Day High 992.20 5-Day Low 984.41 2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
Close 1,596.58 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
High Low 1,859.27 1,782.08 Total cos Defaulter cos P/BV (x) ROE (%) 14.06 30.30
1.02 42.99 42.30 40.85 40.93 -2.06 3.71 9.40 9.49 9.00 9.49 0.09 7.93 2.60 3.17 2.52 3.17 0.57 2.79 3.25 2.70 2.91 0.12 9.24 22.23 23.34 22.00 23.29 1.06 7.50 12.30 12.40 12.00 12.30 0.00 1.29 69.25 72.71 69.00 72.71 3.46 1.83 55.06 56.00 55.25 56.00 0.94 3.28 50.69 52.50 48.16 52.50 1.81 4.63 4.60 4.20 4.60 -0.03 21.23 56.00 57.00 54.80 56.90 0.90 37.71 3405.44 3500.00 3335.00 3433.34 27.90 3.36 23.36 24.40 23.50 23.50 0.14 1.18 10.25 11.00 10.90 10.97 0.72 4.05 4.89 3.10 3.69 -0.36 - 41.53 41.98 39.46 41.98 0.45 7.50 3.30 3.50 3.30 3.30 0.00 4.03 2420.30 2541.31 2300.00 2540.62 120.32 0.25 2.90 2.90 2.90 2.90 0.00 2.25 12.01 12.30 12.00 12.25 0.24 3.14 9.50 9.89 8.80 9.16 -0.34 3.43 53.53 51.16 51.16 51.16 -2.37 0.36 4.81 5.55 5.05 5.06 0.25 364.55 41.00 40.50 40.10 40.10 -0.90 7.01 7.95 7.75 7.90 0.89
Performance of SR Industrial Engineering Index High Low 1,613.60 1,590.94 Total cos Defaulter cos P/BV (x) ROE (%) 3.16 38.02
High
Open 1,112.44 Turnover 47,324 P/E (x) 3.20
INDUSTRIAL ENGINEERING Open 1,597.08 Turnover 187,212 P/E (x) 8.31
Open
-
% Change -0.06 5-Day High 1,037.55 5-Day Low 1,026.60
Change -3.09 Market cap 65,766.52 mn Div Yield (%) 2.59
Paid up Cap(mn)
Al-Abbas Cement
924 205.00 25504 41.30 605 143.80 259901 2.89 1555 26.74 131703 5.48 35775 13.40 2500 309.73 3308 77.90 19338 24.00 681 2.45
1st Resistance Pivot
FOOD PRODUCERS Open 1,819.97 Turnover 383,951 P/E (x) 46.41
Performance of SR Construction and Materials Index High Low 955.58 931.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10
202.80 198.70 198.70 -0.06 39.66 35.90 39.62 1.84 137.00 133.15 135.50 0.50 2.32 2.05 2.19 0.08 24.50 23.99 24.01 0.04 4.65 4.45 4.51 0.08 11.35 10.75 11.20 0.32 293.00 290.00 292.00 2.00 66.45 65.50 65.90 0.51 24.00 23.11 23.13 -0.22 1.99 1.60 1.60 -0.40
% Change 0.67 5-Day High 1,280.19 5-Day Low 1,267.82
Performance of SR Food Producers Index
CONSTRUCTION AND MATERIALS Open 944.70 Turnover 2,363,588 P/E (x) 7.35
3,547.15
Total Equity (Rs in mn)
19.49
Performance of SR Household Goods Index
Last 60 days High Low
Volume
Total Assets (Rs in mn)
17.63
Performance of SR Industrial Metals and Mining Index High Low 1,053.25 1,025.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 33.10
-
26.81
MA (200-day)
INDUSTRIAL METALS AND MINING Open 1,034.93 Turnover 103,312 P/E (x) 3.48
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day) MA (100-day)
Paid up Cap(mn)
Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
-
2011 Div BR (%) (%)
MA (10-day)
Performance of SR Chemicals Index Open 1,604.98 Turnover 56,717,462 P/E (x) 9.86
% Change 2.70 5-Day High 736.92 5-Day Low 713.47
2010 Div BR (%) (%) 40
Sitara Energy Limited
AUTOMOBILE AND PARTS Open 1,271.70 Turnover 481,847 P/E (x) 4.74 Company
High Low 745.71 712.26 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53
Alert ! Unusual Movements
205.10 0.21 10.52 58.55 480.00
2010 Div BR (%) (%) 150 650
% Change -0.03 5-Day High 1,597.08 5-Day Low 1,556.23 2011 Div BR (%) (%)
25B325.00
-
Open 905.71 Turnover 24,811 P/E (x) 6.77 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
8.48 95.31 6.65 89.00 13.85 76.24 7.42 28.00 7.46 9.30 12.47 153.50 5.42 60.54
High
High Low 919.23 903.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.51 22.31 Low
Close Chg
96.70 95.01 96.70 1.39 88.50 88.00 88.01 -0.99 77.90 76.80 77.00 0.76 27.50 26.60 26.80 -1.20 9.39 8.75 9.25 -0.05 158.50 153.00 156.69 3.19 61.79 60.20 60.25 -0.29
Close 910.26 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 1963 1001 6221 5634 212 8972 808
Change 4.55 Market cap 30,549.94 mn Div Yield (%) 6.58
Last 60 days High Low 112.50 94.90 89.98 30.48 9.99 164.99 69.00
94.00 82.20 69.63 24.15 7.16 116.00 58.70
2010 Div BR (%) (%) 20 30
20B -
% Change 0.50 5-Day High 913.62 5-Day Low 903.11 2011 Div BR (%) (%) -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
39.81
Total Assets (Rs in mn)
MA (10-day)
4.68
Total Equity (Rs in mn)
MA (100-day)
4.75
Revenue (Rs in mn)
MA (200-day)
5.34
Interest Expense
3,360.48
1st Support
4.45
Loss after Taxation
(88.89)
2nd Support
4.35
EPS 10 (Rs)
(1.975)
1st Resistance
4.65
Book value / share (Rs)
2nd Resistance
4.75
PE 11 E (x)
3.13
Pivot
4.55
PBV (x)
0.32
633.20 2,402.62 147.33
14.07
GHNL closed up 0.08 at 4.51. Volume was 315 per cent above average (trending) and Bollinger Bands were 19 per cent narrower than normal. The company's profit after taxation stood at Rs16.028 million which translates into an Earning Per Share of Rs0.36 for the 1st quarter of current fiscal year (1QFY11). GHNL is currently 15.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of GHNL at a relatively equal pace. Trend forecasting oscillators are currently bearish on GHNL.
Dewan Salman Fibre Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
56.53
Total Assets (Rs in mn)
15,343.38
MA (10-day)
2.92
Total Equity (Rs in mn)
(7,218.97)
MA (100-day)
2.25
Revenue (Rs in mn)
MA (200-day)
2.02
Interest Expense
1st Support
2.91
Loss after Taxation
2nd Support
2.74
EPS 10 (Rs)
(4.176)
Book value / share (Rs)
(19.71)
1st Resistance
3.27
2nd Resistance
3.46
PE 11 E (x)
Pivot
3.10
PBV (x)
137.50 125.73 (1,529.67)
(0.16)
DSFL closed up 0.22 at 3.14. Volume was 101 per cent above average and Bollinger Bands were 38 per cent narrower than normal. The company's loss after taxation stood at Rs246.014 million which translates into a Loss Per Share of Rs0.67 for the 1st quarter of current fiscal year (1QFY11). DSFL is currently 55.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.
BOOK CLOSURES Company
From
To
United Distributors # (TFC) Saudi Pak Leasing Dewan Farooque Motors # (TFC) Allied Bank (TFC) Pakarab Fertilizers Int. Ind (Consolidated) KASB Cash Fund Kohinoor Mills # Ideal Energy # Olympia Spng & Weaving Mills # Millat Tractors Shadman Cotton Mills Reliance Cotton Spng Mills # Mehran Sugar Mills Frontier Ceramics Int. Industries # Pakistan Oilfields Attock Petroleum (TFC) Searle Pakistan
08-Feb 10-Feb 14-Feb 14-Feb 15-Feb 16-Feb 16-Feb 17-Feb 18-Feb 18-Feb 18-Feb 19-Feb 19-Feb 21-Feb 21-Feb 22-Feb 24-Feb 24-Feb
14-Feb 21-Feb 27-Feb 28-Feb 24-Feb 24-Feb 26-Feb 26-Feb 24-Feb 26-Feb 26-Feb 28-Feb 28-Feb 01-Mar 04-Mar 09-Mar
D/B/R 15 (I) 325 (I) 5 7.5 (I) 100 (I) 115 (I) -
Spot AGM/Date 08-Feb 09-Feb 10-Feb 10-Feb 11-Feb 15-Feb -
14-Feb 21-Feb 24-Feb 26-Feb 26-Feb 26-Feb 26-Feb 28-Feb 24-Feb -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Shifa Int.Hospitals Eye Television Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 55.8 3.32 95.95 1.19 198.05 48.5 31.03 20.19 15.69 2.47 44.55 3.02 27.02
High 54.15 3.42 97.5 1.03 207 49 31.25 20.49 16.3 2.84 46.34 3.29 28.2
Low Close 54.15 3.26 94.03 1 192 47 31.25 19.36 14.9 2.47 45 3 26.75
54.15 3.29 95.1 1.01 203.05 49 31.25 20.35 15.88 2.77 45 3.25 26.92
Change -1.65 -0.03 -0.85 -0.18 5 0.5 0.22 0.16 0.19 0.3 0.45 0.23 -0.1
Vol 250 543730 3967 9000 29515 629 500 18536 5048 2059807 301 1601416 2084741
7
Tuesday, February 8, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,112.45 Turnover 1,098,685 P/E (x) 6.04 Paid up Cap(mn)
Company
High Low 1,133.84 1,104.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84
PE
Open
High
Low
Close Chg
Pak Datacom 78 4.75 Pakistan Telecomm Co A 37740 12.59 Telecard 3000 0.65 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
78.99 18.89 2.06 2.65 3.55
79.90 19.20 2.24 2.72 3.70
77.01 18.76 2.07 2.61 3.50
77.03 18.89 2.17 2.68 3.58
-1.96 0.00 0.11 0.03 0.03
Close 1,114.61 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 454 807578 134095 156558 196586
Change 2.17 Market cap 77,062.73 mn Div Yield (%) 10.36
% Change 0.19 5-Day High 1,117.64 5-Day Low 1,099.15
Last 60 days High Low
2010 Div BR (%) (%)
82.99 20.65 2.67 3.45 4.65
80 17.5 1 -
76.50 18.19 2.01 2.41 3.35
2011 Div BR (%) (%)
-
-
Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance Premier Insurance Universal Insurance
369 5.96 279 8.16 457 6.25 121 1250 400 3.20 718 17.60 791 15.73 3000 46.18 250 1.77 303 6.11 263 -
Paid up Cap(mn)
Company
PE
Open
High
Low
Genertech 198 Hub Power 11572 7.18 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 9.63 Kot Addu Power 8803 5.28 Nishat Chunian Power Ltd 3673 3.70 Nishat Power Ltd 3541 28.84 Sitara Energy Ltd 191 3.18 Southern Electric 1367 Tri-star Power XD 150 -
0.72 39.52 1.59 2.70 18.18 43.04 16.77 17.81 17.03 2.15 0.97
0.86 39.69 1.72 2.99 19.10 43.49 17.00 17.95 17.19 2.22 1.02
0.66 39.05 1.61 2.76 17.25 43.01 16.60 17.70 17.00 2.07 0.80
Close 1,350.84 Listed cap 95,369.29 mn Payout (%) 104.13
Change 0.18 Market cap 110,698.93 mn Div Yield (%) 6.94
Close Chg
Volume
Last 60 days High Low
0.70 39.20 1.71 2.93 17.34 43.43 16.85 17.88 17.02 2.17 0.95
107035 199814 84812 2742865 41226 60158 490493 287567 275092 171730 8033
1.18 41.20 2.15 3.55 22.85 45.85 18.01 18.70 19.35 2.80 1.49
-0.02 -0.32 0.12 0.23 -0.84 0.39 0.08 0.07 -0.01 0.02 -0.02
0.66 33.40 1.50 2.11 17.25 39.00 13.32 14.25 16.50 2.05 0.70
% Change 0.01 5-Day High 1,350.84 5-Day Low 1,291.33
2010 Div BR (%) (%) 50 15 50 20 -
2011 Div BR (%) (%)
7.8R -
-
Open 773.50 Turnover 76,185 P/E (x) 5.50
Open 1,643.21 Turnover 1,973,680 P/E (x) 10.62 Company
High Low 1,687.97 1,643.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 11.41
Close 1,671.67 Listed cap 12,202.80 mn Payout (%) 66.79
Change 28.46 Market cap 36,459.18 mn Div Yield (%) 6.29
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.98 3.90
26.90 24.91
27.25 25.98
26.61 25.20
26.81 -0.09 25.91 1.00
222350 1751330
34.75 25.98
Sui North Gas Sui South Gas
25.71 19.95
% Change 1.73 5-Day High 1,671.67 5-Day Low 1,552.64
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,178.22 Turnover 5,048,330 P/E (x) 8.45 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 7.08 72.82 Askari Bank 6427 8.17 17.20 Bank Alfalah 13492 14.60 11.37 Bank AL-Habib 7322 7.81 36.11 Bank Of Khyber 5004 5.33 4.00 Bank Of Punjab 5288 8.36 BankIslami Pak 5280 960.00 3.83 Faysal Bank 7327 4.64 14.27 Habib Bank Ltd 10019 7.80 124.37 Habib Metropolitan Bank 8732 7.84 25.95 JS Bank Ltd 8150 2.42 KASB Bank Ltd 9509 1.66 MCB Bank Ltd 7602 10.12 229.83 Meezan Bank 6983 9.84 18.65 Mybank Ltd 5304 2.57 National Bank 13455 6.78 77.52 NIB Bank 40437 2.74 Samba Bank 14335 1.94 Silkbank Ltd 26716 2.48 Soneri Bank 6023 6.92 Stand Chart Bank 38716 11.55 7.50 Summit Bank Ltd XR 7251 3.40 United Bank Ltd 12242 7.86 67.24
High
High Low Close 1,187.61 1,170.09 1,175.27 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.18 13.94 40.49 Close Chg
Volume
73.50 72.50 72.87 0.05 17.40 17.10 17.15 -0.05 11.54 11.35 11.39 0.02 36.70 36.25 36.25 0.14 4.09 3.75 4.00 0.00 8.44 8.23 8.36 0.00 3.99 3.67 3.84 0.01 14.70 14.09 14.39 0.12 125.75 124.05 124.86 0.49 25.96 25.46 25.65 -0.30 2.44 2.35 2.44 0.02 1.75 1.63 1.72 0.06 230.70 228.00 228.28 -1.55 18.99 18.60 18.60 -0.05 3.22 2.55 2.70 0.13 77.89 77.41 77.63 0.11 2.82 2.70 2.80 0.06 1.92 1.80 1.81 -0.13 2.53 2.44 2.50 0.02 7.00 6.90 6.91 -0.01 7.51 7.35 7.51 0.01 3.50 3.30 3.39 -0.01 67.39 66.72 66.90 -0.34
Low
43612 99159 365586 122946 2022 1631168 31739 37642 73565 14500 122000 24023 255302 3823 302 533456 579255 11398 916316 62361 3608 120911 114547
Change -2.95 Market cap 710,871.17 mn Div Yield (%) 4.79
Last 60 days High Low 74.00 19.25 11.99 39.49 4.70 10.59 4.50 17.10 128.97 29.28 3.00 2.80 250.48 20.30 3.40 80.61 3.35 2.17 3.05 8.48 9.04 4.63 70.65
56.50 15.53 9.48 31.50 3.62 7.98 3.00 13.55 102.55 20.40 2.30 1.49 199.00 14.52 1.90 65.26 2.63 1.70 2.44 6.80 6.75 2.70 57.05
% Change -0.25 5-Day High 1,178.22 5-Day Low 1,158.35
2010 Div BR (%) (%)
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 792.74 Turnover 1,070,911 P/E (x) 13.04 Paid up Cap(mn)
Company Adamjee Insurance
High Low 805.71 789.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.68 5.20
Close 799.80 Listed cap 11,111.34 mn Payout (%) 79.54
Change 7.07 Market cap 49,023.68 mn Div Yield (%) 6.10
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 26.64
91.30
92.20
91.00
91.92 0.62
233883
96.40
77.50
% Change 0.89 5-Day High 799.80 5-Day Low 762.70
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
0.03 2.28 -0.68 -0.63 1.27 -0.05 2.33 -0.06 0.10 -0.48 -0.39 0.60
3018 5000 27500 1070 109401 3050 2857 2650 663606 625 17890 303
40.00 83.00 12.00 6.30 47.90 15.50 99.88 61.80 19.40 9.95 12.93 4.00
33.11 54.10 9.65 3.10 38.50 11.01 81.10 55.08 15.36 5.81 9.40 1.68
High Low 799.35 756.82 Total cos Defaulter cos P/BV (x) ROE (%) 3.30 3.85
Close 760.51 Listed cap 2,290.72 mn Payout (%) 355.53
10 10 -
10B 20B -
Change -12.99 Market cap 8,931.89 mn Div Yield (%) 4.14
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500
5.52
17.50
16.50
16.50
16.50 -1.00
1000
19.85
EFU Life Assurance
850 35.77
63.12
65.49
62.72
62.96 -0.16
67717
New Jub Life Insurance
627 28.28
43.95
46.14
41.76
42.14 -1.81
7468
-
UP TO 100 VOLUME
-
Symbols SGPL TOWL ISIL MSOT LAKST PNSC EXIDE STJT PTEC PIL AASM FRSM SHNI GATI AGSML BAPL CJPL PAKMI HINO ESBL ULEVER FECS GUTM MFFL ATFF FZCM ICL IDSM JOPP TICL EMCO KML KOHP OTSU CSM CSMD HWQS BERG BUXL PRET SALT AGIL FZTM MSCL MTIL MUKT PIAB ADAMS AZAMT BCL BILF BTL BWCL BWHL CLCPS CWSM DIIL ELSM FFLM FTSM GAMON GATM GVGL IDEN IDYM ILTM MEHT MWMP PMI PPP SGLL SRSM WAHN YOUW
% Change -1.68 5-Day High 792.52 5-Day Low 760.51
2010 Div BR (%) (%)
2011 Div BR (%) (%)
16.03
-
-
-
-
86.95
62.68
-
-
-
-
49.31
40.15
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 409.09 Turnover 3,964,896 P/E (x) 11.77 Company
Performance of SR Gas Water and Multiutilities Index
37.48 71.77 10.00 4.00 42.35 13.45 94.86 58.35 18.01 7.50 11.31 3.10
American Life
Company
-
GAS WATER AND MULTIUTILITIES
37.30 70.00 10.00 3.63 41.00 13.40 93.50 57.50 17.90 7.50 11.30 1.68
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,367.92 1,338.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 9.35
37.50 72.00 10.34 5.59 42.99 13.50 95.85 58.40 18.27 7.50 11.51 3.11
LIFE INSURANCE
-
ELECTRICITY Open 1,350.66 Turnover 4,468,930 P/E (x) 15.00
37.45 69.49 10.68 4.63 41.08 13.50 92.53 58.41 17.91 7.98 11.70 2.50
Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities First National Equity Grays Leasing 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 Sec Inv Bank Stand Chart Leasing Trust Brokerage
High Low 421.56 404.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.43 360 4.31 450 12.91 3750 4.75 150 1.24 250 575 215 2121 16.19 600 722.00 2849 3166 626 0.62 7633 508 500 7.22 1000 27.88 1000 821 4.63 775 514 11.56 978 5.00 100 -
0.63 21.34 25.51 25.97 1.40 1.81 7.07 2.95 2.35 7.51 0.65 3.13 1.68 11.59 3.56 26.44 6.67 4.20 6.11 1.88 3.40 2.64 3.02
0.63 22.00 25.77 26.24 1.75 1.93 6.11 3.00 2.65 7.50 0.67 3.30 1.75 11.95 3.90 26.95 6.89 4.50 6.30 1.98 2.89 2.41 3.50
0.57 20.99 25.28 25.65 1.30 1.75 6.07 3.00 2.59 7.20 0.52 2.98 1.60 11.55 3.60 25.61 6.64 3.92 6.18 1.87 2.85 2.40 3.50
Close Chg 0.63 21.88 25.30 25.84 1.39 1.89 6.07 3.00 2.59 7.22 0.60 3.19 1.74 11.64 3.83 26.85 6.69 4.25 6.30 1.90 2.89 2.40 3.50
0.00 0.54 -0.21 -0.13 -0.01 0.08 -1.00 0.05 0.24 -0.29 -0.05 0.06 0.06 0.05 0.27 0.41 0.02 0.05 0.19 0.02 -0.51 -0.24 0.48
Close 411.21 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 45757 69696 25342 1199761 5012 1501 1481 500 2500 629 3287 15267 3200 2965448 159949 6702 61616 548457 574 39229 1233 7000 500
Change 2.12 Market cap 19,008.05 mn Div Yield (%) 3.34
% Change 0.52 5-Day High 411.21 5-Day Low 386.51
Last 60 days High Low
2010 Div BR (%) (%)
0.95 22.40 28.00 30.20 2.14 2.75 10.50 3.00 3.90 8.98 1.09 3.96 2.14 14.05 4.78 32.37 7.59 5.43 7.29 2.69 4.99 3.00 4.00
30 11.5 10 -
0.33 16.37 24.76 23.35 1.15 1.28 5.31 0.18 2.21 6.22 0.46 2.95 1.05 10.36 3.51 25.00 6.20 3.80 5.51 1.84 2.00 2.26 1.42
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,425.90 Turnover 3,443,287 P/E (x) 21.35 Company
Paid up Cap(mn)
AL-Meezan Mutual F. B R R Guardian Mod. Constellation Mod. Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund NAMCO Balanced Fund Nat Bank Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Punjab Modaraba Safeway Mutual Fund Stand Chart Modaraba Tri-Star Mutual U D L Modaraba
PE
1375 8.30 780 3.39 65 3.36 524 12.19 581 0.59 760 2.32 397 2.65 1008 6.03 3180 67.38 1186 1.36 283 2.21 1200 2.56 1000 6.03 250 5.60 1000 2.11 2835 9.22 2841 7.51 340 545 7.74 454 4.71 50 4.14 264 1.79
Open 9.95 1.54 1.21 1.85 1.89 3.28 8.15 6.97 5.68 5.61 2.81 9.05 4.00 6.00 7.21 14.50 6.62 1.40 7.89 9.52 1.15 6.25
High Low 1,446.48 1,406.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 2.21
High 10.05 1.70 1.99 2.20 2.19 3.48 8.00 7.00 5.50 5.74 3.00 9.10 4.00 6.05 7.30 14.65 6.76 1.45 7.74 9.89 1.49 6.34
Low
Close Chg
9.81 1.43 1.03 1.85 1.85 3.16 7.75 7.00 5.35 5.27 2.70 8.90 3.86 6.01 7.09 14.22 6.52 1.44 7.74 9.60 1.19 6.30
9.96 1.49 1.48 1.95 1.85 3.25 7.95 7.00 5.39 5.65 3.00 8.90 3.86 6.05 7.27 14.38 6.61 1.44 7.74 9.60 1.49 6.30
0.01 -0.05 0.27 0.10 -0.04 -0.03 -0.20 0.03 -0.29 0.04 0.19 -0.15 -0.14 0.05 0.06 -0.12 -0.01 0.04 -0.15 0.08 0.34 0.05
Close 1,421.63 Listed cap 29,771.58 mn Payout (%) 104.74
196500 118 1028 6006 6811 44025 3392 14600 118459 1933947 2500 462000 25100 1000 7503 520759 84300 3000 301 11300 496 105
10.30 2.79 1.99 2.98 2.39 3.60 9.00 7.30 6.10 6.20 3.50 9.25 4.24 7.74 7.80 15.06 7.14 2.54 9.00 10.29 2.00 6.55
6.15 1.20 1.00 1.06 1.61 2.56 6.13 6.00 3.05 3.00 1.26 5.15 2.71 4.50 5.31 8.70 4.10 0.50 5.01 8.51 0.60 5.30
% Change -0.30 5-Day High 1,425.90 5-Day Low 1,363.04
2010 Div BR (%) (%) 18.5 0 17 11 21 5 10 2.8 15.5 15 10 10 20 10 1 18.2 17 12.5
1.20 10.01 76.95 18.05 277.75 34.93 197.00 18.50 2.00 9.00 27.25 17.98 10.79 46.74 4.73 8.21 0.90 1.08 122.21 2.35 4385.65 33.61 19.66 79.00 4.80 59.68 26.32 7.45 12.50 62.38 2.85 2.48 4.25 33.00 0.71 6.01 19.70 20.40 11.61 30.25 69.24 71.10 420.00 13.00 0.47 0.46 3.11 15.50 2.50 44.48 1.75 58.02 12.54 32.50 2.45 1.35 11.91 20.36 1.52 1.24 1.29 30.00 24.70 14.90 262.49 104.55 61.75 1.17 1.00 42.40 31.60 3.63 36.93 1.38
High 1.29 10.98 77.79 19.00 277.00 35.00 194.00 19.50 2.50 8.30 28.50 18.40 11.00 48.99 5.73 9.21 1.16 1.20 128.32 3.00 4464.59 35.29 19.30 82.30 4.52 56.70 25.02 8.45 13.00 62.44 2.97 3.40 4.44 33.50 0.68 6.95 18.70 20.62 12.19 31.70 71.89 71.40 415.00 13.69 0.60 0.44 2.26 15.50 2.64 45.20 1.84 56.31 11.71 33.90 2.99 1.60 10.94 21.20 1.75 1.30 1.50 29.50 23.47 15.90 270.00 105.00 64.50 1.21 1.10 43.90 32.90 3.88 37.80 1.40
Low
Close
1.29 9.02 73.11 17.51 263.87 34.55 194.00 19.48 2.00 8.30 28.50 17.50 11.00 48.85 5.01 7.36 0.80 0.95 121.25 1.55 4311.01 31.95 19.30 76.14 4.52 56.70 25.02 6.81 11.50 59.27 2.97 1.51 4.44 33.50 0.52 6.01 18.70 20.20 10.75 31.70 65.78 71.20 407.50 12.00 0.31 0.35 2.26 15.50 2.58 45.20 1.82 56.30 11.71 33.90 2.99 1.48 10.94 21.20 1.60 1.30 1.50 29.50 23.47 15.80 270.00 99.33 64.50 1.20 1.10 43.90 32.35 3.88 37.80 1.40
1.29 10.33 77.79 18.99 270.85 35.00 194.00 19.50 2.00 8.30 28.50 17.96 11.00 48.85 5.11 8.36 1.08 0.95 126.88 2.35 4423.60 31.95 19.30 76.14 4.52 56.70 25.02 8.23 12.70 59.27 2.97 2.60 4.44 33.50 0.64 6.48 18.70 20.48 12.10 31.70 68.84 71.40 415.00 12.85 0.46 0.40 2.26 15.50 2.58 45.20 1.82 56.31 11.71 33.90 2.99 1.48 10.94 21.20 1.60 1.30 1.50 29.50 23.47 15.80 270.00 105.00 64.50 1.21 1.10 43.90 32.35 3.88 37.80 1.40
Change
Vol
0.09 0.32 0.84 0.94 -6.90 0.07 -3.00 1.00 0.00 -0.70 1.25 -0.02 0.21 2.11 0.38 0.15 0.18 -0.13 4.67 0.00 37.95 -1.66 -0.36 -2.86 -0.28 -2.98 -1.30 0.78 0.20 -3.11 0.12 0.12 0.19 0.50 -0.07 0.47 -1.00 0.08 0.49 1.45 -0.40 0.30 -5.00 -0.15 -0.01 -0.06 -0.85 0.00 0.08 0.72 0.07 -1.71 -0.83 1.40 0.54 0.13 -0.97 0.84 0.08 0.06 0.21 -0.50 -1.23 0.90 7.51 0.45 2.75 0.04 0.10 1.50 0.75 0.25 0.87 0.02
99 92 70 66 51 51 50 50 41 33 29 25 25 22 20 20 20 20 19 16 14 13 11 11 10 10 10 7 6 6 5 5 5 5 4 4 4 3 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Change -4.27 Market cap 19,213.87 mn Div Yield (%) 7.62
Last 60 days High Low
Volume
Open
2011 Div BR (%) (%)
-
-
-
Low
Close
POL-FEB
Symbols
332.57
Open
332.80
328.50
331.36
POL-FEBB
322.57
323.00
High
313.00
322.71
Change
Vol
-1.21 2080000 0.14 1773000
ANL-FEB
11.34
11.80
11.50
11.67
0.33
659000
NBP-FEB
78.06
78.23
77.91
78.10
0.04
177000
FFBL-FEB
41.64
41.75
41.45
41.69
0.05
151500
ENGRO-FEB 222.26
222.65
220.00
221.05
-1.21
148000
NETSOL-FEB 26.95
28.20
27.00
27.07
0.12
115000
NML-FEB
67.26
67.48
67.10
67.17
-0.09
PSO-FEB
291.17
293.90
288.60
292.01
0.84
95000
FFC-FEBB
117.86
120.00
118.75
119.68
1.82
93500
MCB-FEB
231.36
232.35
229.50
229.85
-1.51
67000
FFC-FEB
150.83
151.50
150.22
151.00
0.17
64000
29.36
29.50
29.34
29.49
0.13
63000
8.42
8.55
8.25
8.30
-0.12
33000 30000
DGKC-FEB BOP-FEB
95000
PTC-FEB
19.00
19.19
19.00
19.06
0.06
PPL-FEB
216.52
216.30
215.00
215.45
-1.07
24000
AICL-FEB
91.50
92.60
91.20
92.34
0.84
21000
LUCK-FEB
71.97
72.00
71.55
71.90
-0.07
5500
OGDC-FEB
172.50
173.00
172.79
172.84
0.34
4500
26.48
26.48
26.48
0.63
1500
NCL-FEB
25.85
ZERO VOLUME Symbols
Open
High
Low
Close
ADOS
16.43
16.25
16.25
16.25
-0.18
0.00
ALTN
11.40
11.35
11.35
11.35
-0.05
0.00
ASFL
3.50
4.50
4.50
4.50
1.00
0.00
BELA
1.25
1.00
1.00
1.00
-0.25
BROT
0.60
0.54
0.54
Change
Vol
0.00
0.54
-0.06
FANM
3.35
3.29
3.29
3.29
-0.06
0.00
FASM
34.67
34.70
34.70
34.70
0.03
0.00
FECM
3.00
2.90
2.90
2.90
-0.10
0.00
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
58.51
Support 1
12,394.50
MA (5-day)
12,343.51
Support 2
12,361.65
MA (10-day)
12,395.57
Resistance 1
12,457.45
MA (100-day)
11,228.00
Resistance 2
12,487.55
10,584.76
Pivot
39
normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 12,394.50 and 2nd support level at 12,361.65.
Brokerage House
Hold
*Invest Cap
45.52
Accumulate
AKD Securities Ltd
TFD Research
44.25
Neutral
TFD Research
Technical Outlook Technical Analysis
Fair Value
Rs Recommendations
77 71.45 78.6
Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,554.87 ** NOI Rs (mn) 75.27 Mean 41.42
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Brokerage House
tors are currently bullish on FFBL.
Fair Value
Rs Recommendations
Neutral
Positive
TFD Research
381.35
Positive
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Hold
175.80 11,745.19 67.81 66.89
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.63 328.42 274.74 250.21
forecasting oscillators are currently bearish on NML.
Fauji Fertiliser Co
Brokerage House
Fair Value
POL is currently 32.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of POL at a relatively equal pace. Trend forecasting oscillators are currently bullish on POL.
National Bank of Pakistan
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
25
Buy
*Invest Cap
149
Hold
*Invest Cap
Hold
*Invest Cap
52.4
Sell
Buy
AKD Securities Ltd
145
Reduce
AKD Securities Ltd
229.9
Accumulate
AKD Securities Ltd
75.5
Neutral
Positive
TFD Research
139.5
Neutral
TFD Research
245.4
Positive
TFD Research
92.3
Positive
TFD Research
25.8
Technical Outlook
Technical Outlook Technical Analysis 42.86 18.97 19.20 19.25
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
585.02 11,051.10 7.80 18.94
* Target price for Jun-11 & **Net Open Interest in future market
107.94 35,744.23 185.47 330.94
* Target price for Jun-11 & **Net Open Interest in future market
Engro Corporation
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.64 151.70 119.50 113.69
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
210
373.19 56,232.25 59.75 150.69
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.52 215.22 188.89 186.40
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 32,394.33 185.76 220.20
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
57.76 77.29 69.65 68.34
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.50 24,724.99 113.06 77.61
* Target price for Jun-11 & **Net Open Interest in future market
PTC closed unchanged at 18.89. Volume was 60 per cent below average FFC closed up 0.30 at 150.68. Volume was 58 per cent below average ENGRO closed down -1.40 at 219.65. Volume was 71 per cent below average NBP closed up 0.11 at 77.63. Volume was 88 per cent below average (con(consolidating) and Bollinger Bands were 54 per cent wider than normal.
(consolidating) and Bollinger Bands were 70 per cent wider than normal.
(consolidating) and Bollinger Bands were 6 per cent wider than normal.
solidating) and Bollinger Bands were 48 per cent narrower than normal.
PTC is currently 1.8 per cent below its 200-day moving average and is dis- FFC is currently 32.5 per cent above its 200-day moving average and is ENGRO is currently 17.9 per cent above its 200-day moving average and NBP is currently 13.6 per cent above its 200-day moving average and is playing a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average is displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is extremely low when compared to volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators flowing into and out of PTC at a relatively equal pace. Trend forecasting erate flows of volume into FFC (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- reflect volume flowing into and out of NBP at a relatively equal pace. Trend oscillators are currently bearish on PTC.
tors are currently bullish on FFC.
casting oscillators are currently bullish on ENGRO.
forecasting oscillators are currently bearish on NBP.
Time
08-Feb 08-Feb 08-Feb 09-Feb 09-Feb 09-Feb 09-Feb 09-Feb 09-Feb 10-Feb 10-Feb 10-Feb 10-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb
12:00 12:00 12:00 10:00 12:00 3:00 3:00 10:00 5:30 5:30 12:30 10:30 2:00 10:30 10:30 10:30 9:30 11:00 3:00 3:30
TECHNICAL LEVELS
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Date
NI(U)T Fund NIT Government Bond Fund NIT Income Fund Pakistan State Oil Co. Ltd NetSol Technologies Ltd Mubarak Textile Mills Ltd Cherat Papersack Ltd Shifa Int Hosp Ltd IGI Aggressive Income Fund Sigma Leasing Corporation Ltd Pioneer Cement Ltd MCB Bank Limited IGI Investment Bank PICIC Growth Fund PICIC Investment Fund PICIC Energy Fund Meezan bank Limited Allied Bank Limited Cherat Cement Company Ltd Sanofi Aventis Pakistan Ltd
Company
Technical Outlook
23.91
*Invest Cap
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
360
FFBL closed up 0.10 at 41.46. Volume was 75 per cent below average NML closed down -0.06 at 66.81. Volume was 79 per cent below average POL closed down -0.64 at 331.14. Volume was 56 per cent below average (consolidating) and Bollinger Bands were 3 per cent narrower than normal. (consolidating) and Bollinger Bands were 9 per cent narrower than normal. (consolidating) and Bollinger Bands were 56 per cent narrower than normal.
Pakistan Telecommunication Co Ltd
AKD Securities Ltd
Rs Recommendations
322.42
Leverage Position
53.30 66.14 57.49 52.71
Fair Value
*Invest Cap AKD Securities Ltd
KSE 100 INDEX is currently 17.5 per cent above its 200-day moving FFBL is currently 33.3 per cent above its 200-day moving average and is NML is currently 26.8 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely low displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is relatively normal as compared to when compared to the average volatility over the last 10 trading sesvolatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators sions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of NML at a relatively equal pace. Trend bearish on INDEX.
Brokerage House
Buy Accumulate
Technical Outlook
Leverage Position
61.46 41.09 33.96 31.11
12,424.60
resistance level at 12,457.45 and 2nd resistance level at 12,487.55, while
Rs Recommendations
AKD Securities Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 12.01 points at 12,427.36. Volume was 42 per MA (100-day) cent below average and Bollinger Bands were 39 per cent narrower than MA (200-day) MA (200-day)
Fair Value
*Invest Cap
Pakistan Oilfields Ltd
Nishat Mills Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 46.57 2.90 2.80 60.27 72.40 71.95 11.43 51.15 50.70 47.73 25.60 25.30 41.53 25.15 24.95 53.33 91.20 90.50 42.44 17.05 16.90 58.04 11.40 11.20 65.44 386.50 384.50 41.67 122.00 120.00 53.71 11.30 11.25 50.52 3.65 3.50 30.97 8.25 8.15 51.35 1.90 1.70 45.84 29.10 28.90 56.53 2.95 2.75 45.70 2.35 2.15 53.37 41.25 40.10 23.71 61.95 60.95 66.52 218.50 217.30 42.38 14.10 13.80 32.81 4.50 4.45 61.46 41.30 41.10 63.64 150.10 149.50 57.57 124.05 123.20 55.49 38.95 38.65 50.43 145.20 143.25 63.91 290.35 288.65 48.25 3.65 3.50 52.20 1.65 1.55 47.47 2.40 2.30 44.21 11.45 11.30 55.19 43.15 42.85 54.05 2.80 2.65 68.30 16.40 16.20 42.76 71.25 70.85 48.91 227.30 226.30 40.43 2.60 2.50 57.76 77.40 77.15 70.19 25.75 25.40 69.67 26.40 25.85 44.08 2.70 2.65 79.88 2.55 1.95 53.30 66.50 66.20 51.24 172.15 171.75 58.17 3.05 2.90 40.80 1.85 1.80 66.64 2.55 2.30 38.93 6.40 6.25 63.63 328.80 326.50 48.65 213.45 212.45 40.99 65.45 65.00 44.35 288.25 285.85 42.86 18.70 18.50 57.62 212.55 210.55 43.88 26.55 26.25 55.11 13.20 12.90 75.28 25.40 24.90 49.66 2.10 2.00 46.41 3.20 3.15 49.61 66.60 66.35 45.86 2.60 2.55
1st
2nd
Resistance 3.15 3.25 73.40 73.95 52.40 53.20 26.15 26.50 25.60 25.95 92.40 92.90 17.35 17.50 11.80 12.00 391.00 393.50 125.25 126.45 11.50 11.60 4.00 4.15 8.45 8.55 2.30 2.45 29.50 29.70 3.30 3.50 2.90 3.20 43.20 44.10 64.70 66.50 221.10 222.50 14.70 15.00 4.70 4.85 41.65 41.80 151.40 152.10 125.75 126.60 39.55 39.95 148.90 150.65 293.35 294.65 3.95 4.10 1.75 1.80 2.45 2.50 11.85 12.10 43.60 43.80 3.00 3.10 16.85 17.00 71.90 72.15 230.00 231.70 2.70 2.75 77.85 78.10 26.50 26.95 27.85 28.75 2.85 2.90 3.40 3.75 67.20 67.60 172.95 173.35 3.35 3.45 1.95 2.05 2.90 3.05 6.85 7.15 332.95 334.80 215.65 216.85 66.40 66.90 292.45 294.25 19.15 19.40 217.30 220.05 27.15 27.55 13.75 14.00 26.20 26.50 2.25 2.35 3.40 3.50 67.30 67.65 2.75 2.80
Pivot 3.05 72.95 51.95 25.90 25.45 91.70 17.20 11.60 389.00 123.25 11.45 3.85 8.35 2.05 29.30 3.10 2.65 42.10 63.70 219.90 14.40 4.65 41.45 150.80 124.90 39.30 146.95 291.65 3.80 1.70 2.40 11.70 43.30 2.90 16.60 71.50 229.00 2.65 77.65 26.15 27.30 2.75 2.85 66.90 172.55 3.20 1.90 2.70 6.70 330.65 214.65 65.95 290.05 18.95 215.30 26.90 13.45 25.70 2.15 3.30 67.00 2.65
8
Tuesday, February 8, 2011
PTCL intros new rates for 2Mbps broadband
KARACHI: A model displays a latest Touchtel Solo mobile handset during the launching ceremony at a local hotel.-Staff Photo
Total subscriber base hits 100 million mark
Hats off to PTA, tele-sector: Warid ISLAMABAD: Warid Telecom has congratulated Pakistan Telecom Authority (PTA) and the telecom Industry of Pakistan for achieving the milestone of one hundred million mobile subscribers. More than 61 per cent of population and over 92 per cent of land area is now covered by cellular services. Being part of this great achievement and phenomenal success, Warid Telecom reinforces its commitment towards business excellence. Being a consumer-centric company Warid ensures to serve its valuable customers with delighting customer care, exceptional network quality and innovative products and
services. While commenting on the achievement Muneer Farooqui, CEO Warid Telecom said, "PTA has been very conducive to the growth of industry since its inception. The mobile sector growth has been extraordinary and this sector has become a model for other countries across the world. Telecom Industry has largely benefited from the initiatives taken by PTA such as the deregulation of international gateways and mobile number portability which helped grow teledensity. "I am very optimistic about telecom industry of Pakistan and wish PTA and all the industry stakeholders a great success in future", he said.
With the end of 2010 Warid completes its five and half years of successful business operations in Pakistan. The company sets the highest standards of business excellence and secured over 17 million satisfied subscribers with a market share of about 17 per cent and a network coverage in 6800 destinations, servicing 550 cities including Azad Jammu & Kashmir and Northern Areas of Pakistan. With the substantial market share, a strong brand repute, loyal subscriber base, and the recognition as the most trusted cellular service, Warid Telecom continues to set excellence benchmarks in the telecom Industry of Pakistan.NNI
Ufone partying at 10th anniversary ISLAMABAD: Ufone is celebrating its 10th anniversary with great fervor as the launch of Ufone was the dawn of a revolution within the telecom industry. Ufone started out as a service for the masses and it pushed to remove the perception and reality that cellular services were only for the elite in the country. Today cellular services are enjoyed by people from every walk of life which has been made a reality, thanks to the promise Ufone made to the people of Pakistan and ultimately fulfilled it in just 10 years. Over the last decade the telecom industry has seen fierce competition with an exceptional decrease in tariffs, a major focus on value-added and customer services in which Ufone has taken the lead, said a press release issued here. Ufone has shown vast growth and endurance all the way, even
though amid intense competition, the organisation has shown great reverence with its increase in revenue and has always remained profitable. In 2009-2010, Ufone led the market with the highest revenue growth in cellular industry. Over the last few years the world has witnessed one of the worst global recessions during which downsizing was one of the major cost cutting techniques used by organisations. On the other hand, Ufone stood out by not following the trend and instead motivated and acknowledged its employees by giving more financial benefits and focused on growth in all business areas with a major focus on corporate social responsibility and has always come out to help the people of Pakistan through testing times. Abdul Aziz CEO Ufone said "this is indeed an emotional moment for me as 10 years ago I was part of a very small but highly committed and focused
group of individuals who helped start Ufone. "We stand tall today in the market because of our incredible service orientation, and a great team spirit that did not fade out due to time; it only grew stronger. From the day that we launched till now, we as an organization value the essence of our corporate mission and vision of Becoming the Best Cellular Option Available for U!" Ufone has surely come a long way and today is one of the most aggressive and competitive telecom companies in the country. CEO Ufone said, "I would like to thank our family of more than 20 million customers our strategic partners and thousands of Ufone employees around the country for helping make Ufone the driving force that it is today. I would like to add, for Ufone "Success is a journey, not a destination".APP
ISLAMABAD: Pakistan Telecommunication Company Ltd (PTCL) has launched new rates for 2 Mbps Broadband Data for all its existing and new potential broadband customers throughout the country. Under the newly announced package, 2 Mbps data rate is offered to the customers at Rs1499 per month with unlimited downloading facility in addition to our existing Broadband data rate packages. The new 2Mbps data rate as a promo will also be offered to all existing 1Mb customers who upgrade to 2Mb at the existing monthly charges of 1Mb for a period of three months without any additional charges. After three months the prevailing monthly tariff of 2Mb of Rs1499 will be applicable. This offer is only valid for the upgrade customers of 1Mbps to 2Mbps. SEVP commercial Naveed Saeed viewed the launch as a great pleasure for Pakistan Telecommunication Company to provide PTCL customers with new options in Broadband data rates. It supports our aim to provide uninterrupted service to all our existing and new customers. This newly offered data rate will have an added effect of segmenting our customers; he further added that keeping in mind the needs of PTCL customers, we will introduce more such offers to facilitate the users in future; PTCL has always and will always strive to provide its customers with the best and most affordable services.-PR
Broadband turning rural in NZealand WELLINGTON: New Zealand's top two telecommunications companies have been chosen for negotiation with the New Zealand government to provide fast internet services to rural areas, the government said.
Telecom and Vodafone proposed in November a joint venture to build a new, open access network for broadband in rural areas. Telecom is New Zealand's biggest full service telecommunications company, while Vodafone is the country's biggest mobile provider, and the government is confident the solution proposed can be deployed, Communications and Information Technology Minister Steven Joyce said. "The government specifically asked for parties to consider collaborating on joint bids to reduce construction costs - and this bid does just that," Joyce said in a statement. Shares in Telecom, the country's second largest listed company, closed on Friday at NZ$2.24. The government wants the new network to provide fast internet fibre connections to 97 percent of rural schools and 80 percent of rural households within six years. The companies have said the fibre and wireless services will be open to all providers. Telecom will build fibre to schools and hospitals, cell sites and rural exchanges and cabinets, and Vodafone will design and build infrastructure the two companies use to co-locate their mobile services on.Reuters
Total subscriber base hits 100 million
PTA, Pemra credited for the media revolution ISLAMABAD: The foundation of Pakistan Electronic Media Regulatory Authority (PEMRA) had brought revolution and now more than 67 TV and 142 radio channels are independently working throughout Pakistan. Mian Javed former founding chairman, Pakistan Telecommunication Authority (PTA) and Pemra was speaking at Sustainable Development Policy Institute (SDPI) special lecture on "Pakistan environment: Successes and Failure", said a press release. The session was chaired by Dr Syed Nazre Hyder and in his opening remarks he said that both Regulatory Authorities revolutionised Pakistani society. In the exclusive lecture Mian Mohammad Javed enlightened the audience about the initial difficulties and how they overcame them. He also spoke about current energy crisis and role of respective Regulatory Authorities. He highlighted that the roles and responsibilities of regulatory authority are constantly changing due to prevailing circumstances. In today's age, given the socio-political and economic upheavals, there is a growing trend of regulatory authorities exerting influence on the creation of green jobs. These green jobs would help accelerate the transition from jobs in high carbon sources to the low carbon ones. Since the last 50 years, global economic growth has been unprecedented however it has led to fast environmental decline. In his speech, he said now the Ogra ought to take the mission of biogas in Pakistan. As this is source of green energy and every village of Pakistan can be benefited. In the past huge amount has been spent on laying of integrated infrastructure for gas
and now in wake of serious gas crisis and rapid gas reserves promotion of biogas at large scale even for electricity generation is best and most technically and financially most viable option in Pakistan. He said that the livestock sector is an integral part of agriculture in Pakistan and it plays an important role in the economy of the country. Livestock sector contributed approximately 53.2 per cent of the agriculture value added and 11.4 per cent to national GDP during 2009-10. The potential of biogas as a source of clean, easily available energy is widely recognised but the country has among the highest unexploited potential for biogas production in the region. Taking in account the number of livestock, along with other necessary parameters needed for biogas, the country has potential to provide energy to 7 million houses of Pakistan that is almost 60 per cent of total population. Although the biogas technology has proven itself in many surrounding countries, biogas in Pakistan is still promoted in a pilot modality. The main barriers for largescale dissemination are various but the absence of a strategy for domestic biogas and required skill are the major constraints. In his presentation and speech, he also urged for the need of more than one integrated energy grid. He also said to need to develop a national agenda to harness cheap and green hydro-power for sustainable development and to alleviate poverty in Pakistan Replying questions he said merit, transparency were the foundation stone of the Regulatory Authorities established by himself that's why today Pakistanis are enjoying the benefits of deregulation in telecom and electronic media.-APP
Telenor Pakistan CEO office gets new incumbent ISLAMABAD: Telenor Pakistan has announced that its Board of Directors has appointed Christian Albech the company's new Chief Executive Officer (CEO) who will succeed Jon Eddy Abdullah from March 1, 2011. "The Board of Directors is very pleased to appoint Christian Albech as Telenor Pakistan's new CEO. His extensive management experience and ability to drive innovation and deliver results will be a great benefit for the company. We are confident that Christian has the right qualification to further develop an already successful company," said Hilde Tonne, Chairman of the Board of Telenor Pakistan, and Deputy Head Telenor Group Asia Region. Christian Albech has substantial experience from executive positions in the communication and media
industry. He comes from the position as CEO of Telenor Broadcast, where he has been responsible for Telenor Group's portfolio of broadcast operations - Canal Digital, Telenor Satellite Broadcasting, Norkring and Conax. At the end of third quarter 2010, these operations represented 9 percent of Telenor Group's total revenues. "I have always appreciated new challenges, and I am therefore very pleased to be offered the opportunity to head Telenor Pakistan. Telenor Pakistan has proven itself as one of the Telenor Group's most successful operations. I bring with me a forward leaning, goal-oriented approach and a strong customer focus, and I am looking forward to start working with the Telenor Pakistan team of highly skilled employees", said Christian Albech.-PR
Authority to take online complaints in country LAHORE: Pakistan Telecommunication Authority (PTA) has introduced a new online complaints system for the consumers of broad band, Internet and all other telecom services. PTA Zonal office Lahore in a statement here said that under the new system PTA and telecom operators have been interlinked through this system and prompt action would be initiated on the online complaints launched by consumers. The complaint form, available at the official PTA site, has been redesigned keeping in view the form being used by the telecom operators in Canada, Australia and Singapore. The consumers and PTA would be made part of a single management system under which the complaints after registering at the www.pta.gov.pk would be transferred automatically to the concerned telecom operator. The system will give a reference number to the consumer after registering the complaint who can check its status any time.-APP
French cos mull internet billing JV PARIS: French telecommunications rivals Bouygues Telecom, Orange and SFR are banding together to create an internet payment company along the lines of eBay's Paypal, they said last week. The partnership, dubbed Buyster, will allow the French companies to get a piece of the internet payment market dominated by US companies such as Apple and Google. The three companies, fierce rivals in France for the saturated internet and telephone market, will produce an e-commerce platform by the summer along with IT services company Atos Origin, which will target more than 50 million consumers, they said..-Reuters
PTCL’s Bonanza Thrill goes ‘Feb-ulous’ ISLAMABAD: Pakistan Telecommunication Company LTD (PTCL) has continued a countrywide exciting package "PTCL Bonanza Thrill" which has especially been designed to encourage the existing and potential PSTN and Vfone subscribers. This limited time offer is applicable to all PTCL landline and Vfone customers from 1st February till 28th February, 2011. With this bonanza thrill offer, the PTCL customers can call from PTCL landline or Vfone to Ufone, PTCL landline (local and NWD) and to Vfone (local and NWD) between 8pm to 8 am which will be charged for only first three (3) minutes and the remaining duration of the call will be free, said a press release issued here. Naveed Saeed, SEVP Commercial has said that the PTCL has always provided the best packages and promotions to its customers and this particular promotion will enable customers to make longer duration calls to their loved ones without worrying about the bill. He further added that the PTCL has always strived to provide its customers with the best and most affordable services. By introducing these new packages, PTCL intends to address its customers' needs in the most effective and budgetconscious manner and in future as well the PTCL will keep on introducing more such offers to facilitate its users.-APP
9
Tuesday, February 8, 2011
Brent crude back above $100 on Egypt OPEC producers talk of much higher oil prices LONDON: North Sea Brent crude oil climbed back above $100 a barrel on Monday on worries that unrest in Egypt could spread to other parts of the Middle East and north Africa, disrupting energy supplies. A senior Kuwait official said over the weekend oil prices could exceed $110 per barrel if the turmoil in Egypt continued, while Venezuela said prices could more than double to $200 if the Suez Canal closed. Iran, which holds the rotating presidency of the Organization of the Petroleum Exporting Countries, said it saw no need for an emergency OPEC meeting even if oil prices hit $120. "The risk of Egypt contagion to the region brings a geopolitical price premium to the markets," said Christopher Bellew, a broker at Bache Commodities Limited. "As long as there is uncertainty, we will certainly hold the levels and there is scope to go high-
Tokyo rubber down 2.4pc, but supply supports BANGKOK: Tokyo rubber futures dropped 2.4 per cent on Monday on weaker oil prices and profit-taking as players liquidated contracts after prices failed to stay firmly above major resistance of 500 yen, but tight supply still lent support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery fell 12.1 yen, or 2.4 per cent, to settle at 490.8 yen ($5.96) per kg. "The market was overbought and prices have risen too high, so players sold contracts to take profits and avoid risk after prices failed to stay above the 500 yen level," one dealer said. Oil prices fell nearly 2 per cent on Friday after an unfounded report about a possible announcement from Egypt set off speculation that President Hosni Mubarak could step down shortly, sparking profit-taking from which the market failed to recover.Reuters
er." He added, "Metals and currencies also play in favour of the oil prices, with the dollar weaker against the euro." ICE Brent crude oil futures for March rose by $1.07 to a high of $100.90 before slipping back to around $100.10 by 1447 GMT. On Feb. 3, Brent reached an intra-day
high of $103.37, its highest since September 2008. US crude futures declined as investors looked past the political crisis in Egypt to high oil inventories, particularly in Cushing, Oklahoma, the delivery point for the New York Mercantile Exchange's crude futures contracts. US crude for March fell 30 cents to $88.73 a barrel by 1447 GMT. President Hosni Mubarak's new cabinet on Monday held
its first full meeting since an uprising started nearly two weeks ago, with no concrete progress in talks with Islamists and an opposition who demand his immediate exit. Mubarak, 82, has refused calls to end his 30-year-old presidency before September polls. Protesters, barricaded in a tent camp in Tahrir Square in the heart of Cairo, have vowed to stay until Mubarak quits and hope to take their campaign to the streets with more mass demonstrations on Tuesday and Friday. The banned Islamist Muslim Brotherhood movement was among the groups meeting government officials at the weekend. Traders are worried that unrest in Tunisia and Egypt could fuel similar protests in bigger oil producers such as Libya, or even Saudi Arabia, creating uncertainty over oil supplies.-Reuters
Palm oil off highs on ringgit; weather KUALA LUMPUR: Malaysian palm oil slipped from three-year highs hit earlier on Monday as traders booked some profits on the stronger ringgit, pausing a rally driven by erratic weather curbing output. Floods in the southern Malaysian state of Johor last week prevented estates from transporting up to 70,000 tonnes of crude palm oil for processing, triggering a surge in prices before the long weekend holiday. Planters and refiners now expect exports to pick up this week as floods recede although heavy rains continue to pound other oil palm growing areas, raising the threat of weaker yields. "Investors are uncertain about the weather condition, that's why prices went positive and minus. Some of them are liquidating their positions now, but there aren't lots of movements as many people still on (Lunar New Year) holiday," said a trader in Kuala Lumpur. The benchmark April crude palm oil contract on Bursa Malaysia Derivatives fell 0.7 per cent to 3,868 ringgit
($1,270.905) per tonne. Earlier in the session, the contract went as high as 3,915 ringgit -- a level unseen since March 10, 2008. Overall traded volume rose to 20,152 lots of 25 tonnes each, compared to the usual 15,000 lots. A stronger Malaysian currency against greenback also prompted refiners to stay at the sideline as a firmer ringgit makes profits for dollar-priced commodities like palm oil and soyoil less lucrative for them. "Stronger ringgit versus US dollar will limit upside as margin for refiners were deteriorated," the same trader added. Reuters technical analysis showed Malaysian palm oil prices may hover around 3,905 per tonne on Monday before it resumes its uptrend towards a bullish target at 4,060 ringgit. US March soyoil contract inched up in Asian trade hours, moving in tandem with firmer crude oil futures that were supported by the political crisis in Egypt and stronger US economic data. China financial markets are still closed for Lunar New Year holiday, trade to resume on Feb. 9. -Reuters
Copper at record high on Chile concerns, data LONDON: Copper hit a record on Monday as concerns about supply, especially from top producer Chile, added to a recent stream of positive economic data that boosted the outlook for industrial metals demand. Tin also hit a record high on worries about supply problems in top exporter Indonesia. Three-month copper on the London Metal Exchange hit a record at $10,160, but trimmed gains to $10,104.50 from $10,050 at the close on Friday. The euro fell against the dollar for a fourth straight day, knocking the edge off the metal's price. A stronger dollar makes metals more expensive for holders of other currencies. Still, sentiment remains positive for industrial metals. "Very positive economic data last week built up momentum, and the outlook for metals demand is looking good," said Gayle Berry, an analyst at Barclays Capital. "The supply side of the copper market looks extremely constrained this year. A whiff of any further supply constraint
can boost the sentiment, and the potential power problems in Chile exacerbated the situation." Chile's Energy and Mining Minister Laurence Golborne said last week the country may face an energy squeeze by as early as midyear because of drought and high demand and could resort to rationing electricity. Chile's copper export revenue rose 8.3 per cent to $3.73 billion in January from a year ago, the central bank said on Monday. But copper export revenue was down sharply from $4.5 billion reported for December. Chile is the world's top copper producer, mining about a third of global supply. "The market is mainly driven by funds at the moment. Demand in China is quiet, but funds continue to buy," an
LME ring trader said. "There are also some concerns that the cyclone in Australia may cut supply." Xstrata Plc restarted its 300,000-tonne-per-year Townsville copper refinery in Australia, which was shut last week due to Cyclone Yasi, the company said. Top miners are set to report a doubling in profits for the December half, thanks to booming iron ore and copper sales, sparking calls for fat cash returns to shareholders as the major miners run out of takeover opportunities. "The big four mining groups I'm sure are going to be talking about what they're going to put into their mining projects, and maybe we'll see quite a lot of copper coming onto the market in terms of new mines coming on stream," Kernot said.-Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 04 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 04 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2325 2330 2290 2300 2205 2215 2205 2215
2523 2523.5 2538.5 2539 2597 2602 2640 2645
9985.5 9986 9977.5 9978 9760 9770 9325 9335
2637 2638 2572 2573 2515 2520 2460 2465
28070 28075 28035 28040 26815 26915 25430 25530
TIN
30940 30945 30850 30900 30350 30400
ZINC NASAAC
2466 2471 2467 2471.5 2490 2495 2492 2505 2510 2535 2515 2545 2478 2590 2483 2600
Raw sugar up on lower India forecast LONDON: Raw sugar futures climbed on Monday, supported by trimmed forecasts for Indian sugar output and renewed physical buying after prices pulled away from 30-year peaks. Arabica coffee futures also rose as high-quality beans remained in short supply, while cocoa dipped slightly on technical factors, falling further from one-year peaks. ICE March raw sugar gained 0.47 cent or 1.4 per cent to 33.11 cents per lb at 1536 GMT, below the 30-year peak of 36.08 cents touched last Wednesday. London March white sugar was up $8.30 or 1 per cent at $802.70 per tonne, below last week's record high of $857.00 per tonne. Dealers said lower sugar prices encouraged more physical buying, as the March contract on ICE had its first weekly loss in three weeks on Friday after falling 3.9 per cent. Markets were also boosted after an Indian state cut its outlook for the country's 2010/11 sugar crop to 24 million tonnes, below government estimates. Coffee futures were higher as better quality beans continued to be hard to find, propping up arabica prices. Colombia, the world's biggest producer of high quality washed arabica beans, is entering its third year of lower-thanaverage production due to adverse weather and a rejuvenation program that took many trees out of production. As a consequence, many roasters have turned to Brazil, the world's biggest coffee producer. ICE March arabicas gained 1.65 cent or 0.7 per cent at $2.5095 per lb at 1537 GMT, below its 13-1/2-year peak of $2.5360 a lb from last Thursday. Liffe May robusta coffee was up $6 or 0.3 per cent at $2,243 per tonne, below its 2-1/4-year high of $2,287. Coffee exports in Uganda, Africa's second-largest producer, fell by 18.6 per cent in January compared with a year earlier due to unfavourable weather, a source at the Uganda Coffee Development Authority said on Monday. Cocoa prices on ICE retreated further from their one-year peaks on technical trading after rallying on the back of a Jan. 23 call for a month-long export ban in Ivory Coast, which produces about a third of the world's crop.-Reuters
KABUL: An Afghan uses a two wheel tractor donated by the United States during a ceremony to mark the distribution of tractors to Afghan farmers in Kabul. -Reuters
Gold steady after first weekly rise; optimism weighs LONDON: Gold held near $1,350 an ounce on Monday after the metal's first weekly rise this year supported investor confidence in the metal, though a more optimistic view of the global economic outlook is continuing to weigh on prices. A run of above-consensus economic US data this year has lifted demand for higher-risk, higher-yielding assets at gold's
to have taken a beating with investors, especially ETFs, offloading a large part of their gold as key economies are turning to normalcy, or are at least in the process of that," said Pradeep Unni, a senior analyst at Richcomm Global Services. "Repeated failure to sustain the gains beyond key resistance of $1,355 signal an impending sell-off in the near
expense, leading to a 5 per cent dip in prices in 2011 so far. Spot gold was bid at $1,347.30 an ounce at 1502 GMT, against $1,346.90 late in New York on Friday. US gold futures for April delivery were down $1.20 at $1,347.80. The metal fluctuated on Friday following mixed US payrolls data, but still posted its first weekly rise of the year so far after the European Central Bank and Federal Reserve distanced themselves from speculation monetary policy might tighten soon. It has since stuck to a narrow range, awaiting clearer direction on monetary policy and growth. Analysts say its longer-term outlook looks positive. "Fundamentally, gold seems
term." "(But the) long-term trend seems to be completely biased northwards, and the decade-old rally will extend further." Gold prices were supported by a slight rise in physical demand from Asia as buyers in Singapore and Hong Kong returned to the market after last week's New Year celebrations, although China, the world's second-biggest gold consumer, remains absent. "We are all waiting to see what the Chinese will do after their New Year holidays," said Afshin Nabavi, head of metals trading at MKS Finance. "I would say the physical demand we saw all through January, we have not seen since 2008."-Reuters
Indian sugar ends flat MUMBAI: Indian sugar prices ended flat on Monday as a slight improvement in demand outweighed higher supplies for February, dealers said. "There was an improvement in retail demand due to it being the beginning of the month, but supply pressure is still looming due to unsold stocks of January," said a member of Bombay Sugar Merchants Association (BSMA). Wholesale traders stock up on food articles in the last and first week of the month to prepare for purchases by India's
salaried middle class, who buy in the first two weeks of the month after receiving wages. India has made available 1.62 million tonnes of nonlevy sugar for February, including 300,000 tonnes unsold stocks of January. 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 nudged down by 1 rupee to
2,695 rupees ($59.2) per 100 kg, after losing 5 per cent in January. Sugar contract for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended down 1 rupee at 2,788 rupees per 100 kg. Sugar output in India's Maharashtra state is up 13 per cent from a year ago, slightly slower than in January, a state industry body said, and it cut its output view for the country to 24 million tonnes, below government estimates.Reuters
European vegetable oil prices \ The following were the Monday's European vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 1035.00, Mar11 1035.00, Apr11 1035.00, May11/Jul11 1035.00+10.00, Aug11/Oct11 1040.00+10.00, Nov11/Jan12 1045.00+10.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1050.00+10.00, A u g 1 1 / O c t 1 1 1010.00+10.00, Nov11/Jan12 1015.00+5.00, Feb12/Apr12 1020.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11 1490.00+0.00, Mar11 1490.00+0.00, Apr11/Jun11 1480.00+0.00, Jul11/Sep11 1495.00+5.00, Oct11/Dec11 1425.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1572.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1315.00-2.50, Mar11 1320.00+2.50, Apr11/Jun11 1297.50-2.50, Jul11/Sep11 1272.50-5.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1355.00, Mar11 1355.00, Apr11/Jun11 1330.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1300.00, Mar11 1300.00, Apr11/Jun11 1275.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1310.00, Mar11 1310.00, Apr11/Jun11 1282.50, Jul11/Sep11 1250.00, Oct11/Dec11 1230.00. PALM STEARIN: Dlrs tonne fob Malaysia Feb11 1285.00+15.00, Mar11 1280.00+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2280.00+0.00, Mar11/Apr11 2250.00+5.00, Apr11/May11 2230.00+5.00, May11/Jun11 2210.00-5.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2 3 0 0 . 0 0 + 2 0 . 0 0 , M a r 1 1 / A p r 1 1 2 2 8 0 . 0 0 + 2 0 . 0 0 , A p r 1 1 / M a y 1 1 2250.00+25.00. -Reuters
National Commodity Exchange Ltd Trading Summary Date
7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011 7-Feb-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 MY11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 10FE11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
90.97 93.90 93.10 28.83 28.88 1348.40 1348.50 1349.30 1348.70 1349.00 1349.80 37344.00 37255.00 37177.00 37219.00 37228.00 43411.00 43411.00 38271.00 38311.00 38324.00 38338.00 38351.00 44450.00 44019.00 44034.00 44050.00 44480.00 3207.00 3212.00 5481.00 86.19 85.48
91.65 94.05 95.63 29.32 29.21 1359.00 1359.00 1360.00 1348.70 1358.30 1349.80 37480.00 37255.00 37272.00 37219.00 37228.00 43411.00 43411.00 38304.00 38311.00 38324.00 38338.00 38351.00 44450.00 44019.00 44034.00 44050.00 44700.00 3207.00 3212.00 5481.00 86.19 85.54
88.50 91.32 93.10 28.76 28.88 1345.40 1346.00 1346.80 1348.40 1344.00 1348.90 37143.00 37235.00 37177.00 37199.00 37207.00 43388.00 43388.00 38271.00 38252.00 38265.00 38278.00 38291.00 43973.00 43951.00 43966.00 43981.00 43996.00 3153.00 3159.00 5455.00 86.17 85.48
89.29 92.24 94.56 29.21 29.21 1348.40 1348.90 1349.60 1348.40 1348.90 1348.90 37226.00 37235.00 37252.00 37199.00 37207.00 43388.00 43388.00 38304.00 38252.00 38265.00 38278.00 38291.00 44011.00 43951.00 43966.00 43981.00 43996.00 3153.00 3159.00 5455.00 86.17 85.54
Traded Volume in lots 678 141 1 175 2,221 2,356 1,186 62 6 2 1 4 -
Previous Settlement Price 89.48 92.39 94.65 29.15 29.15 1347.00 1347.50 1348.20 1347.00 1347.50 1348.20 37185.00 37193.00 37210.00 37157.00 37166.00 43339.00 43339.00 38263.00 38210.00 38223.00 38236.00 38250.00 43963.00 43902.00 43917.00 43932.00 43947.00 3207.00 3212.00 5481.00 86.19 85.48
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 89.29 68 92.24 37 94.56 3 29.21 45 29.21 2 1348.40 1,723 1348.90 1,610 1349.60 599 1348.40 1348.90 10 1349.60 37226.00 13 37235.00 1 37252.00 82 37199.00 1 37207.00 43388.00 43388.00 38304.00 38252.00 38265.00 38278.00 38291.00 44011.00 43951.00 3 43966.00 43981.00 1 43996.00 35 3153.00 3159.00 5455.00 86.17 85.54 -
FIFA President Blatter speaks during the 24th AFC congress in Doha
10
Tuesday, February 8, 2011
Imran sees ‘bans’ as essential bitter pills ISLAMABAD: Cricketing great Imran Khan says the suspensions handed to three Pakistani cricketers for spot fixing are necessary for the sake of the sport. An International Cricket Council (ICC) tribunal banned former Pakistan captain Salman Butt for 10 years, with five years suspended, bowler Mohammad Asif for seven years, with two suspended and teenage paceman Mohammad Aamer for five years.The trio were charged over incidents during the Test against England at Lord's in August last year, when Britain's News of the World newspaper claimed the players were willing to deliberately bowl noballs, reported ABC news. Khan says he is upset by the bans, but says they are essential for the future of the game. "I am genuinely upset over the bans on three key, young and talented players," he said. "But once the players were proven guilty a punishment has to be given for the sake of cricket in general and for the sake of Pakistan cricket in particular."Khan, who led Pakistan to victory in the 1992 World Cup, says the loss of the three key players will hurt Pakistan's chances in the upcoming World Cup tournament."I feel sad for Aamer, who is probably the best young fast bowler in the world at the moment and had a long way to go," he said."Asif is one of the best new ball bowlers and Butt is a solid opener, so with these three key players Pakistan would have done very well in the World Cup, but that is not to be."Khan says the nation felt humiliated when the corruption case surfaced last year. "It was great humiliation for the people of Pakistan as the kind of ignominy it brought made people more demoralised than the floods in the country," he said.-Online
Performance of Pak squad satisfactory, says Waqar ISLAMABAD: With the World Cup round the corner, coach Waqar Younis is pleased with the recent performance of Pakistan cricket team, saying the performance of the outfit is "satisfactory." Pakistan have found the going tough for quite some time, even without the off-field controversy they continually seem to face, but coach Younis is hopeful that the successful tour of New Zealand will mark a turning point. Before this tour Pakistan has not won a Test series since 2006 and a one-day series since 2008. "Yeah, I'm pretty pleased because it has been a while since Pakistan won anything, almost three years for a oneday series and quite a few years since we won a Test series. So, it's definitely satisfying," TV New Zealand reported on Monday. "I always say that the amount of controversies we have had over the last eight or nine months, we needed something like this. We needed to develop our team again, we needed to bring the teams back into Pakistan and the only way we can do it is if we start playing well," he said. "I think this is one reason why we played well. Hopefully in the future we will try to play the best cricket we can."-APP
PCB terms ICC ruling regrettable
PERTH: Australian Team Celebrates after winning the series against England at the completion of their one day international cricket match at the WACA.-Reuters
Australia complete England annihilation PERTH: Australia wrapped up an emphatic 6-1 series win over a weary England with a comprehensive 57-run win in the seventh and final One-Day International. The home side made 279 for seven after winning the toss, and in reply England managed just 222, despite a lusty unbeaten 60 by Michael Yardy. The English were never in the hunt after Andrew Strauss and Steven Davies both fell for ducks to leave them struggling at five for two. Jonathan Trott and Kevin Pietersen tried to restart the innings, but the loss of both their wickets and that of Ian Bell left England on 64 for five. Mitchell Johnson claimed three for 18 for the home side and the wayward Shaun Tait three for 48, but he also conceded nine wides and five no-
balls. After winning the toss and electing to bat, half-centuries by David Hussey and man-of-the-match Adam Voges helped the home side recover from a slow start to post an imposing total. Australia were 103 for four in the 26th over when stand-in captain Cameron White was dismissed for 24. However, Hussey and Voges then accelerated the Australian innings, putting on 95 in 83 balls. Voges remained unbeaten on 80 not out, while Hussey made 60. The Australian innings got off to a controversial start when Tim Paine was given out lbw to Liam Plunkett for five on review. The Virtual Eye system said he was hit in line and that the ball was going on to hit the stumps, even though Paine had advanced well down the pitch
by the time the ball struck his pad. Although the English dropped a couple of sharp chances, they also held two magnificent catches. Opener Brad Haddin (27) was superbly caught by an alert Steve Finn and Matthew Prior took a classic on the mid-wicket boundary to remove Mitchell Johnson for 26 from the bowling of James Anderson (3-48). Prior leapt backwards as he retreated towards the boundary to snare the catch well above his head. Despite their spectacular win, White claimed his team could produce a better performance for the upcoming World Cup, “It’s been very good but I still think there is another level that we can take it to, and need to, for a tournament like the World Cup,” White told Reuters.Reuters
Barcelona set 16-win record MADRID: Lionel Messi hit a hat-trick as Barcelona made history by winning a record 16th successive Spanish League match to beat the previous best of Alfredo Di Stefano’s 19601961 Real Madrid. Messi scored all the goals in the 3-0 win over Atletico Madrid at Camp Nou. Argentine Messi waltzed through the Atletico defence to give Barcelona the lead in the 17th minute and, after wasting a further chance, he pounced again in the 28th minute. Atletico came out of their shell
at the start of the second half but it was Barcelona who had the cutting edge with Messi scoring again from close range 11 minutes from time. “We wouldn’t be were we are if it wasn’t for Messi in our team,” said Barcelona coach Pep Guardiola. “Without him we wouldn’t have won so comfortably. Real Madrid won 15 because they had Di Stefano. We have now won 16 because we have Messi,” added the coach. Meanwhile, Atletico coach Quique Sanchez Flores was also full of praise for Messi.
“He is the best player I have seen – the Di Stefano of the 21st century. It was an amazing performance from Barcelona, they are the number one side and have the capacity to hypnotise the opposition, “said Flores. In other matches, a fine Valmiro Valdo finish gave Levante a shock 1-0 win over Villarreal while Athletic Bilbao leapfrogged Espanyol into fifth place with a commanding 3-0 victory over 10-man Sporting Gijon. The Basque side took full advantage of Espanyol’s 3-2 defeat to Almeria.-Reuters
Ponting optimistic of playing World Cup MELBOURNE: Australia captain Ricky Ponting said on Monday he was confident he would be fit to play in this month's World Cup despite a recent finger injury. Ponting, who missed the final Ashes Test and the entire seven-match one-day series against England after surgery for a broken little finger, said the injury was improving quickly. "It's a lot better now than it was last week," Ponting said at the Allan Border Medal presentation in Melbourne. "I've been back in the nets this week, I've had three good hits, a bit of time out there, so it's actually probably a bit further advanced than I thought it would be." Australia go into the World Cup, to be played in India, Sri Lanka and Bangladesh, in search of a fourth consecutive title. Ponting said he had endured a frustrating month on the sidelines, but believed the way the team had performed in his absence, thrashing England 6-1 in their ODI series, showed they were ready to defend their crown. "I'm really proud of the way the boys have played in the last few weeks, Michael (Clarke) led the side well and Cameron (White) led the side really well in Perth and we did start to get a few guys back to full fitness at the right time," he said. "We've still got a few injury worries, but hopefully by the middle of this month and early March we'll be on the right track to winning a World Cup."-Reuters
LAHORE: PCB terms the verdict against the 3 players as regrettable and a sad reality which must be faced. PCB has full confidence in the process followed by the tribunal culminating in the sanctions on the 3 players under the ICC Anti Corruption Code. According to PCB Media Department, in August 2010, when this issue surfaced the 3 players were under contract with PCB. As their employer, PCB provided them with legal support in U.K at that time. However, after they were provisionally suspended by ICC under the Anti Corruption Code, the players had to face the tribunal in their individual capacity. PCB thereafter implemented the clause 4.6.4 of the ICC Anti Corruption Code which states that no player may play, coach or otherwise participate or be involved in any capacity in any International Match or any other kind of match, function, event or activity during the period of Provisional Suspension. Chairman PCB Ijaz Butt said 'The time from August last
when spot-fixing came to light, has been an extremely painful one for Pakistan cricket. I now hope that this unfortunate saga is put to rest and we can concentrate on cricket. We will continue to work with ICC on this sensitive matter in future also. We will also see how we can help the 3 players with their education and rehabilitation program.' Under the ICC Anti Corruption Code, the appeal before the Court of Arbitration for Sports (CAS) has to be filed within 21 days by the players. PCB itself has no intention to appeal against the decision of the tribunal in the CAS. The PCB is determined to ensure the threat of corruption is dealt with severely and will do everything in its power to ensure the integrity of cricket is protected. Butt said, "Like all my colleagues in the ICC I am determined to maintain the integrity of our sport. This is fundamental" PCB will make further comments (if required) after reviewing the detailed judgment of the Anti Corruption Tribunal.-Online
Salman will appeal against verdict KARACHI: Banned former captain Salman Butt expressed disappointment and vowed to challenge the International Cricket Council (ICC) verdict in the Court of Arbitration for Sports (CAS). Salman, who was handed a 10-year sanction, five of which are suspended after the ICC banned the player over his role in spot-fixing, returned from Doha yesterday. “I’m very disappointed by the decision which was unfair,” said Salman. “I’ll challenge the decision and I’m hoping my ban is reduced.” The ICC tribunal, led by Micheal Beloff, handed the sanction to Salman besides announcing a seven and fiveyear exile from cricket for Mohammad Asif and Mohammad Amir respectively after they were found guilty in the hearing held in Doha last month. Salman said he would prepare his course of action after getting a detailed report on the decision. “We will get the details of the judgment in a few days after which I’ll appeal,” said the 26-
year-old. The tribunal has given the banned trio 21 days to appeal against the verdict. Mohammad Amir’s lawyer Shahid Karim already announced that the fast-bowler will challenge the decision. ‘Trio unlikely to get reprieve even at the CAS’ Meanwhile, a lawyer, who was part of Salman’s legal team before the Doha hearing, feared that the players’ attempt will prove futile. “I think the CAS will not give any respite to the three players,” the lawyer told The Express Tribune. “The Doha hearing was the ideal chance for the players to get off and I don’t see the CAS would entertain them now. “The tribunal had gathered strong evidence against the three players and there is very little chance that the CAS will let them go.” The lawyer, however, termed the decision harsh irrespective of the evidence against the trio. “I think a hefty fine and a strict warning would have been enough.-Agencies
DHONI ADVISED AGGRESSIVE SKIPPERSHIP NEW DELHI: India's only World Cup winning captain Kapil Dev has some advice for Mahendra Singh Dhoni: Be aggressive as a captain and get back that ruthless batting of your early days as an international cricketer. Kapil's team, which won the 1983 World Cup to bring about a sea change in Indian cricket, wants Dhoni to be a more aggressive batsman. Kapil has paid a handsome compliment to Dhoni's side, saying they are far more talented than his Devils. He has a rider, though: They will have to work very hard to win the Cup in the tournament beginning on the subcontinent Feb 19.
"I think the current team has more capable players than we had. Even if they fall short on the bowling and fielding fronts, the batting is strong enough to make up for the relatively weaker aspects. After all, one-day cricket is a batsman's game," Kapil told in an interview. "My heart says they should win, but my mind says that it is not going to be easy and they will have to work very hard to succeed. They have everything going for them and they are in an excellent position to win it at home. They should go all out for it." Kapil strongly feels that Dhoni should go back to his
power hitting that destroyed many an attack when he first came into the Indian side. "I am a tad disappointed with Dhoni's approach to batting. When he came into international cricket, his batting was all power hitting, there was unbridled ruthlessness about the way he went after the bowling. That is missing and today he nudges and pushes the ball more. I understand with time you change your style, but the tempo should be maintained. I want to see a more aggressive Dhoni in the World Cup. "As for his captaincy, Dhoni has all the traits of a good leader. He is bold and is not
afraid of handling tricky situations. All in all, he has a lot of plus points." Kapil, however, is uncomfortable with the "Mr Cool" tag on Dhoni and insists that a captain should not only be aggressive but should also be seen to be aggressive. "I don't like this 'Mr. Cool' tag. A captain should be hard and strong-willed as a lot of youngsters in the team look up to him. He should be cool when handling the pressure and interacting with the media. But in the dressing room and on the field, a captain has to be aggressive," he said. Coming to the team, Kapil is clear that there should have
been an extra wicketkeeper as a cover for Dhoni. "We do not have any back-up wicket-keeper for Dhoni. Looking at the squad I get worried, what if he gets injured? In 1983 we had Yashpal Sharma and in recent years Rahul Dravid, both efficient behind the stumps." Kapil is pretty happy with the batting line-up and feels with six big hitters they should be dominating the opposition. "Batting is our strength Yusuf Pathan, Dhoni, Virender Sehwag are all big game changers. Not very far behind are youngsters Virat Kohli and Suresh Raina. Then there is Sachin as the backbone and he
knows how to pace a 50-overs game. Come to think of it, we have six big hitters who can ruthlessly go after any attack in all forms of the game," he said. "The biggest advantage is playing at home, not in South Africa or Australia. They have pitches and conditions to suit their game. If even three out of our six batsmen perform, we can rustle up a score of 300 plus, which is good to defend on the sub-continental pitches. "In bowling, I agree we do not have a Brett Lee or a Dale Steyn, but we have a decent attack. We have two batsmenspinners and most of the seniors have the experience of playing in the World Cup.-Agencies
International & Continuation
Tuesday, February 8, 2011
India on track to grow 8.6pc this fiscal
NEW DELHI: India's economy, Asia's thirdlargest and a driver of the world recovery, is expected to grow 8.6 percent in the year ending in March, but at the risk of high commodity prices widening the trade gap and exacerbating inflation. The government estimate comes after a Reuters poll last month forecast the economy would grow 8.7 percent in the current fiscal year and 8.5 percent in the year that ends March 2012. Prime Minister Manmohan Singh said last week rising prices were a serious threat to growth momentum, underscoring the worries of policymakers about headline inflation above 8.4 percent, driven by stubbornly high food prices. India is the second fastestgrowing major economy in the world, after China, and both countries are battling inflation. India's trade gap and fiscal deficit also cloud the outlook for an economy that, along with China's, has been a key driver of recovery from the global downturn. The trade gap hit a 23month high of $13 billion in August as imports backed by rising domestic demand far outstripped exports, which were crimped by sluggish recovery in advanced markets, but it shrunk to $2.6 billion in December. Trade Secretary Rahul Khullar has said that if global crude and commodity prices rise, the trade deficit in the January-March quarter could widen again. "I am happy with the 8.6 percent growth. But there
are other concerns apart from GDP. My main concerns are inflation and the trade gap," Finance Minister Pranab Mukherjee told reporters. In the fiscal year that ended last March, India's GDP rose 8 percent, up from 6.7 percent in the fiscal year that ended in March 2009. India's chief statistician, T.C.A. Anant, said rising global crude oil prices had put pressure on India's fiscal deficit, although he expects the government to meet its target of keeping the fiscal deficit to 5.5 percent of GDP this fiscal year. Rising crude prices threaten to add to the government's fuel-subsidy burden. India's expected GDP growth this fiscal year will be helped by a rebound in agriculture, which is expected to grow 5.4 percent on good monsoon rains after expanding by just 0.2 percent a year earlier following a severe drought. The full-year outlook implies a slowdown in fiscal fourth-quarter growth to about 8 percent year-onyear, a four-quarter low, according to Dariusz Kowalczyk, an analyst at Credit Agricole-CIB in Hong Kong. The expected JanuaryMarch quarter moderation "would provide hope for slowdown in demand-pulled price pressures", Kowalczyk said in a note. Bond yields, swap rates and the rupee were little changed after the release of the data on Monday. The strong growth in agriculture is expected despite recent shortages in vegetables, such as onions and
potatoes, which have led to high food inflation spilling into the broader economy. RATE RISES India's central bank, the Reserve Bank of India, has raised interest rates seven times since March, although monetary policy is expected to have only a limited impact on reining in supplyside driven food inflation. Rising interest rates, meanwhile, have taken a toll on manufacturing, which is expected to grow by 8.8 percent this fiscal year, down from nearly 11 percent growth a year earlier. "You have to look at manufacturing, which at 8.8 percent is beginning to show capacity constraints and price pressures, which could be a drag on growth going forward," said N. Bhanumurthy, senior economist with the National Institute of Public Finance and Policy. The manufacturing sector grew at 13 percent in the June quarter and nearly 10 percent in the September quarter, thanks to robust domestic demand, as India came out of the global financial crisis much faster than many other economies around the world. Core sectors in industry like mining and construction, which tend to reflect the health of the overall economy, are expected to grow at 6.2 percent in the current fiscal year. India's industrial growth slumped to an 18-month low in November to 2.7 percent but PMI data in India showed manufacturing grew at a slightly faster pace in January.-Reuters
UAE economic growth to top 3pc in 2011: Cbank ABU DHABI: The United Arab Emirates economy should grow by more than 3 percent this year and its banking sector is able to weather difficulties in the foreseeable future, a central bank official said on Monday. The second-largest Arab economy was hit by Dubai's debt woes last year and the central bank's growth forecast for this year would be well below rates seen before the global financial crisis. However, the economic outlook has been boosted by rising oil prices and after Dubai World, Dubai's flagship conglomerate, sealed a deal to restructure $25 billion in debt in September. "Economic growth is expected to be over 3 percent this year, led by a rebound in tourism and other services that have great potential for more expansion in the future," Saif al-Shamsi, senior executive director of the UAE central bank's treasury department, said at an event. Before the financial crisis hit, the UAE economy expanded 6.2 pct in 2007 and 7.4 pct in 2008, according to the National Bureau of Statistics. Giyas Gokkent, chief economist at National Bank of Abu Dhabi, forecasts economic growth of around 4 percent this year. "The UAE economy might grow faster in 2011, I expect a possible rise in oil output probably in the second half in 2011," he said. Shamsi also said that UAE's gross domestic product now stood at more than $300 billion. The nominal GDP was 914.3 billion dirhams ($248.9 billion) in 2009, according to government data. Analysts polled by Reuters in December expected the UAE economy to expand by 3.6 percent in 2011 after an estimated 2.3 percent expansion in 2010. The UAE has yet to release 2010 GDP data. -Reuters
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"I have suggested to them (India) to let us work out an agenda which addresses outstanding issues between India and Pakistan, because unless we address them, we cannot have lasting peace in the region." "We want peace and good neighborly relations with India. My expectation is to make both countries realise that dialogue is the only way forward, and, our issues can only be resolved if we sit together and talk to each other and look for a peaceful, negotiated settlement." We should resume the composite dialogue, which was going on for the last four years but was broken after the Mumbai attacks," he added.-Online
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However, Kasab's lawyer Amin Solkar pleaded that the judgment may be pronounced on February 28 as he was going abroad and would not be able to remain present on February 21. The judges expressed their inability to consider his request and decided to give the verdict on February 21. On May 6 last year, the trial court had sentenced Kasab to death after holding him responsible for the 26/11 Mumbai terror attacks, which left 166 dead and many more wounded. Under the law, death sentence awarded to an accused by trial court comes up before the high court for confirmation. -Online
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"Direct payment to India from Iran for rice is becoming a major problem due to global sanction there," said Vijay Setia, president of the All India Rice Exporters' Association. Iran is one of the main buyers of the aromatic rice for India, the world's top producer. Iran and Saudi Arabia buy around $1.5 billion worth of basmati rice a year from India, roughly half each, traders say. India's total annual basmati exports are about $2-3 billion and basmati rice makes up around 5 per cent of India's total rice production. Although United Nations sanctions do not forbid buying Iranian oil, the United States had pressed hard for governments and companies to stop dealing with Tehran. Many oil majors and banks have abandoned their dealings with Iran since last year. Setia said increasing competition from Pakistan, another major producer of basmati, and concerns raised in Europe on pesticide residues were also hitting overseas sale of basmati. India is likely to produce 4.5-5.0 million tons of basmati rice in 2010/11 on a normal monsoon against 4.0-4.5 million tons a year ago when the lowest rains since 1972 had hit output of the grain, he said.-Reuters
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Meanwhile Muttahida Qaumi Movement (MQM) Chief Altaf Hussain condemning the blast has demanded the government to take serious action against Karachi blasts. Hussain has also demanded to arrest culprits involved in the recent blasts in metropolis. MQM chief said that serial blasts in Karachi is a challenged for law enforcement agencies. Sindh Chief Minister Syed Qaim Ali Shah has also taken notice of the blasts demanding police officials to submit the reports immediately. Meanwhile, the bomb disposal squads have handed over the initial report of two consecutive bomb explosions outside the two separate police stations. According to report, 4-kilogram explosive material was used in the bombs. The explosive material was packed in plastic boxes. Time device or mobile phone was used in the bombs.
cial accused of corruption charges after they were dismissed by Mubarak last week. The cabinet reshuffle was intended to placate protesters by removing some of the most hated officials in the government. The official Middle East News Agency said former Tourism Minister Zuhair Geranah would be questioned Tuesday along with the former ministers of housing and trade. MENA also reported that the country's top prosecutor had imposed a travel ban on former Interior Minister Habib al-Adli and froze his bank account. Protesters on the square Monday said they remained unsatisfied. "Our main objective is for Mubarak to step down," said student Mohammed Eid. "We don't accept any other concessions." Cairo, however, seemed Monday morning to be closer to its normal weekday routine than on any day since the Jan. 25 start of the unrest. Banks were open for limited hours along with many shops. The stock market announced it would reopen next Sunday, though schools were still shut for the mid-year holiday. Traffic was returning to ordinary levels in many places and the start of the nighttime curfew has been pushed an hour later to 8 p.m. Rami Ghoneim, an unemployed internet activist, said the protesters were in no rush to leave so long as their central demand was not met. The more they stay, he said, the more concessions the regime would offer. "It is like a wound, the more you press on it the more blood gushes out. We will press until we empty it," he said.
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Climate-induced migration will affect poor and vulnerable people more than others," said Bart W des, Director of ADB's Poverty Reduction, Gender, and Social Development Division. "In many places, those least capable of coping with severe weather and environmental degradation will be compelled to move with few assets to an uncertain future. Those who stay in their communities will struggle to maintain livelihoods in riskprone settings at the mercy of nature's whims," Edes said. On the positive side, the report says that if properly managed, climate-induced migration could actually facilitate human adaptation, creating new opportunities for dislocated populations in less vulnerable environments. -Agencies
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He said initially federal and provincial governments kept blaming each other and now the pressure is shifted on the courts. -Online
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Sources added that restlessness is prevalent among PML-N leaders over the non-serious attitude of PPP government and they say that PPP government is still following the 'Waste Time' policy. Sources said during the meeting decision would be made to oust PPP government from Punjab government in case the Center fails to change their callous attitude within 15 days. However, the proper announcement in this regard would be made during the central executive committee meeting, after the completion of 45 days deadlines.-Online
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prosecuted by Respondent Province with visible political objectives and, at the same time, his trial is being cunningly portrayed as enforcement of "equality before law" in terms of Article 25.-Agencies
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Continued from page 12 not been provided, construction work on the project would have No #5 Judicial officials also promised to start the questioning on virtually come to a stand still due to paucity of funds through Tuesday of three former ministers and a senior ruling party offi- Public Sector Development Programme (PSDP).
11
Release of $20 million to Wapda is a vital development towards completion of Gomal Zam Dam Project. It is pertinent to mention that the project is at the advance stage of completion and is expected to be completed during 2011. Gomal Zam Dam is a multi-purpose project being constructed in South Waziristan Agency of Federally Administered Tribal Area (FATA). The project aims at ensuring availability of irrigation water for agriculture, controlling floods and providing low-cost hydel electricity. On its completion, Gomal Zam Dam will store 1.14 million acre feet of water to irrigate 163,000 acres of land. The project will provide 17.4 megawatts of electricity to power 25,000 households. Gomal Zam Dam Project will also help mitigate an estimated $2.6 million of potential flood damage annually. -Online
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consulting with coalition partners. News agency has exclusively learnt from sources that after long mutual consultation between the President and the premier, it is agreed to devise new federal cabinet in two phases and to restrict its volume to 20 ministers in the first phase of rightsizing. Sources told PM is expected to dissolve his cabinet after the cabinet meeting to be held on Wednesday. Currently the cabinet consists of 42 Federal Ministers, 18 State Ministers and 2 advisors. The allied government parties have already asked for two more days for finalizing the name of their 'would be' ministers to be included in the new cabinet. Names of the ministers from PPP who have succeeded to be part of the new federal cabinet in first phase include Chaudhry Ahmed Mukhtar, Shah Mehmud Qureshi, Rehman Malik, Qamar Zaman Kaira, Raja Pervez Ashraf, Nazar Muhammad Gondal, Hafeez Sheikh, Dr. Babar Awan, Naveed Qamar, Syed Khursheed Shah and Hina Rabbani Khar. One or two ministers from the coalition partners would be taken in the first phase, sources told adding that more portfolios are expected to be given to coalition parties in second phase. -Online
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agricultural policy, Pakistan has become self-sufficient in agricultural products and is exporting wheat. PM announced drainage system and drinking water projects for Gularchi and construction of grid station in Tando Bago. PM inaugurated a new 132-KV grid station in Gularchi and upgradation of 66-kv grid station to 132-kv in Badin. The two projects were completed in 11 months at a cost of 814 million rupees. The projects will improve power supply system in Badin, Gularchi, Tando Muhammad Khan and adjoining areas. Prime Minister Gilani declared that the PPP believes in trichotomy of powers and there would be no confrontation if all state institutions perform functions within their constitutionally defined role. "Any confrontation among state institutions would be disastrous for the country and nothing would be left", the Prime Minister said. Syed Yousuf Raza Gilani assured that the PPP would strictly adhere to the Constitution as it is the party that gave this document to the nation. He said the Government has restored the original 1973 constitution given to the nation by Shaheed Zulfiqar Ali Bhutto. He said the PPP is taking all political forces along as per its policy of reconciliation. He said under this policy the Government is seeking guidance from all political forces which is reflective of its commitment to give due respect to the opposition. He said the opposition has its own role to play but the Government is treading its path cautiously and making only those commitments that it can fulfill. Prime Minister said being symbol of the federation, PPP is committed to safeguard rights of all down-trodden segments of the society.He said it is for the first time that the present Government devolved powers and finances to the provinces in line with its pledges to strengthen provincial autonomy and make people of the provinces masters of their destiny. Syed Yousuf Raza Gilani said the present Government decided ownership of one of the world's largest coal reserves in Thar to the Sindh Government, which would help transform lot of the people.-Agencies
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submitted in the court. According to the report, she neither received any call nor she phoned from her set from 3:00pm till she was attacked on December 27, 2007. The report further revealed Benazir Bhutto even did not contact her husband, Asif Ali Zardari during that time. Arguing on the bail applications of former CPO Saud Aziz and SP Khurram Shahzad, defence lawyer Malik Wahid Anjum said that there is no convicting evidence of the accused upon which they can be detained. He said that Saud Aziz and Khurram Shahzad were kept on a 24-day physical remand but the investigation team was not able to produce substantial evidence. -NNI
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throughput. During 7MFY11, ATRL and NRL throughput increased by a significant 20 per cent and 38 per cent YoY to 871K and 972K tons, respectively. On the other hand, PARCO (Pakistan's largest refinery) throughput declined on account of a month-long shutdown caused by devastating floods whereas due to revamping and circular debt issues BYCO production remained on the lower side. During 7MFY11, despite reduced throughput PARCO continues to lead the pack with the market share of 34 per cent, followed by NRL, ATRL and PRL at 22 per cent 20 per cent and 19 per cent, respectively. BYCO market share only stood at 5.2 per cent, for the period under review. Product-wise break up shows that FO and HSD which contribute 40 per cent and 31 per cent share, in industry production, their production declined by 6 per cent and 8 per cent, respectively.
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that described the discussions as "useful and frank". "They affirmed the need to carry forward the dialogue process," the statement said. The talks in Thimphu took place on the sidelines of a South Asian Association for Regional Cooperation (SAARC) conference. Furthermore, India Monday said the meeting between Indo-Pak Foreign Secretaries had laid a ''solid foundation'' for sustained engagement aimed at building ''bridges of trust and mutual confidence''. Arriving here to attend the 33rd meeting of SAARC Council of Ministers, External Affairs Minister S M Krishna described Sunday's meeting between Foreign Secretary Nirupama Rao and her Pakistani counterpart Salman Bashir as part of a process of engagement which is being taken forward as per the direction of Prime Ministers Manmohan Singh and Yousuf Raza Gilani. "The genesis of all this was the Prime Ministers, when they met in Thimphu, they mandated the Foreign Ministers and Foreign Secretaries to bridge the trust deficit between the two countries. Agencies
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$438.87 PMT C&F basis. TCP said that the bidder has assured to ship complete quantity by February 28, 2011. The rates received in this tender are in consonance with the prevailing international market prices of urea. As per tender terms and conditions, urea shipments would start within one week of the opening of Letter of Credit by TCP in favour of the successful bidder. It may be noted that the Economic Coordination Committee (ECC) of the Cabinet had directed TCP to ensure supply of urea during Rabi crop through open market tender and through Saudi Basic Industries Corporation (SABIC). TCP is also arranging import of urea through SABIC against $100 million credit grant of Saudi Fund for Development. SABIC has also agreed to supply 60,000 MT urea by end February, 2011. The distribution, transportation and bagging of Urea will be handled by National Fertilizer Marketing Limited (NFML) to provide the Urea to farmers in time to meet their Rabi requirement. -Agencies
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the meeting that dialogue process would be started soon. He hoped, It would be result oriented," Abdul Basit said in a brief telephonic talk with a private TV channel. He said, "Now Pak-India are thinking seriously that how to start dialogue process and how to make it successful." The Spokesman said that resolving of issues with India would be beneficial for our country's sovereignty and prosperity. He urged both countries to resolve all issues which are cause of conflict between two nations such as Kashmir issue, Terrorism etc. -APP
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The Chief Justice observed that the SBP was thinking that the court did not know anything. "Tell us about certain people who had got their loans written off and are now dying of hunger. You let the influential people off the hook and only tighten your noose around the poor people" he added. He asked the counsel to provide details regarding cancellation of licence of any bank for violation of the rules and regulations. Justice Muhammad Sair Ali asked him to provide information about legal action taken against any bank for writing off loans illegally or against a defaulter. He said that in most cases, the loans were written off on political basis. Justice Ramday told the counsel that under Section 40-A of the Banking Companies Ordinance 1962, the SBP had the responsibility to safeguard interests of the depositors. He said under the Section 41, it was the responsibility of SBP to supervise whether any bank was working against the public interest. He observed that the SBP's approach to deal with the issue had failed. Chief Justice said that it was national wealth which should be recovered at all cost. He also hinted that the apex court would go to every extent for the recovery of the amount irrespective of how much a person was influential. He said there was a democratic set-up in the country and the government could legislate over recovery of the waived off loans. Further hearing was adjourned till February 14. -Agencies
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It is worth mentioning that Karachi Stock Exchange has the major shareholding of 39.8 per cent in the country's only depository company i.e. CDC. Hussain Lawai is currently the President and Chief Executive Officer of Summit Bank Limited (formerly Arif Habib Bank) and is the ex-CEO of MCB Bank.
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present. According to a member who was present at the meeting, SECP chief briefed the members about his future plans. He said that SECP had received the approval of MTS from the law ministry and the apex regulator would send the final draft of MTS to KSE within the next two days. He also said that SECP wants the product to start functioning by the end of February 2011. Further, SECP chairman also addressed the inaugural meeting of the KSE Board of Directors where he discussed the ways for market development including leverage product. According to sources, KSE BoD in its first meeting elected Muneer Kamal as the Chairman KSE for the CY 2011. It should be noted that Muneer Kamal is also Vice Chairman of KASB Bank Limited.
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Qureshi talks to Gulf News
Pak wishes to talk all issues out, says FM Pakistan-GCC strategic bloc proposed
Cairo: Egyptian anti-Mubarak protesters in Tahrir Square, Cairo. -Reuters
Pressure mounts on Mubarak to quit as talks fail
Egypt workers get 15pc raise CAIRO: Egypt's embattled regime announced Monday a 15 percent increase in salaries and pensions in the latest attempt to defuse popular anger amid protests demanding President Hosni Mubarak's ouster. The cabinet decision follows earlier promises to investigate election fraud and official corruption, which have done little to persuade the tens of thousands occupying downtown's Tahrir Square to end their twoweek long protest. State TV also announced that the family of a detained Google Inc. marketing manager who helped organize the anti-Mubarak demonstrations, "has been notified that he will
be released this evening." Wael Ghonim was one of the most prominent youth organizers of the protests and was seized by security agents on Jan. 28. Newly appointed Finance Minister Samir Radwan says some 6.5 billion Egyptian pounds ($960 million) will be allocated to cover the increases, which will take effect in April for the 6 million people on public pay rolls. In the past, public sector employees have been a pillar of support for the regime, but in recent years as prices have soared, their salaries have stagnated in value forcing the government to periodically announce raises to quell dis-
satisfaction. Following widespread labor unrest in public sector factories in 2008, Mubarak announced a 30 percent increase in prices that appeared to temporarily blunt public anger. After the two weeks of instability that has pushed the Arab world's most populous nation to the edge of anarchy, the crisis now appears to be settling into kind of stalemate, with the government offering minor concessions that dodge the protesters' central demand: Mubarak's departure. The regime appears confident in its ability for the moment to ride out the unprecedented storm of unrest,
Asian Dev Bank says world needs to act
ADB sees climate migration on rise ISLAMABAD: Governments in Asia and the Pacific need to prepare for a large increase in climate-induced migration in the coming years, says a forthcoming report by the Asian Development Bank (ADB). Typhoons, cyclones, floods and drought are forcing more and more people to migrate; the report says, adding in the past year alone, extreme weather in Malaysia, Pakistan, People's Republic of China, the Philippines, and Sri Lanka has caused temporary or long-term dislocation of millions. This process is set to accelerate in coming decades as climate change leads to more extreme weather, it added. "No international cooperation mechanism has been set up to manage these migration flows, and protection and assistance schemes remain inadequate, poorly coordinated, and scattered," the
report states. National governments and the international community must urgently address this issue in a proactive manner," it adds. ADB expects to issue the report, Climate Change and Migration in Asia and the Pacific, in early March as part of a broader ADB project aimed at increasing awareness of, and enhancing regional preparedness for, migration driven by changing weather patterns. The report highlights specific risks confronting climate change "hotspots", including megacities in coastal areas of Asia. These hotspots of climate-induced migration face pressure from swelling populations as rural people seek new lives in cities, it said adding the problem is compounded by greater dislocation of people caused by flooding and tropical storms. See # 6, Page 11
5kg explosives used; 5 injured
Khi twin blasts ring alarm bell Staff Reporter KARACHI: Two blasts took place outside two separate police stations situated in city's busiest area Lee Market and Malir injuring five people, including CID policeman. Two persons injured in Lee Market blast. Both injured have been shifted to Civil Hospital. According to the reports, the first blast occurred behind Eidgah police station in Lee Market, causing the wall
of police station to collapse, injuring two people there. While the second blast occurred near Shah Latif Town on National Highway in Malir causing collapse of police station wall, injuring three persons. According to the police, they are still trying to ascertain the type of blast and according to their initial findings it could be a cracker blast. Police, law enforcement agencies and rescue teams rush to the area and cordoned off the areas. See # 4, Page 11
and maintain its grip on power, at least until September elections. Egypt's state-run news agency reported that Mubarak ordered the country's parliament and its highest appellate court to reexamine lower-court rulings disqualifying hundreds of ruling party lawmakers for campaign and ballot irregularities, that were ignored by electoral officials - possibly paving the way for new elections. The ruling National Democratic Party won more than 83 percent of the 518 seats in the 2010 parliamentary elections, which were widely condemned as being rigged. See # 5, Page 11
India rice export seen down 10pc NEW DELHI: A payments dispute with Iran which has hit oil trade may also reduce India's basmati rice exports by around 10 per cent in the current fiscal year from a year ago to 1.8 million ton, an exporters' body said. In December, India's central bank said payments for Iranian crude could no longer be settled using a long-standing clearing mechanism in a blow to the Islamic Republic's $12 billion a year oil business as global pressure on Tehran grows over its nuclear program. India has now resolved the dispute, an oil ministry source said last week, with New Delhi certifying deals to try to ensure funds do not go to Iran's nuclear program. See # 3, Page 11
ISLAMABAD: Pakistan has proposed to GCC states the setting up of a formal 'security bloc' to combat any external or internal threats in the region, said Foreign Minister Shah Mehmood Qurehi. "The strategic partnership will also ensure food safety, economic development and the security of the countries which will be part of the security bloc," said Qureshi in an exclusive interview with Gulf News in Islamabad. He said that the GCC states have accepted his request to hold a 'Pakistan-GCC Strategic Dialogue' in Jeddah next month to discuss the issue of a strategic partnership. He said Pakistan and GCC countries can complement each other well due to their close proximity and common interests. "This partnership will be a win-win situation for all as Pakistan is rich in food production while GCC countries are rich in energy resources. We can fulfil food needs and actually feed the GCC states by offering partnerships in the
agriculture sector as Pakistan has a lot of agriculture land which can be better utilised with the investment and technology from Gulf countries," Qureshi explained. Also, he said, Pakistan has a keen interest in the security of the UAE and other Gulf countries. "We will stand by Gulf countries in case any security situation arises. Pakistan gets affected if there is any security problem in any of the GCC states because millions of Pakistanis are also working in these countries and contributing massively to the economic development." On whether Iran will be offended by this "strategic partnership", Qureshi noted that the initiative is not aimed against anyone. Meanwhile, Qureshi said that he would like his country to be at peace with India, added while he is looking forward to his visit to India; the trip must be meaningful and should address all outstanding issues constructively. See # 1, Page 11
Fazl rejects offer to join new cabinet DERA ISMAIL KHAN: Jamiat Ulema-e-Islam (F) Chairman, Maulana FazlurRehman has hinted at not joining new cabinet and said because of duplicity of ruling party, we are sitting on opposition benches. While announcing the JUI-F's candidate for the by-election on Tank's provincial constituency (KP-69) here in Bitini House, he said unrest prevails among the nation pertaining to amendment in the blasphemy law. He said Sherry Rehman has verbally withdrawn the amended bill contrary to the fact that it has been submitted in National Assembly Secretariat. Pertaining to the issue of American citizen Raymond Davis, Maulana was of the view that circumstances are vague, as no one knows about his actual name, passport and even about his status whether he is a diplomat or not. See # 7, Page 11
10-pt agenda
'N' meeting today ISLAMABAD: PML-N Chief Nawaz Sharif has summoned a consultation meeting on 10-point agenda here Tuesday (today). As per media reports, Senator Ishaq Dar, Mehtab Abbasi, Senator Pervez Rashid and Abdul Qadir Baloch will brief about their discussions on 10-point agenda with the government team and reasons for nonprogress on implementation of any point on the agenda. See # 8, Page 11
Mumbari Case:
Feb 21: Kasab Verdict Day MUMBAI: Bombay High Court Monday said it would deliver its verdict on February 21 on confirmation of death sentence awarded to Pakistani terrorist Ajmal Kasab for his role in the 26/11 terror attacks and also on his appeal against his conviction. Justice Ranjana Desai and Justice R V More said they were ready with the judgment even today but because of bulky paperwork and heavy compilation they would pronounce the verdict a fortnight later, reported PTI. On the same day, high court would also pronounce its judgment on the appeal filed by Maharashtra
Government challenging acquittal of co-accused Faheem Ansari and Sabauddin Ahmed in the same case. The trial court had set them free on the ground that evidence against the duo was doubtful. The judges today asked Government Counsel Ujjwal Nikam to make arrangements for video conference link in the court for Kasab on February 21, in case he wanted to hear the verdict from the Arthur Road Central jail where he is lodged. See # 2, Page 11
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