International Karachi, Monday, November 8, 2010, Zil Hajj 1, Price Rs12 Pages 12
US military moves in Asia not aimed at China: Gates $16.96bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.97mn
Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
NCCPL (U.S $ in million)
3.04 -0.11 -0.75 3.89 -0.28 -5.90 0.10
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 Dow Jones
Close 10,882.00 9,625.99 24,876.82 21,004.96 2,750.70 3,129.50 5,875.35 11,444.08
Change 179.81 267.21 341.19 111.39 11.05 42.56 12.56 9.24
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)
$.Price PKR/Shares 2.60 111.00 19.12 163.26 2.00 42.69 1.70 36.29 9.97 34.07
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010 05-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.72% 12.97% 13.23% 13.63% 13.71% 13.65% 13.74% 13.85% 14.21% 14.34% 14.50%
Commodities Crude Oil (brent)$/bbl 88.11 Crude Oil (WTI)$/bbl 86.85 Cotton $/lb 142.23 Gold $/ozs 1,397.70 Silver $/ozs 26.75 Malaysian Palm $ 1,034.00 GOLD (NCEL) PKR 38,435 KHI Cotton 40Kg PKR 9,538
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.90 Canadian $ 84.50 Danish Krone 15.10 Euro 120.30 Hong Kong $ 10.85 Japanese Yen 1.062 Saudi Riyal 22.67 Singapore $ 66.20 Swedish Korona 12.30 Swiss Franc 88.40 U.A.E Dirham 23.15 UK Pound 137.80 US $ 85.35
Sell (Rs)
86.90 85.50 15.50 121.80 11.09 1.065 22.85 67.20 12.80 88.90 23.35 139.50 85.65
See on Page 12
MUMBAI: US President Barack Obama called on India on Sunday to bolster peace efforts with Pakistan, added that stable Pakistan would certainly benefit India. According to Indian media reports, "India's investment in development of Afghanistan is appreciated. Pakistan has to be a partner in this process," he told students in Mumbai. The US President said that Pakistan was making progress against the "cancer" of extremism, but not quickly enough, and added that his host India had the biggest stake in its rival's success. Obama said in Mumbai that Pakistan realised it had a "profound" problem with extremism, and was taking steps to
103.44 -1.28 -0.01 2532
FIPI (05-Oct-2010) Local Companies (05-Oct-2010) Banks / DFI (05-Oct-2010) Mutual Funds (05-Oct-2010) NBFC (05-Oct-2010) Local Investors (05-Oct-2010) Other Organization (05-Oct-2010)
See on Page 12
Thousands protest in Seoul before G20 summit
‘Pak strategically important ally against terror’
SCRA(U.S $ in million)
Total Portfolio Invest (22 Oct-2010)
Parliament session starts today
Stable Pak good for India: Obama
Portfolio Investment Yearly(Jul, 2010 up to 4-Nov-2010) Monthly(Oct, 2010 up to 4-Nov-2010) Daily (4-Nov-2010)
See on Page 9
‘Delhi has biggest stake in Pakistan’
Economic Indicators Forex Reserves (29-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10)
Sloppy Imran Nazir hands Australia Super 6 title
NEW DELHI: US President Barack Obama and Indian Prime Minister Manmohan Singh shake their hands after Obama arrived at New Delhi's airport. -Reuters
MoF releases Rs5bn for reconstruction
Rehabilitation comes first: Erra ISLAMABAD: An amount of Rs5 billion was released to Earthquake Reconstruction and Rehabilitation Authority (ERRA) by Finance Division as part of the approved annual funds for reconstruction activities in earthquake affected areas. Erra has released Rs1077 million to Serra and Rs1500 million to Perra for ongoing projects. According to press release, Deputy Chairman Erra, Lt Gen Muhammad Haroon
Aslam had been actively negotiating with concerned quarters for release of funding and had specially focused on Balakot. Work on New Balakot City Bakriyal was initiated last month and now Erra has also released Rs200 million to immediately develop one of the sectors in Balakot City, while other priority projects like, Nalochi Bridge, Peshawar High Court, NHA and Chief Postmaster have also been See # 7 Page 11
I don’t regret Bugti’s murder: Musharraf NEW YORK: President All Pakistan Muslim League (APML) and former president Pervez Musharraf, criticising PML-N Nawaz Sharif said, he made a blunder as he messed with four ex-army chiefs, two presidents and the chief justice during his government, media reported. Musharraf was addressing APML's See # 8 Page 11
Council of Common Interest meets today ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has called the meeting of the Council of Common Interest (CCI) on Nov 8 (today). According to details, the Council will discuss the agenda for the upcoming meeting of Pakistan Development Forum on Nov 14 in which world community is also invited to participate. In this meeting, the world community will be asked to assist and provide financial support. Members of the Council of Common Interest along with the chief ministers and federal ministers will also attend the meeting. In the meeting, the rehabilitation and renovation of the flood affected areas will be discussed which has already been See # 6 Page 11
address it, but that progress was "not as quick as we would like." He also stressed the stable Pakistan is inevitable for India's progress and in the interest of the entire world including US, added India had the biggest stake in its rival's success. "My hope is that over time, trust develops between the two countries, that dialogue begins, perhaps on less controversial issues, building up to more controversial issues," Obama told a meeting of students at a college in Mumbai. Obama also said India and rival Pakistan needed to begin dialogue on less controversial issues, adding, "There are
Currency dispute to undermine efforts
Apec ponders free trade area YOKOHAMA: Asia-Pacific economies, including China and United States, were laying the groundwork Sunday for a vast free trade area, but frictions over currencies and geopolitical rivalries threatened to undermine regional harmony. China and the United States turned down the heat in an acrimonious dispute over currencies and trade imbalances at a meeting of finance ministers from the 21-member AsiaPacific Economic Cooperation
(APEC) forum. Meeting in Japan's ancient capital of Kyoto, the finance chiefs declared members will move towards more marketdetermined exchange rate systems reflecting underlying economic fundamentals, and refrain from competitive devaluation of currencies. US Treasury Secretary Timothy Geithner told reporters that while there was now broad consensus to develop some form of policy frame See # 4 Page 11
more Pakistanis who've been killed by terrorists inside Pakistan than probably anywhere else." He also acknowledged the "incredibly complex" history between India and Pakistan, which have fought three wars against each other, but said that his host nation had the biggest stake in Pakistan's stability and success. The United States sees Pakistan as key to stabilising Afghanistan, but managing the complex US relationship with Islamabad is one of Washington's most difficult foreign policy challenges. While Obama's visit is mainly about boosting trade with India, the issue of regional See # 1 Page 11
Asia US Business Summit, Expo from Jan 14th Special Correspondent LOS ANGELES: The Asia US Business Summit & Expo is organising an event to create an opportunity for Asian businessmen to come to America to explore the business opportunities. The event has two parts, one is Summit on Friday Jan 14 2011 at the Sheraton Hotel, Pomona, then the expo on Jan 15 & 16, 2011 at Pomona Fairplex. Los Angeles, California. See # 2 Page 11
Zil-Hajj
Sugar prices skyrocket moon sighted, to over Rs100 per kilo Eid on 17th
Staff Reporter KARACHI: Seemingly out of control sugar prices have hit another massive blow to people as the price of the commodity has surged to Rs105 and 102 per kilogram respectively in Quetta and Peshawar, while it was being sold at Rs110/kg
in the Federal Capital. According to market sources, open market sugar price in Quetta saw an increase of Rs5/kg. A 50-kilogram sack, previously being sold at Rs4400 is now available at Rs4800. See # 5 Page 11
Staff Reporter KARACHI: The moon of ZilHajj has been sighted and Eidul-Adha will be celebrated on Wednesday, 17th of November, 2010. Meeting of Ruet-e-Hilal See # 3 Page 11
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
86.72 85.23 16.28 121.37 11.02 1.057 22.79 66.63 13.07 89.12 23.27 138.92 85.39
86.93 85.43 16.32 121.66 11.05 1.059 22.84 66.78 13.10 89.33 23.32 139.24 85.57
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
28°C 36°C 30°C 30°C 22°C 28°C
MIN
10°C 19°C 15°C 13°C 3°C 14°C
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2
Monday, November 8, 2010
SAFMA resolves to safeguard democratic, constitutional setup
Govt believes in free press: PM Special Correspondent ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said the government would implement Charter of Democracy and the manifesto of Pakistan Peoples Party (PPP) in the remaining two and a half-year. Talking to mediamen during a conference organised by South Asian Free Media Association (SAFMA) here, Prime Minister said Nawaz Sharif and Benazir Bhutto signed the of Charter of Democracy, 80 per cent of which has been implemented. He said PPP would fully participate in the next general elections which would decide its popularity in the public. To a question, Gilani said 442member parliament which was sometimes called a rubber stamp and ineffective institution had restored Zulfiqar Ali Bhutto's constitution of 1973 to its original form through a unanimous
vote. The constitution was originally approved by a unicameral House of 128 members while it was now given stamp of approval by
Prime Minister said after taking office, the PPP government faced two challenges of law and order and economic situation which were interlinked.
tribes of Swat. Prime Minister said terrorists have no religion and they were following a foreign agenda, added peace was imperative in Karachi as
leaders were facing cases but after assuming power, the government closed the cases and released them from prison. He stressed that Pakistan
the Senate, he added. He said despite having different ideologies, manifestos and programs, all parties were united for the cause of democracy.
Prime Minister said the government adopted the policy of three Ds to combat terrorism and held negotiations and respected traditions of the
it was hub of economic activities. To a question about Balochistan, the Prime Minister said at the time of elections of 2008, a number of prominent
wanted better relations will all including its neighbours India and Afghanistan. Furthermore, SAFMA has resolved to safeguard the dem-
MOL to set up four schools I S L A M A B A D : PESHAWAR: MOL Pakistan Oil & Gas Co will construct three primary schools in TAL Block. An agreement in this regard was signed between MOL Pakistan Oil & Gas Co and The Citizen Foundation (TCF) in a simple but impressive ceremony held at office of the MOL Pakistan in Islamabad. According to a press release issued, Janos Feher, MD/CEO of MOL Pakistan and Asaad
Ahmad, CEO TCF signed the agreement. István Darvasi, Ambassador of Hungary in Pakistan was the Chief Guest on the occasion which was also attended by the staff of MOL Pakistan. Government of Hungary attaches highest importance for spread of education in Pakistan and already took a number of initiatives to invest in human capital in Pakistan. The three primary schools will be con-
structed in TAL Block comprising of the districts of Karak, Hangu and Kohat of KhyberPakhtunkhwa province. The construction of first of the three schools would shortly commence in Gurguri. People of the area widely hailed the initiative and hoped for better educational facilities for their children. Construction of these schools is part of CSR initiatives of MOL Pakistan which sometime emerge in shape of helping people in the
wake of the catastrophic floods when it dispatched a total of thirteen trucks comprising food and non food items including medicines, tents and clothing worth one hundred thousands of dollars to the affected areas. And still on other occasions it offers scholarships to the poor and needy students of Engineering, Geology, Geophysics and Associate Engineering in areas of its operations'.-NNI
MONDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Amnay Samnay (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Agenda 360(Sat Rpt) News Akhri Sauda Munafa Khor Hoshiyar (Rpt) Karobari Dunya Ghar Ka Kharch (Rpt) Chai Time News Tax Time Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Agenda 360 (Sun Rpt) News
TV PROGRAMMES MONDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:10 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Tafteesh (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
KARACHI: Sindh Police Inspector General Sultan Salahuddin Babar Khattak presides over a high-level meeting regarding “Law and Order situation in City” held at Central Police Office here on Sunday.-PPI
SSUET entry test held Staff Reporter KARACHI: The entry test was held at Sir Syed University of Engineering and Technology (SSUET) here Sunday for admission in the disciplines of Biomedical Engineering, Electronic Engineering, Computer Engineering, Civil Engineering, Te l e c o m m u n i c a t i o n Engineering and Computer Science. Interviews of the candidates would start from Monday and continue till November 12. Admission Committee will determine the merit on the basis of applicants' pervious academic record, their performance in the admission test and interview. According to a press release, minimum requirement for admission in Sir Syed University of Engineering and Technology was to have the certificate of Intermediate in science or equivalent with 60 per cent aggregate marks for Engineering and 55 per cent for Computer Science. This year university received record 4444 admission forms but after scrutiny only 3876 candidates were found eligible for the entry test for 1200 available seats.
Sindh govt mulls Victim Assistance Authority Tauseef Malick KARACHI: The Home Department has proposed establishment of the "Victim Assistance Authority" (VAA) under a comprehensive crime Victim Assistance Programme (VAP). The working paper, submitted to the Provincial Home Minister, Dr Zulfiqar Ali Mirza, highlighted the VAP as an important tool under which the provincial government may provide much needed aid and assistance to victims of crime. The loss of assets in a crime creates feeling of insecurity and helplessness and adds to the frustration of the common man, the working paper noted. The working paper has been prepared by the consultant to the Home Minister, Sharfuddin Memon who has recommended a phase-vise implementation of the programme. "While a comprehensive assistance programme for all victims of violent crimes may be a highly desirable but such a pro-
gramme may be beyond the immediate financial resources," the Consultant observed. The working paper underlined a viable first phase programme under which the victims of vehicle snatching and theft could be offered some compensation without burdening the State. "All funds received from the auction of unclaimed recovered vehicles could be placed at the disposal of the proposed Victims Assistance Authority (CAA) to be headed by the Chief Minister, Sindh for an even disbursement amongst the victims of vehicle crime", the working paper recommended. He further pointed out that six such auctions have already been held generating a sum of Rs112.829 million. "The second phase which has been proposed after successful implementation of the earlier, would cover victims of all violent crimes for which funds could be raised by levying a fee of Rs500 on the registration of every vehicle over 1600 car etc", the paper proposed.
195 more dengue cases confirmed LAHORE: At least 195 more cases of Dengue virus have been detected in the City, while the Punjab health department (PHD) is focusing on weather as the sole relief, as winters would hopefully reduce the frequency of patients. Media reports indicate the total toll of Dengue patients to 2,400 to date as doctors' report a steady influx of patients in public and private hospitals. The spokesman of PHD, Punjab has publicly denied any dearth of platelets, which were being provided to public hospitals according to requirements. It was also announced that so far 2,632 patients had been treated successfully, with 73 patients being discharged.-NNI
SZABIST extra curricular activities ISLAMABAD: Annual Extra Curricular activities will start at Shaheed Zulfikar Ali Bhutto Institute of Science and Technology, Islamabad on Monday. According to details, annual extra curricular activities include various sports and performing arts activities. Director SZABIST Islamabad, Syed Asad Hussain will formally inaugurate the extra curricular activities at the opening ceremony. Prize distribution ceremony will be held on the second day of the event. APP
ocratic and constitutional setup, including freedom of expression and an independent judiciary. The media-persons from across the country at SAMFA conference resolved respecting the will of the people and rejecting all kinds of machinations and conspiracies aimed at creating political chaos and bringing undemocratic and unconstitutional changes in the country. The declaration expressed concerned about an all-sided institutional, financial and societal crises in a terrorismridden country reeling under the unprecedented havoc caused by the floods. SAFMA took serious exception to the conspiracies and sinister moves to bring undemocratic and unconstitutional changes and overstepping of various institutions of the state, including a section of sensational media, going beyond their legitimate sphere, professional and 'ethical limits.
Etihad Air celebrates seven yrs Staff Reporter KARACHI: Etihad Airways, the national airline of the United Arab Emirates, celebrates its seventh anniversary here recently. In seven years of rapid growth, Etihad has flown over 26 million passengers on more than 180,000 flights to destinations across the Middle East, Africa, Australia, Europe, North America, and Asia. Over the same period the airline's fleet has grown to 57 aircraft in 2010. Etihad provides unmatched experiences to the global travelers, including a vast network of destinations for its Pakistani customers. Emerging from the global recession, 2010 has seen the return of passenger travel. To date this year, Etihad has carried over 6 million passengers and is expected to carry more than 7.3 million passengers by the end of the 2010, compared to 6.3 million in 2009. The load factor has also increased significantly from 74 per cent in 2009, and is expected to average
77 per cent for 2010. The Country Manager of Etihad Airways in Pakistan, Amer N Khan said: "We have witnessed tremendous growth over the past seven years in our route network, aircraft fleet, passenger figures and number of employees. Industry and customer endorsement is evidence of Etihad's significant achievements over this period and is testimony to the enormous commitment of our staff in delivering the very best travel experience in the aviation industry." Six new routes were added to the airline's global network during 2010 - Colombo, Nagoya, Tokyo, Erbil, Baghdad and Seoul - while access to many key destinations on Etihad's global network was improved following a 12 per cent increase in the number of weekly flights from 928 in 2009 to more than a thousand in 2010. To serve network growth, fleet expansion continued in 2010 with the addition of three new aircraft including one A330-300 aircraft and two A330200F freighter aircraft.
APNS condoles death of Mrs Zuberi Staff Reporter KARACHI: Hameed Haroon, President, Sarmad Ali Secretary General and other office-bearers of All Pakistan Newspapers Society (APNS) have condoled the sad demise of Mrs M A Zuberi's, wife of veteran editor and journalist M A Zuberi, and mother of Wamiq Zuberi, Arshad Zuberi and Asif Zuberi of the Business Recorder Group. The office-bearers of the APNS prayed that Almighty Allah may rest her soul in peace and grant courage to the bereaved family to bear this irreparable loss.
LAHORE: US Ambassador to Pakistan Cameron Munter laid a wreath on the grave of Allama Muhammad Iqbal during his visit on Sunday. -Online
KARACHI: The work at Bacha Khan Flyover enters its last stages. -Online
Position holders awarded gold medals KARACHI: The students who secured top positions in the discipline of electrical engineering in the universities in the country were awarded gold medals at a ceremony held under the auspices of the Siemens Pakistan at a local hotel on Saturday evening. The Ambassador of Federal Republic of Germany to Pakistan, Dr Michael Koch, was the chief guest at the ceremony and conferred gold medals to the position holders. The award winners were: Zia-ul Islam of Engineering and Technology University Peshawar, Wasim Ahmed of NED University of Engineering and Technology Karachi, Shamsuddin of Mehran University of Engineering and Technology. Speaking on the occasion, the German Ambassador congratulated the award winners and urged them to continue to acquire knowledge in order to contribute their bit towards the process of progress and development. He also appreciated the Siemens Pakistan for instituting the awards in order to encourage the talented youngsters. Dr Michael Koch was of the view that other organizations should follow suit. He said that Pakistan requires more initiatives of this very kind to help youngsters realize their potential in a better way. In his welcome address, the Managing Director and Chief Executive Officer of Siemens Pakistan, Sohail Wajahat Siddiqui, said that his organization firmly believes that education is a fundamental to sustainability. He said that the Siemens Pakistan is awarding gold medals to the position holders of the engineering universities in order to encourage the talented youngsters. -APP
French envoy meets Khuhro today KARACHI: Ambassador of France, Daniel Jouanneau will meet Speaker Sindh Assembly, Nisar Ahmed Khuhro on November 8, at his chamber at Sindh Assembly, here. Consul General of France in Karachi, Christian Ramage will also accompany Daniel Jouanneau, said an announcement issued here on Sunday.-APP
3 Monday, November 8, 2010
Inflation fear from Fed easing focuses on Asia, not US BEIJING: Made in America, imported by Asia. In a reversal of the trade flows that have so unbalanced the global economy, some of the dollars that the Federal Reserve is expected to start minting soon to buy US Treasury bonds will wash up on Asia's shores, presenting a headache for policymakers already fretting about rising inflationary pressure. Resentment in emerging markets about the global spillover effects of easier US monetary policy is likely to hang over next week's summit of the Group of 20 leading economies in Seoul. "What will happen with another round of quantitative easing by the Fed? It's creating inflation, alright. Just not necessarily in the US, but on the other side of the globe," said Frederic Neumann, an economist with HSBC in Hong Kong. In fact, a lot of investors are
counting on the Fed to succeed where the Bank of Japan has long failed and generate inflation at home, too. US core inflation of 0.8 per cent is lower than it has been since the early 1960s, but asset managers have been snapping up Treasury Inflation Protected Securities and other hedges against rising prices. Gold scaled a record nominal peak last Friday. On the face of it, though, worries of inflation in the developed world any time soon are akin to a malnourished man refusing to eat more for fear of growing obese. In a world of substantial excess capacity, high unemployment and tightening fiscal policy, inflation is likely to remain low in rich countries, the International Monetary Fund said in its latest World Economic Outlook, published last month.
It saw deflation as a more pertinent threat and projected that excess supply in the United States and the euro-zone would not be used up until 2014. "For high inflation to emerge, there would have to be multiple shocks, including a sudden move to financial or trade protectionism that would undo much of the integration of markets that has taken place over recent decades. Such a scenario seems remote," the IMF said. Indeed, without significantly stronger financial and structural policies, potential output in rich economies is likely to remain appreciably below pre-crisis trends, the IMF said. And, it added, any mistakes by governments in rolling back public deficits could cause a long period of deflation or low inflation and disappointing economic growth. Jan Hatzius, chief US economist at Goldman Sachs, said
Asian currencies
Mostly strengthen SINGAPORE: Asian currencies logged their best gain in three weeks, led by South Korea's won, as the Federal Reserve's decision to pump more dollars into the financial system spurred demand for higher-yielding, emerging-market assets. The Korean won strengthened 1.6 per cent to 1,107.33 per dollar. Taiwan's dollar gained 0.7 per cent to NT$30.56 and the Philippine peso rose 0.9 per cent to 42.625. "The dollar will be even cheaper after the new round of quantitative easing, so foreign investors will borrow the dollar and buy Asian assets for their higher yields," said Henry Lin, a Taipei-based foreign-exchange trader at Taiwan Shin Kong Commercial Bank. "This will push Asian currencies higher." International Monetary Fund Chief Economist Olivier Blanchard said the Fed's stimulus has made carry trades more attractive and may raise capital flows to emerging economies and weaken the dollar. The Fed Open Market Committee on
Soyoil bolts to 26-mth top CHICAGO: US spot soyoil bolted to a 26-month peak on Friday rising over 5 per cent for the week and dragging soybeans higher, on a powerful surge in global vegoils, including limit gains in China's Dalian futures markets, traders and analysts said. Concern about high food prices overshadowed a rebound in the US dollar on Friday. Dalian soyoil, palmoil and soybeans rose their trading limits on Friday and Dalian corn futures reached a record high as cash vegoil markets jumped. US soybeans rose on soyoil's strength and wheat gained on concerns about dryness in the US winter wheat belt. Corn sagged on profit-taking after the jump to over two-year highs on Thursday. US December soyoil was up 0.97 cent per lb at 52.22 cents per lb, benchmark January soybeans were up 9-1/4 cents per bushel at $12.84, December wheat was up 15 cents at $7.283/4 and December corn was down 2-1/4 at $5.87-3/4. Soybeans are up 3.8 per cent for the week, soyoil up 5.3 per cent, corn up 3.9 per cent, wheat up 0.2 per cent. The potent gains in the soyoil market led to speculation about the reasons for the upturn.-Reuters
Nov. 3 announced a plan to buy an extra $600 billion of Treasuries through June to spur growth in the world's biggest economy. Taiwan's dollar and the Philippine peso hit their highest levels in more than two years, while the won reached a six-month high of 1,102.97 per dollar. Former Fed Chairman Paul Volcker, an adviser to President Barack Obama, said in Seoul yesterday that China and South Korea have bounced back from the financial crisis, while the recovery in developed economies has been unsatisfactory. The Thai baht and Malaysian ringgit both advanced by 1 per cent to 29.67 and 3.086 per dollar respectively, and touched their highest levels in 13 years during the week. India's rupee climbed 0.5 per cent to 44.2. Elsewhere, the Indonesian rupiah added 0.4 per cent this week to 8,903 versus the greenback. The Chinese yuan appreciated 0.2 per cent to 6.6566. Financial markets in Singapore, India and Malaysia were closed Friday for public holidays. -Reuters
Specs raise bets against USD: CFTC NEW YORK: Currency speculators increased bets against the dollar in the latest week as markets braced for more monetary easing from the Federal Reserve, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position rose to $24.53 billion in the week ended Nov. 2, compared to a net short of $23.11 billion the previous week, according to Reuters and CFTC calculations. Among major currencies, speculators increased bets in favor of the British pound, the yen and the Canadian dollar in the week leading up to the Fed announcement.-Reuters
Sugar treks up to 30-yr Copper ends firm on US peak, cocoa drops NEW YORK/LONDON: ICE raw sugar futures clawed back up to settle at a 30-year top for the fourth straight day on Friday, after a flood of profittaking pushed the market lower earlier. The market climbed 9 per cent on the week, its biggest weekly gains in a month. White sugar also closed strong after hitting a record high. Cocoa futures continued to track lower, with the London market closing at a 15-month low. Coffee consolidated down after climbing to new highs Thursday. Sugar prices have risen relentlessly during the last month on supply concerns, and dealers said it was not surprising that the market moved lower during the session on profit-taking ahead of the weekend. ICE front-month raw sugar rose 0.1 cent to close at 31.76 cents per lb, the strongest finish for the spot contract since Jan. 31, 1981 for the fourth straight day. The contract moved widely from 30.68 to 32.30 cents and closed the week up 9 per cent, the biggest weekly percentage gain in a month. Sugar futures remain underpinned by tight export availability from top producers Brazil and India, expectations that global stocks will remain low
over the next 12 months, and uncertainty over how much sugar India will export to help make up for lower than expected Brazilian output. Liffe front-month white sugar closed up $3.40 at $776.10 per tonne, after hitting a record peak at $783.90. Cocoa futures dropped as traders eyed a peaceful presidential election in top grower Ivory Coast, favorable crop prospects in West Africa and chart-based weakness. ICE December cocoa eased $22 to close at $2,734 per tonne, the lowest settlement since Oct. 5. London second-month cocoa finished down 27 pounds at 1,815 pounds per tonne, after hitting the lowest level for the second position since August 2009. Arabica coffee futures on ICE consolidated after Thursday's steep rally to a 13-year top but remained underpinned by supply concerns. ICE December arabicas closed down 0.65 cent to finish at $2.0515 per lb. Robustas eased below Thursday's twoyear high but were supported by concerns over continuing rainfall in top producer Vietnam. Liffe second-month robustas closed down $16 at $1,986 per tonne. -Reuters
NY cotton hits record high despite rising USD NEW YORK: US cotton futures rose on Friday, hitting a record peak for a fourth consecutive day and ending higher despite losing some momentum late in the session as the dollar rebounded. "The reason futures are not any higher than they are is because the dollar is up and a lot of the other commodities are on a net basis, unchanged," said Sharon Johnson, sr cotton analyst at First Capitol Group in Atlanta up. The benchmark December cotton contract vaulted to a record peak at $1.4460 per lb, before ending up 1.78 cents at $1.4223 per lb, the loftiest settlement close in history for the market.
there was so much slack in the economy that US interest rates might stay close to zero for several years:-- the capacity use rate in US manufacturing is currently 72.2 per cent, compared with a long-term average of 80.7 per cent; for utilities, the rate is 79.4 per cent versus 87.6 per cent. -- residential and commercial real estate vacancy rates are well above their long-run averages. -- the Labour Department's "underemployment" rate is 17.1 per cent compared with an average since 1994 of 9.8 per cent. In addition to the unemployed, the rate counts those who have given up looking for work and part-timers who want a fulltime job. Against this background, Hatzius said a widely followed rule of thumb for the appropriate stance of monetary policy, named after economist John
In China, cotton prices rose more than 3 per cent, with the Zhengzhou Commodity Exchange's May cotton contract up 1,490 yuan at 31,235 yuan per tonne. "China has been trending higher and pulling futures with it," Johnson said. For the year, cotton is up nearly 80 per cent due to bullish fundamentals. It is the best performing commodity in the Reuters Jefferies CRB index. China is the world's largest cotton consumer, and is likely to have 5 per cent lower cotton output this year. Low government stocks have made it difficult for Beijing to control prices. Demand for cotton from the
Chinese mills has been surging, with prices rising from exporters due to supply shortages and an empty pipeline of deliverable supplies against futures. Analysts said US cotton prices are at a heavy discount and need to catch up to internal Chinese cotton prices of $2 to $2.20 per lb and world prices in the closely followed Cotlook A index, quoted at an average of $1.55 per lb. Trading conditions remained heavy. Volume traded in the cotton market stood at 62,400 lots by 1915 GMT, about 130 per cent above the 30-day average at 27,160 lots, Thomson Reuters preliminary data showed. -Reuters
jobs data
NEW YORK/LONDON: Copper rose slightly on Friday and posted its biggest weekly gain in more than three months on support from a weak dollar outlook, surprisingly strong US labor data and a strike in topproducer Chile. Copper flirted with its record high and other commodities have soared in recent week on prospects that the Federal Reserve's injection of $600 billion to shore up the economy will accelerate inflation and increase demand for raw materials. On the London Metal Exchange (LME), benchmark copper for three-month delivery climbed to its highest in over two years at $8,769.50 a tonne, within $200 of an all-time peak of $8,940 hit in July 2008. It closed up $60 at $8,660 a tonne. On the COMEX metals division of the New York Mercantile Exchange, copper for December delivery rose 3.65 cents to close at $3.9485 per lb, the highest level for the second-position futures contract on a settlement basis since July 3, 2008. The pace of business was brisk. Volume traded stood at 53,000 lots, more than 40 per cent above the 30-day average at 37,000 lots, Thomson Reuters preliminary data showed. The discount for cash copper against the three-months contract has narrowed to $5 from $12.50 on Monday. Continuing declines in LME warehouse stocks of copper underline strength in demand. Copper inventories last fell 975 tonnes to 366,350 tonnes, near a oneyear low, having dropped by a third from February's eightyear highs. In other metals, aluminum hit a session high of $2,488, well within reach of a two-year high at $2,494, which it hit in September 2008. It closed down $8 at $2,452 a tonne. Nickel closed down $50 at $24,450 a tonne, while zinc rose $16 to $2,528. Lead shed $23 to $2,506 a tonne and tin dipped $60 to $26,440. -Reuters
Taylor, points to the need for the fed funds rate to be around minus 5 per cent now, not zero. As such, Hatzius expects the Fed to announce after its policysetters meet on Wednesday a second asset-purchase programme initially worth $500 billion and eventually expanding to $2 trillion. The impact would be to add half a percentage point to US growth through the stimulus of lower bond yields, a wealth effect from rising equity prices and a knock-on drop in the dollar. Speaking in Beijing this week, Hatzius said the impact of "QE2" would be benign for Europe, where growth is weak, because it would let monetary conditions stay looser for longer. "But in some parts of the world, it causes more problems. And Asia is probably in the latter camp," he said. "If there are spillovers into countries that are
already on the verge of overheating, then domestic policymakers are going to tighten more than they otherwise would." Which leaves markets grappling with what form the tightening will take -- currency appreciation, tougher monetary policy or fiscal restraint. Australia and India both raised interest rates on Tuesday, as did China on Oct. 19. While the Reserve Bank of India signalled a pause in its tightening, the World Bank called on Wednesday for China to keep raising rates. Andrew Colquhoun, head of Asia-Pacific sovereign ratings at Fitch in Hong Kong, said China's capital controls help it keep out unwanted inflationary inflows -- but only up to a point. "The Chinese authorities have many tools at their disposal with which to lean against these sorts of pressures. They're going
to have to use those tools more aggressively than they otherwise would have done if the Fed goes for further quantitative easing," he said. The United States, of course, would like China to tighten by allowing its exchange rate to rise faster. While politicians focus on the nominal rate of the yuan against the dollar, China's higher inflation rate is already pushing up the economically more important real exchange rate. Indeed, Bank of America Merrill Lynch last week nudged up its forecast for inflation across emerging Asia in 2011 to 4.0 per cent from 3.3 per cent and said rising bond yields suggested investors were already on the scent. "This highlights one of the great ironies of QE2: it creates inflation in the region that least needs it," economists T.J. Bond and Marcella Chow said in a report. -Reuters
C$ hits parity vs greenback TORONTO: The Canadian dollar rose to parity with the greenback on Friday after figures showing a surge in US hiring lifted sentiment and the market found some solid details in a soft Canadian jobs report. The currency touched as high as 99.92 Canadian cents to the US dollar, or $1.0008, after the strong US jobs data, which added to the Canadian-dollar momentum generated by the US Federal Reserve's pledge on Wednesday to pump billions more dollars into the US economy. It was the Canadian dollar's highest level since it last reached US dollar parity three weeks ago. "I don't think (parity) has quite the same cache as it did a
few years ago but it's still a notable event," said Eric Lascelles, chief Canada macro strategist at TD Securities. The jobs data lifted equities and resource prices, which support commodity currencies such as the Canadian dollar. But the main driver of the Canadian dollar's rise has been the broad weakness in the US dollar leading up to, and in the wake of, the Fed's move. The Canadian currency dipped briefly early on Friday after data showed Canada's economy added far fewer jobs than forecast. But it quickly pared losses as details of the report were seen as being more favorable. Positive signals included a drop in the unemployment rate and more fulltime and private-sector hiring.
"The pieces of the puzzle fit together really quite nicely today ... the outlier is the fact that the US dollar is up versus most other currencies," Lascelles added. "Part of that is that our employment report, when you got down to the bones of it, was actually pretty decent looking." The Canadian dollar came very close to trading at par with its US counterpart earlier this week but was undermined by Ottawa's decision to block BHP Billiton's $39 billion takeover bid for Potash Corp. The currency finished Friday at C$1.0004 to the US dollar, or 99.96 US cents, up from Thursday's close at C$1.0024 to the US dollar, or 99.76 US cents. It was up 2 per cent for the week.-Reuters
Oil at 2-yr peak on jobs data; dollar curbs rise US nonfarm payrolls hike beats forecast, supports oil NEW YORK: Oil prices rose to a two-year peak on Friday, posting a fifth straight gain after a seesaw session as support from a strongerthan-expected US jobs report offset a rebound by the dollar. US crude oil prices pushed to an intraday peak above $87 a barrel ahead of the nonfarm payrolls report, when the dollar was weaker as the appeal of commodities continued to be boosted by this week's Federal Reserve moves to boost the economy. The dollar rallied on the surprisingly strong jobs report, having been under pressure after the Federal Reserve on Wednesday committed to buying $600 billion in government bonds to bolster a faltering recovery. US crude for December delivery rose 36 cents to settle at $86.85 a barrel, the highest close since October 2008. Friday's $87.43 peak reached in post-settlement trading was the
highest price since $89.82 was struck intraday on Oct. 9, 2008. Prices rose $5.42, or 6.6 per cent, for the week, the biggest percentage gain since the week to Feb. 19. Total crude trading volume was lackluster, at 501,000 lots with less than an hour of trading left on Friday, nearly 25 per cent below the 250-day average. In London, ICE December Brent crude rose 11 cents to settle at $88.11. "The dollar's bounce limited the boost from the jobs report and prices had moved up so much this week the market seemed to be taking a breather," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut. Oil prices have recovered much of the ground lost between a July 2008 record high of $147.27 a barrel and the December 2008 low of $32.40 hit during the recession. Oil also received a boost this
week when Saudi Arabia's oil minister Ali al-Naimi and other OPEC member officials said $90 crude oil would be tolerated by consumers. Investors took the remarks as a signal OPEC would not send more barrels into the market to dampen prices that got too far above $80 a barrel, a change from previous indications. Money managers raised net long crude positions on the New York Mercantile Exchange in the week to Nov. 2 to their highest level since April, the US Commodity Futures Trading Commission said on Friday. JP Morgan on Thursday raised its price forecast for US crude in 2011 by more than $7 to $89.75 a barrel, and lifted by $2 its expectations for Brent. But other analysts have noted that oil's fundamentals have not recovered to pre-financial crisis levels and cautioned about the rally's sustainability. -Reuters
Gold shines to record on renewed inflation worries NEW YORK: Gold prices rose to an all-time high within a few dollars of $1,400 an ounce on Friday as the US Federal Reserve's program to resume buying government bonds stoked inflation worries. The metal was up nearly 3 per cent for the week, its strongest weekly close since May, Reuters data showed. Gold's rally to a record came despite the fact that the dollar was up almost 1 per cent on the day, boosted by a US nonfarm payrolls report that suggested the economy may be on a stable road to recovery. "Bullion investors are ignoring what the dollar is doing right now and looking more at what the Fed is doing, knowing it's inflationary for the market regardless of what it does," said Jeff Pritchard, a broker at Altavest Trading. "At some point, there is no way that inflation won't be an
issue. Right now, if you want a return on your money, the commodity and stock markets seem to be the place," he said. Spot gold rose 0.2 per cent to $1,394.30 an ounce at 1935 GMT, having earlier hit a record of $1,397.80. US gold futures for December delivery settled up $14.60, or 1.1 per cent, at $1,397.70. Tom Kendall, an analyst at Credit Suisse, said that gold's rise in the face of a strong dollar showed strong support to buy gold. "There're lots of ways the Fed statement impacts gold. One is inflation expectations, secondly what happens to the US dollar. (Also) the commodities complex has been lifted by this action as it accelerates this trend of money looking for returns from emerging markets and hard assets," Kendall said. Gold had its biggest one-day rise in about six months on Thursday. "The key implication of the
QE (Fed quantitative easing) measures is that major currencies -- particularly the US dollar -- are likely to lose value relative to 'alternative' currencies such as gold," said David Thurtell, an analyst at Citi. Policymakers from the world's new economic powerhouses in Asia criticized the Fed's move to inject billions of dollars into the US economy, saying it made any substantive deal on cutting global economic imbalances less likely at next week's Group of 20 meeting in Seoul. Among other precious metals, silver rallied to a new 30-year high on the rising gold prices, while palladium rose to a fresh nine-year high. Silver set a 30-year high of $26.89 an ounce. It was trading up 1.2 per cent at $26.65. Palladium peaked at $697 an ounce and was later 0.3 per cent at $683. Platinum slipped 1.1 per cent to $1,761.49. -Reuters
4 Monday, November 8, 2010
LeT-Qaeda-Bond
The Financial Daily International Vol 4, Issue 93
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Regaining the lost glitter During the past week benchmark KSE-100 index breached 10,900 points level during intraday trade but failed to maintain it and closed at 10,882-mark, marking a 27-month high. It was a positive sign that local equities market moved in synchronisation with the global markets on account of improving liquidity. Price action initiation was triggered by the QE2 (Quantitative Easing 2) move by the US Federal Reserve which sparked investor interest in equities markets over there as they eyed potential fall in the yields to be a key trigger for lower business costs and improving business prospects. Pakistan too felt the reverberations of the global equity fever, where the market has maintained a bull trend, despite economic numbers no more 'glittering' than indicated for the post flood scenario. On the local front, the government continued its involvement in rehabilitation process of the flood displaced people; while economic outlook of the country remained stable. At $1,390 an ounce, gold prices were at an all time high. Silver is at a 30-year top. Agricultural commodities like fertiliser are also moving toward new peaks. Economists are warning that these commodities could continue to move higher in price for several months. And the stocks of companies selling these commodities have been surging in the past few trading sessions. However, investors are advised not to get carried away and pick up stocks offering good return. With crude oil prices on the up energy companies enjoy better earning prospects. However, circular debt is also likely to grow causing cash crunch for the key players. With rising commodity prices, growth in earnings of fertiliser manufacturing companies is there but owing to winter load shedding of gas the gains are likely to wane. Reportedly the Government of Pakistan has approved Rs22 billion for reconstruction of roads and bridges damaged by floods in Sindh. This will directly boost volumetric sales of Asphalt benefiting Attock Petroleum and National Refinery due to their high market share in the product. While the market continues with its bull run, eyes of a lot of investors will be keenly set on the success of the IMF-Government meetings. Right now pressure on Pakistan is mounting as donors have reiterated demands for fiscal and economic prudence. Key trigger for the shorter term is likely to be the successful capture of fifth tranche from the IMF, together with introduction of some leverage product. The equities market has room to grow higher on the back of abundant global and domestic liquidity. However, the same brings with itself higher commodity prices, particularly crude oil which can significantly deteriorate the hard earned economic stability.
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.
D
avid Headley joined the Lashkar- who has turned witness for the prosecu- arrested in Chicago last year, according Pakistan army on the border and to some reports on a tip-off from British returned committed to global jihad and e-Taiba (LeT) militant group tion, as saying. less willing to toe the line of the group's intelligence. COMMITTED TO KASHMIR hoping to fight in Kashmir; the Much of Headley's story has been one-time ISI masters. Headley, who scouted out targets in Pakistani-American ended up scouting Pakistan has officially banned the out targets for the Mumbai attacks and Mumbai on a number of trips, began leaking out steadily since his arrest. But helping al Qaeda plan a strike on working increasingly with Ilyas what comes across in the testimony group and curtailed its activities after it began a peace process with Denmark. India in 2004. Headley's story, contained Headley said that with in confidential Indian govPakistan facing an identity ernment documents, casts crisis over the war in fresh light on the November Testimony given to Indian It also runs a large educational this attack to another PakistanAfghanistan and in the trib2008 attack on Mumbai, investigators by David Headley, complex at Muridke near Lahore. based militant group, the Jaish-eal areas, "a debate had where US President Barack an American Pakistani arrested in The MDI's founder, Hafez Saeed, Mohammad. begun among the terrorist Obama paid tribute to the Chicago last year, has cast fresh is a former professor. -- Its biggest operation was the outfits as to whether to victims during a visit to the light on the Lashkar-e-Taiba mili- OPERATIONS IN THE WEST three-day assault on Mumbai in fight in Kashmir or in city this weekend. tant group blamed for the The JuD in particular has support November 2008 which killed 166 Afghanistan. The clash of It suggests that LeT cadres November 2008 attack on and funding from the Pakistani people. ideology led to splits in are increasingly being drawn Mumbai. diaspora, often in the form of -- Lashkar is believed to have many of our outfits". into the orbit of al Qaeda and Headley said he scouted out tar- donations for its charitable work. built a network of sleeper cells in While LeT leaders its affiliates and slipping out gets in Mumbai for the group and Analysts say it could exploit this India, capitalising on the anger of approved the Mumbai of the control of Pakistan's later worked with an al Qaeda- network for attacks on the West. some Indian Muslims about perplans, according to Inter-Services Intelligence linked militant commander to plot Among operations linked to LeT ceived injustices by the Hindu Headley, they were influ(ISI) agency, as the once an attack in Denmark. His testi- were: majority. enced by more radical cohesive group becomes mony suggests some Lashkar-e-- The Virginia Jihad Network OPERATIONS IN members as targets grew to more fractured and more Taiba cadres are being drawn into broken up by US authorities and AFGHANISTAN include places frequented receptive to al Qaeda's globthe orbit of al Qaeda. accused of providing support to The group has not been heavily by foreigners and Jews. al Islamist agenda. Here are some details about the Lashkar-e-Taiba. involved in the Taliban-led camThe targets chosen led The LeT has in the past group. -- French police investigated a paign against western forces in even many Indian security been seen as one of ORGANISATION British-Pakistani living in Paris Afghanistan, but is believed to analysts to rule out the Pakistan's most reliable The group has its roots in the for allegedly helping "shoe- operate in Kunar and Nuristan in involvement of the ISI proxies, security analysts Markaz ad-Dawat wal-Irshad bomber" Richard Reid in the east of the country. leadership, which they said say, eschewing attacks on (MDI), an organisation created in December 2001. Police failed to Indian analysts also suggested it would never have taken the Pakistan itself and focusing the mid-1980s to support the prove the case against him, but he was involved in an attack on risk of triggering a US on India and Kashmir. jihad, or holy war, against the was convicted and jailed for Indian interests in Kabul in backlash by allowing the "Tensions have existed Soviet Union in Afghanistan and recruiting for LeT. February 2010. LeT to attack Americans within Lashkar for some to provide Islamic charity and -- Frenchman Willy Brigitte was Security officials say any miliand Jews. time between those with a spiritual guidance. convicted of involvement in plan- tants operating in Afghanistan The plot then acquired an narrower focus on India and It follows a Salafist religious tra- ning attacks in Australia after have broken away from the main almost random momentum. those with an international dition known as Ahl-e-Hadith, a spending several months in an organisation. With the assault planned bent," said Stephen Tankel, a minority sect which says it emu- LeT training camp in 2001/2002. PAKISTAN for September in Ramadan, US-based analyst who is lates the ways of the Prophet -- One of the London suicide In the past, the LeT has been a hope was expressed that writing a book on the group. Mohammad. This distinguishes it bombers in 2005 had briefly visit- close to the Pakistan army and the too many Muslims would "As the Kashmir jihad from the Deobandi tradition of the ed Lashkar's Muridke headquar- Inter-Services Intelligence (ISI) not be killed since they waned and al Qaeda's globTaliban and other Pakistan-based ters, though police found no evi- agency. It is the only Pakistanwould be at home breaking al jihad accelerated, managmilitants. dence of the group's involvement based militant group believed not their fast. That was forgoting these tensions became The MDI split into two wings: in the attack. to have staged attacks inside the ten when this attempt failed more difficult. The decision -- Lashkar-e-Taiba (LeT) is its -- David Headley, an American country. after the gunmen's boat to launch a terrorist spectacmilitary wing. Founded in 1990, it arrested in Chicago last year, has Security officials have said capsized. ular in Mumbai was driven began operations in Indian pleaded guilty to working with Pakistan is reluctant to act more Plans to use the main by these internal dynamics," Kashmir in 1993. LeT to plot attacks in India, forcefully against the group since railway station as an he added. -- Jamaat ud-Dawa (JuD) is its including surveillance of targets in this would create a new enemy at escape route were ditched Headley, arrested in humanitarian wing. It provides Mumbai. a time when it has already been when commanders decidChicago last year, provided extensive education, healthcare OPERATIONS IN INDIA fighting the Pakistani Taliban in ed the gunmen must fight his account to Indian investiand disaster relief. LeT's main focus is on Kashmir the tribal areas bordering to the death -- turning the gators in 34 hours of interWhile their military focus has and India. Among its operations, Afghanistan. assault into a three-day views in June. been on Kashmir, their ideology is alleged or claimed, are the followThey also say that more forceful siege, and the terminus According to documents pan-Islamic. They are based in ing: action could drive the LeT into a into a target where a third obtained by Reuters, he said Punjab province and in Pakistani -- It trained and armed hundreds dangerous coalition with the of the victims died. plans for Mumbai began as a Kashmir. of young men to fight in a sepa- Pakistani-Taliban and al QaedaAccording to Headley, limited operation to attack The LeT is officially banned in ratist revolt in Indian Kashmir linked militant groups. official ISI handlers were an annual conference of softPakistan. which began in 1989. Pakistan has arrested seven men aware of the Mumbai ware engineers in the Taj The JuD, which denies it still -- Expanding the war to India, it over the Mumbai attack, but plans. But in an organisaMahal Palace Hotel. has links to the LeT, was blacklist- was involved in a string of gun rejected Indian demands that its tion which runs into the Within a matter of months ed by the United Nations follow- and bomb attacks on Indian towns leader Hafez Saeed be arrested. thousands, and where it ballooned into a sea-borne ing the Mumbai attack. and cities, including an assault on The Jamaat-ud-Dawa first won agents were given a great assault by 10 gunman on The JuD now carries out disaster the historic Red Fort in New Delhi popular support for its quick deal of autonomy, it is many targets -- the kind that relief under a different name, the in 2000. relief after an earthquake in unclear how far this security officials have said Falah-e-Insaniyat. It has been -- It was blamed for a raid on the Pakistani Kashmir in 2005, and information was passed could also be planned for active in providing relief to vic- Indian parliament in December for its work in providing educaup the line. European cities -- and ended tims of Pakistan's floods. 2001, but many analysts attribute tion and healthcare. The Indian documents up killing 166 people in a Kashmiri, the commander of a militant given to Indian prosecutors is a much quote Headley as saying that ISI chief three-day siege. The LeT had been straining at the group based in Pakistan's tribal areas more detailed picture of how the LeT has Lieutenant General Ahmad Shuja Pasha visited an LeT commander in jail after been transformed over the last decade. seams for years, under pressure from who is closely linked to al Qaeda. While security officials worry that the assault "to understand the Mumbai He visited Kashmiri twice in 2009, and the ISI to limit its activities in Kashmir which has been disputed by Pakistan discussed plans for an attack on LeT's supporters in the Pakistani diaspo- attack conspiracy". Asked about the report, an official said and India since they won independence Denmark, where the newspaper ra could be used in an attack in the West, Jyllands-Posten had published cartoons the group's leaders still view Kashmir as no ISI officers were involved in the in 1947. Mumbai attacks, and noted that Pakistan The group has been and losing mem- deemed offensive to Islam. The men the most important front. In many discussions cited by Headley, had long been asking India to share evibers who went off to fight with, and present "even discussed a general attack they asserted its primacy with a zeal dence it had gathered. become influenced by, other groups on Copenhagen", Headley said. India has long argued that Pakistan Headley found himself scouting tar- which frequently appears to go further waging the more active jihad in must not only curb the activities of the gets in Copenhagen for al Qaeda, and than the ISI would like. Afghanistan. But it has been heavily influenced by LeT but also dismantle "the infrastruc"I understand this compelled the LeT travelling to Sweden and the British to consider a spectacular terrorist strike town of Derby to seek help for the the Afghan war, as LeT cadres have ture of terrorism" in order to prevent furin India," the documents quote Headley, attack. It was thwarted when he was worked with groups fighting the ther attacks like Mumbai.-Reuters
LeT: The Evolution
Afghan War Review to Back Obama Plan A
December review of the Afghanistan war is expected to say the US strategy is working despite increased violence and record casualties, and that a July 2011 deadline to start withdrawing can be met. But General David Petraeus, commander of US and Nato forces in Afghanistan, will say that since the addition of 30,000 US troops was just completed in late summer, it will take more time to get a complete picture of how the strategy is working, analysts said. That could affect the pace of the US troop withdrawal. "There will be progress but a lot of ambiguity about interpreting it because of late start to a lot of these offensives and the seasonality of warfare in Afghanistan," said Stephen Biddle, a senior fellow at the Council on Foreign Relations who has advised Petraeus in the past. Ahead of the review, US officials have been offering more upbeat assessments of a war widely perceived as going badly for the United States and its Nato allies nine years after US-led forces invaded to topple the Taliban for sheltering al Qaeda.
Petraeus has ordered steppedup operations -- making greater use of elite special forces -- that have killed or captured hundreds of Taliban militants in recent weeks. In late October he said the Taliban's momentum has "broadly been arrested." But critics and security analysts say Petraeus is presenting an overly rosy picture. "It is far from clear what impact these deaths, the rate of these deaths, and the prospect of more deaths are having on the calculus of the larger Taliban phenomenon and its senior decision-makers thinking," said global intelligence company STRATFOR. A Nato official in Brussels expressed concern that Taliban commanders were being quickly replaced and that killing current insurgent leaders could mean they would simply be replaced by "younger, less reasonable" radicals. US President Barack Obama ordered the review after announcing a new strategy last December to "disrupt, dismantle and defeat" al Qaeda and its Taliban allies in Afghanistan. When he rolled out his new strategy, Obama set the deadline to start withdrawing forces
under pressure from anti-war liberal Democrats. But if the review says the strategy is working, that could give him more room to agree with generals in the field to keep forces there to ensure that military gains are sustained. MORE REPUBLICAN OVERSIGHT Republicans, who criticised the deadline for potentially emboldening the Taliban, will have greater oversight of the war after seizing control of the House of Representatives in Tuesday's congressional elections. But a top Republican signaled last week that the party would not try to amend the July 2011 date. An administration official stressed the review was never meant to lead to an overhaul of war strategy -- unlike Obama's first review of strategy in Afghanistan and a 2006 Iraq war review that led thenPresident George W. Bush to boost US forces under Petraeus. The review "is not designed to change the direction we are going in in Afghanistan because we believe we have the right strategy. What the report is is a candid look at how the strategy is working," the offi-
cial said. "There are improvements (in security) we believe set the conditions for the beginning to talk about the transition to an Afghan lead beginning in July 2011," he said. Other US officials, speaking on condition of anonymity, said training of Afghan forces could be one area where the strategy is "tweaked." Current US targets call for expanding the Afghan army and police to 306,000 by next October from more than 260,000 now. A more ambitious target could be set to increase the force further beyond October 2011. Another area would be looking at ways to keep pressure on militants in Pakistan, where strikes by pilotless US drone aircraft have reached all-time highs in recent months. Afghan President Hamid Karzai is pressing for the review to address a sharp rise in civilian casualties, as well as the role of private security companies and ending or reducing the number of nighttime raids and house searches, Karzai's chief spokesman, Waheed Omer, told Reuters. In a mid-year report, the United Nations said civilian
casualties had spiked by 31 percent in the first six months of 2010 against the same period of 2009. It blamed three-quarters of the deaths on insurgents. More than 479 US troops have been killed in Afghanistan since December, when the new strategy was unveiled. The willingness of Petraeus to talk up the US military successes in Afghanistan has surprised those who remember him as a taciturn general in Iraq who was always cautious not to appear overly optimistic about gains on the battlefield. There is much speculation in Washington as to why he has been so talkative. One theory is that he is trying to shape the Taliban's view of the war as the group is engaged in preliminary talks with Karzai's government. Another is that he is trying to stiffen the resolve of politicians in Washington ahead of the report. The Taliban is also closely watching the review. Obama should not think that "if we find this person, destroy this group or that movement, the issue will be resolved," spokesman Zabihullah Mujahid told Reuters by telephone from an undisclosed location.-Reuters
5
Monday, November 8, 2010
Asian stocks log largest weekly gains this year on Fed move
Coal India surges 40pc in sparkling Diwali debut
Weekly Review
Big gains make it to KSE in wk
KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,598.40 10,882.00 283.60 2.68 615.99
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,300.73 3,410.64 109.91 3.33 40.02
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,696.46 2,773.37 76.91 2.85 1.30
Major Gainers
Symbol
Close
Change
RMPL 1,858.47 BATA 678.48 UPFL 1,050.00 SIEM 1,298.20 WYETH 850.00
177.41 91.33 50.00 48.74 40.00
Nawaz Ali
Major Losers
Symbol
Close
Change
COLG SRVI FZTM HINO PAKD
821.83 178.21 426.65 118.50 79.05
-30.5 -29.74 -26.85 -22.3 -13.74
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA DGKC JSCL BOP NML
11.50 29.03 10.79 10.07 53.39
90.67 32.70 32.64 27.82 24.39
Active Issues Plus Minus Unchanged
227 173 18
Sector Updates FERTILISER
Wall Street weekly outlook
000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
TOKYO: A man passes before a share prices board in Tokyo. Japan's share prices rose 267.21 points to close at 9,625.99 points at the Tokyo Stock Exchange, after surging more than 3pc as sentiment was lifted by US measures to boost economic recovery.-Reuters
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Stocks seek direction after Fed, elections NEW YORK: Wall Street navigated through three major landmines last week -- the elections, the US Federal Reserve meeting and jobs report -- with barely a scratch. Now what? With earnings season winding down and a light economic calendar this week, the market will be left to its own devices to sort out its direction. A rise of more than 16 per cent in the S&P 500 since the start of September had many investors expecting a pullback after the trio of big events. But it appears to have emboldened them instead. The CBOE Volatility Index, a measure of market anxiety, has slipped below 19 and the late-week action suggests a market getting ready for more gains -- not a sell-off. "Some of the alternatives to stocks (bonds, cash, etc.) now look much less attractive, which should push money in the direction of stocks," said Bill Luby, a private investor in San Francisco, who writes the VIX and More blog. This will result in "reducing some of the downside risk for owning stocks, and also putting downward pressure on the VIX." With the Fed supporting markets through quantitative easing, rates could remain low for quite some time. That, in turn, should help stimulate borrowing and make riskier assets more attractive. It could take data of a momentous nature -- something that suggests the economy is not responding to the Fed's plan to buy $600 billion in Treasuries -- to cause anything more than a minor slip-up in the market. "What the Fed is doing is a consistent increase in money supply. Consistency will be much more important to the psyche of investors than big
spikes," said Edward Hemmelgarn, chief investment officer of Shaker Investments in Cleveland. That feeling permeated the market even before Friday's jobs data, which showed the fastest payroll growth in the private sector since April. It is difficult to see the market fighting Fed-led stimulus, strong corporate results and labor force improvements. The Fed's intentions make the search for yield even more intense, which could bolster financial stocks in coming days. Financials climbed solidly higher on Friday, with the KBW Bank index up 2.2 per cent, on talk the Fed may allow stronger banks to increase dividends. They could continue to climb as they have underperformed the rally since September. Call volume in the Financial Select Sector ETF SPDR fund surged, as option traders exchanged about 618,000 contracts in the XLF on Friday, led by the trading of 480,000 call options. The overall options volume was three times greater than its average daily turnover, according to options analytics firm Trade Alert. A correction might still occur, though. A number of indicators suggest the market is in position to consolidate. The 14-day relative strength index is at 88.5. A reading above 70 usually indicates an overbought condition. However, some analysts say the indicator for an overbought market expands in a bull market. So this level may not necessarily be a bearish indicator. Bespoke Investment Group noted the rally has put the major indexes and sectors into "extreme overbought territo-
ry" in the near-term, with the S&P 500 and six sectors at or near two standard deviations above their 50-day moving averages. "Some sort of correction may be in order at some point from after the events of last week, and the 'feel good' holiday seasonality period looming a few weeks away," said Robert Zavell, derivatives analyst at Jones Trading. "Is it possible we will be up every day from now through New Year's? I thought not every day, but you never know." The S&P 500 faces strong resistance at around 1,228, a key retracement of the benchmark's slide from its historic high in 2007 to the 12-year low in March 2009. The first attempt at piercing that level in April failed and preceded a decline that took the S&P to its 2010 low in early July. "It's the second test of a very important number so what the market does here is pretty critical," said Richard Ross, global technical strategist at Auerbach Grayson in New York. "The difference from last time is that we had a pretty sizable correction from that April high, so we have a much stronger base now," he said. Another factor that may add fuel to the breakout is performance chasing, with investors who may be latecomers to the rally jumping into winning stocks with the hope they will continue to gain in an effort to enhance their portfolio performance. "You are seeing momentum investing -- managers just moving into stocks that have been doing well," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. -Reuters
KARACHI: The bullish bonanza spurred by higher international oil prices, turnover tax slash, and continued foreign support following regional markets earned Karachi Stock Exchange (KSE) near 2.7 per cent on top of a 26month closing high during the last week. Hopes of a likely approval of next tranche from International Monetary Fund (IMF) were also working for the market along with the other reasons to buy. The benchmark KSE 100Index increased by 283 points 2.68 per cent-- to close at 10,882 points which was the highest closing of the index since August 2008. Apex index touched the highest level of 10,923 points and the lowest level of 10,528 points during the week. KSE 30-Index jumped by 320 points -3.15 per cent-- to close at 10,475 points and KSE All Share Index grew by 179 points -2.43 per cent-- to close at 7,562 points. "Activity had been dull initially, but with the much awaited resolution of the turnover tax issue, word of an oil discovery, and a hike in oil prices caused a flurry, especially in the energy scrips", said Angela Memon, analyst at JS Global Capital On the economic front, a rumour that consensus was finally being reached with the IMF and the latest tax figures helped boost investor confidence, she added. Trading activities weren't impressive in the beginning as the week started with a technical correction on Monday with
a loss of 60 points as investors booked profits at the end of results season. However the news of reduction in turnover tax and higher international oil prices spurred buying euphoria at the bourse the next day as it jumped by 143 points at the end of the Tuesday session. Bulls failed to stay at the floor on Wednesday and the main index closed 64 points down due to state-run institutions' profit-taking, absence of positive triggers ahead, and fears of rise in T-bill yields. Owing to rising international oil prices and continuous offshore buying spurred by swelling regional stocks the top index gained 84 and 179 points on Thursday and Friday respectively. On the other hand, the meeting of the board of directors of the exchange to resolve the conflicts with the non-member directors too remained successful. Saeed Khalid, analyst at Invest Cap said that US Fed's decision of $600 billion liquidity injection resulted a fall in the USD while notable rallies have been observed in metals and commodities especially int'l oil prices. This also attracted local as well as foreign buying to trade in their beloved oil sector scrips at KSE. Foreign investors returned as net buyers as according to NCCPL there was a net foreign buying of $12.7 million last week while local individuals did a net-selling of $8.5 million. Volumes were little lower Week-on-Week basis mainly due to low activity at the start of the week. A total of around 616 million shares traded in the See # 14 Page 11
Gulf stocks mkt
Abu Dhabi jumps on Fed move, oil gains DUBAI: Abu Dhabi stocks rose the most in more than two weeks as global shares and oil gained after the Federal Reserve announced another round of bond purchases to boost the world's biggest economy. Dubai's benchmark dropped. First Gulf Bank PJSC, the United Arab Emirates lender controlled by Abu Dhabi's ruling family, climbed to the highest since May. National Bank of Abu Dhabi PJSC increased to the highest this year. The ADX General Index rose 0.7 per cent, the most since Oct. 21, to 2,770.37 at the 2 p.m. close in Abu Dhabi. Dubai's measure lost 0.9 per cent as Arabtec Holding Co. and Dubai Islamic Bank PJSC posted lower quarterly earnings. First Gulf jumped 3.9 per cent to 17.55 dirhams, the highest since May 24. National Bank of Abu Dhabi rose 2.1 per cent to 12.25 dirhams, the highest since December. Dubai's DFM General Index declined to 1,721.66, the lowest in a month. Arabtec lost 5.1 per cent, the most since May 25, to 2.04 dirhams. The biggest construction company in the UAE by market value reported a 96 per cent drop in third-quarter profit, missing analysts' estimates as a property slump and project cancellations hurt earnings. Dubai Islamic, the biggest Shariah-compliant lender in the UAE, retreated 3.8 per cent, the most since April, as quarterly profit fell 10 per cent to 270 million dirhams ($74 million). Deyaar Development slumped 7.8 per cent, the most since May, after posting a third-quarter loss. Oman's MSM30 Index added 0.5 per cent. Qatar's QE Index advanced 0.7 per cent, while Kuwait's gauge slipped 0.1 per cent. Saudi Arabia's Tadawul All Share Index dropped 0.5 per cent after advancing 1.9 per cent yesterday and Bahrain's gauge retreated 0.2 per cent. Egypt's EGX30 Index increased 1 per cent. -Agencies
Dhiyan
BULLS, BEARS MAY GO HOOF IN CLAW Tariq Hussain Khan, Head of Portfolio Management United Capital Market has witnessed a significant swell last week without any "fundamental" reason. Market has accomplished this feat at a time when fundamentals are showing a gloomy picture. On the other hand increase in oil/power prices could raise inflationary pressures leading to a hike in interest rates. However, technically market has crossed an important resistance level of 10,700 points and now if it manages to negotiate the next psychological barrier of 10,900 points then we may see some new highs including that of 11,500 points in days to come. Invest in high divided yielding stocks and avoid speculative stocks. E&P, OMC, fertilizer and cement sectors are quite investable. Market would be mixed today and may end on a negative note.
Mohammad Imran, AVP Research Arif Habib Limited Outlook is still bullish which might push index up to 11,200-11,300 points level. But these levels are mainly contingent on the launch of Margin Trading System (MTS), which is expected soon, positive outcome of the meeting with International Monetary Fund (IMF), settlement of SECP-brokers issues, higher international oil prices, and attractive valuations as compared to the regional markets. Investors can invest in oil, textile, and power sectors. Our top picks are POL, PPL, NPL, LOTPTA, and FFBL. Market would remain positive today.
6
Monday, November 8, 2010
Market Volume
615,986,870
Value
22,421,516,465
Trades
334,365
Paid up Cap(mn)
Advanced Declined Unchanged Total
227 173 18 418
Current High Low Change
10,882.00 10,923.61 10,528.85 h283.60
PE
Open
High
High Low 1,411.68 1,336.10 Total cos Defaulter cos P/BV (x) ROE (%) 3.35 32.54 Low
Close Chg
Close Change % Change 1,402.33 54.18 4.02 Listed cap Market cap 200-Day High 65,194.15 mn 1,100,684.37 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.43 Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
691
5.28 297.47
305.55 292.01 304.93
7.46
2427714 374.20
287.99
250
-
300
20
6.74 100.36
120.22 100.35 120.22 19.86
14837626 120.22
73.47
-
-
-
-
Mari Gas Company
735 16.77 118.96
125.00 118.19 123.76
4.80
246904
128.90
106.00 32.17 100B
31
-
National Refinery XD
800
234.85 218.00 234.85 14.15
905538
234.85
183.25
125
-
200
-
159.70 153.25 158.34
5715262 159.70
133.00
82.5
-
55
-
3.48 220.70
Oil & Gas Development 43009 10.71 153.94
2365
Pak Refinery Limited
350
P.S.O
1715
7.81 186.85 6.05 242.42 -
74.97
4.78 265.73
Shell Gas LPG
226
-
32.86
Shell Pakistan
685 10.26 182.62
192.87 184.00 192.01
4.40 5.16
257.50 239.00 256.02 13.60 83.22
74.51
82.23
7.26
283.99 262.70 282.38 16.65 37.52
32.05
37.13
4.27
201.95 182.15 200.04 17.42
5292187 214.10 10653203 257.50
168.70
130
20B
90
180
-
255
-
85.90
48.26
-
-
-
-
6084139 283.99
233.10
50
-
80
-
29810
40.28
27.32
-
-
-
-
350671
232.00
182.05
330
-
40
-
CHEMICALS Performance of SR Chemicals Index Open High Low 1,182.00 1,223.46 1,178.19 Turnover Total cos Defaulter cos 126,440,578 P/E (x) P/BV (x) ROE (%) 7.57 2.65 35.00 Company
Paid up Cap(mn)
Bawany Air XD BOC (Pak) Clariant Pak Dawood Hercules
Close Chg
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
8.99
9.98
7.73
9.52 0.53
12414
13.99
7.73
-
-
5
10R
79.40
75.00
76.75 -0.84
22284
87.99
66.90
90
-
15
-
273
5.94 157.23
162.00 149.72 155.37 -1.86
175485
164.89
149.72
125
-
-
-
1203
7.09 168.98
171.99 167.15 170.93 1.95
101759
182.00
155.38
40
10B
40
-
-
-
3663
22000 6785
-
1.64
9.91 175.35 -
9.54
7.86 106.52
Fauji Fertilizer Bin Qasim9341
6.06
ICI Pakistan
7.54 123.83
1388 360
Lotte Pakistan
Low
77.59
3277
Ittehad Chemical
High
68 79.33
Dewan Salman
Fauji Fertilizer
Open
Change % Change 33.52 2.84 Market cap 200-Day High 273,149.77 mn Div Yield (%) 200-Day Low 6.44 -
250 10.54
Engro Corporation Ltd Fatima Fertilizer
PE
Close 1,215.52 Listed cap 52,251.88 mn Payout (%) 48.81
9.60
31.16
27.48
1.75
1.47
1.58 -0.06
181.75 174.70 180.38 5.03 9.80
9.50
9.71 0.17
109.60 106.71 108.53 2.01 32.30
30.80
32.10 0.94
134.69 123.75 133.80 9.97 28.85
25.72
25.72 -1.76
2.00
1.28
7267328 182.10
1646306
165.60
5079535
11.74
3248316 109.95 9912494
6010B 40R
9.02
-
-
40
-
-
-
-
-
102.96 131.5
10B
95
-
32.30
26.59
40
-
17.5
-
2609845 134.69
109.50
80
-
55
-
7185
33.00
21.00
15
-
5
-
15142
4.11
10.28
11.69
10.08
11.50 1.22
90673039 11.69
6.75
5
-
-
-
74
-
1.32
2.09
1.01
2.04 0.72
634021
3.24
0.80
-
-
-
-
1106
-
1.50
1.50
1.36
1.41 -0.09
477987
1.65
1.16
-
-
-
-
Shaffi Chemical
120
-
2.58
3.40
2.31
2.47 -0.11
36797
3.49
1.80
-
-
-
-
Sitara Peroxide
551 14.18
Mandviwala Nimir Ind Chemical
Wah-Noble XD
90
6.55
12.82
13.90
12.50
13.05 0.23
2422019
13.90
7.67
-
-
-
-
34.21
36.14
33.50
34.06 -0.15
10811
46.25
33.50
50
-
50
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,085.43 Turnover 531,126 P/E (x) 5.57 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,108.95 1,043.64 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.47 Low
Close Chg
Close 1,087.09 Listed cap 1,186.83 mn Payout (%) 25.28
Change % Change 1.67 0.15 Market cap 200-Day High 3,012.35 mn Div Yield (%) 200-Day Low 4.54 -
Last 60 days High Low
Volume
Century Paper
707
-
16.26
17.25
15.28
16.74 0.48
515228
21.80
15.28
Security Paper
411
6.08
40.00
40.00
39.00
39.40 -0.60
12645
48.00
38.10
2009 Div BR (%) (%) - 425R 50
-
Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC XD 1321
-
-
High
Low
Close Chg
Volume
Last 60 days High Low
7.19 41.72
72.91 37.68
73.50 38.38
70.00 36.01
71.93 -0.98 38.38 0.70
47274 6974
80.00 41.00
Close 927.30 Listed cap 3,596.11 mn Payout (%) 30.91
Change % Change 7.73 0.84 Market cap 200-Day High 8,791.15 mn Div Yield (%) 200-Day Low 10.82 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Crescent Steel
565
3.91
24.50
25.57
24.00
25.00 0.50
99178
27.90
23.75
-
-
30
-
Dost Steels Ltd
675
-
2.81
3.05
2.63
3.01 0.20
319614
3.39
1.65
-
-
-
-
555
8.71
14.62
14.50
13.30
13.94 -0.68
112726
16.75
12.25
-
30B
-
-
1199
9.42
45.58
46.34
44.00
45.22 -0.36
206367
67.25
44.00
-
-
40
20B
Company
Huffaz Pipe International Ind
Last 60 days High Low
2009 Div BR (%) (%)
Open 1,098.43 Turnover 1,664,500 P/E (x) 3.99 Company
Paid up Cap(mn)
PE
Open
Atlas Battery 101 4.64 155.91 Dewan Motors 890 1.50 General Tyre 598 18.79 21.91 Ghandhara Nissan 450 3.55 4.68 Ghani Automobile Ind 200 7.50 4.95 Honda Atlas Cars 1428 - 11.55 Indus Motors 786 5.37 232.00 Pak Suzuki 823 11.63 73.09 Sazgar EngineeringXDXB 150 3.51 20.50 Transmission 117 2.00
High
High Low 1,119.20 1,088.01 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 25.35 Low
Close Chg
157.50 152.70 155.26 -0.65 1.58 1.35 1.40 -0.10 22.00 21.00 21.80 -0.11 5.67 4.60 5.11 0.43 4.99 4.02 4.80 -0.15 12.50 11.11 11.99 0.44 237.00 230.00 235.29 3.29 76.00 72.02 73.04 -0.05 20.70 17.92 18.84 -1.66 2.80 1.62 2.15 0.15
Close 1,102.84 Listed cap 6,768.53 mn Payout (%) 20.42
Company
Paid up Cap(mn)
PE
Open
High
High Low 1,002.27 945.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 7.10 Low
Close Chg
Close 990.31 Listed cap 54,792.74 mn Payout (%) 19.04
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Al-Abbas Cement
1828
-
3.05
3.25
2.80
3.04 -0.01
56334
4.20
2.80
-
-
Attock Cement XD
866
6.49
58.30
62.00
57.60
61.66 3.36
472678
69.99
57.60
50
20B
Berger Paints
182
-
15.53
17.90
15.00
17.35 1.82
156659
18.50
14.01
-
-
- 122R
Cherat Cement
956 27.07
11.93
12.25
10.75
11.91 -0.02
164949
12.50
9.26
-
-
-
Dadabhoy Cement
982 12.31
1.51
1.84
1.51
1.60 0.09
101508
2.20
1.30
-
-
- 100R 50
-
-
Dandot Cement
948
-
2.52
2.85
2.10
2.29 -0.23
20039
3.12
1.02
-
-
-
-
Dewan Cement
3574
-
1.55
1.65
1.44
1.46 -0.09
341177
1.99
1.30
-
-
-
-
DG Khan Cement Ltd
3651 120.96
27.33
29.03
26.60
29.03 1.70
32696221 29.03
23.02
-
20R
-
20R
Fauji Cement
6933 14.88
4.82
5.04
4.72
4.91 0.09
1276960
5.50
4.51
-
-
-
-
6.30
7.15
5.80
7.10 0.80
52714
7.15
4.25
-
10B
-
-
Fecto Cement
502
Flying Cement Ltd
1760
Frontier Ceramics Gharibwal Cement
3.70
2.20
1.74
77
-
3.80
4.00
1.95
2.95 -0.85
10359
5.00
1.91
-
-
-
-
2319
-
-
3.03
1.90
3.48
1.97
2.70
1.74
3.44 0.41
1.89 -0.01
6521
173843
7.25
2.11
-
-
-
-
-
-
-
-
Haydery Const
32
-
0.63
0.84
0.60
0.63 0.00
49507
1.48
0.25
-
-
-
-
Kohat Cement
1288
-
6.15
6.29
6.10
6.15 0.00
251239
6.50
5.50
-
-
-
-
Lucky Cement XD
3234
6.58
73.07
74.15
70.75
73.18 0.11
9824055
74.15
62.80
40
-
40
-
Maple Leaf Cement
5261
1.33
2.85
3.00
2.66
2.86 0.01
1312805
3.40
2.51
-
-
-
-
Pioneer Cement
2228
-
7.99
8.14
7.25
7.53 -0.46
760073
8.58
6.90
-
-
-
-
Safe Mix Concrete
200
-
6.15
6.48
5.72
6.09 -0.06
9142
9.47
5.50
-
-
-
-
Thatta Cement
798 507.00
19.50
20.30
19.00
20.28 0.78
10791
22.24
17.74
-
-
-
50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 902.80 Turnover 1,444,733 P/E (x) 2.65 Company
Paid up Cap(mn)
High Low 948.95 904.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 43.91
PE
Open
High
Low
Close Chg
Close 939.08 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change 36.28 4.02 Market cap 200-Day High 35,164.91 mn Div Yield (%) 200-Day Low 5.86 -
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Cherat PapersackXDXB
115
1.82
51.39
52.82
46.02
51.04 -0.35
482568
53.19
34.00
-
-
20
ECOPACK Ltd
230
-
2.00
2.29
1.90
2.00 0.00
44286
2.64
1.70
-
-
-
-
1067
4.57
48.00
49.99
47.30
49.75 1.75
23144
61.99
45.75
30
10B
25
10B
Ghani GlassXDXB Merit Pack Packages Ltd
47 45.40
17.50
844 54.59 101.02
18.89
16.90
18.16 0.66
109.50 103.83 106.46 5.44
8382 851334
25B
18.89
11.81
-
-
-
-
123.00
98.00
32.5
-
-
-
Open 1,514.83 Turnover 899,992 P/E (x) 33.12 Company Adam Sugar AL-Noor Sugar Chashma Sugar Crescent Sugar Habib Sugar Habib-ADM Ltd J D WSugar Mirza Sugar Mithchells Fruit National Foods XD Noon Pakistan XD Noon Sugar Quice Food S S Oil Sanghar Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala
Paid up Cap(mn)
Volume
Last 60 days High Low
24714 195.80 388697 2.05 40595 26.70 682867 6.09 20406 5.55 53548 12.98 240122 258.00 204804 87.00 33686 27.58 5215 3.25
58 186 287 214 600 200 490 141 50 414 48 165 107 57 119 211 695 1177
High Low 1,523.81 1,488.85 Total cos Defaulter cos P/BV (x) ROE (%) 10.03 30.30
PE
Open
High
Low
0.76 4.49 0.87 11.85 6.18 11.57 2.66 0.34 8.04 15.90 2.52 0.27 1.00 16.22 263.91
13.99 42.94 9.45 6.00 29.50 12.50 77.44 5.45 65.54 42.18 21.89 12.85 2.16 3.01 13.80 11.25 4.51 32.00
14.99 44.75 11.10 6.65 30.40 12.89 80.50 5.60 68.81 43.60 22.39 13.90 2.16 3.89 13.90 11.35 5.24 32.50
13.00 42.00 9.35 6.25 29.40 12.25 77.00 5.00 62.50 41.12 17.51 12.00 2.06 3.05 13.00 10.33 4.15 29.03
131.00 1.16 21.00 4.03 3.55 9.65 212.29 69.25 17.92 1.53
Close 1,515.49 Listed cap 1,336.62 mn Payout (%) 131.49
Open 1,127.88 Turnover 1,044,520 P/E (x) 3.65 Company
Close Chg 14.37 44.15 10.71 6.28 29.97 12.50 79.48 5.44 66.20 42.60 17.61 13.00 2.11 3.10 13.90 11.19 5.10 29.03
0.38 1.21 1.26 0.28 0.47 0.00 2.04 -0.01 0.66 0.42 -4.28 0.15 -0.05 0.09 0.10 -0.06 0.59 -2.97
Close 1,516.88 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Company
PE
Open
High
Low
Close Chg
Volume
66
1.06
16.76
17.00
16.00
16.50 -0.26
19245
21.96
14.62
20
-
-
-
1.77
12826
227.45
200.00
400
-
150
-
0.21
9518
1.00
0.21
-
-
-
-
330459
18.80
10.55
-
-
-
-
486650
597.90
390.00
450
25B
650
25B
Dewan Auto Engineering 214
206.00 201.80 204.10
-
0.75
0.96
0.21
Ghandhara Ind
213 10.77
12.00
11.85
10.55
Millat Tractors XB
366
6.32 480.89
0.96
11.63 -0.37
488.50 472.00 482.77
1.88
100 20 150 10 -
20B 20B -
20B 20B -
Change % Change 2.05 0.14 Market cap 200-Day High 197,172.12 mn Div Yield (%) 200-Day Low 0.92 -
Last 60 days High Low
18475 95045 177336 14001 143479 6756 16022 23366 120461 5826 14941 18802 16500 7500 5548 22858 23008 140929
Pak Elektron Tariq Glass Ind
High Low 1,161.70 1,086.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 10.64
14.99 45.99 11.40 6.98 32.25 16.98 80.80 5.70 74.35 63.88 29.79 13.90 3.40 3.89 14.90 11.90 6.40 35.50
10.50 39.25 8.00 5.50 25.06 11.90 60.10 4.00 61.50 39.01 17.51 10.20 1.60 2.51 11.50 8.00 3.02 25.25
Close 1,137.82 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
1174 231
3.33 2.03
13.70 17.66
13.95 18.00
12.90 16.80
13.22 -0.48 16.94 -0.72
835311 202736
2009 Div BR (%) (%)
2010 Div BR (%) (%)
RSI (14-day)
57.15
Total Assets (Rs in mn)
38,525.22
MA (10-day)
10.99
Total Equity (Rs in mn)
18,469.71
MA (100-day)
10.82
Revenue (Rs in mn)
11,737.86
MA (200-day)
13.52
Interest Expense
1st Support
10.85
Profit after Taxation
60.53
2nd Support
10.50
EPS 09 (Rs)
0.003
1st Resistance
11.45
Book value / share (Rs)
37.85
2nd Resistance
11.70
PE 10 E (x)
Pivot
11.10
PBV (x)
2,424.42
0.30
ANL closed up 0.33 at 11.18. Volume was 83 per cent above average and Bollinger Bands were 13 per cent narrower than normal. The company's loss after taxation stood at Rs488.179 million which translates into a Loss Per Share of Rs1.12 for the nine months of current calendar year (9MCY10). ANL is currently 17.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ANL (bullish). Trend forecasting oscillators are currently bearish on ANL.
Silkbank Limited
2009 Div BR (%) (%) 10 40 35 40 40 20 50 10 15 -
25B 25B 10B 10B -
2010 Div BR (%) (%) 40 0 12.5R 12 12 -
RSI (14-day)
38.85
Total Assets (Rs in mn)
MA (10-day)
2.69
Total Equity (Rs in mn)
MA (100-day)
2.79
Revenue (Rs in mn)
5,913.32
MA (200-day)
3.16
Interest Expense
5,855.52
1st Support
2.56
Loss after Taxation
2nd Support
2.52
EPS 09 (Rs)
1st Resistance
2.69
Book value / share (Rs)
2nd Resistance
2.78
PE 10 E (x)
Pivot
2.65
PBV (x)
Paid up Cap(mn)
PE
Open
High
High Low 958.82 927.20 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 8.64 Low
Close Chg
Amtex Limited XD 2415 Artistic Denim XD 840 Azam Textile XD 133 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Bilal Fibres 141 Brothers Textile 98 Chakwal Spinning XD 400 Chenab Limited 1150 Chenab Ltd Pref 800 Colony Mills Ltd 2442 Crescent Jute 238 D S Ind Ltd 600 Data Textile 99 Dawood Lawrencepur 514 Dewan Farooque Spin. 600 Din Textile 204 Fazal Cloth 188 Gadoon Textile XD 234 Gillette Pakistan 192 Gul Ahmed Textile XD 635 Gulshan SpinningXDXB 222 Hira Txt.Mills Ltd. XD 716 Ibrahim Fibres XD 3105 Janana D Mal 43 Kohinoor Ind 303 Kohinoor Spinning XD 1300 Kohinoor Textile 1455 Masood Textile XD 600 Mehmood Textile XD 150 Mian Textile 221 Mohd Farooq 189 Mukhtar Textile 145 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Premium Textile XD 62 Ravi Textile 250 Reliance Weaving 308 Saif Textile 264 Sally Textile XD 88 Samin Textile 134 Service Ind 120 Service Textile 44 Shahpur Textile 140 Shahtaj Textile 97 Suraj Cotton XD 180 Tata Textile 173 Thal LimitedXDXB 307 Treet Corp 418 Tri-Star Poly 215 Yousuf Weaving 400
10.64 6.27 5.56 20.00 0.33 2.70 - 10.85 0.47 11.85 5.62 587.15 0.36 1.57 0.69 0.46 1.76 3.23 2.60 4.53 2.85 0.68 2.09 0.36 45.88 39.97 5.60 5.15 0.54 25.92 0.98 50.00 0.49 46.76 - 66.00 3.59 23.56 0.96 7.39 0.73 3.87 2.98 38.40 0.23 18.40 1.49 0.30 1.19 3.78 5.31 1.90 20.00 0.66 60.00 0.59 0.95 0.55 1.91 20.89 4.58 51.71 2.18 6.11 0.46 29.84 1.77 0.64 9.63 0.39 5.78 0.22 4.50 4.93 6.35 6.10 207.95 0.74 0.67 0.69 - 17.16 0.72 31.85 0.24 20.00 4.27 91.40 8.44 44.45 1.02 0.43 1.25
5.80 4.40 4.68 -1.59 20.19 19.10 20.00 0.00 2.99 2.23 2.35 -0.35 11.35 10.20 11.18 0.33 14.50 11.50 13.30 1.45 678.48 555.01 678.48 91.33 2.00 1.00 1.35 -0.22 0.85 0.40 0.50 -0.19 1.72 0.56 1.06 -0.70 3.73 3.15 3.40 0.17 2.61 1.21 2.14 -0.46 2.99 2.76 2.90 0.05 1.05 0.60 0.84 0.16 2.37 1.80 1.93 -0.16 0.65 0.20 0.41 0.05 40.00 36.29 39.00 -0.97 6.95 4.25 6.95 1.80 27.00 25.10 25.27 -0.65 53.25 47.50 52.00 2.00 51.50 44.05 45.01 -1.75 69.05 60.05 61.00 -5.00 25.96 24.73 25.00 1.44 7.99 7.00 7.93 0.54 4.15 3.80 3.90 0.03 40.30 36.48 37.90 -0.50 19.24 13.44 14.16 -4.24 1.64 1.45 1.57 0.08 1.24 0.70 0.82 -0.37 5.60 5.02 5.29 -0.02 19.70 18.01 18.01 -1.99 59.85 54.15 54.16 -5.84 0.65 0.45 0.65 0.06 1.25 0.50 0.91 -0.04 0.95 0.16 0.65 0.10 22.98 20.25 22.98 2.09 54.30 50.25 53.39 1.68 6.45 6.00 6.45 0.34 31.00 28.00 28.90 -0.94 1.79 1.52 1.62 -0.15 10.48 8.95 9.19 -0.44 6.49 4.70 4.80 -0.98 5.00 3.64 4.46 -0.04 6.87 5.81 5.92 -0.43 197.56 169.00 178.21-29.74 0.75 0.25 0.25 -0.49 0.95 0.46 0.48 -0.21 17.80 16.80 16.97 -0.19 32.08 31.00 32.05 0.20 24.75 20.85 24.50 4.50 100.49 91.25 99.91 8.51 55.25 44.45 53.03 8.58 1.50 0.72 0.90 -0.12 1.49 1.20 1.23 -0.02
12.17 14.50
Close 950.30 Listed cap 47,070.70 mn Payout (%) 16.68
2009 Div BR (%) (%)
Open 879.53 Turnover 226,479 P/E (x) 6.85 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Otsuka Pak XD Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 100 306
PE
High Low 887.90 859.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.53 22.31
4.40 17.55 1.35 8.55 7.50 436.00 0.55 0.12 0.56 2.93 1.21 2.23 0.16 1.44 0.02 36.29 2.05 20.80 41.00 33.80 57.50 19.99 5.31 2.52 34.05 9.95 1.01 0.56 4.00 18.01 54.15 0.01 0.35 0.16 14.64 40.81 5.16 25.71 1.38 6.91 2.01 2.74 5.02 169.00 0.14 0.18 14.75 29.00 14.02 86.50 37.20 0.26 0.73
Close 872.50 Listed cap 3,904.20 mn Payout (%) 44.54
Open
High
Low
Close Chg
Volume
8.68 100.00 6.51 83.63 12.59 71.50 6.93 24.89 7.14 32.00 5.62 62.54
99.90 92.00 71.85 25.00 34.70 63.15
96.50 83.63 69.52 23.50 32.00 62.05
99.05 -0.95 86.19 2.56 69.98 -1.52 25.00 0.11 32.00 0.00 62.50 -0.04
27586 29181 46140 30017 6065 74577
-
10B -
17.5
0.22 12.03
10B -
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 20 20 7.5 20 120 5 5 20 10B -100SD 70 5 - 12.5 - 10B 10 20B 10 20 5 15 15 100R 4050.2257B 60 - 50R 15 20 25 45R 12.5 7.5 50 - 25SD 10 - 100R 200 20 45 15 50 25 20 20B 80 20B 4 -
Change % Change -7.03 -0.80 Market cap 200-Day High 29,002.13 mn Div Yield (%) 200-Day Low 6.50 -
Last 60 days High Low 104.00 124.00 78.90 25.79 34.70 64.50
(3.224)
2010 Div BR (%) (%)
Change % Change 1.82 0.19 Market cap 200-Day High 121,520.15 mn Div Yield (%) 200-Day Low 2.79 -
Last 60 days High Low
16484999 20.45 13744 24.05 24158 3.45 8929850 12.32 107085 14.50 59425 678.48 9700 2.00 5026 1.50 91665 2.59 207621 4.24 2290198 2.61 41549 3.45 17600 1.90 2217662 2.49 14527 0.96 11493 48.75 127200 6.95 101530 30.90 282278 53.25 49255 51.50 10017 73.00 7368 25.96 6782 10.30 869887 4.88 169011 40.30 83771 20.50 129438 1.95 5956 2.00 51710 6.30 5397 22.88 15826 74.50 34399 0.98 23505 1.50 10786 0.98 11183529 23.55 24389259 54.30 29693 7.49 18153 31.03 604516 3.09 24655 12.00 62612 6.49 14365 6.20 33736 8.69 401347 255.29 9500 0.75 305436 1.90 20180 21.90 28396 37.50 26694 24.75 919743 112.80 1524126 55.25 17974 1.50 31411 1.80
(2,902.91)
SILK closed down -0.01 at 2.63. Volume was 54 per cent below average (consolidating) and Bollinger Bands were 13 per cent narrower than normal. The company's loss after taxation stood at Rs700.335 million which translates into a Loss Per Share of Rs0.32 for the nine months of current calendar year (9MCY10). SILK is currently 16.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of SILK (mildly bearish). Trend forecasting oscillators are currently bearish on SILK.
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Volume
196.91
Karachi Electric Supply Corp Ltd
PERSONAL GOODS Open 948.47 Turnover 72,246,433 P/E (x) 5.99
68,664.34
Change % Change 9.94 0.88 Market cap 200-Day High 5,347.07 mn Div Yield (%) 200-Day Low 1.72 -
Last 60 days High Low 15.43 18.80
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Personal Goods Index
Change % Change -2.94 -0.19 Market cap 200-Day High 31,355.66 mn Div Yield (%) 200-Day Low 16.54 -
Ados Pak
4.89 202.33
100 100 5 2
Performance of SR Pharma and Bio Tech Index
Last 60 days High Low
215
2010 Div BR (%) (%)
PHARMA AND BIO TECH
Paid up Cap(mn)
AL-Ghazi Tractor
2009 Div BR (%) (%)
HOUSEHOLD GOODS
Performance of SR Industrial Engineering Index High Low 1,539.95 1,499.11 Total cos Defaulter cos P/BV (x) ROE (%) 3.02 38.02
-
Performance of SR Household Goods Index
INDUSTRIAL ENGINEERING Open 1,518.43 Turnover 867,545 P/E (x) 7.95
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
FOOD PRODUCERS
Company
Change % Change 15.00 1.54 Market cap 200-Day High 70,648.83 mn Div Yield (%) 200-Day Low 2.73 -
20B -
Change % Change 4.42 0.40 Market cap 200-Day High 40,055.84 mn Div Yield (%) 200-Day Low 5.12 -
Performance of SR Construction and Materials Index Open 975.31 Turnover 52,901,319 P/E (x) 6.97
30
2010 Div BR (%) (%)
Performance of SR Food Producers Index
2010 Div BR (%) (%)
CONSTRUCTION AND MATERIALS
60.05 34.50
2009 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Performance of SR Industrial Metals and Mining Index High Low 941.58 896.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.95 33.10
Change % Change -4.93 -0.65 Market cap 200-Day High 13,165.63 mn Div Yield (%) 200-Day Low 1.91 -
Open
INDUSTRIAL METALS AND MINING Open 919.57 Turnover 925,171 P/E (x) 2.86
Close 749.62 Listed cap 3,242.17 mn Payout (%) 11.08
Azgard Nine Limited
AUTOMOBILE AND PARTS
2010 Div BR (%) (%)
50
High Low 760.62 725.10 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53
PE
20B
213.17
331024
Open 754.55 Turnover 54,248 P/E (x) 5.80
Alert ! Unusual Movements
10,475.03 10,512.49 10,083.94 h320.12
INDUSTRIAL TRANSPORTATION
853
Pak Oilfields XD
Current High Low Change
7,562.10 7,588.63 7,334.17 h179.69
Performance of SR Industrial Transportation Index
Attock PetroleumXDXB
11950
Current High Low Change
KSE 30 Index
OIL AND GAS
Attock Refinery
Pak Petroleum
All Share Index
Performance of SR Oil and Gas Index Open 1,348.15 Turnover 46,874,078 P/E (x) 10.30 Company
KSE 100 Index
Symbols
77.00 83.00 65.00 22.10 27.50 53.36
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
2010 Div BR (%) (%) 20 30
20B -
RSI (14-day)
53.44
Total Assets (Rs in mn)
MA (10-day)
2.15
Total Equity (Rs in mn)
MA (100-day)
2.19
Revenue (Rs in mn)
207,629.50
MA (200-day)
2.55
Interest Expense
1st Support
2.05
Loss after Taxation
2nd Support
2.00
EPS 10 (Rs)
(0.74)
1st Resistance
2.20
Book value / share (Rs)
(0.02)
2nd Resistance
2.30
PE 11 E (x)
Pivot
2.15
PBV (x)
(525.11) 70,508.12 6,823.64 (14,641.22)
(88.51)
KESC closed up 0.08 at 2.17. Volume was 11 per cent above average and Bollinger Bands were 28 per cent narrower than normal. The company's loss after taxation stood at Rs1.782 billion which translates into a Loss Per Share of Rs0.09 for the 1st quarter of current fiscal year (1QFY11). KESC is currently 14.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KESC (mildly bullish). Trend forecasting oscillators are currently bullish on KESC.
Telecard Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
48.25
Total Assets (Rs in mn)
9,719.17
MA (10-day)
2.37
Total Equity (Rs in mn)
2,838.82
MA (100-day)
2.50
Revenue (Rs in mn)
3,791.47
MA (200-day)
2.86
Interest Expense
1st Support
2.20
Profit after Taxation
44.07
2nd Support
2.15
EPS 09 (Rs)
0.147
1st Resistance
2.40
Book value / share (Rs)
2nd Resistance
2.55
PE 10 E (x)
0.69
Pivot
2.35
PBV (x)
0.24
494.14
9.46
TELE closed up 0.04 at 2.31. Volume was 8 per cent below average and Bollinger Bands were 23 per cent narrower than normal. The company's profit after taxation stood at Rs251.746 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). TELE is currently 19.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into TELE (mildly bullish). Trend forecasting oscillators are currently bullish on TELE.
BOOK CLOSURES Company
From
To
1st Punjab Modaraba
09-Nov
15-Nov
D/B/R 1
Biafo Industries
10-Nov
16-Nov
Amtex Limited
12-Nov
23-Nov
Karachi Electric Supply Corp.
15-Nov
East West Life Assurance
Spot AGM/Date 01-Nov
15-Nov
12.5(i)
01-Nov
-
-
-
28-Nov
7.80(R)
04-Nov
-
15-Nov
23-Nov
10R
04-Nov
-
Nestle Pakistan
16-Nov
22-Nov
250(ii)
05-Nov
-
Fauji Fertilizer Co
21-Nov
27-Nov
20(iii)
-
-
Thal Limited
23-Nov
30-Nov
-
-
30-Nov
Sui Northern Gas Pipelines
24-Nov
30-Nov
20
-
30-Nov
Sui Southern Gas Pipelines
24-Nov
30-Nov
-
-
Fazal Cloth Mills
26-Nov
03-Dec
100(SD)
-
29-Nov
East West Insurance Co
01-Dec
07-Dec
10(B)
-
-
MCB Bank
03-Dec
10-Dec
30(iii)
-
-
Dawood Hercules Chemicals
07-Dec
13-Dec
20(ii)
-
-
Engro Corporation (Standalone)
07-Dec
21-Dec
20(ii)
-
-
Fauji Fertilizer Bin Qasim
14-Dec
20-Dec
12.5(iii)
-
-
Oil and Gas Development Co
14-Dec
21-Dec
15(i)
-
-
Siemens Pakistan
20-Dec
29-Dec
600
-
29-Dec
INDICATIONS # Extraordinary General Meeting
23-Nov
30-Nov
7
Monday, November 8, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,079.19 Turnover 14,091,643 P/E (x) 6.07 Paid up Cap(mn)
Company
PE
Pak Datacom XD 78 4.88 Pakistan Telecomm Co A 37740 12.77 Telecard XD 3000 0.69 WorldCall Tele 8606 -
Open
High Low 1,141.70 1,075.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84
High
92.79 18.25 2.27 2.45
Low
90.10 19.33 2.60 2.64
78.00 18.22 2.30 2.40
Close Chg 79.05 -13.74 19.16 0.91 2.31 0.04 2.46 0.01
Close 1,125.24 Listed cap 50,077.79 mn Payout (%) 62.56
Change % Change 46.05 4.27 Market cap 200-Day High 77,857.60 mn Div Yield (%) 200-Day Low 10.31 -
Last 60 days High Low
Volume 17270 6955368 3993456 3125549
120.61 19.76 2.69 2.98
78.00 17.32 1.80 2.30
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance
369
5.33
33.00
34.97
33.00
33.55 0.55
16010
35.00
27.10
40
10B
-
-
Central Insurance XB
279
6.36
52.00
56.85
53.00
56.00 4.00
6502
61.39
47.37
20
25B
10
10B
Century Insurance
457
7.18
11.24
11.49
10.50
11.49 0.25
6907
11.99
9.42
-
-
-
-
1250
-
41.55
46.86
39.48
45.88 4.33
497279
49.14
34.76
40
8.7B
-
-
400
EFU General Ins.XB Habib Insurance IGI Insurance Pak Reinsurance
2.68
11.50
11.65
11.05
11.27 -0.23
25697
12.50
10.04
35
-
-
-
718 15.58
83.00
85.90
82.00
84.00 1.00
11359
86.69
66.02
35
-
10
20B
3000 41.26
14.24
16.25
14.00
16.09 1.85
5105050
16.90
12.50
30
-
-
-
PICIC Ins Ltd
350
-
3.14
3.67
2.61
3.20 0.06
8762
4.16
1.66
-
-
-
-
Premier Insurance
303
5.10
9.22
9.64
9.00
9.44 0.22
16216
9.91
8.00
20
15B
-
-
Reliance Insurance XB
252
3.90
6.51
7.47
6.30
6.36 -0.15
11010
7.70
6.05
-
-
-
-
Silver Star Insurance
253
4.44
7.42
7.50
6.61
7.15 -0.27
8286
8.17
6.00
-
20B
-
-
-
LIFE INSURANCE
ELECTRICITY
Paid up Cap(mn)
Company
High Low 1,192.83 1,152.94 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
PE
Open
High
Low
Genertech 198 Hub Power 11572 6.26 Japan Power 1560 KESCSPOT 7932 Kohinoor Energy XD 1695 10.82 Kohinoor Power 126 2.99 Kot Addu Power XD 8803 4.86 Nishat Chunian Power Ltd3673 3.06 Nishat Power Ltd 3541 24.58 Sitara Energy Ltd XD 191 3.51 Southern Electric 1367 Tri-star Power XD 150 -
0.94 33.44 1.61 2.09 21.90 4.70 39.53 14.09 15.14 19.50 2.32 0.90
1.09 34.30 1.68 2.34 22.19 5.30 40.10 14.45 15.60 19.25 2.41 1.75
0.80 33.15 1.50 2.07 19.48 4.20 39.35 13.01 14.14 18.26 2.10 0.80
Close 1,181.39 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change 9.34 0.80 Market cap 200-Day High 97,730.08 mn Div Yield (%) 200-Day Low 8.38 -
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.97 34.16 1.53 2.17 19.48 4.90 39.99 13.95 15.24 18.83 2.14 1.09
47777 8125484 395907 4741613 212462 19750 1176832 6153209 18109781 149330 907365 379392
1.45 37.24 2.25 2.50 26.50 6.27 42.95 14.85 16.10 23.49 2.90 1.75
33.5 45 64.5 20 3
0.03 0.72 -0.08 0.08 -2.42 0.20 0.46 -0.14 0.10 -0.67 -0.18 0.19
0.51 32.75 0.70 1.92 19.48 3.90 38.35 9.50 9.25 18.26 2.05 0.33
2010 Div BR (%) (%)
31R -
Open 827.36 Turnover 231,613 P/E (x) 92.80
Paid up Cap(mn)
Company Sui North Gas Sui South GasXDXB
High Low 1,848.22 1,718.34 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 11.41
Close 1,837.12 Listed cap 12,202.80 mn Payout (%) 66.79
Change % Change 77.86 4.43 Market cap 200-Day High 39,513.96 mn Div Yield (%) 200-Day Low 5.80 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 10.24 8390 3.70
31.81 24.16
34.65 24.95
31.25 23.20
34.39 2.58 24.59 0.43
7079722 2211747
34.65 30.70
25.00 16.00
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
20 15
25B
BANKS Performance of SR Banks Index Open 1,017.80 Turnover 98,740,614 P/E (x) 7.44 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.47 55.36 Askari Bank 6427 7.51 15.45 Atlas Bank 5001 1.71 Bank Alfalah 13492 12.67 9.27 Bank AL-Habib 7322 6.90 32.00 Bank Of Khyber 5004 5.69 3.50 Bank Of Punjab 5288 8.42 BankIslami Pak 5280 817.50 3.22 Faysal Bank 6091 5.30 15.11 Habib Bank Ltd 10019 6.48 101.55 Habib Metropolitan Bank 8732 6.41 20.13 JS Bank Ltd 6128 2.64 KASB Bank Ltd 9509 2.48 MCB Bank Ltd 7602 9.15 202.55 Meezan Bank 6983 8.04 15.10 Mybank Ltd 5304 2.10 National Bank 13455 5.76 64.61 Network Mic Bank 300 1.02 NIB Bank 40437 2.71 Royal Bank Ltd 17180 7.25 Samba Bank 14335 1.99 Silkbank Ltd 26716 2.64 Soneri Bank 6023 7.75 Stand Chart Bank 38716 10.62 6.53 United Bank Ltd 12242 6.80 56.23
High
High Low Close 1,053.34 1,001.51 1,042.95 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low
Close Chg
56.60 54.96 56.26 0.90 15.90 14.96 15.78 0.33 1.85 1.51 1.59 -0.12 10.10 9.11 9.88 0.61 32.32 31.50 32.00 0.00 4.50 3.58 4.27 0.77 10.50 8.34 10.07 1.65 3.59 3.21 3.27 0.05 17.00 15.92 16.44 1.33 104.50 100.50 103.67 2.12 21.25 19.70 20.97 0.84 2.90 2.56 2.80 0.16 2.70 2.26 2.45 -0.03 208.50 199.00 206.36 3.81 15.49 14.50 15.20 0.10 2.25 1.91 2.06 -0.04 66.30 63.53 66.00 1.39 1.30 1.00 1.21 0.19 2.89 2.59 2.78 0.07 7.70 6.00 6.20 -1.05 2.00 1.51 1.87 -0.12 2.77 2.50 2.63 -0.01 8.00 7.01 7.87 0.12 7.00 6.33 6.90 0.37 58.30 55.25 57.84 1.61
Change % Change 25.15 2.47 Market cap 200-Day High 630,006.78 mn Div Yield (%) 200-Day Low 5.44 -
Last 60 days High Low
Volume 1700536 3563696 1807935 16871802 574543 493048 27816974 879871 1709744 978447 399697 1030059 355133 4388943 85061 537706 17174863 12537 3558924 882169 938731 7129789 2359791 144584 3346031
57.25 16.65 2.84 10.19 33.75 4.50 10.50 3.69 17.00 107.15 23.30 2.90 3.22 208.50 15.95 2.75 70.75 1.90 3.25 10.10 2.65 3.30 8.00 8.00 59.24
48.51 13.99 1.51 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.51 2.15 5.01 6.00 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 670.23 Turnover 9,631,837 P/E (x) 11.71 Paid up Cap(mn)
Company Adamjee Insurance
High Low 730.90 657.77 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 5.20
Close 724.42 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change 54.19 8.09 Market cap 200-Day High 45,238.10 mn Div Yield (%) 200-Day Low 6.79 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 22.49
69.53
77.58
68.00
77.58 8.05
3907065
80.78
63.05
2009 Div BR (%) (%) 30
2010 Div BR (%) (%)
10B
10
-
Close 835.12 Listed cap 2,290.72 mn Payout (%) 355.53
Change % Change 7.76 0.94 Market cap 200-Day High 9,805.23 mn Div Yield (%) 200-Day Low 3.83 -
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance XB
850 41.61
67.68
76.50
62.75
73.23 5.55
122191
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 27.28
42.00
43.87
40.00
40.65 -1.35
104516
45.20
34.50
10
-
2009 Div BR (%) (%)
2010 Div BR (%) (%)
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 373.31 Turnover 67,286,749 P/E (x) 44.51 Paid up Cap(mn)
AMZ Ventures Arif Habib Limited XB Arif Habib Securities Dawood Equities Escorts Bank IGI Investment Bank Invest and Fin Sec XD Invest Bank Ist Cap Securities XB Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap XD JS Investment Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing Trust Inv Bank
High Low 401.11 362.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 0.91
PE
Open
High
Low
225 1.50 450 12.98 3750 4.46 250 441 2121 14.63 600 670.00 2849 3166 626 0.68 7633 508 500 7.90 1000 26.58 821 4.62 775 452 978 5.81 586 4.38
0.65 25.27 23.23 1.91 2.50 2.09 7.11 0.66 3.86 1.83 9.88 4.07 27.48 5.91 5.51 2.29 0.58 2.59 1.50
0.75 25.70 24.54 2.09 2.88 2.50 7.23 0.84 3.99 2.00 10.89 5.38 29.37 6.45 6.45 2.70 0.75 2.80 2.98
0.55 24.40 22.80 1.81 2.00 2.01 6.16 0.53 3.52 1.76 9.54 3.80 25.75 5.80 5.25 2.10 0.55 2.30 1.48
Close Chg 0.66 25.44 24.28 1.90 2.75 2.34 6.70 0.73 3.85 1.91 10.79 4.03 29.37 6.38 6.28 2.41 0.75 2.79 2.80
0.01 0.17 1.05 -0.01 0.25 0.25 -0.41 0.07 -0.01 0.08 0.91 -0.04 1.89 0.47 0.77 0.12 0.17 0.20 1.30
Close 396.14 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 662557 473170 10321038 65027 12397 2790580 660175 394546 89378 385520 32644333 10186421 94581 1432937 867566 5812953 5494 30410 5431
Change % Change 22.83 6.11 Market cap 200-Day High 27,973.80 mn Div Yield (%) 200-Day Low 2.24 -
Last 60 days High Low
2009 Div BR (%) (%)
1.10 38.80 29.60 2.91 3.35 2.50 9.00 1.00 5.29 2.84 11.74 5.38 40.30 7.04 6.45 2.70 1.70 2.95 3.04
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 24.40 20.90 1.51 1.85 1.17 6.16 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.66 1.35 0.40 1.50 1.24
2010 Div BR (%) (%) 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,060.58 Turnover 18,284,710 P/E (x) 15.55
2010 Div BR (%) (%)
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
High Low 872.53 813.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.57 3.85
PE
Company
Performance of SR Gas Water and Multiutilities Index Open 1,759.26 Turnover 9,291,469 P/E (x) 11.51
Paid up Cap(mn)
Company
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES
SSML SAPL LAKST AGIL SALT NJICL ZTL GRAYS ELSM GFIL IDRT GAEL PNGRS DWSM STCL COTT BCL SIEM ALQT PRWM KML ALICO NAGC NPSM SITC PPP RMPL SIBL DCM UNIC MRNS EMCO AGL GUTM CSIL SNAI JVDC RUPL SHCM ATLH JOPP SKFL QUAT KSBP DKTM SHDT QUET PMRS SRSM BGL PCAL FNEL FNBM COLG SING SUTM DMTM ZAHT PECO WYETH IDYM PASM AKGL PAKMI SZTM SHEZ PAKL ATEL AATM FTSM DADX APOT SHNI HINO PTEC ISIL HUSS MQTM WAZIR MACFL FASM GAMON AASM KSTM POAF RCML FRSM LEUL SKRS STML BAFS AGIC UPFL CRTM DIIL FIBLM FIMM GATI SHJS NESTLE ARPAK MUCL EXIDE ULEVER FECM CFL JKSM FZTM UVIC SCL KOHTM MIRKS TRSM BIFO BUXL FECS HWQS HAJT FCONM PGCL DYNO BCML NAKI ARM GRYL KASBM ISTM GUSM BWHL CLOV NSRM PKGI ALTN SGMLPS DSML PHDL HUSI
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,172.05 Turnover 37,120,641 P/E (x) 12.43
UP TO 5000 VOLUME Symbols
Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F.XD AL-Noor Mod.XD Asian Stocks Atlas Fund of Funds XD B R R Guardian Mod. Crescent St Mod.XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba XD Habib Modaraba JS Growth Fund JS Value Fund Meezan Bal.Fund XD Mod Al-Mali NAMCO Bal.Fund Pak Prem Fund Pak Strat Fund Paramount Mod.XD PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab ModarabaSPOT Stand Chart Modaraba Tri-Star Mutual U D L Modaraba XD
264 1375 210 900 525 780 200 524 300 581 760 397 1008 3180 1186 1200 184 1000 1698 3000 59 1000 2835 2841 872 340 454 50 264
High Low 1,085.79 1,034.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 2.21
PE
Open
High
Low
8.75 5.25 4.33 19.50 1.26 3.07 1.70 7.81 11.25 0.60 1.95 2.08 5.24 38.13 10.54 5.10 11.70 4.92 11.63 7.16 6.25 1.65 5.52 4.63 2.23 7.90 4.41 4.25 1.53
1.40 6.17 2.45 3.13 3.50 1.19 0.63 1.21 4.65 1.88 2.69 6.25 6.07 2.91 2.85 5.60 1.14 2.94 8.20 7.33 8.01 5.68 8.02 3.85 0.90 1.52 9.00 1.60 5.38
1.49 6.44 2.60 3.90 4.00 1.43 0.87 1.49 5.40 1.92 2.77 6.25 6.15 3.08 3.05 5.88 1.20 3.49 8.39 7.59 8.60 5.85 8.79 4.18 1.00 1.85 9.25 1.88 5.74
1.21 6.06 2.31 2.99 3.11 1.11 0.55 1.20 4.15 1.70 2.65 5.75 6.05 2.70 2.70 5.30 0.90 2.43 8.02 7.30 8.00 5.52 8.00 3.67 0.85 1.20 8.73 0.86 5.21
Close Chg 1.40 6.30 2.60 3.90 3.12 1.35 0.68 1.25 4.50 1.90 2.73 6.25 6.08 3.05 2.95 5.30 1.17 3.15 8.37 7.45 8.00 5.66 8.61 4.07 0.98 1.66 9.00 1.53 5.40
0.00 0.13 0.15 0.77 -0.38 0.16 0.05 0.04 -0.15 0.02 0.04 0.00 0.01 0.14 0.10 -0.30 0.03 0.21 0.17 0.12 -0.01 -0.02 0.59 0.22 0.08 0.14 0.00 -0.07 0.02
Close 1,071.10 Listed cap 29,771.58 mn Payout (%) 104.74
Change % Change 10.52 0.99 Market cap 200-Day High 17,559.16 mn Div Yield (%) 200-Day Low 10.46 -
Volume
Last 60 days High Low
2009 Div BR (%) (%)
7746 556718 11601 8000 33832 85969 257314 19770 513465 216386 531962 69424 19086 1170682 1265251 514327 5221 8200 570583 9052850 28202 451428 2108558 313673 44897 249710 34830 94186 35338
2.24 7.20 3.44 4.80 4.50 1.67 1.10 1.50 5.50 2.00 3.88 6.80 7.44 3.70 3.98 7.00 2.18 3.69 9.44 7.69 9.45 5.99 9.85 4.75 1.20 1.94 10.99 2.87 6.99
5 20 10 5 15 16.5 10
1.01 5.85 2.10 2.80 2.53 0.90 0.16 0.76 0.99 1.30 2.32 4.80 5.56 2.65 2.31 5.30 0.56 2.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 0.86 4.71
2010 Div BR (%) (%)
- 18.5 5 8.2 2.2 0 1.2 17 11 21 5 10 - 15.5 15 - 18.6 - 11.53 18 10 20 10 3 1 17 - 12.5
-
Open
High
2.32 134.00 327.05 67.50 29.92 54.84 4.30 46.63 20.65 3.00 3.30 0.45 5.01 1.76 8.00 1.04 45.54 1249.46 5.61 14.30 2.59 18.09 15.00 20.56 109.59 41.00 1681.06 2.53 1.54 5.73 58.75 2.99 21.62 18.80 4.00 31.04 59.85 34.00 11.50 103.83 10.00 0.95 9.00 70.61 1.25 9.56 29.45 36.50 2.24 1.85 52.00 9.63 6.95 852.33 18.02 32.10 4.70 2.76 291.48 810.00 251.62 8.26 4.90 0.83 5.00 96.00 1.96 19.88 1.05 1.70 25.02 4.00 14.30 140.80 1.75 75.89 12.00 8.10 7.86 3.00 30.98 1.51 27.72 0.80 12.48 30.00 19.98 1.74 3.30 16.00 54.95 10.95 1000.00 23.75 12.28 1.06 49.99 41.33 66.90 1973.48 11.00 11.50 152.00 4088.67 2.47 10.30 6.25 453.50 3.02 47.46 1.20 57.12 2.17 39.75 10.66 47.00 21.90 0.50 1.35 19.24 11.84 16.90 17.00 14.50 1.03 1.84 5.89 5.53 34.00 51.00 16.00 6.12 10.00 3.34 3.50 37.37 9.90
2.85 133.00 340.00 67.75 36.00 58.00 4.50 50.24 21.47 3.90 3.50 0.47 6.20 1.78 9.05 1.65 47.50 1315.00 5.50 14.44 3.50 19.00 15.20 20.99 109.50 41.00 1861.65 3.90 1.83 5.75 59.00 3.45 22.86 20.20 3.75 32.50 60.00 34.50 11.50 108.00 9.99 1.05 9.30 73.84 1.79 9.56 31.00 38.00 2.20 1.99 52.98 10.70 7.05 885.00 20.40 35.36 4.69 3.74 310.00 855.33 260.92 8.99 5.49 0.83 5.01 97.00 1.96 19.88 1.05 2.75 25.02 4.50 13.80 133.95 2.50 77.00 12.00 8.80 7.96 3.05 32.40 1.51 26.75 0.99 11.48 33.00 20.95 1.74 3.20 17.00 57.45 11.90 1090.25 22.57 13.85 2.79 49.99 45.05 67.00 2019.00 13.00 11.50 152.00 4100.00 2.47 11.30 7.25 490.05 3.02 54.18 1.20 59.49 2.00 46.40 12.29 44.65 22.00 0.73 1.89 20.08 12.84 17.85 17.00 14.90 2.25 2.23 6.39 6.50 35.69 51.51 16.99 6.79 10.50 3.34 3.50 36.00 10.90
Low
Close
2.10 120.83 306.75 65.75 31.00 53.38 4.00 45.10 19.50 2.70 3.25 0.40 5.45 1.50 6.30 0.70 44.00 1224.00 4.50 13.11 2.07 17.10 14.04 20.00 101.00 39.95 1599.00 2.50 1.32 5.50 57.25 2.46 21.37 17.57 3.40 30.50 57.00 31.60 10.50 101.02 8.01 0.95 9.00 70.00 0.85 7.56 27.98 34.29 1.81 1.34 50.00 8.70 6.90 791.05 18.02 32.04 3.60 2.00 285.00 772.00 234.50 8.15 4.54 0.79 4.00 91.00 1.96 17.00 0.61 1.59 23.77 4.50 13.50 117.80 1.71 71.80 9.90 7.02 5.65 2.75 29.95 1.50 25.03 0.74 9.48 29.92 19.98 1.74 2.70 16.00 54.50 10.75 1000.01 20.38 11.19 1.15 47.50 39.50 60.57 1900.01 12.00 10.61 145.00 4015.06 2.05 11.00 5.50 421.23 2.35 43.29 0.51 56.00 1.15 41.70 10.50 40.31 21.50 0.50 1.02 18.85 10.84 14.50 14.53 14.50 0.81 1.36 5.00 5.10 32.30 51.30 15.00 5.61 9.25 2.36 1.75 31.84 9.50
2.65 122.04 332.10 66.93 36.00 57.23 4.20 48.57 20.20 3.05 3.33 0.45 6.20 1.50 9.00 1.12 45.44 1298.20 5.50 13.58 2.16 17.99 14.75 20.00 108.50 40.01 1858.47 2.50 1.50 5.50 58.55 3.29 21.94 19.20 3.75 32.25 59.89 32.72 10.50 105.00 8.50 1.05 9.30 70.43 1.45 8.50 31.00 35.36 2.05 1.75 52.98 9.90 6.90 821.83 18.05 33.64 4.20 3.65 285.00 850.00 245.97 8.50 4.54 0.79 5.01 92.50 1.96 17.00 0.61 2.75 23.78 4.50 13.50 118.50 2.50 75.90 12.00 7.02 5.65 3.05 29.95 1.50 26.25 0.85 9.48 31.35 20.95 1.74 2.70 17.00 55.00 11.50 1050.00 20.38 11.19 1.80 47.50 42.49 66.75 1974.46 12.96 11.50 151.80 4100.00 2.45 11.00 6.83 426.65 2.35 53.82 0.67 59.00 1.51 46.40 12.29 40.31 21.90 0.73 1.44 18.90 12.80 15.50 15.98 14.90 0.81 1.38 5.00 5.55 32.30 51.30 16.17 6.74 9.25 2.36 1.75 31.84 10.05
Change
Vol
0.33 -11.96 5.05 -0.57 6.08 2.39 -0.10 1.94 -0.45 0.05 0.03 0.00 1.19 -0.26 1.00 0.08 -0.10 48.74 -0.11 -0.72 -0.43 -0.10 -0.25 -0.56 -1.09 -0.99 177.41 -0.03 -0.04 -0.23 -0.20 0.30 0.32 0.40 -0.25 1.21 0.04 -1.28 -1.00 1.17 -1.50 0.10 0.30 -0.18 0.20 -1.06 1.55 -1.14 -0.19 -0.10 0.98 0.27 -0.05 -30.50 0.03 1.54 -0.50 0.89 -6.48 40.00 -5.65 0.24 -0.36 -0.04 0.01 -3.50 0.00 -2.88 -0.44 1.05 -1.24 0.50 -0.80 -22.30 0.75 0.01 0.00 -1.08 -2.21 0.05 -1.03 -0.01 -1.47 0.05 -3.00 1.35 0.97 0.00 -0.60 1.00 0.05 0.55 50.00 -3.37 -1.09 0.74 -2.49 1.16 -0.15 0.98 1.96 0.00 -0.20 11.33 -0.02 0.70 0.58 -26.85 -0.67 6.36 -0.53 1.88 -0.66 6.65 1.63 -6.69 0.00 0.23 0.09 -0.34 0.96 -1.40 -1.02 0.40 -0.22 -0.46 -0.89 0.02 -1.70 0.30 0.17 0.62 -0.75 -0.98 -1.75 -5.53 0.15
4942 4936 4922 4780 4685 4496 4159 4156 4140 4061 4014 4000 3971 3890 3879 3705 3581 3567 3507 3455 3407 3406 3382 3326 3278 3253 3206 3051 3042 3010 3004 2872 2795 2567 2501 2292 2224 2119 2100 2084 2074 2000 2000 1966 1931 1722 1710 1700 1676 1628 1561 1546 1510 1480 1445 1357 1301 1279 1223 1195 1117 1110 1090 1075 1052 1025 1013 1007 1001 1001 1000 1000 1000 987 921 828 770 709 703 691 605 566 558 526 515 508 502 501 500 474 466 450 446 439 410 410 400 357 344 335 311 304 300 295 264 261 254 243 225 205 199 185 149 114 102 102 100 100 98 94 68 63 54 51 39 28 20 18 12 12 12 12 11 9 9 8 6
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
National Bank of Pakistan
Nishat Mills Ltd
Company
Date
Balochistan Glass Limited
08-Nov
4:00
Chenab Limited
08-Nov
Time 10:00
Pakistan Premier Fund Limited
08-Nov
4:00
Shadman Cotton Mills Limited
08-Nov
6:30
The Pakistan General Insurance
08-Nov
10:00
TECHNICAL LEVELS Company Adamjee Insurance
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd
Brokerage House
44
Buy
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
72.66
Support 1
10,748.25
MA (5-day)
10,684.40
Support 2
10,614.50
MA (10-day)
10,672.14
Resistance 1
10,969.65
MA (100-day)
10,074.71
Resistance 2
11,057.35
Technical Analysis
MA (200-day)
10,027.22
Pivot
10,835.95
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
KSE 100 INDEX closed up 283.60 points at 10,882.00. Volume was 200 per cent above average (trending) and Bollinger Bands were 23 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,969.65 and 2nd resistance level at 11,057.35, while Index will continue to find its 1st support level at 10,748.25 and 2nd support level at 10,614.50. KSE 100 INDEX is currently 8.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.
Rs Recommendations
Technical Outlook Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Rs Recommendations
Brokerage House
65
Buy
*Arif Habib Ltd
59.97
Buy
AKD Securities Ltd
Positive
TFD Research
74.2
182.55 5,299.42 N/A N/A N/A 42.39
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Leverage Position
64.33 52.11 47.50 51.19 51.81 52.28
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Fair Value
Rs Recommendations
78
Buy
61.96
Neutral
92.3
Positive
Technical Outlook
Technical Outlook
Leverage Position
67.43 27.33 25.71 26.92 27.61 27.82
Fair Value
175.80 9,385.96 N/A N/A N/A 59.59
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Leverage Position
53.64 65.96 65.73 71.17 64.71 64.92
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
318.37 21,012.22 0.0000 0.00 N/A 73.82
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
DGKC closed up 1.70 at 29.03. Volume was 262 per cent above average (trending) and Bollinger Bands were 13 per cent narrower than normal. DGKC is currently 7.9 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 DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.
NML closed up 1.68 at 53.39. Volume was 377 per cent above average (trending) and Bollinger Bands were 44 per cent narrower than normal. NML is currently 4.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
NBP closed up 1.39 at 66.00. Volume was 166 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal. NBP is currently 1.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP.
Pakistan Oilfields Ltd
Bank Al-Falah Ltd
Lucky Cement Ltd
Fauji Fertiliser Bin Qasim Ltd
Fair Value
*Arif Habib Ltd
14
Rs Recommendations
Brokerage House *Arif Habib Ltd
Buy
261
AKD Securities Ltd
10.25
Accumulate
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Analysis 65.29 9.65 8.91 10.24 9.61 9.61
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
296.6 281.35
Rs Recommendations Buy
Brokerage House
674.58 6,664.83 0.0000 0.00 N/A 0.00
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
65.92 244.61 229.74 231.53 245.61 248.25
33
Buy
AKD Securities Ltd
Neutral
TFD Research
32.06 29.1
Rs Recommendations
Brokerage House
107.94 27,633.96 0.0000 0.00 N/A 161.26
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
73.36 31.01 28.46 29.54 31.47 31.55
Fair Value
*Arif Habib Ltd
Buy
83
Rs Recommendations Buy
Accumulate
AKD Securities Ltd
105.2
Buy
Neutral
TFD Research
72.75
Neutral
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Fair Value
*Arif Habib Ltd
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
326.94 10,494.73 N/A N/A N/A 16.74
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
56.16 72.47 68.43 70.38 72.35 72.45
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
129.35 9,465.83 N/A N/A N/A 18.97
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
BAFL closed up 0.61 at 9.88. Volume was 13 per cent below average and Bollinger Bands were 2 per cent narrower than normal. BAFL is currently 3.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BAFL (mildly bullish). Trend forecasting oscillators are currently bullish on BAFL.
POL closed up 13.60 at 256.02. Volume was 278 per cent above average (trending) and Bollinger Bands were 11 per cent wider than normal. POL is currently 10.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL.
FFBL closed up 0.94 at 32.10. Volume was 67 per cent above average and Bollinger Bands were 7 per cent narrower than normal. FFBL is currently 10.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that FFBL is currently in an overbought condition.
LUCK closed up 0.11 at 73.18. Volume was 363 per cent above average (trending) and Bollinger Bands were 50 per cent narrower than normal. LUCK is currently 4.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LUCK (mildly bullish). Trend forecasting oscillators are currently bullish on LUCK.
1st
2nd
Resistance 78.70 79.85
Pivot 76.45
Al-Abbas Cement
43.54
2.95
2.85
3.20
3.35
3.10
Allied Bank Limited
65.23
55.70
55.15
56.70
57.15
56.15
Arif Habib Limited
41.72
24.80
24.15
25.90
26.35
25.25
Arif Habib Securities
56.06
23.80
23.30
24.65
25.05
24.15
Askari Bank
58.29
15.40
15.05
16.00
16.25
15.65
Attock Cement
46.49
60.45
59.20
62.45
63.25
61.20
Attock Petroleum
43.70
301.45
297.95
307.00 309.05 303.50
Attock Refinery
85.71
117.35
114.45
121.65 123.10 118.80
Azgard Nine
57.15
10.85
10.50
11.45
11.70
Bank Al-Falah
65.29
9.80
9.70
9.95
10.05
9.85
Bank.Of.Punjab
74.47
9.90
9.75
10.30
10.55
10.15
BankIslami Pak
51.63
3.20
3.15
3.35
3.40
3.25
D.G.K.Cement
67.43
28.25
27.45
29.45
29.80
28.65
Dewan Cement
43.96
1.40
1.35
1.55
1.65
1.50
Dewan Salman
52.79
1.50
1.35
1.70
1.80
Dost Steels Ltd
62.65
2.80
2.60
3.15
3.25
2.90
EFU General Insurance 62.86
44.45
43.00
47.10
48.30
45.65
EFU Life Assurance
57.76
71.35
69.45
75.80
78.40
73.90
Engro Chemical
59.82
178.50
176.65
Fauji Cement
50.75
4.80
4.70
Fauji Fert Bin
73.36
31.70
31.25
Fauji Fertilizer
55.43
108.05
107.50
Faysal Bank
75.64
16.25
16.10
Habib Bank Ltd
60.95
103.30
102.90
Hub Power
56.73
33.60
33.05
ICI Pakistan
70.53
132.25
130.65
135.05 136.25 133.45
Indus Motors
59.37
232.60
229.95
237.40 239.55 234.75
11.10
1.60
182.00 183.65 180.15 5.05
5.15
4.90
32.40
32.75
32.00
109.00 109.50 108.50 16.65
16.90
16.50
104.30 104.90 103.90 34.50
34.85
33.95
J.O.V.and CO
63.26
3.90
3.80
4.10
4.20
4.00
Jah Siddiq Co
44.21
10.30
9.80
11.10
11.40
10.60
Japan Power
47.97
1.50
1.45
1.65
1.75
1.60
JS Bank Ltd
Brokerage House
RSI 1st 2nd (14-day) Support 66.12 75.30 73.05
67.37
2.75
2.70
2.85
2.90
2.80
K.E.S.C
53.44
2.10
2.00
2.25
2.30
2.15
Kot Addu Power
47.70
39.75
39.50
40.20
40.35
39.90
Lucky Cement
56.16
72.30
71.45
74.10
75.05
73.25
Maple Leaf Cement
47.04
2.80
2.75
MCB Bank Ltd
63.02
204.50
202.60
National Bank
53.64
65.30
64.60
66.50
67.00
65.80
Netsol Technologies
54.57
18.85
18.65
19.20
19.35
19.00
NIB Bank
50.08
2.70
2.65
2.85
2.95
Nimir Ind.Chemical
47.55
1.35
1.30
1.45
1.50
1.40
Nishat (Chunian)
69.69
22.60
22.20
23.20
23.35
22.80
Nishat Mills
64.33
51.95
50.55
54.55
55.75
53.15
Oil & Gas Dev. XD
76.03
P.I.A.C.(A)
54.45
2.25
2.15
P.S.O. XD
63.75
278.55
274.75
P.T.C.L.A
54.13
18.90
18.65
PACE (Pakistan) Limited 46.52
155.90
153.50
2.95
3.05
2.90
208.40 210.40 206.50
2.80
160.20 162.10 157.80 2.40
2.45
2.30
285.10 287.80 281.25 19.35
19.60
19.10
2.90
2.95
2.85
2.80
2.75
Pak Oilfields
65.92
250.20
244.35
259.70 263.35 253.85
Pak Petroleum
59.31
188.80
185.60
194.05 196.05 190.85
Pak Suzuki
43.18
72.35
71.70
73.85
74.70
73.20
Pervez Ahmed Sec
67.53
2.30
2.20
2.60
2.75
2.45
Pioneer Cement
41.86
7.20
6.85
7.95
8.30
Shell Pakistan
66.34
194.35
188.70
Sitara Peroxide
72.61
12.85
12.65
13.35
13.70
13.15
Sui North Gas
7.60
203.80 207.60 198.15
68.45
33.85
33.30
34.80
35.20
34.25
Sui South Gas
45.09
23.75
22.85
25.10
25.55
24.20
Telecard
48.25
2.25
2.15
2.45
2.55
TRG Pakistan
53.87
4.10
4.00
4.30
4.45
4.20
United Bank Ltd
70.89
57.05
56.25
58.45
59.10
57.70
WorldCall Tele
41.39
2.40
2.35
2.55
2.65
2.50
2.35
America to cut insurance premiums in high-risk pools 8 Phoenix eyes
Monday, November 8, 2010
4 more US banks closed, 2010 total reaches 143 WASHINGTON: The number of bank failures this year surpassed the 2009 tally when the Federal Deposit Insurance Corp announced it closed four more banks. The announcement brings the total failures to 143, moving past the 2009 total of 140. FDIC Chairman Sheila Bair said recently that while the number of failures was expected to exceed the 2009 tally, the total assets of this year's failures will probably be lower. In 2009 the total amount of assets held by failed banks was $169.7 billion and so far in 2010 the total is $89.3 billion, according to the FDIC. Regulators said they closed: K Bank of Randallstown, Maryland, which had about $538.3 million in assets and $500.1 million in deposits. Buffalo, New York-based M&T Bank will assume the deposits of K Bank and about $410.8 million of its
assets. Pierce Commercial Bank of Tacoma, Washington, which had about $221.1 million in assets and $193.5 million in deposits. Heritage Bank of Olympia, Washington agreed to assume the closed bank's deposits and assets. Western Commercial Bank in Woodland Hills, California, which had about $98.6 million in assets and $101.1 million in deposits. First California Bank, Westlake Village, California, will assume the deposits and most of the assets. First Vietnamese American Bank, Westminster, California, which had about $48 million in assets and $47 million in deposits. Grandpoint Bank of Los Angeles will assume its deposits and assets. The four failures were expected to cost the FDIC's deposit insurance fund an estimated total of $254.5 million.
Washington Mutual, which had $307 billion in assets when it was seized in September 2008, remains the largest bank to fail during the financial crisis. In a good sign for the banking industry, the FDIC said on October 19 that due to lower than expected losses it is now estimating that bank failures will cost the Deposit Insurance Fund $52 billion from 2010 through 2014, compared with a prior estimate of $60 billion. The Deposit Insurance Fund, financed by banks that pay into the fund, guarantees individual accounts up to $250,000. Because of that lowered cost estimate and because the Dodd-Frank reform legislation laid out new rules for the insurance fund, the FDIC voted on October 19 to forego a 3-basis-point increase in bank fees that had been scheduled to go into effect on January 1, 2011. -Reuters
Insurer RSA eyes more takeovers, sales rise LONDON: Insurer RSA which in August made an unsuccessful approach to buy some of rival Aviva's non-life businesses, reported higher premium sales on Thursday and said it would continue to consider acquisitions. RSA said in a trading update that net written premiums rose 10 per cent from last year to 5.5 billion pounds, driven by higher sales at its overseas operations and in Britain. Premiums rose 33 per cent in India, while RSA's net written premiums in Britain increased by 10 per cent. RSA, which acquired Canadian peer GCAN last month for C$420 million (258 million pounds). In August Aviva rejected a 5 billion-pound approach from RSA for some of its core non-life insurance businesses. "We continue to supplement organic growth with targeted acquisitions and have signed a further 10 deals in 2010, including GCAN in Canada and 123 Money in Ireland," Chief Executive Andy Haste said . "We remain excited about the group's prospects and confident of delivering sustainable profitable performance," he added. -Reuters
Asset sales cost AIG $2bn-plus NEW YORK: AIG posted slight gains in its main insurance businesses in the third quarter, but the bailed-out company lost more than $2 billion from asset sales linked to its restructuring. The results underscore the difficulties American International Group Inc faces as it tries to raise money to repay the $100 billion it still owes the U.S. government. AIG is trying to generate more income from its main insurance businesses but is regularly losing money on asset sales. "It's a company that's made progress but still has more work to do," said Cathy Seifert, an insurance equity analyst at Standard & Poor's. The company is considering raising capital. Chief Executive Robert Benmosche, who has received much of the credit for bringing the company back from the brink of collapse, said AIG is looking at selling debt in the current quarter and stock in the 2011 first quarter. In an interview, he called a total capital raise of $3.5 billion a "modest goal," adding, "There's potentially a much stronger demand." The company is in a solid capital position, he said. Shares of AIG fell 0.8 per cent to $44.38 in late-morning trade on the New York Stock Exchange. AIG said it is on track with a recapitalization plan, expected to close early next year, that will pay off debt owed to the Federal Reserve Bank of New York and leave the U.S. Treasury with a stake in the company of just above 92 per cent. AIG reported a third-quarter loss of $2.4 billion, or $17.62 per share, compared with a year-earlier profit of $455 million, or 68 cents per share. AIG warned in August that the sale of a majority stake in its American General Finance unit to Fortress Investment Group would lead to a $1.9 billion pretax loss in the third quarter. It also took a charge of $1.3 billion related to the sale of Japanese life insurance businesses AIG Star and AIG Edison to Prudential Financial , due to close early next year. In the second quarter, AIG took a charge related to the sale of its Alico unit to MetLife . It said in a regulatory filing it would record a "material gain" on the Alico
sale, which closed November 1, in the fourth quarter. Third-quarter operating results, stripping out extraordinary items and discontinued operations, came in at a loss of $200 million, or $1.47 per share. "I think one needs to ask are they retaining all the business they need to retain; what are they doing to retain the business," S&P's Seifert said. AIG's ongoing operations after its global asset sales mostly consist of general insurer Chartis and U.S. life insurer and retirement services provider SunAmerica Financial Group. On a pretax basis the two units earned $2.1 billion in the third quarter, up from $1.9 billion a year earlier. Chartis' operating income rose 53 per cent to $1.1 billion as underwriting income increased and it consolidated Japanese insurer Fuji Fire & Marine. Chartis said in January it would take majority control of Fuji Fire. Without Fuji, AIG said, net premiums written fell for Chartis in the quarter on difficult economic conditions and heavy market competition. SunAmerica's operating income fell 18.5 per cent to $978 million on lower net investment income, although the company sold more life insurance in the period. Benmosche said AIG was at the point where it could be selective about what business to pursue. "We're not any longer needing to chase premium to prove we're OK. You have to remember that we'll wake up one day and still be in business," he said. "We've got to be careful as we look at today that we're putting in a foundation that we know we can build upon." Through Thursday, AIG shares were up 49 per cent for the year, against a gain of 13.5 per cent for the S&P insurance index. The stock has held up despite last week's announcement that Benmosche is being treated for cancer. "I feel great, I am still jogging about three miles every day or so," the CEO said in a recorded message posted on AIG's website after the thirdquarter results were released. AIG has said Chairman Steve Miller will become interim CEO if Benmosche becomes unable to do the job. -Reuters
Insurers at KSE see a positive last week Staff Reporter KARACHI: Insurance stocks continued to show positive activities last week at the Karachi Stock Exchange with improved investor participation as near 10 million shares traded altogether in life and non-life insurance stocks. Pak Reinsurance was the volume leader with 5.1 million shares followed by Adamjee
Insurance with 3.9 million shares. Top gainers of the week include Adamjee Insurance which jumped by Rs8.05 to close at Rs77.58 and EFU Life Assurance which increased by Rs5.55 to close at Rs73.23 while New Jubilee Life Insurance fell by Rs1.35 to close at Rs40.65 and Shaheen Insurance was down by Rs0.80 to close at Rs13.50 to be the major losers of the week.
new bank agreement LONDON: Life insurer Phoenix said its 2010 financial performance would be at the top of its target range and it wanted to negotiate new banking arrangements to clear the way for potential takeovers next year. Phoenix, formerly known as Pearl, said cash generation for 2010 would be towards the top end of its 625-725 million pound ($1.0--$1.2 billion) target range, partly reflecting lower tax bills. Chief executive Jonathan Moss said the company, which aims to buy and merge life funds closed to new customers, planned to boost its shares by persuading banks to lift a cap on dividend payments, giving it a currency to finance future acquisitions. Phoenix shares are at a 50 per cent discount to the company's embedded value, against a discount of about 10 per cent for the life insurance sector as a whole. "That is not a good basis for us to go out and do deals," Moss told reporters. Phoenix emerged earlier this year from a financial overhaul of Pearl which built up crippling debts during a takeover spree culminating in the 5 billion pound acquisition of rival closed life fund consolidator Resolution in 2007. Phoenix, which still has bank debt of about 3 billion pounds, aims to consolidate two separate credit facilities and alter the timing of major repayments scheduled for 2014, 2015 and 2016. Phoenix shares were flat at 688.5 pence by 1040 GMT, valuing the company at about 1.1 billion pounds. -Reuters
German insurer Talanx links to Japan's Meiji Yasuda FRANKFURT: Germany's third-biggest insurer Talanx has forged an alliance with Meiji Yasuda Life that could see Japan's third-largest life insurer become a key shareholder of the German group. The two companies will jointly develop new business in central and eastern Europe and elsewhere, while Meiji Yasuda Life has bought a 300 million euro ($424 million) convertible bond issued by Talanx, which will be converted to shares once Talanx launches its initial public offering (IPO). "Meiji Yasuda Life and Talanx will pursue joint business opportunities globally, including an establishment of joint ventures between the two companies," they said. Meiji Yasuda Life, with premiums of around 30 billion euros ($42.43 billion), wants to bolster its overseas business to diversify, while maintaining a strong position in its home market. Talanx, with nearly 21 billion euros in premiums, aims to grow its insurance business in central and eastern Europe and also wants to expand its existing industrial business in Japan."We will jointly accelerate global business development based on the long lasting relationship, especially in the growing central and eastern Europe market," said Meiji Yasuda Life President Kenji Matsuo in the statement.Meiji Yasuda Life will nominate two out of six supervisory board members of HDI-Gerling International, the intermediate holding company for Talanx's business outside Germany, which will identify and execute joint projects. -Reuters
Murray brothers seen during their semi final doubles match at ATP World Tour Valencia
09
Monday, November 8, 2010
“Clown” Pietersen gets his mojo back SYDNEY: England's Kevin Pietersen believes he is hitting his best form just at the right time with the Ashes series against Australia just a couple of weeks away. The mercurial South African-born batsman was dropped by England for the Twenty20 and one-day series against Pakistan in September after a poor run of form. A spell playing back in South Africa had rejuvenated him, Pietersen said after topscoring with 58 in England's first innings in the three-day tour match against Western Australia in Perth. "I've never really been a technical player. I play like a clown," Pietersen, who added a quickfire 35 in 22 balls in the successful run-chase for victory on Sunday, told England's website (www.ecb.co.uk). "It's just my mental approach that I needed to change, just get a load of confidence back, and I'm on fire at the moment. "I'm looking forward now, I'm not interested in what's gone. I'm very happy with what's happening at the moment. "I came back from South Africa for a couple of weeks, and I feel top drawer again," the 30-year-old added. "I hope there's plenty more to come this winter." MASSIVE BOOST An in-form Pietersen would be a massive boost to England's bid to win a first Ashes series in Australia since 1986-87 and successfully defend the tiny urn. "I love playing in Australia," he said. "I had some really good success here personally last time. "I got 500 runs at (an average of) 55 but I'd take 350 and an Ashes victory, that's for sure. "I've been pretty fortunate to play three Ashes, and won two of them. I'd love to go threefour. We've got a very, very good unit at the moment -very happy in all our roles in the team." Skipper Andrew Strauss was also in impressive form on Sunday with an unbeaten 120 as England cruised to a sixwicket victory. "My first win in Aussie," Pietersen posted on Twitter after the win. "Got a great feeling about our team!! Bowlers were world class today on a flat wicket!! And batters did the job." England play another threeday match against South Australia in Adelaide and a four-dayer against Australia A in Hobart before their Ashes defence begins in Brisbane on November 25. -Reuters
Pakistan must beat selves for a final win DUBAI: Pakistan team will be in the quest of history when they clash South Africa in the series deciding fifth and final day/night One-day Internationals at Dubai Sports City International Cricket Stadium to be held today (Monday). The thrilling and exciting 5match series is tied 2-all after Pakistan was outplayed in the first ODI in Abu Dhabi and Pakistan won the second at Sheikh Zayed Stadium thanks to Abdul Razzaq's amazing century. Pakistan team have never won the ODI series against the South Africa and they way they performed in the last three games this is their best chance to achieve objective. After scene shifted to Dubai Pakistan lost third ODI after heart-stopping encounter by two runs and won the fourth by one wicket with one ball to spare. Fans across the world have never seen such a miraculous cricket. In the four bilateral series between the two countries South Africa have won all the four series. Pakistan lost to Proteas 4-1 in 2002-3, went down 3-2 in 2003-4 and 3-2 in 2007-8 in the away series and lost to the same team 3-1 at home in
2006-7 with one match abandoned. Pakistan had put up a disappointing show having suffered defeats in the last six ODI series at home and away against Australia, Sri Lanka, New Zealand and England. They suffered a 5-0 whitewash at the hands of Aussies on their last tour to Down Under. Pakistan's last ODI series was against West Indies whom they handed out 3-0 thrashing in United Arab Emirates in 2008. So Monday's encounter against South Africa is of great significance. However, Pakistan is facing problems at the top. Despite trying different combination Pakistan openers struggled. Left handed Imran Farhat batted very slowly in third match and fell in the first over for two, so there was likely hood that Shahzaib Hasan or Umar Akmal may be inducted in the team in his place. Teams: Pakistan: Shahid Afridi (Captain), Imran Farhat, Asad Shafiq, Mohammad Hafeez, Younis Khan, Fawad Alam, Abdul Razzaq, Zulqarnain Haider (wicketkeeper), Abdur Rehman, Wahab Riaz, Shoaib Akhtar, Umar Akmal, Saeed Ajmal, Tanvir Ahmed, Shahzaib Hasan. -Agecnies
Holders Italy on brink of third Fed Cup triumph SAN DIEGO: Holders Italy closed in on a third Fed Cup title in five years after taking a commanding 2-0 lead over an under-strength United States team in the opening singles of the best-of-five match final on Saturday. Italy's top player Francesca Schiavone gave the visitors a flying start by brushing aside untried American teenager Coco Vandeweghe 6-2 6-4 in one hour 23 minutes on the indoor hardcourt surface at the San Diego Sports Arena. Flavia Pennetta then held off a first-set fightback by American number one Bethanie Mattek-Sands, saving one set point, before winning a tense match 7-6 6-2. No team has come from 0-2 behind to win the Fed Cup and the Italians are poised to complete another whitewash against the Americans, having swept them 4-0 in last year's final. "I'm very happy because they played with heart and they won two important matches," Italy captain Corrado Barazzutti said of his team. "So we are 2-0 up but it is not finished, the match. We have to stay focused for tomorrow." In Sunday's reverse singles, Mattek-Sands is set to face Schiavone while Vandeweghe meets Pennetta before Americans Liezel Huber and Melanie Oudin play Sara Errani and Roberta Vinci in the concluding doubles. However U.S. captain Mary Joe Fernandez said her lineup could change, noting that Mattek-Sands had suffered from leg cramps. -Reuters SAN DIEGO: Flavia Pennetta of Italy returns a forehand to Bethanie Mattek-Sands of the US during their second round tennis match of the Fed Cup final in San Diego.-Reuters
Ivanovic beats Kleybanova to win Tournament of C’ship BALI: Ana Ivanovic ended the season on a positive note by defeating Alisa Kleybanova 62 7-6 in the final of the Tournament of Champions in Bali Sunday. Ivanovic weathered some heavy hitting from her Russian opponent before breaking to lead 4-2 and won the final 11 points of the first set. Kleybanova broke to lead 21 in the second, but Ivanovic immediately broke back with a stunning winner down the line, and her resilience under pressure, together with some fine serving, continued to give her the advantage. Ivanovic faced a crisis at 5-5, but saved two break points and went on to claim victory with her eighth ace of the match. The last few weeks have shown a remarkable turnaround for the Serbian former world number one, who has struggled since winning the French Open in 2008.
Sloppy Imran Nazir hands Australia Super Sixes title HONG KONG: Australia clinched Hong Kong Super Sixes title after beating Pakistan by two wickets in the final match here on Sunday. Pakistan was the hot favorite to win the tournament but they lost their way in the last over, giving away 44 runs. Batting first, Pakistan scored over 130 runs. Ahmed Shahzad scored 92 runs off 28 balls to set a formidable target. Australian started the chase well and achieved the target with one ball to spare. Imran Nazir was called to bowl the last over. He lost his cool and gave too many extras, thus handing Australia an unlikely win in the end. Agencies
Ivanovic saw her ranking sink to 65 in July but her fortunes began to improve in August when she reached the semi-finals in Cincinnati before retiring against Kim Clijsters with an injury. She also won three matches at the U.S. Open before losing to Clijsters. The Serb defeated Elena Dementieva to reach the quarter-finals of the China Open, before winning her first title in two years in Linz. With her victory against Kleybanova she will rise to 17, her highest ranking in more than a year. "I got to number one and I thought: 'This is great and I have to play even better to improve', and I started changing my technique and the way I was working," she said in explaining her slide down the world rankings. "It wasn't good because I had a certain rhythm and I lost that, and then a few injuries crept in
and then you lose matches you expect to win. That was hard and I took it very personally and was very hard on myself and brought myself down. "Having more wins under your belt helps build your confidence, but it's a long process. At one point I wasn't really aware of that. I wanted to have results and get back to the top straight away but sometimes it takes longer than you anticipate. "It was a big thing for me to realize it takes time and you have to be patient. "There will be some up and downs until to get to that level where I feel comfortable playing against top players all the time, but I feel very confident about my game and my fitness. "I feel my game is getting close to where it used to be and I'm even more aggressive, and experience-wise I'm much more mature and a more complete player now." -Reuters
Pak fine 3 cricketers on discipline violation
AHMEDABAD: New Zealand's Martin is congratulated by his teammates after taking wicket of India's Tendulkar during the fourth day of their first test cricket match. -Reuters
DUBAI: Pakistan team manager Intikhab Alam on Sunday revealed three cricketers were fined for disciplinary reasons, saying there remains no tolerance on the rules implemented in the new code of conduct. Opener Shahzaib Hasan, spinner Abdul Rehman and wicket-keeper Zulqarnain Haider were fined 500 dirhams (136 dollars) for breaking curfew timings during the ongoing one-day series against South Africa, played in the United Arab Emirates. "We have reminded the players that there will be no tolerance on discipline and after these three players returned late to the team hotel by five minutes they have been fined and issued
show-cause notices," team manager Intikhab Alam told reporters. Alam said the players have been told of severe consequences if they breach the code of conduct again, with double fines and other sanctions. Pakistan introduced a new players' code of conduct with stricter punishments last month, following problems of discipline and corruption which rocked their cricket recently. Alam said no disciplinary problem will be tolerated. "All the players have been told about their responsibility and that Pakistan cricket is first and foremost, so we think that stricter steps will bring good results," said Alam, also a former Pakistan captain. -Agencies
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Analysis & Feature
Monday, November 8, 2010
US ELECTION RESULTS TO LIMIT INTERNET REGULATION T
l NET NEUTRALITY OPPONENTS BENEFIT FROM REPUBLICAN GAINS l FCC WILL BE CHECKED BY STRONG REPUBLICAN OVERSIGHT l BROADBAND RECLASSIFICATION NOT A LIKELY OPTION
he Republican takeover of the US House of Representatives will mean fewer regulations for technology and telecommunications companies and a tough road ahead for the Federal C o m m u n i c a t i o n s Commission. Republicans are traditionally against onerous regulation of private industry, and many campaigned on promises to rein in government before the midterm elections, which saw the GOP pick up 60 House seats to secure the majority. "It's probably going to make it much less likely that there's going to be heavy regulation," said Rebecca Arbogast, an analyst with Stifel Nicolaus. As a result, Verizon Communications Inc, AT&T Inc and Comcast Corp have gained the upper hand in the long-fought battle over net neutrality rules, she said. The underlying idea of net neutrality is that high-speed and mobile Internet providers should not be allowed to give preferential treatment to content providers that pay for faster transmission. Companies like Verizon, AT&T and Comcast have lobbied against such regulations, saying they could crimp profits and lessen investments. At stake is how quickly handheld devices, like Research in Motion Ltd's BlackBerry and Apple Inc's iPhone, can receive and download videos and other content. The controversial issue is unlikely to be brought up dur-
ing Congress' lame duck session, the period between the elections and the start of a new Congress in January. Republicans, who also gained six seats in the Senate but did not grab control of the upper chamber, will have more power in the next Congress to push their positions on the regulation of broadband traffic. But with a divided Congress, passing any major telecommunications bills will be a difficult. "The altered political environment appears especially conducive to legislative stalemate," said Jeffrey Silva, a telecommunications policy analyst with Medley Global Advisors. BOUCHER'S LOSS Adding to the unlikelihood of movement on telecommunications legislation is the failed re-election bid of Rick Boucher, the current Democratic chair of the House subcommittee on communications, technology and the Internet. Boucher was a "consensus builder," who was pivotal in bringing telecommunications matters to the forefront on the Hill with bipartisan as well as industry support, said MF Global telecommunications analyst Paul Gallant. "Congress' views on critical tech issues won't be as clear to the FCC as they would have been with Boucher there," Gallant told Reuters, noting the language of bills backed by Boucher often served as a "useful guidepost" to steer
FCC action. With gridlock likely among politicians on net neutrality, the FCC may again be looked upon to settle the debate. The agency, led by Democrat Julius Genachowski, took up the issue over the summer but was unable to reach a consensus with phone, cable and Internet companies. It initially proposed reclassifying broadband providers under stricter phone rules to reclaim authority over broadband access. The FCC was stripped of this oversight power by a US appeals court ruling that found the agency had failed to show it had the authority to stop Comcast from blocking bandwidth-hogging online applications. "There's going to be a real desire to resolve this issue, and yet concern about whether taking action on net neutrality and reclassification compromises their ability to do some of the other regulatory agenda items," Stifel's Arbogast said. Arbogast explained that the agency would be "soundly hammered by the Republicans" if it moved forward with reclassification, but taking no action would only prolong "the cloud that's hanging over the agency and the industry." She predicts the FCC will skip the reclassification route and come out with requirements for net neutrality, using draft legislation floated by current House Energy and Commerce Chairman Henry
Waxman as a starting point. But the draft language did not address wireless carriers' desire to prioritize Internet traffic, nor did it prohibit them
from discriminating against some content. The FCC would have to take on these issues, Arbogast said. Public interest groups are
pushing for action on net neutrality at the FCC's December meeting as the FCC's comment period on the concept's application to mobile net-
works ended at midnight. Analysts say it's a possibility, but they believe it's more likely the issue will be addressed in early 2011. -Reuters
US Fed’s QE2 move raises alarm of commodity bubble A commodities buying spree spurred by US quantitative easing has raised alarm of an inflationary bubble reminiscent of 2008 when oil and other industrial raw materials struck all-time highs before the crash. In the run up to Wednesday's announcement from the US Federal Reserve, commodity traders said dollar-weakness associated with QE was largely factored in. But the Reuters-Jefferies CRB index, a global commodities benchmark, has since hit a two-year high as part of an 18 per cent gain since the start of September when markets began to anticipate US action. US Federal Reserve Chairman Ben Bernanke has argued the likelihood of deflation is greater than of
inflation. Inside and outside the US central bank, critics have said QE2 -- so called because this is the second round of quantitative easing -- could lead to high inflation and low interest rates would create asset bubbles as investors sought returns by piling into riskier asset classes. Dollar-denominated commodities are particularly attractive to non-dollar investors when the US currency weakens. "The trouble is Bernanke writes off commodity inflation, claiming our economy is no longer very dependent on commodity prices," said Axel Merk, Manager of the Palo Alto California-based Merk Mutual Funds, with assets of about $500 million. On Friday, international benchmark US crude and
London copper hit their highest levels since 2008. Some traders said strength was exaggerated, while others predicted further investment flows, although at some point short-term dealers might lock in profits before the year-end. Among soft commodities, raw sugar hit a 30 year high, while refined sugar moved to a record. This year's record-breaker gold on Friday hit the latest of a series of historic highs. "There has been a lot of macro fund buying of commodities in the last day and earlier," said Mihir Worah of Pacific Investment Management Co's (PIMCO) $18.5 billion CommodityRealReturn Strategy Fund. "I think that is the appropriate reaction to a reflationary Fed, where you want to be
invested in real assets, when you think inflation is on its way up. I don't think it is any message of runaway inflation, but higher than we expected a month ago." OIL POSES LESS INFLATION RISK Against the backdrop of continued economic uncertainty, gold's strength this year has been linked to its value as a hedge against all kinds of risk, including both inflation and deflation. While gold can register big gains without derailing economic growth, oil has historically been the commodity with a big impact on inflation and consumer spending. That effect has been dulled by energy efficiency, especially in developed countries where oil demand growth is stagnant in contrast to Asia, which is expected to lead a
rise in consumption. Saudi Oil Minister Ali alNaimi said on Monday consumers could be comfortable with an oil price between $70 and $90 a barrel and OPEC Secretary General Abdullah al-Badri said on Thursday he agreed $90 a barrel would not hurt the world economy. Naimi until this week had stuck resolutely to a preferred $70-to-$80 range for producers and consumers and the upward shift helped to add momentum to an oil market, which has risen by around 7 per cent this week. Richard Batty of Standard Life Investments said a 10 per cent rise in the oil price could potentially add 1 per cent to US inflation, but only for a year, unless the price rise continued. "In summary, while QE may boost assets prices further and
hence contribute to positive wealth effects and inflation expectations in the US economy, recent moves in oil prices, in particular, may drag on economic growth in the short term," Batty said. Industrial metals, such as copper, show signs of fundamental strength as inventories shrink, but the oil market, in contrast to the rally of 2008 when it hit a record of nearly $150 a barrel, is amply supplied, which should brake dollar-led gains. "I would think the impact of QE2 alone is limited. If the price surge is to continue, you need something fundamental. You would need a fundamental catalyst and that would be stocks," said Mike Wittner of Societe Generale. Fuel inventories in the United States, the world's biggest oil burner, reached
record levels in September and overall stocks are still higher than a year ago. The Organization of the Petroleum Exporting Countries in its World Oil Outlook on Thursday took a conservative view on price -assuming only $75-to-$85 a barrel to 2020 -- and said spare OPEC capacity was high at around 6 million barrels per day. But it also flagged the outside risk of a speculative rally beyond its control. "While the worries surrounding excessive price volatility and the role of speculation have somewhat diminished over the past 12 months or so, it is essential we do not forget the price extremes that the market witnessed back in 2008," OPEC wrote. -Reuters
Indian rare earths push spells no threat to China I ndia's plan to revive production of rare earths makes sense as a long-term strategic move but the country will only be able to plug a fraction of the gap in the market left by China's falling exports. China, increasingly flexing its muscle on the international stage, announced export cuts this year that pushed prices higher and triggered a rush to find alternative supplies. Rare earths are used to make a broad spectrum of high-technology products from plasma televisions to weapons and China now provides 97 per cent of global supply, meeting demand primarily from Japan and the United States. India, whose state-run producer of the rare earths halted
output in 2004 in the face of cheaper competition from China, is now stepping back into the picture with a modest investment of 1.4 billion rupees ($31.9 million) in a 5,000-tonne capacity plant it hopes could produce material by 2012. "Whether India becomes a player of any consequence will depend on how fast it can ramp up production and capacity," said Uday Bhaskar, director of strategic affairs think tank the National Maritime Foundation, weighing the country's possible role as a future global supplier. "I cannot see India becoming a big player in the near future. But India should develop this sector because in principle it should not become
dependent on supplies from one country and that too, China." India consumed about 200 tonnes of rare earth products in 2004, the year it suspended production and the last year for which official data is available. One official said the requirement would have "zoomed" given the near-double digit growth in the economy since. The country imports all its current requirements from China and mostly uses rare earths in consumer goods industries, petroleum refineries and the car industry. STILL A LONG WAY TO GO China's reserves are also far greater, some 10 times more plentiful than India's 3.1 mil-
lion tonnes. But an Indian government official, speaking on condition of anonymity, said: "The very fact that China is the nearmonopoly makes any secondary supply precious, however small that supply may be." China says it needs to conserve its mine reserves for future domestic consumption and has just tried to reassure global customers by saying export cuts in 2011 will only be slight. But others see its reduction in supplies to the world market as a trade weapon and Japan -already feuding with its powerful neighbour over territorial rights in the East China Sea -has recently struck cooperation deals to develop alternative supplies with both
Vietnam and India. The United States made a point of securing assurances from China at a summit last week that it would be a "reliable supplier" of the minerals - as President Barack Obama starts an Asia tour with three days in India. With the United States increasingly looking to India to act as a democratic counterweight to an economically dominant China, the South Asian nation's move to boost rare earth production signals its desire for a bigger role on the world stage. India wants partners such as the United States and Japan to help build its technological capability to convert the ore into metal, the big challenge in expanding output of rare
earths, which are not as hard to find as the name suggests. "We are looking at partnering with countries which have technological capabilities to help us," one Indian government official said. "You will probably not see much happening if you take a short-term view. This is a long-term game." Longer term, developing its own rare earth supplies is a priority for the Indian government and could at least allow it to be self-sufficient with a foothold in the global market. "It's not a major supplier, but not insignificant either, because five per cent of global supplies means a substantial secondary source for at least some of the big companies," R.N. Patra, chairman and man-
aging director of state-run Indian Rare Earths Limited told Reuters. Still, China is likely to call the shots for some time to come with mines outside the country -Molycorp's Mountain Pass in California and Lynas' Mt Weld in Australia -- likely to take another three years to meet two-thirds of non-China global demand. "The major impact (on the global market) is coming from China and Australia ramping up supplies," said Amy Lee, analyst at Nomura in Hong Kong. "Even if India ramps up production, global supply and demand conditions will remain unbalanced for some time." -Reuters
Iran says nuclear talks could happen in Turkey TEHRAN: Iran could return to talks with major world powers concerned about its nuclear programme "as soon as possible", its foreign minister said on Sunday, suggesting Turkey as a possible venue. Manouchehr Mottaki gave Tehran's most positive sign so far that it is willing to resume the negotiations which stalled more than a year ago, leading to tightened international sanctions against the Islamic Republic. The P5+1 group -- the permanent members of the U.N. Security Council and Germany -- had proposed holding talks with Iran over its nuclear programme on Nov. 15-17 in Vienna, an approach welcomed by Iran but never formally agreed to. "Consultations are under way, they are on the right track," Mottaki told a news conference. "We are hopeful that the time
and the agenda and content of the talks will soon be agreed upon by both parties and that both parties will start the talks as soon as possible." As an alternative venue to Vienna, the home of the U.N. nuclear agency, he suggested neighbour Turkey. "We have told our Turkish friends that we are in agreement with regard to holding these talks in Turkey," he said. Muslim Turkey, which has deepened commercial and energy ties with its neighbour, says it is willing to mediate between the West and Iran over Tehran's nuclear programme and has offered in the past to host talks. Along with Brazil, Turkey brokered a nuclear fuel swap deal with Tehran earlier this year -- an ultimately unsuccessful attempt to avoid the new sanctions on Iran agreed by the Security Council in June.
Both countries voted against the sanctions and have said diplomacy is needed to solve the dispute over Iran's nuclear enrichment which produces material that could be further processed for military use. Iran says it is not seeking nuclear weapons. As the Nov. 15 date approached, Iran has sent mixed signals about the talks. Last week, a close aide to President Mahmoud Ahmadinejad said even if Iran did agree to the talks it would not negotiate about its nuclear programme -- the central issue for the P5+1 group. Ahmadinejad has also asked the P5+1 countries parties to declare their opinion on Israel's alleged nuclear arsenal. Israel says a nucleararmed Iran would threaten its very existence and does not rule out striking Iran militarily to stop that happening.Reuters
Israel set to present Lebanese border plan to UN JERUSALEM: Prime Minister Benjamin Netanyahu will on Monday present a plan to the United Nations for Israel's withdrawal from part of a disputed village along the Lebanese border, a political source said on Sunday. The village of Ghajar, which straddles the Israel-Lebanon border but whose residents profess allegiance to Syria, has for years been an occasional flashpoint for violence between Israeli troops and Iranian-backed Lebanese Hezbollah guerrillas. Earlier this year a U.N. official in Lebanon said the two
countries needed to make progress on demarcating their border, called the "blue line," which is monitored on the Lebanese side by a U.N. peacekeeping force known as UNIFIL. Ghajar lies on the foothills of the Israeli-occupied Golan Heights captured from Syria in a 1967 war. Residents have Israeli citizenship and work in Israel. They don't want Lebanon to control the village because they say they are Syrian. In 2000, a U.N. panel placed the northern part of Ghajar in Lebanon. But Israel re-took
control of that during its 2006 war with Hezbollah, because of frequent clashes there. Hezbollah, an ally of Syria, largely rules south Lebanon and is now a powerful political player in Beirut. It has said it would not recognise any Israeli control in Ghajar and has attacked Israeli forces deemed to be on Lebanese soil. Netanyahu will present the recommendations of a military panel to U.N. Secretary General Ban Ki-moon when the two meet in New York on Monday, said the source, who refused to be identified further.-Reuters
German police clash with anti-nuclear activists DANNENBERG: German police used truncheons and teargas on Sunday to clear a rail line as they clashed with antinuclear activists trying to disrupt a shipment of nuclear waste heading to a storage dump. A police spokesman said some 250 activists had tried to damage the track near the waste dump to halt a train carrying the nuclear material. When police tried to stop them, the activists responded using flare guns and a chemical spray that caused eyes to tear up. "The situation is not yet under control," another police spokesman said. Riot police used truncheons, teargas and water cannon to stop the violent activists, who were part of a larger group of about 4,000 protesters near the town of Leitstade trying to halt the train. A small fire was started under an armoured police vehicle and it was seen smouldering in images broadcast on German television. Police said activists had poured tar on it and thrown small petrol bombs at the vehicle. Police repeatedly tried to stop activists from removing gravel under the rail tracks. Some police were pushed and shoved from behind as they tried to carry activists away. The helmet-clad police also were seen in broadcast images punching activists and hitting them with truncheons. "Those who resort to violence against police officials have to expect us to respond accordingly," a police spokeswoman told N-TV television, saying there had been "massive acts of violence against police" on Sunday. About a dozen protesters were injured, demonstrators were quoted as saying in local media reports. Police could not confirm any injuries.-Reuters
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stability in South Asia dominated the meeting on Sunday that Obama held with students at a college in Mumbai. Furthermore, US President Obama described Pakistan as a "strategically important" ally for his country and said Washington and Islamabad have been working together to eradicate extremism. According to private television channel, "Pakistan is an enormous country. Strategically important country not only for the US but for the world "To communicate with them that we want nothing more than a stable, prosperous and peaceful Pakistan, and that we will work with the Pakistani government in order to eradicate this extremism that we consider a cancer," Obama said. "India and Pakistan can prosper and live side by side; this will not happen tomorrow but needs to be the ultimate goal. The US can be a partner but can't impose this process. India and Pakistan have their own understanding," he said. -Agencies
"Rather than doing bilaterally or with a small number of countries, free trade deals work better when more countries get involved because that will not only benefit member countries but also reduce the negative impact on non-member nations, and that could be a plus for the global economy." Kuroda said regional coordination was needed to deal with the differing rates at which currencies are appreciating in Asia's hot emerging markets. "Southeast Asian currencies are appreciating, but the Chinese one is not. There is a gap among emerging market currencies," Kuroda said. "This is causing a big problem, so we need to talk more about currency cooperation in the region.-Reuters
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Talking to media, people complained against non-seriousness of Price Control Committee (PCC) and district administration and lack of tangible steps to control price hike. Meanwhile, sugar has become a rare commodity for the last one week at more than 150 outlets of the Utility Store Corporation (USC) operating in different areas of Karachi - causing severe Continued from page 1 No #2 hardship to a large number of consumers hailing from lower and The cost for the Summit starts $1299 including three nights middle segment of the population. hotel accommodations & others, while the expo cost will start Ironically, TCP has around 3½ tonnes of sugar in its godowns from $1200. imported with sole objective to keep sway over its rates in the To get the supporting documents of visa to come to America, open market besides facilitating poor segment of the population joining summit is a must and expo is optional. by means of provision of subsidised commodity to them. The participants will learn business opportunities, exportContinued from page 1 No #6 import, how to do business in America, how to set up company, formulated with the help of finance and foreign ministers distributors & agencies in America and they will also learn to network with buyer-seller, resources, match-making, & supply chain. respectively. The evaluation and survey report of the Asian Development Continued from page 1 No #3 Bank on the flood affected areas will also be submitted in the Committee chaired by Mufti Munib-ur-Rehman was held here meeting. at the building of Ministry of Religious Affairs on Sunday. Immediate release of the funds will be demanded and the World The officials of Metrological Department as well as SUPARCO community and relief organisations will be asked to assist in this were also present on the occasion. respect. -Online After sighting moon of Zil-Haj, the meeting announced to Continued from page 1 No #7 observe Eid-ul-Adha on Wednesday, 17th of November, 2010. released considerable amount of funding for immediate resumpThe moon was also sighted in Lahore, Quetta, KP and Karachi. The meetings of Zonal Ruet-e-Hilal Committees were also held tion of work. Expressing his firm commitment towards reconstruction and in the four provinces. rehabilitation of the earthquake affected areas, he said that reconContinued from page 1 No #4 struction of the affected areas is a priority and work will pick up work to avoid excessive current account imbalances, specific speed in coming days. -Online targets should not be expected from a Group of 20 summit in Continued from page 1 No #8 Seoul on Nov 11 and 12, just ahead of an Apec summit. mass gathering here on Sunday. Former president, responding to "It's not something you can reduce easily to a single number," threats of filing a lawsuit incessantly posed to him by Nawaz Geithner said. He had earlier suggested countries should aim to cut surpluses Sharif, said, "As Sharif knows that neither will he regain power or deficits to a targeted share of gross domestic product over time. nor will he be able to try me in a court of law therefore he takes Geithner was also forced to fend off criticism that United States resort to blow this trumpet time and again." was deliberately weakening the dollar after the US Federal He said he doesn't regret killing of Nawab Akbar Bugti and Reserve announced last week it was in effect running the printing attack on Lal Mosque and neither will he seek apology over those presses to buy another $600 billion (£370.6 billion) in government actions, adding that he was ready to replicate all what he did durbonds in an effort to reinvigorate the flagging US economy. ing his tenure in the face of similar situation. The series of Apec meetings in Yokohama, just south of Tokyo, Musharraf said, on one hand Nawaz Sharif chant slogan of 'Jaag will conclude next weekend in a summit that brings together US Punjabi Jaag' to accumulate votes in Punjab and on the other hand, President Barack Obama, Chinese President Hu Jintao Japanese he has kept criminal silence over killings of Punjabis in Prime Minister Naoto Kan and other leaders of fast-growing Balochistan. Also, Musharraf alleged Nawaz Sharif of handing nations around the Pacific rim. refuge to Talal Bugti in Lahore whom (Bugti) he termed 'lawApec members have signed more than 100 bilateral and other breaker'. The supporters of PML-N and APML were also present mini-free trade agreements with each other, and stitching them on the occasion and were chanting slogans against chiefs of both together somehow into an area that accounts for 44 per cent of parties. -Agencies global trade is an ambitious task. "I think FTAAP is a very good idea," Asian Development Bank President Haruhiko Kuroda said in an interview on Sunday, referring to the Free Trade Area of the Asia-Pacific.
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International & Continuation
Monday, November 8, 2010
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performance of the Pakistan Muslim League government from 2002 to 2007. -Online
Greeks vote in high stakes local elections ATHENS: Disgruntled Greeks went to the polls in local elections on Sunday that could trigger a national vote if they fail to give the government support for austerity plans meant to stem Europe's debt crisis. Prime Minister George Papandreou has said he will dissolve parliament barely a year after coming to power if he is denied a mandate to pursue budget cuts and reforms agreed in May under a 110-billion euro EU/IMF bailout to save Greece from bankruptcy. "I am not glued to my post. I am only interested in fighting for my country ... It's up to the citizens to decide whom they trust to govern the country," he told Ethnos newspaper. "Citizens will decide in today's election if we will hold steady on the path of salvation ... or if we will go back to decay and to the Greece of bankruptcy," he said. In polling stations around Athens, many voters said they were angry with the threat of snap elections, whether they were voting for a candidate backed by Papandreou's PASOK socialist party or not. "I'm going to vote against the government despite voting for
PASOK last year, I don't care if this means early elections. This was blackmail that was directed mostly at PASOK voters and I didn't like it," said Christos Nikoltsopoulos, a lawyer. Others said they wanted the government to stick with reforms. "I voted for PASOK last year and I'll do the same now because I want them to continue with reforms. I don't want early elections. They're cutting our pensions and they have spare money to stage snap elections?" asked pensioner Poppi Yiota. Papandreou has said he will base his decision largely on how his candidates perform in the first round of voting in 13 regions. He has not set a threshold for the support he requires, allowing ample room to manoeuvre in deciding whether to call a snap vote. He was expected to make statements late on Sunday. Sunday's polls close at 1700 GMT. Official projections of final results were expected at about 1900-1930 GMT. PAPANDREOU SEEN KEEN ON CLEAR LEAD Some analysts said a PASOK victory was within reach but
the media speculated Papandreou was seeking a lead of at least 4 percentage points over the main opposition conservative New Democracy party. Some said his comments were intended to fire up his party base while others believe he wants snap elections anyway to renew his mandate. Pre-election polls indicated PASOK might lose in politically important areas including the Athens region, as voters vent anger at the austerity measures. Nearly 10 million citizens and immigrants were eligible to vote in the first round of the municipal and regional elections. The second round will be on November 14. The Socialists came to power on plans to boost welfare spending. But they were soon forced to switch to pay cuts, tax hikes and a pension freeze after a debt crisis exploded when they revealed state finances were much worse than expected. Papandreou says he needs voters' support to continue on the austerity path but analysts warn he is pursuing a high-risk strategy that may put the fiscal programme at risk.-Reuters
Jobless Britons could be made to do manual work LONDON: Britain's long-term unemployed could be forced to carry out compulsory manual work or risk losing their welfare benefits under plans being put forward by the government, newspapers reported on Sunday. The U.S.-style scheme would see the long-term jobless ordered to take up four-week placements in order to get them used to having a full-time job. The idea is part of major reforms, due to be unveiled this week, to make cuts to Britain's huge welfare bill, reduce dependency on benefits and weed out those earning money but not declaring it, papers said. "What we are talking about here is people who have not been used to working having both the opportunity and perhaps a bit more of a push as well, to experience the workplace from time to time," Foreign Secretary William Hague told BBC TV. "The vast majority of people in Britain will think that is the right thing to do." Shortly after the Conservative-Liberal Democrat coalition took power in May, Work and Pensions Secretary Iain Duncan Smith unveiled plans to simplify the
No #10
complex web of benefits available to reduce errors and inefficiencies. Duncan Smith said the system had become regressive and was not giving people the right incentive to work as many were financially better off unemployed. Under his plans separate benefits for items such as housing, income support or incapacity will be replaced by a "universal credit" system whereby individual households would get a single welfare payment to ensure those in work would be better off. The Observer newspaper said that in return, long-term unemployed would be told to take up work placements of at least 30 hours a week for a four-week period. If they refuse or fail to complete the programme, their jobseekers' allowance, worth 64.30 pounds a week for those over over 25, could be stopped for at least three months. GARDENING Charities, local councils, voluntary organisations and private companies will be contracted to provide the placements, which could involve gardening, clearing up litter or painting schools, the Sunday Times reported.
"We will shortly be bringing forward further proposals on how to break the cycle of dependency blighting many of our communities and make sure work always pays," a spokeswoman for the Department for Work and Pensions said. The proposals echo similar schemes in the United States, but do not go as far as the system there which limits the time people can claim benefits. "The message will go across; play ball or it's going to be difficult," Duncan Smith told the Daily Telegraph on Saturday. Harriet Harman, deputy leader of the opposition Labour Party, said they would wait for full details of the reforms before deciding whether to oppose the measures but added she believed some of the proposals were unfair. "Without jobs, welfare reform won't work," she told BBC TV. In 2009/10, the government spent 87 billion pounds on benefits and tax credits for people of working age, dwarfing most other items of government spending. The government estimates that some 1.4 million people in Britain have been on out of work benefits for nine or more of the last 10 years.-Reuters
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Mian Nawaz Sharif twice by leveling same kind of charges." Kaira said that the decision of apex court regarding 18th Amendment had strengthened the country. He said that duty free access of Pakistani products to European markets was a great achievement of the PPP government. Sufficient quantity of sugar was being imported which would help overcome the prevailing crisis, he added. The minister said that cash assistance of Rs100000 for flood hit people would be disbursed among them through Watan Cards.-APP
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Hours earlier ISAF reported another soldier was killed in the similar attack in eastern Afghanistan. However, the multinational peacekeeping force did not reveal the nationalities of the victims. Troops from US have been mostly deployed in eastern Afghan provinces. More than 620 Nato soldiers, with majority of them Americans, have been killed in Afghanistan since the beginning of this year.-NNI
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illegitimate but did not call for another election. The United Nations was the key election organiser. The United States, which has the bulk of some 150,000 foreign troops in Afghanistan, was among major donors for the elections. Nearly a quarter of the votes for the lower house of parliament have already been disqualified by the Independent Election Commission (IEC). The lawmakers and candidates accuse IEC officials of bribe-taking and having their own votes unfairly tossed out. A deputy attorney general said last week a fraud investigation had been launched into officials at the IEC following allegations from candidates. -Reuters
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Protesters were also opposed to a long-delayed free trade deal between Seoul and Washington, which leaders Lee Myung-bak and Barack Obama want to finalize before the summit. Demonstrators also urged the South Korean government to improve labor rights. A mass rally will take place on the first day of the summit, though its exact location is unknown, as authorities have set up a 2 km (1.25 mile) security zone around the main summit venue. On the other hand, China hopes this week's G20 summit in Seoul will help promote recovery in the global economy and deepen a reform of the world's financial systems, Chinese Commerce Minister Chen Deming said on Sunday. "We hope the G20 can play a big role in promoting global monetary reforms and governance, and help the global economy to have strong, sustainable and balanced growth," Chen told Reuters during President Hu Jintao's state visit to Portugal. -Reuters
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overall market which is 49 million less as compared to a turnover of 665 million a week earlier. It is worth mentioning that about 195 million shares were traded on Friday which was the highest of six months while some 81 million shares were traded on Monday. Out of total 418 active issues 227 advanced, 173 declined, and 18 did nothing to write about.
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China hopes G20 promotes global recovery
SKoreans protest ahead of G20 Summit SEOUL: Tens of thousands of people took to the streets of Seoul Sunday in a largely peaceful protest against this week's G20 summit as the city went on heightened alert for the meeting of world leaders. Authorities ramped up security at the weekend in preparation for the arrival of 10,000 participants, including 32 heads of government and leaders of international organisations, for the summit on Thursday and Friday. South Korea is concerned about the risk of violent anticapitalist protests -- a common
Afghan polls
Protesters warn of violence KABUL: Disgruntled lawmakers and candidates in Afghanistan's parliamentary election, marred by allegations of fraud, renewed protests on Sunday over the poll and warned of possible violence if a fresh vote was not carried out. No results have been declared nearly seven weeks after the election. The protests are another sign of political instability in Afghanistan, already facing a growing Taliban-led insurgency. Joined by hundreds of supporters, the candidates and members of parliament who had sought re-election in Kabul denounced the September 18 election as illegal and urged a new poll. They marched from the palace of President Hamid Karzai past UN headquarters to deliver a resolution to the US embassy. "We said that the results of the election will further worsen Afghanistan's security and force millions of people to head to the mountains" to take up arms, lawmaker Daud Sultanzoy, an outspoken critic of Karzai's government, told Reuters after the demonstration. "We said this election should be scrapped." A small group of candidates held a similar protest in Jalalabad, about 150 km (95 miles) east of Kabul. They denounced the vote as fraudulent and warned that the new parliament could be seen as See # 12 Page 11
feature of summits involving the world's leading economies - and anxious its rival North Korea may try to stage an incident to embarrass it. Security forces have been put on high alert, anti-aircraft missiles are at the ready, shipping and air routes are under heightened surveillance and airport screening has increased. South Korea's armed forces are on a "Level 3" alert, the highest level, and some 50,000 police -- more than one-third of the national force -- launched increased patrols from Saturday.
Sunday's protest, involving between 20,000 and 40,000 protesters, was seen as a test of the mood of demonstrators, and how the police would respond to trouble. A Reuters' correspondent said the atmosphere was generally restrained, although police used pepper spray to stop protesters from marching away from the main rally site. They were blocked by thousands of police, and trucks equipped with water cannon and police buses. At least 10 people were detained. See # 13 Page 11
India's strength lies in US help: Mushahid
No Afghan policy sans Pak: PML-Q ISLAMABAD: The secretary general PML-Q, Mushahid Hussain Syed has said that America would never be able to evolve its Afghan policy, without Pakistan's help. Talking to a private TV channel Sunday, he said that American preferences focused on Afghan war and economic factor, while Pakistan focused on strategic role and location, with India's strength laid in American economic assistance. He said that America was already disheartened in its Afghan war, and could not carry its strategy in
Afghanistan forward without the assistance of Pakistan, who would be facing the ultimate pressure, which it would be able to sustain, similar to ability of resisting pressure in Pakistan -India -American dialogue. He also reminded that Barrack Obama's political popularity in America was fast waning, while even his Indian tour was also not as grandeur as that of previous Bush tour. Mushahid said that Obama would be vying to keep both Pakistan and India on equal scales, and take care not to hurt public sentiments. -Online
Parliament session starts today
Lawmakers adopt crucial bills today ISLAMABAD: Finance Minister, Abdul Hafiz Shaikh and Federal Interior Minister Rehman Malik will present annual report of State Bank of Pakistan and amendments in Nadra Ordinance respectively, today when the sessions of National Assembly and Senate, after the two-day break would resume at the Parliament House Various bills and resolutions will be tabled in the parliament in the start of session. Four important bills on the day of private members will be presented in Senate, including bill of Senator Salim Saifullah regarding amendment in the
article 248 of constitution. Senator Professor Khursheed Ahmad will also table a bill proposing new article in 19-B of the constitution. Under the rule of 194 of the House, discussion motions of National Health Policy, performance of OGDCL and expected operation in Fata will also be submitted in the House. Five more resolutions of different issues will also be presented. Meanwhile, a call attention notice regarding increase in the prices of fertilizers will be tabled in the National Assembly. -Agencies
SEOUL:Participants march during a rally in central Seoul here on Sunday.-Reuters
Issues to be solved thru accord: Kaira LALA MUSA: Federal Minister for Information and Broadcasting Qamar Zaman Kaira has said that the PPP government was committed to resolve all the issues with mutual consensus and protect the interests of the people. Addressing a ceremony at Allied School here, the minister said the opponents were hatching conspiracies against the government. Allegations of corruption were being leveled against the government and it was also facing media trail. However, the government would continue serving the people, he added. The minister said, "People, who are leveling allegations against the present government, were also involved in toppling of the government of See # 10 Page 11
Two Nato troops killed KABUL: Two soldiers with the Nato-led International Security Assistance Force (ISAF) were killed Sunday in two separate insurgent attacks in Afghanistan's eastern provinces, the military alliance said. "An International Security Assistance Force service member died following an insurgent attack in eastern Afghanistan Sunday," ISAF said in a press release issued here. This is the second Nato trooper who was killed in single day Sunday. See # 11 Page 11
Sharif brothers ought to quit selfish policies: Elahi
‘N’ told to put its own house in order LAHORE: Chaudhry Parvez Elahi, the senior central leader of the Pakistan Muslim League-Q has said that instead of giving long march threats, the N League's incumbent Punjab government should tell the people if it has done anything for the eradication of inflation and unemployment in Punjab. Nawaz Sharif instead of trying to reform others should first concentrate on reforming his younger brother. N League should quit its policy of furthering personal interests at the expense of the poor people of Punjab.
People are now desperately looking for any improvement in their lives. The recent increase in prices of diesel, fertilisers and pesticides has broken the farmer's back. Chaudhry Parvez Elahi made these comments on Sunday while addressing a very well attended meeting of the PML Okara office-bearers and workers assembled at the Muslim League House, Lahore. Addressing the meeting, Chaudhry Parvez Elahi stated that the N-League could not deceive the people of Punjab with its false claims of good performance.
He advised the N-League leadership to quit its selfish policies and work for the betterment of the people of Punjab. He lauded the party leaders and workers who had stood firm against the Punjab government's vindictive policies and called them the party's true asset. Chaudhry Parvez Elahi urged the participants to employ all their abilities for further strengthening the party's roots in the masses and said that the poor performance of N League's Punjab government was no match to the sterling See # 9 Page 11
Predecessors responsible of high power tariff: Ashraf
Musharraf-govt blamed for crisis LAHORE: Federal Minister for Water and Power, Raja Pervaiz Ashraf said that former president Pervez Musharraf is responsible for increase in the prices of electricity. Talking to the media men here at Allama Iqbal International Airport, Minister said that former dictator General (Retd) Musharraf to save his reign stopped the prices of power in an artificial way, therefore, Wapda became
debtor of Rs400 billion and Pakistan Peoples Party (PPP) led government was compelled to augment the prices. So, Musharraf government is the responsible for the current deteriorating situation of electricity in the country. Despite that, day by day rise in dollar prices also affecting the prices of energy. However, government is striving hard to strengthen the energy sector. The PPP-led government is try-
ing its best to bring down the prices of electricity. Responding to a question he said that if Musharraf will return he face the law and courts for justice. While talking about the PakUS relations he said that USPakistan maintains cordial relations and in future it would be stronger. And in this regard President Obama has invited President Asif Ali Zardari to visit USA. -Online
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