International Karachi, Wednesday, March 9, 2011, Rabi-us-Sani 3, Price Rs12 Pages 12
Gaddafi forces hit mutineers in East See on Page 12
Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.50bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn -1.57% 4.10% $1,051 175.36mn
NCCPL (U.S $ in million)
0.52 -0.50 -0.22 -1.25 0.61 0.10 0.74
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,974.55 10,505.02 23,313.19 18,222.67 2,548.71 2,996.21 6,020.93 12,203.86
Change 25.48 188.64 95.67 263.78 9.57 53.90 30.54 33.98
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)
$.Price PKR/Shares 2.60 110.94 15.48 132.11 2.00 42.67 1.70 36.27 11.59 39.56
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
23-Feb-2011 23-Feb-2011 23-Feb-2011 29-Nov-2010 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011 07-Mar-2011
13.49% 13.69% 13.86% 14.00% 13.30% 13.58% 13.75% 14.14% 14.26% 14.17% 14.19% 14.18% 14.54% 14.76% 14.95%
Commodities *Crude Oil (brent)$/bbl 116.33 *Crude Oil (WTI)$/bbl 105.25 *Cotton $/lb 219.70 *Gold $/ozs 1,438.80 *Silver $/ozs 36.58 Malaysian Palm $ 1,221 GOLD (NCEL) PKR 39,022 KHI Cotton 40Kg PKR 13,396 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 86.20 Canadian $ 87.25 Danish Krone 15.30 Euro 119.00 Hong Kong $ 10.50 Japanese Yen 1.025 Saudi Riyal 22.67 Singapore $ 66.90 Swedish Korona 13.25 Swiss Franc 91.80 U.A.E Dirham 23.17 UK Pound 138.50 US $ 85.30
87.20 88.25 15.50 120.30 11.00 1.051 22.85 67.90 13.35 93.00 23.35 139.60 85.60
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
86.39 87.67 15.99 119.22 10.95 1.038 22.74 67.35 13.43 92.22 23.22 138.61 85.34
86.59 87.87 16.03 119.50 10.98 1.041 22.80 67.50 13.46 92.43 23.28 138.94 85.53
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MAX-TEMP
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MIN
8°C 18°C 11°C 11°C 6°C 10°C
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B'stan abducted judges saved
See on Page 12
Special Correspondent / Agencies
195.18 -0.77 -4.35 2987
FIPI (07-Mar-2011) Local Companies (07-Mar-2011) Banks / DFI (07-Mar-2011) Mutual Funds (07-Mar-2011) NBFC (07-Mar-2011) Local Investors (07-Mar-2011) Other Organization (07-Mar-2011)
See on Page 12
Minfa urged to review cut in strategic wheat reserves Listing of Exchangeable Bonds to Capital mkts OKed
SCRA(U.S $ in million)
Total Portfolio Invest (19-Feb-2011)
Tajikistan offered investing avenues
ECC prescribes fiscal retooli ng
Portfolio Investment Yearly(Jul, 2010 up to 04-Mar-2011) Monthly(Mar, 2011 up to 04-Mar-2011) Daily (04-Mar-2011)
See on Page 12
Committee discusses Heavy Mechanical Complex
Economic Indicators Forex Reserves (26-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11)
Pak, China war-games begins
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addressing at the 100th International Women’s Day in Islamabad. -APP
Analysts compute Feb CPI at 14.10pc KARACHI: Country's annual consumer price inflation was likely at 14.10 per cent in February, as food prices remained low and the government was absorbing most of the impact of higher world oil prices, a Reuters poll shows. A higher base effect from last year also likely helped a marginally slower rise in the consumer price index (CPI) in February, after it rose 14.19 per cent in January from a year earlier. "It seems that the government's and the central bank's patience with the inflation rate is finally beginning to pay off, as the high-base from last year starts to take effect this quarter," said Khalid Iqbal Siddiqui, Director at Invest and Finance Securities. Analysts said the weekly sensitive price indicator, or SPI, had also started easing,
thanks mainly to food prices retreating in 2011. About two-third of the impact of a higher international petroleum price had yet to be passed on to consumers, which had helped control inflation, they said. "If the full impact of fuel prices had been passed on this month, the February CPI would have been estimated at 14.80 per cent year-on-year," said Siddiqui, who forecast February CPI at 13.60 per cent. Analysts said steady inflation meant the central bank was likely to keep its policy rate unchanged again when it announces the next monetary policy by the end of the month. In January, the State Bank of Pakistan left its policy rate unchanged at 14 per cent, noting the delicate balance between growth and rising inflation. -Reuters
Haqqani addresses Pakistan Day Conference 2011
Pak seeks power sector investors NEW YORK: Highlighting Pakistan's growing electricity needs, Pakistan's Ambassador to the United States Hussain Haqqani told American and Pakistani businessmen that his government was planning further structural reforms in the economy to attract investments both foreign and domestic. "The power sector offers a preferred area for investment," Haqqani said at a gathering billed as this year's biggest investment road shop -"Pakistan Day Conference 2011". "Pakistan is looking for investments in power production," he said, while pointing that the country was short by about 5000 MW in peak season.
Citing facts and figures, Ambassador Haqqani said Pakistan's economy remained resilient in the face of multiple challenges posed by rising food prices, oil prices, and the catastrophic floods in 2011, global financial crisis and the cost of fighting war against terror. "All foreign investment in Pakistan is fully protected by law and in addition to this; Pakistan has signed bilateral agreements for protection of investment with 47 countries and Avoidance of Double Taxation with 52 countries, including the US," Ambassador Haqqani told the well-attended conference. He said new incentives and See # 12 Page 11
Terrorist agenda to be foiled, says Gilani
PM sticks with reconciliation ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani reiterated the commitment of the government to go on with the policy of reconciliation. The dialogue, he added, is a continuous process and helpful in finding out the workable solution of all the issues including the political issues. Prime Minister expressed these views while talking to Chief Minister Sindh Syed Qaim Ali Shah, who called on him at Prime Minister House. Syed Khurshid Shah, Minister for Religious Affairs was also present in the meet-
ing. Prime Minister observed that the Government is taking all allies and other political parties on board to strengthen the democracy in the country. The tradition of accommodating each other is necessary to restore peace in the troubled areas of the country, said the Prime Minister. Both the leaders discussed the political situation of the country. Chief Minister Sindh apprised the Prime Minister of the rehabilitation of flood affected in different parts of Sindh. See # 13 Page 11
Davis maybe indicted for murder LAHORE: A Pakistani court is likely to indict a CIA contractor next week for murdering two men, lawyers said on Tuesday, despite US insistence he has diplomatic immunity, acted in self-defense and should be released. "The lawyers of the victims pleaded that David be charged, but we contested it could not happen until we get complete documents on the case," Davis' lawyer, Zahid Hussain Bokhari, told Reuters. "He is probably going to be charged with murder at the next hearing, which is on March 16." Before the next murder hearing, Davis has a hearing at the See # 9 Page 11
Agencies answerable to B'stan: CJ ISLAMABAD: During a hearing of the missing persons' case Tuesday, Supreme Court of Pakistan directed the Balochistan government to contact intelligence agencies regarding the issue. The apex court said that Inter-Services Intelligence (ISI) and other intelligence agencies were answerable to the Balochistan government as well as to the courts. During the hearing, Chief See # 10 Page 11
Kiwis beat Pak by 110 runs KANDY: Extraordinary hitting with a cracked bat by New Zealand birthday boy Ross Taylor helped his team pile on an amazing 85 runs in 3.4 overs and help set up a 110-run World Cup win over Pakistan on Tuesday. See # 11 Page 11
ISLAMABAD: Economic Coordination Committee of the Cabinet has approved financial restructuring of Heavy Electrical Complex, extension/ issuance of GOP guarantee for PIAC loans, while Committee on Privatization approved the Capital Market listings of the Exchangeable Bond. Economic Coordination Committee of the Cabinet was held here Tuesday with the Federal Minister for Finance, Dr Abdul Hafeez Shaikh in the chair. The Committee approved financial restructuring of Heavy Electrical Complex, extension/ issuance of GOP guarantee for PIAC loans. Moreover, the other agenda items which were discussed at length and deferred for further deliberations in the next meeting include procurement of
wheat by public sector institutions, increase in the rate of cotton cess, ex-post facto approval of additional charges for distribution of imported urea from Gwadar Port and state trading in grain. Privatization Commission in its summary to the ECC had sought the loan availed by the HEC to be converted into government equity before its privatisation. Earlier the Finance Division has supported the proposal for conversion of loans payable by the company in GOP equity. The summary for the issuance of government guarantee for issuance of PIAC loans was moved by Defense Division in which it was proposed that continuing guarantees in respect of all the loans may be issued by the Ministry of Finance and roll over of them may be approved on yearly basis or for the term of the loan.
It may be mentioned here that Finance Division has already endorsed renewal/ extension of GOP guarantees for the PIAC loans for two years from different banks. At the start of the meeting the ECC was given a detailed presentation on the key economic indicators which highlighted the review of price situation, inflation and its drivers, review of stock position, latest economic indicators, commodities stock situation of what, sugar and fertilizers, large scale manufacturing, current account deficit, foreign exchange reserves, workers' remittance and direct foreign investment. The ECC has also asked the Federal Minister for Food and Agriculture to have review on the proposal for curtailing the strategic reserve of wheat should be one million tonne from three million tonnes in light of the wheat procurement See # 7 Page 11
Over 100 injured; Taliban claims attack
Faisalabad blast kills 32 LAHORE: A massive bomb blast by militants at a gas station in Faisalabad, a city in Pakistan's central Punjab province, Tuesday killed at least 32 people and wounded 125 others, media reported. The explosion also damaged nearby buildings. An office of the Pakistan International Airlines (PIA) and a local gas station were severely damaged in the blast. Police said the attack took place close to the office of ISI but the building was undamaged. Senior government official
Naseem Sadiq said explosives were planted in a vehicle parked at the gas station, which also lies near police offices as well as the PIA building. Regional police chief Aftab Cheema confirmed the attack in Faisalabad, the country's textile-making capital. "It was a car bomb blast. The explosive was planted in a car. We are investigating whether a suicide bomber was involved or not," Cheema said. Television pictures showed the station had been reduced to a pile of bricks and gnarled metal as rescue officials
IMF-Pak talks extended for 3 more days
Revenue seen short of target KARACHI: The International Monetary Fund (IMF) expressed its fears over the government's claims that the Federal Board of Revenue (FBR) would manage collecting the targeted Rs1604 billion during the current fiscal year. An official source privy to the ongoing talks between IMF and Pakistan delegation said that Fund has expressed its reservations after the rev-
enue collection data for the last eight months was presented to it. The IMF was of the view that the target was not achievable without the imposition of flood tax. According to the media sources, government may enter another Fund loan programme after completing the current loan programme in June 2011. -Agencies
worked to remove rubble from the scene to search for survivors and ambulance vehicles ferried the injured away. City commissioner Tahir Husain told a private television channel that rescue officials were heaving bricks and metal away to save those trapped. "There are some people trapped under the building rubble. We have deployed our cranes and machinery to rescue them very soon," he added. Husain told a private television channel that no suicide attacker was involved. See # 8 Page 11
ISI chief gets 2yrs extension ISLAMABAD: The Chief of Inter-Services Intelligence (ISI), Lieutenant General Ahmed Shuja Pasha has been given twoyear extension in his service, media reports. Pasha will now retire in 2013. He had also been granted oneyear extension in his term in 2010. Reports said a summery is also moved in this regard, while formal issuance of notification is expected within few days. Agencies
2 Wednesday, March 9, 2011
High growth rate linked to economic reforms: Nadeem ISLAMABAD: Deputy Chairman Planning Commission of Pakistan, Dr. Nadeem-ul-Haq has linked sustained economic growth to economic reforms with special focus on changing mindset, efficiency improvement and incentives for performance. "We are lagging behind in reforms," he remarked while talking to journalists here adding that economic reforms were the way forward to enhance efficiency and productivity. However, for all this there is a dire need of bringing about changes in the overall mindset by adopting new ideas as 'adoption of new ideas takes time," he added. Haq said it took long to make people accept the idea of privatization and trade liberalization. He underscored the importance of privatization and outsourcing, which he said has produced good results and helped productivity.
PaCCS to continue KARACHI: Agility, the owner of Pakistan Automated Customs Computerized System (PaCCS) has extended the sytem till March 31 on the request of Chairman FBR. The staff resumed their offices to service PaCCS users. Last week, the staff employed by Agility, the Kuwait-based company who were responsible for technical assistance to over 30,000 successful users, vacated their offices at the Customs House in the Karachi on Wednesday and decided to shut down the system some time before Thursday becasue of untolerable behavior of Federal Board of Revenue on agreed implementation of PaCCS across the country. But, Chairman FBR Salman Siddique officially asked the Agility not to halt the availibility of automated container clearing services to stakeholders throughout the country with an assurance that the grievences of the company will be negotiated sometime during this month. Since 2007, Agility is continuing this one-window system to benefit stakeholders, including customs agents, importers and exporters.-PR
TV PROGRAMMES WEDNESDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Aap Ki Baat (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
He highlighted the importance of enhancing reliance on the private sector as growth strategy to ensure sustainable economic growth in the country saying that job of the government should be policy-making and regulations. "Government should be responsible for policy making and regulations while the private sector should be facilitated and provided conducive atmosphere to operate businesses." He was of the view that privatization has a great role for enhancing economic growth and highlighted the importance of closing all departments and entities that do not positively share in over all economic growth. He said there was a need of developing a system where efficient people are hired adding that they should be supported by incentives to produce good growth results. However, he deplored that
things were not the same as should have been in the country. He also pointed out the existing weaknesses of the regulatory system saying there were places where regulatory is weak. For instance, he added, we have been treating just textile, cement, sugar and automobile sectors as industry and have left out several other sectors to be included in the industry. "We have not given the construction sector status of industry which has been a big source of job creation. Similarly he added retailing, warehouses, entertainment and hoteling should have been declared industries which we failed so far". He specially urged for bringing improvement and efficiency in large state own entities like PIA, Pakistan Railways and power sector organisations by employing efficient and honest executives and managers besides plugging leakages in these
organisations. "We can achieve higher level of higher and sustainable economic growth by improving the performance of these organizations for higher productivity", he remarked. He said that government has initiated new growth strategy which aims at harnessing the community's entrepreneurial energy. Dr.Haq said that essential difference between the new growth strategy and those of the earlier exercises was that the new one emphasizes on the micro economic foundations of the macroeconomic framework. He added that the new strategy recognizes that with private investment forming a large and increasing part of the total investment, measures to increase the latter must aim at improving the profitability of private climate, to reduce the cost of doing business and to remove impediments to entrepreneurship.-APP
ISLAMABAD: Chief Minister Sindh Syed Qaim Ali Shah called on Prime Minister Syed Yousuf Raza Gilani at PM House.-APP
CBA chief nominated to PSM board
KARACHI: Pakistan Steel Board of Directors must take proper and timely decisions. Issuance of National Steel Policy, ban on unjustified anti Steel mill SROs and a permanent Chief Executive Officer, Chief Financial Officer is a dire need of Pak Steel to pull it out from current worst condition. Shamshad Qureshi, Chairman Pakistan Steel Peoples Workers Union CBA expressed his views in the reception on being nominated to Pakistan Steel Board of directors, held at Tajik dialogue in Pakistan CMD, Pakistan Steel by the in this regard. office- bearers belonging to The Tajik President said CMD, Railway, COBP, the recent exchange of high RMH Departments of level visits and interaction Pakistan Steel PWU-CBA . would help Pakistan and He said a major reason of Tajikistan enhance their crisis is that the country's relations in all areas, with a largest industrial unit is runparticular focus on trade ning on Adhoc basis and is and economic activity. managed by Acting He said his country wish- Executives on major posts. es diversified cooperation He demanded to take action with Pakistan in all fields against those Consumers and desires that the two and FBR officials who are countries learn from the continuously providing loss experiences of the other. to the national asset and On arrival at the venue appoint a fulltime CEO and President Asif Ali Zardari CFO in Pakistan Steel. The was received by the Steel Mills leaders haild the President of Tajikistan. A Shamshad Qureshi on the young Tajik girl presented Board of Directors of Pakistan Steel and said that him a bouquet. A group of Tajik children during this hard time this attired in their national nomination in the decision dresses sang the national making forum is a chalanthems of the two coun- lenge, but all the workers are tries. Each child also spoke sure and given their vote of a few words about the mer- trust to the true and devoted its of deep friendship and leadership of Shamshad the love between their peo- Qureshi and hope that he ple in Urdu and Tajik lan- will soon take out Pakistan guages. President Zardari Steel from crisis with his waved and appreciated key role in BOD.-PR their gestures.
Zardari, Rehmon call for closer Pak-Tajik ties Staff Correspondent ISLAMABAD: The Presidents of Pakistan and Tajikistan on Tuesday jointly performed the ground breaking of the new Tajik embassy complex here at the diplomatic enclave. The US 4 million dollar project would be completed in two years time over a covered area of around 8,000 square yards. Both Pakistan and Tajikistan have provided free of cost land for their respective embassy buildings. President Emomali Rehmon and President Asif Ali Zardari in brief remarks said the construction of the new embassy was a reflection of their close friendship and would further strengthen the deep rooted ties between the two countries. President Zardari assuring all assistance to Tajikistan in the completion of the project said both the countries were keen to
strengthen infrastructure and energy connectivity and further promote trade and economic cooperation. He hoped President Rehmon's visit will add a new chapter to the bilateral relations between the two countries. The President said Pakistan and Tajikistan enjoy deep rooted bonds of brotherhood and friendship. "We have common history, culture and traditions, common heroes and literature," the president said. He said both the countries would cooperate closely to promote stability, peace and prosperity in the region. President Emomali Rehmon said his country accords high priority to its ties with Pakistan. He also noted with appreciation the role Pakistan played during the days of domestic conflict in Tajikistan, and to bring peace and stability. He mentioned its role in the holding of an inter-
Etihad Govt welcomes call Airways for APC: Malik offers free ISLAMABAD: Interior aspects that is religious, Minister Rehman Malik political and personal. stay at has said that the govern- Meanwhile, the vehicle ment welcomes Chief used in Shahbaz Bhatti Abu Dhabi Minister Shahbaz Sharif's assassination is still missTFD Report KARACHI Etihad Airways, the national airline of the United Arab Emirates, has launched an online promotion offering customers in Pakistan the chance to win an exciting stopover or vacation in Abu Dhabi. The offer includes a three night stay for two people, inclusive of breakfast, at the 5-star hotel, Park Rotana Abu Dhabi, says a press release. The campaign is designed to encourage customers to join the airline's award-winning loyalty program, Etihad Guest. To win the prize, customers need to purchase a ticket on Etihad Airways' website www.etihadairways.com/pk to any of the airline's 66 destinations worldwide and enrol in the airline's loyalty program, Etihad Guest. The competition is open until April 5 and the winner's name will be announced on April 10.
recommendation of calling an All Parties Conference. Talking to senior journalists here on Tuesday, the Federal Interior Minister said that recommendation of calling all parties conference is good as joint decisions on confronted problems would be in interest of all. He further said that Shahbaz Bhatti case is very complex but the case is being reviewed at three
ing. He further said that the vehicle had been seen in Satellite town but could not be found yet. He said that the case is subjudice in court. Answering to question about Shah Mehmood Qureshi, he said that his statements have no concern with reality and foreign office, foreign ministry and government of Pakistan is clear in this matter.-Online
Burney meets Egyptian Ambassador
ISLAMABAD: The United Nations Expert Advisor on human rights and Chairman Ansar Burney Trust International, Ansar Burney met with Ambassador of Egypt Magdy Amer, here in Islamabad and discussed with him the issue of hijacked Ship MV Suez by Somali pirates, with four Pakistanis on board. He informed the Ambassador that the owner of the hijacked ship is an Egyptian national and is now no more cooperating with the families of the crew members on the hijacked ship.-INP
PM for women's social, economic empowerment ISLAMABAD: Prime Minster Syed Yusuf Raza Gilani while paying tribute to women has said that the government has taken significant initiatives for the social, political and economic empowerment of women. In his speech on the occasion of International Women day here on Tuesday, he paid great tribute the brave women, who played a major role in the creation of Pakistan. He said "without their commitment, sacrifices, and struggle, it would not have been possible to realize the reality of Pakistan. I would also like to take the opportunity to congratulate women around the world who are working tirelessly to end violence, prejudice, and biases against them." He said that the day commemorated ordinary women who demanded their rights and made history a hundred years ago. He said that It was rooted in the centuries-old struggle of women to participate in society on an equal footing with men. "Discrimination against women weakens society as a whole. Women's rights issues are not limited to Pakistan alone. Other countries in the region are also faced with similar problems and barriers of archaic traditions and practices", he said. Gilani said that no society can move forward without undoing the discriminatory attitudes and laws regarding women. "Our constitution states clearly that there shall be no discrimination on the basis of sex. The Holy Prophet
(peace be upon him) said in his Last Sermon and I quote: "O People! it is true that you have certain rights with regard to your women but they also have rights over you. Remember that you have taken them as your wives only under Allah's trust and with His permission. If they abide by your right then to them belongs the right to be fed and clothed in kindness. Treat your women well and be kind to them for they are your partners and committed helpers." He said that Shaheed Mohtarama Benazir Bhutto always placed women's empowerment agenda as her top priority. She encouraged women to come forward and contribute to the national progress, he said. He said that the government was determined to implement, in letter and spirit, the vision of Shaheed leader of a greater and stronger Pakistan, despite the great challenges of extremism. He said that the present democratic government was fully cognizant of the existing issues and problems being faced by women, ranging from domestic to national life. "The theme of this year's International Women's Day of "Access to education, training, science and technology" is in accordance with the march of time. Gender inequality remains a big challenge to socio-economic development in Pakistan. Female participation rate in labour is only 21%, compared to males, which is at 69%. About 65% of the female labour force is
engaged as family workers who work without pay in cash or in kind. Although about 74% women are engaged in the agriculture sector, unemployment rate of female labour force is twice that of the men. We also know that female literacy rate is low, that is 45% as compared to 69% for the males. It is, thus, evident that females have lesser access to education and to employment opportunities in Pakistan, Women are an integral and indispensable segment of a society. If we have to progress, we have to ensure that equal opportunities are made available to the women of Pakistan", he said. He said that the government was determined to mainstream women's issues in the policies of the government. "The Prime Minister's Secretariat, under my instructions, spearheaded the efforts to implement the law in the Federal and the provincial governments. This law will provide opportunities to young women to join private and public sector without any fear. Establishment of working women hostels, provision of transport facilities to female employees and establishment of day care centers are part of the Government's initiative to resolve the problems of working women", he said. He said that the government committed to providing a conducive environment to the working women so that they were able to join the work force with confidence and without fear.- NNI
PPP always struggled for women’s rights: Firdous ISLAMABAD: Minister for Information Firdous Aashiq Awan has said that Pakistan People's Party has always fought for the rights of women development and present government is also playing its role in this regard. Talking to state run TV, Firdous Aashiq said women face problems in every society but unfortunately, only negative pre-
cept of women issues are being highlighted in Pakistan. She forced that our society should change its thinking about women. Information Minister mentioned every one has to play its role for empowering women. She said women right could not be separated from men basic rights. She said that she dedi-
cates the women day to those women who had been baton charged, lashed and were victims of oppression. She said government is taking every possible step for women development in the country. Pakistani women faced lot of problems for democracy and they can excel in any field, she added.-Online
KARACHI: Patron-in-Chief S M Muneer presenting a shield to Governor Sindh Dr Ishatul Ebad at the annual dinner of Korangi Association of Trade and Industry. Also seen in the picture are: Syed Joahr Ali Qandhari, Saleemuz Zaman, Shahid Javed Qureshi, Agha Siraj Durrani, Abdul Rauf Siddiqui, Senator Abdul Haseeb Khan, Razzak Hashim Piracha, Najamul Aarfin, Amjadullah Khan, Mian Zahid Hussain and Ihteshamuddin. Staff Photo
3
Wednesday, March 9, 2011 Top Economic Events
Euro slips on worries about debt-laden countries
Time 4:50 5:01 13:15 14:30 16:00 18:30 20:00 20:30
Analysts see room for short-term euro correction NEW YORK: The euro slipped against the dollar for a second day on Tuesday as investors considered what higher euro-zone interest rates will mean for peripheral euro nations already struggling with fiscal problems. The euro had climbed above $1.40 in the days after hawkish comments from European Central Bank President JeanClaude Trichet after a policy meeting last Thursday. But the currency fell on Monday after Moody's slashed Greece's debt rating by three notches and kept it on review for a further possible downgrade. That followed Fitch downgrading Spain's ratings on Friday. Those announcements brought the sovereign debt problems of some eurozone nations back to the fore and pushed investors to consider that while
higher borrowing costs may benefit flows into the currency, they will not be good for the nations that have to borrow. Concern that euro-zone leaders will fail to reach agreement on a debt rescue fund at an initial summit on Friday also weighed on the single currency. The euro fell 0.4 per cent to $1.3908, extending a retreat from a four-month high of $1.4036 hit on Monday. Traders said stop-loss orders were triggered on the break of $1.3940 and $1.3925 and possibly $1.3885. "We're seeing continued euro/dollar
selling from the real money community. It feels like the market wants to target 1.3880-1.3850," a London-based trader said.
Following a break of the $1.3862 February peak, the next technical level is $1.3830, the low hit on Thursday before Trichet's hawkish comments. Then the euro could be heading towards $1.35 though investors say the euro is still supported by expectations the ECB may raise interest rates next month.
Asian currencies
Baht, won up before central banks meet BOK, BOT expected to raise rates this week SINGAPORE: The Thai baht and the South Korean won rose against the dollar on Tuesday before central banks' rate meetings there later this week while caution over dollar-buying intervention by Asian authorities kept regional currencies in a tight range. The Bank of Thailand and the Monetary Authority of Singapore were spotted buying dollars to check gains in their currencies, dealers said. The Thai baht rose 0.3 per cent on continuous demand from exporters for settlements and foreign banks. The central bank was spotted buying dollars around 30.35, dealers said. Meanwhile, Bank of Thailand Governor Prasarn Trairatvorakul said inflation comes from both
demand pull and cost push while rising oil prices are not hurting economic growth yet. The comments came a day before the central bank is expected to raise its benchmark rate again by 25 basis points to 2.50 per cent. Exporters and offshore hedge funds supported the won before the central bank's rate meeting on Thursday when the Bank of Korea is expected to raise interest rates. The Taiwan dollar gained with the help of firm local stocks and lower oil prices, while the Malaysian ringgit barely changed on caution over the central bank's intervention. Standard Chartered recommended selling US dollar/Taiwan dollar via 3-month non-deliver-
able forward (NDF) on stabilising equity inflows and expectations that the island's central bank will raise policy rate by 12.5 bps to 1.755 on March 25. Standard Chartered sees the central bank tolerating a gradual appreciation of the currency in the face of inflationary pressure and high commodity prices. Malaysia's central bank is also expected to raise interest rates again. The Philippines peso dipped on dollar demand linked to NDF fixing and as investors held dollarshort positions to cover. The central bank was not spotted in the market on Tuesday, but the peso faces resistance at around 43.25, which the central bank was seen defending in the previous session, dealers said. -Reuters
Stg edges up vs euro, Swiss franc but on shaky ground drops vs LONDON: Sterling fell against a rebounding US dollar on Tuesday as investors unwound long positions, although it edged up against the euro as sovereign debt worries put the single currency under pressure. Expectations that the European Central Bank will raise interest rates ahead of the Bank of England are likely to offer the euro support against the pound, however, with some expecting
the pair to hold above 85.72 pence, the low struck on Monday. The euro fell 0.3 per cent on the day to 85.95 pence, retreating from a five-week high of 86.35 pence hit earlier in the session. Investors were booking profits in the euro after it hit a fourmonth high against the dollar on Monday on the back of shock signals from the ECB last week that it could move as soon as next month. The single currency has been hurt since by widening Greek spreads over German Bunds and the focus turning back to concerns that policymakers are struggling to agree measures to
resolve the debt crisis. Simon Smollett, senior options strategist at Credit Agricole-CIB, said that over the next three months the euro could head lower and fall to as low as 84 pence and even 82 pence. But in the near term the pair is likely to driven by interest rate expectations and flows. Against the dollar, sterling was down 0.3 per cent at $1.6152 with sovereign accounts steadily
bidding the pound in the $1.6140/50 area. The BOE's monetary policy committee starts its meeting on Wednesday. Economists expect rates to be kept at a record low of 0.5 per cent, although the debate within the nine-member MPC could be lively as divisions grow on when the BoE should raise. In February, three members voted to raise rates, pointing to inflation in Britain that remains well above the BoE's target of 2 per cent. Governor Mervyn King maintains inflationary pressures are temporary and tighter rates could choke off a recovery. -Reuters
euro, USD
ZURICH: The Swiss franc dropped against both the euro and the dollar on Tuesday, with risk aversion among investors taking a back seat on reports Libyan leader Muammar Gaddafi was looking for a way to step down. European shares were set to edge up on Tuesday, rebounding from losses in the previous day as Brent crude prices slipped below $115 on the reports about Libya's leader. "Political issues seem to dominate FX markets and euro trading in particular," UBS economist Reto Huenerwadel said in a note. In the latter half of February, the Swiss franc rose against the euro and the dollar as investors looked for a safe haven due to uprisings in North Africa and the Middle East. The franc touched a fresh record against the greenback on March 2 but has eased somewhat since then. "Looks a bit overdone, so sell this rally," a trader in Zurich said. "It all depends on if Gaddafi goes crazy, oil and gold prices." The franc was down 0.6 per cent against the euro compared to the New York close, trading at 1.3019 per euro at 0729 GMT. The franc fell 0.6 per cent against the dollar to 0.9309 per dollar. -Reuters
NZD bides its time ahead of RBNZ; Aussie lacklustre WELLINGTON/SYDNEY: The New Zealand dollar found a steadier footing on Tuesday following a recent selloff, but markets remained cautious ahead of a possible rate cut by the Reserve Bank of New Zealand this week. The kiwi was hemmed in a wafer-thin range between $0.7368-$0.7392. It last stood at $0.7389, up slightly from $0.7361 late in New York. On Friday, the kiwi plumbed a five-month low near $0.7340, a level which should provide nearterm support for the currency. Resistance is seen lining above $0.7400. Markets are fully priced for at least a 25 basis point rate cut and some chance of a bigger 50 bps cut, betting the RBNZ will act to bolster confidence after the devastating Feb. 22 earthquake. But some analysts warned a rate cut is not a done deal and any outcome that would spur markets to unwind the risk of an easing could see the kiwi jump against the dollar.
The euro was last at NZ$1.8915, off a near one-year peak of NZ$1.9024 set on Monday. Against the Aussie, it traded at A$1.3810 compared with a five-week high around A$1.3849 reached on Friday. Meanwhile the Aussie drifted between $1.0106 and $1.0133, edging towards the lower end of a well-worn $1.0070-$1.0200 range having failed on the upside recently. Traders said there are signs that Asian central banks have interest in double-no-touch options between $0.9800/$1.0300, giving them an incentive to keep the currency trading within those boundaries. Against kiwi, Aussie bought NZ$1.3695, finding the going tough after reaching a 19-year high near $1.38 on Monday. Markets shrugged off second tier data showing Australia business confidence improving modestly in February and confidence picking up sharply. -Reuters
China's yuan retreats from record high ticularly important as China maps out plans for its economic development and reforms over the next five years from 2011 to 2015, with the government expected to elaborate on a shift from growth that is reliant on exports to one that is solidly based on domestic consumption. Before trading began, the PBOC fixed the yuan's midpoint at 6.5687 on the dollar, weaker than Monday's record high fixing of 6.5651. The market widely expects the Chinese currency may rise 5-6 per cent this year as the government appears to be using the exchange rate to fight inflation. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4130, slightly up from 6.4040 at Monday's close. Their implied yuan appreciation in a year's time fell to 2.42 per cent from 2.57 per cent. -Reuters
Indian rupee down on high oil, weak euro MUMBAI: The Indian rupee weakened on Tuesday, brushing off local equities gains, weighed by bleak outlook on global crude prices, a weak euro and the dollar's rise against major currencies. "People are not convinced by gains in equities. Also, there is no certainty over the direction of oil prices, so people are not willing to take big risks on the rupee as of now," said Sudarshana Bhat, head of forex desk at Corporation Bank. The partially convertible rupee weakened to close at 45.0750/0850 per dollar from Monday's 45.04/05 close. Intraday, the rupee moved in a thin band of 44.9875-45.1250. Dollar inflows from overseas borrowings of corporates, typically seen towards the end of the financial year, helped avert a big fall in the rupee, traders said. But, comfort from any cyclical improvement in India's current account gap and the government's projection of a narrowing fiscal deficit in the next fiscal year that begins in April, is likely to be short-lived, analysts said. Also, inflation, which remains above 8 per cent, along with political instability
Events Core Machinery Orders m/m BRC Shop Price Index y/y CPI m/m Trade Balance German Industrial Production m/m NHPI m/m Wholesale Inventories m/m Crude Oil Inventories
Forecast 2.7% 0.3% -8.5B 1.8% 0.2% 0.9% 0.8M
Previous 1.7% 2.5% -0.4% -9.2B -1.5% 0.1% 1.0% -0.4M
Actual
Forecast
Previous
5.0B -1.8% 1.09T -0.4% -26% 48.4 3.4% -5.9B 2.9% 182K 43.0
3.7B
Previous Day
An early slide in oil prices encouraged investors to pare back long positions in the Swiss franc -- which has gained broadly from safe haven buying throughout the political uprising in Libya. Analysts said this triggered selling in the Swiss franc, with traders also citing franc selling by Middle Eastern names. The dollar jumped as much as 1 per cent against the Swiss franc before pulling back to 0.9339 francs on EBS. The euro traded at 1.2988 francs, having hit a two-week high of 1.3041 francs on EBS. "There's been stabilisation of oil prices ... so there's a backing off in risk aversion related to Middle East tension," said Adam Meyers, senior currency strategist at Credit Agricole. Reuters
SHANGHAI: The yuan closed lower from record highs against the dollar on Tuesday, after the People's Bank of China set the midpoint slightly weaker. Chinese leaders are attending the annual parliament session in Beijing, and traders say the central bank may wish to keep the Chinese currency relatively stable during the crucial political session. Spot yuan fell back slightly to close at 6.5684 versus the dollar, down from Monday's record intraday high of 6.5628. The currency has risen 3.92 per cent since it was depegged in June 2010. "During the parliamentary period, the government does not want to let the yuan rise too much," said a dealer at a Chinese commercial bank in Shenzhen. "But as it has only fallen back several pips, it shows the yuan still has potential to rise after the meeting." This year's meeting is par-
Source JPY GBP CHF GBP EUR CAD USD USD
as the ruling Congress party and an ally squabble over seats in state election, is likely to hit the rupee sentiment, they said. One-month onshore forward premiums were trading at 26.25 points against 27.00 points on Monday, while the three- month premiums were at 76.75 points. The one-year was higher at 275.25 points, compared with 274.50 points at previous close. One-month offshore nondeliverable forward contracts were quoted at 45.37, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange ended at 45.2550, on the MCX-SX at 45.2625 and on the United Stock Exchange at 45.2600, with the total traded volume at $6.93 billion. Reuters
Source
Events
USD JPY JPY GBP GBP JPY CHF EUR EUR CAD USD
Consumer Credit m/m Bank Lending y/y Current Account BRC Retail Sales Monitor y/y RICS House Price Balance Economy Watchers Sentiment Unemployment Rate French Trade Balance German Factory Orders m/m Housing Starts IBD/TIPP Economic Optimism
4.1B -1.8% 1.52T 2.3% -31% 44.3 3.5% -5.1B -3.6% 171K 50.9
1.19T -25% 45.7 3.4% -4.9B 2.6% 174K 51.8
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3883 1.3988 0.9350 0.9362 1.6156 1.6207 0.9733 0.9746 1.0074 1.0134 114.9000 115.2100 0.8593 0.8635 1.2971 1.3038 133.6900 133.7300 88.5500 88.8600 1426.5300 1436.5400
Bid 1.3879 0.9346 1.6151 0.9729 1.0070 114.8500 0.8590 1.2969 133.6400 88.5000 1425.7300
Low 1.3867 0.9264 1.6127 0.9713 1.0056 114.5800 0.8591 1.2935 133.1600 88.2000 1423.6100
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 08/03/2011 A USD GBP CAD EUR JPY O/N 0.21950 0.55625 0.97000 0.82500 SN 0.10563 1WK 0.24550 0.57688 1.00083 0.85375 0.11375 2WK 0.25050 0.58438 1.04050 0.85375 0.11813 1MO 0.25800 0.61188 1.08550 0.86438 0.13250 2MO 0.28600 0.68375 1.14917 0.98000 0.15563 3MO 0.30950 0.80750 1.21833 1.12938 0.19250 4MO 0.35050 0.89000 1.28500 1.22313 0.24313 5MO 0.40850 0.99563 1.35367 1.32188 0.30125 6MO 0.46150 1.11375 1.42383 1.44000 0.34750 7MO 0.51500 1.19500 1.51033 1.51688 0.39625 8MO 0.56825 1.28125 1.60083 1.58938 0.44563 9MO 0.61975 1.36438 1.68783 1.66875 0.49000 10MO 0.67200 1.44750 1.77667 1.74063 0.51688 11MO 0.72350 1.51625 1.86217 1.81063 0.54250 12MO 0.78450 1.58500 1.95333 1.88438 0.57000
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan Federal Reserve Swiss National Bank The Reserve Bank of Australia European Central Bank
Last Change
April 12, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010 January 1, 2001 May 7, 2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, March 08,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.40 138.38 119.43 87.75 92.14 86.44 13.46 1.04 15.37 67.45 16.01 22.77 10.97 13.01 307.64 28.16 62.99 23.45 23.25 0.08 2.81
85.20 138.05 119.15 87.54 91.92 86.24 13.43 1.04 15.34 67.29 15.98 22.72 10.94 12.98 306.92 28.10 62.84 23.40 23.20 0.08 2.80
84.95 137.62 118.77 87.31 91.68 86.01 13.39 1.03 15.30 67.12 15.93 22.66 10.91 12.94 306.11 28.02 62.68 23.34 23.14 0.08 2.80
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 08, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.90 12.95 13.00 13.20 13.35 13.48 13.62 13.67 13.78 14.05 14.18 14.19 14.19 14.25 14.25 14.23 14.18 14.14 14.50 14.75
12.90 12.95 13.00 13.20 13.33 13.47 13.62 13.67 13.78 14.00 14.11 14.15 14.15 14.20 14.20 14.05 14.02 14.08 14.50 14.75
12.90 12.92 12.95 13.13 13.36 13.49 13.62 13.68 13.80 14.05 14.17 14.18 14.19 14.25 14.28 14.23 14.18 14.19 14.60 14.75
12.90 12.90 13.00 13.15 13.36 13.50 13.64 13.68 13.80 14.05 14.17 14.18 14.18 14.23 14.20 14.23 14.22 14.18 14.55 14.80
12.90 12.95 13.00 13.15 13.35 13.48 13.60 13.68 13.78 13.95 14.10 14.18 14.15 14.20 14.20 14.20 14.00 14.10 14.50 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.90 12.95 13.00 13.15 13.36 13.48 13.62 13.65 13.75 14.05 14.15 14.20 14.19 14.25 14.20 14.10 14.18 14.14 14.50 14.75
12.90 12.94 12.99 13.16 13.35 13.48 13.62 13.67 13.78 14.03 14.15 14.18 14.18 14.23 14.22 14.17 14.13 14.14 14.53 14.76
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
-0.55 0.00 0.18 0.18 -0.08 -0.55
0.96 -0.05 0.77 0.67 0.77 0.94
0.90 0.46 0.26 0.61 0.76 0.68
0.99 0.65 0.89 0.84 0.35 0.71
0.41 0.63 0.88 0.74 -0.16 0.36
USD/CAD USD/CHF
-0.87 -0.67 -0.16 0.14 -0.22 -0.49
-0.64 -0.48 -0.52 -0.08 -0.22 0.55
-0.30 -0.39 -0.35 -0.21 0.28 0.38
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)08/03/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.60
13.10
12.65
13.15
12.75
13.25
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.75
13.25
12.85
13.35
12.95
13.45
13.40
13.65
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 12.70
13.20
12.75
13.25
12.80
13.30
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
CIPK
12.70
13.20
12.70
13.20
12.80
13.30
13.40
13.65
13.60
13.85
13.70
14.20
13.90
14.40
14.10
14.60
DBPK 12.65
13.15
12.70
13.20
12.75
13.25
13.25
13.50
13.35
13.60
13.40
13.90
13.55
14.05
13.65
14.15
FBPK 12.70
13.20
12.75
13.25
12.75
13.25
13.35
13.60
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.70
13.20
12.75
13.25
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.60
13.10
12.75
13.25
12.85
13.35
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.70
13.20
12.75
13.25
12.85
13.35
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.60
13.10
12.70
13.20
13.10
13.60
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 12.75
13.25
12.85
13.35
12.95
13.45
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
SAMB 12.70
13.20
12.75
13.25
12.90
13.40
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.65
13.15
12.70
13.20
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.65
13.15
12.70
13.20
12.75
13.25
13.30
13.55
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.60
13.10
12.65
13.15
12.65
13.15
13.25
13.50
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.75
13.25
12.75
13.25
12.80
13.30
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40 1
AVE
13.18
12.73
13.23
12.81
13.31
13.33
13.58
13.51
13.76
13.64
14.14
13.76
14.26
13.86
14.36 1
12.68
4 Wednesday, March 9, 2011
The Financial Daily International
US Retrofitting its Warplan
Vol 4, Issue 123
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Bilal Zubair
O
n February 8 the United States rolled out its new National Military Strategy. The document Asim Abbas Ashary, CPA Khurram Shehzad, CFA based on the 2010 National Security Akhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) Strategy (NSS) is the first revision of Dr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) the National Military Strategy since 2004. The strategy describes the aims Muhammad Arif Ismat Sabir and objectives and US national interests Head office as: security, prosperity, values and international order. The Strategy also 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 described the ways and actions US govURL: www.thefinancialdaily.com ernment intended to employ for materiEmail Address: editor@thefinancialdaily.com alizing the above objectives, which Lahore office included: nonproliferation strategies, 24- Peshawar Block, Fortress Stadium, Lahore significance of scientific research and Telephone: 92-42-6675595 Fax: 92-42-6664349 strengthening of global alliances. In Email Address: editor@thefinancialdaily.com short the strategy is a blend of US security priorities, key strategic objectives and ways and means to retain and enhance US supremacy as the dominant military force in global politics. Following the Soviet disintegration, the U.S. emerged as the sole world power. The dynamics of uni-polarity were articulated in the President Bush senior speech of September 11, 1990 predominantly illustrating the future paradigm of US military approach in the uni-polar world. Accordingly, the US military strategy in the post 9/11 period, with few modifications, is a continuation of achieving military objectives envisaged by the New in post-Soviet era. Over the decades income from agriculture has Conservatives As illustrated by the (NSS), political remained tax exempted. Various attempts to tax leadership is stressed upon to put agriculture income have been frustrated weight behind US military agenda as and when required. Admiral Mike because of Pakistan's national and provincial Mullen, Chairman of the Joint Chiefs of assemblies and senate being dominated by the Staff had previously put across that US leadership heavily relies on its feudal lords. The plea taken so far has been that political Generals while formulating its foreign declaring agriculture income taxable would policy. This approach has been hurt the small farmers. Not only that the stance unequivocally expressed in this updated strategy which states: "In supadopted is totally incorrect but keeping agricul- military port of our civilian-led foreign policy, ture income tax exempt has deprived the coun- this strategy acknowledges the need for try of billions of rupees in revenue. It is encour- military leadership that is redefined for increasingly complex strategic enviaging to note that now taxing agriculture an ronment. Our leadership will emphasize income is once again being deliberated. It has mutual responsibility and respect. become the collective responsibility of the Accomplishing this strategy will a full spectrum of direct and society to ensure that no segment of the socie- require indirect leadership approaches - facility enjoys undue benefit and privileges. tator, enabler, convener, and guarantor To begin with, the government must follow sometimes simultaneously." It also claims a 'disciplined application of the cardinal principal that all sorts of income force' for the military leadership. It furirrespective of its source should be taxable. The ther states that "in this multi-nodal the military's contribution to second rule is that tax liability should be direct- world, American leadership must be about ly proportional to income. Therefore, the plea more than power - it must be about our that imposition on tax on income from agricul- approach to exercising power". The leadership has capitulated to ture would affect the small farmers is totally political U.S. military adventurism in two major incorrect. Experts have been saying that basis military campaigns in Afghanistan and of calculation for agriculture income tax should Iraq. Further it requires 'Joint Force to support National approaches to counter Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Let agri income taste tax!
be produce index unit (PIU). While one may be say that that the probability of nondisclosure remains high, there has be some basis of calculation that could be improvised with the passage of time. The second please that it is a provincial subject is also a lame excuse. It is on record that various taxes in the urban areas are being collected against the wishes of people and also being diverted to the rural areas. One such example is motor vehicle tax where billions of rupees are collected from Karachi but the city gets only a small percentage of that. Lately in these pages we have highlighted that every year billions of rupees are collected as road cess from sugarcane growers as well as the millers but there is no record where the amount is being spent. Some experts go to the extent of saying that no record is available at all about the amount being collected. The worst outcome of keeping agriculture income tax exempt is that all sorts of income are being clubbed and blanket immunity is demanded. In a country where salary class is paying tax from its nose, feudal lords earning billions of rupees pay no tax at all. The biggest evidence of this are the tax declarations submitted by MPAs, MNAs and Senators. The plea adopted that farmers are already paying a variety of taxes is also a weak argument. People living in urban areas pay tax on almost every item they purchase. The taxes being paid include sales tax, excise duty, withholding tax etc. The common man travelling in public transport is paying petroleum development levy. In other words urban population is mainly contributing to the national exchequer. Now the time has come to recover tax from feudal lords who earn billions of rupees every year.
Disclaimer:
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anti-access and area-denial strategies', a multidimensional approach to prevent the cyberspace, maritime routes and space access to mainland USA. Presently, the global strategic environment continues to be led by US as a world's preeminent power despite growing influence of number of state and non-state actors. Still US military strategists have apprehensions against China's growing political clout and ambitious militant outfits threatening US interests. The United States faces stiff challenge in the Asia-Pacific region from the rise of China and North Korea's nuclear program. China is ambitious to catch up with the latest military trends and visibly threatening US military supremacy in the Pacific. US apprehensions have emerged in the wake of experimentation of advance military hardware by Chinese military. By testing the first stealth fighter J-20 flight into the skies during the visit of US Defence Secretary Robert Gates in Beijing, China has sent strong message to United States that its military ambitions are inexorable. US military strategists are wary of latest experiment of missile interceptors in January this year and had previously shown grave concerns on missile experiment destroying a space-based weather satellite in early 2007. Defence analysts in United States have consistently been exploring China's military ambitions and rate China among most threatening to its military supremacy. The National Military Strategy 2011 elaborates that, "Though it faces a number of domestic challenges, continuation of China's decades-long economic growth is expected to facilitate its continued military modernization and expansion of its interests within and beyond the region." This brings China amongst countries rated first threatening US dominance in its long protected sphere of influence in Middle East and elsewhere. The strategy claims China for exhibiting influence in what has been described as 'Global Commons' including maritime sea routes, space and cyberspace where core US interests lies. US by no means could compromise jeopardising these commercial routes and uninterrupted supply of crude oil is maintained by the presence of Joint Forces at all commercially important straits. As China's military modernization steadily advances, there are questions in Washington about Beijing's ability to project power abroad and deter US intervention in the Pacific-and whether that poses a threat to American interests. In this scenario, the continuation of US presence in the region is a likely prospect. But the situation is changing in the Western Pacific as China is gradually challenging
America's ability to operate with impunity along China's periphery. Maintaining a sustainable and diversified presence and operational access in the region is a clearly stated objective for US, which it has been achieving through military security cooperation, exchanges and exercise in the name of addressing domestic and common foreign threats to respective countries. On the other front the growing militancy has been the biggest US concerns vis-Ă -vis non-state actors. American big power status is at stake in Afghanistan where more than 1475 servicemen have lost their lives since the toppling of Taliban regime in 2001. Consequent to anti-Americanism al-Qaeda has found its facilitators across globe. Iraq, Somalia, Yemen, Philippines. However, key focus would be given to Afghanistan in the counter-insurgency campaign. According to the National Military Strategy (NMS) and 2010 Quadrennial Defense Review (QDR) counter violent extremism is vital to US national interests and tops the national security agenda. As reiterated by President Obama in the Af-Pak Strategic Review of December 2010 and his State of Union Address in January 2011, the NSS states "The Nation's strategic objective in this campaign is to disrupt, dismantle, and defeat al- Qaeda and its affiliates in Afghanistan and Pakistan and prevent their return to either country. Success requires the Joint Force to closely work with NATO, our coalition partners, Afghanistan, and Pakistan. We will continue to erode Taliban influence, work with the Afghan government to facilitate reintegration and reconciliation of former insurgents, continue to strengthen the capacity of Afghan security forces, and enable Pakistan to ultimately defeat al- Qaeda and its extremist allies". America views its campaign in Afghanistan and security cooperation with Pakistan as a defense against direct threats to its homeland. However, irrespective of active counter insurgency cooperation, alliance between Pakistan and US is complicated one and often carry difference on various issues. Pakistan considers US military cooperation imperative. However, Pakistan has serious reservations about the way US has shown insensitivities to Pakistan geopolitical and strategic requirements in South Asia and US aid package thus, would not lessen Pakistani skepticism by any means. Given the stated objectives of NSS it can be inferred that the focus of U.S. security strategy will remain on strengthening alliances and safeguarding of US interests through military campaigns in future. This military bias
is endorsed by the huge difference in U.S. military and development assistance spending is also exhibited by its military and economic assistance to individual countries, although to a lesser extent. US assistance to Pakistan, for instance, in military and economic aid for 2002-2011 stands at $11.74 billion and $6.08 billion respectively. Despite realization on US part, of the need for an adaptive blend of defense, diplomacy and development, the overwhelming focus is on military spending. There is a clear lack of balance in US government spending levels of the three Ds it claims to follow. The share of defense, diplomacy and development for FY 2010 stood at $759, $38 and $21 billion respectively. Congressional Budget Office has estimated that the federal budget deficit will soar to a peacetime record $1.5 trillion in 2011. Despite the climbing domestic debt President had requested $548.9 billion for the Department of Defense Base Budget. This was $15 billion more than the $533.7bn Department of Defense Base Budget request for FY 2010. The total defense related spending request for FY2011 stands at $733bn which does not include supplemental funding to support the wars in Afghanistan and Iraq. Although the defense budget request for FY2012 is $671 still in comparison to the development assistance given by US it is a colossal sum. The US defense budget constitutes about 20 percent of total GDP as against less than 1 percent for development assistance. It shows that America is uncompromising to surrender the military spending despite of the fiscal depression while national debt poses a significant national security risk. The new US National Security Strategy carries an ambitious military agenda. To what extent the America's redefined military leadership will succeed in combating national security challenges and in leading the international security scenario is a big question ahead. The US needs to work with ally nations and partners for conflict resolution and use diplomacy as major component of foreign policy. It is imperative to realize the importance of cooperation with allies that requires keeping cognizance with the sensitivities and interest with partner nations. In any case, the 'transition from a force that has been engaged in sustained combat operations to a Joint Force that is shaped for the future,' does not signify a reduction in military component of the National Security Strategy. It is rather empowering the military leadership by adding a whole portfolio of new approaches.
Missing Old Karachi Fahim Akhtar
H
e was back to Pakistan roughly after more than fifty years of self imposed exile which commenced for earning bread and butter in his youth. On landing to Karachi he saw that much was changed here a network of carpeted roads with under/over passes, climbing bridges and elegant high building en route from airport to one of the posh locality where he was going to stay. The soil was familiar but people were looking different but no matter it were owing to a lapse of half century. After some time when he got settled decided to leave for few places knowing well that many of his known living beings were no more in this world but he wanted to see the homeland. He somehow the other got access to one of his known residing in the heart of city and called him with the intent of visiting. The
elderly on the other end was delighted but advised him to come only in day time and not carry along any valuables as his area gets much unsafe during night. He smiled in his heart ignoring the advise up to some extent primarily due to his older age, experience, grey hairs and much decent outlook and set for a scheduled meet but after sun set. In the street leading to his host house he was welcomed by a couple of youth on old motor cycle. One amongst the young with thin structure probably less aware with norms and manners asked him to handover his cell phone, watch and valet and run pointing a Peshawar made pistol. The old man tried to speak but a ruthless response took out his courage and he was deprived of his belongings in the sequence. He managed to reach his old mate house and he was hardly comfortable in consuming tea when heard a burst of fire of automatic weapons and
than the environment was resembling a battle field of English movies. Burst was fired persistently from different directions. Do not worry nothing is happening probably and even something is happening it is not inside our house the host was satisfied. But what is this old guest asked. They are demonstrating their power, factually this area in particular has the representation of two parties and both show their power. You are probably living in unsafe areas the guest remarked uncomfortably. No, brother things have much changed here as there is no safe area as land grabbing, target killing, forceful occupation, kidnapping for ransom are routine everywhere in Karachi. The city is clearly demarcated by different political and religious parties and ethnic groups. He recalled his past when sluggish tram service was plying in city with traffic much lesser than today and building
less higher but people had acceptance and respect for others. He recalled his friend rickshaw driver commonly know as Khan sahib who use to entertain every one in usage of his for her and her for him in Urdu. Chaudhry sahib and Raja sahib were also much friendly people while serving as sanitary worker and other owner of saloon. Molvi sahib in the circle of group was always all out for the services of needy people without any sectarian discrimination. Perfect harmony was there but there was something wrong some where for truing the thing in opposite direction. What police or administration or government is doing was a big question and answer with no one amongst us. What was wrong or what had gone wrong. Why people lost acceptance in other, where the tolerance had gone and why this hostility was taking place. No one know, if you know please apprise every one.
Emerging Markets & Oil Boil I
f oil prices stay where they are -- or go even higher, depending on events in the Middle East -- current short-term emerging market portfolio realignments could lead to a wholesale reassessment of investor risk. Some clear winners and losers in emerging markets have already been thrown up by the spike in oil prices caused by unrest in the region, which has distracted investors from relative yields and valuations. Oil-rich Russia, Kazakhstan and Venezuela are all attracting investor interest and strongly increased fund flows, while oil-poor Turkey and Chile are suffering. Anyone that's got more oil is looking better at the moment, so oil exporters would benefit, and oil importers would not, said Allan Conway, head of emerging equities at fund manager Schroders. That's one of the reasons Turkey is going down. Conflict in Libya and unrest in Bahrain and Saudi Arabia have driven oil above $100 a barrel to its highest since the collapse of US investment bank Lehman in Sept 2008. It takes a while for many investors to move...we are due for a further reassessment, said one emerging fixed income fund manager, who declined to be named. BNP Paribas Investment Partners says it is overweight commodity exporters such
as Russia in currencies and sovereign bonds, and underweight importers like Turkey. Turkey imports 95 per cent its total energy needs and if oil prices continue at current levels, Turkey could face an additional $10 billion bill for oil imports this year, finance minister Mehmet Simsek said last week. In contrast, oil and gas accounted for 48 per cent of budget revenues last year in Russia, the world's top oil producer. Turkey has until recently been a favourite of emerging market investors, due to its deft handling domestically of the global financial crisis. But with the standard yardstick that a $10 rise in the oil price cuts 0.5 per cent from global growth, Turkey's growth trajectory is under pressure from rising import costs. GROWTH CHALLENGED Oil has risen $20 so far this year and a sustained price of $110 a barrel in 2011 would cut Turkish growth to 4 per cent from expectations of 5.5 per cent, according to Renaissance Capital. Russia would grow at 5.5 per cent instead of 4.9 per cent and Nigeria at 9.6 per cent instead of 7.6 per cent, Renaissance added. Turkish stocks have fallen 8 per cent so
far this year, while Russian stocks are up 12 per cent. Russian equity funds have absorbed fresh money for 14 weeks in a row, according to fund tracker EPFR, their longest inflow since the first quarter of 2008, at a time when global emerging market equity funds have suffered their longest outflow streak since Q3 2008. The currencies of Russia and Kazakhstan have also been reaping the benefits, with both countries becoming increasingly flexible over trading bands in recent weeks, allowing their currencies to soar. Given the events in the Middle East, the possible appreciation in oil and the macro story, long rouble has been a consensus trade, said Luis Costa, director, emerging markets FX strategy at Citi. In Latin America, the Venezuelan government is probably the biggest winner...the region's biggest losers are consumers in Chile and Peru, said analysts at Capital Economics in a client note, calculating Venezuela's energy trade surplus at 20 per cent of GDP, compared with an energy deficit in Chile of 6 per cent. Meanwhile, energy importer Israel is also under pressure from concern about a tougher peace-negotiating environment going forward, with the country's debt
insurance costs spiking to their highest in nearly two years following the fall of Egyptian President Hosni Mubarak. Israel is going to suffer the most from this change in the region, Turker Hamzaoglu, MENA economist at BoAML, told a conference call. There is geopolitical risk...for the ArabIsraeli peace treaties. SAUDI ARABIA NEXT? The problem is that it is hard to see what happens from here, investors say. If there are peaceful resolutions to many of the region's conflicts, oil could fall, reversing current favoured positions. Credit Suisse, for example, last week went overweight in Turkish stocks in an emerging Europe, Middle East and Africa portfolio, saying valuations had become attractive. But with Facebook calls for protests in the world's top oil exporter Saudi Arabia on March 11, oil could also rise extremely quickly, punching a hole in the global growth outlook. If you started to see pictures on your screens of unrest in Saudi, then for oil, name your price - $150, $200? said Conway. Then the idea about which country you invest in -- forget about it, you don't want to be in the markets at all.-Reuters
5
Wednesday, March 9, 2011
South East Asian stocks
Telecoms buoy European shares; upside seen limited KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,974.55 11,940.01 34.54 0.29 54.22
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,647.17 3,630.24 16.93 0.46 1.75
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,839.53 2,830.76 8.77 0.31 0.02
Major Gainers
Symbol
Close
Change
BATA TRIPF GLAXO SITC ILTM
542.78 143.57 78.68 104.40 165.00
6.80 5.30 3.74 3.46 2.16
Major Losers
Symbol
Close
Change
ULEVER 4,679.13 NESTLE 3,402.73 SRVI 200.74 APL 365.15 PSO 283.80
-34.24 -11.92 -5.06 -2.66 -2.54
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NICL JSBL LOTPTA NBP NML
2.90 3.10 15.59 78.83 63.56
7.86 6.92 3.38 3.30 2.21
Active Issues Plus Minus Unchanged
110 154 103
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
Thai banks firm ahead of probable rate rise
KSE Shot in Allies’ Crossfire Nawaz Ali KARACHI: Share prices continued to slide at the Karachi Stock Exchange (KSE) on Tuesday as investors adopted a cautious stance ahead of the meeting between MQM and President Asif Ali Zardari. The benchmark KSE 100Index fell by 34 points to close at 11,940 points, 30-Index lost 49 points to close at 11,641 points while All Share Index was down by 23 points to close
at 8,287 points. "Reports that MQM will hold a meeting with President Zardari to sort out differences kept investors in two minds", said Jawad Khan Equity Dealer at JS Global Capital. There were reports that a delegation of Muttahida Qaumi Movement (MQM) would be meeting with President Asif Ali Zardari over the recent statements of Sindh Home Minister Zulfiqar Mirza. Reports also suggested that MQM may pull
Nikkei edges up on short-covering TOKYO: Japan's Nikkei benchmark edged higher on Tuesday as investors covered short positions after sharp losses the day before, but future gains are likely to be hard-won due to concerns about the Middle East and oil prices. Two major deals were applauded by investors with Hitachi gaining on the sale of its hard disk drive operations to Western Digital for about $4.3 billion, while Terumo Corp climbed on its purchase of US medical device firm CaridianBCT for $2.6 billion. Despite a rise of around 20 per cent in US oil prices over the last two weeks, Japanese stocks have so far proved largely resilient, and the Nikkei added 1.6 per cent last week as investors reassessed risk within their equities portfolios instead of moving out of stocks altogether. "If oil stays in a $100-$120 per barrel range for around half a year the global economy could see a severe slowdown, pushing investors away from
stocks, so everything depends on the Middle East now", said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. "Shares of exporters such as automakers are being pressured by higher oil prices. At the same time it's also hard to buy stocks tied to domestic demand due to political turmoil, with lack of trust in the government undermining the mood of consumers." A member of parliament from Japan's ruling party called on Tuesday for Japanese Prime Minister Naoto Kan to step down as soon as possible, Kyodo news agency said, as pressure grows on the unpopular premier to resign or call a snap election. The benchmark Nikkei ended the day up 0.2 per cent, or 20.17 points, at 10,525.19. The broader Topix index shed 0.3 per cent to 939.16. Hitachi Ltd gained 1.8 per cent to 514 yen in heavy trade, while Terumo Corp jumped 3.2 per cent to 4,640 yen.-Reuters
Saudi stocks boost mkts; buying by state seen DUBAI: Most Gulf bourses advanced on Tuesday, tracking gains on the Saudi market, as confirmation that state-linked funds had been buying local shares boosted fragile investor sentiment. Saudi Arabia's index climbed 2.1 per cent, taking its gains to more than 14 per cent this week, rallying from a 22-month low hit on March 2. "The Saudi market was oversold and a bounce was expected," said Saad Al-Chalabi, a technical analyst for institutional equities at Al Ramz Securities in Abu Dhabi. "However, we are definitely seeing some government intervention, which is a key reason for the rise." Heavyweight Saudi Basic Industries Corp climbed 3.6 per cent and Al-Rajhi Bank gained 4.5 per cent. However, concerns over regional unrest remained especially among foreign investors. Inspired by protests in other Arab countries, there have been Shi'ite marches in the past few days in the east of Saudi Arabia as well as Facebook calls for two more protests this month, the first on Friday. Qatar's index made its biggest advance in 15 months, ending at a one-week high. See # 14 Page 11
out of the provincial government. Investor preferred to stay on the sidelines as evident from a substantial decline in volumes for about 54.2 million shares traded during the day -- 62.7 million less as compared to a turnover of 116.9 million on Monday. Apart from uncertain political situation, investors also await the outcome of the meeting between Ministry of Finance and International
Seven firms face SECP action Special Correspondent
ISLAMABAD: The Securities Markets Division of the Securities and Exchange Commission of Pakistan has taken action against seven non-compliant market participants in February. "Warning letters were issued to three brokerage houses of the Karachi Stock Exchange (KSE) for indulging in trading activities, which were in conflict with fair market practices", says a statement issued by the Commission here Tuesday. In another instance, a show cause notice was issued to a listed company for failing to implement the SECP orders. Moreover, warning letters were issued to three directors of different listed companies for late filing of returns of beneficial ownership. In an effort to strengthen the regulatory framework of capital markets, the SECP accorded its approval to a number of amendments to the regulations of three stock exchanges, clearing company, and depository company. This includes provisions pertaining to the introduction of new products, i.e., Margin Financing, Margin Trading, and Securities Lending and Borrowing. In addition, approval was granted to Engro Fertilisers Limited to increase the number of options/shares to be issued/granted in pursuance to the Employees Stock Options Scheme under Section 86 of the 1984 Companies Ordinance read with the 2001 Public Companies (Employee Stock Options Scheme) Rules.
Shanghai flat; HK mkt rises on HSBC, energy HONG KONG: Hong Kong shares rose on Tuesday helped by a late rally in shares of heavyweight HSBC while mainland banks looked poised for further gains after China reversed reserve requirements for certain banks. China reversed punitive reserve requirements imposed on several banks after getting them to rein in their lending, two sources told Reuters, an indication of success in a crucial part of the government's campaign to control inflation. Banking shares, still trading at reasonably attractive valuations depsite steady gains so far this year, have seen investor interest pick up ahead of earnings reports later this month which are expected to show record profits. "Banking and insurance stocks may see some short-
term profit taking but overall, these companies will have very good first quarter and annual earnings and the outlook overall is healthy," said Zhang Qi, analyst at Haitong Securities in Shanghai. Higher reserve requirements and other curbs on lending after a lending binge after the financial crisis had kept investors away and pushed down valuations. But reports that new lending would follow below market expectations for a second consecutive month suggested that the government is gaining traction in its efforts to dampen credit growth. Shares of ICBC gained 0.8 per cent on the day while rival China Construction Bank rose 1.6 per cent. Both banks trade at discounts of over 20 per cent to their historic forward 12month earnings multiples,
Monetary Fund (IMF) for the release of the last tranche of $1.7 billion. Trading activities began with 21 positive points --it was also the highest level of the day. Later, after showing some resistance for about first 10 minutes, selling pressure raised head which kept the market in bearish zone throughout the day amid low volumes. Therefore index at a moment touched an intraday low of 11,864 points (-ve 110).
However, some buying towards the end of the day reduced the red numbers and index managed to call it a day with meager losses. Nimir Ind Chemical was the top traded stock with 7.85 million shares followed by JS Bank with 6.91 million and Lotte Pakistan with 3.37 million shares. A total of 367 issues showed activity on Tuesday of which 154 ticked up and 110 down while 103 went nowhere.
Indian shares firm; banks, IT cos gain MUMBAI: Indian shares firmed 1.2 per cent on Tuesday, taking comfort from a drop in oil prices, while a key ally of the coalition government put off a move to quit the cabinet, helping Asia's third-largest economy win back some investor confidence. The Congress party and Dravida Munnetra Kazhagam (DMK) appeared closer to a deal to retain the ruling coalition's parliamentary majority after threats to quit the government sparked worries of political instability. The 30-share BSE index ended up 1.19 per cent, or 216.98 points, at 18,439.65 points, with 25 of its components advancing. Outsourcers and financials led the gains. A fall in oil prices and hopes of a patch up between DMK and Congress helped drive the market higher, said Manish Sonthalia, vice-president and fund manager at Motilal Oswal Asset Management Co. Foreign funds have pulled out around $1.9 billion since the start of this year up to March 4, leading to a decline of 10 per cent in the main
index so far in 2011. "I am optimistic on the market's prospects," said Sonthalia, adding most of the bad news was priced in. Brent crude briefly dropped more than $2 to below $113 as Kuwait's oil minister said OPEC was in talks to boost production for the first time in more than two years. Hero Honda fell as much as 3.8 per cent after Hero Investments said it had agreed to buy Honda Motors's 26 per cent stake in the company at 739.97 rupees a share, a discount of more than 50 per cent to its Monday's close. The stock erased some losses and closed 0.8 per cent lower at 1,518.15 rupees. Tech Mahindra and Mahindra Satyam rallied 9.3 per cent and 3.8 per cent respectively, after the Mahindra group said it is partnering with US telecom equipment maker Cisco Systems to provide a range of services, including cloud computing. Other outsourcers also gained as investors placed their bets on a global economic recovery and optimism over order flow.-Reuters
ANNOUNCEMENTS Company AMZ Ventures 'A' Bankislami Pakistan East West Insurance AMZ Ventures 'A'
Period Yearly Yearly Yearly Half Yearly
Div/Bon/Right -
PAT (Rs in mn) 2.097 46.55 8.443 7.088
EPS(Rs) 0.07 0.09 0.34 0.24
US stocks mid-day
Wall Street jumps as oil drops NEW YORK: US stocks jumped on Tuesday after a pullback in oil prices and an upbeat profit forecast from Bank of America, but technical signals still suggested a market correction was near. The S&P 500 closed on Monday below a trend line it had held for more than six months that connected lows in late August and late November, suggesting momentum was waning. In the financial sector, Bank of America Corp, shot up 4.3 per cent to $14.64 after it forecast pretax profit of about $40 billion annually longer term, more than some investors had expected. Financials led gainers on the S&P 500, with the S&P financial index up 2.2 per cent. The Dow Jones industrial average jumped 137.67 points, or 1.14 per cent, at 12,227.70. The Standard & Poor's 500 Index was up 13.46 points, or 1.03 per cent, at 1,323.59. The Nasdaq Composite Index put on 27.37 points, or 1.00 per cent, at 2,773.00. Oil prices pulled back, with Brent crude down nearly 2 per cent at $112.82 a barrel after Kuwait's oil minister said OPEC was in discussions to increase production for the first time in two years. Turmoil in Libya has driven up oil prices sharply in recent weeks. On Tuesday, Libyan warplanes struck at rebel forces, stepping up government efforts to roll back early gains in the revolt against Muammar Gaddafi. Stocks have been closely tied to oil prices recently, as investors worried that consumer spending may be curtailed by higher oil and gas prices, choking off an economic recovery. "The story is going to be oil for a while here," said Hank Smith, chief investment officer at Haverford Trust Co in Philadelphia. Despite Tuesday's gains, "the market is due for, at a minimum, a pullback, if not a correction, having gone up" so much, he said. The S&P has advanced about 25 per cent since a rally started in September. See # 15 Page 11
Dhiyan
DAWN OF THE DULLNESS Salman Naqvi, Head of Sales Aba Ali Habib Securities
Investors are paractising caution with eyes on the current political situation and Pakistan-IMF talks. Therefore market is likely to lie dull with low volumes going down the line. However, good news from the political and IMF quarters would be like waving green grass to bulls. 'Wait & see' coupled with 'buy on dips' is the word to the wise. Today, trade would be like Thomson sailing in a narrow strait.
according to Reuters Starmine and are seeing earnings expectations revised upwards. A 2.3 per cent gain for index heavyweight HSBC Holdings helped the Hang Seng to a 1.7 per cent advance on the day. Retail investors were driving gains in the counter after HSBC shares arrested a twoweeks slide from their highest level in over a year. "Institutions have been largely quiet across the region," said a head trader at a Japanese bank in Hong Kong. "You're seeing some warrant-related activity in HSBC and that's a good proxy for higher retail participation." Shanghai's benchmark index ended up 0.1 per cent, underpinned by a strong property sector, while financials saw mild profit-taking. -Reuters
Zia Shaafi, Senior Equity Dealer Pearl Securities Market would go on consolidating around current levels till weekend. However with the start of Margin Trading system (MTS) from March 14, some heavy bullish activities are likely, which can catapult the index to 13,000 level. Further, in case of stability on the political front the market would break its shackles. Investors should go for bluechip stocks only. Dullness is due today.
6
Wednesday, March 9, 2011
Market Volume
54,216,915
Value
1,911,138,202
Trades
40,204
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
110 154 103 367
All Share Index
11940.01 12000.92 11864.1 i34.54
Current High Low Change
KSE 30 Index
8287.92 8329.19 8241.52 i23.6
Current High Low Change
KMI 30 Index Current High Low Change
11641.19 11697.72 11557.86 i49.22
19725.4 19828.18 19627.67 i88.43
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,496.42 Turnover 2,200,532 P/E (x) 10.48 Company
KSE 100 Index
Symbols
High Low 1,502.83 1,476.62 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 32.54
PE
Open
High
Low
Attock Petroleum XD 691 6.60 Attock Refinery 853 4.92 BYCO Petroleum 3921 Mari Gas Company 735 7.66 National Refinery 800 5.99 Oil & Gas Development 43009 10.42 Pak Petroleum XD 11950 7.52 Pak Oilfields XD 2365 7.31 Pak Refinery Limited 350 P.S.O XD 1715 4.80 Shell Gas LPG 226 Shell Pakistan 685 10.57
367.81 119.16 10.00 110.65 289.96 154.49 206.03 317.60 100.01 286.34 26.72 205.06
368.50 121.60 10.00 111.00 293.80 154.90 206.50 319.50 103.50 288.00 26.99 207.75
363.20 117.50 9.76 109.50 286.00 151.80 204.00 315.50 98.60 282.51 26.20 203.10
Close Chg 365.15 120.89 9.84 110.29 288.72 154.04 205.69 317.00 101.43 283.80 26.72 206.09
-2.66 1.73 -0.16 -0.36 -1.24 -0.45 -0.34 -0.60 1.42 -2.54 0.00 1.03
Close Change 1,492.36 -4.06 Listed cap Market cap 65,194.15 mn 1,120,844.86 mn Payout (%) Div Yield (%) 55.94 5.34 Last 60 days High Low
Volume 23844 943713 416008 16585 65261 137622 196511 565453 75324 140320 495 35404
401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 37.45 222.00
321.00 98.25 8.20 99.46 254.00 144.97 190.10 277.09 83.00 265.00 26.00 186.83
% Change -0.27 5-Day High 1,507.21 5-Day Low 1,480.78
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 684.09 Turnover 5,044 P/E (x) 5.13 Company
High Low 692.10 680.08 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53
Close 683.34 Listed cap 3,242.17 mn Payout (%) 11.08
Change -0.75 Market cap 11,719.36 mn Div Yield (%) 2.16
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.49 8.74
67.51 31.64
68.35 31.95
67.50 30.70
67.50 -0.01 31.48 -0.16
411 4633
75.72 39.45
Pak Int Cont.Terminal PNSC
63.00 30.70
Company
Company
Paid up Cap(mn)
PE
High Low 1,704.34 1,677.89 Total cos Defaulter cos P/BV (x) ROE (%) 3.32 35.00
Open
High
Low
Bawany Air 75 6.77 7.21 BOC (Pak) 250 9.23 89.36 Clariant Pak 273 7.02 196.21 Dawood Hercules 1203 14.10 252.99 Descon Chemical 1996 2.76 Descon Oxychem Ltd. 1020 9.62 6.99 Dewan Salman 3663 2.83 Dynea Pak 94 5.82 10.83 Engro Corporation Ltd 3277 12.43 225.61 Engro Polymer 6635 - 12.46 Fatima Fertilizer 22000 - 11.89 Fauji FertilizerXDXB 8482 7.76 127.55 Fauji Fert.Bin QasimSPOT 9341 8.07 43.11 Ghani Gases Ltd 725 9.65 11.04 ICI Pakistan 1388 8.94 157.09 Ittehad Chemical 360 6.26 28.49 Leiner Gelatine 75 - 14.60 Lotte Pakistan 15142 5.73 15.57 Mandviwala 74 1.26 Nimir Ind Chemical 1106 29.00 2.63 Shaffi Chemical 120 2.23 Sitara Chem Ind 214 8.80 100.94 Sitara Peroxide 551 5.49 12.80 Wah-Noble 90 5.54 36.70
8.00 90.00 196.48 253.99 2.95 7.44 2.89 10.94 227.10 12.43 12.03 127.50 43.15 11.35 158.00 28.90 15.60 15.75 1.40 3.05 2.23 104.90 12.90 36.64
6.41 88.50 195.00 250.00 2.77 6.90 2.77 10.50 224.00 12.15 11.75 125.70 42.60 10.65 155.70 27.07 15.47 15.36 1.10 2.61 1.66 100.00 12.66 35.52
Close Chg 7.18 89.89 196.07 251.75 2.85 7.31 2.80 10.83 226.25 12.16 11.91 126.17 42.77 11.00 156.37 28.40 15.47 15.59 1.13 2.90 2.23 104.40 12.73 36.00
-0.03 0.53 -0.14 -1.24 0.09 0.32 -0.03 0.00 0.64 -0.30 0.02 -1.38 -0.34 -0.04 -0.72 -0.09 0.87 0.02 -0.13 0.27 0.00 3.46 -0.07 -0.70
Close 1,690.10 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 933 7358 35675 87001 145620 1353352 538859 429 1080839 68422 377697 699656 1336369 31636 89618 2800 301 3376827 76347 7856037 304 6265 60487 7702
Change -7.93 Market cap 364,879.16 mn Div Yield (%) 5.14
10.15 103.94 213.30 262.99 3.74 9.25 4.24 11.98 231.37 15.87 12.64 157.90 43.99 13.07 163.99 36.00 19.25 16.80 2.45 3.17 3.10 131.90 14.54 41.99
6.11 82.00 155.26 172.00 2.34 6.00 2.26 10.06 184.71 11.75 9.16 108.00 34.60 10.43 138.00 23.07 9.15 13.03 0.57 1.62 1.55 90.78 11.81 34.75
% Change -0.47 5-Day High 1,698.03 5-Day Low 1,616.52
2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 15 60 20B 130 25B 65.5 175 5 5 25 5B 50 -
2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,004.70 Turnover 8,471 P/E (x) 5.09 Company
High Low 1,021.78 989.52 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 7.47
Close 1,018.48 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.82 6.68
14.80 37.00 37.24
15.19 38.85 37.50
14.84 36.10 36.26
15.17 0.37 38.27 1.27 37.38 0.14
4001 530 3940
Century Paper Pak Paper Product Security Paper
Change 13.78 Market cap 2,809.55 mn Div Yield (%) 4.96
Last 60 days High Low 19.69 48.90 47.70
14.50 35.17 34.00
% Change 1.37 5-Day High 1,020.00 5-Day Low 974.98
2010 Div BR (%) (%) 2533.33B 50 -
Paid up Cap(mn)
PE
Open
Atlas Battery 101 5.05 191.31 Atlas Engineering Ltd 247 21.60 35.75 Atlas Honda 626 9.27 132.07 Dewan Motors 890 1.91 General Tyre 598 4.56 22.81 Ghandhara Nissan 450 3.54 Honda Atlas Cars 1428 - 10.01 Indus Motors 786 9.83 226.51 Pak Suzuki 823 11.20 61.21 Sazgar EngineeringSPOT 150 4.25 23.56
High
High Low 1,113.73 1,095.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.00 25.35 Low
Close Chg
Close 1,105.51 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 1.14 Market cap 41,129.77 mn Div Yield (%) 5.18
Last 60 days High Low
Open 1,937.77 Turnover 72,313 P/E (x) 43.66 Company Clover Pakistan Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Hussein Sugar J D W Sugar Mehran Sugar XD Mirpurkhas Sugar Mirza Sugar National Foods Noon Pakistan Noon Sugar Pangrio Sugar Punjab Oil XD Quice Food S S Oil Sanghar Sugar Shakarganj Mills Tandlianwala Wazir Ali
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz PipeSPOT International Ind Siddiqsons Tin
PE
Open
High
High Low 1,039.81 1,005.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 33.10 Low
Close Chg
Close 1,029.31 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume
% Change 0.48 5-Day High 1,029.31 5-Day Low 1,008.05
2010 Div BR (%) (%)
565 2.79 675 555 485.00
26.99 2.05 14.49
27.20 2.10 14.90
25.67 2.01 14.46
26.64 -0.35 2.07 0.02 14.55 0.06
11727 8900 13863
31.00 3.18 16.51
24.50 1.80 13.00
30 -
1199 18.81 785 40.91
50.95 9.00
52.10 9.05
50.70 9.00
51.73 0.78 9.00 0.00
39342 2150
62.20 10.70
45.81 8.51
55 7.5
20B -
-
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Bestway Cement Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.41 182 3257 14 956 39.83 982 12.69 3891 3651 10.68 350 6933 5.96 1760 4003 32 581 1288 13126 3234 6.06 5261 2271 200 361 798 943.50
2.61 50.69 16.49 11.68 9.00 9.56 1.63 1.88 24.85 2.10 4.37 1.54 8.14 0.50 59.70 5.82 2.97 68.32 2.30 5.94 6.41 7.42 19.02
2.70 51.30 16.88 12.65 9.60 10.24 1.90 1.93 24.92 2.30 4.40 1.73 7.79 0.57 58.99 5.75 2.98 68.85 2.32 6.00 7.25 6.75 18.89
2.53 49.11 15.99 10.68 8.00 9.26 1.65 1.77 24.41 1.90 4.28 1.41 7.21 0.50 56.75 5.52 2.90 66.75 2.15 5.61 6.00 6.73 18.10
Close 863.52 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
2.59 50.64 15.71 11.67 9.00 9.56 1.65 1.77 24.67 1.90 4.29 1.46 7.52 0.50 59.70 5.70 2.92 67.40 2.23 5.75 6.41 7.42 18.87
4211 21861 899 600 104 141 2501 36066 370929 14603 111304 8189 1119 3097 268 1010 58402 514643 141223 1006 202 141 4100
3.98 63.90 24.16 23.90 15.50 11.60 2.15 3.10 32.30 4.00 5.55 2.25 9.19 0.99 64.52 7.40 3.88 78.44 3.30 7.65 7.95 9.40 19.19
-0.02 -0.05 -0.78 -0.01 0.00 0.00 0.02 -0.11 -0.18 -0.20 -0.08 -0.08 -0.62 0.00 0.00 -0.12 -0.05 -0.92 -0.07 -0.19 0.00 0.00 -0.15
2.15 48.50 14.72 10.68 7.52 8.00 1.50 1.50 21.20 1.70 3.97 1.30 4.70 0.25 56.05 5.11 2.65 59.55 1.92 5.17 5.75 5.13 16.20
% Change -1.27 5-Day High 874.63 5-Day Low 825.09
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 919.39 Turnover 556,738 P/E (x) 1.81 Company Cherat Papersack XR ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack FilmsSPOT
Paid up Cap(mn)
PE
Open
115 2.34 51.90 230 2.39 1067 5.27 51.00 389 2.16 7.15 47 16.18 29.85 844 - 113.75 300 8.71 138.27
High
High Low 933.63 913.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 43.91 Low
Close Chg
51.50 50.01 51.00 2.68 2.05 2.07 51.45 50.36 50.70 8.15 7.49 7.96 29.80 28.36 29.13 115.79 113.00 113.17 144.80 137.70 143.57
-0.90 -0.32 -0.30 0.81 -0.72 -0.58 5.30
Close 921.09 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 8729 43860 2591 418738 18625 478 63717
Change 1.69 Market cap 35,357.28 mn Div Yield (%) 8.59
Last 60 days High Low 81.49 3.30 56.45 8.15 33.80 143.00 144.80
47.80 2.04 45.30 2.50 21.50 103.52 111.25
% Change 0.18 5-Day High 924.04 5-Day Low 917.18
2010 Div BR (%) (%) 20 25 32.5 100
25B 10B -
2011 Div BR (%) (%) -
50R -
Paid up Cap(mn)
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
AL-Ghazi Tractor 215 Dewan Auto Engineering 214 Ghandhara Ind 213
5.14 227.04 1.10 8.29 9.25
231.98 227.00 228.46 1.35 1.08 1.29 9.50 8.95 9.45
KSB Pumps Millat Tractors
6.69 54.88 8.04 523.69
56.00 54.05 55.87 0.99 524.00 520.07 521.91 -1.78
132 366
1.42 0.19 0.20
159.10 16.00 107.50 1.50 21.00 3.05 9.52 218.00 60.00 18.80
100 20 150 5 10
20B - 50.00 20B 10.00
-
Close Chg 56.41 3.57 6.40 3.11 21.31 10.04 74.50 51.46 48.31 3.50 53.77 21.99 11.00 4.00 45.00 2.90 4.12 12.32 4.84 39.92 6.14
0.00 -0.13 0.15 0.00 -0.09 -0.96 -0.19 -0.36 0.00 -0.02 -0.73 1.01 -0.40 0.01 0.90 -0.38 0.11 0.39 0.00 -0.98 0.02
Close 1,934.19 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 290 1503 2500 296 20557 510 664 547 481 5262 862 1289 500 1187 500 500 32500 530 361 1200 510
Change -3.58 Market cap 280,288.09 mn Div Yield (%) 0.70
Last 60 days High Low 78.40 5.70 7.15 5.59 36.50 12.66 92.50 60.65 68.22 6.70 75.50 27.24 14.00 6.80 47.05 4.00 4.75 15.01 7.05 44.06 8.95
53.59 2.40 5.05 2.52 20.25 9.40 68.00 50.12 44.13 2.65 43.01 20.02 9.00 3.00 41.80 2.10 2.50 11.00 4.10 34.00 5.90
2010 Div BR (%) (%)
% Change -0.18 5-Day High 1,937.77 5-Day Low 1,894.61 2011 Div BR (%) (%)
15 25 25B 7010B 12.5R 35 20B 7.50 15 20B 10 12 12 10 15 28R 10 15 -
10B -
High Low 1,005.58 989.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.22 10.64 Low
Gauhar Engineering Ltd 22 Pak Elektron 1219 3.27 Singer Pak 341 22.20 Tariq Glass Ind XR 231 1.84
1.00 13.22 20.78 14.50
0.90 13.10 19.78 14.18
0.85 12.81 19.75 13.75
Close Chg 0.85 13.00 19.76 13.91
-0.15 -0.22 -1.02 -0.59
Close 998.88 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 14000 67026 1915 55684
Change -22.60 Market cap 4,825.89 mn Div Yield (%) 3.05
Last 60 days High Low
2010 Div BR (%) (%)
Last 60 days High Low
2.35 15.88 24.09 24.00
17.5
0.49 12.07 17.55 13.50
10B -
- 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 984.23 Turnover 6,513,639 P/E (x) 6.67 Paid up Cap(mn)
(Colony) Thal Amtex Limited Artistic Denim Asim Textile Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Latif Jute Masood Textile Moonlite (PAK) Mukhtar Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Paramount Spinning Quetta Textile Ravi Textile Reliance Weaving Saif Textile Sally Textile Salman Noman Samin Textile Sana Ind Service Ind Service Textile Tata Textile Thal Limited Treet Corp Yousuf Weaving ZahidJee Textile Zahoor Cotton Zephyr Textile Ltd Zil Limited
56 2594 840 152 133 4493 33 76 76 141 1150 2442 124 238 492 31 600 514 34 110 234 326 635 146 222 120 716 3105 99 180 97 184 48 107 208 303 1300 36 600 22 145 1614 3516 108 560 174 130 250 308 264 88 42 267 55 120 44 173 307 418 400 341 99 594 53
PE
Open
1.50 2.74 7.36 20.47 0.25 2.00 0.42 2.53 9.25 0.20 15.99 0.45 16.00 4.71 535.98 0.72 0.95 2.50 2.11 2.40 0.79 14.06 1.00 3.17 16.61 3.50 1.43 50.46 40.85 0.15 4.00 0.60 26.47 0.87 89.33 0.76 6.60 2.79 38.38 0.35 8.90 0.39 10.50 0.95 0.93 4.65 3.56 48.87 0.98 9.50 2.16 3.94 1.54 7.00 0.85 6.99 0.34 15.49 0.23 1.20 0.38 1.20 1.69 0.47 1.20 38.27 6.50 1.90 17.30 - 15.99 0.37 4.10 26.87 5.64 64.30 1.00 2.79 16.87 0.73 13.99 0.78 41.03 1.01 0.63 12.48 0.55 10.97 0.25 5.70 0.99 4.00 4.57 6.00 3.10 40.55 6.87 205.80 0.51 0.40 0.51 40.00 5.58 113.43 5.87 48.58 0.66 1.33 0.72 4.00 0.25 6.48 3.98 4.84 67.00
High
High Low 990.11 971.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64 Low
Close Chg
1.75 1.20 1.20 -0.30 2.78 2.66 2.69 -0.05 20.90 20.00 20.47 0.00 2.00 2.00 2.00 0.00 2.58 2.57 2.58 0.05 9.32 8.90 9.04 -0.21 15.90 15.26 15.34 -0.65 17.00 15.75 16.07 0.07 554.90 525.00 542.78 6.80 1.50 1.10 0.95 0.00 2.65 2.50 2.62 0.12 2.50 2.40 2.40 0.00 13.11 13.10 13.11 -0.95 1.14 0.81 1.00 0.00 17.61 16.40 17.22 0.61 3.60 3.60 3.60 0.10 1.65 1.42 1.52 0.09 42.89 40.50 42.89 2.04 4.75 4.00 4.25 0.25 27.60 26.60 26.75 0.28 91.00 88.00 88.86 -0.47 6.10 5.60 5.75 -0.85 40.29 38.00 39.77 1.39 9.15 8.41 8.51 -0.39 10.78 10.20 10.69 0.19 1.00 0.42 1.00 0.05 4.99 4.51 4.62 -0.03 49.50 46.43 49.22 0.35 10.50 8.50 9.51 0.01 4.10 3.92 3.93 -0.01 7.10 7.10 7.10 0.10 6.99 6.15 6.99 0.00 15.75 14.65 15.74 0.25 1.20 1.20 1.20 0.00 1.58 1.20 1.20 0.00 1.73 1.52 1.53 -0.16 1.30 1.15 1.16 -0.04 6.45 5.60 5.74 -0.76 17.81 17.25 17.81 0.51 16.50 15.00 15.85 -0.14 0.50 0.31 0.37 0.00 27.19 26.25 26.65 -0.22 64.39 63.30 63.56 -0.74 1.01 1.00 1.01 0.01 17.85 16.50 17.45 0.58 14.75 13.25 14.74 0.75 43.08 40.10 43.08 2.05 1.10 1.00 1.10 0.09 12.44 12.15 12.15 -0.33 11.50 10.40 11.17 0.20 6.70 5.63 6.70 1.00 4.50 4.49 4.50 0.50 6.50 6.01 6.40 0.40 41.50 39.50 41.00 0.45 205.00 199.25 200.74 -5.06 0.60 0.50 0.53 0.13 40.05 40.05 40.05 0.05 114.00 111.00 112.50 -0.93 48.50 47.62 47.80 -0.78 1.48 1.17 1.40 0.07 4.00 4.00 4.00 0.00 0.30 0.30 0.30 0.05 3.90 3.21 3.89 -0.09 67.85 64.55 66.25 -0.75
948 16109 23101
244.95 2.40 13.50
215.00 0.74 8.25
400 -
1211 6675
70.00 568.40
54.05 466.27
650
Open 869.86 Turnover 170,690 P/E (x) 6.38
% Change -0.21 5-Day High 1,612.03 5-Day Low 1,570.25
2010 Div BR (%) (%) -
2011 Div BR (%) (%) -
-
25B325.00
-
44,665.57
Revenue (Rs in mn)
26,653.24
MA (200-day)
7.39
Interest Expense
10,369.33
1st Support
8.90
Profit after Taxation
2nd Support
8.39
EPS 09 (Rs)
1st Resistance
9.91
Book value / share (Rs)
11.70
2nd Resistance
10.41
PE 10 E (x)
14.30
Pivot
9.40
669.37 0.17
PBV (x)
0.80
SCBPL closed up 0.44 at 9.34. Volume was 1,091 per cent above average (trending) and Bollinger Bands were 136 per cent wider than normal. The company's profit after taxation stood at Rs1.907 billion which translates into an Earning Per Share of Rs0.49 for the nine months of current calendar year (9MCY10). SCBPL is currently 26.4 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 SCBPL (mildly bullish). Trend forecasting oscillators are currently bullish on SCBPL. Momentum oscillator is currently indicating that SCBPL is currently in an overbought condition.
Nimir Industrial Chemicals Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
64.19
Total Assets (Rs in mn)
MA (10-day)
2.55
Total Equity (Rs in mn)
MA (100-day)
1.83
Revenue (Rs in mn)
MA (200-day)
1.72
Interest Expense
1st Support
2.65
Profit after Taxation
2nd Support
2.41
EPS 10 (Rs)
1st Resistance
3.09
Book value / share (Rs)
2nd Resistance
3.29
PE 11 E (x)
Pivot
2.85
PBV (x)
1,694.64 118.91 1,742.80 51.71 4.57 0.021 0.54 29.00 5.39
NICL closed up 0.27 at 2.90. Volume was 362 per cent above average (trending) and Bollinger Bands were 5 per cent narrower than normal. The company's profit after taxation stood at Rs11.775 million which translates into an Earning Per Share of Rs0.05 for the half year of current fiscal year (1HFY11). NICL is currently 65.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NICL at a relatively equal pace. Trend forecasting oscillators are currently bullish on NICL.
Samba Bank Limited
2011 Div BR (%) (%)
Close 987.14 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 2.91 Market cap 134,531.49 mn Div Yield (%) 2.50
Last 60 days High Low
2501 1.75 126384 4.68 205 24.59 40000 2.50 2400 3.00 1781463 12.84 25310 16.60 64285 17.00 467 705.00 101 2.45 18068 3.76 13501 2.97 2000 16.04 34526 1.43 5407 23.99 500 3.60 19821 2.10 10346 48.29 9984 8.90 4100 27.66 1550 91.00 1050 7.50 6813 40.29 39840 9.23 8325 10.85 31600 1.10 230916 4.99 10016 55.00 6645 10.90 2360 4.10 1013 8.70 20010 8.80 7201 18.00 130 1.30 2800 2.50 1963 2.00 10488 1.74 910 10.99 5999 20.74 1015 17.50 173 0.88 1131102 28.13 2208137 71.89 619 2.45 54843 17.85 6977 14.75 1600 48.48 33107 1.98 37382 12.99 3190 11.50 147161 6.70 600 6.35 2968 7.40 603 49.66 2594 254.45 5000 0.70 1000 44.10 20481 132.00 2413 63.30 50204 1.99 986 4.88 247500 0.87 1003 4.50 1505 87.90
2010 Div BR (%) (%)
0.61 2.35 30 19.20 20 1.50 1.32 7.5 8.05 8.10 - 15B 12.76 20 493.50 280 0.95 2.05 2.00 11.26 10 0.32 15.00 15 1.99 1.20 35.00 5 2.90 18.90 35 50.50 70 3.01 10 24.50 12.5 5.02 10 6.30 10 20B 0.42 3.31 10 37.50 20 4.56 2.92 10 6.25 8 5.20 20 5B 13.15 0.25 0.85 0.75 0.30 5 5.60 17.00 15 100R 4.50 0.13 21.15 15 57.20 25 45R 1.00 8.30 8.50 10 10B 34.35 20 0.65 8.50 25SD 3.90 3.63 10 2.99 5B 4.55 - 100R 39.05 60 186.00 0.40 31.52 25 100.51 80 20B 44.10 1.08 2.27 0.25 2.56 50.00 35 -
% Change 0.30 5-Day High 990.21 5-Day Low 984.23 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
Change -3.36 Market cap 32,824.23 mn Div Yield (%) 16.01
312,874.21
Total Equity (Rs in mn)
7.57
% Change -2.21 5-Day High 1,026.27 5-Day Low 998.88
PHARMA AND BIO TECH
Close 1,599.17 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
59.09 2.78 6.40 3.05 21.06 10.00 71.50 51.00 46.30 3.50 53.50 21.97 11.00 4.00 45.00 2.90 4.00 11.50 4.60 39.00 6.11
High
INDUSTRIAL ENGINEERING High Low 1,604.24 1,589.86 Total cos Defaulter cos P/BV (x) ROE (%) 3.12 38.02
59.23 3.75 6.40 3.12 21.50 11.94 74.50 52.00 48.00 3.51 54.34 22.02 11.00 4.00 45.00 2.90 4.13 12.45 4.94 40.00 6.30
Low
Open
Performance of SR Industrial Engineering Index Open 1,602.53 Turnover 48,157 P/E (x) 8.21
56.41 3.70 6.25 3.11 21.40 11.00 74.69 51.82 48.31 3.52 54.50 20.98 11.40 3.99 44.10 3.28 4.01 11.93 4.84 40.90 6.12
High
High Low 1,961.56 1,929.91 Total cos Defaulter cos P/BV (x) ROE (%) 13.23 30.30
PE
Company
Change -11.11 Market cap 62,594.32 mn Div Yield (%) 2.82
8.93 0.65 8.46 2.89 1.32 1.68 3.02 9.40 6.04 1.18 1.88 6.59 0.25 2.26 0.34 22.30 -
Open
Open 1,021.48 Turnover 138,625 P/E (x) 2.05
-
Performance of SR Construction and Materials Index High Low 881.74 849.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10
94 990 214 365 750 121 539 157 84 141 414 48 165 109 49 107 57 119 695 1177 80
PE
-
CONSTRUCTION AND MATERIALS Open 874.63 Turnover 1,296,422 P/E (x) 6.75
Paid up Cap(mn)
2011 Div BR (%) (%)
- 10.00 - 15.00
205.00 43.26 143.80 2.89 26.74 5.36 12.87 309.73 74.80 24.00
Total Assets (Rs in mn)
7.37
MA (100-day)
Performance of SR Household Goods Index
Company
Change 4.92 Market cap 9,777.32 mn Div Yield (%) 9.20
3002 840 2900 20304 5001 6202 7015 19080 3520 360
2011 Div BR (%) (%)
74.21
MA (10-day)
HOUSEHOLD GOODS
INDUSTRIAL METALS AND MINING Open 1,024.39 Turnover 76,032 P/E (x) 3.36
192.00 189.50 190.06 -1.25 35.00 35.00 35.00 -0.75 134.00 131.60 133.46 1.39 1.98 1.83 1.90 -0.01 23.32 23.00 23.00 0.19 3.57 3.41 3.45 -0.09 10.88 10.00 10.02 0.01 227.00 224.06 227.00 0.49 62.00 60.50 61.04 -0.17 23.56 23.40 23.56 0.00
2010 Div BR (%) (%)
% Change 0.10 5-Day High 1,120.56 5-Day Low 1,104.37
RSI (14-day)
FOOD PRODUCERS
-
Performance of SR Industrial Metals and Mining Index
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
2011 Div BR (%) (%) -
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,698.03 Turnover 16,717,245 P/E (x) 9.50
-
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,104.37 Turnover 68,352 P/E (x) 3.94
Standard Chartered Bank (Pak) Ltd
% Change -0.11 5-Day High 695.46 5-Day Low 683.34
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 306
High Low 901.20 883.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 22.31
Close 890.37 Listed cap 3,904.20 mn Payout (%) 44.54
PE
Open
High
Low
Close Chg
Volume
6.94 6.14 15.49 7.06 4.13 5.52
82.87 90.00 74.94 25.56 10.50 62.56
85.00 91.00 78.68 26.48 10.70 65.00
82.80 89.00 78.60 25.25 10.26 62.00
83.41 0.54 90.93 0.93 78.68 3.74 25.50 -0.06 10.50 0.00 63.13 0.57
6505 608 33704 3086 3294 123487
Change 20.50 Market cap 29,522.99 mn Div Yield (%) 6.98
Last 60 days High Low 112.50 98.00 89.98 30.48 11.00 69.00
78.59 83.50 68.00 24.50 7.16 58.50
2010 Div BR (%) (%) 50 40 30
% Change 2.36 5-Day High 890.37 5-Day Low 835.96 2011 Div BR (%) (%)
20B 12.50 15B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
57.41
Total Assets (Rs in mn)
23,734.13
MA (10-day)
1.76
Total Equity (Rs in mn)
7,075.66
MA (100-day)
1.91
Revenue (Rs in mn)
1,878.63
MA (200-day)
2.05
Interest Expense
1,208.86
1st Support
1.85
Loss after Taxation
(593.05)
2nd Support
1.72
EPS 09 (Rs)
1st Resistance
2.03
Book value / share (Rs)
2nd Resistance
2.08
PE 10 E (x)
Pivot
1.90
PBV (x)
(0.676) 8.07 0.24
SBL closed up 0.11 at 1.93. Volume was 11 per cent above average and Bollinger Bands were 7 per cent wider than normal. The company's loss after taxation stood at Rs119.594 billion which translates into a Loss Per Share of Rs0.10 for the year ended CY10. SBL is currently 5.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SBL.
Japan Power Generation Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
41.83
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.44
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.64
Revenue (Rs in mn)
MA (200-day)
1.71
Interest Expense
1st Support
1.37
Loss after Taxation
2nd Support
1.32
EPS 10 (Rs)
1st Resistance
1.50
Book value / share (Rs)
2nd Resistance
1.58
PE 11 E (x)
Pivot
1.45
PBV (x)
2,731.94 691.43 (452.35) (2.899) (6.68) (0.21)
JPGL closed down -0.04 at 1.40. Volume was 52 per cent below average (consolidating) and Bollinger Bands were 22 per cent wider than normal. The company's loss after taxation stood at Rs772.173 million which translates into a Loss Per Share of Rs4.95 for the half year of current fiscal year (1HFY11). JPGL is currently 18.2 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 JPGL at a relatively equal pace. Trend forecasting oscillators are currently bearish on JPGL.
BOOK CLOSURES Company
From
To
Crescent Steel Allied Bank Ltd. Tri-Pack Films Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg. Works Sazgar Engg. Works # Atlas Honda # Punjab Oil Mills # Fauji Fertiliser Bin Qasim Huffaz Seamless Pipe Ind. Indus Dye & Manufac Co # Fauji Cement # Al-Noor Sugar Mills # Indus Motor Habib Bank United Bank (Unconsolidated) Al-Ghazi Tractors Engro Corp (Consolidated) Nishat Mills (Unconsolidated) # Clarient Pakistan Hub Power (Unconsolidated)
09-Mar 10-Mar 10-Mar 11-Mar 11-Mar 12-Mar 13-Mar 13-Mar 14-Mar 14-Mar 15-Mar 15-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 17-Mar 17-Mar 18-Mar 18-Mar
15-Mar 16-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 26-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 25-Mar
D/B/R
Spot AGM/Date
10(I) 01-Mar (F),10(B) 02-Mar20 100(F) 02-Mar 30(I) 03-Mar 15(Ii) 04-Mar 10(I) 04-Mar 10(I),10(B) 35(F) 07-Mar 15(I) 50(I) 08-Mar 40(F) 08-Mar 250(F) 08-Mar 20(F),20(B) 09-Mar 135,25(B) 10-Mar 25(I) 10-Mar
16-Mar 18-Mar 22-Mar 19-Mar 21-Mar 02-Apr 21-Mar 24-Mar 22-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 10.55 3.18 95 153.03 48 15.8 2.68 41.51 2.83 22.91 1.85
High 11.4 3.19 97 160.68 47.95 16.8 2.68 40.05 2.99 22.93 1.99
Low Close 11.39 3.08 93.65 152 47.95 14.8 2.63 40 2.8 22.5 1.65
10.55 3.1 95.01 153.03 48 16.1 2.63 40 2.82 22.63 1.9
Change 0 -0.08 0.01 0 0 0.3 -0.05 -1.51 -0.01 -0.28 0.05
Vol 101 640020 1041 109 150 19021 44000 1500 309026 173645 1701
7
Wednesday, March 9, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,047.17 Turnover 801,655 P/E (x) 5.69 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,051.96 1,037.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.73 12.84
PE
Open
High
Low
Close Chg
78 5.44 37740 11.85 3000 1.33 8606 6175 -
49.31 17.81 2.05 2.59 3.08
51.00 17.84 2.07 2.68 3.10
49.75 17.68 2.02 2.50 3.00
50.01 17.78 2.02 2.56 3.03
0.70 -0.03 -0.03 -0.03 -0.05
Close 1,044.47 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1360 300049 104583 395663 40777
Change -2.69 Market cap 72,173.85 mn Div Yield (%) 11.00
% Change -0.26 5-Day High 1,066.41 5-Day Low 1,044.47
Last 60 days High Low
2010 Div BR (%) (%)
82.39 20.65 2.67 3.45 4.65
80 17.5 1 -
48.91 17.25 1.60 2.15 2.80
2011 Div BR (%) (%)
- 15.00 -
Atlas Insurance Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB United Insurance XB
369 6.24 457 6.03 121 1250 400 3.12 718 8.22 791 10.63 3000 42.95 350 75.71 303 5.95 252 4.58 400 2.30
-
41.16 9.69 4.24 37.63 13.10 96.76 60.06 16.89 10.17 11.49 6.80 6.01
Paid up Cap(mn)
PE
Open
High
Low
Altern Energy 3426 Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy XD 1695 Kohinoor Power 126 Kot Addu PowerSPOT 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367
2.90 7.21 7.60 2.85 5.70 2.97 2.32 5.09 -
9.98 0.69 39.60 1.44 2.62 16.50 3.56 44.37 15.15 15.87 17.00 1.60
9.00 0.80 39.50 1.53 2.76 17.50 3.99 44.55 15.23 15.90 16.70 1.64
9.00 0.70 39.12 1.40 2.61 17.00 3.65 43.92 14.68 15.65 16.50 1.59
Company
Close 1,333.15 Listed cap 95,369.29 mn Payout (%) 104.13
Change -5.33 Market cap 108,803.94 mn Div Yield (%) 7.06
Close Chg
Volume
Last 60 days High Low
9.00 0.73 39.38 1.40 2.68 17.49 3.65 44.42 14.78 15.86 16.68 1.62
1192 8189 58281 207013 586518 2364 1001 131390 436155 495408 1900 70801
11.45 1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 19.25 2.80
-0.98 0.04 -0.22 -0.04 0.06 0.99 0.09 0.05 -0.37 -0.01 -0.32 0.02
% Change -0.40 5-Day High 1,353.66 5-Day Low 1,316.04
2010 Div BR (%) (%)
9.00 0.56 35.90 1.25 2.31 16.00 3.50 39.80 14.05 14.85 16.40 1.41
50 15 50 20 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
-
41.00 9.64 4.24 36.49 13.10 95.69 60.50 16.75 10.60 11.00 7.46 7.00
-0.16 -0.05 0.00 -1.14 0.00 -1.07 0.44 -0.14 0.43 -0.49 0.66 0.99
6817 10001 200 21694 13467 564 2500 395069 16315 2527 3800 12450
42.90 11.99 6.30 45.40 15.50 102.44 61.80 19.40 11.00 12.93 7.47 7.80
35.47 8.90 3.11 32.25 11.72 86.51 56.00 13.80 6.15 10.10 6.20 5.41
Open 736.75 Turnover 13,816 P/E (x) 5.37 Paid up Cap(mn)
Company
High Low 757.15 711.44 Total cos Defaulter cos P/BV (x) ROE (%) 3.13 3.85
Close 729.58 Listed cap 2,290.72 mn Payout (%) 355.53
Open 1,469.74 Turnover 1,356,503 P/E (x) 9.46 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 12.48 8390 3.78
Open
High
21.00 25.41
21.35 25.95
High Low 1,497.89 1,444.46 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 11.41 Low 20.71 24.90
Close Chg 21.22 0.22 25.13 -0.28
Close 1,468.02 Listed cap 12,202.80 mn Payout (%) 66.79
Volume 119564 1236939
Change -1.72 Market cap 32,735.28 mn Div Yield (%) 7.06
Last 60 days High Low 29.39 27.90
% Change -0.12 5-Day High 1,469.74 5-Day Low 1,419.40
2010 Div BR (%) (%)
19.71 19.95
20 15
2011 Div BR (%) (%)
25B
-
-
Open 1,138.18 Turnover 15,403,035 P/E (x) 8.19 Paid up Cap(mn)
Company
PE
Open
Allied Bank Ltd.SPOT 7821 6.32 67.80 Askari Bank 6427 6.71 14.31 Bank Alfalah 13492 6.97 9.59 Bank AL-HabibXDXB 8786 5.72 28.13 Bank Of Khyber 5004 3.76 4.15 Bank Of Punjab 5288 7.21 BankIslami Pak 5280 39.44 3.66 Faysal Bank 7327 4.38 13.68 Habib Bank Ltd 10019 7.91 127.15 Habib Metropolitan Bank 8732 7.26 23.62 JS Bank Ltd 8150 3.10 KASB Bank Ltd 9509 1.59 MCB Bank Ltd 7602 10.03 221.63 Meezan Bank 6983 7.85 18.78 Mybank Ltd 5304 2.21 National Bank 13455 6.88 79.16 NIB Bank 40437 2.19 Samba Bank 14335 1.82 Silkbank Ltd 26716 2.37 Soneri Bank 6023 30.95 6.49 Stand Chart Bank 38716 9.83 8.90 Summit Bank Ltd 7251 2.95 United Bank Ltd 12242 7.61 66.04
High
Low
Close Chg
67.80 66.80 67.04 -0.76 14.28 13.94 14.10 -0.21 9.70 9.38 9.41 -0.18 28.25 27.90 28.13 0.00 4.45 4.15 4.25 0.10 7.25 7.04 7.09 -0.12 3.75 3.35 3.55 -0.11 13.90 13.40 13.57 -0.11 128.25 125.80 126.59 -0.56 23.87 23.50 23.75 0.13 3.15 2.87 3.10 0.00 1.65 1.53 1.60 0.01 223.40 219.11 222.57 0.94 19.00 18.51 18.52 -0.26 2.21 2.11 2.14 -0.07 79.30 78.30 78.83 -0.33 2.25 2.16 2.17 -0.02 1.95 1.77 1.93 0.11 2.40 2.23 2.30 -0.07 6.59 6.20 6.50 0.01 9.90 8.89 9.34 0.44 3.10 2.90 2.95 0.00 65.55 64.10 64.75 -1.29
Volume
Change -2.77 Market cap 696,980.30 mn Div Yield (%) 4.94
Last 60 days High Low
59711 74.00 203678 19.25 652326 11.99 58103 39.49 26688 4.68 867415 10.31 177054 4.50 59967 16.47 67467 131.00 35808 29.28 6919402 3.16 134248 2.80 753501 250.48 8634 20.30 117700 3.40 3295843 81.78 578414 3.35 220777 2.17 255407 3.05 38915 8.48 438925 9.90 38159 4.63 433042 70.65
% Change -0.24 5-Day High 1,138.18 5-Day Low 1,101.63
2010 Div BR (%) (%)
61.05 12.55 8.75 27.22 3.75 6.40 3.00 10.69 114.00 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89
Last 60 days High Low
60.99
57.11
58.00 -1.05
9686
81.50
51.31
-
-
-
-
45.40
43.50
45.24 0.25
4127
49.31
39.05
15
-
-
-
EFU Life Assurance
850 32.95
59.05
New Jub Life Insurance
627 19.33
44.99
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 751.94 Turnover 633,532 P/E (x) 11.96 Paid up Cap(mn)
Company Adamjee Insurance
High Low 759.05 738.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 5.20
Close 745.42 Listed cap 11,111.34 mn Payout (%) 79.54
Change -6.52 Market cap 47,012.23 mn Div Yield (%) 6.65
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.18
80.61
80.80
79.25
79.98 -0.63
148023
96.40
% Change -0.87 5-Day High 756.56 5-Day Low 724.37
2010 Div BR (%) (%)
71.55
10
2011 Div BR (%) (%)
-
-
-
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Open 349.92 Turnover 1,943,544 P/E (x) 11.49
High Low 357.26 338.35 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91
Close 341.93 Listed cap 30,336.44 mn Payout (%) 99.56
Change -7.99 Market cap 16,265.82 mn Div Yield (%) 4.00
PE
AMZ Ventures
225
1.38
0.75
0.80
0.63
0.66 -0.09
0.95
0.33
-
-
-
-
Arif Habib Investments
360
3.91
23.27
23.88
22.90
23.00 -0.27
2412
24.85
16.80
-
20B
-
-
Arif Habib Limited
450 16.59
20.45
20.48
19.72
20.24 -0.21
24349
28.00
18.31
-
20B
-
-
3750 4.14 250 506.67
21.67 1.60
21.67 1.89
21.10 1.52
21.21 -0.46 1.52 -0.08
1283750 1999
30.20 2.75
18.75 1.06
30 -
-
-
-
-
3.00
3.45
3.45
3.45 0.45
10000
4.00
2.15
-
-
-
-
Open
High
Low
Close Chg
Last 60 days High Low
% Change -2.28 5-Day High 361.58 5-Day Low 341.31
Paid up Cap(mn)
Company
Volume
Arif Habib Corp Dawood Equities
First Credit & Invest Bank Ltd 650
155941
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Grays Leasing IGI Investment Bank
215 2121
9.23
3.00 2.01
2.05 2.19
2.00 2.02
2.01 -0.99 2.03 0.02
1735 2292
3.50 3.90
0.43 1.90
-
-
-
-
Invest and Fin Sec Invest Bank
600 2849
4.89 -
6.06 0.68
6.44 0.69
6.10 0.50
6.06 0.00 0.51 -0.17
192 62067
8.98 1.09
5.65 0.31
11.5 -
-
-
-
Ist Cap Securities
3166
-
3.19
3.24
3.05
3.08 -0.11
122833
3.95
2.95
-
10B
-
-
626
0.87
1.52
1.69
1.64
1.65 0.13
5001
7633
-
9.32
9.41
8.95
9.04 -0.28
1313372
508 837.50
3.40
3.59
3.30
3.35 -0.05
79061
Ist Dawood Bank
1.05
-
-
-
-
8.01
10
-
-
-
4.49
2.58
-
-
-
-
500
6.95
24.18
24.93
24.40
24.18 0.00
31.50
20.80
-
-
-
-
1000 1000 821
4.17
5.72 4.50 5.92
5.80 4.69 6.00
5.55 4.26 5.85
5.55 -0.17 4.68 0.18 6.00 0.08
78257 5201 3648
7.40 5.43 7.19
5.10 3.75 5.25
-
-
-
-
Pervez Ahmed Sec
775
3.75
1.86
1.94
1.80
1.80 -0.06
84865
2.50
1.21
-
-
-
-
Stand Chart Leasing
978
3.51
2.60
2.90
2.45
2.60 0.00
134
3.00
1.67
-
-
-
-
JS Investment KASB Securities Orix Leasing
157
1.99 12.80
Open
PKGI DINT STML ADOS BWHL GVGL GUTM NESTLE FECS FECM PCAL FPJM SASML MSCL IDYM AGL POAF TICL TSBL EXIDE LMSM FRSM SRSM TSMF PMRS ISIL FFLM NMBL BHAT PECO MFFL TSPL ULEVER MEHT ILTM WYETH PAKMI FZTM SHCM SHJS GAIL FNEL RCML MFTM ALICO SSIC HAJT SALT KTML FECTC COLG SHNI MTIL HINO AGIL PGCL FRCL FIBLM FTSM ESBL DCM ALQT SURC LAKST BCL UPFL
Performance of SR Financial Services Index
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -
Symbols
% Change -0.97 5-Day High 736.75 5-Day Low 686.65
Volume
High
JS Global Cap
High Low Close 1,146.35 1,120.86 1,135.41 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.14 13.94 40.49
UP TO 100 VOLUME
-
Close Chg
Open
JOV and CO
Performance of SR Banks Index
-
Low
PE
Jah Siddiq Co
BANKS
20B 55B 25B -
Change -7.17 Market cap 8,615.68 mn Div Yield (%) 4.37
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
30 35 -
LIFE INSURANCE
ELECTRICITY High Low 1,340.72 1,321.01 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 9.35
40.53 9.46 4.29 36.45 13.10 94.05 60.50 16.51 9.60 11.00 6.89 6.90
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,338.48 Turnover 2,000,220 P/E (x) 14.74
41.80 10.40 4.29 38.90 13.50 96.95 60.50 16.95 10.60 11.50 7.47 7.01
Performance of SR Equity Investment Instruments Index Open 1,458.75 Turnover 677,258 P/E (x) 20.30 Company
Paid up Cap(mn)
AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Prud Modaraba 1st Safeway Mutual Fund Stand Chart Modaraba Trust Modaraba
PE
1375 3.96 210 1.92 525 1.60 780 1.63 65 1.57 200 1.27 524 1.10 581 0.68 760 1.51 397 3.44 1008 6.16 3180 2.31 1186 1.28 1200 2.53 184 11.50 1000 2.03 1000 2.98 2835 3.66 2841 2.95 872 1.92 545 1.34 454 4.90 298 2.37
Open 9.95 3.45 6.50 1.45 1.21 0.56 1.75 2.09 3.25 7.00 7.15 6.08 5.49 8.82 1.20 4.20 7.39 12.65 5.72 1.00 6.02 9.90 1.99
High Low 1,459.17 1,413.53 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21
High 9.99 3.30 6.00 1.70 1.35 0.68 1.84 2.30 3.29 7.20 7.15 6.00 5.78 8.97 1.50 4.40 7.65 12.65 5.55 1.10 7.00 9.61 2.26
Low
Close Chg
9.65 3.30 6.00 1.49 1.16 0.40 1.79 1.85 3.22 7.00 7.01 5.86 5.30 8.53 1.15 4.26 7.10 12.11 5.42 1.10 7.00 9.60 1.66
9.82 3.30 6.00 1.50 1.16 0.56 1.80 1.99 3.29 7.02 7.15 6.00 5.33 8.82 1.15 4.39 7.21 12.23 5.43 1.00 7.00 9.60 1.99
-0.13 -0.15 -0.50 0.05 -0.05 0.00 0.05 -0.10 0.04 0.02 0.00 -0.08 -0.16 0.00 -0.05 0.19 -0.18 -0.42 -0.29 0.00 0.98 -0.30 0.00
Close 1,438.31 Listed cap 29,771.58 mn Payout (%) 104.74
Volume 2150 700 5000 175458 505 413 16010 21006 30585 5499 11307 62500 6142 300 2477 1090 66551 155720 104859 5002 500 2100 1221
11.50 3.50 6.97 2.79 1.99 0.87 2.98 2.57 3.89 9.00 7.30 6.43 6.61 10.24 2.50 4.73 8.83 16.49 7.95 1.20 9.00 10.63 2.49
7.50 2.76 3.84 1.12 0.90 0.35 1.30 1.61 2.92 6.60 6.50 4.61 4.15 6.35 1.15 2.92 6.21 11.00 5.42 0.90 5.01 8.62 1.16
% Change -1.40 5-Day High 1,474.14 5-Day Low 1,417.82
2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 17 11 21 5 10 15.5 15 10 20 10 3 18.2 17 5
7.12 33.5 23 11 36.99 24.67 20.35 3549.5 35.29 2.99 54.5 1.5 6.97 11.85 272 23.34 8.8 60 5.49 187.45 1.3 19.1 4.35 1.28 37.2 86 1.7 1.9 246.1 132.97 66.07 0.79 4788.09 56.51 170.98 979 1.05 389.44 12.96 68.83 4.34 5.75 40.1 1.45 15.97 7.02 1.1 70.99 4.8 6.76 818.09 10.99 0.5 124.23 70.5 18.99 1.2 1.5 1.74 2.3 1.43 8.9 40.8 246 51.2 1245
Low
Close
7.12 33.5 23 11 36.99 22.38 18.6 3400 35.11 2.99 54.1 1.03 6.97 11.85 260.22 22.41 8.8 60 5.49 183.01 1.3 19.1 3.5 1.24 34.35 78.19 1.7 1.9 246.1 132.97 66.07 0.6 4625.1 56.51 165 925 1.05 389.44 12.96 68.8 4.02 4.05 40.1 1 14.12 6.95 0.84 65.08 4.41 6.76 818 10.99 0.35 120.01 70.5 18.99 1.2 1.5 1.74 2.3 1.43 8.9 40.8 246 51.2 1245
7.98 33.41 23 11 35.59 23.5 19.35 3402.73 36.91 2.75 54 1.24 7.97 12.85 272 23.5 9.75 59.2 4.9 183.55 1.5 18.9 3.81 0.81 36.05 82.13 1.5 1.41 259 139.85 68.79 0.79 4679.13 59 165 940 0.9 409.93 13.9 65.56 3.72 4.95 41.49 1.23 15.02 6.65 0.59 68.5 4.77 7 859.9 10.39 0.41 121.6 71 18 2 1.62 1.2 1.61 1.29 8.87 39.04 252.08 49.33 1197.58
Change
Vol
0 0 0 0 0 0 0 -11.92 0 0 0 0 0.0033 0 -1.91 0 0 0 0 0 0 -0.0033 0 0 0 0 0 0 0 0 0 0 -34.24 0 2.16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
100 100 100 100 100 74 70 68 62 56 55 53 50 50 44 26 25 25 22 21 20 20 13 12 12 11 10 10 10 10 10 8 8 7 6 6 5 5 5 5 5 4 4 4 3 3 3 3 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Change -20.44 Market cap 18,488.38 mn Div Yield (%) 8.02
Last 60 days High Low
High
7.98 33.41 23 11 35.59 23.5 19.35 3414.65 36.91 2.75 54 1.24 7.9667 12.85 273.91 23.5 9.75 59.2 4.9 183.55 1.5 18.9033 3.81 0.81 36.05 82.13 1.5 1.41 259 139.85 68.79 0.79 4713.37 59 162.84 940 0.9 409.93 13.9 65.56 3.72 4.95 41.49 1.23 15.02 6.65 0.59 68.5 4.77 7 859.9 10.39 0.41 121.6 71 18 2 1.62 1.2 1.61 1.29 8.87 39.04 252.08 49.33 1197.58
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 -
Symbols
Open
Low
Close
NBP-MAR
79.42
79.3
78.5
78.99
-0.43
704000
NML-MAR
64.75
64.65
63.5
63.76
-0.99
375500
Change
Vol
9.04
ANL-MAR
9.28
9.25
8.9
-0.24
349000
MCB-MAR
200.44
202
197.8
201.4
0.96
334000
POL-MAR
318.64
319.6
316.5
318.18
-0.46
326500
ENGRO-MAR 188.08
189
186
188.44
0.36
325000
58.5
59
57.8
58.18
-0.32
217500
FFC-MAR
127.52
127.1
126.11
126.63
-0.89
187000
FFBL-MAR
40.13
40
39.55
39.76
-0.37
167000
DGKC-MAR
24.57
24.31
23.9
24.21
-0.36
PPL-MAR
206.61
207
205.01
206.59
-0.02
72000
NCL-MAR
27
27
26.52
26.8
-0.2
69500
PSO-MAR
287.92
286.55
284.6
285.61
-2.31
44000
AICL-MAR
81.33
81.99
80.01
80.53
-0.8
35500
LUCK-MAR
68.66
68.5
67.45
67.52
-1.14
35000
HUBC-MAR
39.98
39.98
39.98
39.98
0
20000
OGDC-MAR 153.42
153.95
152
153.63
0.21
16000
NBP-MARB
-
High
BOP-MAR
79000
7.3
7.17
7.1
7.15
-0.15
9000
NETSOL-MAR 23.01
22.76
22.65
22.76
-0.25
3000
17.8
17.75
17.78
-0.12
3000
PTC-MAR UBL-MAR
17.9 65.5
65
65
65
-0.5
1000
81.34
0
0
80.66
-0.68
0
AKBL-CMAR 14.44
0
0
14.22
-0.22
0
ANL-CMAR
9.33
0
0
9.12
-0.21
0
ATRL-CMAR 120.23
0
0
121.92
1.69
0
BAFL-CMAR
9.68
0
0
9.49
-0.19
0
BAHL-CMAR 28.38
0
0
28.37
-0.01
ENGRO-CMAR227.64
0
0
228.18
0.54
0
FFBL-CMAR
0
0
43.13
-0.37
0
AICL-CMAR
43.5
0
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
KHTC
34
35
35
35
1
0
BPBL
0.95
0.89
0.89
0.89
-0.06
0
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Fauji Fertiliser Bin Qasim Ltd
Nishat Mills Ltd
Company
Date
Time
Askari General Insurance (TFC) Pak Mobile Communi Ltd Sajjad Textile Mills Ltd Pakistan Tobacco Comp Ltd
15-Mar 11-Mar 12-Mar 16-Mar
11:00 10:00 11:30 2:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
51.00
Support 1
11,869.10
MA (5-day)
11,875.15
Support 2
11,798.20
MA (10-day)
11,655.96
Resistance 1
12,005.90
MA (100-day)
11,594.38
Resistance 2
12,071.85
Fair Value
*Invest Cap
Rs Recommendations
52.4
Sell
75.5
Reduce
AKD Securities Ltd
TFD Research
92.3
Positive
TFD Research
Technical Outlook
10,733.14
Pivot
Brokerage House
Fair Value
*Invest Cap
210
AKD Securities Ltd TFD Research
229.9 245.4
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.92 215.46 196.80 187.91
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Rs Recommendations
Brokerage House AKD Securities Ltd
Hold
TFD Research
Neutral
Fair Value 214.57
Neutral
218.18
Neutral
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Jun-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.99 211.61 215.89 204.69
AKD Securities Ltd
45.52
Accumulate
TFD Research
44.25
Neutral
Technical Outlook
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 11,173.84 56.54 63.89
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
64.25 41.07 36.65 32.18
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Jun-11 & **Net Open Interest in future market
326.94 13,983.16 33.77 42.91
* Target price for Jun-11 & **Net Open Interest in future market
and Bollinger Bands were 14 per cent wider than normal.
68.20
67.20
51.60
52.55
50.35
Arif Habib Corp
40.04
21.00
20.75
21.55
21.90
21.35
Arif Habib Limited
35.29
19.80
19.40
20.60
20.90
20.15
Adamjee Insurance
43.30
79.20
78.45
80.75
81.55
80.00
Askari Bank
37.20
13.95
13.75
14.30
14.45
14.10
Azgard Nine
41.24
8.85
8.65
9.30
9.50
9.10
Attock Petroleum
52.03
362.75
360.30
368.05 370.90 365.60
Attock Refinery
55.25
118.40
115.90
122.50 124.10 120.00
Bank Al-Falah
34.93
9.30
9.20
9.60
9.80
9.50
BankIslami Pak
47.57
3.35
3.15
3.75
3.95
3.55
Bank.Of.Punjab
37.38
7.00
6.90
7.20
7.35
Dewan Cement
42.95
1.70
1.65
1.85
2.00
1.80
D.G.K.Cement
42.27
24.40
24.15
24.95
25.20
24.65
Dewan Salman
49.74
2.75
2.70
2.85
2.95
Dost Steels Ltd
7.15
2.80
39.86
2.00
1.95
2.10
2.15
2.05
EFU General Insurance 45.34
35.65
34.85
38.10
39.75
37.30
EFU Life Assurance
45.62
56.40
54.80
60.30
62.60
58.70
224.45
222.70
52.52
13.35
13.10
41.79
4.25
4.20
4.35
4.45
4.30
Fauji Fert Bin
64.15
42.55
42.30
43.10
43.40
42.85
Fauji Fertilizer
43.66
125.40
124.65
127.20 128.25 126.45
Habib Bank Ltd
127.95 129.35 126.90
NML is currently 18.9 per cent above its 200-day moving average and is FFBL is currently 32.9 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely high when compared
227.55 228.90 225.80 13.85
14.10
13.60
58.85
125.50
124.45
Hub Power
57.01
39.15
38.95
flowing into and out of NML at a relatively equal pace. Trend forecasting tors reflect volume flowing into and out of FFBL at a relatively equal pace.
ICI Pakistan
58.89
155.40
154.40
157.70 159.00 156.70
oscillators are currently bearish on NML.
Indus Motors
19.58
225.05
223.10
228.00 228.95 226.00
volatility over the last 10 trading sessions. Volume indicators reflect volume to the average volatility over the last 10 trading sessions. Volume indica-
Trend forecasting oscillators are currently bearish on FFBL.
Bank Al-Falah Ltd
Brokerage House
Fair Value 149
Rs Recommendations
*Invest Cap
Hold
120.7
TFD Research
Neutral
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
43.49 118.32 125.02 115.61
11.55 11.5 14.01
Rs Recommendations Hold Accumulate Positive
466.49 58,856.71 49.47 126.73
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
34.76 9.61 10.33 9.60
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 6,347.78 N/A 9.52
* Target price for Jun-11 & **Net Open Interest in future market
(consolidating) and Bollinger Bands were 223 per cent wider than normal. (consolidating) and Bollinger Bands were 90 per cent wider than normal.
to the average volatility over the last 10 trading sessions. Volume indica- volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend flowing into and out of MCB at a relatively equal pace. Trend forecasting flowing into and out of FFC at a relatively equal pace. Trend forecasting tors reflect moderate flows of volume out of BAFL (mildly bearish). Trend oscillators are currently bearish on FFC.
forecasting oscillators are currently bearish on BAFL.
39.55
39.70
39.35
J.O.V.and CO
46.47
3.25
3.10
3.50
3.70
3.40
Japan Power
41.82
1.35
1.30
1.50
1.55
1.45
JS Bank Ltd
66.30
2.95
2.75
3.20
3.30
3.05
Jah Siddiq Co
44.21
8.85
8.65
9.30
9.60
9.15
Kot Addu Power
59.65
44.05
43.65
44.70
44.95
44.30
K.E.S.C
49.34
2.60
2.55
2.75
2.85
2.70
Lotte Pakistan
51.68
15.40
15.20
15.80
15.95
15.55
Lucky Cement
49.62
66.50
65.55
68.60
69.75
67.65
MCB Bank Ltd
56.52
220.00
217.40
Maple Leaf Cement
37.00
2.15
2.05
2.30
2.40
2.25
National Bank
60.36
78.30
77.80
79.30
79.80
78.80
Nishat (Chunian)
58.79
26.20
25.75
27.15
27.65
26.70
Netsol Technologies
48.93
22.45
22.25
22.90
23.10
22.70
NIB Bank
30.26
2.15
2.10
2.25
2.30
Nimir Ind.Chemical
64.26
2.65
2.40
3.10
3.30
2.85
Nishat Mills
50.04
63.10
62.65
64.20
64.85
63.75
Oil & Gas Dev. XD
37.99
152.25
150.50
PACE (Pakistan) Ltd.
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
AKD Securities Ltd
Neutral
129.4
Brokerage House
is displaying an upward trend. Volatility is extremely high when compared displaying a downward trend. Volatility is high as compared to the average playing a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely high when compared
oscillators are currently bearish on MCB.
67.60
48.15
63.77
ENGRO is currently 20.5 per cent above its 200-day moving average and MCB is currently 8.7 per cent above its 200-day moving average and is FFC is currently 9.1 per cent above its 200-day moving average and is dis- BAFL is currently 2.0 per cent below its 200-day moving average and is
forecasting oscillators are currently bullish on ENGRO.
66.20
49.40
Fauji Cement
ENGRO closed up 0.64 at 226.25. Volume was 54 per cent below average MCB closed up 0.94 at 222.57. Volume was 32 per cent below average FFC closed down -1.38 at 126.17. Volume was 66 per cent below average BAFL closed down -0.18 at 9.41. Volume was 77 per cent below average (consolidating) and Bollinger Bands were 45 per cent wider than normal.
66.60
31.01
Faysal Bank
(consolidating) and Bollinger Bands were 11 per cent narrower than normal.
Technical Outlook 304.09 67,680.42 101.34 221.68
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
46.96
Attock Cement
Engro Chemical
AKD Securities Ltd
Leverage Position
Leverage Position
Allied Bank Limited
(consolidating) and Bollinger Bands were 4 per cent wider than normal.
TFD Research
147.48 33,367.70 127.41 225.74
Accumulate
* Target price for Jun-11 & **Net Open Interest in future market
Technical Outlook Technical Analysis
Hold
1st 2nd Pivot Resistance 2.70 2.80 2.60
NML closed down -0.74 at 63.56. Volume was 52 per cent below average FFBL closed down -0.34 at 42.77. Volume was 78 per cent below average
*Invest Cap
Neutral
Leverage Position
39
Fauji Fertiliser Co
Rs Recommendations
Rs Recommendations
Positive
Leverage Position
50.10 62.20 60.61 53.47
MCB Bank Ltd
Technical Outlook Technical Analysis
78.6
Fair Value
*Invest Cap
Buy
71.45
Brokerage House
Technical Outlook
11,935.00
Engro Corporation
Rs Recommendations
77
AKD Securities Ltd
Technical Analysis
Fair Value
*Invest Cap
RSI (14-day) 60.50 Free Float Shares (mn) 318.50 MA (10-day) 73.79 Free Float Rs (mn) 25,107.19 KSE 100 INDEX closed down -34.54 points at 11,940.01. Volume MA (100-day) 71.63 ** NOI Rs (mn) 128.27 was 71 per cent below average (consolidating) and Bollinger Bands MA (200-day) 68.50 Mean 78.90 were 40 per cent wider than normal. As far as resistance level is con* Target price for Jun-11 & **Net Open Interest in future market cern, the market will see major 1st resistance level at 12,005.90 and NBP closed down -0.33 at 78.83. Volume was 32 per cent below average 2nd resistance level at 12,071.85, while Index will continue to find its and Bollinger Bands were 110 per cent wider than normal. 1st support level at 11,869.10 and 2nd support level at 11,798.20. KSE 100 INDEX is currently 11.3 per cent above its 200-day moving NBP is currently 15.1 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely displaying an upward trend. Volatility is extremely high when compared to high when compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bullish on NBP. currently bearish on INDEX. MA (200-day)
Brokerage House
RSI 1st 2nd (14-day) Support 44.09 2.50 2.45
47.82
2.75
2.70
224.25 226.00 221.70
2.20
155.35 156.70 153.60 2.95
3.05
2.85
Pervez Ahmed Sec
47.14
1.75
1.70
1.90
2.00
1.85
P.I.A.C.(A)
51.59
2.60
2.55
2.70
2.75
2.65
Pioneer Cement
40.09
5.60
5.40
5.95
6.20
5.80
Pak Oilfields
53.67
315.15
313.35
319.15 321.35 317.35
Pak Petroleum
47.99
204.30
202.90
206.80 207.90 205.40
Pak Suzuki
37.63
60.35
59.70
P.S.O. XD
49.92
281.55
279.30
P.T.C.L.A
39.74
17.70
17.60
61.85
62.70
61.20
Shell Pakistan
52.21
203.55
201.00
Sui North Gas
32.84
20.85
20.45
21.45
21.75
21.10
Sitara Peroxide
44.30
12.60
12.50
12.85
13.00
12.75
Sui South Gas
55.44
24.70
24.30
25.75
26.40
25.35
Telecard
48.53
2.00
1.95
2.10
2.15
TRG Pakistan
50.09
3.05
3.00
3.15
3.25
3.10
United Bank Ltd
53.40
64.05
63.35
65.50
66.25
64.80
WorldCall Tele
49.94
2.50
2.40
2.65
2.75
2.60
287.05 290.25 284.75 17.85
17.95
17.75
208.20 210.30 205.65
2.05
8
Wednesday, March 9, 2010
KU rises up in the int’l ranks
DA Degree College for Women Convocation
Intellect can’t be bought: Pirzada Staff Reporter KARACHI: The 11th Convocation of Defence Authority Degree College for Women Phase-VIII was held at its premises on Tuesday. The Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiqui, presided over the ceremony. As many as 333 graduates of the session 2008 and 2009 were awarded BA, BSc and BCom degrees whereas 16 master's degrees were also conferred on the students. Sixteen students were awarded degrees in MA (Economic), 166 students BCom degrees, 48 students BSc degrees and 103 students were given BA degrees in the humanities and liberal arts. The Vice Chancellor in his address said that the backwardness and regression of the nation was because it lagged in quality education. He was of the view that education should be given its due priority as without knowledge and awareness the society cannot develop.
Prof Pirzada was of the view that intellectual deficit could not be overcome or bought through money as it is only an intellectually vibrant and conducive learning and research environment which could promote education and progress in society. He said that the real purpose of education was to produce versatile, dynamic and enlightened graduates who could contribute for the well being of nation and play a pivotal role in nation-building. The Vice Chancellor said that it was imperative that women participated equally with men in all walks of life if the country was to progress. He commended DHA Degree College for Women for maintaining its glorious traditions of academic excellence and for producing confident and capable women graduates who could face the onslaught of challenges in life successfully. Earlier, Principal Prof Nasreen Nasir in her annual report highlighted the academic and co-curricular achievements of the College. -APP
KARACHI: Indonesian students are performing traditional dance in an event organised by Rotary Club Karachi East.-Staff Photo
IIUI Seerat Conference set for today ISLAMABAD: The International Islamic University Islamabad (IIUI) is holding a two-day Seerat Conference on Wednesday at its new campus, Sector H-10, Islamabad. Rector of the University, Professor Fateh Muhammad Malik will preside over the conference while President of the University, Dr Mumtaz Ahmed will be the chief guest on the occasion. According to the schedule, first day of the conference has been fixed specially for female participants and the second day for male.-APP
ACCA-KPMG paper has word for the wise KARACHI: The training, development and retention of the finance function is crucial to the success of an organisation, especially in the current economic climate, asserts a new report from the Association of Chartered Certified Accountants (ACCA) and KPMG, UK. The report titled Maximising People Power: Effective talent management in finance has some points to ponder. According to a release issued here the report emphasises that securing the right talent is one of the biggest challenges faced by Chief Finance Officers (CFOs), adding that the finance function must now take the opportunity to make a difference to their organisations' success - whether in the public or private sector, whether in a listed multinational or small and
medium sized enterprise. Ian Lithgow, partner, KPMG, UK says, "The next decade presents a critical opportunity for finance professionals to help create and sustain long term value for organisations. But the challenge lies with employers to realise and leverage talent within their finance function." Arif Mirza, Head of ACCA Pakistan went on to say, "Last year we found that only 20 per cent of organisations had a talent strategy for their finance team. We found that most talent management strategies weren't strategic at all - they were informal, sometimes run in isolation of other departments and not part of a wider integrated plan. This cannot continue." The report says that the responsibility lies with CFOs to establish and maintain great talent practices. Any plans they
may have for restructuring the finance function must include a talent management plan that addresses the skills, capabilities and experience levels that are needed. The report also says that there is an increased demand for the relatively new role of the Finance Business Partner (FBP) - the highly commercial accountant who applies their core technical knowledge to business issues and provides the much needed finance lens on organisational decision making. Arif Mirza added, "Talent management is broader than the individual; it is about managing aspirations and bringing a diverse range of talents together across the organisation for the benefit of the business; it is about boosting the finance function's credibility both internally and externally.-PR
IIUI dedicates moot to Int’l Women’s Day HYDERABAD: Sindh Minister for Education Pir Mazhar-ul-Haq visiting different stalls during 4th Annual Degree Show 2010 at Centre of Excellence in Art & Design, Mehran University of Engineering & Technology, Jamshoro.-APP
Biztek honours ‘women power’ KARACHI: Institute of Business and Technology (BIZTEK) Tuesday organised a seminar: Why Should Women Matter in Pakistan or Elsewhere? A handout issued here said the purpose of this seminar was to highlight the importance of women in the modern society epoch. Speaking on the occasion, Romana Hussain shared the significance of women development that has taken place in the last 60 years and their economic /social contribution to Pakistan. Jehan Ara, President PASHA, stressed upon the courage, strength and diversity those women work force have developed to move ahead in this cutthroat competition. Veena Masud, Executive Member, Pakistan Olympic Association shared the accolades and achievement of women medalists have got for Pakistan and keeping its flag high in the global arena. Zeenat Hisam, PILER spoke about the labor laws and its impact on the working women. Women are working under arduous condi-
tions and still making a mark in the corporate in local and multinational. Few of the local conglomerates and fashion houses are successfully run by women entrepreneurs in Pakistan. These women entrepreneurs are recognized and acknowledged globally. There's a strong correlation with women entrepreneurs and economic development of the country. Prof Sikandar Mehdi Director Planning and International Linkages at Biztek explained the culture of humiliation in Pakistan and called for the launch of a strong movement against the culture of humiliation in Pakistan. He said that such a movement would benefit the whole society. It was heartening to see that Biztek has come up so strongly in highlighting various issues confronted by the society and providing a forum for deliberation with experts in the field. Biztek contribution to the development and deliberation on economic issues would be appreciated in the academic circles.-PR
Dir students want tuition fees waiver PESHAWAR: Dir Students Society, Peshawar chapter has demanded the waiver of tuition fees in their district calling for provision of hostel facility for evening shift goers. Speaking at a news conference, here on Tuesday, the students' society president, Nasrullah said that the Districts Lower and Upper Dir hasbeen adversely affected due to natural disasters and terrorism. He maintained that the students are suffering from the prevailing situation big time. He was critical of the government for ignoring this area and termed it tantamount to pushing it towards backwardness. He said that area has been badly affected due to militancy and natural calamities, but still the government has not waived the tuition fees of the students, he lamented. He alleged that the non-governmental organisations are giving priority to non-locals in their projects and schemes. The hiring was the violation of community development rules and demanded for immediate halt to the discriminatory attitude of non-governmental organisations.-APP
KARACHI: The ranking of the University of Karachi has improved internationally from 600 to 569. This was stated by the spokesman of the University of Karachi. He said that the University of Karachi has been ranked at 569th position in the category of `Top Universities of the World'. "It is a moment of immense pleasure that the University of Karachi has been ranked at 569th position in the category of Top Universities of the World by the Times Higher Education', remarked the ViceChancellor, Prof Dr Pirzada Qasim Raza Siddiqui. He felicitated the hardworking teachers and the students, who are the emerging scientists of the world and who have played a vital role in making this goal possible. The Vice Chancellor has sent a letter of appreciation to all those scholars of Karachi University whose hard work and dedicated efforts resulted in accomplishing this goal. He added that he was confident that with the same spirit we will continue promoting the research culture for the betterment of our country. It is pertinent to mention that the faculty-wise ranking was done in the disciplines of Life Sciences, Arts and Humanities and Social Sciences, the University spokesman added.-APP
Congrats on IBA Alumni Association registration Staff Reporter KARACHI: Institute of Business Administration Karachi (IBA) has congratulated IBAians on the registration of the Alumni Association of IBA graduates as their sole representative body. IBA hopes that the Alumni Association will play its role in not only bonding the relationship amongst its members but will also help foster the cause of their alma mater.
empowerment of women is pre-requisite for development of any nation and Pakistan is no exception at all. She expressed her satisfaction over women becoming more and more active in national development of Pakistan. Prof Qaisra Alvi highlighted the significance of Islamic Teachings in order to improve the status of women. She added that Islam has given all rights to women far KHAIRPUR: There is strong before other religions and need that all sections of society should play their dynamic role ideologies.-Agencies for the improvement and enhancement of quality education, said Prof Dr Nilofer Shaikh Vice Chancellor Shah ISLAMABAD: The Training Cell of Federal Urdu University of Arts, Science and Technology, Abdul Latif University (SALU) Islamabad has arranged a 12-day training programme for teachers of higher education. Khairpur. The programme entitled Incorporating Technology in Education was organised in collaboration She was talking to a delegawith Learning Innovation Division, Higher Education Commission. Some 25 teachers were trained tion of academicians Dr Peter under the programme. At the end of the training course the University organised a certificate distri- and Dr Azra of Glasgow bution ceremony. Noor Amna Malik, Director General (Learning Innovation) was the chief guest on University, UK. the occasion, who distributed certificates among the teachers.-APP Dr Nilofer Shaikh briefed the eminent scholars about the working environment of Shah Abdul Latif University Khairpur. On the occasion, Dr Peter offered to sign a Memorandum of Understanding between Shah Abdul Latif University Khairpur and his University, aimed at promoting the academic linkage, which shall involve the participation of scholars in seminars, workshops, conferences, lectures programme, trainings and sharing of expertise and ideas. Dr Peter remarked that great potential is available in Sindh. The cultural heritage and resources available are valuable and rich; it is living evident of the site of Moen Jo Daro, KARACHI: Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiqui Harrapa and other archeologiawarding degrees to students at the 11th Convocation of DA Degree cal sites.-APP College for Women here on Tuesday.-Staff Photo
ISLAMABAD: The International Islamic University, Islamabad (IIUI) arranged an Urdu Declamation Competition regarding the celebration of International Women's Day in collaboration with the First Women Bank Limited. Dr Rubina Bhatti, Director Institute of Global Learning, California State University, USA was the guest speaker on the occasion. Farida, Vice President, First Women Bank, Qaisra Alvi, Director Women Campus,
IIUI, female faculty members, administrative officers, staff members and a large number of female students participated in the event. Dr Rubina Bhatti delivered a lecture on "Gender issues in global political economy with a special emphasis on Pakistan". Dr Rubina also chaired the special contest on the topic of "Women's Economic Empowerment and its Role in the National Growth/Development". She said that economic
Urdu varsity schools teachers
Glasgow University delegation visits SALU
9
Wednesday, March 9, 2011
Brent below $113 as OPEC discusses oil output
European vegetable oil prices
Brent premium over WTI falls below $9 from $17 last week
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 980.00+0.00, Apr11 985.00+0.00, May11/Jul11 990.00+0.00, Jul11/Sep11 995.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1050.00-15.00, Aug11/Oct11 985.00-10.00, Nov11/Jan12 990.00-10.00, Feb12/Apr12 995.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1425.00-25.00, Jul11/Sep11 1435.00-20.00, Oct11/Dec11 1390.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1565.00-12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Mar11 1250.00-17.50, Apr11/Jun11 1242.50-20.00, Jul11/Sep11 1210.00-30.00, Oct11/Dec11 1200.00-25.00. PALMOIL: RBD dlrs tonne cif Rotterdam Mar11 1315.00, Apr11 1305.00, Apr11/Jun11 1290.00. PALMOIL: RBD dlrs tonne fob Malaysia Mar11 1260.00, Apr11 1250.00-17.50, Apr11/Jun11 1235.00-25.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1270.00, Apr11 1260.00-15.00, Apr11/Jun11 1245.00-22.50, Jul11/Sep11 1185.00-32.50, Oct11/Dec11 1170.00-27.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 2010.00-50.00, Apr11/May11 1980.00-60.00, May11/Jun11 1970.00-60.00. Reuters
LONDON: Oil prices fell sharply on Tuesday with Brent crude dropping more than $2 a barrel after Kuwait's oil minister said OPEC was considering boosting production for the first time in more than two years. The Organization of the Petroleum Exporting Countries has yet to change its production policy officially, even though it has been boosting supply informally for months and Saudi Arabia has offered to help make up for the loss of around two thirds of Libya's output. An official increase in OPEC output would signal the group's determination to put a cap on prices after uprisings and unrest across North Africa and the Middle East sent oil to its highest in more than two and a half years. Fighting in Libya has idled around 1 million barrels per day (bpd) and consumers have been looking for a response from OPEC. Brent crude dropped to a low of $112.23 per barrel, down $2.81, by 1455 GMT. US light crude
futures were $1.45 lower at $103.99. On Feb. 24, Brent hit $119.79, its highest since 2008, when it reached an all-time high of $147.50. "We are in consultations about a potential output increase," Kuwait's Sheikh Ahmad alAbdullah al-Sabah told reporters, but added the group had taken no
decision yet to produce more than its existing output targets. Iran, which holds OPEC's rotating presidency, said there was no need for a boost in production as consumer worries over supply were mostly "psychological." "There is no shortage in the market. There is no need for further OPEC supply," Iran's OPEC governor Mohammad Ali Khatibi told Reuters in a telephone interview on Tuesday, pointing to a difference of opinion among
members. Saudi oil minister Ali Al-Naimi said on Tuesday world oil markets were sufficiently supplied and the kingdom held 3.5 million bpd of spare production capacity to meet any shortages. Brent's premium over US crude, known as West Texas Intermediate or WTI, shrank below $9 on Tuesday, down from more than $17 at its peak last week. Analysts say Brent and other seaborne light sweet crudes have responded better to rising output from other OPEC members to compensate for lost Libyan production. US crude has also firmed as crude and product imports have been drawn away from the United States due to stronger markets in Europe and Asia. The industry group American Petroleum Institute (API) will issue its weekly inventory report at 2130 GMT on Tuesday, followed by government statistics from the US Energy Information Administration on Wednesday, at 1530 GMT. -Reuters
Tokyo rubber slips as oil dips
NEW YORK: Traders gesture at each other while working in the crude oil and natural gas options pit on the floor of the New York Mercantile Exchange. -Reuters
Palm oil sheds 3.4pc on better soy prospects KUALA LUMPUR: Malaysian crude palm oil dropped as much as 3.4 per cent on Tuesday as a rally in crude oil lost some steam, while prospects of a strong South American soy crop also weighed on sentiment. Traders seized the opportunity to book profits ahead of a key price outlook session on Wednesday at the Bursa Malaysia Palm Oil Conference where top analysts will present their views. "The market tends to fall before the price outlook
but the decline was amplified by the movements in soy and crude oil," said a trader with a local commodities brokerage. The benchmark May contract on the Bursa Malaysia Derivatives Exchange fell as much as 124 ringgit to 3,571 Malaysian ringgit ($1,178) before settling at 3,584 ringgit. Traded volume stood at 17,621 lots at 25 tonnes versus the usual 15,000 lots. "The market has been overbought for some time and it's ripe for a correction, but the
overall scenario is still bullish," said another trader. Other vegetable oil markets also fell in Asian trade. US soyoil for March delivery dropped 1 per cent as outlook for a better crop in South America weighed and on expectations US Department of Agriculture will raise its forecast of ending stocks for the first time in 11 months. China's most active soybean oil contract for September delivery also followed suit, dropping 1.7 per cent. -Reuters
US cotton up, but well below new record top NEW YORK: US cotton futures closed higher on Monday on speculative buying but profit-taking knocked fiber contracts from record highs after the market rose the daily limit during the session, analysts said. The key May cotton contract on ICE Futures US rose 1.44 cents to finish at $2.1414 per lb, dealing from $2.1313 to the 7-cents limit up at $2.197. Volume traded Tuesday though stood about 28,400 lots, over 10 per cent below the 30-day norm, Thomson Reuters preliminary data showed. But open interest in the cotton market did not seem to be matching the surge in
prices to new record highs. Open interest in cotton stood at 175,284 lots as of March 4, a modest rise from the sevenmonth low at 174,074 lots as of Feb. 28, data from ICE Futures US showed. Cotton futures have been rising due to very tight supplies of deliverable fiber in the oldcrop contracts of May and July although there is huge discount in new crop December due to expectations of a sharp
increase in plantings for the upcoming 2011/12 season, dealers said. Jobe Moss, an analyst for brokers and merchants MCM Inc in Lubbock, Texas, said the relatively modest increase in open interest since last week may leave the market vulnerable to setbacks. But analysts said cotton remains fundamentally strong as steady demand underpinned the market. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 07 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 07 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2390 2395 2385 2390 2375 2385 2375 2385
2565.5 2566 2601 2602 2680 2685 2735 2740
9840 2619.5 9840.5 2620 9853.5 2608 9854 2610 9790 2552 9800 2557 9485 2505 9495 2510
28525 28530 28550 28555 27470 27570 26205 26305
TIN
ZINC NASAAC
31740 2410 31745 2411 31725 2440 31750 2440.5 31515 2480 31565 2485 2483 2488
2535 2536 2555 2565 2600 2610 2655 2665
BANGKOK: Tokyo rubber futures tumbled 8.7 per cent to the lowest in more than two months on Tuesday, tracking falls in oil prices, with heavy stop-loss selling adding to the pressure, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery fell 39.7 yen to settle at 416.5 yen ($5.06) per kg, the lowest since Dec. 30. It was the biggest daily decline since September 2009. The most active contract in the Shanghai rubber futures market for May delivery fell 2,470 yen to settle at 36,205 yuan per tonne. -Reuters
BD tea dips on poor quality DHAKA: The average price of Bangladeshi teas dipped 28.05 per cent to 106.47 taka ($1.49) per kg on poor quality at the weekly auction on Tuesday, brokers said. More than 28 per cent of the 1.45 million kg on offer remained unsold and was taken back to the storage. Different grades were sold between 55 taka and 207 taka per kg at the auction. But in an exclusive sale some 100 kg of well made Pekoe Fannings realised the highest price of 291 taka per kg, followed by another 250 kg of Churamoni Dust selling at 245 taka per kg. -Reuters
Copper up from 2-week lows on industry buying LONDON: Copper rose on Tuesday as industrial users pushed back into the market attracted by the lowest levels in two weeks, but high oil prices due to the Libya crisis kept up concerns over economic growth and demand. Three-month copper on the London Metal Exchange closed at $9,530 a tonne from Monday $9,499. It earlier hit a session trough of $9,346.25 a tonne, its lowest since Feb. 24. "We're now beginning to attract consumer interest," Alex Heath of RBC Capital said of copper. "The market's still in an uptrend," he added. The metal used in power and construction fell 4 per cent on Monday, its sharpest daily drop since mid-November. Copper rallied nearly 30 per cent from mid-November to a record high at $10,190 on Feb. 15, but the strength of the rally dampened buying interest for the industrial metal. "What's dominating things by far is the events in the Middle East, oil prices, concerns about global economic growth," Gayle Berry, an analyst at Barclays Capital, said. But Berry added the losses in copper prices could lure Chinese buyers back to the market after a recent dearth of buying by the world's top base metals consumer. Copper stocks fell 650 tonnes
to 426,500 tonnes, coming off Monday's level of 427,150 tonnes, which was the highest since July 2010. Inventories of copper have climbed by about 20 per cent since December, raising some
Shanghai metals tumble Shanghai's most active copper futures contract fell more than five per cent at 70,260 yuan a tonne. It closed down 4.2 per cent at 71,070 yuan. Shanghai zinc fell more than five percent to a three-month low of 17,820 yuan, before closing at 18,080 yuan a tonne.
concerns about waning demand. Zinc inventories also continued to increase, up by 9,025 tonnes to 734,550 tonnes, the highest level since September 2004. Zinc was at $2,596 a tonne from $2,370 at Monday's close, having earlier dropped to $2,328, its lowest since the end of January. Tin also fell to its lowest since the end of January at $29,600. It later closed at $30,600 a tonne from a last bid of $30,700 on Monday. Nickel was at $26,900 from $27,475 a tonne, having earlier fallen to $26,215 a tonne, its lowest since end of January. Battery material lead was at $2,590 a tonne from $2,580 and aluminium closed at $2,596 from $2,558 a tonne. Reuters
Gold eases below $1,430 as oil slides LONDON: Gold eased below $1,430 an ounce on Tuesday, falling further away from the previous day's record high after crude oil prices slid, thereby alleviating some of the concern about a potential oil shock to the global economy. Gold has risen 8.5 per cent in the last six weeks, as clashes in Libya and turbulence across the Arab world have encouraged investors to seek a safe-haven in which to put their capital.
Yet the 18-per cent rise in the oil price in this time has raised investor expectations for inflation at a time when central banks around the world prepare to withdraw the ultra-loose monetary policies in place since the financial crisis, which would ultimately be detrimental to gold. Spot gold was bid at $1,427.50 an ounce at 1511 GMT, against $1,430.74 late in New York on Monday. US gold futures for April delivery eased $6.60 to $1,428.20. Gold fixed at $1,426.25 an ounce versus $1,435.00. "Gold is now weighing its options between the continued flight to safety on the one hand and on the other hand, the likely rate increase in Europe as well,"
said Barclays Capital analyst Suki Cooper. "At the moment, it is balanced between the two, but I think if we see a heightening of geopolitical tensions, we could see gold extend its gains," she said, adding her average forecast for the gold price in the first quarter was $1,390 and $1,490 for the second quarter of the year. Adding to the pressure on gold was a rise in the dollar against the euro, which fell as investors
debated what the outlook for higher euro-zone interest rates might mean for the region's more indebted nations. Holdings of the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust, rose for the first time since Feb. 1 on Monday, by 6.7 tonnes. Meanwhile holdings of the largest silver ETF, the iShares Silver Trust, rose to two-month highs of 10,898.14 tonnes, climbing 103.25 tonnes, their largest one-day rise since Feb. 23. Silver was fell 0.3 per cent to $35.75 an ounce, while platinum was down 0.8 per cent at $1,802.70 an ounce against $1,816.49, while palladium was down 0.4 per cent at $782.72. Reuters
Cocoa rises, coffee at 34-yr high LONDON: ICE cocoa nudged close to a 32-year high on Tuesday as traders reacted nervously to news Ivory Coast's incumbent leader would control trade flows, while coffee hit a 34-year peak on a shortage of arabica beans. ICE May cocoa was up $25 or 0.7 per cent at $3,687 per tonne at 1456 GMT, not far below last week's 32-year high of $3,775. London May cocoa was up 9 pounds or 0.4 per cent to 2,355 pounds per tonne in reasonable volume of 7,791 lots. Cocoa prices have soared due to uncertainty over prospects for supplies since a bitterly fought election in Ivory Coast on Nov. 28 led to a prolonged standoff between two rival governments. Arabica coffee hit a fresh 34-year peak of $2.8565 a lb on Tuesday, as tight supplies of quality beans supported the market and producers refrained from selling in the hope that prices would keep rising and soon test key resistance at $3.00. ICE May arabica coffee traded up 1.55 cents or 0.6 per cent at $2.8270 per lb at 1457 GMT. Liffe May robusta coffee traded up $38 or 1.6 per cent at $2,441 per tonne at 1500 GMT, just below a three-year peak for the second month of $2,444. ICE sugar futures consolidated below the 30-year peak, supported by tight supplies and uncertainty over India's export plans as the trade awaited a decision on Open General Licence (OGL) exports from the world's number 2 producer. The focus also turned to the imminent start of harvesting in the centre-south of number 1 producer Brazil. ICE May raw sugar futures rose 0.85 cent or 2.8 per cent at 30.84 cents a lb at 1502 GMT, below the 30-year high of 36.08 cents a lb touched on Feb. 2. London May white sugar was up $16.20 or 2.2 per cent at $765.00 per tonne. Reuters
Indian sugar nudges down MUMBAI: India sugar prices nudged lower on Tuesday due to higher supplies of non-levy sugar, though hopes of an improvement in demand from cold-drink markers limited the downside, dealers said. "Supply pressure is not allowing prices to recover. Quota for March is higher than demand," said a member of Bombay Sugar Merchants Association (BSMA). India has made available 1.684 million tonnes of nonlevy sugar for March, including 350,000 tonnes of unsold stocks from February, the government said in a statement on Feb. 25. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged down by 0.15 per cent to 2,692 rupees ($59.8) per 100 kg. Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.28 per cent at 2,851 rupees per 100 kg. -Reuters
National Commodity Exchange Ltd Trading Summary Date
8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011 8-Mar-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 10MA11 MA11 MA11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
106.56 107.20 108.49 36.56 36.60 1441.60 1442.30 1443.20 1444.00 1444.00 1443.30 39467.00 39699.00 40500.00 39338.00 39607.00 46184.00 46184.00 40732.00 40673.00 40688.00 40703.00 40717.00 47289.00 46778.00 47525.00 47516.00 47513.00 3359.00 3365.00 5486.00 86.30 85.85
106.96 107.91 108.49 36.70 36.64 1445.00 1445.50 1446.10 1444.60 1442.00 1445.00 39629.00 39729.00 40500.00 39596.00 39607.00 46184.00 46184.00 40732.00 40673.00 40688.00 40703.00 40717.00 47289.00 46778.00 47525.00 47516.00 47600.00 3359.00 3365.00 5486.00 86.30 85.85
103.39 104.65 107.15 35.57 35.58 1426.00 1426.70 1427.70 1427.00 1443.30 39242.00 39250.00 39525.00 39338.00 39363.00 45899.00 45899.00 40469.00 40513.00 40425.00 40440.00 40454.00 46541.00 46591.00 46490.00 46507.00 46524.00 3352.00 3358.00 5439.00 86.30 85.85
105.17 106.52 107.15 36.53 36.54 1437.00 1437.70 1438.50 1437.00 1437.70 1437.70 39379.00 39391.00 39406.00 39352.00 39363.00 45899.00 45899.00 40469.00 40513.00 40425.00 40440.00 40454.00 46541.00 46591.00 46490.00 46507.00 46524.00 3352.00 3358.00 5439.00 86.30 85.85
Traded Volume in lots 901 217 362 84 2,384 2,823 2,099 44 4 19 17 2 1 3 11 20 6 -
Previous Settlement Price 105.13 106.52 107.16 35.70 35.71 1431.90 1432.60 1433.40 1431.90 1432.60 1433.40 39351.00 39363.00 39378.00 39324.00 39335.00 45866.00 45866.00 40442.00 40486.00 40398.00 40413.00 40427.00 46508.00 46558.00 46457.00 46474.00 46491.00 3359.00 3365.00 5486.00 86.30 85.85
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 105.17 68 106.52 72 107.15 36.53 52 36.54 10 1437.00 1,013 1437.70 1,456 1438.50 693 1437.00 9 1437.70 1438.50 1 39379.00 2 39391.00 90 39406.00 39352.00 1 39363.00 45899.00 45899.00 40469.00 40513.00 40425.00 40440.00 40454.00 46541.00 10 46591.00 46490.00 12 46507.00 30 46524.00 5 3352.00 3358.00 5439.00 86.30 85.85 -
Brazilian soccer legend Pele poses with students during a visit to the Hong Kong Football Club
10
Wednesday, March 9, 2011
Broad’s WC dreams hang in balance CHITTAGONG: England fast bowler Stuart Broad is waiting to hear whether he will play any further part in the World Cup after suffering a side strain. As England's injury woes mounted, a forlorn Broad appeared resigned to missing Friday's Group B match against Bangladesh but hopes the problem "will get better within a week or so" and will not rule him out of the tournament completely. "I think I have got a little side niggle, I'm not sure how serious it is at the moment. I had a couple of scans and am waiting for the results," Broad told a news conference on Tuesday. "I am pretty doubtful for Friday's game at the moment but beyond that I am not sure. "I have never had a side strain in this manner before so I don't really know the symptoms. "It's a bit sore ... but that might be just after a vigorous couple of games in a few days. It's quite a common injury for bowlers. "If it is an actual side strain or tear, it is something you have to be very careful of and make sure you take your time to get fit and not rush back.Reuters
Big Disappointment n
Pakistan lose by 110 runs against NZ n Birthday boy Taylor sets up easy Kiwi win Elder Akmal’s hopeless performance spoils Pakistan party
Real Madrid Kaka-less for 2 weeks MADRID: Real Madrid and Brazil playmaker Kaka, the 2007 World Player of the Year, will be out for about 15 days after injuring the left knee that was operated on following the 2010 World Cup. Kaka, who made his first appearance of the season for the Spanish club in January, had a series of tests which revealed the extent of the knee problem, the team said on their website (www.realmadrid.com) on Tuesday. The 28-year-old former AC Milan player will miss Saturday's La Liga match at home to Hercules as well as next week's Champions League last-16 second leg against Olympique Lyon, also at Real's Bernabeu stadium.Reuters
Olympic soccer qualifier a major step ahead: Pak KARACHI: Pakistan will take another step towards reestablishing the country as a host of international sporting events when the nation's Olympic soccer team host Malaysia in a qualifier for the London Games on Wednesday. The AFC Preliminary Round second leg contest takes place at the Punjab stadium in Lahore, where in March 2009 the Sri Lankan cricket team was attacked by militants. The attack left six Pakistani policemen and a van driver dead and wounded five of the visiting players, leading to a virtual shutdown of Pakistan as an international sporting venue. However, after hosting an international boxing tournament early last year in the southern port city of Karachi amidst heavy security, the Pakistan sports fraternity has gradually witnessed a tangible change in attitudes.-Reuters
PALLEKELE: Pakistan cricket captain Shahid Afridi speaks with Australian umpire Darryl Harper during the Group A match in the Cricket World Cup tournament between Pakistan and New Zealand at The Pallekele International Cricket Stadium.-Reuters
Sangakkara backs Mr Angry, Dilshan Monitoring Desk PALLEKELE: Sri Lanka skipper Kumar Sangakkara told Tillakaratne Dilshan to stay angry despite the opener losing out to Australian fast bowler Shaun Tait in an ugly World Cup war of words. Dilshan and Tait were locked in a furious exchange when the Sri Lankan star edged through the slips for a boundary at the start of Saturday's abandoned match in Colombo. He then pulled away from the crease just as Tait went into his delivery stride, before the speedster had his man next ball, courtesy of a slip catch. "Dilshan has been our best performer over the last few years. He has won us so many games so we just want him to go out and we want him to be focused and keep his aggression," said Sangakkara.
KANDY: New Zealand beat Pakistan by 110 runs in a World Cup Group A match on Tuesday. Extraordinary hitting with a cracked bat by New Zealand birthday boy Ross Taylor helped his team pile on an amazing 85 runs in 3.4 overs to set up a 110-run World Cup win over Pakistan on Tuesday. Taylor was given two 27th birthday gifts, missed on zero and dropped on eight off Shoaib Akhtar, before unleashing some of the most incredible slugging ever inflicted on an attack in a one-day international cricket match never mind the World Cup. He thumped eight fours and seven sixes in his unbeaten knock of 131 scored off 124 balls in the Group A match, as New Zealand reached 3027 from their 50 overs. After his unbeaten spree, Taylor revealed his bat was split. "I cracked it in the nets a couple of days ago but it seemed to go okay today ... hopefully the new one will be just as good," he said. "I've only had it for a couple of weeks. "One of our strengths is the power we have down at the bottom and it showed the way Nathan McCullum and Jake (Oram) batted." In response, Pakistan strug-
gled from the off and at one stage were 66-6 and then 125-8. But Abdul Razzaq, in at No 8, gave more than a modicum of respectability to Pakistan with a defiant 62 in a ninth wicket partnership of 66 with Umur Gul (34 not out). Pakistan were eventually all out for 192. It was the pre-match Group A leaders' first defeat in their fourth match. The Kiwis now take their place at the top. Pakistan captain Shahid Afridi summed up ruefully: "We didn't bowl well, we didn't field well and we missed opportunities. "The fielding is the area where you can easily win a lot of games but we didn't take our chances. I have confidence in my team and we definitely won't repeat this performance." The only cloud on the New Zealanders' horizon was a knee injury suffered by their skipper Daniel Vettori which left him unable to field for much of the Pakistan innings. Taylor, who took Vettori's place as skipper on the field, said the team would know more about the injury in the next couple of days. But there was nothing that could take too much of the gloss off Taylor's memorable birthday as he smashed his debut World Cup ton and a career best.-Reuters
RECORDBOARD Players Andrew Strauss-England Villiers-South Africa Sangakkara-Sri Lanka Players Shahid Afridi-Pakistan Imran Tahir-South Africa Kemar Roach-WIndies
Dutch to take a ‘long shot’ to shoot India NEW DELHI: Dutch captain Peter Borren has conceived an intriguing recipe to upstage India on Wednesday which requires borrowing Ireland's discipline, backing it with home-grown talent and then leaving it to the game's vagaries. On paper, the World Cup Group B contest looks a mismatch featuring tournament favourites India and a Dutch squad, which is essentially made up of a handful of professionals and a host of ama-
teurs trying to make an impact in one-day cricket's biggest stage. Borren said his men were capable of pulling off an upset as they had come close to beating England earlier in the tournament. "We will take inspiration from the Irish side which has secured a win (against England) in this tournament... Ireland are a very disciplined side. Hope we can learn something from them," he said.
"We need to bowl a disciplined line and do some extraordinary catching and fielding. Cricket is a funny game and our talented team is capable of creating an upset. "We are looking to get wins here and we need to be at our very best tomorrow. (Fellow non-test playing nations) Ireland and Canada have managed a win in the event and now we are looking to have one under our belt."Reuters
Most Runs Mat Runs 4 280 3 266 4 241 Most Wickets Mat Wkts 4 15 3 11 3 10
HS 158 134 92
Ave 70.00 133.00 120.50
SR 104.47 107.69 87.95
BBI 5/16 4/38 6/27
Ave 8.53 8.90 8.80
Econ 3.36 3.84 3.91
Doeschate eyes Sehwag callup DELHI: Forget the big picture for a moment and focus instead on this riveting question that fans will be looking forward to being answered on Wednesday: can Virender Sehwag last long enough against the Netherlands in his home city to crank up a double century? In the first match of the World Cup, in Dhaka, he nearly became the second batsman after Sachin Tendulkar to reach the milestone, before succumbing on 175. Still, he had lasted for 47.3 overs and if not for cramps, could have batted through the innings. But will Sehwag use his (home) advantage against a featherweight like Holland and go for the double? One Dutchman wants it to make it difficult for him, even if Holland lack an incisive bowling attack.-Online
ICC issues revised Fans-police clash guidelines on 2.5m rule at Nagpur stadium BANGLORE: The ICC has come up with a revised set of guidelines for the way the 2.5m rule in the UDRS will be interpreted that says umpires must also consider the distance between the ball pitching and point of impact. On Sunday, they announced a tweak in the guidelines, allowing on-field umpires to reverse not-out decisions if the replays showed part of the ball to be hitting middle stump, even if the batsman was hit more than 2.5m away. They have now issued a full release about the guidelines umpires will use in the World Cup. When a not-out lbw decision is reviewed, and the replay shows the ball has made impact more than 2.5m away
from the wickets, the umpires also have to consider another factor: the distance the ball has travelled between pitching and hitting the pad. If that distance is less than 40cm, and the ball still has to travel more than 2.5m to reach the stumps, then, it has been decided, any notout decision given by the onfield umpire will remain not out. It has also been decided that if the batsman is more than 3.5m down the wicket, then again not-out decisions will not be overturned. The only scenario in which an lbw decision will be reversed in favour of the bowler if the batsman is more than 2.5m away from the wicket is if the distance is less than 3.5m and the distance
between pitching and point of impact is more than 40cm. In that case, some part of the ball must be hitting middle stump, and the whole ball must be hitting the stumps below the bails. That was the case when Yuvraj Singh reviewed a decision against Alex Cusack in Sunday's tie between India and Ireland, which is why umpire Rod Tucker reversed his decision. The 2.5m rule was not being used in the same way at the start of the tournament, which is why Billy Bowden refused to change his not-out call when Ian Bell had been hit more than 2.5m down the pitch against India, even though Hawk Eye was showing the ball to be hitting middle and leg.-Reuters
NAGPUR: Police on Tuesday clashed with hundreds of fans seeking tickets for India's World Cup showdown against South Africa, the incident again highlighting the country's inability to handle the huge demand for seats. Twelve days after similar scenes were witnessed in Bangalore, stick-wielding police battered fans in front of the ticket counter at the Vidarbha Cricket Association Stadium. Indian captain Mahendra Singh Dhoni, however, defended the action taken by the police. "I don't think the police enjoy beating people for the sake of it. It could have been
a stampede-like situation that forced them to lathicharge (charge with sticks)," he said in Delhi. "They (police) should not be projected in a bad light all the time." Asked if the root of the problem was because only a limited number of tickets was available to the public, Dhoni responded light-heartedly: "I have got five tickets. If anyone is interested in buying, they can contact me." His five tickets for Saturday's Group B match would hardly meet the demands of the Nagpur fans who were seen clambering over each other in a desperate attempt to get to the front of the box-office window.
Spectators had been queuing up behind wooden barricades since Monday evening after learning that a limited number of tickets would be made available. A Reuters witness said sections of the crowd became restless on Tuesday morning and started climbing over the barriers, breaking them down, which forced the police to take action. "I have been here since last night. Many villagers who had also come here for tickets slept outside the stadium as they waited for the ticket counter to open. When the counter opened, there was a huge rush to buy the tickets," Ram Dixit told Reuters Television in Hindi.-Reuters
IMF: Signs of overheating in emerging markets WASHINGTON: Emerging market economies that powered the global recovery may be growing too fast for their own good as inflation pressures build, a top International Monetary Fund official said on Monday. China, Brazil and other fast-growing nations have struggled to contain inflation and control heavy inflows of investment money. Although the IMF has been warning for months of the risks of price pressure, the comments by the Fund's first deputy managing director, John Lipsky, suggested the IMF is growing increasingly concerned. "For the emerging economies, growing at 6.5 to 7 per cent, their margins of excess capacity have been largely used up, and as a result we're starting to see incipient signs of overheating," Lipsky told Reuters Insider in an interview. After the global economic slump of 2008 and 2009, the recovery took divergent paths, with emerging markets powering ahead while advanced economies merely trudged along. With growth and interest rates remaining unusually low across the developed world, investors have flocked to emerging markets, bringing much-needed capital but also a risk of inflation. Rising oil prices have compounded the inflation problem, but Lipsky said the IMF has not cut its growth forecast because it thinks the oil price spike will prove temporary. He said until unrest spread to oil-producing Libya, much
of the rise in oil prices in late 2010 and early 2011 reflected an improved economic outlook. However, the latest worries about supply disruptions created a "fear factor" that drove oil above $100 a barrel, which if sustained would pose a bigger threat to growth. Rising food prices are also worrisome, particularly for poorer countries where food consumes a larger per centage of household budgets, he said. The cost of food was one of many reasons behind the recent upheaval in Egypt and Tunisia. "We have to be concerned even in places where there is no political upheaval," Lipsky said. "The social strains and real difficulties for poor residents in many economies is something that has to be attended to." WHAT TO DO? For emerging markets, cooling growth without inflicting too much damage on the global economy will require some delicate maneuvering. China has made curbing inflation its top policy priority this year. Its finance minister said earlier on Monday China will ensure that spending on social priorities does not fan inflationary fires. Separately, Zhu Min, special adviser to the IMF's managing director, said China's loan growth was too strong and addressing that was key to safely slowing down the economy. "It's a fundamental challenge," he said during a presentation to an economists'
group meeting in Arlington, Virginia. "So that's a concern, overheating. In China, slowing down economic growth is important." Brazil and some other emerging markets have increased taxes on foreign investors or raised banks' reserve requirements to try to slow inflows of investment money and ward off inflationary pressures. Lipsky, however, offered only a lukewarm endorsement of such moves, known as capital controls. He said the measures may be necessary and useful at times, but those cases were "few and far between" and other methods such as adjusting exchange rates and monetary or fiscal policies ought to take precedence. The IMF is in the midst of its own internal debate over when and how capital controls ought to be used. IMF staff released a paper in January that said the Fund had been "hamstrung" in its efforts to come up with rules to guide countries on implementing controls because its own membership disagreed on what those rules should be. "Rather than leaving each individual country to decide how it's going to react, it's better to start talking about some potential guidelines or rules of the road, rules of the game, about how best to proceed so that one country, seemingly acting in its own self interest isn't creating problems for the broader global economy or its neighbors," Lipsky said.-Reuters
Geithner urges balance from Europe on crisis steps BERLIN: US Treasury Secretary Timothy Geithner voiced confidence on Tuesday that Europe would take the steps necessary to resolve its sovereign debt crisis but stressed the need for balance between fiscal reforms and financial support. Geithner was on an unusual one-day visit to Germany which was announced only late last week, fuelling speculation Washington is concerned about Europe's ability to agree a robust new package of anti-crisis measures at two summits on March 11 and March 24-25. Germany is resisting pressure from some of its euro zone partners, the European Commission and the European Central Bank to give the bloc's rescue fund new powers and alleviate the burden on countries like Greece and Ireland. Geithner said he was convinced European authorities "understand what it's going to take" and said they needed to make sure they struck "the right balance" between support for reform programmes and the financial support needed to make them work. Speaking at a news conference in the German capital after a meeting with his German counterpart Wolfgang Schaeuble, Geithner described the reforms being implemented by Greece, Ireland and others as "incredibly difficult". He said there was a broad recognition in Europe that in order for the reforms to work, they needed to be supported by "carefully designed conditional financial assistance". Both Geithner and US President Barack Obama lobbied European leaders vigorously last year ahead of a summit at which they agreed to set up a rescue mechanism for troubled euro states.-Reuters
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Police launched a collective operation and recovered District and Session Judge Sibbi Jan Muhammad Johar and Civil Judge Muhammad Ali Kakar. Both judges were then moved to the Commissioner Office Dera Murad Jamali under strict security and would be shifted to Quetta soon. During the operation, the captors, however, managed to flee, he said. Interior Minister Rehman Malik congratulated IG Balochistan and praised the efficiency of Police force on the safe recovery of both judges. -Online
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at sea, reported Xinhua. Upon completion of this exercise, Wenzhou and Maanshan will sail directly to the Gulf of Aden as the 8th Chinese naval escort taskforce to undertake the escort mission there. Organised by Pakistan, the "Aman" multinational maritime military exercise is held once every two years since 2007. This year's exercise will be held till March 12 at the open sea near Karachi. Chinese Military AttachĂŠ Senior Colonel Wang Jiliang said the "Aman 2011" exercise on the Indian Ocean is mainly directed against piracy, terrorism and other non-traditional security threats. It aims to strengthen coordination and cooperation in search and rescue and helicopter operations in the sea. -Online
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used against any other country. He said Pakistan stands for peaceful, stable, friendly and united Afghanistan, as Pakistan is directly impacted by any development relating to Afghanistan. The President said that Pakistan has rendered great sacrifices both human and material than any other country in the ongoing fight against militancy and terrorism. He said that this was a longdrawn battle where force alone cannot accomplish complete victory as it was also a battle of hearts and minds. The President said that the government besides following its policy of dialogue, development and deterrence was also undertaking measures to wean away the youth falling into the traps of militants. Sir Peter Ricketts appreciated the huge sacrifices rendered by the law enforcing agencies and the people of Pakistan in fighting violent extremism and assured full support of the British government in curbing militancy and revival of war and floodravaged economy. Ricketts was accompanied by General Sir David Richards, Chief of Defense Staff Sir John Sawers, Chief of SIS (Secret Intelligence Service) and Adam Thomson, UK's High Commissioner to Pakistan. From Pakistan side meeting was attended by Senator Rehman A Malik, Interior Minister, General Ashfaq Parvez Kayani, Chief of Army Staff, M Salman Faruqui, Secretary General, Lt Gen Ahmad Shuja Pasha, DG ISI and Salman Bashir, Foreign Secretary. -APP
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International & Continuation
Wednesday, March 9, 2011
fields of cement and steel on the spot. -APP
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He said five PIA relief flights will operate from Karachi to Jeddah and then onwards to Tripoli and back to Karachi and added PIA will also operate two additional flights to bring back the Pakistanis who have reached Djerba and Istanbul. -APP
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process of computerisation as soon as possible," the Minister said during a presentation given to him by the MD Arif Khan here on Tuesday. The MD USC assured the Minister that PC-1 of the said proposal would be prepared immediately which would be completed by the 18th of this month. The PC-1 would be approved by the Development Working Party (DWP) and Board of Directors (BoD) of the USC. DWP would include representatives of the planning and Development Division, Finance Division and the Ministry of Industries and Production each not below the rank of joint Secretary which would be headed by the MD USC. It is pertinent to mention here that the USC has opened 120 super/ mini-markets and 300 profitable urban area stores during last one year. Federal Secretary Abdul Ghaffar Soomro and other high officials of the Ministry and USC were present during the presentation. -INP
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of 6.57 million tonnes. In this regard he suggested to have another session on this matter, and consult the provinces also for which the Federal Minister for Food and Agriculture would convene a meeting of the Deputy Chairman Planning Commission, Secretary Food & Agriculture, Provincial Ministers for Agriculture and representatives of the Finance Division. The meeting would deliberate upon the suggestion of the Federal Finance Minister that under the devolution plan agriculture as a subject shall be devolved to the provinces, thus determining the size of the strategic reserves of wheat should also be decided at the provincial level, or if the same is left to the Federal Government, the Ministry will determine the criteria for setting the strategic reserve of wheat. Later the Federal Minister for Finance chaired the Cabinet Committee on Privatization which approved the Capital Market listings of the Exchangeable Bond.
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"It was not a suicide attack. It was a planted bomb blast. The bomb exploded near the gas cylinders that triggered a bigger blast," he said. Husain said that the attack could have targeted government buildings close to the gas station site, some of which he said were damaged in the blast. On the other hand, Taliban claim responsibility. Taliban spokesman Ahsanullah Ahsan said the target of the blast Continued from page 12 No #4 was an office of the Inter-Services Intelligence (ISI). place in Central Asia but due to lack of exchange of business Ahsan said the blast was revenge for the killing of a militant delegations and interaction between the private sectors, the trade by security forces in Faisalabad last year. Hussain declaring the was much below the true potential. incident as a terrorist attack said that 20 people have been killed He highlighted construction, pharmaceutical and textile in and 100 wounded. There are fears that the death toll could rise. which companies could collaborate for joint venture investment. Ruling out suicide attack the RPO told that the explosion was He welcomed the initiative of the Tajik President for bringing a caused by four planted devises. Soon after the incident the teams big entourage of businessmen with diversified interests and hoped of Rescue 1122 rushed at the site, cordoned off the area and that new trade opportunities and business links will emerge on the started rescue work. The rescue workers said that smoke has visit. The ICCI President was of the opinion that both countries engulfed the entire crime scene due to which they are facing difshould go for joint ventures and also study each other market to ficulty in rescue work. President Asif Ali Zardari, Prime look at the possibilities of joining hands in different sectors. Minister Syed Yousuf Raza Gilani, Interior Minister Rehman Nekroy H Zabirov, Leader of Tajik business delegation said that Malik, federal ministers, Chief Minister Shahbaz Sharif and Tajik businessmen were interested to invest in Pakistan in the fields other political leaders vehemently condemned the incident of of cement, steel, gems and electricity as both sectors have a lot of bomb blast and directed to probe into the matter. -Agencies potential for earnings. He said that Tajikistan has cheapest electricContinued from page 1 ity rates and for new investor of cotton industry, government was No #9 not charging taxes for 12 years. He said that both the countries were Lahore High Court on March 14 which could determine if he has enjoying close brotherly and historic relations, with the sharing cul- diplomatic immunity and should be released. Asad Manzoor Butt, ture, faith and traditions, adding that their visit would further boost lawyer for the family of one of the victims, said Davis declined to the relations between the two brotherly nations. At this occasion, sign police documents but that later Bokhari signed them on his businessmen of both the countries concluded business deals in the behalf. US officials said progress was being made to persuade
Weber says markets have understood ECB correctly FRANKFURT: Markets have understood the European Central Bank's policy signals, ECB policymaker Axel Weber said on Tuesday, adding he did not want to correct expectations for rates to be at 1.75 per cent by year's end. The ECB shocked financial markets last week when the bank's president, Jean-Claude Trichet, said it may raise interest rates next month, wrongfooting economists and traders who had not expected it to raise rates until much later in the year. Markets now expect a rate rise in April. "I think President Trichet said the right thing: it's possible but not on auto-pilot," Weber told reporters when asked if a rate hike should be expected in April or May. "I think markets have understood this kind of language, which is a bit stylised, in the past very well. And I think they've got it this time." Trichet said last Thursday the ECB would exercise "strong vigilance" over rising inflation, deploying a phrase that in the past signalled a rate rise was only a month away. Weber said price risks were "clearly to the upside" and there was a "genuine risk that
inflation will stay higher than is advisable and tolerable for some time. So I think the fact that the ECB signalled strong vigilance is the right answer". Asked if he was comfortable with market expectations that ECB rates will rise from their current record low of 1 per cent to 1.75 per cent by year's end, Weber replied: "I wouldn't do anything to try to correct market expectations at this point." "I don't want to correct them," he added. Earlier on Tuesday, fellow ECB policymaker Ewald Nowotny said an ECB interest rate hike should be seen as part of a return towards a more normal policy stance. Weber shocked markets himself last month when he backed out of the race to become the next ECB president by announcing he was stepping down as Bundesbank chief at the end of April. He missed last week's ECB's policy decision due to a meeting with Cologne University, to which he intends to return after a one-year stint at the University of Chicago, but backed Trichet's statement that the ECB would exercise "strong vigilance" over rising inflation.
"My colleagues took the right decision," he said. The ECB should prepare an exit from its extraordinary liquidity measures in the coming months, first by moving to competitive tenders in the three-month operations, he said. It should also review whether its one-month tender is necessary in the future. "The first step with interest rates has been announced, what is still missing and still must come is the normalisation of the refinancing operations, that is to say the full allotment must of course in time -- with the recovery of financial markets -be reviewed," Weber said. The ECB was drawing in on a plan to tackle the problem that many banks in debt-strained euro zone countries remain heavily dependent on the ECB for their funding. "We have made good progress," he said. "I am pretty sure that by the end of this next quarter we'll be able to deliver some results." Turning to Greece, whose credit rating Moody's slashed by three notches on Monday due to an increased default risk, Weber said "all the right measures are in place."-Reuters
Pakistan to free Davis but that Washington could take punitive diplomatic and financial action if the case was not resolved soon. Pakistani government officials say it is for the country's courts to decide the fate of the CIA contractor. The hearing is taking place behind closed doors in Kot Lakhpat jail in Lahore for security reasons. The proceedings are closed to journalists. -Reuters
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Justice of Pakistan Iftikhar Mohammad Chaudhry remarked that despite law and order situation in the province, authorities had failed to apprehend a significant number of suspects involved in target killings and kidnapping for ransom. During the hearing Advocate General Balochistan told the court that 244 people had been killed in the province in 2010 and that the provincial government had compensated the affected families. Chief Justice Iftikhar directed Chief Secretary Balochistan to submit within four weeks a report regarding the local government elections and the missing lawyers. -Agencies
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Taylor was given two 27th birthday gifts, dropped on zero and eight off Shoaib Akhtar, before unleashing some of the most incredible slugging ever inflicted on an attack in a one-day international cricket match never mind the World Cup. He thumped eight fours and seven sixes in his unbeaten knock of 131 scored off 124 balls in the Group A match, as New Zealand reached 302-7 from their 50 overs. In response, Pakistan struggled from the off and at one stage were 66-6 and then 1258. But Abdul Razzaq, in at No 8, gave more than a modicum of respectability to Pakistan with a defiant 62 in a ninth wicket partnership of 66 with Umur Gul (34 not out). Pakistan were eventually all out for 192. The only cloud on the New Zealanders' horizon was a knee injury to their skipper Daniel Vettori which left him unable to field for much of the Pakistan innings. But there was nothing that could take too much of the gloss off Taylor's memorable birthday. In one brutal over, the 35-year-old Pakistan paceman Shoaib was struck for three sixes and two fours in one over as Taylor raced passed three figures in 117 balls. That over cost Shoaib 28 runs. More was to come. Having figured in half-century stands with Martin Guptill (57) and Scott Styris (28), he paired up with Jacob Oram (25 off nine balls) to power 85 off 22 balls.
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further liberalization measures include: (1): The capital markets are being developed along modern lines with the assistance of Asian Development Bank. (2): The establishment of the Securities and Exchange Commission has improved the regulatory environment for stock exchanges, corporate bond market and the leasing sector. (3): Pakistan is home to over 600 foreign companies, which means Pakistan facilitates liberal investment policy. (4): There has been stabilization in policies which is extremely vital for investors. (5) Pakistan has a liberal foreign exchange regime with few restrictions on holding foreign exchange and bringing it in or out of the country. (6): There are no limits on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains, returns on intellectual property, or payments for imported inputs. (7): The facility for contracting foreign private loans is available to all those foreign investors who make investment in the approved sectors. (8): Foreign controlled manufacturing concerns are allowed to borrow on the domestic market according to their requirement. (9): There is a greater degree of transparency in procurement practices. International tenders are properly advertised. (10): There is no restriction on payment of royalty / technical fee etc. in the manufacturing sector. (11): Zero import duties on capital goods. The import tariff on agriculture machinery (not manufactured locally) for registered corporate agricultural projects will be zero-rated. (12): The investors who invest in the newly opened sectors can import plant, machinery & equipment (not manufactured locally) at discounted rate of customs duty which is 5 per cent and also avail first year allowance @ of 50 per cent of the cost of plant, machinery & equipment. (13): Zero import duties on raw materials used in the production of exports;(13)Foreign investors are allowed participation in industrial projects, on the basis of 100 per cent foreign equity, without any permission from the Government. (14): The manufacturing sector is open to foreign investment. (15): Oil and gas is another sector in which investor can have offshore and onshore exploration. They can invest in refinement, pipelines and storage facility. (16): Full repatriation of capital gains, dividends and profits. (17): There is no requirement to obtain a No Objection Certificate (NOC) from the Provincial Governments for the establishment of projects, and, (18): Regulatory reforms have led to the establishment of a legal framework for licensing and regulating private housing lenders. -APP
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Meanwhile, addressing a simple but dignified ceremony on the occasion of International Women's Day Prime Minister Gilani made it clear that handful of terrorists cannot destabilise country urging their agendas will be foiled tooth and nail. Undoubtedly killing of federal minister for minorities Shahbaz Bhatti was heinous act and we condemn it in strongest words, PM said. Government is focused on enhancing the agenda of former PM Benazir Bhutto agenda and manifesto, PM stressed. He said that government is taking a number of steps for the welfare and interests of women as women play an important role in our society. Government will take forward policy of empowering women, Gilani said. Prime Minister Syed Yousuf Raza Gilani said that the present government was the custodian of Shaheed Mohtarma Benazir Bhutto's legacy who always endeavored to empower the women. "The 2011 International Women's Day Centenary affords a unique and global opportunity to reassess our national strategies to inspire our women to channelize their energies in their struggle for equal rights." -Agencies
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"I believe there is some semi-government intervention," said Samer al-Jaouni, general manager of Middle East Financial Brokerage Co in Dubai. "It could be funds related to government or something else. The selling pressure from foreigners has also stopped. Investors are trying to separate political issues and focus on fundamentals." Doha's benchmark climbed 4.3 per cent to its highest close since Feb. 27 after its biggest daily gain since December 2009. Industries Qatar surged 6 per cent and Barwa Real Estate added 4.2 per cent. Stocks in the United Arab Emirates advanced, tracking Saudi gains, with Dubai's index .DFMGI rising 2.7 per cent. Emaar Properties climbed 4.9 per cent, courier firm Aramex surged 7.5 per cent and builder Arabtec added 5.9 per cent. However, volumes were still low, as traders entered the market looking for short-term investments. "The perception of geopolitical risk is low for the UAE, but the problem has been the lack of local liquidity and demand for equities," said Walid Shihabi, Shuaa Securities chief executive.-Reuters
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Smith said his firm was overweight on the energy sector, which has helped to offset some of the market decline following the Libyan unrest.-Reuters
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Wednesday, March 9, 2011
B'stan abducted judges saved
KARACHI: A group photograph of Vice Admiral Abbas Raza with representatives of difference countries during the inauguration ceremony of Pakistan Navy Exercise Aman-2011 at PN Dockyard. APP
UK Nat'l Security Advisor calls on Zardari
Pakistan re-chants ‘mkt access’ mantra 'Pak, UK need to work closely to end militancy' ISLAMABAD: President Asif Ali Zardari on Monday said Britain and Pakistan need to work closely to enhance partnership in diverse areas so as to eliminate militancy and terrorism from Pakistan. Talking to Sir Peter Ricketts, UK National Security Advisor here at the Aiwan-e-Sadr, the President said Pakistan desired international community, especially the allies, to allow market access to Pakistan to generate jobs in the country and win the battle of hearts and minds by provision of opportunities. The President said Pakistan desires to work closely with the United Kingdom to expand cooperation mainly in trade, investment and education. Discussing regional issues, the President said Pakistan stands for peace in the region and the world
and wants to pursue Shaheed Mohtarma Benazir Bhutto's vision of a peaceful South Asia through economic integration. He said the recent Pak-India Secretary level talks agreed on resumption of dialogue on all issues. Briefing the media about the meeting, Spokesperson to the President Farhatullah Babar said that the discussion focused around Afghanistan, South Asia, war against terrorism and regional security issues. He said that the visit of UK National Security Advisor and meeting with the President was an important component of enhanced partnership with UK that was agreed to between the two countries during President Zardari visit in August last year.
Tajik traders visit ICCI
Afghan trade seen well for Tajikistan ISLAMABAD: Implementation of Afghan Transit Trade Agreement (ATTA) would help enhance the bilateral trade between Tajikistan and Pakistan. "Tajik government should ask Afghanistan for implementation of ATTA which would help both countries in emerging trade activities, as it provides trade access from land route to transports to reach CIS states for business", Muhammad Tauseef Zaman acting president Islamabad Chamber of Commerce and Industries (ICCI) said in a meeting with a Tajik business delegation here on Tuesday. The 33-member Tajik business
delegation visited ICCI for B2B (business to business) meetings with entrepreneurs having common interest in various fields. The delegation was representing the sectors of cotton fiber, cement, hydraulic fittings, banking, telecommunication, pharmaceutics, energy, jewelry, leather products, tourism, agriculture, hospitality and aluminum, which was on visit to Pakistan along with Tajik President Emomali Rehmanov for improving bilateral trade between the two countries. Tauseef Zaman said that Pakistan considers Tajikistan an important See # 4 Page 11
Treason petition against Musharraf
Court tells FIA to keep law in mind KARACHI: Sindh High Court Tuesday directed the Federal Investigation Agency (FIA) to act lawfully on a treason petition filed against former military ruler Pervez Musharraf. According to media reports, the court issued the directive in response to a petition filed in the SHC by chief of the Rah-e-Rast Trust Agha Ataullah Shah. Ataullah's petition stated that he had requested the FIA to register a case of treason against Musharraf for violating the constitution and imposing a state of emergency on
November 3, 2007. The petition requested the court to direct the FIA to register the case. The petition was heard by a two judges' divisional bench of the SHC comprising Justice Gulzar Ahmed and Justice Imam Bakhsh Baloch. During the hearing, Deputy Attorney General Omar Hayat Sindhu assured the court that action would be taken on the petition. The petition was discarded after the court directed the FIA to act on it. -Online
Transparency in sales & purchase urged
Computerisation of USC called for ISLAMABAD: Federal Minister for Industries and Production Mir Hazar Khan Bijarani has said that computerisation of warehouses and stores of Utility Stores Corporation (USC) be made without further delay. It is necessary to control pilferages, misappropriations, bungling, corruption, various financial irregularities and shortage in warehous-
es and stores of USC as well. After computerisation, the whole data i.e. sales and purchases system of the corporation would be more transparent, he said. The Minister expressed his displeasure over slow process of computerisation of warehouses and stores of the corporation. "Complete the documentation See # 6 Page 11
The spokesperson said that the visit and interactions with Pakistani leaders was aimed at continuation of dialogue at high level, improving understanding on various issues and bridging divergence of perceptions. Discussing Afghanistan situation, the President said that peace and stability in Afghanistan was necessary for regional peace and emphasized on a peace process in that country that was Afghan led rather than foreign led. The President said that an appreciation of the dynamics of human relations was no less important than machines and weapons. The President said that any initiative on Afghanistan should ensure Afghan ownership of the process as well as territorial integrity of the country and that its soil was not See # 3 Page 11
QUETTA: Two judges who were abducted from Jafarabad and kept hostage for nearly 10 days have been rescued. In a joint police operation late Monday night, Naseerabad and Jafarabad police rescued district and sessions judge Sibbi Jan Mohammed Gohar and civil judge Mohammed Ali Kakar from the Jhal Magsi area. The two judges were abducted from Jafarabad. Talking to the media, DPO Jafarabad Javed Ghersheen said that security officials received a tip-off regarding the two judges being kept hostage in a village Rabi two in Jhal Magsi. Naseerabad and Jhal Magsi See # 1 Page 11
Pak, China war-games begins KARACHI: Pakistan and China "Aman 2011" multinational naval exercises kicked off Tuesday at the open sea near Karachi. The Chinese naval fleet, comprising the Wenzhou missile frigate and Maanshan missile frigate, arrived in the southern Pakistani port of Karachi on Monday to participate in the multinational naval exercise. Chinese Navy fleet commander Colonel Han Xiaohu said China has participated in the naval exercises to promote exchanges and cooperation with other navies and jointly safeguard security and stability See # 2 Page 11
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Gaddafi forces hit mutineers in East RAS LANUF, Libya: Libyan warplanes struck at rebel forces behind the war's eastern frontlines on Tuesday, stepping up the government offensive to roll back their early gains in the insurrection against Muammar Gaddafi. Reuters' correspondents reported at least four air strikes near rebel positions in and around the oil town of Ras Lanuf on the Mediterranean coast. In the west, government artillery and tanks pounded Zawiyah, the closest rebel-held city to the capital Tripoli, destroying many houses and trapping residents. Earlier, the rebels said they had rejected an offer from the Libyan leader to negotiate his surrender of power. But the government denied any such talks had taken place and appeared to be making a robust military effort to crush the uprising. On the international front, Britain and France led a drive at the United Nations for a no-fly zone over Libya, a move that would prevent Gaddafi from unleashing air raids on rebel fighters and towns or from flying in reinforcements. But the US government resisted pressure from some US lawmakers for direct intervention, saying it first wanted to figure out what military options could achieve in the oil-producing desert state. Tuesday's airstrikes hit at rebels behind the no-man's land between the coastal
towns of Ras Lanuf and Bin Jawad, about 550 km east of Tripoli and the site of oil terminals. One strike smashed a house in a residential area of Ras Lanuf, gouging a big hole in the ground floor. Many homes, including the one hit, appeared to be evacuated and there were no immediate reports of casualties. Other attacks targeted rebel positions on the outskirts of the Ras Lanuf oil terminal. The rebel army -- a rag-tag outfit largely made up of young volunteers and military defectors -- had made swift gains in the first week of the uprising which saw them take control of the east and challenge the government near Tripoli. But their momentum appears to have stalled as Gaddafi's troops pushed back using war planes, tanks and heavy weapons. The resident said government forces were "trying to destroy the city," according to a friend who managed to make a brief phone call to Zawiyah. "Many buildings are completely destroyed, including hospitals, electricity lines and generators," he said. "People cannot run away, it's cordoned off. They cannot flee. All those who can fight are fighting, including teenagers. Children and women are being hidden, he said." -Reuters
Forex Scam
Justice Sajjad appointed as investigator KARACHI: Chief Justice Sindh High Court Musheer Alam on Tuesday appointed Justice Sajjad Ali Shah as the investigation officer for the Khanani and Kalia money laundering case and directed him to submit a report within three days. Earlier on Saturday, Director General Federal Investigation Agency (FIA) Waseem Ahmed said that the exoneration of suspects in the Khanani and Kalia case
was questionable. Ahmed had alleged that "a large sum of money" was used for the exoneration. The Supreme Court subsequently took a suo moto notice of DG FIA's remarks and directed Chief Justice Sindh High Court to thoroughly investigate the matter. CJ SHC Musheer Alam then appointed Justice Sajjad Ali Shah to investigate the allegations and present a report by March 11. -INP
Pakistanis evacuation to complete this wk: PIA ISLAMABAD: Special flights of Pakistan International Airlines (PIA), carrying 650 Pakistanis stranded in Libya, have arrived here from Tripoli on Tuesday. The national carrier which initiated special flights operation to bring back stranded Pakistanis from troubled Libya from Monday has so far evacuated around 1500 Pakistanis. The operation is expected to complete during this week, said a PIA spokesman. Giving information, the spokesman said besides flights from Tripoli, PIA flight also brought 179 Pakistanis who reached Islamabad from Turkey, while a special plane of PIA also arrived from Cairo with 199 Pakistanis aboard on Tuesday. He said a special flight operation has been started to bring back around 3000 Pakistanis stranded in Libya and nearby locations through eight relief flights. He said as per plan PIA would send five flights to Tripoli and one each to Djerba, Tunisia and Istanbul. The spokesman said the airline may increase the number of flights to Tripoli, depending on the situation on ground. See # 5 Page 11
MQM-Zardari meeting put off ISLAMABAD: A meeting between President Asif Ali Zardari and a delegation of Muttahida Qaumi Movement was postponed as the Presidency sources say the meeting was not on the schedule. A delegation of MQM comprises Farooq Sattar, Raza Haroon, Babar Ghauri and Adil Siddiqui staying in Islamabad. Meanwhile, Chief Minister Sindh Syed Qaim Ali Shah has met with Prime Minister Yousuf Raza Gilani to discuss Karachi situation. Sindh Home Minister Zulfiqar Mirza talked with President Zardari on telephone last night over the situation in Karachi. Agencies
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