International Karachi, Thursday, December 9, 2010, Muharram-ul-Haram 2, Price Rs12 Pages 12
Sharif says ‘N’ will never support RGST
Pak calls for greater UN in world affairs
See on Page 12
No defence talk with Pak: SLanka
See on Page 12
Russia eyes Pak oil, gas sectors
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See on Page 12
Counsel of Co presents receipts before Supreme Court
Economic Indicators Forex Reserves (27-Nov-10) Inflation CPI% (Jul 10-Oct 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Oct 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
$16.74bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.25mn
RPPs return Rs2.2 billion
CJ says everybody should take care about nation's wealth Apex court pardons MoP official over contempt
Portfolio Investment SCRA(U.S $ in million)
Special Correspondent
184.62 21.89 10.52 2632
Yearly(Jul, 2010 up to 7-Dec-2010) Monthly(Nov, 2010 up to 7-Dec-2010) Daily (7-Dec-2010) Total Portfolio Invest (26 Nov-2010)
NCCPL (U.S $ in million)
FIPI (8-Dec-2010) Local Companies (8-Dec-2010) Banks / DFI (8-Dec-2010) Mutual Funds (8-Dec-2010) NBFC (8-Dec-2010) Local Investors (8-Dec-2010) Other Organization (8-Dec-2010)
4.32 1.76 -4.45 1.33 -1.62 -1.05 -0.28
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,629.93 10,232.33 23,092.52 19,696.48 2,754.60 2,848.55 5,811.81 11,364.15
Change 198.92 91.23 335.63 238.16 14.49 27.31 3.36 4.99
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.29 20.50 175.50 2.00 42.81 2.95 63.14 10.59 36.26
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010 08-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.26% 13.37% 13.61% 13.96% 14.11% 13.75% 13.86% 14.12% 14.42% 14.55% 14.75%
Commodities *Crude Oil (brent)$/bbl 91.42 *Crude Oil (WTI)$/bbl 88.67 *Cotton $/lb 128.19 *Gold $/ozs 1,395.50 *Silver $/ozs 29.13 Malaysian Palm $ 1,143 GOLD (NCEL) PKR 38,328 KHI Cotton 40Kg PKR 9,860
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 83.10 Canadian $ 83.85 Danish Krone 15.00 Euro 112.70 Hong Kong $ 10.90 Japanese Yen 1.026 Saudi Riyal 22.68 Singapore $ 64.35 Swedish Korona 12.00 Swiss Franc 86.65 U.A.E Dirham 23.18 UK Pound 133.70 US $ 85.45
Sell (Rs)
84.10 84.85 15.10 114.70 11.00 1.052 22.88 65.35 12.10 86.75 23.38 135.20 85.75
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
83.87 84.50 15.17 113.11 11.01 1.021 22.81 65.06 12.38 86.51 23.29 134.57 85.61
84.07 84.70 15.21 113.37 11.04 1.023 22.86 65.21 12.41 86.71 23.35 134.89 85.80
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
23°C 28°C 22°C 21°C 11°C 23°C
MIN
2°C 12°C 5°C 5°C -8°C 3°C
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ISTANBUL: Prim Minister Gilani addressing Turkish Businessmen and Investors at a meeting organised by Turkish Foreign Economic Relations Board. -APP
On arrival visa for businessmen offered
PM Gilani woos Turkish investors ISTANBUL: Prime Minister Syed Yousuf Raza Gilani Wednesday invited Turkish businessmen to explore Pakistan's business potential by investing in energy, oil and gas sectors and offered visa-onarrival. Prime Minister, who arrived here from Ankara on the second leg of his three-day official visit to Turkey, was addressing the Turkish businessmen at a luncheon hosted in his honour by DEIK - Turkish Foreign Economic Relations Board. Gilani said the government had taken a decision to allow Visa on Arrival for 30 days to all Turkish nationals who possessed valid US, UK or Schengen visas. "We hope that remaining for-
PM awarded honorary doctorate ANKARA: Marmara University of Turkey has awarded the honorary doctorate degree in Journalism to Prime Minister of Pakistan, Syed Yousaf Raza Gilani here on Wednesday. -Agencies malities will soon be completed for the conclusion of Visa Abolition Agreement for bonafide businessmen of Turkey and Pakistan," he said. "For our Turkish brothers, we are ready to do more. We seek See # 7 Page 11
Nov CPI seen up at 15.38pc Staff Reporter KARACHI: Country's consumer price index probably rose 15.37 per cent year-on-year in November due to rising food prices, virtually maintaining the same pace of inflation as in October, a Reuters' poll shows. The index rose 15.33 per cent in October. "CPI inflation is expected to rise once again for November, primarily owing to inflationary pressures from the food group," said Farhan Bashir Khan, analyst at Invest Capital Investment Bank. Food prices have been increasing following summer floods, which are estimated to have cost Pakistan's economy nearly $10 billion. The central bank last month increased its
key policy rate by 50 basis points to 14 per cent, its third consecutive rate rise in the past six months as it seeks to curb persistent inflation. Inflation is expected to rise in coming months because of continued government borrowing from the State Bank of Pakistan and a delay in access to the sixth tranche of an $11 billion International Monetary Fund loan programme. "Despite the expected spike in CPI inflation in November, this is likely to act as more of a springboard for a further increase especially during December when CPI inflation may test the 18 per cent year-onyear level," said Khalid Iqbal Siddiqui, director at Invest and Finance Securities Ltd.
Agriculture credit growth
SBP sets up panel to scribe strategy KARACHI: Governor, State Bank of Pakistan (SBP), Shahid H Kardar, has constituted a special committee which will devise a strategy in consultation with Federal and Provincial Governments and other stakeholders for growth of agricultural credit in the country. While chairing a meeting of the Agricultural Credit Advisory Committee (ACAC) here at State Bank building on Wednesday, SBP Governor said the Committee would consist of representatives from the State Bank, commercial banks, agriculture chambers and associations, said SBP release. He said that the Committee
would hold meaningful discussions at the Federal and Provincial level to formulate a holistic strategy for the development of agricultural credit with the consensus of all the major stakeholders. The Committee will be headed by Executive Director, Development Finance Group of SBP, Muhammad Ashraf Khan while Director SME Finance Department of SBP Mansoor Hassan Siddiqui, Senior Executive Vice President, Agriculture Group, National Bank of Pakistan Ziaullah Khan, Head Retail and Consumer Group, Habib Bank Limited, Abid Sattar, See # 8 Page 11
PAC seeks NHA's debt record ISLAMABAD: Public Accounts Committee (PAC) was told Wednesday that National Highway Authority (NHA) has outstanding external debt of Rs21 billion but due to its feeble economic condition it is not in a position to repay the debt. This was told by the Secretary Economic Affairs to Public Accounts Committee in its meeting held in Parliament House which was chaired by CH Nisar Ali Khan. The committee reviewed audits of ministry of economic affairs, textile and ministry of postal services. Secretary Economic Affairs told PAC that NHA due to its feeble economic condition is not in a position to repay the debt of Rs21 billion. On this AGP said that report of NHA financial condition be sought from the Finance Ministry. PAC has ordered Ministry of Finance to provide the committee with all the debt services of National Highway Authority (NHA) and its financial conditions as proposed by the Auditor General of Pakistan (AGP). Secretary Economic Affairs recommended to PAC if Ministry of Finance does not support the information provided by the Secretary Economic Affairs, then action must be taken against NHA for not paying off the external debt. -APP
Pak, Russia, Afghan, Tajik leaders agree on anti-narco drive MOSCOW: Afghanistan, Pakistan and Tajikistanagreed with Russia on Wednesday to step up efforts in fighting the Afghan heroin trade which kills at least 30,000 Russians a year. "We are neighbours linked by the same piece of land, and we have the potential to strengthen our work in fighting a global menace,"Russia's anti-drugs tsar Viktor Ivanov told his Central Asian counterparts. The quartet of heroin-inflicted countries signed an agreement to destroy opium crops and drug-making labs, as well as exchange information on drug trafficking and dealers. Russia is struggling to contain a potentially crippling heroin crisis. Heroin from Afghanistan -- which produces around 90 percent of the world's total -- is smuggled through its porous border with impoverished, ex-Soviet Tajikistan, then via Kyrgyzstan and Kazakhstan and onto the Russian market, Ivanov said. Through Pakistan, heroin passes through India and on to China and other Asian countries, he added. -Reuters
ISLAMABAD: Two rental power plants Naudero-II and Guddu Power Projects have deposited Rs2.25 billion in the bank and presented the receipts before the Supreme Court of Pakistan here on Wednesday. A three-member bench consisting of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday heard the case. The counsel of the Company with two rental power plants Naudero-II and Guddu Power Projects - informed the Supreme Court that Company has deposited Rs2.25 billion in the bank and presented the receipts before the Court. Chief Justice Iftikhar Muhammad Chaudhry while hearing the case of Rental Power Projects (RPPs) remarked that the spent money was nation's wealth and every
one should consider the same. It may be pertinent to mention here that Chief Justice directed the companies on Tuesday to return the payment along with mark up which had been taken in advance over Naudero-II and Guddu power projects. The case surfaced when Nepra came to know that Walters International had relocated the machinery of Guddu Power Plant to Naudero-II Power Plant. The company took an advance on the same machinery, twice. Furthermore, Supreme Court has pardoned DG Concessions of Petroleum Ministry Sher Muhammed Khan, who the court charged with contempt of court. The official submitted his unconditional apology in response to court's contempt notice served on him. It should be mentioned here that DG Concessions of Petroleum Ministry was
B'stan government says port deal one-sided
Gwadar Port case hearing commences ISLAMABAD: Supreme Court of Pakistan on Wednesday began hearing a Balochistan government's challenge to a deal with a Singapore company to run Gwadar Port in which China has a substantial investment. The chief minister of Balochistan is seeking the cancellation of the contract with Singapore state-owned PSA International Ltd on the grounds that it is a "one-sided" deal. "In the contract, the federal government did not consider the reservations of the Balochistan government, nor were we taken into confidence," Advocate General Salahuddin Mengal told the court. "We ask the court to order the
federal government to scrap, cancel the contract." Authorities have dismissed speculation that the deep-sea port would be handed to Chinese control, after China provided 80 per cent of the initial $248 million development costs. China helped build the port on Pakistan's Arabian Sea coast partly with a view to opening up an energy and trade corridor from the Gulf, across Pakistan to western China. Analysts suspect China would push for a major say over the port to back its bid to expand its influence in the Indian Ocean. This would upset India, which has already expressed concern over China's influence in the region. See # 9 Page 11
Former finmin talks to TFD
Tareen advocates agricultural tax Zahid Bukhari KARACHI: Chairman Silkbank and former finance minister Shaukat Tareen advocating the agricultural tax said that it is imperative for the country's taxation system. He expressed these views while talking to The Financial Daily. Tareen said despite opposition he worked out earnestly during his tenure as finance minister and had he not quit office as finance minister, the
agri-tax could have been imposed. Former finance minister dispelling the expression about See # 10 Page 11
Pakistani delegation reaches UK
London bourse to learn about SOEs LONDON: A high-level delegation of Privatisation Commission and representatives of public and private companies headed by federal minister for privatization, Senator Waqar Ahmed Khan has arrived here to
participate in Pakistan Capital Markets and Privatisation Forum due to take place at London Stock Exchange (LSE) on December 10. Organised by LSE in See # 11 Page 11
charged with contempt of court in a case regarding the sale of British Petroleum shares. A three-member bench of the apex court headed by Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry and comprising Justice Ghulam Rabbani and Justice Khalil-urRehman Ramday heard the petition filed by former chief Jamaat-e-Islami, Qazi Hussain Ahmed regarding alleged corruption in repurchasing assets of British Petroleum Company (BPL) on exorbitant rates. It should be mentioned here that the court Tuesday issued a show cause notice to Director General Petroleum (DGP) Sher Muhammad Khan for using contemptuous language regarding the litigations which were pending before the courts. Earlier, the apex court charged Sher Khan with contempt of court and called Secretary Petroleum to submit See # 13 Page 11
Orakzai bombing kills 14 KOHAT: A suicide bomber blew himself up beside a crowded bus in northwest region on Wednesday, killing at least 14 people, officials said. "A boy between the ages of 18 and 20, who was carrying about 6 kg (13 lbs) of explosives, carried out the attack," said Dilawar Bangash, police chief in the town of Kohat, where Wednesday's bombing took place. Sixteen people were wounded, hospital officials said. Many shops were destroyed. Witness Inayat Orakzai said: "The bus, which was filled with passengers, was about to take off when a teenage boy came near the door of the bus and blew himself up." The bombers attacked while a meeting on ways of strengthening the tribal militias set up to help the government fight militants was under way. -Agencies
Students protest against privatisation of institutions LAHORE: The students on Wednesday staged a protest in the front of Punjab Assembly and tried to pull down the assembly gate. The students were protesting against the privatisation of educational institutions while the demo turned into a violent show. The police controlled the situation and baton-charged to break them up. The students went on rampage and broke some chairs, tables and other furniture lying outside the Assembly. The students raised full-throated slogans against the government in protest against privatisation and installing boards of governors at educational institutions. In this entire meantime, the students kept pelting stones at police and Assembly building. The students transgressed into See # 12 Page 11
2
Thursday, December 9, 2010
Traders concerned on security in Muharram
KARACHI: Acting Sindh Governor Nisar Ahmed Khuhro addressing Karachi Customs Agents Association during his visit.-APP
Govt promoting art & culture: Sassui KARACHI: Sindh Culture Minister Sassui Plaejo visited the exhibition of Khushal Das a famous wooden Art Architect/Artist at Sindh Museum Hyderabad. She witnessed his creative work and art. Ms Palejo appreciated his contribution. On the occasion The Culture Minister said that such work is highly admirable and Mr. Das is a real asset of the province of Sindh because Sindh province is rich and potential of lot of arts, culture and heritage. Palejo said that the
Culture department is always encouraging and promoting the culture and heritage of the province in every and at every level so the department further promote the such art in a befitting manner. She said that we are not away and will never left alone to such art and its creators, announced that the culture department would continue to arrange such exhibitions of creative art and skill. It may be mentioned here that the exhibition of Khshal Das is running in Zafar Kazmi Art gallery, Sindh
Museum Hyderabad in last week. The Minister Culture also disclosed that the Culture Department is going to organize such exhibitions on the lives of Father of the Nation and founder of the Country Q u a i d - e - A z a m Muhmmad Ali Jinnah and Shaheed Mohtarma Benazir Bhutto in current month at Hyderabad and Karachi respectively also a pictorial book on life of Shaheed Rani would also be published to pay rich tribute to great personalities. -NNI
Jaffer Bros grab Oracle award TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
KARACHI: Jaffer Brothers (JBL) have been awarded the Oracle Partner Network (OPN) APAC FY10 Accelerate Partner of the Year at Oracle's annual Executive Partner Forum, said a handout issued here. The award reflects JBL's success in utilising resources from the Oracle Accelerate program in Pakistan. Oracle Accelerate for midsize companies combines Oracle Applications and Oracle Business Accelerators that are rapid implementation tools, templates and industry- and geography-specific leading practice process flows. George Wong, Group
Vice President, Oracle Asia-Pacific Alliances and Channels, said: "Congratulations to Jaffer Brothers. They have demonstrated tangible success with Oracle's complete, open and integrated products and technology. Bringing innovation and excellence, they provide our mutual customers with proven solutions that can help solve critical business challenges. We thank Jaffer Brothers for their commitment and wish them greater success in the year ahead." "Our customers truly have reaped the benefits with this improved accelerated approach.-PR
THURSDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Agri Business 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Aap Ka Paisa 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Siyasat Mana Hai 0:00 News
HYDERABAD: Sindh Home Minister Zulfiqar Mirza talking to the newspersons during a press conference at RPO Office.-Staff Photo
PSQAC teams raid markets KARACHI: PSQAC Mobile Testing Lab Task Force Team raided at Imtiaz Super Market, Awami Markaz, Shahrah-eFaisal, Karachi, along with Print and Electronic Media team and members of NGOs. On arrival at Imtiaz Super Market, Task Force Team members start checking different brands various mandatory food items and caught some un-registered product too. The Task Force Team member included Masood Ahmad Khan, Director, Quality Control Centre, PSQCA, Field Officer (CA-Karachi) Muhammad Ayyaz Soomro of Standards Development Centre/PSQCA, Media Adviser Rehmatullah Memon caught unregistered items of 07 companies i.e. Imtiaz Super Market's ISM Turmeric Powder, ISM Chilly Powder, Shangrila Apple Juice, Alpha Tea Kanwal, Swat Honey, Ahmad Pickle and Ahmad Vinegar.-Online
Mirza appeals for tolerance HYDERABAD: Urging vigilance and indulgence during Muharram from followers of different sects, Home Minister Sindh Zulfiqar Mirza has apprehended that terrorists could fan sectarianism by galvanizing local conflicts. "In the past Hyderabad, Kotri, Mirpurkhas, Khairpur remained sensitive owing to local sectarian issues," the minister observed while addressing a press conference at RPO (Regional Police Officer) House here on Wednesday. In order to ensure peace, he informed, the police has increased deployment of personnel, which would also include Rangers, to over 1,000 from the last year's 800 in Hyderabad district. Besides, state of the art equipment and tools were being introduced to monitor activity in the city as well as for performing body checks, he added.-APP
KCCI urges effective law & order KARACHI: Provincial Minister of Information Technology Raza Haroon visiting Landhi Korangi Towns.-Staff Photo
KARACHI: Indian Minister of Trade Anand Sharma, Sultan Chawla, Vice President of SARK Chamber Iftikhar Ali Malik, Tariq Syed, S M Munir, Zakaria Usman, Zubair Tufail, Aftab Barlas, Nasir Ud Din Shaikh, Khurram Syed and others are in Group Photo.-Staff Photo
KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Muhammad Saeed Shafiq has urged all the market associations to cooperate with the police to maintain law and order in the city during Muharram. In a statement here on Wednesday, President KCCI and other senior leaders of the Chamber during a special session on law and order at KCCI with Acting TPO of Saddar Town, Amin Yousufzai suggested some changes in security plan.-APP
KARACHI: Having high sentiments for Muharram, business community is extremely concerned regarding law and order situation during Aashura, said Muhammad Saeed Shafiq, President Karachi Chamber of Commerce and Industry (KCCI), addressing at a special session organized at KCCI on security concerns with reference to Muharram. The KCCI President said we hold high sentiments for the holy month; however, the business community is extremely concerned reference to law and order situation during Aashura days, especially because of the sad incident of Boulton market in 2009 and such incidents should be con-
demned. About the forms issued by the Police for collecting details, Saeed added that the forms are irrelevant and the contents of the forms need reconsideration and changes should be incorporated on urgent basis. Abdul Majeed Memon, former SVP and Chairman special committee for small traders also rejected the forms issued by the police and said that we would never recommend the businessmen to fill them. He denoted Khaara Dar and Meetha Dar as high security areas among five police zones in South. Talat Mahmood, Senior Vice President said the police should talk to the
chairmen of all related market associations from which the Aashura procession will pass and incorporate their concerns with reference to security plan. Hafeez Aziz, Chairman Sub-committee of Law and Order also rejected the forms and appealed officials to incorporate the necessary changes. He said we would share his intention of doing meetings with the representatives of market associations and suggested that representatives would also be appointed for security watch. The newly appointed Acting TPO of Saddar Town, Amin Yousufzai asked the business community to suggest changes
in the forms and expressed willingness for complete cooperation. The forms are for collecting data and should not be misunderstood, added Amin. On his recent appointment for taking control of security measures, Amin informed that he might be recently appointed in the vicinity but holds the experience of more than 10 years in past for Muharram procession security. Sharing the recent security plan, Acting TPO informed that from 08 Muharram the area would be sealed. More than 8000 police force would be deployed during Aashura processions. Rangers and Special Police would also be present for assistance.-PPI
Qaim for early rehab of flood-hit areas
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah addressing a press cfonference at Chief Minister House.-APP
Small traders in distress: ACCA Staff Reporter KARACHI: A worrying number of small businesses believe they do not have enough cash reserves to survive another economic downturn, a study by Forbes Insights in association with ACCA (the Association of Chartered Certified Accountants), Certified General Accountants Association of Canada (CGACanada) and CNDCEC, the professional body for certified accountants in
Italy, has found. The study was based on a survey of more than 1,750 small and medium sized enterprises (SMEs) in Canada, China, Italy, Singapore, South Africa, and the UK, with 30 per cent of the sample micro businesses employing fewer than 10 people. It shows that while most SMEs believed the worst of the recession had past, there was an unexpectedly high number of businesses - between 31 per cent and 54 per cent in each country, including those which
have seen high growth and were less affected by the global downturn, who felt they did not have adequate cash reserves to survive another financial crisis. SMEs surveyed said the recession has forced them to become better businesses and if they take on risk it is only where they can have control. Growing businesses, especially in the more dynamic economies, appear to be facing stiffer competition and rising costs, putting profit margins under pressure.
Govt to work with PaCCS: Customs Staff Reporter ISLAMABAD: Collector Customs Nisar Muhammad Khan said government is honest in proper implementation of Pakistan Automated Customs Clearance System (PaCCS) and negotiating with Agility, software Provider Company in this regard. The company is making all out efforts to facilitate members and importers to file their Goods Declarations online while sitting anywhere using the assigned user IDs and making some necessary changes in the system to increase its performance. While suggesting the members and importers said, use one ID and
avoid multiple user IDs so that the system easily identify and recognise the applicant and the delays and problems will be removed. For delays in the release of consignment he informed that National Bank of Pakistan is contacted to increase the counters for collecting the payments. The customs department has also requested the trade bodies to send recommendations to National Bank of Pakistan president for increasing number of counters. The limited counters at NBP are badly impacting on the performance of Pakistan Automated Customs Computerised
System because users associate delays in clearance of GDs with this automated system and it is entirely a wrong perception, he added. Some vested elements are playing their role in damaging the repute of this prestigious automated solution provided by Agility, a Kuwait based logistics company. Collector Customs PaCCS Nisar Muhammad Khan further said that once PaCCS properly implemented, it will show its built-in strengths and capabilities. The system has the strength to clear any type of consignment within five days; it has the capacity to reduce it more.
KARACHI: Religious scholar Moulana Shahenshah Hussain Naqvi addressing the Majlis on the 1st day of the Holy Month of Muharramul Harram at Nishtar Park.-APP
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah Wednesday presided over a meeting at Chief Minister House regarding rehabilitation of villages affected by floods under union council based poverty reduction program. The meeting discussed in detail the survey reports of various agencies regarding destructed houses in various districts. Qaim Ali Shah said that it is in the interest of people that houses are constricted for homeless people, who are living in deplorable conditions. He said that under the directives of President Asif Ali Zardari a comprehensive program for construction of lowcost houses for flood affected people in different affected areas has been chalked out. He said that various projects of housing are in hand which include construction of 10,000 houses under Behan Benazir Bhutto Basti, 10,000 houses under Zakat Programme and 7,000 houses under community development project. Qaim Shah directed that work on the project is to be started on war footing, adding President Zardari many launch the project on December 27.-APP
World Oral health day observed at AKU KARACHI: To mark the World Oral Health Day, the Aga Khan University (AKU) organised an event to highlight the importance of preventing mouth diseases through healthy oral practices. An AKU statement here on Wednesday said that according to the World Health Organization, oral diseases alone prevent children and adults from attending school or work, causing millions of hours to be lost each year. It said that the most common oral diseases worldwide are dental cavities and periodontal (gum) disease. An estimated 60 to 90 per cent of school-going children around the globe have cavities, while tooth loss seen to affect 1 in 4 of the adult population. For the elderly, poor oral health affects eating abilities, which then influences the food eaten and general health. Teeth are a very essential part of the human body and are vital for everything from chewing and speaking to an individual's overall aesthetics, said Dr Faisal Qayyum, Consultant Prosthodontist, Aga Khan University Hospital (AKUH).-APP
3
Thursday, December 9, 2010 Top Economic Events
Greenback firms as US Treasury yield rise flags growth Dollar index rises above 80, breaches 100-day MA NEW YORK: The dollar advanced on Wednesday, with further gains likely in the near term, as Treasury yields spiked following a proposed extension of tax cuts that raised growth expectations for the US economy. For the first time in weeks, euro-zone debt concerns were placed on the back burner as investors focused on US economic fundamentals in a thinning market. Some analysts said the tax cuts could boost US gross domestic product growth by as much as 2 percentage points next year. Such views have propelled 10-year US Treasury yields to 3.295 per cent, a level not seen since late June. "These tax cuts are now regarded as a game changer, which will provide significant support for the US economy next year," said Richard Franulovich, senior currency strategist, at Westpac in New York. "What this means is that it reduces the
probability or the odds of quantitative easing, which is good for the dollar." In midday New York trading, the ICE Futures' dollar index, a gauge of its performance against a basket of six major currencies, rose 0.3 per cent from late US levels to 80.121, moving above its 100day moving average at 79.981. If sustained that would be a bullish signal. Market concerns over North Korea firing artillery shells in a suspected military drill also helped the dollar. The greenback rose a further 0.8 per cent to 84.13 yen after hitting session highs at 84.31. Traders said there are exporter offers around the 84.40 area, which could
limit gains, although there are bids at the 83.80 level. In the options market, traders said there was high investor demand for bullish dollar/yen option structures,
ranging from calls, call spreads, to barrier-type options where there's a pay-off if the pair rises. The focus has therefore returned to option barriers at 84.50 yen, a breach of which should push implied volatilities higher, traders said. On Wednesday, one-month implied vols in dollar/yen rose to 10.36 per cent from a close of
9.75 on Tuesday. The euro fell 0.2 per cent to $1.3239. Its failure this week and last to hold above $1.3400 suggests a probe lower, with a sustained break of $1.3180 opening the way for a test of $1.3060/50. Bids from Asian central banks and Middle East accounts were seen around $1.3200 and $1.3180, respectively, traders said. Few analysts expect the euro to break below $1.30 anytime soon. Ireland moved a step closer to securing bailout funds after passing the first in a series of votes on its toughest budget on record, but traders said investors were still likely to sell the euro on any bounce given broader worries about the European Union's ability to keep debt problems from spreading. Market participants said dollar positioning was neutral overall at the moment and few investors are keen to take on significant long positions. -Reuters
Yuan slips, range Won slips on firm dollar, trade seen in week Asian currencies
NKorea firing weighs Seen staying weak in short term on more $ short-covering SEOUL: The South Korean won and the Indian rupee led declines in most Asian currencies on Wednesday as investors covered short positions in the US dollar after a spike in US bond yields. The won came under further pressure after North Korea fired artillery in a suspected military drill. The artillery fire landed on the North's side of its disputed maritime border with the South but still left investors nervous about smoldering geopolitical tensions in the Korean peninsula. US Treasury yields surged overnight, pushing the dollar higher, as investors worried that a new deal to extend tax cuts would only exacerbate the coun-
try's massive debt burden, even if it helped support consumer spending and economic growth. Asian currencies are expected to remain weak in the short term as the dollar is seen staying firm and investors may cover more dollar-short positions, analysts and dealers said. But their declines will be limited as investors are still optimistic about the economic outlook of Asia, they added. "Investors will clear shortterm positions before the end of this year, but they are likely to keep strategic positions as Asia is much better than other economies," said jeong Myyoung, a currency strategist at Samsung Futures in Seoul.
The won lost 1.3 per cent against the dollar on Wednesday on worries about tensions with North Korea and as investors covered dollar-short positions before year-end. Still, it is seen finding relief from continuous foreign investors' stock purchases and exporters' demand for settlements, dealers said, adding exporters will chase it around 1,150 per dollar. The Singapore dollar lost 0.6 per cent, hit by hectic dollar buying in thin trade as markets feared a prolonged short squeeze. Leveraged and fast money accounts were said to be buyers, too, traders added. -Reuters
Stg climbs vs dlr, euro on recovery optimism
Swiss franc dips on broad dollar rise
LONDON: Sterling rose to a two-week high against the dollar on Wednesday, boosted by news of a surge in industrial orders which was a further indication that UK economic recovery is gaining momentum. Sterling also gained versus the euro, which analysts said was still being dragged down by concerns about the eurozone's debt crisis.
The Confederation of British Industry survey's total order book balance unexpectedly jumped to -3 this month, the highest since June 2008, with export orders hitting a 15-year high as the sector benefited from a weaker pound. The survey followed data on Tuesday showing manufacturing output rose twice as much as forecast in October. "The decent numbers out of the UK, plus the peripheral concerns in Europe, have tend-
ed to push sterling up," said Adrian Schmidt, currency strategist at Lloyds. "And it's hard to say what is going to move it down lower before the end of the year." The pound was up 0.13 per cent at $1.5779 after hitting $1.5837, its highest since Nov. 24 and holding above its 100day moving average at $1.5738. Traders cited real money and sovereign demand
for the UK currency. Sterling gains came on a day when the dollar rose against most other currencies on the back of a spike in US Treasury yields. The pound also made headway against the euro. The euro fell about 0.4 per cent to 83.80 pence, taking it closer to last week's low of 83.34 pence. Sterling's gains versus the euro helped its trade-weighted index rise to 81.7, its strongest in three weeks. -Reuters
ZURICH: The Swiss franc dipped against the dollar on Wednesday, moving closer towards parity, after the greenback extended gains triggered by higher US treasury yields in the wake of the proposed extension of US tax cuts. The franc rose against the euro as concerns about the euro-zone debt crisis weighed on the euro, but the common currency held above the key level of 1.30 francs per euro. "The euro-franc is showing some resilience above 1.3000 for now, as Ireland passes the first round of its budget vote," Informa Global Markets analyst Tony Nyman said. "The dollar-franc looks to be a US yields story at the moment," Nyman said. "They are flying on US tax cuts and if yields continue to rise we may get a parity return this week." The franc rose 0.3 per cent against the euro compared to the New York close, trading at 1.3058 per euro at 0743 GMT. The franc was 0.3 per cent weaker against the dollar at 0.9894 per dollar. Against the euro, the franc was stuck between 1.30 and 1.32, a Zurich-based trader said. -Reuters
Australian, NZ dollars burnt by fired-up greenback SYDNEY/WELLINGTON: The Australian and New Zealand currencies fell against the US dollar on Wednesday as a spike in US Treasury bond yields helped spark a broad rally in the greenback. News that North Korea test-fired artillery shells and worries about an interest rate hike in China this weekend further conspired to drive both the Aussie and kiwi lower in a jittery market. The Australian dollar fell to as low as $0.9780, nearly 2 full cents off the overnight high of $0.9966. It was last at $0.9791, down about 0.3 per cent on the day. Immediate supported is seen at the 14-day moving average around $0.9775, a break of which could pave the way to $0.9739, the Dec. 3 low. "It's definitely a US dollar story today. There's a fair bit of confusion out there, but ultimately, the driver is US yields," a dealer said. Markets shrugged off a better-than-expected 1.9 per cent rise in Australian housing finance, with traders saying the data had little bearing on monetary policy. The Reserve Bank of Australia left interest rates unchanged at 4.75 per cent on Tuesday and released a brief statement that rein-
forced views it was in no hurry to tighten policy. November employment data due on Thursday could be more interesting. Analysts polled by Reuters expect employment to rise 19,000 and the unemployment rate to ease to 5.2 per cent, from 5.4 per cent. The Aussie dollar outperformed its kiwi counterpart, reaching to a fiveweek high of NZ$1.3042, before easing back to last stand at NZ$1.3001. Against the greenback, the New Zealand dollar lost about half a cent on the day to $0.7524. Its slide was halted by support at $0.7516, with resistance at $0.7586. Not helping the kiwi, third quarter manufacturing sales and residential building work pointed to a soft reading for growth figures. The Reserve Bank of NZ announces its latest rate decision on Thursday, but is widely expected to keep rates unchanged at 3.0 per cent. Analysts will be looking closely at the nuance of the statement. Some are starting to waver from the widely-held view that rate rises will begin from the first quarter of next year in the face of sluggish data. -Reuters
SHANGHAI: China's yuan ended down against the dollar on Wednesday after the People's Bank of China set a weaker mid-point as the broader dollar index rebounded along with gains in US bond yields. The central bank appeared likely to be relaxed in fixing the yuan's mid-point, or its reference rate, through next week when new political events will emerge that could press Beijing to let the yuan appreciate slightly, traders said. A meeting of the US-China Joint Commission on Commerce and Trade will be held on Dec. 14-15 ahead of Chinese President Hu Jintao's visit to the United States, which is expected Jan. 17-20. The PBOC appears to be letting the currency move in the same direction as the US dollar index, but to confine its movements to a small range. It could let the yuan gradually rise to create a favourable environment for the US-China talks, dealers said. "It's clear that we are following the dollar's steps for now,"
said a dealer at an Asian bank in Shanghai. "The dollar's strength guided the yuan's fall today, but we expect the yuan has the potential to rise slightly next week." Spot yuan ended at 6.6617 versus the dollar, falling slightly from Tuesday's close of 6.6446, but still rising 2.50 per cent since the PBOC announced a depegging in mid-June. Before trade began, the PBOC set the day's mid-point at 6.6616, which was weaker than Tuesday's 6.6565. The midpoint is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. The yuan has largely remained stable since mid-November when the currency hit its highest level since its landmark revaluation in July 2005. Offshore, one-year dollar/yuan NDFs were at 6.5220 bid late on Wednesday, up slightly from Tuesday's close of 6.4930, with implied yuan appreciation in a year's time falling to 2.14 per cent from 2.60 per cent on Tuesday. -Reuters
Indian rupee logs biggest 1-day fall in a mth MUMBAI: The Indian rupee snapped a six-session rally and posted its biggest single-day fall in almost a month on Wednesday, weighed by broad losses in the dollar versus major currencies and weak domestic shares. The partially convertible rupee closed at 45.09/10 per dollar, off the day's low of 45.1675 but still 1 per cent weaker than its 44.64/65 close on Tuesday. This is the rupee's worst one-day fall since its 1.1 per cent decline on Nov. 12. "Rupee was mainly tracking the euro and the stock market today. It may continue to trade in a range of 44.80 to 46.20 levels through December with not much flows expected in the near-term," said A. Ajith Kumar, a senior foreign exchange dealer with Federal Bank. Foreign funds dumped $93.6 million worth of local shares on Tuesday, after having been net buyers in the six preceding sessions. However, the total foreign fund inflows into local shares still stands at a record $29.2 billion this year, on top of the $17.5 billion received in 2009. "Second half of the session was dull. Some dollar selling emerged on the back of mild gains in the euro, but 44.80 looks like the
max that the rupee can gain to," said a senior forex dealer with a large state-run bank. "I see the rupee opening between 45.00-45.10 levels tomorrow and expect a range of 44.95 to 45.15," he added. Traders also said there were no major inflows expected ahead of an initial public offering (IPO) by Punjab and Sind Bank that opens on Dec. 13. One-month offshore non-deliverable forward contracts were quoted at 45.34, weaker than the onshore spot rate, suggesting a bearish nearterm outlook. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and United Stock Exchange both closed at 45.2750, while they closed at 45.2775 on the MCX-SX. -Reuters
Time 1:00 4:50 4:50 5:30 5:30 Tentative 12:00 9th-11th 14:30 17:00 18:30
Source NZD JPY JPY AUD AUD CNY EUR GBP GBP GBP CAD
Source
Events
JPY JPY EUR EUR EUR EUR GBP
Events Official Cash Rate Final GDP q/q Final GDP Price Index y/y Employment Change Unemployment Rate Trade Balance German Final CPI m/m Halifax HPI m/m Trade Balance Official Bank Rate NHPI m/m
Forecast 3.00% 1.0% -2.0% 21.3K 5.2% 21.2B 0.1% 0.3% -8.1B 0.50% 0.2%
Previous 3.00% 0.9% -2.0% 29.7K 5.4% 27.2B 0.1% 1.8% -8.2B 0.50% 0.2%
Actual
Forecast
Previous
Core Machinery Orders m/m -1.4% Current Account 1.46T German Trade Balance 14.3B French Gov Budget Balance -133.1B French Trade Balance -3.4B German Industrial Production m/m 2.9% CBI Industrial Order Expectations -3
0.0% 1.55T 15.1B
Previous Day -10.3% 1.66T 15.4B -124.2B -4.2B -4.4B 1.1% -1.0% -12 -15
Currency Rates Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3245 1.3278 0.9873 0.9912 1.5786 1.5832 1.0089 1.0138 0.9813 0.9854 111.3200 111.4500 0.8387 0.8426 1.3075 1.3104 132.7100 132.9800 85.1400 85.2200 0.9795 0.9799 1383.3300 1404.3700 28.5100 29.2300
Bid 1.3242 0.9868 1.5784 1.0085 0.9809 111.2800 0.8384 1.3071 132.6500 85.0800 0.9788 1382.9900 28.4900
Low 1.3184 0.9853 1.5671 1.0065 0.9770 110.5400 0.8364 1.3033 131.3800 84.5000 0.9752 1382.0000 28.4700
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 08/12/2010 A USD GBP CAD EUR JPY O/N 0.24094 0.55563 0.98167 0.66375 SN 0.09313 1WK 0.25500 0.56188 1.02500 0.67750 0.10125 2WK 0.25625 0.56625 1.05833 0.69250 0.10625 1MO 0.26250 0.57813 1.09750 0.76250 0.12313 2MO 0.28063 0.63313 1.15000 0.85250 0.14750 3MO 0.30219 0.74375 1.22750 0.96688 0.18125 4MO 0.34875 0.82625 1.30000 1.03313 0.24125 5MO 0.40563 0.93500 1.36333 1.11688 0.30125 6MO 0.45844 1.04063 1.44167 1.20500 0.34813 7MO 0.51250 1.11688 1.50667 1.25000 0.40000 8MO 0.56500 1.20188 1.58250 1.30125 0.44813 9MO 0.61531 1.28438 1.65000 1.35125 0.49500 10MO 0.66625 1.35938 1.71583 1.40125 0.51875 11MO 0.72156 1.42813 1.80417 1.44625 0.54500 12MO 0.78250 1.49625 1.89000 1.49000 0.57375
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 09 2010 Dec 21 2010 Jan 13 2011 Dec 14 2010 Dec 16 2010 Feb 01 2011 n/a
Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010 Sep 08 2010
Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Canada
Current Interest Rate 0.50% 0.10% 1% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, December 08,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.75 134.89 113.37 84.70 86.71 84.07 12.41 1.02 14.26 65.21 15.21 22.86 11.04 12.88 304.00 27.23 64.55 23.55 23.35 0.08 2.84
85.55 134.57 113.11 84.50 86.51 83.87 12.38 1.02 14.22 65.06 15.17 22.81 11.01 12.85 303.29 27.17 64.40 23.49 23.29 0.07 2.84
85.37 134.27 112.85 84.28 86.28 83.65 12.35 1.02 14.18 64.89 15.13 22.75 10.99 12.82 302.50 27.10 64.23 23.43 23.23 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 08, 2010
KASB
BMA
ELXIR
GSL
ICSL
12.60 12.70 12.80 12.90 13.05 13.22 13.30 13.50 13.65 13.90 14.05 14.08 14.10 14.12 14.18 14.20 14.22 14.25 14.60 14.70
12.55 12.60 12.80 12.80 13.09 13.18 13.20 13.35 13.63 13.80 14.12 14.20 14.25 14.20 14.25 14.00 14.10 14.28 14.40 14.50
12.60 12.70 12.85 12.90 13.08 13.18 13.30 13.46 13.63 13.80 14.03 14.08 14.12 14.18 14.30 14.20 14.05 14.23 14.50 14.65
12.45 12.60 12.80 12.90 13.08 13.18 13.33 13.50 13.65 13.95 14.15 14.20 14.25 14.28 14.30 14.28 14.29 14.30 14.60 14.85
12.60 12.65 12.80 12.90 13.10 13.20 13.40 13.50 13.60 13.85 14.10 14.15 14.25 14.25 14.30 14.10 14.15 14.20 14.45 14.60
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 12.60 12.70 12.85 12.90 13.05 13.15 13.30 13.40 13.65 13.85 14.00 14.05 14.10 14.14 14.15 14.15 14.05 14.22 14.55 14.70
12.57 12.66 12.82 12.88 13.08 13.19 13.31 13.45 13.64 13.86 14.08 14.13 14.18 14.20 14.25 14.16 14.14 14.25 14.52 14.67
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.97 0.81 0.86 0.86 0.60 0.58
-0.51 0.72 0.74 -0.07 0.11 0.11
0.90 0.70 0.55 0.59 0.28 -0.19
EUR/USD NZD/USD
0.72 0.84 0.72 0.46 0.36 0.45
0.98 0.96 0.82 0.90 0.81 0.78
USD/CAD USD/CHF
0.97 0.95 0.84 0.84 0.66 0.61
-0.85 -0.44 -0.73 -0.59 -0.06 -0.51
-0.97 -0.72 -0.70 -0.88 -0.79 -0.71
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)08/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABPL
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN
1245
12.95
12.45
12.95
12.95
13.45
13.15
13.40
1340
13.65
13.45
13.95
13.60
14.10
13.70
14.20
J S B L 1250
13.00
12.60
13.10
12.85
13.35
13.45
13.70
1350
13.75
13.45
13.95
13.70
14.20
14.00
14.50
ASPK
1240
12.90
12.60
13.10
12.80
13.30
13.10
13.35
1335
13.60
13.45
13.95
13.60
14.10
13.70
14.20
CIPK
1250
13.00
12.60
13.10
12.85
13.35
13.15
13.40
1340
13.65
13.50
14.00
13.70
14.20
13.80
14.30
DBPK
1230
12.80
12.35
12.85
12.50
13.00
12.90
13.15
1320
13.45
13.35
13.85
13.40
13.90
13.60
14.10
FBPK
1250
13.00
12.45
12.95
12.70
13.20
13.15
13.40
1340
13.65
13.55
14.05
13.65
14.15
13.85
14.35
FLAH
1245
12.95
12.50
13.00
12.70
13.20
13.15
13.40
1335
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HBPK
1235
12.85
12.40
12.90
12.75
13.25
13.10
13.35
1335
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HKBP
1245
12.95
12.45
12.95
12.80
13.30
13.10
13.35
1330
13.55
13.40
13.90
13.60
14.10
13.65
14.15
N I PK 1250
13.00
12.65
13.15
12.90
13.40
13.25
13.50
1340
13.65
13.50
14.00
13.60
14.10
13.65
14.15
HMBP 1250
13.00
12.55
13.05
12.90
13.40
13.10
13.35
1335
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 1240
12.90
12.50
13.00
12.80
13.30
13.15
13.40
1340
13.65
13.50
14.00
13.65
14.15
13.75
14.25
MCBK 1225
12.75
12.40
12.90
12.65
13.15
13.05
13.30
1330
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK
1235
12.85
12.50
13.00
12.70
13.20
13.10
13.35
1325
13.50
13.40
13.90
13.60
14.10
13.70
14.20
S CP K 12.35
12.85
12.40
12.90
12.60
13.10
13.00
13.25
1325
13.50
13.45
13.95
13.50
14.00
13.70
14.20
UBPL 12.40
12.90
12.40
12.90
12.65
13.15
13.10
13.35
1335
13.60
13.45
13.95
13.60
14.10
13.70
14.20
AVE
12.93
12.48
12.98
12.76
13.26
13.12
13.37
13.36
13.61
13.46
13.96
13.61
14.11
13.71
14.21
12.43
4 Thursday, December 9, 2010
Need to build modern petrochemical complex
The Financial Daily International Vol 4, Issue 122
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Let’s give farmers a full ear Pakistan Kissan Board has announced to launch a movement in favor of their four demands. Farmers' body believes that peaceful protests had failed to produce any positive results in the past and now they intend to stage sit-ins in front of the provincial assemblies. The four demands of Board are: 1) resumption of subsidies on fertilisers, oil, electricity, machinery etc, 2) payment to growers/farmers of their produce through cheques, 3) printing of prices of the fertilisers on each bag to stop hoarding and profiteering, and 4) fixation of minimum price of Rs200 per 40kg for sugarcane. The demand for increase in support price of different crops is based on hike in the prices of inputs. Recent floods have also impaired purchasing power of the farmers. The two common complaints are: 1) Rs2.5 billion is yet to be paid for the sugarcane purchase of last year 2) late start of sugarcane crushing delays wheat sowing, something must be done for it. Reportedly out of 42 sugar mills only 18 have started crushing. It is also necessary to listen to millers' point of view. According to Iskandar Khan of Pakistan Sugar Mills Association, if sugarcane price is fixed at Rs250 per 40kg the cost of production would be Rs83 per kg and adding all other incidental charges the retail price of sugar would surge to Rs120 per kg. There was a suggestion that wheat support price should be enhanced to Rs1,000 per 40 kg to encourage the farmers to achieve 25 million tonnes' target, which the government has declined. The other demand was to allow export of one million tonne wheat which has been accepted. The reason for the acceptance could be pressure from the Punjab government. The province is not only the largest producer of wheat but also has to keep the largest stock. Reportedly Punjab food department had stock of around 2.9 million tonnes from the last years, it procured 3.7 million tonnes leaving total availability to 6.6 million tonnes. Of that total about 2.5 million tonnes was earmarked for federal strategic reserve. The Department was holding 6.1 million tonnes as on October 25, 2010. The daily mark-up paid is about Rs78 million out of which Rs25 million is shared by the federal government while the province has to pay Rs53 million. Addressing the woes of growers of two major crops, sugarcane and wheat is necessary. Any shortfall would necessitate import, eroding foreign exchange reserves of the country as well as affecting rural population adversely. The shortfall in production also affects production in the following year therefore, avoiding this vicious cycle is a must. Let's not think about it, better do something.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
Shabbir Kazmi
P
akistan hasn't succeeded in developing petrochemical industries partly because of highly inadequate indigenous production of crude oil but following bad policies has also added to woes. At present, Pakistan's oil refineries are operating at around 60 per cent capacity utilization mainly because of production of limited products. However, the country remains heavily dependent on imported high diesel and furnace oil. The situation prevails only because refineries have not been upgraded technologically. Pakistan should have learnt from the experience of Singapore, a country which does not produce a drop of crude oil but has state of the art refineries working. Lately, some hopes were created with the ongoing talks for establishing three refineries in the country, but hopes are dying with the passage of time. Pakistanis should feel lucky even if one refinery commence commercial production over the next five years. Discussion have been going on regarding establishing hydro and/or naphtha cracker for nearly four decades but nothing concrete has happened as yet. PARCO is the only refinery established
with the help of Middle Easter sponsors; else the track record is a little disappointing. Lately, equity has been injected in Byco (formerly Bosicor Refinery) but the size and technology remains a big question. Attock Group can also take pride in having substantial exposure in Pakistan but they could have done a lot at a much faster pace. PSF Till lately, Polyester Staple Fibre (PSF) was considered a product directly competing with cotton but now it complements the silver fibre. With growing preference for blended fabric, for ease in washing demand for manmade fibre is on the rise. Some time back closure of Dewan Salman Fibre created a temporary shortfall necessitating its import. While PSF manufacturers are demanding increase in duty, spinners are insisting on reduction in duty as local manufacturers are unable to meet the demand. The first ever PSF plant was established in the country by a company also listed at the local stock exchanges, National Fibres Limited (NFL). With the shift in government policy towards liberalization, deregulation and privation not only the private sector was allowed to establish PSF manufacturing plants but NFL was also privatized and subsequently closed down by the acquirer. The growing demand encouraged establishing new units by the private sector as well as expansion by the operating units. Cognizant of the enormous growth potential, ICI Pakistan (which also owns and operates a PSF unit) also established PTA manufacturing plant. PTA is produced by using two basic
petrochemicals i.e. PTA and MEG. While the country has been able to also export PTA, MEG is still imported. Lately, majority shares of PTA plant have been sold to a foreign strategic investor. Since then the operations of the company have improved. PTA Lotte Pakistan PTA was the single largest foreign direct investment of US$490 million in Pakistan's petrochemical industry. In addition to its own manufacturing facilities, the Company has helped create a large infrastructure network at the Port Qasim, which includes a chemical jetty, raw material pipeline and manufacture of industrial gases through third party contracts. Ethanol Globally there is growing emphasis on bio-fuel. While ethanol is added in motor gasoline, corn/canola oil is added in diesel to achieve greater reliance on renewable energy resources. Ironically, use of E-10 (motor gasoline blended with 10 per cent ethyl alcohol hasn't picked up due to resistance by oil marketing companies, one just can't think about adding corn/canola oil in diesel. Ideally an additive becomes attractive when it is cheaper than the original fuel. In Pakistan corn and canola oils are used as edible oil and sell at nearly double the price of diesel. Therefore, there is a dire need for bringing cost of corn and canola oil to around 30% of the current prices. Many experts are of the opinion that availability of CNG at very low price hasn't encouraged use of biofuel. With growing shortfall of natural gas, leading to closure of CNG stations once a week, motorists have to be con-
vinced to use bio-fuel. However, consumers would only shift to a cheaper fuel. Pakistan should work hard to produce bio-fuel at attractive prices, which would automatically help in bringing down edible oil prices in the country. Interestingly, corn could be cultivated at less fertile lands and canola is termed 'weed' international. Cultivation of corn and canola would not only benefit the country but would also improve the income of farmers. Polyethylene Globally polyethylene is produced either from crude oil or fermentation of molasses. When crude oil prices went exceptionally low producing polyethylene from ethyl alcohol became uneconomical. However, with crude oil hovering above US$75/barrel production of polyethylene (commonly known as plastic) has once again become economically viable. Pakistan has around 85 sugar mills many with attached distilleries. While only a fraction of alcohol produced in the country is being used to produce E-10 addition of polymerization facilities can help in producing plastic and reduce its import bill. Way Forward Pakistan has no option but to upgrade its refineries to make them capable of producing value added products. Neighboring countries are also deficient in energy products and Pakistan can become 'energy corridor'. The objective can be achieved if country succeeds in establishing petrochemical complex based on state of the art technology. Buying obsolete technology may require less capital but would also produce low value added products. The choice is ours.
Nigeria pointing fingers at Cheney N
igeria's anti-corruption agency filed charges against former US vice president Dick Cheney and the head of oil services giant Halliburton on Tuesday over an alleged scheme to bribe Nigerian officials. The Economic and Financial Crimes Commission (EFCC) said it had filed 16-count charges at a federal high court in Abuja against Cheney, Halliburton Chief Executive David Lesar and two other executives, in a case dating back to the mid-1990s. It also filed charges against Halliburton as a company, which was headed by Cheney during the 1990s, and four associated businesses. Cheney was US vice president from 2001 to 2009. "Charges have been filed against Dick Cheney and eight others (individual and entities)," EFCC spokesman Femi Babafemi said. Houston-based engineering firm KBR, a former Halliburton unit, pleaded guilty last year to US charges that it paid $180 million in bribes between 1994 and 2004 to Nigerian officials to secure $6 billion in contracts for the Bonny Island liquefied natural gas (LNG) project in the Niger Delta. KBR and Halliburton reached a $579 million settlement in the United States. But Nigeria,
France and Switzerland have conducted their own investigations into the case. Halliburton, which sold KBR in 2007, said it had not seen the charges but repeated that its current operations in Nigeria, raided by the EFCC last month are not involved. "It is still
“
accused of conspiring to make a $132 million payment "for the purpose of the gratification of public officials." In a statement, KBR said Utt had only joined the firm in February 2006, after the alleged offences took place, and that the rest of its executive team was appointed thereafter.
Some analysts have suggested the sudden revival of interest in the Halliburton case is linked to Nigerian politics as the country is scheduled to hold presidential election in April
our position that Halliburton was not involved in the project to which this bribery investigation relates and there is no legal basis for charges against Halliburton in relation to that project," spokeswoman Tara Mullee said. Those charged in Nigeria include KBR Chief Executive Officer William Utt and former KBR CEO Albert "Jack" Stanley, who worked under Cheney when he headed Halliburton and pleaded guilty in 2008 to US charges related to the case. Reading from the charge sheet, Babafemi said the executives were
"The actions of the Nigerian government suggest that its officials are wildly and wrongly asserting blame in this matter," KBR said, adding it would "vigorously defend itself." POLITICAL MOTIVATION Halliburton said last year it had "reason to believe" payments may have been made to Nigerian officials by agents of its TSKJ consortium, which built the Bonny Island facility. As well as KBR, the TSKJ consortium included France's Technip SA, Italy's Snamprogetti, a unit of Italian oilfield services company Saipem, whose parent company is Eni and
Japan's JGC Corp. Among the entities named in the Nigerian charge sheet alongside Halliburton and KBR are Halliburton's Nigerian unit, the TSKJ consortium and TSKJ Nigeria, Babafemi said. "I don't imagine someone would pull out a sell recommendation on Halliburton over this, especially since this goes back a number of years," said Mike Breard, energy analyst at Hodges Capital Management in Dallas, Texas. "It's a huge company and it's not going to have that much impact on them if they have to pay some kind of court costs or a fine," he told Reuters. Some analysts have suggested the sudden revival of interest in the Halliburton case is linked to Nigerian politics as the country is scheduled to hold presidential election in April. Incumbent Goodluck Jonathan faces a challenge for the ruling party nomination from former vice president Atiku Abubakar, who was in office between 1999 and 2007. Abubakar's opponents have in the past tried to link him to the case, allegations he has dismissed as a smear campaign. He was quoted in September as saying there was no evidence against him and that nobody in the United States or elsewhere had sought to question him on the matter.-Reuters
US fiscal health worse than Europe’s T
he US dollar will be a safe investment for the next six to twelve months because global markets are focused on the euro zone's troubles but the US's fiscal health is worse than Europe's, an adviser to the Chinese central bank said on Wednesday. Li Daokui, an academic member of the central bank's monetary policy committee, said that US bond prices and the dollar would fall when the European economic situation stabilized. "For now, market attention is still on Europe and for the coming 6-12 months, it will not shift to the United States," Li said, when asked about US President Barack Obama's plan to extend tax cuts for all Americans. "But we should be clear in our minds that the fiscal situation in the United States is
much worse than in Europe. In one or two years, when the European debt situation stabilizes, attention of financial markets will definitely shift to the United States. At that time,
China has a big stake in the performance of dollar assets. The country holds the world's biggest stock pile of foreign exchange reserves at $2.64 trillion and an estimated two-
Li was speaking on the sidelines of a financial forum in Beijing. He sits on the monetary policy committee of the central bank but does not have real influence on key decisions on interest rates and the yuan. China's annual economic growth will exceed 9.5 per cent in 2011 and will remain above 9 percent through the coming decade, Li told the forum. China's long-term growth outlook would be underpinned by the need to continue investing in infrastructure, he said. "China has a vast domestic demand that is untapped, and
Li predicted global commodities prices, including oil, would rise sharply next year. Speculation about an interest rate rise in the coming days has intensified after an official newspaper flagged the chances of an imminent move amid expectations of rising inflation in November. US Treasury bonds and the dollar will experience considerable declines."
thirds of that is invested in dollar assets, including US Treasuries.
that's the fundamental difference between China now and Japan in 1985," Li told a forum. I addition, China would have to spend a lot on "low carbon" industries, lending more support for the economy, he said. Li predicted global commodities prices, including oil, would rise sharply next year. Speculation about an interest rate rise in the coming days has intensified after an official newspaper flagged the chances of an imminent move amid expectations of rising inflation in November. Asked whether the central bank should raise interest rates, Li said it should take steps to protect depositors. Concerns about hot money inflows would be a factor when the central bank starts considering whether to raise interest rates, he added.Reuters
5
Thursday, December 9, 2010
South East Asian stocks
European shares hit 26-month closing high
Indonesia hits record close, but others mixed
KSE-100 Index Opening Closing Change % Change Turnover (mn)
100-Index stands tall on 29-mth top
11,431.01 11,629.93 198.92 1.74 195.65
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,595.99 3,665.74 69.75 1.94 13.09
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,906.50 2,964.98 58.48 2.01 0.48
Nawaz Ali
Major Gainers
Symbol
Close
Change
NESTLE 2,278.50 RMPL 2,017.40 COLG 899.57 POL 289.81 IDYM 291.97
108.50 67.40 14.57 13.80 13.34
Major Losers
Symbol
Close
Change
ULEVER 4,070.87 BATA 619.90 PSEL 161.01 SRVI 240.67 EXIDE 181.06
-28.81 -14.1 -8.34 -5.47 -4.78
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NBP DSFL DCL NML
13.16 71.43 3.01 2.76 61.90
34.29 14.33 13.51 9.91 8.12
Active Issues Plus Minus Unchanged
238 141 30
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459
INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Octy 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
5,481 5,172 1,514 1,340
DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
186 70 0 18
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)
4,729,932 3,011,868 1,897,426 7.57%
OIL MARKETING CO (000 tons) MS (Jul 10 to Oct 10) MS (Oct 10) Kerosene (Jul 10 to Oct 10) Kerosene (Oct 10) JP (Jul 10 to Oct 10) JP (Oct 10) HSD (Jul 10 to Oct 10) HSD (Oct 10) LDO (Jul 10 to Oct 10)) LDO (Oct 10) Fuel Oil (Jul 10 to Oct 10) Fuel Oil (Oct 10) Others (Jul 10 to Oct 10) Others (Oct 10)
PRICES (Ex-Refinery) MS (1 Nov 10) MS (1 Oct 10) MS % Chg Kerosene (1 Nov 10) Kerosene (1 Oct 10) Kerosene % Chg JP-1 (1 Nov 10) JP-1 (1 Oct 10) JP-1 % Chg HSD (1 Nov 10) HSD (1 Oct 10) HSD % Chg LDO (1 Nov 10) LDO (1 Oct 10) LDO % Chg Fuel Oil (1 Nov 10) Fuel Oil (1 Oct 10)
NEW YORK: (L-R) Actors Matthew Gumley, Sebastian Arcelus, Beth Leavel and Amy Spanger ring the final bell at the New York Stock Exchange at the 87th Annual NYSE Christmas Tree Lighting & Closing Bell at New York Stock Exchange here.-Reuters
HK, China stumble as bond selloff hits mkts HONG KONG/SHANGHAI: China and Hong Kong markets retreated on Wednesday as a drop in commodity prices hit resources plays and a selloff in US Treasuries hurt risky assets in Asian markets. But declines came on relatively light volumes which according to some market players suggested investors were taking risk off the table rather than turning overly bearish on the market. Hong Kong's benchmark Hang Seng Index fell 1.4 per cent to 23,092.5, erasing all of Tuesday's gains,
Weak miners undermine British FTSE LONDON: Weakness in heavyweight miners dragged Britain's leading share index lower on Wednesday, although firmer banks, energy issues and some takeover speculation helped limit the falls. At the close, the FTSE 100 was down 13.92 points or 0.2 per cent at 5,794.53, having hit a three-week high on Tuesday. "It has been a choppy trading session today with a lack of significant economic data giving the market very few ... drivers," said Giles Watts, head of equities at City Index. "As a result, traders have been largely going through the motions with the markets drifting sideways." See # 17 Page 11
US stocks mid-morning 744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1
Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276
Wall St tad changed as USD, bonds up pressure NEW YORK: US stocks were little changed on Wednesday, weighed by gains in the dollar and higher bond yields, but analysts said they expect the market to regroup before attempting a rally into yearend. Benchmark yields hovered at their highest in six months, while the dollar index gained 0.4 per cent as the deal to extend tax cuts intensified worries about inflation and the costs of the government's debt burden. Higher bond yields make it more expensive for consumers and businesses to borrow, while stocks and the dollar have See # 18 Page 11
with energy and materials the biggest underperformers. US bond yields surged on Wednesday as the selloff in Treasuries continued for a second day and was seen adding uncertainty heading into year-end. "That's definitely affecting other markets," said Tom Kaan, a director at Louis Capital Markets in Hong Kong. "But looking at the volumes today I'd say it's an early Christmas. There's no real reason for people to add risk at the moment," said Kaan. A pull back in oil prices from
a 26-month high above $90 per barrel arrested a five-day rally for CNOOC Ltd , which fell 2.4 per cent. PetroChina Co slipped 2.7 per cent. Heavyweight mainland banks remained under pressure in Hong Kong as well as in Shanghai markets amid speculation that Beijing could raise interest rates this weekend. China's key stock index closed down 1 per cent as speculation about a possible interest rate rise kept investors largely on the sidelines. See # 14 Page 11
BSE falls; banks slip, oil cos gain MUMBAI: The BSE Sensex fell 1.2 per cent on Wednesday to its lowest close this month as high crude oil prices sparked concerns of a possible increase in domestic auto fuel prices that could stoke inflation. Banking shares weighed down sentiment further, falling for the third successive day on worries that rising lending rates in the sector would affect demand for loans, even as a sharp increase in deposit rates is likely to squeeze margins. The main 30-share BSE index shed 238.16 points to end at 19,696.48, its lowest closing in December. It had fallen as much as 1.6 per cent in intraday trade. Twenty seven of its components closed in the negative. "Markets will run into roadblocks at every rise. There is
oversupply, people are yet to take profits off the table," said Deepak Jasani, head of retail research at HDFC Securities. "If there is uncertainty, the decline should accentuate in the next few weeks," he added. Investor sentiment took a beating on speculation of an increase in petrol and diesel prices, after crude prices touched a 26-month high of over $90 a barrel on Tuesday. Earlier in the day, an Economic Times report pegged the likely increase at 2 rupees per litre. Oil Secretary S. Sundareshan told reporters India will soon take a decision on raising diesel prices, in an effort to lower the government's subsidy bill and boost the financial health of oil marketing firms. See # 15 Page 11
Nikkei hits 7-month high on weaker yen TOKYO: Japan's Nikkei ended 0.9 per cent higher on Wednesday after hitting its highest intraday level in almost seven months, as a proposed extension in US tax cuts boosted the dollar against the yen and lifted exporters' shares. The US currency rose to its highest against the yen in nearly three months on Tuesday after US President Barack Obama's proposed extension triggered higher Treasury yields. Foreign fund operators were keen on investing in lagging Tokyo equities but the benchmark Nikkei's advance was limited ahead of the settlement of futures and options prices on Friday, analysts said. "The dollar/yen rate now stands at well over 83 yen, and
that's pretty much the biggest positive factor supporting stocks today," said Kenichi Hirano, operating officer at Tachibana Securities. The benchmark Nikkei rose 91.23 points to close at 10,232.33. At one point in the morning, the index rose as high as 10,258.90, its highest since May 18. The broader Topix index gained 0.9 per cent to 887.39. "Unless the Nikkei comfortably stays above 10,250 for a while, the index will probably see resistance around the current (10,200) level," said Yutaka Yoshino, chief technical analyst at Nikko Cordial Securities. "If it stays above 10,250, the next target will be around 10,380." See # 16 Page 11
Rashid Zahir elected as ISE Board Chairman ISLAMABAD: Muhammad Rashid Zahir has been elected Chairman of the Board of Directors of the Islamabad Stock Exchange (ISE) unanimously for the year 2010-11, a handout issued here on Tuesday said. The new Board of Directors in its first meeting unanimously elected Rashid Zahir as the Chairman of the Board of the ISE. Zahir has extensive experience of banking and finance. Presently he is the Chief Executive of Saudi Pak Industrial and Agricultural Investment Company. He is also Chairman of the Boards of Saudi Pak Leasing, Saudi Pak Insurance and Saudi Pak Real Estate. In addition, he is representing on the board of certain other companies.
KARACHI: Spurred by rising international oil prices and hopes of healthy corporate earnings foreign/local bulls Wednesday earned Karachi Stock Exchange (KSE) more than 1.7 per cent catapulting it above 11,600 points -- 29-month high. The benchmark KSE 100Index closed 198 points up at a level of 11,629 points -its highest closing since July 2008. KSE 30-Index jumped by 187 points -1.7 per cent-- to close at 11,243 points and KSE All Share Index jumped by 133 points -1.69 per cent- to close at 8,081 points. According to Ahsan Mehanti, Director Arif Habib Investments, bullish activity was led by strong foreign buying in oil, banking & fertilisers scrips. According to NCCPL data foreign investors did a netbuying of $4.31 million on Wednesday which translates into a cumulative a-net buying of $32.95 million --to date-- in the month of December. Ahsan added that rising global commodities prices and PTA margins too played a catalytic role in the positive activity. The opening bell was wake-up call for bulls as market opened 12 point up. Thereabouts gains then kept piling up owing to continued buying by the foreign
investors in key oil and banking stocks. Moreover hopes of good corporate results and rising international oil prices too added fuel to the buying fire. Therefore index during the last half-anhour touched an intra-day high of 11,633 points (+ve 202 points) and ended close by. Oil and banking stocks were the leading performers, where Pakistan oilfields increased by Rs13.80 --5 per cent-- closing at Rs289.81 and Pakistan Petroleum grew by Rs6.50 - 3.21 per cent-- closing at Rs208.95 while National Bank closed up by Rs2.71 --3.94 per cent-- at Rs71.43 and MCB Bank gained Rs4.72 --2.17 per cent-- to close at Rs221.90. Investor participation remained impressive throughout the day as 195.6 million shares traded in the overall market which is 77.4 million shares more as compared to a turnover of 118.2 million shares a day earlier. Lotte Pakistan stood as the volume leader with 34.29 million shares mainly due to improving international primary margins. Other top traded stocks include National Bank with 14.33 million shares and Dewan Salman with 13.51 million shares. Out of total 409 active issues 238 advanced and 141 declined while 30 issues remained unchanged.
Dhiyan
LEAVE NO PROFITS UNBOOKED Sajid Bhanji, VP Capital Markets Arif Habib Limited Bullish rally is likely to sustain drawing strength from continued foreign buying, hopes of good corporate results, and positive development on Margin Trading System (MTS). Therefore we might see new highs above 12,000 points in the coming days. However any negative law & order development and political uncertainty could invite some correction. Invest in oil stocks and in those banking scrips which are expected to announce good results. Cement stocks are also investable. There might be some profit-taking at higher levels today --it would be an opportunity for those investors who missed the recent rally.
Faran Rizvi, Technical Analyst Invisor Securities Continued foreign buying is supporting the market these days therefore we can see some more positive activities down the line. However, there might be some profit-taking at the resistance level of 11,745 points. Investors, therefore, must book profits. Market would be mixed today and adopting a 'sell on strength' stance would be advisable.
6
Thursday, December 9, 2010
Market Volume
195,652,832
Value
8,136,421,681
Trades
85,173
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
238 141 30 409
All Share Index
11,629.93 11,634.34 11,431.01 h198.92
Current High Low Change
KSE 30 Index
8,081.33 8,083.17 7,947.34 h133.99
Current High Low Change
KMI 30 Index Current High Low Change
11,243.73 11,262.14 11,056.00 h187.73
18,373.81 18,384.30 18,102.49 h271.32
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,480.02 Turnover 14,522,350 P/E (x) 11.00 Company
KSE 100 Index
Symbols
PE
High Low 1,521.69 1,479.79 Total cos Defaulter cos P/BV (x) ROE (%) 3.58 32.54
Open
High
Low
691 5.66 324.34 853 6.59 117.96 3921 - 11.77 735 16.31 119.58 800 3.91 262.25 Oil & Gas DevelopmentSPOT 43009 11.47 167.02 Pak Petroleum 11950 8.50 202.45 Pak Oilfields 2365 6.84 276.01 Pak Refinery Limited 350 - 101.94 PSO 1715 4.85 285.13 Shell Gas LPG 226 - 36.50 Shell Pakistan 685 10.23 198.31
327.90 120.50 11.90 122.00 266.23 170.99 209.84 289.81 106.34 288.74 37.00 200.99
324.50 117.02 11.63 120.10 260.00 166.90 202.65 276.50 102.01 285.55 35.80 198.02
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 326.78 117.59 11.68 120.38 264.06 169.59 208.95 289.81 102.39 286.74 36.06 199.58
2.44 -0.37 -0.09 0.80 1.81 2.57 6.50 13.80 0.45 1.61 -0.44 1.27
Close Change 1,511.75 31.73 Listed cap Market cap 65,194.15 mn 1,182,049.22 mn Payout (%) Div Yield (%) 55.94 5.09 Last 60 days High Low
Volume 413269 2818403 942935 77646 181967 987911 2792746 5976235 102341 1109544 2048 60240
374.20 137.20 12.49 128.90 275.40 170.99 214.10 289.81 106.34 292.15 40.28 204.40
2009 Div BR (%) (%)
287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 222.25 180 49.90 246.00 50 28.05 182.05 330 -
% Change 2.14 5-Day High 1,511.75 5-Day Low 1,475.03 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 744.01 Turnover 1,091,322 P/E (x) 5.60 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 773.32 739.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
Close 759.54 Listed cap 3,242.17 mn Payout (%) 11.08
Change 15.54 Market cap 12,977.73 mn Div Yield (%) 1.98
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.55 36.92
73.00 34.99
76.65 35.00
73.00 33.90
75.47 2.47 33.97 -1.02
1066940 24382
77.77 41.00
60.05 33.06
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 Bawany Air 68 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules XD 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. Ltd XD 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 6785 Fauji Fert. Bin QasimSPOT 9341 Gatron Ind 384 Ghani Gases Ltd 725 ICI Pakistan 1388 Leiner Gelatine 75 Lotte Pakistan 15142 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 Wah-Noble 90
8.45 71.08 11.63 5.96 7.19 10.29 8.26 6.83 2.20 9.05 7.76 4.70 10.12 14.63 6.77
23.00 8.80 84.00 156.57 172.76 2.68 8.08 2.63 10.70 185.75 14.19 9.65 114.16 35.75 41.00 11.61 136.58 18.91 12.63 1.54 21.10 2.40 124.98 13.46 35.86
24.15 9.72 85.00 158.50 174.70 2.82 8.22 3.05 10.85 189.59 14.45 10.21 115.14 36.49 42.40 12.10 138.35 19.90 13.25 1.59 20.05 2.40 125.00 13.68 36.69
23.25 8.01 83.50 156.00 173.00 2.62 8.00 2.72 10.20 185.20 14.06 9.75 113.84 35.72 39.00 11.65 137.00 17.91 12.70 1.51 20.05 2.30 121.00 13.40 35.00
Company
Close Chg 23.32 8.53 84.70 156.00 173.50 2.73 8.16 3.01 10.85 187.30 14.13 10.11 114.00 36.20 41.01 11.94 137.69 17.91 13.16 1.54 20.05 2.30 123.48 13.46 35.18
0.32 -0.27 0.70 -0.57 0.74 0.05 0.08 0.38 0.15 1.55 -0.06 0.46 -0.16 0.45 0.01 0.33 1.11 -1.00 0.53 0.00 -1.05 -0.10 -1.50 0.00 -0.68
Close 1,302.99 Listed cap 52,251.88 mn Payout (%) 48.81
Change 7.65 Market cap 289,170.92 mn Div Yield (%) 6.00
Last 60 days High Low
Volume 89245 504 1217 7557 9050 42006 356043 13508754 105 2237797 376736 5000963 1424361 3827865 1388 116520 100380 329 34285623 210188 340 203 2186 121957 5920
25.38 13.99 87.99 164.89 185.00 2.90 8.48 3.05 13.79 189.59 15.20 11.74 115.35 36.49 46.59 13.85 139.99 24.00 13.25 1.72 22.29 3.40 139.40 14.69 46.25
2009 Div BR (%) (%)
% Change 0.59 5-Day High 1,302.99 5-Day Low 1,291.30 2010 Div BR (%) (%)
20.26 7.73 5 66.90 90 15 149.72 125 163.51 40 10B 40 1.78 3.20 1.28 9.15 15 15 169.85 6010B 40R 40 11.61 - 27.5R 9.21 103.21 131.5 10B 95 26.59 40 - 17.5 38.00 20 7.76 116.00 80 55 6.20 12 7.96 5 1.16 18.40 10 1.80 101.00 75 25 7.67 32.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,151.78 Turnover 17,459 P/E (x) 5.86 Company
Paid up Cap(mn)
Century Paper Pak Paper Product Security Paper
707 50 411
PE 8.75 6.74
Open 16.64 45.81 43.25
High 16.40 46.97 44.00
High Low 1,158.78 1,142.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47 Low 16.20 45.00 43.45
Close Chg 16.40 -0.24 45.50 -0.31 43.68 0.43
Close 1,151.51 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume 4061 6393 7005
Change -0.26 Market cap 3,191.89 mn Div Yield (%) 4.31
21.80 62.85 44.92
15.28 38.61 38.00
% Change -0.02 5-Day High 1,151.78 5-Day Low 1,094.37
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,168.08 Turnover 1,428,286 P/E (x) 4.27 Paid up Cap(mn)
PE
High Low 1,189.69 1,153.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35
Open
High
Low
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
144 5.49 71.40 101 4.80 159.00 247 14.29 15.00 626 7.96 109.00 890 1.59 56 4.28 185.84 598 19.05 21.95 450 3.30 4.89 1428 - 11.50 786 5.97 258.56 823 11.46 72.25 150 3.64 19.60 117 1.82
72.75 161.49 16.00 110.00 1.88 193.00 22.59 4.95 11.90 263.00 73.35 19.99 1.82
70.26 159.00 16.00 107.00 1.71 177.00 22.04 4.75 11.27 255.10 71.50 19.20 1.82
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Metro Steel Siddiqsons Tin
PE
Open
High
Low
565 3.90 675 555 9.21 1199 10.58 310 785 10.74
25.00 2.98 14.50 50.93 7.50 8.99
25.49 3.29 15.00 51.50 7.00 9.45
24.01 2.95 14.30 50.52 6.50 8.72
Close Chg 24.99 3.10 14.74 50.80 6.50 9.45
-0.01 0.12 0.24 -0.13 -1.00 0.46
Close 980.16 Listed cap 3,596.11 mn Payout (%) 30.91
Change 4.56 Market cap 9,491.32 mn Div Yield (%) 9.69
Last 60 days High Low
Volume 83405 105013 15362 30310 505 5700
25.98 3.39 16.75 54.00 10.45 10.80
23.75 1.65 12.25 44.00 6.11 8.00
2009 Div BR (%) (%) 10
30B -
% Change 0.47 5-Day High 980.16 5-Day Low 967.95
Open 1,591.04 Turnover 423,565 P/E (x) 34.65 Company
Paid up Cap(mn)
Adam Sugar AL-Noor Sugar Bawany Sugar Chashma Sugar Clover Pakistan Colony Sugar Mills Crescent Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Ismail Ind J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Nestle Pakistan Noon Sugar Pangrio Sugar Premier Sugar Punjab Oil XD Quice Food Rafhan Maize Shahmurad Sugar Shakarganj Mills Thal Industries
58 186 87 287 94 990 214 365 217 600 200 505 490 143 70 141 414 453 165 109 38 38 107 92 211 695 150
Close Chg
PE
Close 1,178.41 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 10.33 Market cap 42,651.72 mn Div Yield (%) 4.78
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gammon Pak Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Shabbir Tiles
High Low 1,044.54 1,008.99 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10
PE
Open
High
Low
1828 866 6.68 858 182 956 26.14 982 15.38 948 3574 3651 132.79 6933 15.12 502 3.67 1760 77 283 2319 32 1288 13126 3234 6.82 5261 1.39 2228 361 -
3.25 62.74 1.50 18.70 11.54 1.75 2.60 1.99 30.79 4.90 7.01 1.75 2.00 1.99 7.90 0.69 7.10 3.17 76.14 2.90 7.12 8.25
3.46 63.50 2.50 19.50 11.90 2.49 2.60 2.85 32.10 5.02 7.40 1.95 2.78 1.70 8.70 0.70 7.20 3.50 76.75 3.04 7.25 8.90
3.25 63.00 1.73 18.90 11.42 1.79 2.45 2.21 30.85 4.90 7.00 1.78 1.41 1.50 7.56 0.61 7.07 3.15 75.25 2.85 7.07 8.05
Close 1,033.23 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
3.43 63.46 2.07 18.90 11.50 2.00 2.48 2.76 31.87 4.99 7.04 1.91 2.00 1.68 7.92 0.69 7.18 3.43 75.86 2.99 7.15 8.64
53941 94181 85526 7193 12599 673827 2000 9913660 8004208 833470 10000 3616628 202 6016 2522 1314 40527 7296591 1537222 482290 124205 5513
4.00 69.86 2.50 20.45 12.75 2.49 3.19 2.85 32.10 5.50 8.20 2.20 5.00 2.90 8.70 1.39 8.70 3.65 79.98 3.40 8.58 11.00
0.18 0.72 0.57 0.20 -0.04 0.25 -0.12 0.77 1.08 0.09 0.03 0.16 0.00 -0.31 0.02 0.00 0.08 0.26 -0.28 0.09 0.03 0.39
2.80 57.60 1.01 14.01 9.51 1.30 1.09 1.30 23.40 4.52 4.25 1.70 1.18 0.98 2.11 0.25 5.50 2.71 67.70 2.51 6.56 6.30
2009 Div BR (%) (%) 50 40 -
20B 20R 10B -
% Change 1.96 5-Day High 1,033.23 5-Day Low 1,012.57 2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 960.50 Turnover 159,361 P/E (x) 2.73 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films
PE
Open
High
Low
Close Chg
115 2.89 80.85 83.23 81.00 81.29 230 2.34 2.45 2.20 2.27 1067 4.55 49.25 51.45 49.40 49.48 47 53.15 20.25 21.26 20.00 21.26 844 54.13 106.20 106.00 104.00 105.55 82 10.73 1295.00 1319.50 1300.00 1300.29 300 8.22 112.50 113.70 112.20 112.67
Volume 89107 25142 4001 5464 24903 407 10337
Change 0.81 Market cap 36,069.96 mn Div Yield (%) 5.70
Last 60 days High Low 83.23 34.00 3.13 1.70 61.99 45.75 21.26 11.81 111.88 98.00 1381.00 1068.75 115.00 96.01
2009 Div BR (%) (%) 30 32.5 900 100
10B -
% Change 0.08 5-Day High 967.66 5-Day Low 955.45 2010 Div BR (%) (%) 20 25 900 -
25B 10B -
64.99 131.00 15.00 92.50 1.20 126.67 21.00 4.03 9.65 215.99 69.25 17.92 1.53
High
High Low 1,619.68 1,569.75 Total cos Defaulter cos P/BV (x) ROE (%) 10.50 30.30 Low
Close Chg
Close 1,603.56 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Last 60 days High Low
212 16.90 11.00 9213 52.00 39.25 58876 3.49 0.85 3002 15.47 8.50 900 75.00 33.50 190 4.00 2.54 5000 6.65 5.00 144023 3.34 1.11 464 21.50 16.01 89993 36.00 26.30 1308 16.98 11.90 129 77.70 67.38 5908 89.89 63.00 28628 68.49 48.50 3072 67.00 53.64 19513 6.60 4.20 530 57.00 39.01 3322 2278.50 1785.00 500 14.84 10.60 21255 6.50 4.00 1331 53.81 32.50 1000 43.19 34.00 4000 3.40 1.60 168 2095.00 1229.00 7432 13.50 8.31 12601 7.88 3.21 501 81.02 61.00
Company
Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,092.45 1,070.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64
Close 1,084.41 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1174 3.43 341 21.91 231 2.12
13.54 19.46 16.69
13.75 20.45 17.69
13.47 19.00 16.50
13.60 0.06 19.50 0.04 17.69 1.00
123662 602 76686
Last 60 days High Low 15.43 23.50 18.80
12.82 16.51 14.60
PE
Open
66 1.01 15.15 215 5.22 218.00 104 - 44.08 214 0.67 213 10.49 11.50 132 8.38 69.90 366 6.50 495.79
High
Low
Close Chg
Volume
15.90 15.19 15.65 0.50 218.99 217.95 217.99 -0.01 44.50 43.00 44.18 0.10 0.85 0.66 0.74 0.07 11.80 11.31 11.33 -0.17 70.50 70.00 70.01 0.11 503.50 495.31 496.72 0.93
1700 251 191 28479 21765 1001 151255
Change 1.82 Market cap 32,587.67 mn Div Yield (%) 15.76
Last 60 days High Low 21.72 227.45 51.99 1.00 18.80 88.00 597.90
14.12 200.00 40.50 0.21 10.55 68.81 390.00
2010 Div BR (%) (%)
20 400 35 450
150 25 650
20B 25B
10B 25B
20B 20B -
% Change 0.79 5-Day High 1,603.56 5-Day Low 1,587.52
Total Assets (Rs in mn)
3,964.84
1.71
Total Equity (Rs in mn)
554.84
MA (100-day)
1.72
Revenue (Rs in mn)
MA (200-day)
1.92
Interest Expense
7.78
1st Support
1.71
Profit after Taxation
6.71
2nd Support
1.40
EPS 09 (Rs)
1st Resistance
2.41
Book value / share (Rs)
2nd Resistance
2.80
PE 10 E (x)
5.00
Pivot
2.10
PBV (x)
0.35
30.03
0.068 5.65
DBCI closed up 0.25 at 2.00. Volume was 2,694 per cent above average (trending) and Bollinger Bands were 25 per cent wider than normal. The company's profit after taxation stood at Rs78.147 million which translates into an Earning Per Share of Rs0.10 for the 1st quarter of current fiscal year (1QFY11). DBCI is currently 3.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DBCI (bullish). Trend forecasting oscillators are currently bullish on DBCI.
Flying Cement Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
2009 Div BR (%) (%)
2010 Div BR (%) (%)
RSI (14-day)
54.90
Total Assets (Rs in mn)
5,548.30
MA (10-day)
1.81
Total Equity (Rs in mn)
1,598.52
MA (100-day)
1.96
Revenue (Rs in mn)
10 40 17.5 35 40 15 40 35 25 600 50 30 15 900 15 20
15 40 17.5 110R 0 12.5R 35 20B 15 20B 12 450 15 28R 600 -
MA (200-day)
2.27
Interest Expense
1st Support
1.85
Loss after Taxation
2nd Support
1.73
EPS 10 (Rs)
1st Resistance
2.02
Book value / share (Rs)
2nd Resistance
2.07
PE 11 E (x)
Pivot
1.90
PBV (x)
25B 30B 10B 25B 10B 25B -
80.62 28.12 (172.17) (0.978) 9.08 0.21
FLYNG closed up 0.16 at 1.91. Volume was 4,204 per cent above average (trending) and Bollinger Bands were 15 per cent narrower than normal. The company's loss after taxation stood at Rs28.864 million which translates into a Loss Per Share of Rs0.16 for the 1st quarter of current fiscal year (1QFY11). FLYNG is currently 15.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FLYNG (bullish). Trend forecasting oscillators are currently bearish on FLYNG.
ICC Textiles Limited
2009 Div BR (%) (%) -
10B 10B -
% Change 0.71 5-Day High 1,084.41 5-Day Low 1,076.79 2010 Div BR (%) (%) 17.5
10B -
Performance of SR Personal Goods Index Open 973.64 Turnover 12,915,906 P/E (x) 6.87 Paid up Cap(mn)
AL-Qadir Textile XD Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Bilal Fibres Brothers Textile Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Dewan Textile Din Textile Faisal Spinning Fazal Cloth Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing Island Textile J K Spinning Khalid Siraj Kohinoor Ind Kohinoor Spinning Masood Textile Mian Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Sana Ind Saritow Spinning Service Ind Shahpur Textile Shield Corp Sunrays Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd Zil Limited
76 2415 840 133 4493 76 76 141 98 400 1150 316 2442 238 600 514 57 34 135 204 100 188 234 192 635 146 222 716 3105 100 99 180 181 5 184 107 303 1300 600 221 189 145 1596 3516 560 250 308 341 264 33 88 55 133 120 140 39 69 180 173 307 418 215 400 594 53
High Low 992.48 963.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64
Close 976.23 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
10.34 5.90 0.35 0.47 5.14 0.35 0.61 33.77 4.09 47.06 0.24 0.17 0.57 0.81 1.06 0.56 3.65 1.27 0.90 0.80 3.16 0.49 3.53 2.61 0.14 1.30 0.36 1.94 1.84 5.31 2.52 0.62 4.45 0.38 0.27 0.21 3.25 0.38 8.24 0.61 11.09 0.58 0.77 0.33 4.55 8.98 0.49 5.00 3.39
5.05 4.59 20.73 2.40 10.67 12.74 634.00 1.35 0.69 1.24 3.35 885.00 2.49 0.80 1.95 38.10 2.35 4.51 4.80 26.49 34.20 53.97 50.50 62.00 25.00 6.54 7.03 4.21 38.83 1.60 5.20 2.96 278.63 144.01 7.66 0.69 1.50 1.24 18.55 0.55 1.10 0.40 22.25 62.19 6.97 1.64 8.61 36.29 4.98 57.49 4.19 40.76 2.31 246.14 0.45 88.57 36.00 34.12 34.00 103.74 54.70 1.00 1.32 3.99 52.03
5.50 4.64 21.39 2.85 10.84 13.48 665.69 1.30 0.60 1.60 3.27 910.00 2.64 0.99 1.97 40.00 3.15 5.51 5.80 27.50 35.70 56.66 51.00 63.50 26.25 6.68 7.49 4.35 40.77 2.60 5.85 3.25 292.56 151.21 8.66 0.74 1.64 1.00 18.40 0.55 1.20 0.45 22.60 62.78 7.49 1.66 9.09 35.40 5.20 60.36 4.24 42.79 2.69 253.90 0.44 92.99 37.50 34.10 33.80 107.99 56.99 1.00 1.60 4.20 50.66
5.50 4.53 21.00 2.55 10.51 13.20 617.00 1.30 0.59 1.13 3.14 865.02 2.37 0.68 1.82 37.60 3.15 4.55 5.78 25.51 32.75 56.00 50.00 61.05 25.00 5.57 7.00 4.17 38.00 1.50 4.62 2.91 274.99 151.21 6.80 0.61 1.42 1.00 18.40 0.55 1.10 0.35 22.00 61.56 7.00 1.56 8.55 35.40 4.35 54.62 4.05 40.99 2.30 236.10 0.44 84.15 37.38 34.10 32.30 103.15 54.50 0.65 1.31 3.80 50.66
5.50 0.45 4.55 -0.04 21.25 0.52 2.55 0.15 10.68 0.01 13.36 0.62 619.90-14.10 1.30 -0.05 0.59 -0.10 1.39 0.15 3.14 -0.21 899.57 14.57 2.62 0.13 0.78 -0.02 1.91 -0.04 40.00 1.90 3.15 0.80 5.48 0.97 5.78 0.98 26.50 0.01 32.75 -1.45 56.66 2.69 50.95 0.45 61.10 -0.90 25.40 0.40 6.68 0.14 7.39 0.36 4.24 0.03 40.23 1.40 2.09 0.49 5.79 0.59 3.25 0.29 291.97 13.34 151.21 7.20 8.55 0.89 0.61 -0.08 1.47 -0.03 1.00 -0.24 18.40 -0.15 0.55 0.00 1.10 0.00 0.36 -0.04 22.12 -0.13 61.90 -0.29 7.45 0.48 1.60 -0.04 8.82 0.21 35.40 -0.89 4.70 -0.28 60.36 2.87 4.15 -0.04 42.76 2.00 2.33 0.02 240.67 -5.47 0.44 -0.01 90.06 1.49 37.50 1.50 34.10 -0.02 33.80 -0.20 106.43 2.69 56.37 1.67 1.00 0.00 1.40 0.08 3.80 -0.19 50.66 -1.37
2037 199522 3250 103 2476509 3949 3739 474 500 181 3004 1379 9967 1853 8643 18124 500 9894 550 8529 201 900 4998 1375 915 2023 341 77800 49781 108158 152041 38552 1612 1121 52205 2035 6380 10001 500 5201 127 15287 975618 8121288 10004 102179 10103 500 4998 3844 744 17002 11709 57882 6015 545 3538 1000 1041 186531 83484 408 30558 2050 200
% Change 0.12 5-Day High 1,555.48 5-Day Low 1,548.75
2009 Div BR (%) (%)
90 100 60 20 150 10 -
PERSONAL GOODS Change 2.59 Market cap 130,388.68 mn Div Yield (%) 2.43
Last 60 days High Low 7.75 18.64 24.05 3.45 12.32 14.50 747.48 2.80 1.50 2.59 3.95 930.00 3.33 1.49 2.37 44.50 3.45 6.88 7.00 30.90 36.75 56.90 52.50 73.00 26.25 8.86 10.30 4.88 40.77 2.60 5.85 5.35 292.56 151.21 9.90 1.20 1.94 2.00 22.59 0.98 1.64 0.95 25.14 63.18 7.49 2.30 12.00 37.25 6.85 60.36 6.20 42.79 2.99 276.50 1.90 95.55 37.50 37.50 35.55 112.80 60.50 1.50 2.00 4.90 55.00
2.50 4.40 18.00 1.45 9.32 8.60 436.00 0.55 0.12 0.56 3.00 628.00 2.26 0.16 1.44 36.10 0.26 1.60 3.80 20.80 24.55 41.00 34.65 58.05 19.99 5.01 5.51 3.35 34.05 0.30 2.02 2.60 209.03 75.05 4.05 0.25 1.01 0.16 18.01 0.01 0.35 0.14 15.66 43.90 5.16 1.29 8.01 31.25 2.01 20.50 3.30 27.50 1.10 169.00 0.18 43.29 30.03 29.00 15.00 86.50 37.25 0.26 0.86 1.50 33.00
PHARMA AND BIO TECH
Close 1,552.22 Listed cap 1,336.62 mn Payout (%) 131.49
40 100 20B - 100R 80 30B 50 100 5 - 20B 2 -
Change 7.63 Market cap 5,088.24 mn Div Yield (%) 2.41
Performance of SR Pharma and Bio Tech Index
High Low 1,570.04 1,548.03 Total cos Defaulter cos P/BV (x) ROE (%) 3.17 38.02
2010 Div BR (%) (%)
Change 12.51 Market cap 215,012.05 mn Div Yield (%) 0.88
INDUSTRIAL ENGINEERING
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB
0.44 -0.07 0.23 1.01 -0.65 5.29 0.17
Close 961.31 Listed cap 3,043.31 mn Payout (%) 15.55
73.00 187.90 19.88 122.51 1.88 198.07 26.70 6.09 13.40 282.45 79.50 27.58 3.25
Performance of SR Industrial Engineering Index Open 1,550.41 Turnover 202,943 P/E (x) 8.34 Company
High Low 976.35 955.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91
Open
Open 1,076.79 Turnover 200,955 P/E (x) 2.60
Company
Change 19.89 Market cap 74,729.01 mn Div Yield (%) 2.55
14038 1525 2901 1384 1304311 1220 110 21301 24811 30246 20775 2664 3000
2009 Div BR (%) (%)
63.92
MA (10-day)
HOUSEHOLD GOODS
CONSTRUCTION AND MATERIALS Open 1,013.34 Turnover 32,803,756 P/E (x) 7.45
1.02 1.82 1.00 0.80 0.26 -4.78 0.15 -0.14 0.04 2.90 -0.26 -0.09 0.00
% Change 0.88 5-Day High 1,179.26 5-Day Low 1,161.28
RSI (14-day)
Performance of SR Household Goods Index
20B -
Performance of SR Construction and Materials Index
72.42 160.82 16.00 109.80 1.85 181.06 22.10 4.75 11.54 261.46 71.99 19.51 1.82
0.89 16.02 16.75 15.72 16.74 0.72 5.24 49.25 51.70 49.99 51.52 2.27 3.00 3.25 2.51 3.20 0.20 1.04 12.76 12.90 12.90 12.90 0.14 12.00 71.96 75.00 68.95 73.47 1.51 3.40 3.90 3.36 3.85 0.45 10.00 5.25 5.30 5.30 5.30 0.05 2.90 3.34 3.00 3.22 0.32 3.43 21.13 21.50 20.15 21.25 0.12 6.93 33.86 34.50 33.50 33.60 -0.26 11.58 12.50 12.95 12.50 12.51 0.01 32.14 73.94 72.00 70.32 72.00 -1.94 2.90 85.80 89.89 84.00 86.74 0.94 3.50 62.39 62.00 59.28 59.32 -3.07 5.38 63.01 64.90 62.21 64.53 1.52 0.40 6.25 6.60 6.01 6.38 0.13 16.31 43.39 43.90 43.05 43.72 0.33 25.03 2170.00 2278.50 2115.50 2278.50 108.50 - 14.00 14.00 13.99 14.00 0.00 0.50 6.00 6.50 6.00 6.10 0.10 8.64 49.01 50.70 47.00 47.11 -1.90 3.24 41.19 43.19 39.14 43.19 2.00 2.07 2.09 2.08 2.08 0.01 3.20 1950.00 2047.00 1998.95 2017.40 67.40 18.19 12.69 13.00 12.50 12.55 -0.14 6.85 7.08 6.30 6.73 -0.12 9.74 69.85 66.36 66.36 66.36 -3.49
2010 Div BR (%) (%) 30 40 7.5
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 996.36 952.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 975.60 Turnover 240,295 P/E (x) 3.19
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,316.12 1,292.57 Total cos Defaulter cos P/BV (x) ROE (%) 2.85 35.00
30
Dadabhoy Cement Industries Limited
% Change 2.09 5-Day High 759.54 5-Day Low 727.84
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,295.33 Turnover 56,684,298 P/E (x) 8.13
2009 Div BR (%) (%)
Alert ! Unusual Movements
Open 906.88 Turnover 26,846 P/E (x) 7.16 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 100 306
High Low 918.09 906.07 Total cos Defaulter cos P/BV (x) ROE (%) 1.60 22.31
Close 909.47 Listed cap 3,904.20 mn Payout (%) 44.54
PE
Open
High
Low
Close Chg
Volume
8.75 6.42 13.54 7.15 6.21 7.23 5.53
99.29 84.00 75.14 26.41 7.70 34.00 61.25
100.00 85.00 76.00 26.70 8.30 33.50 61.98
99.65 83.75 75.00 25.80 7.70 32.40 61.50
99.87 0.58 84.98 0.98 75.28 0.14 25.80 -0.61 7.70 0.00 32.41 -1.59 61.50 0.25
3442 2564 9136 2004 5107 898 3660
20 120 115 7.5 5 15 15 20 12.5 40 35 200 10 15 20 4 40
79.00 82.20 65.00 22.60 6.81 27.50 57.89
2010 Div BR (%) (%)
10 30 20 7.5 20 5 15B 5 20 10B 50 -100SD 70 - 12.5 10B 10 10B 10 20B 10 20 10 50 20 5B 5 15 100R 50R 15 25 45R - 25SD 40 25 10 60 30B 10 50 25 20B 80 20B 10B 35 -
RSI (14-day)
65.71
Total Assets (Rs in mn)
MA (10-day)
1.20
Total Equity (Rs in mn)
(179.87)
MA (100-day)
0.84
Revenue (Rs in mn)
1,457.78 1,331.86
MA (200-day)
0.98
Interest Expense
114.72
1st Support
1.50
Loss after Taxation
(74.02)
2nd Support
0.95
EPS 09 (Rs)
(7.401)
1st Resistance
2.60
Book value / share (Rs)
(17.99)
2nd Resistance
3.15
PE 10 E (x)
Pivot
2.05
PBV (x)
(0.12)
ICCT closed up 0.49 at 2.09. Volume was 2,716 per cent above average (trending) and Bollinger Bands were 95 per cent wider than normal. The company's loss after taxation stood at Rs24.297 million which translates into a Loss Per Share of Rs2.43 for the 1st quarter of current fiscal year (1QFY11). ICCT is currently 69.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ICCT (bullish). Trend forecasting oscillators are currently bullish on ICCT.
Ideal Spinning Mills Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
74.19
Total Assets (Rs in mn)
MA (10-day)
4.10
Total Equity (Rs in mn)
MA (100-day)
3.59
Revenue (Rs in mn)
740.24 28.60 1,111.39
MA (200-day)
3.10
Interest Expense
1st Support
4.95
Loss after Taxation
(45.32)
2nd Support
4.17
EPS 09 (Rs)
(4.569)
71.79
1st Resistance
6.18
Book value / share (Rs)
2nd Resistance
6.63
PE 10 E (x)
0.49
Pivot
5.40
PBV (x)
2.01
2.88
IDSM closed up 0.59 at 5.79. Volume was 1,722 per cent above average (trending) and Bollinger Bands were 78 per cent wider than normal. The company's profit after taxation stood at Rs29.202 million which translates into an Earning Per Share of Rs2.94 for the 1st quarter of current fiscal year (1QFY11). IDSM is currently 117.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IDSM (bullish). Trend forecasting oscillators are currently bullish on IDSM. Momentum oscillator is currently indicating that IDSM is currently in an overbought condition.
BOOK CLOSURES Company
From
To
Fauji Fertiliser Bin Qasim Oil and Gas Development Co Mirpurkhas Sugar Mills Siemens Pakistan JS Investment # Asian Stocks Fund # Safeway Mutnal Fund # Maple Leaf Cement # Descon Chemicals # BOC Pakistan #
14-Dec 14-Dec 16-Dec 20-Dec 21-Dec 22-Dec 22-Dec 22-Dec 24-Dec 11-Jan
20-Dec 21-Dec 30-Dec 29-Dec 27-Dec 28-Dec 28-Dec 29-Dec 30-Dec 17-Jan
D/B/R 12.50(iii) 15(i) 15.20(B) 600 -
Spot AGM/Date 6-Dec 6-Dec 8-Dec -
30-Dec 29-Dec 27-Dec 27-Dec 27-Dec 29-Dec 30-Dec 17-Jan
INDICATIONS # Extraordinary General Meeting
Change 2.59 Market cap 30,299.98 mn Div Yield (%) 6.22
Last 60 days High Low 104.00 118.00 76.00 26.98 9.00 35.00 64.50
2009 Div BR (%) (%)
% Change 0.27 5-Day High 980.94 5-Day Low 973.64
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change 0.29 5-Day High 911.55 5-Day Low 905.79 2010 Div BR (%) (%) 20 30
20B -
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co Shakarganj Food Shezan International Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television Pak Hotels PIAC(A) AKD Capital XD Pace (Pak) Ltd Netsol Technologies Pak Telephone
Open 7.81 53.5 3.78 83.58 1.15 102.46 295.67 114 29 21.18 35.01 2.25 46.76 2.93 18.84 2.2
High 8.79 53.5 3.89 87 1.24 107.58 305 115 29.3 21 36.76 2.25 47.84 3 18.99 2.44
Low Close 7.3 51.05 3.69 79.75 1.24 100.01 296.1 114 28.5 20.2 34 2.19 45.1 2.86 18.61 1.9
8.4 51.05 3.72 83.01 1.24 103.79 304.94 115 28.6 21 36.76 2.22 45.53 2.9 18.89 1.9
Change 0.59 -2.45 -0.06 -0.57 0.09 1.33 9.27 1 -0.4 -0.18 1.75 -0.03 -1.23 -0.03 0.05 -0.3
Vol 1002 725 1743428 4827 500 1406 136 14229 501 420 150 89077 2817 541153 145020 149
7
Thursday, December 9, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,135.08 Turnover 1,641,767 P/E (x) 6.21 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
PE
78 4.93 37740 12.96 3000 0.67 8606 6175 -
Open
High Low 1,156.21 1,134.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
High
80.00 19.30 2.19 2.63 3.50
Low
79.90 19.60 2.29 2.77 3.50
76.50 19.30 2.21 2.65 3.40
Close Chg 79.90 19.44 2.25 2.67 3.49
-0.10 0.14 0.06 0.04 -0.01
Close 1,144.50 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 151 377240 277906 986470 242467
Change 9.42 Market cap 79,120.75 mn Div Yield (%) 10.07
117.99 20.12 2.69 2.98 4.50
76.50 17.77 1.80 2.31 3.35
% Change 0.83 5-Day High 1,158.93 5-Day Low 1,135.08
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Ask Gen Insurance Atlas Insurance Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
204 6.45 369 5.96 457 6.71 121 1250 400 2.98 718 16.50 791 15.89 3000 41.87 250 1.54 350 303 5.81 253 4.35 400 2.14
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
198 11572 6.66 1560 7932 1695 10.81 8803 4.87 3673 3.33 3541 25.74 191 3.56 1367 150 -
0.90 36.25 1.75 2.53 19.04 40.10 15.27 16.00 18.75 2.10 1.11
0.93 36.51 1.85 2.65 19.50 40.50 15.45 16.14 19.35 2.20 1.13
0.80 36.21 1.61 2.49 19.45 40.00 15.02 15.80 18.87 2.09 0.82
Close 1,253.67 Listed cap 95,369.29 mn Payout (%) 104.13
Change 4.71 Market cap 102,601.62 mn Div Yield (%) 7.74
% Change 0.38 5-Day High 1,253.67 5-Day Low 1,239.12
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.91 36.39 1.70 2.57 19.45 40.10 15.20 15.96 19.06 2.10 1.02
509 619371 221004 1561137 500 2037608 3137843 3153914 4817 797046 2701
1.45 37.00 2.25 2.66 26.50 42.95 15.80 16.70 23.49 2.90 1.75
33.5 45 64.5 20 3
0.01 0.14 -0.05 0.04 0.41 0.00 -0.07 -0.04 0.31 0.00 -0.09
0.51 32.75 1.20 1.94 17.95 38.35 10.00 10.00 17.98 2.05 0.33
31R -
2010 Div BR (%) (%)
Open 945.23 Turnover 21,732 P/E (x) 103.00
Open 1,507.88 Turnover 670,122 P/E (x) 9.59 Paid up Cap(mn)
Company Sui North Gas XD Sui South Gas
PE
5491 8390
8.12 3.10
Open
High
27.00 20.83
27.60 21.31
High Low 1,542.11 1,487.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41 Low 26.85 20.43
Close Chg 27.28 0.28 20.58 -0.25
Close 1,503.75 Listed cap 12,202.80 mn Payout (%) 66.79
Change -4.13 Market cap 32,245.56 mn Div Yield (%) 6.97
Last 60 days High Low
Volume 311754 358368
34.75 30.70
% Change -0.27 5-Day High 1,625.54 5-Day Low 1,503.75
2009 Div BR (%) (%)
26.75 20.43
-
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,111.48 Turnover 35,796,122 P/E (x) 8.06 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.31 63.98 Askari Bank 6427 7.97 16.56 Atlas Bank 5001 1.61 Bank Alfalah 13492 13.31 10.22 Bank AL-Habib 7322 7.50 34.51 Bank Of Khyber 5004 5.41 4.10 Bank Of Punjab 5288 - 10.08 BankIslami Pak 5280 822.50 3.31 Faysal Bank XB 7309 4.81 14.75 Habib Bank Ltd 10019 7.26 112.76 Habib Metropolitan Bank 8732 7.79 25.11 JS Bank Ltd 6128 2.61 KASB Bank Ltd 9509 2.68 MCB Bank Ltd XD 7602 9.84 217.18 Meezan Bank 6983 8.56 15.90 Mybank Ltd 5304 2.36 National Bank 13455 6.24 68.72 Network Mic Bank 300 1.40 NIB Bank 40437 2.92 Royal Bank Ltd 17180 4.66 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.66 Soneri Bank 6023 7.10 Stand Chart Bank 38716 12.58 8.01 Summit Bank Ltd 5000 3.40 United Bank Ltd 12242 7.59 62.79
High
High Low Close 1,145.55 1,111.51 1,136.69 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.12 13.94 40.49 Low
Close Chg
65.10 63.75 64.98 1.00 16.85 16.50 16.73 0.17 1.70 1.55 1.61 0.00 10.53 10.15 10.38 0.16 35.00 34.60 34.81 0.30 4.28 4.05 4.06 -0.04 10.33 10.12 10.22 0.14 3.39 3.25 3.29 -0.02 15.10 14.70 14.91 0.16 117.00 112.99 116.23 3.47 25.50 25.25 25.46 0.35 2.75 2.52 2.66 0.05 2.77 2.25 2.70 0.02 223.50 217.95 221.90 4.72 16.24 16.00 16.17 0.27 2.60 2.30 2.46 0.10 71.80 68.70 71.43 2.71 1.40 1.15 1.33 -0.07 3.09 2.89 3.06 0.14 4.73 4.50 4.54 -0.12 1.90 1.77 1.88 0.08 2.75 2.60 2.70 0.04 7.40 7.00 7.21 0.11 8.24 8.03 8.18 0.17 3.60 3.26 3.31 -0.09 64.90 62.70 64.55 1.76
734206 633486 176055 5291870 142797 28433 2767694 40549 43245 839176 65901 181295 5670 1958830 47669 225585 14334678 3102 3005405 129639 961668 2133142 124044 6375 91123 1915608
Change 25.21 Market cap 689,261.88 mn Div Yield (%) 5.03
Last 60 days High Low
Volume
65.10 17.20 2.55 10.55 35.00 4.70 10.59 3.88 17.10 117.00 26.74 3.00 2.90 223.50 16.32 2.69 71.80 1.69 3.18 8.10 2.65 3.08 8.00 8.80 3.80 64.90
48.51 14.10 1.50 7.65 29.50 2.50 7.63 2.70 13.01 92.55 18.02 2.00 2.10 182.61 14.05 1.81 62.01 0.62 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 2.27 5-Day High 1,136.69 5-Day Low 1,068.52
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 762.23 747.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20
Company
American Life EFU Life Assurance New Jub Life Insurance
Close 753.38 Listed cap 11,111.34 mn Payout (%) 79.54
Change 4.43 Market cap 46,790.47 mn Div Yield (%) 6.35
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.75
81.34
82.40
81.51
81.95 0.61
407910
84.45
63.05
2009 Div BR (%) (%) 30
10B
PE
500 6.02 850 45.50 627 30.83
% Change 0.59 5-Day High 760.08 5-Day Low 748.94 2010 Div BR (%) (%) 10
-
-0.85 0.05 -0.27 0.00 0.12 -0.29 0.89 0.74 0.11 0.00 0.30 0.20 0.25 0.51
20288 1138 4530 1702 35476 20996 97108 1001 466816 875 13111 13137 1784 290
12.75 38.00 12.00 7.30 48.63 13.00 92.89 60.90 17.20 8.30 8.30 10.90 8.17 7.20
8.45 27.37 9.42 3.10 34.76 10.04 68.27 52.25 12.80 5.06 1.66 8.00 6.01 4.49
40 40 35 35 30 30 5 20 -
10B 8.7B 20B 25B 15B 20B 16B
10 -
UPTO 100 VOLUME
25R 20B -
Symbols
Open 17.01 81.88 47.00
High Low 952.02 919.87 Total cos Defaulter cos P/BV (x) ROE (%) 3.97 3.85
High 17.99 82.99 47.00
Low
Close Chg
16.03 80.00 45.75
17.99 0.98 80.08 -1.80 45.93 -1.07
Close 926.19 Listed cap 2,290.72 mn Payout (%) 355.53
Change -19.04 Market cap 10,705.45 mn Div Yield (%) 3.45
Last 60 days High Low
Volume 4322 10310 7000
20.40 86.95 49.14
% Change -2.01 5-Day High 963.51 5-Day Low 926.19
2009 Div BR (%) (%)
16.03 52.00 39.68
5513.33B 10 -
-
Open 431.60 Turnover 5,282,537 P/E (x) 10.96 Paid up Cap(mn)
High Low 438.64 426.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 0.91
PE
Open
High
Low
AMZ Ventures 225 1.48 Arif Habib Investments 360 3.54 Arif Habib Limited 450 13.28 Arif Habib Corp 3750 4.66 Dawood Cap Mngt. XB 150 1.34 Dawood Equities 250 First Credit & Invest Bank Ltd 650 15.42 Grays Leasing 215 IGI Investment Bank 2121 15.69 Invest and Fin Sec 600 687.00 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.70 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 7.80 JS Investment 1000 29.13 KASB Securities 1000 Orix Leasing 821 4.60 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Sec Inv Bank 514 12.00
0.58 17.90 26.12 25.38 1.31 1.84 3.05 1.15 2.57 6.87 0.62 3.52 1.85 12.66 4.03 29.20 6.95 4.47 6.98 2.21 0.60 2.80
0.65 18.19 26.37 25.80 1.50 2.49 3.70 1.25 2.87 6.87 0.81 3.60 1.96 12.85 4.20 30.00 7.05 4.75 6.90 2.31 0.63 3.00
0.56 17.75 25.94 25.26 1.50 1.81 3.00 1.25 2.50 6.50 0.60 3.44 1.90 12.56 4.00 28.50 6.87 4.40 6.12 2.16 0.62 2.80
Close Chg 0.65 18.00 26.03 25.37 1.50 1.86 3.70 1.25 2.51 6.87 0.69 3.50 1.95 12.74 4.05 29.02 6.99 4.50 6.25 2.18 0.63 3.00
0.07 0.10 -0.09 -0.01 0.19 0.02 0.65 0.10 -0.06 0.00 0.07 -0.02 0.10 0.08 0.02 -0.18 0.04 0.03 -0.73 -0.03 0.03 0.20
Close 432.08 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 107050 5152 35759 1282314 1000 3327 825 5151 40186 626 73429 12093 2632 3884220 366068 11432 592540 34826 4802 100298 101 1829
Change 0.48 Market cap 29,853.01 mn Div Yield (%) 3.12
Last 60 days High Low
2009 Div BR (%) (%)
0.95 19.98 34.00 27.02 2.14 2.70 4.50 2.90 2.90 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.75 7.29 2.70 0.86 3.90
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 0.86 1.51 2.40 0.18 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 3.32 4.50 1.35 0.42 1.65
100
0.28
100
TSML
35.00
36.75
35.94
35.94
0.94
100
JVDC
58.00
60.00
58.00
59.98
1.98
PASM
10.25
11.10
10.10
10.20
-0.05
72
KTML
5.30
5.71
5.30
5.47
0.17
63
NOPK
23.91
25.10
24.60
24.60
0.69
52
7.52
7.90
7.56
7.56
0.04
51
58.72
60.59
59.00
59.00
0.28
50
SHDT
13.96
14.40
14.40
14.40
0.44
50
PMTFC6
87.00
87.00
87.00
87.00
0.00
50
SMCPL
6.25
6.39
5.52
6.19
-0.06
4099.68
4127.99
4050.00
4070.87
-28.81
45
13.39
13.68
13.41
13.68
0.29
40
1.82
-0.45
2.95
2.95
2.90
2.90
-0.05
25
MUCL
13.45
14.40
14.40
14.40
0.95
20
1050.00
1099.00
1060.00
1060.00
10.00
20
60.00
60.00
60.00
60.00
0.00
19
1.69
1.69
1.36
1.46
-0.23
132.00
131.00
128.00
130.13
-1.87
15
53.75
56.42
51.86
51.86
-1.89
13
FNEL
8.91
8.94
8.06
8.86
-0.05
11
ISTM
6.49
6.78
6.75
6.75
0.26
10
UDPL
9.00
9.10
9.00
9.10
0.10
10
FECS
44.00
44.00
44.00
44.00
0.00
9
FANM
3.00
3.00
3.00
3.00
0.00
5
SCLL
2.65
2.89
2.70
2.70
0.05
5
GRAYS
2.27
Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap 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 Nat Bank Modaraba Pak Modaraba Pak Prem FundSPOT PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual Trust Modaraba U D L Modaraba
264 1375 525 780 65 200 113 524 581 760 397 1008 3180 1186 1200 184 1000 250 125 1698 1000 2835 2841 872 340 454 212 50 298 264
PE
Open
High
Low
8.88 6.33 1.61 3.89 3.36 1.63 3.74 10.13 0.65 2.21 2.25 5.82 60.38 16.29 6.25 11.80 5.91 5.62 5.00 12.44 1.86 7.22 6.60 2.07 4.41 3.89 3.37 1.60
1.63 7.30 4.48 1.66 1.37 0.60 2.85 1.62 2.01 3.05 6.40 6.66 4.53 4.50 6.38 1.05 3.60 6.87 0.96 8.94 6.20 11.02 5.42 0.91 1.43 8.75 1.30 1.38 1.51 5.79
1.58 7.65 4.15 1.88 1.77 0.71 3.00 1.75 2.20 3.10 6.84 6.90 4.96 4.62 6.50 1.24 3.80 6.50 1.09 9.00 6.40 11.45 6.05 0.91 1.35 9.00 1.74 1.40 1.75 5.79
1.37 7.32 4.00 1.71 1.33 0.16 2.90 1.50 1.95 3.02 6.75 6.74 4.60 4.26 6.39 1.10 3.70 6.07 1.00 8.86 6.20 10.52 5.38 0.91 1.35 8.75 1.25 1.24 1.55 5.64
Close 1,237.65 Listed cap 29,771.58 mn Payout (%) 104.74
Close Chg
Volume
1.42 7.59 4.00 1.71 1.48 0.65 2.99 1.62 2.05 3.09 6.75 6.75 4.83 4.56 6.50 1.18 3.78 6.07 1.00 8.96 6.40 11.27 5.81 0.91 1.35 8.99 1.74 1.40 1.75 5.64
602 111411 131518 7501 581 252278 228455 38276 37508 97179 7508 100144 2813801 485522 27000 69915 30626 5900 773 351568 139420 505872 2410960 125 25000 303157 8446 1580 698 71783
2.24 7.65 4.50 2.37 2.99 1.10 3.09 2.37 2.24 3.88 7.00 6.90 4.96 4.73 6.64 2.18 3.80 8.00 1.40 9.39 6.45 11.45 6.05 1.20 2.54 10.99 5.80 2.87 4.40 6.99
-0.21 0.29 -0.48 0.05 0.11 0.05 0.14 0.00 0.04 0.04 0.35 0.09 0.30 0.06 0.12 0.13 0.18 -0.80 0.04 0.02 0.20 0.25 0.39 0.00 -0.08 0.24 0.44 0.02 0.24 -0.15
1.01 5.85 2.70 0.90 0.90 0.16 1.73 0.86 1.30 2.56 5.11 5.71 2.65 2.31 5.15 0.56 2.25 4.50 0.30 7.00 4.33 7.90 3.50 0.76 0.50 7.75 0.50 0.86 1.15 4.71
31
19
13.99
13.02
13.02
13.02
-0.97
PRWM
13.97
14.35
14.35
14.35
0.38
5
AGSML
6.00
6.00
6.00
6.00
0.00
5
KCL
9.00
9.00
9.00
9.00
5
0.00
5
AASM
23.55
24.72
23.00
24.72
1.17
4
PSEL
169.35
161.01
161.01
161.01
-8.34
4
SHCM
9.05
8.10
8.10
8.10
-0.95
3
LATM
7.00
8.00
6.01
6.51
-0.49
3
SASML
0.00
3
FPRM
8.50
8.70
8.50
8.50
0.00
2
SHNI
13.00
13.50
13.50
13.50
0.50
GUTM
27.00
26.00
25.65
25.65
-1.35
2
KML
2.95
3.45
3.15
3.15
0.20
2
BFMOD
3.25
3.90
3.89
3.89
0.64
1
FIMM
5.02
5.02
54.00
5.02
54.00
54.00
5.02
2
54.00
0.00
1
BCML
9.75
9.00
9.00
9.00
-0.75
1
FZTM
395.63
413.20
392.00
392.00
-3.63
1
HMIM
0.51
0.97
0.97
0.97
0.46
1
PRET
27.52
27.52
27.52
27.52
0.00
1
SFL
117.60
117.60
117.60
117.60
0.00
1
STML
21.38
22.44
22.44
22.44
1.06
1
SHJS
94.51
94.49
94.49
94.49
-0.02
1
HINO
133.41
133.41
133.41
133.41
0.00
1
MDTL
47.00
49.35
49.35
49.35
2.35
1
BUXL
9.00
8.81
8.70
8.81
-0.19
ICL
1
27.25
27.00
27.00
27.00
-0.25
1
PAKL
2.82
3.60
3.60
3.60
0.78
1
DIIL
9.35
9.35
9.00
9.35
0.00
1
FUTURE CONTRACTS
Change 25.96 Market cap 17,995.21 mn Div Yield (%) 8.05
Last 60 days High Low
1.74
CFL
Performance of SR Equity Investment Instruments Index High Low 1,254.38 1,202.63 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21
2.60
49
FIBLM
EQUITY INVESTMENT INSTRUMENTS Open 1,211.70 Turnover 8,265,141 P/E (x) 20.22
95
CICL
SAPL
20B 20B 10B -
Vol
-0.24
21.20
MWMP
2010 Div BR (%) (%)
Change
2.61
21.20
BAFS
% Change 0.11 5-Day High 441.03 5-Day Low 428.77
Close
2.60
21.20
WYETH
FINANCIAL SERVICES
Low
2.94
20.92
LEUL
-
High
2.85
ELSM
SANSM
2010 Div BR (%) (%)
Open
EWLA
MQTM
Performance of SR Financial Services Index
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 748.94 Turnover 1,086,214 P/E (x) 12.54
Paid up Cap(mn)
Company
GAS WATER AND MULTIUTILITIES
10.64 37.50 10.73 4.25 45.24 12.51 88.91 58.95 16.33 6.50 6.41 10.75 7.00 6.52
ULEVER
50 - 7.8R 15 50 20 -
Performance of SR Gas Water and Multiutilities Index
10.55 37.01 10.63 3.26 44.70 12.25 88.00 58.80 16.20 6.50 6.40 10.45 6.90 5.12
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,262.65 1,245.60 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 9.35
11.45 38.00 11.35 4.25 46.00 12.94 90.02 60.90 16.40 6.51 6.60 10.90 7.00 6.70
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,248.96 Turnover 11,536,450 P/E (x) 13.45
11.49 37.45 11.00 4.25 45.12 12.80 88.02 58.21 16.22 6.50 6.11 10.55 6.75 6.01
Symbols
Open
High
Low
Close
Change
Vol
% Change 2.14 5-Day High 1,237.65 5-Day Low 1,192.96
NML-DEC
62.57
62.98
61.90
62.09
-0.48 2325500
POL-DEC
277.36
291.22
278.15
291.22
13.86 1654500
NBP-DEC
71.93
2.73 1331000
DGKC-DEC
30.93
32.05
30.99
31.88
0.95
MCB-DEC
217.34
69.20
223.25
72.30
218.00
69.20
221.97
4.63
PPL-DEC
203.34
210.51
203.50
209.92
6.58
285000
34.75
35.44
34.87
35.23
0.48
237500
ENGRO-DEC 187.06
190.60
187.00
188.64
1.58
235000
523000 390000
2009 Div BR (%) (%)
2010 Div BR (%) (%)
FFBL-DEC
76.59
77.25
76.00
76.26
-0.33
154500
4.5 5 20 10 5 16.5 10
18.5 2.2 0 1.2 5 17 11 21 5 10 15.5 15 10 3 18.6 10 20 10 3 1 17 5 12.5
PSO-DEC
286.47
290.65
286.99
289.12
2.65
133500
ANL-DEC
10.78
10.98
10.66
10.78
0.00
77000
OGDC-DEC 164.50
168.00
165.00
167.64
3.14
-
LUCK-DEC
-
39000
AICL-DEC
81.94
82.69
82.11
82.42
0.48
29000
UBL-DEC
62.99
64.50
63.40
64.50
1.51
13000
BOP-DEC
10.15
10.45
10.20
10.28
0.13
5500
PTC-DEC
19.55
19.80
19.50
19.70
0.15
1500
NCL-DEC
22.72
23.00
23.00
23.00
0.28
500
ZERO VOLUME Symbols
Open
High
Low
Close
AABS
94.99
94.90
94.90
94.90
-0.09
AATM
0.99
0.95
0.95
0.95
-0.04
0.00
ANNT
12.85
12.75
12.75
12.75
-0.10
0.00
ASFL
2.81
2.85
2.85
2.85
0.04
BHAT
259.99
258.99
258.99
258.99
-1.00
0.00
47.98
47.00
47.00
47.00
-0.98
0.00 0.00
BTL
Change
Vol 0.00
0.00
EMCO
3.25
3.20
3.20
3.20
-0.05
FAEL
11.30
12.30
12.30
12.30
1.00
GFIL
3.76
3.78
3.78
3.78
0.02
0.00
HWQS
22.78
21.70
21.70
21.70
-1.08
0.00
INKL
9.50
9.00
9.00
9.00
-0.50
0.00
15.00
-0.14
0.00
JDMT
15.14
15.00
15.00
0.00
NATM
7.10
8.10
8.10
8.10
1.00
0.00
PECO
280.00
279.00
279.00
279.00
-1.00
0.00
POAF
8.78
8.50
8.50
8.50
-0.28
0.00
QUET
43.00
40.85
40.85
40.85
-2.15
0.00
SLCL
2.50
2.40
2.40
2.40
-0.10
0.00
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Nishat Mills Ltd
Company
Date
Time
Mehran Sugar Mills Mirza Sugar Mills Limited Pangrio Sugar Mills Limited KASB Securities Limited Fauji Fertiliser Bin Qasim Ltd
09-Dec 09-Dec 09-Dec 09-Dec 23-Dec
10:30 10:30 12:00 10:00 10:30
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
83.48
Support 1
11,495.85
MA (5-day)
11,450.24
Support 2
11,361.75
MA (10-day)
11,315.16
Resistance 1
11,699.15
MA (100-day)
10,343.28
Resistance 2
11,768.40
10,163.07
Pivot
AKD Securities Ltd
normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 11,495.85 and 2nd support level at 11,361.75.
82.1
Buy
61.96
Neutral
92.3
Positive
TFD Research
AKD Securities Ltd
Technical Analysis
Rs Recommendations
59.97
Buy
74.2
Brokerage House
Positive
Free Float Shares (mn) 318.37 Free Float Rs (mn) 22,740.95 ** NOI Rs (mn) 125.37 Mean 70.16
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
69.59 60.17 49.96 50.89
42
Rs Recommendations Buy
AKD Securities Ltd
43.29
Buy
TFD Research
36.85
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
*Arif Habib Ltd
Technical Outlook
Leverage Position
69.90 67.61 66.22 69.81
Fair Value
TFD Research
175.80 10,882.02 112.64 62.11
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
69.31 29.76 26.57 26.88
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,817.86 38.51 31.40
ing oscillators are currently bullish on NBP.
Bank Alfalah Ltd
Pakistan Oilfields Ltd
1st 2nd Pivot Resistance 3.50 3.60 3.40
Allied Bank Limited
85.21
64.10
63.25
65.45
65.95
64.60
Attock Cement
52.34
63.15
62.80
63.65
63.80
63.30
Arif Habib Corp
52.50
25.15
24.95
25.70
26.00
25.50
Arif Habib Limited
44.21
25.85
25.70
26.30
26.55
26.10
Adamjee Insurance
61.76
81.50
81.05
82.40
82.85
81.95
Askari Bank
63.66
16.55
16.35
16.90
17.05
16.70
Azgard Nine
45.13
10.50
10.35
10.85
11.00
10.70
Attock Petroleum
58.27
324.90
323.00
328.30 329.80 326.40
Attock Refinery
49.55
116.25
114.90
119.70 121.85 118.35
Bank Alfalah
71.13
10.15
BankIslami Pak
48.73
3.25
3.15
3.35
3.45
3.30
Bank.Of.Punjab
64.91
10.10
10.00
10.30
10.45
10.20
Dewan Cement
80.07
2.35
1.95
3.00
3.25
2.60
DGK Cement
69.31
31.10
30.35
32.35
32.85
31.60
Dewan Salman
78.48
2.80
2.60
3.15
3.25
Dost Steels Ltd
9.95
10.55
10.75
10.35
2.95
66.24
2.95
2.75
3.25
3.45
3.10
EFU General Insurance 52.83
44.60
44.00
45.90
46.60
45.30
EFU Life Assurance
55.12
79.05
78.05
82.05
84.00
81.00
Engro Chemical
63.21
185.15
182.95
Faysal Bank
51.50
14.70
14.50
Fauji Cement
52.46
4.90
4.85
5.05
5.10
4.95
NML is currently 21.6 per cent above its 200-day moving average and is DGKC is currently 18.6 per cent above its 200-day moving average and is
Fauji Fert Bin
81.74
35.80
35.35
36.55
36.90
36.15
displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average
Fauji Fertilizer
67.30
113.50
113.05
volatility over the last 10 trading sessions. Volume indicators reflect very volatility over the last 10 trading sessions. Volume indicators reflect mod-
Habib Bank Ltd
76.77
strong flows of volume into NML (bullish). Trend forecasting oscillators are erate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla-
Hub Power
63.99
36.25
36.05
currently bullish on NML.
ICI Pakistan
65.40
137.00
136.35
138.35 139.05 137.70
Indus Motors
58.99
256.70
251.95
264.60 267.75 259.85
JOV and CO
52.80
3.95
3.90
4.15
4.30
Japan Power
53.87
1.60
1.50
1.85
1.95
JS Bank Ltd
48.37
2.55
2.40
2.75
2.85
2.65
Jah Siddiq Co
44.21
12.60
12.45
12.90
13.00
12.70
Kot Addu Power
55.16
39.90
39.70
40.40
40.70
40.20
KESC
75.24
2.50
2.40
2.65
2.75
2.55
Lotte Pakistan
76.84
12.85
12.50
13.40
13.60
13.05
Lucky Cement
54.81
75.15
74.45
76.65
77.45
75.95
MCB Bank Ltd
76.32
218.75
215.55
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
NBP closed up 2.71 at 71.43. Volume was 382 per cent above average NML closed down -0.29 at 61.90. Volume was 117 per cent above average DGKC closed up 1.08 at 31.87. Volume was 95 per cent above average (trending) and Bollinger Bands were 21 per cent narrower than normal. and Bollinger Bands were 43 per cent wider than normal. and Bollinger Bands were 17 per cent wider than normal.
KSE 100 INDEX is currently 14.5 per cent above its 200-day moving aver- NBP is currently 6.1 per cent above its 200-day moving average and is disage and is displaying an upward trend. Volatility is relatively normal as com- playing an upward trend. Volatility is relatively normal as compared to the pared to the average volatility over the last 10 trading sessions. Volume indiaverage volatility over the last 10 trading sessions. Volume indicators cators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator reflect moderate flows of volume into NBP (mildly bullish). Trend forecastis currently indicating that INDEX is currently in an overbought condition.
Brokerage House
Technical Outlook
11,565.10
resistance level at 11,699.15 and 2nd resistance level at 11,768.40, while
Rs Recommendations
*Arif Habib Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 198.92 points at 11,629.93. Volume was 101 MA (100-day) per cent above average and Bollinger Bands were 11 per cent wider than MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 60.53 3.30 3.15
tors are currently bullish on DGKC.
Pakistan Petroleum Ltd
Fauji Fertiliser Bin Qasim Ltd
113.80
111.40
189.50 191.75 187.35 15.10
15.30
14.90
114.80 115.65 114.35 117.85 119.40 115.40 36.55
36.65
36.35
4.10 1.70
224.30 226.65 221.10
Maple Leaf Cement
56.11
2.90
2.75
3.05
3.15
2.95
National Bank
69.90
69.50
67.55
72.60
73.75
70.65
Nishat (Chunian)
48.38
21.90
21.65
22.50
22.85
22.25
Netsol Technologies
18.85
Fair Value
Rs Recommendations
Fair Value
Rs Recommendations
47.55
18.65
18.45
19.05
19.20
NIB Bank
64.43
2.95
2.80
3.15
3.20
34.7
Sell
*Arif Habib Ltd
235.3
Buy
Nimir Ind.Chemical
54.06
1.50
1.45
1.60
1.65
1.55
Accumulate
TFD Research
239.15
Positive
Nishat Mills
69.59
61.40
60.85
62.60
63.30
62.10
Oil & Gas Dev XD
78.77
167.35
165.05
PACE (Pakistan) Ltd.
51.53
2.85
2.80
3.00
3.05
2.90
Pervez Ahmed Sec
49.68
2.15
2.05
2.30
2.35
2.20
PIAC (A)
47.81
2.15
2.10
2.25
2.30
2.20
Pioneer Cement
43.24
7.05
7.00
7.25
7.35
7.15
Pak Oilfields
76.49
280.95
272.05
294.25 298.70 285.35
Pak Petroleum
71.60
204.45
199.95
211.65 214.35 207.15
Pak Suzuki
38.00
71.20
70.45
PSO XD
58.99
285.30
283.80
PTCLA
52.30
19.30
19.15
Shell Pakistan
55.33
198.05
196.55
Sui North Gas
33.33
26.90
26.50
27.65
28.00
27.25
POL is currently 23.5 per cent above its 200-day moving average and is BAFL is currently 4.7 per cent above its 200-day moving average and is FFBL is currently 22.3 per cent above its 200-day moving average and is PPL is currently 7.9 per cent above its 200-day moving average and is dis-
Sitara Peroxide
58.67
13.35
13.25
13.60
13.80
13.50
displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is relatively normal as compared to the
Sui South Gas
30.10
20.25
19.90
21.10
21.65
20.75
volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very average volatility over the last 10 trading sessions. Volume indicators
Telecard
47.52
2.20
2.15
2.30
2.35
erate flows of volume into POL (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into BAFL (mildly bullish). Trend forecast- strong flows of volume into FFBL (bullish). Trend forecasting oscillators are reflect very strong flows of volume into PPL (bullish). Trend forecasting
TRG Pakistan
31.26
3.65
3.55
3.85
3.95
3.75
tors are currently bullish on POL. Momentum oscillator is currently indicat- ing oscillators are currently bullish on BAFL. Momentum oscillator is cur- currently bullish on FFBL. Momentum oscillator is currently indicating that oscillators are currently bullish on PPL. Momentum oscillator is currently
United Bank Ltd
80.46
63.20
61.85
65.40
66.25
64.05
WorldCall Tele
55.24
2.65
2.60
2.75
2.80
2.70
Brokerage House
Brokerage House
Fair Value
Rs Recommendations
*Arif Habib Ltd
317.2
Buy
*Arif Habib Ltd
AKD Securities Ltd
296.6
Buy
AKD Securities Ltd
Neutral
TFD Research
TFD Research
281.35
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
76.49 272.55 239.04 234.72
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
13
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
10.25
Accumulate
AKD Securities Ltd
14.01
Positive
TFD Research
Technical Outlook
Technical Outlook Technical Analysis
Fair Value
107.94 31,281.14 364.05 283.03
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.13 9.81 9.02 9.91
29.1
Negative
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
32.06
Brokerage House
674.58 7,002.12 N/A 10.32
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
81.74 34.90 29.86 29.75
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,835.17 18.23 36.04
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.60 202.92 194.86 193.66
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
247.57 51,729.79 42.40 205.97
* Target price for Dec-10 & **Net Open Interest in future market
POL closed up 13.80 at 289.81. Volume was 337 per cent above average BAFL closed up 0.16 at 10.38. Volume was 141 per cent above average FFBL closed up 0.45 at 36.20. Volume was 107 per cent above average PPL closed up 6.50 at 208.95. Volume was 191 per cent above average (trending) and Bollinger Bands were 53 per cent wider than normal.
ing that POL is currently in an overbought condition.
and Bollinger Bands were 33 per cent narrower than normal.
rently indicating that BAFL is currently in an overbought condition.
and Bollinger Bands were 17 per cent wider than normal.
FFBL is currently in an overbought condition.
(trending) and Bollinger Bands were 22 per cent narrower than normal.
indicating that PPL is currently in an overbought condition.
3.00
171.40 173.25 169.15
73.05
74.15
72.30
288.45 290.20 287.00 19.60
19.75
19.45
201.05 202.50 199.55
2.25
8
Thursday, December 9, 2010
Delta ticket, gate agents stay off union
KARACHI: An aircraft operated by a Russian airline is inspected by German ground control at the Schoenefeld airport in Berlin, here.-Reuters
A380, ‘uncommercial’, alleges Aussie airlines SYDNEY: Australia's Qantas said new rules imposed after an A380 engine blast meant the 470-seat superjumbo could carry just 80 passengers to Los Angeles and was "uncommercial" on the key route. The regulations, which direct lower engine thrust, made the A380 commercially unsuitable for the trans-Pacific trip, according to legal documents filed in the carrier's case against engine manufacturer RollsRoyce. "If Qantas is to avoid using the maximum takeoff thrust of 72,000 pounds, in accordance with a Rolls-Royce directive, on departure from Los Angeles, Qantas must ensure that any Trent 900-powered A380 aircraft carries no more than a payload of approx 30,000 kilograms
on one runway or 20,000 kilograms on the other runway at Los Angeles," a Qantas spokesman told AFP, reading from the airline's statement of claim. "The operation of the Los Angeles routes at the reduced payloads makes it uncommercial for Qantas to use a Trent 900powered A380 on the LAX routes at all, since operation at that reduced level involves a reduction in carrying capacity so that typically only 80 passengers will be able to be transported." The statement was filed in the Federal Court in Qantas's case against Rolls-Royce, following last month's explosion of a Trent 900 engine over Indonesia which forced an A380 carrying 469 people back to Singapore. Preliminary investigations
have identified a potentially "catastrophic" manufacturing defect which caused oil leakage and a fire in the engine as the likely cause of the blast. Qantas grounded all six of its A380s after the November 4 explosion and are yet to resume flying the world's largest passenger jet between Australia and Los Angeles due to the extra engine thrust required. The spokesman said the lawsuit was "just part of a legal process" to ensure Qantas was able to claim damages if negotiations with Rolls-Royce failed, and stressed that it may never end up in court. Britain's Rolls-Royce, also facing compensation demands from Airbus, has offered no comment on the Qantas legal action.-Agencies
PATA renews MoU with ATA BANGKOK: The Pacific Asia Travel Association (PATA) has renewed its memorandum of understanding (MoU) with the African Travel Association (ATA) to encourage the sustainable development of the travel-and-tourism industry to Africa. The MoU was signed this week by Greg Duffell, the PATA chief executive officer, and Edward Bergman, ATA executive director. According to a press release, the MoU offers the two associations a reciprocal membership affiliation together with their products and services, and marks the intent of both to explore resources to facilitate African tour operators to enter the Pacific Asian market and vice-versa. "The African continent is growing in importance in trade with Pacific Asia. Tourism will
play a vital role promoting international understanding and appreciation of our respective cultures." Said Duffell. "ATA has partnered with PATA since 2005 and very much enjoys the reciprocal membership affiliation. We look forward to working with PATA to explore avenues of cooperation in the areas of climate change and industry expansion and to consider together how we can increase travel-and-tourism arrivals and investments between Africa and Asia", Said Bergman. The ATA was established as an international travel industry trade association in 1975 to promote travel, tourism and transport to and within Africa, and to strengthen intra-Africa partnerships. ATA international headquarters are based in New York, USA.-NNI
ATLANTA: Delta Air Lines Inc ticket and gate agents have voted to reject union representation, dealing another blow to labor groups seeking to represent a majority of workers at the carrier. The International Association of Machinists and Aerospace Workers (IAM), which was seeking to represent the customer service agents, also failed to get a majority vote for unionising among Delta baggage handlers and TechOps Stores workers last month. The Association of Flight Attendants-CWA (AFA) also lost its bid to represent 20,000 Delta flight attendants in November. Elections for Delta work groups that include about 50,000 employees took place this fall to resolve labor representation after the 2008 acquisition of mostly unionised Northwest Airlines by Delta, the least unionised of major US airlines. The union losses bolster Delta in its bid to remain largely unionfree. But they handed setbacks to labor unions which were hoping to make gains in wake of a US law change that was believed to enhance their chances of winning. "It doesn't matter what the rules are," said Mike Campbell, Delta executive vice president for human resources and labor relations, during a reporter briefing. "Our people are saying they don't want to be represented by the IAM or the AFA." The National Mediation Board said on Tuesday that of 12,518 valid votes cast from Delta passenger service employees, which include gate and ticket agents, customer-facing cargo agents and reservation sales workers, 3,772 favored unionisation. That includes 3,638 votes for the machinists, while 8,746 chose no union. There were 15,436 employees eligible to vote.Reuters
Cruiser's engine fails in Antarctic BUENOS AIRES: A cruise ship carrying 160 people on a return trip from Antarctica lost power in one of its engines Tuesday in rough weather, the Argentine navy said. Crews were later able to fix the problem and the ship was sailing to the world's southernmost city Ushuaia in high seas with its passengers unharmed, it added in a statement. One of the cruise ship's engines had broken down and caused what the navy termed as "serious... handling limitations," but causing no risks to its passengers and crew. The vessel, described on the Polar Cruises website as a refurbished, ice-strengthened, all-suite luxury cruise ship, telephoned its emergency to a search and rescue coordination center in Ushuaia, 3,200 kilometers (1990 miles) south of Buenos Aires. The engine failure occurred mid-day Tuesday about 845 kilometers (525 miles) south of Ushuaia in the Drake Passage, where the ship faced stormy conditions including winds of 90 kilometers (56 miles) per hour.-Reuters
Best safety system lands at PIA KARACHI: PIA has now achieved proactive Safety Management System (SMS) which ensures compliance of over 860 safety standards as being practiced in the International Aviation Industry, the PIA Spokesman said here. He stated that this had been done strictly in accordance with the high safety standards as laid down by the International Civil Aviation Organization (ICAO) and other global regulatory agencies. By doing so, PIA spokesman added, in a short span of two and a half years the airline has now been well acknowledged for its safety standards and has also been certified by competent external safety auditors and agencies. He said that IATA Operational Safety Audit (IOSA) registration in 2008 is recognition that airline's operations are absolutely safe. The airline's commitment to safety helped in implementing occupational health safety and an international certification of OSHAS 18001. This certification has been done for PIA for achieving safety in all operational areas compared to other Asian airlines. The formation of PIA Safety Action Group which monitors operational safety
hazards and carries out risk assessments of airline's operational activities, is functioning as a watchdog to ensure safe operations of PIA flights with a proactive approach. This has now been documented as an implemented (SMS) approved by the CAA Pakistan and audited by IOSA. The airline has a CAA certified training programme and instructors to impart (SMS) implementation training to the aviation industry in Pakistan. The airline has also indigenously developed software to address risk management and comply with national and international requirements in the field. This state of art software if purchased from international market by the airline would have cost about $0.5 million. In this regard Air Navigation Order (ANO) issued by CAA Pakistan in September 2008 also required phased implementation of SMS by each airline operator in Pakistan. However, it was only PIA which implemented SMS much before the CAA ANO, a fact that needs to be acknowledged. The PIA Spokesman said that the Safety Action Group (SAG) in PIA consists of Pilots of high professional standards who are also members of Palpa. .-APP
Crash after crash ups Palpa’s pulse ISLAMABAD: The president of Pakistan Airlines' Pilots Association (PALPA), Capt Suhail Baloch has expressed his deep concerns over rapidly deteriorating image of Pakistan's commercial air safety compliance record. Talking at the exclusive members' meeting to mark World Aviation Day, he expressed his deep reservations over the endeavors to improve airline safety standards, resulting in three plane crashes in past four months; an aspect that
had caused serious considerations for Country's aviation security. He was especially critical of PIA management over its failure to recognise and evolve a comprehensive strategy for aviation safety, by taking all aviation community onboard. He said that recent fatal crashes had proved the helplessness of management, especially pilot community to register its concerns and recommendations for aviation safety.-APP
Continental, welder ruled guilty in 2000 Concorde crash PONTOISE: A French court found Continental Airlines and a mechanic at the US airline guilty of involuntary manslaughter for their part in the 2000 Concorde crash, in a ruling Continental called "absurd." The verdict more than a decade after a deadly accident that spelled the end of the supersonic airliner could now affect how planes are maintained and inspected. The court ruled that a small metal strip, which fell onto the runway from a Continental aircraft just before the Concorde took off, caused the crash, which killed 113 people. Continental, which was fined 200,000 euros and ordered to pay Concorde's operator Air France a million euros in damages, said it would appeal a verdict it described as unfair and absurd. Welder John Taylor was handed a 15-month suspended prison sentence for having gone against industry norms and used titanium to forge the piece that dropped off the plane. "I do not understand how my client could be considered to have sole responsibility for the Concorde crash," lawyer Francois Esclatine told French iTele television. Continental, which has since been swallowed to form United Continental Holdings, will have to pay 70 per cent of any damages payable to families of victims, the ruling said. Airbus parent EADS would have to pay the other 30 per cent. The verdict exposes Continental and EADS to damages claims that could run to tens of millions of euros if insurance companies seek reimbursement for sums already paid to relatives. Individual damages in such cases can reach some $3-4 million in the United States, but tend to be lower in France where damages for wrongful death are closer to $50,000 (31,828 pounds) and economic losses are compensated on a strict scale, legal specialists say. A Continental spokesman said the ruling showed "the determination of the French authorities to shift attention and blame away from Air France ... as well as from the French authorities responsible for the Concorde's airworthiness and safety." The crash sped up the demise of the droop-nosed Concorde -the fastest commercial airliner in history and a symbol of Franco-British co-operation -as safety concerns coupled with economic downturn after 9/11 drove away its wealthy customers.-Reuters
HK Cathay Pacific gets new chief
Cathay's fresh flights get wing KARACHI: The Cathay Pacific Airways has announced that it will expand its alreadyextensive international network by adding two new routes in 2011 - a four-timesweekly service to Abu Dhabi, the capital city of the United Arab Emirates (UAE), commencing June 2, and a daily flight to Chicago in the United States, which launches on September 1. It said that the Chicago service, which will be operated by a Boeing 777-300ER, will boost the airline's presence in North America and provide passengers with increased connectivity between the Midwestern United States and Hong Kong and the rest of Asia. Given the demand for travel to other US cities via Chicago, Cathay Pacific intends to launch code-share services
from its new gateway with oneworld alliance partner American Airlines and looks forward to announcing details in the near future, the announcement added. The Abu Dhabi service will be operated by an Airbus A330-300 aircraft with departures to and from Hong Kong on Tuesday, Thursday, Saturday and Sunday. Meanwhile, Airline Cathay Pacific has announced that chief operating officer John Slosar will take over as chief executive next year when current head Tony Tyler leaves to head the industry lobby group IATA. In a press release, the Hong Kong flag carrier said Slosar would take up the post after Tyler steps down on March 31. Slosar, 54, was managing director of parent company Swire Pacific's beverage divi-
sion before joining Cathay in 2007. Tyler, who served as IATA's chairman for a year from June 2009, will succeed Giovanni Bisignani as director-general and chief executive of the Geneva-based International Air Transport Association. He helped bring Cathay through one of its toughest times during the global financial crisis, which saw a plunge in air travel and global export volumes. Tyler told staff that after 32 years with the airline his move would be "a wrench", but added: "I know I will be leaving the company in extremely good hands." IATA represents some 230 carriers that account for more than 90 percent of scheduled air traffic globally but does not include many of the big budget airlines.-APP
9
Thursday, December 9, 2010
Crude oil falls to $88 as US fuel stocks rise China interest rates, OPEC meeting in focus LONDON: Oil fell on Wednesday to around $88 a barrel as a US government report showed inventories of gasoline and other fuels rose in the world's top consumer, countering lower crude stocks. Gasoline stocks rose by a more-than-expected 3.81 million barrels, the Energy Information Administration said in its report. Stocks of distillates, expected to decline, rose by 2.15 million barrels. US crude for January was down 57 cents at $88.12 a barrel at 1612 GMT while ICE Brent was at $90.88, down 51 cents. US crude reached a 26-month high earlier this week of $90.76 a barrel. "We don't have the extremes of yesterday's API number, but on the surface this is a bearish report showing lacklustre demand with the increase in products," said Mike Zarembski of OptionsXpress in Chicago. According to the EIA, US
crude stocks fell by 3.82 million barrels, more than expected. Industry group the American Petroleum Institute (API) had said on Tuesday they fell 7.3 million barrels, while distillates rose by 1.7 million barrels. Oil had recovered from losses earlier on Wednesday,
despite a stronger dollar, on optimism that US tax cuts will help revive economic growth while cold weather would continue to support demand. "The US government extended both tax cuts from the Bush era and the jobless benefits, which are generally both positive for the US oil demand," said James Zhang from Standard Bank. President Barack Obama's proposal to extend tax cuts was several times reinterpreted by
the market as it aims to support economic growth, but also unleashed fears about the longer-term rise in US debt. Other analysts said the downward trend could persist if China, the second-largest oil consumer, was to raise rates to cool down growth. "For the holiday period the main risk will come from China as the odds for an interest rate hike are increasing," said Olivier Jakob from Petromatrix. The Organization of the Petroleum Exporting Countries, source of more than a third of the world's oil, meets on Dec. 11 in Ecuador and is not expected to change its production policy. OPEC two years ago announced a record production cut as recession hit prices and demand, but its compliance with the agreement has declined because of recovering consumption and rising prices. -Reuters
AHMEDABAD - MUMBAI: An Indian saleswoman arranges 22-carat gold necklaces in a shop in Ahmedabad. -Agencies
US cotton ends down for 2nd day NEW YORK: US cotton futures ended down for a second consecutive day on Tuesday, as prices extended a phase of consolidation from recent gains and buyers sided with caution in front of a government crop report due at the end of the week, brokers said. 'It was a consolidation day,' said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. 'We did not come close to yesterday's highs and that was a bit of a disappointment to the bulls. It wasn't failure
... it was a consolidation day.' The benchmark March cotton contract on ICE Futures US eased 0.06 cent to end at $1.3037 per lb, after moving from $1.2821 to $1.3425. 'We sold off, but did not violate yesterday's lows,' Stevens said, adding shortterm technical support at the 21-day moving average held the downside in check. Volume reached 22,600 lots by 2000 GMT, about 37 per cent below the 30-day average of 36,000 lots, Thomson Reuters preliminary data showed.
Market players expect volumes to remain relatively low ahead of the monthly supply/demand report from the US Agriculture Department due out on Friday. Furthermore, traders will also focus on the USDA's weekly crop progress report on Monday at 2100 GMT. Analytical firm Informa Economics upped its US cotton plantings forecast in 2011 to 12.2 million acres, a 4-year high and nearly 12 per cent higher than 2010 cotton sowings of 10.909 million acres. Reuters
Palm snaps 6-day winning streak on dollar, technicals KUALA LUMPUR: Malaysian crude palm oil fell on Wednesday for the first time in over a week on a firmer US dollar and weaker technicals, and as traders took profits from the run of gains. But the market, which has risen 34 per cent in 2010, may rally further if more monsoon rains lash oil palm estates in Malaysia and dry weather heightens the risk of a poor South American soy crop, traders said. "The US dollar created some excuses to take profit as well as some weak technicals. Most palm oil players will sit tight until the Malaysian Palm Oil Board issues likely bullish data on Friday," said a dealer with a
foreign trading firm. The benchmark Feb 2011 crude palm oil contract on the Bursa Malaysia Derivatives Exchange ended 0.4 per cent lower at 3,594 ringgit ($1,143) a tonne, easing from a 29month high hit on Monday. Traded volume more than doubled to 24,790 lots of 25 tonnes each from the usual 10,000 lots as traders booked profits after a public holiday on Tuesday. Reuters technical analysis suggested Malaysian
palm oil will retrace to 3,496 ringgit per tonne as it completed a five-wave cycle at Monday's high of 3,618 ringgit. Other vegetable oils broadly fell, with China's markets on the lookout for any monetary tightening from the world's largest consumer of commodities. US soyoil for December delivery fell 1.2 per cent and the most active September 2011 soyoil contract on China's Dalian Commodity Exchange dropped 1.5 per cent. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 07 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 07 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2240 2250 2215 2220 2170 2180 2170 2180
2325 2325.5 2345 2345.5 2403 2408 2435 2440
9023 9024 8985 8986 8705 8715 8280 8290
2401 2402 2423 2427 2282 2287 2238 2243
24025 24050 24195 24200 23685 23785 23065 23165
TIN
ZINC NASAAC
26175 2307 26180 2307.5 26200 2317 26225 2318 25785 2350 25835 2355 2325 2330
2235 2240 2260 2270 2280 2290 2330 2340
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil prices at 22:00 PST. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1010.00+5.00, May11/Jul11 1005.00+5.00, Aug11/Oct11 955.00+0.00, Nov11/Jan12 960.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1420.00-15.00, Apr11/Jun11 1385.00-10.00, Jul11/Sep11 1400.00-10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1310.00+37.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1200.00-5.00, Jan11 1202.502.50, Feb11/Mar11 1195.0010.00, Apr11/Jun11 1177.5010.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11/Mar11 1217.50. PALMOIL: RBD dlrs tonne fob Malaysia Feb11/Mar11 1172.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11/Mar11 1182.50, Apr11/Jun11 1152.50-22.50, Jul11/Sep11 1132.50-22.50. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1145.00, Jan11 1145.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1030.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1640.00, Dec10/Jan11 1630.00+10.00, Jan11/Feb11 1630.00+10.00, Feb11/Mar11 1630.00+10.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1715.00+25.00, Dec10/Jan11 1715.00+15.00, Jan11/Feb11 1715.00+15.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
Tokyo rubber pares losses on weaker yen TOKYO: Key Tokyo rubber futures edged higher on Wednesday on supply concerns and as a weaker yen revived appetite from investors after they took profits from prices hovering near 30-year highs. The key Tokyo Commodity Exchange rubber contract for May delivery settled at 377.2 yen per kg, up 1 yen or 0.3 per cent. The most active Shanghai rubber futures for May delivery fell 1,025 yuan to close at 32,200 yuan ($4,845) per tonne. Volume picked up to 896,800 lots from 683,698 lots on Tuesday. Traders have said that TOCOM sentiment was hurt by the recent weakness in Shanghai rubber futures on concerns over measures from China to contain inflation. Traders have also said worries about supply shortages kept support firm, although that alone was unlikely to push TOCOM futures to fresh peaks. Asian physical rubber prices defied weakening Tokyo futures and rose again on Wednesday after heavy rains curbed supply in the main producing countries. -Reuters
Copper back near record highs, ETPs eyed LONDON: Copper prices turned positive late on Wednesday, to keep within touching distance of record highs, as worries over tight supplies offset a firmer dollar and lingering concerns on rate hikes in China. Three-month copper on the London Metal Exchange closed Wednesday at $9,015 a tonne. The metal used in power and construction hit a record high $9,044 on Tuesday before dipping back to end the day at $8,880. "Markets are shrugging off macro concerns -- the expectation of higher investor physical demand through ETPs, and therefore tighter markets, is driving metals at the moment," said David Wilson, an analyst at Societe Generale. In general stocks of copper at LME warehouses have declined since February, indicating a pickup in demand and against a backdrop of tight supply. The latest data showed stocks fell 1,125 tonnes to 350,250 tonnes, on their way to the biggest annual decline in six years. Traders and analysts saw room for more correction in prices in the short term after Tuesday's rally, given broader worries about the euro-zone's ability to keep debt woes from spreading. An official newspaper on Tuesday said China is likely to raise interest rates in the coming days in a demonstration of the
government's resolve to tame inflation. Fears of an interest rate hike in China have stoked worries about demand from the world's top cop-
Shanghai copper falls Shanghai, the benchmark third month copper contract lost 0.8 per cent to 65,940 yuan ($9,922) a tonne. per consumer. Meanwhile, investors kept an eye on a dominant position controlling between 50 and 80 per cent of cash warrants for tin, copper and nickel, subject to LME lending guidance. Large holdings of LME stocks can occur unintentionally and are not unusual for large companies with many divisions and clients that delve into metals markets. A lack of copper supply from December has underpinned prices of the three-month contract, with the price of metal for nearby delivery having traded at a premium against the benchmark contract since early November. Among other metals zinc ended at $2,314 a tonne from $2,305. Lead closed at $2,405 from $2,398 a tonne, while nickel ended at $24,000 from $24,095 a tonne. Aluminium ended at $2,375 from $2,305 a tonne. Tin was untraded at the close but last bid at $25,600 from $25,100. -Reuters
Gold slides, dragged by dollar strength LONDON: Gold was set for its largest one-day fall in a month on Wednesday after initial weakness stemming from a stronger dollar was exacerbated by a flurry of profit-taking a day after the metal reached a record peak. Gold hit an all-time high at $1,430.95 an ounce on Tuesday as risk aversion flared in the euro-zone, but has now fallen by about 3.8 per cent after the rally ran out of steam.
Spot gold was bid at $1,375.02 an ounce at 1600 GMT, against $1,400.86 late in New York on Monday, having earlier fallen by as much as 2.1 per cent to a one-week low of $1,371.45. US gold futures for February delivery fell $36.0 an ounce to $1,373.10. "It really is just good old fashioned profit-taking," said Credit Agricole analyst Robin Bhar. "This year every time gold makes a new high, it subsequently, collapses," he added. "It is noticeable that we had quite an influx of momentum traders as well, as the price was moving higher and they're notorious for being short-term players." Setting gold on the backfoot
Cocoa eases; focus remains on Ivorian crisis LONDON: ICE cocoa futures eased on Wednesday from Tuesday's four-month high as investors locked in gains in a nervous market and continued to eye Ivory Coast tensions following a disputed presidential election. Sugar prices rose on uncertainty about anticipated exports from India while coffee futures eased, pressured partly by a stronger dollar. Second-month, March cocoa futures on ICE were down $40 or 1.3 per cent at $3,044 a tonne at 1635 GMT, still within sight of Tuesday's four-month peak of $3,140. Liffe second-month cocoa was down 25 pounds or 1.2 per cent to 2,013 pounds per tonne, not far off Tuesday's fourmonth high of 2,081 pounds. ICE raw sugar rose and the market waited for India to announce when and how much sugar they will export. The market also derived support from expectations of a sugar deficit in China. China will face a sugar shortfall of more than 2 million tonnes this crop year, the third straight deficit as consumption outpaces production growth, the official China Securities Journal reported on Wednesday. ICE March raw sugar was up 0.59 cent or 2.1 per cent at 29.00 cents a lb. Liffe March white sugar rose $3.40 to $735.70 per tonne. ICE arabica coffee futures were lower, in line with overall weakness in the commodity complex, as shaky confidence in global economic growth dampened investor sentiment. Coffee prices eased as outside markets continued to influence the direction of commodities. ICE March arabicas were down 5.4 cent at $2.025 per lb, while Liffe March robusta coffee futures were down $11 at $1,866 a tonne. -Reuters
early in the day was a rally in the dollar, after a proposed extension in US tax cuts prompted a spike in bond yields on Tuesday, which in turn raised the cost of holding gold to non-US investors. While gold has shaken off its traditional inverse relationship with the US currency in the past, when risk aversion has worsened, this has not been the case this week, when the negative correlation has strength- MUMBAI: India's spot sugar ended steady on Wednesday as accelerated cane crushing outweighed hopes the government will allow exports of the sweetener, dealers said. "Cane crushing has picked up in Maharashtra and Uttar Pradesh. Most mills in both states have started operations," ened. said a member of the Bombay On the investment front, Sugar Merchants Association. holdings of the world's largest Sugar output in Maharashtra gold-backed exchange-traded rose by 11 per cent to 1.21 milfund, the SPDR Gold Trust, lion tonnes so far in the 2010/11 eased to 1,297.726 tonnes by season that began on Oct. 1, due Dec 7 from 1,298.030 tonnes a to higher cane crushing, a senday before. ior industry official told Reuters The world's largest silver ETF, earlier this week. iShares Silver Trust, said its In Kolhapur, a key market in holdings hit another record at top-producing Maharashtra 10,941.34 tonnes by Wednesday. state, the most traded S-variety Silver was bid at $28.09 an edged up by 0.14 per cent to ounce against $28.66, still well 2,793 rupees ($62) per 100 kg. off the 30-year high at $30.68 it India, the world's number 2 reached on the previous day, sugar producer after Brazil, causing the gold/silver ratio in could approve "open general turn to pull back from its recent licence" sugar exports in three near-four year low. tranches of 500,000 tonnes Platinum was at $1,671.74 an each in December, January and ounce against $1,688.50, while February, a senior industry offipalladium was at $718.22 ver- cial told Reuters last month. sus $729.97. -Reuters Reuters
Indian sugar closes steady
National Commodity Exchange Ltd Trading Summary Date
8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010 8-Dec-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JA11 FE11 MA11 JA11 FE11 JA11 FE11 MA11 JA11 FE11 MA11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 MON TUE WED THU FRI MON TUE WED THU FRI 09DE10 DE10 DE10 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
90.40 90.70 90.96 30.51 30.49 1426.60 1427.50 1428.50 1427.20 1431.00 1428.80 39410.00 39446.00 39340.00 39285.00 39297.00 45835.00 45835.00 40403.00 40446.00 40361.00 40375.00 40389.00 46461.00 46400.00 46412.00 45755.00 46000.00 2402.00 3309.00 4914.00 86.53 85.52
90.75 91.08 90.96 30.69 30.49 1431.00 1432.00 1433.00 1427.20 1431.20 1428.80 39458.00 39446.00 39340.00 39285.00 39297.00 45835.00 45835.00 40403.00 40446.00 40361.00 40375.00 40389.00 46461.00 46510.00 46412.00 46429.00 46445.00 2402.00 3309.00 4914.00 86.53 85.93
87.70 88.13 89.06 28.52 28.89 1390.80 1391.00 1392.70 1391.80 1391.60 1392.40 38307.00 38314.00 38362.00 38309.00 38309.00 44696.00 44696.00 39402.00 39444.00 39458.00 39374.00 39388.00 45293.00 45300.00 45357.00 45261.00 45200.00 3301.00 3308.00 4912.00 86.53 85.52
88.07 88.60 89.06 28.88 28.89 1391.80 1392.40 1393.40 1391.80 1392.40 1392.40 38336.00 38348.00 38362.00 38309.00 38309.00 44696.00 44696.00 39402.00 39444.00 39458.00 39374.00 39388.00 45293.00 45341.00 45357.00 45261.00 45277.00 3301.00 3308.00 4912.00 86.53 85.93
Traded Volume in lots 326 94 326 1,890 3,035 2,278 67 39 23 7 12 2 -
Previous Settlement Price 87.8 88.3 88.8 28.6 28.6 1392.0 1392.6 1393.6 1392.0 1392.6 1393.6 38328.0 38339.0 38354.0 38300.0 38311.0 44686.0 44686.0 39392.0 39434.0 39448.0 39365.0 39378.0 45282.0 45330.0 45346.0 45250.0 45266.0 3302.0 3309.0 4914.0 86.5 86.0
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 88.1 66 88.6 26 89.1 28.9 35 28.9 1391.8 834 1392.4 1,006 1393.4 766 1391.8 1392.4 7 1393.4 38336.0 10 38348.0 36 38362.0 38309.0 38320.0 44696.0 44696.0 39402.0 39444.0 39458.0 39374.0 39388.0 45293.0 45341.0 5 45357.0 45261.0 19 45277.0 10 3301.0 3308.0 4912.0 86.5 85.9 -
Wie of the US plays shot during the Dubai Ladies Masters European Tour golf tourney
10
Thursday, December 9, 2010
Farhat sends legal notice to Mazhar Majeed KARACHI: Pakistani Test opener Imran Farhat has become the first player to send a legal notice to Pakistani bookmaker Mazhar Majeed for naming him among a group of seven players allegedly involved in spot-fixing. Farhat has sent the notice through his lawyer in the United Kingdom, John Tinker. "The notice will be delivered to Mazhar Majeed in person and we have asked him to either tender an unconditional apology or face a suit for damages," Farhat said. Farhat also added that he was upset and disturbed by the allegations made by Mazhar against him and he wanted to expose the man. "I can't tolerate anyone making such allegations against me and trying to defame me," he said. Mazhar, who was the agent for several Pakistani players, said in a video that was released by the 'News of the World' tabloid last August in England that he had bribed Salman Butt, Mohammad Aamer and Mohammad Asif to deliberately bowl no-balls in the fourth Test against England at Lords. The ICC subsequently suspended the trio who are now facing several charges from the ICC anti-corruption and security unit. Last week in a leaked video shown on Geo News channel, Mazhar claimed that he has four other players working for him. Mazhar named Imran Farhat, Kamran Akmal, Umar Akmal and Wahab Riaz as those working for him. All the four players have said they will be sending him legal notices but Imran has become the first one to actually do so.-Agencies
Sana gets female soccer captaincy LAHORE: Pakistan Football Federation (PFF) has approved National Champion Young Rising Star's captain and central defender Sana Mehmood as new captain of Pakistan National Women Team to take part in SAFF Women championship being played from December 12 Bangladesh. Pakistan is placed in Group B of the eight-nation event.The other teams in Group B Nepal, Afghanistan and Maldives. Group A comprises India, Sri Lanka and Bhutan.Two top teams from each of the two groups will play in the semifinal. Sana, 21, took over the captain's arm band from midfielder Ishrat Fatima of Lahore's Sports Sciences Department (Punjab University) who captained Pakistan at Dhaka's Bangabandhu National Stadium earlier this year in five-nation League of 11th South Asian Games 2010. Ishrat is also in the squad. HEC's Asmaa Usman will act as Sana's deputy. The 18-player squad for the First-ever SAFF Women Championship had already been finalized. Young Rising Star's Asmara Habib, HESCO's Naila Rani, and Diya FC's Marium Laghari will earn international cap for the first time while other 15, including Sana, have already represented Pakistan in 11th South Asian Games.-APP
Anderson goal puts United on top
LONDON: Manchester United's Wayne Rooney shoots past Valencia's Alejandro Dominguez during their Champions League Group C soccer match.-Reuters
Samir shines at HPEC camp in Thailand LAHORE: Pakistan's top ranked tennis player Samir Iftikhar has justified his selection by Asian Tennis federation for the elite "high performance evaluation camp" by beating Indonesian and former top 100 junior David Agung in 3 set marathon match with scores 6/7 6/2 10/2 (super tie break) in the round robin matches at Bangkok. Samir has put up sterling performance in the camp which began from December 28 to polish the skills of most outstanding junior tennis players of Asia, said the information made available here. Samir lost the first set in the tie break at 6/7 and made magnifi-
cent come back afterwards by displaying skilful to win the second set. He final set went into super tie break where Samir broke the experienced Indonesian serve with powerful returns and won the super tie break at 10/2. Samir had earlier won 2 matches by beating former top 80 ranked Warit Sornbutnark and Kongpop Lertchai of Thailand and lost to world number 74 Viadic Munsshaw of India's in a nail biting match 4/6 6/2 8/10 having led 8/6 in the super tie break . The Asian Tennis Federation has invited 9 elite Under 20 players from Asia for over all evaluation by the reputed International Coaches and physi-
cal trainers from US, Argentina ,Spain . Samir has been emerged on top in fitness after the results of the fitness test. Samir's father and former Davis cupper Tayyab Iftikhar who is in Bangkok with Samir as coach told APP that Samir has improved his game to a higher level amid the presence of worlds qualified coaches whose guidance has encouraged the young tennis player to attain more glory for the country. "Samir alongwith other participants is undergoing six hours daily training and practice and the experience which the players are gaining will really help them to become good seasoned tennis players.-APP
Miandad to assist Pakistan players KARACHI: The drama revolving around Javed Miandad's appointment as Pakistan's batting consultant finally ended when the Pakistan Cricket Board (PCB) Chairman Ijaz Butt successfully removed the former captain's concerns about the job. Miandad, who also holds the post of Director-General in the PCB, met the chairman yesterday to express his concerns on the matter that turned bitter after coach Waqar Younis'
comments on his appointment. The former captain, who earlier showed his willingness to assist Pakistan batsmen following the PCB's offer for the tour of New Zealand and the preceding training camp, was left fuming after Younis said he would have to work according to his described limits. The batting legend has coached Pakistan three times and was also unhappy after he was given the condition that he would have to work under
Younis which he refused. However, Ijaz had a successful meeting with the former captain after which he confirmed his appointment. "Miandad will work as the batting consultant for the tour and will attend the training camp as well," said Ijaz. Miandad, however, is yet to confirm his travel with the team, saying that he "will assist the batsmen during the camp but has not decided about travelling with the team yet".-APP
Aqeel in singles semis of Khyber tennis c’ship PESHAWAR: Davis Cupper and top seed Aqeel Khan defeated Shehzad Khan to reach into the semi-finals of the Men's singles event of the 29th Chief of Air Staff Khyber Cup Tennis Championship being played here at Officer Mess Courts on Tuesday. A spirited Aqeel although faced tough resistance at the hands of Shehzad Khan, especially in the second game where they were tied 6-6. Aqeel Khan got the first set by 6-4 without facing any hard ship apart from a little resistance from Shehzad Khan. Shehzad Khan is base line player tried his hard to keep away Aqeel from the net he thinks Aqeel can strike but he failed as Aqeel fully dominated and took the set by 7-6 to seal the fate of Shehzad Khan to 2-0. In the second quarter-final Yasir Khan beat Muhammad Abid in a thrilling three sets battle lasted for one hour and 20 minutes. The score was 6-0, 2-6 and 6-3. Tanveer Ashiq defeated Muniq Aashiq in another thrilling match lasted for one hour and 30 minutes. Tanveer took the first set by 62 but failed to come up in the second won by Munir at 4-6. In the third game tough battle was witnessed between Tanveer and Munir in the third set won by Tanveer at 7-5 (6-6).-APP
MANCHESTER: Manchester United needed a rare goal from Anderson in a game bursting with missed chances for their more usual scorers to draw 1-1 with Valencia on Tuesday and secure top spot in Champions League Group C. The 22-year-old Brazilian midfielder scored only his second goal since joining in 2007 to bring United level after the Spaniards had taken a first-half lead through Pablo Hernandez. United needed to avoid defeat at Old Trafford to win the group and peppered the Valencia goal with chances before their hopes of becoming the first team to go through the group stage without conceding were dashed with the opener. Dimitar Berbatov, who scored five goals in United's 71 win in their last Premier League match against Blackburn Rovers, threatened to open the floodgates again but saw chances from his head and feet repeatedly blocked by keeper Vicente Guaita. "Berba could have scored another five," Manchester United manager Alex Ferguson told a news conference. "He was unlucky, the goalkeeper made two great saves from
him. "We played a lot of good football, we had a lot of good chances. I was pleased the penetration of the team was good but I just felt that about five minutes after we scored the goal, and we should have gone 2-1 up in that time, we started to settle for what we had and that is always a dangerous game. (It was) a lack of experience in the back there." Ferguson had fielded the 20year-old Da Silva twins, Rafael and Fabio, on either side of experienced central defenders Rio Ferdinand and Nemanja Vidic. Ferdinand went off just after halftime with a tight hamstring and was replaced by 21year-old Chris Smalling. SWIFT BREAK After a bright start by two teams who had already qualified for the next round, United went behind when midfielder Pablo Hernandez slotted home in the 32nd minute after a swift break. Young home keeper Ben Amos, a surprise name on the team sheet, was beaten after the midfielder was set up by Alejandro Dominguez after United's Michael Carrick lost possession in midfield.-Reuters
Swiss govt to inspect corruption in sports bodies KARACHI: Swiss government to investigate corruption in sports bodies in wake of FIFA decisions over World Cups. The Swiss government is to investigate the risk of corruption in sports bodies based in the country following FIFA's award of the 2018 and 2022 World Cup tournaments to Russia and Qatar respectively. FIFA is among more than 50 governing bodies based in Switzerland that currently benefit from favourable legislative and tax arrangements, including exemption from Swiss anti-corruption legislation. But following the conclusion of the 2018 and 2022 bid campaigns, which were mired in allegations of corruption and deal-making, the
Swiss government is to review these arrangements. At a news conference Swiss Federal Councillor Ueli Maurer said the government was "concerned" about the rise in corruption allegations, and confirmed that the sports ministry has been mandated to begin investigating how deal with corruption in sport. Maurer said that that recent allegations against sports bodies have made the issue a priority: "Switzerland must become a model in fighting corruption in sport," he said. FIFA general secretary Jerome Valcke said this week that there were no plans to reform its bidding or voting system, and said the process had been handled "perfectly".-APP
Aussies dumped deep in trouble KARCHI: The way Australia are playing it is going to be very hard indeed to win two of the next three Tests and regain the Ashes. These are uncharted waters for Australia. This is the first time England have beaten them by an innings in Australia for 24 years. That is a long, long time and England have a hell of a reason to celebrate and be excited. It seems like it is a real role reversal. Both sides have been pretty even for some time, but now England look like the better team and they have proved they are not scared of Australia. This performance here proves that all the talk before the Ashes was not a phoney war. They are a team of 11 believers and they are playing with confidence and passion. They believe they have got what it takes to beat Australia in Australia.
This is crunch time for my old team. They are 1-0 down and have to make some hard decisions about all parts of their game - their bowling, their batting and their plans. They have to crack the question of how are we going to beat England, but they have little time to find the formula. It will be very hard for Australia to win the series even if they draw in Perth. If England win at the Waca they will be unstoppable, and could win three or four nil, which would be an unbelievable result. But do not look too far ahead if you are an England fan, because I know Australia will fight. They showed guts and fight in the second innings at Adelaide, and let's just see what happens. The next few days will be an interesting time to see what Australia decide to do. They need to work out a way
of getting 20 wickets and they need to find a leader of the attack. Who is that? No one springs to mind at the moment, but making inroads into that top order is crucial and something that has been absent from this current side. Spin-bowling options are difficult. Xavier Doherty has not had an ideal situation to come in and play two Test matches. He has been behind the eight ball every time so it is very hard if they say, "Sorry, you are out mate". He was obviously a Ricky Ponting selection. He wanted him in, but given the situation of the series, Australia may need to go with an experienced player. We are now back to what I said before the series started. Where do they go? Do they opt for Nathan Hauritz or a wristspinner like Steve Smith? Do they play two spinners or none at all and prepare a green, grassy wicket in Perth? That
would be a big gamble against England's seam attack. The pitch is not fast and bouncy these days, so maybe you get a local guy who knows the Perth conditions, like left-arm spinner Michael Beer. Sometimes horses for courses works. Australia have to explore all options and win this next match to get back in this series. They need to look at all avenues and go all out for a win. There has been a bit written in Australia and people have been asking me about making a comeback. All I can say is that it is very flattering to hear those words. It must be tough for Ricky Ponting at the moment. Leading a losing team and being the only captain who could lose three Ashes series in the modern era is hard for such a great player. Let's hope he can get back in the runs in Perth, which will help his cause and Australia's.-Agencies
Europe data upbeat, market eyes new US stimulus BERLIN: German industrial output soared past expectations and France's central bank upped its forecast for fourthquarter growth on Wednesday, signs that Europe's biggest economies are speeding ahead while the debt crisis puts the brakes on smaller peers. Upbeat economic signs from Germany, France and Britain also contrasted with the United States, where authorities are still worried enough about jobs and growth to be taking new steps on taxes and bond-buying to stimulate the economy. German industrial production rose by 2.9 per cent on the month in seasonally adjusted terms, beating even the most upbeat forecasts in a Reuters median poll of 1.0 per cent, preliminary data from the Economy Ministry showed on Wednesday. That adds to evidence Europe's largest economy will start 2011 in high gear, even as a sovereign debt crisis and resulting budget austerity undermines hopes for growth in Spain, Portugal, Ireland and others. The crisis has already prompted Greece and Ireland to seek EU/IMF aid and fears are spreading that Lisbon and possibly Madrid could be next. "The data show the core countries in the euro zone are in good shape, with Germany leading the pack. Only the peripheral states are struggling," said Fabienne Riefer, an economist at Postbank Research. "The divergence is here to stay for 2011." French firms capitalised on Germany's stronger imports by exporting more to Germany in October and France's central bank also raised its fourth quarter growth forecast to 0.6
per cent in a report on Wednesday. UK manufacturing figures were again upbeat, reinforcing the case for countries to press on with strong budget consolidation. However, a survey of purchasing managers earlier this month in Greece, which is going through its deepest recession since 1974, showed its manufacturing sector continued to contract in November, with domestic demand weak. Meanwhile, a key gauge of business confidence in Portugal fell for a second straight month in November. CONSOLIDATE MORE
The strong tone contrasts with the United States, where the jobless rate last month hit a seven-month high and President Barack Obama has agreed to extend tax cuts for two years to reinflate the economy. The deal with Republicans to preserve Bush-era tax cuts gave stock markets a boost across the globe, but concerns it may also spell longer-term budget strife drove US bond yields to six-month highs. That compares with efforts by the Federal Reserve, which this week hardened its tone on a $600 billion bond-buying programme that aims to bring yields and borrowing costs down. US 10-year yields are around 70 basis points above where they were when the Fed announced its "QE2" bondbuying programme in early November. Li Daokui, an academic adviser to the Chinese central bank pointed to questionmarks over Washington's fiscal approach in comparison to
European governments who have been desperately cutting back on spending in a bid to ease pressure on market yields. "For now, market attention is still on Europe and for the coming 6-12 months, it will not shift to the United States," Li said when asked about US President Barack Obama's plan to extend tax cuts for all Americans. "But we should be clear in our minds that the fiscal situation in the United States is much worse than in Europe. Employment in the United States barely grew in November, hardening views the Federal Reserve will stick to its $600 billion plan to shore up the anemic recovery. Other data from Germany showed unadjusted imports rose to a post-war record in October -- a sign of rising domestic demand which European and global peers hope will spread the benefits of German growth and help ease global imbalances. Euro zone peers have criticised Germany for its reliance on exports and weak consumer spending but imports from euro zone countries to Germany rose 17 per cent compared to a year ago. "As domestic demand recovers in Germany, that may help the peripheral countries, but that won't be a topic before 2012," said Riefer at Postbank. Economists expect the euro zone economy to expand 1.7 per cent in an uneven recovery this year, the highest in two years of polling. It is then expected to slow to 1.4 per cent next year before picking up again to 1.7 per cent in 2012.-Reuters
Japan machinery order fall signals tough times TOKYO: Japanese core machinery orders fell at a slightly faster pace than expected in October, in a sign that companies are holding back spending due to the yen's stubborn strength and slowing demand at home and abroad. The data provides further evidence that the economy's recovery since last year is screeching to a halt as exports slow and stimulus-driven domestic consumption wanes, with economists predicting a modest contraction in GDP in the current quarter. Adding to the murky outlook for the economy, bank lending marked its 12th straight month of annual declines in November as ample fund supplies by the Bank of Japan fail to filter through the economy due to companies' reluctance to invest. "The machinery orders data suggests corporate capital spending has not fully recovered to the pre-crisis level and may see a slowdown in the current quarter and next quarter as the economy stalls," said Takeshi Minami, chief economist at Norinchukin Research Institute. "If forthcoming Japanese economic data turns out to be similarly dour, the Bank of Japan is likely to be prompted to take fresh action." Economists expect the economy to resume its recovery early next year on the strength of emerging economies, but this scenario is far from assured due to China's policy tightening, weakness in the US job market and credit worries in Europe. Core machinery orders fell 1.4 per cent in October from the previous month, down for a second straight month, Cabinet Office data showed on Wednesday.-Reuters
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Tokyo have a legacy of bitterness stemming from Japan's brutal colonial rule of Korea and a dispute over islands. Mullen said he was encouraged to see South Korea sending observers to this week's US-Japan joint military drill and applauded a trilateral meeting of foreign ministers in Washington. "I would hope that we would see more trilateral action in the region in the future," he added. A US aircraft carrier group, the military's ultimate show of strength, has been involved in its recent combined maneuvers with South Korea and Japan. More drills will irritate China which says they are threatening and bring instability to the region. On Tuesday, Beijing hit back at the United States and its Asian allies for their refusal to talk to North Korea, saying dialogue was the only way to calm escalating tension on the divided Korean peninsula. But Mullen said the Chinese must do more. "They are a world leader and leaders must lead -- particularly to prevent crises and to prevent the kinds of destabilising activities that are very evident coming out of the leadership in Pyongyang," he said. "China has unique influence. Therefore, they bear unique responsibility," Mullen told a news conference in Seoul. He said the US and South Korean militaries would avoid taking steps that would escalate into a conflict on the peninsula. "The North should not mistake this restraint as a lack of resolve -- nor should they interpret it as willingness to accept continued attacks to go unchallenged," he said. -Reuters
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September, Crowley suggested. "We will have further conversations on the substance with the parties, and we will continue to try to find ways to create the kind of confidence that will eventually, we hope, allow them to engage directly," he said. But while the Palestinians expressed dismay at the US announcement, the Israeli right could hardly contain its delight. "Israel has held out and not given in to the Americans' bizarre and extreme demands and the sky has not fallen on our heads," crowed Danny Dayan, head of the Yesha Council of settlers."Finally, Israel's credibility has been strengthened because it defended its own national interests and everyone who thought we wouldn't stand up to US pressure has been proved wrong," Dayan told Israel's army radio. -Agencies
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as some issues that fell entirely within the Assembly's domain, they were instead taken up by the Security Council. -Online
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Dr Abdul Wahid Soomro, Dr Talat Mahesar, Sardar Talib Hassan Nakai, Syed Haider Ali Shah, Malik Nauman Ahmad Langerial and Shagufta Sadiq besides Secretaries, Ministers of Ports & Shipping, Commerce and Additional Secretary, Ministry of Defence. -Reuters
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country, how can a country run its industrial sector when there is no gas, how can poverty and unemployment be eliminated under the current prevalent conditions.Sharif said there is no need for RGST when the money acquired will be consumed during the process, and if we can save this tax money then we do not need the Kari Lugar bill, he added before imposing RGST the government should first curb corruption. -Online
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International & Continuation
Thursday, December 9, 2010
Raza Gilani would decide about the fate of the ministers in respect of the ministries which had been devolved to the provinces, he told. -Online
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your investments, we desire joint ventures, and we want to work together in the spirit of win-win partnership," he said. Reiterating his government's desire for a greater, more extensive and robust trade and economic relations with Turkey, he assured the Turkish businessmen of providing them conducive and enabling environment to do business in Pakistan. Gilani said his visit to Istanbul had a particular focus to interact with the local businessmen and find out the ways to give a strategic direction to the commercial and economic relations between Pakistan and Turkey. He said despite Pak-Turk friendship, the strong ties somehow had not been translated into robust trade and economic relations, as the bilateral trade volume of around $782 million did not reflect the potential and the opportunities that existed in the two countries. He said despite some external and internal shocks in shape of global financial crisis, volatility in oil prices and energy shortfall, Pakistan's economy had shown resilience and a modest growth this year. He said many attractive incentives were available including 100% equity ownership, full repatriation of capital, tax breaks, and customs duty concessions on import of plant and machinery and raw materials. He said Special Economic Zones had been created with efficient infrastructure where one-window facility was being offered by the Board of Investment.-Agencies
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Executive Vice-President and Country Head, Agriculture, Askari Commercial Bank, Farooq Abid Tung, CEO Icepak Ltd, Mansoor Arifeen, Chief Executive Specialists Group Inc. farmers Sultan Barq and Dr Syed Nadeem Qamar of Sindh Agriculture Chamber would be members of the committee. As a result, out of total outstanding agri. advances in affected areas of Rs 53 billion, Rs 32 billion had become non-performing.
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China and Pakistan call each other "all-weather friends" and their close ties have been underpinned by long-standing wariness of their common neighbour, India, and a desire to hedge against US influence in the region. China is Pakistan's main supplier of conventional arms and analysts believe China supported Pakistan's nuclear weapons programme in past decades.-Agencies
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agri-tax said it should not be aimed at all farmers but those whose earnings exceed Rs0.3 million, added it is irony that feudal lords earn big bucks through other channels, but show them under agri-head thus evade the tax net. Tareen spelling out three points for the progress of Pakistan economy said that merit should be held at top of the priority, all decisions should be taken keeping the national interest in fore, and influential class should respect the law and don't consider themselves above it.
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conjunction with Nomura Dubai, the forum will showcase a wide range of Pakistani companies including Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Oil & Gas Development Company Limited (OGDCL), Sui Northern Gas Pipeline Limited (SNGPL), Sui Southern Gas Company (SSGC) and Pakistan Continued from page 12 No #6 December, 20, he told. Responding to a question he said oppos- Mineral Development Corporation (PMDC), Pakistan Railways, ing process of transferring of ministries to the provinces by some Islamabad Electric Supply Company (IESCO), Pakistan Steel, ministers is their personal stance. Parliamentary committee will ENGRO, Luck, HUBCO, MCB, Bestway, BMA, AKD Securities, call these ministers in its meeting, he said adding the ministries Jahangir Siddique, Arif Habib, KASB Bank, Trust Bank, Barclays of education and health would however be transferred to the and SCB. Senator Khan has been invited by the London Stock Exchange provinces.He was of the view that no employee of federal govfor the keynote address. The minister is accompanied by high ernment would be sacked nor would be sent to surplus pool. level representatives of large number of companies besides the President Asif Ali Zardari and Prime Minister Syed Yousuf
EU unveils drive to control commodity speculators BRUSSELS: The European Commission unveiled plans on Wednesday to clamp down on speculators in commodities such as grain, following in the footsteps of Washington which has already acted to prevent spikes in food prices. The EU executive wants traders to disclose their positions, a cap on mega-trades and power for regulators to intervene in order to curb speculators suspected of driving food and energy prices to record highs in 2008. "If someone is doing something which affects the market then he or she must be held to account," Michel Barnier, the EU commissioner in charge of the reform, told journalists. "Hyper-speculation is scandalous." Barnier, a former French agriculture minister, announced his blueprint for new rules as France continues to push for tighter regulation of the sector, having taken over the presidency of the Group of 20 (G20) top global economies. France, the EU's biggest grain producer, wants to stem speculation on futures markets designed to help farmers guard against the risks of a poor crop by guaranteeing a payout at a fixed price. Barnier's proposals, which could become law in 2012, are part of a sweeping reform of EU rules known as MiFID (the
Markets in Financial Instruments Directive), which govern financial instruments. Many blame financial tools such as derivatives for global economic difficulties and say the existing regulations failed to keep such trading in check. Barnier will also tackle highfrequency trading, the millisecond buying and selling by computers of stocks and bonds that is suspected of triggering the flash crash in July, when US stock markets plunged, only to recover within minutes. The change to rules will also demand more information for regulators about trading prices in so-called dark pools, where the price of a deal is published only after it has happened. "This reform has been overdue because the markets broke down in the same way as banks did," said Sony Kapoor, a financial expert with London think tank Re-define. "No one knows what is going on in the markets in Europe. They are playing catch-up with the United States. Regulators there already know more about how the markets work." As part of Wednesday's proposals, the Commission also launched a push to raise penalties across the region for financial crimes such as insider trading, and to force national regulators to name and shame offenders. The EU executive is leading a shake-up of financial services
across the 27-country EU after what began as a freeze in bank lending led to recession, widening budget deficits and ultimately sucked whole countries into a debt crisis. Its proposals will need the backing of the European parliament as well as powerful EU member states such as Germany and France. European commodity markets are under pressure to tighten regulation as the United States pushes forward with plans to tame speculative activity. "I don't think there is any reason why we Europeans should be any less rigorous than the Americans," Barnier said. Politicians have repeatedly blamed financial speculators for causing the global financial crisis but officials in Brussels are grappling to understand how big their role really was. A recent internal study failed to find a link between a government's cost of borrowing and swings in the price of insuring against debt default through credit default swaps -an area that had been identified as a cause of concern. "Complaints that speculation leads to market manipulation misunderstands what drives the commodity markets, which is fundamental demand and supply," said Andrew Moorfield, head of the oil and gas division of banking group Lloyds.Reuters
Chairman, Senate Standing Committee on Privatisation, Senator Wasim Sajjad and members of the Privatization Committee Senators Adnan Shah, Ilyas Bilour and Imtiaz Shaikh. The event will showcase the opportunities available to international investors in the Pakistan economy and is designed to both represent a number of Pakistan based listed and public companies and connect them with a wide range of senior representatives from the international buy-side investor and corporate advisor communities. -APP
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the Assembly's premises however, they could not make into the main hall thanks to heavy contingents of police.At least two vehicles were torched on the violent spot. -NNI
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another report regarding sale of BPL shares.Qazi Hussain in his petition objected to government's move to purchase its sold out assets from British Petroleum (BP) at exorbitant rates.
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Reports of a government plan to support a high-speed rail network spurred a rally in railway-related stocks. Investors awaited a flurry of economic data including inflation figures expected next week that may offer hints about the government's next monetary move. The Shanghai Composite Index closed at 2,848.5 points, closing once again below the closely watched 250-day moving average now at 2,868 points. "Investors are adopting a wait and see attitude," said Zhang Qi, analyst at Haitong Securities in Shanghai, adding that investors are uncertain about the impact tightening measures will have on the availability of cash in the stock market. Analysts expect volume to pick up again by the start of next year as investors start focussing once again on corporate earnings, government stimulus measures and valuations. Official media reported on Wednesday that the government would invest $600 billion in high-speed rail networks, spurring speculative buying in related stocks.-Reuters
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The government ended state controls on pricing of petrol in June and raised prices of diesel, cooking gas and kerosene, but has ruled out full deregulation of diesel prices in the near future. Shares in state-run oil marketing firms gained, with Indian Oil Corp ending up 0.8 per cent, Hindustan Petroleum Corp rising 3.4 per cent and Bharat Petroleum Corp gaining 2.1 per cent. By 0900 GMT, US crude for January fell 83 cents to $87.99, after touching $90.76 on Tuesday, the highest price since October 2008. "There is concern over a fuel price hike, this will add to inflation pressure. This is going to be negative for the overall market," said KK Mital, chief executive for portfolio management services at Globe Capital Markets. Annual headline inflation in India was 8.58 per cent in October, well above the Indian central bank's end March target of 5.5 per cent. State-run explorer Oil and Natural Gas Corp closed up 0.5 per cent after rising as much as 2 per cent in intra-day trade. The company said on Tuesday its board would meet on Dec. 16 to consider a bonus share issue, stock split and payment of a special dividend ahead of a planned share sale.-Reuters
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In relatively active trading, analysts said foreign funds were seen selling JGB futures and buying Nikkei futures, helping to boost the cash market's volume. Trading volume reached 1.93 billion shares on the Tokyo exchange's first section, slightly exceeding the previous day's 1.73 billion and last week's daily average of 1.8 billion. Major exporters led the advance with Sony Corp adding 1.9 per cent to 3,040 yen and earth-moving equipment maker Hitachi Construction Machinery Co Ltd gaining 1.4 per cent to 2,000 yen.Silicon wafer maker Sumco Corp tumbled 9.6 per cent to 1,211 yen on 3.9 times its 30-day average volume after the company said it expected a net loss of 66 billion yen ($790 million) for the year to January 2011, compared with its previous forecast of a 12 billion yen loss. "The market could also be overheating after rallies since early November but foreign investors are still keen to pour their money into Japanese shares," said Takashi Ohba, senior strategist at Okasan Securities.-Reuters
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Miners fell back as metal prices eased on the back of a stronger dollar, after US Treasury yields surged on a proposed extension in US tax cuts, and as concerns over potential rate hikes in China weighed on sentiment. Silver miner Fresnillo and gold miner Randgold Resources were among the worst off, down 4.9 and 3.5 per cent respectively. Capital Shopping Centres was the biggest FTSE 100 faller, shedding 5.4 per cent after shareholder Simon Property said it might sell its 5 per cent stake in protest over CSC's 1.6 billion pound ($2.5 billion) plan to buy a UK mall, which it sees as value destructive. Most banks managed to rally on relief at a lack of fresh concerns about European sovereign debt, although global bank HSBC fell 1 per cent, weighing the sector down. Part-nationalised Lloyds Bank gained 1.4 per cent, while Standard Chartered added 2 per cent ahead of a trading update due on Thursday. Insurers were also in demand, led by Prudential, up 3.7 per cent, with UBS adding the firm to its "Key Calls" list and raising its price target, citing growth prospects in Asia.Integrated oils were buoyed by gains in BP, up 0.4 per cent, helped by a bullish note from Morgan Stanley. A smattering of takeover speculation also helped out. The FTSE 100 index is seen gaining more than 8 per cent by the end of 2011, with equity investors shrugging off economic gloom, a Reuters Poll found.-Reuters
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moved in opposite directions of late. A rise in yields and the dollar could also draw money away from equities. McDonald's Corp dragged on the Dow, falling 2.1 per cent to $78.61 after reporting weaker-than-expected global sales for November. The Dow Jones industrial average edged down 16.92 points, or 0.15 per cent, at 11,342.24. The Standard & Poor's 500 Index was off 1.57 points, or 0.13 per cent, to 1,222.18. The Nasdaq Composite Index added 1.09 points, or 0.04 per cent, to 2,599.58. The S&P 500 hit a two-year intraday high on Tuesday, but closed with a small gain. Steady economic improvement should fuel stock gains through 2011, according to a poll of investors and strategists, but international concerns could limit advances in the second half of the year.-Reuters
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Federation Ambassador meets Chawla
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MOSCOW: Anti-drug chiefs from Afghanistan, Russia, Tajikistan and Pakistan shake hands during a news briefing after their meeting in Moscow. -Reuters
US bid to freeze Israeli settlement fails
Direct Mideast talk run aground JERUSALEM: The Middle East peace process lay in tatters Wednesday after Washington admitted defeat in its efforts to secure an Israeli freeze on settlement building, the Palestinians' condition for resuming talks. Speaking late on Tuesday, US officials admitted top-level efforts to coax Israel into imposing new curbs on West Bank settlement construction had gone nowhere, prompting cries of victory and backslapping among Israel's hardliners. Without a new freeze, the Palestinians have refused to negotiate, effectively deadlocking direct peace talks that opened on September 2 only to run into the ground just weeks later when building resumed in the settlements. "We have been pursuing a moratorium as a means to create conditions for a return to meaningful and sustained
negotiations," US State Department spokesman Philip Crowley said in New York City. "After a considerable effort, we have concluded that this does not create a firm basis to work towards our shared goal of a framework agreement," Crowley said. A top aide to Westernbacked Palestinian president Mahmud Abbas said it was Israeli recalcitrance that had torpedoed US efforts to rescue the direct talks. "The policy and the efforts of the US administration failed because of the blow it received from the Israeli government," Yasser Abed Rabbo told Voice of Palestine radio. Israeli and Palestinian officials are now expected to visit Washington next week for separate talks with the US administration on ways to keep the peace process alive, Crowley
Pak calls for greater UN role in world affairs
UNITED NATIONS: Voicing concern over the progressive erosion of the UN General said. Israeli press reports said that Assembly's role, Pakistan has US Middle East envoy George called for steps to strengthen Mitchell would meet separate- the 192-member body so that it ly with Palestinian chief nego- can effectively deal with global tiator Saeb Erakat and his problems. "It is an abiding irony that the Israeli counterpart Yitzhak only universal principal organ Molho in the coming days. The United States has for of the United Nations that can weeks been trying to convince be regarded the world parliaIsraeli Prime Minister ment, is engaged in a seemingBenjamin Netanyahu to ly endless exercise to have its impose a new moratorium on status recognized ungrudgingsettlement construction in the ly," Pakistani Ambassador Abdullah Hussain Haroon said occupied West Bank. A previous 10-month freeze in a debate on revitalization of expired on September 26, the General Assembly. Pointing out that the Security shortly after the launch of new peace talks between Israel and Council was muscling its way into matters that traditionally the Palestinians -- the first direct negotiations in nearly fell under the Assembly's purview he called for a baltwo years. It now appears the two sides anced relationship between difare likely to return to some ferent organs of the United form of indirect, or "proximi- Nations. Despite some progress in the ty" negotiations similar to those held between May and Ad Hoc Working Group on revitalization of the General See # 2 Page 11 Assembly, Ambassador Haroon said the fact remained that the Assembly was not enjoying its rightful place in the scheme of things. The heart of the matter, he added, was that, barring genuine political will, revitalization of the Assembly would continue to be an exercise replete with clichĂŠ, while offering little in terms of substance. There was a gap between difFurthermore, Inter-Services ferent stakeholders, and where See # 3 Page 11 Intelligence (ISI) regretted to give a formal briefing to National Assembly's Standing Committee on Defense at its respective headquarters due to security concerns. However it would give a briefing to the parliamentary body on ISI role in war against terror at an alternate venue on SUMUNDRI: PML-N Chief Mian Nawaz Sharif Wednesday January 13. Chief of the ISI Lt General resolved to make PML-N a revAhmed Shuja Pasha along olutionary party. Addressing a public gatherwith other senior members of the committee will give a ing at Sumundri, Nawaz said detailed and methodical brief- that corruption in Hajj arrangeing on the role of the ISI on ments is an unpardonable miswar against terrorism and take. "It is the height of corruption unremitting drone attacks. Those who attended the in our country; the federal minmeeting included Cap (Retd) ister himself admitted the irreghe lamented. Rai Ghulam Mujtaba Khural, ularities", Referring to RGST, he said, Nawab Abdul Ghani Talpur, "The government should elimiSee # 4 Page 11 nate corruption prior to imposing the RGST Bill." "We will not accept this Bill". Nawaz maintained that the government would not be in need of loans, if it spends the money being collected through tax judicially". He denied the allegation levfive ministries to the provinces eled on him by Wikileaks, sayin line with the recommenda- ing that Musharraf dubbed him tions of the parliamentary a hijacker wrongly. "Do I look commission has been finalised like a hijacker?" the PML-N in befitting manner while the chief asked the audience. federation had amended its He further blamed the incumrules of business. bent government for the prevaThe commission had started lent power shortage. working out its recommenda"This kind of situation arises tions for devolution of more when one person becomes the five ministries to the provinces sole owner of the country," and its first meeting in this Nawaz said, added there is no respect would take place on gas, no electricity in the See # 6 Page 11 See # 5 Page 11
ISI refuses briefing on security grounds
NA body adopts Carriage Bill 2010 ISLAMABAD: National Assembly Standing Committee on Defence Wednesday met to discuss the "Carriage by Air Bill-2010 and decided to take it up again in its next meeting. The meeting held at the Parliament House was chaired by chairperson of the committee Dr Azra Fazal Pechuho. Officers from State Bank of Pakistan, Federal Board of Revenue, and Air Carrier companies also attended the meeting. The representative from textile exporters of Pakistan apprised the committee their concerns and problems regarding the proposed Bill. While the Government functionaries informed that the role of freight forwarding agents will be regularised
through a regulatory body which is under process of framing. The committee appreciated the role of exporters in earning the foreign exchange for Pakistan and asked SBP and FBR that the issue of nonpayment of exporter bill by the freight forwarding agents be resolved on urgent basis. The proposal submitted by the Pakistan Apparel Forum was handed over to the Secretary, Ministry of Commerce to examine them for inclusion in the bill or otherwise. The Committee also discussed the clauses of the bills in detail and decided to convene another meeting on January 12th, 2010 to finalise the recommendations of the Standing Committee.
KARACHI: Russian Federation Ambassador Budnik Andrey said political relations between his country and Pakistan are improving and Russian companies interested to invest in various sectors of Pakistan. He expressed Russia's interest in oil, gas exploration, Pak Iran gas pipeline, Turkmenistan, Afghanistan, Pakistan, India gas pipeline, electricity transmission. "Both countries should explore a new beginning by building strong edifice of interaction aimed at strategic,
political and economic convergence. "There is desire to raise economic cooperation level which needs to be worked out looking at our potentials. We need to diversify and find new areas. There are vast opportunities for mutually beneficial ties that must be utilised optimally for mutual advantage," Andrey said in meeting with President, Federation of Pakistan Chambers of Commerce & Industry FPCCI. Chawla said annual bilateral trade between Pakistan and Russia is around US$400 million, which is "very low and
is in favor of Moscow. Pakistani businessmen face difficulties in getting business visa, whereas it is easy to get tourist visa." He felt relations lacked depth, dimension despite strong possibilities for mutual cooperation. FPCCI chief said economic interaction lacked behind strong political desire to forge close ties. He called for activating trade, economic ties as well as opportunities for improving investment climate and expands direct contacts between two countries' business communities.
No defence pact with Pak: SLanka COLOMBO: Sri Lanka has firmly ruled out any defence cooperation pact with Pakistan. Gotabhaya Rajapakse, the powerful defence secretary, said the government did not discuss the possibility of a defence cooperation agreement (DCA) during the recent four-day visit by Pakistan President Asif Ali Zardari. "President Mahinda
Rajapakse hadn't discussed any defence-related proposal with his Pakistani counterpart," the privately-run Island newspaper quoted the defence secretary, who is also the president's younger brother. The Island said the defence secretary dismissed what he called unsubstantiated media reports on a post-war DCA between Sri Lanka and Pakistan.
However, a joint statement issued by Pakistan and Sri Lanka at the end of Zardari's visit last month said they had agreed to promote a dialogue on, among other things, defence and security issues. Zardari, who held closeddoor talks with President Rajapakse, discussed increasing trade and defence cooperation, the president's office said on November 28. -Online
US urges firm ties with Seoul, Tokyo SEOUL: The top US military official said Tokyo, Seouland Washington must build an even stronger alliance in the face of North Korean aggression, while calling on Beijing to show leadership by reining in its ally Pyongyang. Admiral Mike Mullen, chairman of the US Joint Chiefs of
Staff, flew into Seoul on Wednesday where he also agreed with his South Korean counterpart to stage more joint military drills to deter North Korea from attacking again. "It is my hope that, to the degree possible, these will include participation by your neighbours and partners, in
particular the Japanese," he said. "The goal clearly is to have a deterrent effect, so that all-out war never occurs," he told reporters, without providing details about future joint drills. While they are allies, relations between Seoul and See # 1 Page 11
Sharif says will not accept RGST
Edu, health ministries to be given to provinces ISLAMABAD: Senator Raza Rabbani, chairman Parliamentary Commission for implementation of 18th amendment has made it clear that health and education ministries will be devolved to the provinces, adding reservations being expressed by some ministers on this count are the view points of their own. He said this while talking to media men here Wednesday after presiding over the com-
mission meeting at parliament house. The commission expressed full satisfaction over the process of transferring of five ministries to the provinces during the first phase besides reviewing the legal complications in respect of the ministries to be transferred to the provinces in the second phase. Talking to journalists after the meeting Raza Rabbani said the process for devolution of
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