International Karachi, Thursday, February 10, 2011, Rabi-ul-Awwal 6, Price Rs12 Pages 12
Pak shows terror its iron fist: Naek
US aid tied to Davis release
See on Page 12
Egypt rejects rapid reforms
See on Page 12
PSO 1H profit reaches Rs7.1bn
See on Page 12
See on Page 12 Economic Indicators Forex Reserves (29-Jan-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.38bn 14.55% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5497.4bn $323.6mn -4.69% 4.10% $1,051 175.12mn
Ministers resign; new cabinet soon
Strike keeps PIA planes grounded
Gilani dissolves Federal Cabinet 175 decisions taken in 75 meetings Prime Minister praises members performance
Portfolio Investment SCRA(U.S $ in million)
197.29 -3.46 -5.44 3091
Yearly(Jul, 2010 up to 8-Feb-2011) Monthly(Feb, 2010 up to-8-Feb-2011) Daily (8-Feb-2011) Total Portfolio Invest (28 Jan-2011)
NCCPL (U.S $ in million)
FIPI (9-Feb-2011) Local Companies (9-Feb-2011) Banks / DFI (9-Feb-2011) Mutual Funds (9-Feb-2011) NBFC (9-Feb-2011) Local Investors (9-Feb-2011) Other Organization (9-Feb-2011)
0.68 -2.72 0.64 1.23 0.22 -0.92 0.87
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,299.28 10,617.83 23,164.03 17,592.77 2,709.13 2,774.06 6,070.59 12,229.82
Change 61.66 18.15 320.27 182.93 5.18 24.89 20.74 3.33
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 110.68 18.45 157.08 2.00 42.57 1.70 36.18 11.30 38.48
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
09-Feb-2011 09-Feb-2011 09-Feb-2011 29-Nov-2010 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011 09-Feb-2011
13.53% 13.69% 13.86% 14.00% 13.26% 13.63% 13.76% 14.13% 14.26% 14.21% 14.25% 14.26% 14.61% 14.78% 14.97%
Commodities *Crude Oil (brent)$/bbl 100.65 *Crude Oil (WTI)$/bbl 87.41 *Cotton $/lb 174.61 *Gold $/ozs 1,366.20 *Silver $/ozs 30.43 Malaysian Palm $ 1,271 GOLD (NCEL) PKR 37,579 KHI Cotton 40Kg PKR 12,325
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 86.50 Canadian $ 86.10 Danish Krone 14.10 Euro 116.10 Hong Kong $ 11.10 Japanese Yen 1.021 Saudi Riyal 22.85 Singapore $ 66.90 Swedish Korona 12.10 Swiss Franc 85.50 U.A.E Dirham 23.35 UK Pound 137.35 US $ 85.55
Sell (Rs)
87.50 87.10 14.80 117.35 11.20 1.046 23.05 67.90 12.20 86.10 23.60 138.85 85.85
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
86.31 85.64 15.54 116.26 10.94 1.034 22.71 66.86 13.26 88.36 23.18 136.79 85.14
86.52 85.84 15.58 116.53 10.97 1.036 22.76 67.01 13.29 88.57 23.24 137.11 85.32
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
19°C 29°C 20°C 21°C 15°C 19°C
MIN
3°C 11°C 5°C 7°C -4°C 3°C
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KARACHI: Passengers wait to get on a flight at Karachi's Jinnah International Airport. Reuters
Finmin to brief NA body on PTCL selloff
Steps to trim fisal deficit on: Shaikh ISLAMABAD: Federal Minister for Finance, Dr Abdul Hafeez Shaikh here Wednesday said that government was striving hard to minimise the fiscal deficit for the growth of national economy. Talking to media after a meeting of Parliamentary Committees of Pakistan Peoples Party (PPP) and Pakistan Muslim League (PML-N) on economic reforms agenda, he said that fiscal deficit was recorded at 2.8 per cent during last six months of current financial year. He said that economy was showing improvement as country's exports had witnessed increase and foreign exchange reserves were building up, while workers remittances had also enhanced. The minister said that the meeting had also discussed the ways to increase the national
income and decrease the expenditures for improving the national economy. To a question as how the ministers in government committee would negotiate with PML-N team after the submission of resignations, Hafeez Shaikh said that Prime Minister had directed them to continue working till the formation of new cabinet. Senator Ishaq Dar on the occasion said that the fiscal deficit was the main problem of national economy and the committee had suggested to take measures like the ones were taken in 2008 to control the deficit. Meanwhile, Dr Shaikh, Federal Minister for Privatization during Musharraf era, will brief in-camera the National Assembly Standing Committee on Information Technology and Telecommunication regarding
Raymond Davis Case
President may call off US visit ISLAMABAD: Precarious political and economic situations besides threatening American tone for release of Raymond Davis involved in killing of two people in Lahore, has forced President Asif Ali to rethink his plans to visit US in near future. "Although dates for the President's official visit to the US were not yet finalised, it was very much on cards and the two sides were aiming at a mutually convenient schedule in March this year," wellplaced officials told Online. Talking about the nature of the President's planned visit, the officials added, it was a head-of-state-level visit to be reciprocated by Zardari's American counterpart Barack Hussain Obama sometime in later part of this year. According to the officials,
President Zardari and his ruling PPP were caught in catch22 as they were faced with economic cost of bringing the American accused of double murder to the book according to the law of the land. At the same the ruling party would have to pay political cost if it succumbs to the American pressures and recognises what they claim the diplomat immunity for him, the officials added. The officials were of the view that the apex authorities in Pakistan were considering to use the issue of detained American as bargaining chip for resolution of pending issues with the US. The officials considered the government in a position to convince the Americans for expediting release of money See # 14 Page 11
SBP raises Rs15.7bn via T-Bills Aamir Abidi KARACHI: State Bank of Pakistan Wednesday reduced the cut-off yields on all the treasury bills. SBP accepted bids worth Rs157.7 billion in T-bills auctions against the target of Rs150 billion and bank's participation of offer Rs300 billion.
Central bank slashed the cutoff yield on 3-month T-bill by 14bps to 13.5313 per cent and raised Rs68.72 billion. Similarly, cut-off yield on 6month T-bill dipped 2bps to 13.6899 per cent and raised Rs67.46 billion. Likewise, 12-month T-bill slightly reduced by 1bps to 13.8554 per cent and raised Rs21.55 billion.
the Privatization of PTCL today (Thursday). The committee meeting will be held under the chairmanship of MNA Chaudhry Muhammad Barjees Tahir at Parliament House. It would discuss the privatization of Pakistan Telecommunication Company Limited (PTCL) at its meeting, APP learnt. The committee will also discuss another issue which is related to the performance of Electronic Government Directorate (EGD). The EGD was established in pursuance to a decision of the federal cabinet. Converting the former Information Technology Commission, the Government formed the EGD as a cell within the Ministry of Information Technology. Response of Pakistan Te l e c o m m u n i c a t i o n See # 13 Page 11
Pakistan integrity at all costs, vows Kayani RAWALPINDI: Army Chief General Ashfaq Parvez Kayani has said country's integrity and security will be ensured at every cost. "Country's integrity and security will be ensured at every cost and more improvement will be ensured in operational capabilities of armed forces. The entire nation is with the army in war on terror and we stand side by side with the nation at every critical juncture of time", he said this while presiding over 136th Corps Commanders Conference here at GHQ Wednesday. Regional security situation, progress in war on terror, requirements of armed forces, eastern and western borders situation and operational matters featured in the conference. Military sources told army chief also apprised the participants of his meeting with Afghan president Hamid Karzai and US secretary of state Hillary Clinton on the occasion of International Security Conference in Munich. The participants expressed satisfaction over professional preparedness of army. Online
ISLAMABAD: Federal Cabinet on Wednesday tendered resignations to Prime Minister Syed Yousuf Raza Gilani enabling him to announce a new one, in light of decisions of the Central Executive Committee of Pakistan Peoples Party. The resignations came in the last meeting of the Cabinet held here at Prime Minister Secretariat, chaired by the Prime Minister.
Fazl may return to new Cabinet ISLAMABAD: During his meeting with President Asif Ali Zardari, JUI-F Amir Maulana Fazlur Rehman has conditionally agreed over joining new federal cabinet. According to sources, Maulana Fazlur Rehman informed President Zardari about his reservations and added the promises, which were made with him were not fulfilled. See # 9 Page 11 The CEC had authorised the Prime Minister to dissolve the cabinet and form a smaller one on Feb 4. Gilani was tasked to appoint
MQM repeats ‘no’ to rejoin cabinet ISLAMABAD: Muttahida Qaumi Movement (MQM) leader Haider Abbas Rizvi Wednesday said that the party would not join new federal cabinet. Talking in a private TV channel, he said the Prime Minister Syed Yousuf Raza Gilani had called MQM leader Altaf Hussain and informed him about redesigning of the federal cabinet and also invited him to join the cabinet. He said the party leadership informed the Prime Minister that MQM has decided in principle' not to join the cabinet. However, Rizvi said, the party would continue to support every positive step of the government in vital national interest. -APP a smaller cabinet with fewer ministers enjoying reputation of "integrity, competence and efficiency." Prime Minister Gilani paid rich tributes to the Cabinet members for achieving several successes in different fields. He expressed gratitude to them for their assistance and in improving governance in all areas. Prime Minister Gilani said the Cabinet during its 75 meetings took 175 important decisions out of which 77 have been implemented. He said the government after assuming power took up the challenges of terrorism and the global economic recession head-on. "We successfully steered this nation by taking prudent deci-
Jan trade deficit shrinks 32pc YoY
7M trade deficit swells to $9.27bn Ahmed Siddique KARACHI: Country's trade deficit squeezed by 32 per cent to $1.11 billion in January 2011, compared with $1.63 billion recorded in January 2010 on year-on-year basis, Federal Bureau of Statistics said on Wednesday. The deficit declined due to hike in exports by 38 per cent - highest ever monthly proceed -- as it registered at $2.32 billion against $1.68 billion in above mentioned period. Nevertheless, imports bill also rose 4 per cent to $3.44 billion in January against $3.32 billion in identical month last year. Similarly, trade data during January 2011 compared with December 2010 showed that there was about 32 per cent drop in trade deficit to $1.12
billion against $1.62 billion witnessed in December 2010. Exports surged 9 per cent to $2.32 billion in January this year, against $2.13 billion during the last month. However, good thing is that imports in January 2011 witnessed a decline of 8 per cent MoM with trade of $3.44 billion as against the imports of $3.75 billion in the month of December 2010. The trade deficit for the seven-month of the 2010-11 (July-Dec) fiscal was $9.27 billion against $8.53 billion in the same period the previous fiscal year showing it has increased 8.6 per cent during the period, mainly due to significant surge in imports. Imports into the country during the period were recorded at $22.57 billion as against See # 10 Page 11
LPG prices may deflate by Rs10/kg ISLAMABAD: The prices of the Liquefied Petroleum Gas (LPG) are likely to further decrease by Rs10 on Thursday (today) as the government machinery has sprung into action against the unethical forces in LPG market. Earlier, acting brazenly the anti-market elements made quick buck, mocking the government's relief-oriented efforts but now the situation had made a dramatic volte-face for unethical forces in LPG market to the consumers'
advantage, remarked Muhammad Irfan Khokhar chairman LPG distributors association while talking to APP. "Many factors have contributed to downward trend, the Ogra has taken concrete steps, conducting several raids, the FBR has tightened noose around the tax evaders, the concerned committees of the Parliament have noted gross corruptions in LPG sector, stakeholders have started See # 12 Page 11
sions," he said. Gilani mentioned several achievements made during the past three years including great surge in exports, increase in foreign exchange reserves of over $17 billion dollars and index of Karachi Stock Exchange crossing the 12,000 points, reflecting success of the economic policies. He also pointed the new NFC award, Aghaz-e-Huqooq-eBalochistan, autonomy of Gilgit-Baltistan and the fight against terrorism as decisions of great significance. "Together we faced the daunting challenge of the unprecedented floods, with the help of the friends in the world and our brave nation." See # 8 Page 11
London, Toronto stock mkts to be merged LONDON: The London and Toronto Stock Exchanges announced a landmark merger on Wednesday to create one of the world's biggest trading platforms that will dominate the raw materials and energy sectors. "London Stock Exchange Group and TMX Group Inc Wednesday announced an agreement to combine Europe's and Canada's leading diversified exchange groups in an allshare merger of equals," the pair said in a joint statement. "The merger will create a world-leading organisation and is unanimously being recommended by the boards of both LSE and TMX." The transaction was billed as a merger of equals, but LSE investors will hold the upper hand with 55 percent of the new group, while TMX shareholders will have 45 percent. Both exchanges retain their existing brand names. The company, which will span 20 trading markets and platforms across Europe and North America, will be wellplaced to tap into the booming commodities sector at a time of rocketing prices for commodities like copper and crude oil. The enlarged group, which will be jointly headquartered in London and Toronto, will have a combined market capitalisation of almost $7.0 billion dollars. The LSE Group's chief executive, Frenchman Xavier Rolet, will take up the same role at the new group, while TMX boss Thomas Kloet will become See # 11 Page 11
2 Thursday, February 10, 2011
'Make the country lush green'
President kicks off spring tree plantation drive ISLAMABAD: President Asif Ali Zardari on Wednesday launched the spring tree plantation campaign by planting a sapling of lychee at Aiwan-e-Sadr warning that "Pakistan cannot afford to lose any more forests to encroachers" Spokesperson to the President Farhatullah Babar said that the President urged the nation to make Pakistan green and environment friendly by actively participating in the national cause of planting more trees. "It is our national duty to grow more and more trees and protect existing forests and trees", the President said in a message on the
occasion. The tree planting ceremony was also attended by senior officials of Ministry of Environment, Aiwan-e-Sadr and other relevant departments. The President said that trees and forests were an essential part of the ecosystems regulating water supplies and maintaining ecological balance and clean environment. The spokesperson said that the President cautioned against the continuous depletion of forests over the past several years and called for reversing the trend by strengthening the existing forest monitoring system. He urged to conserve and enhance forest area from existing 5% to
6% within the next six years. The President emphasized on adopting non-traditional and innovative ways to overcome the challenges of water shortage and lack of funds which were the main constraints in the way of forest development in the country. He called upon Forest Departments to promote indigenous trees that do not require too much of water besides introducing new irrigation techniques. The President said that real and durable development had to be sustainable. Sustainability of development demands that we protect and improve the quality of environment, he said.
"I invite all citizens to participate in our national effort to cover Pakistan with trees and make the country lush green. We must realize that this is the only way to achieve the goal of sustainable social and economic development", the President said. The President advised the Ministry of Environment, the provincial forest departments and all those associated with the Spring Tree Plantation Campaign to make concerted efforts to achieve the target of planting 53.35 million saplings set for the current year in the country to keep the environment clean and bring down pollution levels.-Online
Zero rated duty on renewable energy equipment Staff Correspondent ISLAMABAD: The Federal Secretary Environment Khawaja Muhammad Naeem has said that ENERCON has succeeded in obtaining important policy directives at the highest level for enchasing the energy conservation potential in all sectors of the economy by providing conducive environment to these objectives. He further said that import duty on renewable energy equipments has been made zero rated which is landmark initiative of the government. He stated this while addressing in the launching ceremony of Motor Vehicle Fitness Certification Model Center at Toyota here on Wednesday.
KARACHI: A delegation of Pakistan Chemists and Druggists Association called on Sindh Governor Dr Ishrat-ul-Ebad Khan at Governor House.-APP
Pak Suzuki clarifies about CNG cylinders TFD Report
ICCI stresses for broadening tax base I S L A M A B A D : Agriculturists and big farmers should be brought in the tax net, whereas levying withholding tax of 3.5 percent on traders and intermediaries of raw agriculture produce needs to be rationalized. The President of Islamabad Chamber of Commerce and Industry, Mahfooz Elahi addressing a delegation of flour mills representatives said that traders/intermediaries of raw agriculture produce were exempted of withholding tax through S.R.O.586(1) 1991 of June 31,1991, now they have to pay 3.5 percent withholding tax vide S.R.O. 1161(1) 2010 dated 31-12-2010. He was of the view that tax should be levied on the commission earned instead of levying it on the total trade. The country was currently experiencing high infla-
KARACHI: With reference to a news item appeared in some of the Newspapers about the issue of Faber CNG cylinder fitted in Suzuki vehicles, the company has clarified that Faber cylinders were introduced in our vehicles after due consideration of Safety and Quality and had been approved by the concerned Regulatory Authority and Suzuki Motor Corporation, Japan. Currently we are having difficulty in clearance of these cylinders and hope that the issue resolves quickly. A company statement said: "We categorically deny that we are testing or considering other CNG cylinder as we are confident that there is no Quality or Safety issue with Faber CNG Cylinders. Faber is the sole supplier of many OEMs worldwide because of their cylinders being light weight and of superior quality, which is most suitable for small vehicles." "We, at Pak Suzuki have produced and sold more than 500,000 CNG vehicles with Faber Cylinders and there has been no issue of Safety due to the Quality of CNG cylinders. We further clarify that Pak Suzuki is not recalling any of its produced vehicle as report- LAHORE: The LCCI ed in the news item," the Senior Vice President statement added. Sheikh Mohammad Arshad Wednesday stressed the need for strengthening of institutions and consistency in policies to achieve economic stability, progress and prosperity. According to press KARACHI: An alleged release issued here on dacoit was killed and three Wednesday, the LCCI fled away during a Police Senior Vice President encounter. Two passersby was addressing a 125got injured with the firing member delegation of Navy War of dacoits in Shireen Jinnah Pakistan College. The LCCI Vice Colony, Wednesday. As per details, four President Sohail Azhar, dacoits opened fire upon former Senior Vice the residents of a house President Sohail Lashari where they were busy in and former Vice robbing off the household President Aftab Vohra items. Firing injured two also spoke on the occamen. After firing' dacoits sion and threw light on tried to escape from the various aspects of econospot. However in the mean- my. time Police arrived. The LCCI Senior Vice Dacoits opened fire upon President said that no police.Police retaliated and country could ever shot-dead one of them.-Online achieve its aims and objectives until and unless it has a strong system backed by strong institutions as weak institutions bound to expose a
tion and impact of imposition of 3.5 percent tax on gross trade will be larger that would further increase the already soared prices of many agriculture products, hitting a common man directly, he maintained. The President ICCI informed that most of the buying in the agriculture sector was done through Commission agents and irrational taxing would ultimately burden the end consumers. He noted that through rationalization of tax, prices of flour, sugar, pulses, cotton fabrics, ghee and all other products of raw agriculture produce could be controlled for shooting up at higher rate otherwise many agri-products would escalate a great deal. Elahi was of the view that for broadening tax base, government should take the businessmen on board instead of keeping
politician in loop. He said that businessmen want to pay taxes, but government should take positive measures to bringing more people in the tax system. He was of the view that while formulating budget proposals for 2011-12, FBR should initially hold meetings in the chambers and associations for getting proposals. Therefore, honest efforts and proper deliberation on each specific proposal should be held; with a concept of convincing or getting convinced regarding the budget proposal. The business community recommendation should be given due consideration for moving Pakistan on the roads to progress and economic development, President said. Elahi added that government should revisit its decisions and rationalize the imposition of any new taxes.-INP
Strong institutions must for economic stability: LCCI
ISLAMABAD: President Asif Ali Zardari launching the spring tree plantation campaign by planting a sapling of lychee at Aiwan-e-Sadar.-APP
Sharmila seeks world City to receive 150 help for flood affectees MGD water from
KARACHI: Sharmila Faruqui, Secretary Information Pakistan Peoples Party, Women Wing, Sindh has urged international community to come forward to help out the Sindh government in reconstruction and rehabilitation works for flood affectees. While appreciating the role of international donor agencies during floods, she said that the Sindh was the worst hit province of Pakistan during recent floods and the government had allocated Rs.13.4 billion for the flood affected people to provide them relief. In a statement issued here on Wednesday, she said that Pakistanis were the bravest nation on the earth because they had borne the unprecedented floods and terrorist activities. Sharmila Faruqui added that Rs1.4 billion had been provided to Irrigation system, Rs3.6 billion to Relief Commissioner and Rs5 billion for the reconstruction of communication system specially of roads.-NNI
K-IV project Staff Reporter KARACHI: The water supply quota of 1200 cusecs from Indus source has fell short to meet Karachi's demand and the government needs to increase it on priority, this was stated by Managing Director, Karachi Water and Sewerage Board (KWSB), Misbah Uddin Farid. Addressing a luncheon meeting with the members and office bearers of Pakistan Tanners Association (PTA) South Zone, the MD KWSB, said that 150 MGD additional water supply through K-IV is being planned and this project would cost several
billions rupees. He said that K-IV would take a few years to be completed but in the meantime water quota through Indus source should be enhanced. KWSB chief said that water supply to the Korangi Industrial Area (KIA) particularly to Sector 7-A (Tannery Zone) is being obstructed deliberately and some strong Mafia is involved in this scam. He said that he asked the rangers Intelligence to investigate into this conspiracy and bring the responsible to task. He said that water supply to Tannery Zone would be gradually improved.
HP drives new era for cloud computing ISLAMABAD: HP has announced a suite of new products and services that enable businesses and governments to leverage the power of the cloud while ensuring they meet required levels of security, performance and availability. Cloud computing is an important and growing platform for Instant-On Enterprises, where everything and everyone is connected. Instant-On Enterprises require IT environments that are flexible, automated and secure, and able to quickly adjust to changing demand. While cloud computing delivers benefits such as faster deployment of new services, reduction in IT
headcount and a pay-asyou-go model, it has traditionally lacked in areas that enterprises need, such as security, availability and ease of integration. The new HP Hybrid Delivery solutions provide the benefits of enterprise-grade cloud computing, while meeting the specific needs of businesses and governments. "Cloud computing is going mainstream and HP is leading the way," Piau Phang Foo, senior vice president and managing director, HP Asia Pacific and Japan. "HP has the enterprise experience, breadth of portfolio and global service delivery organization to lead our clients through this transformation."- NNI
Alleged dacoit killed in encounter
country or a state to all types of problems including economic and social. Giving a detailed briefing on LCCI role in policy making, Sheikh Mohammad Arshad said that the Lahore Chamber of Commerce and Industry is playing its due role for promotion of trade and industry in the country. He said that the LCCI has 140 sector-specific Standing Committees. These committees collect private sector feedback, analyze and after a thorough debates it are
forwarded to the concerned government departments for consideration at the time of preparation of the Federal Budget. He said that Chamber monitors the budget, anomalies are identified and these coupled with revised proposals are again communicated to the relevant policy making departments. He said that the LCCI also keeps liaison with the commercial sections of the Foreign missions and an exchange of information is ensured.Online
TV PROGRAMMES THURSDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
KARACHI: Trading Corporation of Pakistan (TCP) signed a Commercial Agreement with Saudi Basic Industries Corporation (SABIC)'s representative M/s. Jaffer Brothers in Karachi for import of 250,000-300,000 tonnes Urea valuing $100 million. Syed Sikandar Ali Shah, Director Commercial TCP and Majid Latif, Director Jaffer Brothers are exchanging the trade deal documents. Anjum Bashir Chairman and other senior executives of TCP are also present.-Staff Photo
3
Thursday, February 10, 2011 Top Economic Events
US dollar falters as euro buying, Bernanke weigh Bernanke still worried about high unemployment NEW YORK: The dollar fell on Wednesday after Federal Reserve Chairman Ben Bernanke said US unemployment remained too high, suggesting the Fed would push on with its $600 billion stimulus program. Euro buying by central banks to diversify their reserves also undermined the dollar. The euro broke above a key $1.3700 level versus the dollar, triggering stops just above that point in the wake of Bernanke's testimony to the US House of Representatives Budget Committee that largely echoed a speech he delivered last week. Traders said the euro may encounter resistance at $1.3745, a daily pivot point, and above there, at $1.3765, the low on Feb. 2, and $1.3825, the high on the same day. For now, analysts said the euro
seemed to be on an ascending path on the technical charts. Some analysts hoped that given broadening signs of a US recovery, Bernanke would drop hints that the Fed would end its bondbuying program sooner than expected. Instead he repeated concerns about high unemployment, ensuring the Fed's quantitative easing will remain in place and fueling dollar selling. "Bernanke is telling you that the Fed is not going to rush to raise rates, and that's why the dollar sold off," said David Woo, head of global rates and currencies
research at Bank of America Merrill Lynch in New York. "To some extent, he's also pouring cold
(water) on the bond market selloff in the last week or so. So the dollar selloff is in sync with the rally in Treasuries." In mid-day trading, the euro rose 0.4 per cent versus the dollar to $1.3684, after hitting session highs at $1.3721 on electronic trading platform EBS. The euro has been rising all morning,
Asian currencies
Taiwan dollar at 13-yr high on portfolio flows SINGAPORE: The Taiwan dollar hit a 13-year high on Wednesday after China's latest interest rate increase spurred dollar short covering and as foreign investors continued to send money to the island. Other emerging Asian currencies were barely changed, with investors comfortable having increased bets on the won and peso ahead of central bank policy meetings in South Korea and the Philippines later this week. The US dollar/Taiwan dollar fell to as low as 28.755, the lowest since October 1997. Traders said the central bank was not seen aggressively in the market, but added they
were wary of interventions to slow the currency's rise. A US bank dealer in Singapore said the central bank may keep the pair near T$29 for the time being to protect the country's export competitiveness. Meanwhile, Taiwan's central bank denied a newspaper report that it had resumed measures against speculative capital inflows in response to the surge in the Taiwan dollar. The dollar/won rebounded after hitting a 2-1/2-year low, helped by importers' demand for settlements and dollar short-covering. Authorities were suspected of buying dollars in early trad-
Sterling tracks euro, up vs USD; BoE awaited LONDON: Sterling rose on Wednesday, tracking a broad rise in the euro, but gains were limited and traders noted downside risks to the pound as markets may have overestimated UK rate hike expectations for 2011. Sterling brushed off data showing a record high UK trade deficit. Traders said stop-loss orders were triggered on the upside, accelerating the UK cur-
rency's move higher late in the London session. The BoE is widely expected to keep rates at 0.5 per cent on Thursday, although markets are pricing in a small chance of a rate rise. A full rate hike is largely priced in for May, which has led to a build-up of speculative long positions in the pound but analysts say that creates downside risk. "Given that the market has gotten ahead of itself in terms of pricing in a rate hike, any risk for sterling is to the downside (on the BoE)," said Chris Walker, currency strategist at UBS. However, he said any reaction
to the BoE's rate decision on Thursday would probably be limited if rates are kept on hold as expected. Investors will have to wait for the meeting's minutes due out later this month to see if more members of the bank's Monetary Policy Committee (MPC) vote for a rate rise. Sterling rose 0.3 per cent on the day to $1.6125, moving in tandem with the euro's gains ver-
sus the US currency. One sterling trader in London said he expected the pound to fall to the mid-$1.59 region if the BoE holds pat on rates, adding that that level would offer a good opportunity to buy. Despite its gains on Wednesday, the pound was well below a three-month high of $1.6279 hit on Thursday after a string of positive UK PMI releases boosted rate hike expectations. The euro rose 0.3 per cent to 85.25 pence, boosted by the single currency's gains against the dollar. The euro has recovered after hitting a near three-week trough of 83.89 pence earlier this week. -Reuters
ing, especially when the pair hit its lowest since September 2008, but the suspected intervention was not that strong and it was not confirmed, dealers said. "Some hedge funds appeared to buy dollar/won during lunch time to take some profits as the pair did not fall further," said a local bank dealer in Seoul. US dollar/Singapore dollar bumped higher from the low of 1.2722 hit early in the session, with agent banks aggressively intervening from the 1.2730 level up to 1.2742, dealers said. A move above 1.2750 could squeeze speculators with small short-term bets. -Reuters
Swiss franc dips vs euro ZURICH: The Swiss franc fell to its lowest level since early December against the euro on Wednesday, continuing the previous session's sharp decline as risk appetite resurged, reducing demand for safe haven currencies like the Swissie. Investors took China's latest interest rate hike in their stride, seeing it as a possible stabilising force for steady growth. "Chinese policy-makers' efforts to rein in overheating pressures are now seen in a relatively more positive light by global investors in that they will help slow growth to a more sustainable pace, while other engines of growth in the region begin to rev up," said BNY Mellon analyst Samarjit Shankar. The franc was 0.3 per cent lower against the euro compared to the New York close, trading at 0.1365 per euro at 0821 GMT. Analysts see further momentum for the euro against the franc in the near term as technical factors weigh less heavily on the unified currency. The franc was down 0.1 per cent against the dollar at 0.9642 per dollar. "In view of the booming domestic economy, the rise in inflation forecast by UBS Research Switzerland and the strength of the property market, the SNB is expected to announce its first move with regard to interest rates at the June meeting," said UBS analysts in a note. -Reuters
NZ dollar hit by growth worries; AUD outperforms SYDNEY/WELLINGTON: The New Zealand dollar eased on Wednesday after the country's finance minister suggested the economy may have fallen back into recession, while the Australian dollar held up remarkably well in the face of China's latest interest rate hike. The kiwi last traded at $0.7713, down from $0.7742 late in New York. It ranged between $0.7706 and $0.7756 during the local session, well off a high of $0.7787 overnight. Finance Minister Bill English, when asked at a parliamentary committee, said it was possible the economy contracted in the fourth quarter, which on top of the third quarter's contraction, would mean a double dip recession. "It was a statement of the obvious given the softness at the end of last year. It's doused kiwi a shade but no-one's expecting a great number anyway," said a trader at a local investment bank. English also said the annual budget, to be delivered on may 19, would look to rein in spending and cut borrowing. Near term the kiwi is seen supported at
$0.7695, the previous day's low, below which is $0.7660, with resistance first at around the upper Bollinger band at $0.7800. Meanwhile, the Aussie last stood at $1.0130 after trading in a slim 21-pip range. It held above a low of $1.0115 plumbed overnight in a kneejerk reaction to a 25 basis point rate hike by Beijing late on Tuesday. Dealers were awaiting key labour force data due on Thursday. The economy is expected to have generated 15,000 jobs in January, keeping the unemployment rate at a two-year low of 5.0 per cent, a Reuters poll showed. Against the yen, the Aussie was little changed at 83.52, having hit a 9-month high overnight at 83.73. The cross rate, often seen as a proxy for risk appetite, gained nearly 3 yen last week as investors took faith in surging commodity prices and rising Australian bond yields. The Aussie also was firmer against the New Zealand dollar, rising as high as NZ$1.3149, but held well within Tuesday's trading range, suggesting a lack of overall direction. -Reuters
with traders citing talk of buying by central banks in Russia and South Korea. Near-term support was at $1.3538, the 100-day moving average, followed by $1.3480, the 23.6 per cent Fibonacci retracement of the January-to-February euro rally. The dollar, meanwhile, held gains against the yen, supported by the rising trend in US yields. The dollar gained 0.2 per cent to 82.43 yen, recovering from a fall to 81.77 yen on Tuesday. Hedge funds were said to be buyers of the currency pair overnight, with traders citing stops above 82.70 yen. The dollar fell 0.2 per cent against the Swiss franc to 0.9608 francs and was also down 0.2 per cent against sterling at $1.6108. The ICE Futures' dollar index, measured against six major currencies, lost 0.4 per cent to 77.730. -Reuters
Yuan steady despite record low fixing SHANGHAI: China's yuan was flat against the US dollar late Wednesday, the first day of trading after the week-long Lunar New Year holiday, as demand for the dollar for import settlements offset a record-low dollar/yuan fixing after Beijing hiked interest rates to relieve inflationary pressures. Dealers said Wednesday's low fixing signals China's intention to combat imported inflation with steady but gradual currency gains in the coming months. The dollar was at 6.5938 around 0830 GMT on the overthe-counter market, unchanged from the late level Feb. 1. It traded between 6.5820 and 6.5942. The People's Bank of China set the dollar/yuan central parity rate at a record low 6.5850 after it raised interest rates for the third time in four months Tuesday, with effect from Wednesday. The previous record of 6.5860 was set Feb. 1. "The record-low fixing indicates Beijing will step up the fight against inflation. However, 10 pips is a very small move, so I think we still have to wait and see how much
the PBOC intends to let the yuan rise for now," said a Beijing-based trader with a local bank. The PBOC raised its benchmark lending and deposit rates by 0.25 per cent, increasing the one-year yuan lending rate to 6.06 per cent from 5.81 per cent, and the one-year yuan deposit rate to 3 per cent from 2.75 per cent. Morgan Stanley and Goldman Sachs have warned that China's inflation, which eased to 4.6 per cent in December compared with a year earlier, will likely surpass 5 per cent in January due to rising food and housing prices. Separately, US political pressure for the yuan to appreciate also appeared to ease. In a report delayed since last October, the US Treasury said Friday the yuan "remains substantially undervalued," but refrained from labeling China a currency manipulator in its semi-annual foreign exchange report to Congress. Offshore, one-year dollaryuan nondeliverable forwards fell to 6.4270/6.4300 from 6.4493/6.4728 late Feb. 1, implying a 2.6 per cent rise by the yuan against the US over the next year. -Agencies
Indian rupee slips on oil importer demand MUMBAI: The Indian rupee weakened on Wednesday, retreating from a near onemonth high touched in the previous session, as rising crude oil prices sent importers scrambling for dollars, while weak local shares also weighed. The partially convertible rupee closed at 45.475/485 per dollar, after touching an intraday low of 45.51, and 0.4 per cent below its previous close of 45.29/30. "The rupee weakened because the dollar inflows were less today, and also the shares weakened. If the markets get some respite tomorrow, the rupee might open at 45.35 levels," said Naveen Raghuvanshi, an associate vice president at Development Credit Bank. Dealers expect the rupee to trade in a range of 45.30-45.50 on Thursday and expect some dollar inflows that could support. Foreign institutional investors sold shares worth $117.12 million on Tuesday,
after buying in a net $194.35 million in three consecutive previous sessions. They have pulled out a net $1.4 billion this year until Feb. 8. One-month offshore nondeliverable forwards contracts PNDF were at 45.73, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and the MCX-SX both closed at 45.6150, while on the United Stock Exchange it ended at 45.6050, with the total volume traded on the three exchanges at $5.5 billion. -Reuters
Time
Source
Events
Forecast
4:50
JPY
Core Machinery Orders m/m
5.1%
Previous -3.0%
4:50
JPY
CGPI y/y
1.4%
1.2%
5:30
AUD
Employment Change
18.4K
2.3K
5:30
AUD
Unemployment Rate
5.0%
5.0%
14:30
GBP
Manufacturing Production m/m
0.5%
0.6%
14:30
GBP
Industrial Production m/m
0.5%
0.4%
17:00
GBP
Asset Purchase Facility
200B
200B
17:00
GBP
Official Bank Rate
0.50%
0.50%
18:30
CAD
NHPI m/m
0.6%
0.3%
18:30
USD
Unemployment Claims
411K
415K
20:00
USD
Wholesale Inventories m/m
0.7%
-0.2%
Tentative
GBP
NIESR GDP Estimate
0.5%
Previous Day Source
Events
Actual
GBP JPY JPY EUR GBP
BRC Shop Price Index y/y Household Confidence Prelim Machine Tool Orders y/y German Trade Balance Trade Balance
2.5% 41.1 89.4% 14.0B -9.2B
Forecast
Previous
2.1% 40.1 64.0% 11.8B -8.5B
40.5 11.9B -8.6B
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3687 1.3692 0.9617 0.9659 1.6071 1.6100 0.9935 0.9953 1.0123 1.0153 112.7800 112.8500 0.8520 0.8525 1.3159 1.3177 132.4500 132.8900 85.7200 85.7600 1366.0000 1366.8500
Bid 1.3685 0.9613 1.6067 0.9930 1.0120 112.7400 0.8516 1.3155 132.3800 85.6700 1364.9800
Low 1.3611 0.9612 1.6036 0.9930 1.0096 112.0800 0.8478 1.3123 132.1400 85.2600 1362.1600
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 09/02/2011 A USD GBP CAD EUR JPY O/N 0.23550 0.55688 0.96083 1.04375 SN 0.10938 1WK 0.25250 0.57750 1.00000 0.96750 0.11625 2WK 0.25750 0.58625 1.03833 0.93375 0.11813 1MO 0.26400 0.61563 1.08000 0.88500 0.12750 2MO 0.28850 0.68188 1.14750 0.93250 0.15438 3MO 0.31200 0.80375 1.21083 1.04875 0.18875 4MO 0.35200 0.88563 1.27500 1.11500 0.24188 5MO 0.41100 0.99000 1.34000 1.20000 0.30000 6MO 0.46520 1.10688 1.40500 1.29250 0.34625 7MO 0.51950 1.18725 1.49000 1.35000 0.39375 8MO 0.57175 1.27163 1.56750 1.40063 0.44313 9MO 0.63025 1.35475 1.63917 1.46250 0.48750 10MO 0.68525 1.43375 1.72583 1.51688 0.51438 11MO 0.73700 1.50188 1.81000 1.57063 0.54125 12MO 0.79900 1.57063 1.90000 1.63438 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada March 1, 2011 Bank of England February 10, 2011 Bank of Japan February 14, 2011 European Central Bank March 3, 2011 Federal Reserve March 15, 2011 Swiss National Bank March 17, 2011 The Reserve Bank of Australia March 1, 2011
September 8, 2010 March 5, 2009 December 19, 2008 May 7, 2009 December 16, 2008 March 12, 2009 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, February 09,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.35 137.11 116.53 85.84 88.57 86.52 13.29 1.04 14.83 67.01 15.58 22.76 10.97 13.03 304.71 28.14 65.86 23.44 23.24 0.08 2.78
85.15 136.79 116.26 85.64 88.36 86.31 13.26 1.03 14.79 66.86 15.54 22.71 10.94 13.00 304.00 28.07 65.70 23.38 23.18 0.08 2.77
84.97 136.48 115.98 85.42 88.13 86.09 13.22 1.03 14.75 66.68 15.50 22.65 10.91 12.96 303.20 28.00 65.53 23.32 23.12 0.08 2.77
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 09, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.55 12.85 12.90 13.10 13.40 13.50 13.55 13.62 13.72 14.05 14.15 14.18 14.22 14.23 14.24 14.25 14.26 14.27 14.60 14.80
12.50 12.80 12.85 13.14 13.39 13.47 13.50 13.62 13.74 14.10 14.21 14.25 14.27 14.30 14.30 14.25 14.15 14.25 14.55 14.70
12.50 12.75 12.90 13.11 13.35 13.47 13.54 13.60 13.78 14.08 14.24 14.26 14.27 14.30 14.32 14.26 14.18 14.27 14.60 14.70
12.50 12.75 12.80 13.05 13.38 13.50 13.58 13.66 13.70 14.00 14.23 14.25 14.26 14.28 14.30 14.30 14.20 14.26 14.65 14.90
12.15 12.75 12.85 13.10 13.25 13.45 13.50 13.60 13.70 14.05 14.22 14.22 14.23 14.30 14.35 14.23 14.20 14.25 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.50 12.70 12.90 13.15 13.35 13.52 13.60 13.70 13.78 14.00 14.22 14.20 14.23 14.27 14.33 14.26 14.21 14.26 14.70 14.85
12.45 12.77 12.87 13.11 13.35 13.49 13.55 13.63 13.74 14.05 14.21 14.23 14.25 14.28 14.31 14.26 14.20 14.26 14.61 14.78
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
0.15 0.67 0.01 0.54 0.79 0.46
0.08 0.86 0.65 0.53 -0.46 0.16
0.25 0.44 0.10 0.54 -0.02 -0.05
EUR/USD NZD/USD
0.43 0.77 0.79 0.78 -0.15 0.39
0.53 0.83 0.86 0.83 0.72 0.81
USD/CAD USD/CHF
0.36 0.51 0.63 0.70 0.81 0.52
-0.42 -0.22 -0.21 -0.51 -0.51 -0.40
-0.46 -0.55 0.02 -0.45 -0.86 -0.62
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/02/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ABLN 12.30
12.80
12.50
13.00
12.70
13.20
13.30
13.55
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
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
ASPK 12.40
12.90
12.60
13.10
12.80
13.30
13.40
13.65
13.55
13.80
13.65
14.15
13.75
14.25
13.80
14.30
CIPK
12.30
12.80
12.50
13.00
12.70
13.20
13.45
13.70
13.65
13.90
13.75
14.25
14.00
14.50
14.10
14.60
DBPK 12.20
12.70
12.35
12.85
12.50
13.00
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.80
14.30
FBPK 12.50
13.00
12.70
13.20
12.80
13.30
13.45
13.70
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.40
12.90
12.65
13.15
12.80
13.30
13.40
13.65
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.40
12.90
12.65
13.15
12.80
13.30
13.40
13.65
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.40
12.90
12.60
13.10
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.50
13.00
12.75
13.25
12.95
13.45
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 12.30
12.80
12.65
13.15
12.85
13.35
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 12.50
13.00
12.75
13.25
12.80
13.30
13.30
13.55
13.40
13.65
13.50
14.00
13.75
14.25
13.85
14.35
MCBK 12.40
12.90
12.50
13.00
12.70
13.20
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.35
12.85
12.60
13.10
12.75
13.25
13.40
13.65
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.35
12.85
12.50
13.00
12.70
13.20
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
UBPL 12.20
12.70
12.70
13.20
12.75
13.25
13.40
13.65
13.55
13.80
13.65
14.15
13.80
14.30
13.90
14.40
AVE
12.87
12.61
13.11
12.76
13.26
13.38
13.63
13.51
13.76
13.63
14.13
13.76
14.26
13.85
14.35
JSBL
12.37
ASK
4 Thursday, February 10, 2011
The Financial Daily International Vol 4, Issue 178
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
The Mozang Mystery
The mystery of American Raymond A Davis, currently imprisoned in the cusS. Muneer Hussain Rizvi tody of local police in Lahore, Pakistan Haseeb Khan, FCA and charged with the Jan. 27 murder of Khurram Shehzad, CFA Asim Abbas Ashary, CPA two young men, whom he allegedly Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA shot eight times with pinpoint accuracy Zahid Bukhari SVP HBL (retd) through his car windshield, is growing Dr. A. Hadi Shahid, FCA increasingly murky. Also growing is the Ismat Sabir Muhammad Arif anger among Pakistanis that the US is Head office trying to spring him from a Punjab jail 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi by claiming diplomatic immunity. On Telephone: 92-21-35311893-6 Fax: 92-21-35388428 Feb 4, there were massive demonstraURL: www.thefinancialdaily.com tions, especially in Lahore, demanding Email Address: editor@thefinancialdaily.com that Davis be held for trial, an indicaLahore office tion of the level of public anger at talk 24- Peshawar Block, Fortress Stadium, Lahore of granting him immunity. Telephone: 92-42-6675595 Fax: 92-42-6664349 Davis (whose identity was first Email Address: editor@thefinancialdaily.com denied and later confirmed by the US Embassy in Islamabad), and the embassy have claimed that he was hired as an employee of a US security company called Hyperion Protective Consultants, LLC, which was said to be located at 5100 North Lane in Orlando, Florida. Business cards for Hyperion were found on Davis by arresting officers. However we have investigated and discovered the following information: First, there is not never has been When Raymond Davis was arrested for the and any such company alleged killing of two Pakistanis and his release located at the 5100 was denied many experts had warned of possi- North Lane address. ble breach in US-Pakistan relationship. Now It is only an empty with his release hinges on court's verdict and proof storefront, shelves that he is a diplomat enjoying the diplomatic empty along one wall and immunity. Since, legal proceedings are going an empty counter on, one should abstain from commenting on the on the opposite case, but talking about the growing US pres- wall, with just a used Coke cup sure for his release should not be tantamount to lone sitting on it. A leascontempt of court. ing agency sign is Being the largest and the oldest democracy on the window. A receptionist at the IB and the torch bearer of supremacy of law, the Green & Associates rental agency locatUS administration should have pleaded the ed in Leesburg, Florida, said that her which handles the property, case in the court of law rather than issuing offi- agency, part of a desolate-looking strip mall of cial statements. It is also regrettable that the US mostly empty storefronts, has never administration is resorting to pressure tactics leased to a Hyperion Protective for the release of Davis. Following such a strat- Consultants. She added, "In fact, until recently, we had for several years occuegy can have adverse impact on Pakistan-US pied that address ourselves." ties, and those termed "Islamist groups' can ini- The Florida Secretary of State's office, tiate anti-US demonstrations in Pakistan. meanwhile, which requires all Florida The general impression among the masses is companies, including LLSs (limited liathat US has been pressurising the Government bility partnerships), to register, has no current or lapsed, of a Hyperion of Pakistan (GoP) to help it achieve its policy record, Protective Consultants, LLC, and there objectives. This also included using Pakistan is only one company with the name and its army in Afghanistan to frustrate the Hyperion registered at all in the state. It then USSR attempt to reach warm waters. is Hyperion Communications, a compabased in W. Palm Beach, that has no Pakistan was once again involved in operation ny connection with Davis or with securityagainst Taliban in Afghanistan and dozens of related activities. drone attacks have been carried out within The non-existent Hyperion Protective Pakistan's territory in the name of purging Consultants does have a website (www.hyperion-protective.com), but 'foreign militants'. of the phone numbers listed doesn't Pakistanis have not forgotten the US demand one work, an 800 number produces a of undertaking drone attacks on Quetta, provin- recorded answer offering information cial capital of Balochistan. It is often alleged about how to deal with or fend off bank that some of the foreign intelligence agencies foreclosures, and a third number with exchange goes to a recordhave been patronising 'Independent an Orlando giving Hyperion's corporate name Balochistan Movement'. Earlier, notorious US ing and asking the caller to leave a mesmercenary army 'Blackwater' was involved in sage. Efforts to contact anyone on that line were unsuccessful. The local phone some highly objectionable activities. Many Pakistanis hold the US administration company says there is no public listing Hyperion Protective Consultants--a responsible for the proliferation of arm and for rather unusual situation for a legitimate drug trade in Pakistan, initiated immediately business operation. after the breakout of war between the US and Pakistani journalists have been speculating that Davis is either a CIA agent or the USSR in Afghanistan. The US administration is also being held is working as a contractor for some primercenary firm--possibly Xe, the responsible for patronising India to sabotage vate reincarnation of Blackwater. They are Iran-Pakistan-India gas pipeline, which not alone in their suspicions. Jeff Stein, Pakistan needed the most to ensure uninterrupt- writing in the Washington Post on ed supply of natural gas at affordable price. The January 27, suggested after interviewing Burton, a veteran of the State heartache has been further intensified with the Fred Department's counter-terrorism Security US agreement to supply nuclear technology for Service, that Davis may have been civilian use to India and refusing to offer the involved in intelligence activity, either as a CIA employee under embassy cover same to Pakistan.
Honorary Advisory Board
American coercion
The grudge against the US has been further intensified with giving India the status of regional superpower and attempt to get it a permanent seat at the UN Security Council. There is a growing perception that Pakistan is fighting the US war but when it comes to ensuring flow of assistance and IMF support to Pakistan, US having the highest influence even asked the Fund not to release assistance if Pakistan fails to comply with the terms and conditions. The multilateral financial institutions have already started demanding IMF's Letter of Comfort and the Fund may also withhold the release of remaining tranches of its stand by arrangement. Happening of all these events in quick succession clearly shows that the US enjoys enough control over institutions like the IMF, World Bank, IAEA, and any country refusing to 'toe the US line' could face adversity.
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.
or as a contract worker at the time of the shootings. Burton, who currently works with Stratfor, an Austin, TX-based "global intelligence" firm, even speculates that the shootings may have been a "spy meeting gone awry," and not, as US Embassy and State Department officials are claiming, a case of an attempted robbery or car-jacking. Even the information about what actually transpired is sketchy at this point. American media reports have Davis driving in Mozang, a busy commercial section of Lahore, and being approached by two threatening men on motorcycles. The US says he fired in self-defense, through his windshield with his Beretta pistol, remarkably hitting both men four times and killing both. He then exited his car and photographed both victims with his cell phone, before being arrested by local Lahore police. Davis, 36, reportedly a former Special Forces officer, was promptly jailed on two counts of murder, and despite protests by the US Embassy and the State Department that he is a "consular official" responsible for "security," he continues to be held pending trial.
“
Davis has so far not said why he was driving, heavily armed, without anyone else in his vehicle, in a private rental car in a business section of Lahore where foreign embassy staff would not normally be seen. He is reportedly remaining silent and is leaving all statements to the US Embassy. The US claim that Davis has diplomatic immunity hinges first and foremost on whether he is actually a "functionary" of the consulate. According to Lahore police investigators, he was arrested carrying a regular US passport, which had a business visa, not a diplomatic visa. The US reportedly only later supplied a diplomatic passport carrying a diplomatic visa that had been obtained not in the US before his departure, but in Islamabad, the country's capital. (Note: It is not unusual, though it is not publicly advertised, for the US State Department to issue duplicate passports to certain Americans. When I was working for Business Week magazine in Hong Kong in the early 1990s, and was dispatched often into China on reporting assignments, my bureau chief advised me that I could take a letter signed by her to the US Consulate in Hong Kong and request a second passport. One would be used exclusively to enter China posing as a tourist. The other would be used for going in officially as a journalist. The reason for this subterfuge, which was supported by the State Department, was that once Chinese visa officials have spotted a Chinese "journalist" visa stamped in a passport, they would never again allow that person to enter the country without first obtaining such a visa. The problem is that a journalist visa places strict limits on a reporter's independent travel and access to sources. As a tourist, however, the same reporter could - illegally -- travel freely and report without being accompanied by meddling foreign affairs office "handlers.") Considerable US pressure is currently being brought to bear on the Pakistani national government to hand over Davis
Under Pakistani law, only actual consular functionaries, not service workers at embassy and consulate, have diplomatic status. Furthermore, no immunity would apply in the case of "serious" crimes--and certainly murder is as serious as it gets What has not been reported in the US media, is Lahore police authorities has stated that the two dead motorcyclists were each shot two times, "probably the fatal shots," in the back by Davis. They were also both shot twice from the front. Such ballistics doesn't mesh nicely with a protestation of self-defense. Also left unmentioned in the US media is what else was found in Davis' possession. Lahore police say that in addition to the Beretta he was still holding, and three cell phones retrieved from his pockets, they found a loaded Glock pistol in his car, along with three full magazines, and a "small telescope." A g a i n , heavy arms for a consular security officer not even in the act of guarding a n y embassy personnel, and what's with the telescope? A l s o unmentioned in US accounts: his car was not an embassy vehicle, but was a local rental car. American news reports say that a "consular vehicle" sped to Davis' aid after the shooting incident and killed another motorcyclist en route, before speeding away. The driver of that car is being sought by Lahore prosecutors but has not been identified or produced by US Embassy officials. According to Lahore police, however, the car in question, rather than coming to Davis's aid, actually had been accompanying Davis's sedan, and when the shooting happened, it "sped away," killing the third motorcyclist as it raced off. Again a substantially different story that raises more questions about what this drive into the Mozang district was all about.
quoting the State Department as saying that Pakistan is "violating" the Vienna Convention on Consular Relations of 1963 by holding Davis in jail on murder charges. Those reporters should check the actual document. Section II, Article 41 of the treaty, in its first paragraph regarding the "Personal inviolability of consular officers," states: "Consular officers shall not be liable to arrest or detention pending trial, except in the case of a grave crime and pursuant to a decision by the competent judicial authority." In other words, the prosecutorial, police and judicial authorities in Lahore and the state of Punjab are doing exactly what they are supposed to do in holding Davis on murder charges, pending a judicial determination concerning whether or not he can properly claim diplomatic immunity. The US claim that Pakistan is violating the convention is simply nonsense. There is also the matter of double standards. The US routinely violates the Vienna Diplomatic Accord that governs international diplomatic rights. For example, the same convention requires countries that arrest, jail and prosecute foreigners for crimes to promptly notify the person's home country embassy, and to grant that embassy the right to provide legal counsel. Yet the US has arrested, charged with murder, and executed many foreign nationals without ever notifying their embassies of their legal jeopardy, and has, on a number of occasions, even gone ahead with executions after a convict's home country has learned of the situation and requested a stay and a retrial with an embassy-provided defense attorney. The US, in 1997, also prosecuted, over the objections of the government of Georgia, a Georgian embassy diplomat charged with the murder of a 16-year-old girl. Apparently diplomatic immunity has more to do with the relative power of the government in question and of the embassy in question than with the simple words in a treaty. It remains to be seen whether Davis will ever actually stand trial in Pakistan. The US is pushing hard in Islamabad for his release. On the other hand, his arrest and detention, and the pressure by the US Embassy to spring him, are leading to an outpouring of rage among Pakistanis at a very volatile time, with the Middle East facing a wave of popular uprisings against US-backed autocracies, and with Pakistan itself, increasingly a powder keg, being bombed by US rocket-firing pilotless drone aircraft. Some Pakistani publications, meanwhile, are speculating that Davis, beyond simple spying, may have been involved in subversive activities in the country, possibly linked to the wave of terror bombings that have been destabilizing the central government. They note that both of the slain motorcyclists (the third dead man appears to have been an innocent victim of the incident) were themselves armed with pistols, though neither had apparently drawn his weapon. A State Department official, contacted by us, refused to provide any details about the nature of Davis' employment, or to offer an explanation for Hyperion Protective Consultants LLC's fictitious address, and its lack of registration with the Florida Secretary of State's office. Davis is currently scheduled for a court date on Feb. 11 to consider the issue of whether or not he has immunity from prosecution.
Section II, Article 41 of the Vienna treaty, in its first paragraph regarding the "Personal inviolability of consular officers," states: "Consular officers shall not be liable to arrest or detention pending trial, except in the case of a grave crime and pursuant to a decision by the competent judicial authority." to the US, and the country's Interior Minister yesterday issued a statement accepting that Davis was a consular official as claimed by the US. But Punjab state authorities are not cooperating, and so far the national government is saying it is up to local authorities and the courts to decide whether his alleged crime of murder would, even if he is a legitimate consular employee, override a claim of diplomatic immunity. Under Pakistani law, only actual consular functionaries, not service workers at embassy and consulate, have diplomatic status. Furthermore, no immunity would apply in the case of "serious" crimes--and certainly murder is as serious as it gets. The US media have been uncritically
Courtesy: Counterpunch
Surrendering Kurram to Taliban? The TTP has not only welcomed the February 8 Kurram Agency Agreement, but has also announced to punish the violators - both Shias and Sunnis, that too in accordance with the Taliban-brand Sunni-led Shariah. Question is how the Taliban-brand of Shariah would be acceptable for the Shia community? Does it mean the Shia community, which is predominantly in majority in the area from Hangu to Parachinar, has virtually surrendered to the Taliban? Does it mean that the powerful Shia community, which had so far been a major block in the strategically important way of the Taliban, has not been provided protection from the government of Pakistan? Has the government also surrendered to the rising power of the Taliban who would be practically controlling the area from now
onwards? Question is, have the governments of Pakistan, and Iran a behind-the-scene role in the agreement, as it is believed, and widely propagated by the western media, that the Haqqani-led Taliban group enjoys the backing of Islamabad; and Tehran's now lenient tilt towards the Taliban fighting the anti-Iran foreign occupation in Afghanistan is also understandable. Question is, why Islamabad has not claimed to have brokered this agreement, which is of a major significance and of a great future impact? For the last three-four years the area had been hostage to the fighting between Shia and Sunni factions, which claimed lives of hundreds. The road - a strategic route from Peshawar/Rawalpindi-Kohatto Hnagu-Sadda-Parachinar and short-
cut to Jalalabad via Jaji - was virtually closed. Even the military convoys had to move under tight security. It was terrible to see even the wagon stands identifying "Specific for Shia" or "Special for Sunni travelers"; some markets were out of bound for Sunnis and some for Shias. The ethnic and factional divide was so tense that any outside administrative help had become impossible. There had been impression that the Shia community had the support of Iranian government, but if it is so, then Tehran has wisely realized and timely intervened to help resolve the matter. Credit also goes to Islamabad and the military leadership to let the deal done. But much of the credit goes to the locals - either Shias or Sunnis who have realized that such a prolonged feud was not in their interest.
The economy, business and trade, was suffering and the country's most rich and scenic Hangu had turned into a dull and non-visited area. At the sunset till dawn the "dakuTaliban" (what the locals call them) had the rule over the road and no one was safe from their hands. Such an agreement was long desired and the locals have not only welcomed it, but have also proved that the locals of other agencies and areas where Shia-Sunni sectarian divide has caused unrest, like Orakzai and Gilgit, can follow similar deals to monitor peace and join hands with the government as well as the security forces, because the four-year long sectarian battle has the only message: that it has no end, only peaceful political settlement is the answer. Eschmall Sardar, Peshawar
5
Thursday, February 10, 2011
Middle East stocks
European shares retreat further from 29-mth highs KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,360.94 12,299.28 61.66 0.50 72.28
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,753.20 3,723.52 29.68 0.79 2.84
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,033.15 3,025.10 8.05 0.27 0.03
Major Gainers
Symbol RMPL UPFL WYETH SIEM SAPL
Close
Change
2,790.83 1,215.73 1,030.00 1,100.00 167.29
123.18 57.89 30.01 8.94 7.96
Major Losers
Symbol
Close
Change
ULEVER 4,372.00 NESTLE 3,420.19 COLG 915.00 SHEZ 184.82 NRL 276.93
-33.94 -29.56 -10.03 -8.08 -6.26
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NICL SSGC BOP LOTPTA ANL
2.78 26.20 8.44 16.25 11.00
7.19 6.94 6.08 5.03 2.50
Active Issues Plus Minus Unchanged
156 206 23
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
China rate hike sparks selling
Bears claim more KSE gains points to close at 11,930 points and KSE All Shares Index lost 39 points to close at 8,532 points. "The ongoing tension on Raymond Davis issue between Pakistan and US kept investors sidelined as US have threatened to halt its assistance programme", said Samar Iqbal, equity dealer at Topline Securities. After some mixed activities during the first few minutes, market stayed in the bearish zone particularly over concerns on Pak-US relations after the US government mounted pressure to
release Raymond Davis who was arrested after killing two people in Lahore on Jan 27. According to NCCPL foreigners did a net-buying of just $0.67 million. Investors are pulling money out of emerging markets, following protests and riots in Egypt, Tunisia, Algeria, Jordan, Yemen and Lebanon. Therefore continued selling by the local investors brought the index below 12,300 points level and near around midday it touched an intraday low at 12,258 points (-ve 102 points). Further, uncertainty regard-
Indian mkts loses; 'Anil Ambanis' fall
FTSE reduced by miners ex-dividends
Nawaz Ali KARACHI: Continued selling on worries regarding Pak-US ties over Raymond Davis issue and uncertainty on Margin Trading System (MTS) allowed bears sink their teeth deeper into Karachi Stock Exchange (KSE) on Wednesday. The apex stock market ended below 12,300 points level with volumes reducing to a 10-month low. The benchmark KSE 100Index fell by 61 points to close at 12,299 points, KSE 30-Index dropped by 73
MUMBAI: Indian shares dropped 1 per cent to fresh seven-month closing lows on Wednesday, dragged by a sharp late selloff in companies controlled by billionaire Anil Ambani. World stocks also were subdued as investors digested China's interest rate hike on Tuesday, it's second in just over six weeks, as it intensified its battle against inflation. Reliance Infrastructure plunged the most and eroded 18.8 per cent, with more than 4 million shares traded on the BSE, which is nearly 12 times the average 30-day volume. Reliance Communications tumbled as much as nearly 18 per cent to an all-time low of 90.80 rupees. It later recovered some losses and closed down 14.3 per cent. Around 6 million shares exchanged hands, which is more than four times their average 30-day volume. Other group companies Reliance Capital, Reliance MediaWorld, Reliance Power dropped between 8.9 per cent and 16.1 per cent. Reliance ADA Group blamed the sharp drop in its stocks on what it said was a series of "baseless and motivated rumors" spread by
rivals, and said it had complained to the market regulator. "We are as it is going through a phase of major crisis of confidence," said Prakash Diwan, head of institutional business at Networth Stock Broking, pointing to the weakness in the stock market. "Rumors like these add to panic and are absorbed more faster in current situation when we are facing issues like corporate governance in the industry," he said, referring to the selloff in Anil Ambani stocks. India has been rocked by a spate of corruption scandals in the last few months, hurting its image as an investment destination. The 30-share BSE index ended down 1.03 per cent, or 182.93 points, to 17,592.77 points, its lowest close since early July. Twenty two of its components closed in the red. "Things are very uncertain right now. Investors do not like this," said Gajendra Nagpal, CEO of Unicon Financial. "We may some bounceback in the market after steep declines, but a sustained recovery is not likely any time soon."-Reuters
LONDON: Britain's top share index closed down on Wednesday, hurt by heavyweight stocks trading ex-dividend and miners following metals prices lower. The FTSE 100 closed down 39.04 points, or 0.6 per cent, at 6,052.29, having closed up 0.7 per cent on Tuesday at its best level since May 2008. "You have to consider (the FTSE 100) lost 20 points on (companies trading) ex-dividend. The market's just having a bit of a respite while we wait for further direction," said Mic Mills, head of electronic trading at ETX Capital. Stocks that lost the attraction of their next dividend payment included BP, GlaxoSmithKline and Royal Dutch Shell . Miners weakened after a late rally on Tuesday as copper fell, hurt by questions over demand after top consumer China raised interest rates on Tuesday. Elsewhere, Reckitt Benckiser was among the top blue chip fallers, down 5.1 per cent after missing forecasts for fourthquarter earnings. Market watchers said investors were keeping their powder dry ahead of Thursday's Bank of England interest rate decision. See # 7 Page 11
ing launch of Margin Trading System (MTS) was the factor that kept the investors worried despite good corporate result announcement by Pakistan State Oil. Finally, some support at lower levels allowed the index to reduce red numbers but it failed to close the session above 12,300 points. Pakistan State Oil announced a profit after tax of Rs7.13 billion with an earning per share of Rs41.58 for the half year ended Dec 31,2010. The company also announced an interim cash dividend of 50 per cent.
According to experts the results were better-thanexpected. Volumes shrank to 72.2 million which is 22.1 million shares less as compared to a turnover of 94.3 million a day earlier. Nimir Industrial Chemical was the top traded stock with 7.19 million shares followed by Sui Southern Gas with 6.94 million and Bank of Punjab with 6.08 million shares. Out of total 385 active issues 206 declined, 156 advanced, and 23 did nothing.
Nikkei descends on profit-taking TOKYO: Japan's Nikkei stock average edged lower to come off a nine-month high on Wednesday, as profit-taking in bank shares erased earlier gains made on upbeat earnings guidance from Toyota Motor Corp. Weakness in Shanghai shares after a rate hike from China, its second move in six weeks to rein in surging inflation, helped dampen sentiment while investors also grew cautious before the settlement of Nikkei 225 February options on Thursday. The Nikkei has gained about 15 per cent on foreign buying since November, with the benchmark in the last few weeks benefiting from a shift in market focus to developed markets from emerging economies, which are seen as being at greater risk from inflation. "Things have moved in a straight line for the past three months, so now they are coming off," said Mattia Ciancaleoni, director of equity sales at Citigroup. "A switch to Japan may be over." Futures were also hit by selling but shares in Toyota jumped after it raised its full-
year outlook beyond market forecasts and as a US government panel cleared the company's electronics of causing unintended acceleration. The benchmark Nikkei was down 0.2 per cent, or 18.15 points, at 10,617.83 after rising as high as 10,701.92, its highest level since May 6. The broader Topix was flat at 944.02. "Investors started selling futures as they wanted to take profits from recent gains before tomorrow," said Hiroichi Nishi, general manager at Nikko Cordial Securities. "When you bear in mind that autos, and Toyota is a large part of that, have accounted for over a half of Japan's GDP growth over the period 2002 to 2008, you realise how significant yesterday's strong earnings are," said Nicholas Smith, director of equity research at MF Global FXA Securities in Tokyo. "The stock is trading barely over its price-to-book ratio, and on those present numbers, it stays on a lower price to book than the Topix itself so its valuations seem pretty attractive," he said. Toyota rose 5.2 per cent to 3,670 yen.-Reuters
ANNOUNCEMENTS Company P.S.O. Shifa Int.Hospitals
Period Half Yearly Half Yearly
Div/Bon/Right 50%(i)(D) -
PAT (Rs in mn) 7,130.95 105.738
EPS(Rs) 41.58 2.09
US stocks late-morning
Mkt down, but profits signal an “upmove� NEW YORK: Wall Street edged lower on Wednesday as investors booked profits after stocks hit new 2 1/2-year highs, but strong earnings made it likely the market would continue an upward trend. Federal Reserve Chairman Ben Bernanke told a congressional committee that the labor market remains sluggish and he continues to believe that inflation will remain subdued. Wall Street's reaction to Bernanke's comments was muted. Shares of Dow components Coca Cola Co and Walt Disney Co jumped after both reported strong results, helping the index outperform the broad market. "Investors at this point know that they are not going to get a bouquet of flowers from the Fed. His (Bernanke's) language was cautionary as usual," said Joseph Greco, managing director at Meridian Equity Partners in New York. "The primary trend (in the market) is that we are moving up on solid earnings, and a little bit of profit-taking on a small volume only means new bids are coming up." The Dow Jones industrial average was down 14.98 points, or 0.12 per cent, at 12,218.17. The Standard & Poor's 500 Index was down 5.53 points, or 0.42 per cent, at 1,319.04. The Nasdaq Composite Index was down 8.18 points, or 0.29 per cent, at 2,788.87. The market opened lower on profit-taking after the Dow logged its seventh consecutive positive finish and reached another multiyear high above the 12,200 level. Shares of NYSE Euronext and Deutsche Boerse, two of the world's biggest exchange operators, were both halted amid speculation of a tie-up. Shares of rival exchanges rose, including The Nasdaq OMX Group up 4.6 per cent at $27.02 and the CME Group up 2.7 per cent to $309.23. If the New York and German exchanges were to merge it "will be good for both of them. We saw from NYSE earnings See # 6 Page 11
Dhiyan HK at 2011-low on NOT MUCH TRADE IN STOCK rate rise; China dips Imran Abdul Aziz, Manager Equities Foundation Securities
HONG KONG: Hong Kong shares slid on Wednesday, with the benchmark index falling below its 100-day moving average after China's second interest rate rise in just over six weeks prompted a selloff in developers and energy counters. The Hang Seng Index fell 1.4 per cent to its lowest close this year while Shanghai's main stock index closed 0.9 per cent lower after mainland markets reopened after a week-long break for Lunar New Year. China's central bank raised interest rates on the last day of the holiday and set the yuan mid-point for the day's trading in the currency against the US dollar at a record high as it battles stubbornly high inflation. "We expect further interest rate tightening from China for as long as they need to curb inflation, cool off asset markets, while at the same time maintaining a slow appreciation of the RMB," said Wilfred Sit, Head of Asia Pacific Investment Strategy at Mirae Asset Global Investments in Hong Kong. "The recent moves by China will give more room for other
Rangebound activities are expected to persist between 12,000 and 12,500 points till the Raymond Davis issue settles and Margin Trading System (MTS) launches. A rise in Pak-US tension owing to the said issue can send the index down to 11,700 points. Investors better adopt 'sell on strength' stance and wait for dips in valued stocks. We might see some positive activities in the banking sector on the announcement of their corporate results. Market would be dull today and investors should do trading.
Asian countries to raise rates and regional equity markets will react negatively to this." Property, commodity-related and financial firms led the selloff in Shanghai on worries that higher borrowing costs could curb consumer demand for homes and new loans. The property sub-index fell 2.1 per cent. That weighed on developers in Hong Kong which have lagged the broader market this year after a strong second-half rally in 2010. Hong Kong's property subindex fell 2.4 per cent and is down 2.7 per cent this year compared with the Hang Seng's mild 0.6 per cent gain.
Chinese developers in Hong Kong were hit the hardest with Muhammad Ahsan Rasheed , Director Research & Marketing AMJ Growth New World Development down The outlook is mixed but a rebound is expected at 12,230, how4.2 per cent, while Sino Land Co slumped 4 per cent. Local ever breaking 12,172 level can take the index down to 12,000 mark bellwether Sun Hung Kai where it has a strong support at 12,020 points. The launch of Properties Ltd fell 2.4 per cent. Margin Trading System (MTS) and foreign investment would trigIn a rare divergence from ger the market in the coming days but if Raymond Davis issue broader market trends, HSBC worsens it might kick up a major correction. It's better for the shares, which have a near 15 investors to wait for dips and buy with stop loss focusing on disper cent weighting on the counted bluechips rather than index. Today market would lack the benchmark, gained 1 per cent, needed lustre. bringing their gains for the year to over 12 per cent. Expectations of strong results, due on February 28, and recovery from last year's underperformance against rivals as well as broader markets, are keeping buyers interested.-Reuters
6
Thursday, February 10, 2011
Market Volume
72,275,775
Value
2,565,457,433
Trades
46,125
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
156 206 23 385
All Share Index
12,299.28 12,377.22 12,257.36 i61.66
Current High Low Change
High Low 1,578.20 1,551.82 Total cos Defaulter cos P/BV (x) ROE (%) 3.70 32.54 Low
Attock Petroleum 691 6.99 Attock Refinery 853 4.93 BYCO Petroleum 3921 Mari Gas Company 735 16.96 National Refinery 800 5.74 Oil & Gas Development 43009 11.58 Pak Petroleum 11950 7.80 Pak Oilfields 2365 7.50 Pak Refinery Limited 350 P.S.O 1715 4.90 Shell Pakistan 685 11.00
386.59 123.17 9.91 126.76 283.19 171.49 212.97 329.21 102.33 290.01 214.52
389.00 123.50 10.00 128.00 283.70 171.95 213.99 328.96 107.44 291.00 217.99
384.50 120.70 9.80 125.05 276.00 169.25 210.30 324.00 100.00 287.00 210.25
Close Chg 386.67 121.11 9.84 125.17 276.93 171.13 213.25 325.23 107.44 289.44 214.58
0.08 -2.06 -0.07 -1.59 -6.26 -0.36 0.28 -3.98 5.11 -0.57 0.06
Close Change 1,567.81 -5.30 Listed cap Market cap 65,194.15 mn 1,208,863.23 mn Payout (%) Div Yield (%) 55.94 4.92 Last 60 days High Low
Volume 73991 510618 295871 14551 181763 235233 704099 1579138 164225 853183 11385
401.00 146.90 12.49 141.65 335.00 185.00 229.80 341.50 122.22 317.79 222.00
301.00 115.25 9.80 117.00 251.80 157.00 190.50 249.25 80.61 277.52 194.00
% Change -0.34 5-Day High 1,583.28 5-Day Low 1,567.81
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B115.00 - 15.00 20B 50.00 -100.00 - 50.00 -
-
Open 754.58 Turnover 25,990 P/E (x) 5.60 Company
Performance of SR Chemicals Index Open 1,605.40 Turnover 19,975,883 P/E (x) 9.84 PE
High Low 1,612.81 1,588.78 Total cos Defaulter cos P/BV (x) ROE (%) 3.45 35.00
Open
High
Low
Agritech Limited 3924 8.73 24.09 BOC (Pak) 250 12.84 93.51 Clariant Pak 273 7.19 201.16 Dawood Hercules 1203 8.35 202.22 Descon Chemical 1996 3.01 Descon Oxychem Limited1020 7.52 Dewan Salman 3663 3.23 Dynea Pak 94 - 11.46 Engro Corporation Ltd 3277 11.83 218.18 Engro Polymer 6635 - 13.02 Fatima Fertilizer 22000 - 12.02 Fauji Fertilizer 6785 9.27 151.09 Fauji Fertilizer Bin Qasim9341 7.82 41.50 Ghani Gases Ltd 725 8.68 11.50 ICI Pakistan 1388 8.41 150.06 Lotte Pakistan 15142 5.97 16.49 Nimir Ind Chemical 1106 2.70 Sitara Chem Ind 214 8.77 111.90 Sitara Peroxide 551 15.25 14.05 Wah-Noble 90 7.26 37.80
24.50 96.00 202.46 203.00 3.19 7.80 3.34 11.30 218.35 13.65 12.05 151.50 41.90 11.50 152.48 16.55 3.08 109.00 14.50 37.84
24.00 92.11 200.27 201.00 3.03 7.36 3.10 11.25 214.80 12.98 11.90 150.00 41.30 11.42 148.55 16.15 2.65 106.50 13.92 36.15
Close Chg 24.09 93.51 200.84 201.32 3.05 7.66 3.13 11.27 215.38 13.09 11.91 150.59 41.46 11.46 149.26 16.25 2.78 107.03 14.03 37.75
0.00 0.00 -0.32 -0.90 0.04 0.14 -0.10 -0.19 -2.80 0.07 -0.11 -0.50 -0.04 -0.04 -0.80 -0.24 0.08 -4.87 -0.02 -0.05
Last 60 days High Low
Volume 7228 4813 17593 6238 959859 272676 1762554 300 706633 1346417 1851377 570629 2294456 18370 387381 5026985 7190838 4048 358099 402
Change -10.20 Market cap 351,854.92 mn Div Yield (%) 4.96
26.73 103.94 213.30 215.00 3.74 9.25 4.24 11.98 222.80 15.87 12.64 157.90 43.99 13.07 158.49 16.80 3.17 139.40 14.69 41.99
20.26 75.95 151.55 165.73 2.37 6.61 1.52 9.15 177.80 12.51 9.16 108.80 32.50 11.00 132.00 11.55 1.40 106.50 12.70 32.00
% Change -0.64 5-Day High 1,607.80 5-Day Low 1,595.20
2010 Div BR (%) (%) 15 135 40 15 40 130 52.5 55 5 25 50
25B 25B 5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,047.32 Turnover 3,594 P/E (x) 5.39
High Low 1,060.16 1,042.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 7.47
Close 1,053.07 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.37 6.78
15.86 43.90 37.80
16.10 46.09 38.00
16.00 43.40 37.30
16.00 0.14 43.51 -0.39 37.99 0.19
110 219 3265
Change 5.75 Market cap 2,919.52 mn Div Yield (%) 4.69
Last 60 days High Low 19.69 48.90 47.70
14.95 39.00 37.30
% Change 0.55 5-Day High 1,059.35 5-Day Low 1,047.32
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
1092 1321
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International IndSPOT Siddiqsons Tin
PE
565 3.04 675 555 8.69 1199 18.80 785 10.23
Open 29.00 2.60 14.06 51.51 9.00
High 29.25 2.75 14.01 51.99 9.00
High Low 1,037.18 1,025.74 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 33.10 Low 29.05 2.52 13.90 51.45 8.86
Close Chg 29.05 2.55 13.90 51.70 9.00
0.05 -0.05 -0.16 0.19 0.00
Close 1,030.08 Listed cap 3,596.11 mn Payout (%) 30.91
Change 1.76 Market cap 9,906.11 mn Div Yield (%) 9.53
Last 60 days High Low
Volume 7601 25207 650 19300 1923
31.00 3.29 16.51 62.20 10.70
24.01 2.43 13.81 44.53 8.51
2010 Div BR (%) (%) 30 55 7.5
2011 Div BR (%) (%)
- 10.00 20B -
-
High
Low
Close Chg
Volume
Last 60 days High Low
7.07 37.72
74.57 35.00
74.90 35.00
71.60 34.70
73.56 -1.01 34.70 -0.30
19505 6485
76.65 39.45
Open 1,271.48 Turnover 80,230 P/E (x) 4.65 Paid up Cap(mn)
Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
PE
High
Low
101 5.87 198.61 247 36.79 40.89 626 9.51 136.98 890 2.12 56 4.77 190.12 598 20.69 24.69 450 3.10 4.50 200 6.72 4.30 1428 - 10.92 786 6.63 289.88 823 10.25 65.00 150 4.34 23.45
199.00 42.00 138.00 2.19 194.85 24.20 4.99 4.30 11.15 291.99 65.90 23.35
192.50 39.35 136.50 2.05 190.00 24.00 4.45 4.30 10.91 288.00 64.30 23.10
Company
Paid up Cap(mn)
Al-Abbas Cement
PE
Open
High
Low
Close Chg
Close 931.08 Listed cap 54,792.74 mn Payout (%) 19.04
Change -8.40 Market cap 66,031.92 mn Div Yield (%) 2.60
Last 60 days High Low
Volume
% Change -0.89 5-Day High 944.70 5-Day Low 931.08
2010 Div BR (%) (%)
1828
-
3.00
3.25
2.98
2.98 -0.02
15615
3.98
2.75
Attock Cement
866
6.54
51.52
51.95
51.52
51.63 0.11
4139
65.99
51.38
50
-
-
-
Balochistan Glass Ltd
858
-
2.78
2.80
2.42
2.80 0.02
419
4.24
1.10
-
-
-
-
182
-
19.19
19.19 -1.00
16.55
Berger Paints
- 100R
2011 Div BR (%) (%)
20.19
20.10
70855
24.16
Cherat Cement
956 22.61
9.88
10.00
9.80
9.95 0.07
2935
12.65
9.71
-
-
-
-
982 13.85
1.70
1.85
1.70
1.80 0.10
1200
2.49
1.50
-
-
-
-
108
-
18.51
-
-
-
-
Dewan Cement
3891
-
2.07
2.18
1.91
1.99 -0.08
169950
3.10
1.48
-
-
-
-
3651 119.29
28.92
29.00
28.57
28.63 -0.29
347517
32.30
27.67
-
20R
-
-
350
3.04
2.88
20.01
2.94
19.89
2.27
20.00 -0.90
2.55 -0.33
562
25.75
-
DG Khan Cement Ltd EMCO Ind
20.90
-
-
Dadabhoy Cement Dadex Eternit
- 122R
-
2.21
-
-
-
-
Fauji Cement
6933
6.43
4.63
4.65
4.60
4.63 0.00
106299
5.55
4.56
-
-
-
92R
Fecto Cement
502
3.83
7.37
7.35
7.00
7.35 -0.02
1001
2792
8.20
4.00
6.52
-
-
-
-
Flying Cement Ltd
1760
-
1.74
1.80
1.67
1.69 -0.05
47486
2.25
1.60
-
-
-
-
Gharibwal Cement
4003
-
6.35
6.35
5.41
5.47 -0.88
894
9.19
3.06
-
-
-
-
Kohat Cement
1288
-
6.18
6.16
6.02
6.16 -0.02
1462
8.70
6.00
-
-
-
-
13126
-
3.23
3.28
3.13
3.15 -0.08
551385
3.88
2.95
-
-
-
-
Lucky Cement
3234
6.35
71.39
71.50
70.50
70.67 -0.72
47635
79.98
69.35
40
-
-
-
Maple Leaf Cement
5261
1.23
2.61
2.69
2.59
2.65 0.04
117728
3.30
2.56
-
-
-
-
Pioneer Cement
2228
-
6.58
6.89
6.50
6.75 0.17
3556
8.20
6.50
-
-
-
-
Lafarge Pakistan Cmt.
Safe Mix Concrete
200
-
6.94
7.23
6.50
7.00 0.06
6791
7.95
5.25
-
-
-
-
Thatta Cement
798 445.50
17.37
17.90
17.00
17.82 0.45
11020
20.44
16.75
-
50R
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,009.96 Turnover 285,845 P/E (x) 2.81 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack
Paid up Cap(mn) 115
PE 2.38
Open 67.34
High 67.97
High Low 1,019.09 1,001.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 43.91 Low 64.10
Close Chg 66.92 -0.42
Close 1,011.19 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 87514
Change 1.22 Market cap 37,961.99 mn Div Yield (%) 5.52
Last 60 days High Low 83.23
52.50
% Change 0.12 5-Day High 1,021.92 5-Day Low 1,009.96
2010 Div BR (%) (%) 20
25B
2011 Div BR (%) (%) -
-
230
-
2.63
2.68
2.48
2.65 0.02
6298
3.30
1.82
-
-
-
-
1067
4.85
53.00
53.00
52.00
52.75 -0.25
3110
56.45
45.30
25
10B
-
-
389
-
3.71
47 17.99
30.91
4.14
3.51
4.08 0.37
32.45
30.90
32.39 1.48
79628
33.71
17.10
-
-
-
-
129.73 127.00 127.71 -0.14
14753
143.00
103.52
-
-
-
-
3440
144.50
102.51
-
-
-
-
Packages Ltd
844 65.49 127.85
Tri-Pack Films
300
131.00 130.00 130.50 -0.46
9.52 130.96
91012
4.14
2.40
-
-
-
-
INDUSTRIAL ENGINEERING
Company AL-Ghazi Tractor Bolan Casting
Paid up Cap(mn) 215 104
PE
5.68 235.42 - 44.99
Dewan Auto Engineering 214 Ghandhara Ind 213 10.26 KSB Pumps Millat Tractors XB Pak Engineering
Open
1.21 11.28
132 7.42 61.99 366 8.39 545.46 57 397.75 143.00
High
High Low 1,594.18 1,571.73 Total cos Defaulter cos P/BV (x) ROE (%) 3.25 38.02 Low
Close Chg
237.50 235.00 237.00 46.55 46.20 46.32 1.40 11.55
1.01 10.51
1.58 1.33
Close 1,582.00 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 705 500
-
2011 Div BR (%) (%) -
-
Close Chg 196.52 41.20 136.95 2.05 194.60 24.00 4.46 4.30 11.00 290.61 64.40 23.25
-2.09 0.31 -0.03 -0.07 4.48 -0.69 -0.04 0.00 0.08 0.73 -0.60 -0.20
Close 1,271.01 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 2488 102 505 51905 1550 1690 2104 500 5100 5700 8061 525
Change -0.47 Market cap 47,133.16 mn Div Yield (%) 4.39
Last 60 days High Low 205.00 42.00 143.80 2.89 217.44 26.74 5.36 5.75 13.40 309.73 77.90 24.00
155.25 15.00 96.00 1.20 150.00 21.00 4.40 4.01 10.60 243.50 63.30 18.70
% Change -0.04 5-Day High 1,280.19 5-Day Low 1,271.01
2010 Div BR (%) (%) 100 60 20 150 10
20B 20B
2011 Div BR (%) (%) -
-
Open 1,837.00 Turnover 116,190 P/E (x) 47.71 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar XD 58 AL-Noor Sugar XD 186 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Habib Sugar 750 Habib-ADM Ltd 200 Haseeb Waqas XD 324 Hussein Sugar 121 J D W Sugar 539 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza Sugar XD 141 Nestle Pakistan 453 Noon Sugar 165 Quice Food 107 Rafhan Maize 92 S S Oil 57 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177
PE
Open
High
High Low 1,880.83 1,804.14 Total cos Defaulter cos P/BV (x) ROE (%) 14.46 30.30 Low
Close Chg
0.91 5.63 6.30 5.50 5.51 -0.12 4.64 15.50 16.25 15.45 15.60 0.10 1.02 40.93 40.93 40.93 40.93 0.00 6.33 2.81 3.14 2.50 2.53 -0.28 0.61 6.25 6.50 6.00 6.03 -0.22 2.90 3.19 2.90 2.98 0.08 9.12 23.06 23.50 22.90 22.99 -0.07 7.41 12.20 12.15 12.15 12.15 -0.05 - 17.71 18.70 16.71 16.71 -1.00 3.16 11.49 10.99 10.49 10.99 -0.50 1.27 72.30 73.80 70.70 71.99 -0.31 1.84 55.96 56.50 55.00 56.43 0.47 3.22 51.49 53.00 48.92 51.49 0.00 4.50 4.59 4.05 4.23 -0.27 37.57 3449.75 3498.00 3400.00 3420.19 -29.56 1.18 11.00 10.96 10.76 10.96 -0.04 7.50 3.13 3.39 3.25 3.30 0.17 4.42 2667.65 2801.03 2701.00 2790.83 123.18 0.26 2.91 3.00 2.99 3.00 0.09 3.77 53.60 56.28 50.93 56.28 2.68 0.39 5.43 5.49 5.10 5.49 0.06 15.00 41.11 42.50 39.20 42.00 0.89
Close 1,831.84 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -5.16 Market cap 277,801.39 mn Div Yield (%) 0.64
Last 60 days High Low
970 7.20 4.06 102 20.50 14.10 2350 54.00 40.85 106 5.70 2.50 13314 7.15 5.00 1207 5.59 1.60 48425 36.50 21.35 300 12.96 11.50 560 23.62 16.50 175 13.65 9.00 15184 92.50 68.00 3520 68.49 52.60 424 68.22 44.13 5005 7.18 4.01 311 3570.00 1830.00 150 14.84 9.00 1500 3.70 2.05 136 2801.03 1800.00 11000 3.85 2.50 427 100.26 50.93 210 7.88 4.46 10113 42.52 30.50
% Change -0.28 5-Day High 1,837.00 5-Day Low 1,809.74
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 25 25B 40 10 7010B 12.5R 35 20B 7.50 15 20B 10 450 600 -
-
2011 Div BR (%) (%)
244.95 46.75
206.00 42.90
150 25
10B
-
-
-
-
-
25B325.00 -
-
1.23 0.02 11.08 -0.20
10002 14010
2.40 13.50
0.21 10.51
-
62.69 60.19 61.92 -0.07 548.00 543.00 545.01 -0.45 149.99 135.85 143.19 0.19
1003 16882 436
72.00 568.40 301.84
58.55 480.00 135.85
650 100
RSI (14-day)
43.38
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.63
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.63
Revenue (Rs in mn)
MA (200-day)
1.81
Interest Expense
1st Support
1.55
Loss after Taxation
2nd Support
1.45
EPS 10 (Rs)
1st Resistance
1.75
Book value / share (Rs)
2nd Resistance
1.85
PE 11 E (x)
Pivot
1.65
PBV (x)
2,731.94 691.43 (452.35) (2.899) (6.68) (0.24)
JPGL closed down -0.11 at 1.59. Volume was 52 per cent below average (consolidating) and Bollinger Bands were 13 per cent narrower than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 12.1 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 JPGL (bullish). Trend forecasting oscillators are currently bearish on JPGL.
NetSol Technologies Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
58.51
Total Assets (Rs in mn)
3,980.15
MA (10-day)
25.74
Total Equity (Rs in mn)
3,337.21
MA (100-day)
20.05
Revenue (Rs in mn)
1,845.02
MA (200-day)
22.82
Interest Expense
1st Support
24.95
Profit after Taxation
951.86
2nd Support
24.46
EPS 10 (Rs)
12.217
1st Resistance
26.24
Book value / share (Rs)
2nd Resistance
27.04
PE 11 E (x)
2.41
Pivot
25.75
PBV (x)
0.59
24.80
42.83
NETSOL closed down -0.73 at 25.44. Volume was 123 per cent above average and Bollinger Bands were 44 per cent wider than normal. The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11). NETSOL is currently 11.4 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 moderate flows of volume into NETSOL (mildly bullish). Trend forecasting oscillators are currently bullish on NETSOL.
Silkbank Limited
HOUSEHOLD GOODS Open 1,106.84 Turnover 41,643 P/E (x) 3.14 Company
Paid up Cap(mn)
Diamond Ind Pak Elektron Singer Pak Tariq Glass Ind Towellers Ltd
High Low 1,115.37 1,088.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
PE
Open
High
Low
90 1219 3.49 341 25.28 231 2.52 170 -
10.22 13.92 22.04 22.20 9.34
11.22 14.00 23.00 21.51 9.02
9.25 13.80 22.50 21.09 9.01
Close Chg 10.73 13.84 22.50 21.09 9.01
0.51 -0.08 0.46 -1.11 -0.33
Close 1,097.73 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 511 14803 416 25711 139
Change -9.11 Market cap 5,231.85 mn Div Yield (%) 2.00
% Change -0.82 5-Day High 1,112.44 5-Day Low 1,097.73
Last 60 days High Low
2010 Div BR (%) (%)
15.84 15.88 23.00 24.00 15.00
17.5 -
7.55 13.25 17.55 15.90 3.52
10B -
2011 Div BR (%) (%) - 200R -
PERSONAL GOODS Performance of SR Personal Goods Index Open 991.54 Turnover 5,999,961 P/E (x) 7.08 Company
Paid up Cap(mn)
(Colony) Thal Amtex Limited Aruj Garments Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Brothers Textile Chenab Limited Colony Mills Ltd Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile XD Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile J K Spinning Janana D Mal Jubilee Spinning Khalid Siraj Kohinoor Ind Maqbool Textile Masood Textile Mian Textile Moonlite (PAK) Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Samin Textile Sana Ind Service Ind Shadman Cot Shahtaj Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zil Limited
56 2594 62 133 4493 33 76 76 98 1150 2442 492 600 514 57 34 204 110 234 146 222 138 716 3105 180 184 43 325 107 303 168 600 221 22 1614 3516 560 62 185 250 308 341 264 267 55 120 176 97 180 173 307 418 400 53
PE
Open
1.33 8.89 4.04 3.11 4.50 0.35 2.41 - 11.29 0.47 11.69 0.47 13.78 5.31 642.17 0.46 2.95 3.78 2.48 3.43 17.78 1.73 42.59 35.50 0.16 1.99 0.14 5.40 0.61 27.50 0.63 21.00 0.83 75.71 1.16 6.01 0.89 7.68 0.49 0.72 3.97 4.16 53.03 3.80 3.35 1.21 7.80 0.24 14.00 3.20 0.81 1.53 2.19 8.42 1.80 18.10 0.44 - 15.40 2.12 25.33 5.64 65.98 4.45 13.32 0.50 32.89 1.14 14.50 1.38 0.66 9.87 5.28 41.88 0.48 5.50 4.80 5.76 3.27 43.45 7.54 221.43 2.76 15.65 - 19.50 0.85 38.00 0.40 39.63 5.14 120.00 9.13 57.71 0.48 1.40 4.69 69.80
High
High Low 1,001.83 984.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 8.64 Low
Close Chg
1.35 1.30 1.35 0.02 4.10 3.88 3.91 -0.13 4.60 4.60 4.60 0.10 2.60 2.50 2.50 0.09 11.38 10.92 11.00 -0.29 11.88 11.40 11.49 -0.20 14.00 13.50 13.50 -0.28 650.00 625.00 640.00 -2.17 0.44 0.44 0.44 -0.02 3.19 2.80 2.97 0.02 2.60 2.35 2.42 -0.06 18.69 17.11 17.83 0.05 1.79 1.71 1.71 -0.02 37.00 35.50 36.20 0.70 2.10 2.10 2.10 0.11 6.00 4.40 4.46 -0.94 28.87 27.75 28.57 1.07 21.50 20.90 20.91 -0.09 76.70 74.05 75.76 0.05 6.20 6.00 6.10 0.09 7.50 7.20 7.34 -0.34 0.50 0.50 0.50 0.01 4.05 3.85 3.85 -0.12 53.94 51.50 52.90 -0.13 3.50 3.35 3.50 0.15 8.80 7.80 7.94 0.14 14.45 14.00 14.45 0.45 2.70 2.25 2.65 -0.55 0.70 0.61 0.65 -0.16 1.60 1.44 1.54 0.01 8.00 7.85 7.90 -0.52 17.15 17.10 17.10 -1.00 0.55 0.32 0.40 -0.04 16.20 14.50 16.05 0.65 25.80 25.15 25.53 0.20 66.25 65.25 65.76 -0.22 13.24 12.88 13.18 -0.14 34.40 31.25 31.25 -1.64 14.90 14.48 14.90 0.40 1.38 1.21 1.24 -0.14 9.90 9.52 9.52 -0.35 42.70 41.05 42.04 0.16 6.00 5.50 6.00 0.50 6.70 5.75 5.76 0.00 43.10 43.00 43.01 -0.44 223.48 210.50 220.10 -1.33 16.65 14.65 15.15 -0.50 20.00 19.00 20.00 0.50 38.00 37.50 38.00 0.00 41.50 39.10 41.50 1.87 120.99 118.00 120.25 0.25 58.25 57.29 57.31 -0.40 1.42 1.39 1.39 -0.01 72.49 67.01 70.00 0.20
Close 994.19 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 2.65 Market cap 139,116.73 mn Div Yield (%) 2.36
Last 60 days High Low
6576 1.50 231453 5.28 500 5.50 343 3.00 2500858 12.84 6200 16.00 6337 15.10 143 710.00 192 1.49 2302 3.76 8504 2.97 4226 23.99 7900 2.10 1102 47.00 1000 3.75 73579 8.90 1332 28.87 480 21.78 1306 76.80 1003 8.86 472 8.50 5000 1.10 5002 4.47 5851 55.00 5611 3.90 8500 9.50 167 18.00 16004 5.50 201 1.25 2924 2.00 700 9.89 6147 20.74 3000 0.75 20103 16.20 1343904 26.58 1517305 71.89 4007 14.45 506 34.40 1510 15.50 114887 1.98 5769 10.34 8029 42.70 1791 6.85 1127 7.00 700 49.66 6220 276.50 6450 16.65 6773 20.29 2772 41.95 502 42.00 9091 132.00 11364 63.30 2002 2.00 19644 72.49
% Change 0.27 5-Day High 994.19 5-Day Low 989.30
2010 Div BR (%) (%)
0.56 3.65 30 4.10 1.32 7.5 9.20 8.10 - 15B 12.30 20 580.00 0.15 2.80 2.11 16.86 15 1.55 35.00 5 1.50 2.90 24.02 20 10B 18.51 35 47.00 70 5.26 10 6.30 10 20B 0.31 3.31 10 36.26 20 2.70 10 4.05 20 5B 13.40 2.25 0.25 0.75 6.10 22.5 17.10 15 100R 0.25 4.50 21.15 15 52.80 25 45R 6.21 25.00 50 13.00 30 0.65 8.50 25SD 33.25 40 3.90 5.11 - 100R 31.56 60 180.11 7.00 16.35 45 32.60 50 28.34 25 95.10 80 20B 50.50 1.00 42.30 35 -
2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
% Change 0.00 5-Day High 1,597.08 5-Day Low 1,579.15
2010 Div BR (%) (%)
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Household Goods Index
PHARMA AND BIO TECH
Change -0.04 Market cap 34,270.77 mn Div Yield (%) 15.40
Last 60 days High Low
% Change -1.24 5-Day High 754.58 5-Day Low 717.52
2010 Div BR (%) (%) 40 15
Japan Power Generation Limited
FOOD PRODUCERS
Performance of SR Industrial Engineering Index Open 1,582.04 Turnover 43,539 P/E (x) 8.54
68.00 32.36
Alert ! Unusual Movements
Performance of SR Food Producers Index
Performance of SR Construction and Materials Index High Low 943.94 925.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10
High Low 1,281.99 1,261.52 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 25.35
Open
CONSTRUCTION AND MATERIALS Open 939.48 Turnover 1,433,726 P/E (x) 7.33
Change -9.33 Market cap 12,847.83 mn Div Yield (%) 1.98
Performance of SR Automobile and Parts Index
-
% Change 0.17 5-Day High 1,037.55 5-Day Low 1,028.32
Close 745.25 Listed cap 3,242.17 mn Payout (%) 11.08
Open
INDUSTRIAL METALS AND MINING Open 1,028.32 Turnover 54,681 P/E (x) 3.24
High Low 757.21 729.59 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
PE
Performance of SR Industrial Metals and Mining Index
Company
19,898.58 20,019.94 19,851.26 i109.09
AUTOMOBILE AND PARTS
Company
Close 1,595.20 Listed cap 52,251.88 mn Payout (%) 48.81
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
CHEMICALS
Century Paper Pak Paper Product Security Paper
Current High Low Change
11,930.39 12,009.51 11,906.06 i73.88
INDUSTRIAL TRANSPORTATION
High
Company
Current High Low Change
Performance of SR Industrial Transportation Index
Open
Company
8,532.08 8,583.42 8,502.74 i39.47
KMI 30 Index
OIL AND GAS
PE
Paid up Cap(mn)
KSE 30 Index
Performance of SR Oil and Gas Index Open 1,573.11 Turnover 4,328,189 P/E (x) 11.36 Company
KSE 100 Index
Symbols
Open 910.44 Turnover 87,949 P/E (x) 6.96 Company Abbott (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 1707 165 200 96 306
PE
Open
8.47 95.99 13.49 76.68 7.35 27.00 7.26 8.93 13.31 159.33 5.40 60.21
High
High Low 923.78 891.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.55 22.31 Low
Close Chg
96.70 95.22 96.60 0.61 77.89 73.00 74.99 -1.69 26.90 26.50 26.53 -0.47 9.00 8.70 9.00 0.07 167.29 159.00 167.29 7.96 61.05 60.00 60.00 -0.21
Close 906.45 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2071 11302 1002 522 67192 5762
Change -3.98 Market cap 30,404.63 mn Div Yield (%) 6.40
Last 60 days High Low 112.50 89.98 30.48 9.99 167.29 69.00
94.00 70.00 24.15 7.16 116.00 58.70
% Change -0.44 5-Day High 910.44 5-Day Low 903.11
2010 Div BR (%) (%) 20 30
-
2011 Div BR (%) (%) -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
38.81
Total Assets (Rs in mn)
MA (10-day)
2.54
Total Equity (Rs in mn)
MA (100-day)
2.72
Revenue (Rs in mn)
68,664.34 196.91 5,913.32
MA (200-day)
2.83
Interest Expense
1st Support
2.52
Loss after Taxation
2nd Support
2.47
EPS 09 (Rs)
5,855.52
1st Resistance
2.60
Book value / share (Rs)
2nd Resistance
2.63
PE 10 E (x)
Pivot
2.55
PBV (x)
(2,902.91) (3.224) 0.22 11.43
SILK closed down -0.04 at 2.50. Volume was 44 per cent below average and Bollinger Bands were 17 per cent wider than normal. The company's loss after taxation stood at Rs700.335 million which translates into a Loss Per Share of Rs0.32 for the nine months of current calendar year (9MCY10). SILK is currently 11.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of SILK (mildly bearish). Trend forecasting oscillators are currently bearish on SILK.
PACE Pakistan Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
54.13
Total Assets (Rs in mn)
10,559.36
MA (10-day)
3.05
Total Equity (Rs in mn)
6,486.15
MA (100-day)
2.87
Revenue (Rs in mn)
1,649.34
MA (200-day)
3.32
Interest Expense
211.21
1st Support
3.02
Profit after Taxation
633.16
2nd Support
2.89
EPS 10 (Rs)
1st Resistance
3.28
Book value / share (Rs)
2nd Resistance
3.41
PE 11 E (x)
Pivot
3.15
PBV (x)
2.27 23.26 0.13
PACE closed up 0.06 at 3.13. Volume was 51 per cent above average and Bollinger Bands were 38 per cent wider than normal. The company's loss after taxation stood at Rs108.886 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PACE is currently 5.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PACE (mildly bullish). Trend forecasting oscillators are currently bullish on PACE.
BOOK CLOSURES Company
From
To
(TFC) Saudi Pak Leasing Dewan Farooque Motors # (TFC) Allied Bank (TFC) Pakarab Fertilizers Int Ind (Consolidated) KASB Cash Fund Kohinoor Mills # Ideal Energy # Olympia Spng & Weaving Mills # Millat Tractors Shadman Cotton Mills Reliance Cotton Spng Mills # Mehran Sugar Mills Frontier Ceramics Gharibwal Cement Descon Oxychem # Int Industries # Pakistan Oilfields Fauji Fertilizer Attock Petroleum (TFC) Searle Pakistan
10-Feb 14-Feb 14-Feb 15-Feb 16-Feb 16-Feb 17-Feb 18-Feb 18-Feb 18-Feb 19-Feb 19-Feb 21-Feb 21-Feb 21-Feb 21-Feb 22-Feb 23-Feb 24-Feb 24-Feb
21-Feb 27-Feb 28-Feb 24-Feb 24-Feb 26-Feb 26-Feb 24-Feb 26-Feb 26-Feb 28-Feb 28-Feb 28-Feb 28-Feb 01-Mar 01-Mar 04-Mar 09-Mar
D/B/R
Spot AGM/Date
15(I) 08-Feb 325(I) 09-Feb 5 10-Feb 7.5(I) 10-Feb 100(I) 11-Feb 35(F) 25(B) 14-Feb 115(I) 15-Feb -
21-Feb 24-Feb 26-Feb 26-Feb 26-Feb 26-Feb 28-Feb 28-Feb 28-Feb 24-Feb 01-Mar -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Climax Eng. Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Pak Tobacco Shifa Int.Hospitals Eye Television Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 4 54.26 3.31 99.04 192.9 109.03 31.25 19.7 16.67 2.72 43.94 3.07 26.17
High 4.99 54.01 3.38 102.99 195 109 31.95 20.2 17.4 2.84 44.44 3.28 26.55
Low Close 4.8 54 3.17 94.5 183.56 108.9 31.95 19.45 15.8 2.57 43.5 3.02 25.26
4.9 54 3.19 96.92 184.82 109 31.95 19.69 17.21 2.78 43.5 3.13 25.44
Change 0.9 -0.26 -0.12 -2.12 -8.08 -0.03 0.7 -0.01 0.54 0.06 -0.44 0.06 -0.73
Vol 1000 2300 383585 7758 60321 110 500 7511 3036 482495 775 2005183 1439798
7
Thursday, February 10, 2011 Atlas Insurance Century Insurance EFU General Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,101.23 Turnover 605,180 P/E (x) 5.96 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,111.56 1,093.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
PE
Open
High
Low
Close Chg
78 4.83 37740 12.47 3000 0.63 8606 6175 -
79.46 18.64 2.11 2.64 3.53
79.00 18.80 2.17 2.68 3.65
78.30 18.51 2.10 2.61 3.53
78.31 18.71 2.12 2.61 3.57
-1.15 0.07 0.01 -0.03 0.04
Close 1,103.93 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 2200 412453 68202 122325 6962
Change 2.70 Market cap 76,312.03 mn Div Yield (%) 10.49
% Change 0.24 5-Day High 1,117.64 5-Day Low 1,101.23
Last 60 days High Low
2010 Div BR (%) (%)
82.99 20.65 2.67 3.45 4.65
80 17.5 1 -
76.50 18.19 2.01 2.49 3.40
2011 Div BR (%) (%)
-
-
Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance
369 457 1250
5.95 6.49 -
37.48 10.25 41.43
37.45 10.80 42.50
37.45 10.25 40.30
37.45 -0.03 10.38 0.13 40.67 -0.76
1000 2527 19494
40.00 11.99 47.90
33.11 10.00 38.50
-
-
-
-
400 3.10 718 17.18
13.21 94.84
13.01 94.89
13.00 92.10
13.00 -0.21 92.60 -2.24
5722 3105
15.50 99.88
11.01 81.10
10
20B
-
-
791 15.63 3000 45.21
58.68 17.64
58.00 17.90
57.50 17.30
58.00 -0.68 17.63 -0.01
7335 196713
61.80 19.40
55.10 15.36
-
-
-
-
PICIC Ins Ltd Shaheen Insurance XR
350 200
-
8.99 11.00
9.00 11.00
8.20 11.00
8.99 0.00 11.00 0.00
1500 500
10.75 14.53
5.00 10.05
-
-
-
25R
Silver Star Insurance
253
4.41
7.45
7.48
7.10
7.10 -0.35
1001
8.20
6.01
-
-
-
-
-
Performance of SR Life Insurance Index Open 747.31 Turnover 26,456 P/E (x) 5.46
ELECTRICITY
Paid up Cap(mn)
Company
Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric
High Low 1,342.24 1,313.97 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 9.35
PE
Open
High
Low
3426 24.98 198 11572 7.05 1560 7932 1695 10.13 126 2.51 8803 5.20 3673 3.60 3541 28.27 191 3.26 1367 -
11.35 0.75 39.00 1.70 2.89 17.70 4.44 42.82 16.54 17.48 17.01 2.12
10.99 0.80 38.99 1.75 2.85 18.50 4.50 43.00 16.70 17.70 17.95 2.12
10.35 0.65 38.25 1.55 2.73 17.75 4.00 42.70 16.08 17.50 17.00 1.97
Close 1,324.49 Listed cap 95,369.29 mn Payout (%) 104.13
Change -16.11 Market cap 108,617.33 mn Div Yield (%) 7.05
Close Chg
Volume
Last 60 days High Low
10.99 0.70 38.47 1.59 2.76 18.24 4.11 42.80 16.43 17.53 17.50 2.00
1962 6000 258330 197401 511585 10691 501 38628 1990333 686254 102915 2419494
11.45 1.18 41.20 2.15 3.55 22.85 5.39 45.85 18.01 18.70 19.35 2.80
-0.36 -0.05 -0.53 -0.11 -0.13 0.54 -0.33 -0.02 -0.11 0.05 0.49 -0.12
9.00 0.65 33.40 1.50 2.11 17.25 3.85 39.00 13.32 14.25 16.50 1.97
% Change -1.20 5-Day High 1,350.84 5-Day Low 1,324.20
2010 Div BR (%) (%) 50 15 50 20 -
-
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,700.89 Turnover 7,121,201 P/E (x) 10.69 Company Sui North Gas Sui South Gas
High Low 1,726.68 1,648.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 11.41
Close 1,657.68 Listed cap 12,202.80 mn Payout (%) 66.79
Change -43.21 Market cap 36,307.12 mn Div Yield (%) 6.25
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.76 3.95
26.46 27.20
26.58 27.90
25.90 26.10
26.09 -0.37 26.20 -1.00
179843 6941358
34.15 27.90
25.71 19.95
% Change -2.54 5-Day High 1,700.89 5-Day Low 1,608.02
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,163.53 Turnover 10,187,941 P/E (x) 8.31 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.89 72.00 Askari Bank 6427 7.85 16.63 Bank Alfalah 13492 14.37 11.30 Bank AL-Habib 7322 7.78 36.20 Bank Of Khyber 5004 5.53 4.15 Bank Of Punjab 5288 8.58 BankIslami Pak 5280 950.00 3.78 Faysal Bank 7327 4.58 14.25 Habib Bank Ltd 10019 7.71 124.93 Habib Metropolitan Bank 8732 7.83 25.69 JS Bank Ltd 8150 2.65 KASB Bank Ltd 9509 1.70 MCB Bank Ltd 7602 9.87 224.97 Meezan Bank 6983 10.05 18.46 Mybank Ltd 5304 2.64 National Bank 13455 6.66 77.04 Network Mic Bank 300 1.89 NIB Bank 40437 2.75 Samba Bank 14335 1.89 Silkbank Ltd 26716 2.54 Soneri Bank 6023 6.82 Stand Chart Bank 38716 11.52 7.46 Summit Bank Ltd XR 7251 3.51 United Bank Ltd 12242 7.67 65.71
High
High Low Close 1,169.00 1,148.96 1,153.63 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low
Close Chg
71.80 70.50 70.94 -1.06 16.70 16.45 16.49 -0.14 11.40 11.13 11.21 -0.09 36.35 35.95 36.09 -0.11 4.17 4.13 4.15 0.00 8.68 8.35 8.44 -0.14 3.88 3.70 3.80 0.02 14.38 14.15 14.21 -0.04 124.80 123.25 123.48 -1.45 26.40 25.40 25.60 -0.09 2.65 2.50 2.52 -0.13 1.79 1.64 1.65 -0.05 225.10 222.04 222.58 -2.39 19.00 18.50 18.99 0.53 2.70 2.60 2.60 -0.04 77.01 76.10 76.26 -0.78 1.49 1.30 1.39 -0.50 2.79 2.70 2.74 -0.01 1.90 1.78 1.89 0.00 2.58 2.50 2.50 -0.04 7.37 6.82 6.90 0.08 7.50 7.40 7.49 0.03 3.55 3.29 3.32 -0.19 65.82 65.00 65.23 -0.48
Volume
Change -9.90 Market cap 698,847.19 mn Div Yield (%) 4.87
Last 60 days High Low
43369 74.00 246467 19.25 312833 11.99 211357 39.49 19923 4.70 6084581 10.59 34481 4.50 30588 17.05 22308 128.97 5257 29.28 461550 2.95 144851 2.80 335173 250.48 67483 20.30 6110 3.40 612382 80.61 9609 2.65 206736 3.35 53071 2.17 974244 3.05 7826 8.48 27873 9.04 544329 4.63 269869 70.65
56.60 15.53 9.48 31.65 3.62 7.98 3.00 13.55 102.55 20.40 2.30 1.49 199.00 14.52 1.90 65.26 1.06 2.63 1.70 2.44 6.80 7.00 2.74 57.05
% Change -0.85 5-Day High 1,178.22 5-Day Low 1,153.63
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-
-
Paid up Cap(mn)
Company Adamjee Insurance
Close 785.76 Listed cap 11,111.34 mn Payout (%) 79.54
EFU Life Assurance
850 35.25
61.43
627 27.52
42.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 26.23
92.10
92.45
90.11
90.50 -1.60
221673
96.40
77.50
% Change -1.22 5-Day High 799.80 5-Day Low 782.20
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
High Low 756.34 737.58 Total cos Defaulter cos P/BV (x) ROE (%) 3.26 3.85
High
Low
Close Chg
Close 750.29 Listed cap 2,290.72 mn Payout (%) 355.53
Change 2.98 Market cap 8,822.69 mn Div Yield (%) 4.19
Last 60 days High Low
Volume
% Change 0.40 5-Day High 773.50 5-Day Low 747.31
2010 Div BR (%) (%)
2011 Div BR (%) (%)
62.30
61.00
62.04 0.61
15934
86.95
61.00
-
-
-
-
41.85
40.05
41.00 -1.00
10520
49.31
40.05
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 402.64 Turnover 1,787,247 P/E (x) 11.72 Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank Stand Chart Leasing
High Low 411.29 393.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.27 360 4.09 450 12.92 3750 4.60 150 1.16 250 215 2121 15.00 600 773.00 2849 3166 626 0.61 7633 508 500 7.15 1000 27.33 1000 821 4.78 775 514 10.40 978 5.54
0.61 21.00 25.20 25.58 1.40 1.85 2.22 2.41 7.27 0.65 3.03 1.72 11.33 3.83 26.84 6.67 4.41 6.40 1.96 2.95 2.64
0.68 21.00 25.49 25.80 1.40 1.93 2.50 2.40 7.99 0.65 3.74 1.73 11.40 3.91 26.79 6.82 4.69 6.50 2.02 2.60 2.66
0.56 20.00 24.80 25.01 1.30 1.92 2.50 2.32 7.36 0.60 3.10 1.70 11.01 3.62 26.25 6.55 4.42 6.20 1.89 2.60 2.21
Close Chg 0.56 20.80 25.33 25.05 1.30 1.92 2.50 2.40 7.73 0.65 3.41 1.70 11.04 3.68 26.60 6.56 4.58 6.50 1.99 2.60 2.66
-0.05 -0.20 0.13 -0.53 -0.10 0.07 0.28 -0.01 0.46 0.00 0.38 -0.02 -0.29 -0.15 -0.24 -0.11 0.17 0.10 0.03 -0.35 0.02
Close 399.08 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 21604 15677 23008 1145241 5167 101 500 20708 2502 1503 516310 2492 921497 96910 3435 38103 2473 2325 90178 1332 21363
Change -3.56 Market cap 18,608.67 mn Div Yield (%) 3.39
% Change -0.88 5-Day High 411.21 5-Day Low 399.08
Last 60 days High Low
2010 Div BR (%) (%)
0.95 22.40 28.00 30.20 2.14 2.75 3.00 3.90 8.98 1.09 3.95 2.14 14.05 4.60 32.34 7.59 5.43 7.29 2.50 4.99 3.00
30 11.5 10 -
0.33 16.80 24.76 23.35 1.15 1.28 0.18 2.26 6.22 0.46 2.95 1.05 10.36 3.51 25.00 6.20 3.80 5.51 1.84 2.00 2.21
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS Open 1,404.52 Turnover 4,109,912 P/E (x) 20.18 Company
Paid up Cap(mn)
PE
Open
264
9.69
1375
9.00
1st Fid Leasing AL-Meezan Mutual F.
High Low 1,452.89 1,389.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21
High
Low
Close Chg
1.59
1.60
1.50
1.55 -0.04
9.80
10.80
9.70
10.80 1.00
Close 1,436.07 Listed cap 29,771.58 mn Payout (%) 104.74
Change 31.55 Market cap 19,435.45 mn Div Yield (%) 8.06
Last 60 days High Low
Volume 517 2109734
91.50 14.00 1.26 91.00 1091.06 4405.94 0.69 41.87 12.00 6.38 5.36 0.82 96.95 58.96 0.54 4.30 0.81 0.46 9.01 49.00 1.01 62.85 15.00 22.21 11.24 3.88 0.35 1157.84 46.98 27.16 277.73 2.00 1.84 24.07 63.50 17.00 12.00 56.70 1.62 5.14 76.01 1.30 8.15 1.50 925.03 31.62 3.89 12.63 69.23 110.25 71.99 16.51 56.96 4.25 2.40 2.15 1.22 2.14 29.50 128.75 2.78 1.19 266.52 8.00 12.60 12.48 23.74 15.00 3.26
High 92.00 14.10 1.74 92.25 1100.00 4544.99 0.67 43.00 12.40 6.70 5.25 0.99 101.79 56.10 0.47 4.00 1.35 0.40 9.00 47.01 1.14 62.50 15.10 23.28 11.65 3.88 0.37 1215.73 49.20 26.13 291.00 2.50 2.06 23.07 61.00 18.00 12.20 56.70 2.40 5.25 79.78 1.58 9.15 1.91 938.99 32.92 3.94 11.75 72.34 115.76 74.74 17.50 59.80 4.98 2.90 2.06 0.99 3.09 29.00 134.00 3.60 1.40 261.01 9.00 11.61 13.48 23.05 16.00 4.25
Low
Close
90.00 14.10 1.28 90.00 1092.00 4291.01 0.52 41.10 12.40 5.75 5.20 0.93 101.79 56.10 0.40 4.00 1.32 0.32 9.00 47.01 0.83 62.50 15.10 22.22 10.26 3.88 0.36 1200.00 44.75 26.02 270.01 2.00 1.90 23.07 61.00 16.00 12.20 55.00 1.57 5.18 72.30 1.45 7.70 1.91 891.01 31.95 3.00 11.75 71.00 115.76 68.40 17.50 59.00 4.98 2.49 2.06 0.99 2.70 29.00 129.00 2.85 1.25 261.01 9.00 11.61 13.48 23.05 16.00 4.25
90.00 14.10 1.28 91.00 1100.00 4372.00 0.53 43.00 12.40 6.17 5.21 0.93 101.79 56.10 0.45 4.00 1.32 0.33 9.00 47.01 1.01 62.50 15.10 22.75 11.65 3.88 0.37 1215.73 46.98 26.13 284.00 2.38 2.06 23.07 61.00 18.00 12.20 56.70 1.57 5.18 72.30 1.45 9.15 1.91 915.00 31.95 3.94 11.75 71.00 115.76 74.74 17.50 59.00 4.98 2.49 2.06 0.99 2.70 29.00 129.00 2.85 1.25 261.01 9.00 11.61 13.48 23.05 16.00 4.25
Change
Vol
-1.50 0.10 0.02 0.00 8.94 -33.94 -0.16 1.13 0.40 -0.21 -0.15 0.11 4.84 -2.86 -0.09 -0.30 0.51 -0.13 -0.01 -1.99 0.00 -0.35 0.10 0.54 0.41 0.00 0.02 57.89 0.00 -1.03 6.27 0.38 0.22 -1.00 -2.50 1.00 0.20 0.00 -0.05 0.04 -3.71 0.15 1.00 0.41 -10.03 0.33 0.05 -0.88 1.77 5.51 2.75 0.99 2.04 0.73 0.09 -0.09 -0.23 0.56 -0.50 0.25 0.07 0.06 -5.51 1.00 -0.99 1.00 -0.69 1.00 0.99
100 100 99 97 90 82 81 79 64 52 51 51 50 50 46 38 35 32 30 29 25 20 19 17 16 15 14 13 12 11 11 11 10 10 10 10 10 8 5 5 5 4 4 4 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
% Change 2.25 5-Day High 1,436.07 5-Day Low 1,390.96
Symbols
Open
LUCK-FEB
71.50
71.48
71.00
71.09
-0.41
592500
POL-FEBB
320.01
320.50
316.50
318.33
-1.68
346000
2011 Div BR (%) (%)
FFBL-FEB NBP-FEB
2010 Div BR (%) (%)
2.34
1.16
-
-
-
-
10.80
6.15
18.5
-
-
-
High
Low
Close
Change
Vol
ANL-FEB
11.38
11.31
11.00
11.07
-0.31
304500
POL-FEB
329.75
329.50
325.00
325.99
-3.76
294500
PSO-FEB
290.81
291.60
288.15
290.86
0.05
ENGRO-FEB 219.44
219.30
216.25
216.95
-2.49
173500
41.76
41.99
41.58
41.76
0.00
162500
77.51
77.30
76.60
76.80
-0.71
150500
-0.20
184500
NML-FEB
66.31
66.49
65.50
66.11
MCB-FEB
226.35
225.49
223.75
224.13
-2.22
137000
NETSOL-FEB 26.35
26.60
25.50
25.53
-0.82
122500
150000
-0.07
BOP-FEB
8.57
8.75
8.47
8.50
PPL-FEB
214.05
214.50
211.05
213.84
-0.21
69500
29.07
29.00
28.80
28.85
-0.22
49000
Atlas Fund of Funds
525
2.01
4.80
4.99
4.62
4.98 0.18
5069
5.47
3.51
2.2
-
-
-
B R R Guardian Mod.
780
3.32
1.44
1.55
1.45
1.46 0.02
7866
2.79
1.20
0
-
-
-
DGKC-FEB
Constellation Modaraba
Open
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index
77500
65
2.75
1.45
1.50
1.02
1.21 -0.24
8555
1.99
1.00
-
-
-
-
FFC-FEBB
119.99
119.75
119.00
119.54
-0.45
Crescent St Modaraba
200
1.35
0.66
0.67
0.54
0.54 -0.12
39731
0.87
0.16
1.2
-
-
-
FFC-FEB
151.18
151.45
150.26
150.84
-0.34
35500
Equity Modaraba
524 12.19
1.95
2.00
1.95
1.95 0.00
22010
2.98
1.06
-
-
-
-
AICL-FEB
92.23
92.02
91.00
91.12
-1.11
30500
First Dawood Mutual F.
581
0.65
2.03
2.10
1.90
2.04 0.01
188
2.39
1.61
-
-
-
-
OGDC-FEB
170.98
171.00
170.00
170.67
-0.31
10500
Golden Arrow
760
2.28
3.26
3.26
3.05
3.19 -0.07
75533
3.60
2.56
17
-
-
-
NCL-FEB
25.50
25.85
25.35
25.63
0.13
7500
H B L Modaraba
397
2.46
7.44
7.93
7.39
7.39 -0.05
1001
9.00
6.13
11
-
-
-
UBL-FEB
66.13
65.80
65.50
65.62
-0.51
6500
Habib Modaraba
1008
6.08
7.08
7.05
7.05
7.05 -0.03
400
7.30
6.10
21
-
-
-
PTC-FEB
18.85
18.80
18.80
18.80
-0.05
2000
HUBC-FEB
39.02
39.49
39.49
39.49
0.47
500
JS Growth Fund
3180 68.75
5.36
5.50
5.35
5.50 0.14
39104
6.10
3.06
5
-
-
-
AICL-CAPR
95.61
0.00
0.00
93.91
-1.70
0.00
JS Value Fund
1186
1.35
5.45
5.69
5.35
5.62 0.17
135789
6.20
3.00
10
-
-
-
283
1.62
2.35
2.90
2.20
2.20 -0.15
501
3.50
1.26
2.8
-
-
-
1200
2.75
8.70
9.70
8.60
9.57 0.87
1172524
9.70
5.16
15.5
-
-
-
Symbols
Open
184 16.70
1.69
1.68
1.31
1.67 -0.02
315
2.50
0.92
-
-
-
-
ACCM
0.89
0.79
0.79
0.79
-0.10
0.00
4.09
4.00
4.00
4.00 -0.09
48796
4.24
2.71
15
-
-
-
AGIC
10.24
10.25
10.25
10.25
0.01
0.00
70.00
70.25
70.25
70.25
0.25
0.00
Meezan Balanced Fund
Change -9.68 Market cap 48,331.41 mn Div Yield (%) 6.22
Open
New Jub Life Insurance
KASB Modaraba
Performance of SR Non Life Insurance Index High Low 801.35 779.72 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20
PE
2011 Div BR (%) (%)
NON LIFE INSURANCE Open 795.43 Turnover 460,574 P/E (x) 12.79
Paid up Cap(mn)
Company
2011 Div BR (%) (%)
7.8R -
SCL UDPL MWMP FEROZ SIEM ULEVER HADC RCML PASM HUSI FNEL TSPL AABS FZCM DATM SLYT ICCT MUKT CHAS GRAYS CJPL JVDC CFL ADMM BUXL SRSM SHTM UPFL GATI AASM IDYM PTEC FRCL ICL MEHT NATM SANSM NATF FIBLM KTML MFFL CWSM IDSM TRIBL COLG SGLL TSBL BWCL CICL ILTM SALT ALICO BAFS CSIL ESBL EWLA FTSM GAMON GATM HINO KML KOSM LAKST LATM LPGL MUCL NOPK NSRM PIAB
LIFE INSURANCE
Performance of SR Electricity Index Open 1,340.60 Turnover 6,224,145 P/E (x) 14.76
UP TO 100 VOLUME Symbols
Mod Al-Mali
NAMCO Balanced Fund 1000
6.25
ZERO VOLUME
-
AGIL
PICIC Energy Fund
1000
2.13
6.90
7.50
6.81
7.33 0.43
44826
7.80
5.31
10
-
-
-
AWTX
PICIC Growth Fund
2835
9.29
14.06
14.69
13.90
14.49 0.43
341209
15.06
8.75
20
-
-
-
PICIC Inv Fund
2841
7.61
6.55
6.74
6.50
6.70 0.15
42274
7.14
4.15
10
-
-
-
Prud Modaraba 1st
872
2.39
1.08
1.10
1.00
1.05 -0.03
1503
1.20
0.81
3
-
-
Punjab Modaraba
340
-
1.40
1.39
1.07
1.15 -0.25
2261
2.54
0.50
1
-
-
Nat Bank Modaraba
250
5.94
6.06
6.50
6.05
6.42 0.36
6000
7.74
4.50
10
-
-
38000
92.00
High
90.00
Low
90.00
Close
Change
90.00
Vol
-2.00
0.00
BAPL
8.20
8.00
8.00
8.00
-0.20
0.00
BIFO
44.90
44.00
44.00
44.00
-0.90
0.00
BILF
1.66
1.50
1.50
1.50
-0.16
0.00
-
FECS
33.54
35.21
35.21
35.21
1.67
0.00
-
ISTM
8.00
7.95
7.95
7.95
-0.05
Stand Chart Modaraba
454
4.79
9.57
9.79
9.78
9.78 0.21
1000
10.29
8.51
17
-
-
-
KOHTM
U D L Modaraba
264
1.74
6.30
6.13
6.12
6.12 -0.18
3200
6.55
5.30
12.5
-
-
-
LIBM
0.00
1.50
1.48
1.48
1.48
-0.02
0.00
67.10
68.00
68.00
68.00
0.90
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
50.82
Support 1
12,245.35
MA (5-day)
12,372.40
Support 2
12,191.45
MA (10-day)
12,367.68
Resistance 1
12,365.20
MA (100-day)
11,274.90
Resistance 2
12,431.15
MA (200-day)
10,601.95
Pivot
12,311.30
KSE 100 INDEX closed down -61.66 points at 12,299.28. Volume was 55 per cent below average (consolidating) and Bollinger Bands were 42 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,365.20 and 2nd resistance level at 12,431.15, while Index will continue to find its 1st support level at 12,245.35 and 2nd support level at 12,191.45. KSE 100 INDEX is currently 16.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX.
Brokerage House
AKD Securities Ltd TFD Research
TFD Research
44.25
Neutral
TFD Research
381.35
Positive
TFD Research
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.29 41.09 34.21 31.21
Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,554.87 ** NOI Rs (mn) 70.79 Mean 41.54
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 35,106.29 193.92 326.85
Positive
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
49.09 66.05 57.87 52.79
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 11,560.60 69.21 65.81
* Target price for Jun-11 & **Net Open Interest in future market
FFBL is currently 32.9 per cent above its 200-day moving average and is POL is currently 29.6 per cent above its 200-day moving average and is NML is currently 24.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of POL at a relatively equal pace. Trend reflect volume flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bullish on POL.
Brokerage House
301.82
Neutral
AKD Securities Ltd
354.2
Positive
TFD Research
Fair Value 210
Rs Recommendations
Brokerage House
Hold
*Invest Cap
229.9
Accumulate
TFD Research
245.4
Positive
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
57.95 215.87 189.72 186.49
forecasting oscillators are currently bearish on NML.
National Bank of Pakistan
Pakistan Petroleum Ltd
Fair Value
Rs Recommendations
Hold
*Invest Cap
52.4
Sell
Positive
AKD Securities Ltd
75.5
Neutral
TFD Research
92.3
Positive
Rs Recommendations
244 248.5
Brokerage House
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
147.48 31,764.58 189.65 216.68
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.93 212.28 200.82 197.81
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
247.66 52,814.41 55.56 212.63
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
48.99 77.13 69.89 68.35
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.50 24,288.65 116.52 76.60
* Target price for Jun-11 & **Net Open Interest in future market
PSO closed down -0.57 at 289.44. Volume was 19 per cent below average ENGRO closed down -2.80 at 215.38. Volume was 66 per cent below average PPL closed up 0.28 at 213.25. Volume was 38 per cent below average and NBP closed down -0.78 at 76.26. Volume was 86 per cent below average (conand Bollinger Bands were 56 per cent wider than normal.
(consolidating) and Bollinger Bands were 10 per cent narrower than normal.
Bollinger Bands were 12 per cent narrower than normal.
solidating) and Bollinger Bands were 44 per cent narrower than normal.
PSO is currently 4.3 per cent above its 200-day moving average and is dis- ENGRO is currently 15.6 per cent above its 200-day moving average and PPL is currently 7.8 per cent above its 200-day moving average and is dis- NBP is currently 11.6 per cent above its 200-day moving average and is playing a downward trend. Volatility is high as compared to the average is displaying an upward trend. Volatility is high as compared to the average playing a downward trend. Volatility is relatively normal as compared to the displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect mod- average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PSO at a relatively equal pace. Trend forecasting erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil- reflect volume flowing into and out of PPL at a relatively equal pace. Trend flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on PSO.
lators are currently bullish on ENGRO.
forecasting oscillators are currently bearish on PPL.
Time
10-Feb 10-Feb 10-Feb 10-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 11-Feb 12-Feb 12-Feb 12-Feb 14-Feb 14-Feb 14-Feb 14-Feb
5:30 12:30 10:30 2:00 10:30 10:30 10:30 9:30 11:00 3:00 3:30 11:00 2:30 9:30 11:00 11:30 9:30 10:30 3:00 11:30
oscillators are currently bearish on NBP.
TECHNICAL LEVELS Company
FFBL closed down -0.04 at 41.46. Volume was 59 per cent below average POL closed down -3.98 at 325.23. Volume was 22 per cent below average NML closed down -0.22 at 65.76. Volume was 67 per cent below average (consolidating) and Bollinger Bands were 30 per cent narrower than normal. and Bollinger Bands were 55 per cent narrower than normal. (consolidating) and Bollinger Bands were 6 per cent narrower than normal.
tors are currently bullish on FFBL.
Date
Sigma Leasing Corporation Ltd Pioneer Cement Ltd MCB Bank Limited IGI Investment Bank PICIC Growth Fund PICIC Investment Fund PICIC Energy Fund Meezan bank Limited Allied Bank Limited Cherat Cement Company Ltd Sanofi Aventis Pakistan Ltd Nishat Power Limited Ferozsons (Lab) Pakistan Pakistan PVC Limited Tri-Pack Films Ltd First Prudential Modaraba Engro Corporation Ltd Pakistan Refinery Ltd Al-Ghazi Tractors Limited Rafhan Maize Products Company Ltd
Accumulate
Technical Outlook
Leverage Position
54.26 328.28 276.66 251.02
Rs Recommendations Buy
71.45 78.6
Technical Outlook
Leverage Position
Fair Value 77
AKD Securities Ltd
*Invest Cap
* Target price for Jun-11 & **Net Open Interest in future market
*Invest Cap
Neutral
Buy
77.49 22,429.85 147.12 289.36
Brokerage House
Hold
322.42
Engro Corporation
Leverage Position
Rs Recommendations
360
AKD Securities Ltd
Rs Recommendations
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Accumulate
402
43.06 292.42 283.20 277.57
*Invest Cap
45.52
Fair Value
Technical Analysis
Brokerage House
Hold
AKD Securities Ltd
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Rs Recommendations
39
Pakistan State Oil Co Ltd
*Invest Cap
Fair Value
*Invest Cap
Nishat Mills Ltd
Pakistan Oilfields Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 43.72 2.90 2.80 51.21 70.35 69.80 12.53 51.45 51.25 42.71 24.80 24.50 42.43 24.95 24.50 49.01 89.60 88.70 35.60 16.40 16.30 50.14 10.80 10.65 63.31 384.45 382.20 38.56 120.05 118.95 49.06 11.10 11.00 48.65 3.70 3.60 35.87 8.30 8.15 45.39 1.90 1.75 40.51 28.45 28.30 55.01 3.05 2.95 42.80 2.45 2.40 44.55 39.80 38.95 24.64 61.25 60.50 57.95 214.00 212.65 40.01 14.10 14.00 35.74 4.60 4.55 61.29 41.20 40.95 62.90 149.90 149.20 52.00 122.90 122.30 49.94 38.15 37.85 53.55 147.70 146.15 60.72 288.40 286.20 42.82 3.55 3.45 43.38 1.50 1.45 51.92 2.45 2.40 44.21 10.90 10.75 49.32 42.65 42.55 46.41 2.70 2.65 62.24 16.10 15.90 39.25 70.30 69.90 42.04 221.40 220.20 42.37 2.60 2.55 48.99 75.90 75.55 63.30 25.20 24.85 58.51 24.95 24.45 40.37 2.70 2.65 66.78 2.60 2.40 49.09 65.25 64.75 46.32 169.60 168.10 54.13 3.00 2.90 49.53 1.90 1.85 65.62 2.60 2.45 46.87 6.55 6.30 54.26 323.15 321.10 46.93 211.05 208.80 36.33 63.85 63.25 43.06 287.30 285.15 40.26 18.55 18.40 57.57 210.55 206.55 38.02 25.80 25.50 64.97 13.80 13.55 69.59 25.55 24.95 45.48 2.10 2.05 42.28 3.10 3.05 42.12 64.90 64.55 42.07 2.60 2.55
1st 2nd Resistance 3.15 3.35 71.65 72.40 51.90 52.15 25.55 26.10 25.60 25.90 91.95 93.35 16.65 16.80 11.30 11.55 388.95 391.20 122.85 124.55 11.35 11.50 3.90 3.95 8.65 8.80 2.15 2.30 28.90 29.15 3.30 3.45 2.70 2.85 42.00 43.35 62.55 63.10 217.55 219.75 14.35 14.50 4.70 4.75 41.80 42.15 151.40 152.20 124.45 125.40 38.90 39.30 151.65 154.05 292.40 294.20 3.85 4.05 1.70 1.85 2.60 2.70 11.30 11.55 42.95 43.15 2.85 2.90 16.50 16.70 71.30 71.90 224.45 226.30 2.70 2.75 76.80 77.35 25.85 26.15 26.25 27.05 2.80 2.85 3.05 3.25 66.25 66.75 172.30 173.50 3.25 3.40 2.05 2.10 2.90 3.00 6.90 7.10 328.10 331.00 214.70 216.20 65.45 66.45 291.30 293.15 18.85 18.95 218.30 222.00 26.50 26.85 14.40 14.75 27.35 28.55 2.20 2.25 3.35 3.45 65.70 66.15 2.70 2.75
Pivot 3.05 71.10 51.70 25.30 25.20 91.00 16.55 11.10 386.70 121.75 11.25 3.80 8.50 2.05 28.75 3.20 2.60 41.15 61.80 216.20 14.25 4.65 41.55 150.70 123.85 38.55 150.10 290.20 3.75 1.65 2.55 11.15 42.85 2.80 16.30 70.90 223.25 2.65 76.45 25.50 25.75 2.75 2.85 65.75 170.80 3.15 1.95 2.75 6.70 326.05 212.50 64.85 289.15 18.65 214.25 26.20 14.15 26.75 2.15 3.25 65.35 2.65
8
Thursday, February 10, 2011
PM seeks PIA off the sore, on the soar ‘No airline can negotiate with a foreign country’
ISLAMABAD: A family leaves after their flight was canceled due to a strike of the employees of Pakistan International Airlines at Benazir Bhutto airport.-Reuters
Iced with snow, Galiyat now casting a cool spell ISLAMABAD: Tourists from across the country flocked Galiyat after yesterday's snowfall made the hill stations a highly attractive choice for recreation. Roads leading to Murree and onward to Ayubia remained packed with traffic as the motorists hurriedly took over each other to reach the final destination. Enjoying the most of all were children, students, youth and couples, who built different objects with snow, trod the snow-covered tracks and threw snow-balls at each other. It's a common way to celebrate snowfall elsewhere in the world. Cheers and laughter were everywhere and on everybody's face. Parents apparently seemed worried about their children, fearing they might not catch cold, but they let it go. Some elderly opted not to venture into
the snow for obvious reasons. Sitting beside the luggage or in cars, they witnessed and waved to their near and dear ones from a 'safe distance' - no compromise on health. Festivities in the snow did not just end up as the dusk sets in. Some daredevils braved the freezing temperature in the night to have Bar BQs, music and dance etc. Youths' yellings could be heard far and wide as silence engulfed the valley and darkness blanketed the mountains in night. Fire and smoke could be seen around while standing on the roads that made one to believe there must be a party. Galiyat and Murree offer as tremendous tourism opportunities in winter as they do in summer. The resorts including Kashmir Point, Pindi Point, Mall Road and Ayubia turned out to be fabulous attraction for tourists.
Malka-i-Kohasar, another enchanting site presented a panoramic view of Kashmir hills. Authorities concerned, which often appear complaining of declining tourism could seize this opportunity to promote trade and travel. Countries that are registering record highs in either tourists' inflow or revenue generation might not necessarily have record tourism potential, but they certainly have tremendous facilities for the customers. Pakistan's tourism being blessed with record potential, which is a rare phenomenon to have in any country of the world, desperately needs facilities for tourists. Pakistan could emerge as a hotly sought after tourism destination in the world if authorities give it s serious consideration.
CAA puts up moot on aircraft ops safety KARACHI: A General Aviation Conference on "Continuous Improvement in Safety of Aircraft Operations" was organised under Regulatory Division of Head Quarters, Civil Aviation Authority of Pakistan. A spokesman of the CAA said that all General Aviation Organisations, which constitute operators other than Airlines, were invited to share and exchange views on enhancing air operations' safety in Pakistan.
Addressing the opening session, Director General Civil Aviation Authority, Nadeem Khan Yousafzai, reminded that there is a tremendous responsibility on all of us especially after the recent aircraft crashes. He emphasised a proactive maintenance culture, constantly upgraded training, considerations for human factor and strict adherence to operating limits, regulations and procedures. Speaking on the occasion, he reiterated that in aviation safety
we must never compromise under time constraints, scarcity of spares, inadequate expertise, and unfriendly ambient conditions. He further hoped that the outcome of conference would be beneficial for all stakeholders and bring about improvement in our general aviation operations. DG CAA advised all aviation experts to probe the grey areas, seek clarification and follow regulations on all issues in true letter and spirit.APP
GB to legislate tourism, mineral mining HUNZA: The Gilgit-Baltistan Legislative Assembly (GBLA) is all set to legislate tourism and mineral deposits as the GB Council had finalised its recommendations for awarding both sectors the status of corporations, Assistant Director Tourism Iqbal said. Talking to APP on Wednesday he said, "Various laws regarding minerals and tourism in other provinces are being studied by GB authorities with an aim to replicate successful models in the region."
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Wednesday asked the Defence Minister to urgently resolve matters concerning PIA employees' strike. He further directed that negotiations should be held with the spirit to conclude an understanding acceptable to the employees and management in the larger interest of the national flag carrier. The Prime Minister gave these directions during a meeting with the Minister for Defence Ch Ahmad Mukhtar who called on him at the Prime Minister's Secretariat here. During the meeting, the Defence Minister apprised the Prime Minister of the details of the issues which led to this situation. He assured Prime Minister that the matter will be settled at the earliest. A spokesman of Ministry of Defence has said that no airline can enter into negotiation with foreign countries without the approval of Ministry of Defence. Commenting on the reports about a deal between PIA and Turkish Airlines, the spokesman clarified that a Record of Discussions, which was signed between PIA Management and CEO of Turkish Airline on 29th Dec 2010, PIA's Headquarters at Karachi, cannot be termed as a Memorandum of Understanding (MoU), which is only the prerogative of the government to negotiate. He said that the discussions that
included points on traffic rights and commercial and technical arrangements was in fact beyond the purview of the airline to discuss. He said that the Ministry had made it clear to all concerned that the RoD does not have any legal validity as its name suggests and is subject to approval of the competent authority. The RoD is being evaluated in all its dimensions to determine the implications, in order for the Government to arrive at an appropriate decision. This entails a comprehensive analysis, which is presently being done by the Ministry. After evaluating the pros and cons of the RoD, the Ministry would be in a position to determine the appropriate course of action to be taken vis-à-vis future bilateral talks and conclusion of a mutually beneficial agreement. It will be ensured that the interests of the Aviation sector of Pakistan are secured. The spokesman further clarified that the recent tussle between various associations of PIA vis-à-vis the Management, is an internal matter as the associations have disagreement with Management over the financial and commercial aspects of the Record of Discussion. He said it should not reflect in any way the very close and brotherly ties between the Pakistani and Turkish peoples and our respective governments. As the mutually, phrased saying goes. 'We are two countries, but one nation'.-Online
Aircos unbuy UK ATC system selloff Iqbal said the managing committee of the GB Council had discussed and prepared its recommendations, adding, the laws would be incorporated soon. The legislation, if passed, would increase revenue collection as rules and regulations would be formulated for tourists, individuals and corporations visiting or investing in the region, he said. The laws in place in Balochistan could be extended to GB as suggested by a member of the GB Council Muhammad Ibrahim, he added.APP
LONDON: British airlines do not want the government to reduce its dominant stake in the country's air-traffic control system below 25 per cent, a consortium of carriers which jointly owns the system has said. The government is considering reducing its 49 per cent stake in the air-traffic control system NATS as part of measures to pay off Britain's ballooning public debt. But the Airline Group, a consortium of airlines which owns 42 per cent of NATS, said a reduced government stake would weaken national influence over European Union air traffic policy. "The main point is that the 25 per cent minimum government shareholding is on the basis that NATS needs to have a high degree of influence in Europe," Airline Group Chairman Peter Read told Reuters. In a letter to transport minister Philip Hammond, Read said reducing NATS' weight in
Europe would free France, Germany and Spain to decide the future of the air traffic control industry, and would be highly damaging. A Department for Transport spokesman said the government was still weighing alternatives to a sale. "We haven't taken any decision to sell and we are reviewing the options," he said. The government will decide whether to proceed with a sale by the time of its budget, set for March 23. The Observer newspaper said potential bidders for the stake included British services company Serco (SRP.L), the owner of London's Gatwick airport Global Infrastructure Partners and US defence company Lockheed Martin (LMT.N). Airlines which own a stake in NATS include British Airways, Virgin, Lufthansa (LHAG.DE)owned bmi, Monarch Airlines, Thomas Cook (TCG.L) and Tui Travel (TT.L).-Reuters
Palpa pledges to fight ‘pinioning’
BANGKOK: Flight attendants Nathatai Sukkaset, Dissanai Chitpraphachin, Chayathisa Nakmai, and Phuntakarn Sringern, pose for photographers at PC Air office.-Reuters
KARACHI: Pakistan Airlines Pilots Association (PALPA) has said that it was ready for negotiations but would not succumb to any pressure for the rights of its members or any financial loss to the national carrier. "Our Association welcomes the decision of Prime Minister Yousuf Raza Gilani to probe into the issues related to PIA, but we will not bow to any pressure," said PALPA President, Sohail Baloch here on Wednesday.
Addressing a press conference here at the PALPA office, he also demanded the removal of the MD PIA and said that he has failed to run the affairs of the national carrier. Referring to the proposed accord of PIA with the Turkish Airline, Sohail Baloch said that the accord, denied by PIA officially, would create inconvenience for the Pakistanis visiting Europe and other destinations.APP
Etihad, Air NZ join wings WELLINGTON: New Zealand national carrier Air New Zealand has signed a code share agreement with Abu Dhabi-based airline Etihad Airways, the airline said. The two airlines will code share on services to and from between New Zealand through Australia and Abu Dhabi to London. "This arrangement with Etihad Airways further extends connectivity options for our customers through to Europe as well as providing opportunities to further grow passenger numbers for our trans-Tasman and domestic services," said Air New Zealand Chief Executive Officer Rob Fyfe. The link up follows Air New Zealand's code share and commercial alliance with Australia's Virgin Blue, which also has a code sharer agreement with Etihad. Shares in Air New Zealand, around three-quarters owned by the New Zealand government, last traded steady at NZ$1.40.Reuters
Canada lets flyers carry more items OTTAWA: Canada has eased restrictions on items that can be brought aboard airline flights in an effort to improve security and speed up passenger screening times, the transport department said last week. Passengers will now be allowed to board with small scissors and tools, such as eyeglass screwdrivers, that are under 6 centimeters (2.4 inches) in length, Minister of State for Transport Rob Merrifield said. Merrifield said the revised list will allow security to focus on more serious threats, such as explosives, and bring Canada's banned item list in line with those of other countries. Airports will be also expand use of lines for pre-approved passengers with a NEXUS card and lines designated for families. The family lines will have equipment designed for bigger items, such as strollers. "Some of the specific changes may go unnoticed by passengers, but something they will notice is lines will be moving much faster," Merrifield said. He estimated the measures could improve passenger screening times by 30 percent. Passenger screenings at airports have become increasingly controversial, particularly in the United States, where some passengers have objected to the use of revealing full-body scanners and extra-thorough pat downs.Reuters
Special safari trains on rails ISLAMABAD: The Pakistan Railways and the Pakistan Railways Advisory and Consultancy Services (PRACS) have decided to operate special safari trains in Khewra, Kalabagh and Changa Manga besides other places in connection with the 150th anniversary of the corporation. According to PRACS chief Public Relations Officer, Shahid Salim, Pakistan Railways and PRACS would jointly operate the special safari trains from February 20 from Rawalpindi to Taxila and from Lahore to Changa Manga. He said that the initiative was being taken on the special directives of PRACS Managing Director, Imtiaz Hussain, for promotion of tourism in the country and to facilitate the domestic tourists on this special occasion. Hussain said that similar safari trains would also operate on February 27 for Chary and on March 12 for Kalabagh.-APP
9
Thursday, February 10, 2011
Oil trims gains on US inventory increase
European vegetable oil prices
EIA data shows smaller-than-forecast rise in crude stocks LONDON: US crude dented earlier gains on Wednesday as official oil data showed increases in oil inventories in the United States, while Brent traded over $100, supported by unrest in Egypt. In a choppy trading, US crude futures turned negative occasionally, having initially reacted positively to the US government data. By 1613 GMT, it was trading up 23 cents at $87.17 a barrel. North Sea Brent crude futures were up 97 cents at $100.89. The US government Energy Information Administration (EIA) showed domestic crude stocks rose 1.9 million barrels in the week to Feb. 4, an increase smaller than an analyst forecast of a 2.4 million barrel build. Refined oil product inventories rose. Gasoline increased
by 4.66 million barrels compared with forecasts for a 2.5 million barrel gain, while distillates rose 288,000 barrels despite the cold weather versus expectations for a 1.2 million barrel drawdown, data showed. Distillates includes heating oil and diesel. Some analysts saw the data
Tokyo rubber hits new high, but gains capped
US cotton bucks China tightening to go higher
BANGKOK: Tokyo rubber futures rose to a new record high on Wednesday on speculative buying backed by tight supply in producing countries, but China's move to curb inflation prevented prices from rising sharply further. The benchmark rubber contract on the Tokyo Commodity Exchange rose 5.1 yen to settle at 504.4 yen per kg. It jumped as high as 508.3 yen, the highest ever. In Shanghai, which reopened on Wednesday after a week-long holiday, the key contract for May delivery rose to a record high of 43,500 yuan ($6,639) per tonne immediately after the opening, above the previous high of 41,850 yuan hit on Jan. 31. It settled at 42,215 yuan per tonne. "Rubber prices should rise much further, but the rises are capped by fears of falling demand after China raised interest rates to cool down its economy," one dealer said.-Reuters
as bearish, especially compared with a separate set of data from the industry group American Petroleum Institute (API) on Tuesday, which showed a drop in crude inventories for the same week. "Despite the initial reaction, the report is bearish," John Kilduff, partner at Again Capital in New York, said.
NEW YORK: US cotton futures closed higher Tuesday on investment fund buying as tight stocks and brisk mill demand trumped an initial selling spree triggered by a rate increase in China, analysts said. Cotton futures stumbled earlier in the session after China increased interest rates for the second time in over a month to cool off its surging economy. But analysts said China will not turn off the spigot in powering economic growth so the potential threat to cotton consumption from an economic slowdown may not materialize at all, they said. 'The increase just shows how strong the Chinese economy is,' said Keith Brown, president of commodity firm Keith Brown and Co in Moultrie, Georgia. He said that after every
"Especially as it relates to refined products. Gasoline continues to build remarkably, even with low refinery operating rates. The fall in demand speaks to consumer resistance at the pump due to price." Brent crude futures' premium to US crude touched a record high of $13.78 a barrel earlier. "Brent is still reflecting the market concern about Egypt and the Suez Canal," said Tony Nunan, assistant general manager with Mitsubishi Corp in Tokyo. "Oil supply to Europe via the canal would have more impact than to the US" The canal was operating normally on Tuesday despite strike action by 3,000 workers in companies owned by the Suez Canal authorities in Ismailia and Suez over pay and conditions. -Reuters
rate rise by Beijing, the market would initially sell off knee-jerk style and then come roaring back because Chinese cotton demand would remain strong. The key March cotton contract on ICE Futures US increased 0.78 cent to conclude at $1.7529 per lb, dealing from $1.7294 to $1.7816. Total volume hit some 45,500 lots, more than double the 30-day norm, Thomson Reuters preliminary data showed. Cotton is the best performing commodity so far in 2011 in the Reuters-Jefferies commodity index. In 2010, cotton was also the star performer, rising about 90 per cent. Analysts said the market's attention will now turn to the fresh numbers from the US Agriculture Department's monthly supply report due out Wednesday. -Reuters
Copper slips; upside capped by China act LONDON: Copper slipped on Wednesday, as worries higher interest rates in China could dampen industrial demand washed through the market, although a softer dollar lent support. Three-month copper on the London Metal Exchange was $9,925 a tonne from the closing $10,059 bid on Tuesday. The metal, used in power and construction, touched a record high of $10,160 at the start of the week. Tin also matched Tuesday's record high at $31,650 amid ongoing supply concerns from top exporter Indonesia. "You've had the potential implications of the rate hike feeding through the market," said analyst Daniel Major of RBS. Asian trading desks returned to full strength on Wednesday following the week-long Lunar New Year holidays. Comments by Federal Reserve Chairman Ben Bernanke also weighed on the dollar and on metals, said analyst Leon Westgate of Standard Bank. Bernanke said US unemployment remained too high, suggesting the Fed would push on with its $600 billion stimulus programme. The longer-term outlook for copper remained positive,
underpinned by the risk of a chronic supply shortage developing through 2011 as growth and rising demand in China, outstrip miners' ability to supply the 21 million tonne market
Shanghai copper holds flat Shanghai copper futures were steady on Wednesday, after week-long holidays which saw London metal hit a record high and Beijing raise interest rates for the second time in six weeks. Most active futures in Shanghai fell 40 yuan to 75,540 yuan. Earlier prices pushed to 76,440 yuan, a nearfour-year high. by 800,000 tonnes or more. But traders also said that lacklustre physical demand from China where consumers, reluctant to chase prices at record levels, could erode price support. The amount of copper held to back the physical copper ETP has dropped by one third or around 720 tonnes so far in February, while physical nickel
ETP stocks also plunged, to 78 tonnes from 402 tonnes. However, demand for physical tin more than doubled to 405 tonnes from 180 tonnes at the end of January. Aluminium ended at $2,546 a tonne from a close of $2,565 a tonne on Tuesday. Large deliveries of aluminium have appeared in LME warehouses this year and, with 39,225 tonnes having been delivered into storage on Tuesday, total inventories are just 40,100 tonnes short of a record high of 4,640,750 tonnes hit on Jan. 20, 2010. Supporting prices, however, owners of the aluminium are keeping metal tightly held, a trader said. "They will sell it, but only when they get their number," he said. Battery material lead closed at $2,520 from $2,569 a tonne. Nickel was untraded on the close, but bid at $28,375/28,400 from $28,390 a tonne. Zinc ended at $2,458 a tonne from $2,511 on Tuesday. Tin turned negative to close at $31,255 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 08 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1250
January (3rd Wednesday)
1310
1255
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 08 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2315 2325 2285 2295 2215 2225 2215 2225
2519 2520 2540 2541 2602 2607 2643 2648
9930 9930.5 9920 9925 9705 9715 9275 9285
2566 2568 2525 2527 2473 2478 2418 2423
27850 27855 27895 27900 26685 26785 25300 25400
TIN
ZINC NASAAC
31245 2463 31250 2464 31245 2483 31250 2483.5 30735 2503 30785 2508 2470 2475
2460 2470 2485 2495 2530 2540 2585 2595
RAYONG, Thailand: Thongshin Klaharn, 49 hangs sheets of rubber just processed on a drying rack at the rubber workshop.-Reuters
Arabicas at 13-1/2-yr peak; sugar falls LONDON/NEW YORK: Arabica coffee rallied to a 13-1/2-year high on Wednesday, buoyed by tight supplies of high-quality beans, while sugar fell as the market tried to re-connect with cash buyers, and cocoa firmed in thin volumes. Arabica coffee hit a 13-1/2 year peak on heavy spread dealing, fund buying and a lack of origin selling, supported by a shortage of high-quality beans. ICE March arabicas traded up 5.55 cent or 2.2 per cent at $2.5315 per lb at 1619 GMT, having earlier touched $2.5395 per lb, the highest level for the spot contract since June 1997. Liffe May robusta coffee, infected by the surge in arabicas, was up $20 or 0.9 per cent at $2,245 per tonne. Sugar futures fell as the market responded to a lack of physical offtake. ICE March raw sugar was down 0.40 cent or 1.2 per cent to 30.76 cents per lb at 1615 GMT, remaining below the 30-year peak of 36.08 cents touched last Wednesday. London March white sugar fell $12.70 or 1.7 per cent at $756.00 per tonne, below last week's record high of $857.00 per tonne. Sugar market fundamentals remained bullish with a tightening supply outlook following last week's cyclone in Australia. Cocoa firmed, consolidating after sharp losses last week, as concerns over the political standoff in top producer Ivory Coast supported the market. ICE benchmark May cocoa futures rose $36 or 1.1 per cent to $3,296 per tonne, while London May cocoa edged up 15 pounds or 0.7 per cent to 2,138 pounds a tonne. -Reuters
Gold holds firm, China inflation eyed LONDON: Gold nudged three-week highs on Wednesday, supported by an increased focus on inflation after China's second interest rate hike in six weeks and residual interest in the metal as a haven. Spot gold was bid at $1,363.20 an ounce at 1612 GMT, against $1,363.59 late in New York on Tuesday. US gold
"But the long-term money in gold is still there," he said. "The realisation is that economic news has been better than expected because the stimulus that has been applied has been extraordinary." Holdings of the world's largest gold-backed exchangetraded fund, the SPDR Gold Trust, dipped to 1,228.56 tonnes on Tuesday from
futures for April delivery rose 0.1 per cent to $1,365.50. A change in previously lacklustre sentiment towards the precious metal on Tuesday as it held its ground after China's rate hike prompted a scramble among speculative investors to cover short positions, lifting prices more than 1 per cent. A run of well-received economic data in January had taken the wind out of gold's sails and increased speculation a correction was due, pushing prices back towards $1,300 an ounce. "A lot of speculative (investors) that had gone in at the end of last year clearly saw growth being reignited and they got scared," said London & Capital portfolio manager Pau Morilla Giner. "They thought that gold would lose its appeal."
1,228.864 tonnes the previous day, although the hefty outflows seen in January have apparently been staunched. The SPDR fund saw its second-biggest monthly outflow and the main silver ETF, the iShares Silver Trust, its biggest ever outflow last month, adding downward momentum to precious metal prices. Silver was bid at $30.34 an ounce against $30.31, after reaching its highest price since Jan. 4 on Tuesday at $30.84 an ounce. The gold:silver ratio -- the number of silver ounces needed to buy an ounce of gold -recovered from the near fiveyear low below 45 it reached on Tuesday to just above that level. Platinum was at $1,850.30 an ounce against $1,855.24, while palladium was at $828.35 versus $835.72. -Reuters
Palm surges on tight supply, China move KUALA LUMPUR: Malaysian palm oil futures jumped to a fresh three-year high on Wednesday as traders bet on further tightening of supplies and strong economic growth underscored by China's surprise rate move. "Theoretically market should fall after Chinese government increased bank interest rate but traders think the other way round. They see it as a hint of strong economic growth within 3 to 6 months," said a trader in Kuala Lumpur. The benchmark April crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose half a per cent. Earlier in the day the contract hit a three-year high of 3,948 ringgit ($1,301) a tonne. Overall volumes shot up to 28,604 lots at 25
tonnes each, compared to the usual 15,000 lots Palm oil also drew support from concerns that the recent heavy rains and floods would have an impact on yields in Malaysia. A Reuters survey showed Malaysia's January palm oil stocks could fall to a six-month low of 1.45 million tonnes ahead of official government release due on Thursday. The most active Sept. soyoil contract on China's Dalian Commodity Exchange hit twoweek highs, playing catch up with overseas markets that gained when the country's financial market were closed for one-week Lunar New Year holiday. US soyoil for March delivery climbed 0.7 per cent in Asian trade hours ahead of the data. -Reuters
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1045.00+10.00, Aug11/Oct11 1010.00+10.00, Nov11/Jan12 1020.00+15.00, Feb12/Apr12 1025.00+15.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1480.00+5.00, Jul11/Sep11 1495.00+10.00, Oct11/Dec11 1420.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1587.50+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1335.00+15.00, Mar11 1335.00+15.00, Apr11/Jun11 1322.50+22.50, Jul11/Sep11 1300.00+22.50. PALMOIL: RBD dlrs tonne cif Rotterdam Mar11 1377.50, Apr11/Jun11 1352.50. PALMOIL: RBD dlrs tonne fob Malaysia Mar11 1322.50+20.00, Apr11/Jun11 1297.50+22.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1330.00+20.00, Apr11/Jun11 1305.00+22.50, Jul11/Sep11 1270.00+20.00, Oct11/Dec11 1250.00. PALM STEARIN: Dlrs tonne fob Malaysia Feb11 1295.00+15.00, Mar11 1295.00+20.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2295.00+15.00, Mar11/Apr11 2275.00+25.00, Apr11/May11 2250.00+30.00. -Reuters
Indian sugar extends losses MUMBAI: Indian sugar prices extended previous session's losses on Wednesday, hammered by weak demand, higher supplies and as the global markets fell, dealers said. "Higher supply wasn't allowing prices to recover. Demand from bulk consumers was also weak. In the short term, we can see further correction in the market," said a member of Bombay Sugar Merchants Association (BSMA). India has made available 1.62 million tonnes of non-levy sugar for February, including 300,000 tonnes unsold stocks of January. Non-levy, or freesale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell by 0.63 per cent to 2,663 rupees ($58.5) per 100 kg. Sugar contract for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.18 per cent at 2,771 rupees per 100 kg. New York raw sugar was down 0.46 cent or 1.5 per cent to 30.70 cents per lb at 1304 GMT, remaining below the 30-year peak of 36.08 cents touched last Wednesday. The government indecision over exports of 500,000 tonnes sugar also weighed on sentiment, dealers said. -Reuters
National Commodity Exchange Ltd Trading Summary Date
9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011 9-Feb-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 MY11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 10FE11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
86.18 89.66 91.94 29.32 29.34 1350.40 1351.00 1351.00 1350.80 1351.00 1351.90 37542.00 37266.00 37500.00 37229.00 37238.00 43424.00 43424.00 38322.00 38361.00 38282.00 38295.00 38309.00 44929.00 44873.00 43987.00 45000.00 44983.00 3172.00 3178.00 5463.00 86.18 85.51
88.03 91.10 93.31 30.32 30.30 1368.00 1368.50 1369.00 1365.10 1368.00 1365.60 37700.00 37602.00 37650.00 37566.00 37574.00 43816.00 43816.00 38648.00 38689.00 38703.00 38621.00 38635.00 45023.00 45075.00 44478.00 45000.00 45029.00 3172.00 3178.00 5512.00 86.18 85.56
86.18 89.35 91.94 29.32 29.34 1350.30 1350.50 1351.00 1350.80 1351.00 1351.90 37257.00 37266.00 37282.00 37229.00 37238.00 43424.00 43424.00 38322.00 38361.00 38282.00 38295.00 38309.00 44033.00 44078.00 43987.00 44002.00 44017.00 3171.00 3177.00 5463.00 86.18 85.51
87.38 90.54 93.31 30.30 30.30 1365.10 1365.60 1366.30 1365.10 1365.60 1365.60 37593.00 37602.00 37618.00 37566.00 37574.00 43816.00 43816.00 38648.00 38689.00 38703.00 38621.00 38635.00 44415.00 44462.00 44478.00 44384.00 44400.00 3171.00 3177.00 5512.00 86.18 85.56
Traded Volume in lots 458 53 234 1,368 2,300 1,390 80 13 6 2 5 1 2 -
Previous Settlement Price 87.27 90.42 93.22 30.09 30.10 1362.60 1363.00 1363.70 1362.60 1363.00 1363.70 37579.00 37588.00 37604.00 37552.00 37560.00 43799.00 43799.00 38635.00 38675.00 38688.00 38608.00 38622.00 44398.00 44444.00 44459.00 44367.00 44383.00 3172.00 3178.00 5463.00 86.18 85.51
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 87.38 134 90.54 38 93.31 3 30.30 70 30.30 1 1365.10 1,386 1365.60 1,467 1366.30 971 1365.10 1365.60 6 1366.30 37593.00 14 37602.00 1 37618.00 80 37566.00 1 37574.00 43816.00 43816.00 38648.00 38689.00 38703.00 38621.00 38635.00 44415.00 2 44462.00 11 44478.00 44384.00 2 44400.00 33 3171.00 3177.00 5512.00 86.18 85.56 -
Innerhofer of Italy competes during the men's Super-G race at the Alpine Ski World Championship in Garmisch-Partenkirchen
10
Thursday, February 10, 2011
Sohail Tanveer off World Cup squad KARACHI: Pakistan's already depleted bowling attack suffered a further blow when left-arm paceman Sohail Tanveer was ruled out of the World Cup because of a knee injury. "The medical panel thinks that though the recovery was good, it still thought Tanveer needs time to get fully fit before competing at international level," the Pakistan Cricket Board said in a statement. Pakistan will replace Tanveer with left-arm paceman Junaid Khan, 21, who started with the under-19s alongside promising teenage quick Mohammad Aamer, who was this week handed a five year ban from cricket for spot-fixing. It is Khan's first call-up to the senior squad, earned with an impressive haul of 167 wickets in just 35 first-class matches. Pakistan's World Cup hopes have already been dented by International Cricket Council (ICC) bans against three key players opener Salman Butt and pace bowlers Aamer and Mohammad Asif - on corruption charges. Pakistan team manager Intikhab Alam said there could be no place for any half-fit player. "We don't want to take any player who is not fully fit so we had to take this decision. Khan can bowl fast and can surprise other teams if he gets to play matches," Alam told reporters in the eastern city of Lahore. The 14-team World Cup will be hosted jointly by Bangladesh, India and Sri Lanka between February 19 to April 2. Tanveer featured in the sixmatch one-day series against New Zealand which finished last week, but pulled out of the preceding Test series because of poor fitness. The 26-year-old suffered a back injury in 2009 and was out of action last year because of knee surgery. Agencies
NZ offers Franklin Bennett new deals WELLINGTON: All rounder James Frankin and fast bowler Hamish Bennett have both earned elevated contracts from New Zealand Cricket after regular appearances in the national team. Franklin, 30, has three half-centuries in one-dayers in his past six innings, and also took three wickets with his medium-pace in the consolation victory over Pakistan on Saturday. In a squad filled with allrounders, Franklin has cemented a starting place edging ahead of the likes of Grant Elliott. Bennett, 23, impressed the team management with his pace and was picked in every match of the six-ODI series against Pakistan, in which he was the highest wicket-taker, finishing with 11 at 20.90. Players who have not received central contracts from NZC get an elevated contract after they play a specified number of matches for the national team.Agencies
Fingers crossed for a peaceful WC
PARIS: Andrea Petkovic of Germany returns a shot to her compatriot Angelique Kerber during their Paris Open tennis tournament at the Coubertin stadium.-Reuters
It’s an opportunity for fresh start: Waqar ISLAMABAD: Pakistan's cricket coach, Waqar Younis on Wednesday said the World Cup provides the team a good platform to make a fresh start. Pakistan had gained momentum for the World Cup at the right time and the team had plenty of experience and talent to do well at the event being hosted by India, Sri Lanka and Bangladesh. He said the team has got back its confidence after the morale boosting wins in New Zealand, but "we know our strengths and weaknesses and we are constantly working on them. I am pretty confident of the future."
Pakistan are in Group A with Australia, New Zealand, Sri Lanka, Zimbabwe, Canada
and Kenya and plays all their group matches in Sri Lanka. Talking to a private news channel ahead of the Feb 19-
April 2 event, Waqar Younis asked players to do well at the World Cup so that the nation's dented pride can be healed. He said good performances in the tournament will allow people to focus back on cricket. "I am just happy it is all over now because these controversies all did affect the performances of the players," he added. Answering a question, he said the positive thing is that the players did manage to focus back on the game in New Zealand and do well in the test and one-day series which is a big confidence builder ahead of the World Cup.-APP
Aussies upbeat on WC success despite Ashes BRISBANE: Wracked by injuries, memories of a stinging Ashes loss and player selection debates, Australia's cricket team a month ago was set to go into the limited-overs World Cup in a predictable mess. But six wins out of seven against England in a limitedovers series and the return from injury of captain Ricky Ponting have the winners of the past three World Cup tournaments feeling upbeat for a fourth in a row and fifth overall. Ponting's return was tempered, however, by news on the
eve of Australia's departure for India that both Mike Hussey and Nathan Hauritz had been ruled out with injuries. Veteran middle-order batsman Hussey and first-choice spinner Hauritz failed to overcome hamstring and shoulder injuries, leaving Australian selectors with no choice but to make replacements. The loss of 35-year-old Hussey is a big blow, considering he was one of only two batsmen in form during the Ashes series loss to England and averages almost 52 in 151 ODIs, regularly forced into the role of salvaging an innings.
Australia won the World Cup for the first time 1987, beating England in the final at Calcutta, then reached the final in 1996 before losing to Sri Lanka at Lahore. Since then, the Australians have won the title at all three World Cups - in 1999 in England, 2003 in South Africa and 2007 in the Caribbean. Despite the loss to retirement of some of the games greats including Glenn McGrath, Adam Gilchrist and Matt Hayden, all stars of recent World Cups - Australia is still No. 1 in the ODI rankings.Reuters
NEW DELHI: With Pakistan scratched from the itinerary and peace descending on Sri Lanka, there is a growing feeling that the spectre of terror is no longer stalking the World Cup in the subcontinent like it did 15 years ago. In 1996, the last time the region hosted the event, Australia and New Zealand preferred forfeiting preliminary matches to playing in Colombo barely a week after a massive blast had killed 80 people in the Sri Lankan capital. Since then, bombs have gone off claiming lives in Colombo, Karachiand Mumbai though nothing shook the cricketing fraternity more than the 2009 attack on the visiting Sri Lankan players in Lahore, killing five police and injuring six cricketers. The Lahore incident prompted the International Cricket Council (ICC) to shift World Cup matches out of Pakistan, while Sri Lanka's three-decade
Nadal, Federer era is over, says Tsonga ROTTERDAM: Frenchman Jo-Wilfried Tsonga sauntered into the second round of the ATP Rotterdam Open after a 6-4, 6-4 defeat of Bulgarian Grigor Dimitrov and declared the era of domination from Roger Federer and Rafael Nadal is over. The eighth-seed who lost the 2008 Australian Open final to Novak Djokovic said that the Serb's victory in Melbourne little more than a week ago over Andy Murray marked a gatecrashing of the private party enjoyed by the Swiss and Spaniard for the last halfdecade. "Federer and Nadal are not alone (at the top of the rankings) any more," said Tsonga, who fired 11 aces in his 75-minute win over the 19-year-old Dimitrov. "Maybe on clay, things (Nadal's victories) are still the same, but not on other surfaces. "Djokovic and Murray are beating Nadal and Federer very often, all the players are improving their games. It's not just about Nadal and Federer any more."-Reuters
civil war ended in 2009 with the defeat of the separatist Liberation Tigers of Tamil Eelam (LTTE). Both augur well for the Feb. 19-April 2 World Cup, according to columnist Ashok Malik. "In such a situation, I don't see any extraordinary security threat to the World Cup," Malik told Reuters. "In today's world, every sports event in every country faces these issues. Have no illusion, the 2012 London Olympics would be under similar threat as well. But to be fair, I don't think there is any specific threat to the World Cup." "There are no matches in Pakistan and I would say Sri Lanka is at its peaceful best in 30 years because the LTTE is now virtually non-existent." ICC chief executive Haroon Lorgat shared Malik's optimism. "With the (peaceful) situation in Sri Lanka and the fact that we got (World Cup matches) now in three countries, I believe it will be a major suc-
cess," Lorgat said on Tuesday. "Those are realities beyond our control. Those are not issues that we can foresee or dictate "We've got, I believe, adequate security measures in place. We are now a lot more mature and have got the expertise to prepare adequately on security arrangements. So it's not an issue that troubles me as much as it did in the past." Tournament Director Ratnakar Shetty also spoke positively. "Security is not at all a concern. Now that all the governments have extended full support, everything is in place," Shetty told Reuters. "Most countries bring their own security advisors though it's not mandatory. Countries like Australia, England and New Zealand bring their security advisor even during bilateral series. But there is no worry, everything is being taken care of."-Reuters
Eng batsman Morgan will miss the boat LONDON: Eoin Morgan, England's star one-day batsman, has been ruled out of the World Cup due to a broken middle finger on his left hand, and Ravi Bopara has been brought into the squad in his place. England's coach Andy Flower announced the news at a press conference at Heathrow Airport on England's return from Australia, and confirmed that Morgan would undergo surgery that would keep him out of the entire tournament. "His [Morgan's] finger needs to be operated on, so that's a serious loss to us," Flower said. "He's been a very influential limited-overs performer for us since he joined the England team. Ravi Bopara, who is a very exciting young cricketer in his own right, is going to be joining us and is flying back from the West Indies where he is playing with the England Lions. He'll be arriving in the country tomorrow and joining us on the flight to Dhaka." The news of Morgan's unavailability comes as a serious blow to England as he has
been one of their most valuable players in ODIs over the past two years, something his captain Andrew Strauss recognised. "For the last 12 to 18 months, he's been the stand-out batsman for us in one-day cricket," Strauss told the press at Heathrow. "We all see the World Cup as a forum for showcasing your skills, so he's bitterly disappointed to be missing out. But that's the nature of the beast: you are going to get injuries. Unfortunately, his has come along at a bad time, but thankfully he's a young bloke and is going to get opportunities in the future. For the time being we will have to make do without him, but it's something we are prepared for and I'm sure we'll be able to do." Flower tried putting a positive spin on events, mentioning how Bopara's bowling might be an asset. "No-one is irreplaceable and Ravi is a very talented and exciting player, and brings a bit of mediumpace bowling to help the captain in those middle overs," Flower said.-Reuters
Pakistan to fly for WC amid high hopes ISLAMABAD: A 15-player Pakistan Cricket squad will leave the country on Friday to take part in 10th ICC World Cup, starting from 19 February in India, Bangladesh and Sri Lanka, Pakistan Cricket Board Spokesman Nadeem Sarwar told APP on Wednesday. The team include Shahid Afridi (Captain), Misbah-ulHaq (Vice Captain), Mohammad Hafeez, Kamran Akmal (Wicketkeeper), Younis Khan, Asad Shafiq, Umar Akmal, Abdul Razzaq, Abdur Rehman, Saeed Ajmal, Shoaib Akhtar, Umar Gul, Wahab Riaz, Sohail Tanvir and Ahmed Shehzad. A total of 14 teams are taking part in the 43-day long
mega event, which include four times winner Australia, two times winners West Indies, South Africa, India, Pakistan, Sri Lanka, Zimbabwe, New Zealand, Netherlands, Canada, Ireland, England and Kenya. Groups in which Cricket World Cup 2011 teams are divided: Group A: Australia, Pakistan, New Zealand, Sri Lanka, Zimbabwe, Canada and Kenya. Group B: India, South Africa, England, Bangladesh, West Indies, Netherlands and Ireland. Pakistan are scheduled to play their first World Cup pool fixture against Kenya at Hambantota, Sri Lanka. But
prior to that they will play two warm up matches against Bangladesh and England on February 15 and 18, respectively at Mirpur, Bangladesh.Barring the warm up matches, their all fixtures will be held in Sri Lanka. Pakistan will play their second World Cup match against Sri Lanka on February 26 at Colombo and third on March 3 against Canada at the same venue. In their fourth and fifth match Pakistan will take on New Zealand and Zimbabwe on March 8 and 14 at Kandy, Sri Lanka. Pakistan will play their last group match against defending champion Australia on March 19 at Colombo. The formerly announced time-table of 2011 world cup
also included Pakistan as a cohosting nation but the 2009 attack on Sri Lankan cricket team at Lahore, the world cup governing body (ICC) stripped off Pakistan of its co-hosting rights on Apr 17, 2009. Now India will host 29 of the total 49 planned matches including the all important grand final at Wankhede stadium in Mumbai and one semifinal as well. Sri Lanka will host 12 matches while the first time nation Bangladesh has been given the opportunity to host the tournament opener along with eight other matches. Since India has been allotted the highest number of matches, the ICC has moved its headquarters to Mumbai to ensure smooth and timely
preparations for the event. As far as Pakistan chances in the quadrennial spectacle are concerned, although their three key players Slaman Butt, Moahmmad Asif and Mohammad Aamer were banned for spot-fixing. And Pakistan at present is also a no-go zone for international cricket, former cricket greats believe that current outfit are talented enough to pose challenge to any best side. Imrna Khan, the legendary captain who led Pakistan to their only World Cup title in 1992 believes Pakistan can surprise provided they play above their potential. "Pakistan are a very unpredictable side. They will have to play out of the ordinary to
make a mark at the mega event," he said. Former Chief Selector and spinner Iqbal Qasim also believes that Pakistan have the potential to shake up the whole event. "Pakistan are the only team in the world who can do anything. The can shake up the whole tournament by beating any top side," he remarked. Former skipper Wasim Akram who played a key role in Pakistan's 1992 World Cup victory said: "Pakistan are a very dangerous side. No one can altogether write off Pakistan's chances in the mega event. After the first stage, it's anybody's game and when it comes to knock-out matches, they (Pakistan) can knock out any team," he said.-APP
International & Continuation
Thursday, February 10, 2011
Moody's warns on Japan debt, urges fiscal reform TOKYO: Moody's Investors Service warned on Wednesday that a lack of success on fiscal reform would have a negative impact on Japan's credit rating, adding pressure on the government to produce a credible plan to curb public debt. The warning follows Standard & Poor's downgrade of its rating on Japanese debt last month, its first cut in nine years that exposed the country's dire financial condition to closer market scrutiny. Moody's Investors Service on Wednesday affirmed its sovereign rating for Japan at Aa2 with a stable outlook, saying it signified a very low probability of default. But Tom Byrne, senior vice president and regional credit officer at Moody's, told Reuters that Japan could not achieve its goal of a primary budget balance with economic growth alone and fiscal reforms were also needed. Political developments could also be negative for Moody's rating on Japanese debt if they hampered reforms, he said. "There's a long fuse before Japan's fiscal problems blow up into a crisis, but the government will eventually have to take measures to cut its deficit," Byrne said. "You have to get bills in and out of parliament. If political developments impede that, that would not be a credit-positive development." Last month, Standard & Poor's cut Japan's rating by one notch to AA minus, three levels
below the top grade, saying Tokyo lacked a coherent plan to tackle mounting debt. S&P's downgrade puts its credit rating on Japan one notch below Moody's but at the same level as Fitch, another ratings agency. UPHILL BATTLE Byrne told a media briefing that Moody's was waiting for the government to outline by the end of April changes in the pension and healthcare systems and then produce a fiscal reform roadmap, due by June. Delays in implementing budget reforms could either lead to a rating downgrade, a negative outlook or a step towards a negative outlook depending on the situation, Byrne said. Byrne's comments indicate Moody's is willing to wait for the results of the legislative process. S&P was more pessimistic, justifying its downgrade with a low chance that planned changes would reduce debt and warning that bills needed to implement next fiscal year's budget may not pass a split parliament. An number of factors still work in Japan's favour and explain markets' muted reaction to the latest spate of warnings: the fact that most of its debt is held by local investors, its strong international payments position, the depth of the domestic market and high national savings. But economists and rating agencies have long warned that
Japan will have no choice but to reduce its debt burden which, at twice the size of its $5 trillion economy, is the worst among industrialised nations. "I can't tell whether Moody's will downgrade or not. But there are enough reasons for it to do so as Japan's fiscal condition has been deteriorating every year," said Chotaro Morita, head of Japan fixed income research at Barclays Capital in Tokyo. Japan is not alone in the scrutiny of its public finances. Euro zone members Greece and Ireland have ratios of debt to gross domestic product above 100 per cent. Spain, Portugal, the United States and Britain aren't far behind. Many countries need to lower debt but still harbour economic problems that make drastic spending cuts difficult to stomach. Prime Minister Naoto Kan has staked his career on overhauling the social security system and raising the sales tax, but he faces a divided parliament in which opposition parties threaten to block budgetrelated bills in an attempt to force Kan to resign or call a snap election. In May 2009, Moody's cut Japan's foreign currency rating to Aa2 from AAA, but raised the domestic debt rating to Aa2 from Aa3. The outlook in both cases is stable. Moody's last lowered Japan's local currency bond rating in May 2002.-Reuters
CONTINUATION
India cbank: hard to ease liquidity amid high inflation BHOPAL: The Reserve Bank of India faces a challenge in easing liquidity without signalling that it is loosening its anti-inflationary monetary policy stance, Duvvuri Subbarao, governor of the central bank said on Wednesday. Liquidity in India's financial system has been tight over the last few months, largely due to lower-than-expected government spending, forcing banks to borrow an average a net of around 850 billion rupees ($18.72 billion) a day from the central bank at its repo window from November through January. The figure has in February dropped to around 720 billion rupees on the back of some pickup in government spending but advance tax outflows in March are expected again to tighten cash conditions. India at the same time is also battling stubbornly high inflation, standing at 8.43 per cent in December, and easy cash conditions could further aggravate the inflationary pressures. "The dilemma is how to manage liquidity, ease liquidity without giving the message, indication, impression that we are loosening our anti-inflationary stance," Subbarao said. "We do it either by CRR (cash reserve ratio) or by OMO (open market operation) but the question is if we reduce the CRR or do OMO in a situation, in a context when we are trying to signal an antiinflationary stance, the fear is the market gets mixed signals," he said while speaking in central India.-Reuters
11
Bernanke says US job growth, inflation still low WASHINGTON: US unemployment remains too high despite increasing signs of economic strength, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday, suggesting the central bank would push on with its $600 billion stimulus program. In testimony to the US House of Representatives' Budget Committee that largely echoed a speech he delivered last week, Bernanke also warned about the dangers of unsustainable budget deficits. He acknowledged fresh data showing a drop in the jobless rate to 9 per cent in January from 9.8 per cent in November, the biggest twomonth drop since 1958, calling it "grounds for optimism." However, Bernanke reiterated concern about the anemic pace of hiring. "The job market has improved only slowly," he said, noting the economy had only made up just over 1 million of the more than 8 million jobs lost during the deepest recession in generations. "This gain was barely sufficient to accommodate the inflow of recent graduates and other new entrants into the
labor force and, therefore, not enough to significantly erode the wide margin of slack that remains in our labor market." In November, the Fed launched a plan to buy $600 billion in government debt to keep a lid on long-term borrowing costs. That program drew ire from many policy-makers in emerging markets, who accused the United States of unfairly driving down the value of the US dollar to boost exports. At home, many Republican lawmakers in Congress attacked the program as potentially sowing the seeds of inflation. Bernanke said inflation remains quite low in the United States, a tough message to deliver amid headlines of rising food and commodity costs across the globe. He also said expectations of future inflation had remained "stable," suggesting little worry an inflationary psychology was building despite rising gasoline costs. "Inflation is expected to persist below the levels that Federal Reserve policymakers have judged to be consistent" with their mandate, Bernanke repeated.
The chairman of the committee, Republican Rep. Paul Ryan of Wisconsin, took issue with that view. In his opening comments, he criticized the Fed's policies as providing the fuel for future bubbles and inflation, suggesting the Fed's bond purchases were eroding the US dollar's value. "There is nothing more insidious that a country can do to its citizens than debase its currency," Ryan said. Bernanke was sure to be peppered with questions on both Fed policy and the budget by a Republican-led Congress that has become increasingly impatient with the Fed. Preemptively, the Fed chairman had much the same message that he has offered repeatedly: either legislators bring the budget under control or the markets will force them into it. "Creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit," he said. If unheeded, the adjustment could "come as a rapid and painful response to a looming or actual fiscal crisis."Reuters
German imports drop; less support for Europe BERLIN: German exports rose modestly in December while imports unexpectedly dropped, a sign the recovery in Europe's largest economy is losing some steam and may not offer much support to its peers in 2011. Germany last year staged a strong, broad-based recovery from its deepest post-war recession, fanning hopes that a pickup in domestic consumer spending could raise imports and benefit its euro zone trading partners. But data this week showed industrial orders and output
unexpectedly sliding into negative territory in December, and analysts see the recovery losing momentum in 2011. "The dip in growth worldwide in the fourth quarter seems to have hit Germany," said Andreas Scheuerle at Dekabank. "One has to keep in mind that no one can expect to see the high growth rates seen in 2010," he added. Seasonally adjusted exports rose 0.5 percent for the second month in a row in December, while imports fell 2.3 percent, the Federal
Statistics Office said, broadening the trade balance to 14.0 billion euros. Economists in a Reuters poll had expected the balance to rise to 12.1 billion euros and imports to gain 0.5 percent. Exports were forecast to gain 1.0 percent. "The pickup is more dampened than expected," said Alexander Koch at Unicredit. "But if you look at the entire final quarter, there was a considerable increase overall. Exports likely contributed significantly to growth."Reuters
tion, a White House statement said. He also renewed US calls for Continued from page 12 No #1 Operating expenses declined 8.5 per cent to Rs4.62 billion com- Egypt to immediately rescind an emergency law, renewed for two pared to Rs5.05 billion mainly due to negligible exchange losses years last May, which Washington says gives the government during the period. While, financial expenses hiked 55.91 per cent to sweeping powers to restrict basic freedoms. But Suleiman, speaking to local editors, warned against hasty Rs6.04 billion from Rs3.87 billion during period under review. reforms and said only dialogue and "a programme of continuous Continued from page 12 steps" could lead to change. "The second, alternative way, would No #2 He called upon Pakistani community to try to gain more seats in be a coup -- and we want to avoid that -- meaning uncalculated Parliament and also harness support to strengthen democracy in and hasty steps that produce more irrationality," he said, accordthe country of their origin. Earlier Pakistan's High Commissioner ing to the official MENA news agency. Suleiman said the government would continue talking with being inducted." -Agencies to UK Wajid Shams-ul Hasan welcomed the chairman Senate and political factions and youth who spearheaded the protests, apprised the role of Senate in the national politics.-APP Continued from page 1 No #9 "affirming there will be no ending of the regime, nor a coup, Continued from page 12 No #3 During the meeting, President Zardari assured Maulana Fazlur Rehman that his all reservations because that means chaos", MENA reported. As per further details, four flights from Benazir International UN chief Ban Ki-moon said the Egyptian people were frustrat- would be removed and he would be taken into confidence about all-important national matters in the Airport to Lahore, Gilgit, and Chitral have also been canceled ed and demanding "bold reforms" -- but pulled back from previ- future. The PPP respects the mandate of JUI-F and we want the JUI-F should part of the ruling coalihere on Wednesday morning due the strike. PIA sources told that ous calls for an immediate transition by Mubarak. tion in the future like the past and it should has representative in the cabinet, President Zardari Pk-538 from Karachi to Sukkur and Pk-539 from Sukkur to While larger crowds gather daily to protest, several thousand underlined. The sources added that Maulana Fazlur Rehman submitted some conditions for rejoinKarachi has been canceled as well, wherein flights Pk-3002 from occupy Tahrir Square day and night, sleeping under plastic sheets ing of the ruling coalition and said that he would join the new cabinet when these conditions are fulKarachi to Islamabad and Pk-385 from Islamabad to Lahore have or army tanks. "Patriotic songs about the country used to sound filled. On this occasion, the president assured the JUI-F Amir that the government has no plan of also been canceled in this regard. PIA sources added the flights exaggerated, but we own the country now," said 34-year-old doc- amendment in blasphemy law and Prime Minister Syed Yousuf Raza Gilani had repeatedly assured from Quetta to other cities of the country have been canceled due tor Issam Shebana, who came back from Sharjah in the United it. The spokesman of the President said that President Zardari and Maulana Fazlur Rehman to the operational fault and passengers are in great trouble due to Arab Emirates to staff a makeshift clinic in the square. -Reuters exchanged views about political situation. While the President hosted banquet in the honor of JUIthe cancellation of flights. The protesters said that they would be F Amir. -Online Continued from page 5 willing to rejoin their duties when Managing Director PIA resigns No #6 Continued from page 1 No #10 from his post and the agreement with Turkish airline is canceled. that while the earnings were good, trading volume was a bit off, so $19.31 billion recorded during the same period of last year, showing growth of 16.8 per cent. Beside this PIA joint action committee has demanded that the a consolidation is a natural course at this point," Greco said.-Reuters On the other hand, the exports from the country surged by 23.3 per cent by increasing from $10.78 court proceeding would be taken against women violence in Continued from page 5 No #7 billion 7MFY10 to $13.3 billion in 7MFY11. Islamabad and Karachi. Talking to a private TV channel, the "Because expectations are for a (rate hike) at some point over spokesperson of action committee told that they were appealing to Continued from page 1 No #11 MD PIA about negotiations for last month, however MD himself the next few months, there is certainly a risk that there could be president."This is an incredibly exciting merger with considerable growth opportunities," said canceled two meeting and they also said ,he is deceiving govern- one tomorrow, so investors as a result are finding ... an excuse to pull back a bit," said Angus Campbell, head of sales at Capital Rolet in the statement. "We are creating the world's largest listings venue for the commodities, enerment and people through his wrong statements. Spreads. Among midcaps, London Stock Exchange rose 3.1 per gy and natural resources sectors, as well as the premium market for small, mid-size and growth comContinued from page 12 No #4 cent after saying it was buying Canada's stock market operator panies," added Rolet, who became LSE boss in 2009. The incident has set off protests in Pakistan, where anti-US sen- TMX. Following the news of the LSE-Toronto bourse merger, The group, provisionally called LSEG-TMX, will be the world's largest exchange in terms of the timent already runs high. Shumaila Faheem, the wife of one of the Deutsche Boerse and NYSE Euronext confirmed they were in number of companies traded, with a total of more than 6,700 listings. -APP two men who was gunned down, committed suicide on Sunday by advanced merger discussions. Continued from page 1 No #12 taking poison pills. Many observers have questioned whether Prudential gained 2.2 per cent as Societe Generale upgraded the moving courts against LPG corrupt elements and above all, the media rightly brought anti-conDavis was an ordinary diplomat. Pakistani police said he traveled life insurer -- which replaces Aviva, off 0.3 per cent, as the brosumers practices in LPG sector to limelight", the chairman of LPG distributors association said. around with loaded weapons and a GPS navigation system. ker's preferred stock in the sector -- to "buy" from "hold". Moreover, he said the Saudi CP has decreased by $112 per metric ton, or 12 percent, from $926 "This case exposes a kind of dark side of this relationship Aerospace and defence companies were aided by a note from per metric ton in January to $814 per metric ton for February, adding one could expect convenientbetween Pakistan and the US, which is what feeds a lot of the sus- Nomura that said it expected commercial aerospace stocks to perly that the retail prices would reflect the decrease. He said some parties within the sector were lobpicions," said Shuja Nawaz, director of the South Asia Center at form well against the backdrop of an improving cycle. bying for locally produced LPG to be sold at prices far above the Saudi export price. the Atlantic Council think tank. Nawaz was not surprised by US BAE Systems and Rolls Royce climbed 1.4 per cent and 0.2 per He said such measures would be detrimental to the consumers' interest therefore the government officials' adamance on freeing the American, saying: "There are so cent, respectively, while GKN rose 2.7 per cent, extending its was needed to discourage such overtures and expose the elements.He said the association would many layers to this story, on who he was and what he was doing, gains from the previous session.-Reuters continue to work with all stakeholders in the LPG sector, government and media to ensure that conso clearly they don't want him out of their sight." Continued from page 1 sumers nationwide are empowered through awareness of pricing across the LPG value chain.On No #8 Secretary of State Hillary Clinton declined to meet Pakistan's Gilani mentioned that the Council of Common Interests also February 3, the LPG prices witnessed the decrease of Rs 15 per kg while the prices of domestic and Foreign Minister Shah Mehmood Qureshi at a weekend conference in Munich, in a show of displeasure over the case, foreign took historic decisions such as the 18th amendment and restora- commercial cylinders were slashed by Rs 177 and Rs 681, respectively. -APP diplomats in Washington said. US officials have told Pakistan that tion of the 1973 Constitution to its original form as presented by Continued from page 1 No #13 the Davis case "has to be resolved before we can move to a high- Shaheed Zulfiqar Ali Bhutto. He thanked the Cabinet for resoluteEmployees Trust (PTET) regarding increase in pension and medical allowance of retired employly standing by the leadership. He also prayed to Allah Almighty to er level of discussion," one diplomat told media on condition of ees of PTCL would be also discussed at the meeting. -Agencies anonymity. Officials stressed that the United States has not sus- help the government succeed in all areas and to take it "out of Continued from page 1 No #14 pended contact with Pakistan, a key partner in the US war effort troubled waters." Meanwhile, Farahnaz Isphahani, a spokesunder Coalition Support Fund and Kerry Lugar Act. They added government of Pakistan could in Afghanistan and international campaign against extremism. woman for the ruling party, said the dissolution of cabinet was also ask to the American bipartisan Congressional quarters seeking Davis's release for early legisla"We continue to engage the Pakistani government at the highest made "to deal with the economic reality of Pakistan." "It's necessary to have a smaller cabinet at this time," she added. tion of Reconstruction Opportunity zones. However, the officials underlined that this bargaining levels to seek resolution of this case," State Department Pakistan's already feeble economy was battered by floods last could as dangerous as lethal for incumbent regime in Pakistan. Meanwhile a spokesperson to US spokesman Philip Crowley told media. Embassy in Islamabad told this scribe, "we are continuing to take this issue (of Raymond Davis) up "We continue to stress that the US diplomat has diplomatic year that inflicted $10 billion in damage. Foreign aid has been slow in coming, in part because of concern with authorities at the highest-level. We are expressing the need to resolve this issue at the earliest immunity and should be released," he said.-Agencies about the government's ability and willingness to implement so that we could move on to more important issues of bilateral relations." Continued from page 12 No #5 financial reform. Political stability in Pakistan, a vital US ally, is Asked whether the resolution of Davis' issue was a pre-condition for the US to move on to the "The president welcomed the national consensus, confirming crucial to the war effort in neighboring Afghanistan and to com- bilateral issues like strategic dialogue, the spokesman said, "do not try to put words in my mouth." we are on the right path to getting out of the current crisis," said bating militancy in Pakistan's northwestern ethnic Pashtun lands This scribe had approached the spokesperson for rebuttal or confirmation of the reports in American Vice President Suleiman, whom many now see as the power along the Afghan border. Analysts, however, said the cabinet media that the Davis issue could put the bilateral relations at stake. behind the throne. "A clear road map has been put in place with a revamp would do little to address the structural problems that the Asked whether the Embassy issued any statement ensuring that the American national's issue set timetable to realise a peaceful and organised transfer of economy faced. "This move may be good for politics or to make would not affect the bilateral relations, the spokesperson said, "There was no such statement I just power," he said in a televised address. headlines but not really for the economy as the government has to answered the questions I was asked as you are asking now." US Vice President Joe Biden renewed an appeal for "immedi- make a more concerted effort in order to build up its credibility," The spokesperson's deliberate efforts to avoid confirmation or even contradiction of the reports in ate" and "irreversible" political change in a phone call to said Asif Qureshi, director at Invisor Securities Ltd. "Its' an eye the American media claiming potential of this case to hurt bilateral relations clearly indicated gravSuleiman, including a wider national dialogue with the opposi- wash, we actually need to see something, as in what and who is ity of the matter especially for the US Administration. -Agencies
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Chairman Senate addresses Pak community in UK
Pak shows terror its iron fist: Naek ISLAMABAD: Pakistan is against all forms of terrorism and its manifestations, as this menace poses serious threat not only to the security of the country but to the world at large and the country was extending full support and active cooperation to the fight against terrorism. Addressing to Pakistani Community at Pakistan High Commission in London, Chairman Senate Farooq Naek said "Our message to terrorists is clear and equivocal", said in a press release received here Wednesday. Chairman Senate said "We would not allow our territory to be used by terrorists and we will not be daunted by terrorist threats." The community meeting was attended by a large number of Pakistanis settled in UK, representing political, academic, business, and media. Serving and former MPs, mayors
and councilors particularly discussed with him, matters pertaining to Pakistani community, PakistanUK bilateral relations and role of Pakistan in the context of regional and international political scenario. Chairman Senate reiterated Pakistan's stand for its sovereignty saying that "while Pakistan is extending cooperation to eliminate terrorism, it will not allow foreign troops to operate inside its territory. Action in Pakistan's territory is the sole prerogative of Pakistani armed forces, he asserted. Reposing his confidence in the Pakistan community residing in the UK, he said that we were proud to have such forward looking and productive Pakistani community that contributes about 20 per cent to the national economy through their foreign exchange and remittances. Referring to Pakistani expatriates as
one of the most valuable asset, he said Pakistanis living abroad have always stood by the country through thick and thin, and came up to expectations and aspirations in most difficult times. "You really and sincerely serve as the true ambassadors of Pakistan" he added. He called upon British Pakistanis to continue their support for the rehabilitation of flood victims as $2 billion were required for relief and early recovery phase. The Chairman Senate lauded the achievements of Pakistani community on the political scene of Britain saying that presence of 7 members of Parliament of Pakistani origin, four members of House of Lords and large number of Mayors and Councilors and rise of Baroness Sayeeda Warsi as the chair of ruling conservative party were highly commendable achievements. See # 2, Page 11
Employees' protest enters third day
Strike keeps PIA planes grounded Staff Reporter KARACHI: Pakistan International Airline (PIA) workers and employees across the country including Karachi, Lahore, Quetta, and other cities of the country continued their protest for third consecutive day here on Wednesday. PIA workers and employees staged protest demonstrations against the PIA-Turkish Airline agreement and sacking of Pakistan Air line Pilots Association president Sohail Baloch and others pilots. In this connection several flights have been canceled all over the country due to the strike and protest of PIA employees. The process of strike and protest against the Managing Director of PIA and for the approval of their demands continued for third consecutive day.
The international and national flights remained suspended all over the country including Islamabad, Faisalabad, Karachi, and Lahore and other major cities. PIA staff, Ranger and police did not allow PIA employees to enter in the premises of Benazir International Airport Islamabad, so they staged protest outside the Airport. The protesters warned to the authority that they would continue their protest till the approval of their demands. The PIA flight Pk-308 was to fly from Islamabad to Karachi, however due to the protest of PIA employees, the flight has been canceled, and in this connection, new boarding cards for Pk3092 have been issued to the passengers, but Pk-3092 as well could not fly for Karachi from Islamabad Airport. See # 3, page 11
US aid conditioned upon Davis release WASHINGTON: US lawmakers threatened Tuesday to cut aid to Pakistan unless it freed an American detained in a murder case, as Washington intensified pressure on its uneasy war partner. The United States has already warned that high-level dialogue would be at risk unless Pakistan releases US diplomatic employee Raymond Davis, who said he was acting in self-defense when he shot dead two men in Lahore last month. Three members of the House of Representatives drove home the point on a visit to Pakistan, telling Prime Minister Yousuf Raza Gilani starkly that the US Congress was working on its budget and looking for areas to cut. "It is imperative that they release him and there is certainly the possibility that there would be repercussions if they don't," Representative John Kline, a Republican from Minnesota, told
reporters on his return. "It's entirely possible that a member of Congress would come down and offer an amendment to cut funding for Pakistan based on their detaining Davis," Kline said. "My guess is there would be a lot of support for such an amendment, frankly, because of the outrage of detaining an American with diplomatic immunity," he said. Asked if aid would be at risk if Davis stayed behind bars, Representative Buck McKeon, who heads the House Armed Services Committee, said: "It very well could be." Davis was arrested on January 27 after shooting the two Pakistanis, saying he feared they would rob him. A third Pakistani was run over and killed by a US consulate vehicle that had come to assist Davis, according to police. See # 4 Page 11
Egypt rejects rapid reforms CAIRO: United States urged Egypt to immediately lift an emergency law and launch democratic reforms as protestors staged the biggest show of defiance against President Hosni Mubarak in a three-week-old revolt. But Mubarak's newly appointed deputy, Vice President Omar Suleiman, warned that hasty reforms could spell "chaos" in the Arab world's most populous nation. In Cairo, hundreds of thousands flooded the now iconic Tahrir Square, hailing a charismatic cyberactivist and Google executive whose Facebook site helped kickstart the unprecedented protests on January 25. Many carried banners praising the Internet social networks Facebook and Twitter, which have become vital
mobilising tools for the opposition, thanks to online campaigners like the Google executive, Wael Ghonim. Ghonim, who was freed after being detained and blindfolded for 12 days, told an adoring crowd: "Egyptians deserve a better life." "Today one of those dreams has actually come true, which is actually putting all of us together and as one hand believing in something. "I'm not a hero, you are the heroes, you're the ones who stayed on this square," said Ghonim, who on Monday had tearfully described his ordeal at the hands of state security. Earlier, the regime had issued a decree forming a committee to oversee constitutional changes ahead of elections due in September. See # 5 Page 11
SECP issues 11 warning letters ISLAMABAD: As a part of surveillance and monitoring activities, in January the Securities Market Division (SMD) of the Securities and Exchange Commission of Pakistan issued two warning letters to noncompliant members of the stock exchange for execution of blank sales and wash trades. Owing to the regulatory noncompliance, nine warning letters were issued to the beneficial owners of 3 listed companies for late filing of returns of beneficial ownership. Furthermore, as part of continuous process of the securities market progression in line with the international practices, 12 amendments were approved to the regulations of the stock exchanges. In addition, ten investors' complaints were resolved during the month. -APP
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing the Federal Cabinet meeting at Prime Minister Secretariat here on Wednesday. -Onlne
Rs5 per share interim dividend approved
PSO 1H profit reaches Rs7.1bn Ahmed Siddique KARACHI: Pakistan State Oil Company announced its financial results for July-December period (1HFY11), posting profit after taxation amounted to Rs7.13 billion compared to Rs5.08 billion over the corresponding period of last year, which translates into earning per share of Rs41.58 against Rs29.64 during the same period last year, according to financial result sent by the company to KSE. The Board of Directors of the company also approved distribution of Rs5 per share interim dividend along with
results. Government of Pakistan, in an SRO issued on Nov 30, 2010 reduced turnover tax rate on OMCs & refineries to 0.5 per cent form 1 per cent which revert PSO to normal tax regime. With the lower turnover tax company posts EPS of Rs41.58 per share in 1HFY11 incorporating reversal of tax of around Rs23.46 per share. Despite that volumetric sales declined 8 per cent, top line for the period slightly rose 3 per cent to Rs360 billion from Rs350 billion mainly due to increase in product prices. Prices of JP, HSD, MS and furnace oil
increased 17.3 per cent, 15.3 per cent, 10.3 per cent & 11.1 per cent respectively. On the other hand, volumetric sales dropped 8 per cent mainly driven by furnace oil and High Speed Diesel (HSD) which shows declining trend by 13 per cent and 11 per cent respectively in 1HFY11. Whereas the cost of sales also rose 2.8 per cent to Rs346 billion. Similarly, gross profit surged 3.1 per cent to Rs13.94 billion against Rs13.52 billion posted in the preceding year of same period. See # 1, Page 11
Quartet of blasts rock Gujranwala GUJRANWALA: The backto-back four bombs exploded here in different areas of Gujranwala on Wednesday created panic among the residents while the security has been high alerted in the area. According to details, two consecutive bomb exploded near CIA Headquarter Center police. When rescue teams and police rushed at the site suddenly after 20 minutes the third bomb blast in Regional office's lawn, luckily no loss of life has been reported. The bomb partially damaged the police buildings. Unfortunately when the teams of rescue 1122, bomb disposal squads and police rushed at regional office to take review of the site and damage loss, the fourth bomb exploded in police rest house adjacent to CPO office badly damaging the building of the police rest house and injuring the passerby. SP Civil line Mubashir Maskeen said that the twobomb blast in CIA and special branch office due to planted explosive material. It is relevant to mention here that bomb disposal squads have defused the bomb planted outside CIA's building. In wake of further terror incidents, the security has been high alerted in the city and the children have been stopped from going to schools. Talking to media CPO Gujranwala said that the bomb blast was tactic of the terrorist to create panic in the city but the situation is completely under control. The police have cordoned off the area and started search operation. -Online
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