International Karachi, Thursday, March 10, 2011, Rabi-us-Sani 4, Price Rs12 Pages 12
PM directs establishment of hotlines for gas complaints See on Page 12
Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.50bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 2.20% 4.10% $1,051 175.39mn
199.15 3.20 3.59 2745
Total Portfolio Invest (26-Feb-2011)
NCCPL (U.S $ in million)
FIPI (09-Mar-2011) Local Companies (09-Mar-2011) Banks / DFI (09-Mar-2011) Mutual Funds (09-Mar-2011) NBFC (09-Mar-2011) Local Investors (09-Mar-2011) Other Organization (09-Mar-2011)
0.05 -1.25 -0.45 1.96 -0.06 -1.48 1.23
Global Indices Close 12,128.15 10,589.50 23,810.11 18,469.95 2,605.80 3,002.15 5,951.43 12,190.50
Change 188.14 64.31 98.41 30.30 32.75 2.21 23.33 23.88
GDR update $.Price PKR/Shares 2.60 110.22 13.05 110.65 2.00 42.39 1.70 36.03 11.65 39.51
Money Market Update 09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011 09-Mar-2011
13.39% 13.69% 13.86% 14.00% 13.34% 13.58% 13.76% 14.14% 14.26% 14.15% 14.18% 14.14% 14.53% 14.76% 14.95%
Commodities *Crude Oil (brent)$/bbl 115.78 *Crude Oil (WTI)$/bbl 105.34 *Cotton $/lb 207.00 *Gold $/ozs 1,433.80 *Silver $/ozs 36.23 Malaysian Palm $ 1,173 GOLD (NCEL) PKR 39,140 KHI Cotton 40Kg PKR 13,932 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 84.90 Canadian $ 86.80 Danish Krone 15.10 Euro 117.20 Hong Kong $ 10.50 Japanese Yen 1.011 Saudi Riyal 22.53 Singapore $ 66.30 Swedish Korona 13.25 Swiss Franc 91.70 U.A.E Dirham 23.03 UK Pound 136.40 US $ 84.95
85.90 87.80 15.30 118.80 11.00 1.037 22.75 67.30 13.35 92.90 23.23 138.00 85.25
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
85.44 87.30 15.79 117.80 10.89 1.024 22.61 66.82 13.30 90.57 23.09 136.98 84.79
85.64 87.51 15.83 118.07 10.91 1.026 22.67 66.98 13.34 90.79 23.14 137.30 84.97
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
26°C 33°C 27°C 27°C 17°C 25°C
More F16 jets en route to Pak
See on Page 12
Special Correspondent/ Agencies
Yearly(Jul, 2010 up to 08-Mar-2011) Monthly(Mar, 2011 up to 08-Mar-2011) Daily (08-Mar-2011)
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)
See on Page 12
Pak nods on raising power tariff 6pc; 15pc flood tax, 2.5pc FED Asks IMF to release Letter of Comfort to get $500mn from WB
SCRA(U.S $ in million)
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)
Fighting shuts down Zawiyah oil refinery
IMF assured of RGST in FY12
Portfolio Investment
Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
See on Page 12
Pak-IMF third-day tech-talk
Economic Indicators Forex Reserves (26-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11)
India beat Netherlands by 5 wickets
MIN
8°C 16°C 12°C 10°C -1°C 9°C
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ISLAMABAD: Federal Minister for Finance Dr. Abdul Hafeez Shaikh chairing FBR's Commissioner Conference. -APP
SC directs PSM to submit report in a month
PSM turned the corner, SC told Khudayar Mohla ISLAMABAD: Secretary Ministry of Industries Wednesday apprised the Supreme Court that losses suffered by Pakistan Steel Mills during 2010-11 had been reduced as it stood around Rs5.6 billion as compared to Rs11 billion during 2009-10. He appeared before a twomember bench of Chief Justice Iftikhar Muhammad Chaudhry and Justice Ghulam Rabbani seized with hearing of a suo moto case related to huge losses incurred by Pakistan Steel Mills, and submitted a comprehensive report. Abdul Ghaffar Soomro, Secretary Industries, apprised the bench that they had hired an audit company which identified eight areas where losses of Rs26.5 billion had occurred during 2008-09.
He said according to the report a loss of Rs13 billion had been detected alone in purchase of imported raw material. To bench's query he admitted that the then management was also responsible for the losses. About steps they had taken against those responsible, he said that they had issued 176 notices to purchasers of billets, besides 790 dealers who benefitted from cold roll products transaction. He said the Pakistan Shipping Corporation was also served notice for overcharging shipments. The Chief Justice told him that through these measures they could only recover Rs50 million. He said: "The persons who have incurred such losses should be brought to book and this is what the apex Court wants." See # 4 Page 11
IP gas pricing talks this mth ISLAMABAD: The negotiations on Iran-Pakistan pipeline would be resumed by the end of this month in Islamabad in which Gas Sales and Purchase Agreement (GSPA) would be discussed between two countries. Well placed source told Online that the GSPA would be signed after the completion of technical round of talks. When asked that GSPA had been already signed, source said that it was misquoted by the some section of media. As a matter of fact MoU regarding technical data was signed in Turkey. As a matter of fact GSPA was not initiated yet. The first gas flow in IP gas pipeline is expected in October
2015 through which some 750 mmcfd gas would be provided by Iran to Pakistan. The optimum pipeline configuration would be 42 inches diameter. The estimated cost of Pakistan segment of the project would be $1.245 billion. It is pertinent to mention here that the initial draft between the two Presidents was signed on 24 May 2009, whereas the cabinet approved it on 3 June 2009. After the approval of cabinet, Memorandum of Understanding was signed between the two countries on 5 June 2009 in Turkey. The sovereign guarantee was given regarding the project in June 2010. See # 5 Page 11
President assures to remove MQM grievances Staff Reporter KARACHI: MQM Deputy Convener Dr Farooq Sattar on Wednesday said that President Asif Ali Zardari has promise to solve all differences of MQM. During a quick chat with host of journalists in Karachi airport, Sattar said that President Zardari promised to resolve all lingering problems of MQM in an amicable manner. He said that President during party's important meeting, Zardari took into account stock of issues pertaining to MQM. On the occasion, MQM leader Babar Ghauri said that Rehman Malik would meet MQM Chief Altaf Hussain, added that practical steps are required for solving problems of MQM. MQM leaders have conveyed its reservations to President Zardari in this regard, he concluded.
Irsa warns of looming water deficit ISLAMABAD: Pakistan will face water deficit of millions of acre feet if more dams are not constructed and water storage capacity is not enhanced in next few years. This was said by IRSA Chairman Rao Irshad Ali Khan in the two-day round table discussion on agriculture and water in Pakistan that concluded here on Wednesday with laying stress on rigorous and concretes step for construction of more dams and enhancing water storage capacity. He said that water above See # 10 Page 11
Bomber hits funeral prayer in Peshawar
Bloodshed leaves 34 mourners dead PESHAWAR: At least 34 people were killed and over 150 injured when a suicide bomber in guise of mourner detonated himself during funeral prayer of member of Amn (Peace) Lashkar in Adezai's area of Matni near Peshawar on Wednesday. According to details, a suicide bomber in guise of mourner attended the funeral prayer of member of 'Amn Lashkar' in Adezai suburb of Darra Adam Khail and detonated himself killing 34 mourners and injuring over 150 mourners. Soon after the incident the Rescue 1122 and bomb disposal squads rushed at the site and started rescue work, the
injured have been shifted to hospital while the death toll could increase. Jamal Shah, a doctor at the main hospital in Peshawar, says in addition to the dead it has received 32 wounded from the explosion. According to police officer Zahid Khan, around 300 people were attending the funeral when the bomber struck. TV footage showed men picking up bloodied sandals and caps from a dusty, open space where mourners had gathered According to SSP Operation Peshawar, the suicide bomber targeted See # 11 Page 11
ISLAMABAD: Government of Pakistan has assured International Monetary Fund (IMF) here Wednesday of implementing ReformedGeneral Sales Tax (RGST) from the next fiscal year (FY12), while also agreed to raise electricity tariff by 6 per cent during next three months dividing it by 2 per cent each during April, May and June on the other hand, Fund has demanded a written guarantee regarding the abolishment of all subsidies. These points were reached upon during the third-day of technical talks held between Government of Pakistan team and Fund delegation here in Islamabad. Pakistan Finance Minister Dr Hafeez Shaikh presented the Pakistani side while IMF delegation was headed by Adnan Mazarei.
During the negotiations, Government of Pakistan also gave its consent to carry out additional steps by enforcing 15 per cent flood tax and raising the federal excise duty to 2.5 per cent from 1 per cent, which experts say would help government bring down its budget deficit to at around 5 per cent. The government also assured the IMF to end the sales tax immunities with immediate effect and an SRO will be issued by the FBR, in this regard. The proposed measures, which are estimated to render government additional Rs26 billion in the last quarter, are expected to be enforced through an Ordinance, due to stiff political resistance from coalition partners. The IMF officials after the promises by the Pakistan to withdraw the subsidies and hiking of the power tariff resulted in an extension of Fund's stay
Association says price may go up Rs10/kg
GST exemption on sugar may go Rs825bn collected till Feb, says FBR Special Correspondent ISLAMABAD: Federal Board of Revenue on Wednesday decided to end the 50 per cent exemption regarding General Sales Tax on sugar after that sugar mills association said that decision would force the price of the sweetener to go up by Rs 10 per kilogram. In this regard a meeting of the FBR held here on Wednesday. Briefing the media, chairman FBR, Salman Siddique said
that till February this year, the gross tax collection stood at Rs824.6 billion and the net revenues remained Rs873.138 billion against Rs791.4 billion with a growth of 10.3 per cent. He said that initially the target of tax collection was set as Rs1667 billion but due to the devastating floods and some other challenges the target was revised and set as Rs1604 billion. FBR chairman said that in order to make up the shortfall, See # 6 Page 11
Supply of electricity to Pak soon: Rahmon
Cement plant in Dusanbe agreed Staff Reporter KARACHI: A Pakistani enterprise plans to establish first cement plant in Tajikistan as a joint venture project, whereas Tajikistan would provide Pakistan electricity soon. This was stated by Chairman Board of Investment (BoI),
Saleem Mandviwalla, in his address to the Business Forum of entrepreneurs of Pakistan and Tajikistan and Tajik President Tajikistan Emomali Rahmon while addressing to the FPCCI here on Wednesday. Addressing the Business Forum, Chairman BoI Saleem See # 8 Page 11
in Islamabad. Earlier, Finance Minister Dr Shaikh told the reporters that budget deficit would be curtailed at five percent plus with the concerted efforts of the government to slash its expenditures and by taking measures to mobilise revenue in the current fiscal year. It is learnt here that Government of Pakistan instead of going for the last tranche of $1.2 billions, government would use that installment as its first payment of loan-reimbursement. Government also hopeful that the statement which IMF would issue after the successful negotiation with Pakistan would help it convince World Bank and Asian Development Bank to release its aid of $500 million, and sources added that government has also talked with the Fund for the Letter of Comfort (LoC) in this regard, as it is an essential documents See # 15 Page 11
Four terrorists held in Khi KARACHI: The CID police have arrested four terrorists of banned Tehreek-e-Taliban Pakistan (TTP) during a raid in Metroville area of Karachi on Wednesday. Senior Superintendent of Police (CID) Umar Shahid and Chaudhry Aslam informed during a press conference that after receiving tip-off they raided a house in Metroville and arrested four terrorists and recovered a latest suicide jacket, 32 kilograms of explosives, arms, ammunition, hand grenade and drugs from them. They added that the arrested terrorists have been identified as Musharraf, Sherzali, Hamidullah and Ahmad Ali; they all belong See # 7 Page 11
Zardari vows to lift poor ISLAMABAD: President Asif Ali Zardari has reiterated pledge of the PPP led government to lift the poor and destitute of the country from generational poverty trap and asked BISP for expediting the process of See # 9 Page 11
2 Thursday, March 10, 2011
Repair, rehabilitation of Tarbela Power Station
USAID releases $6.66mn to Wapda Staff Correspondent LAHORE: The United States Agency for International Development (USAID), has released US$6.66 million to the Pakistan Water and Power Development Authority (WAPDA) for repair and rehabilitation of Tarbela Power Station. The USAID had signed an agreement with WAPDA to provide a financial assistance amounting to $16.5 million
for Tarbela Power Station. The assistance is to be utilized for repair and rehabilitation of three units of the power house including units 1, 3 and 4. Rehabilitation of the three units will add another 60 mega watt (MW) to the installed capacity of Tarbela power house, which is 3478 MW at present. The major activities of rehabilitation work include replacement of class-B stator winding of the three units with superior class-F
insulation winding. With the replacement of winding, the capability of unit 4 will enhance by 108 MW under over-load condition. Similarly after the repair, the units 1 and 3 each with a capacity of 175 MW, would provide additional 40 MW to the national grid. The repair and rehabilitation work of Tarbela Power Station, undertaken with the USAID financing, is expected to be completed by end of the year 2011.
It is pertinent to mention that in addition to constructing new hydropower projects, WAPDA has also undertaken rehabilitation of the electro-mechanical equipments of its aged power houses including Warsak, Tarbela, Mangla, Jabban, Renala etc. It is also worth mentioning that the USAID is providing another US$66 million for completing the Gomal Zam Dam in FATA and Satpara Dam in GilgitBaltistan.
FPCCI suggestions to FBR for ATT Staff Reporter
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to a media delegation from South Punjab led by Chaudhry M Yunus Ali who called on him at PM House.-APP
ICCI, Police chief discuss businessmen issues Staff Correspondent ISLAMABAD: A delegation of Islamabad Chamber of Commerce and Industry (ICCI) comprising Adil Anees, Vice President ICCI, Tariq Junaid, Executive Member ICCI and Saif-urRehman, Chairman Police Committee ICCI,led by its Acting President, Muhammad Tauseef Zaman called on Inspector General of Islamabad Police, Wajid Ali Durani. ICCI Acting President lauded the role of Islamabad police for making Islamabad safe and peaceful city. He said that business community has very cordial relations with Police department and assured that business community fully supports to maintain peace in the city. Islamabad Police with great skills and efficiency has been performing their duties to maintain law and community-pedestrian safety teams and groups which would help to reduce orders in Federal area, he added. He said that traffic police should consider pedestrian safety and formulate problem of pedestrian. Zaman was of the view that every police official should take initiative for participation in community policing which would enable a common man to get better access to police department.
PM directs plan for relief to poor in gas bills ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has asked the Ministry of Petroleum and Natural Resources to prepare a plan of relief package for the poor and vulnerable section of the society for giving relief in their gas bills. The Prime Minister was chairing a special meeting at the Prime Minister's House here Wednesday to review the gas supply situation as well as impact of increase of oil prices in international markets. The PM has reiterated that uninterrupted gas supply be ensured to give relief to the public particularly the domestic consumers. He directed the Ministry of Petroleum and Natural Resources to establish hot lines / help lines to receive complaints, if any, and redressal of the same at the earliest. The exercise, he said, be undertaken as soon as the poverty survey being conducted under the Benazir Income Support Programme was completed throughout the country. The Prime Minister observed that the govern-
ment's concern for the common man was reflected through the fact that while the international oil prices have increased by 23percent, the oil price in the country has only been increased by 4.9percent. The government as such, he added, was absorbing the financial impact of 18.1percent despite difficult economic situation with the sole purpose of providing relief to poor. The Prime Minister also directed the Ministry of Petroleum and Natural Resources to expedite the completion of various projects to ensure proper supply of oil and gas to various sectors of economy as well as the people at large. Earlier, the Secretary Petroleum and Natural Resources apprised the Prime Minister of the steps taken by the Ministry to ensure uninterrupted supply of gas to the domestic and commercial consumers. He also briefed the meeting on the progress of various projects being undertaken by the Ministry to ensure smooth supply of oil and gas in the country.- NNI
KARACHI: Acting President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) Ghulam Farooq has urged Federal Board of Revenue (FBR) to fulfill its duties in respect of transportation of Afghan Transit Trade (ATT) goods from Karachi Port to Afghanistan because the restrictions associated with this business have created panic for the traders. He added that the restrictions are also cause of the delays in transportation of ATT goods So FBR ensure immediate steps in this regard. Talking to Media, Farooq Khan said that the transportation of ATT goods was the responsibility of Pakistan Railway (PR) according to ATT agreement 1965 which was shared with National Logistic Cell (NLC) in 2004. But, due to insufficient infrastructure of Pakistan Railways, NLC also failed to perform its duty and it engaged private trucks in 2006 for the transportation of ATT goods from Karachi to Afghanistan with the permission of Federal Board of Revenue.
Tajik President visits Quaid's mausoleum
TFD Report KARACHI: The visiting Tajik President Imom Ali Rahmonov paid a visit to the mausoleum of founder of Pakistan Quaid-e-Azam Muhammad Ali Jinnah. Governor Sindh Dr Ishrat-ul-Ibad received the Tajik President along with other senior officials. The guest visited different sites of Quaid's mausoleum after laying floral wreath and offering Fateha, paid homage to the Father of the Nation who established a separate Islamic State. He also recorded his imprescylinders that are manufac- sions in the Visitors' Book. tured in accordance with the NZS 5454:1989 standard are to be used in vehicles for the high pressure compressed Natural Gas. The OGRA stated that only valid licence holder CNG stations were authoTV PROGRAMMES rised to convert vehicles to CNG at their respective THURSDAY facilities. It also warned users from Time Programmes installing used cylinders as 7:00 News these are weakened and 8:00 News may lead to serious acci- 9:05 Subah Savere Maya ke Sath dents resulting in loss of 11:00 News 11:30 Aap Ki Baat (Rpt) precious lives.-APP
OGRA bans Worthington CNG cylinders in vehicles ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) Wednesday announced a ban on an Austrian manufactured CNG cylinder after one exploded near Jhelum, killing passengers in a car. The authority in a notice said the cylinders manufactured by M/s Worthington Heiser of Austria have been de-listed and it has informed the Federal Board of Revenue to stop import of storage and vehicle cylinders manufactured by the particular company.
The authority also informed CNG station and vehicle owners not to install the cylinders manufactured by Worthington Heiser "for their own safety," and in public interest. All owners having these cylinders installed in their vehicles, have also been directed to replace Worthington brand CNG cylinders with other approved brands to ensure safety. According to the OGRA only specially designed and fabricated seamless
Telenor to invest in AJK power projects TFD Report ISLAMABAD: Telenor would invest in hydro power generation in Azad Jammu and Kashmir and provide internship to the educated youth there. In addition, Telenor would also extent its communication network to Neelum Valley and other far flung area of AJK. A meeting was held here on Wednesday between AJK Minister for Information, Environment and Overseas Kashmiris, Mehmood Riaz and the country head of Telenor(Corporate Sector) Amir Izhar-ul-Haq. On the occasion the prospective of hydro power generation was discussed and many areas in AJK were pointed out where the possibility of hydro power generation was present.
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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
3
Thursday, March 10, 2011 Top Economic Events
Euro little changed as debt worry lingers Bounces off key level after Portugal bond sale NEW YORK: The euro was little changed on Wednesday as initial optimism after Portugal's successful bond sale faded amid ongoing concern about euro-zone debt problems. In less than a week, the euro first gained strongly on expectations of a euro-zone interest rate hike next month but then fell back as investors considered what higher borrowing costs will mean to peripheral nations already struggling under high debt burdens. The common currency was last flat on the day at $1.3907, recovering from a low of $1.3855, on electronic trading platform EBS though off the session high of $1.3942. Portugal's cost of issuing two-year debt rose to its highest since it joined the euro, highlighting the problems facing peripheral euro-zone countries and
keeping alive concerns that it will need an international bailout. The currency bounced off a key technical level. In addition to the technical support level, traders cited talk the European Central Bank was checking Greek and Irish government bond prices. But as London traders left their desks and liquidity dried up, the euro continued to struggle. "Euro/dollar bounced off of technical support at $1.3860 to trade $1.3920 on talk of ECB debt buying," said Brad Bechtel, managing director at Faros Trading, LLC in Stamford, Connecticut. "The Portuguese debt auc-
tion was read as OK to slightly good." The euro had hit a four-month high of $1.4036 on Monday, buoyed by the
euro-zone rate outlook, but then has struggled until today. The market's focus is consequently on a euro-zone summit on Friday, where 17 heads of state are expected to agree on the next cautious steps in their bid to quell the region's debt crisis, even as they are unlikely to announce a major breakthrough.
Friday's summit is likely to only lay the ground for a meeting of all 27 EU leaders in Brussels on March 24-25 when they hope to agree on a "comprehensive package" of measures they hope may draw a line under the crisis. Still, the euro is seen supported by favourable interest rate differentials, with many expecting the ECB to retain a hawkish bias despite the debt problems in peripheral member nations. That is in sharp contrast to US monetary policy which looks set to remain loose for some time. The dollar was up 0.2 per cent against the yen at 82.81 yen, supported by a generally rising trend in US Treasury yields. Fund managers have been buyers of dollar/yen in recent weeks, according to UBS, although the bank said choppy US yields have limited gains in the currency pair. -Reuters
Yuan slips on weaker Baht at 2-mth high; hawkish cbank mid-point Asian currencies
BOT may support more Won at 2-wk high on exporters, model funds The baht strengthened to as firm as 30.24, the strongest since Jan. 13, on demand from exporters and foreign banks. But the Bank of Thailand was bought dollars to stem its strength, dealers said, forcing it returned to weaker than 30.30. The won hit its highest in more than two weeks on exporters' demand for settlements and offshore players such as model funds. The won strengthened to as firm as 1,113.5, the strongest since Feb. 21. However, the local currency cut some of its gains as lingering caution over possible dollar-buying intervention by the foreign exchange authorities caused importers to buy dollars
and investors to cover dollarshort positions. The Philippine peso rebounded against the dollar after the gyrations seen late Tuesday's Asian session and in offshore markets. The peso had weakened briefly as talk surfaced of imminent measures by the central bank to curb the arbitrage between onshore and offshore markets. The one-month peso nondeliverable forward (NDF) , which traded as high as 43.60 in New York, was quoted at 43.43 as traders realise the central bank may have only been targeting the speculative activity associated with arbitrage transactions. -Reuters
Sterling rises, euro’s momentum fizzles
Swiss franc near flat ahead of CPI data
SINGAPORE: The Thai baht hit a near two-month high against the dollar on Wednesday, before the central bank's rate decision, and analysts say the currency may find further support if the Bank of Thailand convinces the market it remains hawkish on inflation. The Bank of Thailand was expected to raise its policy rates by 25 basis points to 2.50 per cent later in the day. The forecast has largely been priced in to currency and bond markets, so its comments after the meeting will be the key for the baht, analysts said. The local currency has risen 1.8 per cent against the dollar since the start of February.
LONDON: Sterling inched up against the euro on Wednesday after the single currency lost momentum following a failed attempt to hit the year's high, leaving it vulnerable to more near-term selling. The pound also rose against the dollar after stronger-than-expected UK trade data kept the UK currency above trendline support. The euro slipped 0.2 per cent
on the day to 85.88 pence, pulling back from a five-week high of 86.35 pence matched on Tuesday. "The pair has been failing to break resistance around 86.50/60 pence," said Toshi Honda, currency strategist at Mizuho, referring to levels near the euro's January peak of 86.72 pence. He said escalating speculation that euro-zone interest rates may rise in April could support the single currency in the near term, but concerns about the impact of tighter monetary policy on weak euro-zone countries would limit gains. Traders said sterling's gains
versus the euro were capped on Wednesday as real money and model accounts were looking to sell the pound. The pound edged up 0.3 per cent on the day to $1.6207 in late London trade, after data showed the UK trade gap narrowed to a smaller-than-expected 7.06 billion pounds in January from 9.69 billion pounds in December. Sterling hovered above the
$1.6170/75 region, which contains its 21-day moving average and trendline support level drawn from the pound's lows hit in January and February. The Bank of England's Monetary Policy Committee began a two-day meeting on Wednesday and will announce its decision on Thursday. Economists expect it to keep interest rates at a record low 0.5 per cent, although the debate within the nine-member MPC could be particularly lively as divisions have been growing on when the BoE should raise rates. -Reuters
ZURICH: The Swiss franc traded largely flat against the euro and the dollar on Wednesday ahead of Swiss consumer price inflation, which investors are eyeing for clues about when the Swiss National Bank will hike interest rates. An increasing number of analysts are betting the central bank may move in June after a raft of upbeat data from Switzerland has underlined the strength of the economy, and higher inflation figures could add to the rate hike views. "At this stage markets and we are already eagerly looking ahead at the forthcoming release of Swiss CPI data for February," UBS analyst Reto Huenerwadel said. Analysts expect Swiss consumer prices for February to edge 0.4 per cent higher year-onyear. At 0754 GMT, the franc was trading near flat against the euro compared to the New York close at 1.2999 per euro. Against the dollar, the franc was little changed at 0.9346 per dollar. The SNB is widely expect to keep rates on hold at its next meeting on March 17 as inflation is unlikely to pick up quickly in the near term despite Switzerland's strong economic recovery. -Reuters
NZ dollar on edge before the finely balanced rate call WELLINGTON/SYDNEY: The New Zealand dollar inched cautiously higher on Wednesday as recent sellers pulled back in case a looming policy decision surprised with anything less than a quarter-point cut in interest rates. The kiwi stood at $0.7393, having crawled from a five-month low of $0.7430 in the past three sessions. It briefly touched $0.7417 after Finance Minister Bill English told parliament he expected a strong economic rebound next year as Christchurch rebuilt in the wake of a ruinous earthquake last month. "The economic case to cut is debatable in reaction to a natural disaster, but there is enormous political pressure," said Adam Carr, senior economist at ICAP Australia. Investors have fully priced for a reduction of 25 basis points in the 3 per cent cash rate, and see some chance of a 50 basis-point move. Economists, however, are more divided with several houses calling for no move at all. The outcome could cause wild moves for the Aussie-kiwi cross, which hit a 19-year high of
NZ$1.3794 earlier this week in anticipation of an aggressive easing. "If RBNZ cuts by 50 bps as we expect, then risks are for an extension of the pair's gains multi-week," said Sean Callow, a currency strategist at Westpac Bank. "A break of NZ$1.38 opens up NZ$1.40 and then NZ$1.42, versus NZ$1.32 pre-quake." In contrast, should the central bank ease by 25 bps, ICAP's Carr sees scope for the kiwi to outperform its neighbour simply because markets have priced in a lot of negative news. "It would have to be a bearish statement to see the AUDNZD push higher," Carr said. Were the RBNZ to really surprise and keep rates steady, Carr anticipates the New Zealand dollar to rally hard, with the Aussie easily dropping to NZ$1.3539. At home, the Aussie eased 0.3 per cent on the US dollar to $1.0069, in part as soft housing finance gave bears an excuse to sell. The RBA has held interest rates steady at 4.75 per cent for the past four months. Markets are now pricing a total tightening of 30 basis points in the next 12 months. -Reuters
SHANGHAI: The yuan ended slightly down against the dollar on Wednesday, after the People's Bank of China set a weaker mid-point, signalling its intention to keep the yuan relatively stable in the near term. Traders said the central bank may be seeking to keep the Chinese currency stable as Chinese leaders attend the closely-watched annual parliament session in Beijing. This year's meeting is particularly important as China maps out plans for its economic development and reforms over the next five years from 2011 to 2015, with the government expected to elaborate on a shift from growth that is reliant on exports to one that is solidly based on domestic consumption. "For the long term, the expectation of yuan appreciation will not change," said a dealer at an Asian bank in Shanghai. "But for now, the central bank seems not to want
it to rise too fast." Spot yuan closed at 6.5721 versus the dollar, down slightly from Tuesday's close of 6.5684. The currency has risen around 3.9 per cent since it was depegged in June 2010. Before trading began, the PBOC fixed the yuan's midpoint at 6.5748 on the dollar, weaker than Tuesday's 6.5687. The dollar/yuan exchange rate can trade up or down a maximum 0.5 per cent in a given day from the mid-point, which is used by the PBOC to express the government's intentions for the currency. China is under pressure to let the yuan rise, not only because of domestic inflation, but also because of international pressure. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4190, slightly up from 6.4080 at Tuesday's close. Their implied yuan appreciation in a year's time fell to 2.4 per cent from 2.6 per cent. Reuters
India rupee up on dollar inflow hope MUMBAI: The Indian rupee strengthened on Wednesday, tracking firm Asian peers, with dollar inflows from corporates and expectations of more inflows next week outweighing weak euro and choppy local shares. "Rupee has been supported by actual inflows in form of ECB (external commercial borrowings) of corporates in the last few days," said Rohan Naik, head of foreign exchange trading at Standard Chartered Bank. "Also, expectation of good demand at (debt limit) auction next week is responsible for a part of the positive sentiment." The partially convertible rupee ended at 45.0000/0100 per dollar, stronger than Tuesday's close of 45.0750/0850. The Securities and Exchange Board of India (SEBI), India's capital markets regulator, will auction unutilised limits in long-term government and corporate debt on March 15, which dealers said is likely to attract good demand from foreign institutional investors (FIIs). JP Morgan, in a note on Tuesday, reinforced this view saying there may be "decent" interest from FIIs at the debt
limit auction. The one-month onshore forward premiums were marginally down at 26.00 points compared with 26.25 points on Tuesday, while the threemonth premiums were higher at 79.00 points from their previous close of 76.75 points. The one-year premium was also higher at 277.75 points versus 275.75 points on Tuesday. The one-month offshore nondeliverable forward contracts were quoted at 45.24, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange ended at 45.1625, on the MCX-SX at 45.1675, and on the United Stock Exchange at 45.1650, with the total traded volume at $4.36 billion. Reuters
Time 1:00 4:50 5:30 5:30 Tentative 14:30 17:00 17:00 18:30 18:30 18:30
Source NZD JPY AUD AUD CNY GBP GBP GBP CAD USD USD
Events Official Cash Rate Final GDP q/q Employment Change Unemployment Rate Trade Balance Manufacturing Production m/m Asset Purchase Facility Official Bank Rate Trade Balance Trade Balance Unemployment Claims
Source
Events
JPY GBP CHF GBP EUR CAD USD
Core Machinery Orders m/m BRC Shop Price Index y/y CPI m/m Trade Balance German Industrial Production m/m NHPI m/m Wholesale Inventories m/m
Forecast 2.75% -0.3% 20.8K 5.0% 4.9B 0.8% 200B 0.50% 2.5B -41.4B 375K
Previous 3.00% -0.3% 24.0K 5.0% 6.5B -0.1% 200B 0.50% 3.0B -40.6B 368K
Actual
Forecast
Previous
4.2% 2.7% 0.4% -7.1B 1.8% 0.2% 1.1%
2.7%
Previous Day 1.7% 2.5% -0.4% -9.7B -0.6% 0.1% 1.3%
0.3% -8.5B 1.8% 0.2% 0.9%
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 1.3910 1.3941 0.9282 0.9367 1.6181 1.6240 0.9695 0.9713 1.0108 1.0132 115.0500 115.2500 0.8597 0.8604 1.2907 1.3010 133.8600 134.2800 89.1400 89.1500 1432.5300 1436.0500
Bid 1.3907 0.9278 1.6178 0.9691 1.0103 115.0100 0.8593 1.2903 133.8100 89.0900 1431.7800
Low 1.3858 0.9270 1.6140 0.9669 1.0063 114.7800 0.8567 1.2896 133.6100 88.4000 1423.1600
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 09/03/2011 A USD GBP CAD EUR JPY O/N 0.21750 0.55625 0.97167 0.80000 SN 0.10563 1WK 0.24540 0.57813 1.00417 0.84500 0.11375 2WK 0.25050 0.58438 1.04217 0.84500 0.11813 1MO 0.25800 0.61313 1.08883 0.86300 0.13250 2MO 0.28600 0.68438 1.14983 0.98125 0.15563 3MO 0.30950 0.80813 1.21833 1.12938 0.19250 4MO 0.35050 0.89063 1.28500 1.22063 0.24313 5MO 0.40850 0.99563 1.35367 1.32000 0.30125 6MO 0.46150 1.11375 1.42550 1.44000 0.34750 7MO 0.51500 1.19563 1.51033 1.51563 0.39625 8MO 0.56825 1.28188 1.60250 1.59000 0.44563 9MO 0.62075 1.36625 1.69117 1.67125 0.49000 10MO 0.67300 1.44813 1.77917 1.74188 0.51688 11MO 0.72450 1.51688 1.86717 1.81375 0.54250 12MO 0.78550 1.58688 1.95667 1.88875 0.57000
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan Federal Reserve Swiss National Bank The Reserve Bank of Australia European Central Bank
Last Change
April 12, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010 January 1, 2001 May 7, 2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, March 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
85.00 137.30 118.07 87.51 90.79 85.64 13.34 1.03 15.21 66.98 15.83 22.67 10.91 12.94 305.12 28.03 62.84 23.34 23.14 0.08 2.80
84.80 136.98 117.80 87.30 90.57 85.44 13.30 1.02 15.18 66.82 15.79 22.61 10.89 12.91 304.40 27.96 62.69 23.29 23.09 0.08 2.80
84.55 136.55 117.42 87.07 90.34 85.22 13.27 1.02 15.14 66.64 15.75 22.55 10.86 12.87 303.60 27.89 62.53 23.23 23.03 0.08 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 09, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.90 12.95 13.00 13.22 13.32 13.48 13.58 13.70 13.75 14.05 14.18 14.19 14.19 14.25 14.25 14.22 14.18 14.18 14.50 14.75
12.90 12.90 13.00 13.15 13.30 13.47 13.58 13.67 13.78 14.00 14.05 14.15 14.15 14.20 14.20 14.05 14.02 14.08 14.50 14.75
12.90 12.92 12.95 13.14 13.36 13.48 13.62 13.68 13.80 14.00 14.05 14.08 14.08 14.20 14.20 14.20 14.16 14.08 14.60 14.75
12.80 12.90 13.00 13.15 13.33 13.45 13.60 13.68 13.80 14.00 14.05 14.08 14.10 14.14 14.18 14.15 14.08 14.10 14.50 14.80
12.90 12.95 13.00 13.15 13.35 13.48 13.60 13.68 13.78 13.95 14.05 14.18 14.14 14.20 14.20 14.20 14.00 14.10 14.50 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.90 12.95 13.00 13.15 13.32 13.45 13.59 13.65 13.75 14.05 14.10 14.17 14.19 14.22 14.20 14.08 14.02 14.10 14.50 14.75
12.88 12.93 12.99 13.16 13.33 13.47 13.60 13.68 13.78 14.01 14.08 14.14 14.14 14.20 14.21 14.15 14.08 14.11 14.52 14.76
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
0.48 0.57 0.35 0.51 0.85 0.37
-0.56 -0.61 0.72 0.37 -0.57 0.16
-0.68 0.39 0.06 0.24 -0.01 -0.03
-0.61 0.65 0.88 0.74 -0.16 0.37
EUR/USD NZD/USD -0.60 0.77 0.89 0.77 0.78 0.79
USD/CAD USD/CHF
0.56 -0.58 0.06 0.44 0.85 0.43
0.44 -0.68 -0.76 -0.55 -0.65 -0.29
0.25 -0.79 -0.42 -0.45 -0.90 -0.57
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/03/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.75
13.25
12.75
13.25
12.75
13.25
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.80
13.30
12.85
13.35
12.95
13.45
13.40
13.65
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 12.90
13.40
12.90
13.40
12.90
13.40
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
CIPK
12.70
13.20
12.70
13.20
12.80
13.30
13.40
13.65
13.60
13.85
13.70
14.20
13.90
14.40
14.10
14.60
DBPK 12.60
13.10
12.65
13.15
12.75
13.25
13.25
13.50
13.35
13.60
13.40
13.90
13.55
14.05
13.65
14.15
FBPK 12.70
13.20
12.75
13.25
12.75
13.25
13.35
13.60
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.75
13.25
12.80
13.30
12.85
13.35
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.85
13.35
12.85
13.35
12.90
13.40
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.75
13.25
12.80
13.30
12.85
13.35
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.80
13.30
12.95
13.45
13.05
13.55
13.25
13.50
13.35
13.60
13.45
13.95
13.55
14.05
13.65
14.15
HMBP 12.75
13.25
12.85
13.35
12.95
13.45
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
SAMB 12.70
13.20
12.75
13.25
12.90
13.40
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.80
13.30
12.80
13.30
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.75
13.25
12.80
13.30
12.80
13.30
13.30
13.55
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.70
13.20
12.75
13.25
12.75
13.25
13.25
13.50
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.75
13.25
12.75
13.25
12.80
13.30
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
13.25
12.79
13.29
12.84
13.34
13.33
13.58
13.51
13.76
13.64
14.14
13.76
14.26
13.86
14.36
12.75
4 Thursday, March 10, 2011
A True Test Case
The Financial Daily International Vol 4, Issue 124
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Why this bias? It is often said that the Karachi Electric Supply Company (KESC) incurs billion of rupees loss per month and transmission and distribution (T&D) losses exceed 40 per cent. However, the latest report of Sustainable Development Policy Initiative (SDPI), an Islamabad-based think tank about the Tribal Area Electric Supply Company (TESCO) has been received by Karachiites as a big shock. The TESCO is responsible for providing electricity to more than 4.2 million consumers of FATA. The average monthly purchase of electricity by TESCO exceeds Rs1.2 billion and the revenue collection is five per cent only. The report reveals that since 2005, the Government of Pakistan had paid Rs84 billion to cover Tesco's losses. The other shocking point is that the per capita electricity consumption in FATA is 735 units against national average of 482 units. The average per kWh consumption per connection in all tribal areas is 5918 kWh against per connection consumption in Peshawar, Islamabad and Karachi of 1955 kWh, 1831 kWh and 2597 kWh, respectively. The real point of concern is why such lavish consumption of electricity is allowed by the government in a particular area? It becomes all the more important because the contribution of this area in the GDP is virtually zero. Another point to be explored is why the government has been bearing such an expense of an area where the residents take pride in being administered under separate set of rules. To be honest these areas should have been made part of Pakistan at the time of independence. It may not be wrong to say that one of the reasons for electricity pilferage in Karachi is high cost because the entire power generation of the KESC is thermal based. With the hike in international prices of crude oil, power generation cost has increased manifold. In such a scenario the GoP must pay some targeted subsidy to small consumers and the industrial consumers. This will give incentive for non-pilferage because consumers are willing to pay a modest tariff and also get legal connection if the government can ensure uninterrupted electricity supply at affordable cost. We also consider it our responsibility to remind that 'kundas' can't be removed without the help of the government. Kunda culture has proliferated because of patronage of political parties and the connivance of the KESC staff. As a first step consumer should be convinced to get a legal connection and get the electricity meters installed at their premises without demanding any installation charges. The cost of material can be recovered by charging Rs25 per month as meter rental. Consumers must also learn to pay the bills because nothing comes free in this world. If one does not pay someone else has to pay. In a civilized society every citizen is required to pay the cost of whatever he/she consumes. However, the weaker segments of the society have to be taken care of by the State.
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.
Muhammad Arif
H
istory always moves very fast and in a situation when Pakistan is already confronting with its worst economic crisis, Raymond Davis, an American envoy or an agent whatever you may call him, has injected further complications in the Pak -US relations that on ground realities have become very important from economic perspective of Pakistan. One may like it or not but it is on record that Pakistan never received its costliest loans from China or Islamic Development Bank which are considered friends of Pakistan. So on reality, every country or any organization has their own interests that constrain them to move along with those lines. Practically, if any one walks through streets of Pakistan or any developing nation, the reality comes upfront that America is not liked by anyone. Before the second World War Imperialist forces were led by the UK or European countries. Historically US at that time was in favour of Indian independence or any other nation from their colonial rulers. This stance played significant role in liberation of India and Pakistan from the clutches of their foreign rulers in 1947. However onward dominant role of US in newly emerged world economic system in form of IMF, World Bank or other multilateral agencies or its physical presence in Asia, Africa or Latin America to exploit their natural resources created hatred for the United State. In Europe its role was different and it played positive role in buildup of their economies through Marshal Plan. In spite of this, Europe has always and would differ with some of the US policies based on its own economic interests. On dismemberment of USSR during last decade of last century, US has emerged as a unipolar power that has further enhanced its influence. Pakistan from its beginning has remained under strong influence of US policies. Pakistan's first Prime Minister Liauqat Ali Khan was its architect that was followed by every government. Even
in Ayub's time, US planes used to fly from Pakistani soil to explore USSR skies. Zulfiqar Ali Bhutto, the elected prime minister of Pakistan after dismemberment of the country was hanged by another military ruler after he differed with US on some matters including buildup of Pakistan as a nuclear state. This policy is still in vogue and in presence of NATO forces including US have further strengthened such hold. On economic front acceding IMF, World Bank or ADB and accepting aid through Kerry Lugar Bill has further made Pakistan's policies hostage to the US interests. In spite of these bitter facts, the purpose of this article is not to prove that US hegemony is a rightful phenomenon and Pakistan has no way out to come out from this mess. But the purpose is to find ways how Pakistan's interest can be served in a better way by pursuing independent policy basically in the interest of Pakistan and of its people. So in this respect incident of Raymond provides an opportunity to find way and to make it a lesson for moving forward in the prime interest of Pakistan. US as an independent state has its own interest and we may differ or agree they have every right to pursue their policies. Accordingly Raymond Davis case can become a test case for Pakistan to mend omissions committed by us in the past. Raymond Davis is being charged with killings of two Pakistanis in front of very many and in the broad day light. The case is already in the court. However, apart from its technicalities, one thing is very clear that People sentiments are not in favour of Raymond. Whether Raymond Davis is a rightful envoy entitled for relief under Geneva conventions or he is a CIA agent or was coming from a meeting with some religious extremist groups as has been reported in a press section is to be investigated and decided by the government and finally by the courts. But apparently government also looks under pressure due to immense pressure of the public. Hence it looks very difficult to reach upon the rightful findings. However these issues are of secondary nature as apart from legal proceedings, Raymond Davis case has unleashed another wave of polarization in Pakistan and that is the question which needs to be addressed. It may have been important from government perspective or ISI or MI that how many CIA agents are working in Pakistan as these agencies are in confronting mood with CIA right now in spite of the fact that unfortunately they have remained equal partners in Afghan war and the war going
on in Fata territory. Drone attacks have always been criticized by every one in Pakistan but they have never been criticized by the establishment as they did openly on Kerry Lugar Bill. However, these are technical matters and need to be decided by the Government. Contrarily people are least concerned with these movements as they are witnessing such happenings since 1947 but on the other hand they are more concerned about their economic matters which are getting worst and worst day by day. Cases like Raymond Davis are in fact affecting Pakistan economy not in a sense that it would annoy US or its controlled bodies like IMF but basically it is deepening polarization that is hurting investment climate in Pakistan. FDI is down by manifold and even local investors are running from Pakistan. Unfortunately rightist parties or religious groups that were aligned with US policies up till Ziaul Haq era are now against US presence. Liberals or leftists are being killed or forced to keep quite through use of power by thousands or even millions of Jahadi elements. Some Madresahs are adding up such elements day by day. Since 1947 these elements have been nurtured in the name of Kashmir or Afghan war. The rightist used to say that they would soon conquer not even Kashmir, Afghanistan but even Delhi and Central Asia. But on ultimate we lost our water in shape of three rivers handed over to the India, lost one part of our country and even again standing at the verge of another dismemberment. One may feel pity that lawyers who call them intelligentsia showered flowers on Qadri who killed former Governor of Punjab, Salman Taseer. Shabaz Bhatti, the minister for Minorities Affairs has also been killed bringing bad name to the Pakistan in the world. This trend has put to threat thousands of Pakistanis living outside Pakistan. We all are interpreting Islam against its spirit. Once, Imam Abu Hanifa (RU) was asked by a group of people that what Islam has to say about killings of Mosquitoes and flies. He responded angrily that you have killed grand son of Hazrat Muhammad (PBU) i.e. Hazrat Imam Hussain (RU) and now asking about killing of mosquitoes and flies. We all are acting like this. By killing any human being we feel no pain but talking of Islam as a religion of peace we feel pride. On political front and on media we all are making point scoring. PMLN, Imran
Khan, all religious parties are keeping soft stance against these extremists. MQM though has strong views against religious extremists but they have their own issues and limitations. Remaining, People Party though is a not a party of good reputation but is paying price only by taking stance against religious extremism. Their leaders are at the hit list as per information coming through press. Establishment is also paying price and thousands of its officers and Jawans have been killed in spite of the fact that crop of Jahadis was sown by them some time back for their own interest. Now in this mixed political scenario every party is using the name of Raymond Davis In their own interest. Now take another assumption that has already been reported in the press. In case, US takes help of Saudi Arabia or any other GCC country to get Raymond Davis free, than whether the religious parties in Pakistan would organize rallies against these countries. Obviously on the other hand they would try to support this strategy on some kind of interpretation. Every body knows that most of the madresahs in Pakistan under religious parties get some of their financial help from these countries. So in nutshell Raymond case is going to end somewhere in some form that may not be liked by very many in Pakistan. However getting away from this matter, this is the ripe time that all political groups including establishment need to evolve some strategy for getting people of Pakistan better off. They all need good provincial harmony, better employments, good opportunities to make them better off, better health and education facilitates, improved infrastructure including sufficient electric and gas supply. For this all stake holders need to sit together to chart out some strategy for the uplift of the economy and that requires first to narrow down polarization and than to eradicate extremism. From there they can move forward. If on these two points, consensus is reached, then automatically, 10 point agenda of PML-N and many points' agenda of other groups can be materialized. The alarming signs are that with inflation at the verge of 15% and GDP growth of less than 2%, People of Pakistan would have to go under severe sufferings which they would not be able to sustain in the time to come. The writer is a visiting lecturer at KASBIT. (E-mail arifsbp@hotmail.com)
Projected Water Wars in South Asia Raja Muhammad Khan
A
ccording to a 2009 study of the Purdue University, on the changing pattern of the climate, there would be an "eastern shift in monsoon circulation caused by the changing climate 'causing' more rainfall over the Indian Ocean, Bangladesh and Burma and less rainfall over India, Nepal and Pakistan." Taking the contents of this study as the baseline, and otherwise growing anxiety of Pakistan over the Indian manipulation of Pakistani rivers, US Senate Committee on Foreign Relations issued a report, projecting likely wars in South Asia between two water scare countries; Pakistan and India. The Senate report titled, "Avoiding Water Wars" in South and Central Asia, indicates that, each water dam or water storage by India on the Western rivers; exclusively dedicated for Pakistan would have long-term affect on Pakistani agrarian economy. The report absolutely clarifies that "The cumulative effect of these projects could give India the ability to store enough water to limit the supply to Pakistan at crucial moments in the growing season." Out of over a hundred of the large and small water dams and reservoirs, being built by India on the western rivers, over 30 projects are nearing their completion and are likely to cause serious water shortages for Pakistan, a lower riparian country. Pakistani concerns over Indian violation of the Indus Water Treaty (IWT) date back to 1980s. Once India started constructing the Waullar Barrage over river Jhelum, a tributary to Indus river. Although the project was stalled on the Pakistani protests, but, India initiated many other projects of water storage and construction of dams on almost all the rivers of Pakistani share. Some Major projects like Baghaliar
dam on river Chenab have already been completed. This water dam has caused over 30 percent reduction in the flow of water on Pakistani side. Other projects like Kishenganga are on their way to completion, despite Pakistani protests and asking for arbitration. While initiating construction of a dam or the water storage project on these western rivers, India have been quoting two excuses: first; Pakistan is unable to preserve its water by constructing dams and water storages in its territory, resulting into a huge quantity of water flowing down to Arabian Sea, therefore, it (India) is securing it. Second; these water dams and storages are for the utilization of the people of Kashmir, under Indian occupation. Indeed, both excuses are without logics. While this is a reality that we in Pakistan have not been able to build sufficient water reservoirs to preserve the surplus water, especially during the rainy seasons. Nevertheless, this does not give India with enough cause to encroach over the Pakistani share of water and in the long run plans to permanently deprive Pakistan of its share of water, thus converting the agricultural land of Pakistan into the barren fields Secondly; the current electricity requirements of the people of Occupied Kashmir is 5000 megawatts and only a limited portion of the land could be irrigated by the river's water, mostly, it is the rain fed arid land. It means shifting of the water of these rivers to Indian Territory through a phased programme. Furthermore, practically, India is working on the projects through which it could produce over 40,000 megawatts of electricity, which means, the production of electricity would be much more than the requirements of the Kashmiri under Indian occupation. This electricity in turn would be used to sustain the heavy industrialization of
India, otherwise, causing environmental degradation in the region. It is because of the growing industrialization of India and some other countries that has affected the rapid melting of the snow of the glaciers in Himalayas. As revealed in the research report of the Purdue University, the climatic changes in the East are a reality. India, however, has started these projects much earlier. There are a number of reasons, why India is doing so. India, in fact, stopped water flow to Pakistan in 1948, within the first year of the independence of Pakistan. Being a successor state of the British India, it had all the resources and international backings, whereas, Pakistan was a resource scare country. India indeed, has started creating these problems for Pakistan right from its inception, so that, it can undo Pakistan. Indus Water Treaty, concluded in 1960, stood the test of time for many decades. However, it is about time that India should stop manipulating with the treaty and interpreting it in its own benefit. In fact, this Indian water manipulation has compelled the international community to analyse and forewarn the South Asians, regarding the dreadful effects of a war, emanating over the water crises. Rather, undesired manipulation with the waters of the Western rivers, exclusively dedicated for Pakistani use, as per IWT, India is bound to release certain amount of water in the Eastern Rivers, to avoid the environmental degradation. But, practically it never did that, except to cause the floods during the monsoons. The US Senate report on the projected water wars in South Asia, caused by Indian deliberate stoppage of water to Pakistan is timely and rational. Although, any conflict over this extremely essential commodity would devastate the region by itself, nevertheless, it would seriously hamper the US
future interests in South Asia too. This is indicative from the wordings of Senator John Kerry, the chairman of the US Senate Foreign Relations Committee, while releasing the report. He said, "the report highlights how water security is vital in achieving our foreign policy and national security goals and ‌ provides recommendations to foster regional cooperation and long-term stability." The provisions of the treaty do not allow India with unconstrained space to manipulate with the water of the Western rivers. India, therefore, is adamant to violate the treaty or else, it would not hesitate to abrogate it, to exercise it hegemonic power in the region. US Senate, however feels that, "A breakdown in the treaty's utility in resolving water conflicts could have serious ramifications for regional stability." Pakistan appreciates a very timely and realistic assessment of the US Senate Committee report on the likely future wars in South Asia over the water resources. However, Pakistan would appreciate any US role for bringing India to a negotiating table for the result oriented talks between both countries over all the disputes, water being one of them. India must realise that, we are in an era, where international norms are to be respected. Gone are the days, once bigger powers used to overrun the smaller neighbours for the enlargement of the frontiers of their empires. Could America capture the tiny Communist state of Cuba? Therefore, Pakistan is a reality; India must accept this in the first instance and start living as a peaceful and responsible neighbour, respecting the sovereignty, integrity and independence of Pakistan. This would bring peace, harmony and stability in South Asia, rather then current instability, caused by hegemonic designs of India.
A Force Majeure Befalls Faisalabad Bomb blast In Faisalabad has taken more than 24 lives and injured 132 people. The toll may rise. Terrorists are striking at their will, at busy places with explosives laden vehicles, deceiving security agencies and killing innocent people once again. Life and property of ordinary man has become the target of all
and sundry. Pakistani people are being slaughtered and butchered for crimes they never committed. The writ of government is fading out and no body knows, where and when he will be put to death. Our sympathies are with the families of bereaved and injured. Meaningful efforts are required to be made by gov-
ernment to control the menace of terrorism eating up the very foundation of our country. In the words of Faiz Ahmed Faiz: 'yeh khoon e khak nasheena tha rizq e khaak hua, nah muddai nah shahdut, hisaab paak hua...' IFTIKHAR SHAHEEN MIRZA
5
Thursday, March 10, 2011
SE Asia Stocks-Small gains in places, defensive stocks favoured KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,940.01 12,128.15 188.14 1.58 100.41
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,630.24 3,687.72 57.48 1.58 2.79
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,830.76 2,881.06 50.30 1.78 0.08
Major Gainers
Symbol
Close
Change
RMPL 2,811.00 ULEVER 4,726.17 MTL 534.81 ENGRO 237.19 BATA 552.18
65.20 47.04 12.90 10.94 9.40
Major Losers
Symbol
Close
Change
IDYM 261.47 EXIDE 180.14 TRIPF 130.47 NESTLE 3,400.10 GRAYS 45.96
-10.53 -3.41 -3.1 -2.63 -2.04
Top 5 Volume Leaders
Symbol FFBL FATIMA LOTPTA ENGRO SSGC
Close Vol (mn) 43.72 12.35 15.83 237.19 25.43
7.71 7.70 6.81 5.67 5.38
Active Issues Plus Minus Unchanged
198 87 96
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
European shares fall on strong oil; Iberdrola jumps
KSE draws big strength from better politicals Nawaz Ali KARACHI: A reprieve in political tension recalled bulls to the floor of Karachi Stock Exchange (KSE) Wednesday enabling it to close above the psychological barrier of 12,000 points after rising more than 1.5 per cent as investors took positions in fertiliser, oil and banking stocks. The benchmark KSE 100Index ended at 12,128 points after gaining 188 points - 1.58 per cent-- while 30-Index gained 248 points -2.14 per cent-- to close at 11,890 points and All Share index grew by 124 points -1.5 per cent-- to close at 8,412 points. The delegation of Muttahida Qaumi Movement (MQM) met with the President Asif Ali Zardari over the issue of recent statements of Sindh Home Minister Zulfiqar Mirza. President assured MQM to
FTSE falls on banks, weak commodities LONDON: Weak commodity and bank stocks dragged Britain's leading shares index lower on Wednesday as oil prices climbed after intensified fighting in Libya. At the close, the FTSE 100 was down 37.46 points, or 0.6 per cent, at 5,937.30, having hit a low for the week at 5,922.66 in the afternoon before recovering. "Only a dyed-in-the-wool optimist would be forecasting significant short-term gains for shares whilst the Libyan unrest continues," said Anthony Grech, head of research at IG Index. "With the FTSE currently trading where it was at the beginning in February it would not be too adventurous to expect this "up one day, down the next" trading pattern to continue for the foreseeable future," Grech added. Brent crude pushed back above $115 a barrel on Wednesday as fighting in Libya intensified, and after OPEC said it saw no need to hold an emergency meeting to ease oil supply fears. Integrated oils were the biggest blue chip fallers, with BP off 1.8 per cent, retracing recent gains as investors' See # 14 Page 11
remove their concerns and said that he would call a high week meeting within a week. Mujtaba Barakzai, equity dealer at JS Global Capital said that the meeting between PPP and MQM made a positive impact on the investor's sentiments as the President succeeded in securing a temporary reprieve from the party to address his grievances and come at decent terms with the MQM. Moreover, expected launch of the leverage product invited fresh interest across the board. The session began with 12 points into the positive zone, positive numbers then kept on increasing as investors put their money mainly into the stocks that belonged to oil, banking and fertiliser sectors. Therefore, just near the closing bells it touched a dayhigh of 12,139 points (+ve 199 points) and finally closed tad
lower than its highest daylevel. Investor participation too remained on the higher side as 100.4 million shares exchanged hands increasing by 46.2 million shares from 54.2 million shares traded a day earlier. Fauji Fertiliser Bin Qasim was the volume leader with 7.71 million shares followed by Fatima Fertiliser with 7.7 million and Lotte Pakistan with 6.81 million shares. Fatima Fertiliser grabbed investors' attention mainly over the news that the US Securities & Exchange Commission (SEC) has its approved American Depository Receipts (ADR) for listing on the Overthe-Counter (OTC) market in New York. Out of total 381 active issues, 198 advanced, and 87 declined, and 96 came back to where they started from.
Nikkei gains after oil retreats TOKYO: Japan's Nikkei average broke above a key technical level and rose for a second day on Wednesday after a pullback in oil prices, but worries about the potential for unrest to spread in the Middle East kept investors on edge. With the settlement of Nikkei 225 futures and options coming up on Friday, moves by commodity trading advisors in futures, which have sparked big swings in the benchmark recently, are also a key focus. Despite a spike in oil prices over the last two weeks, Japanese stocks have so far proved largely resilient, with the Nikkei holding on to its 3.5 per cent year-to-date gains, as investors reassessed risk within their equities portfolios instead of moving out of stocks altogether. But volume was fairly thin as some investors stayed on the sidelines ahead of the Nikkei 225 futures and options settlement, known in Japan as the special quotation or "SQ", which is calculated from the opening prices of the 225 shares on the Nikkei on the second Friday of the month. "Short-term investors are
actively trading futures before the settlement but long-term domestic investors are reluctant to trade aggressively in the cash market before the fiscal year ends this month," said Hideyuki Okoshi, general manager at Chibagin Securities. The benchmark Nikkei rose 0.6 per cent or 64.31 points to 10,589.50. The broader Topix index also gained 0.6 per cent, to 944.29. The Nikkei had earlier traded above its closely watched 25-day moving average, which is now at 10,627.77. Dainippon Screen Mfg jumped 4.6 per cent to 839 yen after the publisher of the Nikkei 225 said it would be added to the benchmark later this month. Dai-ichi Life Insurance and Yaskawa Electric Corp will also be added. Dai-ichi Life rose 1.3 per cent to 152,200 yen while Yaskawa rose 2.6 per cent to 994 yen. Energy stocks, which have surged on the back of rises in oil prices, succumbed to profit-taking after US crude dropped for a second day, to below $105 on Wednesday, after reassurances from OPEC members of ample spare capacity.-Reuters
HK stocks at 1-mth high on banks; Shanghai flat HONG KONG: Hong Kong stocks reached their highest level in a month on optimism over earnings, while reduced worry about monetary tightening in China and attractive valuations kept supporting the case for going long mainland banks. Traders said interest was particularly strong in banks and conglomerates as inflation fears waned and expectations grew that the central government was moving to ease its tightening stance. China reversed punitive reserve requirements for some banks after getting them to rein in lending, two sources told Reuters on Tuesday, an indication of success in a crucial part of the government's campaign to control inflation.
In an encouraging sign, the Hang Seng's 0.4 per cent gain to a one-month high came as turnover on the Hong Kong exchange picked up a notch, rising to HK$77 billion, the highest in six sessions. "It's mostly from long money and that's a bullish sign," said a head trader at a US broker in Hong Kong. While some of the buying was related to switching from outperformers to laggards, funds were still putting money into blue-chips, said the trader. CCB gained 1.7 per cent and larger rival ICBC closed up 1.5 per cent and were the biggest boost to the Hong Kong market. Both banks trade at discounts of more than 20 per cent to their
historic forward 12-month earnings multiples, according to Thomson Reuters Starmine and are seeing earnings SHANGHAI CLOSES ABOVE 3,000 China's main stock index ended up 0.1 per cent, closing over the key 3,000-point level for the first time in nearly four months, led by banks, but volumes eased. "Investors are waiting for the CPI number to come out, that and they're waiting to see what policies the central government will announce during their annual meetings this week," said Xu Yinhui, analyst at Guotai Junan Securities in Shanghai. "But this week aside, financials are still an undervalued index and a good long-term play."-Reuters
US stocks mid-day
IBM helps Dow, but chipmakers hurt Nasdaq NEW YORK: The Dow rebounded on Wednesday with a jump in IBM's stock on its 2015 outlook, but the Nasdaq fell as a weaker-than-expected earnings target from Texas Instruments weighed on the chip sector. Rising oil prices dragged on the broader market on the twoyear anniversary of stocks' bull run from the S&P 500's 12-1/2year closing low of 676.53, which was sparked by the financial crisis. The Dow bounced back from a session low and reclaimed a slim gain as buyers snapped up shares of International Business Machines Corp, driving it up 2.7 per cent to $166.59. Earlier, IBM climbed to an intraday high of $167.72 after a host of analysts raised their target price on the stock. A day earlier, the tech giant reaffirmed its 2015 earnings target. But the Nasdaq couldn't overcome the drag from the chip makers, with an index of semiconductor shares down 2.3 per cent and trading below its 50day moving average in another sign of weakness for the sector. Texas Instruments shares fell 2.7 per cent to $34.87, a day after the company gave a current-quarter earnings estimate below Wall Street's estimates. Tech shares also felt the weight of Finisar Corp, which plummeted 36.1 per cent to $25.62 after the network equipment maker forecast a dismal fourth quarter, blaming an inventory pile-up by telecommunications equipment makers in China. Techs "are losing steam ... there's some movement going on in the space that's affecting the market," said Giri Cherukuri, head trader at OakBrook Investments LLC, which oversees $1.3 billion in Lisle, Illinois. "Several names that have run up a lot are coming down," he said. Finisar is still up 100 per cent since the start of September. Oil prices resumed their upward trend, reinforcing worries that high energy costs could dampen economic growth. See # 13 Page 11
BSE Sensex up on Reliance Industries MUMBAI: Indian shares crawled 0.2 per cent higher in choppy trade on Wednesday, helped by small gains in world equities, but concerns over unrest in the Middle East weighed on investor sentiment. Energy giant Reliance Industries led the charge. Reliance Industries, which has the highest weighting on the main index gained nearly 1 per cent after the upstream regulator said it is likely to raise gas output from its east coast blocks to 67 million metric standard cubic metres a day (mmscmd) by April. The 30-share BSE index gained 0.16 per cent, or 30.30 points, to 18,469.95 points, with 16 of its components advancing. "Steady world markets supported our market today," said Ambareesh Baliga, vice-president of Karvy Stock Broking. Baliga expects the Nifty to trade in a 5,400-5,600 range over the next two weeks. The 50-share NSE index, or Nifty, closed 0.2 per cent higher at 5,531 points. "We are hoping the Middle East crisis will end soon. But we need to see how the developments unfold." The turmoil in the Middle
East continued with tanks of pro-Gaddafi forces closing in on the rebel-held main square of Zawiyah. The main BSE index is down nearly 10 per cent year-to-date as foreign funds sold a net of $1.9 billion of Indian stocks from the start of the year to March 7. Indian stocks got an early boost after the ruling Congress party struck a deal with a key ally in a row over seat-sharing in a state election, ending days of jitters over the stability of a government already hit by a series of crises. The decision by the Dravida Munnetra Kazagham (DMK) is a respite for Prime Minister Manmohan Singh as he battles a series of corruption scandals as well as inflation problems, which have already weakened his government. The country's number 2 mobile operator Reliance Communications closed up 9.4 per cent and was the most traded amongst main stocks on the BSE. Earlier in the day, CNBCTV18 reported, citing sources, that American Tower Corp could be the highest bidder for Reliance Communications' tower arm.-Reuters
NCCPL made authorised to intermediate MTS, MFS, SLB Shabbir Kazmi KARACHI: National Clearing Company of Pakistan (NCCPL) has been authorised as the intermediary for leverage products. This was revealed by Muhammad Lukman, CEO NCCPL while talking to mediamen here on Wednesday. "We are pleased to inform the Securities & Exchange Commission of Pakistan has registered NCCPL as Authorised Intermediary (AI) all three leverage products being introduced at all the three stock exchanges of Pakistan" said Lukman, CEO. The three leverage products namely, Margin Trading System (MTS), Margin Financing System (MFS) and Securities Lending and Borrowing (SLB) are being introduced in two phase. While MTS and MFS will be implemented from March 14, SLB will be launched from March 21, said Lukman. NCCP acting as AI will provide the automated portal to leveraged market participants to access leveraged markets through interface available to them electronically, added Lukman. The highlights of MTS include: 1) financing in 27 initially approved securities, 2) financees participating through Financing Participation Ratio (FPR) which is higher than 25 per cent or VaR estimate of the eligible security, 3) maximum markup is capped at KIBOR plus 8 per cent and 4) NCCPL will levy penalties and See # 12 Page 11
ANNOUNCEMENTS Company Shadman CottonXD East West Life Assur
Period Half Yearly Yearly
Div/Bon/Right -
PAT (Rs in mn) 51.606 -50.813
Dhiyan
GRAYISH TO GREEN Syed Farhan Karim, VP Sales Arif Habib Limited Bullish activities are likely to continue in the coming days with easing political uncertainty, commencement of Margin Trading System (MTS) from March 14, and good payout announcements by the companies. Therefore index can touch 12,800 level. Investors are recommended to invest in banking, fertiliser, OMC and cement sectors where my top picks are FFBL, FFC, PSO, UBL and NBP. Today could be a positive day.
Mohsin Adhi, Director Alfa Adhi Securities Some rangebound activities are likely to be seen in the market with index moving between 11,500 and 12,500 points. Thus, investors can lay hands on stocks belonging to oil and fertiliser sectors. Any negative development on the political front could hamper the performance of the market while commencement of MTS will act as a sentiment booster. It would be dull today.
EPS(Rs) 2.93 -6.31
6
Thursday, March 10, 2011
Market Volume
100,411,382
Value
5,706,028,550
Trades
66,209
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
198 87 96 381
All Share Index
12,128.15 12,139.67 11,940.01 h188.14
Current High Low Change
KSE 30 Index
8,412.41 8,420.01 8,287.92 h124.49
Current High Low Change
KMI 30 Index Current High Low Change
11,890.12 11,901.22 11,641.19 h248.93
20,125.26 20,133.33 19,725.40 h399.86
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,492.36 Turnover 6,435,882 P/E (x) 10.58 Company
KSE 100 Index
Symbols
High Low 1,526.75 1,489.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.44 32.54
Close Change 1,518.58 26.22 Listed cap Market cap 65,194.15 mn 1,141,507.66 mn Payout (%) Div Yield (%) 55.94 5.29
PE
Open
High
Low
Close Chg
Volume
Attock Petroleum XD 691 6.63 Attock Refinery 853 4.89 BYCO Petroleum 3921 Mari Gas Company 735 7.74 National Refinery 800 6.14 Oil & Gas Development 43009 10.62 Pak Petroleum XD 11950 7.70 Pak Oilfields XD 2365 7.39 Pak Refinery Limited 350 P.S.O XD 1715 4.86 Shell Gas LPG 226 Shell Pakistan 685 10.77
365.15 120.89 9.84 110.29 288.72 154.04 205.69 317.00 101.43 283.80 26.72 206.09
372.50 124.25 10.15 112.90 297.50 157.40 210.95 322.26 106.50 292.00 27.00 210.98
364.01 119.10 9.85 111.00 291.00 153.11 205.90 317.55 102.20 285.00 26.40 206.99
366.95 1.80 120.09 -0.80 9.89 0.05 111.50 1.21 296.12 7.40 156.89 2.85 210.50 4.81 320.67 3.67 106.50 5.07 287.18 3.38 26.85 0.13 210.07 3.98
104982 2395016 917112 45291 104737 328249 576557 1891259 155855 746614 840 86482
Last 60 days High Low 401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 37.30 222.00
321.00 98.25 8.20 99.46 254.00 144.97 190.10 277.09 83.00 265.00 26.00 186.83
% Change 1.76 5-Day High 1,518.58 5-Day Low 1,480.78
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 683.34 Turnover 15,147 P/E (x) 5.14 Company
High Low 707.55 680.91 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53
Close 681.54 Listed cap 3,242.17 mn Payout (%) 11.08
Change -1.80 Market cap 11,661.03 mn Div Yield (%) 2.15
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.49 8.62
67.50 31.48
70.00 32.49
67.50 30.90
67.51 0.01 31.03 -0.45
5434 9713
75.72 39.45
Pak Int Cont.Terminal PNSC
63.00 30.70
Company
High Low 1,762.42 1,695.66 Total cos Defaulter cos P/BV (x) ROE (%) 3.39 35.00
Paid up Cap(mn)
PE
Open
High
Low
Bawany Air 75 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corporation Ltd 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerXDXB 8482 Fauji Fert. Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Leiner Gelatine 75 Lotte Pakistan 15142 Nimir Ind Chemical 1106 Sardar Chemical 60 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90
6.77 9.18 7.13 14.41 10.39 13.03 8.14 8.25 9.72 9.11 6.26 5.82 28.70 2.71 8.82 5.92 5.58
7.18 89.89 196.07 251.75 2.85 7.31 2.80 226.25 12.16 11.91 126.17 42.77 11.00 156.37 28.40 15.47 15.59 2.90 0.92 2.23 104.40 12.73 13.35 36.00
7.00 93.00 200.70 260.40 2.92 8.00 2.94 237.56 12.65 12.88 132.47 43.89 11.20 161.40 29.65 16.46 15.93 2.98 1.90 2.24 104.70 13.73 13.25 36.45
6.95 89.10 195.60 253.00 2.81 7.35 2.80 227.00 12.20 12.00 126.50 42.89 11.06 158.25 26.98 14.47 15.73 2.83 1.80 1.90 102.11 12.80 13.25 36.30
Company
Close Chg 7.18 89.45 199.23 257.45 2.85 7.90 2.84 237.19 12.35 12.35 132.35 43.72 11.08 159.40 28.43 16.46 15.83 2.87 1.90 2.11 104.61 13.73 13.25 36.30
0.00 -0.44 3.16 5.70 0.00 0.59 0.04 10.94 0.19 0.44 6.18 0.95 0.08 3.03 0.03 0.99 0.24 -0.03 0.98 -0.12 0.21 1.00 -0.10 0.30
Close 1,755.72 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 244 785 80619 557641 40011 2456783 322766 5670943 223592 7696773 3773856 7713166 31024 331150 3437 3411 6805148 647174 10000 17623 1001 506209 1003 6990
Change 65.62 Market cap 377,690.59 mn Div Yield (%) 5.04
10.15 103.94 213.30 262.99 3.74 9.25 3.92 237.56 15.87 12.88 157.90 43.99 13.07 163.99 36.00 19.25 16.80 3.17 1.90 3.10 131.90 14.54 14.99 41.99
6.11 82.00 155.26 172.00 2.34 6.00 2.26 184.71 11.75 9.16 108.00 34.60 10.43 138.00 23.07 9.15 13.03 1.62 0.90 1.55 90.78 11.81 8.76 34.75
% Change 3.88 5-Day High 1,755.72 5-Day Low 1,635.27
2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 60 20B 130 25B 65.5 175 5 5 25 5B 50 -
2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,018.48 Turnover 14,199 P/E (x) 4.93 Company
High Low 1,026.62 1,005.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 7.47
Close 1,024.07 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.70
15.17 37.38
15.30 37.70
14.90 37.00
15.30 0.13 37.53 0.15
11099 3100
Century Paper Security Paper
Change 5.59 Market cap 2,824.92 mn Div Yield (%) 5.12
Last 60 days High Low 19.69 47.70
14.50 34.00
% Change 0.55 5-Day High 1,024.07 5-Day Low 1,001.57
2010 Div BR (%) (%) 50
-
Paid up Cap(mn)
PE
High Low 1,119.85 1,103.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 25.35
Close 1,108.55 Listed cap 6,768.53 mn Payout (%) 20.42
Open
High
Low
Close Chg
Volume
Atlas Battery 101 5.06 190.06 Atlas Engineering Ltd 247 22.55 35.00 Atlas Honda 626 9.31 133.46 Dewan Motors 890 1.90 Exide (PAK) 56 4.41 183.55 General Tyre 598 4.59 23.00 Ghandhara Nissan 450 3.45 Ghani Automobile Ind 200 5.82 3.72 Honda Atlas Cars 1428 - 10.02 Indus MotorsSPOT 786 9.85 227.00 Pak Suzuki 823 11.20 61.04 Sazgar EngineeringSPOT 150 4.27 23.56 Transmission 117 1.30
191.00 36.70 134.78 1.99 184.99 23.49 3.65 4.19 10.45 229.00 61.90 24.25 1.74
190.00 35.00 132.00 1.83 180.00 23.01 3.50 4.00 10.02 226.00 60.85 23.00 1.74
190.42 0.36 36.53 1.53 134.00 0.54 1.88 -0.02 180.14 -3.41 23.14 0.14 3.63 0.18 4.19 0.47 10.23 0.21 227.54 0.54 61.02 -0.02 23.64 0.08 1.30 0.00
1279 1708 4710 2104 480 5460 14180 4330 6604 13507 11784 14056 119
Change 3.04 Market cap 41,281.73 mn Div Yield (%) 5.23
Last 60 days High Low
Open 1,934.19 Turnover 130,673 P/E (x) 46.83 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Bawany Sugar 87 Chashma Sugar 287 Crescent Sugar 214 Dewan Sugar 365 Habib Sugar 750 Habib-ADM Ltd 200 J D W Sugar 539 Kohinoor Sugar 109 Mehran Sugar XD 157 Mirza Sugar 141 Mitchell's Fruit 50 National Foods 414 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Shahmurad Sugar 211 Shakarganj Mills 695 Tandlianwala 1177
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz PipeSPOT International Ind Metro Steel Siddiqsons Tin
PE
Open
High
Low
565 2.82 675 555 488.33 1199 19.03 310 785 40.73
26.64 2.07 14.55 51.73 12.85 9.00
27.00 2.16 14.65 53.00 11.85 9.00
26.75 2.03 14.23 49.17 11.85 8.75
Close Chg 26.95 2.06 14.65 52.32 13.84 8.96
0.31 -0.01 0.10 0.59 0.99 -0.04
Close 1,040.31 Listed cap 3,596.11 mn Payout (%) 30.91
Change 11.00 Market cap 9,897.96 mn Div Yield (%) 9.30
Open
High
Low
0.91 3.50 0.68 8.60 6.93 1.29 1.76 8.07 9.15 1.09 6.82 0.25 3.15 0.34 23.35
5.50 5.49 9.05 6.40 3.11 21.31 11.88 74.50 3.40 51.46 3.50 68.79 53.77 11.00 4.00 36.05 2.90 4.12 1.99 8.85 4.84 39.92
6.08 5.26 9.85 6.75 3.16 21.75 12.25 74.60 3.40 54.00 3.84 70.00 53.50 11.00 4.50 37.85 3.00 4.10 1.99 9.20 4.79 41.90
5.50 5.26 8.95 6.75 3.13 21.33 11.32 72.51 3.40 53.00 3.50 66.02 52.01 10.11 3.90 34.25 2.99 4.00 1.60 8.30 4.01 39.50
Last 60 days High Low
Volume 1969 5044 5155 465686 1002 2300
31.00 3.11 16.51 62.20 14.98 10.70
24.50 1.80 13.00 45.81 6.61 8.51
2010 Div BR (%) (%) 30 55 7.5
2011 Div BR (%) (%)
- 10.00 - 15.00 20B -
Open 998.88 Turnover 226,838 P/E (x) 2.26 Company
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.52 858 182 956 39.58 982 12.31 3891 3651 10.89 350 6933 5.86 502 2.12 1760 77 4003 32 581 1288 13126 3234 6.11 5261 2271 200 361 798 910.50
2.59 50.64 2.63 15.71 9.56 1.65 1.77 24.67 1.90 4.29 7.00 1.46 2.00 7.52 0.50 59.70 5.70 2.92 67.40 2.23 5.75 6.41 7.42 18.87
2.80 51.70 2.80 16.38 10.20 1.80 1.95 25.40 2.30 4.43 7.00 1.55 2.15 7.80 0.57 58.66 6.00 3.04 69.20 2.32 5.97 6.50 7.35 19.19
2.53 50.50 2.10 16.00 9.50 1.60 1.71 24.89 1.75 4.15 7.00 1.46 1.81 7.22 0.56 56.72 5.98 2.91 67.50 2.20 5.60 6.40 7.34 19.00
Close 870.09 Listed cap 54,792.74 mn Payout (%) 19.04
Change 6.57 Market cap 63,035.76 mn Div Yield (%) 2.96
Paid up Cap(mn)
Open
High
Low
Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1219 3.25 Singer Pak 341 22.20 Tariq Glass Ind XR 231 1.82
0.85 6.09 13.00 19.76 13.91
1.00 5.50 13.05 19.10 14.50
1.00 5.09 12.88 18.78 13.51
Close Chg
Volume
Last 60 days High Low
2.60 51.50 2.70 16.19 9.50 1.60 1.80 25.16 2.01 4.22 7.00 1.52 2.02 7.52 0.56 59.70 5.99 2.94 67.96 2.30 5.65 6.50 7.42 18.21
8655 72434 2994 5915 5749 8503 108796 1365292 31601 277320 10000 21021 600 302 1620 111 5936 553952 1351530 176742 723 5001 400 501
3.98 63.90 4.24 24.16 11.60 2.15 2.86 32.30 4.00 5.55 8.00 2.25 3.40 9.19 0.99 64.52 7.40 3.88 78.44 3.30 7.65 7.95 9.40 19.19
0.01 0.86 0.07 0.48 -0.06 -0.05 0.03 0.49 0.11 -0.07 0.00 0.06 0.02 0.00 0.06 0.00 0.29 0.02 0.56 0.07 -0.10 0.09 0.00 -0.66
2.15 48.50 1.91 14.72 8.00 1.50 1.50 21.20 1.70 3.97 6.30 1.30 0.71 4.70 0.25 56.05 5.11 2.65 59.55 1.92 5.17 5.75 5.13 16.20
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 921.09 Turnover 262,067 P/E (x) 2.58 Company
Paid up Cap(mn)
Cherat Papersack XR ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films XD
PE
Open
115 2.45 51.00 230 2.07 1067 5.34 50.70 389 2.04 7.96 47 16.24 29.13 844 - 113.17 300 7.91 133.57
High
High Low 945.79 909.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 43.91 Low
Close Chg
53.55 51.55 53.35 2.24 2.03 2.13 51.70 50.51 51.33 8.10 7.50 7.50 29.70 29.54 29.23 115.00 113.10 113.83 135.00 129.21 130.47
2.35 0.06 0.63 -0.46 0.10 0.66 -3.10
Close 922.84 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 55460 161031 1515 24176 716 2577 16529
Change 1.75 Market cap 35,054.61 mn Div Yield (%) 6.02
Last 60 days High Low 81.49 3.30 56.45 8.15 33.80 143.00 144.80
47.80 2.03 45.30 2.50 21.50 105.00 111.25
% Change 0.19 5-Day High 924.04 5-Day Low 917.18
2010 Div BR (%) (%) 20 25 32.5 100
25B 10B -
2011 Div BR (%) (%) -
50R -
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi TractorSPOT Bolan Casting
66 215 104
PE
Open
8.07 11.00 5.22 228.46 5.11 49.33
Dewan Auto Engineering 214 Ghandhara Ind 213
8.11
KSB Pumps Millat Tractors
6.59 55.87 8.24 521.91
132 366
1.29 9.45
High
High Low 1,640.70 1,594.89 Total cos Defaulter cos P/BV (x) ROE (%) 3.14 38.02 Low
Close Chg
10.99 10.65 10.65 -0.35 234.89 231.00 232.19 3.73 51.00 48.00 50.91 1.58 1.10 9.50
1.10 9.10
1.10 -0.19 9.25 -0.20
56.80 54.60 55.04 -0.83 537.00 522.20 534.81 12.90
Close 1,634.24 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
5.50 5.26 8.95 6.75 3.15 21.66 11.36 72.66 3.40 54.00 3.50 68.79 52.34 10.12 4.35 36.47 3.00 4.10 1.99 9.20 4.84 41.79
0.00 -0.23 -0.10 0.35 0.04 0.35 -0.52 -1.84 0.00 2.54 0.00 0.00 -1.43 -0.88 0.35 0.42 0.10 -0.02 0.00 0.35 0.00 1.87
Volume 101 2000 5001 1100 2599 17205 35301 603 2000 5200 10255 300 5186 4115 10548 2567 12500 5000 1000 4000 323 3459
Change 9.06 Market cap 281,517.11 mn Div Yield (%) 0.65
Last 60 days High Low 7.20 6.73 13.50 7.15 5.59 36.50 12.85 92.50 6.14 60.65 6.70 89.90 75.50 13.95 6.80 51.50 4.00 4.75 3.26 12.30 7.05 44.06
4.51 3.51 8.00 5.05 2.52 20.25 11.05 68.00 2.45 50.12 2.65 66.02 43.01 9.00 3.00 34.25 2.10 2.50 1.60 8.00 4.01 34.00
2010 Div BR (%) (%)
% Change 0.47 5-Day High 1,943.24 5-Day Low 1,925.01 2011 Div BR (%) (%)
10 25 25B 40 7010B 12.5R 35 20B 7.50 10 40 12 10 10 10 -
-
Close Chg 1.00 6.09 12.92 19.76 13.83
0.15 0.00 -0.08 0.00 -0.08
Close 994.87 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 2500 215 177669 378 46075
Change -4.01 Market cap 4,814.62 mn Div Yield (%) 2.77
Last 60 days High Low
2010 Div BR (%) (%)
2.35 10.39 15.88 24.09 24.00
17.5
0.50 4.60 12.07 17.55 13.50
10B -
2011 Div BR (%) (%) - 200R
Open 987.14 Turnover 11,493,514 P/E (x) 6.79 Company
Paid up Cap(mn)
Ali Asghar Textile AL-Qadir Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Textile Latif Jute Mian Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sargodha Spinning Saritow Spinning Service Ind Service Textile Shahtaj Textile Shahzad Textile Shield Corp Suraj Cotton Taj Textile Tata Textile Thal Limited Treet Corp Tri-Star Poly Zil Limited
222 76 2594 840 133 4493 33 76 76 64 400 1150 2442 238 492 31 600 514 57 34 110 234 635 146 716 3105 100 99 180 181 97 184 48 107 208 303 1455 36 221 189 145 187 1614 3516 560 130 250 308 341 264 88 42 312 133 120 44 97 180 39 180 334 173 307 418 215 53
High Low 1,000.82 980.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64
Close 990.04 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
7.36 0.44 0.19 0.46 4.79 0.78 0.56 2.14 2.98 51.35 0.22 0.16 0.61 0.88 2.85 0.35 1.00 3.59 0.98 2.46 2.26 1.52 0.85 0.33 0.20 0.51 7.84 38.27 1.82 4.20 5.73 2.89 0.80 0.62 3.80 0.54 0.28 1.04 1.02 0.40 7.02 0.38 1.39 0.57 11.57 0.79 0.54 5.56 5.89 4.75
0.61 8.87 2.69 20.47 2.58 9.04 15.34 16.07 542.78 60.30 1.50 2.62 2.40 1.00 17.22 3.60 1.52 42.89 1.91 4.25 26.75 88.86 39.77 8.51 4.62 49.22 1.03 9.51 3.93 272.00 7.10 6.99 15.74 1.20 1.20 1.53 4.77 5.74 0.41 1.23 0.37 15.85 26.65 63.56 17.45 43.08 1.10 12.15 41.47 11.17 6.70 4.50 3.81 2.00 200.74 0.53 22.00 6.99 90.00 39.04 0.14 40.05 112.50 47.80 0.59 66.25
0.62 9.87 3.25 20.90 2.75 9.43 15.50 16.70 556.31 60.00 1.08 2.79 2.69 1.18 17.88 3.50 1.85 44.99 2.20 5.23 27.50 89.99 41.00 8.70 5.20 49.89 1.34 10.50 4.69 279.99 7.00 6.99 15.08 1.23 1.60 1.78 5.10 5.50 0.50 1.50 0.45 16.50 27.70 65.05 18.30 45.23 1.21 12.44 41.50 11.49 7.70 4.75 3.99 2.00 205.91 0.50 22.00 6.99 90.00 40.00 0.15 42.05 112.95 48.89 1.10 68.00
0.62 9.87 2.70 19.67 2.40 9.07 15.30 15.81 521.00 60.00 1.08 2.50 2.44 0.92 16.22 3.50 1.45 43.00 1.99 4.15 26.80 86.95 40.35 8.50 4.70 47.15 1.33 9.00 4.20 258.40 7.00 6.99 15.06 1.00 1.60 1.69 4.12 5.50 0.49 1.00 0.32 16.50 26.87 63.85 17.30 43.05 0.99 12.00 40.70 10.52 7.00 4.30 3.40 1.85 201.00 0.40 20.90 6.99 90.00 39.90 0.15 41.50 112.00 47.01 1.10 64.81
0.62 0.01 9.87 1.00 2.86 0.17 20.47 0.00 2.75 0.17 9.29 0.25 15.30 -0.04 16.20 0.13 552.18 9.40 60.30 0.00 1.08 -0.42 2.79 0.17 2.44 0.04 1.00 0.00 16.22 -1.00 3.50 -0.10 1.65 0.13 43.65 0.76 2.00 0.09 4.66 0.41 27.02 0.27 89.00 0.14 40.58 0.81 8.53 0.02 4.98 0.36 49.61 0.39 1.03 0.00 9.51 0.00 4.48 0.55 261.47-10.53 7.00 -0.10 6.99 0.00 15.06 -0.68 1.01 -0.19 1.60 0.40 1.70 0.17 4.55 -0.22 5.74 0.00 0.50 0.09 1.00 -0.23 0.36 -0.01 16.49 0.64 27.32 0.67 64.58 1.02 18.10 0.65 44.55 1.47 1.10 0.00 12.09 -0.06 40.89 -0.58 11.00 -0.17 7.24 0.54 4.75 0.25 3.40 -0.41 2.00 0.00 205.19 4.45 0.40 -0.13 22.00 0.00 6.99 0.00 90.00 0.00 40.00 0.96 0.15 0.01 41.91 1.86 112.06 -0.44 47.92 0.12 1.00 0.41 65.00 -1.25
1500 6500 2124642 447 7751 2194692 14000 6928 558 200 3000 36336 501 32915 7711 14452 826111 129294 8498 19695 2102 4713 513 4282 904181 10006 101 110 105024 242 4534 8889 1300 8600 2000 24765 20388 200 520 5005 2123 1080 1912820 2669364 38243 705 189 500 3200 4610 102421 780 22994 71251 1485 1500 1102 1613 203 62000 8500 1998 3858 32127 5246 615
Change 2.90 Market cap 135,390.77 mn Div Yield (%) 2.46
Last 60 days High Low 1.50 9.87 4.68 24.59 3.00 12.84 16.60 17.00 705.00 63.70 2.20 3.76 2.97 1.43 23.99 3.60 2.10 48.29 3.20 8.90 27.66 91.00 41.00 9.23 5.20 55.00 2.30 10.90 4.69 350.15 8.70 8.80 18.00 1.30 2.50 2.00 5.95 10.99 0.75 2.08 0.88 17.10 28.13 71.89 18.30 48.48 1.90 12.99 42.70 11.50 7.70 6.35 4.45 2.89 253.00 0.70 22.05 7.98 96.49 41.95 0.50 44.10 132.00 63.30 1.29 87.90
2010 Div BR (%) (%)
0.61 5.61 10 2.35 30 19.20 20 1.32 7.5 8.05 8.10 12.76 20 493.50 280 46.00 50 0.77 5 2.05 2.00 0.32 15.00 15 1.99 1.20 35.00 5 1.50 2.90 18.90 35 53.14 70 24.81 12.5 5.02 10 3.31 10 37.50 20 0.32 4.56 2.92 10 188.01 50 6.25 8 5.20 20 13.15 0.25 0.85 0.75 4.01 5.50 0.25 0.60 0.13 14.50 20SD 21.51 15 57.20 25 8.30 34.35 20 0.65 8.50 25SD 35.25 40 3.90 3.63 10 2.99 1.55 5 1.00 186.00 0.40 17.50 45 5.00 5 81.31 10 33.00 50 0.08 31.52 25 100.51 80 44.10 0.33 50.00 35
15B 5B 45R 5B 20B -
% Change 0.29 5-Day High 990.21 5-Day Low 984.23 2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH % Change 2.19 5-Day High 1,634.24 5-Day Low 1,586.04
2010 Div BR (%) (%)
2011 Div BR (%) (%)
3302 3260 515
18.20 244.95 51.20
10.65 215.00 42.90
400 25
10B
-
-
500 9000
2.40 13.50
0.74 8.25
-
-
-
-
6399 58781
68.85 568.40
54.05 466.27
650
25B325.00
-
Total Equity (Rs in mn)
3.49
Revenue (Rs in mn)
1,837.29
MA (200-day)
3.70
Interest Expense
1st Support
4.21
Profit after Taxation
31.59
2nd Support
3.96
EPS 10 (Rs)
1.750
1st Resistance
4.70
Book value / share (Rs)
19.29
2nd Resistance
4.94
PE 11 E (x)
2.46
Pivot
4.45
PBV (x)
0.23
348.08 1,237.40 112.40
IDRT closed up 0.55 at 4.48. Volume was 1,049 per cent above average (trending) and Bollinger Bands were 51 per cent wider than normal. The company's profit after taxation stood at Rs16.502 million which translates into an Earning Per Share of Rs0.91 for the half year of current fiscal year (1HFY11). IDRT is currently 18.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into IDRT (bullish). Trend forecasting oscillators are currently bullish on IDRT.
Hira Textile Mills Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day) MA (10-day) MA (100-day)
74.67 4.31 4.03
Total Assets (Rs in mn) Total Equity (Rs in mn) Revenue (Rs in mn)
3,356.84 1,312.24 3,116.91
MA (200-day)
3.87
Interest Expense
263.53
1st Support
4.70
Profit after Taxation
248.83
2nd Support 1st Resistance
4.45 5.20
EPS 10 (Rs) Book value / share (Rs)
2nd Resistance
5.45
PE 11 E (x)
1.00
Pivot
4.95
PBV (x)
0.27
3.478 18.34
HIRAT closed up 0.36 at 4.98. Volume was 580 per cent above average (trending) and Bollinger Bands were 204 per cent wider than normal. The company's profit after taxation stood at Rs178.301 million which translates into an Earning Per Share of Rs2.49 for the half year of current fiscal year (1HFY11). HIRAT is currently 28.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into HIRAT (bullish). Trend forecasting oscillators are currently bullish on HIRAT. Momentum oscillator is currently indicating that HIRAT is currently in an overbought condition.
Sally Textile Mills Limited
% Change -0.40 5-Day High 1,026.27 5-Day Low 994.87
Performance of SR Pharma and Bio Tech Index
Change 35.07 Market cap 33,451.48 mn Div Yield (%) 15.90
Last 60 days High Low
-
Performance of SR Personal Goods Index
Performance of SR Industrial Engineering Index Open 1,599.17 Turnover 81,833 P/E (x) 8.27
20B - 50.00 20B 10.00 -
PERSONAL GOODS
-
% Change 0.76 5-Day High 874.63 5-Day Low 835.22
Close Chg
Close 1,943.24 Listed cap 11,335.33 mn Payout (%) 30.57
High Low 1,002.05 983.16 Total cos Defaulter cos P/BV (x) ROE (%) 0.24 10.64
PE
Performance of SR Construction and Materials Index High Low 887.94 859.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 7.10
100 60 20 150 5 10 -
Total Assets (Rs in mn)
3.79
MA (100-day)
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Open 863.52 Turnover 4,010,755 P/E (x) 6.44
159.61 16.00 108.25 1.50 170.11 21.00 3.05 3.71 9.52 218.00 60.00 18.80 1.30
2011 Div BR (%) (%)
69.99
MA (10-day)
HOUSEHOLD GOODS
-
% Change 1.07 5-Day High 1,040.31 5-Day Low 1,012.16
High Low 1,971.14 1,917.25 Total cos Defaulter cos P/BV (x) ROE (%) 14.19 30.30
PE
INDUSTRIAL METALS AND MINING High Low 1,046.71 997.46 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 33.10
205.00 43.26 143.80 2.89 217.44 26.74 5.36 5.49 12.87 309.73 74.80 24.25 2.45
2010 Div BR (%) (%)
% Change 0.28 5-Day High 1,120.56 5-Day Low 1,104.37
RSI (14-day)
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index Open 1,029.31 Turnover 481,156 P/E (x) 3.32
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Food Producers Index
2011 Div BR (%) (%) -
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,690.10 Turnover 29,164,842 P/E (x) 9.68
-
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,105.51 Turnover 80,322 P/E (x) 3.90
Idrees Textile Mills Limited
% Change -0.26 5-Day High 695.46 5-Day Low 681.54
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Open 890.37 Turnover 187,740 P/E (x) 6.87 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 100 96 306
PE
Open
7.03 83.41 6.08 90.93 15.94 78.68 7.11 25.50 4.13 10.50 7.54 30.75 6.78 150.00 5.47 63.13
High
High Low 923.22 887.41 Total cos Defaulter cos P/BV (x) ROE (%) 1.53 22.31 Low
Close Chg
87.00 81.00 84.55 1.14 91.50 89.01 89.92 -1.01 82.60 80.50 80.97 2.29 26.35 25.60 25.65 0.15 11.00 10.00 10.48 -0.02 32.18 29.50 30.75 0.00 157.50 150.00 157.50 7.50 64.25 62.50 62.54 -0.59
Close 903.22 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 5125 1190 67166 8251 16468 101 16464 72952
Change 12.85 Market cap 30,056.53 mn Div Yield (%) 6.48
Last 60 days High Low 112.50 98.00 89.98 30.48 11.00 35.70 174.00 69.00
78.59 83.50 68.00 24.50 7.16 29.50 126.00 58.50
2010 Div BR (%) (%) 50 40 100 30
% Change 1.44 5-Day High 903.22 5-Day Low 835.96 2011 Div BR (%) (%)
20B 12.50 15B 15 -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) 1st Support 2nd Support 1st Resistance 2nd Resistance Pivot
75.81 5.40 4.44 4.00 6.90 6.60 7.60 8.00 7.30
Total Assets (Rs in mn) Total Equity (Rs in mn) Revenue (Rs in mn) Interest Expense Profit after Taxation EPS 10 (Rs) Book value / share (Rs) PE 11 E (x) PBV (x)
1,206.03 (51.77) 1,745.62 61.74 134.89 15.372 (5.90) 0.28 (1.23)
SLYT closed up 0.54 at 7.24. Volume was 486 per cent above average (trending) and Bollinger Bands were 159 per cent wider than normal. The company's profit after taxation stood at Rs115.441 million which translates into an Earning Per Share of Rs13.16 for the half year of current fiscal year (1HFY11). SLYT is currently 82.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SLYT (bullish). Trend forecasting oscillators are currently bullish on SLYT. Momentum oscillator is currently indicating that SLYT is currently in an overbought condition.
Lafarge Pakistan Cement Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) 1st Support 2nd Support 1st Resistance 2nd Resistance Pivot
45.20 2.86 3.16 3.03 2.86 2.82 2.99 3.08 2.95
Total Assets (Rs in mn) Total Equity (Rs in mn) Revenue (Rs in mn) Interest Expense Loss after Taxation EPS 09 (Rs) Book value / share (Rs) PE 10 E (x) PBV (x)
19,704.24 9,763.73 8,129.96 1,230.81 (1,278.96) (0.974) 7.44 0.40
LPCL closed up 0.02 at 2.94. Volume was 75 per cent below average (consolidating) and Bollinger Bands were 24 per cent narrower than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 3.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of LPCL (mildly bearish). Trend forecasting oscillators are currently bearish on LPCL.
BOOK CLOSURES Company
From
To
Allied Bank Ltd Tri-Pack Films Kot Addu Power Shahtaj Sugar Mills # Biafo Industries Sazgar Engg Works Sazgar Engg Works # Atlas Honda # Punjab Oil Mills # Fauji Fertilizer Bin Qasim Huffaz Seamless Pipe Ind Indus Dye & Manufac Co # Fauji Cement # Al-Noor Sugar Mills # Indus Motor Habib Bank United Bank (Unconsolidated) Al-Ghazi Tractors Engro Corp (Consolidated)
10-Mar 10-Mar 11-Mar 11-Mar 12-Mar 13-Mar 13-Mar 14-Mar 14-Mar 15-Mar 15-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 17-Mar
16-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 26-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar
D/B/R
Spot AGM/Date
20(F),10(B) 02-Mar 100(F) 02-Mar 30(I) 03-Mar 15(Ii) 04-Mar 10(I) 04-Mar 10(I),10(B) 35(F) 07-Mar 15(I) 50(I) 08-Mar 40(F) 08-Mar 250(F) 08-Mar 20(F),20(B) 09-Mar
16-Mar 18-Mar 22-Mar 19-Mar 21-Mar 02-Apr 21-Mar 24-Mar 22-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 54 3.1 95.01 153.03 48 252.08 101.69 31.01 16.1 2.63 40 2.82 22.63 1.9
High 54 3.4 98.89 160 47 264 106.05 31.49 17.1 2.75 41.77 2.96 23.4 1.95
Low Close 53 3.15 95 155 45.7 250.01 102 31.01 15.15 2.57 38.15 2.81 22.65 1.85
53.88 3.22 97.32 153.03 45.96 255.14 102.86 31.01 17.05 2.61 41.14 2.84 23.29 1.85
Change -0.12 0.12 2.31 0 -2.04 3.06 1.17 0 0.95 -0.02 1.14 0.02 0.66 -0.05
Vol 1804 1935254 6720 106 1050 107 281 1413 4002 115953 1615 322203 302071 901
7
Thursday, March 10, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,044.47 Turnover 2,083,310 P/E (x) 5.72 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
Open
78 5.43 37740 11.99 3000 1.38 8606 6175 -
High Low 1,065.04 1,044.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.73 12.84
High
50.01 17.78 2.02 2.56 3.03
Low
51.90 18.09 2.12 2.64 3.18
49.90 17.81 2.05 2.47 3.00
Close Chg 50.00 17.99 2.10 2.49 3.10
-0.01 0.21 0.08 -0.07 0.07
Close 1,054.92 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 5757 1650344 133235 293974 69604
Change 10.45 Market cap 72,973.29 mn Div Yield (%) 10.93
Last 60 days High Low 82.39 20.65 2.67 3.45 4.65
48.91 17.25 1.60 2.15 2.80
% Change 1.00 5-Day High 1,066.41 5-Day Low 1,044.47
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
- 15.00 -
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance United Insurance XB
255 6.21 369 6.24 279 8.81 457 6.08 1250 400 3.23 718 8.58 791 11.09 3000 44.54 250 1.68 350 82.86 303 5.95 400 2.31
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy XD Kot Addu PowerSPOT Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
198 11572 1560 7932 1695 8803 3673 3541 191 1367 150
7.31 7.69 5.72 3.02 2.29 5.18 -
Open
High
0.73 39.38 1.40 2.68 17.49 44.42 14.78 15.86 16.68 1.62 0.79
0.80 39.99 1.47 2.78 17.79 44.90 15.10 16.27 17.00 1.69 0.85
Low 0.70 39.50 1.40 2.65 17.68 44.35 14.76 15.60 16.99 1.60 0.85
Close Chg 0.70 -0.03 39.90 0.52 1.41 0.01 2.67 -0.01 17.68 0.19 44.54 0.12 15.04 0.26 15.68 -0.18 17.00 0.32 1.65 0.03 0.79 0.00
Close 1,345.92 Listed cap 95,369.29 mn Payout (%) 104.13
Volume 19005 399341 11202 503252 6051 881598 849063 1340843 17700 140901 127
Change 12.77 Market cap 109,563.78 mn Div Yield (%) 7.16
Last 60 days High Low 1.18 41.20 2.10 3.55 22.85 45.85 18.01 18.70 19.25 2.80 1.49
% Change 0.96 5-Day High 1,353.66 5-Day Low 1,333.15
2010 Div BR (%) (%)
0.56 35.90 1.25 2.31 16.00 39.80 14.05 14.85 16.40 1.41 0.50
50 15 50 20 -
Open 729.58 Turnover 86,955 P/E (x) 5.42
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,468.02 Turnover 5,558,629 P/E (x) 9.63 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,517.94 1,470.86 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 11.41
Close 1,486.72 Listed cap 12,202.80 mn Payout (%) 66.79
Change 18.70 Market cap 33,146.21 mn Div Yield (%) 6.94
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 12.65 8390 3.83
21.22 25.13
21.78 26.15
21.25 25.19
21.51 0.29 25.43 0.30
174323 5384306
29.39 27.90
% Change 1.27 5-Day High 1,486.72 5-Day Low 1,431.71
2010 Div BR (%) (%)
19.71 19.95
20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,135.41 Turnover 11,607,903 P/E (x) 8.20 Paid up Cap(mn)
Company
PE
Open
Allied Bank Ltd.XDXB 8603 5.64 59.13 Askari Bank 6427 6.72 14.10 Bank Alfalah 13492 6.91 9.41 Bank AL-HabibXDXB 8786 5.70 28.13 Bank Of Khyber 5004 3.78 4.25 Bank Of Punjab 5288 7.09 BankIslami Pak 5280 38.67 3.55 Faysal Bank 7327 4.35 13.57 Habib Bank LtdSPOT 10019 7.98 126.59 Habib Metropolitan Bank 8732 7.39 23.75 JS Bank Ltd 8150 3.10 KASB Bank Ltd 9509 1.60 MCB Bank Ltd 7602 10.24 222.57 Meezan Bank 6983 8.05 18.52 Mybank Ltd 5304 2.14 National Bank 13455 6.95 78.83 NIB Bank 40437 2.17 Samba Bank 14335 1.93 Silkbank Ltd 26716 2.30 Soneri Bank 6023 30.95 6.50 Stand Chart Bank 38716 9.49 9.34 Summit Bank Ltd 7251 2.95 United Bank LtdSPOT 12242 7.71 64.75
High
High Low Close 1,161.42 1,134.66 1,148.86 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.14 13.94 40.49 Low
Close Chg
61.70 57.99 59.82 0.69 14.29 14.06 14.12 0.02 9.69 9.25 9.33 -0.08 28.25 27.80 28.06 -0.07 4.50 4.20 4.27 0.02 7.28 7.12 7.15 0.06 3.60 3.41 3.48 -0.07 13.90 13.42 13.48 -0.09 128.79 127.00 127.76 1.17 24.23 23.50 24.15 0.40 3.10 2.88 2.99 -0.11 1.69 1.53 1.60 0.00 228.45 224.00 227.42 4.85 19.10 18.60 19.00 0.48 2.39 2.10 2.12 -0.02 79.95 79.20 79.55 0.72 2.25 2.10 2.13 -0.04 1.86 1.77 1.80 -0.13 2.32 2.21 2.24 -0.06 6.75 6.31 6.50 0.00 9.32 9.00 9.02 -0.32 3.08 2.92 2.93 -0.02 66.50 65.10 65.63 0.88
Volume
Change 13.45 Market cap 701,519.04 mn Div Yield (%) 4.94
Last 60 days High Low
138955 74.00 186323 19.25 808827 11.99 141299 39.49 23640 4.68 695444 10.29 74504 4.50 80655 16.47 42400 131.00 43533 29.28 206329 3.16 117372 2.79 1598383 250.48 55614 20.30 12655 3.40 4141734 81.78 1623417 3.35 115491 2.17 764140 3.05 17948 8.48 152706 9.90 55494 4.63 566534 70.65
% Change 1.18 5-Day High 1,148.86 5-Day Low 1,108.16
2010 Div BR (%) (%)
57.99 12.55 8.75 27.22 3.75 6.40 3.01 10.69 114.01 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89
40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -
-
-
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company Adamjee Insurance
High Low 771.48 749.66 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20
Close 764.45 Listed cap 11,111.34 mn Payout (%) 79.54
Change 19.03 Market cap 48,054.85 mn Div Yield (%) 6.30
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.68
79.98
82.40
80.90
81.69 1.71
212287
96.40
% Change 2.55 5-Day High 764.45 5-Day Low 734.07
2010 Div BR (%) (%)
71.55
10
Company EFU Life Assurance
New Jub Life Insurance
2011 Div BR (%) (%)
-
-
-
10.24 41.00 77.51 9.73 37.14 13.55 99.91 63.09 17.37 7.11 11.60 11.00 7.06
0.00 0.00 0.00 0.09 0.65 0.45 4.22 2.59 0.62 -0.87 1.00 0.00 0.06
350 12.00 7600 42.90 280 83.00 19440 11.99 26387 45.40 501 15.50 8827 102.44 29849 63.25 1036617 19.40 2000 9.95 35655 11.60 5113 12.93 1403 7.80
9.51 35.47 58.11 8.90 32.25 11.72 86.51 56.00 13.80 6.33 6.15 10.10 5.41
10 30 35 -
25R 20B 10B 55B 25B -
-
UPTO 100 VOLUME
-
Symbols
High Low 762.06 721.87 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 3.85
Close 748.94 Listed cap 2,290.72 mn Payout (%) 355.53
Change 19.36 Market cap 8,851.13 mn Div Yield (%) 4.27
PE
Open
High
Low
Close Chg
Volume
850 33.59
58.00
60.00
58.50
59.11 1.11
10808
80.15
45.24
47.50
42.98
47.49 2.25
76137
Company
Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities Escorts Bank 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 Saudi Pak Leasing Stand Chart Leasing Trust Brokerage Trust Inv Bank
PE
225 1.54 360 4.11 450 17.42 3750 4.35 150 1.24 250 593.33 441 215 2121 9.50 600 5.24 2849 3166 626 0.86 7633 508 857.50 500 7.17 1000 1000 821 4.27 775 4.44 452 978 3.58 100 586 0.56
Open 0.66 23.00 20.24 21.21 1.29 1.52 1.61 2.01 2.03 6.06 0.51 3.08 1.65 9.04 3.35 24.18 5.55 4.68 6.00 1.80 0.65 2.60 4.90 2.00
High Low 361.48 341.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91
High 0.82 24.15 21.25 22.27 1.37 1.78 2.49 3.01 2.10 6.50 0.64 3.23 1.66 9.55 3.64 25.30 5.85 4.86 6.15 2.49 0.95 2.78 5.35 1.99
Low 0.64 23.43 20.49 21.37 1.35 1.60 1.80 1.34 2.02 6.45 0.41 3.09 1.58 9.08 3.15 23.01 5.69 4.51 6.15 1.85 0.74 2.65 3.91 1.99
Close Chg 0.74 24.14 21.25 22.27 1.29 1.78 2.00 3.01 2.09 6.50 0.51 3.09 1.63 9.41 3.43 24.94 5.70 4.79 6.15 2.13 0.94 2.65 4.00 1.99
0.08 1.14 1.01 1.06 0.00 0.26 0.39 1.00 0.06 0.44 0.00 0.01 -0.02 0.37 0.08 0.76 0.15 0.11 0.15 0.33 0.29 0.05 -0.90 -0.01
Low
Close
10.83
10.55
10.55
10.83
0.00
FANM
3.30
3.15
3.15
3.30
2010 Div BR (%) (%)
51.31
49.31
-
39.05
0.00
100
FRSM
18.90
19.85
18.92
18.92
0.02
100
MWMP
1.13
1.28
0.82
1.13
0.00
87
PRWM
14.01
14.40
14.02
14.01
0.00
GATI
45.42
45.00
45.00
45.42
0.00
75
FNEL
4.95
5.00
4.05
4.95
0.00
74
PECO
139.85
135.00
132.95
139.85
0.00
Last 60 days High Low
14602 27275 32792 2099769 210 3928 1499 15167 29090 1296 31005 137702 6702 2774566 212316 11770 52700 44101 500 3261361 11101 505 1004 865
0.95 24.85 28.00 30.20 2.10 2.75 3.80 3.50 3.90 8.98 1.09 3.95 1.99 12.80 4.49 31.50 7.40 5.43 7.19 2.50 0.97 3.00 5.88 2.00
0.33 16.80 18.31 18.75 1.10 1.06 1.55 0.43 1.90 5.65 0.31 2.95 1.05 8.01 2.58 20.80 5.10 3.75 5.25 1.21 0.41 1.67 1.42 0.61
2010 Div BR (%) (%) 30 11.5 10 -
1025.69
950.00
975.00
-2.00
63
3447.50
3400.00
3400.10
-2.63
60
DADX
19.96
19.60
19.00
19.60
-0.36
50
UBDL
28.92
SALT
30.10
30.10
28.92
0.00
68.98
68.98
68.50
0.00
45
3.57
3.04
2.65
3.57
0.00
36
FECM
2.75
3.15
3.15
2.75
0.00
35
2011 Div BR (%) (%) -
NPSM
25.00
25.00
0.00
30
33.41
31.80
31.80
33.41
0.00
25
940.00
950.00
897.01
940.00
0.00
23
BAFS
58.00
56.00
56.00
58.00
0.00
21
HWQS
15.10
14.60
14.10
14.60
-0.50
20
0.00
20
DINT WYETH
SANSM
12.32
Company
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star Mutual U D L Modaraba UNICAP Modaraba
PE
Open
High
Low
264 1375 4.15 525 1.47 780 1.74 65 1.57 200 1.27 524 1.05 581 0.73 760 1.54 397 3.63 1008 6.25 3180 2.35 1186 1.31 283 1.88 1200 2.56 184 11.50 250 6.08 1000 3.09 2835 3.76 2841 3.01 872 1.92 340 454 4.97 50 0.79 264 2.42 136 25.00
1.50 9.82 6.00 1.50 1.16 0.56 1.80 1.99 3.29 7.02 7.15 6.00 5.33 3.03 8.82 1.15 5.85 7.21 12.23 5.43 1.00 1.24 9.60 0.81 7.00 0.07
1.65 10.30 5.52 1.70 1.35 0.61 1.84 2.13 3.39 7.54 7.50 6.40 5.48 3.03 9.00 1.25 6.25 7.60 12.85 5.64 1.04 1.24 10.05 1.24 6.75 0.25
1.36 10.00 5.51 1.50 1.16 0.53 1.71 2.10 3.21 7.01 7.00 6.10 5.31 2.99 8.90 1.24 4.85 7.25 12.21 5.35 0.91 1.10 9.53 1.19 6.71 0.25
Close Chg
Volume
1.50 10.30 5.51 1.60 1.16 0.56 1.73 2.12 3.35 7.40 7.25 6.10 5.44 3.00 8.90 1.15 5.11 7.48 12.56 5.54 1.00 1.11 9.74 1.19 6.74 0.25
410 182034 20000 230936 1110 429 38030 3251 45401 13001 22246 716627 366553 82500 22641 106 3000 32300 679729 62185 5236 536 9489 561 1400 77000
2.34 11.50 6.97 2.79 1.99 0.87 2.98 2.57 3.89 9.00 7.50 6.43 6.61 3.50 10.24 2.50 7.58 8.83 16.49 7.95 1.20 2.38 10.63 1.95 7.25 0.95
0.00 0.48 -0.49 0.10 0.00 0.00 -0.07 0.13 0.06 0.38 0.10 0.10 0.11 -0.03 0.08 0.00 -0.74 0.27 0.33 0.11 0.00 -0.13 0.14 0.38 -0.26 0.18
1.16 7.60 3.84 1.12 0.90 0.35 1.30 1.61 2.92 6.71 6.50 4.61 4.15 1.26 6.35 1.15 4.85 6.21 11.90 5.35 0.90 0.85 8.62 0.60 5.60 0.05
409.93
0.00
2710.00
2811.00
65.20
18
-
ISIL
82.13
78.06
78.05
82.13
0.00
15
7.80
7.80
7.80
7.80
0.00
13
19
2.50
3.49
2.50
2.50
0.00
JOPP
10.55
11.00
11.00
10.55
0.00
11
COTT
1.20
1.40
1.40
1.20
0.00
10
11
10
GLAT
8.50
9.50
9.50
8.50
0.00
GSPM
10.69
10.65
10.65
10.69
0.00
10
PPVC
2.00
3.00
3.00
2.00
0.00
10
SHTM
0.37
0.50
0.50
0.37
0.00
10 10
2011 Div BR (%) (%) -
YOUW
1.40
1.59
1.59
1.40
0.00
NSRM
16.00
15.00
15.00
16.00
0.00
8
BUXL
9.00
9.77
8.03
9.00
0.00
7
4679.13
4799.00
4630.01
4726.17
47.04
7
ALICO
15.02
16.02
15.00
15.02
0.00
6
CLOV
56.41
59.20
59.20
56.41
0.00
6
HUSS
10.04
11.00
11.00
10.04
0.00
6
AGL
23.50
23.98
23.98
23.50
0.00
5
COLG
859.90
875.00
820.00
859.90
0.00
5
LEUL
2.10
1.31
1.31
2.10
0.00
5
PAKMI
0.90
1.04
1.04
0.90
0.00
5
ULEVER
-
TRSM
1.99
EWLA HINO SMTM ILTM
0.00
5
1.95
2.60
1.71
1.95
0.00
4
121.60
124.90
2.18
116.07
121.60
0.00
3
6.40
6.49
5.90
6.40
0.00
3
165.00
173.25
173.25
165.00
0.00
2
% Change 0.98 5-Day High 1,474.14 5-Day Low 1,438.31 2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 - 7.50 -
-
2.01
1.99
PASM
14.74
15.49
15.49
14.74
0.00
2
AGIL
71.00
72.00
72.00
71.00
0.00
1
DIIL
10.00
10.80
10.80
10.00
0.00
1 1
GAMON
1.06
1.97
1.97
1.06
0.00
GVGL
23.50
24.24
24.24
23.50
0.00
1
HAJT
0.59
0.95
0.95
0.59
0.00
1
KOHP
3.65
3.99
3.99
3.65
0.00
1
MEHT
59.00
60.50
60.50
59.00
0.00
1
NOPK
21.99
23.00
23.00
21.99
0.00
PRET
30.24
31.60
31.60
30.24
0.00
1
SSIC
6.65
7.00
7.00
6.65
0.00
1
1
FUTURE CONTRACTS Open
High
ENGRO-MAR 188.44
18.5 2.2 0 1.2 17 11 21 5 10 2.8 15.5 10 10 20 10 3 1 17 12.5 -
12.32
389.50
2880.00
Symbols
2010 Div BR (%) (%)
11.66
430.42
2745.80
% Change 3.55 5-Day High 361.58 5-Day Low 341.93
20B 20B 10B -
Change 14.07 Market cap 18,771.10 mn Div Yield (%) 8.63
Last 60 days High Low
12.35
409.93
RMPL
FFBL-MAR
Close 1,452.38 Listed cap 29,771.58 mn Payout (%) 104.74
23.75
FZTM
Performance of SR Equity Investment Instruments Index High Low 1,485.65 1,428.99 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21
23.75
50
-
EQUITY INVESTMENT INSTRUMENTS Open 1,438.31 Turnover 2,616,867 P/E (x) 18.86
73
977.00
CPMFI
Volume
78
68.50
-
Change 12.15 Market cap 16,837.12 mn Div Yield (%) 3.93
100
3402.73
RUBY
Close 354.08 Listed cap 30,336.44 mn Payout (%) 99.56
Vol
CSUML
-
15
Change
% Change 2.65 5-Day High 748.94 5-Day Low 693.71
FINANCIAL SERVICES Open 341.93 Turnover 6,672,131 P/E (x) 11.53
High
DYNO
NESTLE
Last 60 days High Low
627 20.29
Open
SIEM
Performance of SR Financial Services Index
2011 Div BR (%) (%)
NON LIFE INSURANCE Open 745.42 Turnover 1,386,310 P/E (x) 12.62
Paid up Cap(mn)
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
10.90 40.65 76.01 9.71 36.62 13.55 97.00 59.99 16.68 7.11 11.00 11.00 6.85
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,355.13 1,334.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 9.35
10.90 41.95 79.99 9.98 37.49 13.55 99.98 63.25 17.63 7.11 11.60 11.25 7.70
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,333.15 Turnover 4,169,084 P/E (x) 14.55
10.24 41.00 77.51 9.64 36.49 13.10 95.69 60.50 16.75 7.98 10.60 11.00 7.00
Low
Close
197.86
188.90
197.73
9.29 1651500
40.99
39.99
40.83
1.07 1650000
39.76
NBP-MARB
58.18
59.00
58.50
Change
Vol
58.79
0.61
653000
NBP-MAR
78.99
80.09
79.21
79.75
0.76
555000
POL-MAR
318.18
323.25
318.00
321.66
3.48
488000
FFC-MAR
126.63
132.96
127.95
132.83
6.20
450500
NML-MAR
63.76
65.21
64.11
64.97
1.21
338000
ANL-MAR
9.04
9.48
9.05
9.36
0.32
310000
MCB-MAR
201.40
206.70
202.50
205.92
4.52
307500
PSO-MAR
285.61
292.50
288.00
136000
288.74
3.13
24.21
24.69
24.35
24.61
0.40
114500
PPL-MAR
206.59
211.49
208.00
211.08
4.49
103500
NCL-MAR
26.80
27.50
26.55
27.39
0.59
56000
LUCK-MAR
67.52
69.00
68.00
68.13
0.61
49500
AICL-MAR
80.53
82.80
81.50
82.27
1.74
45000
BOP-MAR
7.15
7.29
7.15
7.18
0.03
22000
OGDC-MAR 153.63
156.50
154.59
156.40
2.77
20500
39.98
39.98
39.98
39.98
0.00
20000
NETSOL-MAR 22.76
23.50
23.30
23.40
0.64
16500
UBL-MAR
65.00
66.20
65.50
66.15
1.15
9000
PTC-MAR
17.78
18.05
18.05
18.05
0.27
5000
UBL-MARB
61.33
61.33
61.33
61.33
0.00
DGKC-MAR
HUBC-MAR
500
ABL-CMARW159.05
0.00
0.00
59.91
0.86
0.00
ABL-CMAY
69.61
0.00
0.00
62.09
-7.52
0.00
AICL-CAPR
81.99
0.00
0.00
83.70
1.71
0.00
AICL-CMAR
80.66
0.00
0.00
82.35
1.69
0.00
AICL-CMARW180.13
0.00
0.00
81.81
1.68
0.00
ZERO VOLUME Symbols
Open
ELCM
4.00
High
Low
Close
4.50
4.50
4.50
Change
Vol
0.50
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
National Bank of Pakistan
Engro Corporation
Company
Date
Time
(TFC) Pak Mobile Com Ltd Sajjad Textile Mills Ltd Mohammad Farooq Textile Mills Ltd Askari General Insurance Atlas Honda Ltd Pakistan Tobacco Company Ltd
11-Mar 12-Mar 14-Mar 15-Mar 16-Mar 16-Mar
11:00 10:00 11:30 2:00 -
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
56.81
Support 1
MA (5-day)
11,960.95
Support 2
11,869.60
MA (10-day)
11,716.43
Resistance 1
12,198.55
MA (100-day)
11,612.43
11,998.90
Resistance 2
12,268.95
Fair Value
*Arif Habib Ltd
Rs Recommendations
37
AKD Securities Ltd TFD Research
Sell
45.52
Neutral
TFD Research
10,743.81
Pivot
Leverage Position
12,069.30
Brokerage House
Brokerage House
Fair Value
Rs Recommendations
*Arif Habib Ltd
131.3
Buy
AKD Securities Ltd
AKD Securities Ltd
120.7
Neutral
TFD Research
TFD Research
129.4
Technical Analysis 50.50 120.43 125.27 115.73
Rs Recommendations
71.45 78.6
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
466.49 61,739.60 57.28 129.37
* Target price for Jun-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
53.30 62.69 60.76 53.54
56.15
61.70
63.55
59.85
50.75
50.05
51.95
52.45
51.25
47.42
21.65
21.05
22.55
22.85
21.95
Arif Habib Limited
43.49
20.75
20.25
21.50
21.75
21.00
Adamjee Insurance
47.63
80.90
80.15
82.40
83.15
81.65
Askari Bank
37.48
14.05
13.95
14.25
14.40
14.15
Hold
Azgard Nine
44.31
9.10
8.90
9.45
9.60
9.25
Reduce
Attock Petroleum
53.07
363.15
359.35
371.65 376.30 367.80
Attock Refinery
54.10
118.05
116.00
123.20 126.30 121.15
92.3
Bank Al-Falah
33.97
9.15
9.00
9.60
9.85
9.40
BankIslami Pak
45.08
3.40
3.30
3.60
3.70
3.50
Bank.Of.Punjab
38.74
7.10
7.00
7.25
7.35
Dewan Cement
45.04
1.70
1.60
1.95
2.05
1.80
D.G.K.Cement
46.11
24.90
24.65
25.40
25.65
25.15
Dewan Salman
51.23
2.80
2.70
2.90
3.00
Dost Steels Ltd
Positive
Technical Outlook 147.48 34,981.15 140.92 232.00
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.99 74.85 71.78 68.56
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.50 25,336.51 130.12 79.38
Bollinger Bands were 1 per cent wider than normal.
2.15
2.20
2.10
37.55
37.95
37.10
EFU Life Assurance
48.91
58.40
57.70
59.90
60.70
59.20
ENGRO closed up 10.94 at 237.19. Volume was 136 per cent above aver- NBP closed up 0.72 at 79.55. Volume was 14 per cent below average and age and Bollinger Bands were 82 per cent wider than normal. Bollinger Bands were 114 per cent wider than normal.
Engro Chemical
71.32
230.30
223.35
Faysal Bank
51.53
13.30
13.10
ENGRO is currently 26.2 per cent above its 200-day moving average and is
Fauji Cement
38.84
4.10
4.00
4.40
4.55
4.25
Fauji Fert Bin
68.74
43.10
42.50
44.10
44.50
43.50
Fauji Fertilizer
50.63
128.40
124.45
134.40 136.40 130.45
moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil- the average volatility over the last 10 trading sessions. Volume indicators lators are currently bullish on ENGRO. Momentum oscillator is currently indi- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast-
Habib Bank Ltd
61.02
126.90
126.05
128.70 129.65 127.85
Hub Power
60.27
39.60
39.30
cating that ENGRO is currently in an overbought condition.
ICI Pakistan
62.56
157.95
156.55
161.10 162.85 159.70
Indus Motors
20.52
226.00
224.50
229.00 230.50 227.50
* Target price for Jun-11 & **Net Open Interest in future market
displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect
Brokerage House
Fair Value 339 322.42 363.65
* Target price for Jun-11 & **Net Open Interest in future market
NBP is currently 16.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to
ing oscillators are currently bullish on NBP.
Pakistan Telecommunication Co Ltd
Rs Recommendations
Brokerage House
Hold
*Arif Habib Ltd
Neutral
AKD Securities Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.24 308.21 290.33 257.67
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 34,614.07 232.39 319.37
* Target price for Jun-11 & **Net Open Interest in future market Bollinger Bands were 24 per cent wider than normal.
J.O.V.and CO
48.75
3.20
2.90
3.65
3.90
3.40
Japan Power
42.57
1.40
1.35
1.50
1.55
1.45
JS Bank Ltd
59.52
2.90
2.75
3.10
3.20
3.00
Jah Siddiq Co
44.21
9.15
8.90
9.60
9.80
9.35
Kot Addu Power
60.42
44.30
44.05
44.85
45.15
44.60
K.E.S.C
48.84
2.60
2.55
2.75
2.85
2.70
Lotte Pakistan
54.34
15.75
15.65
15.95
16.05
15.85
Lucky Cement
51.30
67.25
66.50
68.95
69.90
68.20
MCB Bank Ltd
61.05
224.80
222.15
Maple Leaf Cement
42.52
2.20
2.15
2.35
2.40
2.25
National Bank
61.84
79.20
78.80
79.95
80.30
79.55
Nishat (Chunian)
62.04
26.90
26.45
27.75
28.15
27.30
Netsol Technologies
229.25 231.05 226.60
53.04
22.80
22.35
23.55
23.85
23.10
28.99
2.05
2.00
2.20
2.30
2.15
Nimir Ind.Chemical
63.08
2.80
2.75
2.95
3.05
2.90
23.91
Buy
Nishat Mills
53.19
63.95
63.30
65.15
65.70
64.50
Oil & Gas Dev. XD
43.76
154.20
151.50
25.8
Positive
PACE (Pakistan) Ltd.
43.86 17.89 19.06 18.93
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
585.02 10,524.57 6.23 17.92
* Target price for Jun-11 & **Net Open Interest in future market Bollinger Bands were 32 per cent wider than normal.
volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume to the average volatility over the last 10 trading sessions. Volume indica- volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFC at a relatively equal pace. Trend forecasting flowing into and out of NML at a relatively equal pace. Trend forecasting tors reflect volume flowing into and out of POL at a relatively equal pace. flowing into and out of PTC at a relatively equal pace. Trend forecasting Trend forecasting oscillators are currently bearish on POL.
39.80
NIB Bank
displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is extremely high when compared playing a downward trend. Volatility is high as compared to the average
oscillators are currently bearish on NML.
40.30
13.60
Buy
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
40.10
14.10
Rs Recommendations
Technical Outlook
Leverage Position
13.80
24.7
TFD Research
Positive
Technical Outlook
240.85 244.50 233.90
Fair Value
FFC is currently 14.4 per cent above its 200-day moving average and is NML is currently 20.6 per cent above its 200-day moving average and is POL is currently 24.4 per cent above its 200-day moving average and is PTC is currently 4.9 per cent below its 200-day moving average and is dis-
oscillators are currently bearish on FFC.
2.85
1.95 36.20
FFC closed up 6.18 at 132.35. Volume was 81 per cent above average and NML closed up 1.02 at 64.58. Volume was 42 per cent below average and POL closed up 3.67 at 320.67. Volume was 12 per cent below average and PTC closed up 0.21 at 17.99. Volume was 20 per cent below average and Bollinger Bands were 204 per cent wider than normal.
7.20
2.00
AKD Securities Ltd
* Target price for Jun-11 & **Net Open Interest in future market
58.00
41.19
Arif Habib Corp
36.65
Positive
175.80 11,353.16 59.93 64.26
31.21
Attock Cement
39.43
*Arif Habib Ltd
Leverage Position
75.5
TFD Research
Neutral
Allied Bank Limited
Rs Recommendations
85
AKD Securities Ltd
Neutral
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
*Arif Habib Ltd
Leverage Position
71.53 218.06 197.41 188.12
Accumulate
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
1st 2nd Pivot Resistance 2.75 2.90 2.65
EFU General Insurance 48.22
TFD Research
Technical Analysis
229.9 245.4
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Technical Outlook
Leverage Position
Sell
Pakistan Oilfields Ltd
Neutral
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
224
Technical Analysis
Nishat Mills Ltd
Fauji Fertiliser Co
Rs Recommendations
Technical Outlook
RSI (14-day) 68.90 Free Float Shares (mn) 326.94 MA (10-day) 41.51 Free Float Rs (mn) 14,293.75 KSE 100 INDEX closed up 188.14 points at 12,128.15. Volume was MA (100-day) 36.80 ** NOI Rs (mn) 53.73 30 per cent below average and Bollinger Bands were 33 per cent MA (200-day) 32.25 Mean 43.32 wider than normal. As far as resistance level is concern, the market * Target price for Jun-11 & **Net Open Interest in future market will see major 1st resistance level at 12,198.55 and 2nd resistance FFBL closed up 0.95 at 43.72. Volume was 25 per cent above average and level at 12,268.95, while Index will continue to find its 1st support Bollinger Bands were 3 per cent wider than normal. level at 11,998.90 and 2nd support level at 11,869.60. KSE 100 INDEX is currently 12.9 per cent above its 200-day moving FFBL is currently 35.5 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is extremely displaying an upward trend. Volatility is extremely high when compared to high when compared to the average volatility over the last 10 trading the average volatility over the last 10 trading sessions. Volume indicators sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFBL. currently bearish on INDEX. MA (200-day)
AKD Securities Ltd
Technical Outlook Technical Analysis
Fair Value
*Arif Habib Ltd
Accumulate
44.25
Brokerage House
RSI 1st 2nd (14-day) Support 44.54 2.50 2.35
oscillators are currently bearish on PTC.
48.74
2.80
2.70
158.50 160.10 155.80 2.95
3.00
2.85
Pervez Ahmed Sec
58.23
1.85
1.50
2.45
2.80
2.15
P.I.A.C.(A)
50.72
2.55
2.45
2.70
2.80
2.65
Pioneer Cement
37.92
5.50
5.35
5.90
6.10
5.75
Pak Oilfields
56.14
318.05
315.45
322.75 324.85 320.15
Pak Petroleum
54.25
207.30
204.05
212.35 214.15 209.10
Pak Suzuki
37.57
60.60
60.20
P.S.O. XD
53.06
284.10
281.05
P.T.C.L.A
43.75
17.85
17.70
61.65
62.30
61.25
Shell Pakistan
57.53
207.70
205.35
Sui North Gas
35.83
21.25
21.00
21.75
22.05
21.50
Sitara Peroxide
57.26
13.10
12.50
14.05
14.35
13.40
Sui South Gas
57.69
25.05
24.65
26.00
26.55
25.60
Telecard
53.96
2.05
2.00
2.15
2.20
TRG Pakistan
53.10
3.10
3.00
3.35
3.50
3.25
United Bank Ltd
56.18
65.00
64.35
66.40
67.15
65.75
WorldCall Tele
46.01
2.40
2.35
2.60
2.70
2.55
291.10 295.05 288.05 18.10
18.25
17.95
211.70 213.35 209.35
2.10
8
Thursday, March 10, 2011
Indemnity sought for Swat tour sector loss ISLAMABAD: Senate Sub Committee on Tourism and Culture has called for compensating all those stakeholders, who were affiliated with tourism in Swat, but suffered massive losses owing to militancy and floods that, among other social sectors, also took serious toll on travel business. In this connection, Pakistan Tourism Development Corporation (PTDC) has been urged to coordinate with private hoteliers and other stakeholders and pursue the case with the government, Senator Farah Aqil, Convener of the committee said this. The senator said revival of tourism in Swat Valley needed government's attention and Ministry of Tourism / PTDC's should enhance cooperation with private sector. The committee was briefed on efforts made so far by PTDC in promoting tourism in the country. It was told Malam Jabba Resort and Pakistan Austria Institute of Tourism & Hotel and Tourism Management (PAITHOM) established by the support Austria were totally damaged by the militants whereas PIATHOM was partially damaged. The committed was told that PTDC had three motels and one restaurant in Swat. Only PTDC roadside facility --restaurant at Chakdara-- in Swat was damaged during the recent floods, besides PTDC motels at Bamburet (Kalash Valley), Naran (Kaghan Valley), Astak (Skardu Road) and Gilgit. A
total damage assessment of Rs112.25 million (including Rs13 million for PTDC RSF at Chakdara) was submitted to the government in August 2010. It was told that PTDC was ready to jointly work with All Swat Hotels Association for promotion of Tourism in Swat Valley. After the operation against militancy in Swat Valley, a request for compensation of Rs571.488 million was submitted to the Government, however, no financial assistance has been received so far, it was revealed. Haji Zahid Khan, President Swat Hotels Association (ASHA) brought told the committee that the hotel industry in Swat suffered an accumulated loss of Rs7.50 billion due to militancy from 2007 to 2009 and Rs8.00 billion in 2010 due to floods. Over 120 hotels in Swat were destroyed in devastating floods. Around 15000 direct employees and 25,000 people were indirectly involved in tourism industry, who are facing hardships due to the effects of militancy and floods, he said. Roads to beautiful tourist places like Kalam, Mahodanad, Kandol, Khapiro Lakes in Swat valley need extensive repair and reconstruction. He stressed upon the need for restoration of PIA flights to Swat and new plantation on mountains near Mingora. Swat is the home of Gandhara heritage sites and governments should take measures for preservation of these sites.-APP
PIA marks International Women's Day KARACHI: Shaheed Mohtarma Benazir Bhutto had initiated the process of empowering women and ensuring their due rights in the society. This was stated by Dr Azra Fazal Pechuho, Chairperson of Parliamentary Committee for Defence, here. She was speaking as chief guest at a seminar in connection with the International Women's Day held here under the auspices of the PIA. Dr Azra said that Mohtarma Benazir Bhutto had launched the First Women Bank as well as introduced the first women police station. She stated that in accordance
with the vision of Mohtarma, the Benazir Income Support Programme (BISP) has been launched. Dr Azra also appreciated the holding of the International Women's Day at PIA. The Deputy Speaker of Sindh Assembly, Shahla Raza, who presided over the ceremony, shed light on the significance of International Women's Day. Speaking on the occasion, the wife of the Managing Director of PIA, Zareen Khan Yousufzai, said that in PIA the women are working side by side with men and that they enjoy equal rights.-APP
Workers vow jobbery-free nat’l carrier
HONG KONG: Tony Tyler, chief executive of of Cathay Pacific Airways Limited, Christopher Pratt, chairman and John Slosar, chief operating officer attend the company result announcement.-Reuters
Cathay Pacific to get 27 new birds HONG KONG: Cathay Pacific said on Wednesday that it would buy 27 planes from Airbus and Boeing in a deal worth as much as $6.55 billion, as the carrier reported a record profit for 2010. The Hong Kong airline said it had struck a deal with European aircraft maker Airbus for 15 A330-300s and a separate agreement with US-based Boeing for 10 777-300ERs. The purchase also included two more Airbus A350-900s, Cathay said, adding that all the models would be delivered before the end of 2015. The total list price for the new planes was HK$51 billion ($6.55 billion) although they would "be acquired at a considerable discount, as is the usual practice in such transactions," Cathay said. Cathay also said it booked a net profit of HK$14.05 billion in 2010, nearly triple the 2009 result of $4.69 billion.-Agencies
Boeing will sell 43 jets to Chinese, HK airlines HONG KONG: Boeing says it has signed a deal to sell five of its new 747-8 Intercontinental passenger jets to Air China. Chicago-based Boeing and Air China, the country's flag carrier, didn't say how much the deal was worth. At list prices it would be about $1.6 billion but airlines typically get big discounts. Air China will use the planes to expand its international routes. The jets can carry 467 passengers and feature a new wing design and upgraded flight deck. The order was announced Tuesday at the start of an air show in Hong Kong. It still needs Chinese government approval.-Agencies
Etihad puts 5-star UAE hotel stay up for winning TFD Report KARACHI: Etihad Airways, the national airline of the United Arab Emirates, has launched an online promotion offering customers in Pakistan the chance to win an exciting stopover or vacation in Abu Dhabi. The offer includes a three night stay for two people, inclusive of breakfast, at the 5-star hotel, Park Rotana Abu Dhabi, says a press release. The campaign is designed to encourage customers to join the airline's award-winning loyalty program, Etihad Guest. To win the prize, customers need to purchase a ticket on
Etihad Airways' website www.etihadairways.com/pk to any of the airline's 66 destinations worldwide and enroll in the airline's loyalty programme, Etihad Guest. The competition is open until April 5 and the winner's name will be announced on April 10. Amer Khan, Etihad Airways Country Manager in Pakistan, said: "The Etihad Guest loyalty programme recently reached one million members and the benefits to our customers in Pakistan are vast. This exciting promotion not only offers one lucky couple the opportunity to experience Abu Dhabi in five-star luxury, it further educates our
guests about the continued enhancements to our loyalty program and the provision of more and more unique rewards." Etihad Guest, which was launched in August 2006 and quickly established itself as one of the airline industry's fastest-growing and most innovative loyalty programs, offers members the opportunity to accumulate Etihad Guest Miles which can be redeemed against a wide selection of up to 1,800 flight and non-flight rewards from the airline's award-winning Reward Shop, featuring products from more than 200 partners.
Forger ladypilot lands in Indian police hands NEW DELHI: A woman pilot, who has been suspended following hard landing of a flight, was arrested here for allegedly using a forged marksheet to get a licence from the country’s airline regulator, police said Wednesday. Indigo airline’s Parminder Kaur Gulati (38), who has been grounded, was apprehended by a team of Delhi Police’s crime branch from her Kirti Nagar residence yesterday following investigations into a complaint filed by the Directorate General of Civil Aviation (DGCA). She had obtained the mandatory Airlines Transport Pilot License (ALTP) after allegedly producing forged documents, Ashok Chand, Deputy Commissioner of Police (Crime), said. Gulati, who is a Captain with the private budget air carrier Indigo, was grounded
on January 11 following an incident of hard landing of an Indigo flight in Goa. "DGCA Director Training and Licensing D C Sharma had filed a complaint that Gulati had obtained an Airlines Transport Pilot License using forged documents," Chand said. During initial enquiry by DGCA, it was found that she had allegedly submitted forged result card of Pilot License Examination of January 2009 for obtaining ALTP. On the basis of the complaint, a case was registered. "It emerged that the result card of Pilot License Examination submitted by Gulati as proof of passing Air Navigation and Radio Aids and Instruments subjects in January 2009 session for obtaining ALTP license was forged," he said.
Actually, he said, she had failed in Air Navigation and was absent in the other paper of Radio Aids and Instruments. She again appeared for the above subjects in April 2009 session and July 2009 session but on the both the occasions, she could not clear the papers. In order to obtain ATPL, a pilot has to clear three subjects -- Aviation Meteorology, Air Navigation and Radio Aids & Instruments. Gulati had cleared Aviation Meteorology in April 2008 but in spite of repeated attempts, she could not clear Air Navigation and Radio Aids & Instruments subjects. "She submitted forged result card of passing Air Navigation and Radio Aids & Instruments to DGCA in November 2009 and on she was issued ATPL License," Chand said.Agencies
United Air to fly from LA to Shanghai direct LOS ANGELES: United Airlines said Wednesday it will operate direct daily flights between Los Angeles and Shanghai from May 20. The American carrier has been operating nine daily flights connecting Beijing, Shanghai, and Hong Kong with San Francisco, Chicago and New York/Newark, currently the largest airline between the United States and China. United merged with Continental Airlines last
October. "China is the most important international market for the new United," said Jim Compton, United's executive vice president and chief revenue officer. "China is the second largest aviation market globally and the No.1 market in the Asian-Pacific region." Boeing 777 aircraft will be used for the new route. More than 2 million Chinese tourists are expected to visit the United States in the next
four years, and 3 million Americans will visit China, Compton said, citing forecasts from the U.S. Travel and Tourism Administration. United's revenue last year outperformed that of many airlines worldwide, with remarkable growth in the Chinese market. Its fourth quarter 2010 revenue from U.S.-China flights was up nearly 30 percent from the same period a year earlier, Compton said.NNI
MOSCOW: Head of Boeing in Russia Sergey Kravchenko, foreground left, and Aeroflot CEO Vitaliy Savelyev, foreground right, are seen during a signing ceremony for as US Vice President Joe Biden, left, and Russia's First Deputy Prime Minister Igor Shuvalov, right, look on at Skolkovo innovation centre.-Reuters
LAHORE: The PIA workers' leaders have emphasised to eliminate corruption from the national flag carrier and make it a profitable airline. Speakers including Central President Shamim Akmal, senior vice president Israr Mashwani and others while addressing the workers convention here reiterated their stance to solve the problems of the employees. They stressed need for bringing down the annual deficit of the national airline. They said that PIA had potential to become a profitable institution and urged collective efforts to achieve this destination in the larger interest of the airline.-APP
Senate sub body pays Panja Sahib a scrutiny visit ISLAMABAD: Senate Sub Committee on Tourism and Culture has visited Panja Sahib at Hassan Abdal and Taxila Museum to review facilities provided to the tourists. The visit was in line with promoting country's tourism, which continued to register downward trend since the start of this century. The sub-committee urged to promote tourism despite certain odds and directed the officials concerned to put up their best efforts. It stressed the need for protecting sacred sites of Hindus and Sikhs, which receive a good number of both visitors and devotees every year. Besides, the members were of the opinion that Pakistan was so rich in its archaeological tourism that hardly any country in the world could match its potential. They called for preservation of centuries old historical sites of Gandhara and Indus Civilisations. The Committee invited all stakeholders to play role in projecting soft face of the country abroad, which it argued would boost tourists' arrival.-APP
Turkish Air’s wingstrength set to increase by 13 aircraft PARIS: Turkish Airlines has ordered 10 medium-haul A321 passenger jets plus three long-haul A330-200F cargo planes, European aircraft manufacturer Airbus said. The deal is worth around $1.6 billion at list prices. "To achieve our ambitious expansion plans in a sustainable and profitable manner, we require a reliable and efficient fleet," Turkish Airlines chief executive Temel Kotil said in a statement. "Our positive experience with our in-service A320 fleet and the outstanding flexibility and efficiency demonstrated by our A330-200F since it entered service last year made these repeat orders the logical choice for our growth." The new aircraft will join Turkish Airlines' existing fleet of 75 Airbus planes, including 50 of the A320 family to which the A321 belongs, and one A330-200F. The airline placed orders for 27 aircraft with Airbus in 2009 and 2010. On Monday, International Airlines Group, formed from the merger of British Airways and Iberia, ordered eight A330-300 long-haul aircraft from Airbus.-Agencies
9
Thursday, March 10, 2011
Brent hits $116 as Libya in-fighting intensifies
European vegetable oil prices
Libyan refinery shut, oil town suffers airstrike LONDON: Oil rose by more than $3 on Wednesday to over $116 a barrel as fighting intensified in Libya, and an OPEC delegate said it saw no need to hold an emergency meeting to ease supply fears. Brent crude oil futures for April were up $2.68 to $115.74 a barrel at 1603 GMT after forces loyal to Muammar Gaddafi hit storage tanks in the oil terminal of Es Sider, rebel fighters said. At one point Brent was up by more than $3 to $116.18 a barrel in volatile trading. US crude was up 45 cents at $105.47 after reaching an intraday high of $105.92. Fighting intensified in Libya on Wednesday as pro-Gaddafi forces and rebels tussled for control of key towns. The Libyan government and rebels accused each other of blowing up oil facilities in the east of the country after an oil pipeline leading to Es Sider was reportedly hit. Gaddafi's forces are closing in on the rebel-held main square of Zawiyah, where fighting has led to the closure of one of Libya's
Tokyo rubber falls more, but finds support BANGKOK: Tokyo rubber futures continued to fall on Wednesday as weaker oil prices triggered stop-loss selling, but prices bounced up from support at around 400 yen per kg, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery fell 4.1 yen to settle at 412.4 yen ($4.99) per kg. It fell as much as 3.7 per cent to an intraday low of 401.0 yen, the lowest since Dec. 20. The contract had slumped nearly 9 per cent to 416.5 yen per kg on Tuesday. That compares with the record high of 535.7 yen hit in mid-February. "Prices finally rebounded after finding a major support level at 400 yen per kg," said a Singapore-based trader. The most active Shanghai rubber contract for May delivery rose 165 yuan to settle at 36,370 yuan per tonne. TOCOM prices may rally on Thursday after the support at 400 yen held, dealers said. -Reuters
biggest refineries. NATO Secretary-General Anders Fogh Rasmussen said the alliance was not looking to intervene in Libya but its military was ready to respond at short notice. Christopher Bellew, an oil trader at Bache Commodities in London, said the perception of prolonged trouble in Libya was
driving the rally in oil prices. Barclays Capital analyst Paul Horsnell was also skeptical about a swift return of Libyan oil to the market, even if the current government gets the upper hand. "We would expect Libyan oil to face a difficult and perhaps prolonged re-entry to the world market," he said in a note. The oil price was also supported by comments from an OPEC delegate that the group saw no need at present to hold an emergency meeting to discuss raising its output.
The Algerian oil minister also said that there was no shortage of physical crude oil despite the disruptions in Libya and that OPEC would respond to any real shortage. Leading OPEC producer Saudi Arabia is already pumping more oil -- up to 9 million barrels per day. Saudi Foreign Minister Prince Saud Al-Faisal told a news conference on We d n e s d a y that Muslim clerics had b a n n e d demonstrations in Saudi and dialogue was the best way to achieve what Saudis wanted. The Energy Information Administration said that US crude oil stocks at key delivery point Cushing, Oklahoma, had risen 1.69 million barrels week on week to a record 40.26 million barrels, but refined products, particularly gasoline, had fallen far more than forecast. "It was overall a bullish report," said John Kilduff, a partner at Again Capital in New York. -Reuters
Palm oil off 5-wk low ahead of data KUALA LUMPUR: Malaysian crude palm oil ended off five-week lows on Wednesday as traders rebalanced their positions ahead of a slew of industry data. The market shifted its focus from bullish forecasts from a price outlook conference to Malaysian industry data due on Thursday as well as a US Department of Agriculture report showing global demand and supply scenario for food commodities. "We are expecting higher palm oil production for February but stocks will remain tight in Malaysia," said a trader with a local commodities brokerage. "The headline figure will be March 1-10 palm oil exports and I suspect there will be a drop as big buyers are waiting for further price falls." The Malaysian Palm Oil Board will issue February palm
oil stocks, production and exports on Thursday. Cargo surveyors will issue March 110 export data on the same day. The benchmark May palm oil contract on the Bursa Malaysia Derivatives Exchange fell as much as 27 ringgit to 3,557 ringgit per tonne, a level not seen since Feb. 3, before settling nearly flat at 3,585 ringgit. Traded volume stood at 13,566 lots at 25 tonnes versus the usual 15,000 lots as most market participants were at the Bursa Malaysia palm oil conference. Palm oil appears to be following soybeans. US soyoil for May delivery dropped 0.1 per cent on expectations the USDA will raise its forecast of ending stocks for the first time in 11 months. China's most active soybean oil contract for September delivery followed suit, falling 1.1 per cent. -Reuters
LME copper weakens LONDON: Copper fell 3 per cent on Wednesday as strengthening crude oil prices kept investors worried that inflationary pressures could hit economic growth and demand for industrial metals. Copper for three-months delivery on the London Metal Exchange closed at $9,275 a tonne, down from a close of $9,530 a tonne on Tuesday. Zinc and lead recorded heavier losses and hit lows at almost 7 per cent and over 4 per cent, respectively. "Overall weakness is largely on the back of upward oil prices, which would fed through to higher interest rates and so industrial manufacturing activity, that's essentially what is weighing on the complex generally," David Wilson, director of metals research, Societe Generale said. "But some are looking worse than others. Zinc has been looking awful for a while. It's quite a dramatically oversupplied market." The rebel movement in eastern Libya said it did not see any issue in obtaining more arms as needed and said it had been promised help from Qatar and other countries. "There's huge uncertainty as to what's going on," said Daniel Brebner, an analyst at Deutsche Bank. "You've got oil prices now
coming back up," he added. "It's risky, to say the least." Zinc fell as almost 7 per cent and touched a session low at $2,240.50 a tonne, the lowest level since January 2010. It then closed at $2,275 a tonne, down from $2,590 at the
Shanghai copper rebounds Shanghai copper rebounded on Wednesday from a 4-per cent dive in the previous session on easing oil prices, but investors remained concerned energy prices could spike again on continued unrest in the Middle East. The most-active copper futures contract gained 0.8 per cent to close at 71,600 yuan after falling 4.2 per cent on Tuesday, its sharpest daily loss since November. Shanghai zinc edged up 1.3 per cent to 18,315 yuan, after falling as much as 5.2 per cent on Tuesday. close on Tuesday. Battery material lead closed at $2,480 from a $2,590's close
on Tuesday. Earlier it touched a weekly low at $2,475.50. "With lead, stock levels are still high, we've got close to 300,000 tonnes in the LME, and we're now essentially out of the peak demand period for lead, which is demand for winter lead acid battery replacement," Wilson said. Copper stocks in LME warehouses fell 775 tonnes to 425,725 tonnes, a small reprieve as gains in stocks since December have recently brought inventories to their highest levels since mid-2010. Investors remained concerned about weakness in physical demand and about a dearth of buying interest from top copper consumer China. But copper remained within reach of all-time highs, after the metal used extensively in power and construction hit a record peak of $10,190 a tonne on Feb. 15. Aluminium closed at $2,581 a tonne from $2,596. Tin ended at $29,500 a tonne from $30,600 and nickel finished at $26,200 a tonne from $26,900. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 08 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 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
2375 2385 2365 2375 2355 2365 2355 2365
2534.5 2535 2564 2564.5 2643 2648 2703 2708
9419.5 9420 9430 9431 9390 9400 9120 9130
2555 2559 2536 2537 2475 2480 2428 2433
26640 26650 26625 26630 25670 25770 24705 24805
TIN
ZINC NASAAC
30420 2349.5 30425 2350 30425 2374.5 30450 2375 30275 2433 30325 2438 2433 2438
2475 2485 2525 2535 2565 2575 2625 2635
GAUHATI: An Indian man sprays water at a paddy field in Panikhaitee, about 25 kilometers (15 miles) east of Gauhati, India.-Reuters
Arabica coffee sets 34-year high; charts remain bullish LONDON: Arabica coffee futures rose to a 34-year high on Wednesday and looked poised for further gains, boosted by chart-based buying and supportive fundamentals. Cocoa futures slipped back further from last week's 32-year peak but remained underpinned by conflict in top grower Ivory Coast, while sugar edged down but remained within its recent trading range. May arabica coffee on ICE stood 6.8 cents or 2.4 per cent higher at $2.9400 per lb at 1540 GMT after peaking at $2.9570, a 34-year high for the benchmark second month. Robusta coffee futures on Liffe rose to a three-year high, boosted mainly by spillover strength from the arabica market. May robusta coffee was up $104 or 4.2 per cent at $2,566 a tonne after peaking at $2,568, the highest level for the second month since March 2008. Cocoa futures on ICE were lower as the market lost further ground after last week's advance to a 32-year high. May cocoa on ICE fell $52 or 1.4 per cent to $3,581 a tonne at 1543 GMT. The contract peaked at $3,775 a tonne on March 4, a 32-year high for the second month. May cocoa on Liffe was off 33 pounds or 1.4 per cent at 2,287 pounds a tonne at 1543 gmt. Sugar prices were lower, having failed to breach resistance at 31.00 cents a lb, basis May raws with the market peaking at 30.97 cents. May raws stood 0.41 cent or 1.3 per cent lower at 30.29 cents a lb at 1545 GMT, while May whites on Liffe fell $3.40 or 0.45 per cent to $759.70 a tonne. -Reuters
Gold climbs on Mideast, euro-zone woes LONDON: Gold rose on Wednesday as violence in North Africa and the Middle East stoked demand for the metal as a haven from risk, and as worries over euro-zone debt returned to the spotlight ahead of a summit this week. Gold tracked a recovery in crude oil, which arrested a twoday slide as worries about turmoil in the Arab world, where pro-democracy protests are spreading from Libya to Yemen and Kuwait, outweighed OPEC assurances of ample spare capacity.
find out how this whole debt crisis in Europe is settled," he said. "It's been lingering on for a long, long time. It finally needs to be put to bed, or Europe will suffer." Concern over euro-zone sovereign debt was a major factor driving gold's 30 per cent price rise in 2010. It has since extended gains to a record $1,444.40 an ounce, largely on safe-haven buying linked to unrest in the Middle East region. "Gold prices... (are) still underpinned by the MENA unrest and uncertainty over the
Spot gold was bid at $1,432.20 an ounce at 1511 GMT, against $1,428.19 late in New York on Tuesday. US gold futures for April delivery rose $5.50 an ounce to $1,432.70. Gold prices fixed at $1,431 an ounce at 1500 GMT. Euro-priced gold was set for a fourth daily rally, its strongest run in two months, while gold priced in Japanese yen reached its highest since at least 1983. "Gold will be underpinned by the geopolitical risk premium, by inflationary concerns, and by the debt situation in Europe, which I suspect will take on more importance in the next few days," said Credit Agricole analyst Robin Bhar. "The market is really eager to
ongoing violence in Libya," said VTB Capital analyst Andrey Kryuchenkov in a note. Reflecting investor appetite for gold was another pickup in holdings of the metal in some of the world's largest exchange-traded funds, which have risen by over 340,000 ounces so far this week to over 61 million ounces. Silver rallied for a fourth day, rising 0.3 per cent to $36.10 an ounce, supported by the gains in gold and the ongoing backwardation across the silver futures curve, as well as by continued inflows into ETFs. Platinum rose 0.2 per cent to $1,806.24 an ounce, while palladium was little changed at $789. -Reuters
US cotton limits down as market corrects NEW YORK: US cotton futures finished the daily limit down on Tuesday on investor liquidation as the mill and speculative buying which powered the market to record highs dried up for the moment, analysts said. The key May cotton contract on ICE Futures US fell the 7.00-cent limit to finish at $2.0714 per lb, with the day's top at $2.1575. Lou Barbera, cotton analyst at brokerage house VIP Commodities, said the correction may take the May contract down to the region around $1.9725. That would represent a 50 per cent retracement of the rally which took off on Feb. 25 and hoisted cotton prices to all-time
highs. "I think we continue down to the 50 per cent (retracement) level and then we stabilize," said Barbera. Volume traded Tuesday though stood about 28,400 lots, over 10 per cent below the 30-day norm, Thomson Reuters preliminary data showed. But open interest in the cotton market did not seem to be matching the surge in prices to new record highs. Open interest in cotton stood at 175,640 lots as of March 7, up from the seven-month low at 174,074 lots hit on Feb. 28, data from ICE Futures US showed. -Reuters
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 973.00-7.00, Apr11 978.007.00, May11/Jul11 983.007.00, Aug11/Oct11 988.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1035.00-15.00, Aug11/Oct11 975.00-10.00, Nov11/Jan12 980.00-10.00, Feb12/Apr12 985.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1415.00-10.00, Jul11/Sep11 1420.00-15.00, Oct11/Dec11 1385.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1565.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Mar11 1237.50-12.50, Apr11/Jun11 1232.50-10.00, Jul11/Sep11 1200.00-10.00, Oct11/Dec11 1195.00-5.00. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11 1295.00, Apr11/Jun11 1270.00. PALMOIL: RBD dlrs tonne fob Malaysia Apr11 1240.0010.00, Apr11/Jun11 1215.0020.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11 1247.50-12.50, Apr11/Jun11 1222.50-22.50, Jul11/Sep11 1180.00-5.00, Oct11/Dec11 1170.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Apr11 1220.0010.00, May11 1220.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Mar11 945.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 1950.00, Mar11/Apr11 1900.00-110.00, Apr11/May11 1890.00-90.00, May11/Jun11 1880.00-90.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00. Reuters
Indian sugar drops on supply MUMBAI: India sugar prices eased on Wednesday afternoon on concerns millers may fail to sell allocated non-levy quota for March, though an expected rise in demand from cold-drink markers limited the losses, dealers said. India has made available 1.684 million tonnes of non-levy sugar for March, including 350,000 tonnes of unsold stocks from February, the government said in a statement on Feb. 25. "It is very difficult for mills to sell entire non-levy quota made available for March. Supply is certainly higher than demand," said Ashwini Bansod, a senior analyst at MF Global Commodities India. "But temperature is now rising in western India. Demand may also improve with rising temperature," she said. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged down by 0.19 per cent to 2,687 rupees ($59.7) per 100 kg. Sugar contract for April delivery on India's National Commodity and Derivatives Exchange (NCDEX) was down 0.56 per cent at 2,835 rupees per 100 kg at 3:38 p.m. Reuters
National Commodity Exchange Ltd Trading Summary Date
9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011 9-Mar-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 10MA11 MA11 MA11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
105.35 106.53 107.15 36.48 36.50 1435.90 1434.30 1437.50 1430.50 1430.50 1438.50 39176.00 39075.00 39406.00 39176.00 39363.00 45899.00 45899.00 40469.00 40513.00 40425.00 40440.00 40454.00 47200.00 47150.00 47075.00 46991.00 46524.00 3352.00 3358.00 5439.00 86.30 85.85
105.70 107.00 107.15 36.53 36.54 1437.00 1437.70 1438.50 1437.00 1437.00 1438.50 39379.00 39391.00 39406.00 39352.00 39363.00 45899.00 45899.00 40469.00 40513.00 40425.00 40440.00 40454.00 47200.00 47155.00 47075.00 47000.00 46524.00 3352.00 3358.00 5439.00 86.32 85.86
103.75 104.82 106.40 35.63 35.76 1424.00 1424.70 1425.40 1424.70 1435.40 39069.00 39075.00 39288.00 39176.00 39246.00 45762.00 45762.00 40335.00 40379.00 40394.00 40306.00 40320.00 46386.00 46436.00 46453.00 46352.00 46369.00 3351.00 3357.00 5412.00 86.30 85.85
104.87 105.81 106.40 36.30 36.31 1434.70 1435.40 1436.30 1434.70 1435.40 1435.40 39262.00 39273.00 39288.00 39234.00 39246.00 45762.00 45762.00 40335.00 40379.00 40394.00 40306.00 40320.00 46386.00 46436.00 46453.00 46352.00 46369.00 3351.00 3357.00 5412.00 86.32 85.86
Traded Volume in lots 635 217 273 24 1,307 1,246 1,050 11 8 2 1 1 3 1 10 -
Previous Settlement Price 104.49 105.38 105.96 36.16 36.17 1427.70 1428.40 1429.20 1427.70 1428.40 1429.20 39140.00 39152.00 39167.00 39113.00 39124.00 45621.00 45621.00 40213.00 40257.00 40271.00 40184.00 40198.00 46242.00 46292.00 46309.00 46209.00 46226.00 3352.00 3358.00 5439.00 86.30 85.85
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 104.87 77 105.81 50 106.40 36.30 43 36.31 7 1434.70 1,058 1435.40 1,261 1436.30 648 1434.70 9 1435.40 1436.30 1 39262.00 5 39273.00 90 39288.00 39234.00 39246.00 45762.00 45762.00 40335.00 40379.00 40394.00 40306.00 40320.00 46386.00 10 46436.00 1 46453.00 1 46352.00 25 46369.00 5 3351.00 3357.00 5412.00 86.32 85.86 -
Gold medalist Helena of Sweden poses at the IBU Biathlon World Championships in Khanty-Mansiysk
10
Thursday, March 10, 2011
‘Butterglove’ Kamran could be replaced Monitoring Desk PALLEKELE: Pakistan captain Shahid Afridi admitted on Wednesday that calamity-hit wicketkeeper Kamran Akmal could be replaced behind the stumps by younger brother Umar at the World Cup. Kamran has come under fire from fans, media and a host of former players for his sloppy glovework which allowed Ross Taylor to escape on nought and eight to smash a breathtaking 131 in New Zealand's 110-run win on Tuesday. "Keeping with Umar is very much an option and we might try it in the next game (against Zimbabwe on Monday)," Afridi told a private TV channel in Pakistan, of the same option which team used against South Africa in a onedayer last year. He also defended Kamran's hard work. "If you see Kamran train, he puts in a lot of hard work. I don't know why luck deserted him. He is also upset about his performance and he realizes it too." Asked how "luck" seems to have deserted him so often in the last four years, Afridi smiled and said: "I can't give an exact answer to that. My job is to back him, to support him and hopefully he will do his best." Coach Waqar Younis also hinted that Kamran is on borrowed time, but that a decision on his future behind the stumps could be delayed until after the World Cup. "I think maybe after the World Cup we can think about it but now we are in the middle of the tournament and I don't think we can make such a change and panic. We should not." Kamran Akmal has endured a roller-coaster international career. He was first dropped in 2008 for the Asian Cup and again in 2010 when he missed five chances against Australia in Sydney. The 28-year-old also needed clearance from the Pakistan Cricket Board's integrity committee before being allowed to take part in the World Cup.
India warns of militant attack on cricket WC NEW DELHI: India has sounded an alert over a possible militant attack on the cricket World Cup, a government official said Wednesday, but he added that there was no specific threat. "There have been a large number of inputs over the last couple of months," U.K. Bansal, Secretary, Internal Security, told Reuters. "All these put together could be an opportunity, which antiIndia elements could exploit." "We are sounding an alert," Bansal added. The cricket tournament is being held in India, Bangladesh and Sri Lanka and will end on April 2 in Mumbai. Indian authorities say they have taken measures to ensure the high-profile tournament is safe. India suffered one of its worst militant attacks in 2008 when Pakistan-based gunmen carried out coordinated attacks across Mumbai, killing 164 people.-Reuters
PCB drops more bombs on Malik, Yousuf, Kaneria Kaneria, Malik off central contract list, Yousuf no more among elite players KARACHI: Danish Kaneria and Shoaib Malik, under scrutiny by the Pakistan cricket board's integrity committee following the scandal-hit tour of England, have been dropped from the central contracts list for 2011. Senior batsman Mohammad Yousuf was also dropped from the list of elite players who are paid directly by the board, indicating that the selectors have lost faith in his form. "Until the integrity committee clears Danish and Malik they cannot be considered for national selection and only those players who have been given contracts are available for Pakistan," a board official told Reuters. The two players have not played for Pakistan since the test series in England last year as they have failed to satisfy the integrity committee about their assets and bank balances. The series led to three play-
ers being banned for a minimum five years by the International Cricket Council (ICC) for deliberating organising no-balls (spot-fixing) during the test with England at the Oval in August. Malik, who has played 32 tests and 192 ODIs and is a former captain, recently met integrity committee members. Yousuf, 36, a veteran of 90 tests and 288 ODIs and one of the top batsman produced by Pakistan in the last two decades, has been out of favour with the selectors since he had to return home from Dubai without playing a test due to fitness issues late last year. The selectors have expressed their concerns over his fitness while not considering him for the World Cup. "I am disappointed at not being given a central contract but I am certain once I get matters sorted out with the integrity committee I will be
Pakistan told to learn from NZ hit KANDY: Pakistan captain Shahid Afridi on Wednesday urged his team to learn the lessons of the 110-run defeat against New Zealand. The Black Caps rode on a brilliant unbeaten 131 by Ross Taylor to post a challenging 302-7 before Tim Southee removed the top order with a burst of three early wickets to bowl Pakistan out for 192. "There were quite a few lessons to be learned from the defeat, especially those chances we gave to Taylor and when you give such chances to a player like him he makes you pay," said Afridi. Wicket-keeper Kamran Akmal let Taylor off twice in the same Shoaib Akhtar over - once when the batsman was on nought and then on eight allowing two straightforward chances to slip past him. Afridi said his bowlers were poor in the death overs when New Zealand plundered 139 runs off the last 10
overs. "I think the way we started with the ball was good, but then the missed chances maybe demoralised the bowlers and they were very poor in the end," said Afridi. Afridi hoped his top order batsmen will show improvement in the next game, against Zimbabwe on Monday. "Our top order did not work well although we have given them the time to settle down and this was the first time we were chasing. We need to learn how to bat while chasing," said Afridi. "Taylor took the game away from us although the bowlers had reverse swing. But the way he played was brilliant and he took the game away from us," said the Pakistan captain. Pakistan now have six points from four matches, second in Group A behind New Zealand who also have six points but a better net runrate.-Online
back in the frame," Kaneria, who has taken 261 test wickets, told Reuters. The board has, however, given category A contracts to Younus Khan, Shahid Afridi, Misbah-ul-Haq, Shoaib Akhtar, Kamran Akmal, Abdul Razzaq and Umar Gul who are all presently playing in the World Cup being staged in India, Sri Lanka and Bangladesh. Players in the A category are paid a monthly retainer of 200,000 rupees ($2350)) while those in category B and C get 175,000 rupees and 100,000 rupees respectively besides their match fees and other bonuses. The board has given category B contracts to Mohammad Hafeez, Umar Akmal, Abdur Rehman, Saeed Ajmal, Wahab Riaz and category C contracts to Taufiq Umar, Asad Shafiq, Azhar Ali, Ahmed Shahzad, Adnan Akmal, Junaid Khan and Tanvir Ahmed.-Reuters
NEW DELHI: India cricketer Piyush Chawla (R) celebrates the wicket of Netherlands cricketer Alexei Kervezee with teammates during the Cricket World Cup match between India and Netherlands at the Feroz Shah Kotla Stadium.-Reuters
WI primed to mash Irish
SA’s Tahir fractures thumb MUMBAI: South African spinner Imran Tahir's participation in the high-profile World Cup match against co-hosts India hangs in the balance after he suffered a thumb fracture, Cricket South Africa said on Wednesday. The Pakistan-born leg spinner, who made his international debut during the World Cup, is currently second on the list of highest wicket-takers, with 11 victims from three matches. The streaked-hair bowler, who became eligible to play for South Africa after gaining his citizenship in January, injured himself during Sunday's six-run loss against England. "Imran injured himself during the game against England while attempting the caught and bowled, which dismissed Jonathan Trott," team manager Mohammed Moosajee said in a statement. "The x-ray that was done today revealed a small undisplaced fracture in his left thumb.-Reuters
RECORD BOARD Players Strauss-England Villiers-SAfrica Sehwag-India Players Afridi-Pakistan Tahir-SAfrica Zaheer-India
Most Runs Runs HS 280 158 266 134 254 175 Most Wickets Mat Wkts BBI 4 15 5/16 3 11 4/38 4 11 3/20
Mat 4 3 4
Ave 70.00 133.00 63.50 Ave 8.53 8.90 14.00
SR 104.4 107.69 130.25 Econ 3.36 3.84 4.31
MUMBAI: West Indies bowlers Kemar Roach and Sulieman Benn will be out to cause some damage to the Irish batting line-up when they clash in their World Cup match in Mohali Friday. The pace-spin combination was at their destructive best when they skittled co-hosts Bangladesh for their lowest ever ODI total of 58, a feat that angered local fans who ended up hurling stones at the West Indies bus following the match in Dhaka. Safe in the knowledge that they will not face any local backlash following their next match, the Caribbeans will be keen to crush Ireland to boost their chances of a quarter-final place from a wide open Group B. West Indies had started their campaign on a sour note, suffering a comprehensive defeat by South Africa but they came back all guns blazing and swatted away the Netherlands and Bangladesh in their next two matches. While paceman Roach and spinner Benn have excelled with the ball -- taking 18 wickets between them in three matches -- former captain Chris Gayle has caused havoc with the bat. The explosive Gayle and Kieron Pollard are well backed up by the experience of Ramnaresh Sarwan and Shivnarine Chanderpaul in the batting department.-Agencies
Dud Dutch Hand India Group Lead India beat Netherlands by five wickets in Group B match NEW DELHI: India overcame midinnings hiccups to beat the Netherlands by five wickets in a Group B match on Wednesday to maintain their unbeaten run in the World Cup. Chasing 190, Sachin Tendulkar (27) and Virender Sehwag (39) provided a brisk start before India lost five wickets and it took Yuvraj Singh's mature 51 not out to steer them home in 36.3 overs. "My job is to play in the middle overs responsibly and take the team through to the end," said Yuvraj, who picked up his second successive manof-the-match award after also picking up two wickets. "I have been bowling well and it's
nice to contribute with the ball and on the field." His captain Mahendra Singh Dhoni applauded the all-rounder's effort: "I think Yuvraj batted brilliantly in this game too to take us through." Opting to bat first, the Netherlands had earlier put 189 runs on boards before losing all their wickets in 46.4 overs at the nearcapacity Feroz Shah Kotla Stadium. Eric Szwarczynski (28) and Wesley Barresi (26) provided a sedate 56-run opening stand and down the order, captain Peter Borren (38 off 36 balls) came up with a desperate knock to push the score but the 200-mark eventually eluded them. In contrast, India's chase got off to a
rollicking start as Tendulkar and Sehwag matched each other shot for shot during their brisk 69-run stand. Tendulkar hit Ryan ten Doeschate for a hat-trick of boundaries, to which Sehwag replied with three fours off Mudassar Bukhari in the next over. India raced to the 50-mark in the seventh over and Sehwag celebrated it with a six off Bukhari and another off Pieter Seelaar (3-53) before left-arm spinner struck three quick blows to halt India's rapid progress. Sehwag looked in devastating form when the spinner had him caught at point in his second over to cut short the opener's 26-ball blitz. Tendulkar soon joined Sehwag in the
hut and Seelaar's glee at getting the scalp of international cricket's most prolific batsman knew no bounds as he spread his arms and ran towards long off where Bradley Kruger had pouched the skier. Four balls later, the spinner caught Yusuf Pathan off his own bowling as the Indian batsman could not make the most of his promotion in the batting order. Borren removed Virat Kohli and Bukhari bowled Gautam Gambhir (28) but the upset the Netherlands were looking for did not materialise in the end. The Dutch were off to a steady start with openers Eric Szwarczynski and
Wesley Barresi negotiating India's bowling attack with surprising ease in the first 15 overs. Szwarczynski, one of two changes in the Netherlands team, hit Zaheer for two fours in an over and looked composed until he was bowled by a googly from leg-spinner Chawla. Yuvraj struck in his very first over when he had Barresi (26) trapped leg before for his 100th wicket in one-day internationals. The all-rounder gave India another breakthrough when ten Doeschate (11) offered an outside egde which was superbly pouched by Zaheer just inches from the long-off boundary.Reuters
Swiss inflation uptick boosts case for June rate high ZURICH: Swiss consumer price inflation picked up slightly more than expected in February on the back of higher rents and the cost of energy and fuel, supporting speculation that a rise in interest rates is not far off. Swiss inflation remains low by international standards as the strong franc dampens price increases for imported oil and food products, giving the Swiss National Bank leeway to hold rates unchanged at its March 17 meeting. But the franc jumped on Wednesday's data as they boosted expectations that the SNB may raise borrowing costs in June Consumer prices rose 0.4 percent compared with January, taking the annual inflation rate in February to 0.5 percent, the Federal Statistics Office said. Analysts had expected the annual rate to tick up to 0.4 percent from 0.3 percent in January. The safe-haven franc -which has hit record highs against the euro and dollar due to Europe's debt problems and unrest in North Africa and the Middle East -- has shielded the Swiss from higher
energy prices to some extent, Informa Global Markets analyst Nikola Stephan said. But solid investment growth and a promising outlook for consumption have added to rising price pressures and could lift core inflation further down the line. "This should keep the SNB on its toes although it should have sufficient time to avoid a rushed reaction at the upcoming meeting on March 17," Stephan said. The KOF Swiss Economic Institute's survey of economists showed the Swiss economy on a solid footing. The 22 economists raised their average growth forecast for 2011 to 2 percent from 1.7 percent in the previous quarterly poll after 2.6 percent growth in 2010. The SNB forecasts growth of some 1.5 percent for 2011 but is widely seen presenting a more optimistic view on March 17, which would reinforce expectations for an earlier rate cut. STRONG FRANC Core inflation, which strips out volatile price components like food or energy and fuel, ticked up to 0.1 percent in February. Prices for domestic
goods rose 0.6 percent on the year, while costs for import products were up 0.3 percent. The SNB is widely expected to keep its target for the 3month franc LIBOR at 0.25 percent next week as a rate hike may further boost the franc, which is still trading close to record highs and is giving exporters a headache. But the European Central Bank's tough talk on inflation last week led markets to reconsider the rate outlook for Switzerland and increase bets on a first post financial crisis hike in June. SNB policy makers have said recently that rates had to rise in the medium term to secure price stability after a a raft of upbeat news underscored the healthy state of the Alpine economy. The SNB's gauge for underlying inflation -- so called dynamic factor inflation which takes into account developments on the labour and financial market -- hit its highest since August 2008 in February, according to the SNB's monthly report. In December, the SNB forecast a breach of its 2 percent inflation threshold in the third quarter of 2013.-Reuters
America Jan wholesale inventories up, sales a 1-year high WASHINGTON: U.S. wholesale inventories rose more than expected in January and sales set their fastest pace in 14 months, according to a government report on Wednesday that offered further signs of strengthening demand. Total wholesale inventories increased 1.1 percent to $436.88 billion, the highest level since November 2008, the Commerce Department said, following an upwardly revised 1.3 percent rise in December. Economists polled by Reuters had expected stocks of unsold goods at U.S. wholesalers to rise 0.8 percent in January after a previously reported 1.0 percent increase in December. Sales at wholesalers jumped 3.4 percent to $386.97 billion in January, the highest level since July 2008, after rising by an upwardly revised 1.1 percent in December. Analysts had expected sales at wholesalers to rise 0.5 percent in January after a previously reported 0.4 percent gain in December. Inventory rebuilding slowed sharply in the fourth quarter of 2010 and was a drag on gross domestic product growth. Analysts expect businesses to step up the pace of inventory accumulation this quarter to meet strengthening demand.Reuters
UK trade gap narrows sharply in Jan after December record LONDON: Britain's global goods trade gap narrowed in January to its smallest in nearly a year with record exports of oil helping drive a recovery from its worst reading on record in December. The improvement will provide some relief to policymakers who have pinned their hopes of economic recovery on Britain exporting more at a time of weak domestic demand. Britain's goods trade deficit narrowed to 7.06 billion pounds in January from 9.69 billion pounds in December which was the worst reading since monthly records began in 1980. Economists had forecast a more modest fall to 8.5 billion pounds.
December's deficit was revised higher, a move the statistics office attributed to a reassessment of seasonal factors and revised data from the tax authority and other agencies. However, economists cautioned that monthly trade figures were notoriously volatile and December's severe winter weather may have amplified the move. "Today's number is encouraging but there is clearly a lot of short term volatility in these figures" said Ross Walker, an economist at RBS. "The underlying positive is still that trade is making only a relatively modest contribution to GDP growth." A contraction in the economy
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International & Continuation
Thursday, March 10, 2011
in the fourth quarter -- fuelled by the cold weather -- was one reason why policymakers were reluctant to raise interest rates at the Bank of England's last meeting. A better first quarter is widely expected to trigger the rise by June. December was Britain's coldest in a century and heavy snowfall disrupted road, rail and air transport. The Office for National Statistics said it was hard to gauge exactly what impact the weather had made. Britain's total trade deficit, which includes services, narrowed to 2.95 billion pounds from December's 5.48 billion pounds -- its narrowest since February 2010. The improvement was largely due to a pick-up in export
volumes, which rose 6.1 percent on the month, excluding oil and erratic items. Import volumes on this measure rose 1.9 percent. There were record levels of exports in oil, intermediate goods, and the "food, drink and tobacco" category. The oil balance swung to a surplus of 118 million pounds from a deficit of 727 million pounds in December, aided by record exports of 3.56 billion pounds. However, economists questioned how sustained the improvement would prove to be and said it was too early to be confident that a long-awaited rebalancing of Britain's economy was taking place.Reuters
CONTINUATION and top 1000 corporate short-filers of sales tax for the period Continued from page 12 No #1 between July-2010 to December 2010 have been detected and they Balochistan. On March 9, 2007, Musharraf filed a reference of would be issued notices by March 15 and action would be taken by misconduct against the CJP, prompting the then Supreme Judicial April 15. Salman said that they have a plan to recover the stuck-up Council (SJC) to suspend him from his post. The SJC had charged amount of about Rs130 billion pending in different courts. "We the chief justice with misconduct and misuse of power. -Online will bring Rs10 billion out of the total amount of Rs130 billion into Continued from page 12 the system by June 30", he added. He said that FBR has another No #2 earlier meeting and discuss the matters pertaining to the hiring plan to raise the tax collection with audit system. "With this system of Financial Advisor (FA) for the Oil & Gas Development an audit of withholding tax agents would be made which would Company Limited (OGDCL) Exchangeable Bonds, privatisation bring Rs6 to 8 billion into the tax system", he added. of Heavy Electrical Company (HEC) and possibilities of the Continued from page 1 No #7 Public Private Partnership (PPP) mode for the other Public Sector to a banned outfit Tehreek-e-Taliban Pakistan (TTP).The police Entities (PSEs) on the active list. -NNI added that these terrorists took terrorism training from Waziristan Continued from page 12 No #3 and came to Karachi for launching attacks on the offices of sensirate of Rs950 per 40 kg. He also directed the concerned author- tive government institutes and prominent officials of the law ities to solid steps to be taken to discourage the role of middleman enforcement agencies. during wheat procurement campaign so that real farmers could get Continued from page 1 No #8 real payout of their crops. -Online Mandviwalla said that Pakistan wants to strengthen relations Continued from page 1 and cooperation in diverse fields including trade, communicaNo #4 Fakharuddin G Ebrahim, counsel for PSM, appeared and said tion and energy with particular focus to tap potential markets that about ten FIRs were lodged against the accused but unfortu- of Central and Southern Asia. Addressing the Forum, the nately except one all had secured bails. The Chief Justice told him Chairman and CEO of Trade Development Authority of that it was their right to get bails. Ebrahim apprised that they had Pakistan (TDAP), Tariq Puri, said that interaction between the so far recovered Rs25 million from those involved in price fixa- private sector entrepreneurs will help promote bilateral trade tion issue. He said they were making efforts to make PSM fully and business relations. Furthermore, President of Islamic Republic of Tajikistan functional as for the time being it had been suffering a loss of Rs2 billion every month. Director Federal Investigation Agency Emomali Rahmon invited Pakistani businessmen to invest in his Karachi Moazzam Jah Ansari presented a report regarding their country's potential economic sectors of hydro-power, mining, efforts for recovery of the embezzled amount. He said there were construction, communication, agriculture, food processing, texcertain recoverable and non-recoverable losses out of total 26.5 tile, light industry, tourism and services sector including banking. Rahmon said a 220-KV line was being installed to supply billion losses estimated in 2008-09. Giving details of these losses, he said Rs221 million loss were electricity to Afghanistan which would start functioning next reported in hiring of ships, another amount of Rs194 loss incurred year and supply of electricity to Pakistan will be the next step. He assured all support and facilitation to Pakistani investors due to undue favors while Rs244 million loss was done in storage of raw material. He said losses were also related to employed from his Government. Tajikistan President was addressing workforce in the PSM as against a capacity of 5,000 employees Pakistan business community here in an interactive meeting about 17,000 people had been working there. The Chief Justice arranged by the Business Forum of Entrepreneurs of Pakistan directed him to conduct their own inquiries independently from and Tajikistan in collaboration with Federation of Pakistan the facts and figures which had been complied by an audit com- Chambers of Commerce and Industry (FPCCI) and Trade Development Authority of Pakistan (TDAP). More than 50 pany. Further hearing was adjourned for a month. Tajik companies' representatives were present for B 2 B meetContinued from page 1 No #5 ings with their Pakistani counterparts. He suggested that He said that a storage facility would be constructed first before Pakistan Government should start chartered flights carrying kicking off the project. "It is very much possible that offshore Pakistani businessmen to Tajikistan so that they could learn storage might be build to avoid the different type of controver- and witness investment opportunities available in various secsies", the source added. -Online tors."I would request Asif Ali Zardari to arrange such flights," he said. He said Tajikistan was going through fundamental Continued from page 1 No #6 a strategy was discussed in the meeting in which different issues social reforms for economic development. The World Bank, in its last year's report, has ranked Tajikistan as number ten came under discussion. He said that top 1000 corporate non-filers among the countries going through economic reforms.
German industry bounces back from winter drop in Jan BERLIN: German industrial output bounced back in January from a plunge caused by icy winter weather late last year and full order books supported expectations that Europe's biggest economy will continue to grow strongly. The Economy Ministry said on Wednesday that output rose 1.8 percent on the month in seasonally adjusted terms, after a revised 0.6 percent drop in December. That exactly matched the median expectation in a Reuters poll of 31 economists and followed an originallyreported 1.5 percent drop in December. "The level of production from before the weather-related ... limitations in December has already been ... more than reached," the Economy Ministry said. "Capacities are already employed at an above-
average level, order books are properly filled and the trend of production remains clearly pointed upwards." Output had dropped in December as colder-than-usual winter weather froze activity in construction, where production declined by 24.2 percent in December. It rose 36.3 percent in January. "Today's numbers confirm that the industrial hibernation in Germany was short-lived," said ING economist Carsten Brzeski. "In fact, industrial production should remain an important backbone of economic growth throughout the year." The output figures follow a run of strong data that have suggested Germany's economic recovery is intact and broadening at a time when some euro zone peers are struggling under the burden of a sover-
No #9
eign debt crisis. On Tuesday data showed domestic demand fuelled a stronger-than-expected rise in German industrial orders in January. Inflation, however has been picking up in Germany and in the euro zone, prompting European Central Bank President Jean-Claude Trichet to signal last week there was a high chance the bank would raise interest rates in April. On Tuesday ECB policymaker Axel Weber said markets had understood the Governing Council's policy signals. The BGA trade association's chief Anton Boerner said on Wednesday that German exports would rise nominally by up to 9 percent to 1.046 trillion euros this year and imports would grow by 12 percent to 903 billion, exceeding pre-economic crisis levels.-Reuters
Continued from page 1
extending health insurance facility to the BISP beneficiaries to ensure free medical assistance for them. "The BISP must stand out as Pakistan flagship program for poverty alleviation and women emancipation." He said this while chairing a presentation on BISP Nation- wide poverty survey at the Aiwan-e-Sadr on Wednesday. Those who attended the presentation included Syed Naveed Qamar, Minister for Privatization, Makhdoom Shahabuddin, Minister for Textile Industry, M Salman Faruqui, Secretary General to the President, Hina Rabbani Khar, MOS for Foreign Affairs, Farzana Raja, Chairperson BISP, Sassui Palijo , Minister government of Sindh, Qamar Zaman Kaira, Asma Arbab Alamgir, Begum Shahnaz Wazir Ali, Malik Asif Hayat, Secretary to the President, Ali Arshad Hakeem, Chairman NADRA, Khizer Hayat, Population Census Commissioner, Mohammad Sher Khan, MD BISP and Spokesperson to the President Farhatullah Babar. -NNI
No #10
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current requirement in Pakistan (122 million acre feet per annum) would mean more water for storage is available while less than the required limit would mean deficit. Pakistan may face deficit of 20 - 25 million acre feet in 2020- 2025 despite efficiency improvement. He said Mangla, Kala Bagh, Akori and Bhasha dams would improve situation but would not end the problem. He said that increasing the storage would not only benefit agriculture but would also provide a source of cheaper energy. He said, "That is why that we are looking into financial resources to finance Bhasha Dam." The Irsa chairman informed that Pakistan's storage capacity has been decreasing in the last 10 years as in 1990s it was 107 million acre feet but now it is 93.5 million acre feet. He also said that prospective storage projects like Diamer Bhasha Dam, Kalabagh Dam, Akori Dam, Munda Dam, and Kurram Tangi would enhance the storage capacity and some more projects would also be needed. He said that the government is also considering various issues like shortage of irrigation water, water use efficiency, water management and devastation on account of floods. On this occasion Mushtaq Ahmad Gill, chief executive SACAN, said that 90 per cent production in agricultures comes from irrigated areas and share of the non-irrigated in the production is very low that signify strength and importance of waters for a country.-Agencies
No #11
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members of Amn Lashkar. According to a private TV channel banned Tehreek-e-Taliban has claimed the responsibility of the suicide attack. Meanwhile, President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani, Interior Minister Rehman Malik, federal ministers, Chief Minister Shahbaz Sharif and other political leaders vehemently condemned the incident of bomb blast and directed to probe into the matter. Prime Minister Syed Yousuf Raza Gilani has directed to provide better medical facilities to the injured and expressed condolence with the bereaved families. Interior Minister Rehman Malik has sought report of the incident. He said that the security threats are increased in March and April while the terrorists are stabilizing in the country.-Agencies
No #12
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restrictions for financees on non-fulfillment of money obligation of their clients. Salient features of MFS are: 1) facility will be initially provided in 65 securities, 2) FPR of margin financing transactions will be higher of 25 per cent or VaR of the eligible security and 3) margin financiers and margin financees will predefine all terms and conditions pertaining to the transactions. SLB market will be provided by NCCPL on un-disclosed basis through an automated portal to SLB participants. This will provide a mechanism for temporary exchange of securities with an obligation to redeliver the same securities in the same number at an agreed premium on a future date. It is designed to earn income/return on idle securities and provides an effective solution to manage delivery defaults. SLB participants (lenders and borrowers) can be brokers, financial institutions and investment finance companies.
No #13
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The Dow Jones industrial average was up 5.56 points, or 0.05 per cent, at 12,219.94. But The Standard & Poor's 500 Index was down 2.34 points, or 0.18 per cent, at 1,319.48. The Nasdaq Composite Index was down 15.14 points, or 0.55 per cent, at 2,750.63.-Reuters
No #14
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risk appetite diminished on concerns that high oil prices will stifle the fragile global economic recovery. Oil explorer Tullow Oil was the biggest FTSE 100 faller, down 3.2 per cent after the firm's results lagged forecasts and it gave scant detail on a key Ugandan project. Miners were weak as copper prices fell on concerns high oil prices will stoke inflationary pressures and curb demand for metals, with Antofagasta losing 2 per cent Rand gold Resources, however, rallied 3.3 per cent as the gold price saw safe haven support. The West Africa-focused firm said its Tongon mine in Ivory Coast was Town Local Government, Gulshan-e-Iqbal operating as normal, albeit with some interruptions and delays related to the violence in wants to prepare budget for the year 2011the country. Banks also suffered as fears 2012 and invites proposals from peoples about the euro zone sovereign debt crisis representatives, CCB, NGOs and other comresurfaced, with part-nationalised British lenders Lloyds Banking Group and Royal munities, stakeholders for the development Bank of Scotland shedding 0.2 per cent and work of Gulshan-e-Iqbal Town so that budg0.8 per cent respectively. Portugal successfulet could be prepared according to the needs ly sold two-year bonds on Wednesday, but the cost of borrowing was the most expensive of the people. since it joined the euro, keeping alive con- It is, therefore, to invite all people-reprecerns it will need to request an international sentative bodies, CCB, NGOs and the resibailout.-Reuters
From Town Local Government, Gulshan-e-Iqbal
Sub: Ad inviting budget proposals for the year 2011-2012
No #15 Continued from page 1 for getting budgetary support from global lenders. During the meeting government has also informed the IMF about the revenue collection figures till February end, which according to the FBR stood at Rs825 billion. The government told the IMF that the budget deficit could be reduced to some extent with the help of additional revenue generation measures, which include the imposition of a 15 per cent flood surcharge, 1.5 per cent additional special excise duty, broadening of the tax base and recovery of the arrears to generate additional revenue of 26 billion rupees. The IMF is likely to hold a review meeting in May to check Pakistan's progress regarding the monthly target for March, and that review will decide the fate of the suspended programme.
dents of Gulshan-e-Iqbal to forward their proposals keeping in view the best interest of the locality. The proposals should be sent within 15 days from the date of issue of this advertisement marked "development proposals" to the Administrator, Gulshan-eIqbal Town so that development work could be started in time and budget proposals could be submitted for approval as required under the law.
Administrator Town Local Government, Gulshan-e-Iqbal
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Thursday, March 10, 2011
Lawyers observe Black Day
KARACHI: Chief Minister Sindh Syed Qaim Ali Shah receiving President of Tajikistan Emomati Rahmon at Karachi Airport. -Online
Rs5bn/mth fuel subsidy still on ISLAMABAD: The government is suffering Rs5 billion per month loss for not passing on the full effect of petroleum products to consumers, which is presently being charged in international markets, official sources told APP here on Wednesday. Pakistan Peoples Party led coalition government provided relief to the public by maintaining the prices for four months despite the rising trend in world markets, which deprived the national exchequer of Rs13 billion. In spite of 27 per cent increase in POL prices in international markets since November 2010, the domestic prices have been partially adjusted by 4.95 per cent this month. "However, the government will continue to lose more than Rs5 billion per month for not passing the full price effect to the consumers,"
the sources maintained. Petroleum prices in Pakistan were linked with international market, they said recalling that the government had brought down the petrol price from Rs86 to Rs56 per liter after reduction in world market some two to three years ago. "Increase in oil prices is inevitable, if in the coming months international rates decline, Oil and Gas Regulatory Authority will automatically revive the prices accordingly as was done in past," they maintained. Lamenting on the poor policies of the previous government, the sources said the authoritarian regime in 2007 absorbed the international price escalation for which everyone had to pay in the form of energy shortage and accentuated by rising circular debt. Contrary to general perception,
Forex Reserves, Remittances Rising
Major indices blinking green ISLAMABAD: The major economic indicators of the country are depicting positive signs including foreign exchange reserves, workers remittances and investments despite economic challenges being faced by the country. The latest economic indicators show that production of the Large Scale Manufacturing (LSM) sector expanded 2.2 per cent in December, the second positive data point after the four consecutive negative point. "An increase in output in sugar, petroleum products and automobile (tractors and buses) were the principal contributing factors to the overall rise in LSM", a latest economic data available said. It said that export growth has also increased by 38 per cent while imports increased by 4 per cent in January 2011. The official data further revealed that workers remittances have amounted $6118 million in JulyJanuary 2010-11 against $5197
million in the same period of last fiscal year showing an increase of 17.7 per cent. Saudi Arabia, UAE and UK were the largest source of increase in the workers remittances, it said. The data further revealed that gross foreign exchange reserves including foreign current deposits with scheduled banks stood at $17.4 billion as on March 4, 2011. The data said that for the fiscal year 2010-11 (July-February), Federal Board of Revenue (FBR) tax collection stood at Rs874 billion on net basis compared with Rs791 billion in the same period of last financial year, thereby posting an increase of 10.4 per cent. The data further released that the stock of wheat as on March, 03, 2011 amounted to 5.04 million tonnes against 5.01 million tonnes in the same period last year. The data said that the stock of various POL products averaged 13day on March 4, 2011 compared to 11-day on March 04, 2010. -APP
Wheat delivery free of charges LAHORE: Punjab government has decided to abolish the delivery charges on wheat during upcoming wheat procurement campaign. This decision was taken during a high-level meeting of the committee to review proposals pertaining to wheat release policy 2010-11 under the chairmanship of Sardar Zulfiqar Ali Khan Khosa. According to handout issued, Chief Secretary Punjab Nasir Mehmood Khosa, Chairman Planning & Development Board Punjab, Javed Aslam, Secretary Finance Tariq Bajwa, Secretary Food Irfan Elahi and other concerned officers also attended the meeting. In the meeting, it was decided that delivery charges on wheat which has been fixed Rs7.50/ earlier would not be taken during wheat procurement campaign. The meeting was informed that available stocks of wheat were 6.66 million tonnes, out of which 3.33
million tonnes wheat has been disposed off; and now available stock of wheat is 3.33 million tonne while 2.5 million tonne of wheat would remain available till the arrival of new wheat crop in the market. The meeting was told that current year, the area of wheat has been cultivated on 16.5 million acre while expected production would be 18 million tonne this year. The meeting informed that the distribution of jute bags and poly propylene bags would be made in a transparent way and strategy has been worked out in this regard and private godowns will also be hired to store maximum wheat stocks in the covered accommodation. On this occasion, Sardar Zulfiqar Ali Khan Khosa said that the rights of small farmers would be protected during procurement campaign and the government would purchase wheat from farmers at the See # 3 Page 11
the government's share in the sale of petroleum products is relatively small. At present, it collects 27 paisas on every Rs1 of sold POL products, while, the Indian government charges 52 paisas on every rupee, Italy 67 per cent, Germany 62 per cent, France 60 per cent and the United Kingdom 54 per cent. The government is pursuing a practical and aggressive petroleum strategy to achieve autarky in oil and gas sector, which will help bring the import bill to the lowest level. The proposed strategy would have reduced a huge budget deficit, which is now over five per cent of Gross Domestic Product, besides helping to control inflation, which is presently at around 15 per cent, but unfortunately due to political pressure it could not do so. -APP
ISLAMABAD: Lawyers across the country observed 9 March as a 'Black Day' against the unconstitutional steps of former President Pervez Musharraf of ousting Chief Justice Iftikhar Muhammad Chaudhry on March 9, 2007. Lawyers hoisted black flags on Bar Associations buildings across the country while the legal fraternity, wearing black arm bands, staged demonstrations in several cities. High Court Bar Association General Body held the meeting against the Musharraf unconstitutional steps and hoisted the black flag on the High Court bar building, but Association did not boycott the courts activities. Lawyers also protested against the kidnapping of four of their fellow lawyers in See # 1 Page 11
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Libya official flies to Egypt with Gaddafi message
Fighting shuts down Zawiyah oil refinery
TRIPOLI: Heavy fighting has forced a shutdown of one of Libya's biggest refineries in the flashpoint town of Zawiyah 50 km west of Tripoli, a refinery official said on Wednesday. "Heavy weapons have been fired nearby and we can't run the refinery under these conditions," the official told Reuters. Meanwhile, An Egyptian airport official says a high-ranking member of the Libyan government has landed in Cairo saying he has a message from Moammar Gaddafi. The official told foreign media that the head of Libya's logistics and supply authority arrived on a private jet Wednesday afternoon. Libyan embassy staff told Egyptian officials that Maj Gen Abdul-Rahman bin Ali al-Saiid al-Zawi was carrying a message from Gaddafi, who is battling an opposition movement that has taken over much of eastern Libya. The airport official spoke on condition of anonymity because he was not authorized to speak to the media. He said the plane flew over Greece on the way to Egypt. On the other hand Moammar Gaddafi said in an interview broadcast Wednesday that Libyans would fight back if Western nations impose a no-fly zone to prevent ISLAMABAD: Syed Naveed the regime from using its air force to Qamar Federal Minister for Privatisation, Water and Power would chair a meeting of the Privatisation Commission WASHINGTON: Pakistan, which recentBoard today. Privatisation Commission ly received 14 F-16s from the US and another fourteens are on their way, is negoBoard would formulate recommendations for Cabinet tiating for more such fighter jets and Committee on Privatisation simultaneously developing its manufactur(CCOP) and to review the sta- ing capabilities to reduce its reliance on tus and progress of various the Americans, a media report said ongoing and upcoming transac- Wednesday. Such a disclosure was made by Pakistani tions. PC Board would also review Air Chief Marshal Rao Qamar Suleiman in an interview to Aviation Week, but he gave the implementation status of the decisions of the no indication of how many more F-16s Pakistan is seeking from Lockheed Martin. See # 2 Page 11
PC Board meeting today
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bomb government opponents staging a rebellion. He said imposing the restrictions would prove the West's real intention was to seize his country's oil wealth. Gaddafi made his remarks in an interview aired Wednesday by Turkey's staterun TRT Turk television. The interview was conducted late at night when Gaddafi made a surprise appearance at a hotel where foreign journalists are staying in Tripoli and gave a few interviews. In separate remarks, Gaddafi called on Libyans in the rebel-held east of the country to take back control from the opposition leaders who have seized the territory. Libyan state television also broadcast remarks by Gaddafi addressing a group of youths from the town of Zintan, 75 miles southwest of Tripoli. Gaddafi again blamed al Qaeda operatives from Egypt, Algeria, Afghanistan and the Palestinian territories for the turmoil roiling his country since Feb 15. State television broadcast Gaddafi's address early on Wednesday, but did not say when the Libyan leader had spoken. Gaddafi has been in power since 1969, when he led a military coup that topple the monarchy. -Reuters
14 F16-jets en route to Pak Qamar spoke to Aviation Week in Melbourne where he was attending an air chiefs' conference. The US Congress in 2006 had agreed to give Pakistan 28 F-16C/Ds under an excess defense articles initiative. The first 14 aircraft were recently delivered. "Qamar says negotiations are ongoing for the remaining 14," the Aviation Week said. Pakistan has a total of 63 F-16s 45 A/Bs and 18 C/Ds. -Online
PM directs to establish hotlines for gas complaints ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani calling for ensuring uninterrupted gas supply to the public particularly the domestic consumers hereon Wednesday has directed to establish hotlines for gas supply complaints . The Prime Minister asked the Ministry of Petroleum & Natural Resources to prepare a plan of relief package for the poor and vulnerable section of the society for giving relief in their gas bills. The exercise, he said, be undertaken as soon as the poverty survey being conducted under the Benazir Income Support Progamme is completed throughout the country. The Prime Minister observed that the Government’s concern for the common man is reflected through the fact that while the international oil prices have increased by 23 percent, the oil price in the country has only been increased by 4.9 per cent. The government as such, he added, is absorbing the financial impact of 18.1 percent despite difficult economic situation with the sole purpose of providing relief to poor. The Prime Minister also directed the Ministry of Petroleum & Natural Resources to expedite the completion of various projects to ensure proper supply of oil and gas to various sectors of economy as well as the people at large. -APP
Saudi Forces Commander calls on Wyne RAWALPINDI: Lieutenant General Abdul Rahman Bin Abdullah Al Murshid, Commander Saudi Land Forces called on General Khalid Shameem Wyne, Chairman Joint Chiefs of Staff Committee (CJCSC) at Joint Staff Headquarters Chaklala. The visiting dignitary remained with CJCSC for sometime and discussed matters of professional interest and evolving geostrategic environments of the region, said a press release issued by ISPR. Both the dignitaries also discussed the areas of mutual cooperation between the two armed forces. -APP
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