International Karachi, Friday, December 10, 2010, Muharram-ul-Haram 3, Price Rs12 Pages 12
India hot favourite for 2011 Cricket WC: Imran
PAC seeks ministries secret funds record
See on Page 12
Awan declares war against graft
See on Page 12
Madoff suits take aim at big banks
See on Page 12
See on Page 12
Finance Minister Shaikh chairs Ecnec meeting
Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Oct 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
$16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.26mn
Rs600bn uplift plans greenlit Rs81.5bn for energy, Rs96bn for transport sanctioned Special Correspondent
Portfolio Investment SCRA(U.S $ in million)
184.89 22.16 0.27 2632
Yearly(Jul, 2010 up to 8-Dec-2010) Monthly(Nov, 2010 up to 8-Dec-2010) Daily (8-Dec-2010) Total Portfolio Invest (26 Nov-2010)
NCCPL (U.S $ in million)
FIPI (9-Dec-2010) Local Companies (9-Dec-2010) Banks / DFI (9-Dec-2010) Mutual Funds (9-Dec-2010) NBFC (9-Dec-2010) Local Investors (9-Dec-2010) Other Organization (9-Dec-2010)
0.16 -1.11 1.01 -0.58 -0.59 1.04 0.07
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,569.09 10,285.88 23,171.80 19,242.36 2,761.60 2,810.95 5,817.87 11,387.24
Change 60.84 53.55 79.28 454.12 7.00 37.60 23.34 14.76
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.37 24.25 207.74 2.00 42.83 1.70 36.41 10.57 36.22
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010 09-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.23% 13.36% 13.58% 13.94% 14.09% 14.13% 14.23% 14.28% 14.53% 14.68% 14.88%
Commodities *Crude Oil (brent)$/bbl 91.32 *Crude Oil (WTI)$/bbl 88.86 *Cotton $/lb 133.62 *Gold $/ozs 1,390.90 *Silver $/ozs 28.79 Malaysian Palm $ 1,157 GOLD (NCEL) PKR 38,212 KHI Cotton 40Kg PKR 9,860
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 83.90 Canadian $ 84.20 Danish Krone 15.10 Euro 113.20 Hong Kong $ 10.90 Japanese Yen 1.026 Saudi Riyal 22.70 Singapore $ 64.80 Swedish Korona 12.10 Swiss Franc 86.75 U.A.E Dirham 23.20 UK Pound 134.70 US $ 85.55
Sell (Rs)
84.90 85.20 15.20 115.20 11.00 1.052 22.90 65.80 12.20 86.85 23.40 136.20 85.85
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.49 84.80 15.29 113.99 11.02 1.021 22.84 65.35 12.50 87.07 23.32 135.51 85.67
84.69 85.00 15.32 114.25 11.05 1.023 22.89 65.50 12.53 87.28 23.37 135.83 85.85
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
23°C 28°C 20°C 22°C 13°C 23°C
MIN
2°C 11°C 5°C 2°C -9°C 3°C
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LONDON: Demonstrators speak to police officers during a protest, in central London. Reuters
Adyala Prisoners
Imran Farooq Murder
Agencies admit missings custody
34year old Pakistani suspect copped
ISLAMABAD: A counsel for country's sensitive agency on Thursday apprised the Supreme Court that eleven missing prisoners of Adyala Jail had been arrested along with a number of terrorists from their hideouts in army operational areas. Raja Muhammad Irshad, counsel for Federation, Pakistan Army, Inter-Services Intelligence, Intelligence Bureau, Military Intelligence, told a three-member bench consisting of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday that after Court's direction a massive operation was launched and more than 20 terrorists including these eleven people had been arrested in the operational areas.
He said they were in safe and secure hands and would be charged under Army Act. He assured that their trial would be held in General Field Court Martial in accordance with law. Recording his statement on behalf of respondents, he said that the impression should be dispelled that Pakistan Army and its other institutions were above law and the Court. He said negative impression was given by certain elements who had been playing in the hands of those people who were out to secure their vested interests. He said "I want to record a statement to dispel the impression that Pakistan Army or any See # 9 Page 11
UK keen to invest in Pak agro sector ISLAMABAD: Nicolas Martin, Chief Financial Officer of ASHORE, UK has said that his company is interested to invest in Pakistan especially in the fertiliser industry owing to the increasing demand of the country and investment for farm mechanisation could also be initiated. He said this during his meeting with Federal minister for food and agriculture Nazar Muhammad Gondal here on Thursday accompanied by Ahmed Jaudet Bilal, CEO Agritech. Federal Minister said there is a huge potential for local and foreign investment in the agriculture related industries in Pakistan. "We would welcome and encourage foreign investment
in the agriculture sector and other industries related to the sector. Fertilisers are one area where the local demand increases annually and the country has to import the commodity to fulfill the domestic requirements," he said. "We have increased the support price of wheat that has resulted into surplus wheat and encouragement for the farmers. The farmers are now willing to reinvest on their crops to get even better results which has eventually increased the demand for fertilizers and other inputs", said the minister. The meeting was also attended by Additional Secretary Minfa, Shafqat Hussain Naghmi and other senior See # 10 Page 11
Govt lifts ban on used cars import ISLAMABAD: The government has lifted ban on import of recondition vehicles and allowed the import of the old vehicles for five years. According to notification of commerce ministry, the recondition vehicles can be imported through personal gift luggage scheme or dealer and their import was allowed but these vehicles should be five years old. The federal cabinet and Economic Coordination Committee earlier in principle approved the decision. A committee of the Ministry of Commerce, which was set up to see the technical aspects of the decision, had given green signal four days ago.
It may be noted that the import of the recondition vehicles were banned during government of former President Pervez Musharraf. It is said that the lifting of ban on the import of the old vehicles would not put any impact on auto industry and there is no possibility of declining prices of vehicles, manufacturing in the country. According to figures, more than 45,000 used cars were imported in year 2007, when the government had granted permission for import of fiveyear used cars. The permission was restricted to three years, due to which the import in year 2009 declined to 6000.
LONDON: British police on Thursday arrested a 34-yearold man on suspicion of murdering Pakistani politician Imran Farooq, who was attacked in London in September. Scotland Yard said the man was arrested at a residential address in, north London. "He has been taken to a north London police station where he will be interviewed by detectives," the police headquarters said in a statement. Detectives recovered a kitchen knife and a brick used in the attack. Detectives from Scotland Yard's counter-terrorism command have taken charge of the murder inquiry due to fears that the killing may be politically motivated. "Detectives believe there are other people who may hold vital information about the attack and continue to urge them to come forward," Scotland Yard said. "They still want to trace two men and speak to them in connection with the incident." Both men were of "Asian appearance", in their 20s or 30s with short, dark hair. One was of stocky build, the other slim, they said. Farooq claimed asylum in Britain in 1999. -Reuters
Russia, China aim to invest in PSM KARACHI: The Pakistan Steel Mills has received Expression of Interest (EoI) from 10 companies including China and Russia to boost its production from present 1.1 million tonnes per annum to 1.5 million tonnes. "After appointing a consultant from international market for evaluating the expressions of interest, the process of awarding this contract to a foreign company will be completed within next three months," said Imtiaz Ahmed Khan Lodhi, the Chief Executive Officer (CEO) of the Steel Mills. In this regard, PS management has already given a detailed presentation to Federal Ministry of Industries and Production, and the Planning Commission of Pakistan, he said in an interview to APP on Thursday. According to Pakistan Steel's CEO, after starting work on the first phase of expansion, the Mill will initiate a second phase named Green Field Project to double its production See # 11 Page 11
ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Thursday approved 33 projects costing over Rs600 billion including foreign exchange component of Rs130 billion. The Executive Committee of the National Economic Council (ECNEC) met here with the Federal Minister for Finance, Economic Affairs and Planning & Development, Dr Abdul Hafeez Shaikh in the chair. Several federal ministers, Deputy Chairman Planning Commission, Governor State Bank of Pakistan, Special Assistants to Prime Minister on Water and Social Sector, Provincial Ministers for Finance and Planning & Development and representatives from Gilgit-Baltistan, AJK and representatives of the sponsoring agencies also attended the meeting. The projects were approved in the sectors of transport and
communications, irrigation, food and agriculture, education and health, energy, information technology and cities development. To overcome the power shortage, five projects of energy costing Rs81.5 billion including Power Distribution Enhancement Investment Programme, Phase-II, National Compact Florescent Lamps, Addition of 500 & 220-KV substations into NTDC System and Combined Cycle Power Plant of 320 MW to be gifted by UAE were approved. These projects will help to enhance the existing capacity in the system through conservation and efficient distribution efforts. Moreover, four projects of transport & communication sector costing Rs96.2 billion comprising 'Procurement of (US Origin) 150 Diesel Electric Locomotives' 'Improvement, Widening and Construction of Kohlu-Sibbi Road Project (Length 162.5 Km)'
4-nation project to cost $7.6bn
Pak inks TAPI deal this week ISLAMABAD: President Asif Ali Zardari is scheduled to ink an agreement on the $7.6 billion TurkmenistanAfghanistan-Pakistan-India (TAPI) gas pipeline project with the Turkmen and Afghan heads of States at Ashgabat on December 11. The 1640-km long Turkmenistan-AfghanistanPakistan-India (TAPI) pipeline will pass through the volatile Afghan territory to link with Pakistan's national gas network near Multan and terminate at Fazilka in India. Indian Prime Minister Manmohan Singh is not likely to attend the signing of the "inter-governmental agreement" as he has left on a threeday visit to Belgium to participate in the India-EU summit,
diplomatic sources said. Indian Petroleum Minister Murli Deora is likely to lead the Indian delegation. The project conceived in 1995 was initially designed to provide gas from Turkmenistan to Pakistan, through Afghanistan. However, India was later invited to join the project in 2008. President Zardari will also hold bilateral meetings with Afghan President Hamid Karzai and Turkmen President Gurbanguly Berdimuhamedov and discuss further strengthening of ties in all spheres. Minister for Petroleum and Natural Resources Naveed Qamar will ink an agreement on Gas Pipeline Framework See # 12 Page 11
Nov inflation up 15.48pc YoY Staff Reporter ISLAMABAD: Country's consumer price index (CPI) rose 15.48 per cent in November from a year ago, the Federal Bureau of Statistics said on Thursday. The CPI was up 1.52 per cent over October. Pakistan's wholesale price index (WPI) rose 24.65 percent in November from a year earlier, and up 3.48 percent over October, according to the bureau. "Though the pressure on
food prices is expected to slightly decline, C PI inflation may rise in the coming month because of an increase in electricity tariffs and a possible hike in fuel prices, along with a low-base effect." The other indicators, including Wholesale Price Index (WPI) and Sensitive Price Indicator (SPI) also increased by 24.65 and 23.25 per cent respectively during the month of November, according to figures released by Federal Bureau of Statistics (FBS).
Transparency Int'l latest report shows
Pak going up in corruption index ISLAMABAD: A new report by Transparency International shows people believe corruption has increased over the last three years. The political and public sectors were seen as the most cor-
rupt, the report said. The corruption appears to be on the rise worldwide, according to the latest report released by Transparency International. According to a private See # 14 Page 11
'Improvement and Widening of Jaglot-Skardu Road (S-I) (167 Km)' and 'Extension of Motorway (M-4) from Khanewal to Multan 57-km. To ensure food security in the country, three projects of agriculture sector approved by ECNEC included 'Punjab Economic Opportunities Program (PEOP)' 'Pak-China National Project for Controlled Atmosphere (CA) and advanced Ventilated Cold Storage' and 'National Project for Enhancing Existing Capacity of Grain Storage'. The projects will help to reduce poverty in the rural areas and enhance existing food grain storage capacity. To provide primary healthcare and to achieve the MDGs, important projects of health sector were also approved. These were 'Prime Minister's Program for Prevention and Control of Hepatitis (Prime Minister's Emergency Action on Hepatitis)' 'Expanded See # 15 Page 11
FX reserves shrink to $16.39bn Staff Reporter KARACHI: Country's foreign exchange reserves fell to $16.39 billion in the week ending Dec 4, down from $16.74 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $12.65 billion from $12.97 billion in the week ending Dec 4, and those held by commercial banks also eased to $3.74 billion from $3.77 billion, said the State Bank of Pakistan. "The State Bank of Pakistan's reserves fell due to debt payments," said Syed Wasimuddin, chief spokesman of the central bank. Earlier the reserves got a boost in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending for flood relief and immediate foreign exchange needs.
PM snubs Cameron’s visit to Pak LONDON: British Prime Minister David Cameron's attempts to mend fragile relations with Pakistan have been dashed after being snubbed by Pakistan's prime minister. Cameron had asked to go to Islamabad at the end of his Afghanistan trip in a bid to try and patch up contact with Pakistan, following his controversial remark during his visit to India that Pakistan faced 'both ways on terror', the Daily Mail reported. But his attempt to invite himself ended in a firm refusal, as Pakistan Prime Minister Syed Yousuf Raza Gilani said that he did not want to be 'tagged on' to a visit to Afghanistan. Cameron often tries to squeeze several countries into a single foreign visit, as the busy premier has to try and deal with the recession and cuts agenda at home. His last trip to the region See # 13 Page 11
2 Iran to rebuild health centres in flood hit areas KARACHI: A delegation comprising representatives from Presidential Secretariat of Iran on Thursday offered to rehabilitate the healthcare facilities ruined during recent floods in Sindh. In a meeting followed by a briefing by Sindh Minister for Health, Dr Saghir Ahmed they regretted that devastating floods in province caused irreparable damage to 106 government-owned health facilities including hospitals. The minister informed there were also another 56 different health centers that have been severely affected during the calamity. The delegation, led by Iran's Consul General
Abbas Abdul Allai, told the minister that their government had already dispatched four fully equipped ambulances and these after necessary clearance from concerned authorities in Pakistan will be put in use for flood sufferers. They also requested the minister to provide them with a working paper so as to help develop strategey for rehabilitation of the health centers and hospitals in flood hit areas. Dr Saghir Ahmed on the occasion paid tribute to the Muslim countries, including Iran for their tremendous contribution towards relief and rehabilitation of flood sufferers in Pakistan. "Both federal and provincial governments are doing
their optimum for rehabilitation of the sufferers yet the intensity demand support of friend countries, particularly those from the Muslim world," said the minister for health. Dr Saghir Ahmed appreciated Iran government for its offer to support rebuilding of the essential public service facilities. He said a detailed report related to loss in health sector and required assistance will be provided to the Consul General of Iran. The Health Minister said despite the critical situation government had ensured to arrange medical camps and tent hospitals in all affected areas including those in the remotest corners, for the people in need..-APP
Friday, December 10, 2010
Swiss envoy visits OICCI KARACHI: Swiss Ambassador to Pakistan, Christoph Bubb, along with the Consul General in Karachi, Didier Boschung, visited the Overseas Investors Chamber of Commerce and Industry (OICCI) to familiarise himself with the business environment in the country and to obtain the ground realities of operating in Pakistan from the business community's perspective. A statement on Thursday said that the prime objective of the Envoy's visit to OICCI was to identify avenues for bilateral collaboration with Pakistan including identification of sunrise industries which may be of interest to Swiss investors. It said that the current energy crisis along with the social and political situation of the country was also discussed in detail. The envoy who inquired about the initiatives being taken by the Government of Pakistan called for improving the image of the country for potential investors.-APP
Ufone comes up with new call rates KARACHI: Sindh Chief Minister Syed Qaim Ali presenting Shahi Cap and Ajrak to Ambassador of Switzerland Christopher Bubb at Chief Minister House.-App
Khalid Athar gets Teradata laurel Staff Correspondent
TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
FRIDAY Time Programmes 8:00 Pakistan Aaj Raat (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:05 Siyasat Mana Hai (Rpt) 16:00 News 16:02 Akhri Suada 16:30 Karobari Dunya 17:00 News 17:05 Ghar Ka Kharch (Rpt) 18:00 News 18:05 Chai Time 19:00 Headlines 19:30 Mang Raha Hai Pakistan 20:00 Headlines 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 Headlines 22:05 Dosra Pehlu 23:00 News 23:05 Siyasat Mana Hai (Rpt) 0:00 News
ISLAMABAD: Khalid Athar, Chief Editor, Monthly Teletimes International Weekly Asian Telegraph has been awarded 9th Teradata National ICT Excellence Award in IT Media & Publication, said a handout issued here
publisher and Chief Editor of Monthly Teletimes International, which is the only tri-regional magazine focused towards the IT& Telecom sector of the Middle East, Asia and Africa. The 9th Teradata annual IT Excellence Awards recognised outstanding
KARACHI: Ufone has once again taken the industry by storm by offering the lowest call rate for a 20 second pulse package in the history of Pakistan. Akbar Khan Chief Marketing Officer Ufone said that Bachat Offer has been designed to ensure our valued customers can remain in touch all the time. With a general increase in prices for almost everything in our daily lives it has become essential for all to watch our expenses. This package is the most pocket friendly package till date and our 20 second billing allows our customers to have complete control over their calls and expenses. Ufone always has and always will step up to give the best value to our customers.-PR
FMFB-P honoured for social reporting on Thursday. Khalid Athar, is a veteran journalist with almost 30 years experience of work including with Jang, Nawa-e-Waqt and Dawn Groups. Besides his attachment with PPA (News Agency), he is the
achievements by individuals in Pakistan IT community. According to Khuram Rahat, Teradata Managing Director for Pakistan and Bangladesh, "Teradata is very pleased to host the awards programme and honour individuals.
KARACHI: Mohammad Zulfikar Akhtar, ACA, CFA, FCCA (UK), Senior Manager, A F Ferguson & Co and Amyn Malik Senior Manager KPMG and others at the ICAP workshop on "Clarity International Standards on Auditing".-Staff Photo
ISLAMABAD: Shaikh Abdul Hai Service Representative Samsung Electronics, Inam ul Haq National Manager Customer Support, Asif Javed Senior Manager and Arslan Amjad, Assistant Manager Customer Support Inaugurating the Samsung Mobile Service Centre in Rawalpindi.Staff Photo
KARACHI: First MicroFinanceBank Pakistan (FMFB-P), an institution of the Aga Khan Agency for Microfinance, was awarded a certificate of recognition in the Silver category for reporting on Social Indicators to Microfinance Information Exchange (MIX) by the World Bank affiliate, CGAP (Consultative Group for Assisting the Poor) in the year 2010. This is the second consecutive Social Performance Reporting Award won by FMFB-P. The award was initially launched in 2009 by CGAP together with its partners the Michael & Susan Dell Foundation, the Ford Foundation, and the Social Performance Task Force (SPTF). The award is designed to promote greater transparency in social performance reporting of Microfinance Institutions (MFIs) and recognises the efforts of MFIs in establishing a strong social performance outlook within their organisation. Around 350 MFIs submitted reports on their social performance to the MIX this year for the Awards, easily surpassing the 200 that were received in 2009. "This is a tremendous response to the call for greater transparency," said Xavier Reille, Lead Microfinance Specialist at CGAP.-PR
KARACHI: Provincial Minister Shazia Marri posing for a group photo with the students during the prized distribution ceremony of Institute of Bussiness Management.-Online
Wi-tribe ranked top broadband provider TFD Report KARACHI: In its 2010 annual report, Pakistan Te l e c o m m u n i c a t i o n Authority (PTA) ranked wi-tribe Pakistan as number one in both the 'Technology Neutral' and 'Technology-wise' categories for highest Quality of Service, despite being the youngest broadband company, after just over one year of launching commercial services. PTA's acknowledgment of wi-tribe's service quality emphasizes that the company is passionate
about delivering nothing short of excellence to its customers. To celebrate this achievement, PTA Chairman, Dr. Mohammed Yaseen, was invited by wi-tribe Pakistan's CEO, Mustafa Peracha and his team for a cake-cutting ceremony at wi-tribe's head office in Islamabad. During the ceremony, wi-tribe's CEO Mustafa Peracha expressed his delight on the recent achievement, stating, "I am elated about wi-tribe's success in Pakistan. I'm also
thankful to PTA for recognizing our effort to take broadband to the next level." On the team's effort he said, "Today, I proudly share wi-tribe's feat with my dedicated team, our community, customers and partners, who have continuously extending their trust and support. We aim to deliver an exceptional and personalized broadband experience to our customers, and believe in constant evolution, which will continue to reflect in all our offerings."
ISLAMBAD: President Asif Ali Zardari giving away the award of Human Rights Defenders to Sharmila Farooqi, Sindh Information Advisor during a ceremony to commemorate the Universal Human Rights Day at the Aiwan-e-Sadr.-APP
KARACHI: Sheraton organised an SPG event in order to promote this loyality program within the local market.-Staff Photo
NOWPDP marks disabled’s day Staff Reporter KARACHI: International Day of Persons with Disabilities was celebrated by the Network of Organisations Working for People with Disabilities Pakistan (NOWPDP), an initiative of the Aga Khan Council for Pakistan. The day was celebrated in collaboration with the Inclusive Society Pakistan and special education schools from across Karachi. Over 300 parents of children with disabilities
attended the event titled "Celebrating Disability" where the care and nurturing of children with disabilities was discussed. Dr Seema Ahmed, a consultant at the College of Speech and Language Therapy at the Ziauddin Hospital, while addressing the participants said that the attitude of parents played a big role in determining a child's future. She encouraged parents to keep a broader vision for their children. "If a parent is confused, that confusion will seep into the child.
KARACHI: Provincial Minister of Local Government Sindh Agha Siraaj Durrani presiding the inaugurating event of Water Treatment Plant. Secretary of Local Government Khurshed Naeem Malik, Administrator CDGK Fazal ul Rehman, Chief Controller Buildings Manzoor Qadir and other are also present.-Staff Photo
Swiss First wins seat design award KARACHI: Swiss International Air Lines, captured the Best Seat Design Award for SWISS First as announced today by Global Traveler magazine in its seventh consecutive year of the GT Tested Reader Survey drawing from more than 25,000 frequent and luxury travelers worldwide, said a statement issued here. "We're delighted to be there, of course. To earn this award for the second year running is not just an honor and a reward for our continuous investments in our First Class product; it's an incentive to maintain these endeavors, too," said Markus Binkert, SWISS Managing Director of Product and Services. "Our First Class is a cornerstone of the SWISS product range. Needless to say, it's also an area in which we attach paramount importance to offering top-quality service - as one would expect from a Swiss-based airline. The feedback we receive from our US customers is especially vital to us here: after all, North America is our most important market outside Europe," Binkert said.-PR
3
Friday, December 10, 2010
Euro falls on doubts about Irish bailout, downgrade
Top Economic Events
Traders continue to eye bond yields, dollar up vs euro NEW YORK: The dollar rose against the euro on Thursday after an Irish political party said it would vote against an emergency European Union bailout for the country and a ratings agency cut Ireland's sovereign debt rating. The euro fell to session lows around $1.3169 and was last trading at $1.3185, down about 0.5 per cent on the day. Ireland's Labor Party said it would vote against the 85 billion euro bailout when it comes before parliament next week, and traders said that raises concerns about Ireland's ability to service and redeem outstanding debt. "Word the Irish Labour Party will vote against the bailout sent us down here to test the lows. Some longs are dumping euros here," said Brian Dolan, chief strategist at Forex.com in Bedminster, New Jersey. "It's a question of people worrying about sovereign default risk, which is bad for the euro.
Fitch's move to cut its rating for Ireland, which secured an emergency European Union bailout last month, weighed on the euro. Dolan said traders will target $1.3150 next, "and the big level below that is the 200day moving average of $1.3110." The dollar slipped 0.1 per cent to 83.90 yen as US bond yields eased, while strong employment data lifted the Australian dollar 0.6 per cent to $0.9844. A sharp rise in US Treasury yields over the last two sessions -- which sent US Treasury prices into their sharpest fall in nearly two years -- has boosted the dollar against the yen and euro on the view the economy is gaining traction.
A larger-than-expected decline in weekly claims for first-time US jobless benefits added to that view. Some analysts, however, feared the
extension of Bush-era tax cuts that sparked the bond sell-off would swell the budget deficit and stoke inflation. With volume lightening up as investors close their books for the year, traders said that debate would not likely end soon. The tax deal has "created a growth story that is positive for the US," said Daragh Maher, FX strategist at Credit Agricole.
Asian currencies edge up as dollar falters SINGAPORE: Asian currencies rose broadly on Thursday, with the dollar losing steam as US bond yields dipped after a dizzying spike in the two previous days. A jump in the Australian dollar on data showing the country's employment is growing faster than expected, caused the greenback to come under broad selling pressure, and helped Asian currencies such as the Singapore dollar rise. The fact that US equities rose overnight despite a jump in US Treasury yields, which would make borrowing more expensive, showed that investors still
had an appetite for riskier assets, an FX strategist for a US bank in Singapore said. Asian stocks and currencies were both higher on Thursday. "The risk environment is actually quite positive despite the volatility in the US Treasury market," the strategist said. The South Korean won edged higher, taking in its stride the South Korean central bank's widely expected decision to hold interest rates steady after raising them last month. The dollar slipped 0.3 per cent against the Singapore dollar and last stood at
S$1.3106. The Singapore dollar has gained roughly 7 per cent so far this year, buoyed by the country's strong economic performance and a broader push by global investors into higher yielding emerging market assets, and market players expect further gains in 2011. The Singapore dollar could appreciate by about 6 per cent against the US dollar by the end of next year, the Monetary Authority of Singapore (MAS), the country's central bank, had said in a survey of economists released on Wednesday. -Reuters
Stg dips with ailing euro on Irish woes
Swiss franc up vs dlr, eyes on SNB
LONDON: Sterling was pulled down by the euro on Wednesday, as Ireland's ratings downgrade and political uncertainty weighed on the single currency, in turn knocking the pound down against a firmer US dollar. Analysts said Ireland's woes reinforce market concerns about euro-zone sovereign debt which, along with strong UK economic
keeping policy unchanged, in line with market expectations. The pound was last down 0.5 per cent at $1.5723, pulling away from a two-week high of $1.5842 hit earlier in the day. The euro was flat against the pound at 83.90 pence after falling to 83.62. Near term resistance is seen around its 200-day moving average, currently around 85.33 pence.
ZURICH: The Swiss franc rose against the dollar on Thursday as US bond yields paused after a big jump on inflation fears following the deal to extend US tax cuts. The greenback lost ground against a basket of major currencies, reversing gains after President Barack Obama struck the tax deal expected to boost 2011 growth by as much as a percentage point, while further swelling the US deficit. The franc was flat against the euro compared to the New York close, trading at 1.3082 per euro at 0744 GMT. The franc was up 0.2 per cent against the dollar at 0.9834 per dollar. Meanwhile, domestic attention is turning to the Swiss National Bank policy review on Dec. 16, when it is expected to keep its benchmark rate target at a low 0.25 per cent due to the strong Swiss franc and despite a robust Swiss recovery. The Swiss franc, which investors regard as a safe haven, has risen some 12 per cent against the euro so far this year amid concerns about the euro-zone debt crisis, although it has traded in a tight range between 1.30 and 1.32 in recent days. -Reuters
But Commonwealth Foreign Exchange analyst Omer Esiner said that if US growth falters in the months ahead, that would renew the focus on an "already perilous fiscal position" and cause investors to "abandon US assets across the board." Analysts said investors were wary of taking on big positions as liquidity dries up toward year end, and this was why the dollar's rise had been limited compared with the jump in Treasury yields. The dollar index has risen only 0.7 per cent this week while the 10-year US yield has soared around 25 basis points. The US bond market may be vulnerable to more selling if a 30-year US Treasury auction on Thursday attracts only limited demand. A 10-year auction on Wednesday saw average demand. The 10-year US Treasury yield was at 3.23 per cent, off a high around 3.33 per cent hit on Wednesday. -Reuters
Yuan ends up, defies weaker mid-point SHANGHAI: China's yuan ended up slightly against the dollar on Thursday, despite the weaker mid-point set by the People's Bank of China due to the dollar index's fall in early Asian trade. Dealers said the market may let the dollar's performance guide the Chinese currency's movements in the near term. But the yuan may rise slightly next week because of political pressures from the US-China meeting and Chinese President Hu Jingtao's visit to the United States. "The market is insipid recently as most of us have reached our whole year target," said a dealer at a Chinese bank in Shenzhen. "The dollar's performance is leading the yuan for now." Spot yuan finished at 6.6550 versus the dollar, rising slightly from Wednesday's close of 6.6617. It has risen 2.57 per cent since the PBOC
announced a depegging in midJune. Before trade began, the PBOC set the day's mid-point at 6.6654, which was weaker than Wednesday's 6.6616. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. The yuan has largely remained stable since midNovember when the currency hit its highest level since its landmark revaluation in July 2005. The market is also taking a wait-and-see attitude ahead of a deluge of Chinese economic data for November, including trade figures, due on Friday. Offshore, one-year NDFs were at 6.5130 bid late on Thursday, little changed from Wednesday's close of 6.5180, with implied yuan appreciation in a year's time rising to 2.34 per cent from 2.26 per cent. Reuters
Indian rupee slips for 2nd day on weak shares
Time 10th-17th Tentative 12:00 12:45 14:00 14:30 14:30 18:30 18:30 18:30 19:55
Source CNY CNY EUR EUR EUR GBP GBP CAD USD USD USD
Events Foreign Direct Investment ytd/y Trade Balance German WPI m/m French Industrial Production m/m Italian Industrial Production m/m PPI Input m/m PPI Output m/m Trade Balance Trade Balance Import Prices m/m Prelim UoM Consumer Sentiment
Source
Events
NZD JPY AUD AUD EUR GBP GBP
Official Cash Rate Final GDP q/q Employment Change Unemployment Rate German Final CPI m/m Halifax HPI m/m Trade Balance
Forecast 21.2B 0.5% 0.4% 0.8% 0.7% 0.4% -2.0B -43.5B 0.9% 72.4
Previous 15.7% 27.2B -0.3% 0.1% -2.1% 2.1% 0.6% -2.5B -44.0B 0.9% 71.6
Actual
Forecast
Previous
3.00% 1.1% 54.6K 5.2% 0.1% -0.1% -8.5B
3.00% 1.0% 21.3K 5.2% 0.1% 0.3% -8.1B
3.00% 0.9% 36.9K 5.4% 0.1% 1.8% -8.4B
Previous Day
Currency Rates Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
Bid 1.3189 0.9858 1.5744 1.0101 0.9849 110.7000 0.8374 1.3003 132.1300 85.0900 0.9754 1387.7300 28.8000
As per 22.00 PST Ask High 1.3193 1.3324 0.9862 0.9892 1.5748 1.5838 1.0105 1.0124 0.9853 0.9882 110.7400 111.6200 0.8378 0.8414 1.3007 1.3099 132.2000 132.8900 85.1400 85.3500 0.9762 0.9785 1388.1600 1394.4500 28.8700 28.9800
Low 1.3171 0.9822 1.5735 1.0068 0.9779 110.6000 0.8363 1.2997 132.1200 84.9500 0.9730 1380.7500 28.1900
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 09/12/2010. A USD GBP CAD .EUR JPY O/N 0.24000 0.55625 0.98167 0.60125 SN 0.09500 1WK 0.25469 0.56250 1.02500 0.64625 0.10375 2WK 0.25625 0.56688 1.05750 0.66125 0.10938 1MO 0.26219 0.58000 1.09833 0.76125 0.12500 2MO 0.28188 0.63500 1.15000 0.85125 0.15000 3MO 0.30219 0.74500 1.23000 0.96313 0.18250 4MO 0.34875 0.82813 1.29750 1.03313 0.24250 5MO 0.40563 0.93563 1.36417 1.11438 0.30125 6MO 0.45719 1.04125 1.43917 1.20500 0.34750 7MO 0.51125 1.11875 1.50583 1.25000 0.40000 8MO 0.56500 1.20250 1.58000 1.30125 0.44750 9MO 0.61531 1.28500 1.65000 1.35125 0.49250 10MO 0.66625 1.36000 1.71833 1.40125 0.51750 11MO 0.72125 1.42875 1.80500 1.44625 0.54250 12MO 0.78250 1.49688 1.89250 1.49000 0.56875
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Jan 13 2011 Dec 21 2010 Jan 13 2011 Dec 14 2010 Dec 16 2010 Feb 01 2011 n/a
Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010 Sep 08 2010
Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Canada
Current Interest Rate 0.50% 0.10% 1% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, December 09,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.85 135.83 114.25 85.00 87.28 84.69 12.53 1.02 14.34 65.50 15.32 22.89 11.05 12.90 304.13 27.36 64.32 23.58 23.37 0.08 2.86
85.65 135.51 113.99 84.80 87.07 84.49 12.50 1.02 14.30 65.35 15.29 22.84 11.02 12.87 303.42 27.29 64.17 23.52 23.32 0.08 2.85
85.46 135.20 113.72 84.58 86.84 84.27 12.47 1.02 14.27 65.18 15.25 22.78 11.00 12.83 302.62 27.22 64.00 23.46 23.26 0.08 2.84
MUMBAI: The Indian rupee still stand at a record $28.9 weakened for a second billion in 2010, in addition to straight session on Thursday, the $17.5 billion seen in dragged by a more than 2-per 2009. Traders said there were no cent fall in local shares which stoked foreign fund outflow major inflows expected ahead worries while a broadly of the Punjab and Sind Bank initial public offering (IPO), strong dollar also weighed. Revaluation Rates The partially convertible which opens on Dec. 13. Treasury Bills / PIBs / FIBs Holding Applicable for December 09, 2010 One-month offshore nonrupee closed at 45.21/22 per KASB BMA ELXIR GSL ICSL JSCM AvgRate dollar, 0.3 per cent weaker deliverable forward contracts 0-7days 12.70 12.60 12.45 12.45 12.60 12.55 12.56 12.75 12.70 12.60 12.60 12.70 12.65 12.67 than its 45.09/10 close on were quoted at 45.43, weaker 8-15dys 12.85 12.85 12.80 12.85 12.80 12.80 12.83 "Sterling has been stronger data, have tended to strengthen Wednesday, when it had than the onshore spot rate, 16-30dys 31-60dys 12.88 12.90 12.90 12.90 12.90 12.90 12.90 than the euro for the past cousterling against the euro. dropped 1 per cent on the day suggesting a bearish near- 61-90dys 13.08 13.13 13.11 13.10 13.10 13.10 13.10 "Because of proximity to ple weeks, with good econom-- its worst one-day fall since term outlook. In the currency 91-120dys 13.25 13.18 13.20 13.18 13.20 13.20 13.20 Europe, and the dollar generally ic data from the UK that points 13.30 13.30 13.29 13.33 13.40 13.35 13.33 futures market, the most trad- 121-180dys Nov. 12. 181-270dys 13.50 13.40 13.48 13.50 13.50 13.45 13.47 bouncing higher, that's affected to continued economic recov"Today's rupee fall was ed near-month dollar-rupee 271-365dys 13.65 13.63 13.63 13.65 13.60 13.65 13.64 sterling as well," said Geraldine ery," said Marcus Hettinger, mostly due to the stock mar- contracts on the National 2-- years 13.90 13.80 13.85 13.95 13.85 13.85 13.87 Concagh, economist at AIB global currency strategist at 14.10 14.18 14.14 14.15 14.10 14.10 14.13 ket which saw a very sharp Stock Exchange, MCX-SX 3-- years Credit Suisse. Group Treasury in Dublin. 4-years 14.12 14.20 14.20 14.20 14.15 14.10 14.16 sell-off without much real and United Stock Exchange 5-- years 14.15 14.28 14.25 14.25 14.25 14.20 14.23 With the euro-zone grappling The euro slipped to the day's news. Guess that the market closed at 45.3775, 45.38 and 6-- years 14.18 14.24 14.22 14.28 14.25 14.22 14.23 low of $1.3166 on the political with the sovereign debt crisis, is nervous and perhaps FIIs 45.3850. 7-- years 14.20 14.30 14.30 14.30 14.30 14.24 14.27 uncertainty in Ireland, and the concerns are mounting that this 14.25 13.97 14.15 14.28 14.00 14.15 14.13 The total traded volume on 8-- years (foreign institutional pound also fell as low as could hurt British exports and 14.30 14.08 14.12 14.29 14.15 14.10 14.17 investors) will wait now, the three exchanges, inclusive 9-- years 10--years 14.30 14.28 14.28 14.30 14.25 14.25 14.28 $1.5711, past its 100-day mov- growth. This risk factor would some may even withdraw a of all available contracts, was 15--years 14.60 14.40 14.50 14.60 14.50 14.55 14.53 have been discussed at the ing average at $1.5743. bit," said Ananth Narayan G., at a low $5.3 billion. -Reuters 20--years 14.70 14.50 14.65 14.85 14.65 14.70 14.68 Sterling showed little reaction MPC, the minutes of which head of fixed income, currento the Bank of England's mone- will be released in two weeks.cies and commodities at tary policy committee (MPC) Reuters Standard Chartered Bank in EUR/GBP Mumbai. Period AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD USD/CHF FIIs have dumped $381.22 million worth of shares on 1 week 0.91 -0.59 0.87 0.95 0.81 0.95 -0.96 -0.91 Tuesday and Wednesday, 1 month 0.79 0.62 0.72 0.85 0.68 0.83 -0.37 -0.60 after having been net buyers 3 months 0.66 0.76 0.72 0.92 0.53 0.34 -0.34 -0.83 in the six preceding sessions. 6 months 0.79 0.21 0.70 0.89 0.59 0.73 -0.66 -0.73 However, the total foreign 1 year 0.23 0.75 0.82 0.78 0.27 0.05 -0.12 -0.13 SYDNEY/WELLINGTON: The Australian dol- cy had been undermined by a run of soft data fund inflows into local shares 2 years -0.39 0.65 0.53 0.47 -0.19 -0.38 0.47 0.15 lar surged a cent on Thursday as a stellar jobs recently. Karachi Inter Bank Offered Rates (KIBOR) That helped the currency leap 0.8 per cent to report suggested markets were underestimating the Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)09/12/2010 risk of a rate hike in the months ahead, while the $0.9868, from an early low of $0.9777, challeng1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS New Zealand dollar laboured with a dovish central ing Fibonacci resistance at $0.9862, the 50 per cent retracement of the November 5-December 1 fall. bank outlook on policy. BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK The currency rose as high as A$0.9885, well up ABPL 0.00 The interbank market did move to price in a lit0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 tle more chance of move from the Reserve Bank of on the week's trough of $0.9752, with some ana- ABLN 12.30 12.80 12.30 12.80 12.90 13.40 13.15 13.40 1340 13.65 13.45 13.95 13.60 14.10 13.70 14.20 Australia (RBA), but still implies just a 14 per cent lysts predicting further gains. 12.85 13.35 13.45 13.70 1350 13.75 13.45 13.95 13.70 14.20 14.00 14.50 In contrast to its neighbour, the New Zealand JSBL 12.50 13.00 12.60 13.10 probability of a rise in the 4.75 per cent cash rate 12.70 13.20 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20 dollar has struggled after a dovish view from the ASPK 12.40 12.90 12.50 13.00 at the next policy meeting in February. 12.70 13.20 13.15 13.40 1335 13.60 13.40 13.90 13.60 14.10 13.70 14.20 That probability rises to just 58 per cent by May, central bank caused analysts to scale back rate CIPK 12.40 12.90 12.50 13.00 though dealers say this is in part due to a reluc- expectations. DBPK 12.30 12.80 12.35 12.85 12.50 13.00 12.90 13.15 1320 13.45 13.35 13.85 13.40 13.90 13.60 14.10 The kiwi fell about three-quarters of a cent after FBPK 12.50 13.00 12.45 12.95 tance by investors to wager money in such distant 12.70 13.20 13.15 13.40 1340 13.65 13.55 14.05 13.65 14.15 13.85 14.35 the Reserve Bank of New Zealand left interest F LAH 12.40 12.90 12.45 12.95 contracts this close to year-end. 12.75 13.25 13.15 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20 Analysts have no such inhibitions and most rates on hold at 3 per cent as expected, but said the 12.75 13.25 13.15 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20 expected a move by the second quarter at the latest extent of future rate rises was likely to be less than HBPK 12.45 12.95 12.55 13.05 HKBP 12.40 12.90 12.45 12.95 12.80 13.30 13.10 13.35 1330 13.55 13.40 13.90 13.60 14.10 13.65 14.15 previously forecast. if not sooner. 13.35 13.15 13.65 13.20 13.70 13.25 13.75 The central bank also signalled it would need to N I P K 12.35 12.85 12.55 13.05 12.95 13.45 13.05 13.30 1310 "Rates will need to rise further, and we expect multiple hikes next year," said Paul Bloxham, chief see evidence of a more robust economic recovery HMBP 12.50 13.00 12.55 13.05 12.90 13.40 13.10 13.35 1335 13.60 13.50 14.00 13.60 14.10 13.70 14.20 economist at HSBC. "At this stage we think the before it would move on rates, causing expecta- SAMB 12.40 12.90 12.45 12.95 12.75 13.25 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.75 14.25 next rise will be in Q2 2011, and that the cash rate tions for the next rate hike to be pushed back from MCBK 12.25 12.75 12.40 12.90 12.65 13.15 13.05 13.30 1330 13.55 13.40 13.90 13.50 14.00 13.75 14.25 March to June 2011. will rise to 5.75 per cent by early 2012." 12.65 13.15 13.10 13.35 1325 13.50 13.40 13.90 13.60 14.10 13.70 14.20 Once the stellar jobs figures came through the NBPK 12.35 12.85 12.40 12.90 The market has around 40 basis points of tight13.50 13.45 13.95 13.50 14.00 13.70 14.20 Aussie surged to a six week high of NZ$1.3164, S CP K 12.35 12.85 12.40 12.90 12.65 13.15 13.00 13.25 1325 ening priced for the next 12 months. 12.65 13.15 13.10 13.35 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20 The startling 54,600 rise in employment was par- close to breaching key resistance levels, said Derek UBPL 12.25 12.75 12.40 12.90 ticularly well timed for Aussie bulls as the curren- Rankin of Rankin Treasury. -Reuters AVE 12.38 12.88 12.46 12.96 12.73 13.23 13.11 13.36 1333 13.58 13.44 13.94 13.59 14.09 13.71 14.21
Aussie dollar jumps on jobs boom, outpaces NZD
Currencies Correlation
4 Friday, December 10, 2010
Sitting on the Goldmine
The Financial Daily International Vol 4, Issue 123
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
For the kind attention of agri lenders In a recent meeting of Agricultural Credit Advisory Committee, a special panel has been constituted to develop a strategy in consultation with federal and provincial governments and other stakeholders for the growth of agricultural credit in the country. While chairing the meeting, Shahid Kardar, Governor, State Bank of Pakistan told the participants to hold meaningful discussions at the federal and provincial level to formulate a holistic strategy for the development of agricultural credit with the consensus of all the major stakeholders. Governor urged the banks to understand the needs of the economy and improve their penetration in the sector, as it is commercially viable, offering attractive potential cash flows and extensive backward and forward linkages in the value chain. He also advised banks to develop a comprehensive agricultural finance policy, dedicate human resource, and simplify procedures and other prerequisites for building lending portfolios and timely provision of credit to the farmers. Kardar's speech seemed loaded with rhetoric and devoid of clear understanding of Pakistan's agriculture sector. It also appears that he is trying to reinvent the wheel. The financial institutions as well as the central banks are fully aware of the stumbling blocks which do not allowed banks to extend credit to the farmers, not the feudal lords. For the convenience of the members of special committee it is necessary to highlight the major impediment. These include: 1) unclear mindset and lack of expertise prevailing in the financial institutions, 2) very high interest rate is charged on agriculture loans as compared to the credit extended to manufacturing sector, 3) absence of comprehensive crop insurance schemes, 4) outdated and highly tempered land record, and 5) rent seekers and turncoats not only getting the largest percentage of the credit disbursed but also getting the loans written off. It is good that the governor is fully cognisant of the losses caused by the devastating floods turning Rs32 billion loans delinquent out of total advances of Rs53 billion extended to the farmers of the deluge-affected areas. Encouraging the financial institutions to extend more loans to farmers and bringing down interest rates on agriculture loans is just not possible without introducing mandatory comprehensive crop insurance scheme. If the SBP is serious in enhancing credit extension to the farmers then it must take two immediate steps: 1) change the mindset of the existing bankers and/or recruit new broad of executives having better understanding of the agriculture sector as well as the banking, 2) join hands with insurance companies to come up with comprehensive policies because present schemes only cover credit not the crops.
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.
W
hen not a lot is happening in Pakistan and especially Balochistan in terms of big investments, Tethyan Copper Company (TCC) can kick off the first ever large scale Copper-Gold project at Reko Diq having 5.9 billion tonnes of mineral resource within four to five years with an initial investment of 3.3 billion US dollars. The government's vision is to transform these resources into a source of revenue for the province so that Balochistan would be self-sufficient within coming years. The security situation in the country has been a big reason to hamper international investment. While governments, both federal and provincial invite the foreign investors to come and invest, it is important that conducive environment is created so that FDI can flow in. There has been uproar in the media recently about the project saying that it is 'ripping-off' Pakistan. If one looks beyond media hype and examine the regulatory structure of mining industry in Pakistan, the nature of the global mining business and the terms of agreement between TCC and the provincial government of Balochistan, it will be revealed that the Reko Diq project is, in fact favorable deal for Pakistan and Balochistan. The Spokesperson of the Company said TCC is a joint venture of Canadian Barrick Gold and Chillian Antofagasta has completed the exploration of the deposit in Reko Diq and submitted detailed feasibility report to government of Balochistan in August. Reko Diq is situated 500 KM from Quetta in northwest of Balochistan and 70 KM west of Naukundi town of Chaghi district, border Afghanistan and Iran. The company was named after the name of Tethyan belt, a well-known geological formation known for copper deposits that runs across central and southeast Europe,
Turkey, Iran, Pakistan through Himalayan region into Burma, Malaysia, Indonesia and Papua New Guinea. When compared with all other Exploration Licenses issued by the provincial government under the Balochistan Mineral rules, none of the licenses have government's participation except in the case of Reko Diq project. Therefore, when this project goes into production, government will
tion of expertise and technology to realize. Assuming the development of the project with international standards and FDI is successful; the project is bound to serve as a catalyst for attracting other investors to be followed exploration and mining development. TCC has overwhelming support of the local communities as more than 80 per cent of its employees are from Balochistan. A detailed feasibility
“
If one looks beyond media hype and examine the regulatory structure of mining industry in Pakistan, the nature of the global mining business and the terms of agreement between TCC and the provincial government of Balochistan, it will be revealed that the Reko Diq project is, in fact favorable deal for Pakistan and Balochistan
earn 25% of profit in addition to royalties and taxes. While the other projects if they go into production will generate only royalties and taxes. It seems that this very important advantage is being over shadowed in faulty and inadequate analyses of mining industry practices. TCC's investment in Reko Diq project the first foreign investment will prove as an engine for foreign investment in the region and will motivate more foreign investors to come forward. That will not only benefit Balochistan but also Pakistan. The estimated production of 22 billion pounds of copper and 13 million ounces of gold in form of payable metal over 56 years of mine life will need huge investment in infrastructure and a combina-
report has already been submitted to government of Balochistan in August last and hopefully, the provincial government would prefer exploration company (TCC) for mining. As TCC had made risk investment of more than US$220 million on exploration of the deposit and it is not only common practice world over that that the company which made risk investment in exploration is given lease for mining but also under the Balochistan Mineral Rules. Under the agreement reached between company and government of Balochistan, both Federal and Balochistan governments will have 52% of the free cash flows in the form of royalty, taxes and share. The total expected investment was
about US$3.3 billion to be made for developing the supporting infrastructure to making the project functional. The company would spend US$300400 million annually on procurement of goods and services of which nearly half would be spent locally. About transportation of mined mineral, the annual production of concentrate would be 600,000 tonnes that would be pumped through 682 KM long pipeline from the site to Gwadar port for further shipment to international markets via sea. The estimated annual production from the Reko Diq mine is 200,000 tonnes of copper and 250,000 ounces of gold. This copper and gold will be sold at international market prices quoted at London Metal Exchange. This will also activate the Gwadar port which till now is underutilized. About the recruitment policy of the company, local residents of Balochistan would be given preference in skilled employment. When the operations begin, 2500 persons would be employed permanently while almost the same number of people would be employed indirectly as suppliers and contractors. TCC has also been involved in social service for the development of the area with the active participation of community. The company had spent over one million dollars on a number of community investments initiatives in education, health, skilled development etc. Recently a local organization called "Voice of Chagai" held a demonstration in Dalbaldin, raising concern over the recent controversies stirred up about the managing company of TCC, saying that the way Reko Diq project is being developed by TCC, it will usher an era of prosperity for the local people. Reko Diq project can literally 'make or break' the future of large scale mining in Balochistan and flow of FDI in Pakistan.-Online
Indian plan to deter Pakistan A
strategy developed by the Indian military to fight a lightning and limited war with Pakistan without crossing nuclear red lines has stirred concern across the border and in the United States, but the plan is years, if not decades away from battle readiness. Cold Start involves the deployment of battle groups inside Pakistan within 72 hours of a Mumbai-style attack to carry out a punitive operation without threatening the survival of the Pakistani state and triggering a nuclear confrontation. It flows from the Indian government's slow-footed response to an attack on parliament in 2001, which was also traced back to Pakistani militant groups, when it took months for the large, lumbering army to deploy on the borders. By then, the element of surprise was long gone, and Delhi had come under intense international pressure to climb down. Pakistan says the Indian battle plan is at the heart of its refusal to move forces away from the Indian border to fight militants on the Afghan borderlands, hindering the US war against al Qaeda and Taliban. It has drawn concern in the Pentagon too, which worries about any disruption of its long supply line for troops in Afghanistan that runs through Pakistan. But as the US ambassador to Delhi said in secret cables published by Wikileaks and corroborated by independent military experts, the Indian army's Cold Start doctrine is a mixture of myth and reality. The military has neither the maneuverability nor the firepower to rapidly deploy and fight the air and land battle envisaged in the strategy, and it is not even clear whether the civilian authorities have signed off on the plan.
Above all, the idea that you can fight a conventional war without risking a nuclear confrontation between two neighbours with a troubled history for more than 60 years is a vast gamble, say military analysts. "It has never been and may never be put to use on a battlefield because of substantial and serious resource constraints, but it is a developed operational attack plan announced in 2004 and intended to be taken off the shelf
On Tuesday, a bomb went off in a holy Indian town, killing a child and wounding several Hindu worshippers, an attack that reinforced concerns that India remained vulnerable, and that ties with Pakistan could quickly unravel if acts of violence were linked to militants based there. Pakistan has warned that the Indian battle plan further destabilised regional security, and that it would take measures to counter the strategy. Retired
But there is no denying that the Cold Start plan exists in some form and there are proponents in the Indian security establishment who think they can fight a limited war without crossing Pakistan's nuclear threshold. and implemented within a 72-hour period during a crisis," Ambassador Tim Roemer wrote in a February 2010 cable. Indeed, as Roemer notes, if the Indian government really intended to implement Cold Start and thus risk "rolling the nuclear dice", the Mumbai attacks were an opportunity. "First, the Government of India (GoI) refrained from implementing Cold Start even after an attack as audacious and bloody as the Mumbai attack, which calls into serious question the GOI's willingness to actually adopt the Cold Start option." Roemer also questioned Pakistan's sincerity in drumming up fears over the Indian military plan, saying it had failed to deter Pakistani mischief inside India even though they had known its existence since 2004.
Pakistani army general Talat Masood said it was a fallacy to think the two countries could fight a limited war without the risk of escalation. "So the potential of a nuclear conflict as a result of Cold Start doctrine is very much a possibility and surely, it will result in escalation to the conventional level," he said. OPERATIONAL PLAN But there is no denying that the Cold Start plan exists in some form and there are proponents in the Indian security establishment who think they can fight a limited war without crossing Pakistan's nuclear threshold. "I would say that Cold Start is in the experimental state of development, having moved beyond pure speculation but more than a decade or two away from full implementation," said Walter Ladwig, a South Asia security affairs
expert at Oxford University who has written a seminal paper on Cold Start. Ladwig said the army had yet to organise itself into integrated battle groups envisaged under the plan and the tank corps are not fully operational. Only 20 per cent of armoured vehicles had night vision capabilities and the artillery had less than 10 per cent of the self-propelled guns that ground forces would require for a rapid thrust across the border. The army also did not have enough attack helicopters and the transport helicopters that it had could barely lift 15 per cent of the troops and armour required for such an operation. Pakistan was well aware of the shortcomings of the Indian army and for all its protests over the plan, it was not as concerned as made out to be, Ladwig said. "What it has done is handed Islamabad and Rawalpindi a propaganda coup," Ladwig said. "Although Cold Start is explicitly a response to Pakistan's support for terrorism, leaders in Islamabad have managed to portray India's pursuit of a limited war capability as evidence of New Delhi's 'hostile intent' and 'hegemonic' designs that will 'destabilize the regional balance'." Retired Indian army brigadier Gurmeet Kanwal who heads the Centre for Land Warfare Studies in New Delhi says the doctrine was essentially an attempt to address the problem of mobilisation of 1.1 million-strong army. It is also aimed at taking the battle into Pakistan. "It is essentially a pro-active deterrence strategy with the clear implication that the Indian armed forces will take the initiative and the next war in the plains will be fought in the adversary's territory," he said.-Reuters
Israel bloodying its hands again I
srael launched retaliatory air strikes on the Gaza Strip Thursday hours after its top soldier warned troops to be prepared for possible "wider action" on the enclave's volatile border. An Israeli military spokeswoman said the strikes were aimed at three separate targets, two of which Gaza militants confirmed were sites they used for training. No casualties were reported. The air strikes were launched overnight after a mortar fired by Gaza militants wounded an Israeli man at a farm. "The situation on the Gaza Strip border is fragile these days," Israeli armed forces chief General Gaby Ashekenazi told troops based near the Gaza border, according to the Maariv daily. Ashekenazi cited a large number of explosive devices on the border and rising activity against Israel at the northern edge of Gaza, predicting more incidents.
"We may need to be prepared for wider action. The next round will be big and it needs to end in a way that leaves no doubt who won. We are significantly stronger than the other
but his injuries were not life-threatening, the army spokeswoman said. He was the first casualty since March, when a Thai farm laborer was killed by a mortar shell.
“
Israel ended 38 years of Gaza occupation in 2005 but it began blockading the strip in 2007 after Hamas Islamists hostile to the Jewish state seized power from Palestinians prepared to negotiate peace with Israel.
side," the commander said, according to Maariv. Militants in the enclave ruled by the Islamist Hamas faction have fired some 200 rockets and mortars at Israel this year, the Israeli army says. They fired about five mortar rounds late Wednesday and fragments from one wounded a man. He was taken by helicopter to hospital in Beersheba,
HEAVY BLASTS Israel usually responds to the attacks with tank fire or air strikes against militant targets or the tunnels they use to smuggle goods and arms into the territory from Egypt. Thursday, Israeli missiles hit a training field of the Hamas armed wing, causing damage to several nearby houses and a primary school of 700
students, witnesses said. "All the windows in the three floors of our houses were smashed. Our bedroom door was blown in," said one woman. "Every time they hit the training camp we get hurt," her son said. Israel holds Hamas responsible for all mortar and rocket attacks, regardless of which of Gaza's militant factions fires them. Thursday's attack was claimed by the Popular Resistance Committees and the Popular Front for the Liberation of Palestine, who said their fighters had confronted Israeli army forces that penetrated the border fence with the enclave. Israel ended 38 years of Gaza occupation in 2005 but it began blockading the strip in 2007 after Hamas Islamists hostile to the Jewish state seized power from Palestinians prepared to negotiate peace with Israel. Palestinians and some United Nations officials say Israel's occupation can only truly end when it gives up control of Gaza's borders, coast and airspace.-Reuters
5
Friday, December 10, 2010
South East Asian stocks
Europe shares rise for 4th day on growth optimism KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,629.93 11,569.09 60.84 0.52 194.59
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,665.74 3,630.34 35.40 0.97 11.92
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,964.98 2,943.80 21.18 0.71 0.43
Major Gainers
Symbol
Close
Change
NESTLE 2,392.42 RMPL 2,060.00 WYETH 1,100.00 BATA 633.72 IDYM 305.00
113.92 42.60 40.00 13.82 13.03
Major Losers
Symbol
Close
Change
UPFL 1,022.06 ULEVER 4,049.60 INDU 254.43 LAKST 300.00 SCL 85.58
-37.94 -21.27 -7.03 -4.94 -4.48
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DSFL JSCL WTL DFML LOTPTA
3.72 11.74 2.90 2.41 13.03
35.85 12.26 11.14 10.84 8.34
Active Issues Plus Minus Unchanged
165 231 15
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459
INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Oct 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
5,481 5,172 1,514 1,340
DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
186 70 0 18
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)
4,729,932 3,011,868 1,897,426 7.57%
OIL MARKETING CO (000 tons) MS (Jul 10 to Oct 10) MS (Oct 10) Kerosene (Jul 10 to Oct 10) Kerosene (Oct 10) JP (Jul 10 to Oct 10) JP (Oct 10) HSD (Jul 10 to Oct 10) HSD (Oct 10) LDO (Jul 10 to Oct 10)) LDO (Oct 10) Fuel Oil (Jul 10 to Oct 10) Fuel Oil (Oct 10) Others (Jul 10 to Oct 10) Others (Oct 10)
PRICES (Ex-Refinery) MS (1 Nov 10) MS (1 Oct 10) MS % Chg Kerosene (1 Nov 10) Kerosene (1 Oct 10) Kerosene % Chg JP-1 (1 Nov 10) JP-1 (1 Oct 10) JP-1 % Chg HSD (1 Nov 10) HSD (1 Oct 10) HSD % Chg LDO (1 Nov 10) LDO (1 Oct 10) LDO % Chg Fuel Oil (1 Nov 10) Fuel Oil (1 Oct 10)
744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1
Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276
Mostly gain; banks push Indonesia to record high
Profiting, high CPI, JS news blow 60-pt hole in KSE gains
US stocks late-morning
Wall St up on claims figures but gains limited NEW YORK: The S&P 500 and the Nasdaq rose slightly on Thursday after encouraging data on the jobs market, but gains were limited by a stronger US dollar. The Labor Department said the four-week moving average for claims for unemployment benefits slipped to a two-year low, reviving hopes a labor market recovery is under way. But the Dow was pressured by major manufacturer DuPont after it gave a lackluster outlook for 2011. Blue-chip Exxon Mobil also slipped due to the strong dollar. "Today is a good day to be relatively weak, considering we See # 20 Page 11
affected the market. "Investors booked profits as market was in overbought zone while news regarding a leading market participant knocked investor morale down somewhat", said Farhan Mansuri, VP Capital Markets Arif Habib Limited. It should be noted that index gained more than 1.7 per cent a day earlier closing above 11,600 levels after July, 2008. Following last day's bullish mood, market opened the session on a positive note on Thursday with an added advantage of 13 plus points. Thereafter some mixed activities were observed during the first hour with index moving on
both sides. However, then profit-taking by the investors mainly in energy and banking stocks and reduced foreign activity finally sent the index in the bearish territory as according to experts market is in overbought region. Therefore index breached 11,600 levels and at about 11:33 am touched the lowest level of the day of 11,558 points (-ve 71 points). Further, the higher CPI inflation number of 15.48 per cent in November, expected delay in IMF tranche and news regarding the leading member Jehangir Siddiqui too damped investor sentiment.
The 5th IMF tranche is likely to be delayed as the tranche is linked to the implementation of some reforms but the government is facing strong resistance from the major political parities over the approval of RGST. "The bill is yet to be tabled in National Assembly and such an opposition can prove to be a hindrance for the approval of 5th tranche in the upcoming meeting between IMF's executive board and Pakistan", said an equity dealer at a local brokerage house. Turnover was marginally lower as 194.5 million shares traded in the overall market which is 1.1 million shares less
India shares fall most in 6 months
S’pore, Thai, Malaysian bourses mull online co-trade
Nikkei gains as foreign funds snap up financials
Lenders lead FTSE gains; eyes set on China data
TOKYO: Japan's Nikkei aver- stocks are just millimeters from age climbed 0.5 per cent on historic lows and they're also Thursday and briefly hit a attractive as they have one of seven-month high as foreign the highest dividend yields on funds shifted their focus to the market," said Nicholas financials from exporters in Smith, director of equity their continued buying spree in research at MF Global FXA Tokyo stocks. Securities in Tokyo. Buying by overseas investors According to Thomson has helped drive Tokyo equities Reuters StarMine, financial 12 per cent higher since the shares are the most undervalued beginning of November. Capital among Tokyo equities with a flows data showed they were net price-to-book ratio of 0.7 times, buyers of Japanese stocks for a while their average dividend fifth straight week last week. yield stands at 2.4 per cent, one Investors said momentum of the highest on the market. players are increasing their "Financial shares are also holdings in Tokyo shares, with attractive as they tend to be funds looking beyond exporters more domestic than other equiStaff Reporter and aggressively adding under- ties and because of that less tied weight financial stocks as the to exchange rates and other facKARACHI: BMA Capital is Nikkei claws toward the 10,300 tors that are causing problems co-hosting a Conference on mark. for exporters," Smith said. Privatisation and Capital "Valuations of financial See # 19 Page 11 Markets today (Friday) at the ANNOUNCEMENTS London Stock Exchange. See # 17 Page 11 Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs)
LONDON: Banks helped Britain's top shares rise on Thursday after the Bank of England (BoE) kept interest rates and quantitative easing measures unchanged, while US jobs figures raised hopes that a recovery was under way. The FTSE 100 was up 13.43 points, or 0.2 per cent, at 5,807.96, eradicating Wednesday's losses, though gains were muted, with some traders speculating that a tightening of monetary policy in China could be imminent. "Risk appetite has been tempered somewhat ahead of the release of some important Chinese (trade) data tonight," said Michael Hewson, market analyst at CMC Markets. "This has led to some caution that the Chinese may act on monetary policy ahead of the weekend." See # 21 Page 11
Nawaz Ali KARACHI: After a heavy bull-run a day earlier, Karachi Stock Exchange (KSE) ended lower on Thursday as investors booked profits at inflated levels. The benchmark KSE 100Index lost 60 points to close at 11,569 points while KSE All Share Index fell by 37 points and KSE 30-Index was down by 89 points to close at 8,043 points and 11,154 points respectively. Experts said that high inflation numbers, expected delay in IMF tranche and negative news regarding a leading broker too
MUMBAI: The BSE Sensex fell 2.3 per cent on Thursday, its biggest one-day slide in more than six months, on fears of a widening regulatory crackdown on companies and deepening probe into a telecom corruption scandal. The government will send notices to telecom firms by the end of this week as part of the investigation into sale of telecoms licences and airwaves cheaply that a government auditor said resulted in a potential $39 billion revenue loss for the government, telecoms minister Kapil Sibal said. Shares in Reliance Communications, India's No. 2 mobile operator, fell 5.7 per cent to 122.50 rupees, their lowest close. Bigger rival Bharti Airtel fell 2.6 per cent to 338.60 rupees. The 30-share BSE index shed 2.31 per cent, or 454.12 points, to 19,242.36, its lowest close since Nov. 26, with all but three components closing in the red. "People are really concerned and panicked with the corporate governance issues mostly in small and mid-sized companies," said Arun Kejriwal, strategist at research firm KRIS. "There is also fears of liquidity drying up ahead of the holiday season." Last week, the Securities and Exchange Board of India had barred the founders and related entities of four small firms from trading on the stock exchanges for "fraudulent and unfair" trade practices.
"People are quite circumspect right now," said Ambareesh Baliga, vice president of Karvy Stock Broking. "The overall market mood will remain sluggish and fund flows will slow because of the holiday season." Foreign funds dumped $93.6 million worth of local shares on Tuesday, after having been net buyers in the six preceding sessions. Still, total foreign fund flows into local shares stand at a record $29.2 billion this year. Top lender State Bank of India dropped 4.3 per cent, HDFC Bank ended down 1.8 per cent and mortgage lender Housing Development Finance Corp fell 1.9 per cent. Brokerage HDFC Securities said in a report the margins of most banks were likely to be under pressure in this quarter to Dec. 31 after they hiked deposit rates in the last three months. Traders said there was also fear that increase in lending rates would crimp credit growth. Bucking the trend, shares in most export-driven outsourcing companies rose on hopes that US President Barack Obama's move to extend tax cuts would help the US economy in the near term. India's top software services exporters get about half their revenue from the United States. Bellwether Infosys Technologies advanced 0.5 per cent. In the broader market, losers were nearly 9 times the number of gainers on volume of 394 million shares.-Reuters
KARACHI: The stock exchanges of Malaysia, Singapore and Thailand are working on a plan to establish an electronic trading system giving access to the investors of three markets simultaneously. The project is likely to come online by mid 2011. See # 16 Page 11
as compared to a turnover of 195.6 million shares a day earlier. Dewan Group stocks stayed in limelight on news of debt structuring therefore Dewan Salman stood as the top traded stock of the day with 35.8 million shares. Other volume leaders include Jahangir Siddiqui Co with 12.2 million shares followed by WorldCall Telecom with 11.1 million shares, Dewan Motors with 10.8 million shares, and Lotte Pakistan with 8.3 million shares. Out of total 411 active issues 231 declined and 165 declined while 15 issues remained unchanged.
BMA Capital co-hosting London SE moot today
JS Invest OKS repurchase of its JSGF certificates KARACHI: The board of directors of JS Investment Ltd has approved the re-purchase programme of JS Growth Fund (JSGF) certificates. According to a communiquĂŠ issued to KSE on Thursday, the See # 18 Page 11
Mirza Sugar Pangrio Sugar
Yearly Yearly
10% D 10% D
139.20 75.40
9.87 6.85
Dhiyan
SOME RECOVERY FORETOLD Mohammad Sohail, CEO Topline Securities
Shanghai at 2-mth; Hong Kong gets up
Short-term outlook is neutral to positive with index moving between 11,200 and 11,700 points. Yet, we might see small correction too. Volumes are likely to remain dull next week due to Moharram. Invest in those banking and insurance stocks which haven't performed during the whole year. As far as triggers are concerned, foreigners' interest and good corporate results would give rise to positive activities in the bourse. Market may show a marginHONG KONG/SHANGHAI: watched 250-day moving aver- likely interest rate rise," said al recovery today. Shanghai shares slipped to a two-month low on Thursday as a fall in energy stocks offset strong gains by railway-related issues off the back of government infrastructure plans. Hong Kong's Hang Seng rose a mild 0.3 per cent in low volume, recovering some of Wednesday's 1.4 per cent drop. The index was supported by a 3.4 per cent rise in China Unicom and a 1 per cent increase in index heavyweight HSBC. The Hang Seng has been largely rangebound since midNovember, but brokers expect the benchmark to gain about 19 per cent by the end of 2011, boosted by China's economic growth and capital inflows flooding into Asia, a Reuters poll shows. Shanghai's key stock index fell 1.3 per cent to close at its lowest level since early October and below the closely-
age for a second successive session. Oil major Sinopec Corp dropped 1.3 per cent. The world's most valuable coal producer, China Shenhua Energy Co Ltd, slipped 1.6 per cent. Buyers stayed away from banks, such as Industrial and Commercial Bank of China, which fell 0.9 per cent to be the biggest drag on the index. "No one wants to take a risk with all the rumours of a rate rise going around," said Li Wenhui, analyst at Huatai Securities in Nanjing. Speculative investors, awaiting inflation data due on Saturday, are cautiously selecting sectors they see as safe bets in the near term, with many keeping to the sidelines while they await clarification of the government's monetary policy. "Everybody is just waiting. This is a sensitive period with high inflation expected and a
Ren Chengde, an analyst at Galaxy Securities in Shanghai. Buyers are therefore going to focus on sectors such as rail and steel, which will benefit from Beijing's plan to invest up to 4 trillion yuan in the country's high speed rail network., the analyst said. Indeed, railway-related issues bucked the trend in both volume and prices in Shanghai and Hong Kong. Railway manufacturer Jinxi Axle jumped to its 10 per cent limit, while China Railway Erju gained 7.3 per cent. In Hong Kong, China Railway shares rose 6 per cent. In contrast, Air China shares slumped 6 per cent in Hong Kong on speculation a highspeed rail network would eat into the carrier's market share. Among the Hang Seng's 45 constituents, China Unicom was the top performer, rising by 3.4 per cent.-Reuters
Zia Shaafi, Senior equity dealer Pearl Securities Some positive activities are likely in the coming days where index can touch 11,800-12,000 points, however correction is also possible. Offload gradually at higher levels. For new investments utilise only 20 per cent of cash to invest in blue chips, but for the remaining 80 per cent wait for dips. Hopes of good upcoming corporate earnings would support the market while any negative law and order situation could hurt it. Market would be lackluster today.
6
Friday, December 10, 2010
Market Volume
194,594,669
Value
5,559,933,511
Trades
85,392
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
165 231 15 411
All Share Index
11,569.09 11,649.59 11,558.38 i60.84
Current High Low Change
KSE 30 Index
8,043.45 8,096.57 8,034.44 i37.88
Current High Low Change
KMI 30 Index Current High Low Change
11,154.63 11,266.70 11,141.11 i89.10
18,275.58 18,423.61 18,241.80 i98.23
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,511.75 Turnover 8,073,823 P/E (x) 11.11 Company
KSE 100 Index
Symbols
PE
High Low 1,523.25 1,497.57 Total cos Defaulter cos P/BV (x) ROE (%) 3.61 32.54
Open
High
Low
691 5.64 326.78 853 6.57 117.59 3921 - 11.68 735 16.27 120.38 800 3.90 264.06 Oil & Gas DevelopmentSPOT 43009 11.40 169.59 Pak Petroleum 11950 8.48 208.95 Pak Oilfields 2365 6.75 289.81 Pak Refinery Limited 350 - 102.39 PSO 1715 4.83 286.74 Shell Gas LPG 226 - 36.06 Shell Pakistan 685 10.18 199.58
330.00 118.90 11.70 121.00 270.00 169.98 211.80 293.80 105.98 288.50 36.40 200.90
323.50 116.20 11.34 119.85 261.50 168.10 207.55 285.37 99.02 284.51 35.25 198.30
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 325.37 117.28 11.47 120.04 263.35 168.45 208.44 285.95 102.29 285.47 36.40 198.54
-1.41 -0.31 -0.21 -0.34 -0.71 -1.14 -0.51 -3.86 -0.10 -1.27 0.34 -1.04
Close Change 1,502.25 -9.50 Listed cap Market cap 65,194.15 mn 1,175,050.79 mn Payout (%) Div Yield (%) 55.94 5.04 Last 60 days High Low
Volume 396240 1881904 1068399 48064 259150 271884 1735058 2923957 98503 449384 1006 8673
374.20 137.20 12.49 128.90 275.40 170.99 214.10 293.80 106.34 292.15 40.28 204.40
2009 Div BR (%) (%)
287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 226.00 180 50.70 253.51 50 28.05 182.05 330 -
% Change -0.63 5-Day High 1,511.75 5-Day Low 1,475.03 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 759.54 Turnover 35,628 P/E (x) 5.58 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 761.99 739.23 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
Close 751.09 Listed cap 3,242.17 mn Payout (%) 11.08
Change -8.45 Market cap 12,864.90 mn Div Yield (%) 1.98
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.44 36.96
75.47 33.97
75.76 34.00
73.13 33.60
74.40 -1.07 34.00 0.03
25873 9755
77.77 41.00
60.05 33.06
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 Bawany Air 68 Clariant Pak 273 Dawood Hercules XD 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. Ltd XD 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer XD 6785 Fauji Fert. Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Lotte Pakistan 15142 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 United Distributors 92 Wah-Noble 90
8.59 72.50 5.96 7.15 10.28 8.37 6.84 8.72 7.76 4.65 10.14 14.51 6.71
23.32 8.53 156.00 173.50 2.73 8.16 3.01 10.85 187.30 14.13 10.11 114.00 36.20 11.94 137.69 13.16 1.46 1.54 2.30 123.48 13.46 9.10 35.18
24.00 8.70 156.90 174.00 2.94 8.14 3.94 10.90 189.49 14.80 10.14 115.60 36.51 11.99 140.25 13.25 1.78 1.76 2.35 124.75 13.85 9.99 35.49
23.30 8.70 155.75 172.25 2.51 7.75 3.08 10.20 186.51 14.15 9.80 113.99 36.00 11.45 137.20 12.95 1.31 1.51 2.06 121.75 13.20 8.51 34.50
Company
Close Chg 23.70 8.70 156.00 172.50 2.67 7.83 3.72 10.90 187.07 14.66 10.00 115.47 36.26 11.51 137.82 13.03 1.45 1.73 2.29 123.70 13.35 8.51 34.88
0.38 0.17 0.00 -1.00 -0.06 -0.33 0.71 0.05 -0.23 0.53 -0.11 1.47 0.06 -0.43 0.13 -0.13 -0.01 0.19 -0.01 0.22 -0.11 -0.59 -0.30
Close 1,311.53 Listed cap 52,251.88 mn Payout (%) 48.81
Change 8.55 Market cap 290,464.77 mn Div Yield (%) 6.00
Last 60 days High Low
Volume 1290 2000 1251 10328 64633 161113 35850955 150 2660501 3059692 3741151 1466446 2893200 137315 535479 8336094 95516 1390442 2256 389 227504 505 540
25.38 13.99 164.89 185.00 2.94 8.48 3.94 13.79 189.59 15.20 11.74 115.60 36.51 13.85 140.25 13.25 2.75 1.76 3.40 139.40 14.69 17.80 46.25
2009 Div BR (%) (%)
% Change 0.66 5-Day High 1,311.53 5-Day Low 1,293.61 2010 Div BR (%) (%)
20.26 7.73 5 149.72 125 163.51 40 10B 40 1.78 3.20 1.28 9.15 15 15 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.20 131.5 10B 95 26.59 40 - 17.5 7.85 116.00 80 55 8.16 5 0.80 1.16 1.80 101.00 75 25 7.67 8.51 10 10B 32.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,151.51 Turnover 43,868 P/E (x) 5.89 Company
High Low 1,193.53 1,147.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,167.71 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.70 6.98
16.40 45.50 43.68
16.75 45.83 45.86
16.10 44.90 44.00
16.13 -0.27 45.24 -0.26 45.26 1.58
7559 9346 26963
Century Paper Pak Paper Product Security Paper
Change 16.20 Market cap 3,236.52 mn Div Yield (%) 4.29
Last 60 days High Low 21.80 62.85 45.86
15.28 38.61 38.00
% Change 1.41 5-Day High 1,167.71 5-Day Low 1,103.63
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,178.41 Turnover 11,031,535 P/E (x) 4.32 Paid up Cap(mn)
High Low 1,179.67 1,151.30 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 25.35
PE
Open
High
Low
Agriautos Ind 144 5.38 Atlas Battery 101 4.76 Atlas Honda 626 7.82 Baluchistan Wheels Ltd. 133 5.70 Dewan Motors 890 Exide (PAK) 56 4.20 General Tyre 598 18.97 Ghandhara Nissan 450 3.13 Ghani Automobile Ind 200 6.75 Honda Atlas Cars 1428 Indus Motors 786 5.81 Pak Suzuki 823 11.35 Sazgar Engineering 150 3.63
72.42 160.82 109.80 31.90 1.85 181.06 22.10 4.75 4.40 11.54 261.46 71.99 19.51
72.90 160.26 109.00 30.33 2.58 178.00 22.00 4.84 5.00 11.64 260.00 72.43 19.50
71.00 159.50 107.55 30.31 1.85 175.11 22.00 4.50 4.32 11.30 254.00 71.00 19.40
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
PE
Open
High
Low
565 3.95 675 555 9.13 1199 10.63
24.99 3.10 14.74 50.80
26.23 3.14 14.95 51.24
24.55 3.00 14.51 50.76
Close Chg 25.25 3.02 14.60 51.00
0.26 -0.08 -0.14 0.20
Close 979.56 Listed cap 3,596.11 mn Payout (%) 30.91
Close Chg
Close 1,156.48 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -21.94 Market cap 41,833.46 mn Div Yield (%) 4.72
Last 60 days High Low
39612 53705 7812 17310
26.23 3.39 16.75 54.00
2009 Div BR (%) (%)
23.75 1.65 12.25 44.00
-
Open 1,603.56 Turnover 1,059,979 P/E (x) 36.86 Company
Paid up Cap(mn)
Adam Sugar AL-Noor Sugar Ansari Sugar Bawany Sugar Chashma Sugar Clover Pakistan Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Ismail Ind J D W Sugar Mehran Sugar Mirpurkhas SugarSPOT Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Pangrio Sugar Premier Sugar Quice Food Rafhan Maize S S Oil Sanghar Sugar Shahmurad Sugar Shakarganj Mills UniLever Pakistan
58 186 244 87 287 94 990 214 365 600 200 505 490 143 70 141 414 453 48 109 38 107 92 57 119 211 695 665
PE
Company
Paid up Cap(mn)
PE
Open
High
Low
Al-Abbas Cement 1828 Attock Cement 866 6.62 Balochistan Glass Ltd 858 Berger Paints 182 Cherat Cement 956 25.16 Dadabhoy Cement 982 14.92 Dewan Cement 3574 DG Khan Cement Ltd 3651 126.96 Fauji Cement 6933 14.79 Fecto Cement 502 3.65 Flying Cement Ltd 1760 Frontier Ceramics 77 Gammon Pak 283 Gharibwal Cement 2319 Haydery Const 32 Kohat Cement 1288 Lafarge Pakistan Cement13126 Lucky Cement 3234 6.69 Maple Leaf Cement 5261 1.38 Maple Leaf(Pref) 541 2.96 Pioneer Cement 2228 Safe Mix Concrete 200 Shabbir Tiles 361 -
3.43 63.46 2.07 18.90 11.50 2.00 2.76 31.87 4.99 7.04 1.91 2.00 1.68 7.92 0.69 7.18 3.43 75.86 2.99 4.10 7.15 6.19 8.64
3.65 63.00 1.99 19.10 11.85 2.14 2.91 31.80 4.98 7.00 2.10 2.24 1.55 8.85 0.79 7.39 3.50 75.95 3.00 4.02 7.20 6.15 9.60
3.30 62.70 1.65 18.70 11.06 1.86 2.68 30.32 4.85 7.00 1.95 1.55 1.55 7.31 0.69 7.03 3.17 74.00 2.91 4.00 7.01 5.90 8.21
Close 1,009.80 Listed cap 54,792.74 mn Payout (%) 19.04
30B -
Change -23.43 Market cap 73,230.36 mn Div Yield (%) 2.57
Close Chg
Volume
3.31 62.87 1.66 19.01 11.07 1.94 2.73 30.47 4.88 7.00 1.99 2.03 1.55 8.35 0.70 7.04 3.21 74.49 2.97 4.02 7.09 6.08 8.28
33655 11545 1010 8409 28732 37605 6516229 3543804 281047 12744 1440878 146 10000 43493 6011 18907 1551361 2387330 293503 1275 137809 32986 796
4.00 69.86 2.50 20.45 12.75 2.49 2.91 32.10 5.50 8.20 2.20 5.00 2.90 8.85 1.39 8.70 3.65 79.98 3.40 8.89 8.58 9.47 11.00
2010 Div BR (%) (%) 30 40
20B
2.80 57.60 1.01 14.01 9.51 1.30 1.30 23.40 4.52 4.25 1.70 1.18 0.98 2.11 0.25 5.50 2.71 67.70 2.51 3.51 6.56 5.25 6.30
2009 Div BR (%) (%) 50 40 9.75 -
20B 20R 10B -
% Change -2.27 5-Day High 1,033.23 5-Day Low 1,009.80 2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
Performance of SR General Industrials Index
Company
Paid up Cap(mn)
PE
Open
High
High Low 966.66 946.84 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 43.91 Low
Close Chg
Cherat Papersack 115 2.82 81.29 81.61 78.10 79.13 ECOPACK Ltd 230 2.27 2.39 2.17 2.17 Ghani Glass 1067 4.55 49.48 49.45 48.15 49.45 Merit Pack 47 55.80 21.26 22.32 22.32 22.32 Packages Ltd 844 53.77 105.55 105.55 104.01 104.85 Siemens EngineeringSPOT 82 10.69 1300.29 1318.00 1290.00 1296.00 Tri-Pack Films 300 8.17 112.67 113.00 111.26 112.01
-2.16 -0.10 -0.03 1.06 -0.70 -4.29 -0.66
Close 956.35 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 99148 5975 5901 3102 9137 128 4551
Change -4.96 Market cap 35,901.44 mn Div Yield (%) 5.72
Last 60 days High Low 83.23 34.00 3.13 1.70 61.99 45.75 22.32 11.81 111.88 98.00 1381.00 1068.75 115.00 96.01
% Change -0.52 5-Day High 961.31 5-Day Low 955.45
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 900 -
10B -
25B 10B -
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,552.22 Turnover 249,398 P/E (x) 8.29 Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB Pak Engineering
High Low 1,565.66 1,539.67 Total cos Defaulter cos P/BV (x) ROE (%) 3.15 38.02
PE
Open
High
Low
66 1.03 215 5.18 104 214 213 10.20 124 132 8.38 366 6.47 57 776.72
15.65 217.99 44.18 0.74 11.33 133.41 70.01 496.72 279.00
16.00 218.00 44.00 0.99 11.20 138.99 69.99 499.48 290.04
15.50 216.05 44.00 0.70 10.85 135.00 69.25 493.00 275.00
Close Chg 16.00 216.20 44.00 0.94 11.02 135.02 69.96 494.42 279.62
0.35 -1.79 -0.18 0.20 -0.31 1.61 -0.05 -2.30 0.62
Close 1,546.36 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 7050 1428 1218 155538 32312 714 208 57677 303
Change -5.86 Market cap 32,447.55 mn Div Yield (%) 15.86
Last 60 days High Low 21.48 227.45 51.99 1.00 18.80 147.89 88.00 595.99 324.80
Open
High
Open 1,084.41 Turnover 248,163 P/E (x) 2.76
% Change -0.06 5-Day High 980.16 5-Day Low 972.71
GENERAL INDUSTRIALS Open 961.31 Turnover 127,942 P/E (x) 2.72
65.75 131.00 92.50 28.25 1.20 133.00 21.00 4.03 3.55 9.65 215.99 69.25 17.92
2010 Div BR (%) (%)
40 100 80 15 50 100 5 -
90 100 25 60 20 150 10
20B 30B 20B
20B 20B
High Low 1,639.25 1,592.09 Total cos Defaulter cos P/BV (x) ROE (%) 11.17 30.30 Low
Close Chg
Close 1,617.05 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 13.50 Market cap 219,931.55 mn Div Yield (%) 0.83
Last 60 days High Low
601 16.90 11.00 103 53.00 39.25 2000 6.99 4.03 37609 4.20 0.85 25000 15.47 8.50 1104 77.14 33.50 1537 4.00 2.54 2000 6.65 5.00 343908 3.99 1.11 31659 36.00 26.80 6720 16.98 11.90 541 77.70 67.38 615 89.89 63.50 3285 68.49 48.50 7214 67.00 53.64 457792 7.18 4.20 1105 57.00 39.01 4502 2392.42 1785.00 2062 27.30 17.51 82232 6.99 4.00 103 53.81 32.50 2000 3.40 1.60 271 2108.00 1229.00 10000 3.89 3.00 12011 14.90 13.00 11479 13.50 8.92 12185 7.88 3.21 109 4345.00 3775.00
% Change 0.84 5-Day High 1,617.05 5-Day Low 1,588.17
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 35 40 15 40 35 25 600 30 900 10 15 458
15 40 17.5 110R 0 12.5R 35 20B 15 20B 10 12 450 12 10 600 178 -
25B 30B 10B 25B 10B -
Company
Paid up Cap(mn)
AL-Abid Silk Pak Elektron Singer Pak Tariq Glass Ind
PE
115 2.64 1174 3.39 341 22.02 231 2.24
Open 24.72 13.60 19.50 17.69
High 24.50 13.68 19.70 18.69
High Low 1,090.02 1,072.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64 Low 23.51 13.25 19.60 17.98
Close Chg 24.50 13.45 19.60 18.69
-0.22 -0.15 0.10 1.00
Close 1,082.43 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 182 174753 133 73092
Change -1.98 Market cap 5,087.21 mn Div Yield (%) 2.27
Last 60 days High Low 35.00 15.43 23.00 18.80
23.00 12.82 16.51 14.60
2009 Div BR (%) (%) 7.5 -
10B 10B -
% Change -0.18 5-Day High 1,084.41 5-Day Low 1,076.79 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
PERSONAL GOODS Performance of SR Personal Goods Index
Last 60 days High Low
-0.12 -0.59 -0.41 0.11 -0.43 -0.06 -0.03 -1.40 -0.11 -0.04 0.08 0.03 -0.13 0.43 0.01 -0.14 -0.22 -1.37 -0.02 -0.08 -0.06 -0.11 -0.36
2051 73.00 675 187.90 513 122.51 125 36.72 10839698 2.58 200 198.07 500 26.70 47405 6.09 1004 5.75 57870 13.40 61486 282.45 17706 79.50 2300 27.58
2009 Div BR (%) (%)
2009 Div BR (%) (%)
14.12 20 200.00 400 40.50 0.21 10.55 108.11 17.15 68.81 35 390.00 450 254.64 125
57.40
Total Assets (Rs in mn)
1,022.94
MA (10-day)
0.70
Total Equity (Rs in mn)
(1,445.96)
MA (100-day)
0.62
Revenue (Rs in mn)
MA (200-day)
0.76
Interest Expense
1st Support
0.81
Loss after Taxation
(514.93)
2nd Support
0.61
EPS 10 (Rs)
(24.062)
1st Resistance
1.10
Book value / share (Rs)
2nd Resistance
1.19
PE 11 E (x)
Pivot
0.90
PBV (x)
121.42 112.64
(67.57) (0.01)
DWAE closed up 0.20 at 0.94. Volume was 3,173 per cent above average (trending) and Bollinger Bands were 30 per cent wider than normal. The company's loss after taxation stood at Rs59.99 million which translates into a Loss Per Share of Rs2.80 for the 1st quarter of current fiscal year (1QFY11). DWAE is currently 8.7 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 DWAE (bullish). Trend forecasting oscillators are currently bullish on DWAE.
Pakistan Synthetics Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
72.96
Total Assets (Rs in mn)
MA (10-day)
7.07
Total Equity (Rs in mn)
MA (100-day)
6.53
Revenue (Rs in mn)
1,302.17
MA (200-day)
7.21
Interest Expense
19.26
1st Support
7.75
Profit after Taxation
42.33
2nd Support
7.05
EPS 09 (Rs)
0.755
1st Resistance
8.80
Book value / share (Rs)
16.04
2nd Resistance
9.15
PE 10 E (x)
2.85
Pivot
8.10
PBV (x)
0.53
898.81 2,452.65
PSYL closed up 1.00 at 8.45. Volume was 1,633 per cent above average (trending) and Bollinger Bands were 22 per cent wider than normal. The company's profit after taxation stood at Rs41.538 million which translates into an Earning Per Share of Rs0.74 for the 1st quarter of current fiscal year (1QFY11). PSYL is currently 11.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PSYL (bullish). Trend forecasting oscillators are currently bullish on PSYL. Momentum oscillator is currently indicating that PSYL is currently in an overbought condition.
Southern Electric Power Co Ltd
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,036.37 1,002.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10
-1.39 -1.30 -1.92 -1.58 0.56 -3.06 -0.10 -0.25 -0.08 -0.18 -7.03 -0.73 -0.05
0.87 16.74 16.50 16.06 16.43 -0.31 5.13 51.52 53.00 50.25 50.50 -1.02 0.25 6.20 6.99 5.20 5.20 -1.00 3.20 4.20 2.53 3.91 0.71 1.04 12.90 12.90 12.90 12.90 0.00 11.87 73.47 77.14 69.80 72.64 -0.83 3.85 3.80 3.41 3.41 -0.44 9.91 5.30 5.25 5.25 5.25 -0.05 3.22 3.99 3.12 3.61 0.39 6.91 33.60 33.85 33.50 33.52 -0.08 11.30 12.51 12.50 12.16 12.20 -0.31 32.15 72.00 74.80 68.60 72.01 0.01 2.93 86.74 89.40 86.50 87.45 0.71 3.42 59.32 59.50 57.10 57.87 -1.45 5.48 64.53 66.70 64.00 65.76 1.23 0.63 6.38 7.18 6.15 6.26 -0.12 16.10 43.72 44.20 43.00 43.16 -0.56 26.28 2278.50 2392.42 2320.00 2392.42 113.92 3.35 24.60 25.83 23.40 23.42 -1.18 0.89 6.10 6.99 6.00 6.13 0.03 8.80 47.11 48.50 46.76 47.98 0.87 2.08 2.10 2.06 2.07 -0.01 3.26 2017.40 2108.00 1919.00 2060.00 42.60 0.28 3.27 3.25 3.25 3.25 -0.02 0.97 13.68 13.99 13.41 13.50 -0.18 17.62 12.55 12.37 11.66 12.16 -0.39 6.73 6.70 6.02 6.18 -0.55 18.90 4070.87 4099.95 4010.01 4049.60 -21.27
CONSTRUCTION AND MATERIALS Open 1,033.23 Turnover 16,366,300 P/E (x) 7.40
71.03 159.52 107.88 30.32 2.41 178.00 22.00 4.50 4.32 11.36 254.43 71.26 19.46
% Change -1.86 5-Day High 1,179.26 5-Day Low 1,156.48
RSI (14-day)
Performance of SR Household Goods Index
Change -0.60 Market cap 9,468.04 mn Div Yield (%) 9.65
Last 60 days High Low
Volume
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 997.15 963.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 33.10
40 15
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 980.16 Turnover 118,443 P/E (x) 3.20
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,321.18 1,298.62 Total cos Defaulter cos P/BV (x) ROE (%) 2.85 35.00
30
% Change -1.11 5-Day High 759.54 5-Day Low 727.84
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,302.99 Turnover 56,833,152 P/E (x) 8.13
2009 Div BR (%) (%)
Alert ! Unusual Movements Dewan Automotive Engineering Limited
20B 25B -
Open 976.23 Turnover 18,441,003 P/E (x) 7.13 Company
Paid up Cap(mn)
Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Brothers Textile Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Dewan Mushtaq Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Ishaq Textile J K Spinning Jubilee Spinning Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Liberty Mills Masood Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Quetta Textile Ravi Textile Redco Textile Reliance Weaving Saif Textile Salfi Textile Salman Noman Samin Textile Sana Ind Sargoda Spinning Saritow Spinning Service Ind Shahpur Textile Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zil Limited
2415 840 133 4493 76 76 98 400 1150 316 2442 238 600 80 514 600 34 110 188 234 146 222 716 3105 100 99 180 97 184 325 107 208 303 1300 1455 226 600 145 187 1596 3516 560 185 130 250 213 308 264 33 42 134 55 312 133 120 140 180 173 307 418 400 53
% Change -0.38 5-Day High 1,555.48 5-Day Low 1,546.36
PE
Open
High
Low
9.89 5.89 0.30 0.47 5.25 0.48 34.07 3.70 46.64 4.13 0.17 0.62 1.12 0.55 1.15 0.86 0.75 3.02 0.53 3.49 1.25 1.24 0.77 0.36 3.86 2.97 1.92 0.86 1.78 5.09 2.85 1.09 0.65 0.60 0.40 0.29 1.27 5.03 3.15 0.44 0.38 8.60 0.63 0.77 0.33 4.53 8.85 0.52 3.48
4.55 21.25 2.55 10.68 13.36 619.90 0.59 1.39 3.14 899.57 2.62 0.78 1.91 2.21 40.00 5.10 5.48 21.20 56.66 50.95 6.68 7.39 4.24 40.23 2.09 5.79 3.25 6.75 8.55 3.31 0.61 1.30 1.47 1.00 5.47 58.60 18.40 0.36 16.97 22.12 61.90 7.45 14.35 40.85 1.60 0.90 8.82 4.70 60.36 2.98 5.76 42.76 2.11 2.33 240.67 0.44 34.10 33.80 106.43 56.37 1.40 50.66
4.69 21.75 2.45 10.74 13.48 639.99 0.25 1.40 3.35 920.00 2.64 1.00 2.00 2.00 40.05 5.20 5.65 21.50 59.49 51.44 7.38 7.69 4.36 39.00 2.70 6.58 3.90 6.95 9.50 3.00 0.79 1.50 1.79 1.00 5.78 56.60 19.40 0.39 16.75 22.15 62.24 8.45 14.70 42.25 1.64 0.90 9.05 5.70 63.25 3.25 6.39 42.37 2.38 2.30 252.70 0.55 34.99 35.00 107.50 57.25 1.60 52.30
4.31 21.00 2.10 9.94 13.00 610.00 0.25 1.10 3.10 900.00 2.37 0.41 1.82 2.00 38.50 5.10 4.70 20.15 59.00 49.00 6.00 7.00 3.91 38.26 1.61 5.10 2.70 6.00 7.56 2.95 0.55 1.40 1.43 1.00 5.15 56.60 18.06 0.34 16.00 21.25 58.81 7.40 13.51 38.81 1.51 0.68 8.53 5.00 57.35 2.99 5.51 41.51 2.13 2.30 237.11 0.44 34.50 32.11 105.12 55.31 1.20 52.00
10B 25B -
Close Chg 4.35 21.19 2.15 10.06 13.45 633.72 0.25 1.10 3.21 907.75 2.37 1.00 1.83 2.00 39.64 5.12 5.54 20.59 59.42 50.82 6.02 7.05 3.98 38.39 2.32 6.18 3.21 6.95 8.11 2.99 0.61 1.45 1.73 1.00 5.40 56.60 18.20 0.34 16.75 21.40 59.33 8.45 14.30 40.03 1.57 0.90 8.57 5.00 62.99 2.99 6.04 41.51 2.29 2.30 251.23 0.45 34.50 33.75 105.97 55.55 1.49 52.01
-0.20 -0.06 -0.40 -0.62 0.09 13.82 -0.34 -0.29 0.07 8.18 -0.25 0.22 -0.08 -0.21 -0.36 0.02 0.06 -0.61 2.76 -0.13 -0.66 -0.34 -0.26 -1.84 0.23 0.39 -0.04 0.20 -0.44 -0.32 0.00 0.15 0.26 0.00 -0.07 -2.00 -0.20 -0.02 -0.22 -0.72 -2.57 1.00 -0.05 -0.82 -0.03 0.00 -0.25 0.30 2.63 0.01 0.28 -1.25 0.18 -0.03 10.56 0.01 0.40 -0.05 -0.46 -0.82 0.09 1.35
Close 979.75 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 518507 3010 6002 5861962 1001 10984 105 20010 12540 20285 46062 188291 14560 500 14751 6000 6975 5103 900 13178 1384 1326 220248 117663 89595 1450883 144842 101 1243 2500 15536 11000 356710 4977 6240 110 611 1063 1002 1573365 7211490 207989 2505 503 84426 5500 31894 1002 702 1000 306 330 14312 5000 41734 1585 525 6326 32638 19938 18699 1000
Change 3.52 Market cap 129,237.15 mn Div Yield (%) 2.34
Last 60 days High Low 18.48 24.05 3.45 12.32 14.50 747.48 1.50 2.59 3.95 930.00 3.33 1.49 2.37 4.50 44.50 8.00 6.88 25.45 59.49 52.50 8.86 10.30 4.88 40.77 2.70 6.58 5.35 6.95 9.90 3.97 1.20 1.50 1.94 2.00 6.30 59.99 22.59 0.95 17.50 25.14 63.18 8.45 20.50 47.00 2.30 1.45 12.00 6.85 63.25 3.25 8.69 42.79 2.50 2.99 276.50 1.90 37.50 35.55 112.80 60.50 2.00 55.00
4.31 18.01 1.45 9.59 8.60 436.00 0.12 0.56 3.00 640.01 2.26 0.16 1.44 1.75 36.10 2.05 1.60 17.21 41.00 34.65 5.01 5.51 3.35 34.05 0.30 2.02 2.60 4.00 4.05 1.99 0.25 0.46 1.01 0.16 4.51 54.50 18.01 0.14 12.80 15.66 45.23 5.16 12.51 25.80 1.29 0.61 8.01 2.01 21.52 1.30 5.02 27.50 0.50 1.10 169.00 0.18 29.00 15.00 86.50 37.25 0.86 35.52
2009 Div BR (%) (%)
% Change 0.36 5-Day High 980.94 5-Day Low 973.64 2010 Div BR (%) (%)
30 20 20 7.5 20 120 5 115 15B 5 7.5 35 -100SD 70 - 10B 10 - 10B 10 20B 10 20 10 8 20 5B 5 50 30 15 15 100R - 20SD - 50R 15 20 25 45R 12.5 20 30 - 632R 20 - 25SD 25 5B - 100R 35 60 5 200 15 50 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH Open 909.47 Turnover 18,963 P/E (x) 6.74 Company Abbott (Lab) GlaxoSmithKline Highnoon (Lab) Searle Pak
Paid up Cap(mn) 979 1707 165 306
PE
Open
High
8.76 13.68 7.20 5.56
99.87 75.28 25.80 61.50
100.98 76.40 26.35 61.85
High Low 921.47 908.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.50 22.31 Low
Close Chg
99.50 100.00 75.00 76.05 25.80 25.98 61.50 61.85
0.13 0.77 0.18 0.35
Close 916.70 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 5205 11952 828 905
104.00 76.40 26.98 64.50
79.51 65.00 22.60 57.95
56.13
Total Assets (Rs in mn)
11,457.73
MA (10-day)
2.17
Total Equity (Rs in mn)
2,081.08
MA (100-day)
2.46
Revenue (Rs in mn)
5,541.96
MA (200-day)
3.23
Interest Expense
1st Support
2.16
Profit after Taxation
52.68
2nd Support
2.00
EPS 10 (Rs)
0.385
1st Resistance
2.41
Book value / share (Rs)
15.23
2nd Resistance
2.50
PE 11 E (x)
Pivot
2.25
PBV (x)
987.88
0.15
SEPCO closed up 0.15 at 2.25. Volume was 1,018 per cent above average (trending) and Bollinger Bands were 72 per cent narrower than normal. The company's loss after taxation stood at Rs86.56 million which translates into a Loss Per Share of Rs0.63 for the 1st quarter of current fiscal year (1QFY11). SEPCO is currently 30.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SEPCO (mildly bullish). Trend forecasting oscillators are currently bearish on SEPCO.
Dewan Farooque Motors Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
79.89
Total Assets (Rs in mn)
MA (10-day)
1.65
Total Equity (Rs in mn)
(471.36)
MA (100-day)
1.58
Revenue (Rs in mn)
1,557.02
MA (200-day)
1.78
Interest Expense
1st Support
2.02
Loss after Taxation
2nd Support
1.57
EPS 09 (Rs)
1st Resistance
2.75
Book value / share (Rs)
2nd Resistance
3.03
PE 10 E (x)
Pivot
2.30
PBV (x)
4,496.92
105.73 (1,390.03) (15.623) (5.30) (0.45)
DFML closed up 0.56 at 2.41. Volume was 2,457 per cent above average (trending) and Bollinger Bands were 149 per cent wider than normal. The company's loss after taxation stood at Rs41.81 million which translates into a Loss Per Share of Rs0.47 for the 1st quarter of current fiscal year (1QFY11). DFML is currently 35.2 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 DFML (bullish). Trend forecasting oscillators are currently bullish on DFML. Momentum oscillator is currently indicating that DFML is currently in an overbought condition.
BOOK CLOSURES Company
From
To
Fauji Fertiliser Bin Qasim
14-Dec
20-Dec
12.50(iii)
6-Dec
-
Oil and Gas Development Co
14-Dec
21-Dec
D/B/R 15(i)
6-Dec
Spot AGM/Date -
Mirpurkhas Sugar Mills
16-Dec
30-Dec
15.20(B)
-
30-Dec
Siemens Pakistan
20-Dec
29-Dec
600
8-Dec
29-Dec
JS Investment #
21-Dec
27-Dec
-
-
27-Dec
Asian Stocks Fund #
22-Dec
28-Dec
-
-
27-Dec
Safeway Mutnal Fund #
22-Dec
28-Dec
-
-
27-Dec
Maple Leaf Cement #
22-Dec
29-Dec
-
-
Descon Chemicals #
24-Dec
30-Dec
-
-
30-Dec
BOC Pakistan #
11-Jan
17-Jan
-
-
17-Jan
29-Dec
# Extraordinary General Meeting
Change 7.23 Market cap 30,520.74 mn Div Yield (%) 6.61
Last 60 days High Low
RSI (14-day)
INDICATIONS
Performance of SR Pharma and Bio Tech Index
2010 Div BR (%) (%) 150 25 650 100
High Low 988.69 967.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 8.64
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
2009 Div BR (%) (%) 120 50 25 15
15B
% Change 0.79 5-Day High 916.70 5-Day Low 906.07 2010 Div BR (%) (%) 20 30
-
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Shifa Int.Hospitals Eye Television PIAC (A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 8.4 51.05 3.72 83.01 1.24 103.79 28.6 21 2.22 45.53 2.9 18.89 1.9
High 9.24 52.89 3.85 85.8 1.25 108.97 28.8 20.95 2.35 47.8 2.99 19 2.3
Low Close 8.01 50.25 3.7 82.6 1.1 100.21 27.8 20.95 2.2 46.95 2.84 18.6 1.76
8.37 52.89 3.72 84.3 1.23 104.72 27.8 20.95 2.25 47.8 2.87 18.64 2.18
Change -0.03 1.84 0 1.29 -0.01 0.93 -0.8 -0.05 0.03 2.27 -0.03 -0.25 0.28
Vol 1202 502 1537437 7848 3000 1259 1090 350 178156 41030 699763 194388 6000
7
Friday, December 10, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,144.50 Turnover 13,613,216 P/E (x) 6.17 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
High Low 1,156.83 1,129.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
78 4.94 37740 12.82 3000 0.70 8606 6175 -
79.90 19.44 2.25 2.67 3.49
80.00 19.42 2.45 3.03 4.00
79.99 19.15 2.23 2.67 3.46
79.99 19.23 2.35 2.90 3.94
0.09 -0.21 0.10 0.23 0.45
Close 1,141.64 Listed cap 50,077.79 mn Payout (%) 62.56
Change -2.86 Market cap 78,834.71 mn Div Yield (%) 10.14
Last 60 days High Low
Volume 5020 407588 2059357 11141251 3277442
117.99 20.12 2.69 3.03 4.50
76.50 18.15 1.80 2.31 3.35
% Change -0.25 5-Day High 1,158.93 5-Day Low 1,135.08
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
369 5.90 279 6.72 457 6.73 1250 400 3.09 718 16.51 3000 41.23 350 303 5.83 253 4.12 400 1.94
37.50 59.00 10.73 45.24 12.51 88.91 16.33 6.41 10.75 7.00 6.52
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
198 11572 6.63 1560 7932 1695 10.56 126 2.62 8803 4.86 3673 3.24 3541 25.31 191 3.55 1367 150 -
0.91 36.39 1.70 2.57 19.45 4.26 40.10 15.20 15.96 19.06 2.10 1.02
1.10 36.65 1.88 2.78 19.84 4.30 40.50 15.20 16.14 19.05 2.34 1.16
0.80 36.11 1.70 2.58 19.00 4.01 39.90 14.55 15.63 19.00 2.09 1.02
Close 1,252.98 Listed cap 95,369.29 mn Payout (%) 104.13
Change -0.68 Market cap 102,533.35 mn Div Yield (%) 7.43
% Change -0.05 5-Day High 1,253.67 5-Day Low 1,241.80
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.95 36.20 1.81 2.75 19.00 4.30 40.00 14.78 15.69 19.05 2.25 1.08
97256 422867 216735 4906724 18036 3052 188339 789571 1929963 10100 2847172 6652
1.45 37.00 2.25 2.78 26.50 6.10 42.95 15.80 16.70 23.49 2.90 1.75
33.5 45 64.5 20 3
0.04 -0.19 0.11 0.18 -0.45 0.04 -0.10 -0.42 -0.27 -0.01 0.15 0.06
0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.00 10.00 17.98 2.05 0.65
Open 926.19 Turnover 4,474 P/E (x) 99.48
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,503.75 Turnover 449,165 P/E (x) 9.44 Company
High Low 1,514.82 1,463.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 11.41
Close 1,490.84 Listed cap 12,202.80 mn Payout (%) 66.79
Change -12.92 Market cap 32,001.03 mn Div Yield (%) 7.08
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.15 3.04
27.28 20.58
27.85 20.53
26.60 19.99
27.40 0.12 20.21 -0.37
232126 217039
34.75 30.70
Sui North Gas XD Sui South Gas
26.60 19.99
% Change -0.86 5-Day High 1,560.23 5-Day Low 1,490.84
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
20 15
25B
BANKS Performance of SR Banks Index Open 1,136.69 Turnover 16,192,944 P/E (x) 8.11 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.26 64.98 Askari Bank 6427 7.95 16.73 Atlas Bank 5001 1.61 Bank Alfalah 13492 13.18 10.38 Bank AL-Habib 7322 7.51 34.81 Bank Of Khyber 5004 6.13 4.06 Bank Of Punjab 5288 - 10.22 BankIslami Pak 5280 810.00 3.29 Faysal Bank XB 7309 4.73 14.91 Habib Bank Ltd 10019 7.21 116.23 Habib Metropolitan Bank 8732 7.61 25.46 JS Bank Ltd 6128 2.66 KASB Bank Ltd 9509 2.70 MCB Bank Ltd XD 7602 9.69 221.90 Meezan Bank 6983 8.50 16.17 Mybank Ltd 5304 2.46 National Bank 13455 6.13 71.43 NIB Bank 40437 3.06 Royal Bank Ltd 17180 4.54 Samba Bank 14335 1.88 Silkbank Ltd 26716 2.70 Soneri Bank 6023 7.21 Stand Chart Bank 38716 12.31 8.18 Summit Bank Ltd 5000 3.31 United Bank Ltd 12242 7.53 64.55
High
High Low Close 1,141.55 1,116.13 1,122.81 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.13 13.94 40.49 Low
Close Chg
64.75 64.05 64.37 -0.61 16.97 16.50 16.69 -0.04 1.65 1.55 1.56 -0.05 10.50 10.25 10.28 -0.10 34.90 34.50 34.83 0.02 4.70 4.08 4.60 0.54 10.30 9.91 9.93 -0.29 3.39 3.17 3.24 -0.05 15.15 14.50 14.65 -0.26 116.90 114.50 115.37 -0.86 25.05 24.70 24.90 -0.56 2.70 2.50 2.59 -0.07 2.75 2.60 2.60 -0.10 222.75 218.00 218.70 -3.20 16.19 15.70 16.06 -0.11 2.59 2.41 2.52 0.06 71.65 70.01 70.24 -1.19 3.04 2.91 2.92 -0.14 4.60 4.45 4.46 -0.08 1.86 1.77 1.84 -0.04 2.73 2.64 2.67 -0.03 7.20 7.00 7.05 -0.16 8.10 8.00 8.00 -0.18 3.49 3.27 3.31 0.00 64.74 63.70 64.05 -0.50
Change -13.87 Market cap 680,700.48 mn Div Yield (%) 4.99
Last 60 days High Low
Volume
51731 65.10 354796 17.20 82112 2.55 2401180 10.55 53886 35.00 241818 4.70 1635323 10.59 17638 3.88 276786 17.10 217257 117.00 27711 26.74 151994 3.00 20150 2.90 611398 223.50 238091 16.32 111036 2.69 7134322 71.80 990815 3.18 44704 8.10 83974 2.65 847119 3.08 58951 8.00 16500 8.80 36597 3.80 523652 64.90
48.51 14.23 1.50 7.66 29.50 2.50 7.85 2.70 13.01 92.55 18.02 2.00 2.16 182.61 14.05 1.81 62.15 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
% Change -1.22 5-Day High 1,136.69 5-Day Low 1,089.29
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 20B - 66R 55 -63.46R 10 -
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 24.34
Open 81.95
High 85.78
High Low 777.99 744.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20 Low 81.51
Close Chg 83.99 2.04
Close 757.64 Listed cap 11,111.34 mn Payout (%) 79.54
Change 4.26 Market cap 46,894.29 mn Div Yield (%) 6.37
Last 60 days High Low
Volume 3041434
85.78
63.05
2009 Div BR (%) (%) 30
Paid up Cap(mn)
PE
Open
% Change 0.57 5-Day High 760.08 5-Day Low 748.94 2010 Div BR (%) (%)
10B
10
-
-0.40 0.15 0.03 -0.60 0.45 0.09 -0.25 0.15 0.03 -0.37 -0.60
2026 659 1047 45135 8567 6208 720435 38176 10496 20000 106
38.00 64.80 12.00 48.63 13.00 92.89 17.20 8.30 10.90 8.17 7.20
27.37 47.37 9.42 34.76 10.04 68.27 12.80 1.66 8.00 6.01 4.49
17.99
High 18.90
High Low 938.55 881.64 Total cos Defaulter cos P/BV (x) ROE (%) 3.83 3.85 Low
Close Chg
17.99
Close 930.57 Listed cap 2,290.72 mn Payout (%) 355.53
40 20 40 35 35 30 20 -
10B 25B 8.7B 15B 20B 16B
Change 4.39 Market cap 10,809.97 mn Div Yield (%) 3.57
Last 60 days High Low
Volume
American Life
500
6.32
18.90 0.91
1002
East West Life
455
-
2.61
2.51
2.45
2.51 -0.10
500
4.62
2.05
EFU Life Assurance
850 45.94
80.08
82.75
76.08
80.85 0.77
2968
86.95
54.51
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols FANM GATM TRPOL BIFO UPFL MFTM GATI WYETH ZTL BAFS PAKT PASM LAKST FRSM NSRM HUSS SHJS FECS LPGL ASFL ALTN FEROZ GRAYS GLPL FNEL IDYM RCML ZAHT CSIL AGIC BILF SLYT SHNI CFL RUPL TICL LEUL PHDL NJLIC AGSML DADX FZTM SFL THCCL EMCO STPL DWTM DINT MTIL IBLHL SCL DIIL SLCL NJICL GUTM SHCM ASHT HUSI STML SAPT KOHS MSCL ATEL TREI MDTL BUXL ICL PGCL WAZIR PAKL PSEL
20.40
% Change 0.47 5-Day High 962.53 5-Day Low 926.19
2009 Div BR (%) (%)
16.03
2010 Div BR (%) (%)
-
-
-
-
-
10R
-
20R
5513.33B
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 432.08 Turnover 13,475,028 P/E (x) 10.60 Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Stand Chart Leasing
High Low 433.40 412.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
PE
Open
High
Low
225 1.61 360 3.41 450 12.81 3750 4.43 250 215 2121 15.94 600 661.00 2849 3166 626 0.66 7633 508 500 7.41 1000 26.96 1000 821 4.78 775 452 514 12.96 978 5.25
0.65 18.00 26.03 25.37 1.86 1.25 2.51 6.87 0.69 3.50 1.95 12.74 4.05 29.02 6.99 4.50 6.25 2.18 0.63 3.00 2.70
0.80 17.75 26.00 25.60 2.03 1.15 2.60 7.00 0.69 3.42 2.04 12.74 4.07 29.00 6.92 4.50 6.80 2.30 0.67 3.24 3.00
0.66 17.15 24.90 24.11 1.85 1.15 2.55 6.50 0.55 3.41 1.84 11.74 3.90 27.57 6.31 4.40 6.10 2.15 0.52 2.80 2.40
Close Chg 0.71 17.32 25.10 24.11 1.88 1.15 2.55 6.61 0.65 3.41 1.86 11.74 3.96 27.57 6.47 4.40 6.50 2.20 0.67 3.24 2.52
0.06 -0.68 -0.93 -1.26 0.02 -0.10 0.04 -0.26 -0.04 -0.09 -0.09 -1.00 -0.09 -1.45 -0.52 -0.10 0.25 0.02 0.04 0.24 -0.18
Close 414.53 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 280523 76177 81952 5762574 2549 1000 11107 5100 60125 454 11190 12263477 192925 14538 324167 9313 1505 106471 17331 103 15010
Change -17.55 Market cap 28,344.01 mn Div Yield (%) 3.25
% Change -4.06 5-Day High 441.03 5-Day Low 414.53
Last 60 days High Low
2009 Div BR (%) (%)
0.95 19.98 34.00 27.02 2.70 2.90 2.90 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.75 7.29 2.70 0.86 3.90 3.00
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 1.51 0.18 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 3.32 4.50 1.35 0.42 1.65 1.95
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 753.38 Turnover 3,894,308 P/E (x) 12.48
Company
2010 Div BR (%) (%)
31R -
37.10 59.15 10.76 44.64 12.96 89.00 16.08 6.56 10.78 6.63 5.92
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,271.56 1,243.98 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 9.35
37.05 59.10 10.75 44.50 12.51 86.10 16.00 6.01 10.50 6.57 5.92
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,253.67 Turnover 11,436,487 P/E (x) 14.01
37.21 59.50 11.48 46.44 12.99 92.89 16.55 6.99 10.90 6.75 5.92
Open 1,237.65 Turnover 4,682,125 P/E (x) 20.12 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba I B L Modaraba XD JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Nat Bank Modaraba Pak Modaraba Pak Prem FundSPOT Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Tri-Star Mutual U D L Modaraba
PE
264 1375 780 65 200 113 524 300 581 760 397 1008 202 3180 1186 1200 184 1000 250 125 1698 59 1000 2835 2841 872 340 454 50 264
8.88 6.46 3.64 3.45 1.53 3.63 11.13 9.38 0.65 2.26 2.22 5.78 25.45 58.13 15.71 6.24 13.80 6.09 6.24 5.50 12.54 6.64 1.85 7.06 6.56 2.05 4.49 3.94 1.57
Open 1.42 7.59 1.71 1.48 0.65 2.99 1.62 4.10 2.05 3.09 6.75 6.75 2.90 4.83 4.56 6.50 1.18 3.78 6.07 1.00 8.96 8.50 6.40 11.27 5.81 0.91 1.35 8.99 1.40 5.64
High 1.65 8.59 2.15 1.77 0.67 2.92 1.85 3.75 2.08 3.25 6.65 6.70 2.80 4.90 4.59 6.54 1.50 4.00 6.80 1.15 9.05 8.50 6.38 11.49 5.95 0.95 1.40 9.30 1.48 5.79
High Low 1,283.89 1,209.24 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 2.21 Low
Close Chg
1.35 7.03 1.60 1.30 0.60 2.90 1.55 3.75 1.95 3.06 6.65 6.62 2.80 4.55 4.25 6.25 1.15 3.90 5.52 1.00 8.80 8.50 6.26 10.95 5.60 0.90 1.39 8.99 1.21 5.51
1.42 7.75 1.60 1.52 0.61 2.90 1.78 3.75 2.05 3.17 6.65 6.70 2.80 4.65 4.40 6.49 1.38 3.90 6.74 1.10 9.03 8.50 6.38 11.01 5.77 0.90 1.39 9.16 1.42 5.51
0.00 0.16 -0.11 0.04 -0.04 -0.09 0.16 -0.35 0.00 0.08 -0.10 -0.05 -0.10 -0.18 -0.16 -0.01 0.20 0.12 0.67 0.10 0.07 0.00 -0.02 -0.26 -0.04 -0.01 0.04 0.17 0.02 -0.13
Close 1,243.62 Listed cap 29,771.58 mn Payout (%) 104.74
Change 5.97 Market cap 17,980.90 mn Div Yield (%) 8.09
Last 60 days High Low
Volume 12301 135842 16611 2986 42404 13500 59044 25000 33007 599996 5014 21254 200 680810 1101418 288945 71448 402 125501 2534 1076151 2000 22303 164260 87820 45475 301 12079 11238 22161
2.24 8.59 2.37 2.99 1.10 3.09 2.37 5.50 2.24 3.88 7.00 6.90 3.69 4.96 4.73 6.64 2.18 4.00 8.00 1.40 9.39 9.45 6.45 11.49 6.05 1.20 2.54 10.99 2.87 6.99
1.01 5.85 0.90 0.90 0.16 1.73 0.86 2.00 1.30 2.56 5.11 5.80 1.06 2.65 2.31 5.15 0.56 2.25 4.50 0.30 7.00 7.20 4.33 7.90 3.50 0.76 0.50 7.75 0.86 4.71
% Change 0.48 5-Day High 1,243.62 5-Day Low 1,192.96
2009 Div BR (%) (%)
2010 Div BR (%) (%)
4.5 5 20 10 5 15 16.5 10
18.5 0 1.2 5 17 11 21 3 5 10 15.5 15 10 3 18.6 18 10 20 10 3 1 17 12.5
-
Open
High
3.00 25.40 1.00 46.55 1060.00 1.10 41.01 1060.00 3.80 60.00 115.00 10.20 304.94 21.25 12.17 11.00 94.49 44.00 17.91 2.85 10.70 84.98 51.86 61.10 8.86 291.97 34.50 3.94 4.25 10.64 1.30 4.15 13.50 13.02 35.40 66.36 1.82 36.76 45.93 6.00 25.75 392.00 117.60 19.17 3.20 9.45 5.78 26.50 0.55 7.70 90.06 9.35 2.40 58.95 25.65 8.10 4.00 9.70 22.44 102.99 3.92 6.50 16.00 1.82 49.35 8.81 27.00 20.05 7.60 3.60 161.01
3.10 24.50 1.18 48.87 1100.00 1.35 41.95 1100.00 4.15 62.95 114.00 10.50 300.00 21.30 13.17 11.49 91.01 46.00 16.91 3.85 11.25 84.99 54.44 63.75 8.94 305.00 35.00 3.98 5.15 10.99 1.90 4.39 14.00 12.05 36.29 69.67 1.80 38.59 45.90 7.00 24.47 409.00 122.50 19.65 3.50 9.18 6.78 27.00 0.69 8.65 85.58 8.54 1.40 60.90 24.37 9.10 4.99 10.30 23.10 104.99 4.70 5.61 16.00 1.95 51.80 8.30 28.35 20.72 7.60 3.60 167.35
Low
Close
3.10 24.50 1.15 48.30 1010.01 1.15 39.04 1098.00 4.15 59.00 114.00 10.31 299.99 20.50 13.17 11.49 91.01 45.75 16.91 3.85 11.00 83.50 53.00 61.06 8.94 305.00 34.00 3.98 3.35 10.00 1.40 3.80 14.00 12.05 36.29 69.67 1.77 34.93 43.64 6.00 24.47 390.00 122.50 18.57 3.50 8.82 6.78 25.51 0.69 7.99 85.58 8.40 1.40 58.85 24.37 9.10 4.99 9.69 23.10 104.99 4.70 5.61 15.40 1.94 51.80 8.11 28.29 20.72 7.60 3.60 167.35
3.10 24.50 1.15 48.59 1022.06 1.15 41.89 1100.00 4.15 59.00 114.00 10.50 300.00 20.50 13.17 11.49 91.01 45.75 16.91 3.85 11.00 84.99 53.00 63.41 8.94 305.00 34.00 3.98 4.49 10.00 1.40 4.06 14.00 12.05 36.29 69.67 1.80 36.55 45.90 6.00 24.47 390.00 122.50 19.29 3.50 9.18 6.78 26.26 0.69 7.99 85.58 8.54 1.40 58.85 24.37 9.10 4.99 9.69 23.10 104.99 4.70 5.61 16.00 1.94 51.80 8.30 28.29 20.72 7.60 3.60 167.35
Change
Vol
0.10 -0.90 0.15 2.04 -37.94 0.05 0.88 40.00 0.35 -1.00 -1.00 0.30 -4.94 -0.75 1.00 0.49 -3.48 1.75 -1.00 1.00 0.30 0.01 1.14 2.31 0.08 13.03 -0.50 0.04 0.24 -0.64 0.10 -0.09 0.50 -0.97 0.89 3.31 -0.02 -0.21 -0.03 0.00 -1.28 -2.00 4.90 0.12 0.30 -0.27 1.00 -0.24 0.14 0.29 -4.48 -0.81 -1.00 -0.10 -1.28 1.00 0.99 -0.01 0.66 2.00 0.78 -0.89 0.00 0.12 2.45 -0.51 1.29 0.67 0.00 0.00 6.34
100 100 100 100 77 70 63 51 50 46 40 39 35 27 25 25 25 21 21 20 20 20 18 13 10 10 10 10 7 6 6 6 5 5 5 5 5 5 4 4 4 3 3 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
-
Open
High
Low
Close
Change
Vol
NML-DEC
62.09
62.00
58.99
59.38
-2.71 1313500
POL-DEC
291.22
294.49
286.05
287.31
-3.91 1175000
NBP-DEC
71.93
72.00
70.50
70.69
-1.24
940500
DGKC-DEC
31.88
31.60
30.51
30.61
-1.27
786500
LUCK-DEC
76.26
76.50
74.50
74.73
-1.53
312000
AICL-DEC
82.42
86.01
82.99
84.39
1.97
260000
ENGRO-DEC 188.64
190.89
187.15
188.10
-0.54
PPL-DEC
209.92
211.75
208.00
209.37
-0.55
200500
ANL-DEC
10.78
10.55
10.00
10.13
-0.65
150500
MCB-DEC
221.97
222.15
218.07
218.96
-3.01
122500 94000
234500
FFBL-DEC
35.23
35.51
35.10
35.32
0.09
PSO-DEC
289.12
289.10
286.50
287.94
-1.18
BOP-DEC
10.28
10.19
9.93
10.00
-0.28
34500
UBL-DEC
64.50
64.50
62.00
64.50
0.00
32000
PTC-DEC
19.70
19.50
19.30
19.31
-0.39
15000
OGDC-DEC 167.64
70500
166.90
165.12
166.00
-1.64
12500
NCL-DEC
23.00
21.85
21.85
21.85
-1.15
9000
HUBC-DEC
36.82
36.25
36.25
36.25
-0.57
5000
115.34
115.34
115.34
115.34
0.00
1000
FFC-DEC
ZERO VOLUME Symbols
Open
High
Low
Close
ARM
14.50
14.55
14.55
14.55
0.05
BCML
9.00
9.10
9.10
9.10
Change 0.10
Vol 0.00
BFMOD
3.89
3.84
3.84
3.84
-0.05
0.00
COTT
0.86
0.90
0.90
0.90
0.04
0.00
DATM
0.30
0.32
0.32
0.32
0.02
DNCC
2.48
2.50
2.50
2.50
0.02
0.00
ESBL
2.79
2.75
2.75
2.75
-0.04
0.00
FTSM
1.74
1.70
1.70
1.70
-0.04
0.00
0.00
0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
National Bank of Pakistan
Company
Date
Time
Mehran Sugar Mills
09-Dec
10:30
Mirza Sugar Mills Limited
09-Dec
10:30
Pangrio Sugar Mills Limited
09-Dec
12:00
KASB Securities Limited
09-Dec
10:00
Fauji Fertiliser Bin Qasim Ltd
23-Dec
10:30
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
77.92
Support 1
11,535.10
MA (5-day)
11,495.35
Support 2
11,501.15
MA (10-day)
11,358.53
Resistance 1
11,626.30
MA (100-day)
10,357.10
Resistance 2
11,683.55
AKD Securities Ltd
10,171.79
Pivot
resistance level at 11,626.30 and 2nd resistance level at 11,683.55, while
59.97
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
74.2
Brokerage House
Technical Analysis 57.83 60.28 50.08 50.89
Brokerage House
Fair Value
Rs Recommendations
82.1
Buy
*Arif Habib Ltd
Neutral
AKD Securities Ltd
61.96
TFD Research
Technical Outlook
11,592.35
normal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
TFD Research
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -60.84 points at 11,569.09. Volume was 58 MA (100-day) per cent above average and Bollinger Bands were 15 per cent wider than MA (200-day) MA (200-day)
Fair Value
92.3
TFD Research
Positive
Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,430.21 ** NOI Rs (mn) 87.71 Mean 60.57
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.19 68.06 66.24 69.72
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
318.37 22,362.10 122.99 70.83
* Target price for Dec-10 & **Net Open Interest in future market
Allied Bank Limited
79.09
64.05
63.70
64.75
65.10
64.40
Attock Cement
50.15
62.70
62.55
63.00
63.15
62.85
Arif Habib Corp
40.99
23.60
23.10
25.10
26.10
24.60
Arif Habib Limited
36.45
24.65
24.25
25.75
26.45
25.35
Adamjee Insurance
66.64
81.75
79.50
86.00
88.05
83.75
Askari Bank
62.69
16.45
16.25
16.95
17.20
16.70
10.55
11.05
10.25
Buy
Azgard Nine
37.56
9.75
9.45
43.29
Buy
Attock Petroleum
56.73
322.60
319.80
329.10 332.80 326.30
Attock Refinery
49.11
116.00
114.75
118.70 120.15 117.45
Bank Al-Falah
67.09
10.20
10.10
BankIslami Pak
45.87
3.15
3.05
3.35
3.50
3.25
Bank.Of.Punjab
57.58
9.80
9.65
10.20
10.45
10.05
Dewan Cement
78.57
2.65
2.55
2.85
3.00
2.75
D.G.K.Cement
58.50
29.90
29.40
31.40
32.35
30.85
Dewan Salman
84.44
3.20
2.70
4.10
4.45
Dost Steels Ltd
36.85
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
1st 2nd Pivot Resistance 3.55 3.75 3.40
42
Technical Outlook
Technical Outlook
Leverage Position
Fair Value
RSI 1st 2nd (14-day) Support 53.38 3.20 3.05
Leverage Position
58.50 29.98 26.59 26.88
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,562.29 44.19 31.12
* Target price for Dec-10 & **Net Open Interest in future market
10.45
10.60
10.35
3.60
59.74
2.95
2.90
3.10
3.20
3.05
EFU General Insurance 49.30
43.95
43.25
45.90
47.15
45.20
EFU Life Assurance
57.03
77.05
73.20
83.70
86.55
79.90
Index will continue to find its 1st support level at 11,535.10 and 2nd sup-
NML closed down -2.57 at 59.33. Volume was 91 per cent above average NBP closed down -1.19 at 70.24. Volume was 137 per cent above average DGKC closed down -1.40 at 30.47. Volume was 14 per cent below aver-
Engro Chemical
62.42
185.90
184.70
port level at 11,501.15.
and Bollinger Bands were 36 per cent wider than normal.
age and Bollinger Bands were 20 per cent wider than normal.
Faysal Bank
47.90
14.40
14.10
DGKC is currently 13.4 per cent above its 200-day moving average and is
Fauji Cement
44.16
4.80
4.75
4.95
5.05
4.90
Fauji Fert Bin
82.00
36.00
35.75
36.50
36.75
36.25
Fauji Fertilizer
72.27
114.45
113.40
and Bollinger Bands were 13 per cent narrower than normal. KSE 100 INDEX is currently 13.8 per cent above its 200-day moving aver- NML is currently 16.6 per cent above its 200-day moving average and is NBP is currently 4.3 per cent above its 200-day moving average and is disage and is displaying an upward trend. Volatility is low as compared to the displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forereflect moderate flows of volume into NML (mildly bullish). Trend forecastreflect moderate flows of volume into NBP (mildly bullish). Trend forecastcasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.
ing oscillators are currently bullish on NML.
ing oscillators are currently bullish on NBP.
Pakistan Oilfields Ltd
Adamjee Insurance Co Ltd
Brokerage House
displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod-
Fair Value
Rs Recommendations
AKD Securities Ltd
76
Accumulate
*Arif Habib Ltd
317.2
Buy
*Arif Habib Ltd
TFD Research
88
Neutral
AKD Securities Ltd
296.6
Buy
AKD Securities Ltd
Neutral
TFD Research
15.40
14.75
116.05 116.65 115.00
Habib Bank Ltd
73.27
erate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla-
Hub Power
60.37
36.00
35.80
ICI Pakistan
65.73
136.60
135.35
139.65 141.45 138.40
Indus Motors
50.78
252.30
250.15
258.30 262.15 256.15
JOV and CO
50.14
3.90
3.80
4.05
4.15
Japan Power
60.09
1.70
1.60
1.90
2.00
JS Bank Ltd
45.48
2.50
2.40
2.70
2.80
2.60
Jah Siddiq Co
44.21
11.40
11.05
12.40
13.05
12.05
Kot Addu Power
53.07
39.75
39.55
40.35
40.75
40.15
K.E.S.C
81.08
2.60
2.50
2.80
2.90
2.70
Lotte Pakistan
73.33
12.90
12.80
13.20
13.40
13.10
Lucky Cement
49.50
73.65
72.85
75.60
76.75
74.80
MCB Bank Ltd
68.73
216.90
215.05
Maple Leaf Cement
54.39
2.90
2.85
3.00
3.05
2.95
National Bank
63.19
69.60
69.00
71.25
72.25
70.65
Nishat (Chunian)
43.33
21.05
20.70
21.95
22.50
21.60
Netsol Technologies
43.42
18.50
18.35
18.90
19.15
18.75
NIB Bank
53.56
2.90
2.85
3.00
3.10
Nimir Ind.Chemical
66.81
1.60
1.40
1.85
1.90
1.65
61.45
63.55
60.15
Engro Corporation
116.70 118.00 115.60 36.55
36.85
36.30
4.00 1.80
221.65 224.55 219.80
Fair Value
Rs Recommendations
176
Sell
238.8
Buy
Nishat Mills
57.83
58.00
56.70
Positive
Oil & Gas Dev. XD
73.12
167.70
166.95
PACE (Pakistan) Ltd.
49.04
2.80
2.75
2.95
3.05
2.90
Pervez Ahmed Sec
50.80
2.15
2.05
2.30
2.35
2.20
PIAC (A)
50.91
2.20
2.10
2.35
2.40
2.25
Pioneer Cement
41.80
7.00
6.90
7.20
7.30
7.10
Pak Oilfields
71.15
282.95
279.95
291.35 296.80 288.35
Pak Petroleum
70.25
206.70
205.00
210.95 213.50 209.25
Pak Suzuki
34.64
70.70
70.15
PSO XD
56.80
283.80
282.15
PTCLA
48.03
19.10
19.00
Shell Pakistan
53.09
197.60
196.65
Sui North Gas
34.50
26.70
26.05
27.95
28.55
27.30
AICL is currently 6.1 per cent below its 200-day moving average and is dis-
Sitara Peroxide
56.39
13.10
12.80
13.75
14.10
13.45
playing an upward trend. Volatility is extremely low when compared to the
Sui South Gas
28.47
19.95
19.70
20.50
20.80
20.25
Telecard
54.74
2.25
2.10
2.45
2.55
TRG Pakistan
31.26
3.65
3.60
3.80
3.90
3.75
United Bank Ltd
76.27
63.60
63.10
64.60
65.20
64.15
WorldCall Tele
69.04
2.70
2.50
3.05
3.25
2.85
Brokerage House
Fair Value
Rs Recommendations
TFD Research
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.64 81.39 75.33 89.42
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
281.35
Brokerage House
74.22 6,233.97 18.15 83.31
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.15 274.35 239.61 234.96
Fair Value
Rs Recommendations
34.7
Sell
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Negative
TFD Research
32.06 29.1
107.94 30,864.50 249.39 288.73
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
82.00 35.12 29.94 29.77
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
208.75
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
113.20
15.05
tors are currently bullish on DGKC.
Fauji Fertiliser Bin Qasim Ltd
114.30
188.85 190.65 187.70
326.94 11,854.79 20.20 36.24
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
62.42 185.57 179.34 184.36
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
131.09 24,523.89 80.82 187.59
* Target price for Dec-10 & **Net Open Interest in future market
AICL closed up 2.04 at 83.99. Volume was 480 per cent above average POL closed down -3.86 at 285.95. Volume was 113 per cent above aver- FFBL closed up 0.06 at 36.26. Volume was 56 per cent above average and ENGRO closed down -0.23 at 187.07. Volume was 173 per cent above aver(trending) and Bollinger Bands were 62 per cent narrower than normal.
age and Bollinger Bands were 64 per cent wider than normal.
Bollinger Bands were 16 per cent wider than normal.
age (trending) and Bollinger Bands were 12 per cent narrower than normal.
POL is currently 21.7 per cent above its 200-day moving average and is FFBL is currently 22.4 per cent above its 200-day moving average and is ENGRO is currently 1.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect very the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators erate flows of volume into POL (mildly bullish). Trend forecasting oscilla- strong flows of volume into FFBL (bullish). Trend forecasting oscillators are reflect moderate flows of volume into AICL (mildly bullish). Trend forecast- tors are currently bullish on POL. Momentum oscillator is currently indicat- currently bullish on FFBL. Momentum oscillator is currently indicating that reflect moderate flows of volume into ENGRO (mildly bullish). Trend foreing oscillators are currently bullish on AICL.
ing that POL is currently in an overbought condition.
FFBL is currently in an overbought condition.
casting oscillators are currently bullish on ENGRO.
2.95
169.60 170.70 168.85
72.10
73.00
71.55
287.80 290.15 286.15 19.40
19.55
19.25
200.20 201.85 199.25
2.35
8
Friday, December 10, 2010
China regional bank IPOs look to cash in on rural growth
MCB’s Islamabad treasury unit soon ISLAMABAD: MCB, through its Treasury & FX Group is setting up the Bank's Islamabad Treasury office. According to a press release issued here the initiative follows the developments made by the recently-opened Lahore Treasury. The Islamabad Treasury would ensure that a full product suite is provided to bank's valu-
able clients at their doorstep in the nation's capital, an increasingly important financial centre. Treasury products and expertise will now be delivered to a wider client base in a customerfriendly manner and with added convenience, bringing a personal touch while enhancing service quality to bank's clients, it said. This office will have team members experienced in the
field to help strengthen existing relationships and to identify potential new ones in the region. It will not only augment MCB's Wholesale, Commercial, Consumer, and Islamic Banking businesses but also extend full support in 'cross-sell' activities for the Bank's diverse product suite.NNI
UK journal ranks NBP as top Pakistani bank KARACHI: National Bank of Pakistan has been awarded Bank of the Year Award 2010. The Banker Magazine announced the most coveted
A Brohi, SEVP/Group Chief Operations Group. The said award is given to recognise and promote industry-wide excellence in the glob-
against all the banks in Pakistan. In June 2010 The Banker magazine published a list of Top 1000 Banks from all over
award - "The Best Bank Award 2010", during an award ceremony held at London on December 02. During the award ceremony, NBP was awarded the "The Best Bank Award 2010" the award was received by Dr Asif
al banking industry and it is country-based and is on both quantitative and qualitative assessment. According to recently announced "The Best Bank Award 2010" by The Banker magazine of UK, NBP has excelled in performance
the world. In that listing NBP was ranked No.1 in Pakistan based banks on Strength, Size, Soundness, Profit and Performance. NBP, based on Tier 1 Capital Strength, was awarded as the Top Bank in Pakistan.-Online
FSA chairman Turner champions RBS ruling LONDON: The chairman of the Financial Services Authority defended its decision to clear the former head of bailed-out bank Royal Bank of Scotland of wrongdoing, but said "rules to keep bankers honest" were needed. The FSA was criticised for clearing Fred Goodwin, the controversial former chief executive of RBS, of wrongdoing earlier this month, after closing a lengthy investigation into the public rescue of the bank. "An enforcement case needs to rest not on popular desire to find someone to blame but on whether rules were broken," Adair Turner said in a column published in Wednesday's
Financial Times. Turner said demands for a report to be published were not "valid" as the FSA had produced none, "even for internal use." But senior members of a failing bank could be barred from similar functions in the banking industry if they failed to demonstrate that they had warned against risk-taking, he added. "It would, for instance, be possible to set a rule that no board member or senior executive of a failing bank will be allowed to perform a similar function at a bank unless they can positively demonstrate to the regulator that they warned against and sought to reduce the risk-taking that led to failure."
The FSA said last week that RBS had made a series of bad decisions in the years immediately before the financial crisis, such as buying Dutch peer ABN AMRO. Turner said a report looking just at the RBS story would only add little to the understanding of what went wrong, and that the causes of the crisis and the role of ill-designed international regulations were already well understood. "In some other sectors we want bold risk-taking, which might sometimes result in failure, shareholder loss or even the danger of bankruptcy. But banking is different," he said.Reuters
TD Bank eyes Chrysler Financial Big banks plan new platform for FX deals BANGALORE: The big global banks involved in currency trading plan a banks-only dealing system, in a move to reclaim lost business, the Wall Street Journal said, citing several people familiar with the situation. The move marks an effort by leading banks to regain lost ground since access to EBS, the largest forex dealing system, was opened to hedge funds and other non-banking financial players like high frequency traders in 2005, the Journal said. EBS is owned by Icap PLC, the interdealer broker. The planned venture is tentatively named Pure FX and has the backing from most of the 10 largest banks in global foreignexchange dealing, according to the paper. But none of the banks involved in Pure FX is thought to be considering leaving EBS, whose FX prices are viewed as the industry benchmark, particularly in key currencies like the euro, dollar and yen, people told the paper. The ten banks named by the Journal are Deutsche Bank AG, UBS AG, Barclays Capital Plc, Citigroup Inc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, HSBC Holdings Plc, Credit Suisse Group, Goldman Sachs Group Inc and Morgan Stanley. All the ten banks declined to comment to the Journal. None could immediately be reached for comment.-Reuters
ANZ to cut 50 jobs in Aus, paste in Asia hubs SYDNEY: Australia and New Zealand Banking Group plans to move some finance processing roles to its back offices in Bangalore and Manila resulting in about 50 job losses in Australia, a spokesman said. Australia's fourth-largest lender, which is expanding in Asia, is looking to improve efficiency and simplify the structure, the spokesman said adding Accenture will build and manage the offshore finance function for 5 years. Banks and other services firms globally have over the last 15 years moved swathes of back office operations to centres such as Bangalore to tap the low cost and army of English speaking graduates. ANZ, employs about 3,500 people at its back office in Bangalore and earlier this year said it planned to have 300 employees at its Manila offshore unit.-Reuters
SBP head stresses on agri-credit, forms panel
Focal body will scout ways to up farm-loans Staff Reporter KARACHI: Governor, State Bank of Pakistan (SBP), Shahid H Kardar, has constituted a special committee which will devise a strategy in consultation with Federal and Provincial Governments and other stakeholders for growth of agricultural credit in the country. While chairing a meeting of the Agricultural Credit Advisory Committee (ACAC) here at State Bank building, SBP Governor said the Committee would consist of representatives from the State Bank, commercial banks, agriculture chambers and associations, said SBP release. He said that the Committee would hold meaningful discussions at the Federal and Provincial level to formulate a holistic strategy for the development of agricultural credit with the consensus of all the major stakeholders. The Committee will be headed by Executive Director, Development Finance Group of SBP, Muhammad Ashraf Khan while Director SME Finance Department of SBP Mansoor Hassan Siddiqui, Senior Executive Vice President, Agriculture Group, National Bank of Pakistan Ziaullah Khan, Head Retail and Consumer Group, Habib Bank Limited, Abid Sattar, Executive VicePresident and Country Head, Agriculture, Askari Commercial Bank, Farooq Abid Tung, CEO
Icepak Ltd, Mansoor Arifeen, Chief Executive Specialists Group Inc. farmers Sultan Barq and Dr Syed Nadeem Qamar of Sindh Agriculture Chamber would be members of the committee. Kardar urged the banks to understand the needs of the economy and improve their penetration in the sector, as it is commercially viable offering attractive potential cash flows and extensive backward and forward linkages in the value chain. Banks need to develop a comprehensive agricultural finance policy, dedicated human resource, simplified procedures and other prerequisites for building lending portfolios and timely provision of credit to farmers, he added. He said the Federal and Provincial governments, revenue departments, farmers' associations and other stakeholders also need to contribute to value addition of the sector through automation of land records, marketing and storage channels, introduction of latest farming techniques, efficient extension services, water management etc., to facilitate the banks in their endeavour to expand agriculture finance as a viable business line. The SBP Governor informed the participants that the agriculture sector was not only the largest sector of the country's economy it was also the source of livelihood for at least 45 per cent of the total employed labour force in the country.
Siemens licensed to bank from Germany KARACHI: Siemens has received authorisation from Germany's Federal Financial Supervisory Authority to engage in banking operations. A statement issued here said that the Siemens Bank GmbH will support sales at the company's three Sectors- Industry, Energy and Healthcare, by expanding, with loans and guarantees, the product portfolio of Siemens' financial services unit in the area of sales financing, in particular. Through deposit banking
activities, the bank will also increase the flexibility of Siemens' internal financing operations and optimize risk management. The statement said that now that it has been granted a banking license, Siemens can in future offer loans from Germany as part of investment and project financing operations and thereby promote sales of its own products. The Bank will be a whollyowned subsidiary of Siemens AG and will take the legal form of a GmbH (stock corporation).-APP
Rise in cost hits record SCB profit HONG KONG/LONDON: Standard Chartered said costs are rising quickly as it fights to hire and retain staff in its hot Asian markets, taking the gloss off record income and profits. Finance director Richard Meddings said Standard Chartered was likely to make "significant hirings" next year after adding about 7,000 staff this year, although he said competition for bankers was driving up costs. The increased costs and a slight slowdown in growth in the fourth quarter compared with the third quarter dragged the bank's London-listed shares down 2.6 per cent to 1,830 pence by 9 a.m. British time. Its Hong Kong shares were up 2.8 per cent. "The statement highlights the extent to which Asia growth brings with it increased investment spend and margin pressure," said Mike Trippitt, analyst at Oriel Securities. Income in the second half of 2010 was expected to clock in at levels similar to the first six months of the year, the bank said in a trading update before the end of the year. Cost growth is outpacing income growth, however -- by a "significant" amount in its wholesale banking arm -- as the bank fights to hire and retain talent and higher regulation costs bite. "About 30 per cent of our staff are in China and India and these markets are very competitive for talent," Meddings told reporters on a conference call. ""We will be hiring significant numbers (next year), but also we will undoubtedly see some attrition," he added. Meddings said he would aim to grow costs at the same pace as income next year after a step-up in investment in infrastructure and hiring this year, which increased the bank's headcount by nearly 10 per cent to about 85,000. The cost of meeting tougher regulatory requirements had also stepped up in the second half. "There's a much more intensive regulatory demand on the bank and the industry across geographies," Meddings said. He said the bank, which is based in London but makes over four-fifths of its profit in Asia, had no plans to leave London after it warned in August that an increasing regulatory burden was making it a less attractive base. The bank said margins this year were set to be lower than 2009 due to pressure on asset margins across a number of different countries.-Reuters
WikiLeaks sympathisers hit MasterCard, Visa LONDON : Credit card giants MasterCard and Visa came under intense cyber attack on Wednesday as supporters of WikiLeaks retaliated for moves against Julian Assange after the release of US diplomatic cables that angered and embarrassed Washington. The Swedish prosecution authority, whose arrest order for Assange over accusations of sexual offenses led a British court to remand the 39-year-old WikiLeaks website founder in custody, also said it had reported an online attack to police. Assange's online supporters hit the corporate website of credit card firm MasterCard in apparent retaliation for its blocking of donations to the WikiLeaks website.
"We are glad to tell you that http://www.mastercard.com/ is down and it's confirmed!" said an entry on the Twitter feed of a group calling itself AnonOps, which says it fights against censorship and "copywrong." Visa Inc's site was temporarily unavailable late on Monday in the United States and the same group claimed responsibility for bringing it down. Sources told Reuters that WikiLeaks' next release may highlight US government reports on suspected militants held at Guantanamo Bay, which some US officials fear could show some detainees were freed despite intelligence assessments they were still dangerous. Mark Stephens, Assange's principal lawyer in London, denied
the WikiLeaks founder had ordered the cyber strikes, which appeared to target companies seen as cooperating with efforts to rein in Wikileaks. Assange "did not give instructions to hack" the company websites, Stephens told Reuters. MasterCard, calling the attack "a concentrated effort to flood our corporate web site with traffic and slow access," said on Wednesday all of its services had been restored and that card holder account data was not at risk. But it said the attack, mounted by hackers using simple tools posted on the Web, had extended beyond its website to payment processing technology, leaving some customers unable to make online payments using MasterCard software.
Assange spent the night in a British jail and will appear for a hearing next Tuesday. CARRY ON Assange, who has lived periodically in Sweden, was accused this year of sexual misconduct by two female Swedish WikiLeaks volunteers. The pair's lawyer said their claims were not a politically motivated plot against Assange. "It has nothing to do with WikiLeaks or the CIA," said lawyer Claes Borgstrom, whose website also came under cyber attack, according to officials. Assange has angered US authorities and triggered headlines worldwide by publishing the secret cables. The US State Department said that while the US government did have responsibility for the leaks, it
was important to highlight that the Wikileaks releases "put real lives and real interests at risk." WikiLeaks vowed it would continue making public details of the confidential US cables. Only a fraction of them have been published so far. Assange has become the public face of WikiLeaks, hailed by supporters including Australian journalist John Pilger and British filmmaker Ken Loach as a defender of free speech, but he is now battling to clear his name. For Visa and MasterCard, the world's two largest credit and debit card processors, the attack raised questions about the vulnerability of core operations -- and consumers' ability to use credit, debit and online payments instead of cash.
Nevertheless, investors in both companies largely reacted with a shrug. Shares of both companies closed up over 1 per cent, although Visa slipped slightly in after-hours trading. "You don't see this being a long-term or terminal situation where they can't find a fix," said Michael Nix, principal at Greenwood Capital Associates, which owns Visa shares. A spokesman for Visa did not immediately return calls seeking comment. Online payment service PayPal, which was among companies which suspended WikiLeaks' accounts used to collect donations, said it had acted at the behest of the US government. "On November 27th, the State Department, the US government
basically, wrote a letter saying that the WikiLeaks activities were deemed illegal in the United States and as a result our policy group had to make the decision of suspending the account," Osama Bedier, PayPal's vice president of platform and emerging technology, told a conference in Paris. Swiss Postfinance, the banking arm of state-owned Swiss Post, which also closed a WikiLeaks donation account, said it had taken countermeasures and an earlier wave of cyber attacks appeared to be waning. "The community around Julian Assange have said, 'We're leaving it now, we've shown what we can do. The community has decided to go for MasterCard and Visa now,' Postfinance spokesman Alex Josty said.-Reuters
9
Friday, December 10, 2010
Oil falls for third day on dollar, Europe oil stocks Two major report shows oil stocks build in Europe LONDON: US crude oil futures prices turned negative on Thursday, erasing previous gains of as much as $1 after the dollar strengthened and data from Europe showed a build up in oil stocks despite cold weather. Analysts and traders also cited profit taking ahead of New Year and concerns about China raising interest rates to cool growth as the reason for oil's fall for a third consecutive session after reaching a 26-month high earlier this week. "After the move above $90 you expect to see some profit taking and a reluctance to go too long... There is nervousness about the China inflation number due Saturday. If it is a hot number, an interest rate hike might cause the dollar to soar and affect commodities," said Richard Ilczyszyn, senior market strategist at LindWaldock in Chicago. Benchmark US light crude oil futures for January traded 22 cents down at $88.06 at
Tokyo rubber ends near 30-year high SINGAPORE: Tokyo rubber futures ended near a 30-yearpeak on Thursday as tight supply and firm oil helped the contracts defy pressure from a stronger yen. The key Tokyo Commodity Exchange rubber contract for May delivery settled 3.1 yen a kg higher at 380.3 yen, having hit a high 382.5 yen a kg, its highest since Nov 11, when the contract jumped to a 30-year high at 383 yen. The most active Shanghai rubber futures for May delivery ended at 33,100 yuan a tonne, up from Wednesday's close of 32,200 yuan. The contract struck a lifetime high around 38,900 yuan in November. In the physical market, Thai, Indonesian and Malaysian rubber grades changed hands at record highs as tyre makers rushed to stock up on fears that prices would rise further after bad weather disrupted supply in main producing countries. Reuters
1612 GMT after rising more than $1 earlier on Thursday. ICE Brent crude was down 25 cents to $90.52. Oil was up earlier on the dollar's weakness and was supported by a report which showed that US initial jobless claims fell more than expected last week.
"On the supporting side there is the additional demand because of the (cold) weather. And then on the other hand if you look at the US statistics (DOE weekly) that were released yesterday they were not really supportive. They was showing an increase in gasoline stocks and an increase in distillate stocks and it shows a low demand in the US," said Christophe Barret, an analyst at Credit Agricole in London. In Europe, a major report by Euroilstock for November as well as last week's data from
oil analyst Pieter Kulsen showed an increase in oil products stocks. Traders and analysts said they were cautious ahead of the possible Chinese rate rise and a meeting this weekend of the Organisation of the Petroleum Exporting Countries, which will look at its output targets. O P E C a p p e a r s unlikely to raise oil supply targets to cap an oil price rally when it meets in the Ecuadorean capital Quito, but could hint at the possibility of higher production later. "We would be cautious going into next week, with the very real possibility that the Chinese may move on the rate front," said Edward Meir, oil analyst at brokers MF Global. "We do not think that this move is completely discounted yet, and should it occur, it will likely cause further weakness in Chinese equity markets, which is bound to spill over into commodities." -Reuters
Palm rises as output seen curbed by rain KUALA LUMPUR: Malaysian crude palm oil rose to a fresh 29-month high on Thursday as investors bet heavier monsoon rains next month would cut production. Investors also expected a stocks and production report by the Malaysian Palm Oil Board due on Friday to show a drawdown in inventories and lower yields at a time of resilient export demand. Palm oil, which has gained 36 per cent this year, also drew support from grains markets pricing in tight supplies ahead of an possible extension of a US ethanol subsidy programme and rains pounding Australian wheat crops. Bullish agricultural fundamentals have outweighed the rising dollar trend that usually signals a declining investor appetite for riskier commodities and equities assets. "The palm oil market took a breather yesterday but more cues from the grains markets indicate that food supplies are
tight," a trader with a foreign commodities brokerage said. The benchmark Feb 2011 crude palm oil on the Bursa Malaysia Derivatives Exchange rose as much as 1.3 per cent to 3,640 ringgit ($1,157), a level unseen since July 4, 2008, before giving up some gains to settle at 3,598 ringgit. Traded volumes more than doubled to 22,294 lots of 25 tonnes each from the usual 10,000 lots. Reuters' technical analysis suggested a bull trend will stay intact for Malaysian palm oil so long as a support at 3,525 ringgit per tonne holds firm. Investors booked some profits in other vegetable oil markets ahead of key US crop report expected to reflect tight supplies and a spike in demand, mostly from China. US soyoil for December delivery edged up 0.1 per cent and the most active September 2011 soyoil contract on China's Dalian Commodity Exchange fell 0.1 per cent. -Reuters
Copper falls from record high as China data eyed LONDON: Copper fell from an earlier record high on Thursday as investors worried about demand in China ahead of key trade data from the top metals consumer, offsetting bullish signs of market tightness. Benchmark copper for threemonth delivery on the London Metal Exchange closed at $8,940 a tonne, from $9,015 at the close on Wednesday. Prices of the metal used in power and construction earlier traded as high as $9,091, up more than 20 per cent year-todate. "Trade should remain choppy here because we are at historical highs," VTB Capital analyst Andrey Kryuchenkov said. "Tin and copper are fundamentally looking quite good in the long run," he said, citing market tightness. But investors were nervy ahead of Chinese imports and exports data due early on Friday, following recent concerns that the country could further tighten its monetary policy and lose some appetite for copper. However, the copper market looked well supported amid growing concerns about market
tightness. Fanning concerns about market tightness, ETF Securities said this week it would launch the first physically backed exchange-traded products (ETP)
Shanghai copper surges Shanghai's benchmark third month copper contract rose 2.6 per cent to 67,050 yuan ($10,062). Prices earlier touched a one-month high of 67,590 yuan. for base metals from Friday. The UK-based company will initially offer products backed by physical copper, nickel and tin. Supply shortages have been a major factor behind the surge in copper prices in recent months, due to a combination of falling ore grades, labour problems and project delays. A trend of falling LME inventories this year has fuelled sup-
ply concerns. On Wednesday, copper stocks slipped 800 tonnes to 349,450 tonnes, having fallen from 6-1/2 year highs at 555,075 tonnes hit in mid-February. Worries about supplies in the near term have pushed the metal into a $35 a tonne backwardation -- premium for cash material over the three-month contract -- compared with a discount of $20 a tonne in late October. Aluminium closed at $2,338 versus $2,375, after earlier hitting a one-month high at $2,408. LME stocks for the metal, used in transport and packaging, fell 3,125 tonnes to 4.27 million tonnes.Steel-making ingredient nickel was at $23,600 from $24,000, after earlier hitting a one-month high at $24,400, while battery material lead was at $2,405 from $2,405. Zinc closed at $2,300 a tonne from $2,314, while tin was at $25,895 from Wednesday's closing bid of $25,600. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 08 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 08 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2240 2245 2210 2220 2165 2175 2165 2175
2295.5 2296 2312 2313 2370 2375 2405 2410
8881 8882 8848 8849 8585 8595 8185 8195
2361 2362 2375 2380 2335 2340 2292 2297
23745 23750 23800 23810 23265 23365 22450 22550
TIN
ZINC NASAAC
25575 2275 25580 2276 25575 2285 25600 2285.5 25175 2320 25225 2325 2295 2300
2245 2250 2260 2270 2275 2285 2330 2340
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11 986.00, Feb11 989.00, Mar11/Apr11 992.00, May11/Jul11 993.00, Aug11/Oct11 996.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1035.00+25.00, May11/Jul11 1030.00+25.00, Aug11/Oct11 965.00+10.00, Nov11/Jan12 970.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1440.00, Feb11/Mar11 1420.00+0.00, Apr11/Jun11 1395.00+10.00, Jul11/Sep11 1405.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1332.50+22.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1210.00+10.00, Jan11 1215.00+12.50, Feb11/Mar11 1205.00+10.00, Apr11/Jun11 1180.00+2.50. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11/Mar11 1225.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11/Mar11 1180.00+7.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11/Mar11 1190.00+7.50, Apr11/Jun11 1162.50+10.00, Jul11/Sep11 1142.50+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1640.00+10.00, Jan11/Feb11 1640.00+10.00, Feb11/Mar11 1640.00+10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
Indian sugar edges up on exports hopes MUMBAI: India's spot sugar edged higher on Thursday tracking gains in overseas markets and as mills raised prices hoping the government will soon allow exports of the sweetener, dealers said. "Millers raised prices. They were optimistic over exports and were expecting the government will allow exports before December end," said Shrikant Karwa, a sugar dealer based in Phaltan, Maharashtra. India, the world's number 2 sugar producer after Brazil, could approve "open general licence" sugar exports in three tranches of 500,000 tonnes each in December, January and February, a senior industry official told Reuters last month. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety edged up by 0.25 per cent to 2,800 rupees ($61.92) per 100 kg, while at the Vashi spot market, near Mumbai, it rose by 1 per cent. A pick-up in cane crushing and higher quota for December restricted the upside, Karwa said. The country has made available 1.5 million tonnes of non-levy sugar for December, higher than 1.4 million tonnes it had released for November, the government said in a statement. -Reuters
CHANDIGARH - INDIA: Farmers sit beside sacks filled with potatoes at a wholesale vegetable market in the northern Indian city of Chandigarh. -Reuters
Gold up in choppiest session in two weeks LONDON: Gold rose in choppy trade on Thursday, as the gyrations in the US dollar put the price on track for its most volatile session in two weeks while investors weighed up the outlook for US economic growth. Weekly US jobless data signalled the economy is recovering, which boosted risk appetite and knocked the dollar, while in the euro-zone, concern over Ireland's finances stopped the euro from
reversed earlier losses to rise $2.1 an ounce to $1,385.40. "We suggested recently that higher interest rates pose one of the more significant potential headwinds for spot gold prices, and the sharp rise in yields to sixmonth highs does appear to be slowing gold's recent ascent," said Nic Brown, Natixis commodities strategist. With the 3 per cent decline seen over the last three days however,
drawing strength from the greenback's decline. Gold swung from intraday gains of nearly 1 per cent to a loss of 0.2 per cent in the most volatile trading session since Nov. 25, according to Reuters data. Gold, which hit a record high earlier this week, has come under pressure as the dollar has benefited from greater yield appeal and the perception that US government efforts will result in longer-term growth. The metal is set for its largest weekly fall since late October. Spot gold was last quoted at $1,384.15 an ounce at 1615 GMT, up 0.2 per cent on the day, having fallen for two consecutive days away from Tuesday's $1,430.95 record high. US February gold futures
physical demand has resurfaced, particularly in Asia, where premiums for physical delivery in Hong Kong held steady, while scrap supply was muted. Reflecting the lack of investor appetite for gold this week was a fourth successive decline in holdings of metal in the SPDR Gold Trust, the world's largest exchange-traded fund backed by physical bullion. Spot silver rallied 1.2 per cent to $28.68 an ounce, after declining to a one-week low of $27.96 on Wednesday. Platinum fell 0.6 per cent to $1,671 an ounce, while palladium rose 2.0 per cent to $738.72, taking some heart from the rise in other industrial commodities such as crude oil and base metals. -Reuters
Sugar, cocoa dips; Coffee surges LONDON: ICE cocoa futures eased on Thursday as dealers locked in gains from this week's four-month highs as attention focused on potential supply risks due to a political impasse in Ivory Coast after a disputed election. ICE raw sugar eased, underpinned by uncertainty over how much sugar India will export to help relieve a shortfall before Brazil's next harvest in 2011, while ICE arabica coffee firmed, supported by tight supplies of high-quality arabicas. March cocoa futures on ICE were down $18 or 0.6 per cent at $3,017 a tonne at 1627 GMT, within sight of the four-month peak. Liffe second-month cocoa was down 12 pounds or 0.60 per cent to 1,997 pounds per tonne in reasonable volume of 12,205 lots. Sugar prices were lower in choppy trade, underpinned by forecasts for rainfall in Brazil and uncertainty over how much sugar India would export. ICE March raw sugar futures were down 0.26 cent or 0.9 per cent at 28.72 cents a lb at 1634 GMT. Liffe March white sugar was down $1.90 or 0.3 per cent to $730.50 per tonne in low volume of 1,828 lots. ICE arabica coffee futures were higher, supported by tight supplies of high-quality product. ICE March arabicas were up 0.50 cent or 0.24 per cent at $2.0515 per lb at 1635 GMT, while Liffe March robusta coffee futures were up $17 or 0.9 per cent at $1,899 a tonne in modest volume of 6,516 lots. -Reuters
US cotton ends mixed as USDA reports eyed NEW YORK: US cotton futures closed mixed Wednesday as players braced for reports due from the US Agriculture Department on Thursday and Friday, brokers said. The benchmark March cotton contract on ICE Futures US rose 1.58 cents to end at $1.3195 per lb, after moving from $1.2642 to $1.3372. The rest of the board ranged from 2.60 cents lower to 0.89 cent firmer. a Volume traded hit 24,762 lots, over a third below the 30day average of 35,335 lots, Thomson Reuters preliminary data showed.
Cotton is the best performing commodity in the ReutersJefferies commodity index, up nearly 75 per cent year-to-date. Sharon Johnson, senior cotton analyst for commodity brokerage Penson Futures in Atlanta, said fiber contracts were 'choppy' and it was fairly easy to yank fiber contracts either way given how thin the volume was. Analysts said fiber contracts may have received a boost from a mixed bag of commercial and investor buying. Chinese cotton prices did not provide any inspiration to the market as the May cotton futures was last done at 26,360 yuan per tonne,
down 550 on the day. Traders awaited a pair of reports from the US Agriculture Department -- weekly export sales data on Thursday and the USDA's monthly supply/demand data on Friday. Brokers forecast US cotton export sales ranging from 300,000 to 400,000 running bales (RBs, 500-lbs each), against total sales in last week's data of 636,900 RBs. Analytical firm Informa Economics raised its US cotton plantings forecast in 2011 to 12.2 million acres, a four-year high and nearly 12 per cent higher than 2010 cotton sowings of 10.909 million acres. -Reuters
National Commodity Exchange Ltd Trading Summary Date
9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010 9-Dec-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JA11 FE11 MA11 JA11 FE11 JA11 FE11 MA11 JA11 FE11 MA11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 MON TUE WED THU FRI MON TUE WED THU FRI 09DE10 DE10 DE10 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
88.00 88.59 89.06 28.88 28.89 1393.00 1392.20 1393.40 1391.80 1390.00 1393.40 38190.00 38314.00 38362.00 38309.00 38320.00 44696.00 44696.00 39402.00 39444.00 39458.00 39374.00 40500.00 45293.00 44624.00 45099.00 44828.00 45100.00 2402.00 3308.00 4912.00 86.53 85.50
89.30 89.78 89.37 29.11 28.89 1396.00 1396.30 1397.50 1391.80 1395.50 1393.40 38336.00 38348.00 38362.00 38309.00 38320.00 44696.00 44696.00 39402.00 39444.00 39458.00 39374.00 40500.00 45293.00 45341.00 45357.00 45261.00 45277.00 2402.00 3308.00 4912.00 86.54 85.99
87.48 88.00 89.06 28.05 28.51 1372.00 1373.00 1373.40 1384.00 1374.00 1384.50 37857.00 37875.00 38153.00 38100.00 38100.00 44451.00 44451.00 39177.00 39218.00 39232.00 39246.00 39163.00 45030.00 44624.00 44950.00 44828.00 44700.00 3300.00 3307.00 4910.00 86.53 85.50
88.41 88.92 89.37 28.50 28.51 1384.00 1384.50 1385.50 1384.00 1384.50 1384.50 38127.00 38138.00 38153.00 38100.00 38100.00 44451.00 44451.00 39177.00 39218.00 39232.00 39246.00 39163.00 45030.00 45078.00 45094.00 45110.00 45014.00 3300.00 3307.00 4910.00 86.54 85.99
Traded Volume in lots 224 112 328 1,802 2,368 2,588 46 33 12 1 4 4 2 5 -
Previous Settlement Price 89.12 89.62 90.08 28.57 28.58 1386.90 1387.40 1388.40 1386.90 1387.40 1388.40 38212.00 38223.00 38238.00 38185.00 38196.00 44551.00 44551.00 39263.00 39304.00 39318.00 39332.00 39249.00 45131.00 45179.00 45195.00 45211.00 45115.00 3301.00 3308.00 4912.00 86.53 85.93
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 88.41 65 88.92 25 89.37 28.50 76 28.51 1384.00 915 1384.50 887 1385.50 993 1384.00 1384.50 11 1385.50 38127.00 9 38138.00 41 38153.00 38100.00 38111.00 44451.00 44451.00 39177.00 39218.00 39232.00 39246.00 39163.00 1 45030.00 45078.00 5 45094.00 4 45110.00 2 45014.00 11 3300.00 3307.00 4910.00 86.54 85.99 -
Newcastle United's new coach Pardew arrives for a press conference in Newcastle
10
Friday, December 10, 2010
Thieves strip off Sampras' memorabilia LOS ANGELES: American tennis player Pete Sampras has had most of his trophies and other memorabilia stolen from a storage facility, he said. The Los Angeles Times reported that the thieves made off with most of his trophies from his 64 tour wins, two Davis Cups, an Olympic ring and six trophies for his world number one rankings from 1993 to 1998. But Sampras still has all but one of his grand slam trophies. "I have 13 of my 14 Grand Slam trophies. My first Australian Open trophy (1994) is gone, and so is everything else," the now-retired Sampras told the newspaper. Sampras, 39, said his trophies were stored in a warehouse in Los Angeles. He only only discovered they were missing about three weeks ago. "Losing this stuff is like having the history of my tennis life taken away," he said.Reuters
AVM Razi grabs CAS veterans trophy PESHAWAR: Air Vice Marshal Razi Nawab and Pakistan's most Davis Cupper Hamid-ul-Haq grabbed the trophy of the Men's veterans' doubles in ongoing Chief of Air Staff (CAS) Khyber Open Tennis Championship being played here at Officer Mess Courts on Wednesday. Pairing with Hamid-ul-Haq, Pakistan's prolific Davis Cupper with AVM Razi Nawab he fully exhausted both Inayatullah and Inamullah in the marathon three sets battle lasted for one hour and 24 minutes. Both Hamid-ul-Haq and Razi Nawab showed tremendous class by keeping their opponents at bay all the time with some beautiful base line shorts and cross court smashes were also witnessed. There was better coordination witnessed between Hamid-ul-Haq and Razi Nawab while 59-year-old Inayatullah was too good by responded well. They have lacked coordinator otherwise both gave tough resistance to strong rivals. Winning the first set Inayatullah and Inamullah failed to keep their rhythmic display as both Hamid-ul-Haq and Razi Nawab dominated the proceedings by winning the set 6-4. There was tough battle between the two pairs as they stretched to super-tiebreaker. Later Hamid-ul-Haq and Razi Nawab took the decisive set by 11-9. In the Men's singles semifinals top seed Aqeel Khan setup final showdown with his younger brother Jalil Khan in the Men's singles. The final of the Men's singles will be played on Friday.-APP
New COO appointed by PCB LAHORE: Pakistan Cricket Board (PCB) has appointed Subhan Ahmed as Chief Operating Officer with the approval of PCB Governing Board. According to press release, Subhan Ahmed was appointed as Chief Operating Officer after completion of the tenure of Waseem. Earlier, Subhan Ahmed was serving as senior General Manger International Cricket in PCB.-Online
Imran terms India as WC favourites NEW DELHI: India will be the overwhelming favourites to win next year's World Cup with home advantage and an ideal build-up on tour in South Africa, Pakistan's 1992 World Cup-winning captain Imran Khan said. "India is easily the favourite team, going by their form and depth both in bowling and batting," the former Pakistani allrounder told reporters on Thursday after the broadcasting arrangements for the 2011 tournament were announced. "I think the South Africa tour will do them good. The tougher is the tour, the better prepared you are for the World Cup."
India will contest three test matches in South Africa starting on Dec. 16 followed by a Twenty20 and five one-dayers before heading home to prepare for tournament starting on Feb. 19 hosted by themselves, Sri Lanka and Bangladesh. India are ranked number one test team by the ICC (International Cricket Council) and the number two one-day international (ODI) side behind holders Australia. "India is the favourite team and Sri Lanka is a close second. They will also have home advantage, which matters a lot," Imran added. Australia beat Sri Lanka in the final to clinch the last
Comeback calls flatter Warne SYDNEY: Legendary legspinner Shane Warne has labelled calls for his return to Test cricket in a bid to boost Australia's flagging Ashes hope as "very flattering". But he has also said Australia should now think about handing a debut to left-arm spinner Michael Beer. Warne, 41, has not played Test cricket since retiring following Australia's 5-0 whitewash of England on home soil in 2007. Australia's all-time leading Test wicket-taker, with 708 in 145 matches, Warne has hinted at a comeback. Calls for his return intensified after Ashes-holders England crushed Australia by an innings and 71 runs in Adelaide on Tuesday to go 1-0 up with three to play in the current series. Brisbane cricket fan Ross Heywood has established a website devoted to raising funds to entice Warne to make himself available for the rest of the Ashes series. Meanwhile Sydney Morning Herald
columnist Peter FitzSimons has said Warne, widely regarded as an excellent cricket tactician, should replace Ricky Ponting as Australia captain. "Ricky Ponting, we love you and thanks, but it just isn't working... Shane Warne should be offered the captaincy if he will just make a three-Test comeback," FitzSimons wrote. But Warne played a straight bat to those overtures in his column for Britain's Daily Telegraph newspaper here on Wednesday, saying: "There has been a bit written in Australia and people have been asking me about making a comeback. All I can say is that it is very flattering to hear those words." As for Ponting, Australia's captain when they lost Ashes series in England in 2005 and 2009, Warne added: "It must be tough for Ricky Ponting at the moment. Leading a losing team and being the only captain who could lose three Ashes series in the modern era is hard for such a great player."-APP
World Cup in the Caribbean and 1996 winning captain Arjuna Ranatunga said his compatriots should again do well. "Sri Lanka is one of the favourites. They have built a good team but my only worry is their middle order," said the portly Sri Lankan, whose astute captaincy fashioned the team's stunning 1996 World Cup victory over the Australians. "In 1996, we had a strong middle order. But of course this team has better bowlers and both (Muttiah) Muralitharan and (Lasith) Malinga are match-winning bowlers," he added.-Reuters
Pak driver competes in World Series Final LAHORE: Pakistan's only international racing driver, Adnan Sarwar will be taking part in the final of the 2010 Sodi World Series Racing Championship being held Friday at Dubai Autodrome. Adnan will be competing against 20 drivers from 14 countries from across the globe. The final race will be held at 4 PM Dubai time and is part of the championship in which Adnan has previously scored Pakistan's best international race result by finishing 4th. The Bank Alfalah supported driver is the first local Pakistani racing driver to have broke into the international racing circuit and has represented Pakistan in China, India and UAE in the past. Adnan told APP from Dubai on Thursday that he is good frame of mind to put up encouraging performance in the challenging event. "I know the task is quite tough but I am confident to achieve productive results".-APP
UTAH: Jazz center Jefferson goes to the basket against Miami Heat center Ilgauskas during the second half of their NBA basketball game in Salt Lake City.-Reuters
LONDON: Arsenal's Samir Nasri challenges Partizan Belgrade's Sasa Ilic and Radosav Petrovic during their Champions League soccer match.-Reuters
Arsenal cashing in on Nasri hot streak LONDON: Samir Nasri is fast emerging as Arsenal's key player as the Gunners enter what Arsene Wenger says is a crucial part of the season. The Frenchman scored his fifth goal in four games to help Arsenal beat Partizan Belgrade on Wednesday and qualify for the last 16 of the Champions League and with skipper Cesc Fabregas injured he ran the show in midfield. "He's in the form of his life," Fabregas said in his programme notes. "Now he's getting the goals too and he's one of the players that is leading the team. "He's in one of those periods. When you're hot, you're hot and we have to take
advantage of his form." Despite a crowded treatment room, three Premier League home defeats and some worrying form on the road in Europe, Arsenal find themselves well-placed for a push for silverware this season. Manager Arsene Wenger believes his side can hit top form before the Champions League resumes in February. "We have played some great games since the start of the season although we weren't at our best tonight," Wenger said after a nervy display against the Serbs. "But what is extremely important for a group like ours is that we are still in the competitions and when we play now in the last 16 hope-
Green-top pitches will backfire on Proteas: Dravid CAPE TOWN: Senior India batsman Rahul Dravid has warned South Africa that they could be making a big mistake if they prepare green-top pitches for the Test series starting next week as his side also possess no less a potent pace battery than the home side. Dravid, who was among the second batch of Indians landed at coach Gary Kirsten's academy for pre-tour preparations, said his side's seam bowlers also have the ability to make the most of ideal fast-bowling conditions. "It will be a very competitive series, but I believe if our seam bowlers Zaheer (Khan) and Ishant (Sharma) and Sreesanth can remain fit throughout the series, we will do very well," said Dravid at the Claremont Club Academy.
Dravid said he expects the three-match Test series to be fought fiercely but any attempt by South Africa to prepare fastbowling friendly pitches could backfire. "South Africa is an excellent team, especially in South African conditions -- and we will have to play excellent cricket to beat them," Dravid was quoted as saying by 'Sport24'. This stylish batsman disagreed that a series defeat by India would mean that South Africa are the world's top Testplaying nation. "No, we have shown in the last four or five years that we can play everywhere. We did well in Australia and England and have even won a Test here in South Africa on the last tour."
fully we have done well in the Premier League and the League Cup and we can have a high level of confidence because that will be needed." Arsenal have a 50-50 chance of playing either Barcelona or Real Madrid in the last 16 of the tournament but striker Robin van Persie, who scored his first goal for the club since May on Wednesday, is not worried. "We have to believe," Van Persie said. "Everything starts with belief and if you don't believe you might as well not play football. We believe we can achieve things this season. "As a football fan I would love to be involved in a game against Real Madrid or Barcelona."-Reuters
Pietersen fined for speeding MELBOURNE: England batsman Kevin Pietersen was booked for speeding in a Lamborghini arranged by his friend Shane Warne while driving back from a beach resort near Melbourne on Thursday, local police said. Pietersen, man-of-thematch in England's crushing win over Australia in the second Ashes test in Adelaide this week, was clocked by a patrol car near the port city of Geelong and fined Australian $239 (ÂŁ149) The England team declined to comment but said no disciplinary action would be taken against Pietersen. "Geelong highway police detected by laser a yellow Lamborghini travelling north along the Geelong Ring Road at 121kph in a 100 zone about 2:35pm on Thursday," a police spokesperson said.Reuters
Oz fresh blood ready to face Englishmen MELBOURNE: Opening batsman Phillip Hughes has declared himself ready to take on England's attack at the third test in Perth, a year and half after being bullied out of the side by their seamers on Australia's losing Ashes tour. Australia captain Ricky Ponting anointed Hughes "next cab off the rank" to replace Simon Katich at Perth after the opener was struck out by an Achilles injury during the hosts' heavy loss to England in the second test at Adelaide this week.
The 22-year-old Hughes was dropped after two tests against England last year, where he proved susceptible to shortpitched bowling, and doubts over his technique remain ahead of Perth, where the WACA ground's quick and bouncy pitches are traditionally beloved of fast bowlers. "To get that support from Ricky is fantastic, obviously (he's) the Australian captain and he's been around for so long," Hughes told Australian television on Thursday. "I know mentally and technically I'm
ready. I just can't wait to see who (the selectors) pick." Hughes has played only two tests for Australia since being dropped after making a total 57 runs in three innings at England, his last knock an unbeaten 86 in a 10-wicket thrashing of New Zealand in March. He scored two and 82 against an England XI in a tour match in Hobart last month, but was dismissed cheaply playing for state side New South Wales this week, nicking to the keeper after trying to cut a short delivery.
The dismissal was eerily similar to his struggles in England, where he fell prey to short-pitched bowling outside off-stump. England captain Andrew Strauss takes his team to Perth with a 1-0 lead in the five-test series and has already fired a psychological barb at Hughes, who scored two and 81 during a tour match against an England XI in Hobart last month. "He's obviously worked a bit on his technique, but I think there are weaknesses there that we can exploit definitely," Strauss said after
the Adelaide win. Katich's injury may also offer Marcus North another chance of redemption after the middle order batsman made just 49 runs in three innings of the series, but the selectors' greatest dilemma lies with their bowlers. After managing one wicket for 517 in the second innings at Brisbane, a revamped attack was clobbered for 620-5 declared in Adelaide, prompting local media and fans to ask whether 41-year-old legspinner Shane Warne might be coaxed out of
retirement. Warne wrote that he was "flattered" in his column in a British newspaper this week, but has enjoyed dodging the question. Another Australian legspinner great, Richie Benaud, had his own take. "The really annoying thing about that is that no one's asked me if I want to make a comeback!" the 80year-old joked on Australian television. "Shane is the greatest legspinner that has ever been, but if he allowed himself to be pressured into playing, he'd be off his head."-Reuters
UPDATE 1-BoE keeps rates at 0.5 pct, makes no change to QE
US jobless claims fall, bolster recovery hopes WASHINGTON: New U.S. claims for unemployment benefits fell more than expected last week and the four-week moving average slipped to a fresh two-year low, reviving hopes a labor market recovery was under way. Initial claims for state unemployment benefits dropped 17,000 to a seasonally adjusted 421,000, the Labor Department said on Thursday, below economists' expectations for 425,000. "It's another report that suggests the monthly employment numbers that we got last week probably understated the position in jobs, and it's another number that suggests we're going to get some upside surprises in economic activity," said Michael Strauss, chief economist at Commonfund in Wilton, Connecticut. The government's employment report last week showed employers added a mere 39,000 jobs in November and the jobless rate rose to 9.8 percent from 9.6 percent. A separate report from the Commerce Department on Thursday showed wholesale inventories rose 1.9 percent in October, while sales increased at the fastest rate in seven months, adding to optimism about a healthy holiday shopping season. Stocks on Wall Street opened
higher on the jobless claims report, while prices for U.S. government debt raced to session highs. The U.S. dollar trimmed gains versus the euro. The surprisingly small gain in employment last month had blurred the labor market picture and the bigger-than-expected drop in new claims should strengthen perceptions a durable recovery is under way. The tepid economy and jobs markets are expected to receive a boost from a deal struck by the Obama administration and Republican lawmakers on Monday to maintain all Bushera tax cuts through 2012, extend emergency unemployment benefits and cut employee payroll taxes by 2 percentage points. In a sign that a gradual labor market healing was firmly entrenched, the four-week average of new jobless claims, viewed as a better measure of underlying labor market trends, fell 4,000 to 427,500, still the lowest since early August 2008. Both initial claims and the four-week average have now held below the 450,000 level for five straight weeks. The 450,000 mark is generally considered by economists as the level consistent with job growth. "The change coincides with a modest improvement in small
11 Aussie employment astounds, rouses rate risk
International & Continuation
Friday, December 10, 2010
firms' sentiment and the end of the contraction in bank lending to commercial and industrial companies," said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York. "This is not an accident, in our view. Small firms, which employ half the work force, have been hamstrung by tight credit. If claims continue to drift down it would be reasonable to expect better payroll numbers very soon." The number of people still receiving benefits under regular state programs after an initial week of aid fell 191,000 to 4.09 million in the week ended Nov. 27, the lowest since midNovember 2008, from 4.28 million the prior week. Economists had expected socalled continuing claims to dip to 4.25 million from a previously reported 4.27 million. The number of people on emergency unemployment benefits fell 233,032 to 3.71 million in the week ended Nov. 20, the latest week for which data is available. A total of 8.30 million people were claiming unemployment benefits during that period under all programs. Emergency benefits for 4 million people which were due to expire by February are now set to be extended.-Reuters
LONDON: The Bank of England voted to make no change to its monetary policy this month, in a widely expected decision as it waits to see how much growth next year suffers from UK public spending cuts and euro zone turmoil. None of the more than 60 economists polled by Reuters last week expected the BoE's Monetary Policy Committee to change the 0.5 percent interest rate and 200 billion pounds ($317 billion) of quantitative easing that have been in place since February. Financial markets did not move after the decision. "The economic news over the past month has been consistent with policy on hold," said George Buckley, chief UK economist at Deutsche Bank. Despite a debt bailout for neighbouring Ireland, the economic outlook for Britain has changed little since November's MPC meeting and consumer price inflation has risen further above its 2 percent target to 3.2 percent. Manufacturing activity has been strong following robust overall economic growth of 0.8 percent in the third quarter, though trade data on Thursday was unexpectedly weak, casting doubt on the BoE's hopes of an export-led recovery next year. The central bank will not publish details of the MPC's vote or discussion until Dec. 22, but most economists expect a repeat of last month's three-way policy split.-Reuters
SYDNEY: Australian employment blew away forecasts by surging 54,600 in November as firms took on many more fulltime workers, a resounding counterpoint to recent soft data and an omen that interest rates may not stay on hold for too long. The Australian dollar leaped half a cent as the jump in jobs far surpassed expectations of a 19,000 rise while full-time hires climbed 55,100. The jobless rate dropped to 5.2 percent, from 5.4 percent, even though the participation rate hit a record high of 66.1 percent as more people went looking for work. Such unalloyed strength supported the Reserve Bank of Australia's (RBA) confidence in the economic outlook and its rationale for raising interest rates to 4.75 percent last month as a pre-emptive strike against inflation. "Another absolutely scorching result," said James McIntyre, an economist at Commonwealth Bank. "Annual employment growth of 3.7 percent shows the economy is in very rude health." "I guess it also poses the question that if we keep seeing numbers like this, the RBA may find come February that instead of being ahead of the curve it has fallen behind." Top RBA officials had intimated they were comfortable with where rates were and there was
little prospect of an imminent tightening. The market had gone much further and pushed out the timing of any further hike to the second half of 2011. Interbank futures are still not fully priced for a move to 5.0 percent until August. "Absolutely extraordinary numbers," enthused Brian Redican, a senior economist at Macquarie. "That's a lot more people working and earning, with more incomes and greater demand." "This should be a wake up call for the markets which have grown far too complacent about the risks of a rate hike in the near term," he warned. "Every RBA meeting will be a live one when you have jobs growth like this." The jobs figures were a welcome contrast to some softer data recently. In particular it suggested the surprisingly meagre rise of 0.2 percent in third-quarter gross domestic product (GDP) understated the true strength of the economy. That was an argument made by RBA Assistant Governor Philip Lowe on Wednesday, who noted that GDP tended to bounce around from quarter to quarter but looking past the statistical noise the economy was heading toward faster growth as expected. Employment has sped past all expectations this year with a rise
of 402,500, a breakneck pace for an economy with a potential labour force of just 12 million. An equivalent increase in U.S. payrolls this year would have been 5 million. Much of the growth has been in full-time jobs, which tend to offer better pay and conditions than part-time work, helping boost incomes and confidence across the economy. Jobs growth has been fastest in the booming mining and energy sector, running at 20 percent a year, though the biggest hiring has been in professional, scientific and technical services, education and health. A record pace of resource investment is also driving jobs in construction. The A$43 billion Gorgon liquefied gas project alone will employ 10,000 at the peak of construction. Most forward indicators of labour demand like vacancies and business surveys point to further jobs growth ahead, albeit at a more restrained tempo. The sting in the tail is that unemployment was approaching lows that have bred wage and price pressures in the past. The RBA will be especially keen to avoid a repeat of 2007 to 2008 when the jobless rate fell steadily to a trough of 4 percent while annual underlying inflation raced to peak of 4.7 percent, far above its 2 to 3 percent target. -Reuters
CONTINUATION lion dollars, but in October the court-appointed liquidator said the affected. Public officials came in second, at 62 per cent. The report showed that in the past year, 25 per Continued from page 12 No #1 cent of those surveyed worldwide had paid a bribe to one of nine institutions and services, with the police The spokesman rejected Indian Foreign Secretary's claim that real bottom line was 21.2 billion dollars. -Reuters named as the most common recipient of these bribes. The report also noted that bribery and corruption Jammu and Kashmir was an integral part of India and said it was Continued from page 12 No #7 continues to disproportionally affect the poor and the young, with lower income earners twice as likely to not an integral part of India but awaiting settlement in accordance Malik said that concrete steps have been taken in curtailing corwith the relevant UN Security Council resolutions. Replying to ruption from the country, we have the backing of the judicial sys- pay bribes for basic services like utilities, education and medical services. -NNI another question, the spokesman said, "Pakistan is looking for- tem and anyone found guilty will be prosecuted, says Malik. Continued from page 5 No #15 ward to resumption of dialogue process so that issues like plight He said Lashkar-e-Jhangvi, Tehreek-e-Taliban and al Qaeda Programme on Immunization (EPI), and 'National Programme for Family Planning & Primary of fishermen are addressed in an effective manner." have close links with each other and are spreading chaos in the Health Care (NP-FP & PHC), "The Lady Health Workers' Programme" (LHWP) - Phase-II' He said Pakistan was making serious efforts for resumption of country, while threat of terrorist attack is present during In his concluding address Dr Abdul Hafeez Shaikh asked the Planning Commission to present a composite dialogue with India to resolve all outstanding issues Moharram but the government is doing its level best to make the detailed plan in the next ECNEC with a rationalized portfolio reflecting balanced regional growth including Kashmir but it would not compromise on its security at security foolproof. -Agencies and focus on completion of projects to provide maximum benefits to the citizens. any cost. The spokesman said that the Indian Home Secretary's He also emphasised the need for improving the monitoring and evaluation of projects to ensure Continued from page 12 No #8 remarks on Mumbai attack trial in Pakistan were misleading. He transparency and best utilisation of national resources. not done so then the recoveries would be made from the salary said, "Pakistan is seriously pursuing the trial." Nevertheless, in Continued from page 5 No #16 order for the trial to conclude successfully, Indian cooperation is of information secretary, he further directed. The members of committee told Chaudhry Nisar Ali Khan that the matters related to Reportedly Thirachai Phuvanatnaranubala, Secretary General of Thailand's Securities & Exchange absolutely essential, he added. chairman PARC Zafar Altaf, DG Health, Abdul Rashid Juma and Commission has termed the move part of a proposed single securities market providing easy access Continued from page 12 No #2 chairman SEME Bank were not different from the case of Murtaza to the investors and boosting market liquidity in Southeast Asia. Bursa Malaysia, Singapore Palaniappan Chidambaram as saying after a meeting on Solangi. Upon it Chaudhry Nisar directed the respective ministries Exchange and Stock Exchange Thailand are "set to join and go live by the second half of 2011" Kashmir. After several failed rounds of peace talks between mod- to stop the payment of salaries to them immediately and furnish the while the Philippines Stock Exchange will join the alliance in the first half of 2012, he told a regionerate separatists and New Delhi, and a rise in killings blamed on details about their appointment to the committee. -Online al finance conference. The four countries are part of the 10-member Association of Southeast Asian security forces, India announced an 8-point confidence building Nations. It is unclear if Indonesia, Brunei and Vietnam will also join in. Officials said Cambodia and measure in September. -Agencies Continued from page 1 No #9 Laos are expected to launch their stock markets next year, leaving only military-ruled Myanmar of its organ is above law and defy Court's orders. They submit without a bourse. The proposed regional exchange is in line with plans to create a European-style Continued from page 12 No #3 themselves before the Constitution and hold the Apex Court in the economic community for Southeast Asia by 2015, Thirachai said.-Agencies the investigation till now is also infected with corruption. He added that this court will not let these culprits go without a highest regard." Continued from page 5 No #17 "They appreciate what the Court is doing for the constitutional fair trial and will not take pressure from anyone. He said its' Minister for Privatisation, Senator Waqar Ahmad Khan, is the keynote speaker at the event which strange that no statement has been taken from the minister which governance of the country," he added. He said these institutions were bound to follow order and judgement of this Court. Giving details of is intended to inform leading institutional investors in the UK of the tremendous investment opporshows the minister religious affair is being supported. tunities available in Pakistan. Leading public and private sector firms from Pakistan will be presentIn response to this DG FIA Waseem Ahmed said that minister's the incident, he said these prisoners soon after their release from the ing at the event including Engro, Lucky Cement, OGDC, KESC, MCB, UBL, Hubco, PPL and othstatement is yet to be recorded. Federal minister for religious jail voluntarily given themselves in the custody of people who disers. The event is already generating a lot of interest with leading investors all registered to attend. guised themselves as secret agencies personnel. -Agencies affairs Hamid Saeed Kazmi with minister of science and technolContinued from page 5 ogy Azam Hoti were present during the hearing. Court was Continued from page 1 No #18 No #10 adjourned till Dec 13, 2010. company said that the repurchase programme will commence from December 13, 2010 and the officials of the ministry. Nicolas Martin also discussed other potential areas for investment like value addition to agriculture purchase agent is KASB Securities Ltd. JS Investment will repurchase 57.504 million certificates Continued from page 12 No #4 from the cash balance of JSGF.-APP representatives and bureaucrats must fulfill their responsibilities produces, tractors manufacturing, etc. -NNI beyond self interest and should follow rules, laws and constitution. The minister said: "we will fully strengthen our judiciary and judicial system to curb unlawful practices and corruption." He emphasized the need to follow PPRA rules in letter and spirit in order to bring transparency and ending corruption. He said that during awareness raising campaign for eradicating corruption, the relevant service rules would be dispatched to all departments.He said that end of corruption is pre-requisite for restoring people's trust in the institutions of Pakistan and progress of country. -APP
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the educational process for an indefinite period. -Online
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Madoff, Citi either knew or should have known that Madoff's investment advisory business was a fake, and that the funds Citi received from these two Madoff feeder funds came from Madoff's fraudulent activities," said Picard. Picard noted that warning signs to Citi included an email from and a meeting with an early Madoff whistleblower stating that the Madoff investments were a Ponzi scheme. Similar allegations were made against Natixis, with the trustee seeking 400 million dollars. "Armed with knowledge of many badges of fraud, Natixis and its related entities nevertheless provided substantial momentum furthering Madoff's Ponzi scheme, especially in Europe," said Mark Kornfeld, a lawyer for the trustee. The suites seek to recover addition funds from Fortis (230 million dollars); ABN Amro (270 million); BBVA (45 million); Nomura (35 million); and Merrill Lynch (16 million). In a separate announcement Wednesday, Picard said he was seeking 100 million dollars from Sandra Manzke, members of her family, and the Maxam Capital Management which she created. Picard also filed a complaint in London seeking to recover at least 80 million dollars from the British unit of the Madoff funds, Madoff Securities International Ltd. Madoff, who touted himself as one of New York's most successful money managers, was arrested in early December 2008 for running a pyramid scheme. He was sentenced in June 2009 to 150 years in prison. Madoff's victims, including charities, major banks, Hollywood moguls and savvy financial players, handed him tens of billions of dollars over more than two decades. The amount of money stolen remains elusive: Madoff originally claimed to have been managing 65 bil-
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capacity to 3 million tonnes per year. The Steel Mills, he said, has also been approached by private firms registered in Brazil, Indonesia and others for supply of raw material. Pakistan Steel, a state run leading industry, was set up with cooperation of former Soviet Union in early 1970s near Port Qasim. "On December 31, we will be in a no profit-no loss position. By end of June 2011, Pakistan Steel will have small net profit on its accounts," Acting Chief Executive Officer Imtiaz Ahmed Khan Lodhi said.
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Agreement (GPFA) at Ashgabat on Dec 10 that has already been approved by the federal cabinet. Under the project Pakistan will get 30 billion cubic meters of gas annually and has also indicated that in case India backs out at any stage, it will be willing to purchase the additional gas.
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had ended with Cameron causing great offence - first to Pakistan for casting doubt on its commitment to fighting terror, and second to Israel for criticising their treatment of the Palestinians while addressing Turkey, which is also a Muslim country. -Online
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television channel, the report said that the increase was most evident in Europe, where 73 per cent of people polled believed corruption had risen over the last three years. North America wasn't far behind - 67 per cent of people there thought corruption was now more widespread. The findings are outlined in Transparency International's (TI) 2010 Global Corruption Barometer, a public opinion survey released by the Berlin-based organization on Thursday to coincide with the United Nations' International Anti-Corruption Day. It said that six out of 10 people surveyed around the world said corruption had increased in the last three years, with one in four people reporting that they had paid bribes in the last year. The EU Commissioner for Home Affairs, Cecilia Malmstroem, said in an interview with German daily Die Welt that Europe would increase its efforts to combat corruption. "The measures taken so far by the EU have not yet led to any conclusive results," she said. Globally, the political and public sectors were seen as most corrupt, with nearly 80 percent of respondents believing political parties were
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The benchmark Nikkei closed the day up 0.5 per cent at 10,285.88. At one point it hit a sevenmonth high of 10,298.25. The broader Topix index rose 0.5 per cent to 891.60. The securities sector .ISECU.T outperformed the broader market with a 3.2 per cent jump, while the insurance sector .IINSU.T added 2.9 per cent and banking gained 2.6 per cent. Banks were also boosted after positive indications for the sector helped their U.S. and European counterparts gain. U.S. banks climbed as the spike in Treasury yields has made lending and trading more profitable while European bank shares gained as investors bet that concerns about the euro zone debt crisis will slowly abate and financials will perform well. Mitsubishi UFJ Financial Group, Japan's biggest bank by assets, jumped 3.7 per cent to 417 yen, while Sumitomo Mitsui Financial Group (8316.T) added 3.5 per cent to 2,712 yen. Foreign investors bought a net 210.7 billion yen ($2.5 billion) of Japanese stocks in the week to December 4, the highest since early April, finance ministry data showed. They were net buyers for the fifth straight week, bringing their total net buying to 730.6 billion yen over that period, and were net buyers for nine out of the last 10 weeks.-Reuters
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had a 3 per cent rally in the first 3 days this month," said Frank Gretz, market analyst and technician for Shields & Co, a brokerage in New York. "Typically the month of December is strong at the beginning and strong at the end, and there is a lot of bullishness around." Investors said they remained bullish for a year-end rally. The CBOE Volatility Index VIX, a barometer of Wall Street anxiety, fell more than 1 per cent to 17.56, its lowest level since April. The VIX usually moves inversely to the benchmark S&P index. The VIX closed under 18 for two straight days, which analysts consider to be the start of a sustained period below its long-term average of just above 20, said MKM derivatives strategist Jim Strugger. The Dow Jones industrial average was down 26.56 points, or 0.23 per cent, at 11,345.92. The Standard & Poor's 500 Index was up 0.74 point, or 0.06 per cent, at 1,229.02. The Nasdaq Composite Index was up 2.20 points, or 0.08 per cent, at 2,611.36. Technical signs and a forecast from an international bank suggested a positive outlook for US stocks. Exxon Mobil was down 0.6 per cent at $71.43. Financial stocks outperformed other sectors with Bank of America up 2.6 per cent at $12.31 and JPMorgan Chase gaining 1.2 per cent to $40.74.-Reuters
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Barclays, up 4.5 per cent, led banks higher, but Standard Chartered shed 3.6 per cent after issuing a trading update. The BoE's Monetary Policy Committee voted to keep interest rates at a record low of 0.5 per cent and total asset purchases at 200 billion pounds, shrugging off concerns over rising inflation and the UK's anaemic growth outlook. In London, mining shares and energy stocks underpinned blue-chip gains. Oil major BG Group rose 3.6 per cent as it said it expected very low unit costs for the initial development of the Tupi and Guara fields in the Santos Basin, offshore Brazil. Elsewhere, Cobham added 3.7 per cent after the defence contractor's demotion to the FTSE 250 was confirmed, to be replaced by engineering group IMI. Equities look set to remain a preferred asset class into 2011. On the downside, traders said sentiment among retailers was hit after first-half results from HMV, which highlighted the cold snap in Britain was undermining Christmas trading. Morrison Supermarket shed 1 per cent, while Next and Marks & Spencer, fell 2.4 and 2 per cent, respectively.-Reuters
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Prime Minister talks to Turkish television
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NEW DELHI : Former cricket captains from India Kapil Dev, West Indies' Vivian Richards and Imran Khan pose with the ICC Cricket World Cup 2011 trophy in New Delhi. -Reuters
PAC seeks ministries’ secret funds record ISLAMABAD: Public Accounts Committee (PAC) has directed Auditor General (AG) to provide details of the secret funds in respect of all the ministries. PAC met here Thursday. AG presented audit objections before the committee on accounts of the information ministry for the financial year 2008-9. Audit authorities told the committee the information ministry had not provided details about the expenses of Rs 277 million incurred by it. Information secretary Sohail Mansoor told this was a secret fund which was legally protected therefore, the details could not be furnished on this count. When inquired by the members of committee, information secretary told that the ministry highlighted the performance of elected government and not one party. Member of committee Riaz Hussain Pirzada said fund was being used by the ministry against the opposition. Particularly it is used to buy the loyalties of the people, he alleged. Wiki Leaks had revealed every thing and what was left secret now, he questioned. Voicing surprise over the presence of DG Radio Murtaza Solangi in the meeting, member of the committee Riaz Fatiana inquired from him that his contract had expired in June 2010 and he was not granted extension then how he was retaining his post till now. Secondly it had also been learnt that he was charged with harassing the women, Fatiana said. AG while expressing wonder over it said that the decisions taken by him had no legal standing. Nisar issued the directives that not only Murtaza Solangi should be expelled from Radio Pakistan but also the amount of 6-month salary paid to him be recovered from him. If it was See # 8 Page 11
Justice Ejaz sworn in as LHC CJ LAHORE: Justice Ijaz Ahmed Chaudhry Thursday was sworn in as Chief Justice of Lahore High Court (LHC). Punjab Governor Salman Taseer administered oath to Justice Ijaz Chaudhry at Governor House, Lahore. Chief Minister of Punjab Shahbaz Sharif, Law Minister Rana Sanaullah, Senior Minister Raja Riaz, other provincial cabinet members, high court judges and government officials attended the oath-taking ceremony. -Online
Awan declares war against graft ISLAMABAD: Federal Minister for Law, Justice and Parliamentary Affairs on Thursday announced to launch anti-corruption campaign in April, 2011 in all government departments to sensitise and raise awareness in order to address the menace of corruption and eradicate it from the country. He was addressing a firstever meeting held on this issue in his ministry on the occasion of International AntiCorruption Day. The minister emphasised the need of discipline and efficiency for effective role of government employees and strengthening of institutions in the country. He said that rooting out corruption from country is essential for restoration of peo-
ple's trust on institutions. The minister reiterated on the International Anti-corruption Day: "I want to convey this message to bureaucracy being a part and parcel of service of Pakistan they should perform their duties with honesty and dedication beyond any affiliation to any political party or any caste or creed." He said that people of Pakistan are paying their salaries in the form of taxes and in return government employees should serve the public with honesty. He said that discipline is not possible without Accountability and Government officials should obey rules in their true spirit. He said that elected See # 4 Page 11
Privatization of edu institutes
Punjab students go on a rampage LAHORE: The students' protest against the privatisation of their colleges is continued across Punjab along with study boycott at all the institutes. According to media reports, the students held protest demonstrations were held in Multan, Faisalabad, Mian Channu, Vehari, Jaranwal and Dera Ghazi Khan against the thrashing of teachers and students in Lahore on Wednesday. In Multan, the students of Emerson College, Civil Lines College and Commerce College assailed the Director Colleges office and ransacked it. The students tried to enter Mumtazabad office and vent their ire on a motorbike pared outside it.
In Faisalabad, the students took to roads to express solidarity with the students and teachers thrashed by the police yesterday. They blocked the traffic by burning tyres on Jaranwala Road, Sumundri Road, Sargodha Road, Samanabad Road and Sheikhupura Road. On the other hand, police booked 42 person including Jibran Butt, Chairman Joint Action Committee, Nazim Jamiat Lahore Akhzar Nazir. Also, Islami Jamiat Tulaba announced a black day today against torture on students; where as Punjab Professors Association has also announced a boycott against See # 5 Page 11
B'stan separatists urged to shun bids ISLAMABAD: Interior Minister Rehman Malik has said that conspiracy to dismember Balochistan from the country would not be allowed to succeed, adding Brahamdagh Bugti is trying to seek political asylum. Talking to media after meeting of National Press Academy on Thursday, Interior Minister said that it has been decided in the meeting that in order to improve the peace and security and curb terrorism in the country, efficiency of the police force needs to be improved and in this respect a policy for special training will be introduced whereas investigative expertise will also be improved. The interior minister informed that the DNA test of Jamil Fakhri's son is accurate
and the actor has been informed about it and all the relevant documents acquired from the Pakistani High Commission have been handed over to the bereaved family. Answering to a question, minister said Brahamdagh Bugti is said to be present in Afghanistan and is seeking political asylum, it is hoped that none of the countries would grant him asylum. Baloch brothers should come down from the mountains and play their role in the development of the country, he emphasised that any effort of dismembering Balochistan will be foiled. Only a handful of extremists are trying to dismember Balochistan but they will never succeed in this. See # 7 Page 11
Madoff suits take aim at big banks NEW YORK: Seven big global banks from the United States, Europe and Japan were sued Wednesday by the trustee seeking to recover assets from the massive Bernard Madoff fraud case. The trustee, Irving Picard, is seeking more than one billion dollars from the banks, claiming they knew or should have known of the fraud in accepting money through various Madoff funds. The seven latest banks added to the litigation are US-based Citibank and Merrill Lynch -now part of Bank of America -the broken-up former Belgian bank Fortis; Natixis of France; Dutch-based ABN Amro; Spain's Banco Bilbao Vizcaya Argentaria (BBVA); and Japan's Nomura. The separate complaints filed in New York allege that the banks enabled the Madoff Ponzi scheme "by opening a spigot of new money into the Madoff feeder fund network." Because they were promised hefty returns, "the financial institutions hedged their exposure to the derivative investors by purchasing shares of the feeder funds." The suit against Citibank, which is part of Citigroup, seeks 425 million dollars. "Armed with considerable non-public information about See # 6 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani while reiterating Pakistan's firm resolve in the fight against terrorism and militancy stressed the need for enhanced regional cooperation to root out this menace for peace, prosperity and socioeconomic development of the region. "Terrorism is a regional problem and there should be a regional solution. There should be increased cooperation in the fight against terrorism", Gilani said in an interview with a Turkish television, telecast by Pakistan state-owned television on Thursday night. Prime Minister Gilani, who gave the interview during his official visit to Turkey, said Pakistan on its part was doing all to fight this menace with a resolve. "We have the will as well as resolve to fight terrorism and militancy." He also mentioned the successful military operation in Swat and Malakand as well as the achievements in South Waziristan and said his government was following the 3-Ds (Dialogue, Development and Deterrence) policy to deal with the issue of militancy.
Prime Minister, however, emphasized that military actions alone were not the solution to tackle terrorism and militancy, adding, there was a need to address the problems of people in backward areas such as poverty, hunger, education, health etc through enhanced socio-economic development and by eliminating deprivations of people. In the regional context, he also referred to and termed the trilateral process initiated by Turkey between Pakistan and Afghanistan as an important initiative for enhanced mutual understanding and cooperation. President Asif Ali Zardari will soon visit Turkey for a trilateral meeting of PakistanAfghanistan-Turkey, he added. To a question, the Prime Minister said his government was not in favour of drone attacks and considers such attacks as counterproductive, adding the drone attacks which cause collateral damage often help the militants - who are isolated from the common tribal people - regain the support of people. Gilani said his government had also discussed this issue (drone) with the United States
‘Kashmir not an integral part of India but awaiting settlement’
Pak warns against nuclear exceptions He said, "Pakistan's position on the issue is based on principles and keeping with our security interests." Answering a question he did not agree that Pakistan-France relations were on the slide adding that these relations were on the upward trajectory. "President Sarkozy is planning to visit Pakistan next year and that will provide a good opportunity to take bilateral relations to new heights," he added. The spokesman when asked repeatedly to give his views on leaks by the WikiLeaks about Pakistan said these pertained to official communications within the US government system therefore Pakistan could not be in a position to confirm their veracity. He said United States had alerted Pakistan of the unauthorised leaks. He, however, said as the Foreign Office was not in a position to confirm their veracity therefore, it would not be appropriate to react to them. The spokesman, however,
categorically stated that Pakistan and its leadership were fully cognisant of national interests and there would never be any compromise on them. The spokesman said there were laid down procedures and guidelines for meeting of government officials with foreign diplomats but Foreign Office could not issue any directions to politicians on how to conduct themselves. About visit of the Pakistani Foreign Minister to India, he said this was contingent upon agreement on the agenda and outcome of the meeting between the two Foreign Ministers. The spokesman pointed out that during his visit to Pakistan in July this year, Indian Foreign Minister had invited Makhdoom Shah Mehmood Qureshi to visit India. He hoped that there would be some agreement in the context of agenda and the outcome of the meeting and the visit would take place early next year. See # 1 Page 11
DG Hajj admits mismanagement
India says end to Kashmir violence near
Special Correspondent
ISLAMABAD: Pakistan on Thursday cautioned that creating exceptions for any country in civil nuclear cooperation was not only a step backward in terms of promoting nuclear cooperation for peaceful purpose but also had serious implications for regional and global security. Referring to France-India nuclear accord at a weekly briefing here, Foreign Office Spokesman Abdul Basit said that country-specific exceptions were inherently counterproductive as these resulted in mistrust and non-cooperation. The spokesman underlined that there was no alternative to criteria based approaches towards promoting international cooperation, peace and prosperity around the world. Commenting on Pakistan's position on the Fissile Material Cut-off Treaty (FMCT), the spokesman said that Pakistan LAHORE: The Chief Justice of would never compromise on its the Lahore High Court (LHC), legitimate security requireJustice Ijaz Chaudhry on ments. Thursday took suo motu notice of the police torture of teachers Corruption Scandal and students who protested outside the Punjab Assembly. The clash erupted on Wednesday when a large number of students and teachers gathered outside the assembly to protest against the privatisation of educational institutions. They also condemned the for- ISLAMABAD: The arrested vision of minister for religious mation of the board of gover- former Director General Hajj affair. nors in several colleges. Rao Shakeel confessed before Ex DG informed the court Police baton-charged the pro- the Supreme Court that there that the buildings acquired testers, who responded by has been corruption in Hajj from April to June were just throwing stones, smashing win- arrangements, while Chief jus- under 2-km from Haram and dows in two MPAs’ cars, break- tice Iftikhar Mohammad these were according to the ing CCTV cameras and Chaudhry has expressed his merit and he is not responsible destroying furniture used by dissatisfaction over the inves- for any dealings after that. tigation reports provided by CJ in his remarks said if you security officials. are innocent and so is your The police arrested some 20 the FIA. On Thursday a seven mem- federal minister and secretary teachers and 10 students. They were detained at Qila Gujjar ber bench headed by CJ then who is guilty?, How Singh police station and Race Iftikhar Mohammad Ch heard come upon receiving one Course police station. a suo moto notice case regard- SMS from you the federal Constable Muhammad Shafi ing the alleged corruption in secretary your name was excluded from the ECL". and several IJT activists were hajj arrangements. During the hearing arrested CJ expressing anger on DG injured in the clashes. ex DG Hajj Rao Shakil admitFIA said which law are they The court has asked IG ted that there has been corrupfollowing, the FIA has been Punjab Tariq Saleem Dogar to submit a detailed report on tion in the arrangements and trying to conceal evidence and this was done under the superSee # 3 Page 11 January 12. -Agencies
LHC CJ takes notice of torture on students
and seeking the drone technology so that such attacks are carried out by our own forces, adding, "We also ask them to share with us actionable intelligence." About Iran's nuclear programme, the Prime Minister said, every country has the right to acquire the nuclear technology for peaceful purposes, adding, however, Pakistan also stands committed to international rules of nonproliferation. Prime Minister Gilani termed his visit to Turkey as very successful and said the 18 MoUs signed after the High Level Cooperation Council (HLCC) meeting co-chaired by him and Turkish Prime Minister Recep Tayyip Erdogan would help further strengthen the already existing close and friendly ties between the two brotherly nations through increased cooperation in diverse fields. Gilani said, the MoUs signed between the two countries would be implemented as before the HLCC meetings the concerned ministers from Pakistan and Turkey had detailed discussions on the projects. -APP
NEW DELHI: India's government said Thursday the contours of a political solution to months of violent protests against Indian rule in the disputed Kashmir region were likely to emerge in the next few months. More than 100 people have been killed in the protests, the biggest since a separatist rebellion broke out in 1989, and separatist demands have ranged from granting of autonomy to outright independence from India. "Contours of a political solution to the Kashmir problem are likely to emerge in the next few months," a government statement quoted Home Minister See # 2 Page 11
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