International Karachi, Saturday, December 11, 2010, Muharram-ul-Haram 4, Price Rs12 Pages 12
Gilani, Zardari swear to ward democracy
No hand in cyber attacks: WikiLeaks
See on Page 12
3-day remand for Hajj scam accused
See on Page 12
Peace Nobelist's chair sits "empty"
See on Page 12
See on Page 12
Pakistan-Turkmen cooperation to graduate to defence, trade
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% $1,051 171.27mn
TAPI, a win-win cowork: Zardari
Portfolio Investment SCRA(U.S $ in million)
188.33 25.47 3.45 2632
Yearly(Jul, 2010 up to 9-Dec-2010) Monthly(Nov, 2010 up to-9-Dec-2010) Daily (9-Dec-2010) Total Portfolio Invest (26 Nov-2010)
NCCPL (U.S $ in million)
FIPI (10-Dec-2010) Local Companies (10-Dec-2010) Banks / DFI (10-Dec-2010) Mutual Funds (10-Dec-2010) NBFC (10-Dec-2010) Local Investors (10-Dec-2010) Other Organization (10-Dec-2010)
-0.48 3.24 -0.14 -0.37 -1.57 -0.67 -0.01
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,620.16 10,211.95 23,162.91 19,508.89 2,761.60 2,841.04 5,804.89 11,370.32
Change 51.07 73.93 8.89 266.53 7.00 30.09 3.07 0.26
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)
$.Price PKR/Shares 2.60 111.36 21.95 188.02 2.00 42.83 1.70 36.41 10.49 35.94
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010 10-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.23% 13.38% 13.59% 13.94% 14.09% 14.16% 14.24% 14.28% 14.54% 14.70% 14.88%
Commodities *Crude Oil (brent)$/bbl 90.93 *Crude Oil (WTI)$/bbl 88.05 *Cotton $/lb 138.12 *Gold $/ozs 1,374.90 *Silver $/ozs 28.27 Malaysian Palm $ 1,156 GOLD (NCEL) PKR 38,314 KHI Cotton 40Kg PKR 9,431
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 83.85 Canadian $ 84.20 Danish Krone 15.00 Euro 113.10 Hong Kong $ 10.90 Japanese Yen 1.026 Saudi Riyal 22.60 Singapore $ 64.90 Swedish Korona 12.00 Swiss Franc 86.65 U.A.E Dirham 23.20 UK Pound 134.60 US $ 85.55
Sell (Rs)
84.85 85.20 15.10 115.00 11.00 1.052 22.90 65.90 12.10 86.75 23.40 136.00 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
84.31 84.77 15.21 113.37 11.01 1.021 22.82 65.34 12.42 87.08 23.31 135.05 85.66
84.51 84.96 15.24 113.64 11.04 1.023 22.88 65.49 12.45 87.28 23.36 135.36 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 7°C 4°C 3°C -9°C 3°C
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OSLO: Chairman of the Norwegian Nobel Committee Thorbjoern Jagland looks down at the Nobel certificate and medal on the empty chair where this year's Nobel Peace Prize winner jailed Chinese dissident Liu Xiaobo would have sat, as a portrait of Liu is seen in the background, during the ceremony at Oslo City Hall.-Reuters
BP gives no thought to OGDC-PPL co-bid LONDON: According to bidders the British Petroleum Plc has declined the Oil & Gas Development Company (OGDC) and Pakistan Petroleum Ltd (PPL) joint bid for its assets in Pakistan. PPL's chief executive officer Khalid Rahman revealed it to the reporting news agency that the co-effort with OGDC has been turned down. The two companies confirmed yesterday they had submitted a bid. Toby Odone, a BP spokesman in London, declined to com-
ment. "We have been told informally that we are not the successful bidder," Rahman told the news agency at the Pakistan Privatisation and Capital Markets Forum in London. PPL is unlikely to raise its offer, he said, while declining to disclose the amount. BP has so far disposed of about $21 billion of fields across the globe to shore up its finances following the worst oil spill in US history. Jason Kenney, an analyst at ING
Wholesale Banking in Edinburgh, estimates that BP's Pakistan assets are worth about $690 million. Aftab Ahmad, executive director of OGDC, said he wasn't aware of the joint bid's status after it was submitted. He said that if an international player had also submitted a bid, it might have been higher. He also declined to disclose the size of the OGDC and PPL offer. BP said in July it plans to sell See # 13 Page 11
US aid org frozen for Pakistan fraud
Waqar markets Pakistan at London moot
WASHINGTON: The United States has suspended a USbased aid organisation from receiving new development contracts as it investigates reports of fraud and other misconduct in development projects in Pakistan, the US Agency for International Development (USAID) said. The Office of Inspector General at the US Agency for International Development has said in a report to Congress that USAID terminated a $150 million development agreement in Pakistan after evidence
of procurement fraud had been uncovered. In a statement on its website on Wednesday, USAID said it had suspended the Academy for Educational Development (AED) during an inspector general investigation. "Initial findings by USAID's OIG reveal evidence of serious corporate misconduct, mismanagement, and a lack of internal controls, and raise serious concerns of corporate integrity," USAID said. It did not give any further details See # 10 Page 11
Pakistan among key targets of regional fund
ADB’s $10mn bound for microcredit fund ISLAMABAD: The Asian Development Bank (ADB) will provide up to $10 million for a private equity fund that aims to expand microfinance and microbank lending to poor, underserved groups across the region. The fund would be utilised in microfinance institutions and small business banks in both
Asia and Africa, with ADB's contribution solely for use in its developing member countries, said a press statement received here on Friday. Small lending institutions have been expanding rapidly across Asia but not enough to accommodate the huge demand for capital and See # 7 Page 11
LONDON: Declaring that Pakistan offers best business opportunities, Federal Minister for Privatisation Senator Waqar Ahmed Khan called on the British entrepreneurs to invest in a range of sectors from oil and energy to railways and banking. The Minister was speaking Friday at ‘Pakistan Privatisation and Capital Markets Forum’ at the London Stock Exchange where he unfolded the coalition’s government grand designs to attract capital through disinvestment of key corporate sectors. Presenting an overview of the country, Senator Khan pointed to the growing urbanization and with it mounting demand of utilities, oil and gas, energy, housing, health and education and said the foreign entrepreneurs have a wide variety of sectors to chose from with a view of investing in them. Moazzam Malik, CEO and Co-founder, BMA Capital and Muddassar Malik,Executive Vice Chairman, BMA spoke on investment opportunities in Pakistan. -APP
ASGHABAT: President Asif Ali Zardari and his Turkmen counterpart Gurbanguly Berdimuhamedov Friday termed the multi-billion dollar gas pipeline project as a winwin situation for the people of the entire region saying it would usher in an era of prosperity. The President, who is here for the signing of the inter-governmental agreement to provide a regular supply of natural gas from the Turkmen gas fields to the industries in Pakistan, said the long overdue project would serve as a bridge between the participating countries. The President said Pakistan was keen to upgrade its bilateral ties with Turkmenistan in economic and trade fields as well. He said the Joint Ministerial Commission has identified a number of areas of such cooperation like road/rail/air links, agriculture, textiles, construction industry, and science & technology. He also called for establishing
working groups to develop these frameworks, besides having greater interaction between the business communities of the two sides. He said the present government was working on its vision to establish energy and trade corridors with the Central Asian Republics. He added Pakistan was an energy deficient country and was also interested in import of electricity from Turkmenistan. President Zardari had an exclusive meeting with his Turkmen counterpart Gurbanguly Berdimuhamedov here at the Cabinet of Ministers building that was followed by the delegation level talks. The President was joined by Minister for Foreign Affairs Shah Mehmood Qureshi and Minister for Petroleum and Natural Resources Syed Naveed Qamar and senior officials for the talks. Both the leaders expressed the belief that the TAPI would not
MCB, ABL, HBL, NBP, UBL ratings slashed
Lenders under Moody’s knife Investors service maintains negative outlook SINGAPORE: Moody's Investors Service has downgraded by one notch the global local-currency (GLC) deposit ratings and standalone bank financial strength ratings (BFSRs) of five banks: Allied Bank, Habib Bank, MCB Bank, National Bank of Pakistan and United Bank. At the same time, the agency affirmed the foreign-currency deposit ratings assigned to these banks at B3/Not Prime (stable outlook). The foreigncurrency deposit ratings remain constrained by Pakistan's B3 (stable outlook) country ceiling for foreign-currency deposits.
Moody's noted that the downgrades were primarily driven by the banks' growing exposure to (B3 rated) government securities and government-related lending, as a consequence of limited private sector lending opportunities within the country's deteriorating macroeconomic conditions. Moody's estimated that as of end-June 2010, the rated local banks' total exposure to sovereign-related risk assets had reached 38 per cent of their total assets, from 24 per cent in 2008, representing a material exposure concentration and raising the banking system's See # 11 Page 11
During November 2010
Refineries’ capacity utilisation up at 69pc Ghulam Raza Rajani KARACHI: According to a sector report, during November 2010, Parco's production boost improved country's oil refining capacity utilisation to a decent 69 per cent as against an average utilisation of 63 per cent in 5MFY10 which partially filled the dent dealt by a decline in Byco's output in November. During the period, Parco's
capacity utilisation stood at 69 per cent while Byco's was at a mere 28 per cent. On the other hand, ATRL and NRL's capacity utilisation was above 80 per cent, standing at 85 per cent and 81 per cent, in the above mentioned month, respectively. PRL's capacity also stood at a respectable level of 80 per cent in the same month. The refinery sector recorded See # 12 Page 11
only strengthen regional energy security, but also play a vital role in bringing economic and social stability in the region. The President said the project has a "huge mutual and regional significance" and urged closer links at the highest level for realising it. He also stressed early implementation of the TAPI project evincing interest in joint venture partnership by Pakistan's state-owned exploration and production companies -OGDCL and PPL-- in the development of South YolotanOsman gas field of Turkmenistan that would supply gas for the project. The President said Pakistan was also ready to consider providing access to its Gwadar Port for LNG terminal to land locked Turkmenistan. He also congratulated the President on Turkmenistan's 15th Neutrality Day and noted the progress made by the country under the leadership.-APP
Pak hails US ‘temporary protection status’ bill WASHINGTON: Pakistan has welcomed the introduction of a bill in the US House of Representatives seeking Temporary Protection Status (TPS) for qualifying Pakistani nationals in America on account of the situation created in Pakistan by the recent floods. Ambassador to the United States Husain Haqqani voiced the hope that Congress would be able to take action on this important matter and help ease the situation of a large number of Pakistanis living in the United States. The bill, introduced by Representative Al Green (DTexas), has been co-sponsored by Representatives Sheila Jackson Lee, John Conyers, Edolphus Towns, Alcee Hastings, Janice Schakowsky, Bobby Rush, Gregory Meeks and Gene Green. "The Pakistan embassy under the guidance of Foreign Minister Shah Mehmood Qureshi and the leadership of Ambassador Haqqani has been consistently advocating grant of Temporary Protection Status to Pakistani nationals in the US and has taken up the matter with US authorities in several meetings," the embassy said. "The bill is a timely initiative and consistent with the interests of the United States. It is also an appropriate See # 9 Page 11
European Union’s social, environmental clauses unacceptable: Sharma
India cold-shoulders EU’s Pak help plan Says wants no sustainability rules in trade pact BRUSSELS: New Delhi will not agree on social or environmental targets as part of an EU trade agreement, and does not support EU plans to help floodravaged Pakistan with export concessions, Indian trade minister said. Although the 27-trading bloc
places high importance on the targets, India's objections to binding rules on sustainability, tying Indian and EU operators there to strict labour rights and environmental protection, are unlikely to stall the talks. "There can be no binding commitments on sustainability (in an EU-India trade agreement). Extraneous issues do not fit here," Indian Commerce and Industry Minister Anand Sharma told Reuters in an interview ahead of an EU-India
summit on Friday. Herman Van Rompuy, president of the European Council, told journalists he expected a trade deal between India and the EU, its largest trading partner, to be sealed in 2011. A work around was expected on the sustainability issues. EU efforts to stabilise regions of Pakistan ravaged by floods this year should be through direct aid payments -not through tariff cuts to Pakistani exporters, Sharma
said. "We're all for assistance to Pakistan, but let these two issues not be mixed," he said in the interview conducted on Thursday. "These are separate issues." Negotiations for a free trade pact between the EU and India are in the final stages, Sharma said. But the 27-nation EU also wants to tie Indian producers and EU operators there to rules See # 8 Page 11
2 Islamic Banking, first choice: SME Staff Reporter KARACHI: Union of Small and Medium Enterprises (UNISAME) invited the attention of the Task Force (TF) on Islamic Banking (IB) in its first meeting at State Bank of Pakistan presided by Director IB Division Saleemullah that Musharaka and Mudaraba financing is the first choice of the SMEs and urged the TF to make it compatible for the sector for financing their needs for inland and international trading. President UNISAME Zulfikar Thaver said the SMEs are disheartened by the conventional banks due to their unwillingness to take risk even in cases
where the funds are provided by the SBP. The conventional banks do not have risk management expertise and are not well versed in collateral management and clinging to old methods of financing. They insist on immovable property as collateral and refuse to accept personal guarantees, goodwill of the firm, brand ownership and even goods in transit are declined as col lateral whereas in other countries of the world it is much easier for SMEs to get finance from the banks on the basis of their cash flows and track records. He said the SMEs need running finance for their imports and exports, for purchase of raw materials and project finance for set-
ting new industries. The SMEs also need finance for balancing, replacement and modernization. He urged the members of the TF to develope products for SMEs for mutual benefit and said that there is much scope in the sector and especially in Venture Capital (VC) where innovative ideas could be put to use by the Islamic Banks. Answering a question on lack of accounting systems he asserted that the micro sector lacks accounting system but the SMEs are now maintaining proper accounts and are growing constantly, they have become efficient and the younger generation is well aware of the fact that technology leads to success.
Saturday, December 11, 2010
Auditorium being built at CM House KARACHI: An auditorium is being constructed at the Chief Minister House here by the Provincial Works and Services Department. This was announced by an official of the Chief Minister House here on Friday. He said that Chief Minister, Syed Qaim Ali Shah, on Friday reviewed the pace of construction of the auditorium and directed that it be completed at the earliest. The Secretary to the Chief Minister, Abdul Kabeer Kazi, briefed Syed Qaim Ali Shah of the details of the auditorium which includes a hall, stage and a library etc. KARACHI: Administrator Karachi Fazal ur Rehman towards the officers of city government at the events It was pointed out that of visitng several Imam Barghas asking from administration about administrative difficulties.-Staff Photo various functions, programmes and press conferences are conducted at the Chief Minister House from time to time. Adviser to the Chief Minister, Siddique Abu Bhai, and Special Assistant, Waqar Medhi, TFD Report ment was issued from the ically motivated to intimiwere also present on the office of Jahangir date and coerce Jahangir occasion.-APP KARACHI: Jahangir Siddiqui(JS) stating that, Siddiqui to accept the illegal KARACHI: Etihad Siddiqui (JS) has issued "The statement and con- demands of various politi- Airways has opened the clarification in response to tentions of the Director, Anti cally connected persons. doors of its latest premium the news items appearing in Corruption Department and There is no such property lounge in Manchester different newspapers which Additional EDO (Revenue) in the name of Jahangir Airport's Terminal 1, as said that Ghanwar Leghari are false. Neither Jahangir Siddiqui and members of part of the airline's continDirector Anti Corruption Siddiqui nor any member of his immediate family which ued commitment to the Department, Sindh and his family has illegally is subject matter of any dis- UK market, said a handout Mustafa Jamal Qazi, the occupied any land nor has pute. Hence the allegations issued here on Friday. Additional EDO any such land been resumed are absolutely false and Etihad Pearl Business KARACHI: Nando's has (Revenue), CDGK have from their custody by any frivolous and therefore class guests were among planned their new Sharing resumed land illegally department. vehemently denied. the first to enjoy the meals especially designed occupied by Jahangir The statement further said Appropriate legal action Etihad premium lounge, to share between friends, Siddiqui and/or members of that the allegations are made against the persons respon- following an opening cerefamily and colleagues. The his family. to harass Jahangir Siddiqui sible is being initiated, the mony hosted by The clarification state- and his family and it is polit- statement concluded. Sharing promotion at Manchester City Football Nando's kicked off recently Club (MCFC) manager, and it has so far managed Roberto Mancini; Garry to end a lot of feuds by Cook, MCFC Chief sharing food. Executive; and Mike By sharing, we can get to Summerbee, MCFC know each other. And by ambassador. getting to know each other, Etihad's premium lounge we can change the way to in Manchester is the latest world works, believes Staff Reporter largest cluster of tanner- after textiles but had no in a progressive roll-out of Nando's. ies in Pakistan and earn- street lights. The Zone is the lounge concept sucNando's believe that if KARACHI: Pakistan ing billions of rupees for- still without water supply cessfully introduced at the you're going to pick a bone, Tanners Association eign exchange for the line by the KWSB, no airline's home base in Abu it should be done at the din- (PTA) with the financial national exchequer, has sewerage system and has Dhabi. ner table with one of their help of Korangi received street lights tarnished road network. Peter Baumgartner, famous, flame-grilled shar- Industrial and Trading after over 35 years. PTA chief lauded the Etihad Airways Chief ing meals. "After all, it's Estate (KITE) Ltd has Aziz said that he soon efforts of Hasseb Khan, S Commercial Officer, said; pretty hard to be angry finally installed street after assuming charge M Muneer and Gulzar "Manchester has always when there's a meal to be lights in Tannery Zone of approached the Chairman Firoz who were instru- been an important market shared sitting in front of Korangi Industrial Area. KITE, Senator, Abdul mental in supplying for Etihad and the ties you."-PR According to the Haseeb Khan and Patron infrastructure to the zone. between Manchester and Chairman PTA (SZ) Aziz In-Chief, Korangi PTA chief also has Abu Dhabi have never Ahmed, the project of Association of Trade and lauded the efforts of the been stronger.-PPI installation of street Industry (KATI), S M KESC for providing lights has been accom- Muneer to help PTA in its standby official team to plished with the cost of endeavor to provide basic listen to the complaints of Rs6.5 million. infrastructure to leather Tannery Zone in Sector The Tanner Zone in industry, which is second 7/A, Korangi for prompt Korangi, which is the largest exports sector action on the complaints.
JS denies illegal land holding
Etihad lounge opened in Manchester
Nando's brings sharing meals
ISLAMBAD: President Asif Ali Zardari giving away Human Rights Award to Farzana Raja Federal Minister/Chairperson Benazir Income Support Programme, in recognition of her services for the protection of Human Rights, here on Thursday.-Staff Photo
30 shops looted in one night TV PROGRAMMES SATURDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere 11:10 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:05 Naram Garam
KARACHI: At least 30 electronics dealers shops, located on Abdullah Haroon Road in Saddar area, were looted overnight, the Karachi Electronics & Small Traders Association claimed here on Friday. The Association President Mohammed Irfan talking to APP claimed that mobile phones and other accessories worth millions of rupees were stolen from the shops located at Kohinoor Centre in the jurisdiction of Preedy Police. An official of Preedy
KASB declares 2nd interim dividend TFD Report
SATURDAY Time Programmes 8:00 Chai Time (Rpt) 9:05 Smithsonian Documentry 10:05 Dilkash Pakistan 10:30 Sara jahan(Rpt) 11:15 Karobari Duniya(Rpt) 12:00 News 12:05 Siyasat Mana Hai (Rpt) 13:00 AM News 13:05 Islamabad Say (Rpt) 14:00 News 15:00 News 15:05 Doosra Pehlu (Rpt) 16:00 News 16:05 Filmi Samaa(rpt) 16:30 Red Carpet (Rpt) 17:00 News 17:05 Aap Ka Paisa (Rpt) 17:30 Pakistan This Week 18:00 News 18:05 Sara jahan(Rpt) 18:30 Dilkash Pakistan 19:00 News 19:30 Tijarti Dunia 20:00 News 20:05 Kamyab 21:00 News 21:05 Teesri nazar 22:00 News 22:05 Agenda 360 23:05 Music Scene 23:30 Uff Tv 0:00 News
Police Station when contacted denied the Association's claim saying that goods from only one shop was stolen. However, Mohammed Irfan claimed that the incidents of theft from the shops have risen during the last few weeks. "The thieves broke-open the locks and shutters late after midnight," he said. The Association President said that he wrote a letter to the TPO Saddar, on November 15 last and sought special security measures to prevent these incidents, but the police took no action.-APP
KARACHI: Chief Executive of KASB Funds Limited ("the Management Company") on the behalf the Board of Directors of the Management Company declared the second-interim dividend for this financial year at Rs2 per unit (2.00 per cent of the Par value of Rs100 per unit) for the Unit holders of KASB Cash Fund (KCF). During the interim period, KASB Cash Fund yielded a return of 11.09 per cent per annum and has consistently remained amongst top performing
fund in its category. KASB Cash Fund is an open ended fund with a high stability rating of AA+(f) Double A Plus by JCRVIS. The dividend declared will be paid to the Unit Holders in form of cash and/or bonus units, in accordance with the mode of receipt of dividend opted by the respective Unit Holders of KCF. The Unit Holders whose names appeared in the register of Unit Holders of KCF at the close of business on December 09, 2010 shall be entitled to the above Interim Dividend. Along with KCF, KASB
KARACHI: KARACHI: Abdullah Yousaf, Senior Executive Vice President PTCL, Mian Mohammad Ahmed Patron-in-Chief/Founder President, Bin Qasim Association of Trade & Industry, Usman Ahmed Founder Vice President BQATI along with Managing Committee Members and others at the Bin Qasim Industrial Area.-Staff Photo
Tannery Zone streets lit after 35 years
KU VC takes notice of recent incidents
KARACHI: The Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiqui, has taken serious notice of the incidents at the Campus during the past two days. Immediately after his return from abroad on Friday, he called an emergent meeting at the Campus, an official of the institution said. The meeting was attended by the two Pro ViceChancellors, Director Evening Programme and the Students Adviser. Pirzada Qasim also asked the Students Adviser, Dr Mansoor Ahmed to urgently identify the students responsible and submit an inquiry report. According to the Vice Chancellor, the students should work to keep the environment of the Campus peaceful. He warned that stern action will be taken against those students who will be found involved in sabotaging the academic environment of the University. The Vice-Chancellor said that all those people/students who disrupted the exams will be treated strictly. The university official also pointed out that special instructions were issued to the Rangers, according to which, they are allowed to take immediate action against any student who will be seen disrupting the peaceful academic environment in any means or found involved in criminal activity.-APP
Swiss envoy welcomed in Karachi Staff Reporter
KARACHI: Consul General of Switzerland Didier Boschung hosted a dinner reception at his residence to welcome the ambassador of Switzerland in Islamabad and Christoph Bubb. Picture shows acting governor of Sindh Nisar Ahmed Khouro, Commercial officer Aslam Pervaiz, with host and chief guest.-Staff Photo
Engro announces excellence awards KARACHI: Excellence awards have been announced by the Engro Corporation to honour the contributions of individuals and institutions in the realms of social and humanitarian services; literature; and physical and applied sciences. The announcement to this effect was made by the Director of the Institute of Business Administration (IBA), Karachi, Dr Ishrat Husain, the chairman of the jury, at a news conference at a local hotel on Tuesday. The Chief Executive
Officer of Engro Corporation, Asad Umar, was also present on the occasion. Dr Ishrat said that these awards aim to become an annual prestigious civilian award ceremony in Pakistan. The recipients which could be individuals or institutions will be selected based on lifetime accomplishment and excellence in their respective fields and will receive a cash prize of Rs five Million each at an exclusive award ceremony. It was pointed out that the first Engro Excellence
Awards will recognize the contributions of three recipients, one each from the fields of social and humanitarian services, literature and physical and applied sciences. Nominees are to be adjudicated by a jury comprising of five of Pakistan's most esteemed and respected personalities, each of whom is considered a symbol of excellence and beacons of hope in their relevant fields. The Chairman of the jury will be assisted by Dr Iqbal Chowdhry, Dr Nafis Sadik, Prof Anita Ghulam Ali and Iftikhar Arif.
KARACHI: Consul General of Switzerland, Didier Boschung hosted a dinner reception at his residence to welcome the new Ambassador of Switzerland, Christoph Bubb and his wife in Karachi. This is their first visit to the metropolitan area since the Ambassador took charge of his office in Islamabad on October 20th. During his stay, the Ambassador met with government officials, the heads of the Swiss companies operating in Karachi and representatives of the business community as well as civil society and media. Talking to some media representatives present on the occasion, Ambassador Bubb pointed out that Karachi is one of the world's largest metropolitan cities and an important contributor to the national and global economy. It holds a particular significance for Switzerland as out of 18 Swiss multinational companies operating in Pakistan 15 are established in Karachi and are successfully operating in key sectors such as pharmaceuticals, chemicals, banking and other service industries.
3 Saturday, December 11, 2010
US dollar firmer against euro as treasury yields move higher
Previous Day Source
Events
JPY CNY JPY EUR EUR EUR GBP
CGPI y/y Trade Balance Household Confidence German WPI m/m French Industrial Production m/m Italian Industrial Production m/m PPI Output m/m
"However, the EU has it's hands full with financing costs related Ireland and Greece, and potentially Spain and Portugal, so we see no dramatic negative dollar impact tied to this legislation at this juncture," he said. The US dollar index, which tracks the greenback's performance against a basket of major currencies, rose 0.17 per cent to 80.202, struggling to break through the 80.00-81.50 barrier that capped its November rally. Against the Japanese currency, the greenback was up 0.23 per cent at 83.87 yen with stops lined up below 83 yen. The Australian dollar staged a relief rally on Friday after China increased
the reserve requirement for banks but kept interest rates on hold. The Aussie -- which is most sensitive to monetary tightening in China given Australia's close trading links with the
country -- dipped briefly after Beijing increased the reserve requirement by 50 basis points. The Australian dollar rose 0.10 per cent to $0.9853, but below the session's high of $0.9896. Analysts warned, however, that a China rate rise was still possible as the country battles to stem rising inflationary pressures.
Asian currencies
Rupiah steady despite dip in stocks; won slips SINGAPORE: The Indonesian rupiah held steady against the dollar on Friday, shrugging off a drop in Jakarta's stock market, while the South Korean won slipped on the back of year-end position unwinding. Asian currencies were mixed against the dollar. The Chinese yuan and Malaysian ringgit inched higher, while the won and the Philippine peso were among those that lost ground. Dollar offers from state banks helped support the rupiah in light trade, said a trader for a European bank in Jakarta. This week's spike in US Treasury yields is unlikely to immediately prompt global investors to pull money out of the rupiah and funnel them
back into the dollar, the trader said, adding that US economic data over the next three months could prove key in whether investors decide to do so. "Generally, I still see inflows next year," he said, adding that market expectations for Indonesia to gain an investment grade credit rating as early as 2011 will probably support demand for the rupiah. The dollar held steady against the rupiah at 9,014, with resistance higher up at 9,030 -- the 200-day moving average that served as resistance last week and also in late May. Morgan Stanley strategists said in a research note that the Malaysian ringgit and Singapore dollar are likely to outperform among Asian currencies
next year. They add that one of their top 2011 FX trade ideas is to go long the ringgit against the lowyielding Japanese yen with a target of 29.0 yen, which would be a gain of about 8.6 per cent from the ringgit's current level near 26.70 yen. "SGD and MYR are our favourite picks in Asia, as both have hawkish central banks, strong economic fundamentals and very healthy balance of payments positions," the strategists said. The dollar rose 0.4 per cent against the won to 1,143.8. Dollar short-covering by investors ahead of the year-end as well as some build-up in long dollar positions helped drag the won lower, traders said. -Reuters
Stg rallies vs euro on corporate demand
Swiss franc little changed
LONDON: Sterling climbed against the euro on Friday on persistent corporate demand, moving towards a two-month high and shrugging off a slight fall in UK factory gate inflation. Traders said a major UK corporate account was a persistent buyer of sterling against the euro at the hourly fixes, which also helped to underpin the pound versus the dollar.
what happens in the euro-zone," he said. The euro was down 0.4 per cent at 83.64 pence, approaching last week's twomonth low of 83.34 pence. "While capped below 84.60 we are looking for a test of 82.80 trendline support," said Phil Roberts, technical analyst at Barclays, whose ultimate target was the 200-week moving average around 81.10. Sterling eased
UK producer prices data showed an unexpected fall in factory gate inflation in November, but that had minimal impact on the currency. "Sterling has been very resilient this week, and it's very hard to see sentiment being derailed in the short term," said Kenneth Broux, markets strategist at Lloyds Banking Group. "Sterling is very much insulated by a relatively resilient domestic picture. The downside risk is mainly external, from
back to flat against the dollar at $1.5765 after rallying to $1.5863, its strongest since Nov. 23, hovering above its 100-day moving average around $1.5746. Traders said system accounts were keen to sell rallies in the pound, which together with a large $1.5800 option expiry had helped to contain price action on the day. UK retail prices and average earnings data are due for release next week, giving further insight on the UK inflationary picture. -Reuters
ZURICH: The Swiss franc was firm against the euro, trading within sight of the key 1.30 level as the debt crisis in the euro-zone continued to weigh on the common currency. The turbulences in the eurozone -- Switzerland's main trading partner -- and the ensuing Swiss franc's strength are seen prompting the Swiss National Bank to hold interest rates unchanged next week, a Reuters poll showed. "The euro-franc is a euro story at the moment," said Credit Suisse analyst Marcus Hettinger. "The help for Ireland should have supported the euro but there is a lot of uncertainty." The franc was little changed against the euro compared to the New York close, trading at 1.3023 per euro at 0750 GMT, after gaining some 0.5 percent on Thursday. The franc was slightly firmer against the dollar at 0.9814 per dollar. Traders said the euro was supported at 1.2980. But Credit Suisse analyst Hettinger said that franc may push higher ahead of the SNB meeting. Technical analysts at Commerzbank said the market should stabilise around 1.29. The franc hit a record high at 1.2763 per euro in early September. -Reuters
Aussie, NZ$ wait for fresh impetus; China eyed SYDNEY/WELLINGTON: The Australian and New Zealand dollars struggled to make much headway against the greenback on Friday as investors retreated to the sidelines ahead of key Chinese inflation data and possible policy action by Beijing. A Chinese newspaper reported that consumer inflation in China, Australia's largest export market, may have hit 5.1 per cent in November, a 28-year high. The official data will be released on Saturday. Both the Aussie and kiwi dollars have been paralysed as markets watch and wait to see whether China will tighten policy settings further said, Westpac senior markets strategist Imre Speizer. The Aussie dollar last traded at $0.9851, little changed from late New York levels, having traded in an extremely thin range between $0.9828 and $0.9859. Immediate resistance is seen at $0.9880, the 61.8 per cent retracement of the recent $0.9966 to $0.9752 decline. "Not many people are going home with positions," a dealer said. Analysts said further monetary policy tighten-
ing could briefly unsettle the antipodean currencies, but added there was a growing sense in markets that Chinese economic growth will remain strong. "The overall impression will be that China's growth is on track and that will be interpreted positively for commodity currencies such as the Aussie and the New Zealand dollars," said Roland Randall, strategist at TD Securities. "The bigger issues at the moment for the Aussie is what's happening in the US and Europe." The kiwi mirrored the Aussie in keeping a narrow range during the local session, ranging between $0.7478 and $0.7500. It was last at $0.7497. The Aussie's advance against the kiwi also paused with the cross rate last at NZ$1.3134, down from a six-week high of NZ$1.3214 set on Thursday, when surprisingly strong Australian jobs data stood in sharp contrast to dovish comments from RBNZ. "While the RBNZ forecasts clearly sounded dovish and looked dovish, they only moved themselves to where the market was already at anyway," said Sue Trinh, strategist at RBC. -Reuters
Sentiment towards the euro was shaky after Moody's said on Thursday it may downgrade the ratings of some Portuguese banks. The announcement followed Fitch's earlier decision to slash Ireland's rating by three notches. In early New York trade, the euro was 0.28 per cent lower at $1.3205, but above the session's low of $1.3201. Ireland's government will seek parliamentary approval for an 85-billion-euro IMF/EU rescue package next week, though there were concerns about political infighting as the opposition Labour Party pledged to vote against it. Traders say no end is in sight for the debt crisis with European leaders now clashing over the idea of joint euro-zone bonds. French President Nicolas Sarkozy met German Chancellor Angela Merkel on Friday to prepare a joint position for next week's EU summit. -Reuters
Yuan flats on higher mid-pt, strong data SHANGHAI: China's yuan was almost flat against the dollar on Friday after the central bank set a higher mid-point, although the dollar index was only a touch lower. Dealers said China may let the yuan rise slightly in the near term due to political pressure and stronger-than-expected trade data. The customs agency said on Friday that China's exports in November rose 34.9 per cent from a year earlier, easily topping forecasts for a 24.2 per cent increase, while imports climbed 37.7 per cent. "Such strong trade data creates high pressure on the central bank to let the yuan appreciate," said a dealer at a Chinese bank in Shanghai. "Political pressure is also a key reason." Dariusz Kowalczyk, senior economist & strategist at Credit Agricole CIB in Hong Kong, said the Chinese trade data was very bullish and puts upward pressure on the yuan,
especially in the NDF market. "It increases the odds of imminent monetary tightening -- yuan rates to rise." Spot yuan ended at 6.6556 versus the dollar, nearly flat from Thursday's close of 6.6550. It has risen 2.41 per cent since the PBOC announced a depegging in mid-June. Before trade began, the PBOC set the day's mid-point at 6.6604, which was stronger than Thursday's 6.6654. The midpoint is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. The yuan has largely remained stable since mid-November when the currency hit its highest level since its landmark revaluation in July 2005. Offshore, one-year NDFs were at 6.5068 bid late on Friday from Thursday's close of 6.5349, with implied yuan appreciation in a year's time rising to 2.36 per cent from 1.92 per cent on Thursday. -Reuters
Indian rupee gains on output data MUMBAI: The Indian rupee snapped a two-day losing streak on Friday buoyed by a better-than-expected industrial output growth, late losses in the dollar versus major currencies and an increase in China's reserve requirements. "There was a knee-jerk reaction to the China hike, but overall the sentiment turned bullish. There were rumours of a weekend hike in interest rates in China, which now seems unlikely, so some risk taking is expected to be seen on Monday; thus rupee's rise," the chief foreign exchange dealer at a foreign bank said. The partially convertible rupee closed at 45.05/06 per dollar, off a low of 45.35 and 0.35 per cent stronger than 45.21/22 at close on Thursday. Traders said better-thanexpected industrial output growth supported shares and renewed hopes for sustained foreign fund investments into Asia's third-largest economy. Foreign funds have dumped a net $728.74 million worth of shares this week.
Forecast
0.9% 22.9B 40.4 0.7% -0.8% -0.1% 0.3%
1.1% 21.2B 42.3 0.5% 0.4% 0.8% 0.4%
Previous
0.8% 27.2B 40.9 -0.3% 0.1% -2.1% 0.6%
Currencies Rate
Ireland, sovereign debt crisis continue to weigh on euro NEW YORK: The US dollar firmed against the euro on Friday as betterthan-expected US economic data increased the allure of the greenback, with gains expected to continue if Treasury yields keep rising. US Treasury prices widened losses after the data. The drop in prices bodes well for the dollar as it increases demand for higher yielding assets. The rise in US Treasury yields over the last three sessions has boosted the dollar on the view that the Obama administration's proposed tax cut extension would spur economic growth. "The strength of the US dollar could be viewed as waning if it can be demonstrated credibly that US deficits will rise and conversely the euro could rise comparatively," said Tim Speiss, chairman, Personal Wealth Advisors at EisnerAmper LLP in New York.
Actual
However, the total foreign fund inflows into local stocks so far in 2010 still stand at $28.7 billion, on top of the $17.5 billion purchased last year. One-month offshore nondeliverable forward contracts were quoted at 45.29, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange closed at 45.2050, while those on the MCX-SX and United Stock Exchange closed at 45.2025. -Reuters
Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3225 1.3278 0.9810 0.9840 1.5790 1.5860 1.0101 1.0113 0.9854 0.9896 110.9400 111.0900 0.8378 0.8403 1.2973 1.3032 132.4600 132.5800 85.5200 85.5300 0.9717 0.9748 1380.7600 1392.5400 28.3600 28.9600
Bid 1.3223 0.9807 1.5785 1.0096 0.9850 110.9000 0.8374 1.2969 132.4000 85.4700 0.9711 1380.1900 28.2700
Low 1.3183 0.9801 1.5750 1.0086 0.9832 110.5000 0.8358 1.2962 131.9800 85.0100 0.9696 1373.0000 28.0700
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 10/12/2010 A USD GBP CAD EUR JPY O/N 0.23813 0.55625 0.98500 0.56875 SN 0.09625 1WK 0.25469 0.56313 1.02667 0.63000 0.10375 2WK 0.25625 0.56750 1.05833 0.65000 0.10938 1MO 0.26031 0.58000 1.09583 0.75750 0.12688 2MO 0.28063 0.63625 1.15000 0.84875 0.15000 3MO 0.30156 0.74500 1.22917 0.95688 0.18250 4MO 0.34875 0.82813 1.29667 1.03063 0.24250 5MO 0.40500 0.93563 1.36333 1.11313 0.30125 6MO 0.45719 1.04125 1.43833 1.20375 0.34625 7MO 0.51125 1.12000 1.50500 1.24875 0.39875 8MO 0.56500 1.20250 1.57917 1.30000 0.44625 9MO 0.61531 1.28500 1.65000 1.35000 0.49000 10MO 0.66625 1.36000 1.71750 1.40000 0.51625 11MO 0.72125 1.42875 1.80417 1.44625 0.54000 12MO 0.78250 1.49688 1.89167 1.48875 0.56688
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 10,2010 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
85.80 135.36 113.64 84.96 87.28 84.51 12.45 1.02 14.23 65.49 15.24 22.88 11.04 12.90 303.96 27.36 64.31 23.58 23.36 0.08 2.85
85.60 135.05 113.37 84.77 87.08 84.31 12.42 1.02 14.20 65.34 15.21 22.82 11.01 12.87 303.26 27.29 64.16 23.52 23.31 0.08 2.85
85.42 134.74 113.11 84.54 86.85 84.09 12.39 1.02 14.16 65.17 15.17 22.76 10.99 12.84 302.46 27.22 63.99 23.46 23.24 0.07 2.84
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 10, 2010
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
KASB 12.70 12.75 12.85 12.88 13.10 13.25 13.34 13.50 13.66 13.90 14.12 14.15 14.18 14.25 14.26 14.27 14.30 14.30 14.60 14.70 14.80
BMA 12.45 12.60 12.75 12.90 13.12 13.20 13.30 13.40 13.65 13.80 14.18 14.20 14.28 14.24 14.30 13.97 14.05 14.28 14.50 14.60 14.75
ELXIR 12.40 12.50 12.80 12.88 13.12 13.20 13.31 13.48 13.63 13.85 14.15 14.22 14.25 14.23 14.31 14.15 14.15 14.32 14.50 14.65 14.85
GSL 12.40 12.60 12.85 12.95 13.14 13.20 13.35 13.52 13.68 13.90 14.26 14.28 14.30 14.32 14.38 14.33 14.34 14.35 14.60 14.90 15.10
ICSL 12.60 12.70 12.80 12.90 13.10 13.20 13.40 13.50 13.65 13.85 14.15 14.20 14.25 14.25 14.30 14.00 14.15 14.20 14.50 14.65 14.90
JSCM AvgRate 12.45 12.50 12.55 12.62 12.80 12.81 12.92 12.91 13.10 13.11 13.20 13.21 13.35 13.34 13.45 13.48 13.65 13.65 13.85 13.86 14.10 14.16 14.10 14.19 14.20 14.24 14.22 14.25 14.24 14.30 14.16 14.15 14.14 14.19 14.25 14.28 14.55 14.54 14.70 14.70 14.90 14.88
Currencies Correlation EUR/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD
week month months months year years
0.96 0.81 0.82 0.92 0.53 0.28
-0.87 0.75 0.84 0.11 0.51 0.52
0.81 0.83 0.92 0.89 0.78 0.47
-0.08 0.86 0.80 0.65 0.72 0.73
0.80 0.96 0.81 0.89 0.81 0.78
0.96 0.98 0.59 0.88 0.46 0.31
USD/CAD USD/CHF -0.82 -0.31 -0.52 -0.70 -0.12 -0.16
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)10/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.40
ABPL
12.90
12.45
12.95
12.90
13.40
13.15
13.40
1340
13.65
13.45
13.95
13.60
14.10
13.70
14.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ASPK 12.30
12.80
12.40
12.90
12.70
13.20
13.10
13.35
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
CIPK
12.40
12.90
12.50
13.00
12.70
13.20
13.15
13.40
13.40
13.65
13.50
14.00
13.70
14.20
1375
14.25
DBPK 12.20
12.70
12.25
12.75
12.35
12.85
12.90
13.15
13.20
13.45
13.35
13.85
13.40
13.90
1360
14.10
FBPK 12.40
12.90
12.50
13.00
12.70
13.20
13.15
13.40
13.40
13.65
13.55
14.05
13.65
14.15
1385
14.35
F LAH 12.40
12.90
12.50
13.00
12.75
13.25
13.20
13.45
13.35
13.60
13.45
13.95
13.60
14.10
1370
14.20
HBPK 12.35
12.85
12.50
13.00
12.75
13.25
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
1370
14.20
HKBP 12.40
12.90
12.45
12.95
12.80
13.30
13.10
13.35
13.30
13.55
13.40
13.90
13.60
14.10
1365
14.15
N I P K 12.15
12.65
12.35
12.85
12.85
13.35
13.25
13.50
13.40
13.65
13.45
13.95
13.50
14.00
1355
14.05
HMBP 12.50
13.00
12.55
13.05
12.95
13.45
13.25
13.50
13.35
13.60
13.50
14.00
13.60
14.10
1370
14.20
SAMB 12.40
12.90
12.45
12.95
12.75
13.25
13.10
13.35
13.35
13.60
13.45
13.95
13.60
14.10
1375
14.25
MCBK 12.25
12.75
12.40
12.90
12.65
13.15
13.15
13.40
13.30
13.55
13.40
13.90
13.50
14.00
1375
14.25
NBPK 12.35
12.85
12.45
12.95
12.70
13.20
13.10
13.35
13.25
13.50
13.40
13.90
13.60
14.10
1370
14.20
S CP K 12.35
12.85
12.40
12.90
12.70
13.20
13.00
13.25
13.25
13.50
13.45
13.95
13.50
14.00
1370
14.20
UBPL 12.50
13.00
12.45
12.95
12.70
13.20
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
1370
14.20
AVE
12.87
12.45
12.95
12.73
12.23
13.13
13.98
13.84
13.59
13.44
13.94
13.59
14.09
1371
14.21
JSBL
12.37
-0.99 -0.64 -0.87 -0.90 -0.58 -0.54
4 Saturday, December 11, 2010
The Financial Daily International Vol 4, Issue 124
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 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
Inter-sect harmony in Moharram The blasts during last Moharram left many scars on Karachi. Not only dozens of people lost their lives, properties worth billions of rupees were torched. Similar incidents, though of lesser magnitude also took place in other cities. The perpetrators tried to create an impression of extreme divide among the followers of different faiths. They went to the extent of torching properties, creating hindrance in the movement of fire tenders and also blaming the government for the security lapses. In this part of the world Muslims as well as the followers of other religions have been freely performing their religious activities for centuries. Some of the rather liberals also used to take part in such rituals but staunch believers abstained from participation. However, they never put any embargo, mainly displaying the highest level of tolerance. Over the last three decades not only some extremist groups have been trying to create hatred among the followers of different religions but also creating breach within various factions of Muslims. Ironically, some of the hardliners have either come from other countries with huge funding or have been brainwashing people to the extent that they show least tolerance for all others factions. Over the years mosques and other places of worships have been attacked, torched resulting is killing of dozens of worshipers. Though, on self-help basis attempts have been made to beef up security, often the desperate killers succeed. Law enforcing agencies find it much easier to put the blame on one or the other group rater than undertaking any investigation. Now it is being said openly that the perpetrators are better equipped as compared to the law enforcing agencies. They also say that agencies know very well who is doing what but can't dare to round up the culprits. Even if they do the under trial activists are got free by their accomplices. It is true that ensuring safety of people is the mandate of the law enforcing agencies but it is also the responsibility of the citizens to ensure their own protection. The debate whether to allow or not to allow taking out processions, changing the routes, creating barriers and closing roads and streets could only intensify the divide. Need of the time is to create inter faith harmony and abstain from undertaking any harsh attack, though verbal. Any attempt to restrict such gatherings and processions provide the perpetrators to achieve their motive. Though, they belong to neither sides but try to create maximum fuss so that opponents could malign Islam and Muslims.
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.
Rerformed GST to ensure documentation of economy R
eformed General Sales Tax (RGST) if approved by the Parliament would not result into hiking inflationary pressures because the multiple tax rates ranging from 17 to 15 percent. However, the prices of those items could go up on which there is exemption and it is going to be removed under RGST regime, a comparative analysis done by the FBR said. According to the analysis RGST system would replace the existing regimes of sales tax and excise duty on services. The GST will apply both at import and local supply stages at standard rate instead of the present rate of 17% or multiple other rates going up to 25%, the analysis added. There shall be no fixed tax, reduced tax, enhanced tax, retail price-based tax or special tax scheme under the new GST system. A uniform enhanced annual exemption threshold of Rs.7.5 million (which is presently Rs 5 million) shall be applied to keep small businesses including small traders/retailers/cottage industry out of mandatory tax compliance. The whole supply chain including distributors and whole sellers would be brought into the tax net for documentation purposes. The RGST if
approved by the Parliament will eliminate multiple tax rates from 17-26 per cent to a single rate of 15
operators. Provincial sales tax is chargeable on services provided by
“
Exemptions earlier available for philanthropic, charitable, educational, health or scientific research purposes or under international commitments/agreements including grants in-aid will also continue. Moreover, life saving drugs, books and other printed materials including newspapers and periodicals has been declared exempt from paying this tax
per cent. Presently, apart from sales tax on the supply and import of goods, Federal Excise Duty is charged on communication (including telecom) services, certain categories of advertisements, insurance services other than life, marine, health and crop, banking services, franchise services and services provided by property developers/promoters, stockbrokers and port/terminal
hotels/clubs/caterers, custom agents, ship chandlers and stevedores, courier services and advertisements on TV & radio. Except franchise services, Federal Excise Duty and provincial sales tax on all the aforesaid services is being collected under GST mode with backward and forward cross-crediting (inter-tax-adjustment) with federal sales tax. The GST Bill, 2010 will replace
the present Sales Tax Act, 1990, while the issues of collection and administration of sales tax on services is being separately negotiated with the provinces in the light of recent NFC award. Under the new GST law, exemptions have been kept intact in respect of basic food items including wheat, rice, pulses, vegetables, fruits, live animals, meat and poultry etc. edible oil chargeable to Federal Excise Duty will remain exempt from GST as before. Exemptions earlier available for philanthropic, charitable, educational, health or scientific research purposes or under international commitments/agreements including grants in-aid will also continue. Moreover, life saving drugs, books and other printed materials including newspapers and periodicals has been declared exempt from paying this tax. The proposed GST Bill 2010 shall take effect from such date as may be notified by the federal government. The proposed GST system will certainly not generate and sudden increase in revenue yield. It will however, increase the overall tax to GDP ration from the present below 10 per cent to about 12 per cent in next 3-5 years.-APP
More US billionaires pledge to give away wealth A
total of 57 billionaires now have joined The Giving Pledge, which was launched by Microsoft founder Gates and investor Buffett in June. The campaign announced the new pledges in a statement late on Wednesday. Gates, his wife Melinda, and Buffett have asked US billionaires to give away at least half their wealth during their lifetime or after their death, and to publicly state their intention with a letter explaining their decision. The Giving Pledge does not accept money or tell people how to donate their money but asks billionaires to make a moral commitment to give their fortunes to charity. "People wait until late in their career to give back. But
why wait when there is so much to be done?" Zuckerberg, who gave $100 million in September to the beleaguered public schools of Newark, New Jersey, said in a statement. "With a generation of younger folks who h a v e thrived on the success of their companies, there is a big opportunity for many of us to give back earlier in our lifetime and see the impact of our philanthropic efforts," he said. In addition to Zuckerberg and Moskovitz, the world's youngest billionaires, pledges were made by AOL co-founder Steve Case, fin-
ancier Carl Icahn and Michael Milken, a former Wall Street executive who went to prison in the early 1990s for securities violations.
investment company Berkshire Hathaway Inc. "The Giving Pledge has reenergized people thinking about philanthropy and doing things in philanthropy and I look forward to m a n y m o r e conversations w i t h families who are truly fortunate and whose generosity can and will change lives," he said. Along with speaking to about a quarter of the wealthiest people in the United States about The Giving Pledge, Gates and Buffett hosted a dinner with Chinese billionaires in Beijing in September in a
Forbes magazine said the United States is home to more than 400 billionaires, the most of any country "CHANGE LIVES" Morningstar Chief Executive Joe Mansueto, businessman Nicolas Berggruen and private investor Ted Forstmann also are among the new billionaires to take the pledges. "In just a few short months we've made good progress," said Buffett, who made his fortune with insurance and
bid to promote a culture of philanthropy in China. The pair plans to visit India in March. Forbes magazine said the United States is home to more than 400 billionaires, the most of any country. Individual Americans gave more than $227 billion in 2009, according to the Giving USA report by the Center on Philanthropy at Indiana University, down just 0.4 percent from the previous year despite the US recession. Buffett pledged in 2006 to give away 99 percent of his wealth to the Bill & Melinda Gates Foundation and family charities. Bill and Melinda Gates have so far donated more than $28 billion of their fortune to their foundation.-Reuters
ECB tells leaders they must solve euro crisis E
uropean central bankers told euro zone governments on Friday not to count on the ECB to solve the single currency bloc's debt crisis alone as the leaders of Germany and France met to plot strategy before a key EU summit. Pressure on high-deficit euro members like Portugal and Spain has eased slightly over the past week after the ECB bought government bonds in a thin end-of-year market, pushing down the borrowing costs of countries on Europe's southern periphery. But to prevent further contagion, following their agreement to bail out Ireland last month, European leaders may need to send a strong signal to skeptical investors when they gather in Brussels for a December 16-17 summit. ECB Executive Board Member Gertrude Tumpel-Gugerell wrote in a column in Austria's Format magazine that the bank's bond buys had been successful because they "gave countries time to prepare and decide on budgetary measures". Meanwhile, Bank of Italy Governor and ECB Governing Council member Mario Draghi told the Financial Times that responsibility for dealing with the crisis ultimately lay with euro zone governments and the ECB could go only so far. "I'm only too aware that we could easily cross the line and lose everything we have, lost independence,
and basically violate the (EU) treaty," said Draghi, a leading candidate to replace Jean-Claude Trichet as ECB president. German Chancellor Angela Merkel and French President Nicolas Sarkozy met on Friday in the southwestern German city of Freiburg to agree a common stance ahead of the EU summit and were due to hold a joint news conference.
Bavarian Christian Social Union (CSU) in parliament told reporters after the meeting. EURO STEADIES, SPREADS EDGE UP The euro, which fell to a 10-week low under $1.30 late last month as the euro crisis deepened, was steady at $1.3260. The risk premiums investors demand to hold Portuguese and Spanish debt instead of German benchmarks
“
The summit is expected to finalize plans to introduce a permanent rescue mechanism for the euro zone to replace the 750 billion euro European Financial Stability Facility (EFSF) that it set up in May after bailing out Greece
Ahead of their meeting, Sarkozy's office voiced support for Merkel's stance against issuing joint euro zone bonds an idea pushed by Eurogroup President Jean-Claude Juncker and Italian Finance Minister Giulio Tremonti or increasing the size of the bloc's stability fund to stem the crisis. German coalition leaders who met on Thursday evening rejected the euro bond idea as unacceptable. "There was a broad consensus that Eurobonds as Juncker has proposed them are out of the question for us," Hans-Peter Dietrich, a leader of the
edged higher on the day. Spanish Economy Minister Elena Salgado said in Madrid that she expected the country's cost of borrowing to rise at a bond auction scheduled for next week, but said this was a temporary phenomenon and not alarming. "It's true that we might have to pay a little more for bond issues than we have in the past. For that reason we have said we will reduce the volume until the markets stabilize," she said. Madrid is due to sell 10-year and 15-year bonds on the same day the EU summit starts next
week. The summit is expected to finalize plans to introduce a permanent rescue mechanism for the euro zone to replace the 750 billion euro European Financial Stability Facility (EFSF) that it set up in May after bailing out Greece. German demands that the new mechanism include the possibility of so-called "haircuts" for holders of euro zone sovereign debt has been blamed for exacerbating the crisis. But ECB Governing Council member Ewald Nowotny said on Friday that it was important for private investors to share the costs of any future bailouts. "I think it is important to have a permanent safety net, a permanent instrument," Nowotny, who also head the Austrian Central Bank, told reporters. "I think it is also correct that in this whole European stability mechanism the aspect of private investor involvement is covered." Irish Finance Minister Brian Lenihan told parliament that Dublin would start tapping an 85 billion euro EU/IMF bailout from early next year to meet its sovereign borrowing requirements. Data released on Friday showed Ireland's central bank had lent the country's crippled banks nearly 45 billion euros in special funding up until the end of November, a 10 billion euro increase on the prior month.-Reuters
5
Saturday, December 11, 2010
South East Asian stocks
Europe shares end at 26-mth closing high; autos up KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,569.09 11,620.16 51.07 0.44 233.00
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,630.34 3,628.81 -1.53 -0.04 11.97
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,943.80 2,945.08 1.28 0.04 0.56
Major Gainers
Symbol
Close
Change
NESTLE 2,466.81 UPFL 1,059.00 RMPL 2,093.00 LAKST 314.81 IDYM 318.93
74.39 36.94 33.00 14.81 13.93
Major Losers
Symbol
Close
Change
COLG 899.98 BATA 627.42 ULEVER 4,045.11 SRVI 247.03 KSBP 66.47
-7.77 -6.3 -4.49 -4.2 -3.49
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DSFL KESC LOTPTA WTL BAFL
3.67 3.16 13.33 3.18 10.87
23.37 21.59 17.88 16.71 12.41
Active Issues Plus Minus Unchanged
252 117 18
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 down on concerns over China, Europe debt
KSE-100 touched intraday high of 11,676 were observed during the initial one and a half hours and the index moved on both sides. However, later on market witnessed bullish sentiments. Renewed buying was witnessed in some oil and banking stocks like Pakistan Oilfields on rising international oil prices hovering around $89 a barrel and expectations of good corporate results for the period ending December 31, 2010. Ahsan Mehanti added that higher oil prices, approval of Rs600 billion development projects by ECNEC and improved capacity utilization of oil refineries for November were taken positively by the investors despite concerns for rising CPI inflation ahead of RGST approval by the National Assembly
Further, the representation of Pakistan Capital Market Forum at London Stock Exchange too boosted the buying. Therefore index close the first session with 60 points up. It should be noted that London Stock Exchange is organizing the Forum in association with Nomura Dubai and Pakistan Capital Markets and Privatization Forum. The event will showcase the opportunities available to international investors in Pakistan and is designed to both showcase a number of Pakistan based listed and public companies and connect them with a wide range of senior representatives from the international buy-side investor and corporate advisor communities. Further gains made during
the second session and at a point index touched an intraday high of 11,676 points (+ve 107 points). Since it was the last trading session of the week, investors preferred to book profits at higher levels. As a result index closed the day with some reduced gains. Foreign investors, after a long time were mainly on the selling side as per the details made available by the NCCPL. They did a net selling of $0.47 million on Friday. On the local side companies did a net buying of $3.23 million while NBFC did a net selling of $1.56 million. Volumes remained impressive throughout the day as 233 million shares exchanged hands during the day, which was highest of about 8 months
FTSE slightly firmer on US data
SECP registers 179 companies in November
Hong Kong, China shares end wk lower
Nawaz Ali KARACHI: Shares ended higher at the Karachi Stock Exchange on the last day of the week, also record highest volume of the last eight months on active buying due to higher international oil prices and strong valuations. The benchmark KSE-100 index gained 51 points to close at 11,620 levels while KSE-30 index grew by 29 points and KSE all share index rose by 39 points to close at 11,184 and 8,082 levels respectively. "Bullish activity witnessed on institutional buying in blue chip scrips in banking, oil sector on strong valuations", said Ahsan Mehanti, Director Arif Habib Investments. Though, some mix activities
LONDON: Britain's top share index closed slightly higher on Friday, buoyed by firmer mining stocks with copper near record highs, and as encouraging US data bolstered investor sentiment. The FTSE 100 closed up 4.99 points, or 0.1 per cent, at 5,812.95, in thin volume, notching up a 1.2 per cent gain over the course of the week. "The consumer confidence numbers were quite good from the US and are supporting the market," Henk Potts, equity strategist at Barclays Wealth, said. "Broadly, the combination of steady and modest economic growth, low interest rates and rising corporate profitability should continue to generate respectable returns for investors." Miners were in demand as copper rose after strong Chinese import data boosted the demand outlook. Vedanta Resources was the top FTSE 100 performer, putting on 3.2 per cent. But analysts said sentiment surrounding the sector was soured by worries over potential interest rate hikes in China. "Speculation has been growing that China's set to raise interest rates ... that has the potential to hold back the rally that we've been seeing in mining stocks," Potts said. China's central bank on Friday raised the amount of money the country's lenders must keep on reserve for a third time in
a month, following a spate of robust data that strengthened the case for policy tightening. Banks were out of favour, handing back some of the previous session's gains. Standard Chartered topped the blue-chip fallers' list, off 2.6 per cent, after BofA Merrill Lynch cut its rating on the Asia-focused bank to "neutral", calling its trading update on Thursday "disappointing relative to expectations". Back on the upside, Cobham climbed 2.9 per cent. The Daily Express said the aerospace electronics group's recent share price weakness left it vulnerable to a predatory approach. Diageo climbed 1 per cent. The drinks firm is in preliminary talks to buy Turkish spirits company Mey Icki, people familiar with the matter said, as part of the push by the company into highgrowth emerging markets. "The price activity throughout this week for the FTSE has been 'yawnsome'. A mere 100 points trading range, it looks like the market has shut up early for Christmas," Angus Campbell, head of sales at Capital Spreads, said. "Now that the EU leaders have agreed to meet again next week to discuss what steps to take in order to contain the European debt crisis, it's quite conceivable that we'll see similar price action until that point," he said. Reuters
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 179 companies in November, pushing the total corporate portfolio to 57,183. The highest share in new incorporation of 160 was of private companies. Other companies include 8 single-member, 3 public unlisted companies, 4 non-profit associations, 3 foreign companies and one trade organization. The trading sector has the highest incorporation of 31 companies, followed by services with 23 and construction with 10 companies. Other sectors with significant new incorporation are communication and textile sectors with 9 companies each, and tourism and broadcasting/telecasting sectors with 8 companies each. During November, the Company Registration Office (CRO), Lahore, registered highest new incorporation of 60 companies followed by the Karachi CRO and Islamabad registering 51 and 40 companies respectively. The remaining CROs of Peshawar and Faisalabad registered 8 companies each while 6 companies each were registered in Multan and Quetta. See # 5 Page 11
Nikkei hurt by profit-taking TOKYO: Japan's Nikkei average fell 0.7 per cent on Friday, as a higher-than-expected settlement for futures and options prices encouraged investors to take profits on a strong rally for the benchmark since the start of November. While sentiment for the Nikkei remains robust, analysts say technical signs that the market is overbought and the approach of the yearend was keeping a lid on potential near-term gains. The closely watched up-down ratio for the Tokyo Stock Exchange's first section stood at 163 after Thursday's close, the highest level on record and well above the 120 level that is said to indicate an overheated market. It is calculated by dividing the 25-day moving average of stocks that gained by 25-day moving average of those that fell. "On top of profit-taking and overheating of the market, some foreign investors are unloading positions and hedging ahead of the Christmas break," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities. In active trade, the benchmark Nikkei closed the day down 73.93 points at 10,211.95 but it added 0.3 per cent for the week. It hit a fresh seven-month high of 10,373.70 shortly after the open but profit-taking kicked in after futures and options contracts expiring in December were estimated at a stronger-than-expected 10,420.74. The settlement figure was later confirmed after
the close of trade. The broader Topix index fell 0.4 percent to 888.22. The settlement for futures and options as well as continued interest from foreign investors, who are now turning their attention to lagging sectors such as insurers, helped boost turnover to a high for 2010. Turnover on the Tokyo Stock Exchange's first section climbed to 2.55 trillion yen ($30.5 billion), while some 3.1 billion shares changed hands, the highest level since Jan. 14. LONG-TERM OUTLOOK POSITIVE Despite a climb of almost 12 percent since the start of November, the Nikkei is still down about 3.2 percent for the year to date. By contrast, Hong Kong's Hang Seng Index has gained 5.6 percent while the Standard and Poor's 500 index is up 10.6 per cent. Market players said the Nikkei still has room to move higher. "The market will want to make sure that the Nikkei stays above 10,200 next week and it will start testing new highs again in the third week of December," said Hideyuki Ishiguro, a strategist for Okasan Securities, who predicts the Nikkei will end 2010 around the 10,800 mark. The Nikkei's 25-day moving average surpassed its 200-day moving average on Thursday, forming a "golden cross", suggesting the benchmark will maintain positive momentum longerterm. Reuters
HONG KONG/SHANGHAI: Hong Kong and Shanghai shares ended the week mildly lower on Friday in thin volume as inflation data due over the weekend and talk of an interest rate increase in China sidelined investors. Concerns about further tightening in China have kept turnover muted in both markets and has also prompted funds to pull some money out of Chinese markets, even as retail investors avoided taking large positions ahead of the weekend. Hong Kong's Hang Seng ended with little change down 0.7 per cent for the week. Turnover on Friday fell to HK$69.6 billion, the lowest in nine days. The Shanghai Composite climbed 1.1 per cent on the day as strong trade data encouraged some investors to take on a little more risk heading into the weekend, but low volumes suggested market players were avoiding building large positions. The index ended the week marginally lower. China's imports and exports were much stronger than expected in November, robust numbers that could clear the way for the central bank to raise interest rates again as soon as this weekend. "The worry over a rise in interest rates is getting old. The market is likely to rebound next week," said Wen Lijun, analyst at Nanjing Securities. The heavy-weighted financial sector, target of much speculation in recent weeks amid talk of rising interest rates, supported the Shanghai market with insur-
and were 38.5 million shares more as compared to a turnover of 194.5 million shares a day earlier. Dewan Salman emerged the volume leader with 23.3 million shares followed by KESC with 21.5 million shares and Lotte Pakistan with 17.8 million shares. Samar Iqbal, equity dealer at Topline Securities said DSFL remained volume leader on the rumors of its debt restructuring followed by KESC for losses recovery. While LOTPTA kept its position as the volume leaders on the expectation of handsome full-year earnings and payout. Out of total 387 active issues; prices of 252 advanced and 117 declined while 18 remained unchanged.
ers leading gains on expectations that higher rates would boost investment income. Insurers outperformed with Ping An up 2.9 per cent and China Life up 1.9 per cent. Most banks gained led by China Merchants Bank, up 1.2 percent. Banks were mixed in Hong Kong, however, with China Construction Bank rising 0.3 per cent and larger rival ICBC slipping 0.5 per cent. Beside the risk of net interest margins shrinking as a result of deposit rates rising faster than lending rates, there were also concerns that big banks may have to cut dividends to conserve capital, which would affect yieldseeking investors, said Ming Tan, head of financials research at Yuanta. "We are coming to year-end and funds are closing their books and avoiding big bets as they won't have time to make up for any losses, especially given market expectations of interest rate rises in the near future," said Tan. According to Citigroup Global Research, the week ended Dec 8 saw redemptions from Chinafocused equity funds ahead of the release of inflation data on Saturday and any hike in rates, the brokerage said in a note, citing EPFR data. Energy counters were a drag on the Hong Kong market, with coal majors continuing to underperform and further weakened by last week's move by the Chinese government to freeze thermal coal contract prices. Reuters
US stocks mid-morning
Wall St little changed as S&P hits resistance NEW YORK: US stocks were little changed on Friday with the S&P 500 locked in a tight trading range and as the dollar gained encouraging data contained the downside. After breaking above a key technical level around 1,228, the S&P hit resistance at 1,235, which represents the two-year intraday high reached earlier in the week. The index climbed as high as 1,236.93 before falling back. In the latest economic data, consumer sentiment rose more than expected in early December, while import prices in November climbed at their fastest pace in a year, data showed. Also, the US trade deficit narrowed much more than expected in October. Recent better-than-forecast economic reports have boosted optimism that the economy is slowly but surely gaining ground, and some analysts see the market to rallying into the end of the year after a shortterm consolidation. Robert Tipp, chief investment strategist for Prudential Fixed Income in Newark, New Jersey, said the market is likely to be stuck in a range as sentiment vacillates between optimism and pessimism. "Basically the market, after being excessive pessimistic, is having to re-evaluate following the announcement of QE2, better-than-expected data, and the stimulus from the extension of the tax cuts. So the market had a big swing in sentiment," said Tipp. The Dow Jones industrial average inched up 6.66 points, or 0.06 per cent, at 11,376.72. The Standard & Poor's 500 Index added 1.90 points, or 0.15 per cent, to 1,234.90. The Nasdaq Composite Index rose 4.52 points, or 0.17 per cent, to 2,621.19. Dollar weighed on equities as the dollar index rose 0.1 per cent. Stocks and the greenback have moved in opposite directions of late. Shares of Netflix Inc jumped after Standard & Poor's said the movie rental company along with F5 Networks Inc and Newfield Exploration Co will replace Office Depot Inc, New York Times Co and Eastman Kodak Co in the S&P 500. Netflix was up 2.2 per scent at $195.31. Reuters
Indian shares rise on bargain hunting NEW DELHI: Indian shares rose 1.4 per cent on Friday, snapping a three-session losing streak, on better-than-expected industrial output growth and bargain buys. Energy major Reliance Industries led the gains, while top lender State Bank of India followed by ICICI Bank also climbed after being beaten down for most of the week. The main 30-share BSE index closed 1.39 per cent higher at 19,508.89 points, its best percentage daily gain in a week, with 22 of its components rising. The index, however, ended the week 2.3 per cent lower. "Fundamentally, people have started liking the valuations," said Deven Choksey, managing director of brokerage K. R. Choksey, but was not convinced by Friday's gains. "The rise in market today is not
backed by strong volumes and it is largely because of some amount of short-covering and at the same time some small buying... after the kind of onslaught we saw in the last few days." Data showed industrial output in October grew at its fastest clip in three months, powered by demand for consumer durable goods such as cars, and analysts said it was unlikely to prompt the central bank to increase interest rates when it reviews its monetary policy next week. But markets, unnerved by regulatory crackdown on companies after corruption scandals emerged thick and fast, are expected to remain shaky as investors focus on a deepening probe into alleged corruption in telecoms licences distribution. On Thursday, New Delhi
widened the probe into the country's biggest corruption case to include decisions made during the main opposition party's rule, a move that may take steam out of a campaign against the government. "There is negative sentiment because of concerns about regulatory investigations. But I think markets will now stabilise," said K. K. Mital, head of portfolio management at Globe Capital in New Delhi. Largest-listed Reliance Industries rose 4 per cent to1,023.70 rupees. ICICI Bank jumped 5.7 per cent and its larger rival State Bank of India closed 1.9 per cent higher. In the broader market, 1,952 gainers were ahead of 1,022 losers on a relative low volume of about 341 million shares. The broader 50-share NSE index gained 1.58 per cent. Reuters
6
Saturday, December 11, 2010
Market Volume
233,001,303
Value
4,887,202,410
Trades
78,089
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
252 117 18 387
All Share Index
11,620.16 11,676.82 11,540.00 h51.07
Current High Low Change
KSE 30 Index
8,082.98 8,118.28 8,028.01 h39.53
Current High Low Change
KMI 30 Index Current High Low Change
11,184.53 11,233.60 11,115.90 h29.90
18,345.25 18,408.96 18,245.15 h69.67
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,502.25 Turnover 7,599,389 P/E (x) 11.09 Company
KSE 100 Index
Symbols
PE
High Low 1,515.88 1,495.97 Total cos Defaulter cos P/BV (x) ROE (%) 3.61 32.54
Open
High
Low
691 5.64 325.37 853 6.70 117.28 3921 - 11.47 735 16.19 120.04 800 3.89 263.35 Oil & Gas DevelopmentSPOT 43009 11.37 168.45 Pak Petroleum 11950 8.46 208.44 Pak Oilfields 2365 6.88 285.95 Pak Refinery Limited 350 - 102.29 PSO 1715 4.81 285.47 Shell Gas LPG 226 - 36.40 Shell Pakistan 685 10.18 198.54
327.00 119.99 11.49 120.35 266.98 169.40 209.90 293.39 103.47 286.40 37.45 199.75
324.15 116.70 11.20 119.00 261.11 167.75 207.10 286.15 102.10 284.00 35.30 198.00
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 325.56 119.61 11.26 119.51 262.24 168.12 208.15 291.51 102.30 284.27 36.00 198.50
0.19 2.33 -0.21 -0.53 -1.11 -0.33 -0.29 5.56 0.01 -1.20 -0.40 -0.04
Close Change 1,504.14 1.89 Listed cap Market cap 65,194.15 mn 1,174,384.67 mn Payout (%) Div Yield (%) 55.94 5.04 Last 60 days High Low
Volume 121801 2698569 1151480 17550 170175 372612 685729 3087997 21374 408946 8053 6583
374.20 137.20 12.49 128.90 275.40 170.99 214.10 293.80 106.34 292.15 40.28 204.40
% Change 0.13 5-Day High 1,511.75 5-Day Low 1,475.03
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 230.05 180 52.60 256.01 50 28.05 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 751.09 Turnover 20,369 P/E (x) 5.59 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 758.56 739.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
Close 746.07 Listed cap 3,242.17 mn Payout (%) 11.08
Change -5.01 Market cap 12,863.46 mn Div Yield (%) 1.98
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.33 37.92
74.40 34.00
74.45 35.69
73.16 33.65
73.31 -1.09 34.89 0.89
2751 17618
77.77 41.00
60.05 33.06
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules XD 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corp. Ltd XD 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 Fauji Fert.Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Leiner Gelatine 75 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 11.65 5.95 7.15 10.22 8.45 6.91 8.89 7.80 4.76 10.22 14.64 6.73
23.70 84.70 156.00 172.50 2.67 7.83 3.72 187.07 14.66 10.00 115.47 36.26 11.51 137.82 16.91 13.03 1.45 1.73 2.29 123.70 13.35 8.51 34.88
24.00 85.00 157.40 175.95 2.79 8.15 4.24 187.89 14.77 10.10 116.90 36.92 11.95 138.99 17.89 13.54 1.98 1.95 2.97 129.75 13.60 9.51 35.00
22.54 84.05 155.50 172.30 2.65 7.75 3.56 185.30 14.42 9.80 114.00 36.22 11.25 138.00 15.91 13.05 1.47 1.75 2.40 122.00 13.40 9.50 34.80
Company
Close Chg 23.70 84.83 155.62 172.42 2.74 7.81 3.67 186.05 14.48 9.86 116.61 36.63 11.73 138.50 17.88 13.33 1.78 1.85 2.83 124.67 13.47 9.51 35.00
0.00 0.13 -0.38 -0.08 0.07 -0.02 -0.05 -1.02 -0.18 -0.14 1.14 0.37 0.22 0.68 0.97 0.30 0.33 0.12 0.54 0.97 0.12 1.00 0.12
Close 1,319.39 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 8294 2540 3899 4100 121609 184853 23367355 1520541 651393 129626 1422090 4777063 141512 132254 104 17877393 76804 2290690 45685 2355 89206 590 1097
Change 7.85 Market cap 291,558.91 mn Div Yield (%) 5.92
25.00 87.99 164.89 185.00 2.94 8.48 4.24 189.59 15.20 11.74 116.90 36.92 13.85 140.25 24.00 13.54 2.75 1.95 3.40 139.40 14.69 17.80 46.25
% Change 0.60 5-Day High 1,319.39 5-Day Low 1,295.33
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20.26 67.30 90 15 149.72 125 163.51 40 10B 40 1.78 3.20 1.28 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.21 131.5 10B 95 26.59 40 - 17.5 8.00 116.00 80 55 7.10 12 8.17 5 0.80 1.16 1.80 101.00 75 25 7.67 8.51 10 10B 32.00 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,167.71 Turnover 20,859 P/E (x) 5.92 Company
High Low 1,190.34 1,156.61 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,172.76 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.75 7.01
16.13 45.24 45.26
16.50 46.49 46.00
16.00 45.49 44.71
16.20 0.07 45.49 0.25 45.45 0.19
10340 116 10403
Century Paper Pak Paper Product Security Paper
Change 5.05 Market cap 3,250.54 mn Div Yield (%) 4.27
Last 60 days High Low 21.80 62.85 46.00
15.28 38.61 38.00
% Change 0.43 5-Day High 1,172.76 5-Day Low 1,135.87
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,156.48 Turnover 8,217,967 P/E (x) 4.27 Paid up Cap(mn)
High Low 1,161.10 1,140.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35
PE
Open
High
Low
Agriautos Ind 144 5.51 Atlas Battery 101 4.77 Atlas Engineering Ltd 247 15.18 Atlas Honda 626 7.87 Baluchistan Wheels Ltd. 133 5.98 Bela Automotive 58 8.33 Dewan Motors 890 Exide (PAK) 56 4.20 Ghandhara Nissan 450 3.16 Honda Atlas Cars 1428 Indus Motors 786 5.77 Pak Suzuki 823 11.12 Sazgar Engineering 150 3.56 Transmission 117 -
71.03 159.52 16.00 107.88 30.32 1.25 2.41 178.00 4.50 11.36 254.43 71.26 19.46 1.94
72.99 160.00 17.00 109.99 31.83 1.25 2.87 180.00 4.70 11.20 254.80 71.00 19.40 1.95
71.94 159.10 17.00 107.50 31.82 1.25 2.41 172.12 4.48 10.90 250.00 69.70 19.06 1.75
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 3.94 675 555 9.21 1199 10.68
25.25 3.02 14.60 51.00
25.50 3.18 14.87 52.00
25.00 2.91 14.35 51.15
785 10.31
9.18
9.07
8.60
Close Chg 25.23 3.02 14.74 51.26
-0.02 0.00 0.14 0.26
9.07 -0.11
Close 980.60 Listed cap 3,596.11 mn Payout (%) 30.91
Change 1.03 Market cap 9,497.21 mn Div Yield (%) 9.94
Last 60 days High Low
Volume
% Change 0.11 5-Day High 980.60 5-Day Low 975.60
2009 Div BR (%) (%)
2010 Div BR (%) (%)
82504 47851 5930 40352
26.23 3.39 16.75 54.00
23.75 1.65 12.25 44.00
-
30B -
30 40
20B
4058
10.80
8.00
10
-
7.5
-
Open 1,617.05 Turnover 1,944,427 P/E (x) 36.79 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar Ansari Sugar Bawany Sugar Chashma Sugar Clover Pakistan Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Hussein Sugar J D W Sugar Mehran Sugar Mirpurkhas SugarSPOT Mirza Sugar National Foods Nestle Pakistan Pangrio Sugar Premier Sugar Quice Food Rafhan Maize S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shahtaj Sugar Shakarganj Mills
793 244 87 287 94 990 214 365 600 200 121 490 143 70 141 414 453 109 38 107 92 57 223 119 211 120 695
Close Chg
PE
Close 1,149.28 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -7.20 Market cap 41,658.78 mn Div Yield (%) 4.78
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gammon Pak Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.63 858 182 956 26.02 982 15.00 3574 3651 127.83 6933 14.82 502 3.65 1760 283 2319 32 1288 13126 3234 6.72 5261 1.40 541 3.66 2228 200 361 798 464.25
3.31 62.87 1.66 19.01 11.07 1.94 2.73 30.47 4.88 7.00 1.99 1.55 8.35 0.70 7.04 3.21 74.49 2.97 4.02 7.09 6.08 8.28 19.29
3.58 63.47 2.10 20.01 11.50 2.06 3.10 30.99 4.98 7.00 2.19 2.30 8.30 0.85 7.19 3.47 75.20 3.05 4.98 7.19 6.29 8.56 18.60
3.40 63.00 1.95 18.76 11.05 1.90 2.70 30.23 4.84 7.00 2.00 1.54 7.81 0.69 7.10 3.20 74.45 2.85 4.01 7.05 6.00 8.55 18.56
Close 1,017.66 Listed cap 54,792.74 mn Payout (%) 19.04
Change 7.86 Market cap 73,842.13 mn Div Yield (%) 2.44
Close Chg
Volume
Last 60 days High Low
3.50 63.00 2.06 19.92 11.45 1.95 2.79 30.68 4.89 7.00 2.13 1.70 8.19 0.70 7.15 3.39 74.82 3.01 4.98 7.10 6.00 8.55 18.57
59908 242 8776 74042 19989 23749 5194106 1234700 613630 1000 1496713 2507 3990 61740 15651 3258898 494077 170651 102 128909 2385 838 1100
4.00 69.86 2.50 20.45 12.75 2.49 3.10 32.10 5.50 8.20 2.20 2.90 8.85 1.39 8.70 3.65 79.98 3.40 8.89 8.58 9.47 11.00 22.24
0.19 0.13 0.40 0.91 0.38 0.01 0.06 0.21 0.01 0.00 0.14 0.15 -0.16 0.00 0.11 0.18 0.33 0.04 0.96 0.01 -0.08 0.27 -0.72
2.80 57.60 1.01 14.01 9.51 1.30 1.30 23.40 4.52 4.25 1.70 0.98 2.11 0.25 5.50 2.71 67.70 2.51 3.51 6.56 5.25 6.30 18.00
% Change 0.78 5-Day High 1,033.23 5-Day Low 1,009.80
2009 Div BR (%) (%) 50 40 9.75 -
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 956.35 Turnover 270,804 P/E (x) 2.70 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
Paid up Cap(mn)
PE
Open
115 2.78 79.13 230 2.17 1067 4.32 49.45 389 2.90 47 58.58 22.32 844 53.90 104.85 300 8.17 112.01
High
High Low 970.03 942.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 43.91 Low
Close Chg
79.99 77.56 78.09 2.58 2.25 2.48 49.50 46.98 47.00 2.80 2.75 2.77 23.43 23.43 23.43 107.00 103.52 105.10 114.00 111.60 112.03
-1.04 0.31 -2.45 -0.13 1.11 0.25 0.02
Close 949.78 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 55084 79294 53021 4498 10290 37480 31043
Change -6.57 Market cap 35,723.86 mn Div Yield (%) 5.75
Last 60 days High Low 83.23 3.13 61.99 3.84 23.43 111.88 115.00
34.00 1.70 45.75 1.60 13.00 98.00 97.00
% Change -0.69 5-Day High 961.31 5-Day Low 949.78
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak 66 AL-Ghazi Tractor 215 Dewan Auto Engineering 214
PE
Open
High
High Low 1,562.86 1,535.28 Total cos Defaulter cos P/BV (x) ROE (%) 3.11 38.02 Low
Close Chg
Close 1,545.68 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Open
High
Open 1,082.43 Turnover 205,646 P/E (x) 2.61 Company
Paid up Cap(mn)
High Low 1,656.39 1,604.35 Total cos Defaulter cos P/BV (x) ROE (%) 11.15 30.30 Low
65.75 131.00 15.00 92.50 28.25 1.25 1.20 136.00 4.03 9.65 215.99 69.25 17.92 1.53
Close Chg 0.99 0.30 1.00 0.14 2.08 0.49 0.98 1.00 0.30 0.23 -1.00 -0.85 0.52 -0.76 0.11 0.28 74.39 0.31 1.52 0.20 33.00 0.10 0.11 0.29 -0.34 2.69 0.28
Close 1,637.72 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
40 100 20B - 100R 80 30B 15 50 100 5 - 20B 2 -
90 100 25 60 150 10 -
Change 20.67 Market cap 224,277.92 mn Div Yield (%) 0.83
Last 60 days High Low
601 11.70 4.06 1000 6.99 4.03 50144 4.91 0.85 611 15.47 8.50 2002 77.14 33.50 17012 4.00 2.54 8937 6.65 5.00 1574847 4.61 1.11 26898 36.00 27.00 9705 16.98 11.90 132 14.00 5.01 443 89.89 63.50 600 68.49 48.50 2531 67.00 53.64 99587 7.18 4.20 560 57.00 39.01 406 2512.04 1785.00 24712 6.99 4.00 973 53.81 32.50 17000 3.40 1.60 262 2108.00 1229.00 24000 3.89 3.00 37000 3.90 2.11 6509 14.25 13.00 11404 13.50 9.75 506 100.26 44.50 25932 7.88 3.21
High Low 1,096.16 1,071.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64
PE
Open
High
Low
Diamond Ind 90 Gauhar Engineering Ltd 22 Pak Elektron 1174 3.39 Singer Pak 341 22.25 Tariq Glass Ind 231 2.36
8.54 0.45 13.45 19.60 18.69
9.54 0.49 13.69 19.80 19.69
7.81 0.49 13.25 19.80 18.11
20B 20B -
2009 Div BR (%) (%)
2010 Div BR (%) (%)
16.85 15.75 15.96 -0.04 221.00 216.00 219.00 2.80 1.94 0.98 1.85 0.91
2930 21.48 8205 227.45 2856513 1.94
14.12 200.00 0.21
20 400 -
-
150 -
-
Ghandhara Ind Hinopak Motor
213 10.56 11.02 124 - 135.02
11.49 11.05 11.40 0.38 137.99 135.00 135.00 -0.02
13012 1150
18.80 147.89
10.55 110.05 17.15
-
-
-
KSB Pumps Millat Tractors XB
132 366
70.00 66.47 66.47 -3.49 497.00 492.02 493.44 -0.98
29742 33991
88.00 595.99
66.47 390.00
25B
650
25B
35 450
Total Assets (Rs in mn)
17,566.02
2.71
Total Equity (Rs in mn)
11,379.05
MA (100-day)
2.65
Revenue (Rs in mn)
MA (200-day)
3.36
Interest Expense
1st Support
2.96
Loss after Taxation
2nd Support
2.76
EPS 09 (Rs)
(0.57)
1st Resistance
3.30
Book value / share (Rs)
13.22
2nd Resistance
3.44
PE 10 E (x)
Pivot
3.10
PBV (x)
8,408.28 523.03 (490.82)
0.24
WTL closed up 0.28 at 3.18. Volume was 1,153 per cent above average (trending) and Bollinger Bands were 26 per cent wider than normal. The company's loss after taxation stood at Rs744.23 million which translates into a Loss Per Share of Rs0.86 for the nine months of current calendar year (9MCY10). WTL is currently 5.1 per cent below 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 WTL (bullish). Trend forecasting oscillators are currently bullish on WTL. Momentum oscillator is currently indicating that WTL is currently in an overbought condition.
Samba Bank Limited
% Change 1.28 5-Day High 1,637.72 5-Day Low 1,588.17
2009 Div BR (%) (%)
2010 Div BR (%) (%)
35 40 40 35 25 600 30 900 10 15 100 -
15 40 0 12.5R 35 20B 15 20B 10 12 450 10 600 -
25B 30B 10B 25B -
Close Chg 8.04 0.49 13.45 19.80 19.69
-0.50 0.04 0.00 0.20 1.00
Close 1,084.95 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 1334 1000 73302 300 129709
Change 2.53 Market cap 5,101.13 mn Div Yield (%) 2.40
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
63.51
Total Assets (Rs in mn)
23,734.13
MA (10-day)
1.85
Total Equity (Rs in mn)
7,075.66
MA (100-day)
1.96
Revenue (Rs in mn)
1,878.63
MA (200-day)
2.40
Interest Expense
1,208.86
1st Support
1.85
Loss after Taxation
(593.05)
2nd Support
1.68
EPS 09 (Rs)
1st Resistance
2.17
Book value / share (Rs)
2nd Resistance
2.32
PE 10 E (x)
Pivot
2.00
PBV (x)
(0.676) 8.07 0.25
SBL closed up 0.21 at 2.05. Volume was 920 per cent above average (trending) and Bollinger Bands were 37 per cent narrower than normal. The company's loss after taxation stood at Rs131.551 million which translates into a Loss Per Share of Rs0.11 for the nine months of current calendar year (9MCY10). SBL is currently 14.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SBL.
D. S. Industries Limited
Last 60 days High Low 19.39 0.49 15.43 22.90 19.69
7.80 0.15 12.82 16.51 15.00
2009 Div BR (%) (%) -
10B 10B -
% Change 0.23 5-Day High 1,084.95 5-Day Low 1,076.79 2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 979.75 Turnover 11,042,667 P/E (x) 7.06 Company
Paid up Cap(mn)
Amtex Limited XD Artistic Denim Aruj Garments 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 Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Kohinoor Ind Kohinoor Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Ravi Textile Reliance Weaving Rupali Poly Sally Textile Samin Textile Sana Ind Sapphire Textile Sargoda Spinning Saritow Spinning Service Ind Shadman Cot Shahtaj Textile Shams Textile Sunrays Textile Suraj Cotton Thal Limited Treet Corp Tri-Star Poly
2415 840 62 133 4493 76 76 98 400 1150 316 2442 238 600 80 514 57 34 204 110 188 234 192 635 146 716 3105 100 99 180 181 184 303 1455 145 187 1596 3516 560 185 250 308 341 88 134 55 201 312 133 120 176 97 86 69 180 307 418 215
% Change -0.04 5-Day High 1,552.22 5-Day Low 1,545.68
1.03 16.00 5.25 216.20 0.94
7.96 69.96 6.46 494.42
73.00 187.90 19.88 122.51 36.72 1.25 2.87 198.07 6.09 13.40 282.45 79.50 27.58 3.25
2010 Div BR (%) (%)
High Low 995.06 970.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 8.64
PE
Open
High
Low
9.89 6.09 3.04 0.36 0.46 5.20 0.48 33.78 4.06 48.96 0.21 0.18 0.57 0.61 1.17 0.58 3.53 1.24 0.75 3.00 0.54 3.43 2.85 1.10 3.76 0.82 1.79 5.06 3.19 1.07 0.62 4.71 0.22 5.15 3.31 0.89 0.45 0.38 8.46 1.52 0.73 0.61 0.79 4.56 8.92 -
4.35 21.19 4.40 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 3.15 5.54 26.26 20.59 59.42 50.82 63.41 24.50 6.02 3.98 38.39 2.32 6.18 3.21 305.00 8.11 1.73 5.40 0.34 16.75 21.40 59.33 8.45 14.30 1.57 8.57 36.29 4.06 6.04 41.51 104.99 2.29 2.30 251.23 9.10 18.00 23.10 38.00 34.50 105.97 55.55 1.15
4.49 22.00 4.50 2.80 10.34 13.30 649.00 0.78 1.10 3.46 925.00 2.63 0.98 2.08 2.75 41.62 3.75 6.00 27.45 20.20 62.39 53.36 66.48 24.60 6.99 4.20 38.50 2.60 6.50 3.34 320.25 7.20 1.90 5.71 0.59 16.74 22.01 59.85 9.45 14.40 1.98 8.95 38.10 4.39 6.20 43.58 104.99 2.32 2.30 254.45 10.10 18.99 22.00 39.84 35.10 107.80 57.50 1.10
4.33 20.90 4.50 2.30 10.00 13.00 620.00 0.29 1.10 3.14 883.00 2.49 0.75 1.80 2.75 39.01 2.20 6.00 26.23 19.61 62.39 50.50 63.00 24.50 5.53 4.00 38.05 2.17 5.22 3.12 305.00 7.11 1.61 5.15 0.40 16.00 21.15 58.42 8.50 14.00 1.50 8.70 36.34 4.00 5.80 42.00 104.99 2.20 2.30 246.00 8.15 18.00 22.00 38.01 34.50 106.00 54.75 1.00
Close Chg 4.35 21.93 4.50 2.60 10.11 13.02 627.42 0.78 1.10 3.21 899.98 2.60 0.83 1.93 2.75 41.62 2.75 6.00 26.65 20.17 62.39 53.34 63.28 24.60 6.50 4.00 38.13 2.27 6.37 3.16 318.93 7.20 1.77 5.26 0.42 16.00 21.61 58.90 9.45 14.02 1.76 8.94 37.50 4.39 6.18 43.58 104.99 2.32 2.30 247.03 8.32 18.20 22.00 39.83 35.09 106.62 56.04 1.00
0.00 0.74 0.10 0.45 0.05 -0.43 -6.30 0.53 0.00 0.00 -7.77 0.23 -0.17 0.10 0.75 1.98 -0.40 0.46 0.39 -0.42 2.97 2.52 -0.13 0.10 0.48 0.02 -0.26 -0.05 0.19 -0.05 13.93 -0.91 0.04 -0.14 0.08 -0.75 0.21 -0.43 1.00 -0.28 0.19 0.37 1.21 0.33 0.14 2.07 0.00 0.03 0.00 -4.20 -0.78 0.20 -1.10 1.83 0.59 0.65 0.49 -0.15
Close 984.09 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 197432 2585 200 5003 1748834 2498 1496 101 20011 239195 7572 26812 24019 379351 5000 39858 25004 181 4359 9805 600 28606 681 101 1516 86486 84400 10936 106894 7300 1918 2101 252275 32934 80529 7004 1115251 3470514 1702310 105 1001949 2312 6921 2010 61000 3657 4000 1005 17000 96197 534 800 4599 3000 798 34208 70368 129
Change 4.33 Market cap 129,647.34 mn Div Yield (%) 2.36
Last 60 days High Low 18.33 24.05 6.00 3.45 12.32 14.50 747.48 1.10 2.59 3.95 930.00 3.33 1.49 2.37 4.50 44.50 3.75 6.88 30.90 25.45 62.39 53.36 73.00 26.25 8.86 4.88 40.77 2.70 6.58 5.35 320.25 9.65 1.94 6.30 0.95 17.50 25.14 63.18 9.45 20.50 2.30 12.00 38.10 6.20 8.69 43.58 124.80 2.50 2.99 276.50 15.00 21.90 24.00 39.84 37.50 112.80 60.50 1.50
4.31 18.50 3.50 1.45 9.71 8.60 436.00 0.12 0.56 3.00 640.01 2.26 0.16 1.44 1.75 36.10 0.26 1.60 20.80 17.21 41.00 34.65 58.75 19.99 5.01 3.35 34.05 0.30 2.02 2.60 209.03 4.05 1.01 4.51 0.14 12.80 15.66 45.81 5.16 12.51 1.29 8.01 31.25 3.30 5.02 27.50 89.80 0.50 1.10 169.00 8.10 15.61 15.26 30.03 29.00 86.50 37.25 0.26
2009 Div BR (%) (%) 20 120 115 7.5 5 15 20 12.5 20 40 35 200 20 10 15 20 4
% Change 0.44 5-Day High 984.09 5-Day Low 973.64 2010 Div BR (%) (%)
30 20 7.5 20 5 15B 5 20 10B 35 -100SD 70 - 12.5 10B 10 10 20 10 20 5B - 20SD 50R 15 25 45R 30 - 25SD 40 10 - 100R 60 50 5 45 20 50 20B 80 20B -
PHARMA AND BIO TECH
Change -0.68 Market cap 32,543.51 mn Div Yield (%) 16.05
Last 60 days High Low
31500 1229 500 2911 210 500 8088007 171 5202 41673 42931 22478 2050 10002
2009 Div BR (%) (%)
77.95
MA (10-day)
Performance of SR Household Goods Index
Performance of SR Industrial Engineering Index Open 1,546.36 Turnover 2,945,640 P/E (x) 8.19
1.69 0.23 1.00 0.76 1.51 0.00 0.07 -0.04 0.05 -0.39 -1.60 -1.41 -0.40 -0.16
% Change -0.62 5-Day High 1,178.41 5-Day Low 1,149.28
RSI (14-day)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,026.72 1,005.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
72.72 159.75 17.00 108.64 31.83 1.25 2.48 177.96 4.55 10.97 252.83 69.85 19.06 1.78
13.44 6.00 6.99 6.30 6.99 0.26 5.20 5.50 5.50 5.50 3.91 4.91 4.01 4.91 1.05 12.90 13.90 12.51 13.04 12.21 72.64 75.00 70.00 74.72 3.41 4.00 3.80 3.90 11.75 5.25 6.25 5.36 6.23 3.61 4.61 3.85 4.61 6.97 33.52 34.99 33.47 33.82 11.51 12.20 12.45 12.15 12.43 - 11.49 11.39 10.49 10.49 2.90 87.45 87.50 86.00 86.60 3.45 57.87 58.95 58.00 58.39 5.42 65.76 66.40 65.00 65.00 0.65 6.26 6.63 6.25 6.37 16.21 43.16 43.60 43.44 43.44 27.10 2392.42 2512.04 2345.00 2466.81 0.94 6.13 6.58 6.25 6.44 9.08 47.98 50.37 45.63 49.50 2.07 2.99 2.25 2.27 3.32 2060.00 2095.10 2090.00 2093.00 0.29 3.25 3.59 3.25 3.35 2.90 3.90 3.00 3.01 0.99 13.50 13.85 13.75 13.79 17.13 12.16 12.00 11.45 11.82 - 91.01 94.99 91.00 93.70 6.18 6.50 5.90 6.46
CONSTRUCTION AND MATERIALS Open 1,009.80 Turnover 12,865,323 P/E (x) 7.81
-
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 992.54 968.62 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 979.56 Turnover 180,695 P/E (x) 3.11
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,330.67 1,300.51 Total cos Defaulter cos P/BV (x) ROE (%) 2.88 35.00
30
WorldCall Telecom Limited
% Change -0.67 5-Day High 759.54 5-Day Low 727.84
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,311.53 Turnover 52,599,902 P/E (x) 8.24
2009 Div BR (%) (%)
Alert ! Unusual Movements
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
54.53
Total Assets (Rs in mn)
838.18
MA (10-day)
1.90
Total Equity (Rs in mn)
(298.62)
MA (100-day)
1.86
Company Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 250 1707 165 200 306
High Low 925.74 914.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.61 22.31
Close 916.28 Listed cap 3,904.20 mn Payout (%) 44.54
Interest Expense
1.82
Loss after Taxation
(984.14)
2nd Support
1.67
EPS 09 (Rs)
(16.402)
PE
Open
High
Low
Close Chg
Volume
6.35 13.69 7.26 6.45 5.53
84.99 76.05 25.98 7.99 61.85
84.90 77.50 26.68 8.95 61.95
84.00 76.00 26.10 7.43 61.50
84.01 -0.98 76.10 0.05 26.20 0.22 8.00 0.01 61.50 -0.35
626 14151 757 121 1086
117.00 77.50 26.98 9.00 64.50
82.20 65.00 22.60 6.81 58.00
130.20
1st Resistance
2.10
Book value / share (Rs)
2nd Resistance
2.23
PE 10 E (x)
Pivot
1.95
PBV (x)
(4.98) (0.39)
DSIL closed up 0.10 at 1.93. Volume was 184 per cent above average (trending) and Bollinger Bands were 60 per cent narrower than normal. The company's loss after taxation stood at Rs31.558 million which translates into a Loss Per Share of Rs0.53 for the 1st quarter of current fiscal year (1QFY11). DSIL is currently 16.5 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 DSIL (mildly bullish). Trend forecasting oscillators are currently bearish on DSIL.
PACE Pakistan Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
63.57
Total Assets (Rs in mn)
10,559.36
MA (10-day)
2.88
Total Equity (Rs in mn)
6,486.15
MA (100-day)
2.93
Revenue (Rs in mn)
1,649.34
MA (200-day)
3.86
Interest Expense
211.21
1st Support
2.86
Profit after Taxation
633.16
2nd Support
2.66
EPS 10 (Rs)
2.370
1st Resistance
3.20
Book value / share (Rs)
23.26
2nd Resistance
3.34
PE 11 E (x)
Pivot
3.00
PBV (x)
0.13
PACE closed up 0.23 at 3.10. Volume was 268 per cent above average (trending) and Bollinger Bands were 62 per cent narrower than normal. The company's loss after taxation stood at Rs108.886 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PACE is currently 19.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PACE (mildly bullish). Trend forecasting oscillators are currently bearish on PACE.
BOOK CLOSURES Company
From
To
Fauji Fertiliser Bin Qasim Oil and Gas Development Co Mirpurkhas Sugar Mills Siemens Pakistan JS Investment # Asian Stocks Fund # Safeway Mutnal Fund # Maple Leaf Cement # Descon Chemicals # BOC Pakistan #
14-Dec 14-Dec 16-Dec 20-Dec 21-Dec 22-Dec 22-Dec 22-Dec 24-Dec 11-Jan
20-Dec 21-Dec 30-Dec 29-Dec 27-Dec 28-Dec 28-Dec 29-Dec 30-Dec 17-Jan
D/B/R 12.50(iii) 15(i) 15.20(B) 600 -
Spot AGM/Date 6-Dec 6-Dec 8-Dec -
30-Dec 29-Dec 27-Dec 27-Dec 27-Dec 29-Dec 30-Dec 17-Jan
INDICATIONS
Change -0.42 Market cap 30,531.17 mn Div Yield (%) 6.16
Last 60 days High Low
653.74
2.31
1st Support
Performance of SR Pharma and Bio Tech Index Open 916.70 Turnover 16,948 P/E (x) 7.24
Revenue (Rs in mn)
MA (200-day)
2009 Div BR (%) (%) 10 50 25 15
20B 15B
% Change -0.05 5-Day High 916.70 5-Day Low 906.88 2010 Div BR (%) (%) 30
20B -a
# Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Lakson Tobacco Shifa Int.Hospitals P.I.A.C.(A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 8.37 52.89 3.72 84.3 1.23 104.72 300 27.8 2.25 47.8 2.87 18.64 2.18
High 8.15 55 3.97 84.99 1.4 107.95 315 29.19 2.49 50.19 3.14 19.4 2.6
Low Close 7.9 50.5 3.75 81.15 1.2 100.51 301 28.45 2.34 50.19 2.8 18.5 1.7
7.9 54.86 3.85 84.1 1.2 107.06 314.81 28.69 2.42 50.19 3.1 18.71 2
Change -0.47 1.97 0.13 -0.2 -0.03 2.34 14.81 0.89 0.17 2.39 0.23 0.07 -0.18
Vol 1040 3708 2840008 1480 3000 391 5737 1706 464123 1175 2841130 437864 4010
7
Saturday, December 11, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,141.64 Turnover 20,028,730 P/E (x) 6.18 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,163.25 1,138.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
78 4.93 37740 12.85 3000 0.76 8606 6175 -
79.99 19.23 2.35 2.90 3.94
79.80 19.39 2.58 3.24 4.25
78.60 19.15 2.40 2.90 3.91
79.80 19.28 2.54 3.18 4.10
-0.19 0.05 0.19 0.28 0.16
Close 1,155.20 Listed cap 50,077.79 mn Payout (%) 62.56
Change 13.56 Market cap 79,418.68 mn Div Yield (%) 10.12
Last 60 days High Low
Volume 201 360067 2958565 16709897 5188208
117.99 20.12 2.69 3.24 4.50
76.50 18.15 1.80 2.31 3.35
% Change 1.19 5-Day High 1,155.20 5-Day Low 1,135.08
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
369 5.93 457 6.68 1250 400 3.02 718 16.77 791 15.89 3000 40.97 250 1.73 350 303 5.76 253 4.27 400 1.97
37.10 10.76 44.64 12.96 89.00 58.85 16.08 6.50 6.56 10.78 6.63 5.92
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 S G Power Sitara Energy Ltd Southern Electric Tri-star Power XD
Close 1,262.95 Listed cap 95,369.29 mn Payout (%) 104.13
Change 9.97 Market cap 103,457.55 mn Div Yield (%) 7.33
% Change 0.80 5-Day High 1,262.95 5-Day Low 1,248.96
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
198 11572 6.61 1560 7932 1695 10.56 126 2.76 8803 4.86 3673 3.43 3541 25.69 178 191 3.54 1367 150 -
0.95 36.20 1.81 2.75 19.00 4.30 40.00 14.78 15.69 0.98 19.05 2.25 1.08
1.12 36.40 1.99 3.24 19.00 5.30 40.01 15.70 16.05 1.30 19.00 2.50 1.25
1.00 36.00 1.83 2.74 19.00 4.31 39.85 14.90 15.65 1.00 18.90 2.26 1.15
1.04 0.09 36.08 -0.12 1.93 0.12 3.16 0.41 19.00 0.00 4.53 0.23 39.98 -0.02 15.62 0.84 15.93 0.24 1.00 0.02 18.98 -0.07 2.47 0.22 1.20 0.12
221292 570917 445131 21589808 500 149598 256956 6500539 3277250 600 1000 3276454 40069
1.45 37.00 2.25 3.24 26.50 6.10 42.95 15.80 16.70 1.69 23.49 2.90 1.75
33.5 45 64.5 20 3
0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.05 10.00 0.32 17.98 2.05 0.65
2010 Div BR (%) (%)
31R -
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,490.84 Turnover 215,822 P/E (x) 9.51 Company
High Low 1,511.77 1,473.38 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41
Close 1,485.21 Listed cap 12,202.80 mn Payout (%) 66.79
Change -5.63 Market cap 31,854.00 mn Div Yield (%) 7.02
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.04 3.06
27.40 20.21
27.59 20.60
26.92 20.06
27.01 -0.39 20.29 0.08
101646 114176
34.75 30.70
Sui North Gas XD Sui South Gas
26.60 19.99
% Change -0.38 5-Day High 1,527.97 5-Day Low 1,485.21
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
20 15
25B
BANKS Performance of SR Banks Index Open 1,122.81 Turnover 30,504,962 P/E (x) 8.08 Paid up Cap(mn)
Company
Allied Bank Limited Askari Bank Atlas Bank Bank Alfalah Bank AL-Habib Bank Of Khyber Bank Of Punjab BankIslami Pak Faysal Bank XB Habib Bank Ltd Habib Metropolitan Bank JS Bank Ltd KASB Bank Ltd MCB Bank Ltd XD Meezan Bank Mybank Ltd National Bank NIB Bank Royal Bank Ltd Samba Bank Silkbank Ltd Soneri Bank Stand Chart Bank Summit Bank Ltd United Bank Ltd
PE
Open
7821 6.27 64.37 6427 7.99 16.69 5001 1.56 13492 13.94 10.28 7322 7.66 34.83 5004 6.00 4.60 5288 9.93 5280 772.50 3.24 7309 4.80 14.65 10019 7.34 115.37 8732 7.84 24.90 6128 2.59 9509 2.60 7602 9.68 218.70 6983 8.48 16.06 5304 2.52 13455 6.20 70.24 40437 2.92 17180 4.46 14335 1.84 26716 2.67 6023 7.05 38716 12.54 8.00 5000 3.31 12242 7.53 64.05
High
High Low Close 1,142.96 1,113.97 1,132.47 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.13 13.94 40.49 Low
Close Chg
65.25 64.00 64.49 0.12 17.00 16.62 16.77 0.08 1.72 1.60 1.70 0.14 11.00 10.21 10.87 0.59 35.70 34.80 35.52 0.69 4.51 4.00 4.50 -0.10 10.31 9.90 10.15 0.22 3.46 3.00 3.09 -0.15 14.99 14.70 14.87 0.22 118.99 114.00 117.44 2.07 25.74 24.02 25.65 0.75 2.62 2.51 2.58 -0.01 2.80 2.63 2.70 0.10 220.00 217.40 218.29 -0.41 16.50 16.00 16.03 -0.03 2.58 2.42 2.43 -0.09 71.48 69.80 70.99 0.75 3.05 2.90 3.03 0.11 4.50 4.21 4.41 -0.05 2.15 1.83 2.05 0.21 2.76 2.65 2.70 0.03 7.44 7.02 7.35 0.30 8.28 7.85 8.15 0.15 3.39 3.10 3.27 -0.04 64.50 63.75 64.04 -0.01
Change 9.65 Market cap 687,285.72 mn Div Yield (%) 5.01
Last 60 days High Low
Volume 45132 580656 107253 12405245 395988 99658 2508304 504992 25828 797537 183753 60604 4701 337887 28572 188021 7411261 1297250 12711 1828295 1021579 106691 7479 150497 545563
65.25 17.20 2.55 11.00 35.70 4.70 10.59 3.88 17.10 118.99 26.74 3.00 2.90 223.50 16.50 2.69 71.80 3.18 8.10 2.65 3.08 8.00 8.80 3.80 64.90
50.00 14.23 1.50 7.66 29.71 2.50 7.89 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 0.86 5-Day High 1,136.69 5-Day Low 1,111.48
Open 930.57 Turnover 13,116 P/E (x) 104.82
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 757.64 Turnover 1,789,401 P/E (x) 12.52 Paid up Cap(mn)
Company Adamjee Insurance
High Low 768.06 751.64 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20
Close 758.34 Listed cap 11,111.34 mn Payout (%) 79.54
Change 0.70 Market cap 47,025.42 mn Div Yield (%) 6.35
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 24.42
83.99
84.80
82.90
84.26 0.27
1328785
85.78
63.05
2009 Div BR (%) (%) 30
% Change 0.09 5-Day High 758.34 5-Day Low 748.94 2010 Div BR (%) (%)
10B
10
-
0.20 -0.08 -0.61 -0.26 1.41 0.10 -0.10 0.82 0.28 -0.13 0.25 0.09
2607 8584 45689 4000 21293 483 324989 1486 12641 20356 17691 762
38.00 12.00 48.63 13.00 93.45 60.90 17.20 8.30 8.30 10.98 8.17 7.20
27.37 9.42 34.76 10.04 68.27 52.25 12.80 5.06 1.66 8.00 6.10 4.49
40 40 35 35 30 30 5 20 -
10B 8.7B 20B 25B 15B 20B 16B
10 -
UPTO 100 VOLUME
20B -
High Low 929.23 920.41 Total cos Defaulter cos P/BV (x) ROE (%) 4.03 3.85
Close 920.41 Listed cap 2,290.72 mn Payout (%) 355.53
Change -10.17 Market cap 10,765.67 mn Div Yield (%) 3.39
Symbols
PE
East West Life
455
-
2.51
3.50
3.50 0.99
4000
4.62
2.05
10R
-
20R
EFU Life Assurance
850 45.52
80.85
81.50
80.11
80.11 -0.74
115
86.95
54.51
5513.33B
-
-
New Jub Life Insurance
627 30.20
45.90
45.25
45.00
45.00 -0.90
9000
49.14
39.68
10
-
-
Open
High
Low
Close Chg
3.50
Last 60 days High Low
Volume
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 414.53 Turnover 13,355,343 P/E (x) 10.20 Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Cap Assets Leasing 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 Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing
High Low 418.85 398.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 0.91
PE
Open
High
Low
225 1.66 360 3.44 450 12.80 3750 4.41 107 0.94 250 215 2121 15.88 600 661.00 2849 3166 626 0.67 7633 508 500 7.32 1000 27.33 1000 775 452 978 6.23
0.71 17.32 25.10 24.11 2.20 1.88 1.15 2.55 6.61 0.65 3.41 1.86 11.74 3.96 27.57 6.47 4.40 2.20 0.67 2.52
0.79 17.50 25.50 24.35 1.20 2.00 1.22 2.75 7.60 0.74 3.60 1.90 11.73 4.14 27.99 6.68 4.69 2.35 0.81 2.99
0.68 17.27 24.94 23.70 1.20 1.90 1.21 2.43 6.51 0.60 3.40 1.81 10.80 3.85 26.50 6.31 4.35 2.21 0.70 2.43
Close Chg 0.73 17.45 25.08 23.98 1.20 1.90 1.21 2.54 6.61 0.70 3.59 1.87 11.30 3.97 27.22 6.56 4.41 2.29 0.81 2.99
0.02 0.13 -0.02 -0.13 -1.00 0.02 0.06 -0.01 0.00 0.05 0.18 0.01 -0.44 0.01 -0.35 0.09 0.01 0.09 0.14 0.47
Close 409.29 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 39770 3120 39362 2429086 587 9550 1468 31545 1619 153039 7060 123001 12404754 195660 16340 81509 33254 171681 41637 337
Change -5.24 Market cap 28,067.33 mn Div Yield (%) 3.41
% Change -1.26 5-Day High 438.28 5-Day Low 409.29
Last 60 days High Low
2009 Div BR (%) (%)
0.95 19.98 34.00 27.02 2.99 2.70 2.90 2.90 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.75 2.70 0.86 3.00
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 1.20 1.51 0.18 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 3.32 1.35 0.42 1.95
Open
SHTM GTYR OTSU ZIL ZTL PECO SIEM WYETH BIFO GRAYS NOPK PAKT ULEVER OLPL CSIL ABOT FZTM PHDL ASFL CRTM ZAHT FNEL SIBL ISIL JDMT SAIF SFL GATI YOUW UPFL AGIC CFL LEUL SJTM NBF DCM CICL GAIL MDTL CPMFI NMBL SALT FASM ALTN FRCL FIBLM ALICO GSPM ILTM KSTM KOSM PRET TATM BHAT KML MSOT AASM ALNRS FECS KOHS TICL BWCL DADX SAPL BAPL BUXL ICL WAZIR
% Change -1.09 5-Day High 953.66 5-Day Low 920.41
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Open 1,243.62 Turnover 14,856,562 P/E (x) 19.69 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali 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 Trust Modaraba U D L Modaraba
PE
264 1375 210 525 780 65 200 113 524 581 760 397 1008 3180 1186 283 1200 184 250 125 1698 59 1000 2835 2841 872 340 454 50 298 264
10.00 6.48 4.83 1.79 3.84 3.36 1.73 3.73 10.19 0.66 2.22 2.21 5.64 58.38 16.00 1.05 6.72 12.90 6.39 4.65 12.51 6.68 2.03 7.70 7.09 2.09 4.41 4.83 3.37 1.63
Open 1.42 7.75 3.10 4.00 1.60 1.52 0.61 2.90 1.78 2.05 3.17 6.65 6.70 4.65 4.40 1.66 6.49 1.38 6.74 1.10 9.03 8.50 6.38 11.01 5.77 0.90 1.39 9.16 1.42 1.75 5.51
High 1.60 7.99 3.00 4.50 1.70 1.76 0.71 2.98 1.70 2.10 3.24 6.75 6.55 4.75 4.60 1.85 7.10 1.40 7.74 1.13 9.02 8.90 7.18 12.01 6.33 0.93 1.60 9.01 2.00 1.75 5.75
High Low 1,295.64 1,235.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21 Low 1.39 7.50 2.80 3.90 1.55 1.32 0.50 2.96 1.60 1.95 3.05 6.60 6.53 4.65 4.42 1.31 6.50 1.15 6.00 0.93 8.95 8.55 6.40 11.00 5.60 0.91 1.30 9.00 1.45 1.75 5.75
Close Chg 1.60 7.78 2.90 4.45 1.69 1.48 0.69 2.98 1.63 2.08 3.11 6.63 6.54 4.67 4.48 1.43 6.99 1.29 6.90 0.93 9.01 8.55 6.97 12.01 6.24 0.92 1.32 9.00 1.74 1.75 5.75
0.18 0.03 -0.20 0.45 0.09 -0.04 0.08 0.08 -0.15 0.03 -0.06 -0.02 -0.16 0.02 0.08 -0.23 0.50 -0.09 0.16 -0.17 -0.02 0.05 0.59 1.00 0.47 0.02 -0.07 -0.16 0.32 0.00 0.24
Close 1,279.40 Listed cap 29,771.58 mn Payout (%) 104.74
Volume
149 2.24 366567 8.59 799 3.80 10557637 4.50 2008 2.37 776 2.99 38303 1.10 6000 3.09 3205 2.37 86474 2.24 172891 3.88 56301 7.00 16499 6.90 992248 4.96 222959 4.73 3555 2.23 100055 7.10 15623 2.18 100004 8.00 291 1.40 282021 9.39 5001 9.45 123681 7.18 1081733 12.01 582952 6.33 18199 1.20 7713 2.54 7898 10.70 301 2.87 4500 4.40 200 6.99
1.01 5.85 2.10 2.70 0.90 0.90 0.16 1.73 0.86 1.30 2.56 5.11 5.80 2.65 2.31 0.91 5.15 0.56 4.50 0.30 7.00 7.25 4.33 7.90 3.50 0.76 0.50 7.75 0.86 1.15 4.71
0.64 21.60 33.00 51.50 4.20 293.00 1313.00 1100.00 51.01 55.64 24.24 115.00 4089.99 6.28 5.48 100.00 409.50 38.37 4.85 19.50 4.87 9.00 3.25 74.00 15.45 5.95 123.25 43.95 1.57 1068.00 11.00 11.26 2.00 1.51 3.99 1.80 61.99 4.60 54.39 4.44 1.95 65.70 33.50 11.00 2.24 3.45 19.50 7.70 166.70 1.25 1.00 28.89 34.79 260.00 3.65 19.19 23.50 51.99 48.03 3.70 73.00 22.80 23.25 132.99 9.45 7.91 29.09 8.49
Low
Close
0.64 21.60 32.90 51.50 4.19 275.00 1292.00 1087.00 48.40 50.51 22.35 115.00 4002.99 6.26 4.10 100.00 371.02 36.01 4.85 19.50 2.98 8.99 3.25 74.00 15.45 4.20 123.25 42.90 1.21 1059.00 11.00 11.26 2.00 1.51 3.80 1.47 60.90 4.21 49.22 4.44 1.50 60.00 31.25 10.00 2.24 3.45 19.50 7.70 166.70 0.89 1.00 28.89 34.79 260.00 3.65 19.19 23.28 51.99 48.03 3.70 73.00 22.80 23.25 132.99 9.45 7.91 29.09 8.49
0.64 21.60 32.98 51.50 4.20 285.00 1299.25 1100.00 49.30 53.60 23.30 115.00 4045.11 6.28 5.34 100.00 392.26 38.37 4.85 19.50 2.98 9.00 3.25 74.00 15.45 4.56 123.25 42.90 1.57 1059.00 11.00 11.26 2.00 1.51 3.99 1.58 60.90 4.47 49.22 4.44 1.50 65.70 33.50 10.00 2.24 3.45 19.50 7.70 166.70 0.89 1.00 28.89 34.79 260.00 3.65 19.19 23.50 51.99 48.03 3.70 73.00 22.80 23.25 132.99 9.45 7.91 29.09 8.49
Change
Vol
0.19 -0.40 0.57 -0.51 0.05 5.38 3.25 0.00 0.71 0.60 -0.12 1.00 -4.49 -0.22 0.85 0.00 2.26 1.82 1.00 1.00 -1.00 0.06 0.01 1.99 0.46 -0.44 0.75 1.01 0.08 36.94 1.00 -0.79 0.20 1.00 0.09 0.08 1.75 0.15 -2.58 0.69 0.17 2.71 0.75 -1.00 0.21 0.65 0.60 0.65 7.93 0.28 0.00 1.37 1.04 1.01 0.65 0.99 -1.00 1.49 2.28 -1.00 3.33 0.00 -1.22 2.86 0.75 -0.39 0.80 0.89
100 100 100 100 99 97 94 81 75 56 54 50 38 27 27 25 22 18 13 12 12 10 10 10 9 9 7 7 6 6 5 5 5 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 1 1 1 1
FUTURE CONTRACTS
Change 35.78 Market cap 18,645.52 mn Div Yield (%) 8.27
Last 60 days High Low
High
0.45 22.00 32.41 52.01 4.15 279.62 1296.00 1100.00 48.59 53.00 23.42 114.00 4049.60 6.50 4.49 100.00 390.00 36.55 3.85 18.50 3.98 8.94 3.24 72.01 14.99 5.00 122.50 41.89 1.49 1022.06 10.00 12.05 1.80 0.51 3.90 1.50 59.15 4.32 51.80 3.75 1.33 62.99 32.75 11.00 2.03 2.80 18.90 7.05 158.77 0.61 1.00 27.52 33.75 258.99 3.00 18.20 24.50 50.50 45.75 4.70 69.67 22.80 24.47 130.13 8.70 8.30 28.29 7.60
Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%)
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
37.30 10.68 44.03 12.70 90.41 58.95 15.98 7.32 6.84 10.65 6.88 6.01
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,276.45 1,244.80 Total cos Defaulter cos P/BV (x) ROE (%) 1.33 9.35
37.25 10.60 43.90 12.70 90.00 58.85 15.91 7.24 6.20 10.65 6.60 5.70
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,252.98 Turnover 36,330,116 P/E (x) 14.20
37.98 11.00 44.85 12.70 93.45 59.00 16.28 7.50 6.98 10.98 6.99 6.05
% Change 2.88 5-Day High 1,279.40 5-Day Low 1,206.69
2009 Div BR (%) (%)
2010 Div BR (%) (%)
4.5 5 20 10 15 16.5 10
18.5 5 2.2 0 1.2 5 17 11 21 5 10 2.8 15.5 10 3 18.6 18 10 20 10 3 1 17 5 12.5
-
Symbols
-
Open
Low
Close
POL-DEC
287.31
294.80
287.75
292.97
5.66
659500
NBP-DEC
70.69
71.85
High
70.15
71.45
Change 0.76
599500
Vol
NML-DEC
59.38
59.90
58.56
59.11
-0.27
570500
FFBL-DEC
35.32
35.99
35.30
35.70
0.38
294500
DGKC-DEC
30.61
31.10
30.45
30.80
0.19
235000
ENGRO-DEC 188.10
189.05
186.50
187.49
-0.61
121500
AICL-DEC
84.39
85.40
83.71
84.32
-0.07
103500
PPL-DEC
209.37
210.75
208.00
209.22
-0.15
MCB-DEC
218.96
220.05
217.25
218.59
-0.37
70500
ANL-DEC
10.13
10.44
9.75
10.27
0.14
64500
LUCK-DEC
74.73
75.39
74.50
75.16
0.43
51500 40000
75000
BOP-DEC
10.00
10.30
10.00
10.30
0.30
PSO-DEC
287.94
288.30
286.01
286.24
-1.70
29500
UBL-DEC
64.50
65.00
64.20
64.50
0.00
27000
OGDC-DEC 166.00
167.00
165.00
166.04
0.04
11000
NCL-DEC
21.85
22.00
22.00
22.00
0.15
5000
FFC-DEC
115.34
117.00
116.99
116.99
1.65
3000
AICL-CFEB
87.05
0.00
0.00
87.28
0.23
0.00
AKBL-CFEB
17.30
0.00
0.00
17.37
0.07
0.00
ANL-CFEB
10.43
0.00
0.00
10.47
0.04
0.00
ATRL-CFEB 121.55
0.00
0.00
123.90
2.35
0.00
BAFL-CFEB
10.65
0.00
0.00
11.26
0.61
BAHL-CFEB
36.10
0.00
0.00
36.79
0.69
0.00
ENGRO-CFEB193.88
0.00
0.00
192.72
-1.16
0.00
FFBL-CFEB
37.58
0.00
0.00
37.94
FFC-CFEB
119.67
0.00
0.00
120.79
1.12
0.00
37.52
0.00
0.00
37.37
-0.15
0.00
KAPCO-CFEB 41.46
0.00
0.00
41.41
-0.05
0.00
LUCK-CFEB MCB-CFEB
HUBC-CFEB
0.00
0.36
0.00
77.20
0.00
0.00
77.50
0.30
0.00
226.66
0.00
0.00
226.12
-0.54
0.00
NETSOL-CFEB19.32
0.00
0.00
19.38
0.06
0.00
NML-CFEB
0.00
0.00
61.01
-0.48
0.00
61.49
ZERO VOLUME Symbols
Open
High
Low
Close
MQTM
7.60
7.75
7.75
7.75
0.15
0.00
TRIBL
1.70
1.76
1.76
1.76
Change 0.06
Vol 0.00
BOARD MEETINGS
Bank Alfalah Ltd
KSE 100 INDEX
Company
Date
Time
Fauji Fertiliser Bin Qasim Ltd
23-Dec
10:30
Fauji Fertiliser Bin Qasim Ltd
National Bank of Pakistan
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
79.18
Support 1
11,547.85
MA (5-day)
11,538.05
Support 2
11,475.50
MA (10-day)
11,406.05
Resistance 1
11,684.65
MA (100-day)
10,372.34
Resistance 2
11,749.15
*Arif Habib Ltd
10,181.46
Pivot
TFD Research
resistance level at 11,684.65 and 2nd resistance level at 11,749.15, while
10.25 14.01
Brokerage House
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Positive
Technical Analysis 75.83 10.00 9.04 9.89
Rs Recommendations
82.1
Buy
*Arif Habib Ltd
Neutral
AKD Securities Ltd
61.96 92.3
674.58 7,332.66 N/A 10.59
* 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)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 22,600.87 132.16 70.63
* Target price for Dec-10 & **Net Open Interest in future market
casting oscillators are currently bullish on INDEX. Momentum oscillator is
BAFL closed up 0.59 at 10.87. Volume was 459 per cent above average NBP closed up 0.75 at 70.99. Volume was 146 per cent above average (trending) and Bollinger Bands were 0.01 per cent narrower than normal. and Bollinger Bands were 1 per cent narrower than normal. BAFL is currently 9.9 per cent above its 200-day moving average and is NBP is currently 5.3 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is relatively normal as compared to the 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 BAFL (mildly bullish). Trend forecasting oscillators are currently bullish on BAFL. Momentum oscillator is cur- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast-
currently indicating that INDEX is currently in an overbought condition.
rently indicating that BAFL is currently in an overbought condition.
Index will continue to find its 1st support level at 11,547.85 and 2nd support level at 11,475.50. KSE 100 INDEX is currently 14.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend fore-
Brokerage House AKD Securities Ltd
Fair Value
Rs Recommendations
59.97
Buy Positive
TFD Research
74.2
Brokerage House
Rs Recommendations
*Arif Habib Ltd
317.2
Buy
*Arif Habib Ltd
AKD Securities Ltd
296.6
Buy
AKD Securities Ltd
Neutral
TFD Research
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.13 60.42 50.20 50.90
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
281.35
Brokerage House
175.80 10,354.62 85.97 59.13
* 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)
73.97 276.98 240.26 235.25
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 31,464.63 278.20 289.25
* Target price for Dec-10 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
83.52 35.40 30.01 29.79
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,975.76 22.88 36.51
* Target price for Dec-10 & **Net Open Interest in future market FFBL closed up 0.37 at 36.63. Volume was 152 per cent above average (trending) and Bollinger Bands were 27 per cent wider than normal. FFBL is currently 23.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently
ing that POL is currently in an overbought condition.
65.85
64.60
63.30
63.65
63.15
Arif Habib Corp
40.01
23.65
23.35
24.30
24.65
24.00
Arif Habib Limited
36.30
24.85
24.60
25.40
25.75
25.15
Adamjee Insurance
67.24
83.20
82.10
85.10
85.90
84.00
Askari Bank
63.88
16.60
16.40
17.00
17.20
16.80
Azgard Nine
38.46
9.95
9.80
10.30
10.50
10.15
Attock Petroleum
56.90
324.15
322.70
327.00 328.40 325.55
Attock Refinery
52.52
117.55
115.50
120.85 122.05 118.75
Bank Alfalah
75.83
10.40
9.90
BankIslami Pak
38.55
2.90
2.70
3.35
3.65
3.20
Bank Of Punjab
61.16
9.95
9.70
10.35
10.55
10.10
Dewan Cement
79.40
2.60
2.45
3.00
3.25
2.85
DGK Cement
59.52
30.25
29.85
31.05
31.40
30.65
Dewan Salman
82.70
3.40
3.15
4.10
4.50
Dost Steels Ltd
11.15
11.50
10.70
3.80
59.74
2.90
2.75
3.15
3.30
3.05
EFU General Insurance 45.94
43.65
43.30
44.60
45.20
44.25
EFU Life Assurance
54.63
79.65
79.20
81.05
81.95
80.55
Engro Chemical
58.90
184.95
183.80
Faysal Bank
51.02
14.70
14.55
Fauji Cement
45.02
4.80
4.75
4.95
5.05
4.90
Fauji Fert Bin
83.52
36.25
35.90
36.95
37.30
36.60
Fauji Fertilizer
75.40
114.80
112.95
Habib Bank Ltd
76.10
Hub Power
58.14
35.90
35.75
ICI Pakistan
67.50
138.00
137.50
139.00 139.50 138.50
Indus Motors
49.11
250.30
247.75
255.10 257.35 252.55
JOV and CO
50.44
3.85
3.70
4.15
4.30
Japan Power
65.55
1.85
1.75
2.00
2.10
JS Bank Ltd
45.07
2.50
2.45
2.65
2.70
2.55
Jah Siddiq Co
44.21
10.85
10.35
11.75
12.20
11.30
Kot Addu Power
52.64
39.90
39.80
40.05
40.10
39.95
KESC
88.01
2.85
2.55
3.35
3.55
3.05
Lotte Pakistan
76.05
13.10
12.80
13.55
13.80
13.30
Lucky Cement
50.74
74.45
74.05
75.20
75.55
74.80
MCB Bank Ltd
67.81
217.10
215.95
Maple Leaf Cement
57.22
2.90
2.75
3.10
3.15
2.95
National Bank
65.44
70.05
69.10
71.70
72.45
70.75
Nishat (Chunian)
45.13
21.15
20.75
22.05
22.45
21.60
Netsol Technologies
44.86
18.35
17.95
19.25
19.75
18.85
NIB Bank
59.36
2.95
2.85
3.10
3.15
Nimir Ind.Chemical
72.09
1.75
1.65
1.95
2.05
1.85
59.70
60.50
59.05
114.65
111.80
187.50 189.00 186.40 15.00
15.15
14.85
117.70 118.75 115.85 119.60 121.80 116.80 36.30
36.55
36.15
4.00 1.90
219.70 221.15 218.55
3.00
56.13
58.25
57.65
Buy
AKD Securities Ltd
122.1
Accumulate
Oil & Gas Dev. XD
71.52
167.45
166.75
Positive
TFD Research
PACE (Pakistan) Limited 63.57
2.90
2.65
3.20
3.35
3.00
Pervez Ahmed Sec
55.56
2.20
2.15
2.35
2.40
2.30
PIAC (A)
63.96
2.35
2.25
2.50
2.55
2.40
Pioneer Cement
42.15
7.05
6.95
7.15
7.25
7.10
Pak Oilfields
73.97
287.30
283.10
294.55 297.60 290.35
Pak Petroleum
69.44
206.85
205.60
209.65 211.20 208.40
Pak Suzuki
29.25
69.35
68.90
PSO XD
54.73
283.40
282.50
PTCLA
49.10
19.15
19.05
Shell Pakistan
53.00
197.75
197.00
Sui North Gas
32.51
26.75
26.50
27.40
27.85
27.15
Sitara Peroxide
58.29
13.40
13.30
13.60
13.70
13.50
Sui South Gas
29.36
20.05
19.80
20.60
20.85
20.30
Telecard
64.68
2.45
2.35
2.60
2.70
TRG Pakistan
39.48
3.75
3.65
3.95
4.10
3.85
United Bank Ltd
76.18
63.70
63.35
64.45
64.85
64.10
WorldCall Tele
77.95
3.00
2.75
3.30
3.45
3.10
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
114.33
Neutral
Technical Outlook 131.09 24,390.17 77.80 186.58
* Target price for Dec-10 & **Net Open Interest in future market
casting oscillators are currently bullish on ENGRO.
65.15
62.70
Nishat Mills
average and Bollinger Bands were 10 per cent narrower than normal. POL is currently 23.9 per cent above its 200-day moving average and is ENGRO is currently 0.9 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 relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect modthe average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillaerate flows of volume into NML (mildly bullish). Trend forecasting oscilla- tors are currently bullish on POL. Momentum oscillator is currently indicat- reflect moderate flows of volume into ENGRO (mildly bullish). Trend foretors are currently bullish on NML.
63.35
62.85
Buy
Leverage Position
NML is currently 15.7 per cent above its 200-day moving average and is
63.90
50.64
127.8
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
75.40 113.95 108.39 108.47
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 43,517.67 2.86 115.75
* Target price for Dec-10 & **Net Open Interest in future market
NML closed down -0.43 at 58.90. Volume was 9 per cent below average POL closed up 5.56 at 291.51. Volume was 121 per cent above average ENGRO closed down -1.02 at 186.05. Volume was 55 per cent above FFC closed up 1.14 at 116.61. Volume was 145 per cent above average and Bollinger Bands were 35 per cent wider than normal.
79.40
Attock Cement
*Arif Habib Ltd
238.8
and Bollinger Bands were 82 per cent wider than normal.
Allied Bank Limited
Rs Recommendations
Sell
Brokerage House
1st 2nd Pivot Resistance 3.60 3.65 3.50
Fair Value
176
58.90 185.91 179.37 184.38
Negative
Fauji Fertiliser Co
Rs Recommendations
Technical Analysis
Accumulate
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Technical Outlook
Leverage Position
Sell
indicating that FFBL is currently in an overbought condition.
Fair Value
208.75
34.7 32.06 29.1
Engro Corporation
Fair Value
Technical Outlook Technical Analysis
ing oscillators are currently bullish on NBP.
Pakistan Oilfields Ltd
Nishat Mills Ltd
Rs Recommendations
Technical Outlook
Leverage Position
65.44 68.60 66.25 69.64
Fair Value
TFD Research
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
Fair Value
TFD Research
Technical Outlook
11,612.35
mal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
13
AKD Securities Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 51.07 points at 11,620.16. Volume was 100 per MA (100-day) cent above average and Bollinger Bands were 22 per cent wider than nor- MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 61.19 3.40 3.30
and Bollinger Bands were 34 per cent wider than normal. FFC is currently 7.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFC (bullish). Trend forecasting oscillators are currently bullish on FFC. Momentum oscillator is currently indicating that FFC is currently in an overbought condition.
169.10 170.05 168.40
70.65
71.50
70.20
285.80 287.30 284.90 19.40
19.50
19.25
199.50 200.50 198.75
2.50
8
Saturday, December 11, 2010
No more films for Akshaye Khanna
T
hough he has two of the biggest releases lined up this year but Akshaye Khanna instead of signing more films has decided to put all his future projects on hold. The reason? Well Akshaye wants to see the outcome of his films No Problem and Tees Maar Khan before he decides on his next project. Says he, "I have decided not to sign any more films till the fate of my current films is not decided. I think I have got some of the best films under my belt this year and I would rather wait for the verdict they get before thinking of signing more films." Not only that. Ask him about his image as a serious actor who is now on a comic spree, Akshaye clarifies, "I think this is purely because cinema is driven by the taste of the audiences. If you look at some of the big hits in the last few years, they have mostly been comedy films. This is one of the reasons why I am also doing such films. At the same time, doing such films has its own charm and I love every bit of it." Though Akshaye might be back on the scene, but will his current films add to his career is something that remains to be seen.
Filmmaker Manish dies in a road accident MUMBAI: Indian Bollywood stars Akshay Kumar and Katrina Kaif pose for the promotion of their Hindi film 'Tees Maar Khan' directed by Farah Khan during the Beach Party.
Abhishek-Aishwarya spice up Khelein Hum premiere
A
bhishek Bachchan, along with wife Aishwarya Rai and director Ashutosh Gowarikar, attended a special screening of his recently-released film Khelein Hum Jee Jaan Sey (KHJJS) here on Sunday evening. Prior to the screening, the cast interacted with winners of ITC Fiama Di Wills Facebook contest organized to promote the film. Speaking to the media, Gowarikar said, "I am very much pleased to see the response here. My film is completely based on Manini Chatterjee's book 'Do or Die' "As to my imagination, Abhishek resembled the persona of Master Da (Surjyo Sen). We don't have any footage or pictures of Master Da. So I
imagined his body language and matched it with Abhishek. And the outcome is in front of you all. In short, the core of this film is the young generation who took revolution to the zenith". Junior Bachchan sounded very excited on his new on-screen avatar of a freedom fighter. "Surjyo Sen is a natural hero. But such a great name has almost been forgotten. 64 people showed resistance to the British rule, of which 55 were merely boys," said Abhishek. "Master Da is an iconic figure and each and every one should know his fight to independence. So to me, Ashutosh has completely done justice by making a film on such a legend," he added.
Y
oung filmmaker Manish Acharya, who rose to fame with his first film Loins of Punjab Presents, died in a road accident. Manish was also associated with Hrithik Roshan's Luck By Chance (directed by Zoya Akhtar) and Sita Sings the Blues. The talented writer, actor had done his MFA in Film Directing from the NYU Tisch School of the Arts. One of his last posts on Twitter said: "Matheran... Here I come." Bollywood actor Hrithik Roshan wrote in his tweet: "Its sad to hear about Manish Acharya... RIP." After Sourabh Usha Narang and Pankaj Advani, Manish is the third young filmmaker who has died this year.
Third Narnia film doesnt bode well for franchise
A
fter slipping badly with the second installment two years ago, the "Narnia" franchise does a fullon belly flop with this third and, at this rate, one can only hope final entry in the film series based on C.S. Lewis' beloved children's books. Perfunctory perfectly describes every aspect of "The Chronicles of Narnia: The Voyage of the Dawn Treader," from the by-the-numbers script and lackluster direction to uniformly uninspired performances. The lure of 3D no doubt will spike box-office takings in the short term. But Disney saw the writing on the wall and decamped after global grosses dropped, first to second film, from $745 million to $420 million, the latter a figure Fox no doubt would be relieved to achieve given the yawny nature of this journey. It's even possible that Lewis purists might be annoyed with this adaptation, given the extensive liberties that have been taken to alleviate the repetitiveness of the odyssey and to provide more excuses for elaborate and varied visual effects. But to a series convert or not, the single flaw in the storytelling here is that everything that happens seems entirely arbitrary; characters come and
go and make decisions for no evident reasons, platitudes rather than credible motivations are provided for behavior, and no scenes are built up to or developed for more than a moment. The result is a film far choppier than the seas traversed by the titular vessel, a dragon-headed craft so spiffy and freshly painted that it could be installed in a theme park tomorrow. What is arguably the best visual effect comes very near the outset. With their two older siblings, Peter and Susan, having graduated from Narnia duty, Edmund and Lucy Pevensie (Skandar Keynes, Georgie Henley) and their bratty pubescent cousin, Eustace (Will Poulter), peer at a painting of the ship and suddenly are inundated with water, which conveys them to their magical world. Conveniently picked up by Caspian (Ben Barnes, returning from the most recent film), the kids learn that, unlike England, which is in the thick of World War II, Narnia is currently at peace. But that state of affairs won't do for a swashbuckling adventure, so a distant threat is conjured that requires them to visit several islands, gather the seven swords of the missing Lords of Telmar and place them on the lion Aslan's dinner table so all will not be lost.
Court issues warrant against Sanjay
A
n Indian local court Thursday issued a bailable warrant of Rs 10,000 against Bollywood star Sanjay Dutt after he failed to appear in a case pertaining to allegedly derogatory remarks he made against Uttar Pradesh Chief Minister Mayawati. During an election rally for the Lok Sabha polls last year, Dutt, then the general secretary of Samajwadi Party, had allegedly made derogatory remarks against Mayawati. He had offered to give the Bahujan Samajwadi Party chief, a "jadoo ki jhappi" (a magical hug) and a "pappi" (kiss) on two different occasions. Additional Chief Judicial Magistrate Arvind Mishra while issuing the bailable warrant against Dutt today, asked Mumbai police commissioner
to serve the same to the star, prosecution sources said. The court has fixed January 15 as the next date of hearing, they added. After the 2009 incident, the then district magistrate had lodged an FIR against Dutt and a chargesheet was filed by police after investigation.
Indian films need stronger screenplays: Boman
I
ndian film writers need to strengthen their screenplay writing abilities, versatile comedy actor Boman Irani said at the International Film Festival of India (IFFI). He said a theme based plot, sub text driven and focused screenplay writing with contemporary consciousness would help make Indian cinema strong in its appeal. Interacting with mediapersons at IFFI, the actor Irani stressed on the need to work more in imparting training to the talented lot of story writers for films in all the shades of Indian cinema. We are good writers but we should good become good screen writers, he said. Irani who created waves through his acting in MUNNABHAI MBBS, 3 IDIOTS, KHOSLA KA GHOSLA and other films while paying tributes to the famous comedy actors like Mehmood, Asrani, Kishore Kumar, Charlie Chaplin, Jagdeep etc said comedy is an integral part of film making. He said comedy evolves from real life situations and uneasiness makes him create comedy for disseminating message of peoples' pain and problems. He noted director Raju Hirani for being an excellent editor who shoots his films in such a manner that in Munnabhai MBBS not a single shot that was recorded was wasted indicating his excellent control over direction. The entire film is ready in Hirani's mind before he starts shooting it and hence the film can be shot in very less time, Irani added. Boman Irani who started his career as a sports photographer said he has received several offers from Hollywood but he is not accepting any of them as he did not find enough challenge in them. His forthcoming projects include Mirch, Game, Bandha Hai Bindass, Don 2, Short Term Shaadi, Ferrari Ki Sawari, said Irani.
GIMA: Historic step for Indian music industry T
he Indian music fraternity came out in impressive strength for its first-ever multi-genre awards ceremony, the 2010 Chevrolet Global Indian Music Awards (GIMA). The historic event was held at Yash Raj Studios in Mumbai and though it commenced some 75 minutes late, the show rocked in general and was conducted with the decorum befitting a music show. Compered by the witty Sajid Khan with Dia Mirza and some inputs from Shreyas Talpade posing as a sham lyricist and composer, the show began with the lighting of the traditional lamp by veteran composers Ravi and Pyarelal, lyricist Javed Akhtar, singer Alka Yagnik, Vijay Lazarus of the Indian Music Industry and Bhushan Kumar. It was touching to watch Pyarelal hand over his candle to his senior Ravi so that the veteran was the first to light the lamp. This was preceded by a prelude speech by Wizcraft International Director Sabbas Joseph, who stated, “GIMA is truly history in the making for the music fraternity. After this, the Goodwill Ambassador for GIMA, Asha
Bhosle, was introduced, and she belted out the Jalees Sherwani-written, Nitin Shankar-composed Sufirock ditty Rab raakha, a song specially created for the occasion. Asha added that the GIMA was historic because it recognised great songs that were lost only because they
were not created for films. She pointed out that non-film artistes actually created music without song situations. Twenty-nine awards under the film, non-film (which included
Classical, Semi-Classical, Devotional, Fusion) and technical categories were presented, including the Outstanding Contribution by an Indian on the Global Stage that was bestowed upon Pt. Ravi Shankar. In a special A-V, the maestro thanked GIMA, apologised for his absence
first-ever non-film award along with sister Usha Mangeshkar for Hanuman Chalisa. Said Lata, “No LTA awardee should ever feel that such an award is the end of one’s journey!” A.R.Rahman flew in specially to hand over the LTA (along with Asha
were the Wizcraft Honour for the Best Live Performers (Female and Male) that were given to Sunidhi Chauhan and Sonu Nigaam respectively, the Red FM Most Popular Song on Radio Award for All izz well from 3 Idiots and the Hindustan Times Readers’ Choice Singer Of
and wished them all the best. The highlight of the evening was the awarding of the Chevrolet GIMA Lifetime Achievement Award (LTA) to Bharat Ratna Lata Mangeshkar, who on that day had also won her
Bhosle) to the Nightingale of India. The award was preceded by a brief A-V and a superb ‘live’ tribute by current composers: Shankar Mahadevan sang her Shor classic Ek pyar ka naghma hai with Uttam Singh, Loy Mendonca, Raju Singh, Salim Merchant, Sulaiman Merchant and Shantanu Moitra as a ‘live’ orchestra. Among the other special awards
The Year for Kavita Seth, who collected three trophies that night (for Best Film Song and Best Female Playback Singer as well). Sonu Niigaam’s spoofy tribute to five composers — Shankar Mahadevan, Adnan Sami, A.R.Rahman, Himesh Reshammiya and Pritam — in a hilarious livecum-audiovisual musical skit brought down the house. Salman
Khan, Saif Ali Khan and Kareena Kapoor performed medleys. Some of the key winners were Best Music Debutant (Non-Film) Tulsi Kumar for Radhe shyam from the album Love Ho Jaaye, Best Popular Music Album for Kailash Kher for Chaandan Mein, Best Fusion Album for Dr. L. Subramaniam, Michael Kohler, Bindu Subramaniam and Kavita Krishnamurty Subramaniam for Live At Neues Gewandhaus, Leipzig, Germany, Best Carnatic Classical Album - Vocal for Ganesh and Kumaresh for Aksharam, Best Carnatic Classical Album Instrumental for Dr. L. Subramaniam and Ambi Subramaniam for Violin Maestros, Best Hindustani Classical Album Vocal to Ustad Rashid Khan for Reflection (he also won for Best Semi-Classical Album for Kabir), Best Hindustani Classical Album Instrumental for Pt. Shivkumar Sharma and Pt. Hari Prasad Chaurasia for Silsila Suron Ka, Best Music - Film for Vishal Bhardwaj for Kaminey, Best Lyricist to Swanand Kirkire for Behti hawa sa from 3 Idiots and Best Film Album to 3 Idiots. Courtsey: Indian Express
9
Saturday, December 11, 2010
Crude oil falls to $88 on Europe, China rate woes
European vegetable oil prices
IEA lifts global oil demand forecast, OPEC more cautious LONDON: Oil reversed earlier gains on Friday to trade 0.5 per cent down after the dollar rose on renewed European debt woes, and fears about a Chinese rate hike offset the positive momentum from strong imports data. "The market just continues to struggle in the high $80s. The Chinese rise in November imports and exports is supportive but being offset by the China Central bank raising reserves as well as the potential for an interest rate hike over the weekend," said Tom Bentz, broker at BNP Paribas Commodity Futures Inc in New York. US crude for January fell by 54 cents to $87.82 a barrel at 1525 GMT, after being up by around 50 cents earlier on Friday and having hit a 26month high of $90.76 on Tuesday. ICE Brent lost 47 cents to $90.52. Imports by China, the world's second-largest crude user, jumped 22.1 per cent last month from a year earlier to
5.09 million barrels per day (bpd), the fourth highest monthly average on record, data showed on Friday. "In terms of the dynamic of China, I believe the data, the policy and the road map for reform is suggesting further sustainable strong demand," said Geoff Howie, sales and markets strategist at MF
India sugar extends gains
US cotton limit-up before USDA report
MUMBAI: India's spot sugar extended the previous session's gains on Friday after millers raised prices hoping the government will allow exports of the sweetener before this month-end, dealers said. "Mills were not interested in selling sugar at a lower price. They were expecting prices to move up significantly once the government allows exports," said a dealer based at Vashi spot market near Mumbai. 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 rose by 1.03 per cent to 2,829 rupees ($62.7) per 100 kg, while at the Vashi spot market, it rose by 1.7 per cent. 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
Global in Singapore. "We are still bullish. Asia is driving the price higher." Two of the world's most influential oil forecasters -OPEC and the IEA - gave sharply different outlooks for 2011 on Friday, as the consumer's watchdog anticipated robust demand and producer group OPEC said supply was plentiful. The IEA, an adviser to 28 industrialised countries, said in a monthly report world oil
NEW YORK: US cotton futures finished up by their daily limit on Thursday on investor buying spurred partly by strong export sales and talk that Indian cotton exports may fall short of trade expectations, brokers said. The benchmark March cotton contract on ICE Futures US rose by the 4.00-cent limit to finish at $1.3595 per lb, with the session low at $1.2967. Trading volume hit 13,340 lots, about two-thirds below the 30-day average of 35,361 lots, Thomson Reuters preliminary data showed. That would be the lowest daily volume since Oct. 6. Cotton is the second-bestperforming commodity in the Reuters-Jefferies commodity index so far in 2010, up nearly 70 per cent in the year to date. Mike Stevens, an independent analyst in Mandeville, Louisiana, said cotton futures
demand will be higher than expected next year and until 2015, increasing the need for crude from the OPEC producer group. It lifted its 2011 oil demand growth forecast by 130,000 barrels per day (bpd) to 1.32 million bpd. The OPEC forecast 2011 global oil demand growth w o u l d increase to 1.18 million barrels per day, only 10,000 bpd more than predicted in last month's report making the case for no change in supply policy when it meets on Saturday in Quito. OPEC said it wanted an improvement in oil market fundamentals before increasing crude supplies, even if prices go to $100 a barrel. "If it goes to $100 due to speculation, OPEC will not move," OPEC Secretary General Abdullah al-Badri said in Quito, Ecuador, where the group will meet on Saturday. Reuters
climbed in part on technical buying by investors as the key March contract needed to fill a gap the expired December contract left behind at $1.38. Fundamentally, the market received a boost from a report that India may miss its cotton export estimate of 5.5 million bales as well as a strong showing for US cotton in weekly export sales data from the US Agriculture Department. US cotton exports stood at 436,600 running bales (RBs, 500 lbs each), above trade forecasts ranging from 300,000 to 400,000 RBs. The trade will now turn its focus to the USDA's monthly supply/demand report, particularly its cotton estimates for China, Pakistan and India. Chinese cotton prices trickled lower, with the May cotton futures last done at 26,570 yuan per tonne, down 385 yuan on the day. -Reuters
Copper near record high after China data LONDON: Copper rose near record highs on Friday on concerns about tight supplies and after strong Chinese import data boosted the demand outlook, but the metal pared gains as a rising dollar deterred nonUS buyers. Investors fretting about China's monetary policy and demand outlook took comfort when the country announced a milder-than-expected form of monetary tightening. The market also eyed the launch of physically-backed base metal exchange traded products (ETPs), which some believe could exacerbate price volatility and market tightness. Three-month copper on the London Metal Exchange closed at $8,980 a tonne from $8,940 at the close on Thursday. The metal used in power and construction rose to $9,031 a tonne after data showed US consumer sentiment rose more than expected in early December, bolstering the demand outlook.
But a rising US dollar, making metals costlier for non-US investors, pulled copper off the day's high of $9,071.50, just near Thursday's record high of $9,091.
Shanghai copper edges up Shanghai copper edged higher to 67,320 yuan, having recovered from 66,290 yuan early in the day. Copper rose for a second week running, up 2.8 per cent. China's imports of copper rose 28.5 per cent to 351,597 tonnes in November from 273,511 tonnes in the previous month, data showed on Friday. China's imports of copper rose 28.5 per cent to 351,597 tonnes in November, after a slump in October. China's central bank on
Friday increased the amount of money that lenders must keep on reserve for the third time in a month, a move to curb inflation. Concerns about an interest rate rise in China have recently fanned worries about demand from the world's top copper consumer. The decision to raise banks' required reserves rather than interest rates means authorities have opted for a milder form of monetary tightening for the time being, suggesting they believe they are still well able to control price pressures. UK-based ETF Securities launched physically backed copper, tin and nickel exchange-traded products on Friday, giving investors access to real metal rather than derivatives such as futures. See # 6 Page 11
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 09 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 09 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
2275 2285 2240 2250 2195 2205 2195 2205
2345 2350 2361 2362 2418 2423 2452 2457
9041 2367 9041.5 2367.5 9010 2385 9011 2393 8720 2348 8730 2353 8295 2305 8305 2310
23750 23755 23860 23875 23350 23450 22700 22800
TIN
25750 25775 25675 25700 25275 25325
ZINC NASAAC
2260 2261 2267 2268 2302 2307 2277 2282
2250 2260 2275 2285 2290 2300 2345 2355
MANILA - PHILIPPINE: A customer buys vegetables at a market in Manila. -Agencies
Cocoa slips as supply fears ease LONDON: Cocoa extended losses on Friday after US data showed its trade deficit narrowed much more than expected and caused the dollar to rise, and as fears over supplies from Ivory Coast eased despite a disputed election. Sugar and arabica coffee futures reversed earlier gains as the dollar strengthened. Sugar was underpinned by nagging uncertainties over how much of the sweetener India will export in 2010/11 to ease potential bottlenecks. March cocoa futures on ICE extended losses to stand down $92 or 3 per cent at $2,918 a tonne at 1524 GMT, while Liffe March cocoa fell 66 pounds or 3.3 per cent to 1,926 pounds per tonne in reasonable volume of 14,335 lots. ICE raw sugar fell under pressure from the stronger dollar, and was underpinned by expectations of tight supplies and uncertainties over how much sugar India, the world's number 2 producer after Brazil, will export in 2010/11. ICE March raw sugar was down 0.42 cent or 1.5 per cent at 28.29 cents a lb at 1527 GMT. Liffe March white sugar reversed early gains and was down $6.20 or 0.9 per cent at $721.00 per tonne in thin volume of 1,301 lots. ABN AMRO/VM Group on Friday forecast a global sugar deficit of 2.99 million tonnes for 2010/11 (OctoberSeptember), compared with its previous forecast for a surplus of 1.2 million tonnes. Consultancy Kingsman SA on Friday revised its 2010/11 (AprilMarch) global sugar balance to show a deficit to 370,000 tonnes after previously projecting a surplus of 3.52 million tonnes. Continuing uncertainties over India's plans on sugar exports, helped push sugar futures prices higher, dealers said. ICE arabica futures reversed early gains as the dollar strengthened, with losses limited by tight supplies of highquality beans. ICE March arabicas were down 0.15 cent or 0.1 per cent at $2.0440 per lb at 1529 GMT, while Liffe March robusta coffee futures were down $8 or 0.4 per cent at $1,896 a tonne in modest turnover of 2,431 lots. -Reuters
Gold dips on China bank move, US data LONDON: Gold fell to session lows on Friday after China raised bank reserve requirements while US data showed its trade deficit narrowed much more than expected as exports rose. Spot gold was at $1,379.70 an ounce at 1420 GMT, from $1,387.39 late in New York on Thursday. It earlier hit a session low at $1,377.10, down from a
There has been an underlying shift to gold as an alternative currency with both the dollar and euro weak, and lack of confidence in global banking and so gold remains in demand," said one London trader. The trader saw key support at $1,365 with a close or fix below $1,360 potentially triggering heavy sales. "But I think a retest of
record high at $1,430.95 touched on Tuesday. "It's a mixture of the (US) data but more importantly the Chinese news that came out," said Afshin Nabavi, head of trading at MKS Finance in Geneva. "But at the end of the day we are still holding up to the same range seen earlier this week. "We are getting close to the year end and there will also be some liquidation. It looks like some of the longs are taking advantage of the rallies." Ireland's debt continued to grab attention from investors, as Fitch downgraded the country's rating and the opposition party said it would vote against a bailout package. "It's obviously been another roller-coaster week.
highs is likely," he added. US gold futures were lower at $1,381.10. Holdings in the SPDR Gold Trust, the world's largest goldbacked exchange-traded fund, had been trending down in the past week. It declined 1.518 tonnes to 1,293.778 tonnes by Dec. 9 from the previous day. In comparison, holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, stayed at the record level of 10,941.34 tonnes. Spot silver pared early gains to steady at $28.40 an ounce, against a $28.70 close. In other metals, platinum was at $1,673.99 against $1,675.99 while palladium was at $733.22 as against $735.97. -Reuters
Palm up on stock draw, weather woes KUALA LUMPUR: Malaysian crude palm oil rose on Friday on a larger than expected stock draw, fuelling concerns the monsoon season will slash output further. Palm oil marked its second straight week of gains despite exports falling sharply in the first ten days of December after consumers switched to competing soyoil that does not solidify in colder weather. "Palm oil could rally further as we are in a weather market and that may prompt buyers later on to stock up in the case of a supply squeeze," said a trader with a foreign commodities brokerage. The benchmark Feb 2011 crude palm oil on the Bursa Malaysia Derivatives Exchange
ended up nearly 1 per cent at 3,633 ringgit ($1,156), edging closer to a 29-month high hit the day before. Traded volumes more than doubled to 23,408 lots of 25 tonnes each from the usual 10,000 lots. Palm oil, which has gained 36 per cent this year, has been drawing support on expectations of heavier rains disrupting the harvest of oil palm fruits and triggering floods in Malaysian estates. Other vegetable oil markets eased ahead of key US crop report expected to reflect tight supplies and strong Chinese food demand. US soyoil for December delivery slipped 0.2 per cent and the most active September 2011 soyoil contract on China's Dalian Commodity Exchange fell 0.2 per cent. -Reuters
ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 992.00+3.00, Mar11/Apr11 995.00+3.00, May11/Jul11 996.00+3.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1045.00+10.00, May11/Jul11 1035.00+5.00, Aug11/Oct11 970.00+5.00, Nov11/Jan12 975.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1445.00+5.00, Feb11/Mar11 1435.00+15.00, Apr11/Jun11 1395.00+0.00, Jul11/Sep11 1415.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1335.00+2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1220.00+10.00, Jan11 1225.00+10.00, Feb11/Mar11 1207.50+2.50, Apr11/Jun11 1185.00+5.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11 1135.00, Feb11/Mar11 1130.00. PALMOIL: RBD dlrs tonne fob Malaysia Jan11 1190.00, Feb11/Mar11 1185.00+5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11 1200.00, Feb11/Mar11 1195.00+5.00, Apr11/Jun11 1160.00-2.50, Jul11/Sep11 1137.50-5.00. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1150.00, Jan11 1150.00+5.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1020.0010.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1675.00+35.00, Jan11/Feb11 1670.00+30.00, Feb11/Mar11 1670.00+30.00, Mar11/Apr11 1665.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
Tokyo rubber hits 30-yr peak SINGAPORE: Tokyo rubber futures matched a 30-year high on Friday on tight physical supply but dealers avoided aggressive buying ahead of important economic data from top consumer China at the weekend, which could set the tone for the market. The most active Tokyo Commodity Exchange rubber contract for May delivery settled 1.6 yen a kg higher at 381.9 yen. It hit an intraday high of 383 yen, matching a 30year peak struck in November. The most active Shanghai rubber futures for May delivery ended 2.1 per cent higher at 33,805 yuan a tonne from Thursday's close of 33,100 yuan on short covering before the release of Chinese economic data. China imported 1.68 million tonnes of natural rubber from January to November 2010, an increase of 9.9 per cent from the same period last year, according to preliminary data. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.9 per cent from a week earlier, the exchange said on Friday. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
10-Dec-2010 CRUDE100 10-Dec-2010 CRUDE100 10-Dec-2010 CRUDE100 10-Dec-2010 SILVER - SL500 10-Dec-2010 SILVER - SL500 10-Dec-2010 GOLD 01oz 10-Dec-2010 GOLD 01oz 10-Dec-2010 GOLD 01oz 10-Dec-2010 GOLD 100oz 10-Dec-2010 GOLD 100oz 10-Dec-2010 GOLD 100oz 10-Dec-2010 GOLD 10-Dec-2010 GOLD 10-Dec-2010 GOLD 10-Dec-2010 KILOGOLD 10-Dec-2010 KILOGOLD 10-Dec-2010 TOLAGOLD50 10-Dec-2010 TOLAGOLD100 10-Dec-2010 MINIGOLD 10-Dec-2010 MINIGOLD 10-Dec-2010 MINIGOLD 10-Dec-2010 MINIGOLD 10-Dec-2010 MINIGOLD 10-Dec-2010 TOLAGOLD 10-Dec-2010 TOLAGOLD 10-Dec-2010 TOLAGOLD 10-Dec-2010 TOLAGOLD 10-Dec-2010 TOLAGOLD 10-Dec-2010 IRRI6W 10-Dec-2010 RICEIRRI - 6 10-Dec-2010 RBD PALMOLEIN 10-Dec-2010 KIBOR3M 10-Dec-2010 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 16DE10 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
88.50 89.12 89.37 28.56 28.51 1384.00 1384.60 1385.00 1384.00 1384.40 1385.50 38281.00 38161.00 38153.00 38100.00 38111.00 44451.00 44451.00 39177.00 39218.00 39232.00 39246.00 39163.00 45250.00 45162.00 45094.00 45000.00 45245.00 2402.00 3307.00 4910.00 86.54 85.52
89.00 89.47 89.68 29.00 28.74 1394.50 1395.00 1396.00 1388.50 1393.00 1389.00 38390.00 38325.00 38332.00 38279.00 38279.00 44660.00 44660.00 39344.00 39386.00 39400.00 39414.00 39428.00 45250.00 45274.00 45290.00 45305.00 45321.00 2402.00 3307.00 4910.00 86.54 86.01
87.78 88.36 89.37 28.50 28.51 1382.00 1382.50 1384.30 1384.00 1384.40 1385.50 38116.00 38138.00 38153.00 38100.00 38111.00 44451.00 44451.00 39177.00 39218.00 39232.00 39246.00 39163.00 45030.00 45078.00 45094.00 45000.00 45014.00 3300.00 3306.00 4909.00 86.52 85.52
88.73 89.25 89.68 28.73 28.74 1388.50 1389.00 1390.00 1388.50 1389.00 1389.00 38306.00 38317.00 38332.00 38279.00 38279.00 44660.00 44660.00 39344.00 39386.00 39400.00 39414.00 39428.00 45226.00 45274.00 45290.00 45305.00 45321.00 3307.00 3306.00 4909.00 86.52 86.01
Traded Volume in lots 135 77 133 1,042 1,435 2,571 27 25 13 2 13 2 4 -
Previous Settlement Price 88.48 88.97 89.41 28.91 28.92 1389.90 1390.40 1391.40 1389.90 1390.40 1391.40 38314.00 38325.00 38340.00 38287.00 38298.00 44670.00 44670.00 39352.00 39394.00 39408.00 39422.00 39436.00 45235.00 45283.00 45299.00 45315.00 45331.00 3300.00 3307.00 4910.00 86.54 85.99
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 88.73 85 89.25 27 89.68 28.73 41 28.74 1388.50 792 1389.00 812 1390.00 747 1388.50 1389.00 5 1390.00 38306.00 8 38317.00 36 38332.00 38279.00 38290.00 44660.00 44660.00 39344.00 39386.00 39400.00 39414.00 39428.00 45226.00 2 45274.00 16 45290.00 4 45305.00 2 45321.00 4 3307.00 3306.00 4909.00 86.52 86.01 -
Casiraghi of Monaco clears a jump during Jockey Club jumping tournament in Geneva
10
Saturday, December 11, 2010
Clijsters eyes Olympics match-up with Henin ANTWERP: Three-times grand slam winner Kim Clijsters will mark the end of her glittering career by teaming up with arch-rival Justine Henin for Belgium at the 2012 London Olympics. Former world number one Henin and current world number three Clijsters, who have 10 grand slam titles between them, have only teamed up once before in the Fed Cup. They have not always got on but before a friendly exhibition match on Thursday the pair spoke about the possible match-up. "It would be nice of course to do it for the Olympic Games, because I tell myself that that year might be my last full season. So it would be nice to end that season in style," said Clijsters, who has won the U.S Open two years running since returning from a twoyear break from the game to start a family.-Reuters
Man United charged for Arsenal fixture M A N C H E S T E R : Manchester United defender Rio Ferdinand has shaken off a tight hamstring and will be fit for Monday's top-of-the-table meeting with Arsenal, manager Alex Ferguson said on Friday. United will also be boosted by the return of left back Patrice Evra and midfielder Paul Scholes for the visit of Premier League leaders Arsenal. "We're quite confident that everyone will be fit and it's good to have everyone available for such a massive game," Ferguson was quoted as saying on the club website (www.manutd.com). Ferdinand left the field just after halftime in Tuesday's 1-1 draw with Valencia in the Champions League with the hamstring problem, while Evra and Scholes did not feature at all in that match. United are second in the table with 31 point from 15 games, a point behind Arsenal who have played a game more.-Reuters
Barca sign huge sponsor deal BARCELONA: Barcelona have signed a 165 million euros (218 million dollars) shirt sponsorship deal with the non-profit Qatar Foundation, the Catalan club announced on Friday. The total value of the fiveand-a-half year deal could rise to 170 million euros, Barca said in a statement. The club will get 15 million euros for the second half of this season, 30 million euros for each of the following five seasons, and up to five million in bonuses for titles won. Barca will place the Qatar Foundation on their shirts alongside the existing logo for UN children's agency UNICEF, which they have sported for the five years while forgoing the riches of commercial sponsors. Qatar, the tiny energy-rich Gulf Arab country, was picked by FIFA on December 2 to host the 2022 World Cup. The Qatar Foundation was set up in 1995 by the Emir of Qatar, Sheikh Hamad bin Khalifa Al-Thani, to foster education, scientific research and community development in Qatar, the Middle East and beyond.-APP
India crushes Kiwis 5-0 in ODI series CHENNAI: Ravichandran Ashwin led a devastating spin attack as a second-string India thrashed New Zealand by eight wickets in the fifth and final one-day international Friday for a 5-0 series clean sweep. The off-spinner grabbed three wickets for 24 runs off eight overs to help the hosts bowl out New Zealand for 103 off 27 overs before India coasted to the target with almost 29 overs to spare. Part-time spinners Yuvraj Singh and Yusuf Pathan chipped in with two wickets apiece as New Zealand were bundled out for their lowest total in one-day internationals against India. For India, it was their second clean sweep at home since their 5-0 triumph over England in 2008. "It was fantastic to see our bowlers perform even after sealing the series 4-0," said Indian captain Gautam Gambhir. "I thought the wicket would turn in the second innings, but it started turning in the first over itself. I always felt we had the talent to win 5-0." Parthiv Patel (56 not out) struck his second half-century in a row and added 97 runs for
the third wicket with Yuvraj (42 not out) to guide India to a comfortable win in the daynight game at the Chidambaram Stadium in Chennai. New Zealand suffered their second series whitewash on the trot, having lost 4-0 to Bangladesh in a preceding one-day tournament. "It was an incredibly difficult wicket to bat," said captain Daniel Vettori. "We thought we would put up a decent score, but India bowled really well. When you continue to lose wickets, it takes the entire momentum away." India's chase was rocked by early setbacks with Gambhir and Virat Kohli being dismissed inside the first four overs. Gambhir edged Nathan McCullum behind the stumps off the third ball of the innings and Kohli was snapped up in the slips off captain and leftarm spinner Daniel Vettori. Patel, back in the Indian team after a six-year hiatus, survived some early jitters to hit six fours and a six in his 70ball knock. Yuvraj, named man-of-the-match, smashed six fours and two sixes off 46 balls.-APP
Terry urges to fortify Chelsea LONDON: Chelsea captain John Terry has questioned his team's desire and called on them to end the bad run threatening to derail their Premier League title defence. The champions have won just two of their last eight games in all competitions and slipped to third in the league table after earlier looking like they would run away with the championship. They make the short trip across London to Tottenham Hotspur on Sunday in the first of three consecutive games against fellow title contenders needing to stop the rot. "A couple of weeks ago we were seven points clear, 20 goals ahead of most teams and now we are trailing behind," Terry was quoted by local newspapers on Friday as saying. "So we need to go on a good run and now would be the perfect time with Tottenham, Man Utd and Arsenal coming up. It would be ideal for us. "They are obviously tough
games but we have big players here and hopefully they are prepared to rise to the challenge and put their neck on the line." Defender Terry denied there was a crisis at the London club, who have picked up just five points from the last 18 in the league in a run that is worrying manager Carlo Ancelotti. "When you go four or five years with that winning feeling, week after week and not suffering a blip like we have done in probably 11 years at the football club then it is obviously hard to take," Terry said. "At times, you are going to have to just do a lot better than the opposition, and at the minute, we are not wanting it as much as them." Chelsea have 30 points from 16 games and sit two points behind leaders Arsenal and one behind second-placed Manchester United who have a game in hand. Manchester City are fourth on 29, while fifthplaced Spurs have 26.Reuters
CHENNAI: Members of Indian cricket team pose with the trophy after winning their fifth one-day international cricket match and the series against New Zealand.-Reuters
Aussies need nothing but luck: Vaughan LONDON: Australia's thinktank seems to be bereft of ideas and only luck can save them from losing the ongoing Ashes series to an inspired English team, feels former England captain Michael Vaughan. "What plans they have had have been abandoned within a couple of overs. It is muddled thinking from one team while another, England, ploughs on with a clarity of purpose that will win them the Ashes," Vaughan wrote in a column for the 'Daily Telegraph'. "If you look at Australia's Test side you can tell they are thinking about their individual performances rather than the team. You can see players are looking over their shoulder and not playing as a collective unit. "England won a Test here without luck. It was down to pure skill but I look at Australia and think they will need an element of luck to beat us," he added. "They will need to win a good toss and everything fall their way because I do not see them beating us at the moment in these conditions." Australia are trailing 0-1 in the series after losing the second Test in Adelaide and Vaughan criticised Ricky Ponting's captaincy in the match.0online
31st National Games
Senator hails FATA, GB & AJK’s inclusion PESHAWAR: President Awami National Party Senator Afrasiyab Khattak on Friday hailed inclusion of FATA, Gilgit-Baltistan and Azad Jammu and Kashmir in the 31st National Games scheduled to be held here from Dec 25-31 and termed it a symbol of country's unity. Talking to APP on phone from Islamabad Senator Afrasiyab Khattak appreciated the organizing committee of the Games, Pakistan Olympic Association and Chief Minister Khyber Pakhtunkhwa Ameer Haider Khan Hoti who took a key decision of including
FATA, Gilgit-Baltistan and Azad Jammu and Kashmir. Afrasiyab Khattak said that it is the National Games and certainly it would highlight the way one should see. "We want to give the world the message of peace through these Games," he said. He also expressed great pleasure that the players of FATA, Gilgit-Baltistan and Azad Jammu and Kashmir would come up and show their skills in more organize manners. National Games is considered the activity of the whole of Pakistan and hopefully the new entrants would get an opportu-
nity to not only show their skills on a more broader way rather it will also give them chance to interact, socially, traditionally so that to develop brotherhood. He said as all know out of the total populations of FATA, 46 percent are youth so providing such like healthy opportunities to them would keep positive result for the longer run. He said, now the National Games would have representation of the whole country and to bring the youth at one platform would give them opportunity to learn from each other experiences, Afrasiyab Khattak added.-APP
Pak driver 4th at Dubai World Series LAHORE: Pakistani racing driver Adnan Sarwar raced to the second 4th place finish of his career at the Sodi World Series Masters Cup final race at the Dubai Autodrome on Friday. Qualifying and starting from 5th place, Adnan fell back to 8th after an incident in turn one but then climbed back up the grid overtaking 4 drivers to finish only 0.2 seconds behind 3rd place finisher Fabian Lunz of South Africa and ahead of drivers from Germany, Ireland and England among others. Home hero Rami Azzam from
UAE won the race with France inishing a close second. The last 10 laps of the race saw a fierce battle between South Africa and Pakistan with the two drivers trading places and overtaking each other for 3rd place with time running out in the end for Adnan with less than a car length preventing him from scoring the first international podium for Pakistan.The 2010 international racing season for Adnan comes to an end in an year that has seen a Pakistani finishing in top 5 positions in almost all races for the first time.The 2011 international
racing program will be announced next month. Adnan told APP from Dubai after the race "It was a great race and a lot of fun overtaking from 8th after the turn 1 incident. We were so close to bringing home our first international trophy and fell short by 0.2 seconds but that is all about racing. A wonderful result considering we have no race tracks in Pakistan and get no chance to practice when our competitors have the best facilities in the world available to them. Heartbreaking to lose 3rd place by such a small margin,� he said.-APP
Australia turns to Beer for third test MELBOURNE: Australia have shaken up their underperforming bowling attack and sprung a surprise by picking untried spinner Michael Beer in a revamped 12-man squad for the third Ashes test against England in Perth next week. Beer, who has taken just 16 first-class wickets at an average nudging 40 since making his debut two months ago, replaces fellow left-arm spinner Xavier Doherty, dropped after being flayed by England's bats in the second test in Adelaide. England lead the five-match series 1-0 after beating the hosts by an innings and 71 runs in Adelaide. "Michael Beer, I suppose, has come from nowhere but he's had a good start to the
domestic season, someone we were very interested in before the season started with," chairman of selectors Andrew Hilditch told reporters in Adelaide on Friday. "We had some really good feedback from our talent management system and people in WA (Western Australia). "He's got a few wickets against the Poms, he's a talented left-arm orthodox spinner and hopefully someone who can play a big role in our future." Beer, nicknamed "Frosty" by team mates, was floated as a possible pick this week by retired legspinner Shane Warne, who said the unheralded 26-year-old's local knowledge of Perth's WACA ground might be an asset despite only
five first-class appearances to his name. Beer will join retained pace-
struggling for fitness in the Adelaide heat. 'GREAT CHALLENGE'
men Peter Siddle and Ryan Harris in the attack, but Doug Bollinger was dropped after
Mitchell Johnson and Ben Hilfenhaus, both of whom were dropped following poor
performances in the first test in Brisbane, will vie for the last vacant bowling spot, underlining the paucity of Australia's back-up bowling options. Johnson, whose pace and swing is deadly on its day but horribly wayward when offkey, has spent the week in the nets with Australia's specialist bowling coaches as they frantically try to help the 29-yearold find his form. "Both Mitchell Johnson and Ben Hilfenhaus did not play in Adelaide but will be strongly considered for selection in the Perth test match where conditions will suit them," said Hilditch. All-rounder Steven Smith also replaces out-of-form number six Marcus North, who was widely expected to
be dropped after failing again at Adelaide. Phillip Hughes has replaced injured opening batsman Simon Katich and will face a big psychological test at Perth after he was bullied out of the side by England's quicks during Australia's losing Ashes series last year. Hilditch conceded the hosts had disappointed in the series to date and said the raft of changes were aimed at jumpstarting the stuttering team. "We're not playing well, we've been totally outplayed in all facets of the game so far, so we've got a lot to improve in all areas, but that's the great challenge. "We thought we needed to make changes to try to change the momentum of the series, really."-Reuters
US trade gap narrows more than expected in Oct NEW YORK: US economic data painted a picture of a firming recovery on Friday as consumer confidence rose to its highest level in six months and the country's trade deficit narrowed much more than expected. Consumer sentiment in December rose to its highest level since June and was at its third-highest since the start of 2008, according to the Thomson Reuters/University of Michigan survey. Government data showed US exports in October rose a robust 3.2 per cent while imports declined, which may bode well for fourth quarter economic growth. The consumer sentiment report was another sign consumers could be ready to spend this holiday season. "This is an indication of the favorable development we are seeing so far with the year-end holiday shopping season," said Pierre Ellis, senior global economist at Decision Economics in New York. "It adds to a growing number of economic indicators that are looking better-than-expected". The survey's preliminary
December reading for consumer sentiment came in at 74.2, up from 71.6 in November. That was above the the median forecast of 72.5 among economists polled by Reuters. Chiming with recent signs of improvement in the labor market, consumers cited more favorable news about changes in the employment situation. Slow jobs growth is seen as one of the biggest impediments to economic recovery. At the same time, the survey's barometer of current economic conditions rose to its highest reading since January 2008, just after the economic downturn began. The index for December came in at 85.7, up from 82.1 in November and also , above a forecast of 83.1. Although the unemployment rate edged up to 9.8 per cent in October, weekly data have shown new US claims for unemployment benefits fell more than expected last week and the four-week moving average slipped to a two-year low. The sentiment survey was taken before a tentative deal on extended tax cuts reached ear-
lier this week. However, compilers point to a widespread expectation the cuts would be extended and say confidence could fall again if the cuts are blocked. Meanwhile, the US trade deficit for October totaled $38.7 billion, down from a revised estimate of $44.6 billion for September. Analysts surveyed before the report had expected the deficit to narrow just slightly to about $43.60 billion. The smaller-than-expected deficit could boost estimates for US fourth-quarter economic growth because it implies a larger share of US demand is being met by domestic production. Imports declined slightly in the face of slackening demand for industrial and petroleum products, the report from the Commerce Department showed. "This suggests that the economy is accelerating," said Neil Dutta, an economist at Bank of America Merrill Lynch in New York, raising his forecast of fourth-quarter economic growth to about 3.0 per cent.Reuters
IEA and OPEC differ on need for more oil supply LONDON: Two of the world's most influential oil forecasters gave contrasting outlooks for 2011 on Friday, with the consumer's watchdog anticipating robust demand and producer group OPEC saying supply was adequate. The International Energy Agency, an adviser to 28 industrialised countries, in a monthly report lifted its 2011 global oil demand growth forecast by 130,000 barrels per day (bpd) to 1.32 million bpd and raised its projections
to 2015. But the Organisation of the Petroleum Exporting Countries, which meets to set output policy on Saturday, in its monthly report left its 2011 demand growth forecast virtually unchanged. Oil prices this week hit $90 a barrel for the first time in more than two years driven by rising demand, the IEA said. Even so, OPEC is not expected to change its official output targets at Saturday's meeting. "Against a backdrop of
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Saturday, December 11, 2010
much stronger-than-expected global oil demand growth and oil prices above two-year highs, OPEC may come under pressure to increase supplies to the market in the new year," the IEA said in its report. While the IEA forecast OPEC would need to pump 29.5 million bpd next year -up 100,000 bpd from its previous forecast -- OPEC left its estimate steady at 29.24 million bpd and cited more than adequate supplies.-Reuters
Islamic mega bank to emerge in 2011 MANAMA: Sponsors of a long awaited Islamic bank with a capital of US$3 billion will be launched in 2011.Saudi Arabia's Sheikh Saleh Kamel, founder and chairman of Bahrain-based Islamic Bank Al Baraka, has spearheaded an initiative to establish a global Islamic mega bank but the plan has been touted for years. He said the next steps would be discussed in December at a meeting with the Islamic Development Bank (IDB), the Saudi-based organisation that is trying to develop an international Islamic capital market through regular issues of Islamic bonds. The emerging Islamic finance industry is fragmented and its banks lack sufficient capital to compete with the Islamic units of Western banks on mandates to syndicate loans, arrange Islamic bonds and supply project finance in the Gulf Arab region. The absence of a lender of last resort is also seen as one of the industry's weaknesses, as few central banks issue liquidity instruments compliant with Islamic law, forcing Islamic banks to place their liquidity with large conventional banks. Adnan Yousif, chief executive of Al Baraka and an advisor to the project, told Reuters the bank will likely have an authorized capital of $3 billion, a third of which will be raised in a private placement. He said the remainder could be raised in an initial public offering (IPO) at a later stage. The group setting up the bank is seen as a candidate to win one of two licenses for Islamic banks with capital of at least one billion dollars by the Malaysian central bank. The country plans to boost its financial services sector by allowing more foreign investments. "They are studying the Malaysian market, but there are two other locations under consideration," Yousif said, declining to say whether the group had applied for a license in Malaysia.-Reuters
China raises bank reserves 3rd time in a month, more seen BEIJING: China's central bank on Friday raised the amount of money that lenders must keep on reserve for the third time in one month, following a spate of robust data that raised the case for policy tightening. The latest step to raise the reserve requirement ratio (RRR), aimed at mopping up excess cash in the economy, had been widely expected after Beijing announced a shift to a "prudent" monetary policy from the previous "moderately loose" stance earlier this month. The move came after China reported strong trade figures for November, which could fuel fresh criticism of Beijing's exchange rate regime, and before data on Saturday that is expected to show another pick up in inflation, already running at its fastest clip in more than two years. "There is still much scope for the central bank to raise reserve ratios next year -- we expect several increases in in the first quarter of next year and the ratio should reach as high as 23 per cent in 2011," said Lu Zhengwei, chief economist at Industrial Bank in Shanghai. "As for whether the central bank will raise interest rates, I think it will largely depend on the CPI figure in the coming months." The 50 basis point increase, which takes effect on Dec 20, leaves the reserve requirement ratio at 18.5 per cent, a record high for the majority of the country's banks. China's stock markets could find some comfort in the central bank's decision to raise required reserves, as it could suggest a rise in interest rates could be postponed somewhat. The country's stock markets have shed more than 10 per cent over the past month on
concerns that the government would ratchet up its monetary policy tightening in the face of rising inflation. STRONG DATA Reflecting the challenge facing policymakers, data on Friday showed China's imports and exports jumped in November, bank lending topped forecasts and property investment powered ahead. The robust data also offered a double-hit of good news for the global economy: a reminder that Chinese demand was still growing apace and an indication that the US and European recoveries were picking up steam. China has been slow to tighten monetary policy this year, partly for fear of a double-dip recession in the developed world where the United States and Europe are struggling to recover from the global economic crisis. With inflation running at its fastest clip in more than two years, analysts are looking for the world's second-largest economy to unleash a more aggressive mix of rate rises, currency appreciation, lending restrictions and higher reserve requirements for banks. "Reserve requirement hikes aren't going to prove totally sufficient in dealing with overall inflation. Monetary tightening by year-end is inevitable, I wouldn't rule it out in very near term," said Jeremy Stretch, currency strategist at CIBC. November imports rose 37.7 per cent from a year earlier to easily top forecasts for a 24.2 per cent increase, powered by China's voracious appetite for commodities. Chinese imports have developed a habit over the past two years of surprising on the upside. In that respect, the 34.9 per cent jump in exports, above market expectations for a 22.0 per cent
increase, was the bigger surprise. Evidence for that view was in the fact that shipments of final goods to markets such as Europe and the United States outstripped those of intermediate goods to Asia. Exports to the United States were up 32.2 per cent, while shipments to the European Union, its biggest trading partner, climbed 33.8 per cent. PRESSURE ON YUAN The rise in exports left China with a hefty surplus of $22.9 billion in November, the seventh straight month of impressive trade performance. During that stretch, its average surplus has been $22.2 billion. That could fuel fresh criticism of China's exchange rate regime. The United States and Europe say that an undervalued currency gives Chinese exporters an unfair advantage in global markets. Even without criticism, rising inflation in China could put upward pressure on the yuan. Chinese consumer price inflation may have hit 5.1 per cent in the year to November, a 28-month high, state media reported on Friday. That would mark a sharp pick up from 4.4 per cent in October. China's wide M2 measure of money supply rose 19.5 per cent in November from a year earlier, while banks extended 564 billion yuan in new local currency loans in November, the central bank said. Both numbers were slightly ahead of expectations. Banks have already just about hit the 7.5 trillion yuan loan quota set by the government at the start of the year. China's leaders on Friday opened the three-day Central Economic Work Conference, a gathering where they will set the policy direction for next year.-Reuters
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Oslo's modernist City Hall for the two-hour ceremony. Among the invited are US House Speaker Nancy Pelosi and US Ambassador Barry White. Also, about 100 Chinese dissidents in exile and some activists from Hong Kong will attend. It will be the first time the Nobel Peace Prize will not be handed over since 1936, when Adolf Hitler prevented German pacifist Carl von Ossietzky from accepting the award. Nobel Peace Prize Committee chairman Thorbjoern Jagland said Thursday that awarding the prize to Liu was not "a prize against China," and he urged Beijing that as a world power it "should become used to being debated and criticised." The Norwegian-Chinese Association plans a pro-China rally outside the Norwegian Parliament during Friday's Nobel ceremony. -Agencies
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anyone at Anonymous," the statement said. "WikiLeaks has not received any prior notice of any of Anonymous' actions." Some freedom of information campaigners who are sympathetic to WikiLeaks look askance at the Anonymous attacks, saying the website's cause cannot be furthered by denying the freedom of information to others. A succession of US institutions has withdrawn services from WikiLeaks after the website published thousands of sometimes embarrassing secret US diplomatic reports that have caused strains between Washington and several allies.-Reuters
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the Pak air force and sources have informed that soon the process of overhauling of the already inducted F16s will begin so that they can be equipped with latest technologies.-Online
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consistently received "a couple of cargoes". "The allocations are in line with what we asked for. It's unchanged from last month," a source at another European refiner said. Opec has officially held its output steady since agreeing a record reduction in output in December 2008 when the oil market was crashing towards $30 a barrel, down from a record of nearly $150 hit in July of that year. Its cuts have helped to bolster prices, which this week climbed to a 26-month high of $90.76, and as the market has recovered the producer group has informally raised supplies above its agreed limits. Saudi Arabian Oil Minister Ali al-Naimi on Nov. 1 said consumers could cope with a $70-$90 price range, marking an upward shift from previous comment $70-$80 was the ideal. On Thursday the group's secretary general, speaking in Quito, where Opec meets on Saturday, said it would only increase supply if fundamentals of supply and demand justified it. "If it goes to $100 due to speculation, Opec will not move," Opec Secretary General Abdullah al-Badri told reporters. By 1040 GMT on Friday, US crude was trading at $88.85, up 48 cents. In line with the bullish tone, Saudi Arabia raised some of the official selling prices (OSPs) for the kingdom's crude to the highest level in more than two years. -Reuters
companies raised their paid-up capital with the total paid-up capital rising to Rs3.8 billion. Online
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A trend of falling LME inventories this year has fuelled supply concerns. Latest data showed copper stocks slipped 825 tonnes to 348,625 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. Among other metals, aluminium closed at $2,308 versus $2,338 a tonne. Steel-making ingredient nickel was at $23,980 a tonne from $23,600, while battery material lead closed at $2,390 from $2,405 a tonne. Zinc was at $2,274 from $2,300 a tonne, while tin was at $25,800 a tonne from $25,895. -Reuters
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banking products, the press statement added. The fund, which will be managed by Equator Capital Partners, an independent fund management company registered in the US - will acquire equity stakes in regulated, small lenders with high growth potential who can reach neglected groups such as women entrepreneurs and rural microenterprises. Key target markets will include Bangladesh, the People's Republic of China, India, Indonesia, Pakistan, the Philippines, Sri Lanka, Thailand and Viet Nam. The goal is to take minority stakes in companies with investments of $2 million to $10 million each, and to exit holdings over an average of five years, with Asian investments making up about half the fund's total portfolio. ADB's participation will allow the fund to reach its target size of $75 million, help leverage more investment from the commercial market, and provide a model for other private equity funds to follow in the small lenders market. It also continues ADB's push to scale up investments in the microfinance sector, in order to spur private sector-led economic growth and reduce poverty.-APP
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ensuring labour rights and guarding against unfettered pollution. Concerns have been growing among development activists and EU lawmakers that EU demands in closed-door negotiations will extract concessions from India, opening up vulnerable farm, services and retail sectors to harsh foreign competition and forcing price hikes for Indian-made generic drugs used in treating HIV and malaria. On stalled talks for an international trade accord at the WTO, Sharma said these could be finalised in 2011 if there is "perseverance and optimism, and a spirit of mutual accommodation" from key negotiators. One of the main barriers to a deal has been a call by the United States for big emerging countries such as China, India and Brazil to do more to open their markets to competition.But he Continued from page 5 No #5 was dubious that US negotiators would offer significant conThe authorized capital and paid-up capital of the 179 companies cessions demanded by developing countries. "We have to take is Rs1,465 million and Rs819 million respectively. During the their word for it that they are now seriously engaged, but I month, 20 companies increased their authorized capital with the cannot say anything beyond that, about their domestic dynamaggregate authorized capital increase of Rs11.32 billion and 34 ics and bipartisan consensus in Congress."-Reuters
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manifestation of the values and ideals that have made the United States great. We thank Honourable Representative Green and his colleagues for taking the lead on this issue," the embassy said in a statement. It will also demonstrate the success of the efforts of both countries to engender better understanding between the citizens of the two countries, the statement added.-APP
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about the Academy for Educational Development project. In a statement on its website, the Academy for Educational Development, based in Washington, said it was being investigated by USAID for the Pakistan project and for another project in Afghanistan. "AED has made significant steps toward strengthening its project-oversight processes, personnel and resources," the group said. Lars Anderson, a spokesman for USAID, said on Thursday the group has USAID contracts worth $640 million globally in areas including governance and health. He said those contracts will continue for the time being. "USAID is conducting a review of every program associated with AED and the review will determine the next steps forward," Anderson said.-Reuters
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susceptibility to event risk at the B3 sovereign level. While the financial fundamentals of banks have shown relative resilience during adverse conditions in previous years, their inability to curb their rising overall exposure to the government sector highlights the limitations in depth and diversification of the country's banking system. Although Moody's considers rated banks' capitalisation levels as currently adequate, the high, and growing, exposure concentration to the B3-rated sovereign -- in conjunction with the prevailing weak macroeconomic conditions -- could challenge solvency levels. Driven by these considerations, Moody's has narrowed the gap between the banks' ratings and the government rating (B3/stable). As a result of the heavy flooding earlier this year, Moody's expects low economic growth and subdued loan demand from the private sector to prevail, leading to a further rise in banks' sovereign-related exposures, primarily in the form of T-Bills. At the same time, the sovereign structural subsidy-related debt arrears, mainly in the utility and commodity sectors, are unlikely to be settled in the near term, and such arrears will continue to exert further pressure on the corporate sector and, as a result, on the banking system's asset quality.-Agencies
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susceptibility to event risk at the B3 sovereign level. While the financial fundamentals of banks have shown relative resilience during adverse conditions in previous years, their inability to curb their rising overall exposure to the government sector highlights the limitations in depth and diversification of the country's banking system. Although Moody's considers rated banks' capitalisation levels as currently adequate, the high, and growing, exposure concentration to the B3-rated sovereign -- in conjunction with the prevailing weak macroeconomic conditions -- could challenge solvency levels. Driven by these considerations, Moody's has narrowed the gap between the banks' ratings and the government rating (B3/stable). As a result of the heavy flooding earlier this year, Moody's expects low economic growth and subdued loan demand from the private sector to prevail, leading to a further rise in banks' sovereign-related exposures, primarily in the form of T-Bills. Despite these growing challenges, Moody's believes that certain factors continue to support local banks' ratings being positioned at a higher level than the government rating. That said, the decision to maintain the negative outlook on the banks' standalone and long-term localcurrency deposit ratings reflects the banking sector's still growing exposure concentration to the sovereign and on-going vulnerability to macroeconomic deterioration, which could negatively impact both the sovereign and the country's banking system.-Agencies
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oil and gas production fields in Pakistan, including its deep-water sites.
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Jailed Chinese dissident Liu Xiaobo's struggle recognised
Peace Nobelist’s chair sits empty Angry Beijing unleashes clampdown ahead of ceremony
ASHGABAT: President Asif Ali Zardari shaking hands with President of Turkmenistan Gurbanguly Berdimuhamedov here.-APP
No hand in cyber attacks: WikiLeaks LONDON: WikiLeaks Friday said it had no links to cyber attacks on global companies seen as enemies of the website and neither supported nor condemned the online campaign. A statement on its website quoted Wikileaks spokesman Kristinn Hrafnsson as saying the attacks were "a reflection of public opinion on the actions of the targets." The loosely organised campaign to avenge WikiLeaks against those who have obstructed its operations, calling itself Operation Payback, has already temporarily brought down the websites of Visa and MasterCard, and of the Swedish government. WikiLeaks noted the attacks were similar to those it had received since it began publishing the first of 250,000 US leaked US embassy cables on November 28. "These denial of service attacks are believed to have originated from an Internet gathering known as Anonymous. This group is not affiliated with Wikileaks. There has been no contact between any Wikileaks staffer and See # 2 Page 11
Six more F16s to jet in on 13th ISLAMABAD: Six more F16 jets will reach Pakistan on December 13 bringing the total number to 18. As per Air force sources and a private TV channel, 12 such aircraft have already arrived from the US and upon arrival of this last consignment of six we will have a total of 18 F16s. All these jets would be kept in the Shahbaz airbase in Jacobabad. Induction of F16s will improve the capability of See # 3 Page 11
Joint secretary Raja Aftab in FIA custody
3-day remand for Hajj scam accused ISLAMABAD: Islamabad Civil Court has handed over joint secretary of Ministry of Religious Affairs Raja Aftab Islam on a 3-day physical remand to the FIA for his alleged involvement in Hajj corruption. While Raja Aftab Islam says that he is innocent and he would prove it in the court. On Thursday Federal Investigation Agency (FIA) expanding the investigations of Hajj scam worth billions of rupees had arrested Joint Secretary of Ministry of Religious Affairs, Raja Aftabul-Islam. On Friday he was presented before the court of Senior Civil Judge Islamabad Kamran Basharat Mufti. The court asked the FIA investigating team as to what sort of evidence they had gathered from Raja Aftab linking him to the corruption. To this the FIA sought time from the judge till next hearing. The court granting time
adjourned the proceedings till Dec 13 and ordered the FIA team to present all details in the nest hearing. Talking to media after the court hearing Raja Aftab said he is satisfied with the court proceedings and he is optimistic that he would prove his innocence before the court. He further said that he does not want to level any allegations against any one. He said that he has done no corruption and he would tell the truth in the court. With regard to statement of former DG Hajj Rao Shakeel, Raja Aftab said that he had not mentioned his name in the Hajj corruption. President and Prime Minister had taken strict notice of Hajj corruption scandal and had ordered a transparent probe into the incident. In the first phase FIA had arrested former DG Hajj after which now Joint secretary Ministry of Religious Affairs has been taken into custody.-Online
SBP to sell T-bills in 8-day repo KARACHI: State Bank of Pakistan (SBP) Friday said it will sell treasury bills to commercial banks on Friday in eight-day repo contracts to mop up funds from the money market. The central bank did not say how much money it will absorb in the open market operation. The result of the auction will be announced at 10:30 am (0530 GMT) and settlement will be later in the day.-Reuters
OSLO: As China beefs up security at key locations in Beijing and maintains a clampdown on contacts of jailed dissident Liu Xiaobo, dignitaries in Norway celebrate this year's winner of the Nobel Peace Prize with solemn ceremony and an empty chair. Liu won't be able to collect the prestigious $1.4 million award at the Oslo ceremony on Friday - the first time in 74 years that it has not been handed over. Nobel committee secretary Geir Lundestad said Liu will be represented "by an empty chair ... the strongest possible argument" for awarding it to him. China was infuriated when the prestigious prize was awarded to the 54-year-old literary critic, who is serving an 11-year prison sentence on subversion charges brought
after he co-authored a bold call for sweeping changes to Beijing's one-party communist political system. Beijing described the award as an attack on its political and legal system and has placed Liu's supporters, including his wife Liu Xia, under house arrest to prevent anyone from picking up his prize. On Friday, uniformed and plainclothes officers guarded the entrance to the compound in central Beijing where Liu Xia has lived since the October announcement that her husband would receive the prize. China also tightened a wideranging clampdown on dissidents and blocked some news websites ahead of the awarding ceremony. China has also pressured foreign diplomats to stay away from the Nobel ceremony. China and 17 other countries
have declined to attend, including Russia, Pakistan, Iran, Venezuela and Cuba. At least 46 of the 65 countries with embassies in Oslo have accepted invitations. Serbia, which had said it would stay away, announced Thursday that it had changed its mind and would now attend. Lundestad said countries gave various reasons for not attending, but some were "obviously affected by China." China warned that attending the ceremony would be seen as a sign of disrespect. "We hope those countries that have received the invitation can tell right from wrong, uphold justice," Foreign Ministry spokeswoman Jiang Yu said In Beijing. Some 1,000 guests, including ambassadors, royalty and other VIPs will take their seats in See # 1 Page 11
Hangu hospital blast slaughters at least 14 HANGU: A suicide bomber rammed a tractor laden with explosives into a hospital in a town in northwest Friday, killing at least 14 people, officials said, in what appeared to be a sectarian attack. Officials said Shi'ite Muslims were praying in a room inside the hospital when the bomb exploded in the town of Hangu. Several police officials said the bomber drove the tractor into the hospital in Hangu. They said
three policemen were among the dead. Sixteen people were wounded. Pakistan's U.S.-backed government faces Taliban insurgents who have sustained a campaign of suicide bombings in defiance of a series of military offensives launched last year against their strongholds in the northwest. Pakistan has been bracing for sectarian violence during Moharram, the holiest month for Shi'ite Muslims, which began on Wednesday. -Reuters
Zardari, PM swear to ward democracy ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani Friday again made it clear that undemocratic forces will not be allowed to disrupt peaceful process of democracy and their nefarious designs will be foiled. According to Spokesman of Presidency, meeting lasted for quite a while in which PM Gilani briefed President on his successful visit to Turkey hoping that his visit will pave way for strengthening bilateral relations between Pakistan and Turkey. Overall situation in the country was discussed during the meeting. The President congratulated PM on his successful and productive visit to Turkey and his address to the Turkish
Parliament. He said that the visit would provide an impetus to strengthen bilateral relations between the two countries. Matter of national security also came under discussion during the course of the meeting. As per sources President opined that some undemocratic forces want to destabilise democracy with their malicious schemes but will never be able to carry them out. Both gave their assurance that country is passing through critical phase and we must avoid any kind of political clashes, as it could prove perilous to country. They further added that government is taking down to earth steps for improving the economy of the country.Online
Saudis to sell full Jan crude volumes to Asia TOKYO/LONDON: Saudi Arabia, the world's top crude exporter, will supply similar volumes to its long-term customers in January from December, industry sources said on Friday, on the eve of the latest Opec meeting on output policy. At least six Asian term buyers and two European refiners expected supplies to be unchanged, implying the
Organisation of the Petroleum Exporting Countries will once again keep supplies unchanged. The Asian buyers were receiving full contracted volumes as before and the only change was an increase in supplies of more expensive light crude to at least two Asian customers, helping Saudi Arabia to maximise its income. Buyers in Asia, which has
been leading a recovery in demand growth as the world struggles out of recession, have been receiving full volumes since January. In Europe, refiners have also reported mostly steady volumes at lower levels. "For all of this year there have been no big changes," said a source at one European refiner, who said they See # 4 Page 11
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