International Karachi, Saturday, March 12, 2011, Rabi-us-Sani 6, Price Rs12 Pages 12
Zardari talks to Houses on 21st
ADB War on Graft hotted up last year
See on Page 12
Opec oil demand outlook tad higher
See on Page 12
Saudis raise Hajj quota by 21,000
See on Page 12
See on Page 12 Economic Indicators Forex Reserves (5-Mar-11) Inflation CPI% (Jul 10-Feb 11) Exports (Jul 10-Feb 11) Imports (Jul 10-Feb 11) Trade Balance (Jul 10-Feb 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.37bn 14.33% $15.33bn $25.60bn $(10.27)bn $(81)mn $6.96bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 2.20% 4.10% $1,051 175.41mn
Portfolio Investment SCRA(U.S $ in million)
195.76 -0.19 -4.02 2851
Yearly(Jul, 2010 up to 10-Mar-2011) Monthly(Mar, 2011 up to 10-Mar-2011) Daily (10-Mar-2011) Total Portfolio Invest (5-Mar-2011)
NCCPL (U.S $ in million)
FIPI (11-Mar-2011) Local Companies (11-Mar-2011) Banks / DFI (11-Mar-2011) Mutual Funds (11-Mar-2011) NBFC (11-Mar-2011) Local Investors (11-Mar-2011) Other Organization (11-Mar-2011)
-0.34 -0.79 1.86 -1.46 0.17 0.30 0.25
Ten-meter high monster tsunami washes Japan's east coast after 8.9 quake
Catastrophe tests Japan
l Death toll in hundreds but feared to jump l Pakistanis in Tokyo safe: FO , No tsunami threat to Pakistan: Met l Global stock markets tumble l Estimated overall losses near $10 billion l Tsunami alert for NZ, Philippines, Indonesia, Papua New Guinea, Hawaii, others l Obama offers relief assistance TOKYO: A ferocious tsunami spawned by one of the largest earthquakes ever recorded slammed Japan's eastern coast Friday, killing hundreds of people as it swept away boats, cars and homes while widespread fires burned out of control. Hours later, the tsunami hit Hawaii and warnings blanketed the Pacific, putting areas on alert as far away as South America, Canada, Alaska and the entire U.S. West Coast. In
Japan, the area around a nuclear power plant in the northeast was evacuated after the reactor's cooling system failed. Police said 200 to 300 bodies were found in the northeastern coastal city of Sendai, the city in Miyagi prefecture (state) closest to the quake's epicenter. Another 110 were confirmed killed, with 350 people missing. Police also said 544 people were injured. The magnitude-8.9 offshore
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,045.25 10,254.43 23,249.78 18,174.09 2,617.13 2,933.80 5,824.90 11,947.94
Change 80.54 179.95 365.11 153.89 11.33 23.35 20.39 36.67
$.Price PKR/Shares 2.60 110.86 16.02 136.61 2.00 42.64 1.70 36.24 11.65 39.74
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011 11-Mar-2011
13.39% 13.69% 13.86% 14.00% 13.37% 13.54% 13.74% 14.13% 14.25% 14.05% 14.09% 14.08% 14.50% 14.75% 14.93%
Commodities *Crude Oil (brent)$/bbl 113.58 *Crude Oil (WTI)$/bbl 100.07 *Cotton $/lb 202.70 *Gold $/ozs 1,413.30 *Silver $/ozs 34.93 Malaysian Palm $ 1,134 GOLD (NCEL) PKR 39,149 KHI Cotton 40Kg PKR 13,932 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 84.75 Canadian $ 87.15 Danish Krone 15.10 Euro 117.10 Hong Kong $ 10.50 Japanese Yen 1.014 Saudi Riyal 22.52 Singapore $ 66.30 Swedish Korona 13.25 Swiss Franc 91.70 U.A.E Dirham 23.05 UK Pound 136.90 US $ 85.10
85.75 88.15 15.30 118.50 11.00 1.040 22.68 67.30 13.35 92.90 23.30 138.40 85.45
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.49 87.46 15.10 117.77 10.94 1.027 22.72 67.01 13.33 91.49 23.20 136.95 85.27
85.69 87.66 15.13 118.05 10.96 1.030 22.77 67.16 13.36 91.70 23.25 137.27 85.47
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
27°C 34°C 30°C 29°C 22°C 26°C
MIN
8°C 14°C 12°C 9°C 3°C 9°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
Quake shakes Peshawar PESHAWAR: A mediumintensity earthquake jolted Peshawar and adjacent areas on Friday evening but no casualty was reported. According to media reports, the tremors felt in western parts of Peshawar panicked the people. Met office said the magnitude of earthquake was 4.8 on the Richter scale.-Online aftershocks for hours, many of them of more than magnitude 6.0. Dozens of cities and villages along a 1,300-mile (2,100-kilometer) stretch of coastline were shaken by violent tremors that reached as far away as Tokyo, hundreds of miles (kilometers)
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)
quake unleashed a 23-foot (seven-meter) tsunami and was followed by more than 50
Strike enforced in Sindh by violence
Zardari seeks Nisar view on Deedar reappointment Sindh House adopts condemnation resolution against Nisar KARACHI: According to media reports President Asif Ali Zardari has written a letter to Pakistan Muslim League (Nawaz) leader Chaudhry Nisar Ali Khan who is also leads the Opposition in the House. As per details in his letter to Chaudhry Nisar, President Zardari has asked his advice on the reappointment of Justice (Retd) Deedar Shah as Chairman NAB who was discharged by the Supreme Court. On the other hand Sindh Assembly (SA) adopted a condemnation resolution against Chaudhry Nisar for challenging the appointment of Deeder Hussain Shah as chairman NAB in Supreme
Bangladesh tail-enders hit back to stun England CHITTAGONG: Bangladesh tail-enders Shafiul Islam and Mahmudullah became the toast of the nation on Friday after steering their team to a stunning two-wicket World Cup win over England. The co-hosts looked to be probably heading out of the competition with England progressing to the last eight when they slumped to 169-8 chasing 226 to win on an unpredictable wicket with the ball reverse swinging. But Shafiul decided attack was the best way ahead and he blasted 24 in as many balls to carry his team over the line for the unlikeliest of wins as the home crowd went wild. Earlier, Jonathan Trott topscored for England with 67 backed up by Eoin Morgan (63) to help their side recover from a poor start to reach 225 all out in the Group B clash. -Reuters
Q-leaguers call on Zardari ISLAMABAD: A delegation of PML (Q), headed by Chaudhry Shujaat Hussain on Friday night called on President Asif Ali Zardari at the Aiwan-e-Sadr. The delegation included Senator Waseem Sajjad, Chaudhry Pervaiz Elahi, Amir Muqam, Kamil Ali Agha and Riaz Pirzada. The PPP side included President PPP Punjab, Imtiaz See # 12 Page 11 Court. As per media reports the condemnation resolution was aimed at decrying a petition filed by Chaudhry Nisar
Hussain in SC against the induction of Deedar Hussain Shah as NAB chairman. PPP Members of Sindh Assembly also took out a protest rally against Supreme Court's decision. Meanwhile, a violent strike was observed in Karachi and rest of the Sindh on Friday for the same, with several incidents of aerial firing, skirmishes, and scuffles between the PPP workers and citizens. Some seven people were killed and 15 injured till the filing of this report in different incidents of firing in various parts of Karachi during last 24 hours. Moreover, Muttahida Qaumi See # 11 Page 11
Last year’s floods wetblanketed exporters’ party
8M rice exports down 16pc YoY ISLAMABAD: Rice exports fell nearly 16 per cent in the first eight months of the financial year 2010-11 (8MFY11) because of last year's floods, a top industry official said on Friday. The world's fifth largest exporter of rice, Pakistan exported 2.38 million tonnes between July and February, down from 2.82 million tonnes in the same period the previous year, according to the Rice Exporters Association of Pakistan (REAP). The export of non-basmati rice dropped 25 per cent to 1.66 million tonnes from 2.22 million tonnes during the first eight months of the 2010-11 (July-June) financial year. But the shortfall was marginally offset by a nearly 19 per cent rise in the export of basmati rice to 718,187 tonnes, from the previous 603,389
tonnes, the REAP said. "The shortfall in exports of non-basmati rice is mainly due to flood damage to the crop," REAP chairman, Irfan Ahmed Sheikh, told Reuters, referring to floods that began in late July last year and inflicted about $10 billion in losses. Basmati-growing areas were largely safe from the floods. Country had a bumper crop of 6.7 million tonnes of milled rice in 2009-10 and exported about 4.5 million tonnes. Annual consumption is about 2.3 million tonnes. Sheikh said the rice harvest this year would be nearly 6 million tonnes although the government has said the harvest would be about 5 million tonnes. The industry had set a 4 million tonne target for this financial year's exports, but Sheikh See # 10 Page 11
from the epicenter. A large section of Kesennuma, a town of 70,000 people in Miyagi, burned furiously into the night with no apparent hope of the flames being extinguished, public
Hatf-2 testfire a success ISLAMABAD: Pakistan testfired a nuclear-capable, short-range, surface-to-surface missile on Friday, the military said. The Hatf-2 ballistic missile can travel up to 180 km (110 miles). "Hatf-2 can carry nuclear as well as conventional warheads with high accuracy," the military said in a statement, adding the test had been successful. Pakistan, India test N-capable missiles on the same day Pakistan carried out nuclear tests in May 1998 just days after similar tests by its old rival India. Meanwhile India testfired Prithvi-II from complex-3 of the Integrated Test Range (ITR) at Chandipur in Balasore district, about 230 km from state capital Bhubaneswar at 10:50AM. In another test the Dhanush was launched at 10:03AM from a warship anchored off the Puri coast in the Bay of Bengal, according to IANS. "Both were fantastic See # 8 Page 11
Navy denied funding ISLAMABAD: Senate standing committee on defence and defence production has said that recommendations for buying submarines cannot be forwarded to the government due to economic crunch in the country. The committee which met in parliament house here on Friday under the chairmanship of Senator Lt Gen (Retd) Javid Ashraf Qazi, maintained that due to economic crises in Pakistan, recommendations for issuing funds to Pakistan Navy (PN) for buying submarines is not possible. The in-camera meeting of the committee also stressed need for preferring local products as far as purchase for defence See # 9 Page 11
broadcaster NHK said. A witness told the broadcaster that the fire began after the tsunami knocked over several cars, causing them to leak oil and gas. The fire started hours later and rescuers have yet to arrive,
according to NHK. "The earthquake has caused major damage in broad areas in northern Japan," Prime Minister Naoto Kan said at a news conference. See # 5 Page 11
IMF assured of budget gap fill ISLAMABAD: An International Monetary Fund (IMF) mission, led by Adnan Mazarei, that visited Islamabad during March 1-11, 2011 in a statement released at the conclusion of its work on Friday has said that IMF remains committed to the ongoing dialogue with the Pakistani authorities, and will continue discussions on their reform programme. "The IMF mission held constructive discussions with government and central bank officials on the recent developments, the outlook for Pakistan's economy for the rest of FY 2010-11 and 2011-12, and on economic policies to restore macroeconomic stability in the context of the improved external current account and international reserves. We also discussed structural reforms to strengthen public finances and the financial sector." "Discussions on economic stabilisation focused on
addressing inflation, containing the budget deficit, reviving growth, and meeting the challenge posed by higher international oil prices. There was agreement on the need to reduce the budget deficit in the current financial year. The mission welcomed the recent expenditure restraint and tax policy and enforcement measures being considered by the government to mobilise additional revenue. These measures, if implemented promptly and consistently, will help to improve the budgetary position. The mission also welcomes the government's efforts to lower recourse to State Bank of Pakistan (SBP) borrowing since late-December." "Further, expenditure prioritisation needs to protect pro-poor spending and flood assistance and reconstruction efforts. Moreover, a binding agreement will be needed with provinces on their budgetary positions to See # 6 Page 11
Don't push courts to the wall, SC warns govt
Govt standpoint, Joke of 2011: SC SC gives March-16 deadline for DG FIA removal ISLAMABAD: The Supreme Court on Friday asked the government to remove DG FIA Waseem Ahmed by March 16 otherwise the court will take its own decision in this regard. The honourable court gave these remarks after government once again excused itself from immediately removing Waseem Ahmed from his position of Director General Federal Investigation Agency (FIA) as per directives of the Supreme Court The court also said the IG Sindh was removed on a court order and the DG FIA was retained, which is discriminatory. The five-member bench of the apex court headed by Chief Justice Iftikhar Muhammad Chaudhry resumed the hearing
of the Hajj corruption case. Justice Asif Saeed Khan Khosa of Supreme Court (SC) during the course of hearing said that Courts should not be pushed to wall. "Attorney general is witness to it how much restraint we have demonstrated. We are being maligned. Allegations are being leveled against us. Courts be not pushed to wall", Justice Asif Saeed Khosa remarked. The court while expressing concern over non-removal of DG FIA from his office due to national security matters sought explanation on "those matters". Justice Raja Fayyaz Ahmad described government stance as the joke of the year. Interior secretary presented See # 7 Page 11
2
Saturday, March 12, 2011
BOI upgrades its website
ISLAMABAD: Special envoy of Iranian President, Petroleum Minister Masood Mir Kazemi, called on President Asif Ali Zardari at Aiwan-e-Sadr.-APP
Iran envoy calls on President
‘Privatisation of Pak Post not on cards’
ISLAMABAD: Special ISLAMABAD: Federal government reinstated es of daily wages and conenvoy of Iranian President Minister for Postal Services some 47,000 sacked tract employees on permacalled on President Asif Ali Sardar Umar Gorgage on employees in different nent basis also goes to the Zardari late Thursday and Friday categorically stated departments. present government. extended Iranian that there is no privatization "We are following the Gorgage stressed on the President's greetings on the plan of Pakistan Post. vision of Shaheed employees to further advent of Nauroz. Talking to the Postal Mohtarma Benazir Bhutto improve their performance The special envoy, Union office- bearers here, and Zulfikar Ali Bhutto in order to enhance the credPetroleum Minister Masood the minister said Pakistan Shaheed to run the affairs of ibility of Postal services. Kazemi, also discussed Peoples Party believes in the government," he said The Union office bearers bilateral and regional issues creating job opportunities adding that no compromise thanked the minister for with President Zardari. for people and never did will be made on labour providing support in the The meeting was also any act which may lead to rights. solution of employees and attended by Iranian deprive them from jobs. The minister said the called off the announced Ambassador in Islamabad He remarked that the PPP credit to convert the servic- strike.-APP Masha'Allah Shakeri and senior Iranian officials. The Pakistan side included Privatization Minister Naveed Qamar, Foreign Secretary Salman Bashir, Secretary to President Malik Asif Hayat, Petroleum Secretary Imtiaz Kazi and Spokesperson to Staff Correspondent speaking at a meeting ment alone could not cope the President Farhatullah with the DCO Leyyah with the situation. He said Babar.-Online LAHORE: Calamity Javaid Iqbal here at the that although the nation had caused by the recent floods LCCI on Friday. The LCCI never left any stone in Pakistan was extremely Senior Vice President unturned for the help of severe. Millions people Sheikh Mohammad their catastrophe-hit brothhave lost their homes, land Arshad, Vice President ers but all segments of sociand all other assets. Though Sohail Azhar, MNA Pervez ety should continue to play rehabilitation of flood Malik, MPA Mehar Ejaz, their vital role in reducing affectees is well on the way LCCI Executive the stress of flood victims. TFD Report but still a lot of work has to Committee Members Mian He said that the LCCI had be done. All segments of Zahid Javaid, Chaudhry fulfilled its commitment KARACHI: As Citi society should join hands Wajid Ali, Amjad Ali Jawa, with the Chief Minister Pakistan celebrates 50 years for the early rehabilitation Fahim-ur-Rehman Saigol, Punjab Mian Mohammad in Pakistan, Citi and the Citi of their catastrophe-hit Kh. Khawar Rasheed, Ilyas Shahbaz Sharif and conFoundation have provided brothers as thousands help- Majeed Sheikh and structed 40 houses on war USD 35,000 to join hands less families are still wait- Chairman SDC footing in Basti Manchar with the Sarhad Rural ing for help. Rehmatullah Javed also Mohana of District Leyyah Support Program and The These views were spoke on the occasion. and handed over the possesHunar Foundation, to spon- expressed by the LCCI Shahzad Ali Malik said sion of these newly consor students in Pakistan, for President Shahzad Ali that devastation scale was structed houses to the flood attaining vocational training Malik while much bigger and govern- affectees of the area. and post-secondary education. This training, which combines theoretical classroom curriculum, coupled with hands on workshop training and internship placements will focus on Electrician, Welding, Plumbing, Refrigeration/Air-conditioning and General Fitting trades. This project will help decrease unemployment in Pakistan and provide greater incentive to low-income groups to attain education, as it is likely to result in improving livelihoods. KARACHI: PPP women members of Sindh Assembly shouting slogans against
LCCI helping flood affectees
CF grant for vocational training
the Supreme Court verdict against the posting of Chairman NAB Deedar Hussain Shah, during a demonstration rally from Sindh Assembly to High Court Chowrangi.-Online
TV PROGRAMMES SATURDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere Maya Kay Sath 11:10 Tafteesh (Rpt) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz (Rpt) 15:00 News 16:10 Faisla Aap Ka (Rpt) 17:30 Samaa Metro 18:00 News 18:30 Aap Ki Baat 19:00 News 19:05 Mutasareen 19:30 Taxi News 20:05 Tafteesh 21:00 News 22:03 Faisla Aap Ka 23:00 News 23:03 Awam Ki Awaz (Rpt)
Convocation of SAAD KARACHI: The Convocation and Graduation ceremony of School of Army Air Defence (SAAD) and Ordnance School was held at Malir Cantonment on Friday. An ISPR press release said that in simple but impressive ceremony of the officers of Air Defence Staff Course-48 and Ordnance School Ammunition Technical Officer's Course-72, the successful officers including officers from friendly countries were awarded degrees, certificates and were given medals on their outstanding performance. Thirty officers including two allied officers attend-
ed the course of SAAD. In a graduation ceremony at School of Army Air Defence, the chief Guest, Inspector General Arms Branch, Lt. Gen. Saleem Nawaz, congratulated the officers on the successful completion of their course. He dilated upon the importance of role of ground based Air Defence in modern warfare. He praised the dedication and professional commitment of faculty members for imparting excellent training to the students of Air Defence Staff Course. The chief guest also gave away medals to the distinguished student officers. -APP
KCCI, LCCI to forward joint budget proposals KARACHI: It is for the first time in the history of Karachi Chamber of Commerce and Industry (KCCI) and Lahore Chamber of Commerce and Industry (LCCI) to work jointly for the upcoming budget proposals. The budget proposals will be presented to the government next month for deliberation by the Ministries of Finance, and Commerce for consideration. "Time has come that we should stand united and integrated efforts must be channelised for resolving issues related to import and export policy, RGST and other miscellaneous issues to facilitate the business community," said Acting President, KCCI.-APP
ISLAMABAD: Board of Investment (BOI) here on Friday launched an investor-focused, interactive and new version of w e b s i t e www.pakboi.gov.pk. Speaking on the occasion Chairman Board of Investment Saleem H. Mandviwalla said: "At BOI we have always taken investor care very seriously. In order to improve the work efficiency of BOI, to provide better services to investors, contemplating to invest in Pakistan, we took the initiative of new version of BOI's website", he remarked. The website contains many features including Business Match Making, Personalized Profile of Investors for Investment and Joint Ventures, Information/Investment Opportunities/Joint Ventures related to Specified Sectors, On-Line Complaints/Queries, Potential Projects and FDI Inflows. The other features of the Web site are: Details of Domestic and Foreign Investment Projects, Proposal and Enquires (Details by Product, Sector, Country, etc.), Work Visas, Branch and Liaison Offices, Latest Company and Industry News, Country Briefs, Delegations/Conferences, Sectors of Interest and Improved Usability and Navigation.-APP
Hot weather forecast for Sindh
Pak-Turkmen ties growing better: envoy Staff Correspondent sISLAMABAD: Turkmenistan and Pakistan enjoy excellent bilateral social, cultural, and economic relations and there is need to further promote these relations with the passage of time. This was stated by Turkmenistan Ambassador to Pakistan Sapar Berdiniyazov during a talk on "Cultural and SocioEconomic Development of Turkmenistan" delivered by him at Preston University. Highlighting the importance Turkmenistan gives to its relations with the Islamic Republic of Pakistan, Berdiniyazov said that
Pakistan was the first country to recognize independent Turkmenistan, in 1991. Pakistan, he said, was also the first country to have established diplomatic relations with Turkmenistan. A m b a s s a d o r Berdiniyazov said that relations between the two brotherly countries have grown enormously during the past 20 years, and sincere efforts are being made to further bolster the existing cordial and mutually beneficial relations in the years to come. Talking about economic relations, he made special reference to the Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline project.
Massive earthquake
Gilani condoles with Japanese PM ISLAMABAD, March 11 (INP): Prime Minister Syed Yusuf Raza Gilani has sent a message of condolence and commiserations to his Japanese counterpart Naoto Kan and people of Japan on the tragic catastrophe of unprecedented earthquake and tsunami resulting in loss of lives and destruction of infrastructure. In his message the prime minister said, "We are deeply disturbed and
shocked to hear about the loss of precious lives and colossal devastation caused by an earthquake of unprecedented magnitude in your country and consequent tsunami which struck wide areas in the eastern coast of Japan, on March 11th, 2011. The people and the Government of Pakistan stand in full solidarity with the people and Government of Japan at this hour of grief and tragedy.-INP
This project, when completed, would prove to be a great milestone in Turkmenistan-Pakistan relations, he maintained. Highlighting some important aspects of TAPI, Ambassador Berdiniyazov said the capacity of the 1400 km pipeline, half of which would run through Afghanistan, is estimated to be between 25-30 billion cubic meters gas per year. Realization of this extremely vital project would require basic infrastructure such as road and railway links, which will take the economic and trade relations between the two countries to unfathomable heights.
Microfinance client wins award ISLAMABAD: A client of First MicroFinanceBank in Pakistan, Purdum Wali, won the "Best National MicroEntrepreneur Award Male" at the recent Citi-PPAF Microentrepreneurship Awards 2010 ceremony held here. Purdum Wali, from Mastuj, Chitral, was awarded a cash prize of Rs.200,000. Ms Hina Rabbani Khar, Minister of State for Foreign Affairs, presented Purdum Wali with the Best National MicroEntrepreneur Award.-PR
Staff Correspondent ISLAMABAD: Pakistan Meteorological Department on Friday forecast hot and dry weather for most parts of Sindh and coastal areas of the country, with rise in temperature up to 38-40 degrees Celsius, during next week. Talking to APP, Director National Weather Forecasting Centre, Muhammad Hanif said most parts of Sindh province especially Karachi, Hyderabad, Nawab Shah and Mirpur Khas are likely to experience hot weather conditions during next week. He said the day temperature is likely to increase 3-6 degrees Celsius in Sindh and Balochistan while it will increase up to 2-4 degrees in Punjab, Khyber Pakhtunkhwa and Kashmir in the coming week. The dry weather conditions are likely to prevail across the country during next 10 days as there is no chance of rain till March 20. However, isolated rain is likely at only few places of Punjab, Khyber Pakhtunkhwa and Kashmir in the last week of March, Hanif added.
ISLAMABAD: Hamid Yar Hiraj, Chairman ERRA called on Prime Minister Syed Yusuf Raza Gilani at PM House.-APP
ERRA, a credible institution: PM ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani Friday said the role of the Earthquake Reconstruction and Rehabilitation Authority (ERRA) has become more important after the fresh mandate given to it by the Parliament. Talking to Chairman ERRA Hamid Yar Hiraj here at the PM House, the Prime Minister said the authority has become a credible institution with the capacity to handle
international level projects. The Prime Minister accepted the invitation extended by the Chairman ERRA to inaugurate King Abdullah University Muzaffarabad and Rawalakot University campuses soon. He directed the Chairman to revise all the projects of ERRA on fast track basis and ensure their timely completion. Appreciating the performance of the Chairman
Policy-making
Greater role of businessmen urged Staff Reporter KARACHI: Tariq Sayeed, Vice President of Confederation of Asia Pacific Chamber of Commerce and Industry (CACCI) and former President of FPCCI has urged greater role of business leaders in policy-making process at Government level. He was addressing a the session on the Role of Business Leaders in a Changing Global Market at 25th CACCI Conference held recently in Istanbul, Turkey. This role he said would work as a tool to address challenges posed by Globalization in view of their contribution to keep eco-
nomic wheel in perpetual motion irrespective of nature of domestic and international business environment. The session was also addressed by Dr. Sergio Arzeni, Director, OECD, Mohsen Noohi, General Manager, Sony Eurasia, Ramon S. Ang, President and Chief Operating Officer, San Miguel Corporation and Robin Li, Chairman/CEO, Baidu. Omer Cihad Vardan, President, Independent Industrialists and Businessmen's Association in Turkish (MÜS?AD) chaired the session. FPCCI under the leadership of Senator Ghulam Ali, President mounted a strong delegation to Turkey who
affectively contributed at various sessions and explored business opportunities during CACCI conference, which was attended by more than 500 delegates from 27 member nations of CACCI. The CACCI Conference provided Pakistan an ample opportunity for image-building of the country as three speakers Rehmatullah Javed, Chairman SMEs Committee FPCCI, Salman Javed, Chairman Tourism Council of FPCCI and Sharukh Malik, Chairman, Young entrepreneurs Council of SAARC CCI made presentations on sessions of SMEs, Tourism and Young entrepreneurs Forum.
ERRA the Prime Minister observed that there was lot of improvement since arrival of the new chairman. He assured full support of the Government in completion of the projects. The Chairman ERRA apprised the Prime Minister about progress of various mega projects and assured him that ERRA has developed the capacity to deal with any calamity in any part of the country.-APP
‘Health warning on imported items a must’ ISLAMABAD: Pakistan's proposals for inscribing dangerous effects of chemicals in various imported items would be reviewed at international forum to prevent end users and manufactures from the adverse effects of chemicals, Joint Secretary International Cooperation Abid Ali has said. While presiding a meeting here on Friday stated that due to technical terminology and scientific data written at the labels of imported items do not aware consumers to understand the negative impacts of chemicals on human health and environment so it should be made mandatory for manufactures of toys, electronics and other similar items to prominently display the after effects of different substances of chemicals to be used in these items.- NNI
3 Saturday, March 12, 2011
Yen higher, but outlook volatile after quake
Previous Day
Recovers after knee-jerk reaction to earthquake NEW YORK: The yen advanced broadly on Friday on risk aversion by Japanese investors and expectations of repatriations by Japan's insurance companies as they sell foreign assets to pay for claims after a major earthquake rocked Japan. The yen initially fell to a two-week low against the dollar, and analysts said it could stay choppy on near-term worries about the impact on a fragile Japanese economy. Worries about growth caused investors cut exposure to risk, leading to selling of higher-yielding currencies. The euro was also seen vulnerable to a sell-off if a euro-zone summit fails to ease concerns about sovereign debt. "If you are look at the Kobe earthquake in 1995, that also resulted in yen
strength," said Michael Woolfolk, currency strategist at BNY Mellon in New York. "Japanese investors that have been heavily invested overseas bring it back home in periods of risk aversion." M i d w a y through the New York session, the dollar fell 1.3 per cent, its biggest one-day drop since Dec. 3, trading at 81.89 yen on electronic trading platform EBS. The low posted at 81.65 yen. The dollar touched a two-week high of 83.30 yen in the Asian session before falling back. The euro fell to its lowest in more than
a week against the yen at 112.93 on EBS but then recovered to 113.34 yen on EBS, still down 0.9 per cent on the day.
The yen rallied 1.2 per cent against the Canadian dollar, 1 per cent against the Swiss franc and 1.5 per cent against the pound, according to Reuters data. The Bank of Japan said it would cut short its two-day meeting next week to just one day and announce its decision that day, while leaders of the ruling and
Asian currencies
Peso, baht down after Japan disaster Quake accelerates risk reduction SINGAPORE: The Philippine peso and the Thai baht fell against the dollar on Friday, extending losses after a powerful earthquake hit northeast Japan, triggering a 10-metre tsunami prompted investors to cut positions in the riskier currencies. Earlier China's strongerthan-expected output data alleviated investors' concerns over the health of the world's No. 2 economy after it reported weak February figures. But news of the massive quake hit the yen and other Asian currencies. "That is another reason to
encourage a risk-off environment," said Pin Ru Tan, emerging markets currency and rates strategist at the Royal Bank of Scotland in Singapore. Before the earthquake, Asian currencies cut some losses as China data reassured investors that Asia would continue to grow faster than developed markets. The peso weakened past 43.60 per dollar where the Philippine's central bank had been spotted selling dollars to check the currency's falls. Investors rushed to cover dollar-short positions after the quake. A Manila-based dealer said he has not seen dollar-
Stg plunges vs euro as rate expectations ease LONDON: Sterling hit a sixweek trough versus the euro and fell to a three-week low against the dollar on Friday, pressured by a drop in UK gilt yields as markets pushed back expectations for UK rate rises in 2011. The pound was also pressured as investors cut exposure to perceived higher-risk currencies and assets in the wake of a powerful earthquake in
The euro rose 0.5 per cent versus sterling to a six-week high of 86.44 pence, beating the high hit on Monday in the wake of comments by European Central Bank President JeanClaude Trichet hinting at a euro-zone rate rise in April. Sterling also hit a six-week low against a currency basket of 80.2. Markets are now pricing in
Japan which weighed broadly on equity markets. "We are seeing a bit of a reality check, with people starting to realise there will be two, maybe three rate hikes in the UK, and that will be it for a while," said Gavin Friend, currency strategist at nabCapital. The move came as traders cut long positions in the pound in the wake of Thursday's Bank of England decision to keep interest rates on hold. Although the move had been widely expected, many had been positioned for the chance of an early rate hike.
only around a 50 per cent chance of a rate hike in May, with a rate rise fully priced in for August. Before Thursday's rate decision, a hike had been factored in for June. Against the dollar, sterling slipped to a three-week low of $1.5977 before recovering to trade at $1.6030, well below a one-year high of $1.6344 hit last week. Data on Friday showed British factory gate inflation rose to its highest annual rate in more than two years in February, led by surging oil and food prices. -Reuters
sales by the central bank yet. The one-month dollar/won non-deliverable forward (NDF) rose to as high as 1,130 after the earthquake. Dealers say South Korean authorities entered the market in February to keep a lid on the won, which has been bouncing around in a 1,104-1,134 range so far this year. The baht reversed gains on a bout of risk aversion and very aggressive central bank intervention on Thursday. Traders estimated the Bank of Thailand bought at least $500 million between 30.25-30.24 in the previous session. -Reuters
Swiss franc ticks down ZURICH: The Swiss franc fell against the dollar and the euro on Friday as investors closed out some long positions as they focused on the Japanese yen after a major earthquake struck Japan. "There is little interest for the franc this morning. The whole focus is on Japan and the yen," a Zurich-based trader said. Investors turned cautious after an earthquake measuring 8.8 struck off the northeast coast of Japan. Ongoing violence in Libya and expected protests in Saudi Arabia are also keeping them on edge. Even so, they were not flocking to the franc, generally regarded as a safe-haven currency. "Normally, the franc should rise in this context but one has to take into account that it has been firm over the last days already," the trader said. The franc fell 0.4 per cent against the euro compared to the New York close, trading at 1.2908 per euro at 0836 GMT. The franc was down 0.1 per cent against the dollar at 0.9325 per dollar. Despite the declines, the franc is expected to remain firm against the other major currencies in the near term. -Reuters
Aussie dollar relieved at China data, kiwi pauses WELLINGTON/SYDNEY: The Australian dollar grinded higher on Friday as upbeat output data from China helped counter somewhat concerns over global growth, while the New Zealand dollar crept up from a five-and-a-halfmonth low. The Australian dollar nudged higher to $1.0037, from a two-week low of $0.9991 on Thursday. Still, it remains a cent down for the week and is the worst performing currency with a 1.4 per cent loss. Support is seen at $0.9966 and $0.9944, with $1.0054 to cap the topside. Bids below parity from local bargain hunters, exporters and Asian central banks were limiting the downside for now, according to traders. But the Australian dollar could be on the defensive later on Friday when European leaders meet to discuss structural changes to the sickly euro-zone. Roland Randall, senior economist at TD Securities in Singapore would not be surprised if the summit was disappointing, showing little progress. "That would be Aussie negative, so we could walk in on Monday and see the Aussie lower, probably below parity," he said.
Randall does not see the currency breaking away from the $0.98-$1.02 channel of the past three-months. Earlier on Friday, the Aussie edged up after Chinese inflation levelled off in February while industrial output accelerated. This was seen by economists as signs the government is succeeding in taming price pressures without unduly harming growth in the world's second-largest economy. The New Zealand dollar paused at $0.7359, having bounced from a five-and-a-half month low of $0.7322 overnight. Support is seen at $0.7320 and below that $0.7306, with $0.7380 the first hurdle higher. The kiwi has been quite resilient this week given that the Reserve Bank of New Zealand slashed its benchmark rate by 50 basis points to 2.5 per cent on Thursday. The kiwi, which has fallen about five per cent in the past month, was seen supported around $0.7320 and below that $0.7306, with resistance at $0.7380. Against the Australian dollar, the kiwi drifted lower to NZ$1.3634, from NZ$1.3599, as the Aussie gained on talk of buying from Japanese names and for uridashi bonds. -Reuters
Yuan ends flat vs dlr, stability seen key risen 3.8 per cent since it was depegged in June 2010. Before trading began, the PBOC fixed the yuan's midpoint at 6.5750 against dollar, weaker than Thursday's 6.5713. "Our boss (central bank) has said so, the yuan may remain stable in the near term," said a dealer at an European bank in Shanghai. "But we don't think it has the potential to drop." On Friday, China posted a slew of economic data, including key February consumer price inflation, which was at 4.9 per cent from a year earlier, the National Bureau of Statistics said, higher than market expectations of 4.7 per cent. But the PBOC governor said that the yuan exchange rate would not be a key way to curb high prices. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) were bid at 6.4410, up from 6.4370 at Thursday's close. Their implied yuan appreciation in a year's time fell to 2.1 per cent, unchanged from Thursday. -Reuters
Indian rupee down on weak local shares MUMBAI: The Indian rupee weakened on Friday tracking losses in local shares as well as Asian currencies, with broad dollar strength also weighing. The partially convertible rupee closed the week at 45.2400/2500 per dollar, 0.1 per cent weaker than its 45.1800/1900 close on Thursday. It moved in a 45.160045.2925 range intraday. "It was a combination of both, the negative mood in the equities and view that dollar would rise as an after-effect of the quake in Japan, which hurt the rupee," said Ashtosh Raina, head of foreign exchange trading at HDFC Bank in Mumbai. Indian shares fell for the second week in three as they shrugged off better-than-expected factory data and ended 0.8 per cent down as the Japanese quake rattled global markets. India's industrial output in January topped forecasts to grow an annual 3.7 per cent, versus Reuters forecast of 2.9 per cent. The one-month onshore forward premium was up at 28.75 points against 28.25 points on Thursday while the three-month
Events
Actual
Forecast
Previous
CNY CNY CNY EUR EUR GBP GBP CAD CAD
CPI y/y Industrial Production y/y Retail Sales y/y German Final CPI m/m German WPI m/m PPI Input m/m PPI Output m/m Employment Change Unemployment Rate
4.9% 14.1% 15.8% 0.5% 1.4% 1.1% 0.5% 15.1K 7.8%
4.8% 13.3% 19.0% 0.5% 1.0% 1.4% 0.7% 26.2K 7.7%
4.9% 13.5% 19.1% 0.5% 1.2% 2.3% 1.1% 69.2K 7.8%
Currencies Rate
opposition parties pushed for an emergency budget. With rates at nearly zero, the BoJ does not have the scope to cut borrowing costs, as the Reserve Bank of New Zealand did earlier this week in response to last month's earthquake. Analysts said Japan is likely to take steps that will further delay any gradual normalization of monetary policy, and this could prove negative for the yen. The euro rallied above $1.3800, though traders cited concerns Portugal may seek an external bailout. It was last up 0.3 per cent at $1.3842 on EBS. Euro zone leaders met on Friday, ahead of a full 27-nation European Union summit on March 24-25, to tackle a debt crisis that has pressured the euro for a year. -Reuters
SHANGHAI: The yuan ended little changed against the dollar on Friday even though the People's Bank of China set a weaker mid-point, underscoring the market's view the yuan will likely not fall much. Dealers said the yuan is expected to move in a small range in the near term, as the central bank prefers to keep the yuan stable for now. China's central bank chief Zhou Xiaochuan said at an annual press conference on Friday that China would keep the yuan's exchange rate basically stable at a reasonable and balanced level. "Regarding the exchange rate policy, it's still the same line. Based on market supply and demand, we refer to a basket of currencies in making adjustments and will keep the renminbi exchange rate basically stable at a reasonable and balanced level," Zhou said. Spot yuan inched firmer by only 1 pip to 6.5746 versus the dollar, against Thursday's close of 6.5747. The currency has
Source
premium was slightly lower at 79.50 points versus its previous close at 80.00 points. The one-year premium was down at 277.00 points versus 279.00 points on Thursday. The one-month offshore nondeliverable forward contracts were quoted at 45.56, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange ended at 45.4075, on the MCX-SX at 45.4100, and on the United Stock Exchange at 45.4150, with the total traded volume at about $8.77 billion. -Reuters
Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3822 1.3840 0.9293 0.9357 1.6025 1.6074 0.9774 0.9800 1.0042 1.0053 113.4500 115.0000 0.8625 0.8625 1.2845 1.2926 131.6000 133.7200 88.3400 89.2900 1411.2500 1419.1000
Bid 1.3819 0.9292 1.6021 0.9770 1.0039 113.4000 0.8620 1.2841 131.5300 88.2800 1410.3300
Low 1.3755 0.9292 1.5977 0.9725 0.9971 112.9500 0.8592 1.2834 131.2100 87.8000 1405.3100
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 11/03/2011 A USD GBP CAD EUR JPY O/N 0.21550 0.55625 0.97083 0.73000 SN 0.10688 1WK 0.24340 0.57813 1.00367 0.79875 0.11625 2WK 0.24740 0.58438 1.04083 0.81625 0.11938 1MO 0.25500 0.61313 1.08467 0.85050 0.13375 2MO 0.28400 0.68313 1.14583 0.98125 0.15563 3MO 0.30950 0.80625 1.21583 1.12563 0.19250 4MO 0.35000 0.88875 1.28250 1.21938 0.24313 5MO 0.40850 0.99375 1.35167 1.32063 0.30000 6MO 0.46100 1.11125 1.42000 1.44375 0.34625 7MO 0.51450 1.19500 1.50583 1.51938 0.39500 8MO 0.56775 1.28125 1.59833 1.59375 0.44438 9MO 0.61525 1.36375 1.68667 1.67250 0.49000 10MO 0.66700 1.44500 1.77167 1.74313 0.51688 11MO 0.72050 1.51375 1.86250 1.81500 0.54250 12MO 0.78000 1.58375 1.95167 1.88625 0.57000
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan Federal Reserve Swiss National Bank The Reserve Bank of Australia European Central Bank
Last Change
April 12, 2011 September 8, 2010 April 7, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010 January 1, 2001 May 7, 2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, March 11,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.40 137.27 118.05 87.66 91.70 85.69 13.36 1.03 15.13 67.16 15.83 22.77 10.96 12.99 307.08 28.11 62.85 23.45 23.25 0.08 2.81
85.20 136.95 117.77 87.46 91.49 85.49 13.33 1.03 15.10 67.01 15.79 22.72 10.94 12.96 306.36 28.04 62.70 23.40 23.20 0.08 2.80
84.95 136.52 117.39 87.23 91.25 85.26 13.30 1.03 15.06 66.83 15.75 22.66 10.91 12.93 305.56 27.97 62.53 23.34 23.14 0.08 2.80
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 11, 2011
KASB 0-7days 12.95 8-15dys 12.95 16-30dys 13.00 31-60dys 13.18 61-90dys 13.28 91-120dys 13.48 121-180dys 13.55 181-270dys 13.70 271-365dys 13.75 2-- years 14.00 3-- years 14.04 4-- years 14.12 5-- years 14.12 6-- years 14.16 7-- years 14.16 8-- years 14.14 9-- years 14.08 10--years 14.08 15--years 14.50 20--years 14.75 30--years 14.90
BMA 12.95 12.95 13.00 13.10 13.17 13.32 13.50 13.62 13.72 14.00 14.02 14.10 14.05 14.10 14.12 14.05 14.03 14.07 14.50 14.75 14.85
ELXIR 12.92 12.92 12.98 13.05 13.19 13.38 13.53 13.64 13.75 14.00 14.05 14.06 14.07 14.18 14.20 14.15 14.10 14.10 14.60 14.75 14.95
GSL 12.90 12.95 13.00 13.10 13.20 13.30 13.50 13.65 13.75 13.90 14.03 14.05 14.06 14.12 14.15 14.12 14.08 14.08 14.50 14.80 15.00
ICSL 12.90 12.90 13.00 13.15 13.35 13.48 13.60 13.68 13.78 13.95 14.03 14.18 14.10 14.20 14.11 14.20 14.00 14.06 14.50 14.75 15.00
JSCM AvgRate 12.95 12.93 12.95 12.94 12.95 12.99 13.10 13.11 13.25 13.24 13.45 13.40 13.50 13.53 13.65 13.66 13.75 13.75 14.05 13.98 14.07 14.04 14.10 14.10 14.12 14.09 14.18 14.16 14.19 14.16 14.07 14.12 14.02 14.05 14.08 14.08 14.40 14.50 14.70 14.75 14.90 14.93
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
0.25 0.64 0.49 0.41 0.82 0.10
0.39 -0.51 0.63 0.60 -0.13 0.54
0.64 0.89 0.53 0.79 0.63 0.60
0.69 0.71 0.90 0.83 0.35 0.71
0.28 0.74 0.89 0.77 0.79 0.79
-0.84 -0.77 0.00 0.35 0.72 0.14
USD/CAD USD/CHF 0.25 -0.82 -0.71 -0.21 -0.71 0.04
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)11/03/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.60
13.10
12.65
13.15
12.75
13.25
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.95
13.45
12.95
13.45
13.00
13.50
13.40
13.65
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 12.85
13.35
12.90
13.40
12.90
13.40
13.25
13.50
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
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
DBPK 12.75
13.25
12.70
13.20
12.75
13.25
13.25
13.50
13.35
13.60
13.40
13.90
13.55
14.05
13.65
14.15
FBPK 12.75
13.25
12.80
13.30
12.85
13.35
13.35
13.60
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.90
13.40
12.85
13.35
12.85
13.35
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.85
13.35
12.85
13.35
12.90
13.40
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.80
13.30
12.85
13.35
12.90
13.40
13.25
13.50
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.75
13.25
12.90
13.40
13.10
13.60
13.25
13.50
13.35
13.60
13.45
13.95
13.55
14.05
13.60
14.10
HMBP 12.80
13.30
12.85
13.35
12.90
13.40
13.30
13.55
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 12.85
13.35
12.90
13.40
12.95
13.45
13.15
13.40
13.45
13.70
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.85
13.35
12.85
13.35
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.50
13.00
12.60
13.10
12.90
13.40
13.25
13.50
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.80
13.30
12.75
13.25
12.75
13.25
13.25
13.50
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.80
13.30
12.85
13.35
12.85
13.35
13.30
13.55
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
13.31
12.84
13.34
12.87
13.37
13.29
13.54
13.49
13.74
13.63
14.13
13.75
14.25
13.85
14.35
CIPK
12.81
-0.58 -0.88 -0.70 -0.43 -0.75 -0.33
4 Saturday, March 12, 2011
Wage Board Award in Pakistan: A dream
The Financial Daily International Vol 4, Issue 126
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
IMF should understand Pakistan's problem It is necessary to thank the International Monetary Fund (IMF) for extending its deliberations with the Government of Pakistan to resolve the issues leading to suspension of release of last two tranches on the Stand-By Arrangement (SBA) signed in November 2008. One of the basic factors staling Pakistan-IMF relationship is IMF's view that Pakistan is not doing enough to contain the budget deficit. The other complaint is that Pakistan agreed to introduce a few new taxes and/or reformed general sales tax but failed in getting these approved by the legislative. Ironically, opposition and some of the coalition partners are deadly against imposition of any new tax because they consider it anti-people. The stance looks reasonable because of the high rate of inflation in country pushing more and more people below the poverty line. Some of the experts still say that Pakistan should scum to the IMF pressure, introduce new taxes and withdraw some of the subsidies being paid to get the remaining tranches released. These experts are trying to create an impression that if Pakistan does not get the remaining tranches it will default. However, Pakistanis fail to understand their suggestion to withdraw various types of subsides but as they hardly raise any voice against cutting down of PSDP allocations and even the lavish spending of the elected representatives. Lately, some experts have also been suggesting that Pakistan should very politely thank the IMF for the support it has already received and also voluntarily decide not to take the remaining tranches. These experts very strongly believe that now Pakistan enjoys strong footing and accepting the balance amount would only add to the load of debt. This group believes that debt servicing has already become unsustainable. Having said this, the group still does not want to offend the Fund because IMF's letter of comfort makes dealing with other multilateral financial institutions easier. There is growing realisation that the present government has chosen the easier option of acquiring money from the IMF rather than taking pains to improve the economy. Little has been done to improve the level of governance at State Owned Enterprises (SoEs) posting up to Rs300 billion losses every year. Tax collection regime often says that people don't pay their taxes in full but it is also on record the corruption within the Federal Board of Revenue (FBR) and failure of the government to reform the tax collection regime eats nearly half a trillion rupees every year. The government and opposition must understand that either the revenues have to be increased or expenditures curtailed. In the prevailing conditions austerity seems better option when compared with introducing new taxes. However, unless the rulers give up their lavish style and also tax the elites any attempt to impose new tax will be opposed with great fervor.
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.
Shamsul Islam Naz
M
edia practitioners and their apex body, the Pakistan Federal Union of Journalists, are struggling hard for securing implementation of the 7th Wage Board Award as from Senate of Pakistan to the National Assembly and from the superior judiciary to the wage award implementation tribunal all have failed to persuade owners to implement the award despite skyrocketing increase in prices of commodities. After a lapse of over 10 years, owners are still reluctant to increase wages of journalists and other staff which has put an economic burden on newspaper employees. This has been happening despite passage of resolutions by the four provincial assemblies, the National Assembly and the Senate, asking the owners to implement the award. The award was supposed to be implemented with effect from Ist July 2000 which was duly notified in the official gazette of Government of Pakistan after it became a law and binding upon them. The media owners have made 7th wage award a point of prestige for them and from their raw conduct, they have literally proved that no one on earth can compel them to bow before the law and Constitution. It seems that all state organs i.e. Parliament, Executive, Judiciary and their subordinate institutions are just small picas in front of the owners who have failed to enforce their writ. No one can dare ask media owners to abide by law, pay taxes and lawful duties and to respect rule of law. Contrary to this, they put all state organs under tremendous pressure and have also hired "services of some hand-picked journalists" who are being fabulously paid with a clear-cut agenda to scandalise each and every government department and functionary in a manner that no one may dare to see eye to eye with them. The media owners are very successful in their mission and they call for accountability of each and every pillar of the state and attached organisations. They are shrewd enough that they raise hue and cry to malign anybody who may dare to ask them to pay lawful duties and to fulfill legal obligations. They raise bogey of "attack" on freedom of press and they start hurling threats and intimidate officials. Very strangely the higher judiciary also feels pleased to rush to the rescue of media owners. The media owners are very successful in their well conceived strategy which can be judged from this fact that they have not only literally made the 7th wage board award for the media persons ineffective and inoperative, but have also been successful in blocking the subsequent Wage Boards which were to be constituted after every successive five years. Till this time, the 9th Wage Board Award should have been in operation when this piece was being written. In historical perspective, one would observe that basically the wage board has to be constituted by the federal government for the purpose of fixing rates of wages for newspaper employees in the country. The board is constituted after every 5 years. Up till now seven boards have been formed. BACKGROUND: There used to be no law for wages of working journalists when Pakistan came into being. The working journalists used to be paid according to discretion and sweet will of newspaper owners. The working journalists raised this issue before the constituent Assembly of Pakistan through a resolution which was tabled in November 1953. The resolution inter alia stated that "the Assembly is of the opinion that the government of Pakistan should appoint a Committee to investigate the conditions of the national press of Pakistan with particular reference to the working conditions of the journalists and report to the government". This resolution was carried by the Assembly and inconsequence thereof the government of Pakistan constituted a Press Commission with various terms of reference, including recommendation in rates of pay and working conditions of journalists. It may be noted that in the sixth year of the republic, the Indian Parliament passed Working Journalists and other Newspaper Employees (Conditions of Service) and Miscellaneous Provisions Act, 1955. Under this act, the concept of the Wage Board for fixation of wages and other fringe benefits has been provided. Likewise, there is also law for constitution of the Wage Board in Bangladesh, Sri Lanka and other countries. PRESS COMMISSION (1954) In Sept 1954, the government set up a Press Commission, which was supposed to give recommendations concerning working conditions and salaries of working journalists. One of the terms of reference of the commission was; "to examine and make recommendation on the rates of pay and working conditions of the journalists." Justice Khurshid Zaman, Judge of the High Court headed the Commission, while late Hameed Nizami. Altaf Hussain, Z .A. Suleri and M. A. Zuberi were among the 11 other members of the Commission. Reconstitution of Press Commission: Due to the professional and organizational rivalries between the two bodies the All Pakistan Newspaper Editors Conference (APNEC) and the Council of Pakistan Editors, and rival bodies of newspaper Editors, the Press Commission could not function resulting in reconstitution of the of the same on Sep 5, 1958, headed by H.B Tyabji, Chief Judge of the High Court of Sindh,
Karachi. Report / recommendation of the Commission: In March 1959, the Commission submitted its detailed report / recommendations to the government and stressed upon formulation of a law to regulate the condition of service of working journalists and a wage board for fixation of the rates of wages of the working journalists. The Commission highlighted various problems confronted by the newspaper industry in general and working journalists in particular. In line with Press Commission Report, the government promulgated an Ordinance on 26th April 1960 known as the "Working Journalists (Condition of Service) Ordinance 1960". Subsequently, the 1st Wage Board was constituted in 1960. The board consists of a Chairman eligible for the Judge of High Court and an unlimited number of the members selected by the government. But representation of the owners and newspapers employees was required to be equal. The decision of the Board commonly known as "award" was made binding upon newspapers establishments.. According to the WJCSO, the Board was supposed to adjudicate and determine wages, grade and allowances only of working journalists and not other employees of newspapers organizations. The WJCSO was replaced the with Newspaper Employees (Conditions of Service) Act, 1973 which was unanimously adopted by the parliament and was made public by the founder of the Pakistan Peoples Party Chairman, Zulafiqar Ali Bhutto on 14th Aug. A major change in the NECOSA was that all the employees working in the newspapers establishment were brought under the net of the Wage Board in addition to the working journalists. FIRST WAGE BOARD 1960: The Ist wage board was constituted on 30th May 1960 with Justice Sajjad Ahmed Jan, Judge of the High Court of the West Pakistan as its Chairman In this board, wages were fixed for the working journalists only. Every newspaper organization was supposed to pay wages according to the rates fixed by the Board. The board gave its decision on 31st Dec. 1960 which was made operative from Ist Jan. 1961. It was made clear that "the decision of the Board would be subject to review and revision after 5 years from the date of its enforcement by an authority that might be set up by the federal government." SECOND WAGE BOARD: When the Ist Wage Board was constituted in 1960, it was decided that the government would form the board after every 5 years, therefore 2nd wage board was due in 1965. However, it was constituted after 9 years on the 25th April 1969 instead of 1965. The 2nd wage board had 8 members, four each of working journalists and newspaper employers while. Justice Sajjad Ahmed Jan was nominated its Chairman. Later, in Oct 1969, Justice Sajjad Ahmed Jan resigned who was succeeded by Justice A.S Farooqi, a Judge of the West Pakistan High Court. He announced Interim Relief which was confined only to metropolitan newspapers employees. The Chairman adopted in to classification of metropolitan as A and B categories while granting the Interim relief. He decided that all the newspapers which are located in metropolitan centers and they are having an annual revenue of 25 laces or more would be considered as belonging to metropolitan A while other newspapers having annual revenue of less than the 2.5 million would be considered belonging to metropolitan B category. On the 1st April 1970 Justice A.S Farooqi resigned and in his place Justice (retd) S.M Shafi was appointed as Chairman of the Wage Board on the 5th of March 1971. Reconstitution of the 2nd Wage Board: On the 11th Sept 1973 the Federal government reconstituted the 2nd wage board and. Justice (Retd) S.M.Shafi, was appointed its Chairman with four members, 2 each from owners and employees of the newspapers. The board announced its decision on the 8th of June 1974 and fixed new pay scale for the employees. 3rd Wage Board: The 3rd Wage Board was constituted on the 24th Jan 1979 and Justice (Retd) Muhammad Munir Faruqee, was appointed as its Chairman along with eight members, four each from owners and employees. The board was reconstituted in June 1979 which announced its interim relief on the 5th August 1979. The board announced its final decision on 25th May 1980 which was made effective from 15th April 1980. 4th Wage Board: The 4th Wage Board was constituted on 4th Oct 1984 and Justice Mian Fazle Mehmood of Lahore High Court was appointed its Chairman. The Board had 12 members, six representing the employers and six employees. The Board announced Interim Relief on the 10th of Jan 1985 while final award was given on 28th Sept 1985 and it was made operative from 15th April 1985. 5th WAGE BOARD: The 5th Wage Board was set up on 20th July 1989 which was reconstituted on the 20th Dec. 1989 with Justice (Retd) Agha Ali Hyder of the Sindh High Court as Chairman and 14 members equally drawn from amongst
the employers and the employees. The Board granted Interim Relief on the 8th Feb 1990 while final decision was given on the 18th Dec 1990 and it was made operative from 15th of April 1990. LITIGATION: The All Pakistan Newspaper Society (APNS) and some of its members challenged the Interim Award in the Supreme Court through a constitutional petition. However, during pendency of the petition final decision was announced by the Wage Board on the 18th of Dec 1990 which was made operative from15th of April 1990. The APNS filed an amended petition to challenge the validity of the final award but the court declared the petition as in fructuous and the amended petition was dismissed by a full bench of five judges on the 14th Dec 1993. The SC, however, ruled that the petitioners may challenge the final award before a court of competent jurisdiction as provided by law but the APNS did not opt to continue further litigation against the final award of 5th wage board. 6th WAGE BOARD: It came into existence with Justice Zia Mehmood Mirza, a Judge of Supreme Court of Pakistan as its chairman on the 23rd Oct 1994 consisting of 18 members, 9 each from the employers and the employees. Final decision was announced by the board on 23rd Oct 1994. 7th WAGE BOARD: The 7th wage board consisting of ten members five each representing the employers and employees and the Chairman Justice Raja Afrasiab Khan (Retd) Judge of the Supreme Count of Pakistan pronounced its award which was published in the official gazette on the 25th Oct 2001 and made operative with effect from Ist July 2000. IMPLEMENTATION OF THE 7TH WAGE BOARD: The newspapers owners immediately challenged the validity of the 7th wage board award directly before the Supreme Court of Pakistan under Article 185 (3) of the Constitution and also questioned the vires of the Newspaper Employees (Conditions of Service) Act, 1973, claiming that the same was discriminatory law and meant for suppression of the freedom of press and putting undue economic stress upon the media. The said petition remained pending before the S.C for about 4 years. Finally the Supreme Court dismissed the petition filed by the APNS and newspaper owners declaring that the matter did not fall under the ambit of Article 185 (3) of the Continuations of the Pakistan(PLD 2004 S.C. 600) . However, the petitioners were asked to move "competent court of jurisdiction" if so desired on the same issue. Taking advantage of this observation of the apex court the media owners challenged the validity of the 7th Wage Board Award once again before the Islamabad High Court, which dismissed the same in limini. However, once again the APNS and some of the owners moved yet another writ petition before the Singh High Court against the varies of the NESOCA as well as the 7th Wage Board Award and succeeded in getting restraint order without any service or knowledge to the PFUJ and affected newspaper employees. This restraint order is still operative providing leverage to media owners to escape from legal obligations of making payment of the wages and other accrual benefits of the 7th Wage Board award to their employees. Various benches of the Sindh High Court heard the case of the 7th Wage Board Award but none of them had announced the verdict. The height of injustice and atrocity with media persons can be judged from the fact that the Supreme Court of Pakistan in Aug. 2009 directed to decide the issue within 90 days but to no avail. Even, after changing of various benches a divisional bench finally concluded the proceedings on 20th Sept 2010 and reserved the judgment, which still remains reserved and there seems no fate of this reserved judgment, thus paving way for media owners to deprive their workers of benefits of the 7th Wage Board Award as case would once again be reopened as per High Court Rules since the "reserved" judgments could not be announced or in the meantime the bench would be no more functional with the same judges. These tricks were employed by the media owners with the patronage of judiciary. The story of exploitation and money minting by media owners does not end here. On the one hand the 7th Wage Board Award was never implemented by them, and on the other hand they launched a vigorous campaign by inserting hundreds of "advertisements" in newspapers on front pages, raising an alarm that "newspapers industry" would be ruined if Wage Board Award was implemented in letter and spirit. Under the garb of such types of false propaganda, they succeeded in getting concessions in various federal taxes and drastic reduction in import duties on the import of newsprint and other printed material to the tune of billions of rupees giving an allurement that "they will extend the benefits of the 7th Wage Board Award". However, such pledges were never honored by the newspaper owners, even after lapse of more than 10 years which clearly indicates their highhandedness. Ironically, on the eve of every federal budget, the APNS got various privileges claiming that it would "help the fourth pil-
lar of state in its survival" and thus they always got concessions on various levies, including import of reconditioned machinery at zero taxation on the plea that these would be installed. They also secured loans for import of second-hand printing machinery at zero mark-up rates from SMEs and state-owned financial institutions on false pretext of upgrading newspaper industry in the "national interest." Taking countless advantages and financial benefits from the governments during the last full decade the media owners also fleeced newspapers subscribers, advertisers and all end users on various counts. For instance they reduced pages and cut the size of newspapers substantially. Not only this, rates of newspapers as well advertisements were increased almost by 200 to 300 per cent during the past ten years. Yet wages of newspaper employees were not increased. How cruel media owners and the government are can be judged from this that although wages and other fringe benefits of government employees are increased as a "regular feature of every budget", right from 1996 to 1997, while in the budget 2010-2011 basic wages of government employees was enhanced by 50 per cent, which shows that newspaper employees were discriminated against and were being extended step-motherly treatment. Salaries of newspaper employees, including journalists, were earlier fixed in July 1996 under the 6th Wage Award and since then no increase had been made. The media owners had been using delaying tactics and filing cases in one court or the other to delay the implementation of the award. Likewise, from 1996-97 to-date salaries of law-enforcement agencies, armed forces, government employees and private sector have gone up by at least 400 to 500 per cent. But still the media owners were not ready to make payment of salaries as per price-hike and newspaper employees were working on the salary structure fixed in 1996 under the 6th Wage Award. These hard facts clearly indicate that media persons were being exploited by media owners who consider that perhaps media persons do not need to take meals for themselves and their kids. The question is whether it is possible for a media person to live without clothes, bread, shelter, medical facilities and education for their kids, and can they perform their professional assignments without job protection, life insurance, life security etc. The miserable plight of media persons can also be observed from the sad story a journalist, Mohamed Azam, working with "Channel 5" owned by Zia Shahid of Khabrain group. Azam committed suicide on 2 Dec in Lahore. He was not paid wages for five months. On Dec. 2008, he went to the office of the Khabrain to demand his wages. Azam pleaded his bosses that he must be paid wages as there is no food at home. He was treated badly by Imtinan Shahid, son of Zia Shahid and was asked to leave office without payment. Imtinan even made bad comments about Azam's 8 sisters. Imtinan told Azam that you have 8 sisters, ask them to work. This made Azam very sad. As he arrived, his mother asked if he was paid, he told her that the boss has not paid him. The mother reminded him about Eid which is coming and asked him to do something for wages. He went to his room, closed the door and hanged himself with an electric wire at 2pm on Dec. 2, 2008. Azam had 8 sisters, five of them married and three to be married. He has a brother of 9 year. Azam was the only breadwinner of the family as his father had left them long ago. The callousness of media owners can be judged from this fact that none of the print and electronic media aired or published this gruesome incident in detail. Even it was not mentioned that the cause of his death was nonpayment of five months wages. The name of journalist Muhammad Azam was also not mentioned. The media mentioned only that Azam committed suicide because he was facing financial difficulties. This attitude of media exposes their real anti-worker and inhuman attitude against ethics of real journalism. There are endless and long stories of atrocities by Pakistan media owners but the disturbing question is constant silence of vocal segments of society, including lawyers, judiciary, human rights activists, political parties and the government of Pakistan. They are, of course, afraid of nuisance of Pakistani media. But one wonders that in an age of globalization even the international forces too are salient about sorrow state of affairs of Pakistani media industry, and they are hardly aware of the plight of Pakistani media workers and journalists and have confined them only to look after "economic interests" of media houses. They do not believe in freedom of expression, and that they have a duty to keep the citizens informed which is the prime objective and social obligation of the print and electronic media. Everything printed or aired in the Pakistani media by and large is biased. Not a single newspaper in Pakistan or electronic media, and the news agencies carries and publishes the point of view media employees and their trade unions as well as PFUJ. This hard fact ipso facto proves how much under pressure the Pakistani journalists are
5
Saturday, March 12, 2011
South East Asian stocks
Japanese earthquake spurs late selling
European shares hit 2011 closing low on Japan quake
Judicio-political tiff rules out KSE gains
KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,125.79 12,045.25 -80.54 -0.66 67.50
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,682.61 3,637.54 -45.07 -1.22 2.61
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,877.85 2,850.15 -27.70 -0.96 0.10
Major Gainers
Symbol
Close
Change
DAWH BATA ILTM RMPL QUET
274.34 542.26 181.91 2,816.88 49.06
13.06 10.93 8.66 5.88 2.33
Major Losers
Symbol
Close
Change
UPFL 1,151.00 COLG 818.79 ULEVER 4,759.84 SRVI 187.99 NESTLE 3,418.44
-46.58 -41.11 -33.32 -6.95 -6.2
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA FFBL AHCL DOL NBP
15.86 43.31 23.43 7.98 78.90
12.71 5.03 4.78 3.49 3.48
Active Issues Plus Minus Unchanged
97 146 100
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
Nawaz Ali KARACHI: Bearish sentiments prevailed over Karachi Stock Exchange on Friday with volumes remaining thin despite commencement of much awaited Margin Trading System (MTS) from March 14. Investors sold shares over tension between Government and Judiciary; decline in global capital markets and on heavy selling by foreign investors a day earlier. The KSE-100 Index closed at 12,045 points after declining by 80 points while KSE30 index fell by 67 points and KSE all-share index lost
53 points to close at 11,803 and 8,356 points respectively. "After a new tension arises between government and judiciary local bourse took a plunge with low volumes", said Samar Iqbal, equity dealer at Topline Securities. It should be noted that the apex court declared the appointment of Justice Deedar Hussain Shah as Chairman NAB null and void and directed his immediate removal from the office. This created a new wave of tension between the government and judiciary as PPP gave strike call in Sindh leading to eruption of riots mainly in the mega city
resulting in killing of several people. Bears entered the market with the ringing of the opening bells and pushed the market into negative zone. The red numbers gradually increased despite low volumes as investors preferred to book their profits on the last day of the week. Apart from ongoing political situation, heavy net selling of $7.24 million by the offshore investors on Thursday following decline in global capital markets on Libyan unrest too shattered investors' sentiments and pushing them to take an exit. It should be noted that international stock markets con-
Japan earthquake hits markets
China, HK shares tumble down HONG KONG: Hong Kong shares fell on Friday, pushing them to a small weekly decline, as Asian markets saw a selloff in the afternoon after a massive 8.9 magnitude earthquake jolted Japan. The benchmark Hang Seng ended the day 1.6 per cent lower but traders said the lack of a major spike in turnover suggested there was no rush to the exits. For the week, the Hang Seng fell 0.7 per cent. Shanghai's key stock index slipped 0.8 per cent as investors, wary of tighter liquidity in the financial system, continued to book profits in banking and energy plays. The Shanghai Composite fell 0.3 per cent for the week. The MSCI Asia ex-Japan slide 1.4 per cent on Friday and 2.9 per cent for the week. While Asian markets remained wobbly on weak economic data and political unrest in Saudi Arabia, Chinese stocks remained relatively resilient, supported by steady gains in the heavy-
weight financial sector on valuation. Nikkei futures slid nearly 5 per cent after Japan's earthquake, which will weigh on the region, but there was little to suggest that China investors were dumping shares. "The timing is a coincidence, as the drop probably wasn't earthquake-related because we didn't see trading volumes increase in the afternoon as the market fell," said Xu Yinhui, an analyst at Shanghai Securities. A Wall Street slump overnight which saw major US indices fall below key technical levels put the Hong Kong market under pressure all day with large caps leading the fall. CNOOC Ltd, which dipped 1.3 per cent on Thursday, dropped another 2.3 per cent on Friday. HSBC Holdings Plc fell 1 per cent. "You can't have a one-way street in stock markets, but the fundamentals remain strong," said Louis Capital Markets
director Tom Kaan in Hong Kong, adding that smart money was still finding value and coming in to buy on dips. Earlier in the day, China released inflation data for February that showed consumer price rise leveling off but industrial output accelerating, an early sign that the government is succeeding in taming price pressures without unduly harming growth in the world's second-largest economy. Bucking the broader weaker trend, steel companies rose in Hong Kong late in the day as buyers snapped up beaten down shares on optimism that rebuilding work in Japan would lift profits. A head trader at an Asian bank in Hong Kong said steel stocks climbed as investors expected steel companies to get pricing for their products as demand from Japan jumps. Maanshan Steel rose 3 per cent while rival Angang Steel increased 1.6 per cent. Reuters
Downside risks limited
Indian shares end week lower MUMBAI: Indian shares fell for the second week in three as they shrugged off better-thanexpected factory data and ended 0.8 per cent down on Friday after a massive earthquake and tsunami rattled Japan, jolting global markets. Outsourcers shed the most. Fears of unrest in Saudi Arabia also troubled investors. However, dealers said downside risks were likely to be limited from current levels for Indian equities, and expected them to trade with an upward bias in the near term. Industrial output in January in the world's second-fastest growing major economy after China topped forecasts to grow an annual 3.7 per cent, and the reading was the strongest in three months. The 30-share BSE index BSESN declined 0.84 per cent, or 153.89 points, to 18,174.09 points, with about four-fifth of its components losing ground. It briefly turned positive earlier. The
index dropped 1.7 per cent this week. "As far as Indian markets are concerned, there was a knee-jerk reaction from the disaster in Japan," said Shishir Bajpai, senior vice-president at IIFL Private Wealth. 'Most known negatives seem to be discounted in the price. If oil prices and the situation in the Middle East stabilise, we might see a bounce back,' Bajpai added. The biggest earthquake to hit Japan in 140 years struck the northeast coast on Friday, triggering a 10-metre tsunami that swept away everything in its path. Foreign funds have pulled out around $1.8 billion from Indian equities since the start of the year to March 9, and the index is down 11.4 per cent year-to-date, making it one of the worst performing major markets in 2011. Export-focused outsourcers dropped on concerns over weak economic data from the United States, one of their key
markets. Leading software firms Tata Consultancy Services, Infosys Technologies and Wipro dropped between 1.1 per cent and 2.9 per cent. Leading lenders State Bank of India, ICICI Bank and HDFC Bank shed between 0.7 percent and 0.9 per cent, as inflationary concerns continued to bother. India's central bank has raised policy rates seven times since last March, and is widely expected to lift rates by another 25 basis points in its next review on March 17 to rein in inflation, which is at over 8 percent. More than two shares declined for every share that advanced in the broader market on a volume of 282 million shares on the BSE, similar to the 30-day daily average volume and sharply lower than the 90-day daily average of 345 million. The 50-share NSE index NSEI shed 0.9 per cent to 5,445.45. Reuters
tinued its declining trend on Friday also. Therefore index closed the first session with a loss of 100 points. Ahsan Mehanti, Director at Arif Habib Investments said that bearish activity witnessed as global stocks fall amid geopolitical concerns in the Middle East, Libya and news of a massive tsunami in Japan. Losses were further increased with the start of second session where at about 2:33 PST benchmark index touched an intraday low of 11,999 points (-ve 126). However, some support at lower levels allowed the index to regain some of the losses. KSE-100 index
managed to close the day above the psychological level of 12,000 points. Investor participation remained low throughout the day as 67.5 million shares exchanged hands which were 35.5 million shares less as compared to a turnover of 103 million shares registered on Thursday. Lotte Pakistan emerged the volume leader with 12.71 million shares followed by Fauji Fertiliser Bin Qasim with 5.03 million shares and Arif Habib Corporation with 4.78 million shares. Out of total 343 active issues; 146 declined and 97 advanced while 100 issues remained unchanged.
FTSE slips after quake caution LONDON: Britain's top share index closed at its lowest level in three months on Friday after a huge earthquake in Japan knocked investors' confidence. Violence in Libya and high oil prices have already pushed some investors out of equities into assets perceived as better placed to withstand tough economic conditions. The earthquake and tsunami in Japan that has killed at least 1,000 people added to that caution. The FTSE-100 closed down 16.62 points or 0.3 per cent at 5,828.67. The index was down 2.7 per cent on the week, its biggest such fall since July. Traders also highlighted a relative lack of activity in the market as evidence that investors lacked conviction. "The big money seems to be standing on the sidelines, there's not enough selling momentum to push it much lower, and it may take another macro shock to push it lower," said Darren Sinden, senior sales trader at Silverwind Securities. Life insurers Prudential, Aviva and Standard Life fell 1.5 to 1.9 per cent after the biggest earthquake on record hit the northeast coast of Japan triggering a 10-metre tsunami. Analysts said Lloyds of London insurers such as midcap Catlin, down 4.5 per cent, could be most exposed to the disaster. Banks, which fell on
Thursday after Moody's cut Spain's credit rating, slipped again as European ministers met to tackle the debt crisis. UK INFLATION Inflation worries persisted in the UK as factory gate inflation rose to its highest annual rate in more than two years in February. Home Retail, down 1.5 per cent, suffered a series of broker downgrades after a profit warning and grim forecast for 2011-12 on Thursday. "Once interest rates begin to rise you can almost kiss the (retail) sector goodbye," Paul Kavanagh, partner at Killik & Co said. Miners which suffered sharp falls in recent days recovered some ground, but still ended the week 7 per cent lower as copper and other metals fell sharply. Technical indicators painted a less gloomy picture as the index closed above the 50 percent Fibonacci retracement between a November low and its February high around 5,810. Phil Roberts at Barclays Capital and Dominic Hawker at Arbuthnot said this signalled technical support was holding well. "You have the mega-cap names finding good mediumterm support, so bottom up the market's looking fairly broad, and I think that's going to be supportive," Hawker said. Reuters
US Stocks early-morning
Wall Street edges lower after Japan quake NEW YORK: US stocks edged lower on Friday after a massive earthquake hit Japan and a disappointing reading on consumer sentiment. The biggest earthquake on record to strike Japan triggered a roughly 30-foot tsunami, killing hundreds of people and sweeping away everything in its path, including houses, ships and cars. US consumer sentiment fell to its lowest level in five months in early March as gas prices rose, a survey released on Friday showed. The data ran counter to a report from the Commerce Department showing retail sales rose one per cent, the largest gain since October and in line with expectations. "The market held together well because of the retail sales numbers," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York. "But those are not good numbers when you think about the future of retail sales. This is going to take some of the upward momentum out of the market." The Dow Jones industrial average dropped 42.50 points, or 0.35 per cent, to 11,942.11. The Standard & Poor's 500 Index lost 2.64 points, or 0.20 per cent, to 1,292.47. The Nasdaq Composite Index fell 9.46 points, or 0.35 per cent, to 2,691.56. Among insurers likely to have exposure in Japan, Aflac Inc fell 1.5 percent to $54.87 and Berkshire Hathaway Inc lost 0.8 per cent to $84.26. The KBW Insurance index fell 0.8 per cent. Oil prices fell, with Brent crude futures down 1.2 per cent to $114, and US crude off 2.2 per cent at about $100. Japanese stock futures were down 3 per cent, but market players said the slide may not be too deep because major cities and manufacturing facilities were not affected. Chinese inflation topped expectations in February and looked set to climb further in coming months, adding to pressure for another dose of monetary tightening. Investors also watched the Middle East and North Africa as police flooded the streets of Saudi Arabia's capital looking to deter a planned day of demonstrations, with small protests reported in the East. Reuters
Closes at 5-week low
Nikkei extends loss after quake TOKYO: Japan's Nikkei average closed down 1.7 per cent, hitting a 5-week low after a massive earthquake hit the northeast coast of Japan on Friday. The quake, with a preliminary magnitude of 8.9, according to the US Geological Survey, shook buildings in Tokyo causing "many injuries", NHK television and witnesses reported. The Nikkei benchmark had been lower throughout the day on worries over the Middle East. Nikkei Singapore futures fell below 10,000 after the quake but later recovered to 10,075 yen.
Osaka futures ended the day at 10,170. The Nikkei closed at a 5-week low falling 1.7 per cent to 10,254.43. "It is still too early to assess the damage as we are still seeing aftershocks. We see a sharp correction in the yen and the BOJ might maintain its dovish policy stance at a meeting next week," Vincent Tsui, an economist at Standard Chartered Bank in Hong Kong. "At a time when the global oil price surge has hit the global economic recovery outlook on which Japan is heavily dependent, this development will influence
them to maintain a dovish stance on policy," he said. The Nikkei was down for most of the day on concerns about the global economy and unrest in Saudi Arabia, but advances in individual shares helped trim losses, showing bulls were still ready to buy on dips. Adding to ongoing worries about unrest in Libya, reports of police firing on protesters in Saudi Arabia revived fears of further unrest in the world's top oil exporter, while the euro fell after a downgrade of Spain's credit rating by Moody's, souring sentiment in equity markets. Reuters
6
Saturday, March 12, 2011
Market
KSE 100 Index
Symbols
Volume
67,502,845
Value
3,285,035,312
Trades
49,102
Advanced Declined Unchanged Total
Current High Low Change
97 146 100 343
All Share Index
12,045.25 12,125.79 11,995.76 i80.54
Current High Low Change
8,356.50 8,410.12 8,324.76 i53.62
OIL AND GAS
Company
Paid up Cap(mn)
High Low 1,520.43 1,495.10 Total cos Defaulter cos P/BV (x) ROE (%) 3.45 32.54
PE
Open
High
Low
Attock Petroleum 691 6.45 Attock Refinery 853 4.84 BYCO Petroleum 3921 Mari Gas Company 735 7.75 National Refinery 800 6.00 Oil & Gas Development 43009 10.45 Pak Petroleum XD 11950 7.71 Pak Oilfields XD 2365 7.35 Pak Refinery Limited 350 P.S.O XD 1715 4.77 Shell Pakistan 685 10.68
361.99 120.09 9.71 110.93 292.93 156.21 213.05 322.29 105.62 285.21 209.95
362.85 120.00 9.70 112.00 293.00 156.40 213.00 322.88 104.99 285.50 210.20
353.00 118.00 9.31 109.26 287.25 153.55 210.11 318.11 101.00 281.00 208.00
Close Chg 356.86 118.87 9.41 111.59 289.28 154.44 210.77 318.72 101.39 282.00 208.28
-5.13 -1.22 -0.30 0.66 -3.65 -1.77 -2.28 -3.57 -4.23 -3.21 -1.67
Last 60 days High Low
Volume 185816 587843 488748 34811 22541 910604 359384 1467212 156118 238735 7432
401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 222.00
321.00 98.25 8.20 99.46 254.00 144.97 190.10 277.09 83.00 265.00 186.83
% Change -1.12 5-Day High 1,518.98 5-Day Low 1,492.36
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
Open 681.08 Turnover 106,336 P/E (x) 5.13 Company
High Low 1,780.06 1,730.80 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 35.00
PE
Open
High
Low
Agritech Limited 3924 Bawany Air 75 BOC (Pak) 250 Clariant PakSPOT 273 Dawood Hercules 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corp.LtdSPOT 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerXDXB 8482 Fauji Fert. Bin QasimSPOT 9341 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Lotte PakistanSPOT 15142 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 Wah-Noble 90
22.36 6.60 9.15 7.14 15.36 10.50 12.93 8.25 8.17 9.46 8.98 6.39 5.83 27.00 8.81 6.78 5.72
23.50 7.29 89.79 198.39 261.28 2.74 7.89 2.89 234.84 12.25 12.16 133.13 43.28 11.04 158.65 28.43 16.07 2.77 18.00 2.33 104.78 14.73 37.00
24.50 7.99 91.90 200.00 274.34 2.70 8.30 2.89 237.00 12.33 12.48 134.95 43.52 11.22 158.00 29.85 16.27 2.75 18.77 2.49 105.00 15.73 37.99
22.33 6.80 88.50 195.00 260.00 2.60 7.20 2.72 232.16 12.00 11.80 131.01 42.76 10.75 155.01 28.00 15.75 2.63 17.40 2.26 102.50 14.41 36.02
Company
Close Chg 22.36 7.00 89.15 199.55 274.34 2.63 7.98 2.77 235.40 12.04 12.33 134.06 43.31 10.79 157.14 28.99 15.86 2.70 17.42 2.37 104.50 15.73 37.15
-1.14 -0.29 -0.64 1.16 13.06 -0.11 0.09 -0.12 0.56 -0.21 0.17 0.93 0.03 -0.25 -1.51 0.56 -0.21 -0.07 -0.58 0.04 -0.28 1.00 0.15
Last 60 days High Low
Volume 2557 4603 1994 25208 685315 51105 3488001 796007 1907399 180788 2750935 2024388 5026192 21224 65461 1600 12711675 232480 622 6102 6972 2075880 2200
Change 10.39 Market cap 379,664.01 mn Div Yield (%) 5.01
26.73 10.15 103.94 213.30 274.34 3.58 9.25 3.48 238.50 15.87 12.88 157.90 43.99 13.07 163.99 36.00 16.80 3.17 28.20 2.89 131.90 15.73 41.99
21.58 6.11 82.00 157.00 174.00 2.34 6.00 2.26 189.10 11.75 9.16 108.00 34.60 10.43 138.00 23.07 13.03 1.62 16.68 1.55 90.78 11.81 34.75
% Change 0.59 5-Day High 1,766.43 5-Day Low 1,690.10
2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 60 20B 130 25B 65.5 175 5 5 25 5B 50 -
2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER
Company
High Low 1,036.46 1,002.67 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 7.47
Close 1,027.45 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.78
15.25 37.88
15.25 38.50
14.81 37.00
15.22 -0.03 37.95 0.07
25500 7413
Century Paper Security Paper
Change 0.28 Market cap 2,834.04 mn Div Yield (%) 5.14
Last 60 days High Low 19.69 47.70
14.50 34.00
% Change 0.03 5-Day High 1,027.45 5-Day Low 1,004.70
2010 Div BR (%) (%) 50
-
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz PipeSPOT International Ind Siddiqsons Tin
High Low 1,044.76 1,009.92 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10
PE
Open
High
Low
565 2.77 675 555 469.00 1199 18.51 785 40.91
26.73 2.10 14.63 52.03 9.00
26.90 2.16 14.69 52.70 9.00
26.50 2.01 13.65 50.26 9.00
Close Chg 26.50 2.15 14.07 50.90 9.00
-0.23 0.05 -0.56 -1.13 0.00
Close 1,019.09 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume 3500 3618 26583 12553 144
31.00 3.09 16.51 62.20 10.70
24.75 1.80 13.00 45.81 8.51
% Change -1.53 5-Day High 1,040.31 5-Day Low 1,019.09
2010 Div BR (%) (%) 30 55 7.5
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Thatta Cement
PE
Open
High
Low
1828 866 6.58 858 182 3257 956 38.50 982 13.85 3891 3651 10.90 6933 5.85 1760 4003 32 1288 13126 3234 6.15 5261 2271 200 798 948.00
2.59 52.43 2.70 16.50 11.67 9.51 1.60 1.80 25.04 4.20 1.58 7.06 0.48 5.95 2.86 68.37 2.28 5.80 6.50 18.21
2.90 52.35 2.70 16.90 10.67 9.99 1.85 1.89 25.50 4.29 1.57 7.55 0.59 6.00 2.94 68.80 2.25 5.98 6.00 18.98
2.31 51.73 2.25 16.11 10.67 9.02 1.80 1.75 24.70 4.15 1.55 6.15 0.44 5.95 2.80 67.05 2.15 5.90 5.50 18.93
Close 870.98 Listed cap 54,792.74 mn Payout (%) 19.04
- 10.00 - 15.00 20B -
Close Chg
Volume
Last 60 days High Low
2.51 51.98 2.25 16.65 10.67 9.24 1.80 1.85 25.17 4.21 1.57 6.99 0.50 6.00 2.92 68.43 2.18 5.94 5.55 18.96
1497 8735 2001 1033 1000 13012 3001 156032 970849 71019 1200 1798 8958 4085 81280 472872 40155 11298 4002 5000
3.98 63.90 4.24 24.16 23.50 11.50 2.12 2.56 32.30 5.35 2.13 9.19 0.99 7.25 3.88 78.44 3.22 7.45 7.95 19.19
-0.08 -0.45 -0.45 0.15 -1.00 -0.27 0.20 0.05 0.13 0.01 -0.01 -0.07 0.02 0.05 0.06 0.06 -0.10 0.14 -0.95 0.75
2.15 48.50 1.95 14.72 10.67 8.00 1.50 1.50 21.20 3.97 1.30 4.70 0.25 5.11 2.65 59.55 1.92 5.17 5.50 16.20
- 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 927.17 Turnover 25,648 P/E (x) 1.78 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Tri-Pack Films XD
115 230 1067 389 844 300
PE
Open
2.43 54.23 2.14 5.38 51.61 1.74 6.65 - 115.00 7.75 130.94
High
High Low 925.61 915.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 43.91 Low
Close Chg
54.40 52.00 53.02 2.34 2.08 2.33 51.75 50.50 51.75 6.95 6.06 6.42 114.39 113.79 114.00 129.75 127.50 127.81
-1.21 0.19 0.14 -0.23 -1.00 -3.13
Close 921.27 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 14198 3602 1646 813 357 5030
Change -5.90 Market cap 34,758.46 mn Div Yield (%) 8.74
Last 60 days High Low 81.49 3.30 56.45 8.15 143.00 144.80
47.80 2.03 48.10 2.50 105.02 113.00
% Change -0.64 5-Day High 927.17 5-Day Low 919.39
2010 Div BR (%) (%) 20 25 32.5 100
25B 10B -
Low
Close Chg
Volume
Last 60 days High Low
69.25 31.20
67.00 30.99
69.00 30.92
106228 108
75.72 39.45
2011 Div BR (%) (%) -
50R -
INDUSTRIAL ENGINEERING
Paid up Cap(mn)
PE
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi TractorSPOT
66 215
PE
Open
7.92
10.46
5.19 230.01
Bolan Casting
104
5.11
Ghandhara Ind
213
8.25
Hinopak Motor
124
KSB Pumps
132
6.67
50.91
Millat Tractors
366
8.30 541.63
9.41
- 115.98 55.04
High Low 1,668.72 1,626.28 Total cos Defaulter cos P/BV (x) ROE (%) 3.16 38.02
Close 1,644.55 Listed cap 1,336.62 mn Payout (%) 131.49
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Low
Close Chg
Volume
10.50
9.65
10.46
0.00
205
18.20
9.65
-
-
-
-
232.00 227.50 230.87
0.86
3846
244.95
215.00
400
-
-
-
52.25
50.91
0.00
42.90
25
10B
-
-
9.41
0.00
4400
13.50
8.25
-
-
-
-
117.99 117.00 115.98
0.00
160
139.75
115.55
-
-
-
-
0.66
762
68.85
54.05
-
-
-
-
568.40
466.27
650
25B325.00
-
9.68
48.37 9.30 54.70
55.70
546.75 533.20 539.10 -2.53
157
76109
52.25
2010 Div BR (%) (%) 40 15
-
2011 Div BR (%) (%) -
-
High
High Low 1,128.11 1,104.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 25.35 Low
Close Chg
71.01 71.00 70.58 0.00 191.00 190.95 191.00 0.87 35.01 35.01 36.53 0.00 1.94 1.75 1.78 -0.04 190.00 183.10 184.90 0.32 23.20 22.51 23.20 0.18 3.50 3.50 3.60 0.00 10.40 10.01 10.39 0.29 230.90 225.00 227.01 -2.66 63.94 61.50 61.98 -1.13 23.26 23.10 23.10 0.36
Close 1,110.89 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 200 212 225 4309 1396 1539 346 10745 5326 24185 2375
Change -7.27 Market cap 41,387.04 mn Div Yield (%) 5.26
Last 60 days High Low 82.63 205.00 43.26 2.89 217.44 26.74 5.36 12.87 309.73 74.80 24.25
66.45 160.00 16.00 1.50 170.11 21.00 3.05 9.52 218.00 60.00 19.49
2010 Div BR (%) (%) 90 100 60 20 150 5 10
% Change -0.65 5-Day High 1,118.16 5-Day Low 1,104.37 2011 Div BR (%) (%)
20B - 50.00 20B 10.00
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
44.50
Total Assets (Rs in mn)
MA (10-day)
1.77
Total Equity (Rs in mn)
7,075.66
MA (100-day)
1.90
Revenue (Rs in mn)
1,878.63
MA (200-day)
2.03
Interest Expense
23,734.13
1,208.86
1st Support
1.70
Loss after Taxation
(593.05)
2nd Support
1.65
EPS 09 (Rs)
1st Resistance
1.80
Book value / share (Rs)
2nd Resistance
1.85
PE 10 E (x)
Pivot
1.75
PBV (x)
(0.676) 8.07 0.21
SBL closed down -0.08 at 1.72. Volume was 9 per cent below average and Bollinger Bands were 4 per cent narrower than normal. The company's loss after taxation stood at Rs119.594 million which translates into a Loss Per Share of Rs0.10 for the year ended CY10. SBL is currently 15.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on SBL.
KASB Bank Limited
FOOD PRODUCERS
Company
Paid up Cap(mn)
Adam Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas J D W Sugar Mehran Sugar XD Mirza Sugar National Foods Noon Pakistan Noon Sugar Pangrio Sugar Premier Sugar S S Oil Sakrand Sugar Sanghar Sugar Shakarganj Mills Sind Abadgar Unilever Foods
58 365 750 200 324 539 157 141 414 48 165 109 38 57 223 119 695 104 62
PE
Open
High
High Low 2,005.95 1,898.50 Total cos Defaulter cos P/BV (x) ROE (%) 14.11 30.30 Low
Close Chg
4.24 14.94 14.25 14.25 14.25 -0.69 3.17 3.20 3.20 3.20 0.03 8.58 21.83 21.99 21.51 21.62 -0.21 6.82 10.86 11.44 11.00 11.19 0.33 - 14.00 14.00 14.00 14.00 0.00 1.31 74.00 74.90 72.00 74.00 0.00 1.72 54.00 52.76 52.25 52.67 -1.33 3.63 3.90 3.66 3.73 0.10 9.61 52.73 55.00 52.10 54.95 2.22 6.04 21.99 22.00 22.00 22.00 0.01 1.26 11.11 12.00 11.11 11.73 0.62 4.53 4.44 4.00 4.00 -0.53 - 37.65 39.50 39.00 39.50 1.85 0.25 4.23 4.15 4.12 4.14 -0.09 1.80 1.99 1.99 1.99 0.19 2.20 12.19 12.00 11.75 11.99 -0.20 0.37 5.25 6.00 4.35 5.25 0.00 8.00 8.00 7.99 8.00 0.00 16.20 1197.58 1155.05 1151.00 1151.00 -46.58
Close 1,953.63 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -4.54 Market cap 282,726.01 mn Div Yield (%) 0.66
Last 60 days High Low
500 20.50 13.55 2012 4.20 2.52 22200 36.50 20.25 1025 12.85 10.85 500 23.62 14.00 184 92.50 68.00 1101 60.65 50.12 3501 6.70 2.65 2787 75.50 47.00 500 27.24 20.02 4620 13.92 9.00 5001 6.75 3.00 1002 51.35 34.25 1000 4.75 2.50 1000 3.26 1.60 525 15.01 11.00 4691 7.00 4.01 102 11.20 5.60 113 1398.09 1005.00
2010 Div BR (%) (%)
% Change -0.23 5-Day High 1,958.17 5-Day Low 1,934.19 2011 Div BR (%) (%)
25 25 25B 40 10 7010B 12.5R 35 20B 7.50 10 12 12 10 10 15 10 710 -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.77
Total Assets (Rs in mn)
MA (10-day)
1.54
Total Equity (Rs in mn)
4,958.87
MA (100-day)
2.18
Revenue (Rs in mn)
5,061.63
MA (200-day)
2.54
Interest Expense
59,223.06
5,490.40
1st Support
1.45
Loss after Taxation
2nd Support
1.38
EPS 09 (Rs)
1st Resistance
1.62
Book value / share (Rs)
2nd Resistance
1.72
PE 10 E (x)
Pivot
1.55
PBV (x)
(4,227.75) (4.446) 5.22 0.29
KASBB closed up 0.01 at 1.53. Volume was 47 per cent below average and Bollinger Bands were 52 per cent narrower than normal. The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 39.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KASBB at a relatively equal pace. Trend forecasting oscillators are currently bullish on KASBB.
Pakistan Reinsurance Co Ltd
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 995.02 Turnover 195,022 P/E (x) 2.23 Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,031.73 974.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.24 10.64
Close 1,007.09 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1219 3.35 341 22.20 231 1.75
13.00 19.76 13.41
13.65 20.76 13.65
12.98 19.02 12.51
13.30 0.30 19.76 0.00 13.25 -0.16
185812 201 8907
Change 12.07 Market cap 4,847.09 mn Div Yield (%) 2.81
Last 60 days High Low
2010 Div BR (%) (%)
15.88 24.09 24.00
17.5
12.07 17.55 12.51
10B -
% Change 1.21 5-Day High 1,021.48 5-Day Low 994.87 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 986.41 Turnover 7,395,670 P/E (x) 6.86 Paid up Cap(mn)
(Colony) Thal Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Fibres Ltd Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulistan Textile H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Ishaq Textile Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Latif Jute Leather Up Liberty Mills Mehmood Textile Mian Textile Moonlite (PAK) Mubarak Textile Mukhtar Textile N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sargoda Spinning Saritow Spinning Service Ind Shahtaj Textile Shahzad Textile Suraj Cotton Thal Limited Treet Corp Zephyr Textile Ltd Zil Limited
56 222 2594 840 133 4493 76 76 64 400 1150 2442 124 492 31 600 514 34 110 234 635 146 190 120 716 3105 99 180 97 107 303 1300 1455 36 60 226 150 221 22 54 145 147 187 1614 3516 560 174 62 130 250 308 341 264 88 267 312 133 120 97 180 180 307 418 594 53
PE
Open
1.20 0.75 2.89 7.01 20.00 0.44 2.90 9.22 0.45 16.00 4.71 531.33 0.77 60.00 0.61 1.10 2.86 2.18 2.41 0.91 14.11 2.92 15.40 3.73 1.59 52.35 43.79 0.16 4.99 0.58 26.51 0.83 87.13 3.02 42.50 0.34 8.30 0.58 19.35 0.96 0.98 4.91 3.41 49.53 1.00 9.25 2.28 4.36 1.41 6.50 0.27 1.02 1.57 0.45 1.10 7.84 4.55 40.73 6.11 5.25 2.10 3.84 67.00 1.04 59.00 0.50 - 15.85 4.77 1.05 0.36 4.28 25.00 1.79 17.19 4.26 27.60 5.69 64.52 3.08 19.02 0.71 14.50 0.57 30.24 0.88 46.73 1.13 0.68 12.09 4.04 42.33 0.45 10.00 0.26 7.20 4.50 6.01 1.05 3.55 0.40 1.94 6.44 194.94 1.38 22.00 0.57 6.99 0.79 40.00 5.37 109.44 5.79 47.51 6.50 3.30 4.72 65.50
High
High Low 1,001.35 973.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64 Low
Close Chg
1.43 0.50 1.20 0.00 0.75 0.75 0.75 0.00 2.89 2.70 2.86 -0.03 20.80 19.11 19.50 -0.50 2.90 2.70 2.70 -0.20 9.35 8.95 9.06 -0.16 16.49 15.26 15.87 -0.13 555.37 522.00 542.26 10.93 60.00 60.00 60.00 0.00 1.20 1.16 1.17 0.07 3.00 2.61 2.75 -0.11 2.80 2.40 2.48 0.07 15.10 15.10 15.10 0.99 15.93 15.89 15.91 0.51 3.99 3.00 3.99 0.26 1.69 1.43 1.59 0.00 45.69 43.00 44.50 0.71 4.99 4.50 4.62 -0.37 26.90 25.75 25.75 -0.76 87.00 84.01 84.54 -2.59 44.62 43.00 43.00 0.50 8.69 8.25 8.30 0.00 20.35 18.50 20.35 1.00 1.00 1.00 1.00 0.04 5.04 4.71 4.88 -0.03 49.90 47.06 47.06 -2.47 10.00 9.00 9.69 0.44 4.95 4.15 4.15 -0.21 6.50 6.50 6.50 0.00 1.69 1.18 1.39 0.37 1.60 1.46 1.56 -0.01 1.25 1.15 1.10 0.00 4.78 4.20 4.55 0.00 5.50 5.50 6.11 0.00 2.10 2.10 2.10 0.00 65.00 63.65 67.00 0.00 57.01 57.01 59.00 0.00 0.50 0.50 0.50 0.00 15.99 15.99 15.99 0.14 1.20 1.05 1.05 0.00 0.50 0.25 0.45 0.09 26.25 26.00 26.00 1.00 17.50 16.20 16.20 -0.99 28.10 26.90 27.72 0.12 64.49 63.11 64.18 -0.34 19.50 18.03 19.29 0.27 15.49 14.25 14.50 0.00 30.99 30.99 30.24 0.00 49.06 47.06 49.06 2.33 1.18 0.91 1.12 -0.01 13.09 12.15 13.09 1.00 44.19 41.80 43.50 1.17 10.49 9.00 9.03 -0.97 7.46 6.70 6.87 -0.33 6.50 6.30 6.30 0.29 3.60 3.36 3.50 -0.05 2.00 2.00 2.00 0.06 194.00 186.25 187.99 -6.95 21.85 21.75 21.84 -0.16 6.60 6.60 6.99 0.00 40.00 38.00 40.00 0.00 110.20 106.10 108.26 -1.18 49.50 46.15 47.16 -0.35 3.90 3.90 3.90 0.60 66.99 64.50 64.52 -0.98
Close 987.25 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 0.84 Market cap 133,089.44 mn Div Yield (%) 2.43
Last 60 days High Low
361 1.75 1000 1.50 48555 4.68 906 24.59 8487 3.00 3257356 12.84 7090 17.00 825 705.00 200 63.70 826 2.20 24513 3.76 2602 2.97 1000 16.04 3000 23.99 15214 3.99 18888 2.10 138687 48.29 1025 8.90 502 27.66 2646 91.00 1510 44.62 400 9.23 4500 24.30 2000 1.49 84718 5.20 11004 55.00 1956 10.90 38005 4.95 1000 8.70 51815 1.69 1522 1.98 121 1.74 202 5.95 254 10.99 1200 3.10 289 72.95 161 70.30 7500 0.75 2936 17.50 50001 1.30 7168 0.88 230 26.25 1002 17.50 2146302 28.15 1055824 71.89 46465 19.50 101 15.49 111 34.40 7560 49.06 13032 1.80 65916 13.09 32072 44.19 9967 11.50 21172 7.94 502 7.40 12002 4.45 22600 2.89 2334 253.00 1050 22.05 349 7.98 106 41.95 45941 132.00 107231 63.30 1000 4.50 505 87.90
2010 Div BR (%) (%)
0.50 0.61 2.35 30 19.11 20 1.32 7.5 8.05 12.76 20 493.50 280 46.00 50 0.77 5 2.05 2.00 12.25 10 15.00 15 1.99 1.20 35.00 5 2.90 18.90 35 53.14 70 26.00 12.5 5.02 10 17.44 10 0.42 3.31 10 37.50 20 4.56 3.01 10 6.25 8 0.25 0.75 0.30 5 4.01 5.50 1.00 56.60 30 53.68 60 0.25 4.50 0.25 0.13 22.00 20 14.50 20SD 21.62 15 57.20 25 45R 8.30 8.50 10 10B 25.00 50 34.35 20 0.65 8.50 25SD 35.25 40 3.90 3.63 10 4.55 - 100R 1.55 5 1.00 186.00 18.40 45 5.00 5 33.00 50 100.51 80 20B 44.10 2.56 50.00 35 -
% Change 0.09 5-Day High 990.04 5-Day Low 984.23 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
% Change -0.36 5-Day High 1,650.47 5-Day Low 1,599.17
High
55.75
63.00 30.70
PHARMA AND BIO TECH
Change -5.92 Market cap 33,487.67 mn Div Yield (%) 15.82
Last 60 days High Low
Open
Open 1,958.17 Turnover 52,587 P/E (x) 46.57
Performance of SR Industrial Engineering Index Open 1,650.47 Turnover 85,642 P/E (x) 8.31
1.49 0.00
Performance of SR Food Producers Index
-
% Change 0.02 5-Day High 874.63 5-Day Low 863.52
2010 Div BR (%) (%)
High
67.51 30.92
Agriautos Ind 144 4.63 70.58 Atlas Battery 101 5.07 190.13 Atlas Engineering Ltd 247 22.55 36.53 Dewan Motors 890 1.82 Exide (PAK) 56 4.53 184.58 General Tyre 598 4.60 23.02 Ghandhara Nissan 450 3.60 Honda Atlas Cars 1428 - 10.10 Indus MotorsSPOT 786 9.83 229.67 Pak Suzuki 823 11.37 63.11 Sazgar Engineering XD 150 4.17 22.74
Company
Change 0.16 Market cap 62,686.35 mn Div Yield (%) 3.07
Open
2011 Div BR (%) (%)
CONSTRUCTION AND MATERIALS High Low 881.18 854.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.10
PE
Open 1,118.16 Turnover 50,859 P/E (x) 3.88
Company
Change -15.85 Market cap 9,669.01 mn Div Yield (%) 9.87
Performance of SR Construction and Materials Index Open 870.82 Turnover 1,854,834 P/E (x) 6.21
Samba Bank Limited
% Change 1.75 5-Day High 692.98 5-Day Low 681.08
Performance of SR Automobile and Parts Index
INDUSTRIAL METALS AND MINING Open 1,034.94 Turnover 46,398 P/E (x) 3.13
Change 11.91 Market cap 11,809.14 mn Div Yield (%) 2.16
6.63 8.59
-
Performance of SR Industrial Metals and Mining Index
Close 692.98 Listed cap 3,242.17 mn Payout (%) 11.08
1092 1321
2011 Div BR (%) (%) -
High Low 696.15 677.30 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 25.53
AUTOMOBILE AND PARTS
Company
Close 1,766.43 Listed cap 52,251.88 mn Payout (%) 48.81
Performance of SR Forestry & Paper Index Open 1,027.17 Turnover 32,913 P/E (x) 4.92
20,036.35 20,161.83 19,970.65 i125.48
Paid up Cap(mn)
Pak Int Cont. Terminal PNSC
CHEMICALS
Paid up Cap(mn)
Current High Low Change
11,803.46 11,870.58 11,752.47 i67.12
Alert ! Unusual Movements
Performance of SR Industrial Transportation Index
Close Change 1,501.96 -17.01 Listed cap Market cap 65,194.15 mn 1,128,104.56 mn Payout (%) Div Yield (%) 55.94 5.28
Performance of SR Chemicals Index Open 1,756.04 Turnover 29,266,669 P/E (x) 9.74
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,518.98 Turnover 3,970,541 P/E (x) 10.60
KSE 30 Index
Open 903.41 Turnover 28,918 P/E (x) 6.85 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
7.10 86.42 6.13 89.92 15.78 80.47 7.06 25.94 4.19 10.40 6.93 160.00 5.29 61.27
High
High Low 916.46 888.53 Total cos Defaulter cos P/BV (x) ROE (%) 1.53 22.31 Low
Close Chg
86.90 83.52 85.37 -1.05 91.95 88.11 90.75 0.83 81.00 79.00 80.17 -0.30 25.98 25.26 25.50 -0.44 10.75 10.00 10.65 0.25 167.90 161.00 161.02 1.02 62.80 60.50 60.52 -0.75
Close 898.78 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 5395 718 15410 2801 1006 805 2782
Change -4.63 Market cap 29,994.02 mn Div Yield (%) 6.50
Last 60 days High Low 112.50 98.00 89.98 30.48 11.00 174.00 69.00
78.59 83.90 68.00 24.50 7.16 129.00 58.50
2010 Div BR (%) (%) 50 40 100 30
% Change -0.51 5-Day High 903.41 5-Day Low 869.86 2011 Div BR (%) (%)
20B 12.50 15B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
58.99
Total Assets (Rs in mn)
MA (10-day)
16.53
Total Equity (Rs in mn)
6,785.66
MA (100-day)
16.36
Revenue (Rs in mn)
12,372.62 2,170.95
MA (200-day)
16.26
Interest Expense
1st Support
17.50
Profit after Taxation
2nd Support
17.27
EPS 09 (Rs)
1st Resistance
17.98
Book value / share (Rs)
22.62
2nd Resistance
18.23
PE 10 E (x)
45.80
Pivot
17.75
PBV (x)
0.00 269.91 0.90
0.78
PAKRI closed down -0.37 at 17.71. Volume was 8 per cent below average and Bollinger Bands were 72 per cent wider than normal. The company's profit after taxation stood at Rs88.468 million which translates into an Earning Per Share of Rs0.29 for the nine months of current calendar year (9MCY10). PAKRI is currently 8.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bullish on PAKRI.
Azgard Nine Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
41.90
Total Assets (Rs in mn)
38,525.22
MA (10-day)
9.04
Total Equity (Rs in mn)
18,469.71
MA (100-day)
10.47
Revenue (Rs in mn)
11,737.86
MA (200-day)
10.73
Interest Expense
2,424.42
1st Support
8.85
Profit after Taxation
60.53
2nd Support
8.70
EPS 09 (Rs)
0.003
1st Resistance
9.25
Book value / share (Rs)
37.85
2nd Resistance
9.50
PE 10 E (x)
Pivot
9.10
PBV (x)
0.24
ANL closed down -0.16 at 9.06. Volume was 38 per cent below average and Bollinger Bands were 30 per cent wider than normal. The company's loss after taxation stood at Rs1.395 billion which translates into a Loss Per Share of Rs3.13 for the year ended CY10. ANL is currently 15.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of ANL at a relatively equal pace. Trend forecasting oscillators are currently bearish on ANL.
BOOK CLOSURES Company
From
To
Biafo Industries Sazgar Engg Works Sazgar Engg Works # Atlas Honda # Punjab Oil Mills # Fauji Fertilizer Bin Qasim Huffaz Seamless Pipe Ind Indus Dye & Manufac Co # Fauji Cement # Al-Noor Sugar Mills # Indus Motor Habib Bank United Bank (Unconsolidated) Al-Ghazi Tractors Engro Corp (Consolidated) Nishat Mills (Unconsolidated) # Clarient Pakistan Hub Power (Unconsolidated) Janana Textile Mills # Bannu Woollen Mills # Lotte Pakistan Mari Gas Abbott Laboratories Pak
12-Mar 13-Mar 13-Mar 14-Mar 14-Mar 15-Mar 15-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 17-Mar 17-Mar 18-Mar 18-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar
18-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar 22-Mar 22-Mar 26-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 25-Mar 25-Mar 25-Mar 24-Mar 25-Mar 28-Mar
D/B/R
Spot AGM/Date
15(Ii) 04-Mar 10(I) 04-Mar 10(I),10(B) 35(F) 07-Mar 15(I) 50(I) 08-Mar 40(F) 08-Mar 250(F) 08-Mar 20(F),20(B) 09-Mar 135.25(B) 10-Mar 25(I) 10-Mar 5 10-Mar 23.43(I) 30(F) 11-Mar
19-Mar 21-Mar 02-Apr 21-Mar 24-Mar 22-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 26-Mar 26-Mar 24-Mar 29-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Pak Tobacco Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
3.21 97.98 1.2 102 18.05 2.83 41.56 2.84 23.08
3.3 99.99 1 105 19.05 3 43.63 2.85 23.05
Low Close 3.12 98.99 1 101 19.05 2.7 41 2.78 22.7
3.15 97.98 1 102.28 19.05 2.74 41.56 2.8 22.89
Change -0.06 0 -0.2 0.28 1 -0.09 0 -0.04 -0.19
Vol 991420 199 3000 2100 2600 359081 316 148513 89503
7
Saturday, March 12, 2011 Ask Gen Insurance
FIXED LINE TELECOMMUNICATION
Atlas Insurance
Performance of SR Fixed Line Telecommunication Index Open 1,054.08 Turnover 781,470 P/E (x) 5.70 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
78 5.14 37740 11.87 3000 1.34 8606 6175 -
Open
High Low 1,056.67 1,036.51 Total cos Defaulter cos P/BV (x) ROE (%) 0.73 12.84
High
48.96 18.00 2.10 2.45 2.99
Low
48.00 18.00 2.11 2.55 3.04
46.67 17.75 2.03 2.35 2.90
Close Chg 47.29 17.81 2.03 2.39 3.00
-1.67 -0.19 -0.07 -0.06 0.01
Close 1,040.89 Listed cap 50,077.79 mn Payout (%) 62.56
8925 330692 180369 261484 82463
82.39 20.65 2.50 3.45 4.65
46.67 17.25 1.60 2.15 2.80
% Change -1.25 5-Day High 1,054.92 5-Day Low 1,040.89
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
- 15.00 -
-
6.67
369
Paid up Cap(mn)
Hub PowerSPOT Japan Power KESC Kohinoor Energy XD Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric
PE
11572 1560 7932 1695 8803 3673 3541 1367
7.23 7.60 5.27 2.94 2.28 -
Open
High
39.62 1.43 2.77 17.00 41.55 14.99 15.72 1.81
39.99 1.55 2.83 17.84 41.55 15.10 15.82 1.90
39.25 1.40 2.71 16.77 40.90 14.50 15.46 1.79
Close Chg 39.48 1.48 2.72 17.48 41.05 14.63 15.60 1.83
-0.14 0.05 -0.05 0.48 -0.50 -0.36 -0.12 0.02
Company Sui North Gas Sui South Gas
35.47
-
20B
80.00
79.97 1.10
4110
60.00
10
10B
-
-
10.37
9.80
9.93 -0.03
24550
11.99
8.90
-
-
-
-
37.60
36.50
37.01 -0.32
9173
45.40
32.25
-
-
-
-
Habib Insurance
400
3.11
13.00
13.25
13.00
13.07 0.07
23453
15.50
11.72
-
-
-
-
IGI Insurance
718
8.42
99.00
99.00
97.05
97.97 -1.03
273
102.44
88.11
30
55B
-
New Jub Insurance
791 10.81
63.09
64.00
61.25
61.50 -1.59
3077
64.00
56.00
35
25B
3000 45.41
18.08
18.00
17.52
17.71 -0.37
669161
19.40
Change -7.50 Market cap 105,952.96 mn Div Yield (%) 7.34
Last 60 days High Low
Volume 130290 29699 487833 2011 85434 543799 194364 53326
41.20 2.00 3.55 22.85 45.85 18.01 18.70 2.50
35.90 1.25 2.31 16.00 39.80 14.05 14.85 1.41
High Low 1,464.05 1,421.57 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 11.41
Close 1,451.64 Listed cap 12,202.80 mn Payout (%) 66.79
2010 Div BR (%) (%) 50 15 50 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
Change -17.73 Market cap 32,330.90 mn Div Yield (%) 7.19
PE
Open
High
Low
Close Chg
Volume
5491 12.42 8390 3.72
21.36 25.03
21.37 24.85
20.70 24.18
21.11 -0.25 24.72 -0.31
18347 93248
29.39 27.90
-
19.71 20.00
% Change -1.21 5-Day High 1,486.72 5-Day Low 1,451.64
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
Performance of SR Banks Index
Paid up Cap(mn)
PE
Open
Allied Bank Ltd.XDXB 8603 5.55 60.55 Askari Bank 6427 6.73 14.00 Bank Alfalah 13492 6.87 9.31 Bank AL-HabibXDXB 8786 5.69 28.05 Bank Of Khyber 5004 3.72 4.16 Bank Of Punjab 5288 7.34 BankIslami Pak 5280 38.22 3.50 Faysal Bank 7327 4.29 13.16 Habib Bank LtdSPOT 10019 7.99 126.70 Habib Metropolitan Bank 8732 7.26 24.00 JS Bank Ltd 8150 2.80 KASB Bank Ltd 9509 1.52 MCB Bank Ltd 7602 10.14 227.41 Meezan Bank 6983 7.90 19.00 Mybank Ltd 5304 2.15 National Bank 13455 6.89 78.87 NIB Bank 40437 2.10 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.23 Soneri Bank 6023 30.05 6.40 Stand Chart Bank 38716 9.62 9.03 Summit Bank Ltd 7251 3.00 United Bank LtdSPOT 12242 7.61 65.04
High
High Low Close 1,149.79 1,124.72 1,137.84 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.13 13.94 40.49 Low
Close Chg
60.20 58.51 58.85 -1.70 14.25 13.67 14.14 0.14 9.36 9.19 9.28 -0.03 28.25 27.85 28.00 -0.05 4.22 4.15 4.20 0.04 7.40 7.05 7.21 -0.13 3.55 3.26 3.44 -0.06 13.40 12.81 13.31 0.15 128.18 125.00 127.84 1.14 24.00 23.73 23.74 -0.26 2.87 2.72 2.80 0.00 1.65 1.48 1.53 0.01 227.01 223.61 225.20 -2.21 19.00 18.61 18.64 -0.36 2.29 2.06 2.10 -0.05 79.14 77.90 78.90 0.03 2.14 2.05 2.05 -0.05 1.80 1.70 1.72 -0.08 2.30 2.14 2.19 -0.04 6.80 5.62 6.31 -0.09 9.28 9.00 9.14 0.11 3.00 2.92 3.00 0.00 65.49 64.50 64.79 -0.25
Change -6.58 Market cap 695,892.61 mn Div Yield (%) 4.98
Last 60 days High Low
Volume
97807 74.00 207868 19.25 838606 11.99 112998 39.49 74123 4.65 782482 10.23 12937 4.50 52218 16.47 80177 131.00 87379 29.28 46456 3.16 141469 2.79 367215 250.48 543 20.30 798 3.40 3477461 81.78 919346 3.35 181557 2.12 861505 3.05 5604 8.48 37710 9.90 8060 4.63 367772 70.65
57.99 12.55 8.75 27.22 3.75 6.40 3.01 10.69 114.01 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89
% Change -0.57 5-Day High 1,148.86 5-Day Low 1,135.41
2010 Div BR (%) (%)
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 770.45 Turnover 934,334 P/E (x) 12.81 Paid up Cap(mn)
Company Adamjee Insurance
-
Symbols
High
Low
0.59
1.10
1.10
0.59
0.00
100
1.70
1.50
1.50
1.70
0.00
100
10.00
9.04
9.04
10.00
0.00
859.90
889.99
816.91
818.79
-41.11
77
SHFA
31.41
31.72
31.44
31.41
0.00
70
-
MIRKS
48.31
49.24
46.31
48.31
0.00
61
SGLL
26.53
26.99
26.99
26.53
CLOV
56.41
56.00
56.00
56.41
0.00
SHSML
8.90
8.21
8.21
8.90
0.00
4793.16
4947.00
4600.11
4759.84
-33.32
27
41.91
41.50
41.50
41.91
0.00
21
3424.64
3499.98
3330.01
3418.44
-6.20
1.62
1.65
1.60
1.62
0.00
OLSM DIIL COLG
-
-
13.80
-
-
-
-
250
1.68
7.11
7.10
7.10
7.10 -0.01
2000
9.95
6.33
-
-
-
-
PICIC Ins Ltd
350 85.64
12.00
13.00
11.50
11.99 -0.01
3703
13.00
6.30
-
-
-
-
Premier Insurance
303
6.22
11.44
11.50
11.50
11.50 0.06
1800
12.93
10.10
-
-
-
-
TATM
Reliance Insurance XB
252
4.23
7.46
7.00
6.90
6.90 -0.56
10500
7.47
6.20
-
-
-
-
NESTLE
Shaheen Insurance
200
-
10.39
9.50
9.50
10.39 0.00
457
14.20
9.41
-
-
-
25R
Silver Star Insurance
253
4.35
6.37
7.36
6.50
7.00 0.63
4003
8.20
6.01
-
-
-
-
Open 745.73 Turnover 3,629 P/E (x) 5.39 Paid up Cap(mn)
Company
PE
Open
High Low 771.55 749.74 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 5.20
Close 758.81 Listed cap 11,111.34 mn Payout (%) 79.54
Change -11.64 Market cap 47,770.53 mn Div Yield (%) 6.21
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.21
82.01
81.40
79.00
80.07 -1.94
155591
96.40
71.55
% Change -1.51 5-Day High 770.45 5-Day Low 745.42
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
High Low 742.99 724.09 Total cos Defaulter cos P/BV (x) ROE (%) 3.19 3.85
High
Low
Close Chg
Close 740.60 Listed cap 2,290.72 mn Payout (%) 355.53
Change -5.13 Market cap 8,742.84 mn Div Yield (%) 4.29
Last 60 days High Low
Volume
ULEVER
FIBLM
% Change -0.69 5-Day High 748.94 5-Day Low 729.58
2010 Div BR (%) (%)
Open
HAJT
Pak Gen Insurance
% Change -0.56 5-Day High 1,345.92 5-Day Low 1,333.15
BANKS
Company
83.00
UPTO 100 VOLUME
-
Performance of SR Life Insurance Index
Close 1,334.16 Listed cap 95,369.29 mn Payout (%) 104.13
Last 60 days High Low
Open 1,144.42 Turnover 8,754,031 P/E (x) 8.13
-
9.96
2011 Div BR (%) (%)
Close
Change
Vol
99
0.00
45 45 32
21 15
GSPM
10.69
11.00
10.05
10.69
0.00
13
RMPL
2811.00
2890.00
2685.00
2816.88
5.88
13
FZTM
409.93
430.00
389.44
409.93
0.00
12
TICL
59.20
60.00
56.25
59.20
0.00
12
NCLNCP
25.50
24.50
24.50
25.50
0.00
11
ASFL
4.50
5.50
5.50
4.50
0.00
10
SIGL
9.25
9.25
9.25
9.25
0.00
10
IGIBL
2.09
2.24
2.10
2.09
0.00
10
UNIC
7.70
7.90
7.90
BHAT
7.70
0.00
10
259.00
0.00
10
MFFL
68.79
68.50
65.40
68.79
0.00
10
SHEZ
259.00 145.51
246.10 152.78
246.10 140.03
145.51
0.00
10
DEL
1.84
1.84
1.61
1.84
0.00
9
RCML
41.49
39.50
39.50
41.49
0.00
8
ICIBL
0.55
0.58
0.52
0.55
0.00
6 6
EFU Life Assurance
850 33.49
59.00
59.35
58.00
58.95 -0.05
3111
79.80
51.31
-
-
-
-
ALICO
15.02
14.75
14.02
15.02
0.00
New Jub Life Insurance
627 19.65
46.99
46.00
44.76
45.98 -1.01
512
49.31
39.05
15
-
-
-
PAKMI
0.85
1.08
1.08
0.85
0.00
5
FINANCIAL SERVICES
FDIBL
1.60
2.00
2.00
1.60
0.00
5
TSBL
5.00
5.88
4.01
5.00
0.00
5
Performance of SR Financial Services Index
EMCO
2.01
2.30
2.30
2.01
0.00
5
IDYM
Open 352.66 Turnover 1,986,321 P/E (x) 11.50
Performance of SR Gas Water and Multiutilities Index
Paid up Cap(mn)
25R
78.87
GAS WATER AND MULTIUTILITIES Open 1,469.37 Turnover 111,595 P/E (x) 9.30
42.90
-
37.33
77.50
8273
9.51
LIFE INSURANCE
High Low 1,354.43 1,325.53 Total cos Defaulter cos P/BV (x) ROE (%) 1.33 9.35 Low
40.26 -0.24
12.00
-
Performance of SR Electricity Index
Company
40.00
14200
9.09
ELECTRICITY Open 1,341.66 Turnover 1,526,759 P/E (x) 14.19
11.00 -0.24
6.21
Pak Reinsurance
40.74
10.40
279
EFU General Insurance
40.50
11.24
457
Century Insurance
6.13
11.24
1250
Central Insurance XB
Change -13.20 Market cap 72,103.92 mn Div Yield (%) 10.98
Last 60 days High Low
Volume
255
High Low 359.73 343.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91
Close 348.03 Listed cap 30,336.44 mn Payout (%) 99.56
Change -4.63 Market cap 16,645.96 mn Div Yield (%) 3.88
255.00
267.67
0.00
4
6.79
5.09
6.09
0.00
3
0.67
0.79
0.72
0.67
0.00
3
TSMF
1.01
1.40
1.39
1.01
0.00
CSM
0.55
0.65
0.55
0.55
0.00
IFSL
6.04
6.49
6.49
6.04
0.00
2
ILTM
173.25
181.91
181.91
181.91
8.66
2
LAKST
255.14
267.89
245.01
255.14
0.00
2
PECO
139.85
144.99
140.00
139.85
0.00
2
2 2
Open
High
Low
Close Chg
BUXL
9.00
9.95
9.95
9.00
0.00
AMZ Ventures
225
1.27
0.66
0.74
0.59
0.61 -0.05
226803
0.95
0.33
-
-
-
-
MERIT
29.01
29.50
29.45
29.01
0.00
Arif Habib Investments Arif Habib Limited
360 4.04 450 17.97
24.49 22.31
24.40 22.80
23.50 21.20
23.75 -0.74 21.92 -0.39
47807 96306
24.86 28.00
16.80 18.31
-
20B 20B
-
-
FRCL
2.02
1.45
1.45
2.02
0.00
2
11.97
10.97
10.97
11.97
0.00
2
Arif Habib Corp 3750 4.58 Dawood Cap Mangt. XB 150 1.25 Escorts Bank 441 First Credit & Invest Bank Ltd 650 Ist Cap Securities 3166 Jah Siddiq Co 7633 JOV and CO 508 812.50 JS Global Cap 500 7.33
23.38 1.30 2.00 3.25 3.10 9.32 3.42 25.97
24.24 1.21 2.49 3.25 3.26 9.39 3.49 27.00
23.00 1.21 2.00 3.25 2.90 9.08 3.20 25.10
23.43 1.30 2.00 3.25 3.10 9.16 3.25 25.51
0.05 0.00 0.00 0.00 0.00 -0.16 -0.17 -0.46
4782506 211 3505 2770 22601 1309533 130822 2500
30.20 2.10 3.80 4.00 3.95 12.80 4.49 31.50
18.75 1.10 1.55 2.15 2.90 8.01 2.58 20.80
30 10 -
10B -
-
-
PMI
1.00
1.10
1.10
1.00
0.00
1
TRSM
1.99
2.22
2.22
1.99
0.00
1
SCLL
2.65
2.80
2.80
2.65
0.00
1
BROT
0.30
0.40
0.40
0.30
0.00
1
ICCT
1.03
1.39
1.39
1.03
0.00
1
MFTM
1.00
1.67
1.67
1.00
0.00
1
CJPL
1.00
1.09
1.09
1.00
0.00
1
CHAS
8.50
9.00
9.00
8.50
0.00
CSUML
3.57
2.80
2.80
3.57
0.00
5.67 4.75 6.20 2.16 0.70 3.00
5.69 4.75 6.40 2.16 0.94 3.93
5.40 4.51 5.50 2.05 0.76 3.30
5.54 4.65 6.15 2.11 0.94 3.30
-0.13 -0.10 -0.05 -0.05 0.24 0.30
20203 3702 14523 104223 3031 501
7.40 5.43 7.09 2.50 0.97 4.99
5.10 3.75 5.25 1.21 0.41 2.26
-
-
-
-a
134.57
136.99
136.99
134.57
0.00
1
0.85
1.37
1.37
0.85
0.00
1
940.00
987.00
987.00
940.00
0.00
1
13.33
14.30
14.30
13.33
0.00
JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank
1000 1000 821 4.27 775 4.40 452 514 13.20
2011 Div BR (%) (%)
280.69
6.09
GENP
PE
Volume
2010 Div BR (%) (%)
267.67
HUSI
Paid up Cap(mn)
Company
Last 60 days High Low
% Change -1.31 5-Day High 354.08 5-Day Low 341.93
ARPAK
ATLH DWAE WYETH UDPL
EQUITY INVESTMENT INSTRUMENTS
Paid up Cap(mn)
Company 1st Fid Leasing
AL-Meezan Mutual F. Atlas Fund of Funds B F Modaraba
PE
High
Low
Close Chg
264
-
1.50
1.99
1.50
1.50 0.00
1375
4.08
10.30
10.15
10.05
10.12 -0.18
525
1.72
5.51
6.48
6.48
6.48 0.97
75
Constellation Modaraba
Open
High Low 1,492.89 1,449.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21
1.23
4.32
4.10
4.10
4.32 0.00
Close 1,453.58 Listed cap 29,771.58 mn Payout (%) 104.74
Change -9.89 Market cap 18,693.63 mn Div Yield (%) 8.58
Last 60 days High Low
Volume
1 1
1
2011 Div BR (%) (%)
Symbols
Open
High
Low
Close
UBL-MAR
64.95
65.00
64.00
64.34
-0.61 1820500
UBL-MARB
60.05
61.38
61.05
61.05
1.00 1791000
NBP-MARB
58.12
58.32
57.25
58.12
NCL-MAR
27.78
28.10
27.21
27.94
NBP-MAR
78.84
79.20
77.99
78.95
FFBL-MAR
40.28
40.50
39.80
40.16
-0.12
POL-MAR
323.53
323.90
319.50
320.07
-3.46
ANL-MAR
9.30
9.35
9.00
9.13
-0.17
572000
ENGRO-MAR 195.47
197.00
192.15
195.71
0.24
541000
FFC-MAR
133.45
135.25
132.00
134.69
1.24
420000
NML-MAR
64.84
64.69
63.76
64.46
-0.38
244000
Vol
0.00 1160500 0.16 1024500 0.11 1000500 660000 576000
24.49
24.61
24.00
24.50
0.01
206500
PSO-MAR
286.34
284.50
282.00
283.32
-3.02
127500
2.34
1.16
-
-
-
-
MCB-MAR
205.45
204.50
202.10
204.00
-1.45
7.70
18.5
-
5.00
-
PPL-MAR
212.82
211.95
210.10
210.91
-1.91
6.97
3.84
2.2
-
-
-
AICL-MAR
82.24
81.89
80.30
80.68
-1.56
20500
-
LUCK-MAR
68.31
68.85
67.70
68.68
0.37
17500
7.36
7.23
7.20
7.21
-0.15
13000
773 180
4.32
3.21
-
10B
-
DGKC-MAR
Change
11.50
106 20036
% Change -0.68 5-Day High 1,463.47 5-Day Low 1,438.31
2010 Div BR (%) (%)
2
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index Open 1,463.47 Turnover 523,042 P/E (x) 18.97
2
BOP-MAR
80500 60500
65
1.57
1.16
1.47
1.16
1.16 0.00
215
1.99
0.90
-
-
-
-
39.58
39.58
39.58
39.58
0.00
10000
Equity Modaraba
524
1.07
1.75
1.98
1.62
1.75 0.00
351
2.98
1.30
-
-
-
-
OGDC-MAR 156.48
154.95
154.00
154.95
-1.53
9000
Golden Arrow
760
1.48
3.40
3.25
3.20
3.22 -0.18
18000
3.89
2.92
17
-
-
-
NETSOL-MAR 23.30
23.56
23.10
23.56
0.26
1500
H B L Modaraba
397
3.72
7.42
7.60
7.30
7.58 0.16
1072
9.00
6.71
11
-
-
-
AICL-CMAR
HUBC-MAR
82.56
0.00
0.00
80.57
-1.99
0.00
AKBL-CMAR 14.09
0.00
0.00
14.23
0.14
0.00
ANL-CMAR
9.28
0.00
0.00
9.12
-0.16
0.00
ATRL-CMAR 120.89
0.00
0.00
119.61
-1.28
0.00
Habib Modaraba
1008
6.25
7.40
7.50
7.25
7.25 -0.15
535
7.50
6.50
21
-
-
-
JS Growth Fund
3180
2.32
6.24
6.25
6.00
6.04 -0.20
185103
6.43
4.61
5
-
-
-
JS Value Fund
1186
1.26
5.50
5.34
5.20
5.23 -0.27
11136
6.61
4.20
10
-
-
-
BAFL-CMAR
9.37
0.00
0.00
9.34
-0.03
283
1.88
3.00
3.00
2.21
3.00 0.00
5002
3.50
1.26
2.8
-
-
-
BAHL-CMAR 28.24
0.00
0.00
28.17
-0.07
1200
2.59
9.16
9.00
9.00
9.00 -0.16
103000
10.24
7.05
15.5
-
-
-
ENGRO-CMAR236.40
0.00
0.00
236.86
0.46
0.00
FFBL-CMAR 43.57
0.00
0.00
43.58
0.01
0.00
FFC-CMAR
134.02
0.00
0.00
134.89
0.87
0.00 0.00
KASB Modaraba Meezan Balanced Fund Mod Al-Mali
184 11.60
1.25
1.35
1.15
1.16 -0.09
10219
2.50
1.15
-
3.08
7.25
7.46
7.12
7.46 0.21
14495
8.83
6.21
PICIC Growth Fund XD 2835
3.74
12.50
12.69
12.45
12.50 0.00
69581
16.49
PICIC Inv Fund XD
2.88
5.50
5.50
5.10
5.30 -0.20
78528
7.95
0.85
PICIC Energy Fund XD 1000 2841
-
0.00 0.00
-
-
10
- 10.00
-
HUBC-CMAR 39.88
0.00
0.00
39.72
-0.16
11.90
20
- 12.50
-
KAPCO-CMAR41.83
0.00
0.00
41.30
-0.53
0.00
5.10
10
-
7.50
-
LUCK-CMAR 68.82
0.00
0.00
68.85
0.03
0.00
MCB-CMAR 228.92
0.00
0.00
226.59
Punjab Modaraba
340
-
1.11
1.99
1.47
1.33 0.22
503
2.38
1
-
-
-
Stand Chart Modaraba
454
5.06
10.00
10.00
9.55
9.91 -0.09
2937
10.63
9.00
17
-
-
-
U D L Modaraba
264
2.29
6.74
6.55
6.30
6.36 -0.38
1234
7.25
5.60
12.5
-
7.50
-
-2.33
0.00
NETSOL-CMAR23.23
0.00
0.00
23.03
-0.20
0.00
NML-CMAR
64.95
0.00
0.00
64.58
-0.37
0.00
POL-CMAR 324.43
0.00
0.00
320.69
-3.74
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Fauji Fertiliser Co
National Bank of Pakistan
Company
Date
Time
Sajjad Textile Mills Ltd
12-Mar
10:00
Mohammad Farooq Textile Mills Ltd
14-Mar
11:30
Askari General Insurance
15-Mar
2:00
Atlas Honda Ltd
16-Mar
-
Pakistan Tobacco Company Ltd
16-Mar
-
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
53.57
Support 1
11,985.40
MA (5-day)
12,042.75
Support 2
11,925.55
MA (10-day)
11,857.26
Resistance 1
12,115.45
MA (100-day)
11,647.32
Resistance 2
12,185.65
Fair Value
*Arif Habib Ltd
37
AKD Securities Ltd TFD Research
45.52 44.25
Rs Recommendations
10,766.87
Pivot
Brokerage House
14.00
9.30
9.50
9.10
9.10
9.35
9.45
BankIslami Pak
43.71
3.30
3.15
3.60
3.70
Bank.Of.Punjab
40.89
7.05
6.85
7.40
7.55
Dewan Cement
48.69
1.75
1.70
1.90
1.95
1.85
D.G.K.Cement
46.40
24.75
24.30
25.55
25.90
25.10
Dewan Salman
48.31
2.70
2.60
2.85
2.95
2.80
Dost Steels Ltd
45.30
2.05
1.95
2.20
2.25
2.10
EFU General Insurance 47.65
36.50
35.95
37.60
38.15
37.05
EFU Life Assurance
48.44
58.20
57.40
59.55
60.10
58.75
NBP closed up 0.03 at 78.90. Volume was 26 per cent below average FFC closed up 0.93 at 134.06. Volume was 5 per cent below average and
Engro Corporation
68.42
232.70
230.00
(neutral) and Bollinger Bands were 119 per cent wider than normal.
Faysal Bank
49.77
12.95
12.60
Fauji Cement
38.71
4.15
4.10
Fauji Fert Bin
64.77
42.90
42.45
Fauji Fertilizer
52.45
131.75
129.40
135.65 137.30 133.35
volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect mod-
Habib Bank Ltd
60.28
125.85
123.85
129.00 130.20 127.00
flowing into and out of NBP at a relatively equal pace. Trend forecasting erate flows of volume into FFC (mildly bullish). Trend forecasting oscilla-
Hub Power
oscillators are currently bullish on NBP.
ICI Pakistan
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.77 76.97 72.07 68.70
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
129.4
Neutral
Technical Outlook
Leverage Position 318.50 25,129.48 91.85 78.70
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
52.33 124.96 125.79 116.01
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
466.49 62,537.30 77.12 133.29
* Target price for Jun-11 & **Net Open Interest in future market
Bollinger Bands were 167 per cent wider than normal.
NBP is currently 14.9 per cent above its 200-day moving average and is FFC is currently 15.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is high as compared to the average
tors are currently bearish on FFC.
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Fair Value 71.45 78.6
Rs Recommendations
Brokerage House
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
51.80 63.81 61.06 53.71
Fair Value
Rs Recommendations
and Bollinger Bands were 20 per cent wider than normal.
13.55
13.75
13.15
4.30
4.35
4.20
43.65
43.95
43.20
56.45
39.15
38.85
58.17
155.45
153.75
158.45 159.70 156.70
22.81
224.40
221.75
230.30 233.55 227.65
43.90
3.15
3.00
3.40
3.60
47.91
1.40
1.35
1.55
1.65
50.01
2.75
2.65
2.90
2.95
44.21
9.05
8.90
9.35
9.50
9.20
Kot Addu Power
37.68
40.80
40.50
41.45
41.80
41.15
K.E.S.C
51.13
2.70
2.65
2.80
2.85
2.75
Lotte Pakistan
54.05
15.65
15.45
16.15
16.50
15.95
Lucky Cement
52.74
67.40
66.35
69.15
69.85
68.10
MCB Bank Ltd
57.85
223.55
221.85
Maple Leaf Cement
36.28
2.15
2.10
2.25
2.30
2.20
National Bank
59.65
78.15
77.40
79.40
79.90
78.65
Nishat (Chunian)
63.91
27.05
26.35
28.25
28.75
27.55
Netsol Technologies
50.30
22.70
22.55
23.05
23.25
22.90
Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co
39.55
3.30 1.50 2.80
226.95 228.65 225.25
NIB Bank
26.46
Buy
Nimir Ind.Chemical
56.55
2.65
2.55
2.75
2.80
2.70
Buy
Nishat Mills
51.72
63.35
62.55
64.75
65.30
63.95
TFD Research
36.45
Positive
Oil & Gas Dev. XD
40.11
153.20
151.95
PACE (Pakistan) Ltd.
46.82
2.75
2.70
Technical Outlook 175.80 11,282.84 64.18 64.08
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.51 24.39 28.30 26.63
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
200.80 5,054.25 109.42 25.10
* Target price for Jun-11 & **Net Open Interest in future market
(consolidating) and Bollinger Bands were 4 per cent narrower than normal. (consolidating) and Bollinger Bands were 29 per cent wider than normal.
to the average volatility over the last 10 trading sessions. Volume indica- volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume tors reflect moderate flows of volume into ENGRO (mildly bullish). Trend flowing into and out of POL at a relatively equal pace. Trend forecasting flowing into and out of NML at a relatively equal pace. Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting oscillators are currently bearish on DGKC.
2.05
2.00
40.30
37
Leverage Position
2.05
39.90
38.14
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
oscillators are currently bullish on NML.
237.55 239.70 234.85
*Arif Habib Ltd
is displaying an upward trend. Volatility is extremely high when compared displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is high as compared to the average
oscillators are currently bullish on POL.
7.20
AKD Securities Ltd
ENGRO is currently 24.9 per cent above its 200-day moving average and POL is currently 23.2 per cent above its 200-day moving average and is NML is currently 19.5 per cent above its 200-day moving average and is DGKC is currently 5.5 per cent below its 200-day moving average and is
forecasting oscillators are currently bullish on ENGRO.
3.40
Accumulate
ENGRO closed up 0.56 at 235.40. Volume was 22 per cent below average POL closed down -3.57 at 318.72. Volume was 33 per cent below average NML closed down -0.34 at 64.18. Volume was 76 per cent below average DGKC closed up 0.13 at 25.17. Volume was 79 per cent below average and Bollinger Bands were 115 per cent wider than normal.
9.30
Positive
Technical Outlook
* Target price for Jun-11 & **Net Open Interest in future market
14.60
9.20
Technical Outlook
* Target price for Jun-11 & **Net Open Interest in future market
14.35
33.32
Nishat Mills Ltd
107.94 34,403.58 251.03 320.50
13.45
TFD Research
Positive
Technical Outlook
Leverage Position
13.80
Bank Al-Falah
92.3
Positive
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
38.58
119.90 120.95 118.95
363.65
54.12 314.96 291.75 258.63
Askari Bank
116.95
TFD Research
Technical Analysis
Rs Recommendations
117.90
Neutral
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
80.15
Fair Value
52.17
AKD Securities Ltd
147.48 34,717.16 146.16 234.85
82.55
Attock Refinery
TFD Research
Leverage Position
81.30
362.15 367.40 357.55
Hold
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
77.75
347.70
Neutral
68.57 223.93 198.56 188.56
78.90
352.30
322.42
Technical Outlook
44.06
46.74
*Arif Habib Ltd
Technical Analysis
21.95
Adamjee Insurance
Attock Petroleum
AKD Securities Ltd
245.4
23.55
23.55
Neutral
75.5
TFD Research
Rs Recommendations
52.00
24.80
22.75
120.7
Neutral
339
52.65
24.10
20.35
AKD Securities Ltd
Sell
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
52.30
22.30
21.15
Reduce
Pakistan Oilfields Ltd
Brokerage House
51.40
22.90
48.18
8.70
Rs Recommendations
229.9
51.70
54.10
Arif Habib Limited
8.90
224
AKD Securities Ltd
59.20
46.28
Arif Habib Corp
42.02
85
Fair Value
*Arif Habib Ltd
60.90
Attock Cement
Azgard Nine
AKD Securities Ltd
Leverage Position
59.85
Buy
Accumulate
12,055.60
Engro Corporation
Brokerage House
57.50
131.3
Technical Outlook Technical Analysis
Rs Recommendations
58.20
*Arif Habib Ltd
*Arif Habib Ltd
Neutral
Fair Value
1st 2nd Pivot Resistance 2.85 3.15 2.55
30.91
Hold
Sell
RSI (14-day) 64.86 Free Float Shares (mn) 326.94 MA (10-day) 42.28 Free Float Rs (mn) 14,159.71 KSE 100 INDEX closed down -80.54 points at 12,045.25. Volume MA (100-day) 37.08 ** NOI Rs (mn) 54.38 was 49 per cent below average (consolidating) and Bollinger Bands MA (200-day) 32.42 Mean 43.22 were 23 per cent wider than normal. As far as resistance level is con* Target price for Jun-11 & **Net Open Interest in future market cern, the market will see major 1st resistance level at 12,115.45 and FFBL closed up 0.03 at 43.31. Volume was 20 per cent below average and 2nd resistance level at 12,185.65, while Index will continue to find its Bollinger Bands were 17 per cent wider than normal. 1st support level at 11,985.40 and 2nd support level at 11,925.55. KSE 100 INDEX is currently 11.9 per cent above its 200-day moving FFBL is currently 33.6 per cent above its 200-day moving average and is average and is displaying a downward trend. Volatility is high as displaying an upward trend. Volatility is relatively normal as compared to compared to the average volatility over the last 10 trading sessions. the average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFBL. bearish on INDEX. MA (200-day)
Brokerage House
RSI 1st 2nd (14-day) Support 41.14 2.25 2.00
Allied Bank Limited
2.20
2.10
156.05 157.65 154.80 2.85
2.90
2.80
Pervez Ahmed Sec
57.01
P.I.A.C.(A)
54.90
Pioneer Cement
47.18
5.90
5.85
Pak Oilfields
54.05
316.90
315.15
321.70 324.65 319.90
Pak Petroleum
53.86
209.60
208.40
212.45 214.20 211.30
Pak Suzuki
42.91
61.00
60.05
P.S.O. XD
47.86
280.15
278.35
P.T.C.L.A
41.08
17.70
17.60
Shell Pakistan
54.39
207.45
206.65
Sui North Gas
33.50
20.75
20.40
21.40
21.75
21.05
Sitara Peroxide
71.89
14.85
13.95
16.15
16.60
15.30
Sui South Gas
50.91
24.30
23.90
25.00
25.25
24.60
Telecard
48.74
2.00
1.95
2.10
2.15
TRG Pakistan
51.04
3.10
3.00
3.25
3.35
3.20
United Bank Ltd
52.86
64.35
63.95
65.35
65.90
64.95
WorldCall Tele
40.83
2.30
2.25
2.50
2.65
2.45
2.60
2.00
2.15
2.50
2.15
2.20
2.10
2.90
3.10
2.80
6.00
6.05
63.45
64.90
5.95
62.45
284.65 287.35 282.85 17.95
18.10
17.85
209.65 211.05 208.85
2.05
8
Saturday, March 12, 2011
Big B’s next project: Buddah-Hoga Tera Baap
I
t's official, Amitabh Bachchan's next project is Buddah-Hoga Tera Baap. The Big B will make the film, under his banner AB Corp. Wrote the actor on a social networking site, "'Tomorrow first day for AB Corp's next "Buddah"... 'hoga terra baap'!! I join them when i finish here in Bhopal for Aarakshan! Thank you all for the wishes for "Buddah-hoga terra baap!" First shot done today in Mumbai .. joining it by 23rd Mar," Amitabh tweeted. Abhishek Bachchan was very excited with the title. "The B back to doing what we love to see him do, might not be that young but he's definitely Angry! very excited about this film. Buddahhoga Tera baap!!! How cool is that title!," wrote Junior Bachchan on a social networking site.
I have an eccentric side: Shahid He is one of the few actors in the Hindi Film Industry whose candour is one of his hallmarks. Shahid Kapoor believes in speaking his mind. The actor, who is currently looking up to his home production Mausam has admitted
MUMBAI: Bollywood actress Geeta Basara displays a creation designed by Chaitanya Rao on the first day of the Summer Resort 2011 Lakme Fashion Week.-Reuters
Taliban threatens Veena Malik V
eena Malik, who became a household name after appearing on the Indian reality show, has received death threats from Taliban. She is in possession of a letter (a copy of which is available with TOI) by Maulana Masood, Mujaheddin leader connected with Osama bin Laden, accusing her of humiliating Islam and Pakistan's name during her stay in the Bigg Boss' house. The helpless model-turned-TV star has decided to seek asylum in other countries. The actress who cosied up with male contestants on the show and flaunted her curves unabashedly was criticised by the media in her country. Says
the defiant girl, "I'm an artist and I would have felt guilty if I had done something wrong, but I haven't. I have worn the same clothes in Pakistan and behaved in the same fashion
back home, so suddenly what's my fault? I cannot be issued death threats for participating in a TV show in India." "We are neighbours for God's sake and artists should have no boundaries to worry about." Veena, who is currently shooting a cricket show for an Indian TV news channel says, "I went back to Pakistan knowing the repercussions of my vibe on the show, but I never thought in my wildest of dreams that I would have to contemplate about leaving my country, my birthplace. Right now, I'm being forced to think about seeking asylum. Now that even my parents are being threatened, I don't see how we can continue to stay in Pakistan."
Emma breaks studies
S
he played a girl who studied hard. But "Harry Potter" actress Emma Watson says she is going to take a break from her working on her degree to focus on her film career. The actress - who plays the character of bookworm Hermione Granger - said Tuesday that she had found it hard to juggle her blossoming film career with her studies. Watson enrolled to study literature at Brown University in
Rhode Island in 2009. She says she still plans to finish her studies but will take some extra semesters to complete her degree. Watson has just finished filming "Harry Potter and The Deathly Hallows: Part 2" which will premier in London in July. She has also just finished filming "My Week With Marilyn", opposite U.S. actress Michelle Williams as Marilyn Monroe.
Guzaarish enters Oscars Library
B
ollywood superstar, Hrithik Roshan, has earned himself a phenomenal amount of critical acclaim, as the script of Sanjay Leela Bhansali's Guzaarish is officially honoured by the Oscars Library. After having been nominated for the Filmfare Best Actor Award, the screen icon's outstanding performance has undisputedly leveraged the film in entering the permanent script collection of the Library Academy of Motion Picture Arts & Sciences.
Hrithik's acting skills are showcased in Guzaarish as he performs the role of 'Ethan Mascarenhas', a former magician who tragically becomes a quadriplegic, spreading joy among the people as a radio jockey, but subsequently pleading for a mercy killing at court. Featuring alongside Aishwarya Rai Bachchan in the film, it has been Hrithik's highly accomplished performance that has generated critics' praise and outstanding reviews for himself as well as the film itself.
that eccentric roles excite him since he has an eccentric side to his personality. The actor who is battling controversies around his personal life and his professional one at times has agreed that films like Kaminey and Mausam are subjects closest to his heart for the sheer reason that they dwell upon his eccentric side. Talking about his love for eccentric roles, Shahid says, "In Kaminey my character had eccentric shades. I must admit that such roles have always excited me. In Mausam, the fact that I'm playing the role of a fighter pilot gives me a new high.
Only jealousy rules Bollywood: Ranaut
Vidya looking for Bengali man
S
B
he's outspoken and not one who's afraid to rustle a few feathers with her comments. And she was quite in the mood when she came to the sets of ETC Bollywood Business. In a candid chat with host Komal Nahta, Kangana Ranaut confessed that as an outsider - an actor without industry pedigree - she felt angry at the ones who had it. 'I'm angry at some people in the industry. If the star kids fly a kite, so much is written about it. And when people like me win international awards, we are ignored. People from the industry send gifts to mediapersons' homes, invite them for dinners, send money to them...90% media toh unke chacha, taya, betiyaan aur boyfriend se bhaare huye hain! Outsiders like me are left out because, 'She's not blue blood fired Kangana. When people write that are malicious and untrue, that malign me, I do get hurt. She continued, 'Softer feelings like love and compassion are ignored here. Jealousy bahut hain iss industry mein. Kaafi
log apna time aur paisa kharch karte hain doosron ke bare mein galat khabar chapwane mein!' Taking a cue from her on screen persona of Tanu, Kangana sure still has some acidic comments. We wonder what the industry will have to say when it watches this episode of ETC Bollywood Business.
SRK keeps always kabhi kabhi young at heart
W
hen Shahrukh Khan decided to make a film about youngsters, he wanted it to be young in all aspects. To ensure that it does happen, he was creatively involved in the entire making of the film which also included changing the dialogues that had originally been put together by director Roshan Abbas and his team. 'This meant that for Always Kabhi Kabhi, Shahrukh didn't just require four young and largely untested actors along with a first time director; he also wanted the film to be young in it's entire outlook', informs a source attached to the film, 'While Roshan did work on the original script to make it suitable for the big screen, Shahrukh felt that there was still more work to be done on the written material so that it suited the sensibil-
ities of today's youth.' While he did acknowledge the fact that Roshan's writing was quite pure and that stemmed from the fact that he had a good upbringing, Shahrukh felt that a new perspective added to Always Kabhi Kabhi will only make it spicier and more entertaining. The first step in this direction was to hire a writer, Ishita Moitra, for whom the single line brief was to come up with dialogues that spoke in modern day language 'Yes, Ishita's contribution did came in handy. What she has written has managed to bring an altogether different dimension to Always Kabhi Kabhi', says Roshan when asked if this indeed was true, 'I am glad this happened because I could see where Shahrukh was coming from.'
Akshay, John costar in Desi Boyz
D
Tomb Raider to get reboot without Angelina Lara Croft, the feisty heroine of one of the biggest video games from the 1990s, is once again getting the movie treatment. Heavyweight producer Graham King ("The Departed") has acquired the feature film rights to "Tomb Raider" and will reboot the action-adventure franchise aiming for a 2013 release for the first film. Angelina Jolie, the star of King's recent bomb "The Tourist," headlined two previous big-screen adaptations made by Paramount. "Lara Croft: Tomb Raider" (2001) and "Lara Croft Tomb Raider: The Cradle of Life" (2003) grossed $432 million worldwide. Sources said King's GK Films banner may be looking to do a Lara Croft origin story rather than continue her adventures. The company said it aims to "create daring new adventures for the young and dynamic Lara Croft." No writer has been hired yet.
ollywood beauty Vidya Balan and leading Bengali band 'Chandrabindoo' were seen sharing the platform together in a city hotel as they shared their experiences of working together for a new television commercial of hair oil brand Nihar Naturals. "Working in this commercial was a wonderful experience as the song captured the brand's message to the Bengali woman who are always very intelligent and progressive thinking," Balan said. "Chandrabindoo's catchy tune and lyrics, the fresh and engaging approach of the TV commercial is sure to strike a chord with all the women of Bengal," Balan said. The actor said that she feels a strong bond for Kolkata and searches for excuses to visit the city. "I am deeply associated with Bengal. I think I hardly know anybody having so much touch with Bengal as I do," she said. Expanding her love for Bengal, she said in humorous tone: "I am always searching for a Bengali man to settle down with. See if I can get him," she said. Speaking about her upcoming movie named Kahaani, Balan said: "The film has been directed by Sujoy da (Sujoy Ghosh) and the entire film has been shot in Kolkata." "This has been five years after which I had a full-fledged shooting in Kolkata," she informed. Balan said that she is willing to work in a Bengali movie with ace Bengali director Rituparno Ghosh. "Every year we feel we should work together, but it never realizes," she said. Speaking about her upcoming film on actor Silk Smitha, Balan said: "You won't be able to imagine me in that role! But that is a challenge for an actor." "I have not started preparing for the film, but I will watch her films once I start preparing for the film," she concludes.
MUMBAI: Anushaka Sharma attends the Cosmopolitan Fun Fearless Female Awards ceremony in Mumbai.
ebutante director Rohit Dhawan is set to go places even before the release of his first film - Desi Boyz, produced by Krishika Lulla. The latest kid on the block makes his directorial debut with Desi Boyz which is written by him and stars Akshay Kumar and John Abraham, together after a long time along with Deepika Padukone and Chitrangada Singh in the lead roles and music by Pritam. Commenting on the development, Sunil Lulla, Managing Director, Eros International Media Ltd said, "We have enjoyed some great successes like PARTNER with David Dhawan and are now looking forward to working with his son Rohit. We are confident of him joining the ranks of leading directors in the industry with his launch and audiences can be assured of wholesome entertainment by this very promising young debutant". Director Rohit Dhawan said, "I couldn't have asked for more, I have wonderful producers and an awesome cast. Now I hope to fulfill my cinematic dreams through Desi Boyz and am thrilled about taking our association to the next level with future projects". Desi Boyz has completed its first schedule in Mumbai and will commence the next schedule in London in March 2011 and is slated for a November 2011 release.
9
Saturday, March 12, 2011
Oil slides after quake, tsunami slam Japan Some refineries, nuclear power plants, manufacturers shut LONDON: Oil slid by on Friday, with US crude falling below $100, after an earthquake rocked Japan, created a 10-metre tsunami and shut down dozens of plants in the world's third-largest oil consumer. The oil market was also keeping an eye on a planned day of demonstrations in Saudi Arabia, the world's top oil exporter, and violence in Libya, which has disrupted its oil exports. US crude fell to as low as $99.01 a barrel and was trading at $100.44 a by 1544 GMT. ICE Brent crude fell $1.40 to $114.07 a barrel. It has fallen from a 2-1/2-year high of $119.79 on Feb. 24. Japan was hit by a magnitude 8.9 earthquake, the largest since observations began in the late 19th century. About 200300 bodies were found, said police in Miyagi, northern Japan, where the quakes and the tsunami hit the hardest. The death toll was expected to rise.
"We need to think what the potential impact on Japanese economy from the quake will be and what the impact on global economy will be," Olivier Jakob with Petromatrix said. "That may weigh on oil demand from Japan and the oil price."
Some refineries and nuclear power plants were shut, and analysts pointed out the shutdowns might increase demand for imports of refined products and fuels for electricity generators. "Short-term the disruption in activity will be clearly negative for Japanese oil demand, but you may find that post the initial impact of the tsunami, there will be a need to deliver oil products to meet demand if you suffer losses in refinery output," said Harry Tchilinguirian,
BNP Paribas' head of commodity markets strategy. In the Middle East, police flooded the streets of Saudi Arabia's capital to deter a planned day of demonstrations, while a small Shi'ite demonstrated was reported in Hofuf, in the oil-producing east. In Libya, forces loyal to Libyan leader Muammar G a d d a f i entered the oil port of Ras Lanuf in the east of the country and were fighting for control of the town, rebels said on Friday. Elsewhere in the region, Bahraini police blocked several thousand protestors from reaching the royal palace. In Yemen, tens of thousands of protestors marched in the capital, and protests turned violent in the southern port city of Aden. Kuwaiti riot police fired tear gas to break up a small, peaceful demonstration by stateless Arabs demanding greater rights. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 935.00-5.00, Apr11 935.005.00, May11/Jul11 940.008.00, Aug11/Oct11 950.004.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1000.00-5.00, Aug11/Oct11 945.00-5.00, Nov11/Jan12 950.00-5.00, Feb12/Apr12 960.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1400.00-25.00, Jul11/Sep11 1405.00-30.00, Oct11/Dec11 1375.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1560.00-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Apr11/Jun11 1167.50-27.50, Jul11/Sep11 1142.50-17.50, Oct11/Dec11 1137.50-17.50. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11 1240.00, May11/Jun11 1215.00, Jul11/Sep11 1175.00. PALMOIL: RBD dlrs tonne fob Malaysia Apr11 1185.0020.00, May11/Jun11 1160.0015.00, Jul11/Sep11 1120.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11 1195.00-20.00, May11/Jun11 1170.00-15.00, Jul11/Sep11 1130.00-15.00, Oct11/Dec11 1115.00-17.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 1740.00+10.00, Apr11/May11 1720.00+10.00, May11/Jun11 1670.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00+0.00. Reuters
Tokyo rubber lower on falling stocks NEW YORK: Traders work in the oil options pit at the New York Mercantile Exchange . -Agencies
US cotton falls amid spreading, ignores USDA data NEW YORK: US cotton futures closed lower on Thursday mostly on spread trade and investor sales as players paid little heed to a pair of government reports, analysts said. The key May cotton contract on ICE Futures US fell 3.43 cents to finish at $2.0098 per lb, trading from $2.0038 to $2.0771. "It looks like a lot of spreading going on," said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. Traders said most of the running seems to be dominated by investors who played the spreads or difference between contracts such as May and July, and July
and December. "They would go in and out, in and out but not retain any position by the close of business," one said. The result is that estimated volume traded Thursday stood at about 16,000 lots, about 50 per cent below the 30-day norm, Thomson Reuters preliminary data showed. Open interest in the market, an indicator of investment exposure in cotton, stood at 175,133 lots as of March 9, recovering slightly from the 7-1/2 month low at 173,688 lots as of March 8, data from ICE Futures US showed. There was no discernible boost
given to the cotton market by the reports from the US Agriculture Department which the trade believes should have had a bullish impact on fiber contracts. The USDA's monthly supply/demand report cut world 2010/11 cotton ending stocks to 42.33 million (480-lb) bales from 42.81 million last month and raised world 2010/11 cotton consumption to 116.61 million bales against 116.55 million bales. USDA's weekly export sales data showed US cotton sales at 486,500 running bales (500-lbs each), much higher than trade expectations for 200,000 to 250,000 RBs. -Reuters
Palm oil falls on Tokyo calamity, stock build KUALA LUMPUR: Malaysian palm oil dropped to a two week low on Friday and notched its worst weekly loss in more than two years after a massive earthquake hit Japan, adding to a bleak global economic outlook. Palm oil lost 8.1 per cent this week after industry regulator reported that stocks in No.2 producer Malaysia rose to a twomonth high on unexpectedly strong production and higher imports. The quake struck just before the close of Tokyo stock trading but other global markets came under further pressure as investors moved to "safer assets". The benchmark May crude palm oil contract on Bursa
Malaysia Derivatives dropped as much as 3 per cent to 3,356 ringgit ($1,146), a level unseen since Feb. 24. The market ended at 3,364 ringgit. Traded volume more than doubled to 33,383 lots of 25 tonnes each, compared to the usual 15,000 lots. A Reuters technical analysis showed Malaysian palm oil may end the current correction above 3,336 ringgit per tonne next week, and resume its uptrend, based on its wave pattern.
US soyoil for May fell 1.9 per cent in Asian trade hours on estimates for a record soy crop from Brazil, the US Department of Agriculture report showed, although forecasts for US soybean ending stocks were unchanged. In China, the mostactive Sept. soyoil contract on Dalian Commodity Exchange fell 0.6 per cent on prospects of higher global vegetable oils supply and concerns another round of interest rate hikes if inflation remain high. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 10 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 10 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2380 2390 2370 2380 2360 2370 2360 2370
2546 2546.5 2583 2584 2663 2668 2723 2728
9195 2459 9195.5 2459.5 9209 2444 9210 2445 9195 2398 9205 2403 8950 2348 8960 2353
25970 25975 25980 26000 25140 25240 24215 24315
TIN
ZINC NASAAC
29875 2275 2511 29900 2276 2511.5 29875 2289.5 2535 29900 2290 2540 29745 2350 2505 29795 2355 2515 2352 2560 2357 2570
BANGKOK: Tokyo rubber futures fell 3.7 per cent on Friday to their lowest in nearly three months as stock markets around the world tumbled on fears about unrest in Saudi Arabia, but support held at 400 yen per kg, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange dropped 15.4 yen, or 3.7 per cent, to settle at 401.4 yen ($4.84) per kg. It fell as low as 392.3 yen, the lowest since Dec. 16, before rebounding slightly to finish above the major support level at 400 yen. At its low, it had fallen by more than a quarter from the record high of 535.7 yen hit in mid-February. TOCOM rubber started early this week because of worries grew about the global economy; heavy stop-loss selling was seen. The most active Shanghai rubber contract for May delivery fell 995 yuan to finish at 35,195 yuan ($5,353) per tonne. TOCOM prices were not affected by the worst quake to hit Japan in 140 years, as the market had closed earlier. However, it could have a negative impact on stock markets as well as TOCOM prices next week, dealers said. -Reuters
Copper recoups losses after Japan cataclysm sell-off LONDON: Copper ended flat on Friday, regaining losses after a devastating earthquake in Japan unsettled global markets and Chinese inflation data fuelled concerns over demand from the top consumer of the metal. Three-month copper on the London Metal Exchange closed at $9,190, from Thursday's close of $9,191. It hit an intraday low of $8,992, its lowest since around midDecember. While data on Friday showed US retail sales posted their largest gain in four months in February, GFMS Metals Consulting Managing Director Neil Buxton said copper had recovered its losses because the earlier fall had been overdone. "The market is picking and choosing which indicators it wants to respond to. In the extent of the earlier correction...it didn't need too much for a rebound in prices," Buxton said. "I think you've probably got to see it as part of a wider trend. The extreme volatility doesn't come as a huge surprise but the downward trend is still in place." February inflation in China topped expectations at 4.9 per cent, and looked set to climb further, adding to pressure for more monetary tightening. This could limit economic growth and curb demand for industrial metals. "To support the prices levels we saw earlier this month, you need a constant stream of bullish news, the news flow really has dried up and once it dries up, it leaves copper a bit exposed," Buxton said. On Thursday, data showed China's imports of copper fell 35 per cent to 235,469 tonnes in February, from 364,240 tonnes the previous month. "The earthquake is clearly
risk-negative, and you have seen continuation of selling that has been going on all week. But there are plenty of other things to make the world
Shanghai copper declines London copper prices reversed early gains on Friday, after a strong earthquake jolted Japan and sent shockwave across global financial markets. Shanghai's third-month copper futures contract also reversed course to end down 10 yuan, or 0.01 per cent at 69,220 yuan, headed for its worst week since May 2009. unhappy," RBS global head of commodity and strategy Nick Moore said. Oil slid after the earthquake shut down dozens of plants in Japan, the world's third-largest oil consumer. High oil prices recently have raised concerns it could lead to high inflation, and crimp economic growth. Inventories of copper on the London metal exchange rose 400 tonnes to 425,875 tonnes, data showed. Copper stocks have increased by over a fifth since mid-December. Copper was in an $18.50 contango, which is a discount for cash versus three-month material, compared with a $70 backwardation, or the opposite structure of a premium for cash, in mid-December. The contango underlines the lack of spot demand for copper, especially from China, analysts said. Aluminium closed at $2,545, down from $2,585. Stainless steel ingredient nickel was $26,095 from $26,050. Tin ended at $29,500 from $29,300 while zinc, used in galvanizing, was $2,276 from $2,286 at Thursday's close. Battery material lead was $2,425 from $2,430. -Reuters
Coffee, sugar slide after tragedy LONDON: Coffee fell from near a 34-year high and sugar and cocoa futures slid with other commodities after a huge earthquake and tsunami struck Japan on Friday. "Everything (commodities) will be down because of this quake in Japan," said Romain Lathiere, fund manager with Swiss-based Diapason Commodities Management. "That (quake) will impact the global growth of the economy and will weigh on commodities." ICE May arabica coffee traded down 6.3 cents or 2.25 per cent at $2.7425 per lb at 1533 GMT, below the 34-year high of $2.9665 a lb touched on Wednesday. Liffe May robusta coffee traded down $89 or 3.6 per cent at $2,419 per tonne. New York coffee will fall further to $2.62 per lb next week, as a top could have formed at Wednesday's high of $2.9665, based on its wave pattern, according to Reuters market analyst Wang Tao. ICE raw sugar futures prices fell, drifting further away from last month's 30-year highs, with tight supplies and low stocks limiting losses. ICE May raw sugar futures traded down 0.5 cent or 1.7 per cent at 28.21 cents a lb at 1536 GMT, below the 30-year high of 36.08 cents a lb touched last month. London May white sugar was down $8.40 or 1.2 per cent at $719.20 per tonne in moderate volume of 3,503 lots. Dealers saw key support in ICE raw sugar futures at 27.50 and 27.00 cents a lb, and said that new physical offtake enquiries could be triggered around those levels. ICE cocoa futures slipped, extending recent losses, trading in line with the falls across soft commodities. ICE May cocoa traded down $55, or 1.6 per cent, at $3,390 a tonne at 1538 GMT, below the 32-year peak of $3,775 a tonne touched on March 4. London May cocoa was down 38 pounds or 1.7 per cent to 2,206 pounds per tonne in modest volume of 10,427 lots.-Reuters
Gold rises after Japan tsunami disaster LONDON: Gold pushed higher on Friday as a major earthquake in Japan and unrest in the Middle East kept the metal underpinned, but a fall in oil prices reduced the metal's appeal as a refuge from inflationary pressures. Spot gold was bid at $1,415.40 an ounce at 1621 GMT, up from $1,412.59 late in New York on Thursday. "It's a logical reaction," Robin Bhar, an analyst at Credit Agricole said of gold's rise. "With all the fear factors and the risk aversion and the desire for ways to hedge against that." Also keeping markets nervy, police flooded the streets of the Saudi capital on Friday to deter a planned demonstrations inspired by pan-Arab revolt, but a small Shi'ite protest was reported in the country's oilproducing east. Meanwhile, in Libya forces
loyal to leader Muammar Gaddafi intensified a counteroffensive against insurgents. But the metal was down about $30 from a lifetime high of $1,444.40 a troy ounce on
Monday. Investors protect their portfolios by buying gold when they expect rising price pressures, often fuelled by energy costs, but US crude futures slipped to around $100 a barrel. Gold prices were little affected by data showing US retail sales rose an expected 1 per cent in February and by other data showing US consumer sentiment fell to its lowest level in five months in early March. Silver was bid at $34.92 an ounce from $35.25 on
Thursday, having rallied to a 31-year peak above $36 on Monday. Holdings of iShares Silver Trust were unchanged at a record high at 10,974.06 tonnes. "While clients we visited in the US and Canada over the past two weeks mostly wanted to talk about gold, we noted a clear upward shift in their interest in silver," UBS said in a note. "There is little doubt that gold has lost some of its previous supporters to silver. Of those clients able to invest in the metal itself, rather than being restricted to silver equities, close to half were extremely bullish on silver's prospects." Spot platinum was at $1,771.74 an ounce from $1,760.24 on Thursday and palladium at $750.72 an ounce from $765.50 an ounce. Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
11-Mar-2011 CRUDE100 11-Mar-2011 CRUDE100 11-Mar-2011 CRUDE100 11-Mar-2011 SILVER - SL500 11-Mar-2011 SILVER - SL500 11-Mar-2011 GOLD 01oz 11-Mar-2011 GOLD 01oz 11-Mar-2011 GOLD 01oz 11-Mar-2011 GOLD 100oz 11-Mar-2011 GOLD 100oz 11-Mar-2011 GOLD 100oz 11-Mar-2011 GOLD 11-Mar-2011 GOLD 11-Mar-2011 GOLD 11-Mar-2011 KILOGOLD 11-Mar-2011 KILOGOLD 11-Mar-2011 TOLAGOLD50 11-Mar-2011 TOLAGOLD100 11-Mar-2011 MINIGOLD 11-Mar-2011 MINIGOLD 11-Mar-2011 MINIGOLD 11-Mar-2011 MINIGOLD 11-Mar-2011 MINIGOLD 11-Mar-2011 TOLAGOLD 11-Mar-2011 TOLAGOLD 11-Mar-2011 TOLAGOLD 11-Mar-2011 TOLAGOLD 11-Mar-2011 TOLAGOLD 11-Mar-2011 IRRI6W 11-Mar-2011 RICEIRRI - 6 11-Mar-2011 RBD PALMOLEIN 11-Mar-2011 KIBOR3M 11-Mar-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 17MA11 MA11 MA11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
103.21 104.35 104.98 35.13 35.18 1419.40 1420.10 1421.00 1416.60 1416.60 1421.40 38837.00 38800.00 39047.00 38993.00 39004.00 45481.00 45481.00 42000.00 40123.00 40138.00 40152.00 40064.00 46788.00 46136.00 46152.00 46851.00 46641.00 3325.00 3331.00 5285.00 86.36 85.86
104.00 105.25 104.98 35.42 35.43 1422.50 1423.00 1424.00 1420.30 1419.80 1421.40 39021.00 39032.00 39047.00 38993.00 39004.00 45481.00 45481.00 42000.00 40123.00 40138.00 40152.00 40064.00 46788.00 46136.00 46152.00 46872.00 46719.00 3357.00 3355.00 5285.00 86.38 85.86
99.42 100.65 101.40 34.08 34.23 1403.50 1404.00 1405.00 1405.80 1407.10 38837.00 38600.00 38673.00 38619.00 38631.00 45045.00 45045.00 39687.00 39730.00 39745.00 39759.00 39774.00 45627.00 45677.00 45694.00 45711.00 45727.00 3325.00 3331.00 5208.00 86.36 85.86
99.69 100.79 101.40 34.15 34.15 1406.40 1407.10 1407.90 1406.40 1407.10 1407.10 38647.00 38658.00 38673.00 38619.00 38631.00 45045.00 45045.00 39687.00 39730.00 39745.00 39759.00 39774.00 45627.00 45677.00 45694.00 45711.00 45727.00 3357.00 3355.00 5208.00 86.38 85.86
Traded Volume in lots 922 417 246 29 1,644 3,029 2,586 19 6 3 2 20 16 18 -
Previous Settlement Price 102.86 103.91 104.55 35.37 35.37 1414.80 1415.50 1416.30 1414.80 1415.50 1416.30 38877.00 38889.00 38904.00 38850.00 38861.00 45314.00 45314.00 39920.00 39964.00 39978.00 39993.00 40008.00 45900.00 45950.00 45967.00 45984.00 46001.00 3325.00 3331.00 5285.00 86.36 85.86
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 99.69 138 100.79 21 101.40 34.15 53 34.15 3 1406.40 1,417 1407.10 1,619 1407.90 1,395 1406.40 12 1407.10 1407.90 2 38647.00 11 38658.00 90 38673.00 38619.00 38631.00 45045.00 45045.00 39687.00 2 39730.00 39745.00 39759.00 39774.00 45627.00 16 45677.00 45694.00 45711.00 23 45727.00 18 3357.00 3355.00 5208.00 86.38 85.86 -
HTC’s rider Tony Martin celebrates after winning individual time trial of sixth stage of Paris-Nice cycling race between Rognes and Aix-En-Provence
10
Saturday, March 12, 2011
Umar sacrifices for Kamran KANDY: Pakistan batsman Umar Akmal has suffered an injury to his right index finger in a training session and was rested on Friday for team practice ahead of their match with Zimbabwe on Monday. Akmal was rested while the rest of his team mates were practising in a simulated match. "There is no swelling at all. He is perfectly all right," team manager Intikhab Alam said. "We just want to make sure that everything is okay, that's why I sent him to get an X-ray and scan also. It's cleared and he is okay. "We are resting him for precautionary measures. He got injured on his right index finger when he was fielding yesterday." Akmal has been the second highest scorer for Pakistan with 167 runs in the four World Cup Group A matches so far played after Misbah Ul Haq, who has scored 192 runs in the same games. Pakistan will meet Zimbabwe in their next round robin match at Pallekele on Monday after New Zealand defeated the 1992 champions by 110 runs on Tuesday.Reuters
Muralitharan, Dilshan complete missing link COLOMBO: Muttiah Muralitharan is not a man who likes standing in the background but after being eclipsed by his fastbowling team mates for the majority of the World Cup, the leg spinner and his cohorts finally showed their worth against Zimbabwe. Barring the washout match against Australia, Sri Lanka's speed merchants led by Lasith Malinga and Nuwan Kulasekara have terrorised the opposition and grabbed the majority of the wickets. Against Kenya, the paceman v spinner tally stood at 8-1, against Canada it was 64 but just when it seemed the world's most prolific wickettaker would be denied a chance from enjoying a memorable farewell on his home ground, Muralitharan (3-34) and Tillakaratne Dilshan (4-4) struck a blow for the spinners on Kandy's docile pitch on Thursday. Muralitharan and Dilshan's success was the final link that Sri Lanka needed as they headed into the knockout stages determined to become the first Asian side to win two World Cups on the sub-continent following their 1996 triumph. "We are going to carry this confidence into the next couple of matches," Dilshan told reporters following up his swashbuckling knock of 144 with four wickets in Sri Lanka's 139-run win over Zimbabwe. "We have a very important match against New Zealand. We will not take that match for granted as winning it may help us to top the group. Also from this point onwards, we can't afford to make any mistakes. We have to play our best cricket from the New Zealand match onwards." However, after becoming the first team to qualify for the last eight, Kumar Sangakkara's men can afford to experiment with their line-up in their final Group A match against New Zealand next Friday. Not that he has much to worry about.-Reuters
Toothless Bengal tigers grow teeth, claws to kill Eng CHITTAGONG: Bangladesh tail-enders Shafiul Islam and Mahmudullah became the toast of the nation on Friday after steering their team to a stunning two-wicket World Cup win over England. The co-hosts looked to be probably heading out of the competition when they collapsed to 169-8 chasing 225 to win on a tricky wicket. But Shafiul decided attack was the best way ahead and he blasted 24 in as many balls to see his team over the line for the unlikeliest of wins as the home crowd went wild.
Earlier, Jonathan Trott topscored for England with 67 backed up by Eoin Morgan (63) to help their side recover from a poor start in the Group B clash. The result was an amazing turnaround for the home side who were skittled for just 58 against West Indies a week ago in Dhaka before losing by nine wickets. Mahmudullah (21) and Shafiul added 58 runs in their unbroken ninth wicket to take their team to victory with an over left. Bangladesh had been apparently cruising towards victory
thanks to solid innings from Imrul Kayes (60) and Tamim Iqbal (38). But they suddenly lost momentum with the victory in sight as five wickets tumbled for 14 runs before Shafiul and Mahmudullah rescued their country. England now need to win their final match against the West Indies (March 17) to be sure of a quarter-final place while Bangladesh next face Netherlands on Monday and then South Africa on March 19. Wins would take them through.-Reuters
Windies beat Irish MOHALI: West Indies staved off Ireland's spirited challenge for a 44-run win in a Group B match to inch closer to the quarter-finals of the World Cup on Friday. Ed Joyce (84) and Gary Wilson (61) fought bravely but Ireland could manage only 231 as they lost all their wickets in 49 overs to fall well short of West Indies' total of 275. Earlier, opener Devon Smith (107) struck his maiden century in one-day internationals but it was Kieron Pollard's stroke-filled 94 off 55 balls that helped West Indies to put behind a sluggish start and post 275 all out in exactly 50 overs.
Smith added 89 runs with Shivnarine Chanderpaul (35) for the opening stand before Pollard joined him in the middle to hit five sixes and eight fours in his belligerent knock. The 91-run partnership between Joyce and Wilson kept Ireland in the hunt before debutant Andre Russell struck a crucial blow in the 38th over when his yorker pegged back Joyce's stump. Whatever hopes Ireland, who stunned England in Bangalore earlier this month, had of pulling off their second upset of the tournament vanished when Pollard took a stunning catch to remove the dangerous Kevin O'Brien(5). The spin-pace combination
of Sulieman Benn (4-53) and Darren Sammy(3-31) caused most of the damage. Put into bat at the Punjab Cricket Association Stadium, West Indies sent Chanderpaul to partner Smith at the top as regular opener Chris Gayle sat out with an abdominal strain. The West Indian batsmen found themselves straightjacketed by the tidy Irish bowlers, Kevin O'Brien (4-71) being the pick of them, who were superbly backed by their agile colleagues in the field. Kevin O'Brien halted West Indies' progress with his double strikes in the 25th over when he removed Chanderpaul and in-form Darren Bravo.Reuters
Indians chew over a chance for Chawla NAGPUR: India captain Mahendra Singh Dhoni is on a mission to instil confidence in young leg spinner Piyush Chawla to make him ready for the business end of the World Cup. The Indian captain has kept faith with the baby-faced Chawla as the second specialist spinner behind Harbhajan Singh despite the leg spinner failing to do anything much to justify such a preference. The 22-year-old, who returned to the Indian ODI squad after a gap of 30 months against South Africa in January, has managed
just four wickets while leaking runs in the World Cup. Dhoni's dilemma now is whether to cut his losses with Chawla before India's next Group B match with South Africa on Saturday or stick with him to build his confidence and his mental toughness for the expected knockout stages ahead. Critics have, in particular, been calling for lanky off-spinner Ravichandran Ashwin to replace him against Graeme Smith's men but he has yet to appear in any World Cup match. But Dhoni, who clearly sees him as a trump card, indicated
Chawla might get the vote. "What you need to assess is who needs the games more. Piyush Chawla ... needs to get his confidence back," Dhoni said. "He is 22-23 years of age. He will be feeling the pressure ... and he has only just returned to the side." Chawla proved in warm-up matches how dangerous he can be but his figures in the competition proper do not inspire. He went for 71 in 10 overs against England and 56 in eight overs against Ireland before doing better with 2-47 against Netherlands.-Online
Foolproof security sought for Pakistan ISLAMABAD: Pakistan has called on India to make ''foolproof arrangements'' for the security of the cricket World Cup in the wake of media reports about possible terrorist attacks on the venues of the tournament. Reacting to reports in the Indian media about "planned terrorist attacks on cricket World Cup venues" that could be "launched from Pakistani soil", Foreign Office
spokesperson Tehmina Janjua said, "We hope that India will make fool-proof arrangements for the security of the cricket World Cup", reported PTI "Pakistan, itself a victim of terrorism, takes all such reports seriously," she said in a statement. Janjua said "terrorism has no borders" and is a "vicious phenomenon that all must collectively confront". Media reports said India
had sounded an alert over possible militant attacks on the World Cup though there were no specific threats. The alert was sounded on the basis of intelligence inputs received over the past few months, Indian officials were quoted as saying. The cricket tournament is being played in India, Bangladesh and Sri Lanka and will end in Mumbai on April 2.-Online
CHITTAGONG: Bangladesh batsman Tamim Iqbal plays a shot during the ICC Cricket World Cup 2011 match between England and Bangladesh at The Zahur Ahmed Chowdhury Stadium.-Reuters
Smith happy with SA's power to surprise NAGPUR: South Africa have opened their bowling with spinners in the World Cup, which has surprised many, but it was just a well-thought ploy to add more "unpredictability" to the side, captain Graeme Smith said. The African nation have two tearaway fast bowlers in Dale Steyn and Morne Morkel in their side but in two out of their three matches, the spinners -Johan Botha and Robin Peterson -- has been handed the new ball alongside a paceman. It was not without a reason if Smith is to be believed. "It has been very successful for us. Everything we have tried, seems to have worked. As a bowling unit, we have been very strong in this tournament so far," Smith told reporters on the eve of their Group B match against India.Reuters
Ireland fined for slow over rate MOHALI: Ireland have been fined for their slow over rate in their World Cup Group B defeat by West Indies, the International Cricket Council (ICC) said on Friday. The Irish side, which went down by 44 runs at the Punjab Cricket Association Stadium, was found one over short of the target at the end of the match when time allowances
were taken into consideration, the ICC said in a statement. Accordingly, skipper William Porterfield has been fined 20 percent of his match fee while his team mates would lose 10 percent, the governing body said. "The penalty was accepted by Ireland without contest so there was no need for a hearing," the statement read.-Reuters
Gloveless Kamran to be harmful, Danish says ISLAMABAD: Pakistan cricket team Leg Spinner Danish Kaneria on Friday again made it clear that it will be a wrong decision to drop Kamran Akmal as he is the best wicketkeeper we have at the moment. During a quick chat with journalists, Danish said that Kamran is a better batsman than keeper but Pakistan needs him for the ongoing World Cup 2011. Dropping Kamran from final 11 in Pakistan's next match against Zimbabwe will not be a moral boosting for the keeper/batsman as he is an asset to the team, Kaneria added.-Online
RECORD BOARD Most Runs Runs HS 298 158 289 92 283 144 Most Wickets Players Mat WKts BBI Afridi-Pakistan 4 15 5/16 Sulieman-WIndies 4 12 4/18 Tahir-SAfrica 3 11 4/38
Players Strauss-England Trott-England Dilshan-Sri Lanka
Mat 5 5 5
Ave 59.60 57.80 56.60
SR 99.66 78.31 101.43
Ave 8.53 12.50 8.90
Econ 3.36 4.43 3.84
Japan quake sparks economy fear, BOJ offers help TOKYO: Japanese leaders pushed for an emergency budget to help fund relief efforts as they braced for the economic damage of a powerful earthquake and tsunami that killed hundreds and caused widespread destruction along a lengthy stretch of coastline. The Bank of Japan said it will cut short a two-day policy review scheduled for next week to one day on Monday and promised to do its utmost to ensure financial market stability. Auto plants, electronics factories and refineries shut, roads buckled and power to millions of homes and businesses was knocked out. Several airports, including Tokyo's Narita, were closed and rail services halted. All ports were shut. Japan's biggest quake on record occurred as the world's third-largest economy had been showing signs of reviving from an economic contraction in the final quarter of last year. The disaster raised the prospect of major disruptions for many key businesses and a massive repair bill of billions of dollars. Fearful of the economic impact, leaders of the ruling and opposition parties agreed on the need to compile an extra budget after Prime Minister Naoto Kan asked them to "save the country", Kyodo news agency reported. "The government would have to sell more bonds, but this is an emergency, so this can't be avoided," Yasuo Yamamoto, senior economist at Mizuho Research Institute in Tokyo. "Given where the Bank of Japan's benchmark interest rate is now, they can't really lower rates. The BOJ will focus on providing liquidity, possibly by expanding market operations." The 8.9 magnitude quake sent shares skidding in Japan
and elsewhere, adding to a slide in global stocks to their lowest level in nearly six weeks. Electronics giant Sony Corp, one of the country's biggest exporters, shut six factories. "There are car and semiconductor factories in northern Japan, so there will be some economic impact due to damage to factories," said Yamamoto said. A tsunami 10 metres high hit Sendai port in northern Miyagi prefecture, about 300 km (180 miles) northeast of Tokyo, but there were no immediate reports of damage. Miyagi and its surrounding areas include major manufacturing and industrial zones, with many chemical and electronics plants. But early reports from the area were sketchy and it was not clear if some plants were shut simply due to a lack of power or because of quake damage. Miyagi, the area most affected by the quake, accounts for 1.7 per cent of Japan's gross domestic product (GDP), Macquarie Research said. "There are two basic economics-related concerns. The first is that the fragile economic cycle is not in a position to withstand significant disruption," Macquarie said in a note. "The second is that the combination of a softer economy and the additional strain on public finances will put upward pressure on bond yields." Toyota Motor Corp said it had halted production at a parts factory and two assembly plants in the area, while Nissan Motor Co, the country's second-largest automaker, stopped operations at four factories, media reported. Two people were reported killed by a collapsing ceiling at
11
International & Continuation
Saturday, March 12, 2011
a Honda Motor Co factory in Tochigi prefecture, north of Tokyo, but no other details were immediately available. The yen fell as much as 0.3 per cent against the dollar before recouping its losses amid risk aversion by Japanese investors and expectations that Japanese insurance companies will sell foreign assets to pay for claims. The disaster also weighed on markets elsewhere, pushing shares in European insurance companies down. Large reinsurers -- Swiss Re, Hannover Re and Munich Re -- were all down more than 4.5 per cent. World stocks measured by the MSCI dropped 0.4 per cent to their lowest level since the end of January. The quake hit just before the Tokyo stock market closed, so prices didn't fully factor in the scale of the disaster. Nikkei stock futures plunged nearly 5 per cent at one point. "Stocks will probably fall on Monday, especially of those companies that have factories in the affected areas, but on the whole the selloff will likely be short-lived," said Mitsuhsige Akino, a fund manager at Ichiyoshi Investment Management. Bond futures surged on worries the widespread damage would put further pressure on the economy, while the most active gold contract on the Tokyo Commodity Exchange, February 2012, inched higher. "We still don't know the full scale of the damage, but considering what happened after the earthquake in Kobe, this will certainly lead the government to compile an emergency budget. We can expect consumption to fall. This could temporarily pull down gross domestic product," Yamamoto said.-Reuters
Oil drives UK factory gate inflation to 28-mo high LONDON: British factory gate inflation rose to its highest annual rate in more than two years in February, led by surging oil and food prices, official data showed on Friday. The figures were in line with expectations but will still worry the Bank of England given that consumer price inflation is already double its 2 per cent target. The Office for National Statistics said producer output prices rose 0.5 per cent on the month for an annual rise of 5.3 per cent -- up from a revised annual 5.0 per cent in January and the highest since October 2008. Input prices rose an annual 14.6 per cent, also the highest rate since October 2008, suggesting that pipeline inflation pressures are continuing to build. While some firms are managing to pass on the increased costs to consumers, others are having to take a hit to their profit margins. British pub operator JD Wetherspoon became the latest company to warn on the impact of food inflation, saying it would likely have to raise prices while Paul Sheffield, chief executive of construction firm Kier told Reuters soaring materials prices were set to hit builders hard. "Where we're exposed to contracts with big elements of those materials then there are bound to be some pressures unless we can share this risk with our customers," Sheffield told Reuters Worse may be to come. The sharp rise in oil prices triggered by escalating tensions in North Africa and the Middle East didn't happen until the end of February, so will not show up in the official figures until March. Brent crude leapt to a twoyear high above $119 a barrel on Feb. 24, having stood at less than $90 a barrel in early December.-Reuters
CONTINUATION
US shoppers shake off high gasoline costs WASHINGTON: US retail sales posted their largest gain in four months in February as shoppers stepped up purchases of autos, clothes and other goods even as they spent more for gasoline. But rising gasoline prices led to a big drop in consumer confidence in early March, according to a separate report on Friday that raised questions about how resilient shoppers will be even though it found buying plans were largely unchanged. The retail sales report from the Commerce Department pointed to solid consumer spending and acceleration in economic growth in the first quarter. Sales rose 1.0 per cent, the largest gain since October and the eighth straight monthly advance, and January sales were revised higher. "Consumer spending is still expanding at a healthy pace. Some of the strength we saw during the holidays continued into this year. That bodes well for the economy remaining on track for recovery," said Gary Thayer, chief macro strategist at Wells Fargo Advisors in St. Louis. Excluding autos, sales rose 0.7 per cent last month after gaining 0.6 per cent in January. Economists questioned how much of that spending strength can be sustained after a Thomson Reuters/University of
Michigan's index showed consumer sentiment slipped to a five-month low of 68.2 this month from 77.5 in February. US stock indices edged lower, while Treasury debt prices were little changed. The dollar held gains against the euro. Consumers last month overcame a 3.7 per cent increase in gasoline prices to spend on a range of goods, including autos, whose sales rose 2.3 per cent after rising 1.2 per cent in January. Receipts at gasoline stations increased 1.4 per cent after rising 1.3 per cent in January. Excluding gasoline, sales rose 0.9 per cent after rising 0.6 per cent in January. Consumer spending, which accounts for 70 per cent of US economic activity, grew at a 4.1 per cent annual rate in the fourth quarter, the fastest in more than four years. That strong increase depleted inventories and a second report from the Commerce Department showed business inventories rose 0.9 per cent in January, which should support gross domestic product growth in the current quarter. "Retail spending has mostly been accelerating among people with sufficient income for discretionary spending so they are not as affected by higher gasoline prices as people with more limited incomes," said Jerry
Webman, chief economist at OppenheimerFunds in New York. Unrest in the Middle East and North Africa has pushed Brent crude oil prices above $100 a barrel, raising concerns that high gasoline prices could eat into consumer pocketbooks already strained by high unemployment. The Energy Information Administration said this week households would pay an average of $700 more for gasoline this year than in 2010. The Federal Reserve is likely to nod to the rise in energy costs in a statement after a meeting on Tuesday, but analysts think the US central bank will not see a grave enough threat to either growth or inflation to alter its policy course. Outside autos and gasoline, consumers also spent on clothing, lifting sales 0.8 per cent. Receipts at sporting goods, hobby, book and music stores increased 1.3 per cent, while sales at building materials and garden equipment suppliers were up 0.6 per cent. So-called core retail sales - which exclude autos, gasoline and building materials -rose 0.6 per cent after a 0.7 per cent gain in January. Core sales correspond most closely with the consumer spending component of the government's gross domestic product report.Reuters
Canada job growth slips into lower gear in Feb OTTAWA: Canada's economy delivered lackluster job growth in February after robust gains in January, disappointing markets and giving the Bank of Canada plenty of wiggle room before hiking interest rates again. Statistics Canada said on Friday net employment gains in the month were a modest 15,100, below market forecasts of a 21,000 increase. The report dashed hopes that hiring momentum in the previous two months would persist. Net job gains were 69,200 in January and 30,400 in December. The February jobless rate was unchanged at 7.8 per cent, versus the 7.7 per cent forecasts by analysts in a Reuters poll. The report knocked the Canadian dollar to a near two-week low and prompted money market and bond traders to scale back ratehike expectations. "The labor market is not going to create any further inflationary pressure, either coming from wage (gains) or the general strength in the labor markets," said Sebastien Lavoie, assistant chief economist at Laurentian Bank Securities.
"It gives a bit more breathing room for the bank to stay on the sidelines especially since all the risks out there are quite elevated." The average hourly wage of permanent employees -which is closely watched by the Bank of Canada for inflation pressures -- rose 2.5 per cent from February 2010, up from 2.3 per cent year-on-year rate in both January and December. The central bank has held its overnight lending target at 1 per cent since September after three consecutive increases, and has cautioned that the red-hot Canadian dollar is hindering exports and restraining the recovery. A Reuters survey of market players before the bank's March 1 rate decision pointed to May 31 as the most likely date of the next hike. The market is pricing in a 99.12 per cent chance the bank will stay on hold April 12, up from 91.91 per cent before the jobs data, according to overnight index swaps, which trade based on expectations for the key policy rate. Canada has recovered jobs lost during the recession faster than the United States,
but the February data bucked that trend. US employers hired workers at the fastest pace in nine months in February, a report there showed. Still, Canada has had five straight months of employment gains and has churned out an average of 40,000 jobs per month since December. In February, the few jobs added were generated by a broad spectrum of industries. "It wasn't a uniformly weak report. The best way to describe the report would be underwhelming," said Doug Porter, deputy chief economist at BMO Capital Markets. The Canadian dollar fell as low as C$0.9803 to the US dollar, or $1.0201, from C$0.9768 to the US dollar, or $1.0238, shortly before the data. The Canadian dollar was already weakening ahead of the jobs data after a massive earthquake and tsunami hit Japan. Money market rates and bond yields fell on the data. The yield on the rate-sensitive two-year Canadian government bond dipped to 1.739 per cent from 1.77 per cent just before the report.Reuters
were buckled and communications, including telephone lines, were snapped. Train services in northeastern Japan and in Tokyo, which normally serve 10 million people a day, were also suspended, leaving untold numbers stranded in stations or roaming the streets. Tokyo's Narita airport was closed indefinitely. Also in Miyagi, a fire broke out in a turbine building of a nuclear power plant, but it was later extinguished, said Tohoku Electric Power Co. the company said. A reactor area of a nearby plant was leaking water, the company said. But it was unclear if the leak was caused by tsunami water or something else. There were no reports of radioactive leaks at any of Japan's nuclear plants. Analysts say Japanese earthquake could cost the insurance industry $10bn (ÂŁ6.25bn) but it is not likely to cause rates to harden across the market. Jefferies Investment Bank has estimated that the impact on insurer reinsurer balance sheets is likely to be close to 5%. "We expect some rate momentum in the upcoming Japanese/cat renewals, but not enough for the total industry cycle to turn. Tsunami and aftershocks remain real risks, and this will drag on sector performance," analysts James Shuck and Nick Pope stated. Meanwhile a foreign ministry spokesperson said that we are in contact with its embassy in Tokyo, which has confirmed Continued from page 12 No #2 that all of its Pakistani officials are safe. The Pakistani commuby ADB in 2010. Since 1998, ADB has sanctioned 376 firms nity in the Tokyo area is also reportedly safe, Spokesperson and 380 individuals. With improved investigative methods, case Tehmina Janjua said in a statement. management, and review processes, the time taken to complete Continued from page 1 No #6 investigations is expected to be reduced in future, the report says. assure attainment of the deficit target. Given the large domestic In 2011, the office expects to continue anticorruption training borrowing needs, the Ministry of Finance needs to improve debt assistance in at least two countries, to carry out more project promanagement. Looking ahead, significant fiscal consolidation will curement reviews, and to scale up ADB staff training with the be needed in 2011/12 in order to reduce inflation and ensure debt introduction of online anticorruption courses.-APP sustainability. The lower budget deficit would also help manage Continued from page 12 the impact of higher oil prices on the economy." No #3 "The budget deficit and quasi-fiscal operations have contributed exercises of the armed forces.-Agencies issued by PM House here on Friday. According to sources, all federal ministers and important personalities including Asfand to a loosening of monetary conditions thus adding to inflationary Continued from page 1 No #9 Yar Wali, Maulana Fazal ur Rehman, Sherry Rehman and Fauzia pressures. To help counter these pressures, credit to the budget purposes is concerned. Earlier the standing committee was briefed about the purchase of the equipWahab have been directed by PM House to take extra precautions from the SBP should be reduced further. Moreover, the banking ments and machinery for the armed forces. Briefing the committee on its ongoing and new schemes sector needs careful monitoring, given the high and rising level of regarding their security as negligence could be fatal. for the Navy, the concerned official said that the fourth frigate, which was produced domestically, Sources revealed that the letter also had other recommendation nonperforming loans." would be handed over to PN in June. The committee was also informed the committee that produc"Further, to lay the basis for higher and broad-based economic like staying away from unnecessary gatherings, keeping their itintion of Fast Missile Carrier Crafts (FMCC) are underway in the country. Talking to media after the growth, tax reforms, reduction of poorly targeted subsidies, and erary secret etc. The letter also made it clear that those (ministers) meeting, Qazi said that PN was instructed to plan its schemes in view of its needs for next 25 years. who'll deliberately avoid taking government security will be held financial sector reforms are needed to improve governance and He said that the local industry is able to export defence related equipments and the defence minpromote higher savings, investment and growth."-Agencies responsible for any untoward upshot.-Online istry should also prefer the local production in this connection.-APP
No #1
Continued from page 12
President to fulfill the constitutional requirement. The president is constitutionally bound under Article 56 to address the joint session at the outset of each parliamentary year, which is presided over by the Speaker National Assembly. President Zardari would highlight the past three-year performance of the PPP-led coalition government and the economic crisis being faced by the country, besides announcing the government's policy to cope with the challenges, the sources said. On the other hand the progress reports of various government institutions have been summoned in this regard. The president will address to the joint sitting at the time when the country is facing serious challenges including the law and order situation, economic crisis, inflation, energy shortage, etc. The Presidency, as part of preparations for the address of President Asif Ali Zardari, has asked federal ministries and departments to share the achievements they have made in the outgoing parliamentary year so they could be incorporated in the president's speech. The parliament is set to begin its fourth year with the address of the president. NA Speaker Dr Fehmida Mirza will preside over the session.-Online
No #4
Continued from page 12
No #7
Continued from page 1
report containing the reasons regarding retention of DG FIA. The court ordered the report to be presented duly signed. The court while expressing dissatisfaction over the reasons laid down in the report termed it the best joke of the year. Court said "we don't make public the report as it will make the government target of joke". "FIA is only an investigation agency. What relevance it has with national security. This report be remained classified and be not made public", Justice Asif Saeed Khosa observed. Abdul Hafeez Pirzada counsel for federation told this job was beyond the authority of secretary establishment. "Don't make the atmosphere hostile. We are assessing all the matters as per law and constitution. But it is not known with what attitude government is Continued from page 1 No #5 moving forward", CJP observed. Court also issued the orders that The government ordered thousands of residents near a nuclear government had done nothing and removed only some police power plant in Onahama city to move back at least two miles officers DG FIA also falls under this category which is sheer vio(three kilometers) from the plant. The reactor was not leaking lation of article 45 of the constitution. The court allowed more radiation but its core remained hot even after a shutdown. The time to government with respect to removal of contract employplant is 170 miles (270 kilometers) northeast of Tokyo. Trouble ees and adjourned the hearing till March 16.-Agencies was reported at two other nuclear plants as well, but there was no Continued from page 1 No #8 radiation leak at either. Japan's coast guard said it was searching missions, 100 per cent successful" ITR director S P Dash told for 80 dock workers working on a ship that was swept away from a shipyard in Miyagi. The highways to the worst-hit coastal areas IANS, adding that the tests were carried out as part of training
TTP (Tehrik-e-Taliban Pakista), LeT (Lashkar-e-Taiba, Afghan Taliban or the Quetta Shura, we are focused to get all those. An impatience (strategy) can't get all this done very quickly." Pakistan is a "sovereign state", whose leadership and people have to decide how to move forward in the war against terror, said the Joint Chiefs of the Staff Chairman. "You know your country better and you should figure out about dealing with these challenges," Admiral Mullen said in his reply to a question about the possible expansion of drone strikes in Quetta. "I have been to Pakistan for about twenty years. I don't underestimate the challenge," he admitted.-Agencies
No #10
Continued from page 1
said that may be difficult to achieve now as many top traders have switched to exporting wheat for better profits. "Our top 10 exporters are now concentrating on wheat instead of rice as they are getting good profits there," Sheikh said. He said many traders lacked the logistical capacity to deal in more than one commodity at a time, and limited capital encouraged trading in higher profit wheat. Country resumed wheat exports in January for the first time in three years after the government lifted a ban in December, after a bumper crop in 2009/10 and carryover from the previous stocks led to market surplus. Traders are hoping to export up to three million tonnes of wheat this year. By Feb 16, the country had already exported about 1 million tonnes with sales to Bangladesh, Indonesia and Vietnam.-Reuters
No #11
Continued from page 1
Movement's (MQM) Rabita Committee has condemned the acts of violence in Karachi that caused civilian deaths and public arson.-Agencies
No #12
Continued from page 1
Safdar Warraich, PPP KPK President Zahir Shah, Political Secretary, Rukhsana Bangash, Fouzia Habib, Spokesperson to the President Farhatullah Babar and Dr Qayum Soomro. Briefing the media about the meeting, Spokesperson to the President Farhatullah Babar said that the current political situation in the country was discussed during the meeting. Chaudhry Shujaat Hussain said that the PML will not be a party to any attempt to destabilise the government. He said that the party believed that the present democratic dispensation should complete its mandatory term of five years. President Asif Ali Zardari thanked Chaudhry Shujaat Hussain for these sentiments. Later the President hosted dinner for the delegation.-APP
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
Saturday, March 12, 2011
Opec oil demand outlook little up VIENNA: The Opec oil cartel on Friday upgraded only slightly its 2011 world oil demand growth estimate, saying high prices could dampen demand later this year. The Organisation of Petroleum Exporting Countries said it was penciling in world oil demand growth of 1.44 million barrels per day (bpd), or 1.67 per cent, to 87.83 million bpd for this year. That represents only a UNDISCLOSED LOCATION: Chairman Joint Chiefs of Staff Committee (CJCSC) General Khalid marginal upward revision Shameem Wynne along with the senior officials witnessing the testfire of short-range Surface to from 1.62 per cent previSurface (STS) Ballistic Missile Hataf-2 (Abdali).-APP ously. "Oil demand in the first quarter of this year was boosted by cold winter weather in the northern hemisphere," Opec said in its latest monthly bulletin. In developing countries, second quarter oil demand "is expected to maintain its healthy level, achieving ISLAMABAD: The Asian Development also set up last year to give government similar growth to that of the Bank (ADB) stepped up its fight against officials of ADB's developing member first quarter," it said.-APP PHOENIX: Pakistan's trib- corruption in 2010 with the introduction countries access to ADB's full list of al region is the epicentre of of new initiatives, including revised sanctioned groups and individuals. In 2010 ADB introduced comprehenterror for the world, and the integrity guidelines and a cross debarcountry's internal chal- ment agreement signed with development sive whistleblower and witness protection procedures to protect staff and to lenges have become partners, a new report says. The 2010 Annual Report issued by some extent third parties who report "regional challenges", US Joint Chiefs of the Staff ADB's Office of Anticorruption and instances of suspected fraud and corrupChairman Admiral Mike Integrity - which celebrated its first tion in ADB projects. A mandatory staff anniversary as an independent office last training course on anticorruption was Mullen has said. In a session with students, year - also highlighted ADB's support for also introduced concurrently. "These are serious steps we have taken war veterans and members developing member countries, with fraud ISLAMABAD: Prime of the community at and corruption detection training given to to help reduce fraud, raise awareness Minister House has directed Arizona State University's government agencies in several of ADB's about potential irregularities in project Walter Cronkite School of developing member countries. Five pro- implementation, and to increase under- federal ministers and politicians to avoid unnecessary Journalism and Mass curement-related reviews were also car- standing of ADB's anticorruption and Communication, Admiral ried out around the region to verify that efforts," said Peter E. Pedersen, Head of transportation Mullen also said that mili- ADB financing was being used for the ADB's Office of Anticorruption and move under security provided by the government. Integrity. tant organisations, the intended purposes. This was said in a letter The report notes that since the signing With the implementation of the cross Quetta Shura and the See # 3 Page 11 Tehrik-e-Taliban Pakistan, of the cross debarment agreement in April debarment agreement, the total number of pose potential terror threats. 2010, ADB has notified partner develop- debarments issued by ADB is expected to "Recent suicide bombings ment banks of sanctions imposed on four rise this year. In 2010, ADB's Office of in Pakistan, the killings of firms and 10 individuals found to have Anticorruption and Integrity received 188 former Punjab Governor breached anticorruption policies. In turn, new complaints, with 99 of them turned Salmaan Taseer and ADB cross-debarred six firms and two into full investigations. Thirty-seven Minorities Affairs Minister individuals sanctioned by the World firms and 47 individuals were sanctioned See # 2 Page 11 Shahbaz Bhatti were all Bank. A new, secure internet portal was "matters of significant concern for the United States of Saudi Hajj minister accepts Khursheed’s request America," The Baloch Hal quoted Admiral Mullen, as saying in response to a question. "Our relationship with the Pakistani military, which was cut from 1990 to 2000, has improved dramatically over the last several years," he said. "We are trying to fill that ISLAMABAD: Saudi Arabia on Friday the sources quoted an official as saying. Commenting on arrangements for this huge hole crated in the rela- approved additional Hajj quota of 20,000 tionship between the two for Pakistan, increasing it from the exist- year, they said that the Ministry of countries. We are building ing 158,000 to 179,210 for the year 2011. Religious Affairs was making all-out Earlier Pakistan has demanded of the efforts to ensure maximum facilities to the trust we lost with Pakistan in 1990s.Its a criti- Saudi government to enhance its regular intending Hujjaj by reducing Hajj cal part of the world. We are Hajj quota from 158,000 to 179,000 for expenses for the year 2011 by Rs36,000 focused on various enti- the year 2011, keeping in view the grow- per pilgrim. "Efforts are on to curtail Hajj ing population of the country, official expenses from Rs2,36,000 to Rs200,000 ties," he added. per pilgrim, under the government Talking about terrorist sources told APP here on Friday. Minister for Religious Affairs Syed scheme," they said. organisations, Admiral Minister for Religious Affairs Syed Mullen said: "Whether it is Khursheed Ahmad Shah, who is currently on a visit to Saudi Arabia to discuss the Khursheed Ahmed Shah would supervise See # 4 Page 11 arrangements for the upcoming Hajj, the entire Hajj operation to ensure transmade the demand during a meeting with parent and smooth conduct of the pilSaudi Hajj Minister Dr Fawad Abdul grimage this year. Salam Al Farsi. The ministry is taking a number of Previously, in 2009, Pakistan had steps to ensure provision of maximum requested for additional Hajj quota of facilities to pilgrims, keeping in view dif10,000 as the Saudi government was con- ficulties faced by Hujjaj during previous sidering such requests from different years. countries for the Hajj in that year. The services of those Pakistanis, who "Although, our request was forwarded are already in Saudi Arabia, would be ISLAMABAD: The federal government has appoint- to the Royal Court after completing the hired as Khuddam-ul-Hujjaj and their initial process, but, only a nominal addinumber would be increased from 400 to ed the renowned religious scholar Professor Mufti tional quota was allocated for Pakistan," 800. -APP Munib ur Rehman as a member of the Religious Turkmen, Afghan, Pak, India gasline technical talk Board for Modarabas (Islamic financial institutions) with immediate effect. The appointment has been made in pursuance of Section 9 of the 1980 Modaraba Companies and Modaraba (Floatation and ISLAMABAD: To discuss the technical finalised after reaching the consensus Control) Ordinance. This position has been aspects of TAPI Gas Pipeline Project, the between all four countries. It is expected that gas might start flowlying vacant since Imran meeting of technical working group of Turkmenistan, Afghanistan, Pakistan and ing into TAPI pipeline by 2015. The projAhsan Nyazee's resignation. Mufti Munib ur India is likely to be held on March 22 in ect would cost $7.6 billon according to a study conducted in collaboration with Rehman will serve out the Islamabad. The sources has revealed that technical Asian Development Bank in 2008. remaining term. The gas volume in the pipeline would The board considers working group after a series of meetings applications for floatation would submit its recommendations, by be 3.2 billion cubic feet per day (bcfd), of modaraba in light of the mid of current year, to Inter out of which 55 mmcfd would be supShariah. It provides guid- Ministerial Steering Committee (IMSC). plied to Afghanistan whereas Pakistan ance, based on the teach- This committee comprises petroleum and India would share 1325 MMCFD each. ings of Islam, to the ministers of the participating countries. After getting the reports from the workPreviously TAPI gas was to be sourced Registrar (Modarabas) of the Securities and ing group, IMSC would negotiate Gas from Daulatabad but later on South Sales and Purchase Agreement (GSPA) Yolotan/Osman and adjacent gas fields Exchange Commission of regarding TAPI pipeline, which would be were preferred for the same.-APP Pakistan.-Online
Pakistan's homefront has turned regional: US
ADB War on Graft hotted up last year
PM directs ministers to boost security
RIAZ NEWS AGENCY Cell # 0333-5373137
SHAKIL NEWS AGENCY Cell # 0333-4400472
No consensus seen in Capitol Hill on US action
Gadhafi stalwarts spreadeagle rebels West still divided on mily intervention AJDABIYA: Libyan strongman Moammar Gadhafi's forces were in control of the oil town of Ras Lanuf Friday, as rebels on the run appealed for arms and divided Western powers mulled military intervention. Medics in contact with anti-regime fighters in the eastern town said there were still pockets of resistance Friday but that government forces were in control after driving back the rebels the previous day in a hail of shells. "At the moment it is 10 dead and dozens injured from Thursday's fighting, and that's likely to rise significantly. We believe there are many more bodies in the area," Doctor Salem Langhi told a news agency from the frontline town of Brega. "Ambulances have not been allowed to go there to Ras Lanuf, the army is blocking the road," he said, referring to Gadhafi's loyalist force. On the other hand, the voices on Capitol Hill offer no consensus on military action as the Obama administration wrestles over what to do about Libya. Influential senators John McCain, a Republican, and John Kerry, a Democrat, have kept up a drumbeat for US military action such as a "no-fly" zone to aid the
rebels fighting Libyan leader Moammar Gadhafi. But other senior lawmakers, like Republicans Senator Richard Lugar and Representative Ileana Ros-Lehtinen, are warning against getting the United States into a Libyan war. The Senate's top Republican, Mitch McConnell, has suggested possibly arming the Libyan rebels, but other leaders in Congress have been more vague. Analysts say Congress may be waiting for a clear steer from the commander in chief, President Obama. "It seems very clear there is not a consensus about what to do, and that is natural. Any time you have a crisis like this you are going to look for leadership from the executive branch," said foreign policy analyst Danielle Pletka of the American Enterprise Institute think-tank in Washington. "My guess is that Obama will not authorise a no-fly zone without clear support from Congress and allies," said Henry Nau, political science professor at George Washington University. Obama "has not taken a clear lead in arguing for that with either Congress or Nato."Agencies
Address to mark the beginning of 4th parliamentary year
Zardari talks to Houses on 21st ISLAMABAD: President Asif Ali Zardari would address the joint sitting of Parliament on March 21, which will be his fourth address to the joint sitting of the incumbent Parliament. As the third parliamentary year is going to end on March 16, 2011, the Ministry of Law and Parliamentary Affairs has
finalised the tentative schedule of the joint sitting of National Assembly and Senate. According to Federal Minister for Law and Justice and Parliamentary Affairs Dr Babar Awan the sitting will be held on March 21 and will be addressed by the See # 1 Page 11
Saudis up Pakistan Hajj quota by 21k
Mufti Munib on religious board for modarbas
Hashout over TAPI nuts-bolts on 22nd
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.