International Karachi, Tuesday, October 12, 2010, Zul-Qa’dah 3, Price Rs12 Pages 12
PML-N issues charge sheet against Musharraf
Three job market experts share economics Nobel Gilani sacks Pakistan ambassador to Vietnam
See on Page 12
Six fake degree holder MPs front EC; six absent
See on Page 12
See on Page 12 Economic Indicators
PM hints at elimination of 10 ministries
$16.99bn 13.77%
Forex Reserves (1-Oct-10) Inflation CPI% (Jul 10-Sep 10)
$5.18bn
Exports (Jul 10-Sep 10)
$9.03bn
Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10)
$(3.85)bn
Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10)
$(944)mn $1.72bn
Foreign Invest (Jul 10-Aug10)
$267.10mn
Revenue (Jul 10-Aug10)
Rs 185bn
Foreign Debt (Jun 10)
$55.63bn Rs 4863bn $100.90mn 3.05%
Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10)
4.10%
GDP Growth FY10E
$1,051
Per Capita Income FY10 Population
170.76mn
Portfolio Investment SCRA(U.S $ in million) Yearly(Jul, 2010 up to 08-Oct-2010)
48.17
Monthly(Oct, 2010 up to 08-Oct-2010)
-1.05
Daily (08-Oct-2010)
2.16
Total Portfolio Invest (1 Oct-2010)
2353
ISLAMABAD: PM Syed Yousuf Raza Gilani speaking at a dinner hosted in honour of the diplomatic corps held at PM House.-APP
NCCPL (U.S $ in million) FIPI (06-Oct-2010)
0.38
Local Companies (06-Oct-2010)
-0.94 0.12
Banks / DFI (06-Oct-2010)
-0.29
Mutual Funds (06-Oct-2010)
0.23
NBFC (06-Oct-2010) Local Investors (06-Oct-2010)
0.71
Other Organization (06-Oct-2010)
-0.21
Global Indices Index
Close
Change
10,322.56
62.08
Nikkei 225 9,588.88 Hang Seng 23,207.31 Sensex 30 20,339.89 ADX 2,721.68 SSE COMP. 2,806.94 FTSE 100 5,672.40 *Dow Jones 11,018.21 *Last Updated 20:00 PST
263.13 89.63 17.58 68.20 14.79 11.73
KSE 100
95.93
GDR update $.Price PKR/Shares
Symbols
MCB (1 GDR= 2 Shares) 2.60
111.75
OGDC (1 GDR= 10 Shares) 18.20
156.45
2.00
42.98
LUCK (1 GDR= 4 Shares) 1.70
36.53
HUBC (1 GDR= 25 Shares) 9.66
33.21
UBL (1 GDR= 4 Shares)
Money Market Update T-Bills (3 Mths)
06-Oct-2010
12.83%
T-Bills (6 Mths)
06-Oct-2010
13.07%
T-Bills (12 Mths) 06-Oct-2010
13.22%
Discount Rate
29-Sep-2010
13.50%
Kibor (1 Mth)
11-Oct-2010
12.83%
Kibor (3 Mths)
11-Oct-2010
13.01%
Kibor (6 Mths)
11-Oct-2010
13.22%
Kibor ( 9 Mths)
11-Oct-2010
13.61%
Kibor (1Yr)
11-Oct-2010
13.71%
P.I.B ( 3 Yrs)
11-Oct-2010
13.83%
P.I.B (5 Yrs)
11-Oct-2010
13.92%
P.I.B (10 Yrs)
11-Oct-2010
13.99%
P.I.B (15 Yrs)
11-Oct-2010
14.23%
P.I.B (20 Yrs)
11-Oct-2010
14.38%
P.I.B (30 Yrs)
11-Oct-2010
14.58%
Commodities *Crude Oil (brent)$/bbl
83.78
*Crude Oil (WTI)$/bbl
82.55
*Cotton $/lb
110.45
*Gold $/ozs
1,348.50
*Silver $/ozs
23.28
Malaysian Palm $
901.30
GOLD (NCEL) PKR
37,407
KHI Cotton 40Kg PKR
7,770
*Last Updated 20:00 PST
Open Mkt Currency Rates Buy (Rs)
Sell (Rs)
Australian $
Symbols
84.00
84.50
Canadian $
85.00
85.50
Danish Krone
15.30
15.50
118.58
119.00
Euro Hong Kong $
11.00
11.30
Japanese Yen
1.018
1.044
Saudi Riyal
22.50
23.00
Singapore $
64.95
65.10
Swedish Korona
12.80
13.20
Swiss Franc
88.35
89.20
U.A.E Dirham
23.30
23.60
134.00
135.00
86.20
86.50
UK Pound US $
Inter-Bank Currency Rates Symbols
Buying Selling TT Clean TT & OD
Australian $
84.68
Canadian $
84.95
Danish Krone
16.08
16.12
119.91
120.19
Euro
84.88 85.15
Hong Kong $
11.06
11.09
Japanese Yen
1.031
1.033
Saudi Riyal
22.88
22.93
Singapore $
65.69
65.84
Swedish Korona
12.94
12.97
Swiss Franc
89.16
89.36
U.A.E Dirham
23.36
23.41
136.80
137.12
85.96
86.15
UK Pound US $
Weather Forecast CITIES
MAX-TEMP
ISLAMABAD KARACHI LAHORE
31°C 34°C 32°C
18°C 25°C 23°C
FAISALABAD 34°C QUETTA 28°C RAWALPINDI 32°C
21°C 5°C 18°C
MIN
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September CPI up at 15.71pc YoY
Inflation climbs to 17-month peak Staff Reporter KARACHI: Country's inflation accelerated to a 17-month high in September following devastating floods that drove up food prices, data showed Monday. Consumer prices rose 15.71 per cent from a year earlier, more than analysts had expected, and were up 2.65 per cent from August, the Federal Bureau of Statistics said. Analysts said food would remain costly in the months ahead and combined with rising energy costs would keeping inflation
high. A Reuters' poll of 12 analysts had forecast a rise of 14.95 per cent in the year through September. "The main reason was the increase in food prices after the floods, and in September perishable food items prices rose 54 per cent from a year ago," said Khalid Iqbal Siddiqui, director at Invest and Finance Securities Ltd. "Going forward inflation is likely to stay on the higher side because of increasing food prices and also because of rising See # 19 Page 11
Push for more items in EU duty-free list ISLAMABAD: Pakistan is looking to persuade the European Union that unless it adds bed linen and knitwear to a list of duty-free items receiving tariff cuts, its latest concessions will prove to be largely meaningless. Pakistan says it needs more international support to overcome the impact of the devastating floods, which killed 1,961 people and affected more than 20 mil-
IMF meeting
Little shift witnessed on currency markets LONDON: The euro and the dollar showed little movement Monday in the aftermath of an IMF meeting that yielded no consensus on how to head off a damaging currency war among key trading nations. International Monetary Fund policymakers took no decisive action on measures that could prevent or discourage countries from devaluing their currencies in order to boost their export sector.-Reuters
7 suspects in Dr Imran murder held PESHAWAR: Security forces have arrested seven extremists, in suspicion of their involvement in the murder of MQM leader Dr Imran Farooq, during the search operation and shifted them to unknown place for interrogations here on Monday. According to the security forces sources, security men arrested seven extremists See # 21 Page 11
lion, and maintain political stability. The EU scheme, announced last week, to suspend tariffs on 75 types of Pakistani-made goods which account for about 27 per cent of exports to the EU, will boost sales by about 100 million euros ($139 million). However, many leading Pakistani textile manufacturers See # 20 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday said that complying with Supreme Court orders government would cut down the Cabinet size in two months, and would eliminate 10 ministries. He expressed these views while addressing the dinner hosted in honour of diplomatic corps. Earlier, Prime Minister Gilani hosted a farewell lunch in honour of the outgoing US Ambassador Anne W Patterson at the PM House. Addressing a select-gathering on the occasion he that democracy in Pakistan has taken roots and is flourishing with every passing day, added that nation has confronted boldly the challenges of terrorism and extremism. Prime Minister said the resilience of the people and the See # 17 Page 11
NRO case
SC refuses to give govt more time ISLAMABAD: Supreme Court of Pakistan has rejected the petition filed by the government -- seeking more time in connection with NRO review case -- saying government should let the hearing of the case proceed, as it ill-suits the government to use dilatory tactics, and mala fide intent is no solution to this matter. A 3-member bench of SC comprising Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday took up the petition for hearing on Monday. During the course of hearing Advocate on-the-record, Raja Abdul Ghafoor and Attorney See # 18 Page 11
President inaugurates projects in Benazir Abad
PPP never got justice: Zardari Says dictators played with Pakistan in the past Special Correspondent/ Agencies NAWABSHAH: President Asif Ali Zardari Monday said that Pakistan Peoples Party never got justice in the history of the country, added that never in the country we have seen fair and free elections. "Those who used to lambaste Shaheed BB for overwhelming glow are now trying to slap the government, as they are jealous of our achievements, adding we will not put one-step backward from the development and progress of the country," President Asif Ali Zardari said
during a public gathering in Benazir Abad on the occasion of inauguration of various development projects. We will complete our tenure, affirmed Zardari. President Zardari asserted that "the political actors have been jointly targeting the incumbent government, but we will continue to serve the people and complete our stipulated term." Pakistan Peoples Party is the biggest public party of the country, claimed the President. "We are not afraid of jail or mosquitoes", Zardari said. Zardari said that every dicta-
$922.06mn received in September
1Q remittances reach $2.65bn
tor harmed PPP greatly; however, adding that Pakistan do not afford any such misadventure. He said that nation had paid high cost for the blunders committed by Leghari and Sajjad Shah. Some people are doing politics for making to headlines only, Zardari maintained. The President deplored that justice has never been meted out to PPP, but it was public who always strengthened the party. He further made it clear that opponents are afraid of our feat-and-win in next elections that's why they are trying to create hurdles for democracy See # 13 Page 11
29 officers moved to Grade-22
Pakistan (SBP) here Monday, the inflow of remittances in July-September, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $621.28 million, $576.32 million, $511.93 million, $312.73 million, $296.89 million, and $84.64 million See # 15 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Monday approved the promotions of 29 officers in Grade-22, following recommendations of the Selection Board. The board chaired by the Prime Minister reviewed cases of all eligible officers and recommended 29 officers for promotion to the post of Secretary (BPS-22) and equivalent, eight See # 14 Page 11
2M domestic debt swells to Rs4.86tn
IP gas pipeline to take 3yrs: Qamar
per cent or Rs210 billion during the first two months of current fiscal year. Domestic debt reached at a record level of Rs4.86 trillion See # 22 Page 11
Staff Reporter KARACHI: Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar said Iran-Pakistan Gas Pipeline See # 16 Page 11
KARACHI: Remittances from overseas Pakistanis continued to show a rising trend as an amount of $2.65 billion was received in the first quarter (July-September) of the current fiscal year; showing an increase of $314.8 million or 13.50 per cent over the same period of the last fiscal year. According to a statement issued by State Bank of
Aamir Abidi KARACHI: According to State Bank of Pakistan (SBP) country’s outstanding stock of domestic debt soared by 4.52
2
Tuesday, October 12, 2010
UNESCO to preserve Pak historical sites Marri signs MoU to work jointly
ISLAMABAD: James Caan, Head of UK delegation shaking hands with Federal Minister for Interior, Senator A Rehman Malik prior to a meeting at Ministry of Interior.-Online
Stars releasing songs for flood relief KARACHI: Superstars for Flood Relief launches new releases from Strings, Shafqat Amanat Ali, Raga Boyz feat, Ustaad Hamid Ali Khan and Laal band with many more releases to bring the world's attention and care to the flood in Pakistan through the language of music. Superstars across the world are releasing, covering and dedicating their hits in the name of the Flood victims to ensure that the international community becomes more aware of the devastation that continues to be caused.-PR
TUESDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:05 13:00 15:15 14:00 15:02 15:30 16:15 17:05 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Islamabad Say (Rpt) News Power Lunch News Akhri Sauda Tax Time (Rpt) Karobari Dunya Ghar Ka Kharch Chai Time News Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Kamyab (Rpt)
TV PROGRAMMES TUESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
Federal minister remembers Jamil Siddiqui KARACHI: Federal Minister for Textile Industry Rana Muhammad Farooq Saeed Khan on Monday paid tribute to senior journalist Jamil Ahmed Siddiqui who recently died in a road accident here. At a condolence meeting arranged by Pakistan Hosiery Manufacturers and Exporters Association (PHMA) here at PHMA house, the Minister expressed his deep grief and sorrow over the sudden death of Jamil Siddiqui. He prayed for eternal peace to the departed soul, and for patience and fortitude to the grieved family. He said late Siddiqui was a committed journalist and being a commerce
reporter he always did advocacy of private sector. He (Jamil) was very clear that only strong and flourishing private sector could ensure the development and prosperity in the country, Rana noted. Advisor to Sindh Chief Minister on Investment and leading businessman Muhammad Zubair Motiwala, Chief Coordinator of Pakistan Textile Forum Muhammad Jawed Bilwani, Central Chairman of PHMA Salim Parekh and other senior businessmen recalled the long association of Jamil Siddiqui with the business community and praised his journalistic services. They also offered fateha for the departed soul.APP
New CFO at Siemens KARACHI: Murtaza Abbas has taken over as the new Chief Financial Officer at Siemens Pakistan, said a handout issued here. The announcement said that he replaces Gerhard Wilcke who retired after eight years of meritorious service to the company. It said that 34- year- old Murtaza Abbas has a distinguished career both in the academic and practical fields. He is a Chartered Accountant besides being a member of Chartered Institute of Management Accountants (CIMA), UK and a Certified Financial Consultant from Institute of Financial Consultants, USA. He also holds a Master's degree in Business Administration from IBA Karachi and has attended Executive Development Programme at Stanford University USA.-APP
CDGK gives oil tankers a breathing space
Mirza beefs up security in Karachi
KARACHI: City District Government Karachi (CDGK) has performed leveling work of oil tankers terminal on 150 acres land in Zulfiqarabad. Oil tankers can now be stationed here without any hurdle. This was stated by Karachi Administrator Fazlur Rehman during a visit of the oil tankers terminal in Zulfiqarabad on Monday. He was accompanied by EDO Works & Services Rasheed Mughal, EDO Transport Ateeq Baig and other officers. Administrator Karachi on this occasion directed concerned officials to obtain the approval of complete master plan of oil terminal from master plan department so that the terminal could equip with all necessary infrastructure. He said that the estimated cost of the project according to PC-1 is Rs1200million while the international standard facilities at the terminal will be provided on grad-
KARACHI: Sindh Home Minister Dr Zulfiqar Ali Mirza has directed Inspector General Police Sindh (IGP) Sindh to develop better coordination between police and intelligence agencies in order to control anticipated incidents of extremism, sectarianism in the city. He issued these directives in wake of news items appeared in q section of press about the alleged planning of attacks on foreign embassies, important buildings and sensitive installations. He asked that proper intelligence system should be ensured at every police stations and make coordination with intelligence services. Mirza also directed to ensure snap checking and patrolling in the surrounding areas of Mosques, Imambarghas and worship places of Hindus, Christians and other minorities He directed to increase checking at the exit and entrance points of the city.-PPI
ual basis. With the completion of leveling work and start of construction of entrance gate and boundary wall now this place can be used for stationing of oil tankers. EDO W&S while giving a briefing said that the oil tankers land has been leveled within 15 days and it is now ready to contain oil takers without any problem. He said that the outer roads of the terminal have also been completed and the preparation of internal roads and layout plan was underway which will also complete in few days. EDO Transport said that the by laws for use of terminal were under preparation which will be approved through council resolution. He said that though the terminal was expected to house all existed oil tankers in the city, however another 50 acres oil tankers terminal has also been planned at RCD Highway for Balochistan bound tankers.-APP
KARACHI: Professor Manzoor Hussain giving away certificate to student of 1st badge of intensive jewelry design and manufacturing Basheer Abbasi CEO PGJDC also seen in picture.-Staff Photo
KARACHI: Sindh Minister for Tourism, Shazia Marri and the Country Director UNESCO, Dr Warren Mellor, on Monday signed a Memorandum of Understanding (MoU) to work jointly for the preservation of archaeological sites declared world heritage and promote tourism in Sindh. The signing ceremony was held at the office of Sindh Minister for Tourism which was witnessed by Sindh Secretary Tourism, Rabia Javeri Agha, Sindh Secretary Antiquities Department, Kaleemullah Lashari, and UNESCO delegates Dr Randolph Langen, Dr Michael Jansen, Dr Alexandra Sayn, Farhat Gul and others. Shazia Marri while addressing the ceremony said that promotion of tourism and preservation of great heritage is on priority of the government of Sindh.
She lauded the efforts of UNESCO for the preservation of sites declared a world heritage in Sindh, that is, Moenjodaro and Makli monuments and said that the Sindh is home to great heritage and civilization in the world. Shazia Marri further said that tourism serves as a single most binding force which can help us to foster tolerance and a much needed peace across the world. "It is difficult to encapsulate in a few lines, the worth of sustainable tourism in today's world, except to reiterate its necessity in promoting harmony and the purpose of UNESCO and Sindh Tourism Department coincides and it gives her particular pleasure to sign MoU with the world organisation," she added. The Country Director UNESCO also spoke at the ceremony and said that Sindh is home to great heritage and archaeological
sites of the world and UNESCO will provide technical and all other required help to Sindh Government to protect and preserve such a rich heritage and treasure of the world. He said that Sindh has a lot of tourism potential and UNESCO will help Sindh Tourism Department to promote tourism and bring the rich treasures of Sindh before the world which will help the government to create more job opportunities for youth. Under the MoU, the Sindh Tourism Department and UNESCO will work jointly for capacity development under which the UNESCO will provide technical assistance to the personnel of Sindh Tourism Department. Both sides agreed further to work for sustainable tourism activities by elaborating inventories for tangible, intangible, cultural and natural heritage.-APP
KU gives CY11 admission policy KARACHI: A meeting of the KU Admission Committee was held on Monday 11th October, in which it was decided that the admissions for the year 2011 will be commenced as per the policy of the previous year. In order to make the procedure less complicated it has been decided that the applicants who are interested in applying for admission in the faculty of pharmacy can apply on the same form for morning and evening both whereas separate forms will be issued for admission in morning and evening in other departments of KU. It was expected that due to recent flood the University will extend its admissions for the year 2011, however, in order to give opportunity to every citizen the University has decided to give provisional admission to the applicants of the flood affected areas even without the documents but their admission will only be confirmed when they will submit the required documents. On the other hand, a three member committee has also been formed to facilitate the entire process of admission; the committee will guide the students and parents as per their need. Special security plan has also been devised to avoid any unlikely circumstances during the process of admission.-NNI
HP launches e-print platform KARACHI: Sindh Tourism Minister Shazia Marri posing for a group after an agreement between UNESCO and tourism Department.-Online
PSO on seabed cleaning drive Staff Reporter KARACHI: Pakistan State Oil (PSO) ventures into an unexplored domain and works out to cleanup the sea bed in the coastal area of Karachi, said a press release issued here on Monday. The document said that in the past, many groups have worked towards coastal cleanup, but PSO, going a step further engaged volunteers from Indus Scuba (the country's first dive center) who donned scuba gear and sought for trash below the water's surface. Trash trav-
els to the ocean by way of storm drains and waterways and the only way to clean up the bed is by manually picking up everything from cigarette butts and food wrappers to lost fishing nets. Besides the professional divers from Indus Scuba cleaning the sea bed, many PSO employees, equipped with snorkeling gear, were seen very actively involved in collecting garbage adrift along the shore and in the shallower waters. "This is not only a fun excursion but a very useful way to spend a Sunday morning,"
opined a volunteer. Majority of the garbage that was dug out was the ubiquitous polythene bag, wrappers and fishing nets. Karachi generates around 7,000 tonnes of garbage daily which is also disposed off without proper treatment. "We realize that water pollution is a growing menace and there is a lot of damage already done; but we will do our bit to clean up as much as is possible. At least it's a start," said Mariam Shah from Corporate Communications at PSO.-PR
KARACHI: HP launches a web-based printing platform where HP applications can print from any email device to any new ePrint-enabled printer from anywhere in the world through the new HP ePrint platform. To showcase these new solutions, HP announced a full suite of web-empowered e-All-in-One printers for home and business. These will be the first printers able to "talk" to the "Google Cloud" without requiring a local proxy PC or web appliance, which means people will be able to access Google Docs, Photos and Calendar directly from their printers. "We are once again revolutionizing printing to make web-empowered, cloud-enabled printing the new industry standard," said Shahid Khan,Director Marketing, Imaging and Printing Group, HP.-PR
Pakistan to enhance economic ties with Japan KARACHI: Pakistan is keen to further expand its deep and cordial economic relations with Japan and welcomes all initiatives in this respect. These sentiments were expressed by Chairman Board of Investment (BOI), Saleem Mandviwala, at a dinner hosted by Chairman Pakistan Japan Business Forum, Abdul Kader Jaffer at his residence. A statement on Monday said that the BOI chief said he was appreciative of the role the Japan International Cooperation Agency (JICA) was playing in extending support to the BOI on a host of issues which helped to further expand and promote Pakistan Japan economic relations. Saleem Mandviwala said that the BOI was always ready to explore and fur-
ther expand avenues to enhance these relations which span more than 50 years. The Chairman PJBF, Kader Jaffer, in his speech said Pakistani exporters need to do more to maintain their presence in the Japanese market. He said there was a lot of scope for Pakistani entrepreneurs who were willing to work hard and deliver impeccable quality in their goods and services. Kader was of the view that in order to further promote and enhance economic ties, the PJBF had decided to appoint the Economic Minister in the Pakistan Embassy in Tokyo, Iftikhar Hussain Babar as the PJBF Special Representative in Japan. He said Babar had put in a lot of effort and worked tirelessly to attract Japanese businessmen to
visit Pakistan and explore the business, economic and investment opportunities present in Pakistan. Kader Jaffer said Japanese corporations and entrepreneurs were
pleased by Mr Babar's endeavors for Pakistan and spoken highly of his efforts, hence he had been made special representative to add support to his efforts.-APP
KARACHI: Group photo of Saleem H Mandviwala, Minister of State and Chairman BoI, A R Sattar, Majyed Aziz, along with Chairman of Pakistan Japan Business Forum, (PJBF) Abdul Kader Jafar.-Staff Photo
3
Tuesday, October 12, 2010
Swiss franc edges up vs dlr ZURICH: The Swiss franc ticked higher against the dollar and the euro on Monday, trading close to last week's record high against the greenback as traders reacted tepidly to the weekend's IMF and World Bank meetings. With US and Japanese markets on holiday on Monday, trading was likely to be slack, Commerzbank analyst Ulrich Leuchtmann said, although traders were probably disappointed that the IMF and World Bank meetings had not produced concrete proposals. On Friday data from the Commodity Futures Trading Commission showed net short positions against the dollar rose to $30.5 billion in the week to Oct. 5, the highest level since June 2008 and up $8 billion on the previous week, according to Reuters and CFT calculations. The franc was slightly higher against the euro compared to the New York close, trading at 1.3417 per euro. -Reuters
Dollar rises as traders book profits on bearish bets G7/IMF meetings fail to reach agreement on currencies NEW YORK: The US dollar edged higher against the euro and yen on Monday as traders booked profits on bets against the greenback after it failed to take out key resistance levels. Sentiment toward the dollar remained broadly bearish, however, as the Federal Reserve looked set to pump more cash into the economy and after a weekend meeting of finance leaders produced no quick fix for tensions in currency markets. The euro had earlier climbed as high as $1.4012 on electronic trading platform EBS, but it lost momentum after failing to hold above the $1.40 area for a second time since hitting a 8-1/2 month high of $1.4030 last Thursday. "Clearly, $1.40 has been a pretty big resistance level for euro/dollar. The market is looking for any kind of excuse to sell euro/dollar for the time
being," said Boris Schlossberg, director of currency research at GFT in New York. "While the fundamentals are still very dollar bearish, the
positioning is actually dollar bullish. At this point, the positioning is going to matter more than the fundamentals in terms of driving trade," he added. The pair remains above its 55-week moving average, which currently comes in at around $1.3590, suggesting "the medium term uptrend is still in place," strategists at Citigroup wrote in a note.
Asian currencies
Gains capped on caution over measures SEOUL: Emerging Asian currencies broadly rose on Monday but gains were capped on caution that some authorities might impose measures to curb heavy fund inflows caused by ultralow interest rates in developed economies. The South Korean won cut early gains made on a report of a possible withholding tax on bond investments by foreigners while the Thai baht fell after the finance minister was quoted as saying the government was mulling a 15 per cent withholding tax on capital gains made by foreigners on bond investment. A senior South Korean finance ministry official later said there were no such plans.
"The bullish trend of Asian currencies remain intact. But their gains are seen limited as emerging Asian countries will try to control capital inflows," said Jeon Seung-ji, an analyst at Samsung Futures in Seoul. Asian authorities were estimated to have bought a combined $31.5 billion via intervention during the previous two weeks, according to traders' estimates compiled by IFR Markets. The South Korean won pulled back after hitting its highest in over five months on a Yonhap Infomax report. But the senior finance ministry official said after the financial markets closed that the government had
no plan to re-impose such a tax. The foreign exchange authorities were suspected of buying dollars to check won's strength, some dealers said, causing investors to cover dollar-short positions and importers to buy dollars for settlements. The local currency ended domestic trade up 0.3 per cent at 1,116.7 per dollar from Friday's domestic close of 1,120.3. It strengthened to as firm as 1,110.0, the strongest since May 3. Thai baht dipped as investors wait for government measures aimed at slowing currency gains, expected to come out of a weekly cabinet meeting on Tuesday. -Reuters
Sterling declines as Taiwan dlr climbs; QE prospect weighs cbank seen
LONDON: Sterling edged lower on Monday, held back as concerns about the prospect of more monetary easing in the UK encouraged profit-taking after it failed to hold above the key $1.60 level against the dollar. However, the pound was not far from an eight-month high hit last week, with traders wary ahead of data due on Tuesday
Investors were not minded to take the pound too much lower, however, aware that above-target inflation could dissuade policymakers from opting for another bout of monetary easing. By 1517 GMT, sterling was down 0.3 per cent at $1.5908. It held above support around $1.5820/30, around the lows recorded on Wednesday,
which is expected to show UK inflation staying stubbornly high. British finance minister George Osborne said the government would sanction more money being pumped into the economy if the Bank of England judged more stimulus was needed. Prime Minister David Cameron also said on Monday that monetary policy rather than fiscal policy was the best way of boosting growth.
Thursday and Friday last week. Sterling reached a near eightmonth high of $1.6019 last week, but traders said its failure to close the week above $1.60 has held it back. The euro was steady at 87.30 pence, after hitting a fivemonth high of 88.05 last week. Data from the Commodity Futures Trading Commission showed currency speculators reversed bets against sterling and were now positioned for the currency's advance. -Reuters
intervening TAIPEI: The Taiwan dollar closed on Monday above T$31 to the US currency for the first time in more than two years despite suspected intervention as Asian forex markets gained again from struggles in the US economy. The currency ended at T$30.998 after a widely suspected central bank move rolled it back from an intraday high of T$30.645, nearly 1.5 per cent higher than Friday's close. That final price was still the strongest since Aug. 7, 2008 and the Taiwan dollar's first close above T$31 since that date. The island's central bank bought about $3.2 billion over two weeks from Sept. 27, estimates from traders compiled by IFR Markets show. It has also issued verbal warnings on hot money. But going forward it may let the Taiwan dollar appreciate as long as it stays in line with other Asian peers, they say. -Reuters
Australian, NZ dollars pause near peaks after sharp rally SYDNEY/WELLINGTON: The Australian and New Zealand dollars paused on Monday as investors contemplated if the pair, having risen so far so fast, was due for a correction even though the upward trend was intact. The Australian dollar eased to $0.9857, after filling a gap on charts between $0.9872 and $0.9882. Resistance was at a 28-year high of $0.9918 hit last week, and support was around hourly lows of $0.9815 and $0.9790. Analysts said investors were slightly wary of pushing the pair higher for now, given short positions in the US dollar looked over-extended. Latest data showed bets against the US dollar were at their highest since at least mid-2008. "There is a sense that maybe things are getting to a saturation point," said Jonathan Cavenagh, an analyst at Westpac. Talk the Federal Reserve may print more money to support the US economy has slammed the US dollar lower in the past month, to the
benefit of commodities and higher-yielding currencies. The Australian dollar has clearly benefitted from the ailing US dollar. It has leapt nearly 11 per cent since the start of September. Cavenagh, for one, thought firm buying interest might prevent the Australian dollar from falling under $0.9650. Indeed, many investors still believed the Australian dollar could hit parity against the US dollar. Commonwealth Bank of Australia said on Monday it thought many large buy orders were lined up for the Australian dollar above $1.000. On the other hand, some thought large sell orders were also in place above the milestone parity level. The New Zealand dollar drifted lower alongside the Aussie to $0.7543, off $0.7565 seen earlier in the day, and down from one-year highs of $0.7592 hit last week. -Reuters
Traders saw support in the 1.3750-1.3690 area, while resistance at around $1.4216, a level which acted as support on Dec 22, when the euro was
declining. The next key level is at about $1.4372, the 76.4 per cent retracement of the euro's fall from November to June. The dollar sank to a 15-year low of 81.37 yen in Asian trade but recovered to last trade 0.2 per cent higher at 82.08 yen. Thin market liquidity due to holidays in the US and Japan limited price moves. The risk of another round of
intervention to weaken the yen seemed to have grown after Japan weathered the flurry of weekend G7 and IMF meetings with hardly any criticism of its recent yen sales, but there was no sign of action on Monday. Traders said the next focus would be on minutes from the Federal Reserve's September policy meeting, due out on Tuesday, for fresh insight into the central bank's thinking on further monetary easing. With the IMF's failure to reach an accord on currencies, analysts said the way is now clear for the Fed to resort to even more stimulus next month, though investors are still debating the size and scope of the move. The dollar rose 0.1 per cent against a basket of currencies to 77.416, not far from a ninemonth low of 76.906 hit on Thursday. -Reuters
Yuan at post-reval high but ends off peak SHANGHAI: Spot yuan on Monday ended at its highest closing level against the dollar since a landmark revaluation in July 2005, as political pressure on China for a firmer currency was overtaken by renewed weakness in the US dollar. The yuan, which recently powered higher after sharp criticism from the United States, pulled back slightly after it hit a post-revaluation high of 6.6610 per dollar in early afternoon. Dealers reported dollar purchases by major state-owned banks that capped the yuan's gain but they could not confirm if the purchases were intervention by the People's Bank of China to help dampen strengthening expectations of yuan appreciation. The yuan has risen slightly more than 2 per cent since late August, but a much faster, 7plus per cent depreciation of the US dollar in the same period has dwarfed yuan appreciation, leaving room for a yuan rise which could surprise on the upside in the short term, in particular after the weekend
G7 and IMF meetings did little to resolve the global currency conflict. The yuan closed at 6.6678 against the dollar on Monday after the PBOC fixed the midpoint, or its reference rate from which the yuan can rise or fall 0.5 per cent in a day, at a record high of 6.6732 before trade began. Yuan has now risen 2.38 per cent since the PBOC announced its depegging to the dollar on June 19. Dealers said they retained their forecast for the yuan to rise to 6.6000 against the dollar in coming weeks, but added the estimate could be raised if the dollar continues sliding. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards (NDFs) fell to their lowest level since July 2008 in trade but then paused. One-year NDFs were bid at 6.4295 in afternoon trade, implying 12-month yuan appreciation of 3.79 per cent. They then rose to 6.4350 late on Monday, trimming their implied 12-month yuan appreciation to 3.70 per cent. -Reuters
Indian rupee off highs on capital control talks MUMBAI: The Indian rupee closed largely steady on Monday as gains in domestic shares and the dollar's broad losses versus major currencies were offset by concerns of capital controls in some Asian countries. The partially convertible rupee closed at 44.41/42 per dollar, off the day's high of 44.18 and little changed from Friday's close of 44.42/43. The rupee had hit a 25-month high of 44.1250 on Thursday. "The rupee retreated tracking the euro which came off slightly and also due to some import covering," said A. Ajith Kumar, a foreign exchange dealer with Federal Bank in Mumbai. "We may see the rupee trade in a band of 44.20-45.00 levels this week, with tomorrow's industrial data being watched for cues. The market expects a slightly weaker data," he said. Hopes for foreign inflows remains upbeat with stateowned Coal India set to open an initial public offering in midOctober to raise up to $3 billion. Other state firms planning follow-on share sales include
Power Grid Corp and Steel Authority of India. Foreign funds have bought shares worth a record $21.4 billion so far this year, in addition to last year's $17.5 billion. The unit is up 4.8 per cent this year after rising 4.7 per cent last year. One-month offshore nondeliverable forward contracts were quoted at 44.64, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCXSX and United Stock Exchange closed at 44.55, 44.54 and 44.55 respectively, with the total traded volume on the three exchanges at a low $6.1 billion. -Reuters
Top Economic Events Time 4:01 4:01 5:30 12th-14th 13:30 13:30 13:30 13:30 13:30 19:00
Source GBP GBP AUD CNY GBP GBP GBP GBP GBP USD
Events BRC Retail Sales Monitor y/y RICS House Price Balance NAB Business Confidence New Loans CPI y/y Core CPI y/y Trade Balance DCLG HPI y/y RPI y/y IBD/TIPP Economic Optimism
Source
Events
JPY AUD EUR EUR CAD USD
Bank Holiday Home Loans m/m French Industrial Production m/m Italian Industrial Production m/m Bank Holiday Bank Holiday
Forecast
503B 3.1% 2.6% -8.0B 9.4% 4.4% 46.7
Previous 1.0% -32% 11 545B 3.1% 2.8% -8.7B 8.4% 4.7% 45.3
Actual
Forecast
Previous
1.0% 0.0% 1.6%
1.1% 0.3% 0.0%
-34%
Previous Day
1.8% 0.8% 0.3%
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.3887 1.4012 0.8739 0.8779 1.3387 1.3478 113.93 114.72 0.964 0.9661 1.0133 1.014 1.59 1.5964 130.45 130.99 0.9865 0.9897 1.4069 1.4161 85.17 85.48 1352.65 1364.33 22.00 0.00
Bid 1.3885 0.8736 1.3382 113.9 0.9636 1.0127 1.5896 130.4 0.9861 1.4065 85.10 1352.25 21.97
Low 1.3869 0.8731 1.3382 113.87 0.959 1.0095 1.588 129.91 0.9826 1.4060 84.84 1340.16 0.00
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 11/10/2010 A USD GBP CAD EUR JPY O/N 0.55000 0.35750 SN 0.09625 1WK 0.25025 0.55500 1.06500 0.66500 0.10875 2WK 0.25169 0.56000 1.10000 0.67375 0.11625 1MO 0.25625 0.57125 1.12583 0.70656 0.13000 2MO 0.27297 0.62838 1.17167 0.76563 0.16000 3MO 0.28906 0.73913 1.23250 0.91438 0.20438 4MO 0.34344 0.82209 1.28917 0.97750 0.28938 5MO 0.40563 0.92500 1.34667 1.06563 0.34938 6MO 0.45656 1.02750 1.41333 1.17250 0.41125 7MO 0.50375 1.10350 1.47750 1.21875 0.47125 8MO 0.55444 1.18469 1.56333 1.26500 0.51938 9MO 0.60344 1.26625 1.63500 1.31313 0.56813 10MO 0.65531 1.34063 1.70250 1.36125 0.59688 11MO 0.70938 1.40813 1.78917 1.40713 0.62500 12MO 0.76694 1.47375 1.86500 1.45675 0.65313
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a
Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 11,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.00 137.12 120.19 85.15 89.36 84.88 12.97 1.05 14.81 65.84 16.12 22.93 11.09 12.90 304.49 27.75 64.95 23.63 23.41 0.08 2.86
85.80 136.80 119.91 84.95 89.16 84.68 12.94 1.05 14.78 65.69 16.08 22.88 11.06 12.87 303.78 27.68 64.80 23.57 23.36 0.08 2.86
85.61 136.49 119.63 84.73 88.92 84.46 12.91 1.04 14.74 65.52 16.04 22.82 11.03 12.83 302.98 27.61 64.63 23.51 23.30 0.08 2.85
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 11, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.00 12.20 12.40 12.55 12.65 12.80 13.00 13.10 13.15 13.45 13.85 13.75 13.90 13.85 13.85 13.75 13.65 14.05 14.25 14.38 14.58
12.05 12.25 12.20 12.50 12.67 12.80 12.95 13.05 13.15 13.50 13.93 13.95 14.03 14.06 14.06 13.85 13.80 14.08 14.30 14.50 14.60
12.00 12.20 12.25 12.50 12.65 12.80 13.03 13.08 13.15 13.45 13.94 13.64 13.03 13.85 13.90 13.64 13.64 14.05 14.25 14.45 14.65
12.15 12.30 12.45 12.50 12.70 12.90 13.15 13.20 13.28 13.45 13.94 13.96 13.99 14.01 14.03 14.04 14.05 14.08 14.31 14.45 14.65
12.15 12.20 12.45 12.55 12.65 12.80 13.05 13.10 13.20 13.55 13.75 13.80 13.85 13.85 13.85 13.90 13.75 14.04 14.30 14.45 14.60
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
JSCM AvgRate 12.25 12.40 12.45 12.55 12.65 12.85 13.05 13.10 13.15 13.45 13.94 13.75 14.03 13.85 13.90 13.68 13.68 14.05 14.25 14.45 14.65
12.10 12.26 12.37 12.53 12.66 12.83 13.04 13.11 13.18 13.48 13.89 13.81 13.81 13.91 13.93 13.81 13.76 14.06 14.28 14.45 14.62
Currencies Correlation USD/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
-0.91 -0.70 -0.74 -0.43 -0.23 -0.59
-0.69 -0.47 0.50 0.86 0.60 0.65
-0.74 -0.72 -0.40 0.37 0.42 0.01
0.39 -0.29 0.15 0.63 0.53 0.60
EUR/USD GBP/USD -0.88 -0.66 -0.51 -0.33 0.13 -0.04
-0.86 -0.51 -0.46 -0.68 -0.17 -0.04
NZD/USD USD/CAD -0.87 -0.85 -0.42 -0.49 -0.24 -0.57
0.77 0.67 0.25 -0.23 -0.16 0.56
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)11/10/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABP L 12.00
12.50
12.20
12.70
12.25
12.75
12.75
13.00
12.95
13.20
1310
13.60
1320
13.70
1330
13.80
ABLN 11.90
12.40
12.10
12.60
12.30
12.80
12.80
13.05
12.95
13.20
1310
13.60
1325
13.75
1335
13.85
JSBL
11.75
12.25
12.00
12.50
12.45
12.95
12.90
13.15
13.20
13.45
1320
13.70
1330
13.80
1350
14.00
ASPK 11.90
12.40
12.10
12.60
12.40
12.90
12.75
13.00
12.95
13.20
1310
13.60
1320
13.70
1330
13.80
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 11.80
12.30
11.95
12.45
12.20
12.70
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
13.90
CIPK
11.70
12.20
11.85
12.35
12.40
12.90
12.65
12.90
13.00
13.25
1310
13.60
1315
13.65
1340
FLAH 12.00
12.50
12.20
12.70
12.30
12.80
12.80
13.05
12.95
13.20
1310
13.60
1320
13.70
1330
13.80
HBPK 11.75
12.25
12.00
12.50
12.35
12.85
12.75
13.00
13.00
13.25
1310
13.60
1320
13.70
1335
13.85
HKBP 11.80
12.30
12.00
12.50
12.30
12.80
12.75
13.00
12.90
13.15
1310
13.60
1320
13.70
1330
13.80
N I PK 11.80
12.30
12.20
12.70
12.60
13.10
12.85
13.10
13.00
13.25
1310
13.60
1320
13.70
1330
13.80
HMBP 11.75
12.25
12.20
12.70
12.50
13.00
12.80
13.05
13.10
13.35
1315
13.65
1320
13.70
1340
13.90
SAMB 11.75
12.25
11.90
12.40
12.35
12.85
12.80
13.05
13.00
13.25
1315
13.65
1325
13.75
1335
13.85
MCBK 11.50
12.00
12.00
12.50
12.40
12.90
12.75
13.00
12.95
13.20
1310
13.60
1320
13.70
1340
13.90
NBPK 12.00
12.50
12.00
12.50
12.20
12.70
12.75
13.00
12.80
13.05
1310
13.60
1320
13.70
13.30
13.80
SCPK
12.25
11.90
12.40
12.25
12.75
12.70
12.95
12.95
13.20
1310
13.60
1320
13.70
13.35
13.85
11.75
UBPL 11.85
12.35
12.10
12.60
12.25
12.75
12.65
12.90
12.95
13.20
1315
13.65
1325
13.75
13.35
13.85
AVE
12.31
12.05
12.55
12.33
12.83
12.76
13.01
12.97
13.22
1311
13.61
1321
13.71
13.34
13.84
11.81
4 Tuesday, October 12, 2010
West can Learn from Emerging Economies
The Financial Daily International Vol 4, Issue 68
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
With or without leverage Many of the experts have been demanding introduction of some leverage products in the capital markets. The proposal got a jolt when Chairman, Board of Directors of Karachi Stock Exchange put up a note of dissent on it. However, the stumbling block is the letter sent by small investors requesting not to approve introduction of any leverage products unless the claims of affectees of 2008 stock market crisis are settled in full. Market makers and players have been pleading introduction of leverage products mainly to boost the average daily trading volume, as they are the key beneficiary of large trading volume. Volume generation is good for brokers because the higher the volume the higher the brokerage income. Experts also say that small investors have never been the beneficiary of these products. They also say that 2005 and 2008 crises were also the result of badly managed risk mitigation system followed by the local stock exchanges. At the end the small investors emerged as the biggest losers. The demand for linking introduction of leverage products to settlement of claims lodged against some brokers who flew-by-the-night after selling shares worth billions of rupees belonging to clients in subaccounts has validity. In fact the failure of Securities and Exchange Commission of Pakistan and Karachi Stock Exchange in taking timely action against erring brokers forces the investors to draw the conclusion that regulators protect the interest of brokers rather than protecting the interest of small shareholders, an endangered entity rushing to extinction. Therefore, introduction of leverage products should be deferred till the settlement of investors' claims. A question to which all the stakeholders should try to find a reply is "will the introduction of leverage products result in formation of yet another bubble?" It may not be totally right but it is a fact that availability of leverage products provide opportunities to investors to assume far bigger a risk compared to their financial strengths. This suits them when bulls are building up the market but could become a catastrophe when bears are bent on pulling the shares down. Some of the scholars also do not consider Shariah compliant leverage products. They believe that working on borrowed money and assuming risk beyond financial strength may support the exploiters, who have advantage over the small investors. Since the element of uncertainty is there and financing is also not on the basis of profit and loss sharing the element of non-compliance to Shariah should also be kept in mind. It is necessary to pintpoint that the stock market rules hardly support the small investors, be it confining the brokers' fraternity to their basic mandate or appointment of directors on the boards of listed companies the rules only support the large investors. Lately, the role being played by the SECP nominated directors on the boards of bourses has also attracted a lot of criticism. This time the government must take holistic approach rather than following a piecemeal one.
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.
E
merging market finance leaders came to the center of Western power this weekend and dispensed advice to the world's richest nations. Three years into a financial crisis spawned in the United States, advanced nations are realising that China, Brazil and other fast-growing economies have something to teach the rich world about surviving financial turmoil. The International Monetary Fund could provide the right classroom, provided its old-guard leadership of Europe and the United States can finally put ego aside and agree to give dynamic emerging markets their proper place. "There has been a distinct resistance among many (Western) policymakers to apply 'emerging markets lessons' to some of the challenges their countries are facing," said former IMF official Mohamed El-Erian, the co-chief investment officer at PIMCO, the world's largest bond fund. "The IMF is uniquely placed to be the trusted adviser." A common thread running through the weekend IMF meetings in Washington was that countries were pursuing national policies in a fruitless effort to solve global problems. It is still not clear any nation is ready to act for the global good.speed up the world's recovery or fix long-standing imbalances between cash-rich exporters and indebted consumer countries. Finance officials did agree to give the Fund heightened powers to oversee
their economies, but that has been tried before without much success. While concrete action was lacking, the meetings showcased the growing influence of emerging markets, who are on the verge of winning a greater share of IMF power. The IMF's steering committee was chaired by Egyptian Finance Minister Youssef Boutros-Ghali, and hints of a developing world perspective were visible in the committee's closing statement. The communique, representing the consensus of all 187 IMF member states, said the Fund needs to be more even-handed in examining economies to ensure advanced nations don't evade scrutiny. In another testament to the growing importance of emerging markets, investors flocked to Washington to gain insight from -- and access to -- policymakers from Asia, Africa and Latin America, where generous returns have drawn an uncomfortably heavy flow of investment money from the rich world. "The most striking feature of these meetings was on the private side, where record attendance reflected a frenzy of interest in emerging market stocks and bonds," said Kenneth Rogoff, a Harvard University professor and former IMF chief economist. "Nothing policymakers were saying about potential risks seemed to make any dent in the mood." LESSONS FROM ' CLASS OF 1998' Emerging market power will likely be on display next month, as well, when
Group of 20 leaders meet in South Korea. One aim for this meeting, the first G20 summit to be held in a developing country, is to ink an agreement on redistributing IMF voting and executive board power to better reflect emerging nations' growing share of the global economy. No such deal has been reached, however, and the United States and Europe remain far from agreement on who exactly should give ground so that newcomers can gain more clout. This is part of the reason why the IMF has a reputation for speaking loudly but carrying no stick to force countries to listen to its advice. Advanced economies control the IMF's purse strings and the internal power and don't want to listen to policy lectures. Emerging markets that turned to the IMF for financial help during the Asian and Latin American crises in the 1990s have bad memories and don't want to be subjugated again. IMF officials know that in order to be respected, the internal power must reflect the real-world pecking order, and Europe and the United States will have to cede some control. "There is no doubt that a bigger say of emerging market economies in the IMF is absolutely necessary to give the Fund the legitimacy to do (its) job," Brazilian Central Bank President Henrique Meirelles said. US Treasury Secretary Timothy Geithner said if countries expect greater IMF representation, they must
be willing to take the IMF's advice, a thinly veiled reference to China's plodding progress in allowing its yuan currency to rise. The advice ought to go both ways, PIMCO's El-Erian said. Rich countries have pulled every policy lever yet still cannot generate growth fast enough to drag down high unemployment, a predicament that ElErian dubbed "active inertia." Policymakers have not had much success because they are "reacting with the familiar rather than the effective" and would be well served listening to ideas from countries that have been through financial crises and recovered, he said. Many of the so-called "Class of 1998" countries that endured financial crises learned the dangers of overborrowing and overleverage, and have since built up huge cash reserves as a form of selfinsurance against future trouble. US businesses and consumers are doing the same thing now, much to the frustration of President Barack Obama and US Federal Reserve Chairman Ben Bernanke, who have poured trillions of dollars into the economy to try to kickstart growth. "Witness the unusual amount of cash that US companies are hoarding on their balance sheets, and note the extent to which US households are ... selling equities to go into cash and bonds," El-Erian said. The IMF is the logical place for exchanging ideas.-Reuters
Asia's Water Scarcity Poses Big Test F ramed by banana and eucalyptus trees, the caramel-colored Mekong river rolls through this lush corner of Yunnan province in southwestern China with an unerring rhythm that is reassuring in its seeming timelessness. Yet as recently as April, a fearsome drought had shriveled the Mekong to its narrowest in 50 years. Water levels were so low that at Guanlei, a river town not far from here, dozens of boats were laid up for more than three months. Alarmed at the drying up of the world's largest inland fishery, the four members of the Mekong River Commission -Thailand, Laos, Cambodia and Vietnam -- called a special summit. "Without good and careful management of the Mekong river as well as its natural resources, this great river will not survive," Thai Prime Minister Abhisit Vejjajiva warned. The commission's political leaders suspected that China was hoarding water behind the dams it has built on the Mekong, exacerbating the impact of the drought. China presented data to allay these fears. Finally, the rains returned and the tensions dissipated.
But the incident highlighted the strains that are being generated as Asia's unslakeable thirst for water collides with the reality of a supply that is limited and, if climate change projections are borne out, may shrink sharply. The Asian Development Bank speaks of a looming crisis that threatens access to water and sanitation needs for millions of households and industries. The bank is holding a highlevel conference at its headquarters in Manila this week to chart solutions and canvass greater regional cooperation. "In the next five to 10 years, if the initiatives to secure greater efficiencies in water are not put in place, you really are at risk," said Arjun Thapan, the ADB's special senior adviser for infrastructure and water, told Reuters. MIND THE GAP Projections last year by the Water Resources Group (WRG), a consortium of private-sector companies formed to tackle water scarcity, point to a global gap of 40 per cent between the supply and demand for water by 2030 under a business-as-usual scenario. The imbalance is particularly daunting in India, where the trend toward a middle-class diet will increase demand for meat, sugar and wheat, which require
a lot of water to produce. Agriculture uses almost 90 per cent of India's water. By 2030, demand will grow to almost 1.5 trillion cubic meters, compared with today's supply of about 740 billion cubic meters, according to a report for the WRG by consultants McKinsey. As a result, in the absence of concerted action, most of India's river basins could face a severe water deficit by 2030. China's likely water deficit is more manageable on paper -- a shortfall of 200 billion cubic meters -- but 21 per cent of the country's surface water resources are unfit even for farming, which consumes about 70 per cent of the country's water. What makes such forecasts even more daunting is evidence that global warming is already eroding the Himalayan glaciers covering the Tibetan plateau, which feed neighbors including India and Pakistan as well as China itself. More than 80 per cent of glaciers in western China are now in retreat, according to a study by a group of mainly Chinese climate-change scientists in the September issue of 'Nature'. Overall, 5 per cent to 27 per cent of China's glacial area is forecast to disappear by 2050, the study said.
"Even though the exact timing and magnitude of the 'tipping point' of each glacier is still uncertain, the projected longterm exhaustion of glacial water supply should have a considerable impact on the availability of water for both agricultural and human consumption," the scientists wrote. Because 60 per cent of the run-off from China's glaciers flows out of the country, this can spell only trouble. China's plans for more dams on the Mekong and on other major rivers that tumble down from the Tibetan plateau already have its southern neighbors on edge. "As far as transboundary management of water is concerned, I think certainly the Himalayas are likely to be a flashpoint," said the ADB's Thapan. THE NEW OIL The risk of conflict over water rights is magnified because China and India are home to over a third of the world's population yet have to make do with less than 10 per cent of its water. "Although both nations are seeking to become the superpowers of the 21st century, their weak point is water," according to Yoichi Funabashi, a prominent foreign-affairs commentator and editor-in-chief of the Asahi Shimbun, a Japanese
newspaper. India and Pakistan are another potential point of friction. The Indus Waters Treaty, which parceled out river use rights after India's partition in 1947, has survived three wars between the two neighbors since it was signed in 1960. But the pact is under strain from Indian plans for more upstream dams and water diversion schemes. So what is to be done? Given that agriculture accounts for almost 70 per cent of global water use, it will be critical to increase "crop per drop" via improved irrigation techniques and growing food that needs less water. In the words of the Water Resources Group, "While the gap between supply and demand WILL be closed, the question is HOW." As Funabashi puts it, oil can ultimately be replaced by other resources, but the same is not true for water. Water is also closely tied to food, energy and climate change. "In that sense, water is a key component of national security. If the 20th century witnessed the rise and fall of nations over oil, the 21st century could be one in which the rise and fall of nations is determined by water," he wrote last month.- -Reuters
Wave upon Wave
D
efined along the Cartesian plane, Pakistan's relationship with the US has always been inharmoniously imbalanced despite being viewed from various perspectives, identifying the association as that of 'key' and 'strategic' alliance. The slightest deviation in the prescribed Pakistani role leads to great misunderstanding between the two, a concept that has insistently been suffered by Pakistan as the US wrath descends upon it for services denied. Harboring the vain hope of acquiring a civil nuclear agreement to join the list of energy sufficient nations for gaining the goodwill of the superpower, Pakistan managed to fall several notches from the list of progressive countries to be likened to Somalia in terms of economic degradation and one of the most dangerous areas for being a hub of terrorism. The theme to underlie the upcoming strategic dialogue between Pakistan and the US was decided after President Obama issued a rather blunt warning to Pakistan, forewarning it of the severe consequences it would have to face if the terrorists as much as dare to launch an attack upon the American soil, a probability that is being feared by the US. This reveals a weakening of the superpower as it provides an opportunity and an invitation to the militants to create havoc. The Pakistan government and military with little or no support from the public and a crashed economy cannot achieve much on the battleground. Therefore, pushing the Pakistan authorities and military into a venture that is against the public is bound to backfire, not making it acceptable to any government. The US should realize that such unfair and unreasonable statements amounts to playing right into the hands of the terrorists that neither belong to a specific race, region or religion but gain strength by creating disparity and discord. Umar Qayyum, Islamabad
More Warnings T
he meandering decade long journey during which Pakistan started as a 'key' ally of the US for fighting against terrorism, boosting up the US achievements in the battleground, has been steered towards a path where it is now being linked up with what it had originally set out to eradicate. Terrorism! Not wanting to lose the American goodwill and favor, Pakistan had acceded to the US desire after being warned against the fact that Pakistan could either be with the US or against it. Both conditions have proved to be synonymous as a series of warnings, despite Pakistan's colossal efforts, are being issued by various US officials recurrently. The blunt warning issued by Obama, apparently prompted by a fear of an attack on the US soil indicates that such a situation would be instrumental in severing ties between both Washington and Islamabad because "the public outcry will be such that you will have to dramatically do things differently". A similar cutting edge remark was issued by Senator Clinton soon after the stalled New York car bomb attack that was linked up, somehow, with NWA. It should be made amply clear that we cannot hold an entire nation hostage for any one incident performed by an individual, no more than Pakistan can hold the entire US population responsible for intruding upon its sovereignty. It has to be noted that the US presence and demands have severely diminished the US popularity among the Pakistanis and that the Pakistan government too, like the US, has to respond to the public outcry that shuns the increased indiscriminate use of drones in NWA. Washington has to realize the colossal gains that Pakistan has hitherto made in most of the militant controlled areas where the consolidation process moves at a painfully slow pace for want of resources and a mammoth disaster to deal with simultaneously. The US has to define how it is viewed Pakistan? Does such warnings tantamount to threat of attacks? Does the US think Pakistan is in the position to leave the people in a lurch to launch another operation? It cannot be expected of Pakistan to curb terror alone, regional countries such as India and Russia too should be compelled to stop supplying recruits and arms to Taliban who have far more superior gadgets than Pakistani soldiers. Terrorism is not area or culture specific it has become global; therefore the US needs to guard against it without hurling the blame elsewhere. Lubna Umar-Islamabad
5
Tuesday, October 12, 2010
South East Asian stocks
EU shares edge up as stimulus hopes intensify KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,260.48 10,322.56 62.08 0.61 88.84
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,192.48 3,205.33 12.85 0.40 3.14
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,610.22 2,627.72 17.50 0.67 0.14
Major Gainers
Symbol
Close
Change
RMPL 1,363.00 NESTLE 2,000.00 LAKST 390.11 IDYM 219.98 AGTL 221.08
53.75 38.38 18.56 10.27 8.01
Major Losers
Symbol
Close
Change
FZTM 341.01 COLG 705.68 UPFL 1,020.00 BATA 437.53 WYETH 904.00
-12.15 -11.03 -10 -9.08 -6
Top 5 Volume Leaders
Symbol
Close Vol (mn)
BAFL ATBL NIB DGKC NML
9.27 2.31 3.00 25.36 49.67
13.96 4.48 3.95 3.69 3.41
Active Issues Plus Minus Unchanged
205 185 23
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
Mostly higher; Manila slips after hitting record
KSE week starts on green note Nawaz Ali KARACHI: On the first trading day of the week market opened on a positive note and remained in the positive zone for the entire session. The benchmark KSE-100 index touched two-moth high. The rally was mainly driven by banking scrips and strong hopes of healthy earnings announced by the listed companies.
The banking sector remained in limelight with Bank Al Falah emerging as the volume leader of the day. It’s quoted price increased by1.54 per cent to Rs9.25. It was followed by Atlas Bank, which gained 7.34 per cent to close at Rs2.34. The benchmark index closed the day with a gain of 62 points or 0.60 per cent at 10,322 level. The index had closed at 10,351 points on August 05. However, turnover of the day
SECP registers 206 cos in Sept ISLAMABAD: The Securities and Exchange Commission of Pakistan registered 206 companies in September. As of September 30, the total corporate portfolio stood at 56,774 companies. Major share in new incorporation is of private companies totaling to 183 companies. Other companies include 16 single member companies, 2 public unlisted companies, 4 foreign companies and one trade organization. The highest number of the companies, i.e., 31 is from the trading sector. It is followed by services sector with 23 companies, construction with 16 companies and IT with 11 companies. Other sectors with signifi-
cant new incorporations are communications with 10 companies, followed by transport, and hajj and umrah services with 9 companies each, and textile sector with 8 companies. The highest new incorporations, i.e., 71 companies, took place at the Karachi Company Registration Office (CRO) followed by Lahore and Islamabad registering 62 and 53 companies respectively. The CROs of Peshawar, Multan, Faisalabad and Quetta registered 7, 6, 5 and 2 companies respectively. The authorised capital and paid-up capital of 206 companies, is Rs168.53 million and Rs54.37 million respectively. In September, 31 companies See # 10 Page 11
shrank to 88.9 million shares as compared to 134.7 million shares exchanging hands on Friday. "Positive activity continued ahead of the corporate result announcement session on strong support from institutions," said Ahsan Mehanti, a director at Arif Habib Investments Ltd. While bulls were active bears also tried to show their strength.
US stocks mid-day
Wall Street up on earning outlook, Fed move NEW YORK: US stocks inched higher in a thinly traded session on Monday, which lacked few external catalysts just days before the earnings season begins in earnest. Investors continued to expect that the US Federal Reserve will bolster the economic recovery with another round of quantitative easing after Friday's weak payroll report underlined the economy's lack of progress in certain areas. After Friday's report, "everyone understands that the Fed has its back to the wall," said Joseph Greco, managing See # 9 Page 11
HK, Shanghai go higher on volume HONG KONG/SHANGHAI: Hong Kong and China stocks surged on Monday as investors injected more funds with U.S. dollar weakness expected to continue. China's key stock index on Monday closed up 2.49 per cent in its biggest two-day surge in more than 12 months, buoyed by commodity issues such as Baoshan Iron & Steel Co Ltd (Baosteel) on strong corporate earnings and expectations of another flood of liquidity in global markets. The Shanghai Composite Index closed at 2,806.94 after closing up 3.1 per cent on Friday. Volume leapt to a 10month high of 252 billion yuan ($38 billion) from 166 billion yuan. Traders said investors ploughed cash back into the market after waiting on the sidelines for the past two months. But China's stock market is still down 14 per cent on
the year after government steps to clamp down on bank lending and a series of property controls spooked investors. The index has broken through the half-year 125-day moving average, a level that local investors consider demarcates a bearish or bullish market. Analysts said the index had the potential for further gains to test the yearly 250-day moving average now at 2,888 points. Baosteel, the country's biggest listed steel mill, gained 4.7 per cent after it said net profit for the first nine months of the year was likely to outstrip previous forecasts. Xining Special Steel Co Ltd and coal miner Shan Xi Guo Yang New Energy Co Ltd rose by their 10 per cent trading limits. "Expectations for higher inflation, increasing liquidity and a weaker dollar are buoying commodities and agricultural issues. These in turn are
lifting the broader index," said Chen Shaodan, analyst at China Development Bank Securities. A marked weakness in the U.S. currency has helped boost commodities such as gold and oil, which are priced in dollars. "There has been a turnaround in market expectations. Previously the biggest drag was concern over the severity of property controls, but investors are more positive on the sector," said Cheng Yi, analyst at Xiangcai Securities in Shanghai. Heavyweight banks and financials helped bolster gains for the index on Monday, reversing their lacklustre performance for most of the past two months. Citic Securities Co Ltd and Everbright Securities Co Ltd jumped their 10 per cent limit. Industrial and Commercial Bank of China Ltd (ICBC) gained 2.2 per cent. See # 12 Page 11
ANNOUNCEMENTS 1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Company Azam Textile Pak Modaraba Thatta Cement Maqbool Textile Gulistan Spinning Sally Textile Agritech Limited Annoor Textile Ayesha Textile Bela Automotive Colony Mills Ltd D.S. Ind. Ltd. Eye Television Flying Cement Genertech H.M.Ismail Hajra Textile I.C.C.Textile Kohat Textile Kohinoor Ind. Kohinoor Power Land Mark Spinning Mohd.Farooq Nazir Cotton Pervez Ahmed Redco Textile S.G.Fiber S.G.Power Saif Textile Saritow Spinning Service Fabrics Service Textile Sind Fine Textile Taj Textile Tri-Star Mutual Trust Bank Trust Bank(Consolidated) Yousuf Weaving ZahidJee Textile
Period Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly Yearly
Div/Bon/Right 7.5%(D) 3%(D) 25%(R) 22.5%(D) 10%(D) 10%(D) -
PAT (Rs in mn) 72.860 6.896 0.942 88.978 66.536 134.889 885.650 -2.234 2.321 0.892 263.934 -23.381 205.635 -172.173 -33.285 1.923 -25.018 -145.138 16.459 -35.778 25.368 -0.897 -433.152 -0.900 -42.349 7.158 -40.009 -7.696 77.489 48.146 -0.110 6.268 10.486 -58.674 3.504 -701.808 -575.167 6.393 53.647
EPS(Rs) 5.49 0.55 0.01 5.30 4.54 15.37 2.26 -1.28 1.66 0.15 1.08 -0.39 4.11 -1.68 0.16 -1.82 -14.51 0.79 -1.17 2.01 -0.07 -22.93 -0.04 -0.55 0.15 -2.67 -0.43 2.93 3.63 -0.01 1.41 4.56 -1.75 0.70 -12.16 -9.82 0.17 1.58
Out of total 413 scrips 205 witnessed price increase, value of 185 experienced erosion and prices of 23 shares remained unchanged. KSE-30 index closed at 9,929 with a gain of about 39 points. KMI-30 gained about 63 points to close at 16,225. All share index closed at 7,192level with a gain of 41 points. Monday's top five leaders by
volume were Bank Alfalah, Atlas Bank, NIB Bank, D G Khan Cement, and Nishat Mills. Top five gainers by price increase were Rafhan maize Products, Nestle Pakistan, Lakson Tobaco, Indus Dyeing, and Al-Ghazi Tractors. Top losers by price were Fazal Textile, Colgate Palmolive, Unilever Foods, Bata Pakistan, and Wyeth Pakistan.
India shares rise by 0.4pc MUMBAI: Continued foreign fund inflows pushed shares 0.4 per cent higher on Monday, amid firm global markets, with Reliance Industries and metal producers leading the gainers. Shares have been a hot favourite among global investors shovelling more cash into emerging markets following the dollar's weakness. Foreign fund inflows into equities have topped $21 billion so far in 2010, driving the main stock index 16.5 per cent higher. Data from Nomura showed foreign funds have pumped $2.7 billion into equities in the week ended Oct 8, and Asia's third-largest economy was the preferred destination among its regional peers. The 30-share BSE's Sensex firmed 0.44 per cent or 89.63 points to 20,339.89, with 18 of its components advancing. It rose as much as 1 per cent in early trade and is only around 900 points short of its record high touched in January 2008. Nearly two shares gained for every share that declined in the broader market, in a volume of 498 million shares. The 50share NSE index rose 0.5 per cent to 6,135.85 points. "While the undertone stays bullish considering the huge liquidity flow, there is an element of caution as we move higher," said Prakash Diwan, head of institutional business at Networth Stock Broking. "There is strong support for Nifty at 6,030 (points). Earnings should provide more cues." Dealers said market will eye
the August industrial output data due on Tuesday, apart from the quarterly earnings numbers which would start trickling in this week for directional cues. According to a Reuters forecast, annual industrial output growth in the world's secondfastest growing major economy, probably slowed down to 9.65 per cent in August from 13.8 per cent in the previous month. Brokerage Anand Rathi said the 50-share Nifty companies were likely to see a profit growth of 20 per cent in the September quarter. It said the quarterly profit growth would be led by materials, industrials, autos, consumer discretionaries and staples, while telecom and healthcare would be the key laggards. Energy major Reliance Industries, which has the highest weight on the Sensex, rose nearly 2 per cent, as it sought to catch up with the broader market. The stock is down 1.9 per cent so far this year. Metal makers rose after base metal prices rallied in Shanghai and London on hopes of more stimulus from the U.S. Federal Reserve. Non-ferrous metals producer Sterlite Industries and aluminium producer Hindalco rose 3.1 per cent and 0.3 per cent respectively. Tata Steel, the world's seventh-largest producer of the alloy, climbed 2.1 per cent, Cairn India erased some early gains to close 2.1 per cent higher after Vedanta Resources said See # 11 Page 11
FTSE up on bank stimulus prospects LONDON: Britain's top shares rose on Monday as hopes that governments around the world would take steps to bolster economic recovery fuelled investor optimism. Meanwhile, bullish broker comment helped lift Petrofac and Weir Group, while Prudential, Autonomy and BP were hit by broker downgrades. The FTSE 100 closed up 14.79 points, or 0.3 per cent, at 5,672.40. It closed 4.52 points or 0.1 per cent lower on Friday at 5,657.61. In the US, economists overwhelmingly expect the Federal Reserve to embark on another round of quantitative easing (QE) this year in an effort to prop up a struggling economy plagued by high unemployment, a Reuters poll found. Late in September, economists polled by Reuters said the chances of the Bank of England extending its quantitative easing scheme are on the rise. "Governments need to be seen to be proactive whether the threat of a double-dip recession is real or not," Jimmy Yates, head of equities at CMC Markets, said. See # 8 Page 11
Citibank to sell hosing business to BankIslami Staff Reporter KARACHI: According to notice issued to Karachi Stock Exchange (KSE) here on Monday the Citibank NA has accepted BankIslami's offer for the acquisition of its Housing, Finance Business (Portfolio). As per details the size of the portfolio is approx. Rs. 1.1 bn. The said acquisition structure is in accordance with Shari'ah Advisor. The acquisition is subject to necessary approvals of the relevant regulatory authorities, the notice added. The information is being provided in accordance with the Rules of the Exchange for dissemination of material information.
Dhiyan
BUY; DO DIVIDEND-BEARING STOCKS Iqbal Ismail, CEO ACE Securities Bulls are seen flexing muscles as corporate results are likely to be robustly attractive. Companies' announcements are going to fuel the rallies to come. Government is bound to keep market in the green so it'll try its best to support it. Valuations at the moment are at their most lucrative levels which, if left unexploited would only make wise investors regret big time for market value of many scrips is far below their asset value. There seems no significant -if any-- correction around the corner next. Investors are advised to hold fast to a long term investment strategy preferentially focusing on banks, E&Ps, textiles, and cements. Moreover consumption in consumer industry scrips is also one of the prudent secondary options where Unilever, Nestle, Lotte, Engro look wholesome. Final word to the wise is "Buy".
Sajid Bhanji, VP Capital Market AHSL Volumes which are in fact the parameter of market participation have been healthy, but are contingent upon positive news. On the market front good news would trigger trade such as MTS launch or some other positive development. Profit selling is likely to be seen doing rounds if political front remains foggy with uncertainty especially regarding NRO implementation case. On the economic front inflation figures were higher than expected but were absorbed by the market. Investors, now, must set eyes on the forthcoming results the spell of which will start next week. Medium to long term investment action plan should be followed advisably. Dividendbearing stocks and scrips with strong fundamentals are the pick-me-ups of the day. Watch out for any disheartening news for it could lead to correction and strategise accordingly.
6
Tuesday, October 12, 2010
Market Volume
88,844,713
Value
3,102,129,319
Trades
45,780
Paid up Cap(mn)
Attock Petroleum Attock Refinery
3921
Current High Low Change
205 185 23 413
10,322.56 10,338.73 10,243.72 h 62.08
PE
Open
-
10.75
High
High Low 1,302.74 1,283.96 Total cos Defaulter cos P/BV (x) ROE (%) 4.08 37.01 Low
Close Chg
372.95 367.00 368.22 -0.37 90.00 87.31 89.42 3.29 10.91
10.63
10.74 -0.01
Close Change 1,296.56 7.31 Listed cap Market cap 65,194.15 mn 1,035,332.43 mn Payout (%) Div Yield (%) 68.56 6.23 Last 60 days High Low
Volume
219526 372.95 1954571 92.90 1033939
% Change 0.57 5-Day High 1,296.56 5-Day Low 1,248.69 2010 Div BR (%) (%)
Company
291.50 73.47
250 -
-
300 -
Pak Int Cont. Terminal XD 1092 PNSC XD 1321
9.62
-
12.96
20 -
-
-
-
41060 138.45 313120 221.90 1773311 153.00
106.00 32.17 100B 183.25 125 133.00 82.5 -
31 200 55
-
Pak Petroleum
11950
5.71 180.23
183.00 179.81 182.15
1.92
854070
214.10
168.70
130
20B
90
20B
Pak Oilfields
2365
6.23 244.55
245.89 243.60 245.42
0.87
611245
245.89
213.17
180
-
255
-
Pak Refinery Limited PSO XD
350 1715
- 61.76 4.67 279.13
64.84 64.84 64.84 3.08 279.30 275.50 276.21 -2.92
6217 925833
79.50 289.45
48.26 233.10
50
-
80
-
Shell Gas LPG
226 13.51
Shell Pakistan XD
685
30.01
9.95 193.91
30.85
30.00
30.00 -0.01
197.00 194.00 194.04
0.13
1548
39.80
27.32
-
-
-
-
10748
244.00
188.00
330
-
40
-
Performance of SR Chemicals Index
PE
High Low 1,180.14 1,163.21 Total cos Defaulter cos P/BV (x) ROE (%) 2.51 35.00
Open
High
Low
Agritech Limited 3924 10.09 23.97 Bawany AirSPOT 68 1.39 11.75 BOC (Pak) 250 9.33 72.94 Dawood Hercules 1203 7.83 170.25 Descon Chemical 1996 2.15 Descon Oxychem Ltd. 1020 3.91 Dewan Salman 3663 1.41 Dynea Pak 94 4.36 11.71 Engro Corporation Ltd 3277 9.02 177.44 Engro Polymer 6635 - 14.67 Fatima Fertilizer 22000 - 10.33 Fauji Fertilizer 6785 7.29 107.34 Fauji Fert. Bin Qasim 9341 7.41 28.57 Ghani Gases Ltd 725 - 12.65 ICI Pakistan 1388 7.28 122.40 Lotte Pakistan 15142 3.06 8.92 Nimir Ind Chemical 1106 67.50 1.34 Shaffi Chemical 120 1.75 2.31 Sitara Chem Ind 204 5.51 124.90 Sitara Peroxide 551 8.53 United Distributors 92 - 12.17 Wah-Noble 90 5.04 42.37
23.90 12.75 73.30 171.00 2.20 3.83 1.53 11.78 177.85 14.99 10.88 107.90 29.25 12.95 123.50 8.99 1.39 2.50 125.00 8.58 11.20 42.89
22.78 10.75 72.50 169.00 2.00 3.41 1.40 11.68 175.50 14.35 10.41 106.87 28.65 12.40 120.61 8.76 1.31 2.25 121.50 8.21 11.20 42.10
Close Chg 22.81 10.84 73.30 169.65 2.15 3.51 1.45 11.68 175.90 14.70 10.54 107.12 29.11 12.66 122.19 8.82 1.35 2.33 125.00 8.31 11.20 42.54
-1.16 -0.91 0.36 -0.60 0.00 -0.40 0.04 -0.03 -1.54 0.03 0.21 -0.22 0.54 0.01 -0.21 -0.10 0.01 0.02 0.10 -0.22 -0.97 0.17
Close 1,169.42 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1710 364 3362 1559 62493 1494539 31318 105 592797 641951 1554786 778881 2200726 603961 131048 3011112 27502 16794 200 148219 1525 3380
Change -2.30 Market cap 264,059.54 mn Div Yield (%) 6.80
27.79 16.78 82.50 185.88 3.15 5.45 2.21 13.60 194.59 15.20 12.46 113.39 30.65 13.85 128.30 9.07 1.80 3.80 134.00 11.09 17.99 48.00
% Change -0.20 5-Day High 1,169.42 5-Day Low 1,138.36
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 10.00 66.90 90 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 6.75 5 1.16 2.00 110.03 75 7.67 11.20 10 10B 41.00 50 -
5 15 20 15 20 75 5 55 25 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,159.28 Turnover 21,260 P/E (x) 5.97
High Low 1,167.01 1,144.06 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,152.35 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411
4.06 4.71
19.11 40.00 40.00
19.49 39.25 39.95
18.90 38.61 39.50
18.99 -0.12 39.05 -0.95 39.85 -0.15
18200 1850 1210
Change -6.94 Market cap 3,185.11 mn Div Yield (%) 4.23
Last 60 days High Low 22.70 62.85 50.40
17.31 38.61 38.10
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
INDUSTRIAL METALS AND MINING Open 953.53 Turnover 124,892 P/E (x) 2.92 Company Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
High Low 956.20 929.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10
PE
Open
High
Low
565 3.29 675 555 5.58 1199 4.52 785 18.88
24.98 2.06 12.69 47.12 9.50
24.60 2.06 13.19 48.00 9.40
24.00 2.06 12.60 46.30 9.25
Close Chg 24.30 2.06 13.00 46.42 9.25
-0.68 0.00 0.31 -0.70 -0.25
Close 935.75 Listed cap 3,596.11 mn Payout (%) 30.91
Change -17.79 Market cap 8,834.65 mn Div Yield (%) 10.58
Last 60 days High Low
Volume 90174 500 9608 21755 2855
31.73 3.20 16.75 70.71 10.80
23.75 1.65 12.25 46.30 8.20
% Change -1.87 5-Day High 966.50 5-Day Low 935.75
2009 Div BR (%) (%) 10
30B -
30 40 7.5
20B -
CONSTRUCTION AND MATERIALS
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Central Forest Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Thatta Cement
PE
High Low 940.20 914.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10
Open
High
Low
1828 3.25 866 5.10 63.20 858 1.26 182 - 14.61 14 5.61 10.50 30 3.50 956 - 11.29 982 12.31 1.52 948 1.80 3574 1.60 3651 35.22 24.99 350 3.00 6933 12.18 4.74 502 5.00 1760 1.87 32 0.99 1288 5.98 13126 2.76 3234 6.57 72.63 3723 2.82 2228 8.03 200 6.51 7981969.00 19.75
3.29 64.65 1.74 15.38 10.20 3.50 10.55 2.20 2.00 1.62 25.50 3.95 5.02 5.79 1.90 0.99 6.00 2.88 74.00 2.90 8.40 6.85 19.69
3.20 63.00 1.40 14.40 10.01 3.50 10.55 1.60 1.99 1.50 24.84 2.80 4.70 4.25 1.82 0.99 5.85 2.71 72.75 2.75 7.61 6.10 18.80
Close 929.32 Listed cap 54,792.74 mn Payout (%) 19.04
Change 9.34 Market cap 69,461.33 mn Div Yield (%) 2.81
Close Chg
Volume
Last 60 days High Low
3.29 64.00 1.40 14.71 10.05 3.50 10.55 1.60 2.00 1.55 25.36 2.80 4.87 5.70 1.83 0.99 5.90 2.85 73.09 2.85 8.24 6.12 19.69
21051 174081 2451 1672 500 500 3500 9567 17959 16481 3685190 10002 2145405 103 11293 2150 38289 268595 1160691 48611 26220 1505 4500
4.40 72.40 2.05 20.00 14.94 4.00 12.50 2.74 3.90 2.20 28.74 5.15 5.50 7.90 2.37 2.00 7.00 3.46 74.00 3.84 8.47 9.47 21.80
0.04 0.80 0.14 0.10 -0.45 0.00 -0.74 0.08 0.20 -0.05 0.37 -0.20 0.13 0.70 -0.04 0.00 -0.08 0.09 0.46 0.03 0.21 -0.39 -0.06
2.80 62.00 1.01 14.01 10.01 3.50 8.90 1.30 1.02 1.30 23.02 2.11 4.50 4.25 1.75 0.25 5.50 2.60 62.60 2.51 6.80 5.50 17.74
% Change 1.02 5-Day High 929.32 5-Day Low 894.50
2009 Div BR (%) (%) 50 40 -
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 25R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 887.98 Turnover 216,675 P/E (x) 2.62 Company
Paid up Cap(mn)
Cherat PapersackSPOT ECOPACK Ltd Ghani GlassSPOT Packages Ltd Syed Match Tri-Pack Films
PE
Open
92 4.36 46.52 230 2.00 970 6.12 59.66 844 15.25 101.88 3 - 14.00 300 8.25 102.70
High
High Low 887.81 882.95 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
46.99 45.00 45.71 2.18 2.05 2.05 60.00 59.50 59.78 101.18 100.50 100.63 14.00 14.00 14.00 102.80 102.80 102.80
-0.81 0.05 0.12 -1.25 0.00 0.10
Close 884.61 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 193049 2505 2764 17654 500 200
Change -3.37 Market cap 33,238.49 mn Div Yield (%) 5.94
Last 60 days High Low 51.05 2.89 61.99 125.96 15.00 105.00
34.30 1.70 54.65 98.00 13.00 91.00
% Change -0.38 5-Day High 893.43 5-Day Low 884.61
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
Paid up Cap(mn)
Ados Pak
66
PE
Open
3.80
19.62
High Low 1,462.36 1,426.63 Total cos Defaulter cos P/BV (x) ROE (%) 3.01 38.02
High
Low
Close Chg
19.85
18.62
18.62 -1.00
High
Low
Close Chg
Volume
Last 60 days High Low
7.69 5.19
64.06 38.70
64.00 38.05
60.86 38.00
62.65 -1.41 38.03 -0.67
596836 1408
87.86 41.00
60.86 34.50
2009 Div BR (%) (%) 30
20B -
Paid up Cap(mn)
PE
Open
Agriautos Ind 144 5.19 70.00 Atlas Battery 101 5.21 137.97 Atlas Engineering Ltd 247 12.29 17.00 Dewan Motors 890 1.34 General Tyre XD 598 6.06 22.52 Ghandhara Nissan 450 4.13 Ghani Automobile Ind 200 4.03 4.57 Honda Atlas Cars 1428 - 10.71 Indus Motors XD 786 5.09 224.68 Pak Suzuki 823 9.22 73.80 Sazgar EngineeringSPOT 125 6.46 24.50
High
High Low 1,074.87 1,050.03 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35 Low
Close Chg
71.00 69.41 71.00 1.00 139.80 138.00 138.16 0.19 17.95 17.95 17.95 0.95 1.41 1.32 1.40 0.06 22.11 22.11 22.11 -0.41 4.40 4.03 4.20 0.07 5.25 4.31 4.80 0.23 11.00 10.37 10.86 0.15 228.00 223.00 223.03 -1.65 75.00 73.00 74.24 0.44 24.95 24.50 24.89 0.39
Close 1,058.92 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 51811 1210 935 97641 1000 4609 613 8950 8774 4413 7297
Change -0.01 Market cap 38,452.98 mn Div Yield (%) 5.34
Last 60 days High Low 78.39 209.00 19.80 2.24 28.70 6.50 5.70 14.50 287.00 89.99 27.85
63.01 131.00 15.90 1.16 21.71 4.03 3.55 9.65 212.29 69.25 23.91
Change 4.04 Market cap 30,921.65 mn Div Yield (%) 16.61
Last 60 days High Low
2010 Div BR (%) (%)
1030
22.69
18.62
20
-
-
-
215 104 213
5.25 213.07 4.88 43.22 1.94 12.25
223.00 213.00 221.08 8.01 45.00 42.01 42.28 -0.94 12.50 11.29 12.37 0.12
49678 3180 37886
227.45 51.99 19.75
200.26 35.25 11.29
400 -
20B -
150 25 -
10B -
Millat TractorsXDXB
366
5.69 443.82
449.03 437.31 444.22
104330
597.90
390.00
450
25B
650
25B
Sally Textile Mills Limited
2010 Div BR (%) (%) 40 15
-
% Change 0.00 5-Day High 1,071.82 5-Day Low 1,045.63
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 20B - 100R 100 5 - 20B
90 100 20 150 10
20B 20B
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
72.59
Total Assets (Rs in mn)
MA (10-day)
4.20
Total Equity (Rs in mn)
(190.57)
MA (100-day)
3.56
Revenue (Rs in mn)
1,180.71
917.46
MA (200-day)
2.93
Interest Expense
9.71
1st Support
4.93
Profit after Taxation
4.25
2nd Support
4.43
EPS 09 (Rs)
1st Resistance
5.70
Book value / share (Rs)
2nd Resistance
5.97
PE 10 E (x)
Pivot
5.20
PBV (x)
0.484 (21.72) 0.44 (0.25)
SLYT closed up 1.00 at 5.47. Volume was 1,872 per cent above average (trending) and Bollinger Bands were 88 per cent wider than normal. The company's profit after taxation stood at Rs80.895 million which translates into an Earning Per Share of Rs9.22 for the nine months of fiscal year (9MFY10). SLYT is currently 89.9 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 very strong flows of volume into SLYT (bullish). Trend forecasting oscillators are currently bullish on SLYT. Momentum oscillator is currently indicating that SLYT is currently in an overbought condition.
Meezan Bank Limited
FOOD PRODUCERS Performance of SR Food Producers Index Open 1,469.07 Turnover 202,590 P/E (x) 22.75 Company
Paid up Cap(mn)
AL-Noor Sugar Chashma Sugar Clover Pakistan XD Habib Sugar Habib-ADM Ltd XD Ismail Ind XD J D W Sugar Mehran Sugar Mirza Sugar National Foods XD Noon Pakistan Pangrio Sugar Premier Sugar Quice Food Sakrand Sugar Shahtaj Sugar Shakarganj Mills
186 287 94 600 200 505 490 143 141 414 48 109 38 107 223 120 695
PE 4.34 0.74 27.98 6.15 3.60 12.59 2.24 2.95 0.29 19.43 9.28 0.46 6.36 -
Open 42.00 9.15 42.63 29.14 13.00 74.70 66.00 53.25 4.95 41.43 21.00 5.48 33.01 2.85 3.00 60.90 4.01
High 42.85 9.15 44.76 29.85 13.00 74.00 67.20 53.48 5.35 41.50 20.00 6.00 34.66 2.85 3.35 63.94 4.30
High Low 1,486.52 1,463.17 Total cos Defaulter cos P/BV (x) ROE (%) 6.89 30.30 Low 41.50 9.15 44.70 29.25 12.60 74.00 66.01 52.25 4.70 40.15 19.95 5.68 33.00 2.85 3.35 59.99 3.90
Close Chg 42.75 9.15 44.76 29.84 12.81 74.00 66.97 52.72 4.70 40.61 19.95 5.68 34.66 2.85 3.35 60.00 3.99
0.75 0.00 2.13 0.70 -0.19 -0.70 0.97 -0.53 -0.25 -0.82 -1.05 0.20 1.65 0.00 0.35 -0.90 -0.02
Close 1,473.35 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 1927 10000 486 136847 6541 113 3213 102 1194 1894 7744 159 2961 500 500 18671 9507
Change 4.28 Market cap 191,346.60 mn Div Yield (%) 1.34
Last 60 days High Low 47.35 11.40 50.00 30.44 16.98 76.90 67.90 58.74 5.70 65.29 33.06 7.00 43.60 3.35 3.50 93.98 5.00
39.25 8.00 33.33 23.80 12.60 53.64 60.10 48.50 3.55 40.05 19.95 4.00 32.50 1.60 2.12 44.50 3.02
2009 Div BR (%) (%) 40 35 40 15 40 35 30 100 -
25B 30B 25B 10B -
% Change 0.29 5-Day High 1,473.35 5-Day Low 1,450.02 2010 Div BR (%) (%) 15 40 17.5 110R 0 12.5R 25 10B 12 12 -
HOUSEHOLD GOODS Open 1,053.91 Turnover 104,210 P/E (x) 3.49 Company
Paid up Cap(mn)
AL-Abid Silk Nakshbandi Ind Pak Elektron Tariq Glass Ind
High Low 1,088.09 1,077.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 10.64
PE
Open
High
Low
96 3.25 1176 14.17 1174 2.96 231 2.81
32.79 16.00 13.84 17.18
33.87 17.00 13.95 17.70
32.00 17.00 13.73 17.01
Close Chg 33.47 17.00 13.86 17.27
0.68 1.00 0.02 0.09
Close 1,082.74 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 102 245 51544 52318
RSI (14-day)
63.06
Total Assets (Rs in mn)
MA (10-day)
14.91
Total Equity (Rs in mn)
MA (100-day)
14.89
Revenue (Rs in mn)
MA (200-day)
15.77
Interest Expense
4,969.92
1st Support
15.16
Profit after Taxation
1,025.35
2nd Support
14.56
EPS 09 (Rs)
1.710
1st Resistance
16.05
Book value / share (Rs)
13.81
2nd Resistance
16.34
PE 10 E (x)
7.62
Pivot
15.45
PBV (x)
1.14
26.60 10.00 12.17 14.45
2009 Div BR (%) (%)
MEBL closed up 0.77 at 15.70. Volume was 314 per cent above average (trending) and Bollinger Bands were 42 per cent narrower than normal. The company's profit after taxation stood at Rs718.895 million which translates into an Earning Per Share of Rs1.03 for the half year of current calendar year (1HCY10). MEBL is currently 0.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into MEBL (bullish). Trend forecasting oscillators are currently bullish on MEBL.
7.5 -
57R 10B -
2010 Div BR (%) (%) -20B 20R 20 - 10B 17.5 -
Performance of SR Personal Goods Index
Company
Paid up Cap(mn)
Accord Textile AL-Qadir Textile Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen Bata (Pak) Bilal Fibres Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dewan Farooque Spin. Din TextileSPOT Ellcot Spinning Fateh Textile XD Gadoon Textile Gillette Pakistan Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Land Mark Spinning Leather Up Liberty Mills Maqbool Textile Masood Textile Mehmood Textile Mian Textile Mukhtar Textile N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Paramount Spinning Premium Textile Prosperity Ravi Textile Redco Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile XR Sana Ind XD Sapphire Textile Sargoda Spinning Saritow Spinning Service Ind Service Textile Shadman Cot Shahpur Textile Shahtaj Textile Sunrays Textile Suraj Cotton Tata Textile XD Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd
PE
High Low 928.00 905.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 8.64
Close 915.48 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
93 0.30 76 1.23 3.75 2415 3.14 11.98 840 5.58 21.15 133 0.50 2.49 4493 256.75 10.39 29 0.46 17.01 76 1.08 11.45 76 4.32 446.61 141 0.60 400 1.10 1.70 1150 3.54 316 15.16 716.71 2442 2.78 2.90 238 0.80 600 1.50 600 2.38 3.10 185 1.34 26.40 110 1.71 20.26 13 7.34 115.25 234 1.25 45.98 192 48.81 63.89 635 2.93 20.99 146 1.49 7.13 185 1.50 7.99 716 1.28 4.68 3105 3.26 35.89 180 2.38 4.10 107 0.80 303 1.46 509 2.17 1300 1.26 1.25 1455 2.65 5.41 121 2.05 60 1.89 226 2.61 54.60 168 1.65 7.75 600 0.99 20.30 150 1.66 66.56 221 0.58 145 0.53 147 4.19 23.00 187 1.24 16.16 1586 2.32 18.42 3516 5.84 49.24 34 2.50 158 1.20 9.20 62 0.91 29.00 185 2.38 16.03 250 4.82 1.88 213 4.07 0.98 308 1.30 10.13 341 5.74 35.02 264 1.57 4.63 88 0.36 4.47 134 7.26 55 4.55 29.32 201 1.94 103.36 312 0.50 1.51 133 0.60 2.38 120 4.69 185.55 44 0.52 0.14 176 2.55 15.00 140 1.25 0.95 97 - 20.00 69 1.03 33.63 180 1.30 36.49 173 0.72 17.64 256 4.16 106.85 418 7.86 37.98 400 7.35 1.23 594 2.99
0.24 4.75 12.30 22.20 2.84 10.56 16.15 12.45 442.00 1.10 1.82 3.59 706.01 3.20 1.15 1.75 3.00 26.00 20.65 115.25 48.00 66.75 22.03 8.13 8.69 4.78 35.90 4.40 0.80 1.46 1.90 1.84 5.60 2.05 1.50 55.00 8.75 20.00 68.80 0.59 0.79 23.49 17.00 18.68 50.30 3.50 9.05 29.00 16.89 1.89 1.00 11.10 35.01 4.78 5.47 7.50 30.50 104.90 2.50 2.40 188.00 0.75 14.00 1.00 20.18 34.00 36.50 18.40 111.98 38.37 1.25 3.50
0.24 4.10 11.61 21.50 2.35 10.23 16.05 12.45 436.00 0.80 1.45 3.45 703.00 2.72 0.70 1.49 3.00 26.00 20.15 115.25 45.25 61.00 21.99 6.50 8.00 4.40 34.30 4.10 0.50 1.35 1.90 1.25 5.00 2.05 1.35 55.00 8.75 19.40 63.98 0.57 0.36 21.85 16.00 18.22 49.10 2.51 8.20 28.21 16.00 1.80 0.61 10.40 35.00 4.30 4.70 6.60 28.31 98.20 1.87 2.10 181.00 0.74 14.00 0.90 19.67 34.00 35.85 17.50 104.50 37.80 1.03 2.60
0.24 -0.06 4.75 1.00 11.76 -0.22 22.20 1.05 2.74 0.25 10.27 -0.12 16.13 -0.88 12.45 1.00 437.53 -9.08 0.92 0.32 1.69 -0.01 3.54 0.00 705.68-11.03 3.00 0.10 0.89 0.09 1.61 0.11 3.00 -0.10 26.00 -0.40 20.15 -0.11 115.25 0.00 46.65 0.67 65.90 2.01 22.03 1.04 6.75 -0.38 8.26 0.27 4.47 -0.21 35.28 -0.61 4.16 0.06 0.80 0.00 1.44 -0.02 1.90 -0.27 1.39 0.14 5.06 -0.35 2.05 0.00 1.50 -0.39 55.00 0.40 8.75 1.00 19.41 -0.89 64.00 -2.56 0.57 -0.01 0.54 0.01 23.49 0.49 16.45 0.29 18.28 -0.14 49.67 0.43 3.02 0.52 8.20 -1.00 28.21 -0.79 16.41 0.38 1.88 0.00 0.61 -0.37 10.57 0.44 35.00 -0.02 4.60 -0.03 5.47 1.00 7.45 0.19 30.50 1.18 98.25 -5.11 1.91 0.40 2.17 -0.21 182.31 -3.24 0.74 0.60 14.00 -1.00 0.90 -0.05 20.00 0.00 34.00 0.37 36.50 0.01 18.25 0.61 111.16 4.31 38.10 0.12 1.25 0.02 2.97 -0.02
1000 801 61488 20291 226032 439812 700 900 568 15000 4330 11002 135 77213 493 581339 500 791 852 500 4340 4000 8795 21027 85696 304754 18396 17089 101 3950 234 65803 48033 200 2050 101 511 101 2147 2048 2005 201 11642 2623459 3412305 460 12823 171 9110 87706 18500 142384 600 3740 320627 6316 2034 305 8092 20111 4267 5000 550 4007 13499 5000 247100 5011 337125 46959 299 3304
Change -3.66 Market cap 112,981.47 mn Div Yield (%) 2.61
Last 60 days High Low 0.50 8.40 20.45 22.20 2.90 13.40 18.75 12.45 579.99 1.96 2.56 4.98 770.00 5.00 2.25 2.49 4.00 30.90 25.45 122.00 48.30 73.00 23.00 8.13 8.69 4.85 41.00 5.35 1.99 2.00 3.93 1.84 6.30 4.00 2.50 58.01 10.51 23.25 74.50 1.40 0.99 23.49 17.18 19.49 53.14 3.75 10.17 30.90 21.47 4.69 1.20 12.00 36.75 5.44 5.47 8.69 38.40 124.80 2.50 2.75 226.00 0.75 15.00 2.26 21.50 35.00 37.50 19.70 114.99 49.49 1.90 4.99
Open 835.98 Turnover 42,703 P/E (x) 6.68 Company
Paid up Cap(mn)
Abbott (Lab) Ferozsons (Lab)SPOT GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak
979 208 1707 165 200 100 306
PE
Open
8.19 92.00 7.26 109.00 12.40 68.48 6.60 24.00 17.78 7.73 4.17 28.06 5.32 62.65
High
High Low 852.94 832.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.49 22.31
0.24 2.50 11.61 17.55 1.35 8.55 9.50 7.50 436.00 0.55 0.70 2.93 555.00 2.23 0.48 1.44 2.05 23.75 20.15 114.00 33.80 57.50 19.99 5.00 5.31 2.52 34.30 2.55 0.10 1.01 1.60 0.56 4.00 1.92 1.00 49.72 3.25 18.55 59.00 0.01 0.25 14.65 12.00 14.64 40.81 1.45 6.00 24.90 15.75 1.38 0.50 6.91 31.35 2.01 2.74 5.02 27.50 98.20 0.31 1.01 176.50 0.14 7.00 0.25 14.75 30.03 29.50 12.75 97.00 37.20 0.73 1.50
Low
Close Chg
96.40 92.75 93.47 1.47 111.14 108.50 110.70 1.70 69.00 68.06 68.68 0.20 24.30 24.19 24.28 0.28 8.55 7.60 8.00 0.27 27.80 27.50 27.50 -0.56 63.50 62.00 62.02 -0.63
Close 841.22 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 18513 2415 5200 3959 1517 10000 1004
2009 Div BR (%) (%)
77.00 96.00 65.00 22.10 6.10 27.50 53.36
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
RSI (14-day)
69.30
Total Assets (Rs in mn)
695.15
MA (10-day)
2.21
Total Equity (Rs in mn)
(87.66)
MA (100-day)
2010 Div BR (%) (%)
% Change 0.63 5-Day High 841.22 5-Day Low 819.69 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
% Change -0.40 5-Day High 918.63 5-Day Low 915.38
10 30 20 20 7.5 - 15B 20 120 5 115 15B 20 10B 7.5 35 10 15 70 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 5 50 30 - 22.5 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R - 10B 10 10B 7.5 50 20 30 40 40 10 - 100R 35 60 50 5 200 20 45 10 15 50 25 20 20B 80 20B -
Change 5.24 Market cap 28,356.00 mn Div Yield (%) 6.66
Last 60 days High Low 96.40 124.00 83.77 25.79 8.66 34.99 64.19
9,184.46 10,102.06
% Change 2.74 5-Day High 1,082.74 5-Day Low 1,045.08
PERSONAL GOODS Open 919.14 Turnover 9,388,258 P/E (x) 6.38
124,181.73
Azam Textile Mills Limited Change 28.84 Market cap 5,664.02 mn Div Yield (%) 1.80
Last 60 days High Low 33.87 17.00 15.95 19.12
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Household Goods Index
% Change 0.28 5-Day High 1,447.25 5-Day Low 1,355.96
2009 Div BR (%) (%)
Alert ! Unusual Movements
% Change -2.05 5-Day High 708.53 5-Day Low 680.61
Performance of SR Pharma and Bio Tech Index
AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind
0.40
Change -14.25 Market cap 12,084.86 mn Div Yield (%) 2.06
PHARMA AND BIO TECH
Close 1,447.25 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Close 680.61 Listed cap 3,242.17 mn Payout (%) 11.08
Open
Open 1,058.93 Turnover 187,259 P/E (x) 3.83
INDUSTRIAL ENGINEERING Open 1,443.21 Turnover 196,141 P/E (x) 7.92
High Low 691.63 665.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 25.53
AUTOMOBILE AND PARTS
Performance of SR Industrial Engineering Index
Company
16,224.91 16,248.74 16,140.49 h63.48
PE
2010 Div BR (%) (%)
Performance of SR Construction and Materials Index Open 919.98 Turnover 7,645,456 P/E (x) 6.79
Paid up Cap(mn)
% Change -0.60 5-Day High 1,154.94 5-Day Low 1,142.91
Performance of SR Industrial Metals and Mining Index
Paid up Cap(mn)
Current High Low Change
9,968.55 9,992.44 9,905.42 h38.98
Performance of SR Automobile and Parts Index
Company
CHEMICALS Open 1,171.71 Turnover 9,691,121 P/E (x) 7.18
Open 694.87 Turnover 598,244 P/E (x) 5.39
2009 Div BR (%) (%)
113.90 111.50 111.89 -0.50 221.90 215.25 220.50 4.93 148.60 146.62 148.13 0.92
Company
Current High Low Change
INDUSTRIAL TRANSPORTATION
735 15.16 112.39 800 5.49 215.57 Oil & Gas Development XD 43009 10.22 147.21
Paid up Cap(mn)
7,192.08 7,205.76 7,144.40 h40.89
KMI 30 Index
Performance of SR Industrial Transportation Index
Mari Gas Company National Refinery
Company
Current High Low Change
KSE 30 Index
OIL AND GAS
576 5.66 368.59 853 16.26 86.13
BYCO Petroleum
Advanced Declined Unchanged Total
All Share Index
Performance of SR Oil and Gas Index Open 1,289.25 Turnover 6,711,249 P/E (x) 11.01 Company
KSE 100 Index
Symbols
1.71
Revenue (Rs in mn)
465.22
MA (200-day)
1.76
Interest Expense
1st Support
2.46
Loss after Taxation
(33.81)
30.80
2nd Support
2.16
EPS 09 (Rs)
(2.547)
1st Resistance
2.95
Book value / share (Rs)
2nd Resistance
3.14
PE 10 E (x)
Pivot
2.65
PBV (x)
(6.60) 0.64 (0.41)
AZAMT closed up 0.25 at 2.74. Volume was 1,318 per cent above average (trending) and Bollinger Bands were 34 per cent wider than normal. The company's profit after taxation stood at Rs42.335 million which translates into an Earning Per Share of Rs3.19 for the nine months of fiscal year (9MFY10). AZAMT is currently 67.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into AZAMT (bullish). Trend forecasting oscillators are currently bullish on AZAMT.
Reliance Weaving Mills Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
54.50
Total Assets (Rs in mn)
MA (10-day)
10.89
Total Equity (Rs in mn)
MA (100-day)
9.08
Revenue (Rs in mn)
MA (200-day)
9.48
Interest Expense
4,126.72 591.38 4,337.45 646.86
1st Support
10.30
Loss after Taxation
(177.04)
2nd Support
10.00
EPS 09 (Rs)
1st Resistance
11.00
Book value / share (Rs)
2nd Resistance
11.40
PE 10 E (x)
1.30
Pivot
10.70
PBV (x)
0.55
(5.746) 19.19
REWM closed up 0.44 at 10.57. Volume was 595 per cent above average (trending) and Bollinger Bands were 57 per cent wider than normal. The company's profit after taxation stood at Rs187.984 million which translates into an Earning Per Share of Rs6.10 for the nine months of fiscal year (9MFY10). REWM is currently 11.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into REWM (mildly bullish). Trend forecasting oscillators are currently bullish on REWM.
BOOK CLOSURES Company
From
To
Bolan Castings Cherat Cement Clover Pakistan Gatron (Industries) Ismail Industries Cherat Papersack Ecopack Ltd. JS Value Fund Bawany Air Prood Din Textile Mills Ghani Glass Glamour Textile Mills Nimir Ind Chemicals Pakistan Refinery Buxly Paints First Habib Bank Mod. Ghani Automobile Ghani Value Glass Gillette Pakistan Haydari Construction IBL Health Care KESC Allied Rent Mod.
12-Oct 12-Oct 12-Oct 12-Oct 12-Oct 13-Oct 13-Oct 13-Oct 14-Oct 14-Oct 14-Oct 14-Oct 14-Oct 14-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 16-Oct
25-Oct 26-Oct 18-Oct 18-Oct 19-Oct 27-Oct 26-Oct 20-Oct 27-Oct 20-Oct 20-Oct 20-Oct 21-Oct 20-Oct 26-Oct 22-Oct 21-Oct 21-Oct 28-Oct 23-Oct 21-Oct 21-Oct 22-Oct
D/B/R 25,10(B) 15(F) 20 17.5 20,20(B) 5,10(R) 20,10(B) 25,10(B) 11 25 22.5
Spot AGM/Date 04-Oct 04-Oct 04-Oct 05-Oct 06-Oct 06-Oct 06-Oct 07-Oct 07-Oct 08-Oct
25-Oct 26-Oct 18-Oct 18-Oct 18-Oct 27-Oct 26-Oct 20-Oct 26-Oct 20-Oct 20-Oct 20-Oct 21-Oct 20-Oct 25-Oct 25-Oct 21-Oct 21-Oct 29-Oct 23-Oct 21-Oct 21-Oct 22-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd Murree Brewery Grays of Cambridge Lakson Tobacco Pak Tobacco Eye Television PIAC(A) AKD Capital Pace (Pak) Ltd Netsol Technol Pak Telephone
Open 4.28 92 55.56 371.55 113.5 23.8 2.26 59.87 2.86 18.37 2.15
High 4.37 94.39 56 390.12 113.95 24.9 2.22 62.69 2.94 18.65 1.99
Low Close 4.16 91.12 52.8 371 112 23 2.13 56.88 2.75 18.16 1.21
4.21 92.28 55.46 390.11 112.65 23.5 2.16 57.75 2.79 18.37 1.5
Change -0.07 0.28 -0.1 18.56 -0.85 -0.3 -0.1 -2.12 -0.07 0 -0.65
Vol 2206736 8594 751 14949 1083 16637 24103 53364 343665 518334 1588
7
Tuesday, October 12, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,125.69 Turnover 1,870,974 P/E (x) 6.14 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
78 37740 3000 8606 6175
High Low 1,139.06 1,112.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
4.78 9.22 -
97.34 19.27 2.18 2.60 3.89
97.50 19.45 2.33 2.65 3.95
97.00 19.05 2.16 2.53 3.60
97.00 19.37 2.21 2.58 3.80
-0.34 0.10 0.03 -0.02 -0.09
Close 1,130.75 Listed cap 50,077.79 mn Payout (%) 62.56
Change 5.06 Market cap 79,092.62 mn Div Yield (%) 10.19
Last 60 days High Low
Volume 373 223242 924941 722418 357265
120.61 20.22 3.09 3.30 6.13
97.00 17.32 1.80 2.30 3.60
% Change 0.45 5-Day High 1,130.75 5-Day Low 1,093.33
2009 Div BR (%) (%) 70 15 -
2010 Div BR (%) (%)
-
80 17.5 -
Atlas Insurance Central Insurance XB EFU General Ins. XB Habib Insurance IGI Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
369 4.25 279 5.16 1250 29.17 400 7.53 718 12.84 3000 250 1.54 350 55.00 303 4.38 253 1.73 400 1.14
Paid up Cap(mn)
Close 1,149.39 Listed cap 95,369.29 mn Payout (%) 104.13
Change 2.83 Market cap 97,025.05 mn Div Yield (%) 8.36
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Hub Power 11572 6.17 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 5.83 Kohinoor Power 126 2.61 Kot Addu PowerSPOT 8803 7.11 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 90.14 Sitara Energy Ltd 191 3.74 Southern Electric 1367 5.72 Tri-star Power XD 150 -
33.14 1.40 2.09 23.50 5.10 41.47 11.50 12.40 21.50 2.13 0.75
33.40 1.60 2.15 24.49 5.40 41.50 11.69 12.99 21.30 2.29 0.85
32.97 1.44 2.01 23.00 4.70 40.93 11.48 12.30 21.00 2.15 0.75
33.33 0.19 1.57 0.17 2.06 -0.03 23.65 0.15 5.24 0.14 41.07 -0.40 11.56 0.06 12.62 0.22 21.00 -0.50 2.23 0.10 0.75 0.00
724412 111045 375517 27505 2094 493320 148000 1947304 4501 162504 1000
37.24 2.38 2.63 26.50 6.70 44.85 11.69 12.99 23.49 3.21 1.60
Company
32.75 0.70 1.92 23.00 3.90 39.51 9.50 9.25 20.00 2.08 0.33
% Change 0.25 5-Day High 1,149.39 5-Day Low 1,129.49
2009 Div BR (%) (%) 33.5 45 64.5 20 3
Open 827.69 Turnover 9,113 P/E (x) 75.05
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,712.45 Turnover 739,938 P/E (x) 12.67 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,720.63 1,692.99 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 11.41
Close 1,708.05 Listed cap 12,202.80 mn Payout (%) 66.79
Change -4.40 Market cap 37,904.89 mn Div Yield (%) 5.27
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 19.06 6712 4.57
32.58 29.99
32.98 30.00
32.30 29.60
32.41 -0.17 29.96 -0.03
441889 298049
33.40 30.70
% Change -0.26 5-Day High 1,708.96 5-Day Low 1,663.98
2009 Div BR (%) (%)
25.00 16.00
-
2010 Div BR (%) (%)
-
15
25B
BANKS Performance of SR Banks Index Open 972.07 Turnover 31,085,885 P/E (x) 6.91 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.74 52.19 Askari Bank 6427 6.12 14.71 Atlas Bank 5001 2.18 Bank Alfalah 13492 12.36 9.11 Bank AL-Habib 7322 7.02 32.11 Bank Of Khyber 5004 3.10 3.14 Bank Of Punjab 5288 8.31 BankIslami Pak 5280 3.14 Faysal Bank 6091 3.12 13.60 Habib Bank Ltd 10019 6.53 97.93 Habib Metropolitan Bank 8732 5.78 19.46 JS Bank Ltd 6128 2.43 KASB Bank Ltd 9509 2.54 MCB Bank Ltd 7602 9.14 195.59 Meezan Bank 6983 7.62 14.93 Mybank Ltd 5304 2.23 National Bank 13455 5.42 64.58 NIB Bank 40437 3.08 Royal Bank Ltd 17180 5.76 Samba Bank 14335 1.87 Silkbank Ltd 26716 13.50 3.00 Soneri Bank 6023 5.75 Stand Chart Bank 38716 8.97 6.30 Summit Bank Ltd 5000 2.77 United Bank Ltd 12242 6.16 52.25
High
High Low Close 987.68 964.25 978.25 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.93 13.45 34.35 Low
Close Chg
53.89 52.00 53.17 0.98 14.95 14.50 14.82 0.11 2.34 2.01 2.31 0.13 9.31 8.99 9.27 0.16 32.69 32.00 32.59 0.48 3.24 3.06 3.10 -0.04 8.49 8.04 8.30 -0.01 3.35 3.10 3.19 0.05 13.90 13.50 13.56 -0.04 102.50 97.20 101.55 3.62 19.80 19.15 19.55 0.09 2.65 2.37 2.47 0.04 2.75 2.45 2.57 0.03 197.49 194.75 195.99 0.40 15.74 14.85 15.70 0.77 2.33 2.17 2.33 0.10 65.28 64.05 64.60 0.02 3.05 2.95 3.00 -0.08 6.00 5.72 5.99 0.23 1.98 1.73 1.94 0.07 3.01 2.95 2.97 -0.03 5.80 5.62 5.79 0.04 6.69 6.27 6.28 -0.02 2.85 2.70 2.70 -0.07 52.80 52.00 52.37 0.12
Change 6.18 Market cap 602,084.77 mn Div Yield (%) 4.97
Last 60 days High Low
Volume 93897 172492 4483174 13960386 153597 11597 789589 148832 39306 453522 13364 814134 5108 1625672 600089 35504 1407545 3945812 20868 9461 766987 32038 15313 31156 1487598
59.70 17.46 2.84 10.25 34.00 4.75 11.24 3.87 15.70 109.10 23.75 3.00 3.70 214.99 16.50 3.14 73.89 3.50 12.51 2.90 3.30 7.90 8.50 4.15 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
% Change 0.64 5-Day High 978.25 5-Day Low 939.49
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 66R 55 -63.46R 10 -
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company
Adamjee Insurance XD
PE
1237 12.20
Open 67.43
High 68.42
High Low 640.32 621.88 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 5.20 Low 66.27
Close Chg 67.10 -0.33
Close 630.90 Listed cap 11,111.34 mn Payout (%) 79.54
Change -0.19 Market cap 40,576.36 mn Div Yield (%) 8.84
Last 60 days High Low
Volume 388226
89.90
63.05
% Change -0.03 5-Day High 630.90 5-Day Low 603.62
2009 Div BR (%) (%) 30
PE
Open
EFU Life Assurance XB
850 33.93
60.50
New Jub Life Insurance
627 50.81
42.20
2010 Div BR (%) (%)
10B
10
-
28.81 49.81 36.75 10.85 72.69 14.09 6.50 2.20 8.40 6.95 4.56
-0.34 2.06 0.61 0.64 -1.25 -0.02 -0.38 -0.14 -0.37 0.41 -0.09
1804 710 9513 3310 825 214082 16374 10545 162741 2502 2160
31.00 64.90 54.50 13.89 79.10 19.40 8.20 4.16 10.60 10.00 7.15
27.10 47.37 34.76 10.04 66.02 12.50 5.06 1.66 8.00 6.00 4.02
40 20 40 35 35 30 5 20 -
10B 25B 8.7B 25B 15B 20B 16B
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols NBF SFWF TRSM CENI SHFA AATM GUTM WYETH NESTLE KCL FIBLM MIRKS JVDC QUET PCAL IDSM FNEL ISTM FCONM AGSML CPL RMPL SHEZ HINO RCML LPGL FZTM JKSM IDEN FRCL MWMP MDTL ZIL FRSM SANSM SAPL DCM DLL JSBLR UPFL SCLL ILTM JDMT FASM GWLC PECO BWHL PSYL BHAT GENP GVGL FTSM SPLC INKL GATI TSML KSBP TRIBL CSIL AWTX BROT CFL IDYM NATM SZTM CRTM NCLNCP HUSI STML AABS FECS KOHS TICL TREI SIEM MERIT MFFL MACFL PHDL
High Low 821.92 810.74 Total cos Defaulter cos P/BV (x) ROE (%) 2.89 3.85
Close 816.99 Listed cap 2,290.72 mn Payout (%) 355.53
Change -10.70 Market cap 8,919.71 mn Div Yield (%) 4.74
% Change -1.29 5-Day High 825.69 5-Day Low 815.77
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
63.52
61.00
62.44 1.94
8615
84.99
51.25
5513.33B
-
-
40.67
40.65
40.65 -1.55
498
46.00
34.50
10
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 353.69 Turnover 5,260,870 P/E (x) 0.44 Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap XD JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank
High Low 361.44 347.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
225 360 7.04 450 6.50 3750 2.30 250 215 2121 600 2.64 2849 2878 1.83 626 0.29 7633 508 500 1000 12.73 1000 821 4.29 775 514 -
0.58 14.95 26.30 23.15 1.90 1.61 1.75 7.39 0.67 4.32 1.82 9.16 2.36 26.38 5.65 3.72 5.25 1.56 2.50
0.60 15.27 26.45 23.50 2.10 1.02 1.99 7.59 0.79 4.70 1.97 9.21 2.44 26.00 5.83 3.94 5.69 1.74 2.50
0.48 14.90 25.80 23.00 1.81 1.02 1.89 7.47 0.57 4.32 1.73 8.93 2.22 25.10 5.50 3.60 5.20 1.46 2.00
Close Chg 0.50 15.06 26.07 23.30 1.83 1.02 1.96 7.59 0.70 4.45 1.77 9.03 2.34 25.48 5.73 3.74 5.45 1.61 2.50
-0.08 0.11 -0.23 0.15 -0.07 -0.59 0.21 0.20 0.03 0.13 -0.05 -0.13 -0.02 -0.90 0.08 0.02 0.20 0.05 0.00
Close 354.29 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 157525 14077 34472 2565374 1257 501 54505 510 15740 35660 45554 1653392 200045 35596 101100 7105 96653 231746 10000
Change 0.60 Market cap 25,642.68 mn Div Yield (%) 10.42
% Change 0.17 5-Day High 354.29 5-Day Low 338.99
Last 60 days High Low
2009 Div BR (%) (%)
1.15 20.99 48.99 35.55 3.36 4.00 2.43 9.00 1.23 5.40 2.84 15.47 6.16 42.00 8.65 5.49 5.95 2.79 3.80
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 1.55 0.32 1.17 6.90 0.44 2.54 1.17 8.80 1.96 25.10 5.10 3.20 3.66 1.35 1.65
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,025.07 Turnover 3,703,112 P/E (x) 6.89
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 631.09 Turnover 812,893 P/E (x) 9.00
Paid up Cap(mn)
Company
2010 Div BR (%) (%)
31R -
28.81 48.95 35.99 10.20 72.01 13.82 5.88 2.00 8.00 6.65 4.55
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,158.98 1,136.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
29.99 50.00 36.95 10.85 73.98 14.39 6.74 2.65 8.60 7.25 4.58
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,146.56 Turnover 3,997,221 P/E (x) 12.45
29.15 47.75 36.14 10.21 73.94 14.11 6.88 2.34 8.77 6.54 4.65
Paid up Cap(mn)
Company
High Low 1,051.13 1,007.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09
PE
Open
High
Low
1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 2.44 AL-Noor Modaraba 210 5.66 Atlas Fund of Funds 525 1.99 B F Modaraba 68 8.30 B R R Guardian Mod. 780 Crescent St Modaraba 200 2.96 Elite Cap Modaraba 113 4.46 Equity Modaraba 524 First Capital Mutual F. 300 3.23 First Dawood Mutual F. 581 Golden Arrow 760 3.97 H B L ModarabaSPOT 397 5.82 Habib Modaraba 1008 4.51 Imrooz Modaraba 30 5.77 JS Growth Fund 3180 36.25 JS Value Fund 1186 KASB Modaraba 283 2.50 Meezan Balanced F. XD 1200 2.68 Mod Al-Mali 184 Pak Modaraba 125 1.69 Pak Prem Fund 1698 3.68 Pak Strat Fund 3000 5.41 Paramount Modaraba XD 59 8.03 PICIC Energy Fund 1000 2.71 PICIC Growth Fund 2835 2.24 PICIC Inv Fund XD 2841 1.87 Prud Modaraba 1st XD 872 2.47 Punjab Modaraba 340 Stand Chart Modaraba XD 454 4.91 Tri-Star Mutual 50 2.20 U D L Modaraba 264 3.48
1.05 6.11 2.70 3.59 4.13 1.10 0.70 2.89 1.10 3.28 1.63 3.58 6.49 6.00 57.65 3.00 3.04 1.75 5.60 0.98 0.90 7.80 6.90 8.80 5.09 8.52 3.61 1.00 1.20 8.75 2.12 6.48
1.40 6.50 3.00 3.52 4.15 1.10 0.84 2.90 1.17 3.00 1.65 3.70 6.65 6.00 54.90 3.10 3.20 1.85 5.60 0.95 0.95 7.98 6.99 8.99 5.10 8.69 3.86 0.99 1.25 8.70 1.99 6.70
1.10 6.26 3.00 3.52 4.14 1.05 0.65 2.74 1.03 3.00 1.55 3.60 6.45 5.90 54.77 2.90 3.04 1.50 5.30 0.85 0.90 7.70 6.92 8.90 4.97 8.01 3.50 0.92 0.97 7.85 1.27 6.50
Close 1,027.49 Listed cap 29,771.58 mn Payout (%) 104.19
Change 2.42 Market cap 17,310.20 mn Div Yield (%) 26.60
% Change 0.24 5-Day High 1,027.49 5-Day Low 1,006.13
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
1.10 6.33 3.00 3.52 4.15 1.05 0.74 2.90 1.05 3.00 1.65 3.65 6.58 6.00 54.90 2.90 3.08 1.50 5.55 0.95 0.93 7.72 6.93 8.99 5.09 8.14 3.70 0.94 1.19 8.65 1.54 6.69
1160 58536 500 1050 1120 1001 215814 53200 4000 86598 135005 23482 34372 5250 1104 52090 45025 521 2001 1750 19624 68841 20475 800 95597 1611370 1063100 1737 12534 40650 107 44300
2.24 7.25 3.44 4.20 4.90 2.43 0.90 3.48 1.50 3.80 2.09 3.88 6.80 7.49 69.95 4.39 3.98 2.00 7.49 1.25 1.07 9.86 8.10 8.99 6.49 10.55 5.00 1.20 2.00 10.99 2.99 6.70
4.5 5 20 63 10 15 16.5 10
0.05 0.22 0.30 -0.07 0.02 -0.05 0.04 0.01 -0.05 -0.28 0.02 0.07 0.09 0.00 -2.75 -0.10 0.04 -0.25 -0.05 -0.03 0.03 -0.08 0.03 0.19 0.00 -0.38 0.09 -0.06 -0.01 -0.10 -0.58 0.21
1.01 6.10 2.10 2.53 3.65 0.90 0.16 1.65 0.76 0.99 1.36 2.32 4.80 5.56 43.00 2.70 2.31 0.52 5.30 0.56 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 0.95 5.00
2010 Div BR (%) (%)
- 18.5 5 0 1.2 5 17 11 21 76 5 10 2.8 - 15.5 3 - 18.6 - 11.53 18 5 20 10 3 17 - 12.5
10B -
Open 2.99 8.00 2.54 10.32 30.12 1.00 22.54 910.00 1961.62 4.84 2.30 57.50 59.36 30.23 53.50 3.31 10.32 4.25 1.48 8.40 161.85 1309.25 98.00 119.83 24.00 9.50 353.16 6.50 11.00 3.90 1.79 57.00 40.26 18.55 14.00 116.20 1.44 41.00 0.02 1030.00 2.30 90.29 19.50 31.13 3.32 310.50 30.43 6.15 162.35 0.95 32.50 1.96 0.63 10.90 38.45 28.50 78.05 1.87 6.25 105.00 0.50 12.29 209.71 18.50 7.48 20.50 24.45 10.22 16.76 95.00 39.89 4.45 71.25 2.19 1150.00 16.90 62.00 2.42 56.05
High 2.99 8.00 3.05 10.40 31.62 1.00 23.66 905.00 2057.99 5.83 2.50 58.85 60.00 31.65 52.00 3.50 10.00 4.79 1.94 9.20 163.84 1365.00 97.70 119.00 25.20 10.50 359.95 7.15 12.00 4.00 2.75 56.90 41.45 19.35 13.90 119.95 1.05 40.90 0.04 1020.00 2.39 94.80 20.50 32.45 3.74 311.00 30.50 5.84 170.46 0.85 32.66 2.96 0.80 10.70 39.90 28.50 80.00 2.87 7.00 100.00 0.67 11.31 219.98 17.50 7.30 21.50 24.85 10.90 17.60 97.00 38.00 4.10 70.30 3.00 1149.00 16.00 64.99 2.98 53.25
Low
Close
2.70 8.00 2.50 10.25 31.62 1.00 22.00 872.00 1965.00 5.00 1.30 58.00 60.00 28.72 52.00 3.39 9.33 4.74 0.90 7.55 161.50 1252.00 94.00 119.00 25.20 9.00 340.00 6.00 12.00 3.19 1.25 55.00 40.45 19.35 13.90 119.90 1.05 39.25 0.01 1020.00 2.39 94.80 19.40 32.45 3.20 311.00 30.50 5.16 155.00 0.66 32.50 2.85 0.64 9.91 39.90 28.50 79.00 2.87 5.25 100.00 0.67 11.31 219.98 17.50 7.30 21.50 24.85 10.19 17.60 97.00 38.00 4.10 70.30 2.00 1149.00 16.00 64.99 2.90 53.25
2.99 8.00 3.05 10.25 31.62 1.00 23.66 904.00 2000.00 5.83 2.50 58.14 60.00 31.65 52.00 3.39 9.99 4.74 1.46 7.55 161.84 1363.00 96.66 119.00 25.20 10.50 341.01 7.15 12.00 3.20 1.80 56.90 40.45 19.35 13.90 119.90 1.05 39.87 0.03 1020.00 2.39 94.80 19.40 32.45 3.49 311.00 30.50 5.69 170.00 0.77 32.50 2.85 0.64 9.91 39.90 28.50 79.00 2.87 5.25 100.00 0.67 11.31 219.98 17.50 7.30 21.50 24.85 10.19 17.60 97.00 38.00 4.10 70.30 2.00 1149.00 16.00 64.99 2.90 53.25
Change
Vol
0.00 0.00 0.51 -0.07 1.50 0.00 1.12 -6.00 38.38 0.99 0.20 0.64 0.64 1.42 -1.50 0.08 -0.33 0.49 -0.02 -0.85 -0.01 53.75 -1.34 -0.83 1.20 1.00 -12.15 0.65 1.00 -0.70 0.01 -0.10 0.19 0.80 -0.10 3.70 -0.39 -1.13 0.01 -10.00 0.09 4.51 -0.10 1.32 0.17 0.50 0.07 -0.46 7.65 -0.18 0.00 0.89 0.01 -0.99 1.45 0.00 0.95 1.00 -1.00 -5.00 0.17 -0.98 10.27 -1.00 -0.18 1.00 0.40 -0.03 0.84 2.00 -1.89 -0.35 -0.95 -0.19 -1.00 -0.90 2.99 0.48 -2.80
100 100 100 100 100 92 92 85 73 70 61 55 55 52 49 45 41 36 35 35 34 34 32 30 18 18 17 17 16 15 14 11 11 10 10 10 9 8 7 7 5 5 5 5 5 5 5 4 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
Low
Close
OGDC-OCT 146.83
148.40
146.75
147.93
1.10 1,334,000
MCB-OCT
197.40
193.75
195.99
0.70 1,083,500
195.29
High
Change
Vol
UBL-OCT
52.25
52.99
52.00
52.86
0.61 800,500
PSO-OCT
278.75
278.87
276.05
276.38
-2.37 509,000
25.02
25.55
24.93
25.42
0.40 472,000
DGKC-OCT NML-OCT
47.11
47.99
47.00
47.56
NBP-OCT
64.88
65.40
64.10
64.90
0.02 189,000
ENGRO-OCT 178.13
178.15
176.00
176.25
-1.88 132,000
0.45 331,500
PPL-OCT
179.57
182.90
179.50
182.16
POL-OCTB
228.27
230.80
227.30
229.39
1.12
57,000
AICL-OCT
67.61
68.50
67.20
67.62
0.01
26,000
LUCK-OCT
69.06
69.90
69.01
69.60
0.54
19,500
2.59
88,500
ANL-OCT
10.40
10.40
10.20
10.40
0.00
14,500
PTC-OCT
19.36
19.35
19.25
19.35
-0.01
5,500
ZERO VOLUME Symbols
Open
High
Low
Close
AGIC
11.06
10.99
10.99
10.99
-0.07
HAJT
0.99
0.84
0.84
0.84
-0.15
KOHTM
1.50
1.48
1.48
1.48
-0.02
0
REST
7.00
7.01
7.01
7.01
0.01
0
SANE
3.01
2.70
2.70
2.70
-0.31
0
SERF
0.17
0.18
0.18
0.18
0.01
0
ARUJ
4.75
4.50
4.50
4.50
-0.25
COTT
1.98
1.70
1.70
1.70
-0.28
0
GFIL
3.26
3.65
3.65
3.65
0.39
0
BTL
50.00
49.90
49.90
49.90
-0.10
0
0.97
0.97
0.97
-0.02
0
MFTM
0.99
Change
Vol 0 0
0
BOARD MEETINGS
Bank Alfalah Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
70.77
Support 1
10,264.60
MA (5-day)
10,165.79
Support 2
10,206.65
MA (10-day)
10,097.42
Resistance 1
10,359.60
MA (100-day)
9,875.19
Resistance 2
10,396.70
9,946.88
Pivot
*Arif Habib Ltd
Fair Value
Rs Recommendations Buy
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
36.85
Positive
TFD Research
Technical Outlook Technical Analysis
Leverage Position
73.00 8.52 8.87 10.68
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 6,253.34 N/A 9.17
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
56.44 24.26 24.93 27.43
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 4,629.46 24.64 25.17
* Target price for Dec-10 & **Net Open Interest in future market
currently indicating that INDEX is currently in an overbought condition.
indicating that BAFL is currently in an overbought condition.
average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend fore-
Brokerage House
Fair Value 33
AKD Securities Ltd
32.06
TFD Research
29.1
Rs Recommendations
Brokerage House
Technical Analysis 64.79 27.74 27.71 29.33
Fair Value
TFD Research
Buy
Rs Recommendations
8.5
Positive
Neutral
Brokerage House
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
50.20 4.73 4.89 5.63
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
381.31 1,856.98 N/A 4.83
* Target price for Dec-10 & **Net Open Interest in future market
Leverage Position
65.17 47.56 46.31 52.83
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Dec-10 & **Net Open Interest in future market
Bollinger Bands were 54 per cent narrower than normal. NML is currently 6.0 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 moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
MCB Bank Ltd
Brokerage House
Fair Value
Rs Recommendations
Rs Recommendations
120
Sell
*Arif Habib Ltd
AKD Securities Ltd
133
Reduce
AKD Securities Ltd
189.75
Neutral
Negative
TFD Research
218.18
Positive
126.33
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.69 146.18 141.46 132.84
194
Hold
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 8,731.98 26.47 49.58
NML closed up 0.43 at 49.67. Volume was 46 per cent above average and
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Positive
Fair Value
TFD Research
326.94 9,517.18 0.01 28.90
Buy
*Arif Habib Ltd
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
59.97 74.2
Oil & Gas Development Co Ltd
Accumulate
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Trend forecasting oscillators are currently bearish on DGKC.
Fauji Cement Co Ltd
Fauji Fertiliser Bin Qasim Ltd
*Arif Habib Ltd
630.05 93,329.43 231.83 147.64
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
60.17 191.39 193.42 204.60
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
342.10 67,047.54 238.34 195.96
* Target price for Dec-10 & **Net Open Interest in future market
FFBL closed up 0.54 at 29.11. Volume was 38 per cent above average and FCCL closed up 0.13 at 4.87. Volume was 308 per cent above average OGDC closed up 0.92 at 148.13. Volume was 75 per cent above average MCB closed up 0.40 at 195.99. Volume was 71 per cent above average Bollinger Bands were 28 per cent narrower than normal.
(trending) and Bollinger Bands were 12 per cent wider than normal.
and Bollinger Bands were 66 per cent narrower than normal.
and Bollinger Bands were 39 per cent narrower than normal.
FFBL is currently 1.1 per cent above its 200-day moving average and is FCCL is currently 13.5 per cent below its 200-day moving average and is OGDC is currently 11.5 per cent above its 200-day moving average and is MCB is currently 4.2 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to displaying a downward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is relatively normal as compared to the the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. flowing into and out of FCCL at a relatively equal pace. Trend forecasting reflect volume flowing into and out of OGDC at a relatively equal pace. reflect volume flowing into and out of MCB at a relatively equal pace. Trend Trend forecasting oscillators are currently bullish on FFBL.
Date
Time
Bank Al Habib Ltd Descon Chemicals Ltd KSB Pumps Company Limited Descon Oxychem Ltd Otsuka Pakistan Limited National Investment Trust Ltd Latif Jute Mils Limited IGI Investment Bank Ltd Pakistan Tobacco Co Ltd Pakistan Petroleum Ltd. Tri-Pack Films Ltd. Packages Ltd. Shell Pakistan Limited Hafiz Textile Mills Ltd Kot Addu Power Co Ltd Mari Gas Company Limited Pakistan International Airlines Corp
12-Oct 12-Oct 12-Oct 13-Oct 13-Oct 14-Oct 15-Oct 18-Oct 18-Oct 19-Oct 19-Oct 22-Oct 22-Oct 25-Oct 25-Oct 26-Oct 28-Oct
12:30 2:30 11:30 2:30 5:30 11:00 3:30 3:00 1:00 10:30 11:00 11:30 10:30 10:30 2:00 11:00 10:00
Rs Recommendations
65
Technical Outlook
Technical Outlook
casting oscillators are currently bullish on INDEX. Momentum oscillator is
port level at 10,206.65. KSE 100 INDEX is currently 3.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the
Fair Value
Company
TECHNICAL LEVELS Company
Accumulate
BAFL closed up 0.16 at 9.27. Volume was 742 per cent above average DGKC closed up 0.37 at 25.36. Volume was 32 per cent above average (trending) and Bollinger Bands were 25 per cent wider than normal. and Bollinger Bands were 25 per cent narrower than normal. BAFL is currently 13.2 per cent below its 200-day moving average and is DGKC is currently 7.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL. Momentum oscillator is currently reflect volume flowing into and out of DGKC at a relatively equal pace.
Index will continue to find its 1st support level at 10,264.60 and 2nd sup-
Brokerage House
44
10.25
10,301.65
normal. As far as resistance level is concern, the market will see major 1st
Brokerage House
Buy
AKD Securities Ltd
KSE 100 INDEX closed up 62.08 points at 10,322.56. Volume was 23 per
resistance level at 10,359.60 and 2nd resistance level at 10,396.70, while
Rs Recommendations
14
RSI (14-day) MA (10-day) MA (100-day) cent above average and Bollinger Bands were 45 per cent narrower than MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Nishat Mills Ltd
Dera Ghazi Khan Cement Co Ltd
oscillators are currently bearish on FCCL.
Trend forecasting oscillators are currently bullish on OGDC.
forecasting oscillators are currently bullish on MCB.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 48.46 3.25 3.15 59.25 52.15 51.15 40.96 63.10 62.25 34.57 25.75 25.45 48.68 23.05 22.75 46.40 66.10 65.10 53.67 14.55 14.30 50.41 10.15 10.00 81.75 365.85 363.45 68.86 87.80 86.20 73.00 9.05 8.85 51.96 3.05 2.95 49.63 8.05 7.85 51.70 1.50 1.45 56.44 24.95 24.55 50.76 1.40 1.35 40.06 36.15 35.60 55.90 61.10 59.80 50.61 175.00 174.05 48.57 13.40 13.25 50.20 4.70 4.55 64.79 28.75 28.40 57.41 106.70 106.25 66.17 98.35 95.10 43.13 33.05 32.80 57.43 120.70 119.20 46.94 221.35 219.70 30.63 2.20 2.10 53.64 1.50 1.40 52.84 2.35 2.20 44.21 8.90 8.80 45.18 40.85 40.60 48.81 2.00 1.95 65.48 72.55 72.05 60.17 194.65 193.35 42.95 2.75 2.70 53.51 64.00 63.40 64.41 18.10 17.95 44.97 18.15 17.90 63.15 2.95 2.90 42.14 1.30 1.25 65.17 49.10 48.50 61.69 146.95 145.80 52.44 2.70 2.65 50.37 1.45 1.30 49.48 2.10 2.05 59.47 7.75 7.30 72.84 244.05 242.70 46.04 180.30 178.45 47.93 73.15 72.10 62.70 274.70 273.20 61.12 19.15 18.90 43.14 193.00 192.00 71.74 32.15 31.90 45.24 8.15 8.00 77.96 29.70 29.45 51.44 2.15 2.05 58.94 4.15 4.05 46.33 52.00 51.60 55.98 2.55 2.45
1st 2nd Resistance 3.30 3.35 54.05 54.90 64.75 65.55 26.40 26.75 23.55 23.75 68.25 69.40 15.00 15.20 10.45 10.70 371.80 375.35 90.50 91.60 9.40 9.50 3.30 3.45 8.50 8.75 1.60 1.70 25.60 25.90 1.50 1.60 37.15 37.50 63.65 64.85 177.35 178.75 13.80 14.05 5.00 5.20 29.35 29.60 107.75 108.35 103.65 105.70 33.50 33.65 123.60 125.00 226.35 229.70 2.45 2.55 1.65 1.70 2.65 2.80 9.20 9.35 41.40 41.75 2.15 2.20 73.80 74.55 197.40 198.80 2.90 3.00 65.25 65.85 18.55 18.85 18.60 18.90 3.05 3.10 1.40 1.45 50.30 50.90 148.95 149.75 2.90 3.00 1.75 1.90 2.20 2.25 8.55 8.85 246.35 247.25 183.50 184.85 75.15 76.10 278.50 280.80 19.55 19.70 196.00 198.00 32.80 33.25 8.55 8.75 30.10 30.25 2.30 2.40 4.35 4.45 52.80 53.20 2.65 2.70
Pivot 3.25 53.00 63.90 26.10 23.25 67.25 14.75 10.35 369.40 88.90 9.20 3.20 8.30 1.55 25.25 1.45 36.55 62.30 176.40 13.65 4.85 29.00 107.30 100.40 33.25 122.10 224.70 2.35 1.55 2.50 9.05 41.15 2.05 73.30 196.10 2.85 64.65 18.40 18.40 3.00 1.35 49.70 147.80 2.85 1.60 2.15 8.10 244.95 181.65 74.10 277.00 19.30 195.00 32.55 8.35 29.85 2.25 4.25 52.40 2.60
8
Tuesday, October 12, 2010
Ufone, Nokia hook up, for N8 sale Ufone launches youth offer Staff Reporter
ISLAMABAD: Nauman Durrani, Operator Sales Manager, Nokia and Khurram Mahboob, Head devices, affinity & loyalty, Ufone acknowledging partnership after Nokia-Ufone MoU. -Staff Phoeo
Mobilink tops OICCI flood relief donors’ list ISLAMABAD: Mobilink, Pakistan's market leader in cellular services and a part of Orascom Telecom Holding, has been recognised by the Overseas Investors Chamber of Commerce & Industry (OICCI) as the top donor amongst its member companies for the relief of the flood affected people. The OICCI which represents 185 foreign companies, highlighted Mobilink's contribution of Rs236 million that is one of the largest private sector relief initiatives in the country followed by Unilever at Rs128 million, said a press release issued here today. A significant portion of
Mobilink's contribution is in the form of pre fabricated sheets worth Rs140 million that have been donated to the World Health Organisation (WHO) and Thardeep Rural Development Program (TRDP) to establish over 400 basic health units. The shelters are easy to assemble, transport and store as per requirements. Made of durable material, they are not only be useful during the current relief efforts but are a long term donation for future use as schools and dispensaries in coming months and years particularly in areas where rehabilitation will be a slow and lengthy process. Mobilink has also put to
use discarded panaflexes and billboard skins to pack relief items. Very sturdy, these bags can hold up to 10 kilos, are waterproof and hence of long term use to aid recipients. Channeled through the Mobilink Foundation, more than 100,000 flood victims have been reached through these efforts. The total contributions made by the members of the Overseas Investors Chamber of Commerce & Industry (OICCI) towards flood relief stand at over Rs. 1.69bn. Other top donors include British Petroleum, Johnson and Johnson, and Coca Cola Pakistan. -APP
China Telecom may be in talks to offer iPhone
HONG KONG: China Telecom, the smallest of China's three wireless carriers, may become the second Chinese operator to offer Apple's popular iPhone after an exclusive agreement with one of its rivals expires, a Deutsche Bank analyst note said. China Unicom, the nation's No.2 carrier, is the only Chinese carrier selling the iPhone, but its exclusivity deal with Apple is likely to expire early next year, Deutsche Bank said in the note, dated on Thursday. That would open up the way for China Telecom, which operates a 3G network based on a standard called CDMA 2000, to offer iPhones, as Apple prepares to launch an iPhone model that runs on that standard. "Although China Telecom management in a recent lunch meeting refused to confirm whether the company would also begin selling a CDMA iPhone in China next quarter, our own channel checks suggest that the company has been in intensive talks with chipset supplier Qualcomm and Apple Atheeb Telecommunications to ensure that this (developCo, which has won a licence ment) indeed happens," to provide fixed line services Deutsche Bank said. -Reuters in the kingdom under the Go brand. Atheeb has been struggling to compete with likes of Saudi Telecom, Mobily and more recently Zain Saudi and faces financial restructuring to boost capital after a costly investment program. A special relationship NAIROBI: The price war being waged by Kenyan telebetween the two neighbourcoms operators is not sustaining kingdoms may win able and firms will be forced to Batelco favorable treatment cut costs and restructure at from the Saudi regulator, some point if revenue per user allowing it to invest into two slides, the head of Telkom telecom operators at once. - Kenya said in an interview. Kenya's telecoms regulator Reuters slashed mobile interconnection charges in August and Zain, the second largest mobile operator owned by India's Bharti Airtel, sparked the price war in east Africa's biggest economy by halving its call tariffs. Since then Kenya's biggest others. operator, Safaricom, has fol"We are generating cash flow lowed suit and smaller players from operations in the last few such as Telkom Kenya, which quarters and our deal momen- is controlled by France tum now has been the strongest Telecom's Orange, and Yu have in two years," Rajeev Suri, been forced to make drastic Nokia Siemens' chief execu- price cuts. "This strategy is not tive, was quoted as saying to a viable strategy, it's not susIndian newspaper The tainable. But it seems no one Economic Times. cares, except operators like us He said the closest competi- who are trying to protect tor has less than 7 LTE deals. Kenyan jobs and the investSuri also said Nokia Siemens ments we've made here," was on track to reach 2 percent Telkom Kenya Chief Executive profitability for the year-end.- Mickael Ghossein told Reuters in an interview. -Reuters Reuters
Batelco interested in Zain’s Saudi business
Bahrain's Batelco says interest "very conditional" MANAMA: Bahrain Telecommunications said it was interested in the Saudi assets of Kuwait's Zain which is mulling an offer to sell a 46-percent stake to Emirates Telecommunications. The Bahraini operator, known as Batelco, said its interest in the Zain Saudi Arabia stake, worth approximately $751 million at its current share price, was "very conditional" and depended on a number of factors. "It is natural that should the opportunity be presented to invest further in (Saudi Arabia), our M&A team will always explore it," Batelco's
Chief Executive Peter Kaliaropoulos said in a statement. "However, such an interest is very conditional." E m i r a t e s Te l e c o m m u n i c a t i o n s (Etisalat) has bid 1.7 dinars a share for a 46-percent piece of Zain, in a deal worth around $12 billion. A major Zain shareholder has said it would accept the offer. With both Etisalat and Zain in Saudi Arabia, the deal would result in the sale of Zain's business in the kingdom. Batelco is already present in Saudi Arabia through its 15 percent stake in Etihad
Nokia Siemens Networks wins 17 new LTE orders HELSINKI: Telecom equipment maker Nokia Siemens Networks has won 17 orders for new LTE network equipment, with six customers of these still unpublished, a spokesman for the company said on Tuesday. Nokia Siemens is battling key rivals Ericsson and Huawei for the first orders for next-generation LTE (long-term evolution) networks, something they can use as a reference to win new orders. Telecom operators were
expected to spend billions of euros on LTE networks as data traffic in current networks has exploded due to the surge in take-up of mobile data cards. Last December, TeliaSonera launched the world's first commercial LTE service in Oslo and Stockholm. Nokia Siemens has won a part of the TeliaSonera deal, and also orders from T-Mobile, Telenor and a massive $7 billion deal to build and run LTE network for an upstart U.S. operator LightSquared, among
Telecoms price war in Kenya not sustainable, says Orange
ISLAMABAD: Nokia and Ufone signed the first of its kind MoU here in Islamabad whereby Ufone shall have the exclusive rights to sell Nokia N8 handsets in Pakistan for the first month of sales - the period includes pre-sales booking time as well. This is the first time in Pakistan that such a partnership has taken place between a Nokia and a local telecom service provider to launch a new device in the market, said a handout issued here. As part of this collaboration, N8 phones will be available at selected Ufone service centres across Pakistan. Commenting on the partnership, Nauman Durrani, Operator Sales Manager, Nokia Pakistan & Afghanistan said, "Nokia is pleased to enter into this partnership with Ufone. This collaboration is a healthy sign for Pakistan's Telecom Industry. The partnership will offer many add-on benefits to both Nokia and Ufone customers. Nokia N8 is a feature rich device and that gives you an opportunity to see the world the way you want from
it." Meanwhile, Ufone has once again taken a lead in offering this unique and most pocket friendly offer for its valued Uth customers and has broken the barrier towards the focus on friends and family offers by launching 'Uth Mufta Offer', said a handout issued here. Akbar Khan Chief Marketing Officer, while commenting at its launch said, "Ufone has been at the forefront of all pricing and VAS initiatives ever since its launch almost ten years ago years and shall remain the trendsetter in days to come". "This offer is sure to pull the youth from around the country to avail the best package in the industry", he added. While the rest of the industry is focusing on discounted or free calls to just 2 or 3 friends and family members, Ufone has allowed free calls to millions of customers on its Uth package. Calls from Uth to Uth between 12:00am to 9:00am are absolutely free and from 9:00am to 12:00am only the first minute is charged and the rest of the call is free thereafter.
LHC to hear Warid windup petition on 26th ISLAMABAD: The Lahore High Court Rawalpindi Bench will hear a petition filed by Huawei Technologies Co. Ltd for the winding up of Warid Telecom (Pvt) Ltd on Oct 26. Huawei Technologies Co. Ltd is one of the global leading networking and telecommunications companies and its subsidiaries Messrs Huawei International Pte Limited and Huawei Technologies Pakistan Pvt Limited on Aug 23 filed three petitions in the Lahore High Court, Rawalpindi Bench, for the winding up of Warid Telecom (Pvt.) Ltd, one of the five cellular operators in Pakistan. The petitions were filed after repeated assurances by Warid that the outstanding and admitted liabilities would be repaid, said a press release issued here on Mnoday.
As interim measures the Huawei companies sought stay orders against Warid from disposing off its assets and the transfer of shares. The court was pleased to grant such orders. It also directed Warid to submit its monthly statement of income and expenses. Huawei is seeking the appointment of a provisional manager while the petitions are pending. It has been pleaded that Warid, admittedly, owes the three Huawei companies a sum far exceeding $100 million. Following the institution of these petitions the grant of the stay orders by the High Court, Warid and Huawei have attempted to settle the issue. However, no meaningful offer was made by Warid, and no payment has been received by Huawei. -APP
Vodafone to invest 1bn euros in Italy mobile MILAN: Vodafone said it plans to invest about 1 billion euros (870,000 pounds) to boost mobile broadband coverage in Italy over the next three to four years, as Italy pushes to expand access to high-speed Internet across the country. Vodafone said it considered mobile broadband best suited to boosting Internet access in remote areas of the country, as debate continues in Italy over the best way to link isolated villages to the Internet economically. Under its plan, Vodafone will
extend mobile broadband coverage to cover as many 1000 Italian villages and towns over three years starting January 2011. About 1,800 Italian villages are estimated to lack access to high-speed Internet, it said. Vodafone, along with Italy's No. 2 broadband operator Fastweb and Wind, earlier this year announced plans to roll out a 2.5 billion euro fibreoptic network in Italy, but the project suffered a setback when former monopoly Telecom Italia refused to join. -Reuters
Ericsson, Huawei win deal for Bharti BD ops NEW DELHI: India's Bharti Airtel will partner telecom gear makers Ericsson and Huawei to expand and manage its mobile network in Bangladesh, where it took control of a mobile carrier this year. Bharti said it would not share financial details of the contracts with Ericsson and Huawei, but said Ericsson would manage majority of its network capacity in Bangladesh and Huawei would upgrade networks in the eastern part of the country. Bangladesh's mobile sector has grown rapidly, with subscriber numbers reaching nearly 62 million, up from 200,000 in 2001, helped by fierce competition among the country's six operators and by steady economic growth. Warid Telecom, in which Bharti bought a 70 percent stake in January, is the country's fourth-biggest operator with more than 3 million subscribers. Competition intensified in the market following slow growth last year after Bharti's entry. Bharti, which now operates mobile services in 19 countries across Asia and Africa and says it is the world's fifth-largest mobile carrier by subscribers, last month selected Ericsson, Nokia Siemens Networks and Huawei as its equipment partners for third-generation (3G) mobile services in India. Ericsson also announced in March a separate $1.3 billion network expansion contract from Bharti for upgrading Bharti's GSM network in 15 of India's 22 telecom zones. Reuters
SL Telecom to seek $125mn from capital markets COLOMBO: Sri Lanka Telecom, the Indian Ocean nation's top fixed-line phone operator and one of the stock market's blue chip firms, on Tuesday said will seek $125 million from either bonds or a syndicated loan. "We are looking at raising $125 million either through bonds or syndicated loans for our expansion plans including the mobile network," Chief Finance Officer Shiron Gooneratne told Reuters. The government's success last week in selling a $1 billion, 10-year sovereign eurobond priced at 6.25 percent has encouraged SLT, Gooneratne said. "Considering the country's recent international bond, we think there is a strong demand for the Sri Lankan companies as well. But we have not decided yet whether we should go for bonds or syndicated loans and the timing," Gooneratne said. Sri Lanka Telecom has a $734.3 million market capitalisation. It issued a $100 million, 5-year bond issue in 2004 with a 6.9 percent coupon rate and Gooneratne said the company redeemed the loan last year. As of June 30, a 52.9 percent of the company was owned by the government, while around 45 percent was owned by Global Telecommunication Holdings NV, the June quarter interim financial report showed. It posted a net profit of $6.8 million in the June quarter, more than double a year earlier. -Reuters
9
Tuesday, October 12, 2010
Gold rises towards $1,350 as USD languishes Dollar takes little reassurance from World Bank, IMF meets LONDON: Gold rose back towards $1,350 an ounce in Europe on Monday as the dollar languished, with confidence in the US currency undermined by expectations the Federal Reserve will persist with a loose monetary policy. The dollar has lost significant ground in recent weeks due to speculation that the Fed will introduce further monetary easing after a spate of soft economic data. This helped push gold prices to a record $1,364.60 an ounce last week. Spot gold was bid at $1,348.95 an ounce at 1438 GMT, against $1,343.25 late in New York on Friday. US gold futures for December delivery rose $4.40 an ounce to $1,349.70. Afshin Nabavi, head of trading at MKS Finance in Geneva, said he remains broadly positive on gold, with the dollar the main driver of the market. "$1,339-$1,340 ought to remain a good support," he said. "A breach of that could send us to $1,335, but I still think $1,400 a good possibility for the year-end."
"This move is probably a correction in a thin market with some of the New York guys absent," he said, referring to Monday's holiday in the United States. The dollar stayed under pressure on Monday, with the IMF's failure to reach an accord on how to tackle currency tensions at meetings over the weekend seeming to ensure such concerns would only mount up.
Expectations for further quantitative easing are likely to continue boosting precious metals, analysts said. As well as currency effects, gold is being supported by expectations investors will add to their bullion holdings as a portfolio diversifier, both in the private and official sectors. Russia's central bank has bought over 100 tonnes of gold on the domestic market this year, board member Sergei Shvetsov said on Monday, and
speculation is rife that other central banks, mainly in Asia, will also lift their holdings. Gold supply is struggling to meet rising demand. Output in number one producer China was 27.655 tonnes in August, the Ministry of Industry and Information Technology said on Monday, down 11 per cent from 31.059 tonnes in July. Silver hit its highest level since 1980 at $23.65 an ounce and was later bid at $23.21 an ounce against $23.20. Holdings in the iShares Silver Trust, the world's largest silverb a c k e d exchange-traded fund, rose to a new all-time high at 10,085.62 tonnes on Friday. The gold-silver ratio - the number of ounces of silver needed to buy an ounce of gold - fell to its lowest in more than two years on Monday near 57, down from above 68 in late August, as silver became increasingly expensive compared with gold. Platinum was at $1,688.50 an ounce against $1,699.35, and palladium at $585.50 against $583.53. -Reuters
Shanghai rubber rallies to hit above 4-year high SINGAPORE: The most active Shanghai rubber futures contract rallied by its daily limit on Monday to its highest in more than four years on fund buying, paving the way for more gains in the physical market. Tyre grade in Southeast Asia normally tracks Tokyo rubber futures, but the Chinese market often sets the tone of physical prices too because it is more actively traded. Thai benchmark RSS3 grade currently hovers near an all time high. March rubber rose as high as 29,065 yuan a tonne, its strongest since June 2006, when it hovered above 30,000 yuan -- marking its biggest daily percentage gain in more than a year. Volume was heavy at 436,962 lots.
"Rubber is likely to break through 30,000 yuan per tonne by year end," said Guo Cheng, an analyst with Yong'an Futures in Beijing. China, which overtook the United States as the world's largest auto market last year, has been a major bright spot as the global industry struggles to recover from a steep downturn. It is also the world's largest rubber consumer. "There's a lot of short covering. It looks like gains on TOCOM during the holiday have caught a lot of people by surprise," said a dealer in Singapore, referring to the Tokyo Commodity Exchange. Tokyo rubber futures were closed for a holiday on Monday. Dealers also said
China was likely to step up purchases in the physical market after tyre makers returned from a week-long holiday last Friday. Rubber inventories in warehouses monitored by the Shanghai Futures Exchange rose 16.8 per cent to 36,900 tonnes from a week earlier, the exchange said on Friday. "I don't think Shanghai futures are driven by supply and demand. There's speculative buying on news that supply will exceed demand," said a dealer in Singapore. Global rubber demand in 2010 may rise 12.7 per cent to 23.9 million tonnes as the recovery in the world economy is boosting automobile sales, the Singaporebased International Rubber Study Group said. -Reuters
Oil stable below $83, dlr brakes oil’s rise LONDON: Oil traded on Monday near Friday's close, on signs that the fillip to prices caused by expectations of further US quantitative easing (QE2) were running out of steam. "The big factor in the oil market in the past couple of weeks has been the pricing in
Barclays Capital in London, said: "Given how energy intensive the Chinese economy is, even with some soft landing we do not expect this to change." US crude for November was 2 cents down on the day at $82.64 a barrel at 1418 GMT, having spent much of Monday
of QE2", said Mike Wittner, oil analyst at Societe Generale in London, who credited oil's sustained breakout above $80 at the end of last month to expectations of QE2. "However, this pricing in may be coming to an end." Oil was, however, steady on the news that China, the world's largest energy user according to the International Energy Agency, had raised the required reserves of its four leading state banks to drain cash from the economy. Reacting to the news, Amrita Sen, commodities analyst at
a little above Friday's close. Prices touched a five-month intra-day high of $84.43 last week. ICE Brent fell 12 cents to $83.91. The market will seek further clues to developments in the global economy from the release of the minutes for the last Fed meeting on Tuesday, China trade data on
Wednesday, and US retail sales for September on Friday. OPEC member Iran increased its official reserves estimate by 18 billion barrels to 150 billion barrels on Monday, ahead of Thursday's OPEC meeting in Vienna. The move followed the decision a week ago by Iraq, a fellow member of the Organization of the Petroleum Exporting Countries, to raise its reserves figure to 143 billion barrels. However, Olivier Jakob of consultants Petromatrix in Zug, Switzerland, was sceptical that Iran's news would have much effect on oil prices, saying: "Everything out of Iran is taken with a pinch of salt. It was a little bit of a reaction to the Iraqi announcement." OPEC is unlikely to change oil output targets at this week's meeting, delegates told Reuters on Sunday, while Qatar said current oil prices posed no harm to the world economy. Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 08 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1300
1165
October (3rd Wednesday)
1305
1150
November (3rd Wednesday)
1315
1160
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 08 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2205 2210 2165 2175 2120 2130 2120 2130
2320 2321 2348.5 2349.5 2402 2407 2465 2470
8104 8104.5 8114 8115 7980 7990 7705 7715
2197 2199 2224 2225 2228 2233 2205 2210
23700 23705 23750 23755 23050 23150 22050 22150
TIN
26020 26025 26000 26100 25325 25375
ZINC NASAAC
2231 2232 2260 2261 2303 2308 2293 2298
2245 2246 2260 2270 2270 2280 2320 2330
European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Dec10 814.00, Jan11/Mar11 821.00, Apr11/Jun11 829.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 815.00+5.00, Feb11/Apr11 820.00+0.00, May11/Jul11 830.00+5.00, Aug11/Oct11 815.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1275.00+70.00, Apr11/Jun11 1260.00+65.00, Jul11/Sep11 1280.00+65.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1355.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 995.00+40.00, Nov10 992.50+40.00, Dec10 992.50+40.00, Jan11/Mar11 990.00+15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Nov10 1040.00, Dec10 1030.00. PALMOIL: RBD dlrs tonne fob Malaysia Nov10 992.50, Dec10 982.50+12.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Nov10 1002.50, Dec10 992.50+12.50, Jan11/Mar11 985.00+10.00, Apr11/Jun11 987.50+10.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 965.00+35.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1445.00+40.00, Oct10/Nov10 1440.00+40.00, Nov10/Dec10 1440.00+40.00, Dec10/Jan11 1435.00+35.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00+0.00. Reuters
Indian sugar rises on crushing delay MUMBAI: India's spot sugar prices rose on Monday on a delay in cane crushing in key producing states and as gains in the overseas markets bolstered sentiment further, dealers said. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing by a month, industry and government officials told Reuters on Tuesday. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety rose 0.82 per cent to 2,581 rupees ($58.1) per 100 kg. New York raw sugar futures extended Friday's sharp rally to an 8-month high on investor and fund buying on Monday. India, the world's biggest consumer of the sweetener, has made available 1. 75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement earlier this week. The country is expected to produce 26 million tonnes of sugar in 2010/11, up from previous forecasts of 25 million tonnes, Prakash Naiknavare, managing director of Maharashtra State Cooperative Sugar Factories Federation, had told Reuters in an interview. -Reuters
NABLUS - PALESTINIAN: Prime Minister Salam Fayyad assists Palestinian farmers during the olive harvest in the West Bank village of Iraq Borin near Nablus. -Reuters
Copper retreats from 27-mth high as $ rallies LONDON: Copper retreated from a more than two-year high on Monday as the dollar rallied, but the metal's losses were limited with currency fundamentals staying in its favour. Prices were buoyed earlier by expectations for more quantitative easing (QE) in the United States that could erode the dollar. News on the planned launch of exchange-traded products (ETF) for base metals were also seen as supportive as easier access to those commodities was expected to boost investment interest, traders said. Benchmark copper closed at $8,290 a tonne, versus Friday's $8,300 as industry players met for London Metal Exchange (LME) Week, the annual global industry gathering in London. Earlier it hit a 27month high of $8,388 a tonne. "The dollar is playing the important role at the moment," said analyst Daniel Major at RBS. "A slightly stronger dollar is probably constraining potential upside," he added. LME Week, which gathers miners, smelters, consumers and investors for meetings, seminars, receptions and cocktail parties in London, historically generates volatility and tends to set the tone for the final quarter. UK-based ETF Securities said on Monday it would introduce physical exchange-traded
Sugar rises to 8-mth high; arabicas ease
products for copper, aluminium, zinc, lead, tin, nickel and a LONDON: ICE raw sugar futures extended Friday's sharp Shanghai metals rally to an eight-month high on strengthen Metals rallied on Monday, investor and fund buying on with London copper hitting a Monday, while arabicas dipped and cocoa edged higher underfresh 27-month peak, buoyed pinned by a soft dollar. by expectations of more stimThe sugar market was supulus from the US Federal ported by reports of Brazilian Reserve and low interest rates industry buy-backs of sugar after weak jobs data in the pre- from the trade due to a domesvious session. tic price rally; congestion at Shanghai zinc rallied 5 per Brazilian ports, and a rally in cent to its upside limit of 18,875 US corn futures, dealers said. yuan a tonne, while copper rose Corn is used in sweeteners. 4 per cent to touch 63,330 yuan, ICE March raw sugar futures a six-month high. were up 0.62 cent or 2.4 per basket of the six major base cent at 26.94 cents a lb at 1409 metals. Among other metals, GMT. London December white aluminium edged down to sugar was up $12.80 or 1.9 per $2,400 a tonne from Friday's cent at $690.40 per tonne, havclose at $2,420. It had earlier ing earlier hit a contract high of hit its highest since April at $696.90, just below psychological resistance at $700. $2,438 a tonne. Robusta coffee was also down An MF Global analyst predicted it would average $2,250 as the harvest gets under way in a tonne next year as fund flows the world's top producer and possible Chinese produc- Vietnam. ICE March arabica coffee futures were down 1.05 cent tion cuts support prices. Tin was last bid at $26,195 a or 0.6 per cent at $1.8280 a lb. Liffe January robusta coffee tonne from $26,350 on Friday. Last week, it hit a record peak was down $13 or 0.8 per cent at at $26,790, underpinned by $1,674 per tonne in light voltight supply from top exporter ume of 2,380 lots. ICE December cocoa futures Indonesia and low stocks. Stainless steel material nickel were up $45 or 1.4 per cent at closed at $24,375 from $24,400 $2,843 per tonne. on Friday, while battery material Liffe second-month March lead gained to $2,315 from cocoa was 28 pounds or 1.5 per $2,270 a tonne on Friday. Zinc cent higher at 1,920 pounds a ended the day at $2,330 from tonne in light turnover of 1,305 $2,289 a tonne. -Reuters lots. -Reuters
Palm oil hits multi-yr highs on supply concerns KUALA LUMPUR: Global vegetable oil prices hit multiyear highs on Monday as Asian traders scrambled for cover after a forecast of a smaller US soybean crop and the falling dollar. China's most-active May 2011 soyoil rose 4 per cent, its trading limit, to reach its highest since Sept. 1 2008 and the May 2011 palm olein contract also rose by its 5 per cent daily limit to a level unseen since July 21, 2008. "I believe the prices will go above 9,000 yuan per tonne on speculative buying," said an oil analyst with a Shanghai-based brokerage. Chinese traders are also eyeing
a possible government sale of state vegetable oil reserves to mitigate the strong prices and to rein in food-price driven inflation that accelerated in August to 3.5 per cent from a year ago. Benchmark Malaysian palm oil futures closed at 2,930 ringgit ($941.2) per tonne, after surging 6.5 per cent to their highest in more than two years as news about US government trimming soy and corn production outweighed the country's higher palm stocks and weaker overseas demand. Industry regulator Malaysia Palm Oil Board said September palm oil stocks edged up to a
seven-month high, while cargo surveyors reported a slight fall in palm oil exports during the first 10 days of October. The revised U.S crop forecast suggests the amount of soybeans available globally for crushing into soyoil would be limited despite earlier indications of growing supply, which might push big consumers to buy more palm from top producers Indonesia and Malaysia. US soyoil for October delivery hit a more than two-year high in Asian trade. Lack of rain has hit Brazil's most important soybean producing state. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 82.43 83.12 83.82 23.14
46 23 -
11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500
NO10 DE10 JA11 NO10
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce
80.80 81.60 82.31 22.66
83.47 84.23 83.82 23.14
80.79 81.52 82.31 22.66
82.43 83.12 83.82 23.14
178 65 -
Price 83.19 83.90 84.59 23.44
11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010
SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz
DE10 NO10 DE10 JA11 NO10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
22.61 1333.00 1333.50 1335.00 1332.90
23.47 1353.80 1354.50 1355.10 1342.20
22.61 1330.00 1331.50 1332.00 1332.90
23.15 1342.20 1343.00 1343.90 1342.20
98 508 1,139 1,162 -
23.45 1352.70 1353.60 1354.50 1352.70
23.15 1342.20 1343.00 1343.90 1342.20
23 716 735 850 -
11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010
GOLD 100oz GOLD 100oz GOLD GOLD GOLD
DE10 JA11 OC10 NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms
1334.40 1334.50 36854.00 36900.00 36859.00
1353.70 1333.60 1343.00 1334.50 37436.00 36836.00 37237.00 36845.00 37250.00 36859.00
1343.00 1343.00 37228.00 37237.00 37250.00
64 33 3 -
1353.60 1354.50 37407.00 37416.00 37430.00
1343.00 1343.90 37228.00 37237.00 37250.00
11 50 -
11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010 11-Oct-2010
Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 14OC10 OC10 OC10 10-Dec 11-Mar
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 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
37125.00 42933.00 42933.00 37857.00 37897.00 37911.00 37924.00 37938.00 43490.00 2402.00 3183.00 4190.00 86.65 86.15
37400.00 43390.00 43390.00 38308.00 38256.00 38269.00 38282.00 38295.00 44012.00 2402.00 3183.00 4406.00 86.66 86.15
37200.00 43390.00 43390.00 38308.00 38256.00 38269.00 38282.00 38295.00 44012.00 3128.00 3129.00 4406.00 86.66 85.67
2 -
37380.00 43599.00 43599.00 38490.00 38436.00 38449.00 38463.00 38477.00 44227.00 3182.00 3183.00 4190.00 86.65 85.65
37200.00 43390.00 43390.00 38308.00 38256.00 38269.00 38282.00 38295.00 44012.00 3128.00 3129.00 4406.00 86.66 85.67
2 -
36809.00 42933.00 42933.00 37857.00 37897.00 37911.00 37924.00 37938.00 43490.00 3128.00 3129.00 4190.00 86.65 85.67
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Caroline Wozniacki holds trophy along with Vera Zvonareva at China Open tennis final
10
Tuesday, October 12, 2010
Women’s 100m CWG champ fails doping test NEW DELHI: Commonwealth Games women's 100 metres gold medallist Osayemi Oludamola has been suspended after testing positive for a banned stimulant, Games Federation chief Mike Fennell said Monday. The Nigerian's sample contained the banned stimulant methylhexaneamine, which was added to the World AntiDoping Agency's (WADA) list of banned substances for the first time this year. The 24-year-old's suspension was extended after a hearing on Monday and she will keep her gold medal until after her B sample is tested. "(The) B Sample result is expected within 48 hours from the time of the request so further details are not expected until Wednesday morning," said a Games Federation statement. Oludamola took gold after Australian Sally Pearson, who crossed the line first in Thursday's race, was disqualified for a false start three hours after the finish. Natasha Mayers, who crossed the line third in the blue riband sprint to take St Vincent and the Grenadines' first athletics medal, will be elevated to gold medallist if Oludamola is stripped of the title. Mayers herself served a twoyear doping ban after testing positive for testosterone in 2005. The online edition of Nigeria's Vanguard newspaper ( w w w. v a n g u a r d n g r. c o m ) quoted the president of Athletics Federation of Nigeria as saying that they would back the athlete as they believed she took the substance inadvertently.-Reuters
Haroon, Waseem settle with bronze medals KARACHI: Pakistani pugilists Haroon Khan and Mohammad Waseem lost their semifinal matches in the ongoing Commonwealth Games, ending their run with each claiming a bronze medal. British born Pakistani boxer Haroon, lost his semi-final bout to India's Suranjoy Mayengbam and ended his campaign with a bronze medal in 52Kg weight category. The score was 9-3. Meanwhile, another talented Pakistani boxer Mohammad Waseem lost his last-four encounter to Namibia's Jafet Uutoni, who recorded a10-1 win in the 49 Kg category encounter. Earlier, Nisar Khan lost his quarterfinal match of 75 Kg weight category to Welsh Keiran Harding by 5-3 score.-PPI
PCB considers ‘miffed’ Younus LAHORE: In a bid to resolve its current impasse with Younus Khan, the Pakistan Cricket Board (PCB) has reportedly sent a notice to the former captain asking him to contact the board. The PCB had earlier said that it would not select Younus in the national team until he contacts the board personally. According to reports, the former captain has not contacted the PCB regarding his case after the appellate tribunal of the board lifted the ban from him in June. Younus along with Mohammad Yousuf was banned indefinitely from the team in March following an inquiry committee report, which had probed Pakistan's dismal performances and dis-
ciplinary problems during the tours of the United Arab Emirates, New Zealand and Australia. Five other players - Shoaib Malik, Rana Navedul Hasan, Shahid Afridi, Kamran Akmal and Umar Akmal - were also banned or fined. However, the appellate tribunal later lifted bans on Younus, Naved and Malik and halved the fines. The other players had apologized to the board and accepted their mistakes, clearing the way for their return. However, Younus has refused to do so, insisting through his lawyer that he had done nothing to apologize for and had instead maintained that he wanted to clear his name fully of the charges laid against him.-Online
Djokovic defends title in China Open BEIJING: World number two Novak Djokovic demolished Spain's David Ferrer 6-2 6-4 in the rain-delayed China Open final on Monday. The 2009 champion took advantage of the 3-1 first set lead he had opened before torrential rain ended play on Sunday to extend his tenure on the title. "China is definitely a special place for me," the 23-year-old said as he received the gold China Open Cup. "This is definitely a confidence boost for me. Energywise, I'm fresh. I'm going to play my first singles match on Wednesday at the Shanghai Open, so still have a day or two to get used to the conditions there," he added. After smog blighted much of the tournament and rain forced it into an extra day, Djokovic looked keen to end proceedings quickly and catch his resched-
uled flight to the Shanghai Open. The Beijing Olympics bronze medallist roared his way through the rest of the first set, breaking a jaded Ferrer twice. The eighth-seeded Spaniard staged a revival in the second set, sending the Serb scuttling across the baseline in vain to open a 4-2 lead, but any belief among the small crowd that a three-set thriller was in store was doused by Djokovic. "I thought at 4-3 I had a chance and I then had one double fault," said Ferrer. "Maybe I lost my concentration a little and I couldn't come back to play well again." Denmark's Caroline Wozniacki, who will become world number one when the rankings are released later on Monday, is due to play Russian second seed Vera Zvonareva in the postponed women's showpiece later.-Reuters
Captaincy a piece of cake for Misbah LAHORE: Newly appointed captain of Pakistan test team, Misbah ul Haq has set aside the criticism of former test cricketers regarding his appointment as captain saying leading the team will not be a problem for him. "I do not agree what they (a few test cricketers) are saying doubting my abilities as a captain and I also do not agree to them that I am not capable of delivering", he told APP here on Monday at Gadaffi stadium. Misbah said his aim is to inspire the team to put up a good performance and to attain good results without considering the might of their opponents.
"I know the task assigned to me is not easy but underestimating me as a captain and a batsman is not a fair thought as one always learn with time and improves", he added. The test batsman said he will endeavour to bridge in the gap of his months long absence from the team by giving good results through his batting and role as a captain. "Even when I was not part of the team I did not give up and I used to train myself to keep prime form and I was engaged in cricket because I was confident that I can make a come back which eventually happened", said Misbah.-APP
NEW DELHI: Australia's Pearson cries after winning women’s 100 meter hurdles final as she celebrates with silver medallist Miller of New Zealand.-Reuters
PCB never approached me properly, says Wasim ISLAMABAD: Pakistan's former cricket captain Wasim Akram has said that he has always made himself available for coaching youngsters but the approach of Pakistan Cricket Board (PCB) has "never been proper" in this regard. "I would probably prefer to work as manager or chief selector instead of chairman PCB if given an opportunity," he was quoted as saying. "I was offered the coaching job before Waqar Younis but had prior contracts for the next year or so," he said. "We were both young and wanted to outperform each other. In the end, it was good for the team," he recalled. The king of swing bowling said that "inclusion in the International Cricket Council (ICC) Hall of Fame was the biggest honour for him". He did not rule out a stint in politics like his mentor Imran Khan but said "it may come after five-ten years." On the current spot-fixing crisis, he said that "PCB and ICC are confused and don't know how to react". "The authorities should have made it mandatory for the players much earlier to get their agents cleared from ICC," Cricket365.com quoted him as saying, adding, that "real truth regarding the three Pakistan players and the validity of the allegations is yet to surface". "All this is getting too much to handle and I hope that the air clears soon," he added. Three Pakistan players Salman Butt, Muhammad Asif and Muhammad Amir are currently suspended for their alleged involvement in spot fixing and bowling no-balls after taking bribes from an alleged bookie Mazhar Majeed during the team's recent England tour.-APP
Bajwa mourns Pak’s loss to India LAHORE: Secretary Pakistan Hockey Federation, Muhammad Asif Bajwa has termed Pakistan's 4-7 defeat to India in Commonwealth Games a big disappointment which spoiled team's chances to reach the semi finals. "It was a disappointing show as the team could not sustain the pressure to play India in their own backyard and crowd and this factor dumped it in the match ",he told APP here on Monday. Bajwa while analyzing the performance of the team in the match said players seemed under pressure in the match in which they scored four goals but could not stop the Indian forwards in crunch situations from scoring goals.
"That was the stage where they (players) needed to keep their nerves under control without bowing down to the pressure but they failed to cope with the situation and conceded as many as seven goals which was a big disappointment," said the PHF official. He said the chief selector is in India who is minutely watching the performance of the team and his report and the report of team management will be taken into consideration to determine what went wrong in that crucial match. "It was a important match to remain in contention but unfortunately after doing good against Scotland, Malaysia and Australia the team failed to
rise to the occasion and suffered a bad defeat," he said. PHF Secretary said team's performance against Scotland, Malaysia and Australia was good and unfortunately it could not overcome the pressure situation against India while playing in India. "Our record is not good when we play India in India and there is dire need to have matches at a neutral venue to ascertain Pakistan team's performance because in such a situation the pressure will be equal on both the sides ",he said. He said commonwealth games will serve as a good training tour for November Asian Games which is the real target of the team.-APP
Spot fixing on top agenda
ICC brass to meet in Dubai KARACHI: International Cricket Council (ICC) Executive Board meeting will be held at its headquarters in Dubai from Tuesday with spotfixing allegations main item of the agenda, ICC announced on Monday. The ICC Board, which has a zero-tolerance approach to corruption in cricket, will be updated on the spot-fixing allegations against three Pakistan players during a recent tour to England. Under the ICC AntiCorruption Code, the players Salman Butt, Mohammad Aamir and Muhammad Asif were provisionally suspended from all forms of cricket. In accordance with the provision of the code all three have appealed that provisional sus-
pension and the independent hearing will take place in Doha (Qatar) October 30-31 and will be chaired by the head of the ICC Code of Conduct Commission, Michael Beloff. As has been the case up to now, comment from the ICC on this issue will be strictly limited so as not to prejudice the case. Future Tours Programme (FTP) 2012-2020 and context for international cricket. The Board will consider the recommendations from the ICC Chief Executives' Committee (CEC), which met in Cape Town last month. These recommendations seek to give exciting context and content for international cricket within the FTP after 2012 and also to consider future ICC
events. The ICC Board will consider the following recommendations from CEC. The FTP should consist of a Test league to provide context for all Test matches. The league would determine the top four teams to qualify for an ICC Test play-off. The play-off should be held once every four years to determine the Test champion team with a request to hold the first such play-off in 2013. The FTP should also consist of a One-Day International league, the first to run from April 2011 until April 2014, culminating in the crowning of an ODI league champion. This would run separate to the ICC Cricket World Cup.-APP
Tendulkar, Vijay made it India’s day n
Vijay makes maiden test ton n Tendulkar on course for sixth double century n Johnson disappointed with slow pitch
BANGALORE: Milestone man Sachin Tendulkar struck an unbeaten 191 and starred in a marathon 308run stand with Murali Vijay to fuel India's robust reply in the second test against Australia on Monday. A day after crossing 14,000 test runs, Tendulkar lit up third day's play with his 49th test century while Vijay (139) registered his maiden on a belter of a track to help India reach 435 fore five wickets at close.
Mahendra Singh Dhoni (11) was giving company to Tendulkar at stumps with India, who lead the twomatch series 1-0, 43 runs behind Australia's first innings total of 478. Tendulkar hit a sparkling 319-ball knock studded with 20 fours and two sixes to remain on course for his sixth double century. Resuming on 128 for two, both Tendulkar and Vijay, who was reprimanded by match referee Chris Broad
for wearing too many logos on his pad on Sunday, made the most of a highly productive morning session when boundaries flowed from their blades. Tendulkar hit Nathan Hauritz for a six to reach 99 and repeated the treatment in the off-spinner's next over to bring up his ton and trigger boisterous celebrations at the M Chinnaswamy Stadium. While team mates, opponents and the crowd
applauded his feat, Tendulkar took off his helmet, raised the bat, looked skywards and then closed eyes in a silent prayer. Vijay took a more conservative way to reach his century mark, with a single off Peter George, but was more expressive in celebration, jumping and punching the air. "It was really special. Playing with Sachin Tendulkar was a dreamcome-true for me," Vijay told Neo Cricket channel.
Mitchell Johnson finally broke the partnership, India's highest third wicket stand against Australia, in the final session when he dismissed Vijay and debutant Cheteshwar Pujara (four) in the same over. "With (India having) a big partnership of 300, it's been a tough day for the bowlers," Johnson said. "As a fast bowler, you want a bit of bounce and carry but it (pitch) was a bit slow."-Reuters
BANGALORE: India's Vijay and Tendulkar run between wickets during the third day of their second test cricket match against Australia.-Reuters
International & Continuation
Tuesday, October 12, 2010
Iran police nab five armed thugs
China raises big banks’ required reserves
port city of Chabahar brought potential escape routes under close monitoring. They first arrested a motorcyclist and an accompanying rider in a surprise operation, involving an exchange of gun fire, after they fled a police road-block. According to General Nekoie, following the arrest of the armed motorcyclist, the hideout of his collaborators were quickly discovered and four more criminals
BEIJING: China has raised reserve requirements for six large commercial banks on a temporary basis, a surprise move to drain cash from the economy but avoid over-tightening, four sources told Reuters on Monday. The 50-basis-point increase, which takes required reserve ratios to 17.5 per cent for the country's biggest lenders, is the first since May this year. The rise will be in place for two months before ratios are returned to their original levels, the sources said. In the limited nature of the increase, the central bank appeared to be trying to strike a balance between tamping down on liquidity and maintaining flexibility lest the economy lose momentum. The People's Bank of China declined to comment. Global markets tumbled earlier this year when China raised reserve requirements, but on this occasion investors took the news in their stride. The Australian dollar, which is sensitive to the strength of the Chinese economy, came under brief selling pressure before paring its losses. Xu Biao, an economist with China Merchants Bank in Shenzhen, said that the Chinese central bank was acting out of concern that capital inflows could be on the rise. -Reuters
Monitoring Desk KARACHI: Iranian police officers in Chabahar have arrested five criminals following a police chase and shootout after the thugs killed a number of officers in the Kerman Province in another armed scuffle. Police Commander of the Sistan and Baluchestan Province Gen. Gholamali Nekoie said the arrests came after units of special police forces in the southeastern
were detained. He said after the police inspection of the hideout, a large amount of narcotics, two stolen motorcycles, a hand gun and stolen motorcycle parts were discovered and seized. The commander noted that investigations to capture one of the armed thugs that escaped arrest continue. Police Commander of Sistan and Baluchestan Provice General Gholamali Nekoie.
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Turkey was among the first to respond to the floods calamity and has contributed generously to the humanitarian relief work for the flood affected people. The wife of the Turkish Prime Minister, Emine Erdogan had earlier paid a special visit to Pakistan to demonstrate Turkey's full solidarity with Pakistan in the wake of the floods. The Turkish leadership and people have launched fund-raising campaign and organised substantial assistance for relief and reconstruction, the spokesman said. The visit of the Turkish Prime Minister will also provide an excellent opportunity for further strengthening Pakistan-Turkey comprehensive partnership. Meanwhile sources said Turkish PM would visit Muzaffargarh during his visit to Pakistan and would express his sympathies with the flood affectees, he would also visit Mehmood Kot with Prime Minister Yousuf Raza Gilani along with a 17-member delegation. -Online
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The charge sheet also alleges Musharraf of being involved in the murder of Nawab Akbar Bugti, being responsible for missing persons' case in Balochistan as well as killing people in the Lal Masjid incident. The PML-N demanded that Musharraf be brought back through Interpol.
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lost power. "We were as close as drafting the final agreement." Asked how close they came to an agreement on Kashmir and whether there was a specific draft on the issue, he said: "Well it was being formed. The draft was being formulated, that is the good thing, and it was being formulated in good spirit." He dismissed the Lahore Declaration signed during the former Prime Minister, Atal Bihari Vajpayee's, visit to Pakistan in February 1999 with the then Pakistani Prime Minister Nawaz Sharif. He said there was "nothing in Lahore Declaration" that could form the basis for a settlement of the Kashmir dispute which, he insisted, must be resolved in the interest of genuine peace. General Musharraf said he happened to see the draft of the Declaration and was surprised that there was "no mention" of Kashmir.He said he told Sharif that it made no sense and a few sentences were then drafted. "But he removed them from the final Declaration. In a way he (Sharif) bluffed me," he said. General Musharraf also questioned the interviewer's reference to the "Agra Agreement" of 2001 saying that there was no agreement. It was only when the Congress returned to power in 2004 with Dr Singh as Prime Minister that the two countries "moved forward towards an agreement." He said Dr Singh had a "very good sense" about India-Pakistan relations. "I respect him very much," he repeatedly said. General Musharraf said he had "no regrets" over Kargil, describing it as a result of the history of "confrontation" between the two countries. -Online
The FTSE 100 is up almost 900 points, or 19 per cent, since its 2010 closing low on July 1. Investors were also awaiting thirdquarter US corporate earnings, with figures due among others this week from Intel on Tuesday and JPMorgan Chase on Wednesday. "From the point of view of the equity market, (quantitative easing) would mean more stimulus ... and the markets might just read that as being good news for earnings or good news for growth," Mike Lenhoff, chief strategist at Brewin Dolphin, said. Petrofac rose 2.5 per cent, after the oil and gas services company won a contract worth $250 million with the government of Sharjah in the UAE. The stock was also aided by a price target rise from Evolution Securities following a Syrian site visit. Other broker comments were behind a number of individual equities moves, traders said. Weir Group gained 2.4 per cent after UBS upgraded its target for the engineering firm to 1,700 pence from 1,400p, while repeating its "buy" rating. UBS also raised its target for sector peer Smiths Group, to 1,550p from 1,400p. Smiths rose 1.5 per cent. Inmarsat added 2.1 per cent, recovering after falls last week when US hedge fund firm Harbinger Capital Partners halved its stake in the satellite operator, and as it was upgraded from Goldman Sachs to "buy" from "neutral". Fashion firm Burberry and hedge fund Man Group, which have been the subject of bid talk among traders recently, rose 2.2 and 2.6 per cent respectively. Cairn Energy, which agreed in August to sell a stake of 40 to 51 per cent in Cairn India to Vedanta, was up 2.1 per cent as its Chief Executive Bill Gammell said he is hopeful the deal will close by this year.On the downside, Prudential shed 1.3 per cent after JPMorgan Cazenove downgraded the insurer to "underweight" from "neutral". Autonomy fell 2.3 per cent as Deutsche Bank cut the software firm's rating to "hold" from "buy", while BP fell 0.8 per cent as RBS cut the oil major to "hold" from "buy".-Reuters
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director of Meridian Equity Partners in New York. "The jobs report reminded the Fed that certain forces are not waiting on press releases, so I expect a statement with more aggressive language this week." The dollar rose 0.1 per cent against a basket of other major currencies as the Fed looked set to inject more cash into the economy. But with bets against the greenback piling up, traders were wary about pushing it lower. The dollar and equities have traded in inverse correlation as investors leave the perceived safety of the currency to put money into equities. The dollar was also affected after the International Monetary Fund's member countries failed to defuse currency tensions over the weekend.Three Dow components -- Intel Corp, JPMorgan Chase & Co and General Electric Co -- are scheduled to release quarterly results this week. Investors will look at revenue outlooks for insight into how corporations are faring. Bellwethers Google Continued from page 12 No #4 Inc and CSX Corp are also on tap. Metrological department would inform the committee about "I'm expecting a fairly decent earnings season, which will concauses of environmental changes and series of earth quakes. tinue to build a base and show consistent growth. But the Fed will During the session special report regarding Defense Housing be the cause of greater volatility and price moves on a broader Society would come under discussion. basis," Greco said.. The Dow Jones industrial average added It is pertinent to mention here that prior, a committee session 10.33 points, or 0.09 per cent, to 11,016.81. The Standard & was to hold in GHQ, Rawalpindi but after protest of opposition Poor's 500 Index gained 1.62 points, or 0.14 per cent, to 1,166.77. members, the session was postponed. -Online The Nasdaq Composite Index rose 6.72 points, or 0.28 per cent, to 2,408.63. Continued from page 12 No #5 Gymboree Corp surged 22.5 per cent to $64.88 after it agreed to hope to continue in this vein with focus on our businesses and sell itself to Bain Capital, a private equity firm, for $1.8 billion, technology driven additions to our services portfolio. We intend to while Harbin Electric Inc soared 18.6 per cent to $23.66 after its maintain our leadership position in Pakistan and strengthen our chief executive and his affiliates offered to take the company pribusinesses in key markets including the GCC, UK and South Asia." vate in a deal that valued it at $745.7 million. LDK Solar Co Ltd Global Finance this year has identified the best banks in 123 jumped 14.6 per cent to $11.23 after the Chinese solar wafer countries as well as the best banks globally in 11 key banking cat- maker raised its revenue outlook and named a new chief financial egories. The criteria used for selecting this year's winners, consid- officer.Dow component Microsoft Corp edged up 0.2 per cent at ered both objective and subjective factors. $24.62 after the company unveiled a new line of phones running its Windows software in an attempt to regain market share in the Continued from page 12 No #6 has also called back Ahmad D Abbasi, Pakistani ambassador in smartphone space.-Reuters Iran on completion of tenure of his service. -Online Continued from page 5 No #10 increased their authorised capital with the aggregate authorised capital increment of Rs7.5 billion and 66 companies raised their raised serious apprehensions about its need and efficacy. Now they allege that the recent unprecedented flood disaster paid-up capital with the total paid-up capital increment to the tune was caused due to uplifting project on Tounsa Barrage. They of Rs2.82 billion. -Online demand setting up of an independent inquiry commission to look Continued from page 5 No #11 into the matter and ascertain facts regarding alleged failure of on Monday the open offer price for the Indian explorer's Tounsa Barrage rehabilitation and upgradation project. -Online minority shareholders is indeed the final price.
No #7
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No #8
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"Investors look to be pricing in further QE, particularly in the US If that doesn't happen in November then we could see a sharp retreat from current levels."
Earlier in the day, the stock had risen as much as 5.4 per cent after the Business Standard newspaper reported Indiafocused miner Vedanta Resources which is bidding for the energy explorer, was likely to raise the open offer price for
11
the minority shareholders. World stocks were firm as Friday's weaker-than-expected US jobs data reinforced hopes that the Federal Reserve would inject fresh money into the economy. MSCI world equity index was up 0.2 per cent by 1033 GMT, while the more volatile emerging markets index gained 0.5 per cent. Nirma rose as much as 18 per cent to 264.85 rupees, after the detergent maker said it has approved a proposal by the founders to acquire all outstanding shares at 235 rupees per share and delist from the BSE and the NSE. The stock gave up some early gains and closed 7.2 per cent higher at 240.50 rupees.Bharat Forge climbed 3.3 per cent to 381.40 rupees, after the Mint reported on the weekend that the firm's joint venture with Paris-based Alstom SA had emerged as the lowest bidder for the largest order for supply of power generation equipment in India. Prime Focus rose 2.2 per cent to 705.05 rupees, after a top official said he expects a 15-20 per cent jump in revenue in the current financial year driven by plum 2-D to 3-D film conversion and visual effects contracts. CMC firmed 17.9 per cent to 2,375.70 rupees, after the company said its July-September net profit rose 18.08 per cent.-Reuters
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Beijing had raised reserve requirements by 50 basic points for six large commercial banks, aiming to drain liquidity, fours sources told Reuters on Monday. Tracking the strength of Shanghai market, the benchmark Hang Seng Index climbed 263.13 points or 1.15 per cent to close at 23,207.31, its highest close since June 18, 2008. The China Enterprises Index of top locally listed mainland stocks was up 1.52 per cent at 12,951.90. Turnover increased for a second straight session to HK$95.21 billion ($12.3 billion), from Friday's HK$86.6 billion."The overall market continued to trend up as investors did not want to hold cash because of the weak (US) dollar," said Alex Wong, a director at Ample Finance Group. "Instead of sitting on cash, investors preferred to make a bet in the market, and that helped demand for resources and oil shares after the recent strength of precious metals," Wong said. CNOOC Ltd ended at HK$16.80, up 4.48 per cent, its highest close since Oct 30, 2007, after the company agreed to buy a third of Chesapeake Energy Corp's acreage in the Eagle Ford shale in South Texas for $1.08 billion.Property stocks remained firm in anticipation that a land auction in Hong Kong on Tuesday could draw strong interest from developers, sending the Hang Seng property sub-index up 1.02 per cent. Henderson Land Development Co Ltd and Sun Hung Kai Properties Ltd each gained 0.8 per cent.Despite the strong market, Chinese coking coal logistics debutant Winsway Coking Coal Holdings Ltd, which raised $473 million in an IPO, weakened on debut to HK$3.38 from the issue price of HK$3.70.-Reuters
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and government. Happiness is the second name of PPP, he said. He further admitted the fact that sometimes he is so busy that he does not give full time to party and masses.We will polish the incomplete manifesto of Shaheed Zulfiqar Ali Bhutto and Shaheed Benazir Bhutto till the last drop of our blood, Zardari added. On the occasion, President amid stringent security measures inaugurated various development projects while laid foundation stone of new projects in Naserabad.
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officers were recommended for promotion to BPS-22 posts in Customs and Excise Group, Foreign Service of Pakistan and Police Service of Pakistan and 21 officers were recommended for promotion in the Secretariat Group.The Board noted that all the eligible BPS-21 regular officers of the Secretariat Group have been considered and stand promoted to BPS-22 and no other officer of that Group was now eligible for promotion at this stage. -Agencies
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respectively. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first three months of the current fiscal year amounted to $242.52 million as against $260.02 million in the same period last year. The monthly average remittances for the July-September 2010 period comes out to $882.10 million as compared to $777.17 million during the same corresponding period of the last fiscal year, registering an increase of 13.5 per cent.In September 2010, an amount of $922.06 million was sent home by overseas Pakistanis, up 14.38 per cent or $115.94 million, when compared with $806.12 million received in the same month last year.
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project would take three years to complete. Addressing 'Fuelling Pakistan' conference at Expo Center here on Monday, he said present government issued more-than-expected licenses to oil and gas companies and this cooperation towards the business community would continue. The federal minister said liquefied petroleum gas (LPG) is the only way to meet short-term shortage of gas in the country; accordingly, Prime Minister Syed Yousuf Raza Gilani will soon inaugurate two projects of LPG in Sindh and Balochistan each.
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institutions has been tested in these odd hours and this has shown the steadfast resolve and inherent strength of the Pakistani nation. Commenting on the role of the outgoing Ambassador in strengthening the bilateral relationship between the two countries, Prime Minister said that Pakistan considers her a true friend and an outstanding representative of USA. He specially mentioned her visits to the flood hit areas and said that her act of kindness would greatly be missed by those affected by the calamities.Prime Minister wished her good luck in her future endeavours.Anne W Patterson while reciprocating the views expressed by the Prime Minister said that she was pleased to see the transformation of bilateral relations into a long-term strategic partnership which is beneficial for the two countries. She also recalled the transition phase of the return of democracy in Pakistan and considered it as significant for the country. She appreciated Prime Minister's reconciliatory role in Parliament to resolve major national issues. -Agencies
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General (AG) Maulvi Anwar-ul Haq appeared in the court. AG said Kamal Azfar had been appointed advisor to the Prime Minister. Government wanted to change its counsel, therefore, some more time be allowed on this count. "During the previous hearing adjournment was given at your request and government was allowed time", CJP remarked. Looking at the notification, CJP said "notification of Kamal Azfar was issued on Sunday. Issuance of notification on Sunday indicates ill-intent of the government. It does not suit to government to use such delaying tactics."The CJP while addressing AG said, "Earlier Masood Chishti had filed review petition and then he was appointed Law Secretary. Kamal Azfar was to present his review case on behalf of the government and he has been appointed advisor. Government wanted to seek more time on the pretext of changing the counsel. It is not known if the consent of Kamal Azfar was taken or otherwise on notification. -Online
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international oil prices and elimination of electricity subsidies." Analysts said the State Bank of Pakistan was likely to continue to pursue a tight monetary policy as it expects inflation for the fiscal year ending June 30 to be between 13.5 per cent and 14.5 per cent, compared with an original target of 9.5 per cent.
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say that without including the country's main products of bed linen and knitwear, the scheme does not go far enough. "This is just unbelievable. Concessions are mostly on raw materials -- 80 per cent is raw material and 20 per cent where we have such a small exports, where we don't have the volume, where we can not move further," said Bashir Ali Mohammad of Gul Ahmed Textile Mills. Yasin Siddik, APTMA's vice chairman, said the concessions were "meaningless" and the government should push the EU for more. "This is just one-tenth of what we wanted," he said. The duty-free access to goods from next year mostly includes textile exports, such as cotton yarn, woven fabrics and cotton jackets but not bed linen and many categories of knitwear, industry officials said."They are providing us a break in those product lines which have the capacity of only 100 million euros increase but our major increase capacity is bed linen and knitwear," said Gohar Ijaz, chairman of All Pakistan Textile Mills Association (APTMA). "We must accept this and acknowledge the positive step by the European Union, but we must push for these two items," he told Reuters. "Tariff concessions were mostly on low value-added items but the strength of Pakistan is in home textile, mainly bed linen and concessions have not been given on that," said Umer Pervez, analyst at AKD Securities Ltd.
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from Katlung area during search operation in suspicion of their involvement in MQM leader Dr Imran Farooq Khan's murder. According to sources, the services of helicopters were used for arrest of the militants. -Online
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during the period, from Rs4.65 trillion on June 30, 2010, due to a significant rise in budget deficit. Hike in debt was mainly driven by unprecedented rise in fiscal deficit for the last financial year (FY10) which increased to 6.3 per cent of Gross Domestic Product (GDP) against 5.2 per cent of GDP in FY09. The floating debt during the period under review rose by Rs194 billion to Rs2.59 trillion during the 2MFY11 compared with Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs23.6 billion to Rs1.48 trillion as compared to Rs1.45 trillion. However, permanent debt declined by Rs7.4 billion in 2MFY11 to Rs787 billion during the period under review. The floating debt raised through T-bill auctions stood at Rs1.31 trillion in 2MFY11 while the second component of floating debt, MTBs for replenishment, increased by Rs113 billion to Rs1.28 trillion in the period under review.
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Tuesday, October 12, 2010
Affectees observe strike against WB
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CJCSC calls on Army Chief Kayani
Wyne, Gilani discuss issues
ISLAMABAD: Flood affectees hailing from Tounsa Barrage and its vicinity are observing a 3-day long hunger strike against wrongdoings of World Bank here in Islamabad from today (Tuesday). According to a press release issued here Monday, demonstration will be held in front of the World Bank Office, Islamabad, these flood affectees had already been raising voice against flawed, illconceived and Tounsa Barrage Rehabilitation and upgradation project. The project financed by World Bank was initiated in 2005 and it was completed in early 2010, since its beginning, people See # 7 Page 11
ISLAMABAD: Chairman Joint Chiefs of Staff Committee General Khalid Shameem Wynne called on Prime Minister Syed Yousuf Raza Gilani at PM House.-Online
Former ruler says Singh was sincere in establishing peace with Pak
Pak, India almost settled Kashmir, says Musharraf LONDON: India and Pakistan had almost reached an agreement on Kashmir issue, said former president Pervez Monitoring Desk Musharraf, added Manmohan LAHORE: Pakistan Muslim League Nawaz (PML-N) Monday Singh deserves "full marks" for issued a charge sheet against former President Pervez his "sincerity" in resolving the Musharraf. Kashmir issue and wanting The charge sheet includes 16 allegations and seven demands peace with Pakistan. from the government. According to media, the 10-page docuGeneral (Retd) Musharraf ment contains allegations against the former president of using said that it was Dr Singh, the army for his own personal gains, imposing martial law, as and not his Bhartia Janata well as being involved in a stock exchange scam. Party predecessor Atal See # 2 Page 11 Bihari Vajpayee, who "It was with Manmohan Singh Vajpayee,'' he told NDTV in the deserved real credit for the breakthrough in India- that we moved forward towards second part of his widely reportan agreement, not with ed interview with Barkha Dutt. Pakistan relations.
‘N’ chargesheets Musharraf
Security woes
Defence body meet venue moved ISLAMABAD: Venue for session of National Assembly, Standing Committee for Defence has been shifted from Parliament House to Defence Ministry on 15th October, due to security reasons. According to agenda issued by National Assembly Secretariat here Monday, Chairperson Dr Azra Afzal would preside over the meeting while four point affairs would come under discussion. The report regarding private Airline's plan crash would also be reviewed. Civil Aviation Authority (CAA) would deliver briefing over role of air traffic control while the committee would be informed about results of investigation committee. See # 4 Page 11
"I give full marks to Manmohan Singh," he said, but claimed that the Indian Prime Minister lacked "boldness" and "courage" in making any concessions on Kashmir for fear of domestic pressures. "In any agreement, there is give-and-take and it is the 'give' part that creates problems," he said while calling for a "bold and courageous" Indian response. General Musharraf said that India and Pakistan were very close to an agreement before he See # 3 Page 11
PSO locks horns with challenges at hand ISLAMABAD: Pakistan State Oil, the largest public sector organisation in the energy industry is working on several initiatives to meet challenges of facilitating costumers and development of the society. As part of such efforts, the company has planned to enhance storage capacity and expand retail network to effectively meet the country's energy needs, Mariam Shah Senior Executive Corporate Communications told APP on Monday. The other initiatives, the official said included diversification projects like acquisition of refinery and initiating power projects to overcome the present day's challenges. The official said there was no fuel shortage and the project to enhance storage capacity would further improve the situation. However, she added there was a need to take solid steps for resolving the issue of circular debt which had badly affected fuel supply chain in the petroleum sector. She said the company was successfully going ahead with its plans and its strong foundation
was proven by the ever highest turnover of Rs877 billion in the financial year 2009-10. Additionally, the company also declared profit after tax of Rs9 billion, further cementing its position as the market leader with overall market share of over 71 per cent. She added plans were being worked out for technology advancement across the board to swiftly and efficiently streamline affairs in addition to initiatives to promote and re-launch lubricants in the coming quarter and explore potential opportunities for LPG storage. During flood situation the PSO showed high degree of resilience and kept continuing uninterrupted supply across the width and breadth of the country, though the ferocious floods buffeted its supply chain, leaving its over 160 nationwide retail outlets non-operational, she said. "While others have shied away from the task of fuelling the nation's energy needs but despite obvious and grave challenges, PSO has fulfilled its responsibility by keeping approx 3282 sites, nationwide operational," the official said. -APP
Turkish PM arrives today ISLAMABAD: Turkish Prime Minister Recep Tayyip Erdogan would reach Pakistan today (Tuesday) on a two-day official visit. According to Foreign Office spokesman, on the invitation of Prime Minister Syed Yousuf Raza Gilani, Prime Minister of the Republic of Turkey, His Excellency Recep Tayyip Erdogan would visit Pakistan on 12-13 October, 2010. Besides meetings with the leadership, the Turkish Prime Minister's programme includes visits to the floodaffected areas. Pakistan and Turkey enjoy special relations which are deeply rooted in the minds and hearts of the two peoples. See # 1 Page 11
NRO beneficiary
PM sacks Pak envoy in Vietnam ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani while implementing Supreme Court verdict on NRO has sacked NAB convicted Pakistani ambassador in Vietnam, GR Baloch in the first phase. According to Prime Minister House spokesman, GR Baloch was charged with misusing his powers and illegal supply of passports. He was convicted by Accountability Court (AC) and his sentence was remitted under NRO. The government has started action against all the NRO beneficiaries in the light of SC orders. GR Baloch was from foreign services group. Prime Minister See # 6 Page 11
ISLAMABAD: Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wyne Monday met Prime Minister Gilani and discussed with him host of issues relating to security and others in depth. Sources say that the meeting lasted for a short while in which both the high-ups discussed matters relating to military, security situation, war against terrorism and others in length. Both also threw light on Nato incursion on Pakistan soil terming it against Pakistan's sovereignty. They chalked out various strategies to ensure that such incidents do not happen again. PM Gilani congratulated Khalid Shamim for assuming his new responsibilities as Chairman Joint Chiefs of Staff
Committee. Meanwhile, Chairman Joint Chiefs of Staff Committee (CJCSC), General Khalid Shamim Wyne called on Chief of Army Staff General Ashfaq Parvez Kayani at General Headquarters on Monday. According to ISPR, CJCSC remained with him for some time and discussed the matters of professional interest. According to military sources, the two discussed matters related to armed forces, regional security situation, Pakistan army role in war against terror, matters related to equipping Pakistan army with latest technology, equipment and weapons. COAS congratulated him on assuming his new responsibilities and assured of his complete cooperation. -Online
Six fake degree holders front EC ISLAMABAD: Out of 12 parliamentarians ordered to appear before the Election Commission over fake degrees cases, 6 managed to show up while 6 remained absent. On the other hand Election Commission has decided to complete the hearing process of fake degree cases by Oct 27. On Monday, out of 12 parliamentarians summoned to appear before the EC only 3 manages to show up, three sent their representatives while 6 remained absent. The parliamentarians that appeared before the EC included KP MPA Kishwar Kumar, MPA Punjab Zulfiqar Ali and Shaukat Aziz and MPA Mir Badshah Qaisarni, MNA Hayat Allah Tarib and Nisar Ali Shah sent their representatives. While MPA Yar Mohammad Rind, MNA Ahmadan Khan,
MPA Punjab Rizwan Gul, Mohammad Safdar Gul, and Haji Nasir Ali former MNA Ghulam Dastagir remained absent. Election Commission offering MPA KP MPA Kishwar Kumar last chance summoned him again on Oct 18. On the occasion in an informal chat with reporters the head of the special EC committee Afzal Khan said that EC wants to complete the hearing of all cases related to fake degrees by Oct 27 and after the completion of hearing the committee would hand over its final report to Election Commissioner. On the other hand the HEC would present its reports regarding verification of degrees to Election Commission today (Tuesday). -Agencies
HBL bags Global Finance Awards Staff Reporter KARACHI: Global Finance has awarded Habib Bank Limited Pakistan two awards at a ceremony held in Washington. HBL was presented with 2 awards: Best Bank - Pakistan and Best Trade Finance Provider - Pakistan. These awards were conferred on HBL in recognition of its achievements in product delivery and service quality in the
markets where it operates. The awards were received by Sultan Ali Allana, ChairmanHBL, who was accompanied by Nauman Dar, Head International Banking, HBL and Faiq Sadiq, Country Manager HBL USA. On the occasion Allana said, "We are extremely proud of the awards that the bank has received. We have shown a consistent performance since last year and See # 5 Page 11
ADB funds diversion yet undecided ISLAMABAD: A spokesman of the Economic Affairs Division (EAD) said Monday that decision to divert funds of Asian Development Bank slow projects towards the flood projects has not been decided yet. "The government has not decided to cancel the ADB's funded slow projects for floods projects and any decision in this regard will be made in consultation with all stakeholders, the planning commission, finance ministry and provinces", Zafar Hassan Reza, EAD spokesman told APP. He said that ADB has announced a financial assistance of $3 million in
the form of grants for the flood rehabilitation from its Asia Pacific Disaster Relief Fund while the bank has also announced $2 billion flood emergency reconstruction projects in the flood hit areas. The ADB funded slow projects in Punjab and Khyber-Pakhtunkhwa (KP) would be deliberated upon with all stakeholders including the two provinces to divert them towards flood reconstruction projects. He clarified that news appeared in a section of the press, regarding the decision of diverting the slow or dormant projects towards flood projects was untrue. -APP
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