International Karachi, Friday, November 12, 2010, Zil Hajj 5, Price Rs12 Pages 12
Dr Sattar meets Shaikh: Sugar crisis to end in 3 days
No magic wand to end corruption
See on Page 12
12 int'l cos offer PSM expansion
See on Page 12
NA passes bill against fake bonds trade
See on Page 12
See on Page 2
18 killed, over 100 hurt; police say 1000kg explosives used
Economic Indicators $16.95bn 14.17% $7.17bn $12.25bn $(5.08)bn $(545)mn $3.50bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.03mn
Forex Reserves (5-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Sep 10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Bombing at Khi CID office Building used to interrogate LeJ suspects Staff Reporter/ Agencies
Portfolio Investment SCRA(U.S $ in million)
88.44 -16.29 -18.57 2532
Yearly(Jul, 2010 up to 8-Nov-2010) Monthly(Nov, 2010 up to 8-Nov-2010) Daily (8-Nov-2010) Total Portfolio Invest (22 Oct-2010)
NCCPL
KARACHI: A view of debris of a building which collapsed after a powerful bomb blast outside CID Office Civil Lines. -Online
(U.S $ in million)
FIPI (11-Nov-2010) Local Companies (11-Nov-2010) Banks / DFI (11-Nov-2010) Mutual Funds (11-Nov-2010) NBFC (11-Nov-2010) Local Investors (11-Nov-2010) Other Organization (11-Nov-2010)
1.26 1.14 -0.78 -1.26 0.36 -0.06 -0.66
Global Indices Index Close KSE 100 10,941.94 Nikkei 225 9,861.46 Hang Seng 24,700.30 Sensex 30 20,589.09 ADX 2,758.44 SSE COMP. 3,147.74 FTSE 100 5,798.19 *Dow Jones 11,240.41 *Last Updated 20:00 PST
Change 50.34 30.94 199.69 286.62 3.22 32.38 18.75 116.63
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 110.95 19.25 164.29 2.00 42.67 1.70 36.27 9.81 33.49
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.78% 12.98% 13.24% 13.64% 13.72% 13.65% 13.75% 13.83% 14.21% 14.33% 14.50%
Commodities *Crude Oil (brent)$/bbl 88.92 *Crude Oil (WTI)$/bbl 87.87 *Cotton $/lb 139.00 *Gold $/ozs 1,409.00 *Silver $/ozs 27.48 Malaysian Palm $ 1,115.00 GOLD (NCEL) PKR 38,475 KHI Cotton 40Kg PKR 11,253 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 85.70 Canadian $ 84.50 Danish Krone 16.00 Euro 118.50 Hong Kong $ 10.95 Japanese Yen 1.026 Saudi Riyal 22.50 Singapore $ 65.75 Swedish Korona 12.85 Swiss Franc 87.10 U.A.E Dirham 23.00 UK Pound 136.50 US $ 85.90
85.80 84.60 16.50 119.00 11.15 1.051 22.90 65.85 13.00 88.10 23.20 137.00 86.10
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.84 85.36 15.80 117.77 11.00 1.039 22.75 66.35 12.69 88.03 23.23 137.80 85.34
86.04 85.56 15.84 118.05 11.03 1.041 22.80 66.50 12.72 88.24 23.28 138.13 85.53
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
28°C 35°C 30°C 29°C 23°C 29°C
MIN
9°C 23°C 12°C 11°C 1°C 9°C
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Inflation rises to 15.3pc in Oct ISLAMABAD: The inflation rate based on the Consumer Price Index (CPI), a key indicator of inflation, was recorded at 15.33 per cent in the month of October 2010 as against the same month of last year. The Wholesale Price Index (WPI) and Sensitive price Indicator (SPI) increased by 21.7 percent and 23.80 percent respectively during October 2010 against October 2009, according to data provided by Federal Bureau of Statistics (FBS). The year-on-year inflation rates based on CPI, SPI and
WPI of October 2010 were lower as compared to October 2008 but higher as compared to October 2009. As against September 2010, CPI, WPI and SPI increased by 0.62 percent, 3.09 percent and 2.1 percent respectively during October 2010. As against the inflation rates recorded during July-October (2009-10), CPI increased by 14.17 percent during the first four months of the current year while WPI and SPI increased by 17.62 percent and 20.84 percent respectively. The inflation rates based on See # 12 Page 11
SC summons B'stan, Fed representatives
$260bn Rikodiq scam surfaces ISLAMABAD: Supreme Court of Pakistan Thursday issued notices for November 24 to the Federation, Balochistan Government and the concerned company over $260 billion award of contract for exploration of Rikodiq mines. A three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry issued notices upon a constitutional petition filed by Tariq Asad advocate against giving away contracts of gold and copper mines at Rikodiq to foreign
companies at throwaway prices. Through his petition he had pleaded the Court to direct the Federation not to sell the minerals of gold and copper. Tariq Asad had made the federal government through its federal secretary, Ministry of Petroleum and Natural Resources, chief secretary, Balochistan, Quetta, head of the Department of Mines and Mineral Development of Balochistan Steering Committee through its See # 11 Page 11
4M remittances reach $3.501bn Staff Reporter KARACHI: Remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,501.40 million was received in the first four months (July-Oct) of the current fiscal year, showing an increase of $411.61 million or 13.32 per cent over the same period of the last fiscal. According to State Bank of Pakistan, in October, an amount of $855.10 million was sent home by overseas
Pakistanis, up 12.77 percent or $96.81 million, when compared with $758.29 million received in the same month last year. The inflow of remittances in July-October, 2010 period from UAE, Saudi Arabia, USA, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $819.57 million, $764.32 million, $666.27 million, $416.91 million, $393.25 million and $117.08 million, See # 13 Page 11
Pak not upgraded to emerging market index
Kapco deleted from MSCI FMI Ghulam Raja Rajani KARACHI: Morgan Stanley Capital International (MSCI) Barra, a leading provider of benchmark indices and risk management analytical products - announces the results of the November 2010 SemiAnnual Index Review of its indices in which Pakistan will continue to be classified into
MSCI Frontier Markets Index. Furthermore, Kot Addu Power Company limited (KACPO) has been deleted from MSCI Pakistan Index while no new company has been added. Pakistan's weight in MSCI Frontier has reduced from 3.76 per cent to 3.66 per cent. Hence, the following scrips See # 14 Page 11
BP assets bid case hearing on 22nd ISLAMABAD: On a petition against the alleged $800 million scam in the buying of the assets of British Petroleum, the Supreme Court of Pakistan would hear the case on 22nd November 2010. A three-member bench headed by Chief Justice Iftikhar Mohammad Chaudhry has already been constituted, comprising Justice Tariq Pervaiz and Justice Ghulam Rabbani to hear the petition filed by a former Amir Jamaat-e-Islami Qazi Hussain Ahmed. Qazi Hussain Ahmed, in his See # 9 Page 11 Muttahida Muslim League
Sharif to consult party members LAHORE: Former prime minister and Convener of Muttahida Muslim League (MML), Mir Zafarullah Jamali has met with PML-N Quaid Mian Nawaz Sharif and formally invited him to join the alliance. Talking to the media persons along with Zulfiqar Ali Khosa, Mir Zafarullah Khan Jamali said that Mian Nawaz Sharif said that he would take decision See # 10 Page 11
FX reserves fall to $16.95bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves fell marginally to $16.95 billion in the week ending Nov 5, down from $16.96 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) were See # 8 Page 11
KARACHI: At least 18 people were killed and over 100 injured in a powerful blast at Crimes Investigation Department (CID) office near Chief Minister House Sindh on Thursday night. The US Consulate, five-star hotels and other important buildings are also located within a couple of kilometres. The blast was so powerful it completely destroyed the front portion of the building of CID located in the most sensitive area of the metropolis. The report said that six terrorists belonging to Lashkar-eJhangvi had been brought in the CID building the other day for investigation after their arrest.
Eye witnesses said that several gunshots were fired before the blast. After the blast, ambulances reached the blast site and shifted the bodies and injured to nearby hospitals where emergency was declared. The report said that banned Tehreek-e-Taliban Pakistan (TTP) claimed the responsibility for the blast. Hospital sources said that 18 bodies and 115 injured had been brought to the hospitals. A number of houses located near Civil Lines were also damaged while the powerful shock wave released by the blast also shattered windowpanes of a number of buildings in the area. Sindh Home Minister, Dr Zulfiqar Mirza who reached the
Difference between export-import reaches $5bn
Trade deficit up 11.8pc in 4mths Special Correspondent ISLAMABAD: Exports from the country during the first four months of current fiscal year surged 19.17 per cent as compared to the exports of the corresponding period of last year. Exports during July-October (2010-11) were recorded at $7.168 billion against the exports of $6.015 billion during July-October (2009-10), according to provisional figures provided by Federal Bureau of Statistics (FBS). Imports into the country during the period under review increased by 16.02 per cent by
going up from $10.558 billion in 2009 to $12.249 during 2010, the figures revealed. Based on the figures, country's trade deficit of the first four months of current year stood at $5.081 billion, showing an increase of 11.86 per cent when compared to the deficit of $4.543 billion recorded during last year. Exports during October 2010 were recorded at $1.988 billion against the exports of $1.577 billion during October 2009, showing an increase of 26.1 per cent. On the other hand, the See # 4 page 11
PM distributes plots among CDA workers’ widows
No tax without conferring: PM 'No sugar crisis exists; price control provinces purview' Special Correspondent/ Agencies ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said that no new tax will be imposed without consensus of the political parties and provinces, while there is no crisis of sugar in the country and government is ready to hold talks with India. He expressed these views while talking to the media persons here Thursday at Prime Minister Secretariat in
Islamabad after addressing the plot allotment ceremony among the widows of workers' of Capital Development Authority (CDA). He said that plots have been distributed among the deserving, as the current democratic government is the government of the public which is serving to facilitate its people. Responding to the question regarding imposition of new taxes, the PM said that no new tax will be imposed without See # 6 Page 11
site of the blast said the attack appears similar to the one that targeted Marriot Hotel in Islamabad. He said two craters have been produces by the blast. He also said that a truck packed with explosives slammed into the CID building causing the massive blast. Heavy machinery has been made available at the blast site to remove the rubble. Officials of Bomb Disposal Squad (BDS) said that 1,000 kg explosive had been used in the blast. Furthermore, "The attackers first opened fire and then rammed an explosive-laden vehicle into the building," senior police official Javed Akbar See # 15 Page 11
Sino-Pak gasline understudy BEIJING: President Asif Ali Zardari wished that the longstanding relations between the two friendly neighbors should be continued and be transferred to the next generation. "We have a tried and time-tested friendship. The whole idea of my visiting China is to continue the relations and transform it to young generation that's why my son is joining me in China," Zardari told Xinhua in an interview. China will get a new market if connected with Pakistan by quality roads or by railway. He said a gas pipeline, from the southwestern Pakistani port of Gwadar to Xinjiang in western China, is also under study and research. Upon the 60th anniversary of the diplomatic ties between the See # 5 Page 11
Germany plans DAP plant in Pak ISLAMABAD: A three-member German delegation from Uhde GmbH led by Asadullah Kazmi President Capital Strategies Group called on Federal Minister for Industries and Production, Mir Hazar Khan Bijarani on Thursday. The Minister told the delegation that Pakistan needed at least one DAP Fertilizer Plant in the country. He said that the country has to See # 7 Page 11
2
Friday, November 12, 2010
Dr Hafeez claims transparent usage of funds ISLAMABAD: Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh said on Thursday that the government is judiciously and transparently utilising flood relief funds for flood victims and there is no question of any misuse of the aid. The government has constituted 15-member National Oversight Disaster Management Council, comprising impeccable integrity members to ensure transparent aid to flood victims in the country, he said while addressing a joint press conference with Minister for Information and Broadcasting Qamar Zaman Kaira and State
Minister for Finance Hina Rabbani Khar at launching the Curtain Raiser of Pakistan development Forum (PDF) 2010, here on Thursday. Secretary Finance Salman Saddiq, Secretary Planning Ashraf Hayat and Chairman Federal Board of Revenue Sohail Ahmed were also present on the occasion. Dr.Shaikh said that the members of the Council are highly powered and independent in decision making process and monitoring the utilization of the flood relief funds for rehabilitation and reconstruction of the flood victims. He said that Disaster Need Assessment (DNA) conducted jointly by the
World Bank (WB) and Asian Development Bank (ADB) has estimated about $ 10 billion caused to Pakistan due to devastating floods in the country. He added the out of $10 billion losses due to floods Pakistan has suffered a damage of $5 billion crops, land $2 billion to citizen housing and $3 billion to infrastructure of the government. The Minister said that government is taking measures for the rehabilitation and reconstruction of flood victims. He added that the government has started citizen development compensation through Watan Cards to the victims.-Online
Defence budget to stay the same: Kaira ISLAMABAD: Federal Minister for Information and Broadcasting Qamar Zaman Kaira said on Thursday that there would be no cut in the defence expenditure as the country is facing external and internal challenges. The Minister stated this while addressing press conference along with the Minister for Finance and Economic Affairs Dr Abdul Hafeez Sheikh here at "P" Block auditorium regarding the Pakistan
TV PROGRAMMES FRIDAY Time Programmes Friday 12-Nov 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
FRIDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:05 16:00 16:02 16:30 17:00 17:05 18:00 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Siyasat Mana Hai (Rpt) News Akhri Suada Karobari Dunya News Ghar Ka Kharch (Rpt) News Chai Time Headlines Mang Raha Hai Pakistan Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu News Siyasat Mana Hai (Rpt) News
Development Forum Curtain raiser 2010. He reiterated that without enhancing taxes Pakistan cannot prosper and meet its economic needs. "If some people wanted to cut in the defence expenditures they should come and discuss for a unanimous decision", he added. The Minister justified the approval of Reform General Sales Tax (RGST) by the Federal Cabinet for it introduction in the
National Assembly for its approval. "The government has reduced tax ratio from 17 per cent to 15 per cent and no new taxes have been imposed on the taxpayers", he remarked. This, he said is not a burden instead a relief to the taxpayers. The Minister said that present government has sincerely worked on administrative, law and economic sectors for the development of the country.-Online
Karachiites get fresh aroma by Body Shop Staff Reporter KARACHI: "Believe in your dreams and your ability to make the dreams come true" was the interesting key message at the launch of a delicate new perfume "Dreams Unlimited" in Pakistan. The new fragrance was unveiled here by the 'The Body Shop' at a colourful ceremony in the presence of many leading fashion designers, and entertainment world glitterati, civil society representatives and fashion media personalities. Introducing the new perfume Ayesha Ahmed, a representative of 'The Body Shop,' said: "It is our way of bringing positivity and empowerment to life, and spreading the word to people all over the world, that they should. '' She said that when 'The Body Shop'
introduced itself in the country in July 2006 through its first store at Karachi, the brand had great expectations from this market. "It was quite apparent that an increasingly sophisticated consumer base would understand & appreciate a unique brand such as ours" she added. "In a little over 4 years," she disclosed "we have seen the immense success of this brand and now we have nine Body Shop Stores in four cities and we are planning to open three more stores in near future. This growth has only been possible with the support of the broadminded Pakistani consumers who understand 'The Body Shop's' moral and ethical values to protect "our incredible planet" and our commitment to care for "the community of people."
Committee to protect Pakistan investors in UAE
KARACHI: At a recent meeting of the UAE Consul General, Sohail Matiar AlKetbi along with Mohammed Intesar Uddin, UAE Commercial Advisor with President FPCCI Sultan Chawla and Dr Mirza Ikhtiar Baig, Chairman, Pak-UAE Business Council, FPCCI was held at the Federation House. In the meeting a High Power Committee has been constituted to look after the issues of Pakistani investors in real estates in UAE to guide them for their rights and legal recourse under UAE laws to protect their investments. Mohammed Intesar Uddin, will assist Dr Mirza Ikhtiar Baig who has been nominated as the Chairman of the Committee. All affectees Pakistani businessmen are requested to approach FPCCI for the assistance in this regards. More than 6000 Pakistan investors have invested about UAE DH 8.7 billion mounting to Rs190 Billion in different construction in real estate UAE, informed by President Pakistan-Business Council Dubai at a reception hosted in honour of Dr Mirza Ikhtiar Baig, Chairman PakUAE Business Council FPCCI.-APP
Fertiliser makers’ woes to be tended ISLAMABAD: Federal Minister for Industries and Production Mir Hazar Khan Bijarani Thursday assured the fertiliser industry that their genuine concerns would be given due consideration. A meeting on the request of the fertilizer industry was held under the Chairmanship of Minister for Industries & Production which was attended by the Minister for Food and Agriculture, Secretary MINFA, Additional Secretary Ministry of Industries and Production, Secretary Agriculture Punjab. Senior officers from Finance, Petroleum and Natural Resources, Ministry of Water and Power, Planning Commission, NFC and the Fertiliser Manufacturers were also present in the meeting. The Fertilizer Industry presented its views on temporary use of unutilised gas lying unutilised though allotted to different companies from Mari deep and Kandhkot in these crunch times and restoration of gas to the fertilizer industry.-APP
Shaikh gives green signal to PaCCS Staff Correspondent ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Shaikh has asked Federal Board of Revenue (FBR) to continue Pakistan Automated Customs Computerized System (PaCCS) without further delay because the system has proved its effectiveness and generated huge revenues sine its inception, it is learned. He has further directed tax authorities inside FBR to reach an agreement with Agility; a company developed this revolutionary software. FBR is to talk to Agility on public-private partnership basis or on an outright sale of the software to the government of Pakistan and resolve all the issues with the company amicably.
KARACHI: Sindh Governor Ishratul Ebad Khan reviewing cleanliness arrangements during Eid-ul-Adha during a meeting at Governor House.-APP
USAID works to improve industrial productivity M Imran Sharif KARACHI: The Pakistan Readymade Garment Technical Training Institute (PRGTTI) in collaboration with USAID Pakistan has initiated various courses including employee assessment services at its Career Development Centre (CDC). The basic idea of creating CDCs is to improve organizational effectiveness of the manufacturing units particularly the export oriented organisations in Pakistan. The Chairman, PRGTTI, Razzak Hashim Paracha disclosed that the employers of such organizations are well aware of
the importance of human capital and its effectiveness in the success of an organization and the institute with the assistance of USAID has emphasized the importance of Identifying valuable differences between an organizations' human resource that can lead to dissatisfaction for both employee and employer. "Career Development Center, an initiative of USAID is offering a number of services to employers, assisting the corporate clients to reach their goals in identifying right person to fit their slots. It offers information, trainings, assessment, placement and HR consulting services to help prepare clients
for the world of work. Paracha said that PRGTTI Career Development Center is one of the 15 centers in Pakistan facilitated by USAID Pakistan Jobs Project. Based on the need of the industry and rapidly growing worldwide significance of personality inventory in solving organizational problems in recent years, PRGTTI-CDC has opened an Assessment Centre focused on understanding, facilitation and alignment of employee capabilities in order to work at his/her best. This assessment arm is based on Myer Briggs Type Indicator and other personality models in Asian perspective.
CDGK conducts fumigation in DHA
KARACHI: On the directives of Administrator Karachi Fazlur Rehman, two separate spray teams perform fumigation in Gulberg Town and DHA on Thursday. 12 spray vehicles were used in spray campaign in DHA while 24 spray vehicles were used to perform spray in various areas of Gulberg Town. This may be noted that residents of DHA had requested to Administrator Karachi for spray in DHA on which Administrator Fazlur Rehman had directed to perform fumigation in all areas of city irrespective of the authority controlling the area. With the spray performed in Gulberg Town, second phase of the fumigation has completed and now city government will start third phase of citywide spray. Administrator and public partnerships in Karachi has directed to action to address key continue fumigation withneeds and discussed ideas out break.-APP for rehabilitation efforts. Speaking at the conference, Manuel Bessler,
Stakeholders unite to address flood victims KARACHI: The United Nations (UN), the Provincial Disaster Management Authority Sindh (PDMA), the International Organisation
for Migration (IOM), JS Bank and The Mahvash & Jahangir Siddiqui Foundation (MJSF) held a joint Conference at Mohatta Palace Museum focused on developing coordinated strategies to address humanitarian needs of flood hit communities. Present at the conference
were delegates from UN agencies such as, Office for the Coordination of Humanitarian Affairs (OCHA), IOM, UN Habitat for Humanity, the
World Food Program (WFP), along with representatives from major corporations, government agencies, foundations and the media. The conference provided a comprehensive update on the current situation of areas affected by the floods, highlighted a few best practices of private
UK envoy gives ration in Thatta
Head of UN OCHA in Pakistan said "We need all hands on deck to respond in a timely and effective manner to growing humanitarian needs. Therefore, the UN and its partners have a keen interest in fostering public private partnerships to further humanitarian action."-APP
Provinces should carry out adequate supply: Gondal
Govt ensures ample supply of sugar ISLAMABAD: Minister for Food and Agriculture, Nazar Muhammad Gondal on Thursday reiterated that there was no shortage of sugar or other food items in the country, saying the provinces should adopt measures to ensure its smooth supplies and take action against the hoarders. He said the federal government was always blamed for all acts which it did not commit. The task of the Government was only to ensure the availability of sugar and it has imported around 0.7 tonnes of sugar till today.
"I have been saying no shortage of sugar in the country but whenever there is an increasing trend in price of the commodity at the international level, the stockists take advantage and creates artificial shortage to get high price," he told. On a question, he said Federal government was fulfilling its responsibilities to ensure adequate stocks of sugar and added that Trading Corporation of Pakistan (TCP) has 0.352 million tonnes stocks of sugar which is being distributed among provinces. At the moment, Sugar
Mills Association has also around 69,000 tonnes of sugar: "I would say we have enough stock of the commodity and those who are saying, there is a shortage, is wrong," he added. He said out of the total stocks with TCP, Punjab is being provided 0.1 million tonnes while 0.2 million tonnes is being provided to other provinces. "With this decision of the Federal government, I am hopeful the price of sugar would come down within next few days," he said while responding to a question.-Online
ISLAMABAD: Anisul Hassnain Secretary Board of Investment, Islamabad meeting with a seven member delegation from Lottee Group (E&C), Korean, headed by Sang Wook Lim, Director of Lottee Group (E&C), Korea to Pakistan to Pakistan to explore investment opportunities.-Staff Photo
KARACHI: Robert W Gibson, UK Deputy High Commissioner in Pakistan, said British government and its people will not leave Pakistan flood affectees alone at this hour of historic disaster. This he stated talking to media amid distribution of ration among flood survivors in Jati tehsil of Thatta district. Islamic Relief (IR) had made arrangements for distribution of ration and other necessary commodities among flood affectees. Robert also visited the flood affectees' camps and Water Filtration Plants established by IR. Subsequently, talking to media, Robert Gibson said IR is an international NGO, which has been serving worldwide for relief and rescue efforts in the face of natural calamities. Robert Gibson said IR did not only take active part in relief operations at the time of Haiti and Kashmir earthquakes but it also made major contributions in rehabilitation of affecteed people on both the occasion. In line with its agenda, IR is now busy in rehabilitation activities of floodhit areas in Sindh province after it played commendable role in areas of Punjab and Khyber Pakhtoonkhwa provinces, he observed. Thousands of flood-ravaged families are now being provided with food, medicines, tents, temporary shelter houses and clean drinking water as part of relief efforts through IR platform, he notified. He said people in Britain and other countries do laud IR's relief efforts for people hit by natural disasters in various parts of the world.-APP
3
Friday, November 12, 2010
Euro falls broadly as Ireland confidence erodes
Swiss franc rises vs euro,dlr
G20 meeting under way, market sets expectations low NEW YORK: Doubt about Ireland's ability to repay its debts spread further on Thursday, driving the euro lower and overshadowing G20 attempts to ease currency tensions and secure commitment to more balanced global growth. Yields on 10-year Irish bonds rose to a record high over comparable German debt as some investors worried that Ireland wouldn't be able to cut spending as planned and may require a bailout, with bond holders forced to absorb losses. The euro was down 0.5 per cent at $1.3717, not far from a five-week low of $1.3670 hit a day ago, and was also lower against the yen, Swiss franc and ster-
ling. "The euro can't sustain even modest upticks right now, and a fall below $1.3650 could open up another two-cent decline," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman, who sees it at $1.33 by the end of 2010. "Europe never fully addressed these problems, and it's clear solvency issues in Ireland have not been resolved." Traders said demand for downside options was increasing, particularly onemonth $1.3200 strikes, which could push the euro toward that level in the weeks ahead. The spike in Irish yields
and decline in German ones as investors seek shelter in bunds has happened as US yields have turned higher, lifted partly by a string of strong US economic data, including last month's employment report. That makes holding the dollar more attractive and also helped it rise above 82 yen this week for the first time since early October. It was last unchanged at 82.26 yen. There was still uncertainty about the dollar's mediumterm outlook, especially after the Federal Reserve said it would buy some $105 billion in Treasuries over the next 30 days. The Veterans Day holiday in the United States, where
some markets will be shut, was helping keep the market subdued. Ireland's woes and concern about debt levels in Portugal and Spain diverted traders' attention from a G20 summit in South Korea. Discussion was expected to include exchange rate policies and global economic imbalances, though agreement is unlikely and few investors expect a final statement to expand on last month's finance ministers' agreement. China and other countries, meanwhile, have criticized the Fed's easy money policy, saying it is stoking inflation beyond US borders. Reuters
ZURICH: The Swiss franc gained against the euro and the dollar on Thursday as renewed concerns about Ireland's and Portugal's debt woes weighed on the European single currency. The franc rose 0.1 per cent against the euro compared to the New York close, trading at 1.3361 per euro at 0732 GMT, and was up 0.1 per cent against the dollar at 0.969 per dollar. "Trading is not liquid today as the United States are not going to be very active (because of Veteran's Day)," a Zurich-based trader said. "We are still trading in the range of 1.33-1.35 (francs per euro)," he said. The Swiss economy has, however, held up well so far even though forward-looking indicators like the Purchasing Managers' index start to point towards a moderate slowdown in growth. UBS analysts said in a note on Thursday they expected the Swiss economy to post strong growth over the next two years, despite the strong Swiss franc. Reuters
Yuan gains, up 25pc Yuan leads others higher, since revaluation Asian currencies
Philippine peso slides Central bank action contains ringgit, rupiah dollar shortage last week. USD/MYR opened at 3.09003.092 and gave way right away. The pairing stalled for a while as markets eyed the euro for cues. Selling interest took off after the EUR/USD broke the 1.3800 barrier while another record low China yuan fix added to dollar selling pressure. The USD/MYR dipped to 3.0870 but rebounded towards 3.0900, tracking the EUR/USD. The central bank has not been spotted, but traders suspect it is most likely saving its ammunition for levels nearer 3.0800. Indonesia's central bank said
it could extend a 28-day holding period for its SBI debt if capital inflows get too large. The South Korean won climbed back towards a sixmonth high against the dollar on Thursday, spurred by a jump in the Chinese yuan and exporter buying, prompting suspected intervention to stymie the currency's gains. Caution about further restrictions on currency trading or other capital controls may slow what has been strong buying of Korean stocks and bonds, potentially limiting the won's upward trajectory, analysts and dealers said. -Reuters
Stg jumps to 6-wk high against struggling euro
Taiwan dollar rises on Chinese yuan
SINGAPORE: A secondstraight record-high yuan fix helped emerging Asian currencies gain as the US dollar's rebound ran out of steam on Thursday, but the Philippine peso, Malaysian ringgit and Indonesian rupiah bucked the trend. However, authorities in Indonesia and Malaysia were again suspected of entering the foreign exchange market to prevent their currencies from strengthening too rapidly, while dealers were still scrambling in the Philippines to cover short dollar positions after the central bank engineered an onshore
LONDON: Sterling jumped on Thursday to a six-week high against the euro on European periphery debt concerns, enabling the pound to extend its gains after a Bank of England report the previous day made more near-term monetary easing unlikely. Sterling benefited from growing negative sentiment towards the euro on renewed concerns about the huge debt burden of the euro-zone periphery, with investors particularly worried that Ireland and Portugal might need a Greek-style bailout. It also hit a six-week high against a basket of currencies, buoyed after Wednesday's BoE quarterly inflation report suggested an uncertain outlook for the economy and warned inflation would remain high in 2011. The euro dropped below the key 85 pence level, where traders had reported an options barrier. It also fell below the 50 per cent retracement of the upward move from 80.67 pence in June to the October high of 89.41 pence, at around 85.05 pence. Sterling struggled to make gains against the dollar, however, due to concerns about UK banking exposure to Ireland
which hit shares in Royal Bank of Scotland by as much as 5.2 per cent. The euro was down 0.7 per cent at 84.94 pence, having hit a low of 84.84 pence. The single currency closed below its 200day moving average on Wednesday, which technical analysts saw as a bearish signal. Its immediate target on the downside was 84.67 pence, the low hit on Sept. 28, the day BoE policymaker Adam Posen said more QE was needed to prevent a Japan-style slump in the UK, sparking a sharp sell-off in the pound. But many expect it will now fall towards 84.00 pence, a level which provided stiff resistance on its way up during September. That level is also around the 61.8 per cent retracement of the upward move from June to October. The euro stayed well below its 200-day moving average, which stands around 85.70 pence. Gains against the euro helped sterling to a six-week high of 81.4 against a basket of currencies. Against the dollar, however, sterling was steady at $1.6123, staying well below a high of a 91/2 month high of $1.63 hit last week. -Reuters
TAIPEI: The Taiwan dollar hit a 27-month high on Thursday, tracking a jump in the Chinese yuan and on the low odds of a G20 currency deal, but gave up most of the session's gains to a central bank move. Taiwan's currency finished the day at T$30.532 per US dollar after touching a midday high of T$30.02. Thursday's close is the Taiwan dollar's strongest since July 30, 2008, and compares with a final price of T$30.6 a day earlier. For most of the session, the local unit rose along with the yuan as China stepped up monetary tightening to fight capital flows, bringing currency gains to more than 25 per cent against the US dollar since 2005. Investors see the Taiwan dollar as an ideal proxy for the non-convertible Chinese currency because of brisk and fast-growing trade links between the two sides. The Taiwan dollar gained further, currency strategists say, as investors expected no meaty currency accords from tense G20 leadership meetings this week in Seoul. -Reuters
Aussie, NZ$ bolstered by China data, commodities WELLINGTON/SYDNEY: The Australian and New Zealand currencies both edged higher against a broadly softer US dollar on Thursday, gaining support after Moody's upgraded the credit ratings of China, which posted strong economic data. Investors seemed to have shrugged off prospects of more tightening after Chinese inflation sped to a 25-month high in October. Instead, they took upbeat numbers on lending, a firmer fix for the yuan and a rally in copper to a record high, as a signal to buy commodity-based currencies. "Perhaps because the rumours prior to the data were accurate and therefore the actual data did not 'surprise', markets did not react in alarm to the sharp pick-up in inflation measures. True, too, that the pick-up is likely only temporary and should begin to reverse by December," said Roland Randall, strategist at TD Securities in Singapore. The Aussie dollar's rise, however, was tempered by data showing an unexpected jump in Australia's unemployment rate to 5.4 per cent,
disppointing market players who were positioned for a fall to 5.0 per cent from 5.1 per cent. Yet, the surprise increase in the jobless rate was a function of a huge leap in the number of people actively looking for work, which suggested the economy could tolerate strong jobs growth without generating inflationary pressure and, if sustained, could lessen the need for higher interest rates. The Aussie dollar rose as high as $1.0100 before retreating to $1.0050, little changed from late New York levels. It was well off the session low around $0.9989. It's New Zealand counterpart climbed to $0.7859, from $0.7838 late in New York, helped by a bounce against the Aussie. The kiwi saw support after Finance Minister Bill English said in parliament that intervention to combat the rising local currency would probably not succeed. The Aussie/kiwi pair fell to NZ$1.2773, from NZ$1.2819 before the Australian job data. -Reuters
SHANGHAI: China's yuan closed up after soaring to a fresh high against the dollar on Thursday, bringing its gains against the US currency to more than 25 per cent since its landmark 2005 revaluation. The yuan's steady ascent picked up steam this week as China stepped up monetary tightening to fight capital inflows and as world leaders gathered in Seoul for the G20 summit. The yuan's nearly 1 per cent spurt against the dollar in the past three days has fuelled talk the People's Bank of China had allowed another leg of appreciation to calm US agitation over the Chinese currency. China's President Hu Jintao and his US counterpart Barack Obama will meet on Thursday to discuss issues including global trade and the yuan. On Thursday, Chinese data showed inflation speeding to a 25-month high in October and bank lending blowing past expectations, highlighting the challenges faced by Beijing to keep a grip on price pressures. Spot yuan rose as high as 6.6173 versus the dollar in
early trade, up 0.25 per cent from Wednesday's close of 6.6337. It trimmed some gains to close at 6.6257, but remains 3.03 per cent higher since its depegging from the dollar in mid-June. Including the 2.1 per cent revaluation that accompanied the July 2005 revaluation, the yuan has gained 25.1 per cent against the dollar since then. But dollar weakness has meant the yuan has not seen such strong gains against the currencies of other trade partners. The yuan's nominal effective exchange rate (NEER), or its value against a trade-weighted basket, rose 20 per cent from July 2005 to September 2010, the latest available data published by the Bank for International Settlements showed in mid-October. One-year NDFs fell to 6.4280 bid in the afternoon from 6.4320 at Wednesday's close but were well off an intraday low of 6.4150. Their implied 12-month yuan appreciation rose to 3.05 per cent from 2.99 per cent based on Thursday's PBOC fixing. -Reuters
Indian rupee edges down on subdued shares MUMBAI: The Indian rupee inched lower on Thursday, tracking weakness in local shares and the euro, but some leftover dollar inflows for Power Grid Corp's $1.7 billion share sale and others with foreign banks limited a sharper fall. The partially convertible rupee closed at 44.31/32 per dollar, little changed from Wednesday's 44.30/31 close. The unit moved in a narrow 44.24-44.3450 band during the session. "The rupee was largely rangebound today tracking the euro in the second half of trade," said Abhijit Ray, a foreign exchange dealer with state-run Allahabad Bank. Traders said oil importers have been buying dollars heavily recently owing to the sharp rise in crude oil prices which also weighed on the rupee. Dealers said most of the dollar flows towards the ongoing Power Grid Corp share sale came in on Wednesday,
although some last-minute inflows helped the rupee. Foreign funds have so far in 2010 bought shares worth a record $28.5 billion, compared with last year's $17.5 billion. One-month offshore nondeliverable forward contracts were at 44.62, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.48, 44.4750 and 44.4725 respectively, with the total traded volume on the three exchanges at a low $4 billion. -Reuters
Top Economic Events Time 5:01 12:00 15:00 15:00 15:00 19:55 19:55
Source GBP EUR EUR EUR GBP USD USD
Events Nationwide Consumer Confidence German Prelim GDP q/q Flash GDP q/q Industrial Production m/m CB Leading Index m/m Prelim UoM Consumer Sentiment Prelim UoM Inflation Expectations
Forecast 0.8% 0.5% 0.4% 69.1
Previous 53 2.2% 1.0% 1.1% 0.1% 67.7 2.7%
Previous Day Source
Events
Actual
Forecast
Previous
AUD AUD AUD CNY CNY CNY CNY CNY CNY
MI Inflation Expectations Employment Change Unemployment Rate New Loans CPI y/y Fixed Asset Investment ytd/y Industrial Production y/y PPI y/y Retail Sales y/y
3.1% 29.7K 5.4% 588B 4.4% 24.4% 13.1% 5.0% 18.6%
20.2K 5.0% 439B 4.1% 24.4% 13.6% 4.5% 18.8%
3.8% 49.6K 5.1% 596B 3.6% 24.5% 13.3% 4.3% 18.8%
Currency Rates Name EUR-USD ESD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3642 1.3817 0.9779 0.9784 1.6099 1.6178 1.0067 1.007 0.9966 1.0095 112.57 113.52 0.8481 0.855 1.3341 1.3398 132.7300 133.2100 84.3900 84.9600 0.97 0.97 1405.71 1417.51 27.38 27.84
Bid 1.3640 0.976 1.6094 1.0065 0.9962 112.53 0.8478 1.3337 132.7000 84.3300 0.97 1404.96 27.33
Low 1.3639 0.9672 1.6098 0.998 0.996 112.54 0.8458 1.326 132.2600 84.3200 0.97 1397.65 26.97
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 11/11/2010 A USD GBP CAD EUR JPY O/N 0.55250 0.74000 SN 0.09563 1WK 0.24828 0.55563 1.04500 0.75500 0.10688 2WK 0.25000 0.56000 1.07367 0.76750 0.11375 1MO 0.25344 0.57000 1.10033 0.81000 0.12250 2MO 0.26828 0.62875 1.14500 0.88000 0.15125 3MO 0.28563 0.73913 1.20333 0.99313 0.19563 4MO 0.33250 0.82288 1.26117 1.05063 0.27625 5MO 0.39250 0.92663 1.32750 1.13375 0.33563 6MO 0.44281 1.02938 1.40250 1.23375 0.39625 7MO 0.49094 1.10663 1.45917 1.28125 0.45625 8MO 0.54281 1.19000 1.53917 1.32938 0.50250 9MO 0.59406 1.27188 1.60083 1.37875 0.54750 10MO 0.64844 1.34875 1.67917 1.42125 0.57500 11MO 0.70125 1.41750 1.76083 1.46438 0.60625 12MO 0.75906 1.48500 1.85000 1.51313 0.63250
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 07 2010 Dec 09 2010 Dec 21 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 Dec 07 2010
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 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
85.50 138.13 118.05 85.56 88.24 86.04 12.72 1.04 14.60 66.50 15.84 22.80 11.03 12.91 306.31 27.67 67.32 23.48 23.28 0.08 2.89
85.30 137.80 117.77 85.36 88.03 85.84 12.69 1.04 14.57 66.35 15.80 22.75 11.00 12.88 305.59 27.61 67.17 23.43 23.23 0.08 2.89
85.12 137.49 117.49 85.13 87.80 85.62 12.65 1.04 14.53 66.17 15.76 22.69 10.97 12.84 304.79 27.54 66.99 23.37 23.16 0.08 2.88
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 11, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.10 12.15 12.25 12.40 12.70 12.85 13.00 13.05 13.20 13.35 13.65 13.72 13.74 13.75 13.75 13.80 13.80 13.85 14.20 14.35
12.40 12.40 12.20 12.35 12.73 12.85 13.05 13.20 13.25 13.30 13.65 13.70 13.75 13.75 13.75 13.75 13.75 13.80 14.20 14.35
12.10 12.20 12.25 12.45 12.78 12.85 13.02 13.10 13.20 13.40 13.63 13.70 13.75 13.75 13.75 13.77 13.78 13.82 14.20 14.30
12.15 12.20 12.25 12.40 12.75 12.88 13.10 13.20 13.25 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35
12.30 12.20 12.25 12.45 12.75 12.85 12.95 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.75 13.80 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.30 12.35 12.40 12.50 12.75 12.85 13.05 13.10 13.22 13.40 13.70 13.73 13.74 13.75 13.75 13.78 13.75 13.80 14.25 14.35
12.23 12.25 12.27 12.43 12.74 12.86 13.03 13.13 13.22 13.38 13.65 13.71 13.75 13.75 13.75 13.77 13.75 13.83 14.21 14.33
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
-0.50 -0.45 0.93 0.65 0.34 -0.25
0.95 -0.03 0.72 0.23 0.78 0.57
0.75 0.21 0.86 0.70 0.84 0.50
0.89 0.03 0.97 0.74 0.82 0.49
0.13 -0.81 0.77 0.33 0.43 -0.15
USD/CAD USD/CHF
-0.25 -0.66 0.83 0.58 0.18 -0.26
0.61 0.53 -0.81 -0.54 -0.04 0.35
0.41 -0.06 -0.93 -0.46 -0.25 0.01
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)11/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.00
12.50
12.00
12.50
12.30
12.80
12.65
12.90
12.90
13.15
12.95
13.45
13.20
13.70
13.30
13.80
J S B L 12.10
12.60
12.25
12.75
12.30
12.80
12.70
12.95
13.05
13.30
13.20
13.70
1330
13.80
13.50
14.00
ASPK 12.20
12.70
12.25
12.75
12.35
12.85
12.75
13.00
12.95
13.20
13.10
13.60
1320
13.70
13.30
13.80
CIPK
12.00
12.50
12.20
12.70
12.25
12.75
12.70
12.95
13.10
13.35
13.20
13.70
1330
13.80
13.35
13.85
DB P K 12.05
12.55
12.10
12.60
12.05
12.55
12.70
12.95
12.90
13.15
13.15
13.65
1325
13.75
13.35
13.85
FBPK 12.05
12.55
12.10
12.60
12.15
12.65
12.65
12.90
13.05
13.30
13.15
13.65
1315
13.65
13.40
13.90
FLAH 12.10
12.60
12.20
12.70
12.30
12.80
12.75
13.00
12.95
13.20
13.10
13.60
1320
13.70
13.30
13.80
H B P K12.15
12.65
12.20
12.70
12.25
12.75
12.75
13.00
13.00
13.25
13.10
13.60
1320
13.70
13.35
13.85
ABPL
HKBP 12.20
12.70
12.25
12.75
12.30
12.80
12.70
12.95
12.95
13.20
13.10
13.60
1320
13.70
13.30
13.80
N I PK 11.50
12.00
12.20
12.70
12.60
13.10
12.85
13.10
13.00
13.25
13.20
13.70
1330
13.80
13.40
13.90
HMBP 12.25
12.75
12.25
12.75
12.40
12.90
12.85
13.10
13.00
13.25
13.15
13.65
1320
13.70
13.30
13.80
SAMB 12.00
12.50
12.15
12.65
12.30
12.80
12.85
13.10
13.10
13.35
13.15
13.65
1325
13.75
13.35
13.85
MCBK 12.15
12.65
12.25
12.75
12.30
12.80
12.80
13.05
13.05
13.30
13.20
13.70
1330
13.80
13.50
14.00
NBPK 12.00
12.50
12.05
12.55
12.20
12.70
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK
11.80
12.30
12.00
12.50
12.15
12.65
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.30
13.80
UBPL 11.90
12.40
12.15
12.65
12.30
12.80
12.70
12.95
13.00
13.25
13.15
13.65
13.20
13.70
13.35
13.85
AVE
12.56
12.18
12.68
12.28
12.78
12.73
12.98
12.99
13.24
13.14
13.64
13.22
13.72
13.34
13.84
12.06
4 Friday, November 12, 2010
The Financial Daily International Vol 4, Issue 97
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
Growing reliance on imported POL Pakistan is witnessing a rising dependence on imported fossil oil products. Let’s see why. Reportedly after witnessing a slowdown in the first quarter of current fiscal year, oil consumption increased by 34 per cent to about 1.9 million tonnes in October as compared to what was consumed in September. This increase was a direct result of a jump in the sales of furnace oil and high speed diesel (HSD) going up 29 per cent and 59 per cent MoM respectively. Diminished production led to increased reliance on imports as despite 4.3 per cent YoY decline in 4MFY11 petroleum consumption, country's imports increased from 59 per cent in 4MFY10 to 63 per cent in 4MFY11. Petroleum products that witnessed higher imports were kerosene oil, motor gasoline, and furnace oil. Another report released by Oil Companies Advisory Committee (OCAC), country's refinery throughput registered a 30 per cent MoM increase during October. However, on YoY basis, production was down by more than 13 per cent during the month. On a cumulative basis during 4MFY11, the refinery throughput continued to show a downtrend due to: 1) curtailed throughput by BYCO in July and 2) a month-long closure of Parco due to floods. Consequently, refinery throughput declined by more than 15 per cent YoY to 2.4 million tonnes during 4MFY11 while capacity utilisation was estimated around 62 per cent, down by 9pps YoY. The inventory pileup ahead of resumption of power generation by AES power plant and pickup in the harvesting activity were major reasons for the increased sales of furnace oil and high speed diesel. Pakistan State Oil, the most affected by the recent floods, posted the highest recovery of 29 per cent on MoM basis, followed by Shell with 24 per cent and Attock Petroleum. With winter approaching fast, mercury level touching freezing point in some areas, and water levels going down in dams there will be a greater reliance on thermal power plants and as a result consumption of furnace oil and high speed diesel would take a quantum jump as most of the standby generators guzzle these fuels. The real point of concern is persistent hike in international prices of crude oil. In an attempt to keep cost of generation on the lower side, the government has already decided to curtail gas supply to fertiliser plants, which may necessitate import of urea and erosion of foreign exchange reserves. In such a precarious situation the country has two immediate remedial options which are: 1) making it mandatory for gas marketing companies to bring down UFG losses and resolve the ongoing litigation regarding some of the recently discovered gas fields. One just could not resist from saying that Pakistan's energy crisis is man-made, an outcome of following bad policies, delaying decisions regarding key issues and complete lack of understanding on how the bad decisions are affecting the economy?
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.
Enter the Wakhan Corridor Dr Farooq Adil
A
part from brokering the Afghanistan Pakistan Transit Trade Agreement (APTTA) by US Secretary of State Hillary Clinton herself, America has recently requested China for Xingjian's narrow 76-km long Wakhan corridor, bordering Afghanistan, to consider it as an additional route for the transportation of supplies of the US and NATO militaries. A similar request for reopening of the route had also been made by Kabul, which was turned down by China. Beijing's response to US has so far been cautious. It has hinted at continuing the deliberations by maintaining dialogue with Washington. However, if allowed, it has greater implications for Pakistan. The Wakhan Corridor or what it is called Wakhan Salient is a long and slender strip of land that forms the easternmost extremity of Afghanistan in the Pamir Mountains having highest peaks (around 24000 ft), and house large volcanoes of the Hindu Kush. The corridor connects Afghanistan to China in the east and separates Tajikistan in the north, and from Pakistan on the south. The corridor is widest (65 km) in the middle where it includes the Nicholas range; narrowest along its western third where the width is 13-25km, except for a breadth of 30km at the headwaters of the north-flowing Ishtragh River. At the western entrance the corridor is 18km wide. The Wakhan was established as an imperial buffer zone between Russian and British Empires in the late 19th Century. However, the Wakhan corridor border traffic remained closed almost 100 years due to political reasons. Before that it was used as a route linking to centuries old Silk Road, connecting Central Asia and China with rest of the world. The 110kmlong corridor is seldom more
than about 20km broad between the Tajikistan and Pakistan fronts. The Wakhan border with Pakistan is part of the Durand Line. Its total population is estimated at around 10,600 with Wakhi-speaking farmers in majority, besides there are around 1,500 Kirghiz inhabitants. It has been among the peaceful regions of Afghanistan even during the wars that ravaged the country
tion of its supplies to Afghanistan as it was the most economical and the shortest route to the warm waters. However, for the last few years they are facing security problems for their convoys, many of which have been torched by militants while passing through Pakistan. In the wake of impending threats of blockade, the US has remained inquisitive to exploring alter-
“
value with regard to China and Pakistan; afford the US an access inside China for movement of convoys; and will extend reach-out capability towards Russia. Though there are paltry chances of China acceding to such demands as it has negative repercussions for China itself, it will have a number of implications for Pakistan if at all the US request materialize. These include 1) lesser US dependence on Pakistan as regard to supplies through land route. 2) Pakistan will be deprived of economic benefits, like employment for its local transporters and transit fee it is getting by providing a passage through its land. 3) Pakistan will also loose barging and diplomatic advantage which is presently available due to transit facility provided by Pakistan. 4) The movement of American logistics and likely setting up of a military base in the corridor will intimidate security of northern borders and the Northern Areas. It may severe the borders along Hunza where a common ethnic Wahki-speaking group has similar cross-border relationship as that of the Pushtun tribes in FATA. 5) America will be able to exert more pressure on extremists operating across Chitral, and may even carryout hot pursuit operations, thereby pushing them down into Pakistan. In any case, militants would like to exploit the situation. 6) Pakistan may have to deploy regular troops along 100km-long border for the security reasons which will entail heavy expenditures, besides diluting the resources along east-
Wakhan Salient is a long and slender strip of land that forms the easternmost extremity of Afghanistan in the Pamir Mountains having highest peaks (around 24000 ft), and house large volcanoes of the Hindu Kush
since 1879. While the border between Pakistan and Afghanistan is the longest, the border with China is among the highest in the world. The area mainly remains devoid of any valuable infrastructure posing difficulties for the travelers. However, in recent years there have been some developments in Wakhan made by the Aga Khan Foundation and its partn e r s . Improvements have been made to the infrastructure and access to education, besides there has been an effort to support and promote the growth of a community-centered tourism in the region. The Wakhan corridor as a whole remains a remote and physically demanding location for any worthwhile activity. For the last eight years, America has mainly relied upon Pakistan for transporta-
nate routes. The alternate routes serve the purpose by using mainly two viable options: one is to operate from Central Asia particularly from Uzbekistan as it provides direct and comparatively short route to Kabul. However, it is neither
The Wakhan was established as an imperial buffer zone between Russian and British Empires in the late 19th Century. However, the Wakhan corridor border traffic remained closed almost 100 years due to political reasons economical nor secure due to presence of Uzbek extremists. The second option can be reopening of an existing route through China (earlier used as a Silk Route). This will accrue major advantages to US like it shall provide an alternate and secure supply to the countries adding to its influential
ern borders. 7) The US presence and movements in Xingjian may imperil the Pak-China link through KKH. 8) Contrarily the area, if developed appropriately by the US and remains peaceful, will help develop adjacent areas of Pakistan and build a short and alternate route for access to Central Asia. China remains apprehensive due to the fear of US steering its internal affairs if allowed an access and a passage through its territory. After all what could be the reasons the US making a long detour picking up shipments from South China Sea, taking a long and uneconomical way to Xingjian and then traversing half of Afghanistan. In fact it does not make much of sense. Therefore, the real motive probably China contemplates is "ingress-seeking" and wedging through, instead of acquiring an alternate route. Making a base in the corridor, thereby sitting right on its periphery from where it can influence both China and Russia could be another objective. The US presence in the corridor and access to Xingjian (for passage) can also threaten PakChina link at the Khunjrab Pass which may ultimately and adversely affect trade being carried out through KKH. On the other hand, no response has come as yet from Russia. Hence it can be predicted that Russia may try to refute the US presence and move into the corridor. Though, Tajikistan prevents close proximity of the US troops to Russia, but it does not surface as a potent barrier. Nevertheless, it is the only area in Afghanistan which remains calm. Therefore, the peaceful status of Wakhan should not be disturbed. Unfrequented routes along Wakhan corridor bordering Pakistan may have to be protected appropriately to thwart any future permeation.
Enemy of my Enemy should be my Best Friend The US President has recently said that Pakistan was making progress against the "cancer" of extremism, but not quickly enough, and added that his host India had the biggest stake in its rival's success. Well the statement didn't appear to be shocking and new because US never seemed to be satisfied with Pakistan's efforts. Demand for 'Do More' remained a constant one, despite of grave cost paid by Pakistan being a partner in 'war on terror'. He may be right in saying that it's not enough from Pakistan side because he is still unable to achieve some of his goals in Pakistan so ultimately India became the biggest stake in rival's success. No doubt that India remained all time favorite of the US administration has been playing a double game with Islamabad, sometimes by persuading it with economic and military aid, and sometimes by condemning it of supporting the Taliban in Afghanistan. But now the double game is fading and US is very open in valuing India and downgrading Pakistan. Barack Obama lately said that Pakistan had to help in the development of Afghanistan, Where as he appreciated Indian investment in the development of Afghanistan and said that Pakistan has to be a partner in this process. There is no need to mention that as a front line ally of US what sacrifices Pakistan has made in Afghanistan and in its own country but obviously Obama has to say all this for playing a good international politics in the region because US considered the nuclearised Pakistan a great evil for India and Israel, besides Pakistan also have good relations with China. So US want India as a regional power in order to counter China, before Pakistan with the help of China become able to disturb the strategic design. So in order to pursuit it, US is strengthening its relations with India. Obama has recently concluded US$10 billion trade deals with India and proposed a permanent seat for India in UNSC, Besides, US also remained very much dependent upon Pakistan for its war in Afghanistan now seeking Russian cooperation in Afghanistan. Moreover it's interesting to note that Obama wants a stable and peaceful Pakistan because it is inevitable for 'India's Progress'. After knowing all this, the China's statement "Pakistan is our Israel" seems to be very pleasant, the statement was passed When a US delegate once confronted a Chinese diplomat about Beijing's uncompromising support for Pakistan, the Chinese reportedly responded with a heavily-loaded sarcastic remark: "Pakistan is our Israel". No doubt China is a very good friend of Pakistan and Pakistan should vow to strengthen its strategic and economics ties with China and other countries as demanded by the time. To have good strategic and economic ties with China and Iran is requisite for Pakistan in current international politics. Maimuna Ashraf, Rawalpidi
Prejudice
In search of Diva
"Fairness is the real strength". This was the marketing message of one of the fairness creams advertisement aired throughout Pakistan. The ad was directed at women who desire for fair complexion to get prominence in the society. The idea of "being fair is superior" was actually given by English people who always thought and still consider that white skin is supremacy. The concept of "white complexion is ascendancy" is traced back from the Mughal rulers of Central Asia, Turko-Afghan dynasties who were known for their white complexions and the British who ruled the Indian subcontinent approximately for two hundred years. It is also presumed that the fairness is associated with the landed class. In Pakistan, you won't see a beggar with white complexion, if a person is a beggar here and wandering around the streets, the ultra-violet rays will burn his or her skin into black. However, the concept of beauty is also coupled with fairness. In Pakistan, there is no chance to be called beautiful until and unless the girl is very fair. Our advertisements establish the notion that if the girl is fair only then she can get married and can get superior career, can attain triumph and promotion at work place. This also leads to the stereotypes among women for work in any field and for getting married that merely fair girls are the priority. There are several outcomes of such advertisements which are certainly negative, that girls descend into inferiority complex, suffer with despair and lack of confidence. Their self-esteem is harmed and they loose the real aspiration of life. Girls are very sensitive about their social acceptance in the society and the ones with darker tone of skin are being rejected in most of the areas. So, we need to change the thoughts and modify the behaviors of not only people but also the media because if media would not perform positively for this matter than no one would even think seriously about this colour discrimination as an issue. And it is the major tool for bringing up any social change in the society. Sara Niazi, Jinnah University for Women Karachi.
We the people of 21st century are running ahead towards "the extent of discrimination" among girls in our society. Having not a fair complexion and good physical appearance have some what become a sin for a girl in our society to live peacefully and to survive with honour. She as an individual at every stage of life has to face many social problems for having dark or dusky skin complexion. The society rejects her and the extent of this discrimination is the real selfish face of this society, may be. Our society let her feel that she has no right to get married with a handsome man and has no right to achieve a bright career. She has no right to live with pride and honour just because of having dark skin colour because our society has created this prejudice. We all belong to the same society and we consider Diva the girl having fair complexion, long hairs, skinny looks and charming personality. Is this the real Diva of Pakistani society? The prejudice is ingrained in such a way that companies profit from it. Skin whitening products are the rage of the town, and not just for women, while the popular media has equated fair skin to beauty. This thinking and behaviour of the people needs to be modified. The real diva is that Pakistani woman who owns so many skills and talent inside her, the one who owns the dream to explore the world and the one who has the power to defeat all her weaknesses with her talent and skill. The one who is not a fair and lovely woman but she is the one whose skills are more powerful and worthy then her complexion to move ahead in professional and practical life. What riles me is, and this may be my personal bias, is that the general skin tone of the subcontinent (at least Pakistan) is what we term 'sanwala' and it's as beautiful a skin tone as any other, if not more. It's unacceptable for us to crush the egos of so many around us just on the basis of their skin tone. My question is simple, how is all this not discriminatory? How is this not racist? No matter if a girls who don't have fair complexion and beautiful faces but still they are the real DIVAS, because beauty may lie in the eyes of the beholder, it's just time to kick racial prejudice out of the beholder's eyes. Mahwish Irfan Khan, Jinnah University, Department of Mass Communication
5
Friday, November 12, 2010
South East Asian stocks
Europe stocks retreat as debt jitters resurface KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,941.94 10,905.24 36.70 0.34 125.23
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,411.91 3,412.21 0.30 0.01 6.12
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,778.74 2,768.95 9.79 0.35 0.40
Major Gainers
Symbol
Close
Change
ULEVER 4,088.99 INDU 254.17 SIEM 1,309.00 BHAT 215.00 HINO 130.04
28.98 10.44 9.00 7.00 6.19
Major Losers
Symbol
Close
Change
RMPL 1,910.30 BATA 656.53 PECO 268.04 NESTLE 1,946.64 FZTM 418.00
-89.74 -19.77 -14.1 -13.86 -11
Top 5 Volume Leaders
Symbol
Close Vol (mn)
TRG AHSL JSCL LOTPTA DGKC
4.43 25.62 12.11 11.71 28.59
17.04 13.08 11.09 8.26 5.42
Active Issues Plus Minus Unchanged
175 194 28
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)
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
Pull back; Indonesia, Malaysia off records
Khi equities held in a tight bear-hug Nawaz Ali KARACHI: Shares Thursday slumped at the Karachi Stock Exchange (KSE) as cagey investors preferred to pocket profits --a reaction to reformed general sales tax (RGST) and flood surcharge approval by federal cabinet. The benchmark KSE 100Index fell by 36 points to close at 10,905 points, KSE 30-Index lost 45 points to close at 10,489
points, and KSE All Share Index was down by 21 points to close at 7,583 points. "Bearish activity continued after RGST & flood surcharge were approved by the federal cabinet on corporates & individuals", said Ahsan Mehanti, Director Arif Habib Investments. Profit taking continued in scrips across the board despite rise in international oil prices to over $88 and foreign interest in banks/oil scrips, he added.
Nikkei at new top; resistance looms TOKYO: Japan's Nikkei inched up to its highest close in 4-½ months on Thursday, buoyed by recent falls in the yen against the dollar, but profit-taking and technical selling curbed further gains. Investors turned cautious about chasing the Nikkei higher following its recent rapid pace of advance and after Cisco Systems shares plunged 13 per cent in after-hours trade on its dismal revenue outlook, raising worries that US shares could drop later in the day. "Profit-taking emerged after the recent strong run, but the view still stands that the US economy will be boosted after the Federal Reserve announced further easing of policy," said Masaru Hamasaki, senior strategist at Toyota Asset Management. The Nikkei ended the day up 0.3 per cent, or 30.94 points, at 9,861.46, its highest close since June 24, when it last traded above 10,000.
The broader Topix index climbed 0.4 per cent to 856.37. Global stocks had been boosted by the Federal Reserve's plan to buy $600 billion of Treasuries to lower interest rates and reinvigorate a sluggish economy. Technical trends also turned stronger after the Nikkei decisively broke above 9,800 the previous day. "The Nikkei remains strong, but the pitch of the rise was a bit too fast, making some players nervous about extending their purchases," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. "The dollar is up against the yen and giving support to the Nikkei, but it needs to strengthen further to above 83 yen for the market to push the Nikkei above 10,000." The dollar hit a one-month high of 82.80 yen on Wednesday. In Asian trade on See # 18 Page 11
SECP extends deadline on corporate governance amended code comments Special Correspondent ISLMABAD: In order to address the concerns of all stakeholders adequately, the Securities and Exchange Commission Pakistan has extended the deadline for submitting comments on the amended Code of Corporate Governance to December 5, 2010. This has been done to give the stakeholders ample time to provide their valuable
inputs, a statement issued here said. The SECP launched a consultation process on October 6 to reform the 2002 Code of Corporate Governance. The code had been revised taking into account the lessons learnt from the practical issues and considerations relevant to the listed companies and to ensure that it reflects changing governance concerns, practices and economic circumstances.
It should be noted that the federal cabinet Wednesday approved taxation measures, including a 10 per cent flood surcharge, to raise more than 65 billion rupees ($761 million). It also approved a draft of the Reformed General Sales Tax Bill. After a tad positive beginning market showed dull performance throughout the day as was reflected by low volumes which declined by more than 43 per cent as cautious investors pre-
ferred to booked gains. Further, higher October CPI numbers as high as 15.33 per cent dampened the sentiments as well. Therefore index moved in a limited range between 10,995 points (+ve 53 points) and 10,899 points (-ve 42 points) during the day before closing on a bearish note. Foreign investors however remained on the buying side as according to NCCPL there was a net foreign buying of $1.26 million on Thursday. But locals
US stocks mid-morning
Profit sales drag India shares down
Wall St in tech-led slide NEW YORK: US stocks slid on Thursday after a gloomy outlook from Cisco Systems Inc underscored the risks that a still-weak economy posed to corporate profits and sparked a technology-led selloff in an overbought market. Cisco's shares fell 15 per cent and hit other stocks in the sector after Cisco Chief Executive John Chambers cautioned over "short-term challenges" in Europe and public-sector spending. "More than anything else, it was the guidance," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey. "Very often, Chambers comes out with very forward-looking and oftentimes prophetic guidance for the group." The Dow Jones industrial average dropped 93.05 points, or 0.82 per cent, to 11,263.99. The Standard & Poor's 500 Index lost 9.43 points, or 0.77 per cent, to 1,209.28. The Nasdaq Composite Index fell 34.39 points, or 1.33 per cent, to 2,544.39. Technology shares were lower after the outlook from Cisco, the world's top manufacturer of network routers and switches. Chipmaker Altera Corp fell 3.6 per cent to $32.64, while Juniper Networks Inc, another router maker, dropped 1.7 per cent to $33.96. Cisco itself fell $3.66 to $20.83. The S&P technology index fell 2.2 per cent. Cisco has lost $21 billion in market value so far this session, according to Howard Silverblatt, an analyst at Standard & Poor's. Silverblatt See # 19 Page 11
HK, Shanghai mkts up on China growth
MUMBAI: Indian shares fell for the third time in four sessions, closing 1.4 per cent lower on Thursday, as traders opted to cash in gains as the market traded near a record high, with subdued world stocks providing no support. DLF plunged 4.4 per cent, after the top real estate firm said late on Wednesday its quarterly net profit declined 5 per cent versus a year ago amid rising interest rates and higher land and construction costs. The 30-share BSE index closed 1.37 per cent or 286.62 points lower at 20,589.09 points, with 25 of its components losing ground. It rose as much as 0.3 per cent early, to 20,937.38, and was only around 270 points away from a record high. "It is just the usual profit booking when we trade close to record levels," said Deven Choksey, managing director and CEO of KR Choksey Shares. "I would say such a decline helps to create headroom for the market to go up. India's benchmark index has outperformed broader indices so far in 2010, with a nearly 18 per cent gain year-to-date, triggered by $28.5 billion of foreign fund investments. MSCI's measure of Asian markets other than Japan has gained 14.8 per cent in 2010, while its emerging markets index has registered a 15.7 per cent rise.
mainly remianded on the selling side where mutual funds and banks net-sold equities worth $1.26 and $0.78 million respectively while companies did a netbuying of $1.14 million. A total of 125.2 million shares were traded during the day which is 96 million shares less as compared to a turnover of 221.2 million a day earlier. Out of total 397 active issues 194 advanced and 175 declined while 28 remained unchanged.
Around 640 million shares were traded on the BSE on Thursday, more than one-anda-half times the 30-day average volume, data from Thomson Reuters showed. In the broader market, declining shares outnumbered advancing ones by a ratio of 1.3:1 with 262 stocks touching new highs. Hindalco was one of the few gainers among Sensex stocks and closed 2.7 per cent higher at 234.05 rupees after RBS raised its target price on the aluminum maker to 287 rupees from 229 rupees earlier, while maintaining a buy rating. Energy major Reliance Industries extended losses and dropped 1.9 per cent, due to lack of any near-term triggers, dealers said. The stock, which has the highest weighting on the Sensex, has been a laggard and is down 0.7 per cent in 2010. Top engineering and construction firm Larsen & Toubro declined 1.3 per cent, as investors booked profits. The stock is still up 26.9 per cent since the start of January. Bharti Airtel extended losses and dropped 3.3 per cent as the top mobile operator on Wednesday reported a biggerthan-expected 27-per cent drop in quarterly profit after being squeezed by a price war, but said it continued to generate healthy free cashflow."We See # 17 Page 11
FTSE flat; banks fall on Irish woes LONDON: Financials pressured Britain's top share index on Thursday as concerns over Royal Bank of Scotland's exposure to Ireland's debt troubles weighed on the bank, and ICAP fell after a downgrade from BofA Merrill Lynch. Weakness among financials offset gains in commoditylinked assets, which rallied after strong data from China, the world's biggest consumer of raw materials, while upbeat results lifted telecoms provider BT. The FTSE 100 closed down 1.71 points at 5,815.23, after it closed down 1 per cent at 5,816.94 on Wednesday. "The rally we have enjoyed over the past few months looks to be stalling as the situation in Europe is getting more and more unsettling for investors," Angus Campbell, head of sales at Capital Spreads, said. RBS, down 2.7 per cent, was the biggest faller in a weaker banking sector with traders citing worries over the the British state-backed bank's exposure to Ireland's sovereign debt problems. See # 16 Page 11
SECP fines 34 defaulting companies ISLAMABAD: As part of its enforcement and regulatory function, the Enforcement Department of the Securities and Exchange Commission of Pakistan (SECP) fined 34 defaulting companies besides issuing 37 show-cause notices to others during the month of October. Proceedings against five companies were closed with warnings during the months, according to SECP press statement issued here Thursday. The department imposed an aggregate penalty of Rs.9.399 million on listed and unlisted companies in October for noncompliance of various provisions of the 1984 Companies Ordinance. The department also resolved 43 investors' complaints during the month, it added.-APP
Dhiyan
AN NON-RED DAY PROPHESIED Aftab Merchant, Head of Sales Darson Securities
The bullrun in the market is expected to revive therefore index may touch 11,100 points level in the short-term. Investors are recommended to invest in oil stocks as rising international oil prices would benefit oil sector, while they can also invest in cement and textile sectors. Inflow of International Monetary Fund (IMF) tranche, launch of Margin Trading System (MTS), and continuous foreign buying would be the triggers for the market. Market may remain slow in the first session today however we ICBC, the world's most valuHONG KONG/SHANGHAI: and Hong Kong to bet on the Shanghai and Hong Kong region's economic strength off- able lender, was the top gainer would see recovery during the second half. A positive close is expected. shares rose on Thursday after two days of declines, led by commodity-related issues and financials on the prospects for continued capital inflows into Chinese stocks. The Hang Seng index rose 0.8 per cent as the Hong Kong market drew nearly HK$125 billion in turnover, nearly twice the daily average seen this year. Shanghai's stock index rose 1 per cent. Chinese economic data showed broad economic strength while money supply growth exceeded expectations to indicate abundant liquidity in the financial system. A rise in consumer inflation to a 25-month high and surging bank lending, which analysts say is likely to exceed Beijing's 2010 target of 7.5 trillion yuan, has raised expectations for further tightening of monetary policy. But expectations of more funds flowing into China
set fears on Thursday of measures to curb excess liquidity, traders said, although on Wednesday tightening fears weighed. Hong Kong and Shanghai did not react to a sudden 2.7 per cent slump in Korea's benchmark KOSPI that was blamed on a big late-day trade by a major European bank. But oil's surge to a 25-month high of over $88 a barrel after data showed China raised refinery throughput in October to a record high, boosted energy shares. CNOOC rose 3.4 per cent, providing the biggest boost to the main Hong Kong index. Petrochina gained 3.4 per cent on 1.9 times their average 30day traded volume. Financials rose on expectations that steady rate hikes would benefit investment incomes for insurers and net interest margins for banks.
among large-cap banking shares in Hong Kong, rising 2.8 per cent. Insurer Ping An increased 4.7 per cent. ICBC shares were also boosted after it said it would sell fewer shares than planned in a $6.8 billion rights offering to replenish capital and sustain lending growth. Chinese bank shares over the past six weeks have led a market rally on strong lending growth, attractive valuations and sustained strength in the economy. However, investors are becoming more cautious, as reflected in a fall in banking shares on Wednesday. New loans hit a 588 billion yuan in October, significantly exceeding market forecasts of 450 billion yuan. China Construction Bank, China Merchants Bank and Minsheng Bank are her top picks among banks.-Reuters
Hamad Aslam, Head of Research BMA Capital Correction is likely to continue in the market and index could test 10,500 points level in the coming days while volumes would remain low till Eid. Investors are therefore advised to invest in only dividend yielding stocks like FFBL, HUBC, while they should avoid textile stocks as imposition of RGST would hurt the sector. Anticipation regarding Margin Trading System (MTS) would support the market. Market would be dull today.
6
Friday, November 12, 2010
Market Volume
125,226,524
Value
4,220,001,070
Trades
68,159
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
175 194 28 397
All Share Index
10,905.24 10,995.85 10,895.10 i36.70
Current High Low Change
KSE 30 Index
7,583.63 7,644.57 7,577.46 i21.59
Current High Low Change
KMI 30 Index Current High Low Change
10,489.02 10,589.49 10,476.75 i45.33
17,450.64 17,609.58 17,400.30 i67.80
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,411.67 Turnover 6,271,985 P/E (x) 10.45 Company
KSE 100 Index
Symbols
High Low 1,426.20 1,398.30 Total cos Defaulter cos P/BV (x) ROE (%) 3.40 32.54
PE
Open
High
Low
Attock Petroleum XD 691 5.37 Attock Refinery 853 6.95 BYCO Petroleum 3921 Mari Gas Company 735 16.27 National Refinery XD 800 3.86 Oil & Gas Development 43009 10.71 Pak Petroleum 11950 7.80 Pak Oilfields XD 2365 6.00 Pak Refinery Limited 350 PSO 1715 4.78 Shell Gas LPG 226 Shell Pakistan 685 10.10
312.22 125.39 11.49 121.99 255.15 158.45 193.44 253.48 82.28 281.83 36.26 197.29
317.50 128.50 11.53 122.50 263.00 159.89 195.25 256.60 83.40 283.50 36.00 199.00
309.20 122.95 11.02 119.80 252.00 157.00 190.78 253.05 81.12 279.00 34.86 196.99
Close Chg 309.81 123.96 11.09 120.05 260.38 158.25 191.82 253.92 82.09 282.53 35.00 197.01
-2.41 -1.43 -0.40 -1.94 5.23 -0.20 -1.62 0.44 -0.19 0.70 -1.26 -0.28
Close Change 1,409.34 -2.33 Listed cap Market cap 65,194.15 mn 1,101,504.95 mn Payout (%) Div Yield (%) 55.94 5.35 Last 60 days High Low
Volume 390273 1850485 1454660 30718 433271 583071 494015 1652254 35084 789088 3025 10701
374.20 129.70 12.10 128.90 263.00 160.20 214.10 262.40 87.39 286.97 40.28 222.50
% Change -0.16 5-Day High 1,415.31 5-Day Low 1,367.46
2009 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 765.07 Turnover 13,568 P/E (x) 5.84 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 774.56 757.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.49 25.53
Close 758.62 Listed cap 3,242.17 mn Payout (%) 11.08
Change -6.45 Market cap 13,178.52 mn Div Yield (%) 1.90
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.39 39.87
74.52 37.11
75.50 37.50
73.85 36.66
73.94 -0.58 36.68 -0.43
7543 6025
80.00 41.00
60.05 34.50
Company
Paid up Cap(mn)
Agritech Limited BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji FertilizerSPOT Fauji Fert. Bin Qasim Gatron Ind XD Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-Noble XD
Open
High
Low
3924 7.74 20.75 250 10.44 75.99 273 5.85 153.99 1203 7.02 171.96 1996 2.75 1020 7.62 3663 1.65 94 - 10.97 3277 9.80 181.97 6635 - 13.72 22000 9.90 6785 8.00 111.10 9341 6.20 32.72 384 2.35 44.95 725 9.22 12.13 1388 7.51 133.18 15142 4.18 11.84 74 1.88 1106 1.50 120 2.50 214 9.22 110.39 551 15.18 14.18 92 9.53 90 6.36 34.06
PE
21.40 77.90 154.20 173.00 2.87 7.84 1.70 10.92 183.00 13.80 10.29 111.65 33.44 46.59 12.25 136.40 12.00 2.45 1.58 2.88 112.90 14.48 10.24 34.50
20.26 75.95 153.00 169.01 2.51 6.63 1.60 10.90 178.00 13.35 9.92 110.25 32.72 42.71 11.91 133.00 11.55 1.55 1.48 2.49 109.00 13.83 10.14 32.40
Close Chg 21.35 76.00 153.02 169.26 2.55 6.82 1.70 10.91 178.36 13.40 10.05 110.34 32.86 43.74 12.17 133.27 11.71 1.55 1.49 2.49 112.45 13.97 10.14 33.09
0.60 0.01 -0.97 -2.70 -0.20 -0.80 0.05 -0.06 -3.61 -0.32 0.15 -0.76 0.14 -1.21 0.04 0.09 -0.13 -0.33 -0.01 -0.01 2.06 -0.21 0.61 -0.97
Close 1,225.01 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 10007 6179 2742 15253 213228 1712946 210729 306 1261370 366454 3004374 601156 2266888 305 149571 759356 8255656 84070 266375 1001 2599 716970 1100 14805
Change -10.93 Market cap 274,802.56 mn Div Yield (%) 6.35
25.38 87.99 164.89 182.00 2.98 7.84 1.82 13.79 185.59 15.20 11.74 111.65 33.70 46.59 13.85 138.00 12.18 3.00 1.65 3.40 127.20 14.48 17.88 46.25
% Change -0.88 5-Day High 1,235.94 5-Day Low 1,200.02
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20.26 66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 10.21 15 15 165.60 6010B 40R 40 10.90 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.95 20 7.41 109.50 80 55 6.75 5 0.80 1.16 1.80 101.00 75 25 7.67 9.22 10 10B 32.40 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,083.30 Turnover 57,534 P/E (x) 5.53
High Low 1,097.14 1,070.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,072.05 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
7.60 6.11
16.61 39.21 39.46
16.90 40.00 39.80
16.00 39.50 39.60
16.07 -0.54 39.50 0.29 39.60 0.14
56604 730 200
Company
Change -11.25 Market cap 2,970.67 mn Div Yield (%) 4.57
Last 60 days High Low 21.80 62.85 48.00
15.28 38.61 38.10
% Change -1.04 5-Day High 1,087.09 5-Day Low 1,072.05
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,125.96 Turnover 328,274 P/E (x) 4.13 Paid up Cap(mn)
PE
High Low 1,157.64 1,116.27 Total cos Defaulter cos P/BV (x) ROE (%) 1.05 25.35
Open
High
Low
Agriautos Ind XD Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 5.04 67.00 101 4.67 156.02 626 7.00 100.00 890 1.40 56 4.32 152.96 598 19.27 22.65 450 3.40 4.98 1428 - 12.41 786 5.80 243.73 823 11.76 74.54 150 3.54 19.21
66.55 157.00 102.99 1.47 150.99 22.35 5.08 12.88 255.91 74.79 19.20
66.51 156.25 100.50 1.40 150.00 21.75 4.87 12.35 243.50 72.05 18.70
Open 918.79 Turnover 129,296 P/E (x) 2.89 Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
High Low 925.73 910.74 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 33.10
PE
Open
High
Low
565 3.86 675 555 9.41 1199 9.37 785 10.23
24.81 3.00 14.70 45.08 9.01
25.00 3.00 15.50 45.05 9.20
24.62 2.86 14.92 44.75 8.85
Close Chg 24.70 2.90 15.05 44.98 9.00
-0.11 -0.10 0.35 -0.10 -0.01
Close 916.38 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume 15152 36706 73572 3359 507
27.90 3.39 16.75 65.00 10.80
23.75 1.65 12.25 44.00 8.00
% Change -0.26 5-Day High 927.30 5-Day Low 906.57
2009 Div BR (%) (%) 10
30B -
Open 1,515.22 Turnover 437,459 P/E (x) 31.33 Company
Paid up Cap(mn)
Adam Sugar AL-Abbas Sugar AL-Noor Sugar Chashma Sugar Crescent Sugar Habib Sugar Habib-ADM Ltd Hussein Sugar J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods XD Nestle PakistanSPOT Noon Pakistan XD Noon Sugar Pangrio Sugar Premier Sugar Quice Food Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shahtaj Sugar
58 174 186 287 214 600 200 121 490 143 70 141 414 453 48 165 109 38 107 223 119 211 120
Close Chg
Close 1,147.81 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 21.84 Market cap 41,417.79 mn Div Yield (%) 4.95
Last 60 days High Low
Open 1,021.50 Turnover 9,671,454 P/E (x) 8.11 Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Safe Mix Concrete
High Low 1,035.63 995.89 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 7.10
Close 1,001.64 Listed cap 54,792.74 mn Payout (%) 19.04
Change -19.87 Market cap 71,791.49 mn Div Yield (%) 2.35
% Change -1.94 5-Day High 1,023.94 5-Day Low 969.91
Close Chg
Volume
Last 60 days High Low
3.10 61.00 1.75 17.40 11.81 1.52 1.52 28.40 4.95 6.80 1.75
3.20 61.41 1.75 17.47 11.81 1.52 1.52 28.59 4.97 6.80 1.78
0.09 -1.41 0.25 -0.35 -0.21 -0.08 -0.08 -0.54 -0.04 -0.25 -0.14
65131 107657 800 2009 20088 4547 57002 5423186 590558 505 224017
4.20 69.86 2.05 19.20 12.75 2.20 1.99 31.05 5.50 7.94 2.20
2.80 57.60 1.01 14.01 9.51 1.30 1.30 23.02 4.52 4.25 1.74
50 -
20B 20R 10B -
2.47 3.46 0.70 6.20 3.01 75.60 2.96 7.60
0.32 0.00 0.00 0.00 -0.04 -3.39 0.02 0.04
1336 15050 772 62287 632887 2375893 83111 4501
5.00 6.69 1.48 6.50 3.65 79.98 3.40 8.58
1.18 2.11 0.25 5.50 2.60 64.02 2.51 6.90
40 -
-
40 -
-
9.47
5.25
-
-
-
-
PE
Open
High
Low
1828 866 6.46 858 182 956 26.84 982 11.69 3574 3651 119.13 6933 15.06 502 3.54 1760 -
3.11 62.82 1.50 17.82 12.02 1.60 1.60 29.13 5.01 7.05 1.92
3.35 63.00 1.85 17.75 12.00 1.69 1.58 29.53 5.13 7.00 1.97
77 2319 32 1288 13126 3234 5261 2228
6.79 1.38 -
2.15 3.46 0.70 6.20 3.05 78.99 2.94 7.56
2.60 3.46 0.73 6.25 3.15 79.98 3.00 7.65
1.18 3.46 0.62 6.20 2.99 75.11 2.89 7.50
200
-
6.09
6.60
5.25
5.61 -0.48
12112
2009 Div BR (%) (%)
2010 Div BR (%) (%) - 100R 50 - 122R - 20R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 936.68 Turnover 70,312 P/E (x) 2.64 Company
Paid up Cap(mn)
PE
Open
Cherat PapersackXDXB 115 1.93 54.08 ECOPACK Ltd 230 2.18 Ghani GlassXDXB 1067 4.52 49.20 Packages Ltd 844 53.72 106.01 Tri-Pack Films 300 7.51 103.11
High
High Low 942.14 919.38 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 43.91 Low
Close Chg
54.99 53.60 54.08 2.19 1.94 1.95 49.79 49.20 49.20 105.99 104.05 104.75 104.00 102.51 102.96
0.00 -0.23 0.00 -1.26 -0.15
Close 934.85 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 28128 5002 830 26731 9500
Change -1.84 Market cap 34,739.05 mn Div Yield (%) 5.88
Last 60 days High Low 55.00 2.64 61.99 122.99 106.00
34.00 1.70 45.75 98.00 91.00
% Change -0.20 5-Day High 947.54 5-Day Low 926.47
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
PE
Company Ados Pak
Paid up Cap(mn)
1.01
Open 15.86
High 16.00
Low 15.75
Close Chg
Close 1,515.27 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Change -21.90 Market cap 31,611.40 mn Div Yield (%) 16.43
Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
PE
1174 3.50 341 21.07 231 2.01
Last 60 days High Low 14.62
2009 Div BR (%) (%)
15.75 -0.11
2203
21.96
20
-
-
-
211.90 207.00 207.57 -2.93 11.30 10.95 10.97 -0.03 130.04 118.01 130.04 6.19
690 6232 8550
227.45 18.80 143.41
200.00 400 10.55 108.11 17.15
-
150 -
-
KSB Pumps Millat Tractors XB
132 366
8.62 71.12 6.34 490.71
72.00 69.50 72.00 0.88 495.85 483.00 484.56 -6.15
2938 153470
88.15 597.90
69.50 390.00
35 450
25B
650
25B
57 744.56 282.14
292.98 268.04 268.04 -14.10
133
324.80
268.04
125
-
100
-
63.01 131.00 92.00 1.16 121.10 21.00 4.03 9.65 212.29 69.25 17.92
40 100 80 50 100 5 -
90 100 60 20 150 10
20B 30B 20B
20B 20B
High
High Low 1,536.55 1,495.23 Total cos Defaulter cos P/BV (x) ROE (%) 9.49 30.30 Low
Close Chg
Close 1,519.07 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 3.85 Market cap 197,442.47 mn Div Yield (%) 0.98
Last 60 days High Low
1268 15.99 10.50 1501 98.10 76.95 5200 47.25 39.25 44627 13.71 8.00 3001 6.98 5.50 303703 34.68 25.06 6822 16.98 11.90 1163 14.00 4.22 3944 81.95 60.10 7112 60.99 48.50 1100 62.77 54.50 1902 6.35 4.20 4304 57.90 39.01 120 2057.99 1710.00 1426 29.58 17.51 25879 14.74 10.20 200 6.50 4.00 4621 41.19 32.50 3000 3.40 1.60 1500 3.50 2.12 954 14.90 11.50 12865 13.10 8.00 1023 68.00 44.50
% Change 0.25 5-Day High 1,521.66 5-Day Low 1,506.68
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 40 35 40 40 35 25 600 50 30 10 15 100
40 0 12.5R 25 10B 12 450 12 -
25B 30B 10B 25B 10B 10B -
Open 14.27 18.54 16.77
High 14.45 18.75 17.00
High Low 1,135.33 1,109.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 10.64 Low 13.85 18.06 16.70
Close Chg 13.89 -0.38 18.75 0.21 16.80 0.03
Close 1,113.95 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 404970 418 10248
Change -12.65 Market cap 5,243.69 mn Div Yield (%) 1.60
Total Assets (Rs in mn)
5.37
Total Equity (Rs in mn)
17,057.30
MA (100-day)
5.49
Revenue (Rs in mn)
MA (200-day)
6.69
Interest Expense
1st Support
5.13
Profit after Taxation
2nd Support
4.88
EPS 10 (Rs)
1st Resistance
5.80
Book value / share (Rs)
2nd Resistance
6.22
PE 11 E (x)
3.81
Pivot
5.55
PBV (x)
0.23
3,361.27 10,693.34 1,072.77 277.86 1.91 23.10
KTML closed up 0.03 at 5.34. Volume was 193 per cent above average (trending) and Bollinger Bands were 30 per cent narrower than normal. The company's profit after taxation stood at Rs61.882 million which translates into an Earning Per Share of Rs0.35 for the 1st quarter of current fiscal year (1QFY11). KTML is currently 20.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KTML at a relatively equal pace. Trend forecasting oscillators are currently bearish on KTML.
WorldCall Telecom Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
53.71
Total Assets (Rs in mn)
17,566.02
MA (10-day)
2.48
Total Equity (Rs in mn)
11,379.05
MA (100-day)
2.72
Revenue (Rs in mn)
MA (200-day)
3.54
Interest Expense
1st Support
2.52
Loss after Taxation
2nd Support
2.36
EPS 09 (Rs)
(0.57)
1st Resistance
2.81
Book value / share (Rs)
13.22
2nd Resistance
2.94
PE 10 E (x)
Pivot
2.65
PBV (x)
8,408.28 523.03 (490.82)
0.20
WTL closed up 0.19 at 2.62. Volume was 370 per cent above average (trending) and Bollinger Bands were 26 per cent wider than normal. The company's loss after taxation stood at Rs744.23 million which translates into a Loss Per Share of Rs0.86 for the nine months of current calendar year (9MCY10). WTL is currently 25.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of WTL at a relatively equal pace. Trend forecasting oscillators are currently bearish on WTL.
TRG Pakistan Limited
Last 60 days High Low 15.43 24.14 18.80
12.17 16.51 14.50
2009 Div BR (%) (%) -
10B 10B -
% Change -1.12 5-Day High 1,147.34 5-Day Low 1,101.81 2010 Div BR (%) (%) 17.5
10B -
Performance of SR Personal Goods Index Open 958.16 Turnover 10,607,443 P/E (x) 6.50 Paid up Cap(mn)
(Colony) Thal Al-Azhar Textile AL-Qadir Textile XD Amtex Limited XD Artistic Denim XD Azam Textile XD Azgard Nine Bannu Woolen XD Bata (Pak) Bhanero Tex Mills XD Chenab Limited Colgate Palm Crescent Fibres Ltd XD D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din TextileXDXB Ellcot Spinning XD Faisal Spinning XD Fazal Cloth Gadoon Textile XD Ghani Value Glass XD Ghazi Fabrics XD Gillette Pakistan Gulistan Spinning XD Hira Txt. Mills Ltd. XD Ibrahim Fibres XD Ideal Spinning Int Knitwear XD Ishaq Textile XD Kohinoor Ind Kohinoor Spinning XD Kohinoor Textile Leather Up Masood Textile XD Mehmood Textile XD Mohd Farooq N P Spinning XD Nagina Cotton Nishat (Chunian) XD Nishat Mills XD Pak Synthetic Premium Textile XD Prosperity XD Quetta Textile XD Ravi Textile Reliance Weaving Rupali Poly XD Salfi Textile Sally Textile XD Samin Textile Sana Ind XD Service Ind Shahtaj Textile XD Shield Corp XD Suraj Cotton XD Tata Textile Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited XD
56 86 76 2415 840 133 4493 76 76 30 1150 316 124 600 80 514 57 34 204 110 100 188 234 75 326 192 146 716 3105 99 32 97 303 1300 1455 60 600 150 189 147 187 1586 3516 560 62 185 130 250 308 341 33 88 134 55 120 97 39 180 173 307 418 400 594 53
High Low 975.62 941.89 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 8.64
Close 950.89 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
10.66 5.38 0.28 0.45 5.44 1.37 33.22 0.50 43.52 0.19 0.10 0.54 0.58 0.79 1.05 0.56 9.67 0.57 1.23 0.75 3.01 0.30 1.12 0.32 3.81 2.38 2.05 0.70 7.39 0.75 1.91 4.66 2.28 0.44 1.11 0.58 0.63 4.29 0.19 0.19 5.15 2.44 6.39 7.67 0.76 0.27 4.08 8.21 0.40 5.13 2.92
1.10 2.24 5.00 4.80 19.50 2.39 11.05 12.79 676.30 208.00 3.35 891.87 11.00 1.92 1.80 37.72 2.66 3.50 26.65 19.53 31.50 56.90 49.62 35.00 3.88 63.00 5.90 3.90 38.17 3.48 9.65 5.50 1.55 1.14 5.31 2.00 18.70 58.90 0.65 21.00 14.75 24.20 55.77 6.72 28.90 13.98 34.15 1.61 9.10 32.50 39.60 4.20 6.18 32.64 191.51 17.25 59.32 35.23 27.00 96.59 52.18 1.07 3.75 45.00
1.25 2.24 6.00 4.88 19.69 2.75 11.28 13.38 710.00 215.00 3.40 930.00 12.00 1.96 2.80 39.60 2.85 4.50 25.47 20.25 32.75 56.89 52.10 36.75 3.80 64.50 6.50 4.15 38.89 3.50 10.64 6.25 1.59 1.15 5.97 2.00 19.50 59.80 1.15 21.00 15.49 24.30 56.60 6.75 28.00 14.90 35.85 1.75 9.74 34.12 41.58 4.24 6.25 32.98 194.00 17.96 62.28 35.50 28.35 97.50 54.40 1.35 4.49 45.00
1.24 2.24 6.00 4.67 19.10 2.00 10.85 12.30 642.49 210.00 3.30 848.00 10.11 1.85 2.00 36.19 2.49 3.05 25.33 19.01 31.00 56.00 51.00 34.00 3.50 61.00 6.44 4.00 37.50 3.00 9.79 4.99 1.41 0.86 5.30 2.00 19.39 57.00 0.65 20.95 14.71 22.99 54.01 6.74 28.00 13.00 35.85 1.54 9.00 33.25 41.00 3.57 6.17 32.10 186.15 17.30 56.50 33.75 28.34 95.10 50.90 1.05 3.80 43.60
1.24 0.14 2.24 0.00 6.00 1.00 4.69 -0.11 19.35 -0.15 2.02 -0.37 10.90 -0.15 12.93 0.14 656.53-19.77 215.00 7.00 3.33 -0.02 884.88 -6.99 10.74 -0.26 1.91 -0.01 2.80 1.00 36.99 -0.73 2.49 -0.17 3.41 -0.09 25.35 -1.30 19.06 -0.47 32.00 0.50 56.00 -0.90 51.54 1.92 36.75 1.75 3.50 -0.38 61.00 -2.00 6.44 0.54 4.00 0.10 38.27 0.10 3.49 0.01 10.00 0.35 6.25 0.75 1.54 -0.01 0.87 -0.27 5.34 0.03 2.00 0.00 19.39 0.69 57.00 -1.90 0.68 0.03 20.98 -0.02 14.71 -0.04 23.03 -1.17 54.29 -1.48 6.74 0.02 28.00 -0.90 14.50 0.52 35.85 1.70 1.61 0.00 9.00 -0.10 34.12 1.62 41.58 1.98 3.83 -0.37 6.18 0.00 32.10 -0.54 186.62 -4.89 17.30 0.05 62.28 2.96 33.75 -1.48 28.35 1.35 95.37 -1.22 51.53 -0.65 1.16 0.09 3.90 0.15 43.60 -1.40
1000 500 12211 252794 940 3095 1295012 1916 13397 101 12261 213 924 40174 1073 1858 2000 8345 505 11813 351 400 15733 1901 1001 1005 200 348385 16534 353 15603 110 16820 11002 153053 1000 2564 200 60516 200 1001 3853021 3737429 12000 35000 443 6167 9542 811 4000 1042 2963 20000 1002 2314 252 477 1500 1580 62628 537080 7567 502 1547
Change -7.27 Market cap 124,346.34 mn Div Yield (%) 2.57
Last 60 days High Low 2.00 2.58 7.00 20.40 24.05 3.45 12.32 14.50 747.48 215.00 3.95 930.00 18.35 2.49 4.50 47.00 2.85 4.70 30.90 25.45 34.95 56.90 52.10 38.20 5.00 73.00 8.13 4.88 40.30 4.79 10.99 6.50 1.93 2.00 6.30 2.50 22.88 74.50 1.50 24.66 17.50 25.10 57.65 7.49 31.03 21.47 52.29 2.73 12.00 36.75 41.58 6.20 8.69 38.40 255.29 21.90 62.28 37.50 28.35 112.80 55.25 1.80 4.90 48.75
0.52 0.20 2.50 4.40 17.55 1.35 8.55 7.50 436.00 151.15 3.00 615.00 7.66 1.44 1.75 36.19 0.26 1.52 20.80 17.21 24.55 41.00 33.80 26.70 1.13 57.50 5.00 2.85 34.05 2.02 7.98 3.90 1.01 0.69 4.00 1.10 18.01 51.46 0.35 18.30 12.00 14.64 40.81 5.16 25.71 12.51 25.80 1.38 6.91 31.25 20.50 2.74 5.02 27.50 169.00 14.75 43.29 29.00 14.02 86.50 37.20 0.73 1.50 33.00
2009 Div BR (%) (%)
% Change -0.76 5-Day High 960.61 5-Day Low 943.84 2010 Div BR (%) (%)
10 30 20 20 7.5 20 120 20 - 200 115 15B 10 5 20 10B 7.5 35 7.5 50 -100SD 70 8 400R 25 10 - 10B 10 10 20 6 8 5 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 7.5 50 20 30 - 632R 20 - 25SD 40 40 25 10 - 100R 35 60 200 20 45 - 30B 10 15 50 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
62.55
Total Assets (Rs in mn)
2,549.61
MA (10-day)
4.20
Total Equity (Rs in mn)
2,509.06
MA (100-day)
3.97
Revenue (Rs in mn)
MA (200-day)
4.15
Interest Expense
1st Support
4.31
Profit after Taxation
2nd Support
4.21
EPS 09 (Rs)
1st Resistance
4.60
Book value / share (Rs)
2nd Resistance
4.79
PE 10 E (x)
Pivot
4.50
PBV (x)
Open 871.95 Turnover 96,068 P/E (x) 6.09 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 200 306
High Low 881.93 865.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.36 22.31
Close 872.70 Listed cap 3,904.20 mn Payout (%) 44.54
PE
Open
High
Low
Close Chg
Volume
8.67 6.37 12.75 6.91 6.82 5.60
98.30 85.17 70.80 24.70 8.49 62.52
99.00 85.80 72.20 25.00 8.50 62.99
98.00 84.30 70.15 24.53 8.00 61.80
98.90 0.60 84.30 -0.87 70.90 0.10 24.95 0.25 8.46 -0.03 62.25 -0.27
2480 616 40105 3177 25087 24603
104.00 124.00 78.15 25.79 9.00 64.50
77.00 83.00 65.00 22.10 6.10 53.36
0.10 1.988 6.51 0.68
Telecard Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
56.29
Total Assets (Rs in mn)
9,719.17
MA (10-day)
2.35
Total Equity (Rs in mn)
2,838.82
MA (100-day)
2.48
Revenue (Rs in mn)
3,791.47
MA (200-day)
2.84
Interest Expense
1st Support
2.35
Profit after Taxation
44.07
2nd Support
2.29
EPS 09 (Rs)
0.147
1st Resistance
2.51
Book value / share (Rs)
494.14
9.46
2nd Resistance
2.61
PE 10 E (x)
0.73
Pivot
2.45
PBV (x)
0.26
TELE closed up 0.14 at 2.45. Volume was 255 per cent above average (trending) and Bollinger Bands were 42 per cent narrower than normal. The company's profit after taxation stood at Rs251.746 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). TELE is currently 13.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into TELE (mildly bullish). Trend forecasting oscillators are currently bullish on TELE.
BOOK CLOSURES Company
From
To
Amtex Limited Karachi Electric Supply Corp East West Life Assurance Nestle Pakistan (TFC) Engro Fertiliser Co 1st IBL Modaraba United Bank Fauji Fertiliser Co (TFC) Telecard Faysal Bank (TFC) Allied Bank PICIC Energy Fund Thal Limited Sui Southern Gas Pipelines Fazal Cloth Mills Sana Industries East West Insurance Co MCB Bank Dawood Hercules Chemicals Engro Corporation (Standalone)
12-Nov 15-Nov 15-Nov 16-Nov 17-Nov 17-Nov 18-Nov 21-Nov 21-Nov 22-Nov 22-Nov 23-Nov 23-Nov 24-Nov 26-Nov 27-Nov 01-Dec 03-Dec 07-Dec 07-Dec
23-Nov 28-Nov 23-Nov 22-Nov 30-Nov 25-Nov 25-Nov 27-Nov 27-Nov 30-Nov 05-Dec 30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec 10-Dec 13-Dec 21-Dec
D/B/R 7.80(R) 10R 250(ii) 3(F) 20(iii) 20(B) 5 20 100SD 10(B) 30(iii) 20(ii) 20(ii)
Spot AGM/Date 04-Nov 04-Nov 05-Nov 10-Nov -
23-Nov 25-Nov 25-Nov 30-Nov 30-Nov 30-Nov 29-Nov 03-Dec -
INDICATIONS
Change 0.75 Market cap 29,061.11 mn Div Yield (%) 7.32
Last 60 days High Low
28.92 766.33
TRG closed up 0.04 at 4.43. Volume was 550 per cent above average (trending) and Bollinger Bands were 47 per cent narrower than normal. The company's loss after taxation stood at Rs1.398 million which translates into a Loss Per Share of Rs0.004 for the 1st quarter of current fiscal year (1QFY11). TRG is currently 7.2 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into TRG (mildly bullish). Trend forecasting oscillators are currently bearish on TRG.
Performance of SR Pharma and Bio Tech Index
2010 Div BR (%) (%)
215 4.97 210.50 213 10.16 11.00 124 - 123.85
72.99 195.80 122.51 1.95 155.99 26.70 6.09 12.93 258.00 82.00 27.58
2010 Div BR (%) (%)
PERSONAL GOODS
% Change -1.42 5-Day High 1,537.17 5-Day Low 1,509.67
AL-Ghazi Tractor Ghandhara Ind Hinopak Motor
Pak Engineering XD
66
PE
High Low 1,557.70 1,506.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 38.02
Open
Open 1,126.60 Turnover 415,640 P/E (x) 3.93
Performance of SR Industrial Engineering Index Open 1,537.17 Turnover 174,240 P/E (x) 8.00
1600 2675 835 14281 665 12578 14861 43446 188217 33707 15407
2009 Div BR (%) (%)
49.05
MA (10-day)
HOUSEHOLD GOODS
Company
Performance of SR Construction and Materials Index
-0.49 0.24 0.55 0.06 -1.97 -0.30 -0.08 0.16 10.44 -0.67 -0.21
% Change 1.94 5-Day High 1,147.81 5-Day Low 1,099.93
RSI (14-day)
Performance of SR Household Goods Index
20B -
CONSTRUCTION AND MATERIALS
66.51 156.26 100.55 1.46 150.99 22.35 4.90 12.57 254.17 73.87 19.00
0.85 15.75 15.99 15.50 15.99 0.24 7.69 94.00 94.80 92.00 93.86 -0.14 4.79 45.51 47.25 46.25 47.15 1.64 1.01 12.71 13.71 12.50 12.54 -0.17 10.94 5.76 6.35 5.80 5.80 0.04 7.15 33.03 34.68 34.01 34.68 1.65 11.71 12.56 12.68 12.30 12.65 0.09 - 12.65 13.65 11.65 11.66 -0.99 2.62 80.00 80.90 78.00 78.15 -1.85 3.29 59.70 60.90 58.25 58.65 -1.05 6.59 60.80 62.70 60.50 62.70 1.90 0.39 5.99 6.35 5.70 6.18 0.19 15.95 42.50 42.75 42.00 42.75 0.25 21.38 1960.50 2000.00 1900.00 1946.64 -13.86 2.88 19.17 20.17 19.60 20.17 1.00 - 14.53 14.74 14.00 14.14 -0.39 0.52 6.48 6.39 6.00 6.39 -0.09 7.47 38.77 40.70 40.69 40.70 1.93 2.05 2.10 2.06 2.10 0.05 3.19 3.19 3.19 3.19 0.00 0.99 13.99 13.99 13.52 13.84 -0.15 18.83 12.59 13.10 12.90 12.99 0.40 - 64.00 65.70 62.19 65.13 1.13
2010 Div BR (%) (%) 30 40 7.5
-
FOOD PRODUCERS
Company
Change -2.41 Market cap 8,734.70 mn Div Yield (%) 10.69
40 15
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,247.28 1,221.21 Total cos Defaulter cos P/BV (x) ROE (%) 2.69 35.00
30
Kohinoor Textile Mills Limited
% Change -0.84 5-Day High 766.72 5-Day Low 749.07
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,235.94 Turnover 16,705,840 P/E (x) 7.69
2009 Div BR (%) (%)
Alert ! Unusual Movements
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change 0.09 5-Day High 872.70 5-Day Low 870.08 2010 Div BR (%) (%) 20 30
20B -a
# Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree BreweryXDXB Shezan Internat XD Pak Tobacco Shifa Int Hospitals Eye Television PIAC(A) AKD Capital SPOT Pace (Pak) Ltd Netsol Technol XD Pak Telephone
8.1 51.8 4.39 75.25 90.09 112.5 26.75 21 2.24 56.99 2.88 18.75 2.2
8.3 51 4.69 76.99 92.5 112.5 28 21.78 2.39 57.2 2.99 19.35 3
Low Close 8.1 51 4.4 72.11 90 112.5 25.6 20.38 2.19 54.49 2.87 18.7 1.85
8.22 51 4.43 76 92.5 112.5 27.99 20.38 2.26 55.82 2.88 18.82 1.86
Change 0.12 -0.8 0.04 0.75 2.41 0 1.24 -0.62 0.02 -1.17 0 0.07 -0.34
Vol
1000 1101 17039834 2965 860 31480 604 1010 42200 2300 140692 673611 102
7
Friday, November 12, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,129.61 Turnover 8,881,424 P/E (x) 6.12 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
High Low 1,158.48 1,119.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
37740 12.71 3000 0.73 8606 6175 -
19.26 2.31 2.43 3.43
19.55 2.55 2.78 4.00
19.00 2.39 2.49 3.50
19.06 2.45 2.62 3.80
-0.20 0.14 0.19 0.37
Close 1,126.93 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1960262 1615703 5305359 1204613
Change -2.69 Market cap 77,888.12 mn Div Yield (%) 10.23
Last 60 days High Low 19.76 2.69 2.98 4.60
% Change -0.24 5-Day High 1,140.19 5-Day Low 1,116.96
2009 Div BR (%) (%)
17.32 1.80 2.30 3.35
15 -
2010 Div BR (%) (%)
-
17.5 1 -
-
Ask Gen Insurance Atlas Insurance Central Insurance XB EFU General Ins. XB Habib Insurance IGI Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance Universal Insurance
204 6.82 369 5.45 279 6.41 1250 400 2.71 718 15.59 3000 40.23 250 1.58 350 303 5.19 252 3.99 253 4.34 210 -
11.00 33.30 56.10 44.74 11.43 83.19 15.94 6.74 4.64 9.52 6.17 6.93 3.03
Company
High Low 1,178.28 1,156.80 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 9.35
PE
Open
High
Low
Genertech 198 Hub Power 11572 6.12 Japan Power 1560 KESCSPOT 7932 Kohinoor Energy 1695 10.83 Kot Addu Power XD 8803 4.81 Nishat Chunian Power Ltd 3673 2.96 Nishat Power Ltd 3541 23.63 Sitara Energy Ltd XD 191 3.48 Southern Electric 1367 Tri-star Power XD 150 -
0.90 33.57 1.54 2.15 19.90 40.23 13.99 15.09 18.60 2.12 1.00
0.94 33.85 1.62 2.21 19.51 40.40 14.14 15.25 19.00 2.20 1.00
0.81 33.40 1.53 2.11 19.40 39.25 13.49 14.50 18.65 2.12 0.90
Close 1,160.61 Listed cap 95,369.29 mn Payout (%) 104.13
Change -8.74 Market cap 96,060.53 mn Div Yield (%) 8.39
Close Chg
Volume
Last 60 days High Low
0.82 33.43 1.56 2.14 19.50 39.55 13.51 14.65 18.66 2.14 1.00
11129 402905 65512 278025 7855 373374 1020251 2488292 6855 62063 11000
1.45 37.24 2.25 2.50 26.50 42.95 14.85 16.10 23.49 2.90 1.75
-0.08 -0.14 0.02 -0.01 -0.40 -0.68 -0.48 -0.44 0.06 0.02 0.00
0.51 32.75 0.70 1.94 19.40 38.35 9.50 9.25 18.26 2.05 0.33
% Change -0.75 5-Day High 1,189.01 5-Day Low 1,160.61
2009 Div BR (%) (%) 33.5 45 64.5 20 3
2010 Div BR (%) (%)
31R -
Open 850.10 Turnover 29,379 P/E (x) 94.25
Sui North Gas Sui South GasXDXB
High Low 1,830.30 1,798.67 Total cos Defaulter cos P/BV (x) ROE (%) 1.33 11.41
Close 1,814.35 Listed cap 12,202.80 mn Payout (%) 66.79
Change -7.44 Market cap 38,988.18 mn Div Yield (%) 5.73
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
9.99 3.69
33.80 24.55
34.15 24.56
33.35 24.25
33.57 -0.23 24.50 -0.05
457655 447535
34.75 30.70
% Change -0.41 5-Day High 1,849.95 5-Day Low 1,779.68
2009 Div BR (%) (%)
25.00 16.00
-
2010 Div BR (%) (%)
-
20 15
25B
BANKS Performance of SR Banks Index Open 1,036.71 Turnover 11,757,972 P/E (x) 7.49 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.62 56.98 Askari Bank 6427 7.48 15.89 Atlas Bank 5001 1.61 Bank Alfalah 13492 12.46 9.76 Bank AL-Habib 7322 7.06 31.56 Bank Of Khyber 5004 5.20 3.88 Bank Of Punjab 5288 9.73 BankIslami Pak 5280 840.00 3.21 Faysal BankSPOT 6091 5.46 16.74 Habib Bank Ltd 10019 6.50 104.88 Habib Metropolitan Bank 8732 6.35 20.74 JS Bank Ltd 6128 2.84 KASB Bank Ltd 9509 2.50 MCB Bank Ltd 7602 9.01 204.35 Meezan Bank 6983 7.89 14.67 Mybank Ltd 5304 2.00 National Bank 13455 5.77 66.79 NIB Bank 40437 2.75 Royal Bank Ltd 17180 6.10 Samba Bank 14335 1.86 Silkbank Ltd 26716 2.67 Soneri Bank 6023 7.34 Stand Chart Bank 38716 11.40 7.06 Summit Bank Ltd 5000 2.81 United Bank Ltd 12242 6.83 57.53
High
High Low Close 1,053.67 1,026.80 1,038.11 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.04 13.94 40.49 Low
Close Chg
58.15 56.60 57.82 0.84 15.99 15.65 15.71 -0.18 1.65 1.55 1.60 -0.01 9.93 9.70 9.72 -0.04 32.95 31.65 32.76 1.20 4.10 3.71 3.90 0.02 9.95 9.50 9.67 -0.06 3.49 3.25 3.36 0.15 17.00 16.51 16.92 0.18 105.90 104.00 104.08 -0.80 20.90 20.40 20.75 0.01 2.90 2.80 2.81 -0.03 2.49 2.38 2.46 -0.04 206.50 202.51 203.31 -1.04 15.09 14.70 14.91 0.24 2.10 1.95 2.10 0.10 67.04 65.95 66.12 -0.67 2.92 2.71 2.78 0.03 6.11 5.86 5.97 -0.13 1.90 1.80 1.87 0.01 2.74 2.65 2.69 0.02 7.48 7.20 7.41 0.07 7.77 7.00 7.41 0.35 2.90 2.80 2.82 0.01 58.75 57.05 58.13 0.60
Volume
Change 1.40 Market cap 631,188.31 mn Div Yield (%) 5.41
Last 60 days High Low
1394702 58.15 421953 16.65 44965 2.84 512808 10.19 308107 33.75 31516 4.50 1484585 10.50 166757 3.69 242591 17.10 59196 107.15 1592 23.30 247506 3.00 10118 3.22 961241 209.75 41988 15.95 120429 2.75 2632047 70.75 1072343 3.25 138517 9.50 38603 2.65 598675 3.30 213362 8.00 111499 8.00 30620 3.19 902871 59.24
48.51 14.00 1.51 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.60 13.80 1.62 60.51 2.42 5.20 1.51 2.20 5.01 6.00 2.30 49.90
% Change 0.14 5-Day High 1,049.15 5-Day Low 1,028.73
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 20B - 66R 55 -63.46R 10 -
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company Adamjee Insurance
12.25 35.00 59.83 48.63 12.39 86.69 17.05 7.04 5.64 9.91 7.70 8.17 4.00
8.45 27.10 47.37 34.76 10.04 66.02 12.50 5.06 1.66 8.00 6.05 6.00 1.77
40 20 40 35 35 30 5 20 -
10B 25B 8.7B 25B 15B 20B -
10 10 -
UPTO 100 VOLUME
25R 10B 20B -
High Low 737.40 720.17 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 5.20
Close 725.26 Listed cap 11,111.34 mn Payout (%) 79.54
Change -3.05 Market cap 45,215.20 mn Div Yield (%) 7.55
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 22.76
79.77
80.50
78.35
78.51 -1.26
439279
84.15
% Change -0.42 5-Day High 745.77 5-Day Low 704.02
2009 Div BR (%) (%)
63.05
30
Paid up Cap(mn)
2010 Div BR (%) (%)
10B
10
-
High Low 859.72 837.33 Total cos Defaulter cos P/BV (x) ROE (%) 3.63 3.85
Close 857.66 Listed cap 2,290.72 mn Payout (%) 355.53
Change 7.57 Market cap 10,022.58 mn Div Yield (%) 3.77
Symbols
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
EFU Life Assurance XB
850 42.62
73.34
75.50
73.01
75.01 1.67
19484
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 28.19
42.10
42.00
41.00
42.00 -0.10
9890
45.20
34.50
10
-
-
-
2010 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 416.19 Turnover 26,431,960 P/E (x) 10.58 Paid up Cap(mn)
High Low 433.88 415.00 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 0.91
PE
Open
High
Low
225 1.36 360 3.81 450 13.87 3750 4.71 150 1.13 250 First Credit & Invest Bank Ltd 650 12.50 First National Equity 575 IGI Investment Bank 2121 17.13 Invest and Fin Sec XD 600 700.00 Invest Bank 2849 Ist Cap Securities XB 3166 Ist Dawood Bank 626 0.64 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 8.10 JS Investment 1000 29.00 KASB Securities 1000 Orix Leasing 821 4.41 Pervez Ahmed Sec 775 -
0.58 18.98 26.09 24.42 1.27 1.93 3.00 9.89 2.50 6.78 0.62 3.70 1.83 12.02 4.22 31.32 7.06 3.95 6.02 2.32
0.70 19.98 27.35 25.64 1.26 2.00 3.00 10.00 2.80 7.25 0.80 3.90 1.89 12.44 4.50 32.34 7.35 4.16 6.00 2.48
0.56 18.90 26.18 24.41 1.26 1.90 3.00 9.00 2.56 6.95 0.62 3.70 1.80 12.00 4.25 30.00 6.91 3.90 6.00 2.23
AMZ Ventures Arif Habib Investments Arif Habib Limited XB Arif Habib Securities Dawood Cap Mngt XB Dawood Equities
Close Chg 0.60 19.34 27.18 25.62 1.26 1.90 3.00 9.64 2.74 7.00 0.78 3.70 1.80 12.11 4.30 30.14 6.96 4.15 6.00 2.34
0.02 0.36 1.09 1.20 -0.01 -0.03 0.00 -0.25 0.24 0.22 0.16 0.00 -0.03 0.09 0.08 -1.18 -0.10 0.20 -0.02 0.02
Close 424.46 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 9669 623366 361553 13084394 1000 25331 20000 1909 308636 2501 14712 14200 41700 11093351 369028 34050 342818 9006 581 94093
Change 8.26 Market cap 29,750.04 mn Div Yield (%) 2.05
% Change 1.99 5-Day High 424.46 5-Day Low 380.19
Last 60 days High Low
2009 Div BR (%) (%)
1.10 19.98 35.23 26.75 2.25 2.70 4.50 11.75 2.80 9.00 1.00 5.29 2.84 12.58 5.38 40.30 7.44 4.75 6.45 2.70
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 0.50 1.51 2.00 6.84 1.17 6.16 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,066.52 Turnover 2,300,103 P/E (x) 15.91
High Low 1,082.98 1,047.44 Total cos Defaulter cos P/BV (x) ROE (%) 0.35 2.21
Paid up Cap(mn)
PE
Open
High
Low
1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 AL-Noor Modaraba XD 210 B R R Guardian Mod. 780 Crescent St Mod. XD 200 Equity Modaraba 524 First Capital Mutual Fund 300 Golden Arrow XD 760 H B L Modaraba XD 397 Habib Modaraba 1008 I B L ModarabaSPOT 202 JS Growth Fund 3180 JS Value Fund 1186 Meezan Bal. Fund XD 1200 NAMCO Bal. Fund 1000 Nat Bank Modaraba XD 250 Pak Modaraba XD 125 Pak Prem Fund 1698 Paramount Mod. XD 59 PICIC Energy F. SPOT 1000 PICIC Growth Fund 2835 PICIC Inv Fund 2841 Prud Modaraba 1st 872 Stand Chart Modaraba 454 Trust Modaraba XD 298 U D L Modaraba XD 264
9.38 5.28 4.67 3.27 1.50 7.44 10.03 1.93 2.12 5.26 15.00 40.00 11.04 5.05 5.17 5.11 3.95 11.67 6.25 1.70 5.77 4.85 2.07 4.22 3.27 1.61
1.52 6.31 2.85 1.40 0.60 1.19 3.99 2.70 6.35 6.07 1.75 3.16 3.06 5.49 3.20 6.30 0.67 8.35 8.05 5.84 9.04 4.16 0.91 8.90 1.70 5.55
1.52 6.34 2.90 1.68 0.75 1.25 4.02 2.75 6.35 6.20 2.00 3.21 3.17 5.50 3.40 6.80 0.79 8.44 8.00 5.85 9.20 4.30 0.92 8.94 1.70 5.79
1.18 6.15 2.30 1.20 0.58 1.06 3.99 2.70 6.20 6.10 1.25 3.06 3.00 5.16 2.71 5.30 0.65 8.36 8.00 5.70 8.84 4.19 0.91 8.61 1.70 5.42
Company
Close Chg 1.50 6.34 2.80 1.44 0.60 1.19 4.01 2.70 6.35 6.10 1.65 3.20 3.09 5.25 3.31 5.52 0.79 8.40 8.00 5.84 9.00 4.27 0.91 8.61 1.70 5.67
-0.02 0.03 -0.05 0.04 0.00 0.00 0.02 0.00 0.00 0.03 -0.10 0.04 0.03 -0.24 0.11 -0.78 0.12 0.05 -0.05 0.00 -0.04 0.11 0.00 -0.29 0.00 0.12
Close 1,069.03 Listed cap 29,771.58 mn Payout (%) 104.74
Change 2.51 Market cap 15,322.63 mn Div Yield (%) 10.23
% Change 0.24 5-Day High 1,079.68 5-Day Low 1,066.52
Open
FIMM CENI JDMT HWQS PAKD MUCL SHDT DATM CSUML SIEM FPJM LAKST SPLC MUBT MERIT FZTM CLCPS ULEVER KSTM MUKT BCL EMCO GSPM PAKL RMPL SSML MFFL PHDL STML MDTL FCONM MODAM SCLL ALICO HAJT JKSM SZTM DWAE SGML DIIL BILF BWCL BAPL ATFF TSMF CPAL GRYL NMBL ESBL SIBL TRIBL CSIL BCML BROT CWSM MQTM SHTM NAKI CML NCLNCP GATM BTL AGSML BAWS FECS MLCFPS KOHP GAIL TREI ARPAK GRAYS PSEL
% Change 0.89 5-Day High 863.23 5-Day Low 835.12
High
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 728.31 Turnover 1,336,683 P/E (x) 10.54
405 8600 870 227669 1265 301 384775 510 265730 4172 500 1002 1504
Open
Company
Performance of SR Gas Water and Multiutilities Index
Company
0.25 1.00 0.29 0.09 -0.03 0.82 -0.25 -0.06 1.00 0.08 0.33 0.06 -0.03
PE
Company
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES Open 1,821.79 Turnover 905,190 P/E (x) 11.65
11.25 34.30 56.39 44.83 11.40 84.01 15.69 6.68 5.64 9.60 6.50 6.99 3.00
LIFE INSURANCE
Performance of SR Electricity Index
Paid up Cap(mn)
10.90 33.40 56.00 43.80 11.40 84.00 15.65 6.48 5.00 9.40 6.50 6.60 3.00
Performance of SR Life Insurance Index
ELECTRICITY Open 1,169.35 Turnover 3,707,011 P/E (x) 12.41
11.40 34.70 57.16 45.10 11.99 85.00 16.09 6.68 5.64 9.61 6.50 7.29 3.50
High
45.25 10.6 13.39 22 79.02 12.49 9.48 0.21 3.42 1300 1.5 321.03 0.67 1.2 18 429 2 4060.01 0.75 0.42 46.35 2.83 7.14 1.96 2000.04 1.71 70.54 34.73 18 57.9 1.5 1 2.3 17.1 0.73 6.43 5.01 0.79 5.1 9.49 1.73 24 8.12 3.26 1.65 1.99 1.05 1.16 2.88 2.7 1.9 3.75 15.45 0.59 1 6.63 0.45 14.98 2.84 22.05 24.5 47.9 6.44 1.7 40.95 5.79 4.87 4.3 2.1 13.8 53.44 156
47.5 10.79 14.35 21.9 79.02 13.45 10.4 0.22 3.42 1309 1.89 324.95 0.69 1 17.6 428 2.15 4089 0.7 0.4 45.99 3.64 7.89 1.96 2095 2.64 67.35 36.46 19 57 1.6 1.03 2.5 18 0.75 6.98 4.01 0.72 5.5 10.48 1.16 24.8 8.75 3.68 1.58 1.5 0.88 1.35 2.95 2.99 2.49 3.5 16 0.9 1.25 6.54 0.55 14.98 2.86 22.84 25.59 47 7 1.21 42.5 6.77 4.87 4.15 2.2 14.5 53.44 158.72
Low
Close
47.5 10.79 14.35 21.9 79.02 13.45 9.9 0.22 3.42 1260 1.55 311 0.63 1 17.26 407.55 1.76 4025 0.7 0.4 45.95 2.7 7.58 1.96 1910 2 67.19 34.51 18.5 55.1 1.55 1.03 2.5 18 0.75 5.5 4.01 0.36 5.48 8.71 1.16 24.8 8.75 3.68 1.58 1.5 0.88 1.35 2.79 2.99 2.25 3.5 15 0.87 1.25 6.54 0.55 14.98 2.86 22.84 25.59 47 6.5 1.21 42.5 6.69 4.87 4.15 1.99 14.5 53.44 158.72
47.5 10.79 14.35 21.9 79.02 13.45 9.9 0.22 3.42 1309 1.6 320.1 0.63 1 17.49 418 1.88 4088.99 0.7 0.4 45.99 3.31 7.58 1.96 1910.3 2.58 67.35 36.46 19 57 1.55 1.03 2.5 18 0.75 5.62 4.01 0.36 5.48 8.71 1.16 24.8 8.75 3.68 1.58 1.5 0.88 1.35 2.79 2.99 2.25 3.5 15 0.87 1.25 6.54 0.55 14.98 2.86 22.84 25.59 47 6.5 1.21 42.5 6.69 4.87 4.15 1.99 14.5 53.44 158.72
Change
Vol
2.25 0.19 0.96 -0.1 0 0.96 0.42 0.01 0 9 0.1 -0.93 -0.04 -0.2 -0.51 -11 -0.12 28.98 -0.05 -0.02 -0.36 0.48 0.44 0 -89.74 0.87 -3.19 1.73 1 -0.9 0.05 0.03 0.2 0.9 0.02 -0.81 -1 -0.43 0.38 -0.78 -0.57 0.8 0.63 0.42 -0.07 -0.49 -0.17 0.19 -0.09 0.29 0.35 -0.25 -0.45 0.28 0.25 -0.09 0.1 0 0.02 0.79 1.09 -0.9 0.06 -0.49 1.55 0.9 0 -0.15 -0.11 0.7 0 2.72
100 100 100 100 100 96 91 87 73 71 58 54 51 50 50 47 25 21 20 20 20 18 15 15 14 10 10 8 7 7 5 5 5 5 5 5 5 4 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
High
Low
DGKC-NOV
29.25
Close
Change
Vol
29.7
28.59
28.75
-0.5
752500
2009 Div BR (%) (%)
2010 Div BR (%) (%)
NML-NOV
55.93
56.55
54.1
54.48
-1.45
413500
Volume
Last 60 days High Low
LUCK-NOV
78.47
79.05
75.7
76.03
-2.44
369500
POL-NOV
254.9
257.5
254.45
255.3
0.4
350000
6543 6650 700 2137 86586 22001 50099 70040 15685 8795 3717 12832 1445960 74258 55217 4300 4254 98551 397 6551 184100 75895 53500 6702 398 4065
2.24 7.20 3.44 1.68 1.10 1.50 5.50 3.88 6.80 7.25 2.90 3.60 3.60 7.00 3.69 8.45 1.40 9.44 9.45 5.90 9.85 4.75 1.20 10.99 4.40 6.99
5 20 10 5 15 16.5 10
18.5 5 0 1.2 17 11 21 3 5 10 15.5 15 10 3 18.6 18 10 20 10 3 17 5 12.5
NBP-NOV
67.11
67.21
66.26
66.46
-0.65
234500
PPL-NOV
193.94
196.01
ENGRO-NOV 182.97
1.01 5.85 2.10 0.90 0.16 0.76 1.02 2.32 4.80 5.56 1.06 2.65 2.31 5.15 2.25 5.30 0.30 7.00 6.55 4.00 7.60 3.50 0.70 7.75 1.00 4.71
-
-
191.55
193.18
-0.76
202000
183.49
179
179.39
-3.58
187000
PSO-NOV
283.17
284.5
280.1
283.53
0.36
146500
MCB-NOV
205.34
206.6
203.51
203.99
-1.35
111500
AICL-NOV
80.74
80.88
78.7
78.89
-1.85
82000
FFBL-NOV
33
33.5
32.9
32.91
-0.09
ANL-NOV
11.12
11.3
10.9
10.96
-0.16
69000
PTC-NOV
19.36
19.5
19.15
19.38
0.02
18500
158
158.5
156.72
157
-1
15000
OGDC-NOV
69500
FFC-NOVB
110.02
109
109
109
-1.02
10000
NCL-NOV
24.01
24.01
23.05
23.05
-0.96
4000
FFC-NOV
111
111.02
110.5
110.5
-0.5
UBL-NOV
58.1
58.5
57.5
58.25
0.15
2500
BOP-NOV
9.84
9.84
9.84
9.84
0
1500
Symbols
Open
High
Low
Close
AASM ARUJ CJPL CRTM DNCC DREL DWTM ELCM FDMF
25.7 5.5 1.05 19.3 1.83 718 4.9 10 1.93
25.5 5.25 0.85 19.29 2 682.1 4.8 9 1.89
25.5 5.25 0.85 19.29 2 682.1 4.8 9 1.89
25.5 5.25 0.85 19.29 2 682.1 4.8 9 1.89
3000
ZERO VOLUME Change
Vol
-0.2 -0.25 -0.2 -0.01 0.17 -35.9 -0.1 -1 -0.04
0 0 0 0 0 0 0 0 0
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
National Bank of Pakistan
Nishat Mills Ltd
Company
Date
Time
First Punjab Modaraba Honda Atlas Cars (Pakistan) Ltd
12-Nov 23-Nov
3:30 11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
69.05
Support 1
10,868.25
Fair Value
*Arif Habib Ltd
42
Buy
*Arif Habib Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positiv
TFD Research
10,884.73
Support 2
10,831.30
MA (10-day)
10,749.48
Resistance 1
10,969.00
MA (100-day)
10,113.37
Resistance 2
11,032.80
Technical Analysis
MA (200-day)
10,047.16
Pivot
10,932.05
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Brokerage House
Fair Value
*Arif Habib Ltd
97
Technical Outlook 58.66 28.06 25.85 26.90
Rs Recommendations
Positive
TFD Research
74.2
182.55 5,219.09 37.93 28.91
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.92 52.90 47.77 51.09
Buy Neutral
92.3
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
84 61.96
175.80 9,544.18 67.43 55.17
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
52.58 65.64 65.81 70.98
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 21,050.43 81.35 66.48
57.50
63.80
61.80
27.60
28.05
26.90
Arif Habib Securities
62.83
24.80
24.00
26.05
26.45
25.20
Adamjee Insurance
63.06
77.75
76.95
79.90
81.25
79.10
Askari Bank
55.47
15.55
15.45
15.90
16.10
15.80
Azgard Nine
52.01
10.75
10.60
11.15
11.45
11.00
Attock Petroleum
47.24
306.85
303.85
315.15 320.45 312.15
Attock Refinery
83.58
121.80
119.60
127.35 130.70 125.15
Bank Alfalah
60.41
9.65
9.55
9.85
BankIslami Pak
55.16
3.25
3.15
3.50
3.60
3.35
Bank.Of.Punjab
64.05
9.45
9.25
9.90
10.15
9.70
10.00
9.80
Dewan Cement
48.33
1.50
1.45
1.60
1.65
1.55
D.G.K.Cement
58.66
28.15
27.70
29.30
29.95
28.85
Dewan Salman
62.33
1.60
1.55
1.70
1.75
Dost Steels Ltd
1.65
3.00
3.05
2.90
45.90
44.60
EFU Life Assurance
58.68
73.50
72.00
76.00
77.00
74.50
Engro Chemical
52.02
176.60
174.80
Faysal Bank
78.91
16.60
16.30
Fauji Cement
52.05
4.90
4.85
5.10
5.20
5.00
Fauji Fert Bin
69.86
32.60
32.30
33.30
33.75
33.00
DGKC is currently 6.3 per cent above its 200-day moving average and is NML is currently 6.3 per cent above its 200-day moving average and is dis- NBP is currently 1.0 per cent below its 200-day moving average and is dis-
Fauji Fertilizer
60.94
109.85
109.35
111.25 112.15 110.75
displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is extremely high when compared to the playing an upward trend. Volatility is high as compared to the average
Habib Bank Ltd
60.41
103.40
102.75
105.30 106.55 104.65
the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume
Hub Power
45.17
33.25
33.10
reflect volume flowing into and out of DGKC at a relatively equal pace. reflect very strong flows of volume into NML (bullish). Trend forecasting flowing into and out of NBP at a relatively equal pace. Trend forecasting
ICI Pakistan
64.54
132.05
130.80
135.45 137.60 134.20
Indus Motors
76.51
246.45
238.80
258.90 263.60 251.20
JOV and CO
63.92
4.20
4.10
4.45
4.60
Japan Power
49.81
1.50
1.45
1.60
1.65
JS Bank Ltd
63.81
2.80
2.75
2.90
2.95
2.85
Jah Siddiq Co
44.21
11.90
11.75
12.35
12.60
12.20
Kot Addu Power
42.66
39.05
38.60
40.20
40.90
39.75
KESC
50.42
Lucky Cement
58.14
73.80
72.05
MCB Bank Ltd
55.59
201.70
200.10
Maple Leaf Cement
53.18
2.90
2.85
3.00
3.05
2.95
National Bank
52.58
65.70
65.30
66.80
67.45
66.35
Nishat (Chunian)
64.08
22.60
22.15
23.90
24.75
23.45
Netsol Technologies
51.63
18.55
18.30
19.20
19.60
18.95
NIB Bank
50.31
2.70
2.60
2.90
3.00
2.80
Nimir Ind.Chemical
53.72
1.45
1.40
1.55
1.60
1.50
Nishat Mills
61.92
53.35
52.40
55.95
57.55
54.95
Oil & Gas Dev. XD
73.95
156.85
155.50
PACE (Pakistan) Ltd.
48.01
2.85
2.80
2.95
3.05
2.90
Pervez Ahmed Sec
61.30
2.20
2.10
2.45
2.60
2.35
PIAC(A)
51.10
2.15
2.10
2.35
2.50
2.30
Pioneer Cement
44.78
7.50
7.45
7.65
7.75
7.60
Pak Oilfields
60.76
252.45
250.95
256.00 258.05 254.50
Pak Petroleum
56.81
190.00
188.15
194.45 197.10 192.60
Pak Suzuki
48.48
72.35
70.85
PSO XD
62.35
279.85
277.20
PTCLA
51.03
18.85
18.65
Shell Pakistan
59.08
196.35
195.65
Sui North Gas
60.96
33.25
32.90
34.05
34.50
33.70
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
DGKC closed down -0.54 at 28.59. Volume was 54 per cent above aver- NML closed down -1.48 at 54.29. Volume was 27 per cent above average NBP closed down -0.67 at 66.12. Volume was 3 per cent above average age and Bollinger Bands were 6 per cent wider than normal. and Bollinger Bands were 26 per cent narrower than normal. and Bollinger Bands were 25 per cent narrower than normal.
oscillators are currently bullish on NML.
Trend forecasting oscillators are currently bullish on DGKC.
Brokerage House
Fair Value 35
AKD Securities Ltd TFD Research
Rs Recommendations Buy
32.06
Brokerage House AKD Securities Ltd
Accumulate
29.1
69.86 31.80 28.65 29.56
Fair Value
Rs Recommendations
24.04
Buy
TFD Research
30.5
Brokerage House
AKD Securities Ltd
Positive
TFD Research
326.94 10,743.20 25.12 32.94
* 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)
51.03 18.89 18.74 19.60
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
301
Buy
296.6 281.35
Buy Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Pakistan Oilfields Ltd
*Arif Habib Ltd
Negative
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
oscillators are currently bullish on NBP.
Pakistan Telecommunication Co Ltd
Technical Outlook
Technical Outlook
584.63 11,143.14 5.37 19.22
* 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)
60.76 248.23 230.94 231.91
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 27,407.29 170.28 254.26
* Target price for Dec-10 & **Net Open Interest in future market
LUCK closed down -3.39 at 75.60. Volume was 74 per cent above aver- FFBL closed up 0.14 at 32.86. Volume was 19 per cent above average and PTC closed down -0.20 at 19.06. Volume was 18 per cent above average POL closed up 0.44 at 253.92. Volume was 39 per cent above average age and Bollinger Bands were 14 per cent wider than normal.
59.05
62.60
25.75
45.35
Buy
* Target price for Dec-10 & **Net Open Interest in future market
AKD Securities Ltd
58.45
59.80
26.45
2.80
Neutral
129.35 9,778.86 18.95 77.42
*Arif Habib Ltd
Buy
55.95
60.60
54.24
43.30
105.2
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
Rs Recommendations
56.90
45.94
Arif Habib Limited
2.85
72.75
58.14 73.83 68.83 70.53
65 59.97
Fair Value
72.77
Attock Cement
44.05
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Brokerage House
Allied Bank Limited
58.06
AKD Securities Ltd
Leverage Position
Rs Recommendations
1st 2nd Pivot Resistance 3.35 3.45 3.20
EFU General Insurance 57.67
*Arif Habib Ltd
Buy
Technical Analysis
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Technical Outlook
Leverage Position
Fauji Fertiliser Bin Qasim Ltd
Lucky Cement Ltd
Brokerage House
AKD Securities Ltd
MA (5-day)
KSE 100 INDEX closed down -36.70 points at 10,905.24. Volume was 65 per cent above average and Bollinger Bands were 12 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,969.00 and 2nd resistance level at 11,032.80, while Index will continue to find its 1st support level at 10,868.25 and 2nd support level at 10,831.30. KSE 100 INDEX is currently 8.6 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 INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
RSI 1st 2nd (14-day) Support 52.48 3.10 2.95
Bollinger Bands were 26 per cent wider than normal.
and Bollinger Bands were 21 per cent narrower than normal.
and Bollinger Bands were 34 per cent wider than normal.
2.10
2.05
181.60 184.80 179.80 17.10
33.70
17.30
34.00
16.80
33.55
4.35 1.55
2.20
2.25
2.15
78.70
81.75
76.90
205.70 208.10 204.10
159.75 161.25 158.40
75.10
76.30
73.55
284.35 286.20 281.70 19.40
19.75
19.20
198.35 199.70 197.65
Sitara Peroxide
75.12
13.70
13.45
14.35
14.75
14.10
LUCK is currently 7.2 per cent above its 200-day moving average and is FFBL is currently 12.4 per cent above its 200-day moving average and is PTC is currently 2.7 per cent below its 200-day moving average and is dis- POL is currently 9.5 per cent above its 200-day moving average and is dis-
Sui South Gas
44.89
24.30
24.15
24.65
24.75
24.45
displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to playing a downward trend. Volatility is relatively normal as compared to the playing an upward trend. Volatility is high as compared to the average
Telecard
56.28
2.35
2.30
2.55
2.60
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod-
TRG Pakistan
62.55
4.35
4.20
4.60
4.80
4.50
reflect very strong flows of volume into LUCK (bullish). Trend forecasting reflect very strong flows of volume into FFBL (bullish). Trend forecasting reflect volume flowing into and out of PTC at a relatively equal pace. Trend erate flows of volume into POL (mildly bullish). Trend forecasting oscilla-
United Bank Ltd
69.40
57.20
56.30
58.90
59.70
58.00
WorldCall Tele
53.71
2.50
2.35
2.75
2.90
2.65
oscillators are currently bullish on LUCK.
oscillators are currently bullish on FFBL.
forecasting oscillators are currently bearish on PTC.
tors are currently bullish on POL.
2.45
8
Friday, November 12, 2010
World Islamic Banking Conference eyes new growth strategies
Islamic banks still struggling to make inroads in Lebanese market SBP deputy governor says end to crisis not far
CPI spike likely to lose sting in 2mths Staff Reporter KARACHI: The inflation spike currently lancing masses' hearts is likely to lose its sharp sting in the next couple of months with agriculture produce coming in form the floodhit areas. This was forecasted by Yaseen Anwar, the Deputy Governor State Bank of Pakistan (SBP). Although Pakistan was going through difficult times, Yaseen Anwar seemed pretty much optimistic about the future of Pakistan, which currently faces
Lloyds to lose its chief risk officer
ISLAMABAD: People wait for their turn to withdraw money from an automated teller machine (ATM) outside a bank.-Reuters
Standard Chartered share sale raises $5.3bn LONDON: Standard Chartered, the bank focused on emerging markets, said that investors snapped up 98.5 per cent of its new shares, helping it raise about 3.3 billion pounds ($5.3 billion) to meet new global banking rules. Standard last month said it planned to raise the amount, equivalent to 3.8 billion euros or 5.3 billion dollars, to help meet Basel III, which stipulates that banks must hold capital equal to at least seven per cent of their assets. Standard Chartered said in a statement on Monday that it had received valid acceptances "representing approximately 98.5 per cent of new ordinary shares offered". The British bank had offered a new share for eight existing ones at a heavily discounted price of 1,280 pence per share.Agencies
Sukuk auction brings Rs52bn to State Bank Staff Reporter KARACHI: State Bank of Pakistan has raised Rs51.84 billion ($608 million) by selling Islamic bonds in the domestic market, said a notice issued here. The cut-off margin will be the benchmark six-month Treasury Bill weighted average yield. In the last Treasury bill auction on Nov 3, the weighted average yield for six-months was 13.1099 per cent. The issue, known as the Government of Pakistan Ijara Sukuk, is a three-year bond. The central bank said last month it planned to raise Rs80 billion by selling Islamic bonds, with the first auction on Nov 8, with settlement on Nov 15 and a target of Rs40 billion. The second auction will be held on Dec 13 to raise another Rs40 billion with settlement on Dec 20.
Meezan Bank earns decoration KARACHI: Meezan Bank was awarded the prize for the fifth best annual report in the Banking sector jointly organised by the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP), said a statement issued here. The prize is awarded on the basis of a very comprehensive marking scheme that takes into consideration the quality and transparency of disclosures and information provided to investors. The award was received by Arshad Majeed, SEVP, Meezan Bank, at the 'Best Corporate Report Awards-2010' ceremony held recently at a local hotel. This is a coveted award that reflects the high degree of professionalism existing in
Meezan Bank and is a testimony to Meezan Banks' commitment to strict adherence to the Code of Corporate Governance and transparency in all its policies. Meezan Bank is the first and largest Islamic Bank in Pakistan having a network of over 200 branches in over 50 cities across Pakistan. Meezan Bank offers a complete range of Islamic banking products and services. The Bank's retail banking network is supported by 24/7 banking services that include over 165 ATMs, Internet Banking, VISA Debit card and a 24-hour Call Center. The Bank's VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATM's worldwide.-PR
Refurbished ABL branches back in business Staff Reporter KARACHI: "Focus on customer service, standardised branch ambience and the use of modern technology are the key contributors to Allied Bank's phenomenal success over the last six years" said Khalid Sherwani, CEO, Allied Bank, while inaugurating a newly renovated branch in Karachi. The Bank has launched its three renovated branches in Karachi - Finance & Trade Center branch, Khayaban-eIttehad branch and Merewether Tower branch. Also present on the occasion were Waseem Mukhtar, Director, Allied Bank, Zia
Ijaz, Group Chief, CRBG and other members of the senior management of the Bank. In addition to the Bank staff, a number of individual and corporate customers also attended the inauguration ceremonies. So far out of the total 789 branches, 400 branches have been renovated while 100 more renovations are planned for the year 2011. All renovated branches offer easy access, spacious seating area for customers and ATM machines. Customer Services Officers (CSOs) have been inducted in most of these branches to facilitate walk-in clients and prospective customers.
LONDON: Carol Sergeant, chief risk officer of Lloyds Banking Group Plc, will leave the company at the end of January, the part-nationalised British bank confirmed on Thursday. LLoyds said Sergeant was quitting pursuing other interests and added it would start looking for a new chief risk officer. The Financial Times reported earlier on Thursday that Sergeant had started talking about leaving in the summer, before the bank decided to appoint Antonio Horta-Osorio as its new chief executive to replace Eric Daniels. Sergeant is considered a strong candidate to head one of the organisations that will be created from the break-up of the Financial Services Authority, the FT said. She began her career at the Bank of England in 1974 and moved to the Financial Services Authority in 1997 before joining Lloyds in 2004.-Reuters
Dubai Grp names body for debt talks DUBAI: Financial services firm Dubai Group, part of a conglomerate owned by Dubai's ruler, has set up a creditor committee to discuss its debt obligations, becoming the latest entity in the Gulf emirate to face debt troubles. Dubai Group, owned by Dubai Holding, said on Thursday in a statement to Reuters it would continue to service its debt. "These discussions are making good progress and Dubai Group is confident of a positive outcome that is beneficial to all stakeholders." Dubai Group has a $1.5 billion murabaha facility due in August 2011 in which 24 banks have participated. The arrangers included Al Hilal Bank, First Gulf Bank, Noor Islamic Bank, Al Khaliji Commercial, Royal Bank of Scotland, and Standard Bank. A banking source, speaking on condition of anonymity, said the bulk of the exposure still lay with the top eight banks on the deal. "We knew they were in difficulty, in significant financial trouble," the source said.-Reuters
a number of challenges including severe economic crisis, unfavorable business environment, poor law and order, deteriorating image of Pakistan, rising utility tariffs & interest rates, growing poverty & unemployment. Yaseen Anwar, while replying to various queries at a forum organised by Pakistan German Business Forum (PGBF) here in a local hotel, said, "This is not the first time when Pakistan was facing crisis as the country had been in crisis from time to time. I am sure Pakistan will once again come
out of this situation as it remains resilient." Consul General of Federal Republic of Germany, Dr Christian Brecht; President PGBF, Saifuddin Nooruddin Zoomkawala; Managing Director Merck Marker Pakistan, Abdul Baqy Khan; Abdul R Sattar and PGBF members listened to the thought-provoking comments of Yaseen Akhtar. Responding to the reservations expressed by PGBF members, deputy governor SBP said, "Poor law & order situation is a serious issue but we
have to face it. Short term investment is not going to work here so all investors, who are eyeing Pakistan as their investment destination, must consider of making it on long-term basis." Yaseen Anwar, while expressing deep concerns over very low tax to GDP ratio of 9 per cent only, said that the government must take 'the bitter pills for corrective measures' with a view to enhance its revenue and reduce borrowings from SBP, which will help not only help in dealing with fiscal deficit but also the inflation.
UBL’s Verified by Visa service launches Staff Reporter KARACHI: United bank Limited (UBL) has become the first bank in Pakistan to offer Verified by VISA (VbV) service on its entire range of UBL VISA Cards. VbV is a password-protected identity-checking service that makes it safe for cardholders to purchase products or services online. All that a UBL cardholder is required to do is sign up for the service once, and enjoy the security it offers, on all future transactions. Usable on Verified by VISA sites worldwide, this service confirms the cardholders' iden-
tity through a simple check-out process while they make purchases online. The process verifies the legitimacy of the two parties engaged in the transaction and prevents any unauthorized use of a customer's VISA card. VISA already has one of the world's most trusted electronic payment systems and the VbV facility adds another layer of security to it. Commenting on the service launched by UBL, Najeeb Agrawalla, Group Head Marketing & Product Management said; "The launch of VbV service for UBL Cards customers represents another technological innovation that is
aimed at providing UBL customers security and world-class service both within the country and abroad. This service will not only increase the confidence of our customers but also help in mitigating fraudulent transactions over the internet". Although the VbV facility is currently being introduced on UBL VISA Credit Cards only, on a free of cost basis, other UBL Debit and Prepaid Cards will also be brought within the purview of the service soon. The launch of this service represents another significant landmark for UBL, in the use of innovative, technology-enabled services to its Cards customers.
4TH Pakistan Microfinance Conference 2010 concludes
Microfinance to ride technology LAHORE: It is time for the next generation of reforms within the financial services industry based on technology enablement that will facilitate financial services access to the mass market of low income households, said Ghalib Nishtar, President & CEO, Khushhali Bank Limited in the opening session of the 4TH Pakistan Microfinance Conference 2010 which concluded here. He said, "Some of the major changes in technology that the microfinance sector has witnessed have been extraordinary such as explosion in Internet and mobile phone technology. The expansion and growth of mobile phone availability has given a tremendous boost to innovative ways of mobile
banking hence making banking services more affordable and accessible to millions of people of our country". Earlier, similar views were shared by Nadeem Hussain, President and CEO of Tameer Microfinance Bank Limited as he highlighted how a range of services through branchless banking have successfully changed the lives of people. Replying to a query from the floor with regard to financial literacy, he said, "It is not an issue as far as the future of providing access through technology is concerned; the masses are already using cell phones for basic communications without any hassle, this tool must be extended further to offer a new range of financial services."
In his opening remarks, Menin Rodrigues, President & CEO, SHAMROCK Communications and Convener of the Conference said, "Pakistan's economy has recently encountered some turbulent setbacks, whereby we are encountering enormous challenges which are threatening sustainability in several sectors. The Global microscope on the microfinance business environment 2010, an index and study by the Economist Intelligence Unit in its key findings have placed Pakistan among the Top-10 best-performing countries that have scored well in two of the main categories, regulatory framework and institutional development.-NNI
Saudi Islamic bonds may double next year RIYADH: Saudi firms may launch 10 Islamic bonds, or sukuk, in 2011, more than double their number this year, but they will be dominated by private placements, a specialist at Saudi Hollandi Bank said. "The market confidence is coming back ... We should probably see two or three (sukuk issues) every quarter over the next year ... Ten more issues coming in 2011," Haroon Nisar, senior manager for Islamic banking at the Royal Bank of Scotland affiliate told the
Reuters Middle East Summit in Riyadh. Key factors that will spur demand for Saudi sukuk issues will be a low interest rate environment in Saudi and Dubai World's restructuring accord with 99 per cent of its bank lenders as well as Dubai's successful $1.25 billion conventional bond issue in late September. "Previously, people were holding most of their investments in cash and generally now they feel they have to go back in business because of really low interest
rates, it's very difficult to keep cash," Nisar said. "There is a lot of money around looking for good assets ... The renewed interest from the issuers' aspect is there," he said. Saudi Arabia has had four sukuk issues this year so far, Nisar said, but declined to comment on the expected size of issues and only cited Jeddahbased Islamic Development Bank (IDB) and an AramcoTotal) joint-venture as being among the prospective issuers.Reuters
9
Friday, November 12, 2010
Oil scales 25-mth high on China demand, OPEC report
European vegetable oil prices
China implied oil use jumps 12pc to record 8.92 mbpd
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at SOYOIL: EU degummed euro tonne fob exmill Dec10 941.00-2.00, Jan11 943.00, Feb11/Apr11 950.00, May11/Jul11 953.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 935.00+10.00, May11/Jul11 940.00+10.00, Aug11/Oct11 923.00+11.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1490.00+0.00, Apr11/Jun11 1445.00+0.00, Jul11/Sep11 1480.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1285.00-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1160.00+7.50, Dec10 1157.50+5.00, Jan11/Mar11 1152.50+5.00, Apr11/Jun11 1152.50+5.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1180.00, Jan11/Mar11 1177.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1135.00+7.50, Jan11/Mar11 1132.50+5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1140.00+5.00, Apr11/Jun11 1137.50+0.00, Jul11/Sep11 1137.50+2.50. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 1005.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1580.00+20.00, Dec10/Jan11 1580.00+20.00, Jan11/Feb11 1580.00+20.00, Feb11/Mar11 1580.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters
have risen in seven of the last eight sessions, pushing them further above a previous range of $70-$80 a barrel where they have mostly traded for a year. "We think prices are on their way for a test of the $90 mark, at least in the Brent market," said Stefan Graber, a commodities analyst with Credit Suisse in Singapore. Other traders and analysts also expected a breach of $90 a barrel but did not expect the rally to push prices as far as $100 a barrel. Oil prices rose despite a stronger dollar on Thursday and weaker equities in a sign that the market is once again focusing on its own fundamentals of supply and demand. -Reuters
LONDON: Oil hovered near $88 a barrel after touching a 25-month high on Thursday, lifted by increased consumption in the world's top two oil consuming nations and after OPEC revised up its 2011 demand growth forecast. US crude for December was up 6 cents to $87.57 a barrel, having pared losses after earlier touching a more than twoyear high of $88.63 earlier in the session. ICE Brent fell 6 cents to $88.90 a barrel by the same time. China's industrial production grew 13.1 per cent in October from a year earlier, sending oil use in the world's second biggest consumer to a record 8.92 million barrels per day (bpd). Crude inventories in the US
unexpectedly fell last week. Declines in fuel stockpiles exceeded forecasts on accelerating demand for distillate fuels such as diesel, government data showed on Wednesday. "There was a downwards draw in stocks in the United States and in countries like China there seems to be much better demand," said Christoper Bellew, a broker at Bache Commodities, adding, "I don't think it's the feeding frenzy we had in 2008 but we are possibly in a range between $80-$95 a barrel." Prices drew support after OPEC raised its 2011 estimate of global oil demand growth by 120,000 barrels per day (bpd) to 1.17 million bpd. Oil prices are on course to
Indian sugar rallies for 4th day
NY cotton hits record but ends lower
MUMBAI: India's spot sugar prices rose for a fourth consecutive session on Thursday on hopes India may allow unrestricted exports of the sweetener and firm domestic demand, dealers said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose 1.88 per cent to 2,832 rupees ($63.91) per 100 kg. India may soon permit unrestricted exports of sugar, in a move that could push New York futures from 30-year highs by eliminating uncertainty over the exportable surplus of the world's No. 2 producer of the sweetener. On Wednesday, the president of producer group the Indian Sugar Mills Association said India was likely to free up sugar exports soon and might also permit export of 2 million tonnes under its Open General Licence. India is likely to take a decision on sugar exports after the second week of November, Farm Minister Sharad Pawar had earlier said. He had estimated the country's sugar production at 25 million tonnes in 2010/11. -Reuters
NEW YORK: US cotton limit down at $1.4111. futures charged to a new Analysts said the debate will record top but closed sharply now focus on whether the sizlower on Wednesday, the first zling rally in fibre contracts is time it has fallen in 9 ses- done or whether this is only a sions, as heavy investor sell- brief pause for cotton. Trading volume on ICE ing and profit-taking finally deflated the market's record Futures US hit an all-time record. Total volume stood at run, analysts said. A spike in cotton margins to 89,294 lots, according to preits highest level since 1996 NY cotton early-trade prompted investors The benchmark March cotton contract on who have seen the ICE Futures US fell 2.41 cents to trade at market rise nearly $1.387 per lb at 1517 GMT, dealing from 32 cents the last 9 $1.3691 to $1.428. The spot December cotton days to cash in futures was up 0.48 cent at $1.4613. their gains. The US cotton market on ICE Futures liminary Thomson Reuters US rates the top performing data. This eclipsed the allcommodity on the Reuters time mark of 85,945 lots set Jefferies Commodity Index on February 15, 2008. Analysts said that despite this year, having risen more than 95 per cent in value dur- another move to record prices ing Wednesday's session. At in China, cotton futures on the Commodity the end of the day, it was up Zhengzhou over 85 per cent. The bench- Exchange ended up lower on Zhengzhou's mark December cotton con- Wednesday. tract on ICE Futures US rose May cotton contract hit a new the 6-cent daily limit to trade lifetime top at 33,720 yuan at a new record of $1.5723 per tonne, but last traded 500 per lb in Asian trade. It then yuan lower at 32,350 yuan. fell the limit to a low of The bulls point to news that US Agriculture $1.4523 during the US trad- the Department's monthly suping session. The December contract ply/demand report cut China's ended 5.58 cents lower, down cotton production by an addi3.69 per cent on the day, at tional 1.5 million (480-lb) $1.4565 per lb. The current bales and raised its imports in most-active March cotton 2010/11 by 2 million bales. contract finished the 6.00 cent Reuters
Copper hits record high on supply fears, China data LONDON: Copper raced to a record high on Thursday, with sentiment stoked by strong economic data from top consumer China and persistent supply fears as inventories fell. Three-month copper on the London Metal Exchange hit a record $8,966 a tonne, compared with $8,760 at the close on Wednesday. The metal used in power and construction later gave up some gains, and was untraded at the close but last bid at $8,830. Other metals were also firm with battery material lead at its highest since January at $2,650 a tonne. Aluminium hit a two year high at $2,500 a tonne. Economic data from China -the biggest global consumer of copper -- including industrial production figures gave the market extra impetus to rise. Also aiding sentiment in recent weeks has been the trend of falling London Metal Exchange inventories. Latest data showed copper stocks slipped 1,000 tonnes to 362,950 tonnes. They are now down by a third from 6-1/2 year highs above 555,000 tonnes in mid-February.
Data showed China's industrial production grew 13.1 per cent in October from a year before. Production of refined copper dropped slightly in October due to the week-long
Shanghai copper strengthens Benchmark third-month Shanghai copper jumped 3.6 per cent to 69,690 yuan, its strongest since March 2006, while the discount for metal in China collapsed from almost 900 yuan on Wednesday to a small premium, the first time the arbitrage window has opened since late August. Shanghai copper closed at 68,750 yuan, up 1,460 yuan on the day. National Day holidays and repairs at a large smelter. Retail sales increased by 18.6 per cent, while headline consumer inflation hit a 25month high of 4.4 per cent in
October and new yuan loans also beat market expectations. Copper has now rallied more than 40 per cent off lows hit in June, and is about 20 per cent higher in the year to date. Concern on supply has been a major factor behind the surge in copper prices due to a combination of falling ore grades in major producing nations, labour problems and project delays. The market is also watching large holdings of LME stock warrants and cash contracts on primary aluminium, copper, nickel, lead and tin. Lead ended at $2,610 a tonne versus Wednesday's close of $2,604 a tonne. Aluminium ended at $2,458 versus $2,448. Zinc closed at $2,542 a tonne versus $2,522. Tin ended at $27,000 a tonne versus $26,950 while nickel was at $24,000 a tonne from $24,155. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 10 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1300
1240
October (3rd Wednesday)
1285
1250
November (3rd Wednesday)
1295
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 10 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
2230 2231 2205 2215 2140 2150 2140 2150
2430 2430.5 2457.5 2458.5 2510 2515 2548 2553
8728 8729 8719 8720 8510 8520 8155 8165
2574 2575 2597 2600 2543 2548 2503 2508
24345 24350 24450 24500 24050 24150 23175 23275
TIN
ZINC NASAAC
27000 2513 2349.5 27050 2513.5 2350 26850 2537.5 2360 26900 2538 2370 26300 2577 2360 26350 2582 2370 2532 2415 2537 2425
MINSK - BELARUS: A woman harvests sugar beet in a field near the village of Danilovichi, some 150 km (93 miles) southwest of the capital Minsk. -Reuters
Sugar slides, off 30-yr peak; arabicas dip LONDON: ICE front-month raw sugar futures extended losses from a 30-year peak as the dollar strengthened on Thursday and were supported by reports of physical demand and uncertainty over Indian exports in 2010/11. ICE arabica coffee futures reversed early gains having probed near a 13-1/2-year peak, buoyed by tight supplies. Robustas fell, weighed by a respite in rainfall in top producer Vietnam. ICE cocoa futures rose in thin, routine dealings in low volumes with the upside limited by expectations of big output from West African main crop harvests. In sugar, an Egyptian newspaper report referring to Egyptian plans to buy raw sugar, helped drive raw sugar futures to the peak in early trade. ICE front-month raw sugar futures were down 1.08 cent or 3.3 per cent to 31.73 cents a lb at 1540 GMT, having earlier touched the 30-year peak of 33.39 cents a lb. Liffe December white sugar futures, which expire on Monday Nov. 15, were up $11.60 or 1.5 per cent to $801.40 per tonne, having traded to within a whisker of Tuesday's record high of $812.90. In arabicas, ICE secondmonth futures erased early gains in volatile trading and fell 2.75 cents or 1.3 per cent to $2.1205 per lb, below Wednesday's 13-1/2-year high of $2.2145 per lb. Liffe second-month robusta coffee futures reversed early gains to stand at $1,920 a tonne, down $64 or 3.2 per cent, drifting further from Tuesday's two-year high of $2,098 per tonne, which was underpinned by the rains in Vietnam. ICE cocoa futures edged up in thin volumes as the market extended its rebound from lows set early this week, against a backdrop of high new-crop supplies. ICE second month cocoa was up $10 at $2,865 per tonne at 1548 GMT. Liffe March cocoa was down 3 pounds to 1,869 pounds per tonne in modest volume of 2,595 lots. -Reuters
Gold surrenders gains as $ maintains traction LONDON: Gold retreated from early highs on Thursday as the dollar extended gains versus the euro, lifted by escalating concerns over debt in some euro-zone economies and by a report suggesting US monetary easing may be tempered. The precious metal remained supported near $1,400 an ounce, however, as jitters over the outlook for the euro-zone boosted interest in gold as a safe store of value. Spot gold fell to a session low of $1,397.75 an ounce and was at $1,401.20 at 1531 GMT versus $1,402.70 late on Wednesday. Earlier it reached a high of $1,417.80 an ounce, close to the record $1,424.10 an ounce it hit earlier this week. US gold futures for December delivery rose 80 cents to $1,400.10 an ounce. Gold tends to fall when the dollar rises, as this erodes the metal's appeal as an alternative investment, but in times of extreme risk aversion both assets can benefit. VTB Capital analyst Andrey Kryuchenkov said that, while the precious metal is susceptible in the short term to losses in the dollar, in the longer run the increased focus on euro-zone debt issues were likely to be positive for gold. "Now that we are clear on QE2 (the second round of US quantitative easing announced last week), the attention is back
on the euro-zone debt troubles, which is bullish for gold should risk aversion escalate from here," he said. He said investors should watch "CDS spreads on Ireland/ Portugal, the Vix (US volatility index), euro-zone peripheral yields spreads over the bund and naturally the dollar index", to gauge risk aversion among investors. In Asia, traditionally a key region for gold consumption, gold scrap selling increased after spot prices hit record highs, though it fell short of meeting burgeoning demand. Among other precious metals, silver was at $27.14 an ounce against $27.20. Holdings of the iShares Silver Trust, the world's largest silver exchange-traded fund, rose 3.4 per cent to a record 10,718.82 tonnes by Nov. 10, it said. The ratio of gold to silver -- the number of ounces of silver needed to buy an ounce of gold -slipped back towards the 2-1/2 year low near 50 it reached earlier this week. Elsewhere platinum was at $1,741.50 an ounce against $1,735.99, while palladium was at $704.97 versus $699. Palladium was the biggest riser among other precious metals on Thursday, up nearly 1 per cent, but it was well off the 91/2 year high at $740.72 an ounce it hit on Tuesday. Reuters
Palm hits new 2-yr high on external mkts KUALA LUMPUR: Malaysian palm oil futures hit fresh twoyear highs on Thursday as traders took positions on cues from upbeat global commodity markets and fears of heavy rains affecting output. Global commodities markets surged after inflation concerns stoked by data from China drew investors to physical assets as a way to protect wealth. "External markets are giving Malaysian palm oil the strength to move upward and I believe the price could surge above 3,600 ringgit," said a trader in Kuala Lumpur. Malaysia's benchmark crude palm oil futures index rose 5 ringgit to 3,441 ringgit ($1,115) per tonne after touching a 27-month high of 3,452 ringgit earlier in the day.
Overall traded volume more than tripled to 33,441 lots of 25 tonnes each. Rains, which led to flooding in northern mainland Malaysia, stoked concerns that there could be heavier than usual showers in key palm growing areas in the south as well, said another trader. A Reuters technical analysis showed an immediate target for Malaysian palm oil is 3,552 ringgit per tonne. US soyoil for December inched up during Asian trade hours, driven by firmer soybean that underpinned demand from China, the world's biggest importer. The most active China September 2011 soyoil fluctuated throughout the day and closed down 0.6 per cent on Thursday. -Reuters
Tokyo rubber hits 30-yr high for 3rd day TOKYO: Key Tokyo rubber futures hit a 30-year peak for a third straight day on Thursday, aided by a jump in Shanghai futures to a record high on tight supply concerns. The key Tokyo Commodity Exchange rubber contract for April delivery rose as high as 383.0 yen per kg, the highest for any TOCOM rubber benchmark since 1980, surpassing the previous 30-year peak reached on Wednesday of 370.2 yen. The April contract settled at 379.1 yen, up 9.4 yen or 2.5 per cent. Traders said TOCOM's benchmark could scale an all-time high anytime to above a record peak of 388.9 yen hit on Feb. 13, 1980. The most active Shanghai rubber futures contract for May delivery rose as high as 38,920 yuan ($5,868) per tonne on Thursday, climbing above the previous high of 38,400 yuan hit the day before. The Shanghai contract settled at 36,755 yuan per tonne on Thursday. Volume picked up at 1.84 million lots from Wednesday's 1.22 million lots. -Reuters
National Commodity Exchange Ltd Trading Summary Date
11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010 11-Nov-2010
Commodity
Contract Date
CRUDE100 DE10 CRUDE100 JA11 CRUDE100 FE11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD NO10 GOLD DE10 GOLD JA11 Kilo GOLD NO10 Kilo GOLD DE10 Tola Gold50 NO10 Tola Gold100 NO10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 11NO10 Rice IRRI - 6 NO10 RBD Palm Olein NO10 KIBOR3M 10-Dec KIBOR3M 11-Mar
Price Quotation
Open
High
Low
Close
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
86.70 87.50 87.62 27.46 27.63 1395.40 1397.00 1397.20 1398.50 1396.60 1397.60 38422.00 38000.00 38224.00 38171.00 38180.00 44532.00 44522.00 39257.00 39298.00 39312.00 39230.00 39244.00 45129.00 45176.00 45192.00 2402.00 3296.00 4833.00 86.79 86.20
88.65 89.00 88.86 27.96 27.63 1417.60 1417.00 1419.50 1417.50 1408.80 1408.80 38538.00 38547.00 38564.00 38511.00 38520.00 44918.00 44918.00 39588.00 39629.00 39642.00 39656.00 39574.00 45514.00 45561.00 45577.00 2402.00 3296.00 4907.00 86.79 86.20
86.59 87.15 87.62 26.66 27.35 1384.20 1385.00 1386.00 1385.00 1396.60 1397.60 38018.00 38000.00 38224.00 38171.00 38180.00 44532.00 44522.00 39257.00 39298.00 39312.00 39230.00 39244.00 45129.00 45176.00 45192.00 3275.00 3280.00 4833.00 86.78 85.91
88.01 88.48 88.86 27.32 27.35 1407.70 1408.80 1409.90 1407.70 1408.80 1408.80 38538.00 38547.00 38564.00 38511.00 38520.00 44918.00 44918.00 39588.00 39629.00 39642.00 39656.00 39574.00 45514.00 45561.00 45577.00 3275.00 3280.00 4907.00 86.78 85.91
Traded Volume in lots 148 72 282 1,304 2,510 1,261 100 6 2 -
Previous Settlement Price 88.25 88.71 89.06 27.51 27.54 1406.40 1407.60 1408.70 1406.40 1407.60 1408.70 38475.00 38484.00 38501.00 38447.00 38456.00 44844.00 44844.00 39524.00 39565.00 39579.00 39592.00 39510.00 45440.00 45487.00 45503.00 3291.00 3296.00 4833.00 86.79 85.91
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 88.01 64 88.48 39 88.86 27.32 7 27.35 1407.70 438 1408.80 840 1409.90 498 1407.70 8 1408.80 1409.90 38538.00 40 38547.00 5 38564.00 38511.00 38520.00 44918.00 44918.00 39588.00 39629.00 39642.00 39656.00 39574.00 45514.00 1 45561.00 45577.00 3275.00 3280.00 4907.00 86.78 85.91 -
Roddick of the US serves the ball to Latvia’s Gulbis during their Paris Masters tennis tournament match
10
Friday, November 12, 2010
Players should have phones tapped: Zulqarnain LONDON: After two days in hiding near Heathrow airport, the Pakistani wicketkeeper Zulqarnain Haider broke cover the other night. In an extraordinary press conference he said that, if the ICC wants to eradicate match-fixing from international cricket, it will need to start monitoring the phone conversations of all international players and tracking their activities off the pitch." The best way is to record all the players' phones and record where they are going," said Haider. He refused to accuse any of his Pakistan team-mates of fixing matches, saying: "I don't want to blame anyone, I don't want to be negative to anyone." But he did say that "a lot of people are involved" in match-fixing and that he was willing to co-operate fully with the ICC's Anti-Corruption and Security Unit. "Whether I play cricket or not, I just want cricket to be clear of fixing."Haider reiterated the threat that had been made to him before the fourth ODI against South Africa.-Reuters
Glow Games conclude in Lahore LAHORE: Warid Glow sponsored 3rd Inter school & Inter collegiate games which concluded last week. This is one of the largest games event in which over 225 schools and colleges from both private and government sector participated. Addressing the closing ceremony Aamir Hameed, Head of Sales Operations and Trade Marketing said "Warid has always been firmly committed to fulfill its corporate social responsibility. The support we have extended to 3rd Inter School and Inter collegiate games 2010 further underlines our ambition to ensure the welfare of our youth. The young leaders involved in these games have demonstrated excellent skills and leadership and the role of Punjab Olympics Association is admirable. Warid is always a step ahead in promoting youth talent and to inculcate their interest in games so we can produce the champions of tomorrow who can represent Pakistan at International Level."-PR
Tendulkar named ICC’s envoy DUBAI: The International Cricket Council on Thursday announced the appointment of Indian batting legend Sachin Tendulkar as the official event ambassador for the 2011 Cricket World Cup. With exactly 100 days to go, Tendulkar in his role as ambassador will be called upon to promote and support a variety of ICC initiatives for the World Cup, which will take place in Bangladesh, India and Sri Lanka from February 19 to April 2 next year. "There are just 100 days to go and I am really looking forward to playing in another Cricket World Cup," said Tendulkar, who will join Pakistan's Javed Miandad as the only other player to take part in six World Cups. "In terms of limited-overs cricket, the ICC Cricket World Cup is the highest level you can play so it is always a thrill to take part in such an important and widely followed event," he said.-APP
Pakistan's morale good: Waqar Younis
Misbah ready to challenge Proteas DUBAI: Pakistan's new skipper Misbah-ul-Haq said his team was ready and well prepared to face the challenge of South Africa in the first Test starting here from Friday. "Recent performance has given us a good boost and we know how to tackle the formidable South Africans," he told APP Sports Correspondent Ehsan Qureshi in an exclusive interview ahead of the test here on Thursday. "We fought well before going down 3-2 and that was good omen". "South Africans are strong in the longer version of the game. They are experienced and balanced combination and Inshallah we will match them with out fighting spirit and self belief," he commented. "In presence of Alma, Smith, Kallis, de Villiers, Boucher,
Prince, South African enjoy edge against us. But we ready to nullify their batting prowess," 36-year-old Misbah who had scored 1008 runs in 19 Test at an average of 33.60, remarked. He said they are not in anyway scared of strong pace attack of South Africa spearheaded by fast bowler Dale Styen, who has taken 211 wickets in 41 Test matches at an average of 23.13. "We know the strong points and weak areas of our opponents and we have worked out a strategy to implement them on the ground," he said. He however, he said there was big responsibility on senior players. "We will be depending heavily on experienced Yousuf and Younis and the young lot to face strong
Amir seeks pardon for his deed LONDON: Pakistan pacer Mohammad Amir, one of the prime accused in the spot-fixing scandal, said that he doesn't expect people to forgive him because he didn't do anything wrong. Amir feels the Pakistan Cricket Board left them in the lurch after ICC's suspension but said he is still waiting for justice."When it all started the board was with us but after the ICC ruling the PCB has been put on the back foot," he told NDTV."If I haven't done any wrong then why should I hope that people will forgive me because I am young," he said. Amir along with Mohammad Asif and Salman
Butt was provisionally suspended by ICC after their names cropped up in the spotfixing scandal brought to light by a sting operation by a British tabloid during Pakistan's summer tour of England. While Asif withdrew his appeal against the suspension, Amir and Butt's appeals were dismissed earlier this month by the ICC code of conduct commissioner Michael Beloff. Beloff will now form an independent anti-corruption tribunal that will look into the actual charges and give a verdict on whether the players are innocent or guilty and Aamer said he is still hoping justice will be done.-Online
LAHORE: Aamir Hameed, Head of Sales operation and Trade Marketing, Warid Telecom receiving trophy of Third inter School Games from Provincial Minister Malik Nadeem Kamran.-Staff Photo
South African attack," he said. Apart from the seniors, youngsters have to play their role with determination because it's a team game. Pakistan's morale is good despite the chaos surrounding the team and the sudden departure of wicketkeeper Zulqarnain Haider to England, coach Waqar Younis said on Thursday. "Morale is pretty good. What happened in the last four, months five months, it's not ideal, not what we want, but we are all professional," he told a news conference in Dubai the day before the start of a two-test series against South Africa. "If we deliver the goods tomorrow we stand a good chance. We've got a fairly good side," Younis said.-Agencies
Pietersen termed as ‘cocky’ by Johnson KARACHI: Mitchell Johnson has described Kevin Pietersen as "cocky" and warned England the Australian attack will be gunning for openers Andrew Strauss and Alastair Cook when the Ashes series gets under way in a fortnight Although Johnson has a few form issues of his own to worry about before the first Test, the 29 year-old said some comments from the England camp after their tour win over Western Australia had raised eyebrows. "They're talking probably a lot more than I noticed before the last series," Johnson said from Perth today. "Whether they're being cocky or not, that's maybe a confidence thing with them. They've been playing well for probably 18 months "Good luck to them and if they want to throw around a few words, then that's fine, but we're just going to focus on our game." Despite a modest last few years and a poor performance in the 2009 Ashes series, Pietersen has already come out swinging with scores of 58 and 35 not out against the Warriors, saying his form has returned and he's "on fire". "I did hear him say that he was on fire - that was about all I heard," Johnson said. "But talking about cocky comments... that's probably one of them. "It's just how Pietersen is - it's what gets him going.-Agencies
MANCHESTER: Manchester City's James Milner is fouled by Manchester United’s Wes Brown during their English Premier League soccer match at the City of Manchester Stadium.-Reuters
Dhoni bats for Gambhir form HYDERABAD: Under-fire opener Gautam Gambhir earned sound backing from skipper Mahendra Singh Dhoni ahead of the second Test against New Zealand starting on Friday. The left-handed opener has struggled with the bat of late, aggregating 86 runs from his last 10 Test innings. Gambhir, 29, missed India's Test against Australia in Bangalore last month with a knee injury and his replacement Murali Vijay scored a solid 139, putting pressure on his more experienced teammate to perform. "Players do go out of form," Dhoni told reporters at a prematch press conference on Thursday. "It happens to everyone in cricket. Gambhir has set the benchmark so high that expectations of him have
grown. With Gambhir, it is more about the pressure to perform than the fear of failure. "The kind of innings he has played in the past shows how good a cricketer he is. He is returning from an injury and is working hard on his fitness. I am sure he will come good with the bat sooner than later." Gambhir, with 2,846 runs from 34 Tests at an average of nearly 50, has been pivotal in India's rise to the top of Test rankings. He was named International Cricket Council Test Player of the Year in 2009 for a series of good starts in tandem with opening partner Virender Sehwag. Gambhir's 11-hour, secondinnings knock of 137 against New Zealand in Napier last year helped India salvage a hard-fought draw.-APP
Roddick sees off Gulbis in Paris PARIS: Andy Roddick took a big step towards the seasonending ATP finals when he beat Latvia's Ernests Gulbis 63 7-6 to reach the Paris Masters quarter-finals on Thursday. The result meant that Austrian Juergen Melzer, who could only have booked a place in the London showdown if he won the title and Roddick failed to progress beyond the third round, is out of the race. Only Spain's Fernando Verdasco still has an outside
chance of denying eight-seed Roddick his place in London. Roddick got off to a flying start, opening a 2-0 lead and comfortably holding serve to bag the first set. Gulbis proved more consistent in the second set but bowed out when he netted a routine forehand to lose the tiebreak 10-8 after saving three match points. Roddick next faces either Swede Robin Soderling, the fourth seed, or Switzerland's Stanislas Wawrinka.-Reuters
Pitch likely to assist spinners: Intikhab DUBAI: Pakistan team Manager and former Captain Intikhab Alam has said on Thursday that track of the new Test venue Dubai Sports City International Cricket Stadium may prove useful for the spinners. Pitch may be on the slower side it may assist spinners during the match, he told APP after his teams' practice session at ICC Global Cricket Academy here. Dubai Sports City is the 101 venue around the world to stage a Test match and second after Sharjah to hold Test matches. Intikhab said he can not give exact behavior of the pitch but being a former leg-spinner he feels that it would help the spinners. Intikhab also hinted that Pakistan may go into the match with both specialist spinners Abdur Rehman and Saeed Ajmal added by the off-breaks of Muhammad Hafeez. He said team was in a good spirit and they are looking forward to deliver their best in the match. Teams' confidence level is good after the hard fought ODI series which Pakistan lost 2-3, he said. He agreed that South African enjoy slight edge but added if experienced trio of Yousuf, Younis Khan, Captain Misbah clicked and young guns showed their potential, Pakistan team was capable of offering South Africa a stiff challenge.-APP
Chelsea beat Fulham 1-0
Manchester derby fizzles out LONDON: Manchester City and United ground out a tepid 0-0 draw as Michael Essien's goal earned Chelsea a 1-0 victory over Fulham and a fourpoint cushion at the top of the Premier League on Wednesday. Derided by United manager Alex Ferguson as "noisy neighbours", mega-rich City failed to rattle the 18-times champions but were spared the agony of last season when they lost both league meetings to last-gasp goals. While City and United huffed and puffed to little effect, champions Chelsea stole a march in the title race as Essien's first-half goal proved enough to beat Fulham,
although the Ghanaian blotted his copybook when he was sent off late on for a two-footed lunge at Clint Dempsey. Essien was unmarked on the half hour to head in Salomon Kalou's cross but Chelsea, beaten 2-0 at Liverpool on Sunday, were slapdash in front of goal and failed to kill off their west London rivals who have not won at Stamford Bridge since 1964. Despite lacking the gloss of early-season whe nthey could not stop scoring goals Chelsea are flying high with 28 points from 12 games with United on 24 and Arsenal, for whom Marouane Chamakh scored in the first minute and again in the last in a 2-0 win at strug-
gling Wolverhampton Wanderers, third on 23. City complete the top four on 21. Andy Carroll struck his seventh league goal of the season again for fifth-placed Newcastle United to boost his chances of an England call-up but his side slipped to a 2-1 home defeat by Blackburn Rovers. CLASSY STRIKE Revived Fernando Torres made it three goals in two games for Liverpool but his classy first-half strike only earned a 1-1 draw at Wigan Athletic. Blackpool went down 3-2 at Aston Villa and Everton equalised late in a 1-1 draw with Bolton Wanderers after having Marouane Fellaini sent off.
West Ham United remained bottom after drawing 2-2 at home to West Bromwich Albion and have managed just one win with nearly a third of the season gone. Manchester United remained the only Premier League side unbeaten this season but Ferguson appeared subdued by the loss of two points in his 34th Manchester derby. "Credit to them, they set their stall out to be difficult to break down," Ferguson told Sky Sports. "Maybe there was too much tension. We needed to make chances and we needed to win the match but in that sense we only had two openings and that's a bit disappointing.
"They are always going to be difficult to beat on their own ground but we don't go away targeting draws." Chances were few and far between as much of the action was confined to the overcrowded middle third of the pitch with City unwilling to throw of the defensive shackles that have become a trademark of Roberto Mancini's side. The creative talents on view were marginalised with United striker Dimitar Berbatov hardly seeing sight of goal while City's Carlos Tevez was only a little more effective trying to puncture United's rearguard. Tevez did force one flying save from Edwin van der Sar
before halftime with a curling free kick and United fullback Patrice Evra tested Joe Hart with a firm shot after one of the few fluent passing moves of the game. Berbatov's only effort on goal came after the break with an overhead kick comfortably dealt with by Hart. Despite the lack of chances and excitement the closing minutes were tense for both sets of fans and the away contingent breathed a sigh of relief when City's Pablo Zabaleta wafted one presentable chance over the bar. "A point is better than last year! Maybe we played better last season, but we lost," Mancini said.-Reuters
OPEC sees more use of its oil as growth accelerates LONDON: Demand for OPEC's oil will be higher than expected next year as economic growth accelerates with the help of stimulus programmes, the cartel said on Thursday. An improving economic outlook for many of the rich developed economies of the Organisation for Economic Co-operation and Development (OECD) was a key factor behind sharp upward revisions to demand forecasts, the producer group said. "Consumption in the OECD has outpaced expectations as a result of the stronger-than-expected economic activities, supported by various stimulus plans," OPEC said in its Monthly Oil Market Report, written by economists at the group's Vienna headquarters. The Organization of the Petroleum Exporting Countries raised its estimate of global oil demand growth for 2011 by 120,000 barrels per day (bpd) and now expects an increase of 1.17 million bpd in global oil consumption in 2011 over 2010. It raised its forecast of world oil demand next year by about 310,000 bpd to 86.95 million bpd, and increased its estimate of consumption this year by around 190,000 bpd to 85.78 million
bpd. But it said inventories of crude and refined oil products were ample both onshore and offshore and this situation was unlikely to change significantly. "As a result, the market should be well prepared even if the winter demand turns out to be stronger than expected," the report said. OPEC raised its estimate of demand for its own crude oil in 2011 by around 400,000 bpd to 29.19 million bpd. At the same time, it cut its forecasts of supply of oil from producers outside OPEC by around 70,000 bpd for both 2010 and 2011. Overall, OPEC's estimates were more cautious than other forecasters, many of whom suggest oil demand will be much higher as emerging economies, particularly in Asia and Latin America, soak up more resources. OPEC estimates oil demand growth this year at only around 1.3 million bpd - more than 700,000 bpd below estimates from the International Energy Agency and the US Department of Energy (DOE). "OPEC is very conservative," said Christophe Barret, global oil analyst at Credit Agricole in London. "It is far more cautious on oil demand
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Friday, November 12, 2010
than others." "OPEC's estimate of demand remains on the low side, with a growth of 1.3 million bpd in 2010 compared with 2 million bpd for the DOE and 2.15 million bpd for the IEA," Barret said. "We (Credit Agricole) are at 2.16 million bpd for 2010, but if China continues to surprise with very strong data, we may end up higher than that," he added. The 12 OPEC members produce more than a third of the world's oil supply. OPEC has imposed limits on its members' production for the last two years in an attempt to stabilise prices. The group left its oil output target unchanged at a meeting on Oct. 14, as it has since making a record supply curb of 4.2 million bpd in December 2008. However, many members have been informally boosting supply since 2009 as prices and demand recovered. The OPEC report said the 11 OPEC members bound by oil production targets -- all except Iraq -- produced 26.89 million bpd of crude in October. That means they met around 51 per cent of promised supply cuts, down from around 55 per cent in September, Reuters calculations showed.-Reuters
China lashes Fed easing as risk to global recovery SEOUL: China said on Thursday that the US Federal Reserve's move to ease monetary policy risked undermining the global economic recovery, adding that Washington "should not force others to take medicine for its own disease." A senior Chinese central bank official told reporters at the G20 summit in Seoul that the Fed's move had caused "strong concern" around the globe, and major reserve countries ought to factor in the global impact of their policies. Zhang Tao, director of the international department of People's Bank of China, also warned that disorderly capital inflows resulting from the Fed's action could hurt emerging markets. "For emerging countries, capital inflows may lead to significant increase in asset prices and foreign exchange reserves, and many countries are concerned about that," he said. "Doubtlessly, disordered international capital inflows will make emerging countries very vulnerable. As emerging countries are important for the global economic recovery, that will greatly increase the downward risks in the world economy." Referring to an idea floated by Washington for numerical targets to be set for trade imbalances among G20 countries, a Chinese Foreign Ministry also told reporters that it was "not realistic" to have a current account target that fits all.-Reuters
G20 grapples with formula to ease currency strains SEOUL: The Group of 20 laboured on Thursday to agree how to put the world economy on a sounder footing as renewed fears over Ireland's ability to pay its debts underscored the lingering fallout of the global financial crisis. The G20 had hoped to use a two-day summit to recapture the unity forged in the depths of the crisis two years ago in order to soothe tensions over exchange rates generated by imbalances between cash-rich exporting nations and debtburdened importers. But even as U.S. President Barack Obama voiced confidence that leaders would find a formula for more balanced and sustainable growth, negotiators squabbled over the language in a closing statement to be issued when the summit ends on Friday. "The persistence of these imbalances is a problem in the long term and these things have to be addressed," said Canadian Prime Minister Stephen Harper. "Will they be addressed at this conference? I'm not so sure, but I think we're getting a more frank discussion on some of these matters, that they do have to be resolved," he said. The meeting has been billed as a chance for rich nations to strike a grand bargain on how to rejuvenate the world economic order with emerging powerhouses like India and China. But leaders appeared unlike-
ly to venture far beyond agreements reached by their finance ministers last month. "The real issue is, given that it is a problem, how do we coordinate policy? I don't think you should be too demanding ... because such policy coordination has never been attempted before," India's chief G20 negotiator, Montek Singh Ahluwalia, told Reuters. A major irritant in the run-up to the summit has been the Federal Reserve's $600 billion bond-buying spree to revive the U.S. economy, which emerging markets fear will trigger a flood of money into their markets, boosting inflation and asset prices. Former Fed Chairman Alan Greenspan stirred that pot, saying the U.S. central bank's policy was deliberately weakening the dollar. "The U.S. will never do that," U.S. Treasury Secretary Timothy Geithner shot back in an interview with CNBC. "We will never seek to weaken our currency as a tool to gain competitive advantage or to grow the economy." Geithner again criticised China's currency policies, saying the world's second-largest economy risked stoking inflation pressures. China earlier reported that consumer price inflation had hit a 25-month high in October. Yu Jianhua, an official with China's Ministry of Commerce, said Beijing had no intention to confront the
United States over currencies or trade issues. But, Yu added, Washington "should not politicise the yuan issue, should not blame others for its domestic problems and should not force others to take medicine for its own disease". A source with Russia's delegation weighed in, criticising "unilateral decisions" by some countries to weaken their exchange rates that could spark fears of global currency wars. Obama, speaking after a meeting with South Korean President Lee Myung-bak, said he was confident leaders would support a programme for promoting balanced growth, building on a agreement reached at a G20 summit in Pittsburgh in 2009. "I don't think this is a controversial proposition," he said. The world has been spared an outbreak of protectionism since the crisis. But the cocktail of low growth and high unemployment is making it harder for politicians to muster support for opening their markets wider. Despite the presence of Lee and Obama, South Korea and the United States failed on the sidelines of the summit to finalise a long-stalled stalled free trade deal. Lee said a "little bit" of progress had been made since G20 finance ministers met in Gyeongju, South Korea, last month but deep divisions remained over how best to reduce imbalances.-Reuters
CONTINUATION establishing DAP factory in Pakistan adding that it would take at Continued from page 12 No #1 least 4 years time to complete the project. Apart from the estabThe disaster management institutions at the respective levels are lishment of new DAP factory, both sides also discussed matters also mandated, under the law, to deal with the whole spectrum of of mutual interest. -APP disaster management like Prevention, Mitigation, Response, and Continued from page 1 No #8 Reconstruction and Rehabilitation. -APP flat at $13.18 billion, unchanged from last week, while those Continued from page 12 No #2 held by commercial banks fell to $3.77 billion from $3.78 billion, Petroleum products that resulted in higher imports are said Syed Wasimuddin, chief spokesman of the SBP. Pakistan's Kerosene, Mogas and FO, with their imports contributing 42 per reserves hit a record high of $17.10 billion in the week ending cent, 41 per cent and 76 per cent against 7 per cent, 31 per cent Oct. 15 because of an increase in remittances from overseas and 73 per cent respectively last year. Pakistanis and a narrowing trade deficit.
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Corporation of Pakistan has sugar stocks in large quantity, which would be given to the provinces at Rs64 per kg while federation bound the provinces to supply sugar in markets. Sattar said that he informed finance minister about soaring prices of products. He said that burden of taxes on the poor masses should be reduced to improve economic situation. He further said that strict action would be taken against sugar hoarders and those involved in creating artificial sugar crisis. On this juncture, Finance Minister Abdul Hafiz Shaikh said that the dialogue with MQM was positive and all provinces have been directed to lift sugar from TCP. -Online
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imports into the country witnessed increase of 8.38 per cent by going up from $2.971 billion during October 2009 to $3.220 billion in October 2010. As compared to the exports of $1.619 in September 2010, exports in October 2010 increased by 22.81 per cent whereas imports into the country increased by 15.82 per cent during the month when compared to the imports of US$2.780 billion recorded during September 2010, the figures added. Furthermore, Minister for Labour and Manpower Syed Khurshid Shah Thursday apprised the Lower House that the country's textile export witnessed 15 per cent increase this year as compared to the last year.
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petition, claimed that the government of Pakistan has first sold the assets of the same company at a low price and than buying it back at higher price which is self evidentiary that this whole process has been done by inflicting huge financial lose on the state of Pakistan. He argued that the Government earlier sold BP assets at very low rate in a few years back but now buying the same assets at a high price, thus causing loss of $800 million to the national exchequer. -Agencies
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regarding the joining of Muslim League alliance after consultation with party members. Jamali said that his meeting with Main Nawaz Sharif was held in cordial environment. Jamali stated that he believed on democratic norms, adding the unification of Muslim League factions will be in the best interest of the country. -Agencies
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chairman, Ministry of Petroleum and Natural Resources, Board of Revenue of Balochistan through its chairman, former Board of Directors through its chairman Dr Samar Mubarakmand and reporters of an English daily, as respondents. He prayed to Court to call the whole record of the deal/ executor agreement, if any, with respect to the sale of gold and copper mines to the TCC or any other foreign companies, as well as Lease Deed, from the respondents. He further prayed Continued from page 1 No #5 that respondents should be asked to explain as to why the mintwo nations, the president said Pakistan is mapping out plans ing process could not have ever been carried out by the to mark the year of 2011 with celebrations and activities.The Ministry of Petroleum and Natural Resources and Mining president said he feels like going home whenever he pays visit Department. The petitioner questioned as to whether the sellto China. "I think I have an internal romance with China. I am ing of gold mines worth $260 billion (rather due to the rise of very biased and I love every part of it, the beauty of its people the prices of gold and copper, the total yield could be even and the beauty of its culture," he said. -Agencies $500 billion or may be a trillion dollars) to the foreign companies at a very low price. -APP Continued from page 1 No #6 consultation of the provinces and political parties. Finance Minister would brief the parliament regarding Reformed General Sales Tax (RGST). The Centre cannot take any step regarding national issues without consultation. Talking about the current sugar crisis, Prime Minister said that there is no sugar crisis in the country while sufficient quantity of sugar is present in the country. Prime Minister said total requirements of the country were 300,000 metric tonnes and it has the stocks of all the sugar that has been imported. He said in the meeting of the Central Executive Committee he had asked the Chief Ministers to devise a mechanism for distribution of sugar. He said they have also been asked to fix the price and control hoarding so that the people get due relief. The Punjab government wrote a letter regarding import of sugar. Centre is not responsible to check hoardings and price control. It is the duty of the provinces. However, the current issue of sugar crisis is because of delay in sugarcane crushing in the country. He said the Interior Minister Rehman Malik has been asked to wait and let the provinces manage the issue. Gilani said the federal government has directed the provinces to start the crushing season and asked the Trading Corporation of Pakistan to bring its stocks into the market and hoped it would lower the price in open market. He said the delayed start of the crushing season caused the shortage of sugar in the countryResponding to question on Kashmir issue, he said, "Pakistani government is ready to hold talks with India on all core issues including Kashmir through dialogues".
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CPI, SPI and WPI in July to October 2010-11 were lower as compared to 2008-09 but were higher as compared to 2009-10. APP
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respectively, as compared to $679.23 million, $573.60 million, $653.06 million, $435.23 million, $315.82 million and $102.22 million, respectively, in the July-Oct, 2009 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first four months of the current fiscal year amounted to $324.01 million as against $329.76 million in the same period last year. The monthly average remittances for the July-Oct 2010 period comes out to $875.35 million as compared to $772.45 million during the corresponding period of the last fiscal year, registering an increase of 13.32 per cent.
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now form part of the MSCI Pakistan Index - OGDC, PPL, POL, PSO, MCB Bank, NBP, HBL, UBL, FFC, Engro, PTCL and Hubco. MSCI also announced the results of the initial construction of the MSCI Frontier Markets Small Cap Indices where 13 Pakistan stocks have been included namely; Askari Bank, Bank Alfalah limited, Attock Petroleum limited, Shell Pakistan, Sui Northern Gas, Sui Southern Gas, Kot Addu Power company, Continued from page 1 No #7 National Refinery, ICI Pakistan, Lotte Pakistan PTA, Lucky import DAP fertiliser and billions in foreign exchange spent on cement, Nishat Mills and Indus Motors. DAP import could be saved if the DAP production starts in the Globally, there will be 25 additions and 22 deletions from the country. He was of the view that Karachi and Gwadar were the MSCI Frontier Markets Indices. The three largest additions to the most suitable places for the establishment of new DAP factory. MSCI Frontier Markets Index are Kuwait Cement (KW), Pubali The delegation told the Minister that they are interested in Bank (BD) and National Bank (BD).
SEOUL: Leaders of the G20 countries attend a dinner on the first day of the G20 Summit. World leaders are gathering in Seoul on Thursday and Friday for the Group of 20 summit aimed at safeguarding the global economic recovery and defusing trade and currency tensions. REUTERS
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Riaz told media men. The building is used to hold and interrogate a number of militants, included those from banned organisations. Sharmila Farooqi, a spokeswoman for the Sindh provincial government, said at least 18 people were killed and more than 30 injured. Other officials put the number of injured at more than 70. Ambulances and official vehicles jammed the road where the blast had taken place.
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RBS has the second biggest exposure, 5.020 billion euros, to Irish sovereign debt, based on data supplied to regulators under a stress test conducted in July. Ireland warned on Thursday that a surge in its borrowing costs to record highs had become "very serious" and the EU said it was ready to act. RBS's Irish business, Ulster Bank, made a loss of 176 million pounds ($284.2 million) in the third quarter. Interdealer broker ICAP fell 4.1 per cent after Credit Suisse cut its rating to "neutral" on valuation grounds. FTSE 250 peer Tullett Prebon shed 7.2 per cent, hit by sentiment surrounding ICAP's downgrade and worries over trading update on Friday, an analyst said. Private equity firm 3i Group dropped 2.7 per cent as it reported higher first-half earnings, with Oriel Securities downgrading on the back of recent gains. Elsewhere, British Airways slid 3.2 per cent after the union representing its cabin crew suspended a ballot on an offer the airline hoped would end a year-long dispute. -Reuters
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believe the lacklustre revenue trend in India underscores the negative effects of fierce competition, and that the turnaround in the Africa operation is still some time off," Daiwa said in a Bharti Airtel note on Wednesday. The 50-share NSE index dropped 1.3 per cent to 6,194.25 points. Elsewhere, world equities as measured by MSCI's all-country index was up 0.2 per cent at 1018 GMT, while the more volatile emerging markets index shed 0.3 per cent.-Reuters
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Thursday, it had lost some ground and edged down to 82.25 yen. The yen's fall drove up shares of exporters. Nintendo gained 1 per cent to 21,030 yen. Toyota Motor rose 2 per cent to 3,115 yen. Still, Japanese market participants were careful about building up more positions as the Nikkei was approaching the closely watched 10,000 level. Traders have said that a clear break beyond 9,800 -- a peak hit in July -- could trigger successive waves of stop-loss and option-related buying, paving the way for a climb towards 10,000. Uncertainty about the outlook for Wall Street shares later in the day, following the drop in Cisco as well as other US tech stocks, also discouraged Japanese investors from taking new positions.-Reuters
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said the drop is set to be the biggest dollar loss ever for the stock. If Cisco ends the day with this per cent age loss, it would be the worst one-day per cent age fall since July 14, 1994, when Cisco fell 17.71 per cent, according to Thomson Reuters Datastream. "This is the second quarter in a row where its outlook disappointed," said Mark Bronzo, a money manager at Security Global Investors in Irvington, New York, which manages $22 billion. "The market doesn't have a lot of patience for names like this." "It will be interesting to see if the market perceives this as a Cisco-only event, or something for tech in general," he added.-Reuters
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No magic wand to end graft: govt ISLAMABAD: Federal Interior Minister Rehman Malik Thursday underlined that government has imposed ban on the usage of cell phones during the office hours in all government offices, urging it does not have a magic lamp to eliminate corruption over night. While talking to journalists here, Interior Minister said that government has officially launched anticorruption drive, and in the first stage four cases will be dealt that also includes Hajj corruption case. The government will take action
ISLAMABAD: Federal Minister for Interior Senator Rehman Malik talking to media persons after chairing a high level meeting of Federal Secretaries, NAB, State Bank and departmental heads. -APP
12 int'l cos offer PSM expansion ISLAMABAD: State Minister for Industries and Production Dr Ayatullah Durrani on Thursday informed the National Assembly that Russia has not made investment in the expansion of Pakistan Steel Mills so far, adding around 12 foreign companies are interested in its expansion. In response to a question during Question Hour, he said that now PSM position is much better and has attained its 50 per cent production capacity. The PSM is being run on private sector basis. Expansion in the production capacity of PSM is being planned which will reduce fix cost and ultimately total cost of production, he said. He said that this step will not only bolster the engineering goods industry, construc-
tion industry and agriculture sector but will also reduce dependence on import of steel. To another question the minister said former PSM chairman is behind the bar over corruption charges and an agreement has been signed with Transparency International Pakistan to ensure complete transparency and zero tolerance. He expressed the hope that owing to the new management, no bailout package will be needed for PSM. Durrani said that PSM suffered losses of Rs26 billion in 2009 followed by a loss of Rs13 billion in the year ended June 2010. These losses are mainly due to inadequate and inconsistent supplies of raw materials owing to non-availability of funds. -APP
NA passes bill against trading of fake bonds
ISLAMABAD: The government on Thursday laid a bill further to amend the Pakistan Penal Code, 1860 and the Code of Criminal Procedure, 1898 in National Assembly seeking to criminalise illegal business of dealing in fake prize bonds. The bill aims at preventing financial losses to the innocent people and securing increased investment in the national saving schemes. The bill further seeks to specify the penalty and forum for the adjudication of the offence of illegal dealings in prize bonds. The House passed the bill as reported by the Standing Committee. Meanwhile, Minister of State for Finance Hina Rabbani Khar laid before the National Assembly the statement of accounts of the Securities and Exchange Commission of Pakistan certified by the auditors and Auditors' Report along with the Annual Report of the Commission for the financial year ended on June 30, 2009 as required by sub-section (6) of Talking to media after the session section 25 of the securities and Senator Raza Rabbani said that just as exchange commission of consensus was created for 18th amend- Pakistan Act, 1997. -APP ment the committee has decided to make decisions about judge's appointment with the same consensus. In light of Supreme Court orders the mandate of the committee is limited and it would only review Constitutional Article 175 A. He fur- RAWALPINDI: Italian Foreign ther said that next session of the consti- Minister Franco Frattini tutional committee would be held on Thursday met Chief of the Army 23 November. Staff General Ashfaq Pervez Senator Raza Rabbani said that Kayani at the GHQ. National Security Council expressed According to the military concerns over President Obama's sup- sources, meeting lasted for quite port to Indian membership in United a while between the two high-ups Nations Security Council and said that in which matters pertaining to Obama's step is wrong. -Online bilateral interest and others came under discussion. up 11.5pc Y0Y Italian Foreign Minister Franco Frattini highly acclaimed the services and sacrifices of Pakistan Army terming it invinciowing to increase in Yen prices, as per ble for fighting the menace of extremism and terrorism tooth the TFD analyst. As per details, amongst the individ- and nail. He opine that Italy will keep on ual categories, car sales showed growth of 10.6 per cent YoY to 42k supporting Pakistan thick and units, whereas LCV and pickup seg- thin in all fields of mutual interment sales registered an increase of 5.8 ests besides cooperating on intelper cent YoY to 5.45k units in ligence sharing between the two countries. 4MFY11. Chief of the Army Staff Pak Suzuki, Indus Motor and Honda cars were the three companies that General Kayani urged the need to showed positive growth in their volu- strengthen and augment defence metric sales by 10.2 per cent, 11.5 per and military ties while also briefed him on his stance on cent and 18.9 per cent, respectively. On the other hand, Dewan Farooq Afghanistan based on consensus Motors witnessed 87.4 per cent decline and harmony, sources concluded. -Online in their sales volume.
against all involved in corruption regardless of anything, and action will be taken against those providing false information, Rehman pointed. Rehman Malik said that a committee has been formed to review the corruption cases in the government sector while in this committee four federal secretaries, NAB and two representatives of the investigative team have been appointed. The meeting was attended by the Federal Ministers and Government officials. Replying to a question, he admitted that corruption exists in some of
Refiners' sales up 30pc in Oct Aamir Abadi KARACHI: Volumetric sales of refineries witnessed a sharp raise of 30.3 per cent in the fourth month of fiscal year 2010-11, mainly due to increase in production from Parco after nearly a month closure on account of floods. Sales of refineries in the month of October stood at 664k tonnes against 509k tonnes in the month of September 2010. However, on year-on-year basis production declined 13.3 per cent to 664k tonnes against 766k tonnes in same period last year. Cumulative, refinery throughput decreased by a substantial 15.5 per cent YoY to 2.4 million tonnes during 4MFY11 while capacity utilisation is estimated to have been around 62 per cent.
Due to massive throughput in October, there were once again shake-up in market shares, as Parco recovered its lost ground 37 per cent in Oct (28 per cent in 4MFY11). Other company with a noticeable change was BYCO, recovering to 8.9 per cent in Oct-10 (4.6 per cent in 4MFY11). NRL stood with 23 per cent, followed by ATRL and PRL with 21 per cent and 20 per cent, respectively. As per research analyst of InvestCap, due to across-the-broad decline in production, which translated that increased on imports. Despite 4.3 per cent YoY in 4MFY11 decline in petroleum consumption, country's reliance on imports increased from 59 per cent in 4MFY10 to 63 per cent in 4MFY11. See # 2 Page 11
the government departments making it crystal-clear that government has imposed ban on the usage of cell phones during the office hours in all Government offices. He opined that it is sheer duty of each and every citizen to lend a hand in exposing corruption. On the other hand, DG FIA Waseem Ahmed was of the view that undoubtedly corruption is a menace while pointed out that some issues must be settled thick and thin like hoarding of sugar from the country. Online
Disaster Management Bill passed ISLAMABAD: The Senate on Thursday unanimously passed the National Disaster Management Bill, 2010. Advisor to the Prime Minister Nawabzada Ghazanfar Ali Gul presented the Bill for the establishment of a National Disaster Management System for the country [The National Disaster Management Bill, 2010]. According to the Bill, under the new system, as envisaged under the NDM Ordinance and the National Disaster Risk Framework, a paradigm shift has been effected from the conventional reactionary and relief oriented approach to mitigation and preparedness approach which is in line with the international best practices and Hyogo Framework for Action (HFA) to which Pakistan is one of the signatory state. See # 1 Page 11
Rabbani vows consensus on judge-naming ISLAMABAD: Parliamentary Committee for Constitutional Reforms (PCCR) has started consultation with political parties to review amendment in procedure of judge's appointment while Chairman Committee Senator Raza Rabbani said that the committee has full authority to make all the decisions. Meeting of Parliamentary Committee for Constitutional Reforms was held on Thursday at Parliament House which was chaired by Committee Chairman Senator Raza Rabbani and attended by Senator Haji Adeel, Afrasyab Khattak, Naveed Qamar, Professor Khursheed, Aftab Ahmad Khan Sherpao, Humayun Saif Ullah, Ishaq Dar and others.
October sales
Italian FM meets COAS
4M auto sales up 10pc Ahmed Siddique KARACHI: Auto sales showed an improvement as cumulative car, LCV and pickup sales surged 10 per cent to 47,391 units during 4MFY11, according to the latest data released by Pakistan Automotive Manufacturers Association (PAMA). On the other hand, sales of car, LCV and pickup hiked 11.5 per cent YoY to 13,704 units in the month of October 2010 against 12,287 units in same month last year. Reasons of surge in sales in October are expectation of increase in car prices mainly due to cover rising costs
MQM delegation meets Shaikh
Sugar crisis to end in 3 days ISLAMABAD: The government ensured the elimination of ongoing sugar crisis within three days and provision of sugar at Rs64 per kilogram while Finance Minister Abdul Hafiz Shaikh said that all coalition parties including in the government would support Reformed-GST bill. According to the details, MQM
delegation led by federal Minister for Overseas Pakistanis, Dr Farooq Sattar met with Finance Minister Abdul Hafiz Shaikh and Minister for Petroleum Naveed Qamar here on Thursday. During the meeting issues related to sugar crisis, soaring prices of petroleum products, general sales tax
reforms bill and others were consulted in detail. Afterwards, talking to media Dr Sattar said that the government ensured the elimination of ongoing sugar crisis within three days and provision of sugar at Rs64 per kilogram. He said that Trading See # 3 Page 11
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